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Share Name | Share Symbol | Market | Type |
---|---|---|---|
IRSA Inversiones and Representaciones SA | NYSE:IRS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.19 | -1.66% | 11.24 | 11.67 | 11.11 | 11.55 | 152,767 | 22:08:38 |
Type of
stock
|
CAPITAL STATUS
|
|
Shares
authorized for Public Offering (2)
|
Subscribed,
issued and paid up
(in
millions of Pesos)
|
|
Common
stock with a face value of Ps. 1 per share and entitled to 1 vote
each
|
578,676,460
|
579
|
Glossary
...
|
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
|
7
|
Note 3
– Seasonal effects on operations
|
11
|
Note 4
– Acquisitions and disposals
|
11
|
Note 5
– Financial risk management and fair value
estimates
|
13
|
Note 6
– Segment information
|
14
|
Note 7
– Investments in associates and joint
ventures
|
17
|
Note 8
– Investment properties
|
18
|
Note 9
– Property, plant and equipment
|
18
|
Note 10
– Trading properties
|
19
|
Note 11
– Intangible assets
|
19
|
Note 12
– Financial instruments by category
|
20
|
Note 13
– Trade and other receivables
|
23
|
Note 14
– Cash flow information
|
23
|
Note 15
– Trade and other payables
|
24
|
Note 16
– Borrowings
|
25
|
Note 17
– Provisions
|
26
|
Note 18
– Taxes
|
26
|
Note 19
– Revenues
|
27
|
Note 20
– Expenses by nature
|
28
|
Note 21
– Cost of goods sold and services provided
|
28
|
Note 22
– Other operating results, net
|
28
|
Note 23
– Financial results, net
|
29
|
Note 24
– Related party transactions
|
29
|
Note 25
– CNV General Resolution N° 622
|
30
|
Note 26
– Foreign currency assets and liabilities
|
31
|
Note 27
– Groups of assets and liabilities held for
sale
|
32
|
Note 28
– Results from discontinued operations
|
32
|
Note 29
– Subsequent Events
|
32
|
Terms
|
|
Definitions
|
Adama
|
|
Adama
Agricultural Solutions Ltd.
|
BACS
|
|
Banco
de Crédito y Securitización S.A.
|
Baicom
|
|
Baicom Networks S.A.
|
BCRA
|
|
Central
Bank of the Argentine Republic
|
BHSA
|
|
Banco
Hipotecario S.A.
|
Cellcom
|
|
Cellcom
Israel Ltd.
|
Clal
|
|
Clal
Holdings Insurance Enterprises Ltd.
|
CNV
|
|
Securities
Exchange Commission
|
Condor
|
|
Condor
Hospitality Trust Inc.
|
Cresud
|
|
Cresud
S.A.C.I.F. y A.
|
Cyrsa
|
|
Cyrsa
S.A.
|
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, 2017
|
CPF
|
|
Collective
Promotion Funds
|
IASB
|
|
International
Accounting Standards Board
|
IDB
Tourism
|
|
IDB
Tourism (2009) Ltd
|
IDBD
|
|
IDB
Development Corporation Ltd.
|
IFISA
|
|
Inversiones
Financieras del Sur S.A.
|
IRSA,
The Company”, “Us”, “We”
|
|
IRSA
Inversiones y Representaciones Sociedad Anónima
|
IRSA
CP
|
|
IRSA
Propiedades Comerciales S.A.
|
Israir
|
|
Israir
Airlines & Tourism Ltd.
|
Lipstick
|
|
Lipstick
Management LLC
|
LRSA
|
|
La
Rural S.A.
|
Metropolitan
|
|
Metropolitan
885 Third Avenue Leasehold LLC
|
MPIT
|
|
Minimum
Presumed Income Tax
|
New
Lipstick
|
|
New
Lipstick LLC
|
IAS
|
|
International
Accounting Standards
|
IFRS
|
|
International
Financial Reporting Standards
|
NIS
|
|
New
Israeli Shekel
|
NPSF
|
|
Nuevo
Puerto Santa Fe S.A.
|
NCN
|
|
Non-Convertible
Notes
|
PBC
|
|
Property
& Building Corporation Ltd.
|
PBEL
|
|
PBEL
Real Estate LTD
|
Quality
|
|
Quality
Invest S.A.
|
Shufersal
|
|
Shufersal
Ltd.
|
Tarshop
|
|
Tarshop
S.A.
|
|
Note
|
12.31.17
|
|
06.30.17
|
ASSETS
|
|
|
|
|
Non-current assets
|
|
|
|
|
Investment properties
|
8
|
113,465
|
|
99,953
|
Property, plant and equipment
|
9
|
28,015
|
|
27,113
|
Trading properties
|
10, 21
|
3,496
|
|
4,532
|
Intangible assets
|
11
|
12,809
|
|
12,387
|
Investments in associates and joint ventures
|
7
|
8,195
|
|
7,885
|
Deferred income tax assets
|
18
|
306
|
|
285
|
Income tax and MPIT credit
|
|
43
|
|
145
|
Restricted assets
|
12
|
1,048
|
|
448
|
Trade and other receivables
|
13
|
5,316
|
|
4,974
|
Investments in financial assets
|
12
|
1,266
|
|
1,772
|
Financial assets held for sale
|
12
|
6,667
|
|
6,225
|
Derivative financial instruments
|
12
|
-
|
|
31
|
Total non-current assets
|
|
180,626
|
|
165,750
|
Current assets
|
|
|
|
|
Trading properties
|
10, 21
|
2,962
|
|
1,249
|
Inventories
|
21
|
4,184
|
|
4,260
|
Restricted assets
|
12
|
1,157
|
|
506
|
Income tax and MPIT credit
|
|
83
|
|
339
|
Group of assets held for sale
|
26
|
3,062
|
|
2,681
|
Trade and other receivables
|
13
|
17,094
|
|
17,264
|
Investments in financial assets
|
12
|
19,312
|
|
11,951
|
Financial assets held for sale
|
12
|
2,503
|
|
2,337
|
Derivative financial instruments
|
12
|
60
|
|
51
|
Cash and cash equivalents
|
12
|
29,495
|
|
24,854
|
Total current assets
|
|
79,912
|
|
65,492
|
TOTAL ASSETS
|
|
260,538
|
|
231,242
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
Shareholders´equity (according to corresponding
statement)
|
|
30,585
|
|
25,864
|
Non-controlling interest
|
|
27,221
|
|
21,472
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
57,806
|
|
47,336
|
LIABILITIES
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Borrowings
|
16
|
128,088
|
|
109,489
|
Deferred income tax liabilities
|
18
|
22,396
|
|
23,024
|
Trade and other payables
|
15
|
2,379
|
|
3,040
|
Provisions
|
17
|
795
|
|
943
|
Employee benefits
|
|
823
|
|
763
|
Derivative financial instruments
|
12
|
103
|
|
86
|
Salaries and social security liabilities
|
|
96
|
|
127
|
Total non-current liabilities
|
|
154,680
|
|
137,472
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
15
|
23,120
|
|
20,839
|
Borrowings
|
16
|
19,307
|
|
19,926
|
Provisions
|
17
|
941
|
|
890
|
Group of liabilities held for sale
|
26
|
2,087
|
|
1,855
|
Salaries and social security liabilities
|
|
2,036
|
|
2,041
|
Income tax and MPIT liabilities
|
|
420
|
|
797
|
Derivative financial instruments
|
12
|
141
|
|
86
|
Total current liabilities
|
|
48,052
|
|
46,434
|
TOTAL LIABILITIES
|
|
202,732
|
|
183,906
|
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
|
260,538
|
|
231,242
|
|
______________________
Alejandro G.
Elsztain
Vice-president II
acting as
President
|
|
|
Six month
|
|
Three month
|
||||
|
Note
|
12.31.17
|
|
12.31.16(recast)
|
|
12.31.2017
|
|
12.31.2016(recast)
|
Revenues
|
19
|
43,040
|
|
36,831
|
|
22,827
|
|
19,044
|
Costs
|
20, 21
|
(29,277)
|
|
(25,625)
|
|
(15,550)
|
|
(13,299)
|
Gross profit
|
|
13,763
|
|
11,206
|
|
7,277
|
|
5,745
|
Net gain from fair value adjustment of investment
properties
|
8
|
11,502
|
|
3,470
|
|
8,098
|
|
2,074
|
General and administrative expenses
|
20
|
(2,195)
|
|
(1,809)
|
|
(1,200)
|
|
(957)
|
Selling expenses
|
20
|
(7,717)
|
|
(6,564)
|
|
(4,156)
|
|
(3,395)
|
Other operating results, net
|
22
|
604
|
|
(121)
|
|
580
|
|
(52)
|
Profit from operations
|
|
15,957
|
|
6,182
|
|
10,599
|
|
3,415
|
Share of profit / (loss) of associates and joint
ventures
|
7
|
393
|
|
62
|
|
(5)
|
|
53
|
Profit before financial results and income tax
|
|
16,350
|
|
6,244
|
|
10,594
|
|
3,468
|
Finance income
|
23
|
650
|
|
510
|
|
355
|
|
230
|
Finance costs
|
23
|
(8,069)
|
|
(4,715)
|
|
(3,026)
|
|
(2,684)
|
Other financial results
|
23
|
1,196
|
|
1,531
|
|
903
|
|
1,269
|
Financial results, net
|
|
(6,223)
|
|
(2,674)
|
|
(1,768)
|
|
(1,185)
|
Profit before income tax
|
|
10,127
|
|
3,570
|
|
8,826
|
|
2,283
|
Income tax
|
18
|
497
|
|
(1,027)
|
|
1,737
|
|
(435)
|
Profit for the period from continuing operations
|
|
10,624
|
|
2,543
|
|
10,563
|
|
1,848
|
Profit for the period from discontinued operations
|
28
|
207
|
|
4,273
|
|
194
|
|
4,624
|
Profit for the period
|
|
10,831
|
|
6,816
|
|
10,757
|
|
6,472
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
|
Currency translation adjustment
|
|
457
|
|
2,502
|
|
944
|
|
277
|
Share of other comprehensive loss of associates and joint
ventures
|
|
(208)
|
|
(1,923)
|
|
(352)
|
|
(207)
|
Change in the fair value of hedging instruments net of income
taxes
|
|
(33)
|
|
(10)
|
|
(24)
|
|
(66)
|
Items that may not be reclassified subsequently to profit or loss,
net of income tax:
|
|
|
|
|
|
|
|
|
Actuarial (loss) /profit from defined contribution
plans
|
|
(47)
|
|
(19)
|
|
(34)
|
|
3
|
Share of other comprehensive income generated by
associates
|
|
-
|
|
-
|
|
-
|
|
3
|
Other comprehensive income for the period from continuing
operations
|
|
169
|
|
550
|
|
534
|
|
10
|
Other comprehensive income for the period from discontinued
operations
|
|
(8)
|
|
-
|
|
78
|
|
-
|
Total other comprehensive income for the period
|
|
161
|
|
550
|
|
612
|
|
10
|
Total comprehensive income for the period
|
|
10,992
|
|
7,366
|
|
11,369
|
|
6,482
|
|
|
|
|
|
|
|
|
|
Total comprehensive income from continuing operations
|
|
10,793
|
|
3,093
|
|
11,097
|
|
1,858
|
Total comprehensive income from discontinued
operations
|
|
199
|
|
4,273
|
|
272
|
|
4,624
|
Total comprehensive income for the period
|
|
10,992
|
|
7,366
|
|
11,369
|
|
6,482
|
|
|
|
|
|
|
|
|
|
Profit for the period attributable to:
|
|
|
|
|
|
|
|
|
Equity holders of the parent
|
|
8,918
|
|
3,835
|
|
8,365
|
|
3,635
|
Non-controlling interest
|
|
1,913
|
|
2,981
|
|
2,392
|
|
2,837
|
|
|
|
|
|
|
|
|
|
Profit from continuing operations attributable to:
|
|
|
|
|
|
|
|
|
Equity holders of the parent
|
|
8,778
|
|
1,503
|
|
8,233
|
|
1,044
|
Non-controlling interest
|
|
1,846
|
|
1,040
|
|
2,330
|
|
804
|
|
|
|
|
|
|
|
|
|
Total comprehensive income attributable to:
|
|
|
|
|
|
|
|
|
Equity holders of the parent
|
|
8,646
|
|
3,857
|
|
8,374
|
|
3,429
|
Non-controlling interest
|
|
2,346
|
|
3,509
|
|
2,995
|
|
3,053
|
|
|
|
|
|
|
|
|
|
Profit per share from continuing operations attributable to equity
holders of the parent:
|
|
|
|
|
|
|
|
|
Basic
|
|
15.51
|
|
6.67
|
|
14.55
|
|
6.32
|
Diluted
|
|
15.40
|
|
6.62
|
|
14.45
|
|
6.28
|
|
|
|
|
|
|
|
|
|
Profit per share from continuing operations attributable to equity
holders of the parent:
|
|
|
|
|
|
|
|
|
Basic
|
|
15.27
|
|
2.61
|
|
14.32
|
|
1.82
|
Diluted
|
|
15.16
|
|
2.60
|
|
14.22
|
|
1.80
|
|
______________________
Alejandro G.
Elsztain
Vice-president II
acting as
President
|
|
Attributable to equity holders of the parent
|
|
|
|||||||||
|
Share capital
|
Treasury shares
|
Inflation adjustment of share capital and treasury shares
(1)
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special reserve Resolution CNV 609/12 (2)
|
Other reserves (3)
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total Shareholders’ equity
|
Balance as of July 1, 2017
|
575
|
4
|
123
|
793
|
17
|
143
|
2,751
|
2,165
|
19,293
|
25,864
|
21,472
|
47,336
|
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,918
|
8,918
|
1,913
|
10,831
|
Other comprehensive (loss) / profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(272)
|
-
|
(272)
|
433
|
161
|
Total comprehensive (loss) / profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(272)
|
8,918
|
8,646
|
2,346
|
10,992
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.17
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,081
|
(2,081)
|
-
|
-
|
-
|
Shared-based compensation
|
-
|
-
|
-
|
-
|
1
|
-
|
-
|
2
|
-
|
3
|
33
|
36
|
Dividends distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,400)
|
(1,400)
|
(100)
|
(1,500)
|
Changes in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,528)
|
-
|
(2,528)
|
3,470
|
942
|
Balance as of December 31, 2017
|
575
|
4
|
123
|
793
|
18
|
143
|
2,751
|
1,448
|
24,730
|
30,585
|
27,221
|
57,806
|
|
Cost of treasury stock
|
|
Changes in non-controlling interest
|
|
Reserve for share-based payments
|
|
Reserve for future dividends
|
|
Currency translation adjustment reserve
|
|
Hedging instrument
|
|
Special reserve
|
|
Reserve for defined contribution plans
|
|
Other reserves from subsidiaries
|
|
Total Other reserves
|
Balance as of July 1, 2017
|
(28)
|
|
186
|
|
78
|
|
494
|
|
1,394
|
|
19
|
|
-
|
|
(15)
|
|
37
|
|
2,165
|
Other comprehensive loss for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
(216)
|
|
(9)
|
|
-
|
|
(47)
|
|
-
|
|
(272)
|
Total comprehensive loss for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
(216)
|
|
(9)
|
|
-
|
|
(47)
|
|
-
|
|
(272)
|
Share-based compensation
|
-
|
|
-
|
|
2
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.17
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,081
|
|
-
|
|
-
|
|
2,081
|
Changes in non-controlling interest
|
-
|
|
(2,527)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
(2,528)
|
Balance as of December 31, 2017
|
(28)
|
|
(2,341)
|
|
80
|
|
494
|
|
1,178
|
|
10
|
|
2,081
|
|
(62)
|
|
36
|
|
1,448
|
|
______________________
Alejandro G.
