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Name | Symbol | Market | Type |
---|---|---|---|
Cresud S A C I F y A | NASDAQ:CRESY | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.08 | -0.84% | 9.46 | 9.17 | 9.82 | 9.5799 | 9.28 | 9.54 | 121,773 | 00:57:14 |
Glossary of terms
|
1
|
Unaudited Condensed Interim Consolidated Statements of Financial
Position
|
2
|
Unaudited Condensed Interim Consolidated Statements of Income and
Other Comprehensive Income
|
3
|
Unaudited Condensed Interim Consolidated Statements of Changes in
Shareholders' Equity
|
4
|
Unaudited Condensed Interim Consolidated Statements of Cash
Flows
|
6
|
Notes to the Unaudited Condensed Interim Consolidated Financial
Statements:
|
|
Note
1 - The Group's business and general information
|
7
|
Note
2 - Summary of significant accounting policies
|
8
|
Note
3 - Seasonal effects on operations
|
10
|
Note
4 - Acquisitions and disposals
|
10
|
Note
5 - Financial risk management and fair value estimates
|
17
|
Note
6 - Segment information
|
17
|
Note
7 - Investments in associates and joint ventures
|
22
|
Note
8 - Investment properties
|
23
|
Note
9 - Property, plant and equipment
|
23
|
Note
10 - Trading properties
|
24
|
Note
11 - Intangible assets
|
24
|
Note
12 - Right-of-use assets
|
24
|
Note
13 - Biological assets
|
25
|
Note
14 - Inventories
|
25
|
Note
15 - Financial instruments by category
|
26
|
Note
16 - Trade and other receivables
|
28
|
Note
17 - Cash flow information
|
29
|
Note
18 - Trade and other payables
|
30
|
Note
19 - Equity
|
31
|
Note
20 - Provisions
|
31
|
Note
21 - Borrowings
|
32
|
Note
22 - Taxation
|
32
|
Note
23 - Revenues
|
33
|
Note
24 - Costs
|
33
|
Note
25 - Expenses by nature
|
34
|
Note
26 - Other operating results, net
|
34
|
Note
27 - Financial results, net
|
34
|
Note
28 - Related parties transactions
|
35
|
Note
29 - CNV General Resolution N° 622
|
36
|
Note
30 - Cost of sales and services provided
|
36
|
Note
31 - Foreign currency assets and liabilities
|
37
|
Note
32 - Groups of assets and liabilities held for sale
|
37
|
Note
33 - Result from discontinued operations
|
38
|
Note
34 - Other subsequent events of the period
|
38
|
Note
35 - Subsequent Events
|
41
|
Terms
|
|
Definitions
|
BACS
|
|
Banco de Crédito y Securitización S.A.
|
BCRA
|
|
Central Bank of the Argentine Republic
|
BHSA
|
|
Banco Hipotecario S.A.
|
Brasilagro
|
|
Brasilagro-Companhia Brasileira de Propriedades
Agrícolas
|
CAMSA
|
|
Consultores Assets Management S.A.
|
Clal
|
|
Clal Holdings Insurance Enterprises Ltd.
|
CNV
|
|
National Securities Commission
|
Condor
|
|
Condor Hospitality Trust Inc.
|
Cresud, “the Company”, “us”
|
|
Cresud S.A.C.I.F. y A.
|
DFL
|
|
Dolphin Fund Ltd.
|
DIC
|
|
Discount Investment Corporation Ltd.
|
Dolphin
|
|
Dolphin Fund Ltd. and Dolphin Netherlands B.V.
|
Financial Statements
|
|
Unaudited Condensed Interim Consolidated Financial
Statements
|
Annual Financial Statements
|
|
Consolidated Financial Statements as of June 30, 2019
|
CPF
|
|
Collective Promotion Funds
|
Gav-Yam
|
|
Gav-Yam, Bayside Land Corporation Ltd
|
IBC
|
|
Israel Broadband Company
|
IDBD
|
|
IDB Development Corporation Ltd.
|
IFISA
|
|
Inversiones Financieras del Sur S.A.
|
IASB
|
|
International Accounting Standards Board
|
IRSA
|
|
IRSA Inversiones y Representaciones S.A.
|
IRSA CP
|
|
IRSA Propiedades Comerciales S.A.
|
ISPRO
|
|
ISPRO the Israel properties rental Corp. Ltd.
|
Israir
|
|
Israir Airlines & Tourism Ltd.
|
LRSA
|
|
La Rural S.A.
|
Metropolitan
|
|
Metropolitan 885 Third Avenue Leasehold LLC
|
MPIT
|
|
Minimum Presummed Income Tax
|
New Lipstick
|
|
New Lipstick LLC
|
IAS
|
|
International Accounting Standards
|
IFRS
|
|
International Financial Reporting Standards
|
NIS
|
|
New Israeli Shekel
|
PBC
|
|
Property & Building Corporation Ltd.
|
PBEL
|
|
PBEL Real Estate Ltd.
|
Quality
|
|
Quality Invest S.A.
|
Shufersal
|
|
Shufersal Ltd.
|
Tarshop
|
|
Tarshop S.A.
|
TASE
|
|
Bolsa de Comercio de Tel Aviv
|
|
|
Note
|
|
03.31.20
|
|
06.30.19
|
ASSETS
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Investment properties
|
|
8
|
|
177,496
|
|
317,928
|
Property, plant and equipment
|
|
9
|
|
55,556
|
|
51,347
|
Trading properties
|
|
10
|
|
4,319
|
|
7,454
|
Intangible assets
|
|
11
|
|
24,774
|
|
24,691
|
Right-of-use
assets
|
|
12
|
|
19,722
|
|
-
|
Biological assets
|
|
13
|
|
1,571
|
|
1,713
|
Other assets
|
|
|
|
-
|
|
30
|
Investment in associates and joint ventures
|
|
7
|
|
67,595
|
|
42,582
|
Deferred income tax assets
|
|
22
|
|
674
|
|
734
|
Income tax and MPIT credits
|
|
|
|
50
|
|
255
|
Restricted assets
|
|
15
|
|
760
|
|
4,314
|
Trade and other receivables
|
|
16
|
|
24,710
|
|
20,616
|
Investment in financial assets
|
|
15
|
|
3,206
|
|
3,918
|
Financial assets held for sale
|
|
15
|
|
-
|
|
5,667
|
Derivative financial instruments
|
|
15
|
|
134
|
|
145
|
Total non-current assets
|
|
|
|
380,567
|
|
481,394
|
Current assets
|
|
|
|
|
|
|
Trading properties
|
|
10
|
|
1,935
|
|
496
|
Biological assets
|
|
13
|
|
5,551
|
|
3,601
|
Inventories
|
|
14
|
|
6,473
|
|
6,076
|
Restricted assets
|
|
15
|
|
6,637
|
|
5,942
|
Income tax and MPIT credits
|
|
|
|
357
|
|
527
|
Group of assets held for sale
|
|
32
|
|
36,998
|
|
10,912
|
Trade and other receivables
|
|
16
|
|
40,808
|
|
36,488
|
Investment in financial assets
|
|
15
|
|
32,083
|
|
42,832
|
Financial assets held for sale
|
|
15
|
|
4,369
|
|
15,816
|
Derivative financial instruments
|
|
15
|
|
327
|
|
153
|
Cash and cash equivalents
|
|
15
|
|
60,389
|
|
84,749
|
Total current assets
|
|
|
|
195,927
|
|
207,592
|
TOTAL ASSETS
|
|
|
|
576,494
|
|
688,986
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
Shareholders' equity (according to corresponding
statement)
|
|
|
|
9,112
|
|
22,811
|
Non-controlling interest
|
|
|
|
74,908
|
|
97,893
|
TOTAL SHAREHOLDERS' EQUITY
|
|
|
|
84,020
|
|
120,704
|
LIABILITIES
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Borrowings
|
|
21
|
|
273,972
|
|
377,144
|
Deferred income tax liabilities
|
|
22
|
|
40,968
|
|
54,275
|
Trade and other payables
|
|
18
|
|
3,209
|
|
2,686
|
Provisions
|
|
20
|
|
10,800
|
|
10,893
|
Employee benefits
|
|
|
|
364
|
|
176
|
Derivative financial instruments
|
|
15
|
|
23
|
|
1,394
|
Lease liabilities
|
|
|
|
14,257
|
|
-
|
Payroll and social security liabilities
|
|
|
|
223
|
|
187
|
Total non-current liabilities
|
|
|
|
343,816
|
|
446,755
|
Current liabilities
|
|
|
|
|
|
|
Trade and other payables
|
|
18
|
|
29,571
|
|
30,652
|
Borrowings
|
|
21
|
|
85,876
|
|
76,284
|
Provisions
|
|
20
|
|
2,092
|
|
2,351
|
Group of liabilities held for sale
|
|
32
|
|
19,920
|
|
7,722
|
Payroll and social security liabilities
|
|
|
|
4,104
|
|
3,604
|
Income tax and MPIT liabilities
|
|
|
|
550
|
|
663
|
Lease liabilities
|
|
|
|
5,075
|
|
-
|
Derivative financial instruments
|
|
15
|
|
1,470
|
|
251
|
Total Current liabilities
|
|
|
|
148,658
|
|
121,527
|
TOTAL LIABILITIES
|
|
|
|
492,474
|
|
568,282
|
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
|
|
|
|
576,494
|
|
688,986
|
PRICE WATERHOUSE & CO. S.R.L.
(Socio)
|
|
)
|
|
)
|
C.P.C.E.C.A.B.A. T° 1 F° 17
Dr. Mariano C. Tomatis
Contador Público (UBA)
C.P.C.E.C.A.B.A. T° 241 F° 118
|
|
Marcelo H. Fuxman
Síndico Titular
Por Comisión Fiscalizadora
|
|
Alejandro
G. Elsztain
Vicepresident
II acting
as
President
|
|
|
|
|
Nine months
|
|
Three months
|
||||
|
|
Note
|
|
03.31.20
|
|
03.31.19
|
|
03.31.20
|
|
03.31.19
|
Revenues
|
|
23
|
|
87,462
|
|
77,443
|
|
28,002
|
|
28,688
|
Costs
|
|
24
|
|
(59,010)
|
|
(51,844)
|
|
(19,090)
|
|
(18,483)
|
Initial recognition and changes in the fair value of biological
assets and agricultural products at the point of
harvest
|
|
|
|
2,701
|
|
1,656
|
|
1,355
|
|
906
|
Changes in the net realizable value of agricultural products after
harvest
|
|
|
|
352
|
|
12
|
|
(103)
|
|
(43)
|
Gross profit
|
|
|
|
31,505
|
|
27,267
|
|
10,164
|
|
11,068
|
Net (loss) / gain from fair value adjustment of investment
properties
|
|
|
|
(383)
|
|
(8,490)
|
|
(4,289)
|
|
1,962
|
Gain from disposal of farmlands
|
|
|
|
323
|
|
87
|
|
1
|
|
1
|
General and administrative expenses
|
|
25
|
|
(8,752)
|
|
(8,765)
|
|
(3,038)
|
|
(3,191)
|
Selling expenses
|
|
25
|
|
(11,692)
|
|
(9,909)
|
|
(4,076)
|
|
(3,594)
|
Impairment of associates
|
|
|
|
(2,344)
|
|
-
|
|
(2,344)
|
|
-
|
Other operating results, net
|
|
26
|
|
2,626
|
|
833
|
|
5,216
|
|
(327)
|
Profit / (Loss) from operations
|
|
|
|
11,283
|
|
1,023
|
|
1,634
|
|
5,919
|
Share of profit / (loss) of associates and joint
ventures
|
|
7
|
|
1,307
|
|
(1,941)
|
|
2,926
|
|
(603)
|
Profit / (loss) before financial results and income
tax
|
|
|
|
12,590
|
|
(918)
|
|
4,560
|
|
5,316
|
Finance income
|
|
27
|
|
901
|
|
1,434
|
|
299
|
|
1,619
|
Finance cost
|
|
27
|
|
(19,109)
|
|
(17,315)
|
|
(6,135)
|
|
(8,618)
|
Other financial results
|
|
27
|
|
(15,933)
|
|
(4,251)
|
|
(7,339)
|
|
(1,926)
|
Inflation adjustment
|
|
27
|
|
252
|
|
(357)
|
|
118
|
|
(295)
|
Financial results, net
|
|
27
|
|
(33,889)
|
|
(20,489)
|
|
(13,057)
|
|
(9,220)
|
Loss before income tax
|
|
|
|
(21,299)
|
|
(21,407)
|
|
(8,497)
|
|
(3,904)
|
Income tax
|
|
22
|
|
(3,302)
|
|
3,204
|
|
29
|
|
(755)
|
Loss for the period from continuing operations
|
|
|
|
(24,601)
|
|
(18,203)
|
|
(8,468)
|
|
(4,659)
|
Profit / (Loss) for the period from discontinued
operations
|
|
33
|
|
17,180
|
|
3,680
|
|
(757)
|
|
(709)
|
Loss for the period
|
|
|
|
(7,421)
|
|
(14,523)
|
|
(9,225)
|
|
(5,368)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
/ (loss):
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
|
|
|
Currency translation adjustment
|
|
|
|
(156)
|
|
3,288
|
|
(5,503)
|
|
5,631
|
Change in the fair value of hedging instruments net of income
taxes
|
|
|
|
(80)
|
|
53
|
|
-
|
|
7
|
Items that may not be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
|
|
|
Revaluation of fixed assets transferred to investment
properties
|
|
|
|
40
|
|
986
|
|
40
|
|
(53)
|
Actuarial loss from defined benefit plans
|
|
|
|
(198)
|
|
(15)
|
|
(88)
|
|
(15)
|
Other comprehensive (loss) / income for the period from continuing
operations
|
|
|
|
(394)
|
|
4,312
|
|
(5,551)
|
|
5,570
|
Other comprehensive income for the period from discontinued
operations
|
|
|
|
4,673
|
|
4,436
|
|
135
|
|
357
|
Total other comprehensive income / (loss) for the
period
|
|
|
|
4,279
|
|
8,748
|
|
(5,416)
|
|
5,927
|
Total comprehensive (loss) / income for the period
|
|
|
|
(3,142)
|
|
(5,775)
|
|
(14,641)
|
|
559
|
Total comprehensive (loss) / income from continuing
operations
|
|
|
|
(24,995)
|
|
(13,892)
|
|
(14,019)
|
|
910
|
Total comprehensive income / (loss) from discontinued
operations
|
|
|
|
21,853
|
|
8,117
|
|
(622)
|
|
(351)
|
Total comprehensive (loss) / income from the period
|
|
|
|
(3,142)
|
|
(5,775)
|
|
(14,641)
|
|
559
|
Profit for the period attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the parent
|
|
|
|
(10,185)
|
|
(10,076)
|
|
(5,069)
|
|
(3,682)
|
Non-controlling interest
|
|
|
|
2,764
|
|
(4,447)
|
|
(4,156)
|
|
(1,686)
|
Loss from continuing operations attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the parent
|
|
|
|
(16,142)
|
|
(11,242)
|
|
(5,055)
|
|
(3,241)
|
Non-controlling interest
|
|
|
|
(8,459)
|
|
(6,961)
|
|
(3,413)
|
|
(1,418)
|
Total comprehensive income attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the parent
|
|
|
|
(12,405)
|
|
(8,378)
|
|
(6,520)
|
|
(2,800)
|
Non-controlling interest
|
|
|
|
9,263
|
|
2,603
|
|
(8,121)
|
|
3,359
|
Loss for the period per share attributable to equity holders of the
parent:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
(20.70)
|
|
(20.62)
|
|
(10.30)
|
|
(7.33)
|
Diluted
|
|
|
|
(20.70)
|
|
(20.62)
|
|
(10.30)
|
|
(7.33)
|
Loss per share from continuing operations attributable to equity
holders of the parent:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
(32.81)
|
|
(22.36)
|
|
(10.28)
|
|
(6.78)
|
Diluted
|
|
|
|
(32.81)
|
|
(22.36)
|
|
(10.28)
|
|
(6.78)
|
PRICE WATERHOUSE & CO. S.R.L.
(Socio)
|
|
)
|
|
)
|
C.P.C.E.C.A.B.A. T° 1 F° 17
Dr. Mariano C. Tomatis
Contador Público (UBA)
C.P.C.E.C.A.B.A. T° 241 F° 118
|
|
Marcelo H. Fuxman
Síndico Titular
Por Comisión Fiscalizadora
|
|
Alejandro
G. Elsztain
Vicepresident
II acting
as
President
|
|
|
Attributable to equity holders of the parent
|
|
|
|||||||||||
|
|
Share capital
|
Treasury shares
|
Inflation adjustment of share capital and treasury
shares (i)
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special reserve (ii)
|
Other reserves (iii)
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total Shareholders' equity
|
||
Balance as of June 30, 2019
|
|
486
|
16
|
9,261
|
10,052
|
87
|
353
|
4,915
|
34,575
|
(36,934)
|
22,811
|
97,893
|
120,704
|
||
Adjustments previous periods (IFRS 16 and IAS 28) (Note
2.2)
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(773)
|
(773)
|
(1,283)
|
(2,056)
|
||
Adjusted balance as of June 30, 2019
|
|
486
|
16
|
9,261
|
10,052
|
87
|
353
|
4,915
|
34,575
|
(37,707)
|
22,038
|
96,610
|
118,648
|
||
(Loss) / profit for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(10,185)
|
(10,185)
|
2,764
|
(7,421)
|
||
Other comprehensive (loss) / income for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,220)
|
-
|
(2,220)
|
6,499
|
4,279
|
||
Total comprehensive (loss) / profit for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,220)
|
(10,185)
|
(12,405)
|
9,263
|
(3,142)
|
||
Treasury shares distribution
|
|
13
|
(13)
|
-
|
-
|
-
|
-
|
-
|
1,435
|
(1,435)
|
-
|
-
|
-
|
||
Issuance of shares
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||
Reserve for share-based payments
|
|
-
|
-
|
-
|
-
|
(1)
|
-
|
-
|
(3)
|
-
|
(4)
|
(6)
|
(10)
|
||
Incorporation by business combination
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
7,844
|
7,844
|
||
Changes in non-controlling interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(530)
|
-
|
(530)
|
4,622
|
4,092
|
||
Distribution of dividends
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,539)
|
(2,539)
|
||
Decrease due to loss of control
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(41,083)
|
(41,083)
|
||
Other changes in shareholders' equity
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
13
|
13
|
171
|
184
|
||
Capitalized contributions
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
26
|
26
|
||
Loss absorption
|
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,184)
|
(33,212)
|
37,396
|
-
|
-
|
-
|
||
Balance as of March 31, 2020
|
|
499
|
3
|
9,261
|
10,052
|
86
|
353
|
731
|
45
|
(11,918)
|
9,112
|
74,908
|
84,020
|
|
|
Cost of treasury shares
|
Changes in non-controlling interest
|
Revaluation surplus
|
Reserve for currency translation adjustment
|
Reserve shared-based compensation
|
Special reserve
|
Other comprehensive results from subsidiaries
|
Other reserves from subsidiaries
|
Reserve for the acquisition of securities issued by the
Company
|
Total other reserves
|
Balance as of June 30, 2019
|
|
(1,579)
|
(2,634)
|
156
|
4,313
|
456
|
33,212
|
549
|
8
|
94
|
34,575
|
Other comprehensive loss for the period
|
|
-
|
-
|
-
|
(2,130)
|
-
|
-
|
(90)
|
-
|
-
|
(2,220)
|
Total comprehensive loss for the period
|
|
-
|
-
|
-
|
(2,130)
|
-
|
-
|
(90)
|
-
|
-
|
(2,220)
|
Treasury shares distribution
|
|
1,435
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,435
|
Reserve for share-based payments
|
|
2
|
-
|
-
|
-
|
(1)
|
-
|
-
|
(4)
|
-
|
(3)
|
Changes in non-controlling interest
|
|
-
|
(530)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(530)
|
Loss absorption
|
|
-
|
-
|
-
|
-
|
-
|
(33,212)
|
-
|
-
|
-
|
(33,212)
|
Balance as of March 31, 2020
|
|
(142)
|
(3,164)
|
156
|
2,183
|
455
|
-
|
459
|
4
|
94
|
45
|
PRICE WATERHOUSE & CO. S.R.L.
(Socio)
|
|
)
|
|
)
|
C.P.C.E.C.A.B.A. T° 1 F° 17
Dr. Mariano C. Tomatis
Contador Público (UBA)
C.P.C.E.C.A.B.A. T° 241 F° 118
|
|
Marcelo H. Fuxman
Síndico Titular
Por Comisión Fiscalizadora
|
|
Alejandro
G. Elsztain
Vicepresident
II acting
as
President
|
|
|
Attributable to equity holders of the parent
|
|
|
|||||||||
|
|
Share capital
|
Treasury shares
|
Inflation adjustment of share capital and treasury
shares (i)
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special reserve (ii)
|
Other reserves (iii)
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total Shareholders' equity
|
Balance as of June 30, 2018
|
|
482
|
20
|
9,261
|
10,052
|
87
|
353
|
4,917
|
5,809
|
19,543
|
50,524
|
116,931
|
167,455
|
Adjustments previous periods (IFRS 9 and 15) (Note
2.2)
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(199)
|
(199)
|
(121)
|
(320)
|
Adjusted balance as of June 30, 2018
|
|
482
|
20
|
9,261
|
10,052
|
87
|
353
|
4,917
|
5,809
|
19,344
|
50,325
|
116,810
|
167,135
|
Loss for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(10,076)
|
(10,076)
|
(4,447)
|
(14,523)
|
Other comprehensive income for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,698
|
-
|
1,698
|
7,050
|
8,748
|
Total comprehensive (loss) / profit for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,698
|
(10,076)
|
(8,378)
|
2,603
|
(5,775)
|
Results distribution
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
30,872
|
(30,872)
|
-
|
-
|
-
|
Treasury shares distribution
|
|
21
|
(21)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Reversal by sale of investment properties
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(31)
|
31
|
-
|
-
|
-
|
Reserve for share-based payments
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
9
|
-
|
9
|
59
|
68
|
Acquisition of treasury stock
|
|
(9)
|
9
|
-
|
-
|
-
|
-
|
-
|
(747)
|
-
|
(747)
|
-
|
(747)
|
Changes in non-controlling interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(495)
|
-
|
(495)
|
(568)
|
(1,063)
|
Dividends distribution to non-controlling interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,171)
|
(4,171)
|
Capitalized contributions
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Incorporation by business combination
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(15)
|
(15)
|
Balance as of March, 2019
|
|
494
|
8
|
9,261
|
10,052
|
87
|
353
|
4,917
|
37,115
|
(21,573)
|
40,714
|
114,718
|
155,432
|
|
|
Cost of treasury shares
|
Changes in non-controlling interest
|
Revaluation surplus
|
Reserve for currency translation adjustment
|
Reserve shared-based compensation
|
Special reserve
|
Other comprehensive results from subsidiaries
|
Other reserves from subsidiaries
|
Reserve for the acquisition of securities issued by the
Company
|
Total other reserves
|
Balance as of June 30, 2018
|
|
(1,819)
|
(1,969)
|
185
|
5,179
|
443
|
3,747
|
(47)
|
9
|
81
|
5,809
|
Adjustments previous periods (IFRS 9 and 15) (Note
2.2)
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Adjusted balance as of June 30, 2018
|
|
(1,819)
|
(1,969)
|
185
|
5,179
|
443
|
3,747
|
(47)
|
9
|
81
|
5,809
|
Profit for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Other comprehensive income for the period
|
|
-
|
-
|
587
|
1,150
|
-
|
-
|
(39)
|
-
|
-
|
1,698
|
Total comprehensive profit for the period
|
|
-
|
-
|
587
|
1,150
|
-
|
-
|
(39)
|
-
|
-
|
1,698
|
Results distribution
|
|
-
|
-
|
-
|
-
|
-
|
30,872
|
-
|
-
|
-
|
30,872
|
Treasury shares distribution
|
|
1,406
|
-
|
-
|
-
|
-
|
(1,406)
|
-
|
-
|
-
|
-
|
Reversal by sale of investment properties
|
|
-
|
-
|
(31)
|
-
|
-
|
-
|
-
|
-
|
-
|
(31)
|
Reserve for share-based payments
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
9
|
-
|
9
|
Acquisition of treasury stock
|
|
(747)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(747)
|
Changes in non-controlling interest
|
|
-
|
(495)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(495)
|
Balance as of March, 2019
|
|
(1,160)
|
(2,464)
|
741
|
6,329
|
443
|
33,213
|
(86)
|
18
|
81
|
37,115
|
PRICE WATERHOUSE & CO. S.R.L.
(Socio)
|
|
)
|
|
)
|
C.P.C.E.C.A.B.A. T° 1 F° 17
Dr. Mariano C. Tomatis
Contador Público (UBA)
C.P.C.E.C.A.B.A. T° 241 F° 118
|
|
Marcelo H. Fuxman
Síndico Titular
Por Comisión Fiscalizadora
|
|
Alejandro G.