Elsztain
Vice-president II
acting as
President
|
|
Attributable to equity holders of the parent
|
|
|
|||||||||
|
Share capital
|
Treasury shares
|
Inflation adjustment of share capital and treasury shares
(1)
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special reserve Resolution CNV 609/12 (2)
|
Other reserves (3)
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total Shareholders’ equity
|
Balance as of July 1, 2016 (recast)
|
575
|
4
|
123
|
793
|
16
|
117
|
2,755
|
990
|
16,259
|
21,632
|
14,224
|
35,856
|
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,835
|
3,835
|
2,981
|
6,816
|
Other comprehensive profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
22
|
-
|
22
|
528
|
550
|
Total comprehensive profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
22
|
3,835
|
3,857
|
3,509
|
7,366
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.16
|
-
|
-
|
-
|
-
|
-
|
26
|
(4)
|
(26)
|
4
|
-
|
-
|
-
|
Shared-based compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
6
|
-
|
6
|
-
|
6
|
Currency translation adjustment for interest held before business
combination
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
2
|
Incorporated by business combination
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
45
|
45
|
Changes in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(202)
|
-
|
(202)
|
1,245
|
1,043
|
Dividends distribution to non-controlling interest in
subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(157)
|
(157)
|
Balance as of December 31, 2016 (recast)
|
575
|
4
|
123
|
793
|
16
|
143
|
2,751
|
790
|
20,098
|
25,293
|
18,868
|
44,161
|
|
Cost of treasury stock
|
|
Changes in non-controlling interest
|
|
Reserve for share-based payments
|
|
Reserve for future dividends
|
|
Currency translation adjustment reserve
|
|
Hedging instruments
|
|
Reserve for defined contribution plans
|
|
Other reserves from subsidiaries
|
|
Total Other reserves
|
Balance as of July 1, 2016 (recast)
|
(29)
|
|
21
|
|
67
|
|
520
|
|
421
|
|
(37)
|
|
(10)
|
|
37
|
|
990
|
Other comprehensive income / (loss) for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
33
|
|
1
|
|
(12)
|
|
-
|
|
22
|
Total comprehensive income / (loss) for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
33
|
|
1
|
|
(12)
|
|
-
|
|
22
|
Share-based compensation
|
-
|
|
-
|
|
6
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.16
|
-
|
|
-
|
|
-
|
|
(26)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(26)
|
Changes in non-controlling interest
|
-
|
|
(202)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(202)
|
Balance as of December 31, 2016 (recast)
|
(29)
|
|
(181)
|
|
73
|
|
494
|
|
454
|
|
(36)
|
|
(22)
|
|
37
|
|
790
|
|
______________________
Alejandro G.
Elsztain
Vice-president II
acting as
President
.
|
|
Note
|
12.31.17
|
|
12.31.16 (recast)
|
Operating activities:
|
|
|
|
|
Net cash generated from continuing operating activities before
income tax paid
|
14
|
6,792
|
|
5,559
|
Income tax and MPIT paid
|
|
(231)
|
|
(488)
|
Net cash generated from continuing operating
activities
|
|
6,561
|
|
5,071
|
Net cash generated from (used in) discontinued operating
activities
|
|
246
|
|
(209)
|
Net cash generated from operating activities
|
|
6,807
|
|
4,862
|
Investing activities:
|
|
|
|
|
Interest held decrease (increase) in associates and joint
ventures
|
|
12
|
|
(360)
|
Acquisition and improvements of investment properties
|
|
(1,247)
|
|
(1,346)
|
Advance payments
|
|
(146)
|
|
-
|
Proceeds from sales of investment properties
|
|
258
|
|
171
|
Acquisitions and improvements of property, plant and
equipment
|
|
(1,715)
|
|
(1,302)
|
Proceeds from sales of property, plant and equipment
|
|
4
|
|
-
|
Acquisitions of intangible assets
|
|
(323)
|
|
(209)
|
Acquisitions of subsidiaries, net of cash acquired
|
|
(719)
|
|
(46)
|
Net increase of restricted assets
|
|
(624)
|
|
-
|
Dividends received
|
|
75
|
|
60
|
Proceeds from sales of interest held in associates and joint
ventures
|
|
241
|
|
-
|
Proceeds from loans granted
|
|
558
|
|
-
|
Proceeds from liquidation of an associate
|
|
65
|
|
-
|
Acquisitions of investments in financial assets
|
|
(13,113)
|
|
(1,582)
|
Proceeds from disposal of investments in financial
assets
|
|
7,168
|
|
2,679
|
Interest received from financial assets
|
|
137
|
|
68
|
Loans granted to related parties
|
|
(345)
|
|
(4)
|
Loans granted
|
|
(88)
|
|
-
|
Net cash used in continuing investing activities
|
|
(9,802)
|
|
(1,871)
|
Net cash (used in) / generated from discontinued investing
activities
|
|
(61)
|
|
4,027
|
Net cash (used in) / generated from in investing
activities
|
|
(9,863)
|
|
2,156
|
Financing activities:
|
|
|
|
|
Borrowings
|
|
14,831
|
|
13,657
|
Payment of borrowings
|
|
(6,183)
|
|
(9,422)
|
Payment of borrowings to related parties
|
|
-
|
|
(9)
|
Interests paid
|
|
(2,636)
|
|
(2,407)
|
Capital distributions to non-controlling interest in
subsidiaries
|
|
(18)
|
|
(43)
|
Capital contributions from non-controlling interest in
subsidiaries
|
|
82
|
|
2
|
Acquisition of non-controlling interest in
subsidiaries
|
|
(612)
|
|
(990)
|
Proceeds from sales of non-controlling interest in
subsidiaries
|
|
3,303
|
|
2,440
|
Dividends paid
|
|
(1,400)
|
|
(515)
|
Dividends paid to non-controlling interest in
subsidiaries
|
|
(179)
|
|
-
|
Payments of derivative financial instruments
|
|
(29)
|
|
(90)
|
Proceeds from derivative financial instruments
|
|
137
|
|
69
|
Net cash generated from continuing financing
activities
|
|
7,296
|
|
2,692
|
Net cash used in discontinued financing activities
|
|
(111)
|
|
(515)
|
Net cash generated from financing activities
|
|
7,185
|
|
2,177
|
Net increase in cash and cash equivalents from continuing
activities
|
|
4,055
|
|
5,892
|
Net increase in cash and cash equivalents from discontinued
activities
|
|
74
|
|
3,303
|
Net increase in cash and cash equivalents
|
|
4,129
|
|
9,195
|
Cash and cash equivalents at beginning of period
|
13
|
24,854
|
|
13,866
|
Cash and cash equivalents reclassified to held for
sale
|
|
(74)
|
|
-
|
Foreign exchange gain on cash and changes in fair value orf cash
equivalents
|
|
586
|
|
639
|
Cash and cash equivalents at end of period
|
13
|
29,495
|
|
23,700
|
|
______________________
Alejandro G.
Elsztain
Vice-president II
acting as
President
.
|
|
Six month
|
||||||
|
12.31.2016 (originally issued)
|
|
12.31.2016 (adjustment)
|
|
12.31.2016 (other reclassifications) g)
|
|
12.31.2016 (recast)
|
Revenues
|
36,831
|
|
-
|
|
-
|
|
36,831
|
Costs
|
(25,945)
|
|
531
|
a)
|
(211)
|
|
(25,625)
|
Gross profit
|
10,886
|
|
531
|
|
(211)
|
|
11,206
|
Gain from disposal of investment properties
|
105
|
|
(105)
|
b)
|
-
|
|
-
|
Net gain from fair value adjustment of investment
properties
|
-
|
|
3,470
|
c)
|
-
|
|
3,470
|
General and administrative expenses
|
(1,831)
|
|
-
|
|
22
|
|
(1,809)
|
Selling expenses
|
(6,749)
|
|
-
|
|
185
|
|
(6,564)
|
Other operating results, net
|
(123)
|
|
(2)
|
|
4
|
|
(121)
|
Profit from operations
|
2,288
|
|
3,894
|
|
-
|
|
6,182
|
Share of (loss) / profit of associates and joint
ventures
|
(93)
|
|
86
|
d)
|
69
|
|
62
|
Profit before finance results and income tax
|
2,195
|
|
3,980
|
|
69
|
|
6,244
|
Finance income
|
732
|
|
-
|
|
(222)
|
|
510
|
Finance costs
|
(4,868)
|
|
-
|
|
153
|
|
(4,715)
|
Other financial results
|
1,531
|
|
-
|
|
-
|
|
1,531
|
Financial results, net
|
(2,605)
|
|
-
|
|
(69)
|
|
(2,674)
|
(Loss) / profit before income tax
|
(410)
|
|
3,980
|
|
-
|
|
3,570
|
Income tax
|
334
|
|
(1,361)
|
e)
|
-
|
|
(1,027)
|
(Loss) / profit from continuing operations
|
(76)
|
|
2,619
|
|
-
|
|
2,543
|
Profit from discontinued operations
|
4,273
|
|
-
|
|
-
|
|
4,273
|
Profit for the period
|
4,197
|
|
2,619
|
|
-
|
|
6,816
|
Other comprehensive income
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
Currency translation adjustment
|
121
|
|
2,381
|
f)
|
-
|
|
2,502
|
Share of other comprehensive income / (loss) of associates and
joint ventures
|
310
|
|
(2,233)
|
d)
|
-
|
|
(1,923)
|
Change in the fair value of hedging instruments net of income
tax
|
(10)
|
|
-
|
|
-
|
|
(10)
|
Items that may not be reclassified subsequently to profit or loss,
net of income tax
|
|
|
|
|
|
|
|
Actuarial loss from defined contribution plans
|
(19)
|
|
-
|
|
-
|
|
(19)
|
Other comprehensive income for the period from continuing
operations
|
402
|
|
148
|
|
-
|
|
550
|
Other comprehensive income for the period
|
4,599
|
|
2,767
|
|
-
|
|
7,366
|
|
|
|
|
|
|
|
|
Profit for the period attributable to:
|
|
|
|
|
|
|
|
Equity holders of the parent
|
2,067
|
|
1,768
|
|
-
|
|
3,835
|
Non-controlling interest
|
2,130
|
|
851
|
|
-
|
|
2,981
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period attributable
to:
|
|
|
|
|
|
|
|
Equity holders of the parent
|
2,034
|
|
1,823
|
|
-
|
|
3,857
|
Non-controlling interest
|
2,565
|
|
944
|
|
-
|
|
3,509
|
|
Three month
|
||||||
|
12.31.2016 (originally issued)
|
|
12.31.2016 (adjustment)
|
|
12.31.2016 (other reclassifications) g)
|
|
12.31.2016 (recast)
|
Revenues
|
18,144
|
|
-
|
|
900
|
|
19,044
|
Costs
|
(12,678)
|
|
269
|
a)
|
(890)
|
|
(13,299)
|
Gross profit
|
5,466
|
|
269
|
|
10
|
|
5,745
|
Gain from disposal of investment properties
|
86
|
|
(86)
|
b)
|
-
|
|
-
|
Net gain from fair value adjustment of investment
properties
|
-
|
|
2,074
|
c)
|
-
|
|
2,074
|
General and administrative expenses
|
(897)
|
|
-
|
|
(60)
|
|
(957)
|
Selling expenses
|
(3,453)
|
|
-
|
|
58
|
|
(3,395)
|
Other operating results, net
|
(61)
|
|
(2)
|
|
11
|
|
(52)
|
Profit from operations
|
1,141
|
|
2,255
|
|
19
|
|
3,415
|
Share of (loss) / profit of associates and joint
ventures
|
(50)
|
|
61
|
d)
|
42
|
|
53
|
Profit before finance results and income tax
|
1,091
|
|
2,316
|
|
61
|
|
3,468
|
Finance income
|
344
|
|
-
|
|
(114)
|
|
230
|
Finance costs
|
(2,744)
|
|
-
|
|
60
|
|
(2,684)
|
Other financial results
|
1,269
|
|
-
|
|
-
|
|
1,269
|
Financial results, net
|
(1,131)
|
|
-
|
|
(54)
|
|
(1,185)
|
(Loss) / profit before income tax
|
(40)
|
|
2,316
|
|
7
|
|
2,283
|
Income tax
|
388
|
|
(823)
|
e)
|
-
|
|
(435)
|
Profit from continuing operations
|
348
|
|
1,493
|
|
7
|
|
1,848
|
Profit from discontinued operations
|
4,631
|
|
-
|
|
(7)
|
|
4,624
|
Profit for the period
|
4,979
|
|
1,493
|
|
-
|
|
6,472
|
Other comprehensive (loss) / income
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
Currency translation adjustment
|
(360)
|
|
637
|
f)
|
-
|
|
277
|
Share of other comprehensive income / (loss) of associates and
joint ventures
|
327
|
|
(534)
|
d)
|
-
|
|
(207)
|
Change in the fair value of hedging instruments net of income
tax
|
(66)
|
|
-
|
|
-
|
|
(66)
|
Items that may not be reclassified subsequently to profit or loss,
net of income tax
|
|
|
|
|
|
|
|
Actuarial profit from defined contribution plans
|
3
|
|
-
|
|
-
|
|
3
|
Other profit generated by associates
|
3
|
|
-
|
|
-
|
|
3
|
Other comprehensive (loss) / income for the period from continuing
operations
|
(93)
|
|
103
|
|
-
|
|
10
|
Other comprehensive income for the period
|
4,886
|
|
1,596
|
|
-
|
|
6,482
|
|
|
|
|
|
|
|
|
Profit for the period attributable to:
|
|
|
|
|
|
|
|
Equity holders of the parent
|
2,644
|
|
991
|
|
-
|
|
3,635
|
Non-controlling interest
|
2,335
|
|
502
|
|
-
|
|
2,837
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period attributable
to:
|
|
|
|
|
|
|
|
Equity holders of the parent
|
2,399
|
|
1,030
|
|
-
|
|
3,429
|
Non-controlling interest
|
2,487
|
|
566
|
|
-
|
|
3,053
|
|
|
December 2017
|
Identified assets and assumed liabilities:
|
|
|
|
|
|
Assets
|
|
850
|
Liabilities
|
|
926
|
Total identified net assets
|
|
(76)
|
Goodwill (pending allocation)
|
|
810
|
Total consideration
|
|
734
|
|
December 31, 2017
|
|
||||||||||||
|
Operations Center in Argentina
|
|
Operations Center in Israel
|
|
Total
|
|
Joint ventures (1)
|
|
Expenses and collective promotion funds
|
|
Elimination of inter-segment transactions and non-reportable assets
/ liabilities
|
|
Total as per statement of income / statement of financial
position
|
|
Revenues
|
2,593
|
|
39,621
|
|
42,214
|
|
(28)
|
|
860
|
|
(6)
|
|
43,040
|
|
Costs
|
(517)
|
|
(27,896)
|
|
(28,413)
|
|
11
|
|
(876)
|
|
1
|
|
(29,277)
|
|
Gross profit
|
2,076
|
|
11,725
|
|
13,801
|
|
(17)
|
|
(16)
|
|
(5)
|
|
13,763
|
|
Net gain from fair value adjustment of investment
properties
|
10,476
|
|
1,150
|
|
11,626
|
|
(124)
|
|
-
|
|
-
|
|
11,502
|
|
General and administrative expenses
|
(421)
|
|
(1,793)
|
|
(2,214)
|
|
13
|
|
-
|
|
6
|
|
(2,195)
|
|
Selling expenses
|
(202)
|
|
(7,519)
|
|
(7,721)
|
|
4
|
|
-
|
|
-
|
|
(7,717)
|
|
Other operating results, net
|
(46)
|
|
635
|
|
589
|
|
16
|
|
-
|
|
(1)
|
|
604
|
|
Profit / (loss) from operations
|
11,883
|
|
4,198
|
|
16,081
|
|
(108)
|
|
(16)
|
|
-
|
|
15,957
|
|
Share of profit / (loss) of associates and joint
ventures
|
460
|
|
(227)
|
|
233
|
|
160
|
|
-
|
|
-
|
|
393
|
|
Segment profit / (loss)
|
12,343
|
|
3,971
|
|
16,314
|
|
52
|
|
(16)
|
|
-
|
|
16,350
|
|
Reportable assets
|
56,466
|
|
194,258
|
|
250,724
|
|
(198)
|
|
-
|
|
10,012
|
|
260,538
|
|
Reportable liabilities
|
-
|
|
(170,926)
|
|
(170,926)
|
|
-
|
|
-
|
|
(31,806)
|
|
(202,732)
|
|
Net reportable assets
|
56,466
|
|
23,332
|
|
79,798
|
|
(198)
|
|
-
|
|
(21,794)
|
|
57,806
|
|
December 31, 2016 (recast)
|
|
||||||||||||
|
Operations Center in Argentina
|
|
Operations Center in Israel
|
|
Total
|
|
Joint ventures (1)
|
|
Expenses and collective promotion funds
|
|
Elimination of inter-segment transactions and non-reportable assets
/ liabilities
|
|
Total as per statement of income / statement of financial
position
|
|
Revenues
|
2,085
|
|
34,021
|
|
36,106
|
|
(18)
|
|
745
|
|
(2)
|
|
36,831
|
|
Costs
|
(411)
|
|
(24,463)
|
|
(24,874)
|
|
8
|
|
(759)
|
|
-
|
|
(25,625)
|
|
Gross profit
|
1,674
|
|
9,558
|
|
11,232
|
|
(10)
|
|
(14)
|
|
(2)
|
|
11,206
|
|
Net gain from fair value adjustment of investment
properties
|
3,045
|
|
973
|
|
4,018
|
|
(548)
|
|
-
|
|
-
|
|
3,470
|
|
General and administrative expenses
|
(337)
|
|
(1,478)
|
|
(1,815)
|
|
2
|
|
-
|
|
4
|
|
(1,809)
|
|
Selling expenses
|
(185)
|
|
(6,381)
|
|
(6,566)
|
|
2
|
|
-
|
|
-
|
|
(6,564)
|
|
Other operating results, net
|
(19)
|
|
(95)
|
|
(114)
|
|
(5)
|
|
-
|
|
(2)
|
|
(121)
|
|
Profit / (loss) from operations
|
4,178
|
|
2,577
|
|
6,755
|
|
(559)
|
|
(14)
|
|
-
|
|
6,182
|
|
Share of (loss) / profit of associates and joint
ventures
|
(58)
|
|
86
|
|
28
|
|
34
|
|
-
|
|
-
|
|
62
|
|
Segment profit / (loss)
|
4,120
|
|
2,663
|
|
6,783
|
|
(525)
|
|
(14)
|
|
-
|
|
6,244
|
|
Reportable assets
|
41,913
|
|
154,468
|
|
196,381
|
|
(213)
|
|
-
|
|
7,073
|
|
203,241
|
|
Reportable liabilities
|
-
|
|
(133,155)
|
|
(133,155)
|
|
-
|
|
-
|
|
(25,925)
|
|
(159,080)
|
|
Net reportable assets
|
41,913
|
|
21,313
|
|
63,226
|
|
(213)
|
|
-
|
|
(18,852)
|
|
44,161
|
|
December 31, 2017
|
||||||||||||
|
Operations Center in Argentina
|
||||||||||||
|
Shopping Malls
|
|
Officesand others
|
|
Sales and developments
|
|
Hotels
|
|
International
|
|
Financial operations, Corporate and others
|
|
Total
|
Revenues
|
1,810
|
|
251
|
|
54
|
|
478
|
|
-
|
|
-
|
|
2,593
|
Costs
|
(173)
|
|
(17)
|
|
(20)
|
|
(307)
|
|
-
|
|
-
|
|
(517)
|
Gross profit
|
1,637
|
|
234
|
|
34
|
|
171
|
|
-
|
|
-
|
|
2,076
|
Net gain from fair value adjustment of investment
properties
|
9,041
|
|
885
|
|
550
|
|
-
|
|
-
|
|
-
|
|
10,476
|
General and administrative expenses
|
(135)
|
|
(19)
|
|
(29)
|
|
(90)
|
|
(44)
|
|
(104)
|
|
(421)
|
Selling expenses
|
(108)
|
|
(17)
|
|
(9)
|
|
(57)
|
|
-
|
|
(11)
|
|
(202)
|
Other operating results, net
|
(24)
|
|
10
|
|
(23)
|
|
(2)
|
|
(5)
|
|
(2)
|
|
(46)
|
Profit / (loss) from operations
|
10,411
|
|
1,093
|
|
523
|
|
22
|
|
(49)
|
|
(117)
|
|
11,883
|
Share of profit of associates and joint ventures
|
-
|
|
25
|
|
11
|
|
-
|
|
40
|
|
384
|
|
460
|
Segment profit / (loss)
|
10,411
|
|
1,118
|
|
534
|
|
22
|
|
(9)
|
|
267
|
|
12,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment properties and trading properties
|
37,987
|
|
8,783
|
|
5,992
|
|
-
|
|
-
|
|
-
|
|
52,762
|
Investment in associates and joint ventures
|
-
|
|
126
|
|
150
|
|
-
|
|
671
|
|
2,326
|
|
3,273
|
Other operating assets
|
85
|
|
75
|
|
43
|
|
170
|
|
58
|
|
-
|
|
431
|
Operating assets
|
38,072
|
|
8,984
|
|
6,185
|
|
170
|
|
729
|
|
2,326
|
|
56,466
|
|
December 31, 2016 (recast)
|
||||||||||||
|
Operations Center in Argentina
|
||||||||||||
|
Shopping Malls
|
|
Officesand others
|
|
Sales and developments
|
|
Hotels
|
|
International
|
|
Financial operations, Corporate and Others
|
|
Total
|
Revenues
|
1,494
|
|
217
|
|
1
|
|
373
|
|
-
|
|
-
|
|
2,085
|
Costs
|
(146)
|
|
(17)
|
|
(14)
|
|
(234)
|
|
-
|
|
-
|
|
(411)
|
Gross profit / (loss)
|
1,348
|
|
200
|
|
(13)
|
|
139
|
|
-
|
|
-
|
|
1,674
|
Net gain / (loss) from fair value adjustment of investment
properties
|
1,698
|
|
1,505
|
|
(158)
|
|
-
|
|
-
|
|
-
|
|
3,045
|
General and administrative expenses
|
(123)
|
|
(16)
|
|
(19)
|
|
(66)
|
|
(42)
|
|
(71)
|
|
(337)
|
Selling expenses
|
(93)
|
|
(22)
|
|
(9)
|
|
(46)
|
|
-
|
|
(15)
|
|
(185)
|
Other operating results, net
|
(24)
|
|
46
|
|
(30)
|
|
-
|
|
(9)
|
|
(2)
|
|
(19)
|
Profit / (loss) from operations
|
2,806
|
|
1,713
|
|
(229)
|
|
27
|
|
(51)
|
|
(88)
|
|
4,178
|
Share of (loss) / profit of associates and joint
ventures
|
(1)
|
|
32
|
|
7
|
|
-
|
|
(140)
|
|
44
|
|
(58)
|
Segment profit / (loss)
|
2,805
|
|
1,745
|
|
(222)
|
|
27
|
|
(191)
|
|
(44)
|
|
4,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment properties and trading properties
|
28,385
|
|
6,800
|
|
4,368
|
|
-
|
|
-
|
|
-
|
|
39,553
|
Investment in associates and joint ventures
|
-
|
|
148
|
|
69
|
|
-
|
|
4
|
|
1,768
|
|
1,989
|
Other operating assets
|
82
|
|
92
|
|
32
|
|
163
|
|
2
|
|
-
|
|
371
|
Operating assets
|
28,467
|
|
7,040
|
|
4,469
|
|
163
|
|
6
|
|
1,768
|
|
41,913
|
|
December 31, 2017
|
||||||||||
|
Operations Center in Israel
|
||||||||||
|
Real Estate
|
|
Supermarkets
|
|
Telecommunications
|
|
Insurance
|
|
Others
|
|
Total
|
Revenues
|
2,503
|
|
27,854
|
|
9,065
|
|
-
|
|
199
|
|
39,621
|
Costs
|
(753)
|
|
(20,654)
|
|
(6,377)
|
|
-
|
|
(112)
|
|
(27,896)
|
Gross profit
|
1,750
|
|
7,200
|
|
2,688
|
|
-
|
|
87
|
|
11,725
|
Net gain from fair value adjustment of investment
properties
|
1,150
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,150
|
General and administrative expenses
|
(171)
|
|
(430)
|
|
(848)
|
|
-
|
|
(344)
|
|
(1,793)
|
Selling expenses
|
(51)
|
|
(5,659)
|
|
(1,787)
|
|
-
|
|
(22)
|
|
(7,519)
|
Other operating results, net
|
22
|
|
(103)
|
|
146
|
|
-
|
|
570
|
|
635
|
Profit from operations
|
2,700
|
|
1,008
|
|
199
|
|
-
|
|
291
|
|
4,198
|
Share of (loss) / profit of associates and joint
ventures
|
(146)
|
|
9
|
|
-
|
|
-
|
|
(90)
|
|
(227)
|
Segment profit
|
2,554
|
|
1,017
|
|
199
|
|
-
|
|
201
|
|
3,971
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating assets
|
88,661
|
|
42,214
|
|
31,115
|
|
9,170
|
|
23,098
|
|
194,258
|
Operating liabilities
|
(70,253)
|
|
(30,443)
|
|
(24,447)
|
|
-
|
|
(45,783)
|
|
(170,926)
|
Operating assets (liabilities), net
|
18,408
|
|
11,771
|
|
6,668
|
|
9,170
|
|
(22,685)
|
|
23,332
|
|
December 31, 2016 (recast)
|
||||||||||
|
Operations Center in Israel
|
||||||||||
|
Real Estate
|
|
Supermarkets
|
|
Telecommunications
|
|
Insurance
|
|
Others
|
|
Total
|
Revenues
|
2,492
|
|
23,439
|
|
7,748
|
|
-
|
|
342
|
|
34,021
|
Costs
|
(1,234)
|
|
(17,769)
|
|
(5,275)
|
|
-
|
|
(185)
|
|
(24,463)
|
Gross profit
|
1,258
|
|
5,670
|
|
2,473
|
|
-
|
|
157
|
|
9,558
|
Net gain from fair value adjustment of investment
properties
|
973
|
|
-
|
|
-
|
|
-
|
|
-
|
|
973
|
General and administrative expenses
|
(130)
|
|
(303)
|
|
(728)
|
|
-
|
|
(317)
|
|
(1,478)
|
Selling expenses
|
(46)
|
|
(4,593)
|
|
(1,714)
|
|
-
|
|
(28)
|
|
(6,381)
|
Other operating results, net
|
31
|
|
(31)
|
|
(19)
|
|
-
|
|
(76)
|
|
(95)
|
Profit / (loss) from operations
|
2,086
|
|
743
|
|
12
|
|
-
|
|
(264)
|
|
2,577
|
Share of (loss) / profit of associates and joint
ventures
|
(87)
|
|
-
|
|
-
|
|
-
|
|
173
|
|
86
|
Segment profit / (loss)
|
1,999
|
|
743
|
|
12
|
|
-
|
|
(91)
|
|
2,663
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating assets
|
64,189
|
|
32,545
|
|
28,532
|
|
6,143
|
|
23,059
|
|
154,468
|
Operating liabilities
|
(51,822)
|
|
(25,964)
|
|
(22,641)
|
|
-
|
|
(32,728)
|
|
(133,155)
|
Operating assets (liabilities), net
|
12,367
|
|
6,581
|
|
5,891
|
|
6,143
|
|
(9,669)
|
|
21,313
|
|
December 31, 2017
|
|
June 30, 2017
|
Beginning of the period / year
|
7,813
|
|
16,835
|
Increase in equity interest in associates and joint
ventures
|
49
|
|
1,102
|
Issuance of capital and contributions
|
89
|
|
160
|
Capital reduction
|
(150)
|
|
(32)
|
Decrease for control obtainment
|
-
|
|
(59)
|
Associates incorporated by business combination
|
-
|
|
107
|
Share of profit
|
393
|
|
378
|
Currency translation adjustment
|
140
|
|
232
|
Cash dividends (i)
|
(51)
|
|
(250)
|
Distribution for associate liquidation (ii)
|
(65)
|
|
-
|
Reclassification to held for sale
|
(44)
|
|
(10,709)
|
Others
|
5
|
|
49
|
End of the period / year (iii)
|
8,179
|
|
7,813
|
Name of the entity
|
|
% ownership interest
|
|
Value of Group's interest in equity
|
|
Group's interest in comprehensive income / (loss)
|
|
|||||||
|
December 30, 2017
|
June 30, 2017
|
|
December 30, 2017
|
June 30, 2017
|
|
December 30, 2017
|
December 30, 2016 (recast)
|
||||||
Associates
|
|
|
|
|
|
|
|
|
|
|||||
New Lipstick (1)
|
|
49.9%
|
49.9%
|
|
(16)
|
(72)
|
|
56
|
(99)
|
|||||
BHSA
|
|
29.9%
|
29.9%
|
|
2,103
|
1,693
|
|
410
|
38
|
|||||
Condor
|
|
28.2%
|
28.7%
|
|
678
|
634
|
|
64
|
(35)
|
|||||
PBEL
|
|
45.4%
|
45.4%
|
|
661
|
768
|
|
-
|
48
|
|||||
Other associates
|
|
-
|
-
|
|
1,484
|
1,552
|
|
(139)
|
392
|
|||||
Joint
ventures
|
|
|
|
|
|
|
|
|
|
|||||
Quality
|
|
50.0%
|
50.0%
|
|
618
|
482
|
|
124
|
16
|
|||||
La Rural SA
|
|
50.0%
|
50.0%
|
|
124
|
113
|
|
24
|
11
|
|||||
Mehadrin
|
|
45.4%
|
45.4%
|
|
1,219
|
1,312
|
|
(92)
|
16
|
|||||
Other joint ventures
|
|
-
|
-
|
|
1,308
|
1,331
|
|
86
|
(23)
|
|||||
Total associates and joint ventures
|
|
|
|
|
8,179
|
7,813
|
|
533
|
364
|
Name of the entity
|
|
Place of business / Country of incorporation
|
|
Main activity
|
|
Common shares 1 vote
|
|
Latest financial statements issued
|
||||
|
|
|
|
Share capital (nominal value)
|
|
Profit / (loss) for the period
|
|
Shareholders’ equity
|
||||
Associates
|
|
|
|
|
|
|
|
|
|
|
|
|
New Lipstick
|
|
U.S.