Elsztain
Vicepresident
II acting
as
President
|
|
|
Note
|
|
03.31.20
|
|
03.31.19
|
Operating activities:
|
|
|
|
|
|
|
Net cash generated from operating activities before income tax
paid
|
|
17
|
|
23,763
|
|
7,358
|
Income tax paid
|
|
|
|
(471)
|
|
(448)
|
Net cash generated from continuing operating
activities
|
|
|
|
23,292
|
|
6,910
|
Net cash generated from discontinued operating
activities
|
|
|
|
2,566
|
|
4,523
|
Net cash generated from operating activities
|
|
|
|
25,858
|
|
11,433
|
Investing activities:
|
|
|
|
|
|
|
Acquisition of participation in associates and joint
ventures
|
|
|
|
(258)
|
|
(698)
|
Capital contributions to associates and joint ventures
|
|
|
|
(264)
|
|
507
|
Proceeds from sales of intangible assets
|
|
|
|
27
|
|
-
|
Payment for non-controlling interest acquisition
|
|
|
|
-
|
|
(804)
|
Acquisition and improvement of investment properties
|
|
|
|
(2,557)
|
|
(3,056)
|
Decrease of cash due to desconsolidation of subsidiary
|
|
|
|
-
|
|
(89)
|
Proceeds from sales of investment properties
|
|
|
|
11,071
|
|
1,587
|
Acquisitions and improvements of property, plant and
equipment
|
|
|
|
(4,153)
|
|
(5,139)
|
Financial advances
|
|
|
|
(24)
|
|
(44)
|
Acquisition of intangible assets
|
|
|
|
(2,935)
|
|
(2,887)
|
Proceeds from sales of property, plant and equipment
|
|
|
|
3,122
|
|
22
|
Net increase of restricted deposits
|
|
|
|
4,839
|
|
(756)
|
Dividends collected from associates and joint ventures
|
|
|
|
1,535
|
|
375
|
Proceeds from sales of interest held in associates and joint
ventures
|
|
|
|
256
|
|
7,816
|
Proceeds from loans granted
|
|
|
|
-
|
|
225
|
Acquisitions of investments in financial assets
|
|
|
|
(8,217)
|
|
(39,539)
|
Proceeds from disposal of investments in financial
assets
|
|
|
|
12,004
|
|
57,175
|
Interest charged on financial assets
|
|
|
|
830
|
|
(133)
|
Dividends received from financial assets
|
|
|
|
102
|
|
(30)
|
Acquisition of subsidiaries, net of funds acquired
|
|
|
|
-
|
|
(33)
|
Loans granted to related parties
|
|
|
|
(2,481)
|
|
(169)
|
Loans granted
|
|
|
|
(902)
|
|
(125)
|
Cash incorporated by buissiness combination, net of cash
paid
|
|
|
|
1,780
|
|
-
|
Net cash generated from continuing investing
activities
|
|
|
|
13,775
|
|
14,205
|
Net cash generated from (used in) discontinued investing
activities
|
|
|
|
2,330
|
|
(4,208)
|
Net cash generated from (used in) investing activities
|
|
|
|
16,105
|
|
9,997
|
Financing activities:
|
|
|
|
|
|
|
Borrowings and issuance of non-convertible notes
|
|
|
|
30,999
|
|
34,918
|
Payment of borrowings and non-convertible notes
|
|
|
|
(59,229)
|
|
(34,503)
|
(Payment) Obtaining of short term loans, net
|
|
|
|
(1,799)
|
|
4,112
|
Interest paid
|
|
|
|
(18,118)
|
|
(16,405)
|
Repurchase of own shares
|
|
|
|
-
|
|
(747)
|
Repurchase of non-convertible notes
|
|
|
|
(13,384)
|
|
(5,679)
|
Capital contributions from non-controlling interest in
subsidiaries
|
|
|
|
-
|
|
2,172
|
Acquisition of non-controlling interest in
subsidiaries
|
|
|
|
(589)
|
|
(5,454)
|
Charge for issuance of shares and other equity
instruments
|
|
|
|
2,658
|
|
-
|
Proceeds from sales of non-controlling interest in
subsidiaries
|
|
|
|
70
|
|
13
|
Loans received from associates and joint ventures, net
|
|
|
|
-
|
|
248
|
Payment of borrowings to related parties
|
|
|
|
-
|
|
(6)
|
Dividends paid
|
|
|
|
(897)
|
|
(532)
|
Dividends paid to non-controlling interest in
subsidiaries
|
|
|
|
(323)
|
|
(568)
|
Proceeds from derivative financial instruments, net
|
|
|
|
(1,727)
|
|
(77)
|
Payment of seller financing
|
|
|
|
-
|
|
(1)
|
Net cash used in continuing financing activities
|
|
|
|
(62,339)
|
|
(22,509)
|
Net cash (used in) generated from discontinued financing
activities
|
|
|
|
(4,806)
|
|
9,487
|
Net cash (used in) generated from financing activities
|
|
|
|
(67,145)
|
|
(13,022)
|
Net (Decrease) Increase in cash and cash equivalents from
continuing activities
|
|
|
|
(25,272)
|
|
(1,394)
|
Net increase in cash and cash equivalents from discontinued
activities
|
|
|
|
90
|
|
9,802
|
Net (Decrease) Increase in cash and cash equivalents
|
|
|
|
(25,182)
|
|
8,408
|
Cash and cash equivalents at beginning of the period
|
|
15
|
|
84,749
|
|
81,555
|
Cash and cash equivalents reclassified to held for
sale
|
|
|
|
(596)
|
|
(632)
|
Foreign exchange gain on cash and changes in fair value of cash
equivalents
|
|
|
|
1,418
|
|
3,144
|
Cash and cash equivalents at the end of the period
|
|
|
|
60,389
|
|
92,475
|
PRICE WATERHOUSE & CO. S.R.L.
(Socio)
|
|
)
|
|
)
|
C.P.C.E.C.A.B.A. T° 1 F° 17
Dr. Mariano C. Tomatis
Contador Público (UBA)
C.P.C.E.C.A.B.A. T° 241 F° 118
|
|
Marcelo H. Fuxman
Síndico Titular
Por Comisión Fiscalizadora
|
|
Alejandro
G. Elsztain
Vicepresident
II acting
as
President
|
|
As of March 31, 2020 (accumulated nine months)
|
Price variation
|
36%
|
|
|
IFRS 16 impact
|
|
IAS 28 impact
|
|
Adjusted statement of financial position
|
ASSETS
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Investment properties
|
|
405
|
|
-
|
|
405
|
Right-of-use assets
|
|
15,502
|
|
-
|
|
15,502
|
Investments in associates and joint ventures
|
|
-
|
|
(1,927)
|
|
(1,927)
|
Trade and other receivables
|
|
114
|
|
-
|
|
114
|
Total non-current assets
|
|
16,021
|
|
(1,927)
|
|
14,094
|
|
|
|
|
|
|
|
Income tax and MPIT credit
|
|
16
|
|
-
|
|
16
|
Group of assets held for sale
|
|
(161)
|
|
-
|
|
(161)
|
Trade and other receivables
|
|
2,962
|
|
-
|
|
2,962
|
Total current assets
|
|
2,817
|
|
-
|
|
2,817
|
TOTAL ASSETS
|
|
18,838
|
|
(1,927)
|
|
16,911
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
Shareholders' equity attributable to equity holders of the
parent
|
|
|
|
|
|
|
Retained earnings
|
|
(80)
|
|
(693)
|
|
(773)
|
Non-controlling interest
|
|
(49)
|
|
(1,234)
|
|
(1,283)
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
(129)
|
|
(1,927)
|
|
(2,056)
|
LIABILITIES
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Lease liabilities
|
|
11,598
|
|
-
|
|
11,598
|
Total non-current liabilities
|
|
11,598
|
|
-
|
|
11,598
|
Current liabilities
|
|
|
|
|
|
|
Lease liabilities
|
|
4,343
|
|
-
|
|
4,343
|
Trade and other payables
|
|
(85)
|
|
-
|
|
(85)
|
Group of liabilities held for sale
|
|
3,111
|
|
-
|
|
3,111
|
Total current liabilities
|
|
7,369
|
|
-
|
|
7,369
|
TOTAL LIABILITIES
|
|
18,967
|
|
-
|
|
18,967
|
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
|
18,838
|
|
(1,927)
|
|
16,911
|
|
|
03.31 20
|
Fair value of identifiable assets and assumed
liabilities:
|
|
|
Cash
and cash equivalents
|
|
15
|
Trade
and other receivables
|
|
367
|
Inventories
|
|
21
|
Biological
assets
|
|
70
|
Taxes
and contributions to recover
|
|
43
|
Group
of assets held for sale
|
|
344
|
Property,
plant and equipment
|
|
3,193
|
Trade
and other payables
|
|
(282)
|
Borrowings
|
|
(1,788)
|
Taxes
to pay
|
|
(9)
|
Payroll
and social security liabilities
|
|
(41)
|
Provisions
|
|
(1)
|
Deferred
income tax liabilities
|
|
(401)
|
Total identifiable net assets
|
|
1,531
|
Non-controlling
interest
|
|
-
|
Key
pending allocation
|
|
60
|
Total consideration
|
|
1,591
|
|
09.30.2019
|
Cash received
|
13,534
|
Remeasurement of the fair value of the remaining
investment
|
30,524
|
Total
|
44,058
|
Net assets written off including goodwill
|
(26,692)
|
Gain from sale of subsidiary, net of taxes (*)
|
17,366
|
|
09.30.2019
|
Investment properties
|
147,897
|
Property, plant and equipment
|
1,007
|
Intangible assets
|
3,113
|
Right-of-use assets
|
40
|
Investments in associates and joint ventures
|
4,172
|
Restricted assets
|
359
|
Trade and other receivables
|
1,098
|
Investments in financial assets
|
12,853
|
Trading properties
|
147
|
Income tax credit
|
180
|
Cash and cash equivalents
|
10,081
|
TOTAL ASSETS
|
180,947
|
Borrowings
|
90,575
|
Lease liabilities
|
40
|
Deferred income tax liabilities
|
20,072
|
Trade and other payables
|
2,276
|
Employee benefits
|
20
|
Salaries and social security liabilities
|
60
|
Income tax and MPIT liabilities
|
119
|
TOTAL LIABILITIES
|
113,162
|
Non-controlling interest
|
41,093
|
Net assets written off including goodwill
|
26,692
|
|
|
03.31.20
|
||||||||||||||||
|
|
|
|
Urban Properties and Investment business (II)
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Agricultural business (I)
|
|
Operations Center in Argentina
|
|
Operations Center in Israel
|
|
Subtotal
|
|
Total segment information
|
|
Joint ventures (i)
|
|
Adjustments (ii)
|
|
Elimination of inter-segment transactions and non-reportable
assets / liabilities (iii)
|
|
Total Statement of Income / Financial Position
|
Revenues
|
|
18,504
|
|
9,762
|
|
57,387
|
|
67,149
|
|
85,653
|
|
(54)
|
|
2,482
|
|
(619)
|
|
87,462
|
Costs
|
|
(15,544)
|
|
(2,158)
|
|
(39,144)
|
|
(41,302)
|
|
(56,846)
|
|
36
|
|
(2,580)
|
|
380
|
|
(59,010)
|
Initial
recognition and changes in the fair value of biological assets and
agricultural products at the point of harvest
|
|
2,523
|
|
-
|
|
-
|
|
-
|
|
2,523
|
|
-
|
|
-
|
|
178
|
|
2,701
|
Changes
in the net realizable value of agricultural products after
harvest
|
|
352
|
|
-
|
|
-
|
|
-
|
|
352
|
|
-
|
|
-
|
|
-
|
|
352
|
Gross profit
|
|
5,835
|
|
7,604
|
|
18,243
|
|
25,847
|
|
31,682
|
|
(18)
|
|
(98)
|
|
(61)
|
|
31,505
|
Gain
from disposal of farmlands
|
|
323
|
|
-
|
|
-
|
|
-
|
|
323
|
|
-
|
|
-
|
|
-
|
|
323
|
Net
gain / (loss) from fair value adjustment of investment
properties
|
|
12
|
|
2,445
|
|
(2,585)
|
|
(140)
|
|
(128)
|
|
(255)
|
|
-
|
|
-
|
|
(383)
|
General
and administrative expenses
|
|
(1,020)
|
|
(1,624)
|
|
(6,156)
|
|
(7,780)
|
|
(8,800)
|
|
13
|
|
-
|
|
35
|
|
(8,752)
|
Selling
expenses
|
|
(1,862)
|
|
(850)
|
|
(9,010)
|
|
(9,860)
|
|
(11,722)
|
|
14
|
|
-
|
|
16
|
|
(11,692)
|
Impairment
of associates
|
|
-
|
|
-
|
|
(2,344)
|
|
(2,344)
|
|
(2,344)
|
|
-
|
|
-
|
|
-
|
|
(2,344)
|
Other
operating results, net
|
|
1,141
|
|
(33)
|
|
1,475
|
|
1,442
|
|
2,583
|
|
19
|
|
23
|
|
1
|
|
2,626
|
Profit / (Loss) from operations
|
|
4,429
|
|
7,542
|
|
(377)
|
|
7,165
|
|
11,594
|
|
(227)
|
|
(75)
|
|
(9)
|
|
11,283
|
Share
profit of associates and joint ventures
|
|
173
|
|
265
|
|
722
|
|
987
|
|
1,160
|
|
160
|
|
-
|
|
(13)
|
|
1,307
|
Segment profit
|
|
4,602
|
|
7,807
|
|
345
|
|
8,152
|
|
12,754
|
|
(67)
|
|
(75)
|
|
(22)
|
|
12,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable
assets
|
|
34,942
|
|
110,695
|
|
392,585
|
|
503,280
|
|
538,222
|
|
(651)
|
|
-
|
|
38,923
|
|
576,494
|
Reportable
liabilities
|
|
-
|
|
-
|
|
(349,712)
|
|
(349,712)
|
|
(349,712)
|
|
-
|
|
-
|
|
(142,762)
|
|
(492,474)
|
Net reportable assets
|
|
34,942
|
|
110,695
|
|
42,873
|
|
153,568
|
|
188,510
|
|
(651)
|
|
-
|
|
(103,839)
|
|
84,020
|
|
|
03.31.19
|
|
||||||||||||||||
|
|
|
|
Urban Properties and Investment business (II)
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Agricultural business (I)
|
|
Operations Center in Argentina
|
|
Operations Center in Israel
|
|
Subtotal
|
|
Total segment information
|
|
Joint ventures (i)
|
|
Adjustments (ii)
|
|
Elimination of inter-segment transactions and non-reportable
assets / liabilities (iii)
|
|
Total Statement of Income / Financial Position
|
|
Revenues
|
|
11,667
|
|
11,175
|
|
52,420
|
|
63,595
|
|
75,262
|
|
(67)
|
|
2,673
|
|
(425)
|
|
77,443
|
|
Costs
|
|
(9,787)
|
|
(2,215)
|
|
(37,257)
|
|
(39,472)
|
|
(49,259)
|
|
46
|
|
(2,791)
|
|
160
|
|
(51,844)
|
|
Initial recognition and changes in the fair value of biological
assets and agricultural products at the point of
harvest
|
|
1,419
|
|
-
|
|
-
|
|
-
|
|
1,419
|
|
-
|
|
-
|
|
237
|
|
1,656
|
|
Changes in the net realizable value of agricultural products after
harvest
|
|
12
|
|
-
|
|
-
|
|
-
|
|
12
|
|
-
|
|
-
|
|
-
|
|
12
|
|
Gross profit
|
|
3,311
|
|
8,960
|
|
15,163
|
|
24,123
|
|
27,434
|
|
(21)
|
|
(118)
|
|
(28)
|
|
27,267
|
|
Net
(loss) / profit from fair value adjustment of investment
properties
|
|
(33)
|
|
(8,751)
|
|
386
|
|
(8,365)
|
|
(8,398)
|
|
(92)
|
|
-
|
|
-
|
|
(8,490)
|
|
Gain from disposal of farmlands
|
|
87
|
|
-
|
|
-
|
|
-
|
|
87
|
|
-
|
|
-
|
|
-
|
|
87
|
|
General and administrative expenses
|
|
(982)
|
|
(1,938)
|
|
(5,882)
|
|
(7,820)
|
|
(8,802)
|
|
13
|
|
-
|
|
24
|
|
(8,765)
|
|
Selling expenses
|
|
(1,120)
|
|
(772)
|
|
(8,025)
|
|
(8,797)
|
|
(9,917)
|
|
4
|
|
-
|
|
4
|
|
(9,909)
|
|
Other operating results, net
|
|
442
|
|
(604)
|
|
808
|
|
204
|
|
646
|
|
173
|
|
18
|
|
(4)
|
|
833
|
|
Profit / (Loss) from operations
|
|
1,705
|
|
(3,105)
|
|
2,450
|
|
(655)
|
|
1,050
|
|
77
|
|
(100)
|
|
(4)
|
|
1,023
|
|
Share profit / (loss) of associates and joint
ventures
|
|
11
|
|
(1,294)
|
|
(560)
|
|
(1,854)
|
|
(1,843)
|
|
(98)
|
|
-
|
|
-
|
|
(1,941)
|
|
Segment profit / (loss)
|
|
1,716
|
|
(4,399)
|
|
1,890
|
|
(2,509)
|
|
(793)
|
|
(21)
|
|
(100)
|
|
(4)
|
|
(918)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable assets
|
|
35,171
|
|
137,617
|
|
560,385
|
|
698,002
|
|
733,173
|
|
(589)
|
|
-
|
|
44,262
|
|
776,846
|
|
Reportable liabilities
|
|
-
|
|
-
|
|
(486,098)
|
|
(486,098)
|
|
(486,098)
|
|
-
|
|
-
|
|
(135,316)
|
|
(621,414)
|
|
Net reportable assets
|
|
35,171
|
|
137,617
|
|
74,287
|
|
211,904
|
|
247,075
|
|
(589)
|
|
-
|
|
(91,054)
|
|
155,432
|
|
|
03.31.20
|
||||||||
|
|
Agricultural production
|
|
Land transformation and sales
|
|
Corporate
|
|
Others
|
|
Total Agricultural business
|
Revenues
|
|
11,718
|
|
-
|
|
-
|
|
6,786
|
|
18,504
|
Costs
|
|
(9,855)
|
|
(19)
|
|
-
|
|
(5,670)
|
|
(15,544)
|
Initial
recognition and changes in the fair value of biological assets and
agricultural products at the point of harvest
|
|
2,500
|
|
-
|
|
-
|
|
23
|
|
2,523
|
Changes
in the net realizable value of agricultural products after
harvest
|
|
352
|
|
-
|
|
-
|
|
-
|
|
352
|
Gross profit / (loss)
|
|
4,715
|
|
(19)
|
|
-
|
|
1,139
|
|
5,835
|
Gain from disposal of farmlands
|
|
-
|
|
323
|
|
-
|
|
-
|
|
323
|
Net
gain from fair value adjustment of investment
properties
|
|
-
|
|
12
|
|
-
|
|
-
|
|
12
|
General
and administrative expenses
|
|
(655)
|
|
(2)
|
|
(153)
|
|
(210)
|
|
(1,020)
|
Selling
expenses
|
|
(1,272)
|
|
-
|
|
-
|
|
(590)
|
|
(1,862)
|
Other
operating results, net
|
|
110
|
|
883
|
|
-
|
|
148
|
|
1,141
|
Profit / (loss) from operations
|
|
2,898
|
|
1,197
|
|
(153)
|
|
487
|
|
4,429
|
Share
of profit of associates and joint ventures
|
|
62
|
|
-
|
|
-
|
|
111
|
|
173
|
Segment profit / (loss)
|
|
2,960
|
|
1,197
|
|
(153)
|
|
598
|
|
4,602
|
|
|
|
|
|
|
|
|
|
|
|
Investment
properties
|
|
3,269
|
|
-
|
|
-
|
|
-
|
|
3,269
|
Property,
plant and equipment
|
|
19,877
|
|
171
|
|
-
|
|
699
|
|
20,747
|
Investments
in associates
|
|
409
|
|
-
|
|
-
|
|
293
|
|
702
|
Other
reportable assets
|
|
8,106
|
|
313
|
|
-
|
|
1,805
|
|
10,224
|
Reportable assets
|
|
31,661
|
|
484
|
|
-
|
|
2,797
|
|
34,942
|
|
|
03.31.19
|
||||||||
|
|
Agricultural production
|
|
Land transformation and sales
|
|
Corporate
|
|
Others
|
|
Total Agricultural business
|
Revenues
|
|
6,177
|
|
-
|
|
-
|
|
5,490
|
|
11,667
|
Costs
|
|
(5,248)
|
|
(24)
|
|
-
|
|
(4,515)
|
|
(9,787)
|
Initial recognition and changes in the fair value of biological
assets and agricultural products at the point of
harvest
|
|
1,423
|
|
-
|
|
-
|
|
(4)
|
|
1,419
|
Changes in the net realizable value of agricultural products after
harvest
|
|
12
|
|
-
|
|
-
|
|
-
|
|
12
|
Gross profit / (loss)
|
|
2,364
|
|
(24)
|
|
-
|
|
971
|
|
3,311
|
Net
gain from fair value adjustment of investment
properties
|
|
-
|
|
(33)
|
|
-
|
|
-
|
|
(33)
|
Gain from disposal of farmlands
|
|
-
|
|
87
|
|
-
|
|
-
|
|
87
|
General and administrative expenses
|
|
(598)
|
|
(1)
|
|
(172)
|
|
(211)
|
|
(982)
|
Selling expenses
|
|
(627)
|
|
(1)
|
|
-
|
|
(492)
|
|
(1,120)
|
Other operating results, net
|
|
443
|
|
(31)
|
|
-
|
|
30
|
|
442
|
Profit / (loss) from operations
|
|
1,582
|
|
(3)
|
|
(172)
|
|
298
|
|
1,705
|
Share
of profit of associates and joint ventures
|
|
43
|
|
-
|
|
-
|
|
(32)
|
|
11
|
Segment profit / (loss)
|
|
1,625
|
|
(3)
|
|
(172)
|
|
266
|
|
1,716
|
|
|
|
|
|
|
|
|
|
|
|
Investment properties
|
|
2,423
|
|
-
|
|
-
|
|
-
|
|
2,423
|
Property, plant and equipment
|
|
20,548
|
|
70
|
|
-
|
|
722
|
|
21,340
|
Investments in associates
|
|
359
|
|
-
|
|
-
|
|
45
|
|
404
|
Other reportable assets
|
|
9,690
|
|
-
|
|
-
|
|
1,314
|
|
11,004
|
Reportable assets
|
|
33,020
|
|
70
|
|
-
|
|
2,081
|
|
35,171
|
|
|
03.31.20
|
||||||||||||||
|
|
Shopping Malls
|
|
Offices
|
|
Sales and developments
|
|
Hotels
|
|
International
|
|
Corporate
|
|
Others
|
|
Total
|
Revenues
|
|
5,345
|
|
1,730
|
|
683
|
|
1,928
|
|
7
|
|
-
|
|
69
|
|
9,762
|
Costs
|
|
(434)
|
|
(108)
|
|
(451)
|
|
(1,086)
|
|
(8)
|
|
-
|
|
(71)
|
|
(2,158)
|
Gross profit / (loss)
|
|
4,911
|
|
1,622
|
|
232
|
|
842
|
|
(1)
|
|
-
|
|
(2)
|
|
7,604
|
Net
(loss) / profit from fair value adjustment of investment properties
(i)
|
|
(3,711)
|
|
3,121
|
|
2,673
|
|
-
|
|
-
|
|
-
|
|
362
|
|
2,445
|
General and administrative expenses
|
|
(620)
|
|
(200)
|
|
(137)
|
|
(279)
|
|
(87)
|
|
(212)
|
|
(89)
|
|
(1,624)
|
Selling expenses
|
|
(405)
|
|
(66)
|
|
(168)
|
|
(203)
|
|
-
|
|
-
|
|
(8)
|
|
(850)
|
Other operating results, net
|
|
(47)
|
|
(28)
|
|
(16)
|
|
(11)
|
|
(1)
|
|
-
|
|
70
|
|
(33)
|
Profit / (Loss) from operations
|
|
128
|
|
4,449
|
|
2,584
|
|
349
|
|
(89)
|
|
(212)
|
|
333
|
|
7,542
|
Share
of profit / (loss) of associates and joint ventures
|
|
-
|
|
36
|
|
-
|
|
(7)
|
|
648
|
|
-
|
|
(412)
|
|
265
|
Segment profit / (loss)
|
|
128
|
|
4,485
|
|
2,584
|
|
342
|
|
559
|
|
(212)
|
|
(79)
|
|
7,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment and trading properties
|
|
44,747
|
|
32,340
|
|
28,162
|
|
-
|
|
95
|
|
-
|
|
1,159
|
|
106,503
|
Property, plant and equipment
|
|
223
|
|
1,033
|
|
-
|
|
1,860
|
|
189
|
|
-
|
|
-
|
|
3,305
|
Investment in associates and joint ventures
|
|
-
|
|
-
|
|
499
|
|
-
|
|
(7,024)
|
|
-
|
|
6,308
|
|
(217)
|
Other reportable assets
|
|
104
|
|
116
|
|
769
|
|
29
|
|
-
|
|
-
|
|
86
|
|
1,104
|
Reportable assets
|
|
45,074
|
|
33,489
|
|
29,430
|
|
1,889
|
|
(6,740)
|
|
-
|
|
7,553
|
|
110,695
|
|
|
03.31.19
|
||||||||||||||
|
|
Shopping Malls
|
|
Offices
|
|
Sales and developments
|
|
Hotels
|
|
International
|
|
Corporate
|
|
Others
|
|
Total
|
Revenues
|
|
6,311
|
|
1,539
|
|
927
|
|
2,282
|
|
10
|
|
-
|
|
106
|
|
11,175
|
Costs
|
|
(517)
|
|
(67)
|
|
(377)
|
|
(1,140)
|
|
(4)
|
|
-
|
|
(110)
|
|
(2,215)
|
Gross profit / (loss)
|
|
5,794
|
|
1,472
|
|
550
|
|
1,142
|
|
6
|
|
-
|
|
(4)
|
|
8,960
|
Net
(loss) / profit from fair value adjustment of investment
properties
|
(15,130)
|
|
4,717
|
|
1,864
|
|
-
|
|
4
|
|
-
|
|
(206)
|
|
(8,751)
|
|
General and administrative expenses
|
|
(688)
|
|
(157)
|
|
(185)
|
|
(354)
|
|
(76)
|
|
(393)
|
|
(85)
|
|
(1,938)
|
Selling expenses
|
|
(426)
|
|
(70)
|
|
(36)
|
|
(228)
|
|
-
|
|
-
|
|
(12)
|
|
(772)
|
Other operating results, net
|
|
(59)
|
|
(22)
|
|
(200)
|
|
37
|
|
(19)
|
|
-
|
|
(341)
|
|
(604)
|
(Loss) / Profit from operations
|
|
(10,509)
|
|
5,940
|
|
1,993
|
|
597
|
|
(85)
|
|
(393)
|
|
(648)
|
|
(3,105)
|
Share
of loss of associates and joint ventures
|
|
-
|
|
-
|
|
(30)
|
|
-
|
|
(534)
|
|
-
|
|
(730)
|
|
(1,294)
|
Segment (loss) / profit
|
|
(10,509)
|
|
5,940
|
|
1,963
|
|
597
|
|
(619)
|
|
(393)
|
|
(1,378)
|
|
(4,399)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment and trading properties
|
|
70,920
|
|
33,639
|
|
26,818
|
|
-
|
|
95
|
|
-
|
|
148
|
|
131,620
|
Property, plant and equipment
|
|
245
|
|
105
|
|
-
|
|
1,950
|
|
191
|
|
-
|
|
915
|
|
3,406
|
Investment in associates and joint ventures
|
|
-
|
|
-
|
|
396
|
|
-
|
|
(4,515)
|
|
-
|
|
6,202
|
|
2,083
|
Other reportable assets
|
|
109
|
|
115
|
|
173
|
|
24
|
|
-
|
|
-
|
|
87
|
|
508
|
Reportable assets
|
|
71,274
|
|
33,859
|
|
27,387
|
|
1,974
|
|
(4,229)
|
|
-
|
|
7,352
|
|
137,617
|
|
|
03.31.20
|
|
|||||||||||||||||||||||
|
|
Real Estate
|
|
Supermarkets
|
|
Telecommunications
|
|
Insurance
|
|
Corporate
|
|
Others
|
|
Total
|
||||||||||||
Revenues
|
|
9,809
|
|
-
|
|
46,142
|
|
-
|
|
-
|
|
1,436
|
|
57,387
|
||||||||||||
Costs
|
|
(4,942)
|
|
-
|
|
(33,775)
|
|
-
|
|
-
|
|
(427)
|
|
(39,144)
|
||||||||||||
Gross profit / (loss)
|
|
4,867
|
|
-
|
|
12,367
|
|
-
|
|
-
|
|
1,009
|
|
18,243
|
||||||||||||
Net
loss from fair value adjustment of investment
properties
|
|
(2,585)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,585)
|
||||||||||||
General
and administrative expenses