|
|
Real estate
|
|
N/A
|
|
N/A
|
|
(*) (24)
|
|
(*) (159)
|
BHSA
|
|
Argentina
|
|
Financial
|
|
448,689,072
|
|
(***) 1,500
|
|
(***) 486
|
|
(***) 7,167
|
Condor
|
|
U.S.
|
|
Hotel
|
|
3,337,613
|
|
N/A
|
|
(*) (1)
|
|
(*) 111
|
PBEL
|
|
India
|
|
Real estate
|
|
450
|
|
(**) 1
|
|
(**) (63)
|
|
(**) (619)
|
Other associates
|
|
|
|
|
|
|
|
N/A
|
|
N/A
|
|
N/A
|
Joint
ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
Quality
|
|
Argentina
|
|
Real estate
|
|
81,814,342
|
|
164
|
|
249
|
|
1,229
|
La Rural SA
|
|
Argentina
|
|
Organization of events
|
|
714,498
|
|
1
|
|
90
|
|
201
|
Mehadrin
|
|
Israel
|
|
Agriculture
|
|
1,509,889
|
|
(**) 3
|
|
(*) (36)
|
|
(*) 503
|
Other joint ventures
|
|
|
|
|
|
-
|
|
N/A
|
|
N/A
|
|
N/A
|
|
Period ended December 31, 2017
|
|
Year ended June 30, 2017
|
||||||
|
Rental properties
|
|
Undeveloped parcels of land
|
|
Properties under development
|
|
Total
|
|
Total
|
Fair value at the beginning of the period / year
|
89,301
|
|
7,647
|
|
3,005
|
|
99,953
|
|
82,703
|
Additions
|
576
|
|
19
|
|
652
|
|
1,247
|
|
2,651
|
Capitalized finance costs
|
-
|
|
-
|
|
8
|
|
8
|
|
3
|
Capitalized leasing costs
|
15
|
|
-
|
|
1
|
|
16
|
|
24
|
Amortization of capitalized leasing costs (i)
|
(2)
|
|
-
|
|
-
|
|
(2)
|
|
(2)
|
Transfers
|
(4)
|
|
4
|
|
-
|
|
-
|
|
-
|
Transfers from property, plant and equipment
|
-
|
|
-
|
|
-
|
|
-
|
|
156
|
Transfers to trading properties
|
(351)
|
|
-
|
|
-
|
|
(351)
|
|
(14)
|
Transfers to assets held for sale
|
-
|
|
-
|
|
-
|
|
-
|
|
(71)
|
Reclassifications previous periods
|
-
|
|
-
|
|
-
|
|
-
|
|
(224)
|
Disposals due to sales
|
(26)
|
|
-
|
|
-
|
|
(26)
|
|
(220)
|
Currency translation adjustment
|
1,086
|
|
33
|
|
(1)
|
|
1,118
|
|
10,494
|
Net gain from fair value adjustment
|
10,881
|
|
571
|
|
50
|
|
11,502
|
|
4,453
|
Fair value at the end of the period / year
|
101,476
|
|
8,274
|
|
3,715
|
|
113,465
|
|
99,953
|
|
December 31, 2017
|
|
December 31, 2016 (recast)
|
Rental and services income
|
5,241
|
|
4,242
|
Direct operating expenses
|
(1,474)
|
|
(1,351)
|
Development expenditures
|
(347)
|
|
(822)
|
Net realized gain from fair value adjustment of investment
properties
|
84
|
|
105
|
Net unrealized gain from fair value adjustment of investment
properties
|
11,418
|
|
3,365
|
|
Period ended December 31, 2017
|
|
Year ended June 30, 2017
|
||||||||
|
Buildings and facilities
|
|
Machinery and equipment
|
|
Communication networks
|
|
Others
|
|
Total
|
|
Total
|
Costs
|
17,573
|
|
4,614
|
|
8,156
|
|
1,973
|
|
32,316
|
|
25,839
|
Accumulated depreciation
|
(1,418)
|
|
(1,152)
|
|
(1,994)
|
|
(639)
|
|
(5,203)
|
|
(1,790)
|
Net book amount at the beginning of the year
|
16,155
|
|
3,462
|
|
6,162
|
|
1,334
|
|
27,113
|
|
24,049
|
Additions
|
435
|
|
357
|
|
497
|
|
413
|
|
1,702
|
|
2,751
|
Disposals
|
(2)
|
|
(19)
|
|
(39)
|
|
(9)
|
|
(69)
|
|
(241)
|
Reclassification to assets held for sale
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,557)
|
Impairment / recovery
|
(31)
|
|
-
|
|
-
|
|
-
|
|
(31)
|
|
12
|
Assets incorporated by business combinations
|
80
|
|
150
|
|
-
|
|
-
|
|
230
|
|
-
|
Currency translation adjustment
|
428
|
|
90
|
|
156
|
|
40
|
|
714
|
|
5,013
|
Transfers to investment properties
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(156)
|
Depreciation charges (i)
|
(423)
|
|
(303)
|
|
(624)
|
|
(294)
|
|
(1,644)
|
|
(2,758)
|
Balances at the end of the period / year
|
16,642
|
|
3,737
|
|
6,152
|
|
1,484
|
|
28,015
|
|
27,113
|
Costs
|
18,570
|
|
5,239
|
|
8,861
|
|
2,436
|
|
35,106
|
|
32,316
|
Accumulated depreciation
|
(1,928)
|
|
(1,502)
|
|
(2,709)
|
|
(952)
|
|
(7,091)
|
|
(5,203)
|
Net book amount at the end of the period / year
|
16,642
|
|
3,737
|
|
6,152
|
|
1,484
|
|
28,015
|
|
27,113
|
|
Period ended December 31, 2017
|
|
Year ended June 30, 2017
|
||||||
|
Completed properties
|
|
Properties under development
|
|
Undeveloped sites
|
|
Total
|
|
Total
|
Beginning of the period / year
|
801
|
|
3,972
|
|
1,008
|
|
5,781
|
|
4,971
|
Additions
|
5
|
|
695
|
|
46
|
|
746
|
|
1,229
|
Capitalized finance costs
|
-
|
|
3
|
|
-
|
|
3
|
|
-
|
Currency translation adjustment
|
71
|
|
142
|
|
22
|
|
235
|
|
971
|
Transfers
|
325
|
|
(268)
|
|
(57)
|
|
-
|
|
-
|
Transfers from intangible assets
|
4
|
|
-
|
|
-
|
|
4
|
|
13
|
Transfers from investment properties
|
351
|
|
-
|
|
-
|
|
351
|
|
14
|
Disposals
|
(661)
|
|
(1)
|
|
-
|
|
(662)
|
|
(1,417)
|
End of the period / year
|
896
|
|
4,543
|
|
1,019
|
|
6,458
|
|
5,781
|
Non-current
|
|
|
|
|
|
|
3,496
|
|
4,532
|
Current
|
|
|
|
|
|
|
2,962
|
|
1,249
|
Total
|
|
|
|
|
|
|
6,458
|
|
5,781
|
|
Period ended December 31, 2017
|
|
Year ended June 30, 2017
|
||||||||||||||
|
Goodwill
|
|
Trademarks
|
|
Licenses
|
|
Customer relations
|
|
Information systems and software
|
|
Contracts and others
|
|
Total
|
|
Total
|
||
Costs
|
2,778
|
|
4,029
|
|
1,002
|
|
4,746
|
|
2,103
|
|
1,659
|
|
16,317
|
|
12,979
|
||
Accumulated amortization
|
-
|
|
(75)
|
|
(210)
|
|
(2,184)
|
|
(814)
|
|
(647)
|
|
(3,930)
|
|
(1,216)
|
||
Net book amount at the beginning of the period / year
|
2,778
|
|
3,954
|
|
792
|
|
2,562
|
|
1,289
|
|
1,012
|
|
12,387
|
|
11,763
|
||
Additions
|
-
|
|
-
|
|
-
|
|
27
|
|
256
|
|
40
|
|
323
|
|
612
|
||
Disposals
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(52)
|
||
Reclassifications previous periods
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
31
|
||
Transfers to assets held for sale
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(182)
|
||
Transfers to trading properties
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(4)
|
|
(4)
|
|
(13)
|
||
Assets incorporated by business combination
|
810
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
810
|
|
26
|
||
Currency translation adjustment
|
60
|
|
106
|
|
19
|
|
43
|
|
33
|
|
13
|
|
274
|
|
2,284
|
||
Amortization charges (i)
|
-
|
|
(23)
|
|
(32)
|
|
(486)
|
|
(248)
|
|
(192)
|
|
(981)
|
|
(2,082)
|
||
Balances at the end of the period / year
|
3,648
|
|
4,037
|
|
779
|
|
2,146
|
|
1,330
|
|
869
|
|
12,809
|
|
12,387
|
||
Costs
|
3,648
|
|
4,140
|
|
1,029
|
|
4,639
|
|
2,158
|
|
1,737
|
|
17,351
|
|
16,317
|
||
Accumulated amortization
|
-
|
|
(103)
|
|
(250)
|
|
(2,493)
|
|
(828)
|
|
(868)
|
|
(4,542)
|
|
(3,930)
|
||
Net book amount at the end of the period / year
|
3,648
|
|
4,037
|
|
779
|
|
2,146
|
|
1,330
|
|
869
|
|
12,809
|
|
12,387
|
|
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
|
|
|
|
|
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the allowance for doubtful
accounts and other receivables)
|
16,356
|
|
-
|
-
|
2,288
|
|
18,644
|
|
4,130
|
|
22,774
|
Investments in financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
- Public companies’ securities
|
-
|
|
2,204
|
-
|
124
|
|
2,328
|
|
-
|
|
2,328
|
- Private companies’ securities
|
-
|
|
-
|
-
|
823
|
|
823
|
|
-
|
|
823
|
- Deposits
|
1,846
|
|
15
|
-
|
-
|
|
1,861
|
|
-
|
|
1,861
|
- Mutual funds
|
-
|
|
5,034
|
-
|
-
|
|
5,034
|
|
-
|
|
5,034
|
- Bonds
|
-
|
|
10,066
|
343
|
-
|
|
10,409
|
|
-
|
|
10,409
|
- Others
|
-
|
|
123
|
-
|
-
|
|
123
|
|
-
|
|
123
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign-currency future contracts
|
-
|
|
-
|
51
|
-
|
|
51
|
|
-
|
|
51
|
- Swaps
|
-
|
|
-
|
4
|
-
|
|
4
|
|
-
|
|
4
|
- Others
|
-
|
|
-
|
5
|
-
|
|
5
|
|
-
|
|
5
|
Restricted assets
|
2,205
|
|
-
|
-
|
-
|
|
2,205
|
|
-
|
|
2,205
|
Financial assets held for sale:
|
|
|
|
|
|
|
|
|
|
|
|
- Clal
|
-
|
|
9,170
|
-
|
-
|
|
9,170
|
|
-
|
|
9,170
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
- Cash at bank and on hand
|
4,923
|
|
-
|
-
|
-
|
|
4,923
|
|
-
|
|
4,923
|
- Short-term investments
|
21,304
|
|
3,268
|
-
|
-
|
|
24,572
|
|
-
|
|
24,572
|
Total assets
|
46,634
|
|
29,880
|
403
|
3,235
|
|
80,152
|
|
4,130
|
|
84,282
|
|
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
|
|
|
|
|
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
17,425
|
|
-
|
-
|
-
|
|
17,425
|
|
8,074
|
|
25,499
|
Borrowings (excluding finance leases)
|
147,388
|
|
-
|
-
|
-
|
|
147,388
|
|
-
|
|
147,388
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign-currency future contracts
|
-
|
|
-
|
38
|
-
|
|
38
|
|
-
|
|
38
|
- Swaps
|
-
|
|
-
|
54
|
-
|
|
54
|
|
-
|
|
54
|
- Others
|
-
|
|
5
|
-
|
15
|
|
20
|
|
-
|
|
20
|
- Forwards
|
-
|
|
-
|
132
|
-
|
|
132
|
|
-
|
|
132
|
Total liabilities
|
164,813
|
|
5
|
224
|
15
|
|
165,057
|
|
8,074
|
|
173,131
|
|
Financial assets at amortized cost
|
|
Financial assets at fair value through profit or loss
|
|
Subtotal financial assets
|
|
Non-financial assets
|
|
Total
|
||
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
|
|
|
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per Statements of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the allowance for doubtful
accounts and other receivables)
|
16,575
|
|
-
|
-
|
2,156
|
|
18,731
|
|
3,819
|
|
22,550
|
Investments in financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
- Public companies’ securities
|
-
|
|
1,665
|
-
|
82
|
|
1,747
|
|
-
|
|
1,747
|
- Private companies’ securities
|
-
|
|
16
|
-
|
964
|
|
980
|
|
-
|
|
980
|
- Deposits
|
1,235
|
|
13
|
-
|
-
|
|
1,248
|
|
-
|
|
1,248
|
- Mutual funds
|
-
|
|
3,855
|
-
|
-
|
|
3,855
|
|
-
|
|
3,855
|
- Bonds
|
-
|
|
4,719
|
425
|
-
|
|
5,144
|
|
-
|
|
5,144
|
- Others
|
-
|
|
749
|
-
|
-
|
|
749
|
|
-
|
|
749
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
- Warrants
|
-
|
|
-
|
26
|
-
|
|
26
|
|
-
|
|
26
|
- Foreign-currency future contracts
|
-
|
|
-
|
27
|
-
|
|
27
|
|
-
|
|
27
|
- Swaps
|
-
|
|
-
|
29
|
-
|
|
29
|
|
-
|
|
29
|
Restricted assets
|
954
|
|
-
|
-
|
-
|
|
954
|
|
-
|
|
954
|
Financial assets held for sale:
|
|
|
|
|
|
|
|
|
|
|
|
- Clal
|
-
|
|
8,562
|
-
|
-
|
|
8,562
|
|
-
|
|
8,562
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
- Cash at bank and on hand
|
8,529
|
|
-
|
-
|
-
|
|
8,529
|
|
-
|
|
8,529
|
- Short term investments
|
14,510
|
|
1,815
|
-
|
-
|
|
16,325
|
|
-
|
|
16,325
|
Total assets
|
41,803
|
|
21,394
|
507
|
3,202
|
|
66,906
|
|
3,819
|
|
70,725
|
|
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, 2017
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
16,166
|
|
-
|
-
|
-
|
|
16,166
|
|
7,713
|
|
23,879
|
Borrowings (excluding finance leases)
|
129,412
|
|
-
|
-
|
-
|
|
129,412
|
|
-
|
|
129,412
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign-currency future contracts
|
-
|
|
-
|
5
|
-
|
|
5
|
|
-
|
|
5
|
- Forwards
|
-
|
|
5
|
152
|
10
|
|
167
|
|
-
|
|
167
|
Total liabilities
|
145,578
|
|
5
|
157
|
10
|
|
145,750
|
|
7,713
|
|
153,463
|
|
|
|
|
|
|
|
|
|
Description
|
|
Pricing model / method
|
|
Parameters
|
|
Fair value hierarchy
|
|
Range
|
Trade
and other receivables - Cellcom
|
|
Discounted cash flows
|
|
Discount
interest rate.
|
|
Level 3
|
|
3.3
|
Interest
rate swaps
|
|
Cash flows - Theoretical price
|
|
Interest
rate future contracts and cash flows
|
|
Level 2
|
|
-
|
Preferred
shares of Condor
|
|
Binomial tree – Theoretical price I
|
|
Underlying
asset price (Market price); share price volatility (historical) and
market interest-rate (Libor rate curve).
|
|
Level 3
|
|
Underlying asset price 1.8 to 2.2
Share price volatility 58% to 78%
Market interest-rate
1.7%
to 2.1%
|
Promissory
note
|
|
Discounted cash flows - Theoretical price
|
|
Market
interest-rate (Libor rate curve)
|
|
Level 3
|
|
Market interest-rate
1.8%
to 2.2%
|
Warrants
of Condor
|
|
Black-Scholes – Theoretical price
|
|
Underlying
asset price (Market price); share price volatility (historical) and
market interest-rate (Libor rate curve).
|
|
Level 2
|
|
Underlying asset price 1.8 to 1.7
Share price volatility 58% to 78%
Market interest-rate
1.7%
to 2.1%
|
Call
option of Arcos
|
|
Discounted cash flows
|
|
Projected
revenues and discounting rate.
|
|
Level 3
|
|
-
|
Investments
in financial assets - Other private companies’
securities
|
|
Cash flow / NAV - Theoretical price
|
|
Projected revenue
discounted at the discount rate /
The
value is calculated in accordance with shares in the equity funds
on the basis of their Financial Statements, based on fair value or
investments assessments.
|
|
Level
3
|
|
1 -
3.5
|
Investments
in financial assets - Others
|
|
Discounted cash 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
|
|
-
|
|
Investments in financial assets - Public companies’
Securities
|
|
Derivative financial instruments - Forwards
|
|
Investments in financial assets - Private companies’
Securities
|
|
Trade and other receivables
|
|
Total as of December 31, 2017
|
|
Total as of June 30, 2017
|
Balances at beginning of the period / year
|
82
|
|
(10)
|
|
964
|
|
2,156
|
|
3,192
|
|
(7,105)
|
Additions and acquisitions
|
-
|
|
-
|
|
9
|
|
1,038
|
|
1,047
|
|
1,761
|
Transfer to level 1 (i)
|
-
|
|
-
|
|
(100)
|
|
,
|
|
(100)
|
|
-
|
Transfer to current trade and other receivables
|
-
|
|
-
|
|
-
|
|
(964)
|
|
(964)
|
|
(1,874)
|
Currency translation adjustment
|
13
|
|
(5)
|
|
(2)
|
|
58
|
|
64
|
|
875
|
Reclassification to liabilities held for sale
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
11,272
|
Write off
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(782)
|
Gain / (loss) for the period / year (ii)
|
29
|
|
-
|
|
(48)
|
|
-
|
|
(19)
|
|
(955)
|
Balances at the end of the period / year
|
124
|
|
(15)
|
|
823
|
|
2,288
|
|
3,220
|
|
3,192
|
|
Total as of December 31, 2017
|
|
Total as of June 30, 2017
|
Sale, leases and services receivables
|
16,507
|
|
16,127
|
Less: Allowance for doubtful accounts
|
(364)
|
|
(312)
|
Total trade receivables
|
16,143
|
|
15,815
|
Prepaid expenses
|
2,597
|
|
2,532
|
Borrowings, deposits and other debit balances
|
1,731
|
|
2,378
|
Advances to suppliers
|
856
|
|
825
|
Tax receivables
|
233
|
|
216
|
Others
|
850
|
|
472
|
Total other receivables
|
6,267
|
|
6,423
|
Total trade and other receivables
|
22,410
|
|
22,238
|
Non-current
|
5,316
|
|
4,974
|
Current
|
17,094
|
|
17,264
|
Total
|
22,410
|
|
22,238
|
|
December 31, 2017
|
|
June 30, 2017
|
Beginning of the period / year
|
312
|
|
173
|
Additions
|
118
|
|
234
|
Recoveries
|
(17)
|
|
(11)
|
Currency translation adjustment
|
27
|
|
182
|
Receivables written off during the period/year as
uncollectable
|
(76)
|
|
(266)
|
End of the period / year
|
364
|
|
312
|
|
Nota
|
December 31, 2017
|
|
December 31, 2016 (recast)
|
Profit for the period
|
|
10,831
|
|
6,816
|
Profit for the period from discontinued operations
|
|
(207)
|
|
(4,273)
|
Adjustments
for
:
|
|
|
|
|
Income tax
|
18
|
(497)
|
|
1,027
|
Amortization and depreciation
|
20
|
2,627
|
|
2,374
|
Loss from disposal of property, plant and equipment
|
|
22
|
|
19
|
Net gain from fair value adjustment of investment
properties
|
|
(11,502)
|
|
(3,470)
|
Share-based compensation
|
|
35
|
|
52
|
Expenses for sale of investment properties
|
|
-
|
|
2
|
Derecognition of intangible assets by TGLT agreement
|
|
-
|
|
27
|
Result from business combination
|
|
-
|
|
(44)
|
Disposal of investment properties
|
|
-
|
|
(4)
|
Gain from disposal of subsidiary
|
|
(393)
|
|
-
|
Other financial results, net
|
|
6,553
|
|
3,087
|
Provisions and allowances
|
|
(84)
|
|
23
|
Share of profit of associates and joint ventures
|
7
|
(393)
|
|
(62)
|
Changes in operating assets and liabilities:
|
|
|
|
|
Decrease in inventories
|
|
487
|
|
126
|
Decrease in trading properties
|
|
71
|
|
301
|
Increase in trade and other receivables
|
|
(593)
|
|
(1,640)
|
(Decrease) / increase in trade and other payables
|
|
(18)
|
|
1,163
|
(Decrease) / increase in salaries and social security
liabilities
|
|
(144)
|
|
22
|
(Decrease) / increase in provisions
|
|
(3)
|
|
13
|
Net cash generated by continuing operating activities before income
tax paid
|
|
6,792
|
|
5,559
|
Net cash generated by / (used in) discontinued operating activities
before income tax paid
|
|
246
|
|
(209)
|
Net cash generated by operating activities before income tax
paid
|
|
7,038
|
|
5,350
|
|
|
December 31, 2017
|
|
December 31, 2016 (recast)
|
Decrease in investments in associates and joint ventures through an
increase in trade and other receivables
|
|
-
|
|
8
|
Increase in investments in intangible assets through an increase in
trade and other payables
|
|
-
|
|
64
|
Increase in investment properties through an increase in trade and
other payables
|
|
-
|
|
339
|
Decrease in investments in associates and joint ventures through a
decrease in borrowings
|
|
-
|
|
8
|
Increase in investments in associates and joint ventures through a
decrease in trade and other receivables
|
|
-
|
|
20
|
Acquisition of non-controlling interest through a decrease in trade
and other receivables
|
|
1,380
|
|
-
|
Changes in non-controlling interest through a decrease in trade and
other receivables
|
|
218
|
|
-
|
Increase in property, plant and equipment through an increase of
trade and other payables
|
|
13
|
|
-
|
Increase in investment properties through a decrease in trade and
other receivables
|
|
35
|
|
-
|
Dividends distribution to non-controlling shareholders not yet
paid
|
|
-
|
|
22
|
|
|
December 31, 2016 (recast)
|
Property, plant and equipment
|
|
1,482
|
Intangible assets
|
|
4
|
Investments in associates and joint ventures
|
|
123
|
Deferred income tax
|
|
41
|
Trade and other receivables
|
|
950
|
Inventories
|
|
8
|
Trade and other payables
|
|
(1,007)
|
Salaries and social security liabilities
|
|
(114)
|
Borrowings
|
|
(648)
|
Provisions
|
|
2
|
Income tax and MPIT liabilities
|
|
1
|
Employee benefits
|
|
(43)
|
Group of liabilities held for sale
|
|
-
|
Net amount of non-cash assets incorporated / held for
sale
|
|
799
|
Cash and cash equivalents
|
|
54
|
Non-controlling interest
|
|
45
|
Goodwill not yet allocated
|
|
(23)
|
Net amount of assets incorporated / held for sale
|
|
875
|
Interest held before acquisition
|
|
31
|
Seller financing
|
|
44
|
Cash and cash equivalents incorporated / held for sale
|
|
(54)
|
Net outflow of cash and cash equivalents / assets and liabilities
held for sale
|
|
896
|
|
Total as of December 31, 2017
|
|
Total as of June 30, 2017
|
Trade payables
|
15,734
|
|
14,793
|
Sales, rental and services payments received in
advance
|
5,007
|
|
4,339
|
Construction obligations
|
1,317
|
|
1,226
|
Accrued invoices
|
918
|
|
633
|
Deferred income
|
70
|
|
73
|
Total trade payables
|
23,046
|
|
21,064
|
Dividends payable to non-controlling shareholders
|
54
|
|
251
|
Tax payables
|
149
|
|
510
|
Construction obligations
|
285
|
|
343
|
Other payables
|
1,965
|
|
1,711
|
Total other payables
|
2,453
|
|
2,815
|
Total trade and other payables
|
25,499
|
|
23,879
|
Non-current
|
2,379
|
|
3,040
|
Current
|
23,120
|
|
20,839
|
Total
|
25,499
|
|
23,879
|
|
Total as of December 31, 2017
|
|
Total as of June 30, 2017
|
|
Fair value as of December 31, 2017
|
|
Fair value as of June 30, 2017
|
NCN
|
127,311
|
|
108,417
|
|
127,573
|
|
110,164
|
Bank loans
|
18,017
|
|
12,012
|
|
17,963
|
|
12,048
|
Non-recourse loans
|
-
|
|
7,025
|
|
-
|
|
6,930
|
Bank overdrafts
|
133
|
|
91
|
|
133
|
|
91
|
Other borrowings (i)
|
1,934
|
|
1,870
|
|
1,888
|
|
1,828
|
Total borrowings
|
147,395
|
|
129,415
|
|
147,557
|
|
131,061
|
Non-current
|
128,088
|
|
109,489
|
|
|
|
|
Current
|
19,307
|
|
19,926
|
|
|
|
|
|
147,395
|
|
129,415
|
|
|
|
|
|
Period ended December 31, 2017
|
|
Year ended June 30, 2017
|
||||||||||
|
Legal claims (i)
|
|
Investments in associates and joint ventures (ii)
|
|
Site dismantling and remediation
|
|
Onerous contracts
|
|
Other provisions
|
|
Total
|
|
Total
|
Beginning of period / year
|
821
|
|
72
|
|
140
|
|
220
|
|
580
|
|
1,833
|
|
1,571
|
Additions
|
118
|
|
-
|
|
5
|
|
-
|
|
-
|
|
123
|
|
502
|
Incorporated by business combination
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
Recovery
|
(49)
|
|
(56)
|
|
(48)
|
|
(47)
|
|
(11)
|
|
(211)
|
|
(319)
|
Used during the period / year
|
(21)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(21)
|
|
(219)
|
Currency translation adjustment
|
22
|
|
-
|
|
(2)
|
|
4
|
|
(12)
|
|
12
|
|
296
|
End of period / year
|
891
|
|
16
|
|
95
|
|
177
|
|
557
|
|
1,736
|
|
1,833
|
Non-current
|
|
|
|
|
|
|
|
|
|
|
795
|
|
943
|
Current
|
|
|
|
|
|
|
|
|
|
|
941
|
|
890
|
Total
|
|
|
|
|
|
|
|
|
|
|
1,736
|
|
1,833
|
|
December 31, 2017
|
|
December 31, 2016 (recast)
|
Current income tax
|
(562)
|
|
(383)
|
Deferred income tax
|
1,059
|
|
(644)
|
Income tax from continuing operations
|
497
|
|
(1,027)
|
|
December 31, 2017
|
|
December 31, 2016 (recast)
|
Profit from continuing operations at tax rate applicable in the
respective countries
|
(3,407)
|
|
(1,350)
|
Permanent differences:
|
|
|
|
Share of profit of associates and joint ventures
|
107
|
|
661
|
Unrecognized tax loss carryforwards (i)
|
(864)
|
|
(356)
|
Change of income tax rate (ii)
|
3,971
|
|
455
|
Non-taxable profit, non-deductible expenses and others
|
690
|
|
(437)
|
Income tax from continuing operations
|
497
|
|
(1,027)
|
|
December 31, 2017
|
|
June 30, 2017
|
Beginning of period / year
|
(22,739)
|
|
(19,099)
|
Incorporated by business combination
|
-
|
|
(6)
|
Reclassification to liabilities held for sale
|
-
|
|
(12)
|
Use of tax loss carryforwards
|
(114)
|
|
(171)
|
Change of income tax rate
|
3,971
|
|
529
|
Reclassification previous periods
|
-
|
|
59
|
Currency translation adjustment
|
(296)
|
|
(1,440)
|
Deferred income tax expense
|
(2,912)
|
|
(2,599)
|
End of period / year
|
(22,090)
|
|
(22,739)
|
Deferred income tax assets
|
306
|
|
285
|
Deferred income tax liabilities
|
(22,396)
|
|
(23,024)
|
Deferred income tax assets (liabilities), net
|
(22,090)
|
|
(22,739)
|
|
December 31, 2017
|
|
December 31, 2016 (recast)
|
Revenue from supermarkets
|
27,854
|
|
23,476
|
Income from communication services
|
6,827
|
|
5,937
|
Rental and services income
|
5,241
|
|
4,242
|
Sale of communication equipment
|
2,238
|
|
1,926
|
Sale of trading properties and developments
|
380
|
|
814
|
Revenue from hotels operation and tourism services
|
500
|
|
436
|
Total Group’s revenues
|
43,040
|
|
36,831
|
|
Costs
|
|
General and administrative expenses
|
|
Selling expenses
|
|
Total as of December 31, 2017