|
|
(583)
|
|
-
|
|
(3,892)
|
|
-
|
|
(779)
|
|
(902)
|
|
(6,156)
|
||||||||||||
Selling
expenses
|
|
(177)
|
|
-
|
|
(8,507)
|
|
-
|
|
-
|
|
(326)
|
|
(9,010)
|
||||||||||||
Impairment of associates
|
|
(2,344)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,344)
|
||||||||||||
Other
operating results, net
|
|
538
|
|
-
|
|
357
|
|
-
|
|
(46)
|
|
626
|
|
1,475
|
||||||||||||
(Loss) / Profit from operations
|
|
(284)
|
|
-
|
|
325
|
|
-
|
|
(825)
|
|
407
|
|
(377)
|
||||||||||||
Share
of profit / (loss) of associates and joint ventures
|
|
906
|
|
-
|
|
(166)
|
|
-
|
|
-
|
|
(18)
|
|
722
|
||||||||||||
Segment profit / (loss)
|
|
622
|
|
-
|
|
159
|
|
-
|
|
(825)
|
|
389
|
|
345
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reportable
assets
|
|
128,934
|
|
23,578
|
|
122,866
|
|
4,369
|
|
15,478
|
|
97,360
|
|
392,585
|
||||||||||||
Reportable
liabilities
|
|
(123,525)
|
|
-
|
|
(93,688)
|
|
-
|
|
(95,930)
|
|
(36,569)
|
|
(349,712)
|
||||||||||||
Net reportable assets
|
|
5,409
|
|
23,578
|
|
29,178
|
|
4,369
|
|
(80,452)
|
|
60,791
|
|
42,873
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03.31.19
|
|||||||||||||
|
|
Real Estate
|
|
Supermarkets
|
|
Telecommunications
|
|
Insurance
|
|
Corporate
|
|
Others
|
|
Total
|
|
Revenues
|
|
10,510
|
|
-
|
|
40,234
|
|
-
|
|
-
|
|
1,676
|
|
52,420
|
|
Costs
|
|
(6,687)
|
|
-
|
|
(29,863)
|
|
-
|
|
-
|
|
(707)
|
|
(37,257)
|
|
Gross profit
|
|
3,823
|
|
-
|
|
10,371
|
|
-
|
|
-
|
|
969
|
|
15,163
|
|
Net
gain from fair value adjustment of investment
properties
|
|
386
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
386
|
|
General
and administrative expenses
|
|
(509)
|
|
-
|
|
(3,520)
|
|
-
|
|
(758)
|
|
(1,095)
|
|
(5,882)
|
|
Selling
expenses
|
|
(144)
|
|
-
|
|
(7,546)
|
|
-
|
|
-
|
|
(335)
|
|
(8,025)
|
|
Other
operating results, net
|
|
-
|
|
-
|
|
288
|
|
-
|
|
323
|
|
197
|
|
808
|
|
Profit / (Loss) from operations
|
|
3,556
|
|
-
|
|
(407)
|
|
-
|
|
(435)
|
|
(264)
|
|
2,450
|
|
Share
of (loss) / profit of associates and joint ventures
|
|
(399)
|
|
504
|
|
-
|
|
-
|
|
-
|
|
(665)
|
|
(560)
|
|
Segment profit / (loss)
|
|
3,157
|
|
504
|
|
(407)
|
|
-
|
|
(435)
|
|
(929)
|
|
1,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable
assets
|
|
308,160
|
|
23,627
|
|
120,948
|
|
24,035
|
|
45,919
|
|
37,696
|
|
560,385
|
|
Reportable
liabilities
|
|
(239,335)
|
|
-
|
|
(95,324)
|
|
-
|
|
(133,277)
|
|
(18,162)
|
|
(486,098)
|
|
Net reportable assets
|
|
68,825
|
|
23,627
|
|
25,624
|
|
24,035
|
|
(87,358)
|
|
19,534
|
|
74,287
|
|
|
|
03.31.20
|
|
06.30.19
|
Beginning of the period / year
|
|
34,365
|
|
50,049
|
Adjustments of previous years (IFRS 9 and IAS 28)
|
|
(1,927)
|
|
(145)
|
Issuance of capital and contributions
|
|
2,580
|
|
155
|
Capital reduction
|
|
(101)
|
|
(637)
|
Increase of interest in associates and joint ventures
|
|
3,189
|
|
662
|
Share of profit / (loss)
|
|
1,349
|
|
(6,753)
|
Other comprehensive income
|
|
(1,046)
|
|
-
|
Currency translation adjustment
|
|
(3,401)
|
|
(407)
|
Dividends (i)
|
|
(1,752)
|
|
(1,645)
|
Sale of associates
|
|
-
|
|
(6,811)
|
Deconsolidation (iii)
|
|
25,982
|
|
-
|
Reclassification to held-for-sale
|
|
(1,963)
|
|
-
|
Incorporation by business combination
|
|
1,783
|
|
-
|
Others
|
|
54
|
|
(103)
|
End of the period / year (ii)
|
|
59,112
|
|
34,365
|
Name of the entity
|
|
% ownership interest
|
|
Value of Group's interest in equity
|
|
Group's interest in comprehensive income / (loss)
|
|||||||||
|
03.31.20
|
|
06.30.19
|
|
03.31.20
|
|
06.30.19
|
|
03.31.20
|
|
03.31.19
|
|
|||
Associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
New Lipstick (1)
|
|
49.96%
|
|
49.96%
|
|
(8,467)
|
|
(8,217)
|
|
(257)
|
|
(856)
|
|
||
BHSA
|
|
29.91%
|
|
29.91%
|
|
3,740
|
|
4,224
|
|
(486)
|
|
(790)
|
|
||
Condor
|
|
18.89%
|
|
18.89%
|
|
1,395
|
|
1,321
|
|
103
|
|
101
|
|
||
PBEL
|
|
45.00%
|
|
45.40%
|
|
-
|
|
1,879
|
|
-
|
|
178
|
|
||
Shufersal
|
|
26.02%
|
|
26.02%
|
|
23,578
|
|
21,840
|
|
1,887
|
|
2,100
|
|
||
Mehadrin
|
|
N/A
|
|
45.41%
|
|
-
|
|
4,598
|
|
-
|
|
-
|
|
||
Gav-Yam
|
|
34.90%
|
|
N/A
|
|
26,612
|
|
N/A
|
|
(4,185)
|
|
(171)
|
|
||
TGLT S.A.
|
|
30.50%
|
|
N/A
|
|
2,047
|
|
N/A
|
|
(17)
|
|
-
|
|
||
Quality
|
|
50.00%
|
|
50.00%
|
|
1,996
|
|
1,774
|
|
183
|
|
90
|
|
||
La Rural S.A.
|
|
50.00%
|
|
50.00%
|
|
179
|
|
96
|
|
83
|
|
79
|
|
||
Cresca S.A.
|
|
50.00%
|
|
50.00%
|
|
-
|
|
19
|
|
(1)
|
|
19
|
|
||
Other associates and joint ventures
|
|
-
|
|
-
|
|
8,032
|
|
6,831
|
|
638
|
|
(542)
|
|
||
Total associates and joint ventures
|
|
|
|
|
|
59,112
|
|
34,365
|
|
(2,052)
|
|
208
|
|
Name of the entity
|
|
Location of business / Country of incorporation
|
|
Main activity
|
|
Common shares 1 vote
|
|
Last financial statement issued
|
||||
|
|
|
|
Share capital (nominal value)
|
|
Profit / (loss) for the period
|
|
Shareholders' equity
|
||||
New Lipstick (1)
|
|
U.S.
|
|
Real estate
|
|
N/A
|
|
-
|
|
(*)
17
|
|
(*)
(198)
|
BHSA
|
|
Argentina
|
|
Financing
|
|
448,689,072
|
|
(***)
1,500
|
|
(***) (498)
|
|
(***)
12,955
|
Condor
|
|
U.S.
|
|
Hotel
|
|
2,245,100
|
|
(*)
232
|
|
(*)
(2)
|
|
(*)
86
|
PBEL
|
|
India
|
|
Real estate
|
|
(**)
1
|
|
(**)
(2)
|
|
(**)
-
|
|
(**)
3,254
|
Shufersal
|
|
Israel
|
|
Retail
|
|
123,917,650
|
|
(**)
242
|
|
(**)
220
|
|
(**)
1,834
|
Mehadrin
|
|
Israel
|
|
Agricultural
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
Gav-Yam
|
|
Israel
|
|
Real estate
|
|
N/A
|
|
N/A
|
|
(**)
328
|
|
(**)
3,596
|
TGLT S.A.
|
|
Argentina
|
|
Real estate
|
|
279,502,813
|
|
925
|
|
(27)
|
|
5,958
|
Quality
|
|
Argentina
|
|
Real
estate
|
|
163,039,244
|
|
326
|
|
366
|
|
3,932
|
La Rural S.A.
|
|
Argentina
|
|
Organization
of events
|
|
714,498
|
|
1
|
|
175
|
|
273
|
|
|
Leased out farmland
|
|
Rental properties
|
|
Underdeveloped parcels of land
|
|
Properties under development
|
|
Others
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
Fair value at the beginning of the period / year
|
|
2,499
|
|
277,443
|
|
27,054
|
|
10,732
|
|
200
|
|
317,928
|
|
345,125
|
Adjustments of previous years (IFRS 15)
|
|
-
|
|
405
|
|
-
|
|
-
|
|
-
|
|
405
|
|
-
|
Additions
|
|
-
|
|
1,156
|
|
-
|
|
2,338
|
|
1
|
|
3,495
|
|
11,019
|
Capitalized finance costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
221
|
Capitalized leasing costs
|
|
-
|
|
19
|
|
-
|
|
-
|
|
-
|
|
19
|
|
15
|
Amortization of capitalized
leasing costs (i)
|
|
-
|
|
(12)
|
|
-
|
|
-
|
|
-
|
|
(12)
|
|
(12)
|
Transfers
|
|
1,329
|
|
(21,247)
|
|
(1,704)
|
|
(597)
|
|
-
|
|
(22,219)
|
|
1,883
|
Incorporation by business
combination
|
|
-
|
|
232
|
|
-
|
|
-
|
|
-
|
|
232
|
|
-
|
Deconsolidation
|
|
-
|
|
(137,197)
|
|
(7,739)
|
|
(4,532)
|
|
-
|
|
(149,468)
|
|
-
|
Disposals
|
|
-
|
|
(11,664)
|
|
(369)
|
|
-
|
|
-
|
|
(12,033)
|
|
(5,502)
|
Currency translation adjustment
|
|
(571)
|
|
37,401
|
|
1,558
|
|
1,144
|
|
-
|
|
39,532
|
|
(2,793)
|
Net gain / (loss) from fair value adjustment
|
|
12
|
|
(2,856)
|
|
2,166
|
|
241
|
|
54
|
|
(383)
|
|
(32,028)
|
Fair value at the end of the period / year
|
|
3,269
|
|
143,680
|
|
20,966
|
|
9,326
|
|
255
|
|
177,496
|
|
317,928
|
|
|
03.31.20
|
|
03.31.19
|
Rental and services income
|
|
15,743
|
|
16,493
|
Direct operating expenses
|
|
(5,696)
|
|
(5,721)
|
Development expenses
|
|
(70)
|
|
(4,110)
|
Net unrealized loss from fair value adjustment of investment
properties
|
|
(383)
|
|
(9,601)
|
|
|
Owner occupied farmland
|
|
Bearer plant
|
|
Buildings and facilities
|
|
Machinery and equipment
|
|
Communication networks
|
|
Others
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
Costs
|
|
19,453
|
|
1,877
|
|
12,600
|
|
2,450
|
|
86,657
|
|
12,228
|
|
135,265
|
|
126,906
|
Accumulated
depreciation
|
|
(1,960)
|
|
(549)
|
|
(6,928)
|
|
(1,613)
|
|
(66,162)
|
|
(6,706)
|
|
(83,918)
|
|
(77,489)
|
Net book amount at the beginning of the period / year
|
17,493
|
|
1,328
|
|
5,672
|
|
837
|
|
20,495
|
|
5,522
|
|
51,347
|
|
49,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments of previous years (IFRS 15)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,563
|
Additions
|
|
381
|
|
222
|
|
325
|
|
75
|
|
2,885
|
|
1,136
|
|
5,024
|
|
(481)
|
Disposals
|
|
(57)
|
|
-
|
|
(60)
|
|
(5)
|
|
(3,032)
|
|
(56)
|
|
(3,210)
|
|
-
|
Deconsolidation
|
|
-
|
|
-
|
|
(401)
|
|
(564)
|
|
-
|
|
(42)
|
|
(1,007)
|
|
-
|
Assets
incorporated by business combinations
|
|
7,105
|
|
-
|
|
1,783
|
|
375
|
|
-
|
|
315
|
|
9,578
|
|
-
|
Currency
translation adjustment
|
|
(1,166)
|
|
(198)
|
|
151
|
|
126
|
|
1,340
|
|
565
|
|
818
|
|
(1,261)
|
Transfers
|
|
(1,267)
|
|
(2)
|
|
(260)
|
|
(33)
|
|
357
|
|
(357)
|
|
(1,562)
|
|
1,538
|
Depreciation
charges (i)
|
|
(185)
|
|
(199)
|
|
(368)
|
|
(77)
|
|
(3,408)
|
|
(1,195)
|
|
(5,432)
|
|
(6,429)
|
Balances at the end of the period / year
|
|
22,304
|
|
1,151
|
|
6,842
|
|
734
|
|
18,637
|
|
5,888
|
|
55,556
|
|
51,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
|
|
23,909
|
|
1,739
|
|
11,337
|
|
2,403
|
|
86,459
|
|
10,952
|
|
136,799
|
|
135,265
|
Accumulated
depreciation
|
|
(1,605)
|
|
(588)
|
|
(4,495)
|
|
(1,669)
|
|
(67,822)
|
|
(5,064)
|
|
(81,243)
|
|
(83,918)
|
Net book amount at the end of the period / year
|
|
22,304
|
|
1,151
|
|
6,842
|
|
734
|
|
18,637
|
|
5,888
|
|
55,556
|
|
51,347
|
|
|
Completed properties
|
|
Properties under development
|
|
Undeveloped sites
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
Beginning of the period / year
|
|
1,820
|
|
2,997
|
|
3,133
|
|
7,950
|
|
20,959
|
Adjustment previous periods (IFRS 15)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(7,901)
|
Additions
|
|
24
|
|
1,299
|
|
415
|
|
1,738
|
|
3,478
|
Capitalized
finance costs
|
|
-
|
|
93
|
|
-
|
|
93
|
|
16
|
Currency
translation adjustment
|
|
109
|
|
(8)
|
|
165
|
|
266
|
|
(1,281)
|
Transfers
|
|
171
|
|
(140)
|
|
(31)
|
|
-
|
|
50
|
Impairment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(43)
|
Deconsolidation
|
|
-
|
|
(147)
|
|
-
|
|
(147)
|
|
-
|
Disposals
|
|
(943)
|
|
(2,651)
|
|
(52)
|
|
(3,646)
|
|
(7,328)
|
End of the period / year
|
|
1,181
|
|
1,443
|
|
3,630
|
|
6,254
|
|
7,950
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
|
|
|
|
|
|
|
|
4,319
|
|
7,454
|
Current
|
|
|
|
|
|
|
|
1,935
|
|
496
|
Total
|
|
|
|
|
|
|
|
6,254
|
|
7,950
|
|
|
Goodwill
|
|
Trademarks
|
|
Licenses
|
|
Customer relations
|
|
Information systems and software
|
|
Contracts and others
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
Costs
|
|
6,388
|
|
6,704
|
|
9,131
|
|
14,333
|
|
7,982
|
|
8,534
|
|
53,072
|
|
50,519
|
Accumulated
amortization
|
|
-
|
|
(519)
|
|
(6,946)
|
|
(11,342)
|
|
(4,325)
|
|
(5,249)
|
|
(28,381)
|
|
(23,951)
|
Net book amount at the beginning of the period / year
|
6,388
|
|
6,185
|
|
2,185
|
|
2,991
|
|
3,657
|
|
3,285
|
|
24,691
|
|
26,568
|
|
Additions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,192
|
|
2,263
|
|
3,455
|
|
3,545
|
Disposals
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(113)
|
|
-
|
|
(113)
|
|
(58)
|
Deconsolidation
|
|
(3,092)
|
|
-
|
|
-
|
|
-
|
|
(21)
|
|
-
|
|
(3,113)
|
|
-
|
Transfers
|
|
1
|
|
-
|
|
-
|
|
-
|
|
13
|
|
-
|
|
14
|
|
-
|
Assets
incorporated by business combination
|
|
60
|
|
-
|
|
-
|
|
36
|
|
18
|
|
-
|
|
114
|
|
30
|
Currency
translation adjustment
|
|
1,882
|
|
433
|
|
143
|
|
170
|
|
245
|
|
200
|
|
3,073
|
|
(789)
|
Impairment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(175)
|
Amortization
charges (i)
|
|
-
|
|
(82)
|
|
(196)
|
|
(866)
|
|
(1,227)
|
|
(976)
|
|
(3,347)
|
|
(4,430)
|
Balances at the end of the period / year
|
|
5,239
|
|
6,536
|
|
2,132
|
|
2,331
|
|
3,764
|
|
4,772
|
|
24,774
|
|
24,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
|
|
5,239
|
|
7,177
|
|
9,622
|
|
20,552
|
|
6,732
|
|
11,294
|
|
60,616
|
|
53,072
|
Accumulated
amortization
|
|
-
|
|
(641)
|
|
(7,490)
|
|
(18,221)
|
|
(2,968)
|
|
(6,522)
|
|
(35,842)
|
|
(28,381)
|
Net book amount at the end of the period / year
|
|
5,239
|
|
6,536
|
|
2,132
|
|
2,331
|
|
3,764
|
|
4,772
|
|
24,774
|
|
24,691
|
|
|
03.31.20
|
|
06.30.19
|
Farmland
|
|
1,761
|
|
-
|
Offices,
shopping malls and other buildings
|
|
6,838
|
|
-
|
Communication
networks
|
|
9,865
|
|
-
|
Machinery
and equipment
|
|
40
|
|
-
|
Others
|
|
1,218
|
|
-
|
Right-of-use assets
|
|
19,722
|
|
-
|
|
|
|
|
|
Non-current
|
|
19,722
|
|
|
Total
|
|
19,722
|
|
|
|
|
03.31.20
|
|
03.31.19
|
Farmland
|
|
56
|
|
-
|
Offices,
shopping malls and other buildings
|
|
397
|
|
-
|
Communication
networks
|
|
2,293
|
|
-
|
Others
|
|
646
|
|
-
|
Depreciation charge of right-of-use assets
|
|
3,392
|
|
-
|
|
|
Agricultural business
|
||||||||||||||
|
|
Sown land-crops
|
|
Sugarcane fields
|
|
Breeding cattle and cattle for sale
|
|
Other cattle
|
|
Others
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
||
|
|
Level 1
|
|
Level 3
|
|
Level 3
|
|
Level 2
|
|
Level 2
|
|
Level 1
|
|
|
||
Net book amount at the beginning of the period / year
|
133
|
|
1,671
|
|
1,038
|
|
2,249
|
|
191
|
|
32
|
|
5,314
|
|
3,836
|
|
Purchases
|
|
-
|
|
-
|
|
-
|
|
164
|
|
104
|
|
-
|
|
268
|
|
446
|
Changes by transformation
|
|
(137)
|
|
137
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Initial recognition and changes in the fair value of biological
assets (i)
|
|
-
|
|
1,533
|
|
1,088
|
|
(11)
|
|
79
|
|
-
|
|
2,689
|
|
2,171
|
Decrease due to harvest
|
|
-
|
|
(4,885)
|
|
(2,572)
|
|
-
|
|
-
|
|
-
|
|
(7,457)
|
|
(9,275)
|
Sales
|
|
-
|
|
-
|
|
-
|
|
(1,027)
|
|
(1)
|
|
-
|
|
(1,028)
|
|
(674)
|
Consumes
|
|
-
|
|
-
|
|
-
|
|
(3)
|
|
(298)
|
|
(5)
|
|
(306)
|
|
(374)
|
Costs for the period /
year
|
|
227
|
|
5,519
|
|
1,678
|
|
741
|
|
-
|
|
5
|
|
8,170
|
|
9,243
|
Addition
|
|
-
|
|
70
|
|
-
|
|
-
|
|
-
|
|
-
|
|
70
|
|
-
|
Foreign exchange gain
|
|
(167)
|
|
(186)
|
|
(195)
|
|
(50)
|
|
-
|
|
-
|
|
(598)
|
|
(59)
|
Balances at the end of the period / year
|
|
56
|
|
3,859
|
|
1,037
|
|
2,063
|
|
75
|
|
32
|
|
7,122
|
|
5,314
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Non-current (Production)
|
|
-
|
|
-
|
|
-
|
|
1,519
|
|
20
|
|
32
|
|
1,571
|
|
1,713
|
Current (Consumable)
|
|
56
|
|
3,859
|
|
1,037
|
|
544
|
|
55
|
|
-
|
|
5,551
|
|
3,601
|
Net book amount at the end of the period / year
|
|
56
|
|
3,859
|
|
1,037
|
|
2,063
|
|
75
|
|
32
|
|
7,122
|
|
5,314
|
|
|
03.31.20
|
|
06.30.19
|
Crops
|
|
973
|
|
2,779
|
Materials
and supplies
|
|
1,544
|
|
1,315
|
Seeds
and fodders
|
|
-
|
|
285
|
Beef
|
|
232
|
|
141
|
Agricultural inventories
|
|
2,749
|
|
4,520
|
Telephones
and other communication equipment
|
|
1,349
|
|
1,556
|
Fruit
|
|
2,375
|
|
-
|
Total inventories
|
|
6,473
|
|
6,076
|
|
|
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
|
|
|
|
||||
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 16)
|
|
54,730
|
|
-
|
|
-
|
|
-
|
|
54,730
|
|
13,779
|
|
68,509
|
Investment
in financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Public companies’ securities
|
|
-
|
|
519
|
|
210
|
|
-
|
|
729
|
|
-
|
|
729
|
-
Private companies’ securities
|
|
-
|
|
-
|
|
-
|
|
2,514
|
|
2,514
|
|
-
|
|
2,514
|
-
Deposits
|
|
972
|
|
52
|
|
-
|
|
-
|
|
1,024
|
|
-
|
|
1,024
|
-
Bonds
|
|
-
|
|
16,386
|
|
2,011
|
|
-
|
|
18,397
|
|
-
|
|
18,397
|
-
Mutual funds
|
|
-
|
|
9,637
|
|
-
|
|
-
|
|
9,637
|
|
-
|
|
9,637
|
-Others
|
|
-
|
|
2,020
|
|
612
|
|
356
|
|
2,988
|
|
-
|
|
2,988
|
Derivative
financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Crops options contracts
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
-
Crops futures contracts
|
|
-
|
|
163
|
|
-
|
|
-
|
|
163
|
|
-
|
|
163
|
-
Foreign-currency options contracts
|
|
-
|
|
45
|
|
-
|
|
-
|
|
45
|
|
-
|
|
45
|
-
Foreign-currency future contracts
|
|
-
|
|
10
|
|
37
|
|
-
|
|
47
|
|
-
|
|
47
|
-
Swaps
|
|
-
|
|
-
|
|
16
|
|
-
|
|
16
|
|
-
|
|
16
|
- Warrants
|
|
-
|
|
-
|
|
-
|
|
121
|
|
121
|
|
-
|
|
121
|
-
Others
|
|
52
|
|
-
|
|
17
|
|
-
|
|
69
|
|
-
|
|
69
|
Restricted
assets (i)
|
|
7,397
|
|
-
|
|
-
|
|
-
|
|
7,397
|
|
-
|
|
7,397
|
Financial
assets held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Clal
|
|
-
|
|
4,369
|
|
-
|
|
-
|
|
4,369
|
|
-
|
|
4,369
|
Cash
and cash equivalents (excluding bank overdrafts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Cash on hand and at bank
|
|
12,707
|
|
-
|
|
-
|
|
-
|
|
12,707
|
|
-
|
|
12,707
|
-
Short-term investments
|
|
44,677
|
|
3,005
|
|
-
|
|
-
|
|
47,682
|
|
-
|
|
47,682
|
Total assets
|
|
120,535
|
|
36,206
|
|
2,903
|
|
2,991
|
|
162,635
|
|
13,779
|
|
176,414
|
|
|
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
|
|
|
|
||||
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
and other payables (Note 18)
|
|
27,842
|
|
-
|
|
-
|
|
-
|
|
27,842
|
|
4,938
|
|
32,780
|
Borrowings
(excluding finance lease liabilities) (Note 21)
|
|
359,848
|
|
-
|
|
-
|
|
-
|
|
359,848
|
|
-
|
|
359,848
|
Derivative
financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Crops options contracts
|
|
-
|
|
49
|
|
-
|
|
-
|
|
49
|
|
-
|
|
49
|
-
Crops futures contracts
|
|
-
|
|
7
|
|
-
|
|
-
|
|
7
|
|
-
|
|
7
|
-
Foreign-currency options contracts
|
|
-
|
|
21
|
|
-
|
|
-
|
|
21
|
|
-
|
|
21
|
-
Foreign-currency contracts
|
|
-
|
|
94
|
|
52
|
|
-
|
|
146
|
|
-
|
|
146
|
-
Swaps
|
|
-
|
|
-
|
|
56
|
|
-
|
|
56
|
|
-
|
|
56
|
-
Forwards
|
|
-
|
|
-
|
|
35
|
|
-
|
|
35
|
|
-
|
|
35
|
-
Others
|
|
17
|
|
-
|
|
1,162
|
|
-
|
|
1,179
|
|
-
|
|
1,179
|
Total liabilities
|
|
387,707
|
|
171
|
|
1,305
|
|
-
|
|
389,183
|
|
4,938
|
|
394,121
|
|
|
Financial assets at amortized cost (i)
|
|
Financial assets at fair value through profit or
loss
|
|
Subtotal financial assets
|
|
Non-financial assets
|
|
Total
|
||||
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
|
||||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 16)
|
|
46,825
|
|
-
|
|
-
|
|
-
|
|
46,825
|
|
12,847
|
|
59,672
|
Investment
in financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Equity securities in public companies
|
|
-
|
|
1,297
|
|
187
|
|
-
|
|
1,484
|
|
-
|
|
1,484
|
-
Equity securities in private companies
|
|
-
|
|
-
|
|
-
|
|
2,477
|
|
2,477
|
|
-
|
|
2,477
|
-
Deposits
|
|
5,031
|
|
48
|
|
-
|
|
-
|
|
5,079
|
|
-
|
|
5,079
|
-
Bonds
|
|
-
|
|
21,287
|
|
1,440
|
|
917
|
|
23,644
|
|
-
|
|
23,644
|
-
Mutual funds
|
|
-
|
|
9,764
|
|
-
|
|
-
|
|
9,764
|
|
-
|
|
9,764
|
-
Others
|
|
-
|
|
3,236
|
|
591
|
|
475
|
|
4,302
|
|
-
|
|
4,302
|
Derivative
financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Crops futures contracts
|
|
-
|
|
12
|
|
-
|
|
-
|
|
12
|
|
-
|
|
12
|
-
Swaps
|
|
-
|
|
-
|
|
15
|
|
-
|
|
15
|
|
-
|
|
15
|
- Warrants
|
|
-
|
|
-
|
|
-
|
|
129
|
|
129
|
|
-
|
|
129
|
-
Crops options contracts
|
|
-
|
|
43
|
|
-
|
|
-
|
|
43
|
|
-
|
|
43
|
-
Foreign-currency options contracts
|
|
-
|
|
41
|
|
-
|
|
-
|
|
41
|
|
-
|
|
41
|
-
Foreign-currency future contracts
|
|
-
|
|
3
|
|
39
|
|
-
|
|
42
|
|
-
|
|
42
|
-
Others
|
|
-
|
|
-
|
|
16
|
|
-
|
|
16
|
|
-
|
|
16
|
Restricted
assets (ii)
|
|
10,256
|
|
-
|
|
-
|
|
-
|
|
10,256
|
|
-
|
|
10,256
|
Financial
assets held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Clal
|
|
-
|
|
21,483
|
|
-
|
|
-
|
|
21,483
|
|
-
|
|
21,483
|
Cash
and cash equivalents (excluding bank overdrafts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Cash on hand and at bank
|
|
9,625
|
|
-
|
|
-
|
|
-
|
|
9,625
|
|
-
|
|
9,625
|
-
Short-term investments
|
|
71,054
|
|
4,070
|
|
-
|
|
-
|
|
75,124
|
|
-
|
|
75,124
|
Total assets
|
|
142,791
|
|
61,284
|
|
2,288
|
|
3,998
|
|
210,361
|
|
12,847
|
|
223,208
|
|
|
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 (Note 18)
|
|
25,095
|
|
-
|
|
-
|
|
-
|
|
25,095
|
|
8,243
|
|
33,338
|
Borrowings
(excluding finance lease liabilities) (Note 21)
|
|
453,428
|
|
-
|
|
-
|
|
-
|
|
453,428
|
|
-
|
|
453,428
|
Derivative
financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Crops futures contracts
|
|
-
|
|
98
|
|
-
|
|
-
|
|
98
|
|
-
|
|
98
|
-
Foreign-currency contracts
|
|
-
|
|
34
|
|
-
|
|
-
|
|
34
|
|
-
|
|
34
|
-
Crops options contracts
|
|
-
|
|
84
|
|
-
|
|
-
|
|
84
|
|
-
|
|
84
|
-
Swaps
|
|
-
|
|
-
|
|
182
|
|
-
|
|
182
|
|
-
|
|
182
|
-
Others
|
|
-
|
|
-
|
|
1,182
|
|
65
|
|
1,247
|
|
-
|
|
1,247
|
Total liabilities
|
|
478,523
|
|
216
|
|
1,364
|
|
65
|
|
480,168
|
|
8,243
|
|
488,411
|
Description
|
|
Pricing model / method
|
|
Parameters
|
|
Fair value hierarchy
|
|
Range
|
Promissory
note
|
|
Theoretical price
|
|
Acquisition
agreement.
|
|
Level 2
|
|
-
|
Investments
in financial assets - Other private companies’
securities
|
|
Cash flow / NAV - Theoretical price
|
|
Projected revenue
discounted at the discount rate /
The
value is calculated in accordance with shares in the equity funds
on the basis of their Financial Statements, based on fair value or
investments assessments.
|
|
Level
3
|
|
1 -
3.5
|
Investments
in financial assets - Others
|
|
Discounted cash flow - Theoretical price
|
|
Projected revenue
discounted at the discount rate /
The
value is calculated in accordance with shares in the equity funds
on the basis of their Financial Statements, based on fair value or
investment assessments.
|
|
Level
3
|
|
1 -
3.5
|
Derivative
financial instruments – Forwards
|
|
Theoretical price
|
|
Underlying asset price and volatility
|
|
Level 2
and 3
|
|
-
|
|
|
Derivative financial instruments – Others
|
|
Investments in financial assets - Private
companies
|
|
Investments in financial assets - Others
|
|
Derivative financial instruments –
Warrants
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
Balances at beginning of the period / year
|
|
(65)
|
|
2,477
|
|
1,392
|
|
129
|
|
3,933
|
|
4,374
|
Additions and acquisitions
|
|
-
|
|
16
|
|
-
|
|
-
|
|
16
|
|
163
|
Transfer to level 1
|
|
-
|
|
-
|
|
-
|
|
(4)
|
|
(4)
|
|
56
|
Currency translation adjustment
|
|
(5)
|
|
121
|
|
72
|
|
(23)
|
|
165
|
|
(71)
|
Write off
|
|
-
|
|
-
|
|
(917)
|
|
-
|
|
(917)
|
|
-
|
Gain / (loss) for the period / year (i)
|
|
70
|
|
(100)
|
|
(191)
|
|
19
|
|
(202)
|
|
(589)
|
Balances at the end of the period / year
|
|
-
|
|
2,514
|
|
356
|
|
121
|
|
2,991
|
|
3,933
|
|
|
03.31.20
|
|
06.30.19
|
Trade,
leases and services receivable
|
|
41,351
|
|
40,609
|
Less:
allowance for doubtful accounts
|
|
(2,991)
|
|
(2,568)
|
Total trade receivables
|
|
38,360
|
|
38,041
|
Prepayments
|
|
10,904
|
|
8,031
|
Borrowings,
deposits and others
|
|
7,743
|
|
3,978
|
Guarantee
deposits
|
|
2
|
|
3
|
Tax
receivables
|
|
1,650
|
|
1,549
|
Others
|
|
6,859
|
|
5,502
|
Total other receivables
|
|
27,158
|
|
19,063
|
Total trade and other receivables
|
|
65,518
|
|
57,104
|
|
|
|
|
|
Non-current
|
|
24,710
|
|
20,616
|
Current
|
|
40,808
|
|
36,488
|
Total
|
|
65,518
|
|
57,104
|
|
|
|
|
|
|
|
03.31.20
|
|
06.30.19
|
Beginning of the period / year
|
|
2,568
|
|
1,766
|
Adjustments
previous periods (IFRS 9)
|
|
-
|
|
184
|
Additions
(i)
|
|
618
|
|
765
|
Recovery
(i)
|
|
(114)
|
|
(88)
|
Currency
translation adjustment
|
|
607
|
|
616
|
Deconsolidation
|
|
(19)
|
|
-
|
Receivables
written off during the period / year as uncollectable
|
|
(510)
|
|
(448)
|
Inflation
adjustment
|
|
(140)
|
|
(227)
|
Transfers
to assets held for sale
|
|
(19)
|
|
-
|
End of the period / year
|
|
2,991
|
|
2,568
|
|
|
Note
|
|
03.31.20
|
|
03.31.19
|
Profit / (Loss) for the period
|
|
|
|
(7,421)
|
|
(14,523)
|
Profit from discontinued operations
|
|
|
|
(17,180)
|
|
(3,680)
|
Adjustments for:
|
|
|
|
|
|
|
Income tax
|
|
22
|
|
3,302
|
|
(3,204)
|
Amortization and depreciation
|
|
25
|
|
11,716
|
|
7,945
|
(Gain) / Loss from disposal of property, plant and
equipment
|
|
|
|
-
|
|
(1)
|
Net (gain) / loss from fair value adjustment of investment
properties
|
|
|
|
383
|
|
8,490
|
Share-based compensation
|
|
|
|
133
|
|
47
|
Changes in the fair value of investments in financial
assets
|
|
|
|
(517)
|
|
-
|
Gain from business combinations
|
|
|
|
(1,615)
|
|
-
|
Gain from disposal of intangible assets
|
|
|
|
-
|
|
(13)
|
Gain from disposal of subsidiary and associates
|
|
|
|
-
|
|
(896)
|
Gain from disposal of trading properties
|
|
|
|
-
|
|
(572)
|
Impairment associates
|
|
|
|
2,344
|
|
301
|
Impairment of goodwill
|
|
|
|
-
|
|
175
|
Financial results, net
|
|
|
|
33,348
|
|
14,680
|
Provisions and allowances
|
|
|
|
636
|
|
1,170
|
Share of loss / (profit) of associates and joint
ventures
|
|
|
|
(1,307)
|
|
1,941
|
Loss from revaluation of receivables arising from the sale of
farmland
|
|
|
|
-
|
|
101
|
(Gain) / Loss from repurchase of Non-convertible Notes
|
|
|
|
1
|
|
(19)
|
Changes in net realizable value of agricultural products after
harvest
|
|
|
|
(352)
|
|
(12)
|
Unrealized initial recognition and changes in fair value of
biological assets and agricultural products at the point of
harvest
|
|
|
|
(3,331)
|
|
(1,959)
|
Unrealized gain from derivative financial instruments
|
|
|
|
(164)
|
|
(135)
|
Other operating results
|
|
|
|
28
|
|
3
|
Gain from disposal of farmlands
|
|
|
|
(323)
|
|
(87)
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Decrease / (Increase) in inventories
|
|
|
|
2,121
|
|
(537)
|
Decrease in trading properties
|
|
|
|
976
|
|
781
|
Decrease / (Increase) in biological assets
|
|
|
|
1,848
|
|
(759)
|
Increase in restricted assets
|
|
|
|
(1,038)
|
|
(193)
|
Decrease in trade and other receivables
|
|
|
|
8,608
|
|
1,934
|
Decrease in trade and other payables
|
|
|
|
(6,769)
|
|
(3,020)
|
Increase / (Decrease) in salaries and social security
liabilities
|
|
|
|
(473)
|
|
(434)
|
Decrease in provisions
|
|
|
|
(798)
|
|
(305)
|
Increase in lease liabilities
|
|
|
|
42
|
|
-
|
Net variation in derivative financial instruments
|
|
|
|
80
|
|
139
|
Decrease in right of use
|
|
|
|
(515)
|
|
-
|
Net cash generated by continuing operating activities before income
tax paid
|
|
|
|
23,763
|
|
7,358
|
Net cash generated by discontinued operating activities before
income tax paid
|
|
|
|
2,566
|
|
4,523
|
Net cash generated by operating activities before income tax
paid
|
|
|
|
26,329
|
|
11,881
|
|
|
|
|
03.31.20
|
|
03.31.19
|
Dividends not collected
|
|
|
|
(54)
|
|
(4)
|
Distribution of dividends at non-controlling interest pending
payment
|
|
|
|
746
|
|
2,567
|
Distribution of dividends in shares
|
|
|
|
562
|
|
-
|
Increase in investment properties through an increase in
borrowings
|
|
|
|
-
|
|
34
|
Increase in investment properties through a decrease in financial
assets
|
|
|
|
596
|
|
-
|
Decrease in investment in associates and joint ventures through a
decrease in borrowings
|
|
|
|
20
|
|
-
|
Increase in property, plant and equipment through a decrease in
investment property
|
|
|
|
-
|
|
19
|
Increase in property, plant and equipment through an increase in
trade and other payables
|
|
|
|
871
|
|
1,385
|
Increase of properties for sale through an increase in
borrowings
|
|
|
|
94
|
|
99
|
Increase of trading properties for sale through a decrease in
investment properties
|
|
|
|
-
|
|
811
|
Increase in intangible assets through an increase in trade and
other payables
|
|
|
|
522
|
|
313
|
Increase in intangible assets through a decrease in trading
properties
|
|
|
|
-
|
|
1
|
Increase of rights of use through a decrease of property, plant and
equipment
|
|
|
|
1,271
|
|
-
|
Decrease in participation in subsidiaries, associates and joint
ventures due to transient conversion differences
|
|
|
|
(3,401)
|
|
(1,149)
|
Increase in investments in associates and joint ventures through a
decrease in borrowings
|
|
|
|
-
|
|
7
|
Increase in investments in associates and joint ventures through a
decrease in investments in financial assets
|
|
|
|
793
|
|
-
|
Increase in investments in associates and joint ventures from an
increase in trade and other payables
|
|
|
|
(5)
|
|
-
|
Increase in investment in associates and joint ventures through an
increase in trade and other receivables
|
|
|
|
-
|
|
1,097
|
Increase in investment in associates and joint ventures through a
decrease in equity
|
|
|
|
-
|
|
147
|
Increase in investments in financial assets through a decrease in
investments in associates and joint ventures
|
|
|
|
27
|
|
-
|
Increase in trade and other receivables through a decrease in
investments in associates and joint ventures
|
|
|
|
-
|
|
411
|
Increase in trade and other receivables through increased
investment in associates and joint ventures
|
|
|
|
-
|
|
7
|
Decrease in borrowings through a decrease in financial
assets
|
|
|
|
2,329
|
|
-
|
|
|
|
|
03.31.20
|
Investment properties
|
|
|
|
(232)
|
Property, plant and equipment
|
|
|
|
(9,578)
|
Intangible assets
|
|
|
|
(54)
|
Investments in associates and joint ventures
|
|
|
|
(1,783)
|
Deferred income tax
|
|
|
|
(43)
|
Trade and other receivables
|
|
|
|
(9,468)
|
Income tax and MPIT credits
|
|
|
|
(139)
|
Right of use
|
|
|
|
(3,814)
|
Derivative financial instruments
|
|
|
|
(35)
|
Biological assets
|
|
|
|
(70)
|
Inventories
|
|
|
|
(2,396)
|
Restricted assets
|
|
|
|
(156)
|
Financial assets held for sale
|
|
|
|
(344)
|
Trade and other payables
|
|
|
|
4,686
|
Salaries and social security liabilities
|
|
|
|
232
|
Borrowings
|
|
|
|
8,775
|
Provisions
|
|
|
|
55
|
Income tax and MPIT liabilities
|
|
|
|
26
|
Deferred income tax liabilities
|
|
|
|
1,364
|
Lease liabilities
|
|
|
|
2,011
|
Employee benefits
|
|
|
|
121
|
Net amount of non-cash assets incorporated / held for
sale
|
|
|
|
(10,842)
|
Cash and cash
equivalents
|
|
|
|
5,961
|
Non-controlling interest
|
|
|
|
7,063
|
Bargain purchase
gain
|
|
|
|
(357)
|
Key pending
allocation
|
|
|
|
60
|
Net cash incorporated
|
|
|
|
1,885
|
|
|
03.31.20
|
|
06.30.19
|
Trade
payables
|
|
19,798
|
|
18,669
|
Advances
from sales, leases and services
|
|
1,861
|
|
6,080
|
Construction
obligations
|
|
572
|
|
1,263
|
Accrued
invoices
|
|
1,218
|
|
1,618
|
Deferred
income
|
|
104
|
|
-
|
Admission
fees
|
|
1,104
|
|
-
|
Deposits
in guarantee
|
|
165
|
|
-
|
Total trade payables
|
|
24,822
|
|
27,630
|
Dividends
payable to non-controlling interests
|
|
746
|
|
540
|
Taxes
payable
|
|
1,193
|
|
1,286
|
Construction
provisions
|
|
-
|
|
1,377
|
Others
|
|
6,019
|
|
2,505
|
Total other payables
|
|
7,958
|
|
5,708
|
Total trade and other payables
|
|
32,780
|
|
33,338
|
|
|
|
|
|
Non-current
|
|
3,209
|
|
2,686
|
Current
|
|
29,571
|
|
30,652
|
Total
|
|
32,780
|
|
33,338
|
|
|
Legal claims (i)
|
|
Investments in associates and joint ventures
(ii)
|
|
Sited dismantling and remediation
|
|
Other provisions
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
Beginning of period / year
|
|
2,306
|
|
8,217
|
|
324
|
|
2,397
|
|
13,244
|
|
9,762
|
Additions
|
|
348
|
|
-
|
|
32
|
|
-
|
|
380
|
|
899
|
Transfers
|
|
(6)
|
|
-
|
|
-
|
|
-
|
|
(6)
|
|
-
|
Inflation adjustment
|
|
(66)
|
|
-
|
|
-
|
|
-
|
|
(66)
|
|
(100)
|
Recovery
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(106)
|
Share
of loss in associates and joint ventures
|
|
-
|
|
(689)
|
|
-
|
|
-
|
|
(689)
|
|
3,543
|
Incorporation by business
combination
|
|
54
|
|
-
|
|
-
|
|
-
|
|
54
|
|
-
|
Currency
translation adjustment
|
|
129
|
|
955
|
|
25
|
|
(44)
|
|
1,065
|
|
(418)
|
Used
during the period / year
|
|
(591)
|
|
-
|
|
-
|
|
(499)
|
|
(1,090)
|
|
(336)
|
End of period / year
|
|
2,174
|
|
8,483
|
|
381
|
|
1,854
|
|
12,892
|
|
13,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
|
|
|
|
|
|
|
|
|
|
10,800
|
|
10,893
|
Current
|
|
|
|
|
|
|
|
|
|
2,092
|
|
2,351
|
Total
|
|
|
|
|
|
|
|
|
|
12,892
|
|
13,244
|
|
|
Book value
|
|
|
Fair value
|
||||
|
|
03.31.20
|
|
06.30.19
|
|
|
03.31.20
|
|
06.30.19
|
NCN
|
|
286,939
|
|
375,377
|
|
|
272,690
|
|
369,813
|
Bank
loans
|
|
66,685
|
|
70,358
|
|
|
60,019
|
|
68,933
|
Bank
overdrafts
|
|
4,811
|
|
1,358
|
|
|
4,811
|
|
1,358
|
Other
borrowings (i)
|
|
1,413
|
|
6,335
|
|
|
1,413
|
|
8,764
|
Total borrowings (ii)
|
|
359,848
|
|
453,428
|
|
|
338,933
|
|
448,868
|
|
|
|
|
|
|
|
|
|
|
Non-current
|
|
273,972
|
|
377,144
|
|
|
|
|
|
Current
|
|
85,876
|
|
76,284
|
|
|
|
|
|
Total
|
|
359,848
|
|
453,428
|
|
|
|
|
|
Entity
|
Class
|
Issuance / expansion date
|
Amount in original currency
|
Maturity date
|
Interest rate
|
Principal payment
|
Interest payment
|
|
CRESUD
|
Class XXV
|
Jul-19
|
USD 59.5
|
07/03/2021
|
9.00% n.a
|
At maturity
|
biannual
|
|
CRESUD
|
Clase
XXVI
|
Jan-20
|
US$
18,2
|
01/30//2021
|
Bladar
+650pts
|
At maturity
|
quarterly
|
|
CRESUD
|
Clase
XXVII
|
Jan-20
|
US$
5,7
|
01/30//2021
|
7,45%
n.a.
|
At maturity
|
quarterly
|
|
CRESUD
|
Clase
XXVIII
|
Jan-20
|
US$
27,5
|
04/30//2021
|
9%
n.a.
|
At maturity
|
quarterly
|
|
IRSA
|
Class I 2nd
tranche
|
Aug-19
|
USD 85
|
11/15/2020
|
10.00%
e.a..
|
At maturity
|
quarterly
|
(1)
|
IRSA
|
Class II
|
Aug-19
|
CLP 31 (2)
|
08/06/2020
|
10.00%
e.a..
|
At maturity
|
quarterly
|
|
IDBD
|
Serie 15
|
Nov-19
|
NIS 237
|
06/30/2022
|
4.70% e.a.