|
|
Total as of December 31, 2016 (recast)
|
Cost of sale of goods and services
|
21,178
|
|
-
|
|
-
|
|
21,178
|
|
18,955
|
Salaries, social security costs and other personnel
expenses
|
2,423
|
|
891
|
|
2,820
|
|
6,134
|
|
4,874
|
Depreciation and amortization
|
1,203
|
|
305
|
|
1,119
|
|
2,627
|
|
2,374
|
Fees and payments for services
|
854
|
|
414
|
|
1,020
|
|
2,288
|
|
2,007
|
Maintenance, security, cleaning, repairs and others
|
798
|
|
57
|
|
437
|
|
1,292
|
|
1,050
|
Advertising and other selling expenses
|
156
|
|
-
|
|
865
|
|
1,021
|
|
935
|
Taxes, rates and contributions
|
133
|
|
22
|
|
423
|
|
578
|
|
466
|
Interconnection and roaming expenses
|
976
|
|
-
|
|
-
|
|
976
|
|
870
|
Fees to other operators
|
1,135
|
|
-
|
|
-
|
|
1,135
|
|
762
|
Director´s fees
|
-
|
|
112
|
|
-
|
|
112
|
|
89
|
Leases and service charges
|
18
|
|
6
|
|
67
|
|
91
|
|
29
|
Allowance for doubtful accounts, net
|
-
|
|
9
|
|
92
|
|
101
|
|
119
|
Other expenses
|
403
|
|
379
|
|
874
|
|
1,656
|
|
1,468
|
Total as of December 31, 2017
|
29,277
|
|
2,195
|
|
7,717
|
|
39,189
|
|
-
|
Total as of December 31, 2016 (recast)
|
25,625
|
|
1,809
|
|
6,564
|
|
-
|
|
33,998
|
|
Total as of December 31, 2017
|
|
Total as of December 31, 2016 (recast)
|
Inventories at the beginning of the period (*)
|
10,041
|
|
7,938
|
Purchases and expenses
|
28,715
|
|
24,072
|
Capitalized finance costs
|
3
|
|
-
|
Currency translation adjustment
|
779
|
|
1,495
|
Incorporated by business combination
|
4
|
|
-
|
Transfers
|
377
|
|
(4)
|
Inventories at the end of the period (*)
|
(10,642)
|
|
(7,876)
|
Total costs
|
29,277
|
|
25,625
|
|
Total as of December 31, 2017
|
|
Total as of December 31, 2016(recast)
|
Real estate
|
6,485
|
|
4,548
|
Supermarkets
|
3,835
|
|
3,056
|
Telecommunications
|
279
|
|
237
|
Others
|
43
|
|
35
|
Total inventories at the end of the period (*)
|
10,642
|
|
7,876
|
|
December 31, 2017
|
|
December 31, 2016 (recast)
|
Gain from disposal of subsidiary (1)
|
393
|
|
44
|
Donations
|
(30)
|
|
(29)
|
Loss from TGLT agreement
|
-
|
|
(27)
|
Lawsuits and other contingencies (2)
|
387
|
|
(15)
|
Others
|
(146)
|
|
(94)
|
Total other operating results, net
|
604
|
|
(121)
|
|
December 31, 2017
|
|
December 31, 2016 (recast)
|
Finance income:
|
|
|
|
- Interest income
|
363
|
|
319
|
- Foreign exchange gain
|
201
|
|
125
|
- Dividends income
|
42
|
|
28
|
- Other finance income
|
44
|
|
38
|
Total finance income
|
650
|
|
510
|
Finance costs:
|
|
|
|
- Interest expenses
|
(3,981)
|
|
(3,340)
|
- Loss on debt swap (Note 16)
|
(2,228)
|
|
-
|
- Foreign exchange loss
|
(1,550)
|
|
(794)
|
- Other finance costs
|
(310)
|
|
(581)
|
Total finance costs
|
(8,069)
|
|
(4,715)
|
Other financial results:
|
|
|
|
- Fair value gain of financial assets and liabilities at fair
value through profit or loss, net
|
1,138
|
|
1,465
|
- Gain from derivative financial instruments,
net
|
58
|
|
66
|
Total other financial results
|
1,196
|
|
1,531
|
Total financial results, net
|
(6,223)
|
|
(2,674)
|
Item
|
|
December 31, 2017
|
|
June 30, 2017
|
Trade and other receivable
|
|
513
|
|
1,434
|
Investments in financial assets
|
|
382
|
|
324
|
Trade and other payable
|
|
(223)
|
|
(172)
|
Borrowings
|
|
(10)
|
|
(11)
|
Total
|
|
662
|
|
1,575
|
Related party
|
|
December 30, 2017
|
|
June 30, 2017
|
|
Description of transaction
|
Manibil S.A.
|
|
47
|
|
84
|
|
Contributions in advance
|
New Lipstick LLC
|
|
376
|
|
-
|
|
Loans granted
|
|
|
6
|
|
-
|
|
Reimbursement of expenses
|
Condor
|
|
124
|
|
8
|
|
Dividends receivables
|
|
|
10
|
|
82
|
|
Public companies securities
|
LRSA
|
|
1
|
|
29
|
|
Leases and/or rights of use
|
|
|
(1)
|
|
-
|
|
Reimbursement of expenses
|
|
|
4
|
|
-
|
|
Loans granted
|
|
|
40
|
|
-
|
|
Canon
|
|
|
5
|
|
-
|
|
Dividends receivables
|
Other associates and joint ventures
|
|
2
|
|
3
|
|
Loans granted
|
|
|
2
|
|
8
|
|
Foreign-currency future contracts
|
|
|
(5)
|
|
-
|
|
Commissions
|
|
|
(10)
|
|
(11)
|
|
Mortgage bond
|
|
|
(5)
|
|
(5)
|
|
Derivatives
|
|
|
(2)
|
|
(1)
|
|
Leases and/or rights of use
|
|
|
5
|
|
5
|
|
NCN
|
|
|
(6)
|
|
-
|
|
Advances of clients
|
|
|
-
|
|
1
|
|
Management fees
|
|
|
1
|
|
1
|
|
Proceeds from leases
|
|
|
-
|
|
(1)
|
|
Credit for capital reduction
|
Total associates and joint ventures
|
|
594
|
|
203
|
|
|
Cresud
|
|
(27)
|
|
(36)
|
|
Reimbursement of expenses
|
|
|
(48)
|
|
(23)
|
|
Corporate services
|
|
|
258
|
|
242
|
|
NCN
|
|
|
(3)
|
|
(1)
|
|
Leases and/or rights of use
|
|
|
-
|
|
5
|
|
Leases and/or rights of use
|
|
|
(20)
|
|
-
|
|
Leases and/or rights of use receivable
|
|
|
(2)
|
|
(1)
|
|
Long-term incentive plan
|
Total parent company
|
|
158
|
|
186
|
|
|
IFISA
|
|
-
|
|
1,283
|
|
Loans granted
|
Taaman
|
|
(29)
|
|
(24)
|
|
Leases and/or rights of use
|
Willifood
|
|
(34)
|
|
(29)
|
|
NCN
|
Directors
|
|
(35)
|
|
(44)
|
|
Fees for services received
|
Others (1)
|
|
1
|
|
2
|
|
Leases and/or rights of use
|
|
|
7
|
|
2
|
|
Fees
|
|
|
1
|
|
-
|
|
Management fees
|
|
|
(1)
|
|
(4)
|
|
Loans
|
Total others
|
|
(90)
|
|
1,186
|
|
|
Total at the end of the period/year
|
|
662
|
|
1,575
|
|
|
Related party
|
|
December 31, 2017
|
|
December 31, 2016 (recast)
|
|
Description of transaction
|
BACS
|
|
8
|
|
4
|
|
Leases and/or rights of use
|
|
|
-
|
|
16
|
|
Financial operations
|
Adama
|
|
-
|
|
64
|
|
Corporate services
|
Condor
|
|
23
|
|
196
|
|
Financial operations
|
ISPRO - Mehadrin
|
|
50
|
|
-
|
|
Corporate services
|
Other associates and joint ventures
|
|
(1)
|
|
-
|
|
Financial operations
|
|
|
13
|
|
8
|
|
Leases and/or rights of use
|
|
|
2
|
|
-
|
|
Fees and remunerations
|
|
|
-
|
|
2
|
|
Management fees
|
Total associates and joint ventures
|
|
95
|
|
290
|
|
|
Cresud
|
|
3
|
|
1
|
|
Leases and/or rights of use
|
|
|
(113)
|
|
(
85)
|
|
Corporate services
|
|
|
9
|
|
24
|
|
Financial operations
|
Total parent company
|
|
(101)
|
|
(60)
|
|
|
IFISA
|
|
56
|
|
-
|
|
Financial operations
|
Inversiones Financieras del Sur S.A.
|
|
-
|
|
54
|
|
Financial operations
|
Directores
|
|
(86)
|
|
(84)
|
|
Fees and remunerations
|
Taaman
|
|
74
|
|
-
|
|
Corporate services
|
Willifood
|
|
129
|
|
-
|
|
Corporate services
|
Others (1)
|
|
4
|
|
-
|
|
Corporate services
|
|
|
-
|
|
(1)
|
|
Leases and/or rights of use
|
|
|
4
|
|
-
|
|
Financial operations
|
|
|
(7)
|
|
(4)
|
|
Donations
|
|
|
(6)
|
|
(5)
|
|
Legal services
|
Total others
|
|
168
|
|
(40)
|
|
|
Total at the end of the period
|
|
162
|
|
190
|
|
|
Related party
|
|
December 31, 2017
|
|
December 31, 2016 (recast)
|
|
Description of the operation
|
La Rural S.A.
|
|
13
|
|
-
|
|
Dividends received
|
Cresud
|
|
882
|
|
-
|
|
Dividends received
|
Helmir
|
|
5
|
|
-
|
|
Dividends paid
|
Total distribution
|
|
900
|
|
-
|
|
|
Manibil
|
|
44
|
|
-
|
|
Additional paid-in capital
|
Total subsidiaries contributions
|
|
44
|
|
-
|
|
|
IFISA (see Note 4.)
|
1,968
|
|
-
|
|
Acquisition of non-controlling interest
|
|
Total other transactions
|
|
1,968
|
|
-
|
|
|
Exhibit
A - Property, plant and equipment
|
Note 8
Investment properties and Note 9 Property, plant and
equipment
|
Exhibit
B - Intangible assets
|
Note 11
Intangible assets
|
Exhibit
C - Equity investments
|
Note 7
Equity interest in associates and joint ventures
|
Exhibit
D - Other investments
|
Note 12
Financial instruments by category
|
Exhibit
E - Provisions
|
Note 17
Provisions
|
Exhibit
F - Cost of sales and services provided
|
Note 21
Cost of goods sold and services provided
|
Exhibit
G - Foreign currency assets and liabilities
|
Note 26
Foreign currency assets and liabilities
|
Item / Currency (1)
|
Amount (2)
|
Exchange rate (3)
|
Total as of 12.31.17
|
Amount (2)
|
Exchange rate (3)
|
Total as of 06.30.17
|
Assets
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
|
|
|
|
US Dollar
|
77
|
18.549
|
1,420
|
35
|
16.530
|
572
|
Euros
|
6
|
22.283
|
140
|
9
|
18.848
|
172
|
Receivables with related parties:
|
|
|
|
|
|
|
US Dollar
|
50
|
18.649
|
932
|
52
|
16.630
|
855
|
Total trade and other receivables
|
|
|
2,492
|
|
|
1,599
|
Restricted
assets
|
|
|
|
|
|
|
US Dollar
|
-
|
18.549
|
3
|
2
|
16.530
|
41
|
Total Restricted assets
|
|
|
3
|
|
|
41
|
Investments in financial
assets
|
|
|
|
|
|
|
US Dollar
|
195
|
18.549
|
3,620
|
61
|
16.530
|
1,014
|
Pounds
|
1
|
25.071
|
19
|
1
|
21.486
|
18
|
Investments with related parties:
|
|
|
|
|
|
|
US Dollar
|
20
|
18.649
|
382
|
20
|
16.630
|
324
|
Total investments in financial assets
|
|
|
4,021
|
|
|
1,356
|
Derivative financial
instruments
|
|
|
|
|
|
|
US Dollar
|
1
|
18.549
|
15
|
1
|
16.530
|
10
|
Derivative financial instruments with related parties:
|
|
|
|
|
|
|
US Dollar
|
-
|
18.649
|
-
|
2
|
16.630
|
26
|
Total Derivative financial instruments
|
|
|
15
|
|
|
36
|
Cash and cash
equivalents
|
|
|
|
|
|
|
US Dollar
|
240
|
18.549
|
4,444
|
318
|
16.530
|
5,250
|
Euros
|
3
|
22.283
|
70
|
3
|
18.848
|
49
|
New Israel Shekel
|
-
|
4.899
|
-
|
-
|
4.770
|
1
|
Total Cash and cash equivalents
|
|
|
4,514
|
|
|
5,300
|
Total Assets
|
|
|
11,045
|
|
|
8,332
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Trade and other
payables
|
|
|
|
|
|
|
US Dollar
|
89
|
18.649
|
1,662
|
57
|
16.630
|
955
|
Euros
|
11
|
22.450
|
255
|
1
|
19.003
|
19
|
Payables to related parties:
|
|
|
|
|
|
|
US Dollar
|
1
|
18.649
|
18
|
1
|
16.630
|
21
|
Total Trade and other payables
|
|
|
1,935
|
|
|
995
|
Borrowings
|
|
|
|
|
|
|
US Dollar
|
1,192
|
18.649
|
22,223
|
1,123
|
16.630
|
18,683
|
Total Borrowings
|
|
|
22,223
|
|
|
18,683
|
Total Liabilities
|
|
|
24,158
|
|
|
19,678
|
|
December 31, 2017
|
|
June 30, 2017
|
Property, plant and equipment
|
1,690
|
|
1,712
|
Intangible assets
|
20
|
|
19
|
Investments in associates
|
29
|
|
33
|
Deferred income tax assets
|
64
|
|
57
|
Employee benefits
|
-
|
|
5
|
Income tax credits
|
-
|
|
10
|
Trade and other receivables
|
1,024
|
|
688
|
Cash and cash equivalents
|
235
|
|
157
|
Total group of assets held for sale
|
3,062
|
|
2,681
|
Trade and other payables
|
1,200
|
|
930
|
Salaries and social security liabilities
|
127
|
|
148
|
Employee benefits
|
113
|
|
52
|
Deferred income tax liability
|
15
|
|
10
|
Borrowings
|
632
|
|
715
|
Total group of liabilities held for sale
|
2,087
|
|
1,855
|
Total net assets held for sale
|
975
|
|
826
|
|
December 31, 2017
|
|
December 31, 2016 (recast)
|
Revenues
|
3,619
|
|
2,603
|
Costs
|
(3,107)
|
|
(2,193)
|
Gross profit
|
512
|
|
410
|
General and administrative expenses
|
(130)
|
|
(93)
|
Selling expenses
|
(148)
|
|
(131)
|
Other operating results, net
|
(4)
|
|
4,803
|
Profit from operations
|
230
|
|
4,989
|
Share of profit of associates and joint ventures
|
18
|
|
406
|
Profit before financial results and income tax
|
248
|
|
5,395
|
Finance cost
|
(41)
|
|
(1,122)
|
Financial results, net
|
(41)
|
|
(1,122)
|
Profit before income tax
|
207
|
|
4,273
|
Income tax
|
-
|
|
-
|
Profit from discontinued operations
|
207
|
|
4,273
|
|
|
|
|
|
|
|
|
Profit for the period from discontinued operations attributable
to:
|
|
|
|
Equity holders of the parent
|
140
|
|
2,332
|
Non-controlling interest
|
67
|
|
1,941
|
|
|
|
|
Profit per share from discontinued operations attributable to
equity holders of the parent:
|
|
|
|
Basic
|
0.24
|
|
4.06
|
Diluted
|
0.24
|
|
4.03
|
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.