|
2 payments
|
quarterly
|
|
|
|
03.31.20
|
|
03.31.19
|
Current income tax
|
|
(823)
|
|
(1,477)
|
Deferred income tax
|
|
(2,474)
|
|
4,607
|
Minimum Presumed Income Tax
|
|
(5)
|
|
74
|
Income tax from continuing operations
|
|
(3,302)
|
|
3,204
|
|
|
03.31.20
|
|
03.31.19
|
Tax calculated at the tax rates applicable to profits in the
respective countries
|
|
7,613
|
|
5,771
|
Permanent
differences:
|
|
|
|
|
Share of (loss) / profit of joint ventures and
associates
|
|
550
|
|
114
|
Tax rate differential
|
|
1,350
|
|
796
|
Taxable profit of non-argentinian holding subsidiaries
|
|
-
|
|
(412)
|
Provision for unrecoverability of tax loss carry-forwards /
Unrecognized tax loss carry-forwards
|
|
(5,000)
|
|
(2,461)
|
Changes in fair value of financial instruments
|
|
(1,598)
|
|
(298)
|
Non-taxable profit, non-deductible expenses and others
|
|
(2,334)
|
|
(460)
|
Tax inflation adjustment
|
|
(5,191)
|
|
-
|
Fiscal transparency
|
|
102
|
|
(46)
|
Inflation adjustment permanent difference
|
|
1,206
|
|
200
|
Income tax from continuing operations
|
|
(3,302)
|
|
3,204
|
|
|
03.31.20
|
|
06.30.19
|
Beginning of period / year
|
|
(53,541)
|
|
(54,427)
|
Deconsolidation
|
|
19,109
|
|
-
|
Use of tax loss carryforwards
|
|
(65)
|
|
-
|
Currency translation adjustment
|
|
(3,379)
|
|
1,781
|
Revaluation surplus
|
|
(21)
|
|
(956)
|
Reserve for changes of non-controlling interest
|
|
77
|
|
334
|
Charged to the Statement of Income
|
|
(2,474)
|
|
(273)
|
End of the period / year
|
|
(40,294)
|
|
(53,541)
|
|
|
|
|
|
Deferred income tax assets
|
|
674
|
|
734
|
Deferred income tax liabilities
|
|
(40,968)
|
|
(54,275)
|
Deferred income tax liabilities, net
|
|
(40,294)
|
|
(53,541)
|
|
|
03.31.20
|
|
03.31.19
|
Beef
|
|
4,796
|
|
3,947
|
Crops
|
|
7,647
|
|
3,366
|
Sugarcane
|
|
2,487
|
|
1,810
|
Cattle
|
|
824
|
|
420
|
Supplies
|
|
719
|
|
509
|
Consignment
|
|
455
|
|
572
|
Advertising and brokerage fees
|
|
488
|
|
372
|
Agricultural rental and other services
|
|
344
|
|
142
|
Other
|
|
162
|
|
121
|
Income from sales and services from agricultural
business
|
|
17,922
|
|
11,259
|
Trading properties and developments
|
|
4,636
|
|
6,294
|
Communication services
|
|
34,482
|
|
30,366
|
Sale of communication equipment
|
|
11,661
|
|
9,751
|
Rental and services
|
|
15,399
|
|
16,351
|
Hotel operations, tourism services and others
|
|
3,362
|
|
3,422
|
Income from sales and services from urban properties and investment
business
|
|
69,540
|
|
66,184
|
Total revenues
|
|
87,462
|
|
77,443
|
|
|
03.31.20
|
|
03.31.19
|
Other operative costs
|
|
19
|
|
24
|
Cost of property operations
|
|
19
|
|
24
|
Beef
|
|
3,910
|
|
3,460
|
Crops
|
|
6,445
|
|
3,126
|
Sugarcane
|
|
2,198
|
|
1,453
|
Cattle
|
|
1,039
|
|
509
|
Supplies
|
|
607
|
|
356
|
Consignment
|
|
195
|
|
65
|
Advertising and brokerage fees
|
|
310
|
|
261
|
Agricultural rental and other services
|
|
442
|
|
374
|
Cost of sales and services from agricultural business
|
|
15,146
|
|
9,604
|
Trading properties and developments
|
|
3,618
|
|
5,144
|
Communication services
|
|
25,154
|
|
22,537
|
Sale of communication equipment
|
|
8,650
|
|
7,325
|
Rental and services
|
|
5,254
|
|
5,366
|
Hotel operations, tourism services and others
|
|
1,169
|
|
1,844
|
Cost of sales and services from sales and services from urban
properties and investment business
|
|
43,845
|
|
42,216
|
Total costs
|
|
59,010
|
|
51,844
|
|
|
Production costs
|
|
Costs (i)
|
|
General and administrative expenses
|
|
Selling expenses
|
|
Total as of 03.31.20
|
|
Total as of 03.31.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sale of goods and services
|
|
-
|
|
12,555
|
|
-
|
|
-
|
|
12,555
|
|
12,667
|
Supplies
and labors
|
|
6,268
|
|
4,076
|
|
1
|
|
53
|
|
10,398
|
|
8,425
|
Change
in agricultural products and biological assets
|
|
-
|
|
7,996
|
|
-
|
|
-
|
|
7,996
|
|
4,350
|
Salaries,
social security costs and other personnel expenses
|
|
414
|
|
5,453
|
|
3,487
|
|
4,214
|
|
13,568
|
|
12,260
|
Depreciation
and amortization
|
|
833
|
|
7,232
|
|
2,159
|
|
2,325
|
|
12,549
|
|
8,290
|
Fees
and payments for services
|
|
15
|
|
3,649
|
|
1,379
|
|
87
|
|
5,130
|
|
6,816
|
Maintenance,
security, cleaning, repairs and others
|
|
55
|
|
3,474
|
|
462
|
|
302
|
|
4,293
|
|
4,196
|
Advertising
and other selling expenses
|
|
-
|
|
472
|
|
-
|
|
1,843
|
|
2,315
|
|
2,093
|
Taxes,
rates and contributions
|
|
32
|
|
514
|
|
85
|
|
992
|
|
1,623
|
|
1,465
|
Interaction
and roaming expenses
|
|
-
|
|
4,856
|
|
-
|
|
-
|
|
4,856
|
|
4,322
|
Fees to
other operators
|
|
-
|
|
7,054
|
|
-
|
|
-
|
|
7,054
|
|
6,136
|
Director's
fees
|
|
-
|
|
-
|
|
538
|
|
-
|
|
538
|
|
664
|
Leases
and service charges
|
|
5
|
|
103
|
|
25
|
|
15
|
|
148
|
|
451
|
Allowance
for doubtful accounts, net
|
|
-
|
|
83
|
|
-
|
|
504
|
|
587
|
|
618
|
Freights
|
|
57
|
|
47
|
|
-
|
|
904
|
|
1,008
|
|
437
|
Bank
expenses
|
|
-
|
|
8
|
|
67
|
|
1
|
|
76
|
|
130
|
Conditioning
and clearance
|
|
-
|
|
-
|
|
-
|
|
138
|
|
138
|
|
76
|
Travel,
library expenses and stationery
|
|
35
|
|
42
|
|
65
|
|
21
|
|
163
|
|
60
|
Other
expenses
|
|
526
|
|
1,396
|
|
484
|
|
293
|
|
2,699
|
|
3,038
|
Total as of 03.31.20
|
|
8,240
|
|
59,010
|
|
8,752
|
|
11,692
|
|
87,694
|
|
|
Total as of 03.31.19
|
|
5,976
|
|
51,844
|
|
8,765
|
|
9,909
|
|
-
|
|
76,494
|
|
|
03.31.20
|
|
03.31.19
|
Gain from commodity derivative financial instruments
|
|
394
|
|
451
|
Gain from disposal of subsidiaries and associates (i)
|
|
357
|
|
902
|
Donations
|
|
(136)
|
|
(162)
|
Lawsuits and other contingencies
|
|
(101)
|
|
(56)
|
Interest earned on operating assets
|
|
1,222
|
|
311
|
Others (ii)
|
|
890
|
|
(613)
|
Total other operating results, net
|
|
2,626
|
|
833
|
|
|
03.31.20
|
|
03.31.19
|
Financial income
|
|
|
|
|
Interest income
|
|
707
|
|
869
|
Dividends income
|
|
122
|
|
74
|
Other financial income
|
|
72
|
|
491
|
Total financial income
|
|
901
|
|
1,434
|
Financial costs
|
|
|
|
|
Interest expenses
|
|
(18,186)
|
|
(16,730)
|
Other financial costs
|
|
(1,016)
|
|
(726)
|
Total financial costs
|
|
(19,202)
|
|
(17,456)
|
Capitalized finance costs
|
|
93
|
|
141
|
Total finance costs
|
|
(19,109)
|
|
(17,315)
|
Other financial results:
|
|
|
|
|
Foreign exchange, net
|
|
(8,320)
|
|
(4,683)
|
Fair value gains of financial assets and liabilities at fair value
through profit or loss (i)
|
|
(9,211)
|
|
-
|
Gain from repurchase of Non-convertible notes
|
|
2,738
|
|
21
|
(Loss) / Gain from derivative financial instruments (except
commodities)
|
|
(1,140)
|
|
411
|
Total other financial results
|
|
(15,933)
|
|
(4,251)
|
Inflation adjustment
|
|
252
|
|
(357)
|
Total financial results, net
|
|
(33,889)
|
|
(20,489)
|
Item
|
|
03.31.20
|
|
06.30.19
|
Trade and other receivables
|
|
1,804
|
|
1,651
|
Investments in financial assets
|
|
243
|
|
225
|
Trade and other payables
|
|
(132)
|
|
(331)
|
Borrowings
|
|
(79)
|
|
(71)
|
Total
|
|
1,836
|
|
1,474
|
Related party
|
|
03.31.20
|
|
06.30.19
|
|
Description of transaction
|
|
Rubro
|
Agro Uranga S.A.
|
|
-
|
|
12
|
|
Sale of goods and / or services receivable
|
|
Trade and other receivables
|
Condor
|
|
243
|
|
225
|
|
Public companies' securities
|
|
Investments in financial assets
|
|
|
-
|
|
20
|
|
Dividends receivable
|
|
Trade and other receivables
|
Cresca S.A.
|
|
(17)
|
|
-
|
|
Other liabilities
|
|
Trade and other payables
|
New Lipstick LLC
|
|
16
|
|
14
|
|
Reimbursement of expenses receivable
|
|
Trade and other receivables
|
|
|
(70)
|
|
(60)
|
|
Loans payable
|
|
Borrowings
|
|
|
1,355
|
|
1,194
|
|
Loans granted
|
|
Trade and other receivables
|
Other associates and joint ventures (i)
|
|
82
|
|
15
|
|
Leases and/or rights of use receivable
|
|
Trade and other receivables
|
|
|
203
|
|
-
|
|
Dividends receivables
|
|
Trade and other receivables
|
|
|
5
|
|
-
|
|
Management fees receivable
|
|
Trade and other receivables
|
|
|
-
|
|
1
|
|
Shared-based compensation receivable
|
|
Trade and other receivables
|
|
|
-
|
|
1
|
|
Loans granted
|
|
Trade and other receivables
|
|
|
(9)
|
|
(11)
|
|
Loans payable
|
|
Borrowings
|
|
|
105
|
|
11
|
|
Reimbursement of expenses receivable
|
|
Trade and other receivables
|
|
|
(11)
|
|
(5)
|
|
Reimbursement of expenses payable
|
|
Trade and other payables
|
Total
associates
and joint ventures
|
|
1,902
|
|
1,417
|
|
|
|
|
CAMSA and its subsidiaries
|
|
1
|
|
41
|
|
Reimbursement of expenses
receivable
|
|
Trade and other
payables
|
Taaman
|
|
-
|
|
(16)
|
|
Leases and/or rights of use receivable
|
|
Trade and other payables
|
Other related parties (ii)
|
|
-
|
|
(88)
|
|
Other liabilities
|
|
Trade and other payables
|
|
|
-
|
|
3
|
|
Other receivables
|
|
Trade and other receivables
|
|
|
-
|
|
33
|
|
Leases and/or rights of use receivable
|
|
Trade and other receivables
|
|
|
-
|
|
346
|
|
Dividends receivable
|
|
Trade and other receivables
|
|
|
4
|
|
-
|
|
Loans granted
|
|
Trade and other receivables
|
|
|
-
|
|
-
|
|
Reimbursement of expenses payable
|
|
Trade and other payables
|
|
|
34
|
|
1
|
|
Reimbursement of expenses receivable
|
|
Trade and other receivables
|
|
|
-
|
|
(3)
|
|
Legal services payable
|
|
Trade and other payables
|
|
|
(38)
|
|
-
|
|
Leases and/or rights of use receivable
|
|
Trade and other receivables
|
Total
other related
parties
|
|
1
|
|
317
|
|
|
|
|
Directors and Senior Management
|
|
(67)
|
|
(260)
|
|
Fees for services
received
|
|
Trade and other
payables
|
Total Directors and Senior Management
|
|
(67)
|
|
(260)
|
|
|
|
|
Total
|
|
1,836
|
|
1,474
|
|
|
|
|
Related party
|
|
03.31.20
|
|
03.31.19
|
|
Description of transaction
|
Agrofy S.A.
|
|
-
|
|
1
|
|
Management fees / Directory
|
|
|
2
|
|
-
|
|
Income from sales and services from agricultural
business
|
|
|
7
|
|
-
|
|
Financial operations
|
BACS
|
|
41
|
|
24
|
|
Leases and/or rights of use
|
Other associates and joint ventures
|
|
7
|
|
33
|
|
Leases and/or rights of use
|
|
|
(124)
|
|
39
|
|
Corporate services
|
|
|
-
|
|
1
|
|
Comissions
|
|
|
32
|
|
10
|
|
Financial operations
|
Total associates and joint ventures
|
|
(35)
|
|
108
|
|
|
Other related parties (i)
|
|
4
|
|
34
|
|
Leases and/or rights of use
|
|
|
(20)
|
|
(10)
|
|
Fees and remunerations
|
|
|
-
|
|
4
|
|
Corporate services
|
|
|
-
|
|
(6)
|
|
Legal services
|
|
|
(18)
|
|
7
|
|
Financial operations
|
|
|
-
|
|
(12)
|
|
Comissions
|
|
|
-
|
|
1
|
|
Donations
|
Total other related parties
|
|
(34)
|
|
18
|
|
|
IFISA
|
|
4
|
|
-
|
|
Financial operations
|
Total Parent Company
|
|
4
|
|
-
|
|
|
Directors
|
|
(43)
|
|
(30)
|
|
Compensation of Directors and senior management
|
|
|
(328)
|
|
(378)
|
|
Fees and remunerations
|
Senior Management
|
|
(28)
|
|
(31)
|
|
Compensation of Directors and senior management
|
Total Directors and Senior Management
|
|
(399)
|
|
(439)
|
|
|
Total
|
|
(464)
|
|
(313)
|
|
|
Related party
|
|
03.31.20
|
|
03.31.19
|
|
Description of transaction
|
Agrofy Global
|
|
209
|
|
-
|
|
Irrevocable contributions
|
Uranga Trading S.A.
|
|
-
|
|
34
|
|
Irrevocable contributions
|
Quality
|
|
39
|
|
37
|
|
Irrevocable contributions
|
Ramat Hanassi
|
|
2,239
|
|
-
|
|
Capitalized borrowing
|
Manibil
|
|
83
|
|
-
|
|
Irrevocable contributions
|
Others
|
|
77
|
|
-
|
|
Irrevocable contributions
|
Total contributions
|
|
2,647
|
|
71
|
|
|
Agro-Uranga S.A.
|
|
23
|
|
18
|
|
Dividends received
|
Condor
|
|
26
|
|
92
|
|
Dividends received
|
Emco
|
|
16
|
|
704
|
|
Dividends received
|
La Rural S.A.
|
|
-
|
|
411
|
|
Dividends received
|
Manaman
|
|
-
|
|
101
|
|
Dividends received
|
Mehadrin
|
|
-
|
|
90
|
|
Dividends received
|
Millenium
|
|
1,266
|
|
-
|
|
Dividends received
|
Nuevo Puerto Santa Fe S.A.
|
|
36
|
|
15
|
|
Dividends received
|
Nave by the sea
|
|
-
|
|
46
|
|
Dividends received
|
Tourism & Recreation Holdings Ltd.
|
|
383
|
|
-
|
|
Dividends received
|
Total dividends received
|
|
1,750
|
|
1,477
|
|
|
Inversiones Financieras del Sur S.A.
|
|
2,064
|
|
-
|
|
Buy and change of shares
|
Total other transactions
|
|
2,064
|
|
-
|
|
|
Exhibit A - Property, plant and equipment
|
|
Note 8 - Investment properties
|
|
|
Note 9 - Property, plant and equipment
|
Exhibit B - Intangible assets
|
|
Note 11 - Intangible assets
|
Exhibit C - Equity investments
|
|
Note 7 - Investments in associates and joint ventures
|
Exhibit D - Other investments
|
|
Note 15 - Financial instruments by category
|
Exhibit E - Provisions
|
|
Note 20 - Provisions
|
Exhibit F - Cost of sales and services provided
|
|
Note 30 - Cost of sales and services provided
|
Exhibit G - Foreign currency assets and liabilities
|
|
Note 31 - Foreign currency assets and liabilities
|
Description
|
|
Cost of sales and services from agricultural business
(i)
|
|
Cost of sales and services from sales and services from urban
properties and investment business (ii) (iii)
|
|
Total as of 03.31.20
|
|
Total as of 03.31.19
|
Inventories at the beginning of the period / year
|
|
6,799
|
|
9,507
|
|
16,306
|
|
28,114
|
Adjustment previous periods (IFRS 15 and 9)
|
|
-
|
|
-
|
|
-
|
|
(8,126)
|
Initial recognition and changes in the fair value of biological
assets and agricultural products at the point of
harvest
|
|
1,254
|
|
-
|
|
1,254
|
|
442
|
Changes in the net realizable value of agricultural products after
harvest
|
|
351
|
|
-
|
|
351
|
|
(148)
|
Additions
|
|
-
|
|
2,394
|
|
2,394
|
|
-
|
Capitalized finance costs
|
|
-
|
|
-
|
|
-
|
|
99
|
Currency translation
adjustment
|
|
(516)
|
|
10,065
|
|
9,549
|
|
(477)
|
Transfers
|
|
-
|
|
-
|
|
-
|
|
(811)
|
Harvest
|
|
5,531
|
|
-
|
|
5,531
|
|
4,090
|
Acquisitions and classifications
|
|
6,406
|
|
24,146
|
|
30,552
|
|
48,376
|
Consume
|
|
(2,093)
|
|
-
|
|
(2,093)
|
|
(2,706)
|
Disposals due to sales
|
|
-
|
|
(3,645)
|
|
(3,645)
|
|
-
|
Disposals due to work in
progress
|
|
-
|
|
-
|
|
-
|
|
(1,231)
|
Deconsolidation
|
|
-
|
|
(147)
|
|
(147)
|
|
(411)
|
Expenses incurred
|
|
2,250
|
|
19
|
|
2,269
|
|
1,759
|
Inventories at the end of the period / year
|
|
(4,836)
|
|
(9,978)
|
|
(14,814)
|
|
(17,150)
|
Cost as of 12.31.19
|
|
15,146
|
|
32,361
|
|
47,507
|
|
-
|
Cost as of 12.31.18
|
|
9,604
|
|
42,216
|
|
-
|
|
51,820
|
Item (3) / Currency
|
|
Amount of foreign currency (2)
|
|
Prevailing exchange rate (1)
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
Assets
|
|
|
|
|
|
|
|
|
Trade and other receivables
|
|
|
|
|
|
|
|
|
US Dollar
|
|
82
|
|
64.27
|
|
5,252
|
|
4,350
|
Euros
|
|
0
|
|
70.77
|
|
28
|
|
186
|
Trade and other receivables related parties
|
|
|
|
|
|
|
|
|
US Dollar
|
|
4
|
|
64.27
|
|
285
|
|
206
|
Total Trade and other receivables
|
|
|
|
|
|
5,565
|
|
4,742
|
Investment in financial assets
|
|
|
|
|
|
|
|
|
US Dollar
|
|
56
|
|
64.27
|
|
3,577
|
|
5,151
|
Pounds
|
|
1
|
|
79.50
|
|
44
|
|
65
|
Total Investment in financial assets
|
|
|
|
|
|
3,621
|
|
5,216
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
US Dollar
|
|
0
|
|
64.27
|
|
13
|
|
58
|
Total Derivative financial instruments
|
|
|
|
|
|
13
|
|
58
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
US Dollar
|
|
180
|
|
64.27
|
|
11,588
|
|
16,193
|
Euros
|
|
0
|
|
70.77
|
|
1
|
|
98
|
Brazilian Reais
|
|
0
|
|
11.50
|
|
4
|
|
-
|
Chilean Pesos
|
|
-
|
|
-
|
|
-
|
|
1
|
Total Cash and cash equivalents
|
|
|
|
|
|
11,593
|
|
16,292
|
Total Assets
|
|
|
|
|
|
20,792
|
|
26,308
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
|
|
|
|
|
|
US Dollar
|
|
79
|
|
64.47
|
|
5,088
|
|
10,697
|
Euros
|
|
0
|
|
71.15
|
|
4
|
|
49
|
Total Trade and other payables
|
|
|
|
|
|
5,092
|
|
10,746
|
Borrowings
|
|
|
|
|
|
|
|
|
US Dollar
|
|
1,193
|
|
64.47
|
|
76,935
|
|
75,405
|
Borrowings with related parties
|
|
|
|
|
|
|
|
|
US Dollar
|
|
1
|
|
64.47
|
|
70
|
|
-
|
Total Borrowings
|
|
|
|
|
|
77,005
|
|
75,405
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
US Dollar
|
|
3
|
|
64.47
|
|
175
|
|
91
|
Total Derivative financial instruments
|
|
|
|
|
|
175
|
|
91
|
Total Liabilities
|
|
|
|
|
|
82,272
|
|
86,242
|
|
|
03.31.20
|
|
06.30.19
|
Property, plant and equipment
|
|
31,209
|
|
6,006
|
Intangible assets
|
|
832
|
|
129
|
Investments in associates
|
|
173
|
|
567
|
Deferred income tax assets
|
|
416
|
|
275
|
Investment properties
|
|
1,144
|
|
114
|
Income tax credit
|
|
52
|
|
-
|
Trade and other receivables
|
|
1,560
|
|
2,850
|
Cash and cash equivalents
|
|
1,612
|
|
971
|
Total group of assets held for sale
|
|
36,998
|
|
10,912
|
Trade and other payables
|
|
9,361
|
|
4,598
|
Payroll and social security liabilities
|
|
347
|
|
-
|
Employee benefits
|
|
17
|
|
274
|
Deferred and current income tax liabilities
|
|
1,769
|
|
49
|
Borrowings
|
|
8,426
|
|
2,801
|
Total group of liabilities held for sale
|
|
19,920
|
|
7,722
|
Total net financial assets held for sale
|
|
17,078
|
|
3,190
|
|
|
|
|
|
|
|
03.31.20
|
|
03.31.19
|
Revenues
|
|
17,772
|
|
20,339
|
Costs
|
|
(13,885)
|
|
(13,751)
|
Gross profit
|
|
3,887
|
|
6,588
|
Net gain from fair value adjustment of investment
properties
|
|
-
|
|
1,465
|
General and administrative expenses
|
|
(864)
|
|
(882)
|
Selling expenses
|
|
(672)
|
|
(833)
|
Other operating results, net (i)
|
|
15,893
|
|
(165)
|
Profit from operations
|
|
18,244
|
|
6,173
|
Share of profit of joint ventures and associates
|
|
143
|
|
230
|
Profit from operations before financing and taxation
|
|
18,387
|
|
6,403
|
Financial income
|
|
114
|
|
243
|
Finance costs
|
|
(1,446)
|
|
(2,068)
|
Other financial results
|
|
109
|
|
(129)
|
Financial results, net
|
|
(1,223)
|
|
(1,954)
|
Profit before income tax
|
|
17,164
|
|
4,449
|
Income tax
|
|
16
|
|
(769)
|
Profit for the period from discontinued operations
|
|
17,180
|
|
3,680
|
|
|
|
|
|
Profit for the period from discontinued operations attributable
to:
|
|
|
|
|
Equity holders of the parent
|
|
5,957
|
|
1,361
|
Non-controlling interest
|
|
11,223
|
|
2,319
|
|
|
|
|
|
Profit per share from discontinued operations attributable to
equity holders of the parent:
|
|
|
|
|
Basic
|
|
12.109
|
|
1.738
|
Diluted
|
|
11.623
|
|
1.670
|
PRICE WATERHOUSE & CO. S.R.L.
(Partner)
C.P.C.E.C.A.B.A.
Tº 1 Fº 17
Dr.