T° 241 F° 118
|
|
ABELOVICH, POLANO & ASOCIADOS S.R.L.
(Partner)
C.P.C.E.
C.A.B.A. T° 1 F° 30
Marcelo
Héctor Fuxman
Public
Accountant (UBA)
C.P.C.E.C.A.B.A.
T° 134 F° 85
|
|
Note
|
12.31.17
|
|
06.30.17
|
ASSETS
|
|
|
|
|
Non-current assets
|
|
|
|
|
Investment properties
|
7
|
4,970
|
|
4,457
|
Property, plant and equipment
|
8
|
7
|
|
6
|
9
|
388
|
|
319
|
|
Intangible assets
|
10
|
21
|
|
21
|
Investments in subsidiaries, associates and joint
ventures
|
6
|
36,087
|
|
29,450
|
Income tax and MPIT credit
|
|
27
|
|
133
|
Trade and other receivables
|
12
|
308
|
|
211
|
Total non-current assets
|
|
41,808
|
|
34,597
|
Current assets
|
|
|
|
|
Inventories
|
|
1
|
|
1
|
Trading properties
|
9
|
3
|
|
8
|
Trade and other receivables
|
12
|
588
|
|
568
|
Income tax and MPIT credit
|
|
-
|
|
1
|
Investments in financial assets
|
11
|
41
|
|
38
|
Derivative financial instruments
|
11
|
15
|
|
8
|
Restricted assets
|
11
|
1
|
|
4
|
Cash and cash equivalents
|
11
|
34
|
|
148
|
Total current assets
|
|
683
|
|
776
|
TOTAL ASSETS
|
|
42,491
|
|
35,373
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
Shareholders' Equity (according to corresponding
statements)
|
|
33,077
|
|
26,483
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
33,077
|
|
26,483
|
LIABILITIES
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Trade and other payables
|
13
|
883
|
|
784
|
Borrowings
|
14
|
5,839
|
|
5,340
|
Deferred income tax liabilities
|
15
|
1,969
|
|
2,247
|
Provisions
|
16
|
35
|
|
32
|
Total non-current liabilities
|
|
8,726
|
|
8,403
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
13
|
143
|
|
123
|
Salaries and social security liabilities
|
|
1
|
|
2
|
Borrowings
|
14
|
543
|
|
358
|
Provisions
|
16
|
1
|
|
4
|
Total current liabilities
|
|
688
|
|
487
|
TOTAL LIABILITIES
|
|
9,414
|
|
8,890
|
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
|
42,491
|
|
35,373
|
|
|
Six months
|
|
Three months
|
||||
|
Note
|
12.31.17
|
|
12.31.16 (recast)
|
|
12.31.17
|
|
12.31.16 (recast)
|
Revenues
|
17
|
35
|
|
18
|
|
24
|
|
10
|
Costs
|
18
|
(18)
|
|
(11)
|
|
(11)
|
|
(5)
|
Gross profit
|
|
17
|
|
7
|
|
13
|
|
5
|
Net gain from fair value adjustment of investment
properties
|
7
|
491
|
|
196
|
|
328
|
|
139
|
General and administrative expenses
|
18
|
(105)
|
|
(77)
|
|
(63)
|
|
(42)
|
Selling expenses
|
18
|
(10)
|
|
(13)
|
|
(5)
|
|
(8)
|
Other operating results, net
|
19
|
489
|
|
(38)
|
|
494
|
|
(34)
|
Profit from operations
|
|
882
|
|
75
|
|
767
|
|
60
|
Share of profit of subsidiaries, associates and joint
ventures
|
6
|
8,797
|
|
4,132
|
|
8,021
|
|
3,806
|
Profit before financial results and income tax
|
|
9,679
|
|
4,207
|
|
8,788
|
|
3,866
|
Finance income
|
20
|
12
|
|
44
|
|
(2)
|
|
11
|
Finance costs
|
20
|
(948)
|
|
(517)
|
|
(580)
|
|
(263)
|
Other financial results
|
20
|
21
|
|
1
|
|
16
|
|
1
|
Financial results, net
|
|
(915)
|
|
(472)
|
|
(566)
|
|
(251)
|
Profit before income tax
|
|
8,764
|
|
3,735
|
|
8,222
|
|
3,615
|
Income tax
|
15
|
172
|
|
111
|
|
89
|
|
45
|
Profit for the period
|
|
8,936
|
|
3,846
|
|
8,311
|
|
3,660
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|||
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
|
Share of other comprehensive loss of subsidiaries, associates and
joint ventures
|
|
(56)
|
|
(12)
|
|
(14)
|
|
(29)
|
Currency translation adjustment of subsidiaries, associates and
joint ventures
|
|
(889)
|
|
34
|
|
(619)
|
|
(177)
|
Total other comprehensive (loss) / income for the period
(i)
|
6
|
(945)
|
|
22
|
|
(633)
|
|
(206)
|
Total comprehensive income for the period
|
|
7,991
|
|
3,868
|
|
7,678
|
|
3,454
|
|
|
|
|
|
|
|
|
|
Profit per share for the period:
|
|
|
|
|
|
|
|
|
Basic
|
|
15.54
|
|
6.69
|
|
14.46
|
|
6.37
|
Diluted
|
|
15.43
|
|
6.64
|
|
14.36
|
|
6.32
|
|
______________________
Alejandro G.
Elsztain
Vice-president
II
acting as
President
2
|
|
Share capital
|
Treasury shares
|
Inflation adjustment of Share Capital and Treasury
Shares
|
Share premium
|
Additional Paid-in Capital from Treasury Shares
|
Legal reserve
|
Special reserve
|
Resolution reserve CNV 609/12 (1)
|
Other reserves (2)
|
Retained earnings
|
Total Shareholders’ equity
|
|
|||||||||||
Balance at June 30, 2017
|
575
|
3
|
123
|
793
|
17
|
143
|
-
|
2,756
|
2,143
|
19,930
|
26,483
|
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,936
|
8,936
|
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(945)
|
-
|
(945)
|
Total comprehensive income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(945)
|
8,936
|
7,991
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.17
|
-
|
-
|
-
|
-
|
-
|
-
|
2,081
|
-
|
-
|
(2,081)
|
-
|
Dividends distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,400)
|
(1,400)
|
Reserve for share-based payments
|
-
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
2
|
-
|
3
|
Balance at December 31, 2017
|
575
|
3
|
123
|
793
|
18
|
143
|
2,081
|
2,756
|
1,200
|
25,385
|
33,077
|
|
Cost of Treasury shares
|
|
Reserve for share-based payments
|
|
Reserve for future dividends
|
|
Other reserves of subsidiaries
|
|
Other comprehensive income / (loss) of subsidiaries
|
|
Currency translation adjustment reserve
|
|
Total Other reserves
|
|
|||||||||||||
|
|||||||||||||
Balance at June 30, 2017
|
(28)
|
|
78
|
|
494
|
|
-
|
|
42
|
|
1,557
|
|
2,143
|
Other comprehensive loss for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
(56)
|
|
(889)
|
|
(945)
|
Reserve for share-based payments
|
-
|
|
2
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
Balance at December 31, 2017
|
(28)
|
|
80
|
|
494
|
|
-
|
|
(14)
|
|
668
|
|
1,200
|
|
______________________
Alejandro G.
Elsztain
Vice-president
II
acting as President
3
|
|
Share capital
|
Treasury shares
|
Inflation adjustment of Share Capital and Treasury
Shares
|
Share premium
|
Additional Paid-in Capital from Treasury Shares
|
Legal reserve
|
Special reserve
|
Resolution reserve CNV 609/12 (1)
|
Other reserves (2)
|
Retained earnings
|
Total Shareholders’ equity
|
|
|||||||||||
Balance at June 30, 2016
|
575
|
4
|
123
|
793
|
16
|
117
|
4
|
2,756
|
1,022
|
16,447
|
21,857
|
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,846
|
3,846
|
Other comprehensive income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
22
|
-
|
22
|
Total comprehensive income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
22
|
3,846
|
3,868
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.16
|
-
|
-
|
-
|
-
|
-
|
26
|
(4)
|
-
|
(26)
|
4
|
-
|
Changes of interest in subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(152)
|
-
|
(152)
|
Reserve for share-based payments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
6
|
-
|
6
|
Balance at December 31, 2016 (recast)
|
575
|
4
|
123
|
793
|
16
|
143
|
-
|
2,756
|
872
|
20,297
|
25,579
|
|
Cost of Treasury shares
|
|
Reserve for share-based payments
|
|
Reserve for future dividends
|
|
Other reserves of subsidiaries
|
|
Other comprehensive loss of subsidiaries
|
|
Currency translation adjustment reserve
|
|
Total Other reserves
|
|
|||||||||||||
|
|||||||||||||
Balance at June 30, 2016
|
(29)
|
|
67
|
|
520
|
|
-
|
|
(10)
|
|
474
|
|
1,022
|
Other comprehensive income for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
(12)
|
|
34
|
|
22
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.16
|
-
|
|
-
|
|
(26)
|
|
-
|
|
-
|
|
-
|
|
(26)
|
Changes of interest in subsidiaries
|
-
|
|
-
|
|
-
|
|
(152)
|
|
-
|
|
-
|
|
(152)
|
Reserve for share-based payments
|
-
|
|
6
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6
|
Balance at December 31, 2016 (recast)
|
(29)
|
|
73
|
|
494
|
|
(152)
|
|
(22)
|
|
508
|
|
872
|
|
______________________
Alejandro G.
Elsztain
Vice-president
II
acting as
President
4
|
|
Note
|
12.31.17
|
|
12.31.16 (recast)
|
|
||||
Operating activities
|
|
|
|
|
|
||||
Profit for the period
|
|
8,936
|
|
3,846
|
|
||||
Adjustments:
|
|
|
|
|
|
||||
Income tax
|
15
|
(172)
|
|
(111)
|
|
||||
Amortization and depreciation
|
18
|
1
|
|
-
|
|
||||
Financial results, net
|
20
|
915
|
|
472
|
|
||||
Decrease of intangible assets due to TGLT agreement
|
19
|
-
|
|
27
|
|
||||
Net gain from fair value adjustment of investment
properties
|
7
|
(491)
|
|
(196)
|
|
||||
Gain from disposal of trading properties
|
|
(8)
|
|
-
|
|
||||
Gain from disposal of subsidiaries
|
19
|
(496)
|
|
-
|
|
||||
Share of profit of subsidiaries, associates and joint
ventures
|
6
|
(8,797)
|
|
(4,132)
|
|
||||
Increase in trade and other receivables
|
|
(55)
|
|
(62)
|
|
||||
Increase / (Decrease) in trade and other payables
|
|
89
|
|
(79)
|
|
||||
Net cash used in operating activities before income tax
paid
|
|
(78)
|
|
(235)
|
|
||||
Income tax paid
|
|
-
|
|
(18)
|
|
||||
Net cash flow used in investing activities
|
|
(78)
|
|
(253)
|
|
||||
Investing activities
|
|
|
|
|
|
||||
Capital contributions to subsidiaries, associates and joint
ventures
|
6
|
(1,316)
|
|
(488)
|
|
||||
Acquisition and advanced payments of investment
properties
|
|
(129)
|
|
(4)
|
|
||||
Proceeds from sales of investment properties
|
7
|
26
|
|
2
|
|
||||
Proceeds from sales of trading properties
|
17
|
9
|
|
-
|
|
||||
Acquisition of property, plant and equipment
|
8
|
(2)
|
|
(1)
|
|
||||
Increase of trading properties
|
9
|
(62)
|
|
(5)
|
|
||||
Acquisition of intangibles
|
|
-
|
|
(1)
|
|
||||
Increase of investments in financial assets
|
|
(1,962)
|
|
-
|
|
||||
Proceeds from sales of investments in financial assets
|
|
1,970
|
|
1
|
|
||||
Increase in loans granted to subsidiaries, associates and joint
ventures
|
|
(10)
|
|
-
|
|
||||
Dividends collected
|
6
|
587
|
|
-
|
|
||||
Net cash flow used in investing activities
|
|
(889)
|
|
(496)
|
|
||||
Financing activities
|
|
|
|
|
|
||||
Obtaining/ (payment) of short-term loans, nets
|
|
37
|
|
(661)
|
|
||||
Payment of principal of Non-Convertible Notes
|
|
-
|
|
(1,126)
|
|
||||
Interests paid
|
|
(286)
|
|
(299)
|
|
||||
Loans obtained from subsidiaries, associates and joint
ventures
|
|
11
|
|
21
|
|
||||
Payment of loans from subsidiaries, associates and joint
ventures
|
|
(10)
|
|
(300)
|
|
||||
Proceeds from borrowings granted to subsidiaries, associates and
joint ventures
|
|
51
|
|
-
|
|
||||
Issuance of non-convertible notes
|
|
-
|
|
3,129
|
|
||||
Disposal of interest in subsidiaries
|
|
2,440
|
|
-
|
|
||||
Dividends paid
|
|
(1,392)
|
|
-
|
|
||||
Net cash flow generated by financing activities
|
|
851
|
|
764
|
|
||||
Net (decrease) / increase in cash and cash equivalents
|
|
(116)
|
|
15
|
|
||||
Cash and cash equivalents at the beginning of the
period
|
11
|
148
|
|
6
|
|
||||
Foreign exchange gain of cash and changes in fair value of cash
equivalents
|
|
2
|
|
1
|
|
||||
Cash and cash equivalents at the end of the period
|
11
|
34
|
|
22
|
|
||||
|
|
|
|
|
|
||||
Additional
information
|
|
|
|
|
|
||||
Reserve for share-based payments
|
3
|
|
6
|
|
|
||||
Currency translation adjustment
|
(889)
|
|
34
|
|
|
||||
Share of other comprehensive loss of subsidiaries, associates and
joint ventures
|
(56)
|
|
(12)
|
|
|
||||
Decrease in trade and other receivables through advanced payments
utilization
|
(35)
|
|
-
|
|
|
||||
Share of changes in equity of subsidiaries
|
-
|
|
152
|
|
|
||||
Decrease of borrowings through an increase in investment
properties
|
2
|
|
-
|
|
|
||||
Decrease of borrowings through an increase of trading
properties
|
3
|
|
-
|
|
|
||||
Increase in dividends receivable through a decrease in investments
in subsidiaries, associates and joint ventures
|
-
|
|
443
|
|
|
||||
Decrease in Dividends receivables through an increase in
investments in subsidiaries
|
-
|
|
434
|
|
|
||||
Dividends paid through an increase in trade and other
payables
|
8
|
|
-
|
|
|
||||
(Increase) / Decrease in income tax payable, offset with tax
credits
|
(106)
|
|
25
|
|
|
||||
Increase in borrowings from subsidiaries, associates and joint
ventures through an increase in trade and other
receivables
|
-
|
|
167
|
|
|
||||
Decrease in intangible assets through an increase in other
receivables
|
-
|
|
24
|
|
|
||||
|
|
|
|
|
|
______________________
Alejandro G.