Mariano C. Tomatis
Public
Accountant (UBA)
C.P.C.E.C.A.B.A. Tº
241 Fº 118
|
|
|
|
|
|
|
|
Note
|
|
03.31.20
|
|
06.30.19
|
ASSETS
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Investment properties
|
|
7
|
|
114
|
|
102
|
Property, plant and equipment
|
|
8
|
|
5,788
|
|
5,684
|
Intangible assets
|
|
9
|
|
195
|
|
198
|
Right of use assets
|
|
10
|
|
462
|
|
-
|
Biological assets
|
|
11
|
|
1,284
|
|
1,364
|
Investments in subsidiaries, associates and joint
ventures
|
|
6
|
|
29,279
|
|
38,879
|
Income tax and minimum presumed income tax credit
|
|
|
|
38
|
|
53
|
Trade and other receivables
|
|
14
|
|
824
|
|
754
|
Total Non-current assets
|
|
|
|
37,984
|
|
47,034
|
Current assets
|
|
|
|
|
|
|
Biological assets
|
|
11
|
|
2,769
|
|
1,805
|
Inventories
|
|
12
|
|
1,169
|
|
2,480
|
Trade and other receivables
|
|
14
|
|
3,235
|
|
2,100
|
Investment in financial assets
|
|
13
|
|
2
|
|
58
|
Derivative financial instruments
|
|
13
|
|
65
|
|
-
|
Cash and cash equivalents
|
|
13
|
|
1,027
|
|
138
|
Total Current assets
|
|
|
|
8,267
|
|
6,581
|
TOTAL ASSETS
|
|
|
|
46,251
|
|
53,615
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
Shareholders´ equity (according to corresponding
statements)
|
|
|
|
8,485
|
|
22,502
|
TOTAL SHAREHOLDERS' EQUITY
|
|
|
|
8,485
|
|
22,502
|
LIABILITIES
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Borrowings
|
|
18
|
|
14,464
|
|
13,158
|
Deferred tax liabilities
|
|
19
|
|
3,766
|
|
3,042
|
Provisions
|
|
17
|
|
9
|
|
12
|
Lease Liabilities
|
|
|
|
85
|
|
-
|
Total Non-current liabilities
|
|
|
|
18,324
|
|
16,212
|
Current liabilities
|
|
|
|
|
|
|
Trade and other payables
|
|
16
|
|
1,915
|
|
1,208
|
Payroll and social security liabilities
|
|
|
|
156
|
|
290
|
Borrowings
|
|
18
|
|
17,129
|
|
13,369
|
Derivative financial instruments
|
|
13
|
|
3
|
|
30
|
Provisions
|
|
17
|
|
3
|
|
4
|
Lease Liabilities
|
|
|
|
236
|
|
-
|
Total Current liabilities
|
|
|
|
19,442
|
|
14,901
|
TOTAL LIABILITIES
|
|
|
|
37,766
|
|
31,113
|
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
|
|
|
|
46,251
|
|
53,615
|
|
|
|
|
)
|
|
|
|
|
Saúl
Zang
Vice
President II
acting
as President
|
|
|
|
|
)
|
|
|
|
|
Saúl
Zang
Vice
President II
acting
as President
|
|
|
Share capital
|
Treasury shares
|
Inflation adjustment of share capital and treasury
shares (i)
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special reserve RG 609/12 (ii)
|
Other reserves (iii)
|
Retained earnings
|
Total Shareholders' equity
|
Balance as of June 30, 2019
|
|
486
|
16
|
9,261
|
10,052
|
87
|
353
|
5,595
|
34,049
|
(37,397)
|
22,502
|
Adjustments previous periods
(NIIF 16) (Note 2.2)
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(773)
|
(773)
|
Adjusted balance as of June 30, 2019
|
|
486
|
16
|
9,261
|
10,052
|
87
|
353
|
5,595
|
34,049
|
(38,170)
|
21,729
|
Loss for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(10,603)
|
(10,603)
|
Other comprehensive income for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,220)
|
-
|
(2,220)
|
Total comprehensive loss for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,220)
|
(10,603)
|
(12,823)
|
As provided by Ordinary and Extraordinary Shareholders´
Meeting held on October 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
- Absorption of losses
|
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,184)
|
(33,212)
|
37,396
|
-
|
- Treasury shares distribution
|
|
13
|
(13)
|
-
|
-
|
-
|
-
|
-
|
1,435
|
(1,435)
|
-
|
Reserve for share-based payments
|
|
-
|
-
|
-
|
-
|
(1)
|
-
|
-
|
(3)
|
-
|
(4)
|
Equity incentive plan granted
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Others changes in subsidiaries’ equity
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
13
|
13
|
Changes in non-controlling interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(430)
|
-
|
(430)
|
Balance as of March 31, 2020
|
|
499
|
3
|
9,261
|
10,052
|
86
|
353
|
1,411
|
(381)
|
(12,799)
|
8,485
|
|
|
Cost of treasury shares
|
Changes in non-controlling interest
|
Reserve for currency translation adjustment
|
Other comprehensive income / (loss)
|
Reserve for share-based payments
|
Special reserves
|
Other subsidiary reserves
|
Reserve for the acquisition of securities issued by the
Company
|
Total Other reserves
|
Balance as of June 30, 2019
|
|
(1,579)
|
(3,183)
|
4,338
|
703
|
456
|
33,212
|
8
|
94
|
34,049
|
Other comprehensive income for the period
|
|
-
|
-
|
(2,130)
|
(90)
|
-
|
-
|
-
|
-
|
(2,220)
|
Total comprehensive income for the period
|
|
-
|
-
|
(2,130)
|
(90)
|
-
|
-
|
-
|
-
|
(2,220)
|
As provided by Ordinary and Extraordinary Shareholders´
Meeting held on October 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
- Absorption of losses
|
|
-
|
-
|
-
|
-
|
-
|
(33,212)
|
-
|
-
|
(33,212)
|
- Treasury shares distribution
|
|
1,435
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,435
|
Reserve for share-based payments
|
|
2
|
-
|
-
|
-
|
(1)
|
-
|
(4)
|
-
|
(3)
|
Changes in non-controlling interest
|
|
-
|
(430)
|
-
|
-
|
-
|
-
|
-
|
-
|
(430)
|
Balance as of March 31, 2020
|
|
(142)
|
(3,613)
|
2,208
|
613
|
455
|
-
|
4
|
94
|
(381)
|
|
|
|
|
)
|
|
|
|
|
Alejandro
G. Elsztain
Vice
President II
acting
as President
|
|
|
Share capital
|
Treasury shares
|
Inflation adjustment of share capital and treasury
shares (i)
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special reserve RG 609/12 (ii)
|
Other reserves (iii)
|
Retained earnings
|
Total Shareholders' equity
|
Balance as of June 30, 2018
|
|
482
|
20
|
9,261
|
10,052
|
87
|
353
|
5,597
|
5,433
|
19,241
|
50,526
|
Adjustments previous periods (NIIF 9 y 15)
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(199)
|
(199)
|
Adjusted balance as of June 30, 2018
|
|
482
|
20
|
9,261
|
10,052
|
87
|
353
|
5,597
|
5,433
|
19,042
|
50,327
|
Loss for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(10,307)
|
(10,307)
|
Other comprehensive loss for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,698
|
-
|
1,698
|
Total comprehensive (loss) income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,698
|
(10,307)
|
(8,609)
|
|
As provided by Ordinary Shareholders’ Meeting held and
Extraordinary Shareholders’ Meeting held on October 29,
2018:
|
|
|
|
|
|
|
|
|
|
|
|
- Results distribution
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
30,872
|
(30,872)
|
-
|
- Treasury shares distribution
|
|
21
|
(21)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Reversal by sale of investment properties
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(31)
|
31
|
-
|
Reserve for share-based payments
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
9
|
-
|
9
|
Changes in non-controlling interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(574)
|
-
|
(574)
|
Changes in interest in subsidiaries
|
|
(9)
|
9
|
-
|
-
|
-
|
-
|
-
|
(747)
|
-
|
(747)
|
Balance as of March 31, 2019
|
|
494
|
8
|
9,261
|
10,052
|
87
|
353
|
5,597
|
36,660
|
(22,106)
|
40,406
|
|
|
Cost of treasury shares
|
Changes in non-controlling interest
|
Reserve for currency translation adjustment
|
Other comprehensive income / (loss)
|
Reserve for share-based payments
|
Special reserves
|
Other subsidiary reserves
|
Reserve for the acquisition of securities issued by the
Company
|
Total Other reserves
|
Balance as of June 30, 2018
|
|
(1,819)
|
(2,366)
|
5,221
|
117
|
443
|
3,747
|
9
|
81
|
5,433
|
Adjustments previous periods (NIIF 9 y 15)
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Adjusted balance as of June 30, 2018
|
|
(1,819)
|
(2,366)
|
5,221
|
117
|
443
|
3,747
|
9
|
81
|
5,433
|
Other comprehensive loss for the period
|
|
-
|
-
|
1,149
|
549
|
-
|
-
|
-
|
-
|
1,698
|
Total comprehensive loss for the period
|
|
-
|
-
|
1,149
|
549
|
-
|
-
|
-
|
-
|
1,698
|
As provided by Ordinary Shareholders’ Meeting held and
Extraordinary Shareholders’ Meeting held on October 29,
2018:
|
|
|
|
|
|
|
|
|
|
|
- Results distribution
|
|
-
|
-
|
-
|
-
|
-
|
30,872
|
-
|
-
|
30,872
|
- Treasury shares distribution
|
|
1,406
|
-
|
-
|
-
|
-
|
(1,406)
|
-
|
-
|
-
|
Reversal by sale of investment properties
|
|
-
|
-
|
-
|
(31)
|
-
|
-
|
-
|
-
|
(31)
|
Reserve for share-based payments
|
|
-
|
-
|
-
|
-
|
-
|
-
|
9
|
-
|
9
|
Changes in non-controlling interest
|
|
-
|
(574)
|
-
|
-
|
-
|
-
|
-
|
-
|
(574)
|
Changes in interest in subsidiaries
|
|
(747)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(747)
|
Balance as of March 31, 2019
|
|
(1,160)
|
(2,940)
|
6,370
|
635
|
443
|
33,213
|
18
|
81
|
36,660
|
|
|
|
|
|
|
|
|
|
Alejandro
G. Elsztain
Vice
President II
acting
as President
|
|
|
Note
|
|
03.31.20
|
|
03.31.19
|
Operating activities:
|
|
|
|
|
|
|
Cash generated from / (used in) operations
|
|
15
|
|
1,992
|
|
(5,961)
|
Net cash generated from / (used in) operating
activities
|
|
|
|
1,992
|
|
(5,961)
|
Investing activities:
|
|
|
|
|
|
|
Capital contribution to subsidiaries, associates and joint
ventures
|
|
6
|
|
(180)
|
|
(98)
|
Decrease / (increase) of interest in subsidiaries, associates and
joint ventures
|
|
|
|
883
|
|
-
|
Acquisition of property, plant and equipment
|
|
8
|
|
(213)
|
|
(175)
|
Proceeds from sale of property, plant and equipment
|
|
|
|
8
|
|
3
|
Acquisition of Intangible assets
|
|
9
|
|
(5)
|
|
(1)
|
Acquisition of investment in financial instruments
|
|
|
|
(774)
|
|
(7,497)
|
Proceeds from disposals of investment in financial
assets
|
|
|
|
832
|
|
7,515
|
Loans granted to subsidiaries, associates and joint
ventures
|
|
|
|
(1,199)
|
|
-
|
Advance payments
|
|
|
|
(24)
|
|
(44)
|
Dividends received
|
|
|
|
218
|
|
334
|
Net cash (used in) / generated from investing
activities
|
|
|
|
(454)
|
|
37
|
Financing activities:
|
|
|
|
|
|
|
Repurchase of non-convertible notes
|
|
|
|
(544)
|
|
(80)
|
Borrowings and issue ON
|
|
|
|
6,252
|
|
5,114
|
Payment of borrowings and ON
|
|
|
|
(721)
|
|
(2,651)
|
Obtaining of short-term loans, net
|
|
|
|
(4,484)
|
|
4,705
|
Payments from derivative financial instruments
|
|
|
|
(29)
|
|
(85)
|
Purchase of treasury stock
|
|
|
|
-
|
|
(747)
|
Payment of financed purchases
|
|
|
|
-
|
|
(1)
|
Interest paid
|
|
|
|
(1,185)
|
|
(703)
|
Net cash (used in) / generated from financing
activities
|
|
|
|
(711)
|
|
5,552
|
Net increase / (decrease) in cash and cash equivalents
|
|
|
|
827
|
|
(372)
|
Cash and cash equivalents at beginning of the period
|
|
|
|
138
|
|
405
|
Result from exposure to inflation on cash and cash
equivalents
|
|
|
|
4
|
|
7
|
Currency translation adjustment on cash and cash
equivalents
|
|
|
|
58
|
|
7
|
Cash and cash equivalents at the end of the period
|
|
|
|
1,027
|
|
47
|
|
|
|
|
)
|
|
|
|
|
Alejandro
G. Elsztain
Vice
President II
acting
as President
|
|
|
03.31.20
|
|
06.30.19
|
Beginning of the period / year
|
|
38,879
|
|
63,501
|
Dividends in shares received from subsidiaries
|
|
302
|
|
1,561
|
Changes in non-controlling interest (i)
|
|
-
|
|
(818)
|
Capital contribution
|
|
180
|
|
102
|
Sale of interest in subsidiaries
|
|
(1,142)
|
|
-
|
Increase of interest in subsidiaries, associates and joint
ventures
|
|
5
|
|
-
|
Low in subsidiaries
|
|
-
|
|
(1,782)
|
Share of profit of subsidiaries and associates
|
|
(4,982)
|
|
(21,307)
|
Foreign exchange gains
|
|
(2,130)
|
|
(880)
|
Others changes in subsidiaries’ and associates´
equity
|
|
35
|
|
21
|
Adjustments previous periods (IFRS 16 y IAS 28)
|
|
(773)
|
|
(193)
|
Other comprehensive loss
|
|
(90)
|
|
-
|
Share of changes in subsidiaries’ and associates´
equity
|
|
(430)
|
|
612
|
Reserve for share-based payments
|
|
(3)
|
|
12
|
Dividends distributed
|
|
(572)
|
|
(1,950)
|
End of the period / year
|
|
29,279
|
|
38,879
|
|
|
03.31.20
|
|
06.30.19
|
Beginning of the period / year
|
|
102
|
|
107
|
Changes in fair value
|
|
12
|
|
(5)
|
End of the period / year
|
|
114
|
|
102
|
|
|
Owner occupied farmland (ii)
|
|
Others
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
|
|
|
|
|
|
|
|
|
Costs
|
|
6,285
|
|
339
|
|
6,624
|
|
6,285
|
Accumulated depreciation
|
|
(752)
|
|
(188)
|
|
(940)
|
|
(821)
|
Net book amount at the beginning of the period / year
|
|
5,533
|
|
151
|
|
5,684
|
|
5,464
|
Additions
|
|
188
|
|
25
|
|
213
|
|
361
|
Disposals
|
|
(6)
|
|
(2)
|
|
(8)
|
|
(7)
|
Reclassifications
|
|
-
|
|
(6)
|
|
(6)
|
|
-
|
Depreciation charge (i)
|
|
(66)
|
|
(29)
|
|
(95)
|
|
(134)
|
Balances at the end of the period / year
|
|
5,649
|
|
139
|
|
5,788
|
|
5,684
|
|
|
|
|
|
|
|
|
|
Costs
|
|
6,468
|
|
355
|
|
6,823
|
|
6,624
|
Accumulated depreciation
|
|
(819)
|
|
(216)
|
|
(1,035)
|
|
(940)
|
Net book amount at the end of the period / year
|
|
5,649
|
|
139
|
|
5,788
|
|
5,684
|
|
|
Computer software
|
|
Concession rights
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
Costs
|
|
14
|
|
313
|
|
327
|
|
324
|
Accumulated amortization
|
|
(9)
|
|
(120)
|
|
(129)
|
|
(115)
|
Net book amount at the beginning of the period / year
|
|
5
|
|
193
|
|
198
|
|
209
|
Additions
|
|
5
|
|
-
|
|
5
|
|
3
|
Amortization charges (i)
|
|
(3)
|
|
(5)
|
|
(8)
|
|
(14)
|
Balances at the end of the period / year
|
|
7
|
|
188
|
|
195
|
|
198
|
Costs
|
|
19
|
|
313
|
|
332
|
|
327
|
Accumulated amortization
|
|
(12)
|
|
(125)
|
|
(137)
|
|
(129)
|
Net book amount at the end of the period / year
|
|
7
|
|
188
|
|
195
|
|
198
|
|
|
03.31.20
|
|
06.30.19
|
Non Current
|
|
|
|
|
Owner occupied farmland
|
|
459
|
|
-
|
Machines and equipment
|
|
3
|
|
-
|
Total Right-of-use assets
|
|
462
|
|
-
|
|
|
03.31.20
|
|
03.31.19
|
Owner occupied farmland
|
|
56
|
|
-
|
Machines and equipment
|
|
3
|
|
-
|
Total amortization of Right-of-use assets
|
|
59
|
|
-
|
|
|
Sown land-crops
|
|
Breeding cattle
|
|
Other cattle
|
|
Others
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
||
|
|
Level 1
|
|
Level 3
|
|
Level 2
|
|
Level 2
|
|
Level 1
|
|
|
||
Net book amount at the beginning of the period / year
|
|
90
|
|
1,327
|
|
1,691
|
|
29
|
|
32
|
|
3,169
|
|
2,176
|
Purchases
|
|
-
|
|
-
|
|
6
|
|
1
|
|
-
|
|
7
|
|
8
|
Changes by transformation
|
|
(90)
|
|
90
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Initial recognition and changes in the fair value of biological
assets
|
|
-
|
|
565
|
|
(9)
|
|
(4)
|
|
-
|
|
552
|
|
951
|
Decrease due to harvest
|
|
-
|
|
(2,159)
|
|
-
|
|
-
|
|
-
|
|
(2,159)
|
|
(3,571)
|
Sales
|
|
-
|
|
-
|
|
(697)
|
|
(1)
|
|
-
|
|
(698)
|
|
(397)
|
Consumes
|
|
-
|
|
-
|
|
(3)
|
|
-
|
|
(5)
|
|
(8)
|
|
(9)
|
Costs for the period
|
|
15
|
|
2,599
|
|
571
|
|
-
|
|
5
|
|
3,190
|
|
4,011
|
Balances at the end of the period / year
|
|
15
|
|
2,422
|
|
1,559
|
|
25
|
|
32
|
|
4,053
|
|
3,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current (production)
|
|
-
|
|
-
|
|
1,232
|
|
20
|
|
32
|
|
1,284
|
|
1,364
|
Current (consumable)
|
|
15
|
|
2,422
|
|
327
|
|
5
|
|
-
|
|
2,769
|
|
1,805
|
Net book amount at the end of the period / year
|
|
15
|
|
2,422
|
|
1,559
|
|
25
|
|
32
|
|
4,053
|
|
3,169
|
|
|
03.31.20
|
|
06.30.19
|
Current
|
|
|
|
|
Crops
|
|
205
|
|
1,609
|
Materials and supplies
|
|
4
|
|
4
|
Seeds and fodders
|
|
960
|
|
867
|
Total inventories
|
|
1,169
|
|
2,480
|
|
|
Financial assets at amortized cost
|
|
Financial assets at fair value through profit or
loss
|
|
Subtotal financial assets
|
|
Non-financial assets
|
|
Total
|
||
March 31, 2020
|
|
|
|
Level 1
|
|
Level 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per statement of financial position
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 14)
|
|
3,348
|
|
-
|
|
-
|
|
3,348
|
|
719
|
|
4,067
|
Investment
in financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Mutual funds
|
|
-
|
|
2
|
|
-
|
|
2
|
|
-
|
|
2
|
Derivative
financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Crops future contracts
|
|
-
|
|
30
|
|
-
|
|
30
|
|
-
|
|
30
|
-
Foreign-currency futures contracts
|
|
-
|
|
4
|
|
31
|
|
35
|
|
-
|
|
35
|
Cash
and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Cash on hand and at bank
|
|
475
|
|
-
|
|
-
|
|
475
|
|
-
|
|
475
|
-
Short-term investments
|
|
-
|
|
552
|
|
-
|
|
552
|
|
-
|
|
552
|
Total assets
|
|
3,823
|
|
588
|
|
31
|
|
4,442
|
|
719
|
|
5,161
|
|
|
Financial liabilities at amortized cost
|
|
Financial liabilities at fair value
|
|
Subtotal financial liabilities
|
|
Non-financial liabilities
|
|
Total
|
|
|
|
|
Level 1
|
|
|
|
|
|
|
Liabilities as per statement of financial position
|
|
|
|
|
|
|
|
|
|
|
Trade
and other payables (Note 16)
|
|
1,761
|
|
-
|
|
1,761
|
|
154
|
|
1,915
|
Borrowings
(Note 18)
|
|
31,593
|
|
-
|
|
31,593
|
|
-
|
|
31,593
|
Derivative
financial instruments
|
|
|
|
|
|
|
|
|
|
|
- Crops options contracts
|
|
-
|
|
3
|
|
3
|
|
-
|
|
3
|
Total liabilities
|
|
33,354
|
|
3
|
|
33,357
|
|
154
|
|
33,511
|
|
|
Financial assets at amortized cost
|
|
Financial assets at fair value through profit or
loss
|
Subtotal financial assets
|
|
Non-financial assets
|
|
Total
|
|
June 30, 2019
|
|
|
|
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per statement of financial position
|
|
|
|
|
|
|
|
|
|
|
Trade
and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 13)
|
|
2,163
|
|
-
|
|
2,163
|
|
701
|
|
2,864
|
Investment
in financial assets
|
|
|
|
|
|
|
|
|
|
|
-
Mutual funds
|
|
-
|
|
58
|
|
58
|
|
-
|
|
58
|
Cash
and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
-
Cash on hand and at bank
|
|
47
|
|
-
|
|
47
|
|
-
|
|
47
|
-
Short-term investments
|
|
-
|
|
91
|
|
91
|
|
-
|
|
91
|
Total assets
|
|
2,210
|
|
149
|
|
2,359
|
|
701
|
|
3,060
|
|
|
Financial liabilities at amortized cost
|
|
Financial liabilities at fair value
|
|
Subtotal financial liabilities
|
|
Non-financial liabilities
|
|
Total
|
|
|
|
|
Level 1
|
|
|
|
|
|
|
Liabilities as per statement of financial position
|
|
|
|
|
|
|
|
|
|
|
Trade
and other payables (Note 16)
|
|
1,079
|
|
-
|
|
1,079
|
|
129
|
|
1,208
|
Borrowings
(excluding finance lease liabilities) (Note 18)
|
|
26,520
|
|
-
|
|
26,520
|
|
-
|
|
26,520
|
Finance
lease obligations (Note 18)
|
|
7
|
|
-
|
|
7
|
|
-
|
|
7
|
Derivative
financial instruments
|
|
|
|
|
|
|
|
|
|
|
- Foreign-currency futures contracts
|
|
-
|
|
5
|
|
5
|
|
-
|
|
5
|
- Crops future contracts
|
|
-
|
|
25
|
|
25
|
|
-
|
|
25
|
Total liabilities
|
|
27,606
|
|
30
|
|
27,636
|
|
129
|
|
27,765
|
|
|
03.31.20
|
|
06.30.19
|
Receivables from sale of properties (i)
|
|
986
|
|
872
|
Receivables from sale of agricultural products and
services
|
|
626
|
|
437
|
Debtors under legal proceedings
|
|
8
|
|
9
|
Less: allowance for doubtful accounts
|
|
(8)
|
|
(10)
|
Total trade receivables
|
|
1,612
|
|
1,308
|
Prepayments
|
|
349
|
|
450
|
Tax credits
|
|
335
|
|
235
|
Loans
|
|
17
|
|
27
|
Advance payments
|
|
35
|
|
16
|
Expenses to recover
|
|
9
|
|
8
|
Others
|
|
22
|
|
60
|
Total other receivables
|
|
767
|
|
796
|
Related parties (Note 24)
|
|
1,680
|
|
750
|
Total trade and other receivables
|
|
4,059
|
|
2,854
|
Non-current
|
|
824
|
|
754
|
Current
|
|
3,235
|
|
2,100
|
Total trade and other receivables
|
|
4,059
|
|
2,854
|
|
|
03.31.20
|
|
06.30.19
|
Beginning of the period / year
|
|
10
|
|
19
|
Recovered
|
|
-
|
|
(3)
|
Inflation Adjustment
|
|
(2)
|
|
(6)
|
End of the period / year
|
|
8
|
|
10
|
|
|
03.31.20
|
|
03.31.19
|
Loss for the period
|
|
(10,603)
|
|
(10,307)
|
Adjustments for:
|
|
|
|
|
Income tax
|
|
724
|
|
(340)
|
Depreciation and amortization
|
|
26
|
|
36
|
Impairment of interest in subsidiaries
|
|
-
|
|
540
|
Unrealized gain from derivative financial instruments of
commodities
|
|
(96)
|
|
(245)
|
Unrealized loss from derivative financial instruments (except
commodities)
|
|
-
|
|
53
|
Changes in fair value of financial assets at fair value through
profit or loss
|
|
(24)
|
|
9
|
Accrued interest, net
|
|
5,693
|
|
(1,560)
|
Unrealized initial recognition and changes in the fair value of
biological assets
|
|
(1,505)
|
|
(1,062)
|
Changes in net realizable value of agricultural products after
harvest
|
|
(446)
|
|
(33)
|
Provisions
|
|
27
|
|
(67)
|
Loss / (Gain) from repurchase of Non-convertible Notes
|
|
1
|
|
(1)
|
Loss from disposal of associates, subsidiaries and joint
ventures
|
|
255
|
|
-
|
Share of profit in subsidiaries, associates and joint
ventures
|
|
4,982
|
|
7,638
|
Changes in fair value of investment properties
|
|
(12)
|
|
(6)
|
|
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Decrease / (Increase) in biological assets
|
|
755
|
|
(517)
|
Decrease in inventories
|
|
1,756
|
|
652
|
Decrease / (Increase) in trade and other receivables
|
|
88
|
|
(42)
|
Increase in right of use assets
|
|
(515)
|
|
|
Increase in lease Liabilities
|
|
303
|
|
-
|
Increase / (Decrease) in derivative financial
instruments
|
|
45
|
|
(6)
|
Decrease in provisions
|
|
(4)
|
|
(7)
|
Increase / (Decrease) in trade and other payables
|
|
677
|
|
(595)
|
Decrease in payroll and social security liabilities
|
|
(135)
|
|
(101)
|
Net cash generated from / (used in) operating activities before
income tax paid
|
|
1,992
|
|
(5,961)
|
|
|
03.31.20
|
|
03.31.19
|
Non-cash activities
|
|
|
|
|
Dividends not collected
|
|
(54)
|
|
(4)
|
(Decrease) / increase of interest in subsidiaries, associates and
joint venture by exchange differences on translating foreign
operations
|
|
(2,133)
|
|
(1,149)
|
Increase of interest in subsidiaries, associates and joint ventures
by a decrease in trade and other receivables
|
|
2
|
|
(9)
|
Increase / (decrease) of interest in subsidiaries, associates and
joint ventures through reserve for share-based
compensation
|
|
(5)
|
|
9
|
Decrease of interest in subsidiaries, associates and joint ventures
by a decrease in trade and other payables
|
|
-
|
|
1,243
|
|
|
03.31.20
|
|
06.30.19
|
Trade payables
|
|
732
|
|
374
|
Provisions
|
|
729
|
|
632
|
Sales, rent and services payments received in advance
|
|
138
|
|
103
|
Total trade payables
|
|
1,599
|
|
1,109
|
Taxes payable
|
|
17
|
|
26
|
Others
|
|
6
|
|
2
|
Total other payables
|
|
23
|
|
28
|
Related parties (Note 25)
|
|
293
|
|
71
|
Total trade and other payables
|
|
1,915
|
|
1,208
|
Current
|
|
1,915
|
|
1,208
|
Total trade and other payables
|
|
1,915
|
|
1,208
|
|
|
Labor and tax claims and other claims
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
Beginning of period / year
|
|
16
|
|
16
|
|
24
|
Additions
|
|
1
|
|
1
|
|
1
|
Inflation Adjustment
|
|
(5)
|
|
(5)
|
|
(9)
|
End of period / year
|
|
12
|
|
12
|
|
16
|
|
|
|
|
|
|
|
Non-current
|
|
|
|
9
|
|
12
|
Current
|
|
|
|
3
|
|
4
|
Total
|
|
|
|
12
|
|
16
|
|
|
Book value
|
|
Fair Value
|
|
||||
|
|
03.31.20
|
|
06.30.19
|
|
03.31.20
|
|
06.30.19
|
|
Non-convertible notes
|
|
17,668
|
|
10,914
|
|
13,483
|
|
10,181
|
|
Bank loans and others
|
|
9,367
|
|
12,362
|
|
9,186
|
|
12,366
|
|
Related parties (Note 25)
|
|
2,621
|
|
2,410
|
|
2,232
|
|
2,428
|
|
Finance leases obligations
|
|
-
|
|
7
|
|
-
|
|
7
|
|
Bank overdrafts
|
|
1,937
|
|
834
|
|
1,937
|
|
834
|
|
Total borrowings
|
|
31,593
|
|
26,527
|
|
26,838
|
|
25,816
|
|
Non-current
|
|
14,464
|
|
13,158
|
|
|
|
|
|
Current
|
|
17,129
|
|
13,369
|
|
|
|
|
|
Total borrowings
|
|
31,593
|
|
26,527
|
|
|
|
|
|
|
03.31.20
|
|
03.31.19
|
Deferred income tax
|
|
(724)
|
|
264
|
Minimum presumed income tax
|
|
-
|
|
76
|
Income tax
|
|
(724)
|
|
340
|
|
|
03.31.20
|
|
06.30.19
|
Beginning of the period / year
|
|
(3,042)
|
|
1,356
|
Charged to the Statement of Comprehensive Income
|
|
(724)
|
|
(4,398)
|
End of the period / year
|
|
(3,766)
|
|
(3,042)
|
|
|
03.31.20
|
|
03.31.19
|
Tax calculated at the tax applicable tax rate in effect
(i)
|
|
2,964
|
|
3,194
|
Permanent differences:
|
|
|
-
|
|
Share of profit of subsidiaries, associates and joint
ventures
|
|
(1,614)
|
|
(2,291)
|
Income tax rate change (*)
|
|
(189)
|
|
(424)
|
Provision for unrecoverability of tax loss
carry-forwards
|
|
(1,862)
|
|
(792)
|
Tax Transparency
|
|
1
|
|
(46)
|
Low of interest in subsidiaries
|
|
-
|
|
(262)
|
Loss from disposal of subsidiaries
|
|
(209)
|
|
-
|
Non-taxable results, non-deductible expenses and
others
|
|
(7)
|
|
16
|
Inflation adjustment for tax purposes
|
|
(1,651)
|
|
-
|
Inflation Adjustment
|
|
1,843
|
|
869
|
Minimum presumed income tax charged to the Statement of
Comprehensive Income
|
-
|
|
76
|
|
Income tax
|
|
(724)
|
|
340
|
|
|
03.31.20
|
|
03.31.19
|
Crops
|
|
4,990
|
|
2,111
|
Cattle
|
|
876
|
|
405
|
Supplies
|
|
2
|
|
18
|
Leases and agricultural services
|
|
237
|
|
147
|
Total revenues
|
|
6,105
|
|
2,681
|
|
|
03.31.20
|
|
03.31.19
|
Crops
|
|
3,789
|
|
1,913
|
Cattle
|
|
710
|
|
323
|
Supplies
|
|
-
|
|
12
|
Leases and agricultural services
|
|
146
|
|
139
|
Other costs
|
|
20
|
|
24
|
Total costs
|
|
4,665
|
|
2,411
|
|
|
Costs (i)
|
|
Cost of Production
|
|
General and administrative expenses
|
|
Selling expenses
|
|
Total as of 03.31.20
|
|
Total as of 03.31.19
|
Supplies and labors
|
|
119
|
|
2,665
|
|
-
|
|
-
|
|
2,784
|
|
2,501
|
Leases and expenses
|
|
-
|
|
4
|
|
18
|
|
2
|
|
24
|
|
24
|
Amortization and depreciation
|
|
12
|
|
135
|
|
14
|
|
1
|
|
162
|
|
101
|
Doubtful accounts (charge and recovery)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1)
|
Cost of sale of agricultural products and biological
assets
|
|
4,499
|
|
-
|
|
-
|
|
-
|
|
4,499
|
|
2,248
|
Advertising, publicity and other selling expenses
|
|
-
|
|
-
|
|
-
|
|
2
|
|
2
|
|
3
|
Maintenance and repairs
|
|
7
|
|
44
|
|
26
|
|
1
|
|
78
|
|
77
|
Payroll and social security liabilities
|
|
19
|
|
207
|
|
185
|
|
24
|
|
435
|
|
464
|
Fees and payments for services
|
|
2
|
|
15
|
|
29
|
|
27
|
|
73
|
|
55
|
Freights
|
|
3
|
|
56
|
|
-
|
|
734
|
|
793
|
|
276
|
Bank commissions and expenses
|
|
-
|
|
-
|
|
24
|
|
-
|
|
24
|
|
16
|
Travel expenses and stationery
|
|
2
|
|
31
|
|
13
|
|
1
|
|
47
|
|
56
|
Conditioning and clearance
|
|
-
|
|
-
|
|
-
|
|
146
|
|
146
|
|
76
|
Director’s fees
|
|
-
|
|
-
|
|
43
|
|
-
|
|
43
|
|
25
|
Taxes, rates and contributions
|
|
2
|
|
28
|
|
1
|
|
95
|
|
126
|
|
111
|
Others
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4
|
Total expenses by nature as of 03.31.20
|
|
4,665
|
|
3,185
|
|
353
|
|
1,033
|
|
9,236
|
|
-
|
Total expenses by nature as of 03.31.19
|
|
2,411
|
|
2,842
|
|
366
|
|
417
|
|
|
|
6,036
|
|
|
03.31.20
|
|
03.31.19
|
Administration fees
|
|
2
|
|
3
|
Gain from commodity derivative financial instruments
|
|
86
|
|
344
|
Interests from operating assets
|
|
63
|
|
70
|
Contingencies
|
|
-
|
|
(1)
|
Disposal of interest in subsidiaries
|
|
(255)
|
|
(540)
|
Others
|
|
8
|
|
1
|
Total other operating results, net
|
|
(96)
|
|
(123)
|
|
|
03.31.20
|
|
03.31.19
|
Financial income:
|
|
|
|
|
Interest income
|
|
13
|
|
3
|
Total financial income
|
|
13
|
|
3
|
|
|
|
|
|
Financial costs:
|
|
|
|
|
Interest expenses
|
|
(2,254)
|
|
(1,238)
|
Other financial costs
|
|
(172)
|
|
(126)
|
Total financial costs
|
|
(2,426)
|
|
(1,364)
|
|
|
|
|
|
Other financial results:
|
|
|
|
|
Exchange rate difference, net
|
|
(3,776)
|
|
(1,719)
|
Fair value gains of financial assets at fair value through profit
or loss
|
|
163
|
|
7
|
Loss from derivative financial instruments (except
commodities)
|
|
162
|
|
(216)
|
Gain from repurchase of NCN
|
|
(1)
|
|
1
|
Total other financial results
|
|
(3,452)
|
|
(1,927)
|
Inflation Adjustment
|
|
(11)
|
|
412
|
Total financial results, net
|
|
(5,876)
|
|
(2,876)
|
Items
|
|
03.31.20
|
|
06.30.19
|
Trade and other payables
|
|
(293)
|
|
(71)
|
Borrowings
|
|
(2,621)
|
|
(2,410)
|
Trade and other receivables
|
|
1,680
|
|
750
|
Total
|
|
(1,234)
|
|
(1,731)
|
Related party
|
|
03.31.20
|
|
06.30.19
|
|
Description of transaction
|
|
Item
|
IRSA Inversiones y Representaciones Sociedad
Anónima
|
|
43
|
|
35
|
|
Corporate services receivable
|
|
Trade and other receivables
|
|
|
(5)
|
|
(11)
|
|
Reimbursement of expenses payable
|
|
Trade and other payables
|
|
|
2
|
|
15
|
|
Leases
|
|
Trade and other receivables
|
|
|
1
|
|
1
|
|
Share based payments
|
|
Trade and other receivables
|
|
|
-
|
|
1
|
|
Administration fees
|
|
Trade and other receivables
|
Brasilagro Companhia Brasileira de Propriedades
Agrícolas
|
|
(3)
|
|
(1)
|
|
Leases
|
|
Trade and other payables
|
|
|
-
|
|
288
|
|
Dividends receivables
|
|
Trade and other receivables
|
|
|
10
|
|
7
|
|
Reimbursement of expenses receivable
|
|
Trade and other receivables
|
Sociedad Anónima Carnes Pampeanas S.A. (formerly
EAASA)
|
|
80
|
|
30
|
|
Sale of goods and/or services
|
|
Trade and other receivables
|
|
|
-
|
|
1
|
|
Reimbursement of expenses receivable
|
|
Trade and other receivables
|
Helmir S.A.
|
|
(606)
|
|
(519)
|
|
Borrowings
|
|
Borrowings
|
|
|
1,199
|
|
-
|
|
Loans granted
|
|
Trade and other receivables
|
Ombú Agropecuaria S.A.
|
|
2
|
|
4
|
|
Reimbursement of expenses receivable
|
|
Trade and other receivables
|
|
|
(5)
|
|
-
|
|
Leases
|
|
Trade and other payables
|
|
|
(1)
|
|
(6)
|
|
Reimbursement of expenses payable
|
|
Trade and other payables
|
Agropecuaria Acres del Sud S.A.
|
|
3
|
|
4
|
|
Administration fees
|
|
Trade and other receivables
|
Yatay Agropecuaria S.A.
|
|
3
|
|
3
|
|
Administration fees
|
|
Trade and other receivables
|
|
|
(370)
|
|
(319)
|
|
Borrowings
|
|
Borrowings
|
Yuchán Agropecuaria S.A.
|
|
2
|
|
3
|
|
Administration fees
|
|
Trade and other receivables
|
Futuros y Opciones.Com S.A.
|
|
232
|
|
187
|
|
Brokerage operations receivable
|
|
Trade and other receivables
|
|
|
(249)
|
|
-
|
|
Services received
|
|
Trade and other payables
|
|
|
-
|
|
1
|
|
Administration fees
|
|
Trade and other receivables
|
|
|
(22)
|
|
(18)
|
|
Reimbursement of expenses payable
|
|
Trade and other payables
|
Total Subsidiaries
|
|
316
|
|
(294)
|
|
|
|
|
Agro-Uranga S.A.
|
|
-
|
|
1
|
|
Dividends receivables
|
|
Trade and other receivables
|
|
|
-
|
|
9
|
|
Reimbursement of expenses receivable
|
|
Trade and other receivables
|
Total Associates
|
|
-
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRSA Propiedades Comerciales S.A.
|
|
93
|
|
37
|
|
Reimbursement of expenses receivable
|
|
Trade and other receivables
|
|
|
3
|
|
4
|
|
Share based payments
|
|
Trade and other receivables
|
|
|
1
|
|
-
|
|
Leases
|
|
Trade and other receivables
|
|
|
(1,612)
|
|
(1,541)
|
|
Non-convertible notes
|
|
Borrowings
|
|
|
(1)
|
|
-
|
|
Reimbursement of expenses payable
|
|
Trade and other payables
|
|
|
-
|
|
117
|
|
Reimbursement of expenses receivable
|
|
Trade and other receivables
|
Panamerican Mall S.A.
|
|
(33)
|
|
(31)
|
|
Non-convertible notes
|
|
Borrowings
|
FyO Acopio S.A.
|
|
-
|
|
(1)
|
|
Purchase of goods and/or services
|
|
Trade and other payables
|
Total Subsidiaries of the subsidiaries
|
|
(1,549)
|
|
(1,415)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAMSA and its subsidiaries
|
|
1
|
|
2
|
|
Reimbursement of expenses receivable
|
|
Trade and other receivables
|
Consultores Assets Management
|
|
1
|
|
-
|
|
Services
|
|
Trade and other receivables
|
Estudio Zang, Bergel & Viñes
|
|
(1)
|
|
(1)
|
|
Legal services
|
|
Trade and other payables
|
Other Related parties
|
|
1
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inversiones Financieras del Sur S.A. (1)
|
|
4
|
|
-
|
|
Loans granted
|
|
Trade and other receivables
|
Total Parent Company
|
|
4
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors and Senior Management
|
|
(6)
|
|
(33)
|
|
Director's fees
|
|
Trade and other payables
|
Total Directors and Senior Management
|
|
(6)
|
|
(33)
|
|
|
|
|
Total
|
|
(1,234)
|
|
(1,731)
|
|
|
|
|
Related party
|
|
03.31.20
|
|
03.31.19
|
|
Description of transaction
|
IRSA Inversiones y Representaciones Sociedad
Anónima
|
|
(5)
|
|
(12)
|
|
Leases and/or rights of use
|
|
|
(179)
|
|
101
|
|
Corporate services
|
Futuros y Opciones.Com S.A.
|
|
(10)
|
|
(9)
|
|
Purchase of goods and/or services
|
|
|
1
|
|
1
|
|
Management fees
|
|
|
(2)
|
|
-
|
|
Financial operations
|
Sociedad Anónima Carnes Pampeanas S.A. (formerly
EAASA)
|
|
440
|
|
254
|
|
Sale of goods and/or services
|
Amauta Agro S.A. (formerly FyO Trading S.A.)
|
|
(76)
|
|
(87)
|
|
Purchase of goods and/or services
|
Helmir S.A.
|
|
2
|
|
(245)
|
|
Financial operations
|
|
|
(22)
|
|
-
|
|
Financial operations
|
Total subsidiaries
|
|
149
|
|
3
|
|
|
|
|
|
|
|
|
|
Panamerican Mall S.A.
|
|
(2)
|
|
(4)
|
|
Financial operations
|
Yatay Agropecuaria S.A.
|
|
(12)
|
|
(12)
|
|
Financial operations
|
IRSA Propiedades Comerciales S.A.
|
|
(8)
|
|
(4)
|
|
Leases and/or rights of use
|
|
|
576
|
|
289
|
|
Corporate services
|
|
|
(97)
|
|
(136)
|
|
Financial operations
|
FyO Acopio S.A.
|
|
-
|
|
197
|
|
Sale of goods and/or services
|
|
|
(8)
|
|
4
|
|
Management fees
|
|
|
(47)
|
|
(56)
|
|
Purchase of goods and/or services
|
Total Subsidiaries of the subsidiaries
|
|
402
|
|
278
|
|
|
|
|
|
|
|
|
|
Estudio Zang, Bergel & Viñes
|
|
(4)
|
|
(4)
|
|
Legal services
|
Hamonet S.A.
|
|
(1)
|
|
-
|
|
Leases and/or rights of use
|
San Bernardo de Córdoba S.A.
|
|
-
|
|
(1)
|
|
Leases and/or rights of use
|
Isaac Elsztain e Hijos S.C.A.
|
|
(2)
|
|
-
|
|
Leases and/or rights of use
|
Other Related parties
|
|
(7)
|
|
(5)
|
|
|
|
|
|
|
|
|
|
Inversiones Financieras del Sur S.A.
|
|
4
|
|
-
|
|
Financial operations
|
Total Parent Company
|
|
4
|
|
-
|
|
|
|
|
|
|
|
|
|
Directores
|
|
(43)
|
|
(30)
|
|
Compensation of Directors
|
Senior Management
|
|
-
|
|
(18)
|
|
Compensation of Senior Management
|
Total Directors and Senior Management
|
|
(43)
|
|
(48)
|
|
|
Total
|
|
505
|
|
228
|
|
|
Related party
|
|
03.31.20
|
|
03.31.19
|
|
Description of transaction
|
Agropecuarias Santa Cruz de la Sierra S.A.
|
|
3
|
|
3
|
|
Additional paid-in capital
|
Helmir S.A.
|
|
177
|
|
-
|
|
Additional paid-in capital
|
Sociedad Anónima Carnes Pampeanas S.A.
|
|
-
|
|
61
|
|
Additional paid-in capital
|
|
|
-
|
|
9
|
|
Capitalization of credits
|
Uranga Trading S.A.
|
|
-
|
|
34
|
|
Additional paid-in capital
|
Total subsidiary contributions
|
|
180
|
|
107
|
|
|
IRSA Inversiones y Representaciones Sociedad
Anónima
|
|
347
|
|
1,561
|
|
Dividends received
|
IRSA Propiedades Comerciales S.A.
|
|
11
|
|
-
|
|
Dividends received
|
Brasilagro Companhia Brasileira de Propriedades Agrícolas
(“Brasilagro”)
|
|
55
|
|
65
|
|
Dividends received
|
Agro-Uranga S.A.
|
|
24
|
|
20
|
|
Dividends received
|
Futuros y Opciones.Com S.A.
|
|
135
|
|
33
|
|
Dividends received
|
Total dividends received
|
|
572
|
|
1,679
|
|
|
Exhibit A - Property, plant and equipment
|
|
Note 7 – Investment properties
|
|
|
Note 8 – Property, plant and equipment
|
Exhibit B - Intangible assets
|
|
Note 9 – Intangible assets
|
Exhibit C - Equity investments
|
|
Note 6 - Investments in subsidiaries, associates and joint
ventures
|
Exhibit D - Other investments
|
|
Note 13 – Financial instruments by category
|
Exhibit E - Provisions
|
|
Note 14 – Trade and other receivables
|
|
|
Note 17 – Provisions
|
Exhibit F - Cost of sales and services
|
|
Note 27 – Cost of sales and services provided
|
Exhibit G - Foreign currency assets and liabilities
|
|
Note 28 – Foreign currency assets and
liabilities
|
Exhibit H - Exhibit of expenses
|
|
Note 22 – Expenses by nature
|
Description
|
|
Biological assets (1)
|
Agricultural stock
|
Services and other operating costs
|
Total as of 03.31.20
|
Total as of 03.31.19
|
Beginning of the period / year
|
|
1,720
|
2,480
|
-
|
4,200
|
3,738
|
Initial recognition and changes in the fair value of biological
assets and agricultural products at the point of
harvest
|
|
(13)
|
-
|
-
|
(13)
|
(113)
|
Changes in the net realizable value of agricultural products after
harvest
|
|
-
|
446
|
-
|
446
|
33
|
Increase due to harvest
|
|
-
|
2,172
|
-
|
2,172
|
1,323
|
Acquisitions and classifications
|
|
7
|
1,790
|
-
|
1,797
|
1,609
|
Consume
|
|
(3)
|
(1,919)
|
-
|
(1,922)
|
(1,639)
|
Expenses incurred
|
|
571
|
-
|
147
|
718
|
605
|
Inventories
|
|
(1,584)
|
(1,169)
|
-
|
(2,753)
|
(3,169)
|
Cost as of 03.31.20
|
|
698
|
3,800
|
147
|
4,645
|
-
|
Cost as of 03.31.19
|
|
308
|
1,939
|
140
|
-
|
2,387
|
Items
|
|
Amount of foreign currency
|
|
Prevailing exchange rate (1)
|
|
Total as of 03.31.20
|
|
Total as of 06.30.19
|
Assets
|
|
|
|
|
|
|
|
|
Trade and other receivables
|
|
|
|
|
|
|
|
|
US Dollar
|
|
18
|
|
64.269
|
|
1,179
|
|
1,005
|
Receivables with related parties:
|
|
|
|
|
|
|
|
|
US Dollar
|
|
19
|
|
64.469
|
|
1,214
|
|
5
|
Brazilian Reais
|
|
-
|
|
-
|
|
-
|
|
286
|
Total trade and other receivables
|
|
|
|
|
|
2,393
|
|
1,296
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
US Dollar
|
|
7
|
|
64.269
|
|
481
|
|
134
|
Brazilian Reais
|
|
-
|
|
11.500
|
|
3
|
|
1
|
Total Cash and cash equivalents
|
|
|
|
|
|
484
|
|
135
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
|
|
|
|
|
|
US Dollar
|
|
10
|
|
64.469
|
|
637
|
|
184
|
Payables with related parties:
|
|
|
|
|
|
|
|
|
US Dollar
|
|
1
|
|
64.469
|
|
83
|
|
-
|
Brazilian Reais
|
|
-
|
|
13.500
|
|
3
|
|
1
|
Bolivian Pesos
|
|
2
|
|
0.168
|
|
8
|
|
4
|
Total trade and other payables
|
|
|
|
|
|
731
|
|
189
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
US Dollar
|
|
-
|
|
64.469
|
|
3
|
|
24
|
Total derivative instruments
|
|
|
|
|
|
3
|
|
24
|
|
|
|
|
|
|
|
|
|
Lease Liabilities
|
|
|
|
|
|
|
|
|
US Dollar
|
|
-
|
|
64.469
|
|
3
|
|
-
|
Total Lease Liabilities
|
|
|
|
|
|
3
|
|
-
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
|
|
|
|
|
|
US Dollar
|
|
403
|
|
64.469
|
|
26,006
|
|
25,765
|
Total Borrowings
|
|
|
|
|
|
26,006
|
|
25,765
|
Documentation storage provider
|
|
Location
|
Bank S.A.
|
|
Ruta Panamericana Km 37,5, Garín, Province of Buenos
Aires
|
|
|
Av. Fleming 2190, Munro, Province of Buenos Aires
|
|
|
Carlos Pellegrini 1401, Avellaneda, Province of Buenos
Aires
|
Iron Mountain Argentina S.A.
|
|
Av. Amancio Alcorta 2482, Autonomous City of Buenos
Aires
|
|
|
Pedro de Mendoza 2143, Autonomous City of Buenos Aires
|
|
|
Saraza 6135, Autonomous City of Buenos Aires
|
|
|
Azara 1245, Autonomous City of Buenos Aires
|
|
|
Polígono industrial Spegazzini, Autopista Ezeiza Km 45,
Cañuelas, Province of Buenos Aires
|
|
|
Cañada de Gomez 3825, Autonomous City of Buenos
Aires
|
|
|
Past due (Point 3 a.)
|
Without maturity (Point 3.b.)
|
Without maturity (Point 3.b.)
|
To be due (Point 3.c.)
|
|
||||||
Items
|
03.31.20
|
Current
|
Non-current
|
Up to 3 months
|
From 3 to 6 month
|
From 6 to 9 months
|
From 9 to 12 months
|
From 1 to 2 years
|
From 2 to 3 years
|
From 3 to 4 years
|
Total
|
|
Accounts receivables
|
Trade and other receivables
|
-
|
305
|
-
|
2,928
|
-
|
2
|
-
|
368
|
272
|
184
|
4,059
|
Income tax and minimum presumed income tax and deferred income
tax
|
-
|
-
|
38
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
38
|
|
Total
|
-
|
305
|
38
|
2,928
|
-
|
2
|
-
|
368
|
272
|
184
|
4,097
|
|
Liabilities
|
Trade and other payables
|
-
|
89
|
-
|
1,826
|
-
|
-
|
-
|
-
|
-
|
-
|
1,915
|
Borrowings
|
-
|
-
|
-
|
6,366
|
2,476
|
5,538
|
2,749
|
7,030
|
7,434
|
-
|
31,593
|
|
Lease liabilities
|
-
|
-
|
-
|
107
|
52
|
51
|
26
|
85
|
-
|
-
|
321
|
|
Payroll and social security liabilities
|
-
|
-
|
-
|
34
|
107
|
-
|
15
|
-
|
-
|
-
|
156
|
|
Provisions
|
-
|
-
|
-
|
-
|
-
|
-
|
3
|
9
|
-
|
-
|
12
|
|
Deferred income tax liabilities
|
-
|
-
|
3,766
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,766
|
|
|
Total
|
-
|
89
|
3,766
|
8,333
|
2,635
|
5,589
|
2,793
|
7,124
|
7,434
|
-
|
37,763
|
Items
|
Current
|
Non-current
|
Totals
|
|||||||
Local Currency
|
Foreign Currency
|
Total
|
Local Currency
|
Foreign Currency
|
Total
|
Local Currency
|
Foreign Currency
|
Total
|
||
|
||||||||||
Accounts receivables
|
Trade and other receivables
|
1,593
|
1,642
|
3,235
|
74
|
750
|
824
|
1,666
|
2,393
|
4,059
|
Income tax and minimum presumed income tax and deferred income
tax
|
-
|
-
|
-
|
38
|
-
|
38
|
38
|
-
|
38
|
|
Total
|
1,593
|
1,642
|
3,235
|
112
|
750
|
862
|
1,704
|
2,393
|
4,097
|
|
Liabilities
|
Trade and other payables
|
1,184
|
731
|
1,915
|
-
|
-
|
-
|
1,184
|
731
|
1,915
|
Borrowings
|
5,586
|
11,543
|
17,129
|
-
|
14,464
|
14,464
|
5,587
|
26,006
|
31,593
|
|
Lease liabilities
|
233
|
3
|
236
|
84
|
1
|
85
|
318
|
3
|
321
|
|
Payroll and social security liabilities
|
156
|
-
|
156
|
-
|
-
|
-
|
156
|
-
|
156
|
|
Provisions
|
3
|
-
|
3
|
9
|
-
|
9
|
12
|
-
|
12
|
|
Deferred income tax liabilities
|
-
|
-
|
-
|
3,766
|
-
|
3,766
|
3,766
|
-
|
3,766
|
|
|
Total
|
7,162
|
12,277
|
19,439
|
3,859
|
14,465
|
18,324
|
11,023
|
26,740
|
37,763
|
|
|
Current
|
Non-Current
|
|
|
|
|
||||||
Items
|
Accruing interest
|
Non-accruing interest
|
|
Accruing interest
|
Non-accruing interest
|
|
Accruing interest
|
Non-accruing interest
|
Total
|
||||
|
|
Fixed
|
Floating
|
Subtotal
|
Fixed
|
Floating
|
Subtotal
|
Fixed
|
Floating
|
|
|
||
Accounts receivables
|
Trade and other receivables
|
1,453
|
4
|
1,778
|
3,235
|
750
|
-
|
74
|
824
|
2,204
|
4
|
1,851
|
4,059
|
Income tax and minimum presumed income tax and deferred income
tax
|
-
|
-
|
-
|
-
|
-
|
-
|
38
|
38
|
-
|
-
|
38
|
38
|
|
Total
|
1,453
|
4
|
1,778
|
3,235
|
750
|
-
|
112
|
862
|
2,204
|
4
|
1,889
|
4,097
|
|
Liabilities
|
Trade and other payables
|
-
|
-
|
1,915
|
1,915
|
-
|
-
|
-
|
-
|
-
|
-
|
1,915
|
1,915
|
Borrowings
|
15,738
|
575
|
816
|
17,129
|
13,516
|
948
|
-
|
14,464
|
29,254
|
1,523
|
816
|
31,593
|
|
Lease liabilities
|
236
|
-
|
-
|
236
|
85
|
-
|
-
|
85
|
321
|
-
|
-
|
321
|
|
Payroll and social security liabilities
|
-
|
-
|
156
|
156
|
-
|
-
|
-
|
-
|
-
|
-
|
156
|
156
|
|
Provisions
|
-
|
-
|
3
|
3
|
-
|
-
|
9
|
9
|
-
|
-
|
12
|
12
|
|
Deferred income tax liabilities
|
-
|
-
|
-
|
-
|
-
|
-
|
3,766
|
3,766
|
-
|
-
|
3,766
|
3,766
|
|
|
Total
|
15,974
|
575
|
2,890
|
19,439
|
13,601
|
948
|
3,775
|
18,324
|
29,575
|
1,523
|
6,665
|
37,763
|
Insured
property
|
Risk
covered
|
Amount
insured
Ps.
|
Book
value
Ps.
|
Buildings,
machinery, silos, installation and furniture and
equipment
|
Theft,
fire and technical insurance
|
2,603
|
5,834
|
Vehicles
|
Third
parties, theft, fire and civil liability
|
129
|
50
|
(In ARS million)
|
9M 20
|
9M 19
|
YoY Var
|
Revenues
|
87,462
|
77,443
|
12.9%
|
Costs
|
-59,010
|
-51,844
|
13.8%
|
Initial
recognition and changes in the fair value of biological assets and
agricultural produce at the point of harvest
|
2,701
|
1,656
|
63.1%
|
Changes
in the net realizable value of agricultural produce after
harvest
|
352
|
12
|
2.833.3%
|
Gross profit
|
31,505
|
27,267
|
15.5%
|
Net
gain from fair value adjustment on investment
properties
|
-383
|
-8,490
|
-95.5%
|
Gain
from disposal of farmlands
|
323
|
87
|
271.3%
|
General
and administrative expenses
|
-8,752
|
-8,765
|
-0.1%
|
Selling
expenses
|
-11,692
|
-9,909
|
18.0%
|
Impairment
of associates
|
-2,344
|
-
|
-
|
Other
operating results, net
|
2,626
|
833
|
215.2%
|
Result from operations
|
11,283
|
1,023
|
1.002.9%
|
Depreciation
and Amortization
|
12,549
|
8,290
|
51.4%
|
EBITDA (unaudited)
|
23,832
|
9,313
|
155.9%
|
Adjusted EBITDA (unaudited)
|
26,559
|
18,831
|
41.0%
|
Loss
from joint ventures and associates
|
1,307
|
-1,941
|
-
|
Result from operations before financing and taxation
|
12,590
|
-918
|
-
|
Financial
results, net
|
-33,889
|
-20,489
|
65.4%
|
Result before income tax
|
-21,299
|
-21,407
|
-0.5%
|
Income
tax expense
|
-3,302
|
3,204
|
-203.1%
|
Result for the period from continued operations
|
-24,601
|
-18,203
|
35.1%
|
Result
from discontinued operations after income tax
|
17,180
|
3,680
|
366.8%
|
Result for the period
|
-7,421
|
-14,523
|
-48.9%
|
|
|
|
|
Attributable to
|
|
|
|
Equity
holder of the parent
|
-10,185
|
-10,076
|
1.1%
|
Non-controlling
interest
|
2,764
|
-4,447
|
-
|
|
9M 2020
|
|||||||
|
|
Urban Properties and Investments
|
|
Variation
|
||||
|
Agribusiness
|
Argentina
|
Israel
|
Subtotal
|
Total
|
9M 20 vs. 9M 19
|
||
Revenues
|
18,504
|
9,762
|
57,387
|
67,149
|
85,653
|
13.8%
|
||
Costs
|
-15,544
|
-2,158
|
-39,144
|
-41,302
|
-56,846
|
15.4%
|
||
Initial
recognition and changes in the fair value of biological assets and
agricultural produce at the point of harvest
|
2,523
|
-
|
-
|
-
|
2,523
|
77.8%
|
||
Changes
in the net realizable value of agricultural produce after
harvest
|
352
|
-
|
-
|
-
|
352
|
2,833.3%
|
||
Gross profit
|
5,835
|
7,604
|
18,243
|
25,847
|
31,682
|
15.5%
|
||
Net
gain from fair value adjustment on investment
properties
|
12
|
2,445
|
-2,585
|
-140
|
-128
|
-247.1%
|
||
Gain
from disposal of farmlands
|
323
|
-
|
-
|
-
|
323
|
-
|
||
General
and administrative expenses
|
-1,020
|
-1,624
|
-6,156
|
-7,780
|
-8,800
|
0.0%
|
||
Selling
expenses
|
-1,862
|
-850
|
-9,010
|
-9,860
|
-11,722
|
18.2%
|
||
Impairment
of associates
|
-
|
-
|
-2,344
|
-2,344
|
-2,344
|
-
|
||
Other
operating results, net
|
1,141
|
-33
|
1,475
|
1,442
|
2,583
|
299.8%
|
||
Result from operations
|
4,429
|
7,542
|
-377
|
7,165
|
11,594
|
1,004.2%
|
||
Share
of profit of associates
|
173
|
265
|
722
|
987
|
1,160
|
-
|
||
Segment result
|
4,602
|
7,807
|
345
|
8,152
|
12,754
|
-
|
|
9M 2019
|
||||
|
|
Urban Properties and Investments
|
|
||
|
Agribusiness
|
Argentina
|
Israel
|
Subtotal
|
Total
|
Revenues
|
11,667
|
11,175
|
52,420
|
63,595
|
75,262
|
Costs
|
-9,787
|
-2,215
|
-37,257
|
-39,472
|
-49,259
|
Initial
recognition and changes in the fair value of biological assets and
agricultural produce at the point of harvest
|
1,419
|
-
|
-
|
-
|
1,419
|
Changes
in the net realizable value of agricultural produce after
harvest
|
12
|
-
|
-
|
-
|
12
|
Gross profit
|
3,311
|
8,960
|
15,163
|
24,123
|
27,434
|
Net
gain from fair value adjustment on investment
properties
|
-33
|
-8,751
|
386
|
-8,365
|
-8,398
|
Gain
from disposal of farmlands
|
87
|
-
|
-
|
-
|
87
|
General
and administrative expenses
|
-982
|
-1,938
|
-5,882
|
-7,820
|
-8,802
|
Selling
expenses
|
-1,120
|
-772
|
-8,025
|
-8,797
|
-9,917
|
Other
operating results, net
|
442
|
-604
|
808
|
204
|
646
|
Result from operations
|
1,705
|
-3,105
|
2,450
|
-655
|
1,050
|
Share
of profit of associates
|
11
|
-1,294
|
-560
|
-1,854
|
-1,843
|
Segment result
|
1,716
|
-4,399
|
1,890
|
-2,509
|
-793
|
|
Productive
Lands
|
Land
Reserves
|
Total
|
|||
|
Agricultural
|
Cattle
|
Under
Development Phase 1
|
Under
Development Phase 2
|
Reserved
|
|
Argentina
|
65,388
|
147,657
|
6,456
|
2,898
|
314,191
|
536,589
|
Brazil
|
45,842
|
18,700
|
723
|
4,589
|
83,513
|
153,368
|
Bolivia
|
8,858
|
-
|
-
|
-
|
1,017
|
9,875
|
Paraguay
|
11,907
|
3,064
|
2,798
|
-
|
41,816
|
59,585
|
Total
|
131,994
|
169,422
|
9,977
|
7,487
|
440,537
|
759,417
|
|
Agricultural
|
Cattle
|
Other
|
Total
|
Argentina
|
58,337
|
12,635
|
450
|
71,422
|
Brazil
|
51,579
|
-
|
2,352
|
53,930
|
Bolivia
|
1,052
|
-
|
-
|
1,052
|
Total
|
110,967
|
12,635
|
2,802
|
126,403
|
in ARS million
|
9M 20
|
9M 19
|
YoY Var
|
Revenues
|
-
|
-
|
-
|
Costs
|
-19
|
-24
|
-20.8%
|
Gross loss
|
-19
|
-24
|
-20.8%
|
Net
gain from fair value adjustment on investment
properties
|
12
|
-33
|
-
|
Gain
from disposal of farmlands
|
323
|
87
|
271.3%
|
General
and administrative expenses
|
-2
|
-1
|
100.0%
|
Selling
expenses
|
-
|
-1
|
-100.0%
|
Other
operating results, net
|
883
|
-31
|
-
|
Profit from operations
|
1,197
|
-3
|
-
|
Segment profit
|
1,197
|
-3
|
-
|
EBITDA
|
1,200
|
10
|
11.900.0%
|
Adjusted EBITDA
|
1,188
|
1,505
|
-21.0%
|
Area under Development (hectares)
|
Projected for 2019/2020
|
Argentina
|
2,898
|
Brasil
|
4,442
|
Paraguay
|
2,798
|
Total
|
10,138
|
in ARS million
|
9M 20
|
9M 19
|
YoY Var
|
Revenues
|
11,718
|
6,177
|
89.7%
|
Costs
|
-9,855
|
-5,248
|
87.8%
|
Initial
recognition and changes in the fair value of biological assets and
agricultural produce at the point of harvest
|
2,500
|
1,423
|
75.7%
|
Changes
in the net realizable value of agricultural produce after
harvest
|
352
|
12
|
2,833.3%
|
Gross profit
|
4,715
|
2,364
|
99.5%
|
General
and administrative expenses
|
-655
|
-598
|
9.5%
|
Selling
expenses
|
-1,272
|
-627
|
102.9%
|
Other
operating results, net
|
110
|
443
|
-75.2%
|
Profit from operations
|
2,898
|
1,582
|
83.2%
|
Profit
from associates
|
62
|
43
|
44.2%
|
Segment profit
|
2,960
|
1,625
|
82.2%
|
EBITDA
|
3,765
|
1,959
|
92.2%
|
Adjusted EBITDA
|
3,765
|
1,959
|
92.2%
|
in ARS million
|
9M 20
|
9M 19
|
YoY Var
|
Revenues
|
7,647
|
3,551
|
115.3%
|
Costs
|
-6,445
|
-3,126
|
106.2%
|
Initial
recognition and changes in the fair value of biological assets and
agricultural produce at the point of harvest
|
1,415
|
1,071
|
32.1%
|
Changes
in the net realizable value of agricultural produce after
harvest
|
352
|
12
|
2,833.3%
|
Gross
profit
|
2,969
|
1,508
|
96.9%
|
General
and administrative expenses
|
-381
|
-303
|
25.7%
|
Selling
expenses
|
-1,105
|
-489
|
126.0%
|
Other
operating results, net
|
256
|
448
|
-42.9%
|
Profit
from operations
|
1,739
|
1,164
|
49.4%
|
Share
of loss of associates
|
62
|
43
|
44.2%
|
Activity
profit
|
1,801
|
1,207
|
49.2%
|
in ARS million
|
9M 20
|
9M 19
|
YoY Var
|
Revenues
|
2,487
|
1,810
|
37.4%
|
Costs
|
-2,198
|
-1,453
|
51.3%
|
Initial
recognition and changes in the fair value of biological assets and
agricultural produce at the point of harvest
|
1,088
|
431
|
152.4%
|
Gross
profit
|
1,377
|
788
|
74.7%
|
General
and administrative expenses
|
-166
|
-178
|
-6.7%
|
Selling
expenses
|
-74
|
-62
|
19.4%
|
Other
operating results, net
|
-105
|
-3
|
3,400.0%
|
Profit
from operations
|
1,032
|
545
|
89.4%
|
Activity
profit
|
1,032
|
545
|
89.4%
|
Production Volume1)
|
9M20
|
9M19
|
9M18
|
9M17
|
9M16
|
Corn
|
299,918
|
134,618
|
270,923
|
242,641
|
186,847
|
Soybean
|
119,574
|
101,351
|
58,706
|
17,320
|
26,758
|
Wheat
|
43,925
|
37,596
|
32,322
|
30,989
|
15,578
|
Sorghum
|
3,229
|
1,267
|
1,816
|
731
|
1,051
|
Sunflower
|
1,954
|
5,384
|
5,310
|
3,853
|
3,354
|
Cotton
|
3,519
|
-
|
-
|
-
|
-
|
Beans
|
1,623
|
-
|
-
|
-
|
-
|
Others
|
3,997
|
1,946
|
1,171
|
3,093
|
5,494
|
Total Crops (tons)
|
477,739
|
282,162
|
370,248
|
298,627
|
239,082
|
Sugarcane (tons)
|
1,634,521
|
1,431,110
|
912,688
|
580,783
|
877,396
|
Volume of
|
9M20
|
9M19
|
9M18
|
9M17
|
9M16
|
||||||||||
Sales (1)
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
Corn
|
284,7
|
54,3
|
339,0
|
130,7
|
-
|
130,7
|
259,9
|
6,0
|
265,9
|
230,3
|
-
|
230,3
|
180,1
|
37,9
|
218,0
|
Soybean
|
156,1
|
72,5
|
228,6
|
71,1
|
45,6
|
116,7
|
99,4
|
9,7
|
109,1
|
75,2
|
0,7
|
75,9
|
101,1
|
8,8
|
109,9
|
Wheat
|
39,5
|
-
|
39,5
|
30,3
|
-
|
30,3
|
40,3
|
-
|
40,3
|
7,3
|
1,6
|
8,9
|
10,4
|
28,9
|
39,3
|
Sorghum
|
-
|
-
|
-
|
0,4
|
-
|
0,4
|
0,9
|
-
|
0,9
|
4,5
|
-
|
4,5
|
0,8
|
-
|
0,8
|
Sunflower
|
8,5
|
-
|
8,5
|
2,2
|
-
|
2,2
|
2,9
|
-
|
2,9
|
3,7
|
-
|
3,7
|
8,8
|
-
|
8,8
|
Cotton
|
2,5
|
1,9
|
4,4
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Beans
|
1,4
|
-
|
1,4
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Others
|
4,7
|
-
|
4,7
|
0,6
|
-
|
0,6
|
1,2
|
-
|
1,2
|
3,6
|
-
|
3,6
|
3,8
|
-
|
3,8
|
Total Crops (thousands of tons)
|
497,4
|
128,7
|
626,1
|
235,3
|
45,6
|
280,9
|
404,6
|
15,7
|
420,3
|
324,6
|
2,3
|
326,9
|
305,0
|
75,6
|
380,6
|
Sugarcane (thousands of tons)
|
1.572,8
|
-
|
1.572,8
|
1.414,6
|
-
|
1.414,6
|
1.266,2
|
-
|
1.266,2
|
554,1
|
-
|
554,1
|
827,3
|
-
|
827,3
|
Production Volume (1)
|
9M20
|
9M19
|
9M18
|
9M17
|
9M16
|
Cattle
herd (tons)
|
9,016
|
8,655
|
8,692
|
6,484
|
5,881
|
Milking
cows (tons)
|
-
|
-
|
196
|
390
|
399
|
Cattle (tons)
|
9,016
|
8,655
|
8,888
|
6,874
|
6,280
|
Volume of
|
9M20
|
9M19
|
9M18
|
9M17
|
9M16
|
||||||||||
Sales (1)
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
Cattle
herd
|
12.3
|
-
|
12.3
|
6.7
|
-
|
6.7
|
9.3
|
-
|
9.3
|
6.2
|
-
|
6.2
|
7.2
|
-
|
7.2
|
Milking
cows(2)
|
-
|
-
|
-
|
-
|
-
|
-
|
1.4
|
-
|
1.4
|
0.7
|
-
|
0.7
|
0.4
|
-
|
0.4
|
Cattle (thousands of tons)
|
12.3
|
-
|
12.3
|
6.7
|
-
|
6.7
|
10.7
|
-
|
10.7
|
6.9
|
-
|
6.9
|
7.6
|
-
|
7.6
|
In ARS Million
|
9M 20
|
9M 19
|
YoY Var
|
Revenues
|
1,203
|
580
|
107.4%
|
Costs
|
-1,039
|
-509
|
104.1%
|
Initial
recognition and changes in the fair value of biological assets and
agricultural produce
|
-3
|
-79
|
-96.2%
|
Gross Profit / (Loss)
|
161
|
-8
|
-
|
General
and administrative expenses
|
-66
|
-67
|
-1.5%
|
Selling
expenses
|
-77
|
-55
|
40.0%
|
Other
operating results, net
|
-16
|
-1
|
1,500.0%
|
Profit / (Loss) from operations
|
2
|
-131
|
-
|
Activity Profit / (Loss)
|
2
|
-131
|
-
|
In ARS Million
|
9M 20
|
9M 19
|
YoY Var
|
Revenues
|
381
|
236
|
61.4%
|
Costs
|
-173
|
-160
|
8.1%
|
Gross profit
|
208
|
76
|
173.7%
|
General
and Administrative expenses
|
-42
|
-50
|
-16.0%
|
Selling
expenses
|
-16
|
-21
|
-23.8%
|
Other
operating results, net
|
-25
|
-1
|
2,400.0%
|
Profit from operations
|
125
|
4
|
3,025.0%
|
Activity Profit
|
125
|
4
|
3,025.0%
|
In ARS Million
|
9M 20
|
9M 19
|
YoY Var
|
Revenues
|
6,786
|
5,490
|
23.6%
|
Costs
|
-5,670
|
-4,515
|
25.6%
|
Initial
recognition and changes in the fair value of biological assets and
agricultural produce at the point of harvest
|
23
|
-4
|
-
|
Gross profit
|
1,139
|
971
|
17.3%
|
General
and administrative expenses
|
-210
|
-211
|
-0.5%
|
Selling
expenses
|
-590
|
-492
|
19.9%
|
Other
operating results, net
|
148
|
30
|
393.3%
|
Profit from operations
|
487
|
298
|
63.4%
|
Profit
from associates
|
111
|
-32
|
-
|
Segment Profit
|
598
|
266
|
124.8%
|
EBITDA
|
557
|
338
|
64.8%
|
Adjusted EBITDA
|
557
|
338
|
64.8%
|
In ARS million
|
9M 20
|
9M 19
|
YoY Var
|
Revenues
|
69,540
|
66,185
|
5.1%
|
Profit
/ (loss) from operations
|
1,477
|
-678
|
-
|
EBITDA
|
18,448
|
7,181
|
156.9%
|
Adjusted EBITDA
|
21,187
|
15,204
|
39.4%
|
Segment Result
|
8,152
|
-2,509
|
-
|
In ARS million
|
9M 20
|
9M 19
|
YoY Var
|
Revenues
|
12,153
|
13,765
|
-11.7%
|
Profit
/ (loss) from operations
|
2
|
-3,128
|
-
|
EBITDA
|
7,552
|
-2,898
|
-
|
Adjusted EBITDA
|
5,362
|
5,511
|
-2.7%
|
In ARS million
|
9M 20
|
9M 19
|
YoY Var
|
Revenues
|
57,387
|
52,420
|
9.5%
|
Profit
from operations
|
1,475
|
2,450
|
-39.8%
|
EBITDA
|
10,896
|
10,079
|
8.1%
|
Adjusted EBITDA
|
15,825
|
9,693
|
63.3%
|
Description
|
Currency
|
Amount (USD MM)(2)
|
Interest Rate
|
Maturity
|
Bank
overdrafts
|
ARS
|
27.6
|
Variable
|
<
360 days
|
Series
XXIV NCN
|
USD
|
73.6
|
9.00%
|
Nov-20
|
Series
XXVI NCN
|
ARS
|
17.0
|
Variable
|
Jan-21
|
Series
XXV NCN
|
USD
|
59.6
|
9.00%
|
Apr-21
|
Series
XXVIII NCN
|
USD
|
27.5
|
9.00%
|
Apr-21
|
Series
XXVII NCN
|
USD
|
5.7
|
7.45%
|
Jul-21
|
Series
XXIII NCN(1)
|
USD
|
113.0
|
6.50%
|
Feb-23
|
Other
debt
|
USD
|
140.9
|
-
|
-
|
CRESUD’s Total Debt (3)
|
USD
|
464.9
|
|
|
Cash and cash equivalents (3)
|
USD
|
35.6
|
|
|
CRESUD’s Net Debt
|
USD
|
429.3
|
|
|
Brasilagro’s Total Net Debt
|
USD
|
60.9
|
|
|
Description
|
Currency
|
Amount (USD MM) (1)
|
Interest Rate
|
Maturity
|
Bank
overdrafts
|
ARS
|
31.7
|
Floating
|
<
360 days
|
Series
II NCN (USD)
|
USD
|
71.4
|
11.50%
|
Jul-20
|
Series
II NCN (CLP)
|
CLP
|
37.2
|
10.50%
|
Aug-20
|
Series
I NCN
|
USD
|
181.5
|
10.00%
|
Nov-20
|
Loan
with IRSA CP
|
USD
|
54.7
|
-
|
Mar-22
|
Other
debt
|
USD
|
23.5
|
-
|
Feb-22
|
IRSA’s Total Debt
|
USD
|
400.0
|
|
|
Cash
& Cash Equivalents + Investments
|
USD
|
0.5
|
|
|
IRSA’s Net Debt
|
USD
|
399.5
|
|
|
Bank
loans and overdrafts
|
ARS
|
16.4
|
-
|
<
360 days
|
IRCP
NCN Class IV(2)
|
USD
|
129.8
|
5.0%
|
Sep-20
|
PAMSA
loan
|
USD
|
32.4
|
Fixed
|
Feb-23
|
IRCP
NCN Class II
|
USD
|
360.0
|
8.75%
|
Mar-23
|
IRSA CP’s Total Debt
|
USD
|
538.6
|
|
|
Cash
& Cash Equivalents + Investments (3)
|
USD
|
124.3
|
|
|
Intercompany
Credit
|
USD
|
54.7
|
|
|
IRSA CP’s Net Debt
|
USD
|
359.6
|
|
|
Net Debt(1)
|
NIS million
|
IDBD’s
Total Debt
|
1,847
|
DIC’s
Total Debt
|
3,002
|
In
ARS million
|
Mar-20
|
Jun-19
|
Current
assets
|
195,927
|
207,592
|
Non-current
assets
|
380,567
|
481,394
|
Total assets
|
576,494
|
688,986
|
Current
liabilities
|
148,658
|
121,527
|
Non-current
liabilities
|
343,816
|
446,755
|
Total liabilities
|
492,474
|
568,282
|
Total
capital and reserves attributable to the shareholders of the
controlling company
|
9,112
|
22,811
|
Minority
interests
|
74,908
|
97,893
|
Shareholders’ equity
|
84,020
|
120,704
|
Total liabilities plus minority interests plus shareholders’
equity
|
576,494
|
688,986
|
In
ARS million
|
Mar-20
|
Mar-19
|
Gross
profit
|
31,505
|
27,267
|
Profit from operations
|
11,283
|
1,023
|
Share
of profit of associates and joint ventures
|
1,307
|
-1,941
|
Profit
/ (loss) from operations before financing and taxation
|
12,590
|
-918
|
Financial
results, net
|
-33,889
|
-20,489
|
Loss
before income tax
|
-21,299
|
-21,407
|
Income
tax expense
|
-3,302
|
3,204
|
Loss of
the period of continuous operations
|
-24,601
|
-18,203
|
Profit
of discontinued operations after taxes
|
17,180
|
3,680
|
Loss for the period
|
-7,421
|
-14,523
|
Controlling
company’s shareholders
|
-10,185
|
-10,076
|
Non-controlling
interest
|
2,764
|
-4,447
|
In
ARS million
|
Mar-20
|
Mar-19
|
Net
cash generated by operating activities
|
25,858
|
11,433
|
Net
cash generated by investment activities
|
16,105
|
9,997
|
Net
cash used in financing activities
|
-67,145
|
-13,022
|
Total net cash (used in) / generated during the fiscal
period
|
-25,182
|
8,408
|
In
ARS million
|
Mar-20
|
Mar-19
|
Liquidity
(1)
|
1.318
|
1.708
|
Solvency
(2)
|
0.171
|
0.212
|
Restricted
capital (3)
|
0.660
|
0.699
|
1 Year Cresud S A C I F y A Chart |
1 Month Cresud S A C I F y A Chart |
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