Elsztain
Vice-president
II
acting as
President
|
|
|
|
Six months
|
|
|
|
12.31.16 (originally issued)
|
|
12.31.16 (adjustment)
|
|
12.31.16 (recast)
|
|
|
|
|||
Revenue
|
18
|
|
-
|
|
18
|
Costs
|
(12)
|
|
1
|
|
(11)
|
Gross Profit
|
6
|
|
1
|
|
7
|
Net gain from fair value adjustment of investment
properties
|
-
|
|
196
|
a)
|
196
|
General and administrative expenses
|
(77)
|
|
-
|
|
(77)
|
Selling expenses
|
(13)
|
|
-
|
|
(13)
|
Other operating results, net
|
(38)
|
|
-
|
|
(38)
|
(Loss) / Profit from operations
|
(122)
|
|
197
|
|
75
|
Share of profit of subsidiaries, associates and joint
ventures
|
2,481
|
|
1,651
|
b)
|
4,132
|
Profit from operations before financial results and income
tax
|
2,359
|
|
1,848
|
|
4,207
|
Finance income
|
44
|
|
-
|
|
44
|
Finance costs
|
(517)
|
|
-
|
|
(517)
|
Other financial results
|
1
|
|
-
|
|
1
|
Financial results, net
|
(472)
|
|
-
|
|
(472)
|
Profit before income tax
|
1,887
|
|
1,848
|
|
3,735
|
Income tax
|
180
|
|
(69)
|
c)
|
111
|
Profit for the period
|
2,067
|
|
1,779
|
|
3,846
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
Share of other comprehensive loss of subsidiaries, associates and
joint ventures
|
(12)
|
|
-
|
|
(12)
|
Currency translation adjustment of subsidiaries, associates, and
joint ventures
|
(21)
|
|
55
|
|
34
|
Other comprehensive (loss) / income for the period
|
(33)
|
|
55
|
|
22
|
Total comprehensive income for the period
|
2,034
|
|
1,834
|
|
3,868
|
|
|
|
Three months
|
|
|
|
12.31.16 (originally issued)
|
|
12.31.16 (adjustment)
|
|
12.31.16 (recast)
|
|
|
|
|||
Revenue
|
10
|
|
-
|
|
10
|
Costs
|
(6)
|
|
1
|
|
(5)
|
Gross Profit
|
4
|
|
1
|
|
5
|
Net gain from fair value adjustment of investment
properties
|
-
|
|
139
|
a)
|
139
|
General and administrative expenses
|
(42)
|
|
-
|
|
(42)
|
Selling expenses
|
(8)
|
|
-
|
|
(8)
|
Other operating results, net
|
(34)
|
|
-
|
|
(34)
|
(Loss) / Profit from operations
|
(80)
|
|
140
|
|
60
|
Share of profit of subsidiaries, associates and joint
ventures
|
2,881
|
|
925
|
b)
|
3,806
|
Profit from operations before financial results and income
tax
|
2,801
|
|
1,065
|
|
3,866
|
Finance income
|
11
|
|
-
|
|
11
|
Finance costs
|
(263)
|
|
-
|
|
(263)
|
Other financial results
|
1
|
|
-
|
|
1
|
Financial results, net
|
(251)
|
|
-
|
|
(251)
|
Profit before income tax
|
2,550
|
|
1,065
|
|
3,615
|
Income tax
|
94
|
|
(49)
|
c)
|
45
|
Profit for the period
|
2,644
|
|
1,016
|
|
3,660
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
Share of other comprehensive loss of subsidiaries, associates and
joint ventures
|
(29)
|
|
-
|
|
(29)
|
Currency translation adjustment of subsidiaries, associates, and
joint ventures
|
(216)
|
|
39
|
|
(177)
|
Other comprehensive loss for the period
|
(245)
|
|
39
|
|
(206)
|
Total comprehensive income for the period
|
2,399
|
|
1,055
|
|
3,454
|
|
12.31.17
|
|
06.30.17
|
Beginning of period / year
|
29,447
|
|
23,342
|
Share of profit
|
8,797
|
|
4,485
|
Capital contributions (i)
|
1,316
|
|
1,121
|
Sale of subsidiaries, associates and joint ventures
|
(1,944)
|
|
-
|
Others comprehensive (loss) / income
|
(945)
|
|
1,135
|
Cash dividends (ii)
|
(587)
|
|
(755)
|
Others reserve
|
(1)
|
|
-
|
Increase in equity interest in associates
|
-
|
|
119
|
End of the period / year (iii)
|
36,083
|
|
29,447
|
Name of the entity
|
|
% ownership interest
|
|
Company´s interest in equity
|
|
Company’s interest in comprehensive income
|
||||||
|
12.31.17
|
06.30.17
|
|
12.31.17
|
|
06.30.17
|
|
12.31.17
|
|
12.31.16 (recast)
|
|
|
|
|
|
||||||||||
Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
IRSA CP
|
|
86.29%
|
94.41%
|
|
28,126
|
|
20,807
|
|
9,850
|
|
1,898
|
|
Tyrus
|
|
100.00%
|
100.00%
|
|
4,885
|
|
6,053
|
|
(2,439)
|
|
2,080
|
|
Ritelco S.A.
|
|
100.00%
|
100.00%
|
|
612
|
|
494
|
|
117
|
|
28
|
|
EFANUR
|
|
100.00%
|
100.00%
|
|
580
|
|
522
|
|
58
|
|
102
|
|
ECLSA
|
|
96.74%
|
96.74%
|
|
462
|
|
390
|
|
73
|
|
10
|
|
Inversora Bolívar S.A.
|
|
95.13%
|
95.13%
|
|
406
|
|
341
|
|
65
|
|
5
|
|
Palermo Invest S.A.
|
|
97.00%
|
97.00%
|
|
332
|
|
263
|
|
69
|
|
6
|
|
NFSA (3)
|
|
76.34%
|
76.34%
|
|
22
|
|
23
|
|
(2)
|
|
2
|
|
Llao Llao Resort S.A. (3)
|
|
50.00%
|
50.00%
|
|
20
|
|
13
|
|
6
|
|
5
|
|
HASA (3)
|
|
80.00%
|
80.00%
|
|
-
|
|
(3)
|
|
4
|
|
2
|
|
Associates
|
|
|
|
|
|
|
|
|
|
|
|
|
BHSA (1) (2)
|
|
5.05%
|
5.05%
|
|
346
|
|
278
|
|
68
|
|
6
|
|
Manibil
|
|
49.00%
|
49.00%
|
|
150
|
|
95
|
|
11
|
|
7
|
|
BACS (2)
|
|
33.36%
|
33.36%
|
|
134
|
|
158
|
|
(24)
|
|
1
|
|
Joint
ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
Cyrsa
|
|
50.00%
|
50.00%
|
|
12
|
|
13
|
|
-
|
|
2
|
|
UTE IRSA - Galerías Pacífico S.A.
|
|
50.00%
|
50.00%
|
|
(4)
|
|
-
|
|
(4)
|
|
-
|
|
Total subsidiaries, associates and joint ventures
|
|
|
|
|
36,083
|
|
29,447
|
|
7,852
|
|
4,154
|
|
Name of the entity
|
|
Place of business / Country of incorporation
|
Main activity
|
Common shares 1 vote
|
|
Latest financial statements issued
|
||
|
|
Share capital (nominal value)
|
Profit / (loss) for the period
|
Shareholders’ equity
|
||||
Subsidiaries
|
|
|
|
|
|
|
|
|
IRSA CP
|
|
Argentina
|
Real estate
|
108,732,579
|
|
126
|
11,242
|
32,707
|
Tyrus
|
|
Uruguay
|
Investment
|
16,025,861,475
|
|
7,318
|
(1,441)
|
4,884
|
Ritelco S.A.
|
|
Uruguay
|
Investment
|
94,369,151
|
|
94
|
120
|
611
|
EFANUR
|
|
Uruguay
|
Investment
|
130,386,770
|
|
131
|
1
|
580
|
ECLSA
|
|
Argentina
|
Investment
|
77,316,130
|
|
80
|
74
|
476
|
Inversora Bolívar S.A.
|
|
Argentina
|
Investment
|
83,571,237
|
|
88
|
69
|
420
|
Palermo Invest S.A.
|
|
Argentina
|
Investment
|
155,953,673
|
|
161
|
71
|
373
|
NFSA (3)
|
|
Argentina
|
Hotel
|
38,068,999
|
|
50
|
(2)
|
45
|
Llao Llao Resort S.A. (3)
|
|
Argentina
|
Hotel
|
73,580,206
|
|
147
|
13
|
39
|
HASA (3)
|
|
Argentina
|
Hotel
|
18,791,800
|
|
23
|
5
|
1
|
Associates
|
|
|
|
|
|
|
|
|
BHSA (1) (2)
|
|
Argentina
|
Financial
|
73,939,822
|
|
1,500
|
486
|
7,167
|
Manibil
|
|
Argentina
|
Real estate
|
130,122,874
|
|
266
|
23
|
306
|
BACS (2)
|
|
Argentina
|
Financial
|
29,297,626
|
|
88
|
(50)
|
423
|
Joint
ventures
|
|
|
|
|
|
|
|
|
Cyrsa
|
|
Argentina
|
Real estate
|
8,748,269
|
|
17
|
(1)
|
25
|
UTE IRSA - Galerías Pacífico S.A.
|
|
Argentina
|
Real estate
|
500,000
|
|
1
|
(8)
|
(7)
|
|
Period ended December 31, 2017
|
|
Year ended June 30, 2017
|
||||||
|
Office buildings and other rental portfolio
|
|
Undeveloped parcels of land
|
|
Properties under development
|
|
Total
|
|
Total
|
Fair value hierarchy
|
2
|
|
2
|
|
2
|
|
|
|
|
Fair value at the beginning of the period / year
|
891
|
|
3,218
|
|
348
|
|
4,457
|
|
3,540
|
Additions
|
-
|
|
-
|
|
46
|
|
46
|
|
15
|
Capitalized finance costs
|
-
|
|
-
|
|
2
|
|
2
|
|
-
|
Disposals
|
(26)
|
|
-
|
|
-
|
|
(26)
|
|
(37)
|
Net gain from fair value adjustment
|
107
|
|
391
|
|
(7)
|
|
491
|
|
939
|
Fair value at the end of the period / year
|
972
|
|
3,609
|
|
389
|
|
4,970
|
|
4,457
|
|
12.31.17
|
|
12.31.16 (recast)
|
Rental income and averaging of scheduled rental escalation (Note
17)
|
17
|
|
15
|
Property management fees (Note 17)
|
3
|
|
1
|
Costs (Note18)
|
(16)
|
|
(10)
|
Net unrealized gain from fair value adjustment of investment
properties
|
467
|
|
196
|
Net realized gain from fair value adjustment of investment
properties
|
24
|
|
-
|
|
Period ended December 31, 2017
|
|
Year ended June 30, 2017
|
||||||
|
Buildings and facilities
|
|
Furniture and fixtures
|
|
Machinery and equipment
|
|
Total
|
|
Total
|
Costs
|
16
|
|
3
|
|
16
|
|
35
|
|
31
|
Accumulated depreciation
|
(12)
|
|
(3)
|
|
(14)
|
|
(29)
|
|
(28)
|
Net book amount at the beginning of the year
|
4
|
|
-
|
|
2
|
|
6
|
|
3
|
Additions
|
1
|
|
-
|
|
1
|
|
2
|
|
4
|
Depreciation (Note 18)
|
(1)
|
|
-
|
|
-
|
|
(1)
|
|
(1)
|
Balances at the end of the period / year
|
4
|
|
-
|
|
3
|
|
7
|
|
6
|
Costs
|
17
|
|
3
|
|
17
|
|
37
|
|
35
|
Accumulated depreciation
|
(13)
|
|
(3)
|
|
(14)
|
|
(30)
|
|
(29)
|
Net book amount at the end of the period / year
|
4
|
|
-
|
|
3
|
|
7
|
|
6
|
|
Period ended December 31, 2017
|
|
Year ended June 30, 2017
|
||||
|
|||||||
|
Completed properties
|
|
Properties under development
|
|
Total
|
|
Total
|
Beginning of the period / year
|
5
|
|
322
|
|
327
|
|
304
|
Additions
|
-
|
|
62
|
|
62
|
|
23
|
Capitalized finance costs
|
-
|
|
3
|
|
3
|
|
-
|
Disposals
|
-
|
|
(1)
|
|
(1)
|
|
-
|
End of the period / year
|
5
|
|
386
|
|
391
|
|
327
|
Non-current
|
|
|
|
|
388
|
|
319
|
Current
|
|
|
|
|
3
|
|
8
|
Total
|
|
|
|
|
391
|
|
327
|
|
12.31.17
|
|
12.31.16 (recast)
|
Sales revenue (Note 17)
|
9
|
|
-
|
Cost of sales and developments (Note 18)
|
(2)
|
|
(1)
|
|
Period ended December 31, 2017
|
|
Year ended June 30, 2017
|
||||
|
Computer software
|
|
Future units to be received from barters
|
|
Total
|
|
Total
|
Costs
|
4
|
|
19
|
|
23
|
|
54
|
Accumulated amortization
|
(2)
|
|
-
|
|
(2)
|
|
(2)
|
Net book amount at the beginning of the period / year
|
2
|
|
19
|
|
21
|
|
52
|
Additions
|
-
|
|
-
|
|
-
|
|
21
|
Disposals
|
-
|
|
-
|
|
-
|
|
(52)
|
Balances at the end of the period / year
|
2
|
|
19
|
|
21
|
|
21
|
Costs
|
4
|
|
19
|
|
23
|
|
23
|
Accumulated amortization
|
(2)
|
|
-
|
|
(2)
|
|
(2)
|
Net book amount at the end of the period / year
|
2
|
|
19
|
|
21
|
|
21
|
|
Financial liabilities at amortized cost (i)
|
|
Non-financial liabilities
|
|
Total
|
Liabilities as per Statement of Financial Position
|
|
|
|
|
|
Trade and other payables (Note 13)
|
98
|
|
928
|
|
1,026
|
Borrowings (Note 14)
|
6,382
|
|
-
|
|
6,382
|
Total
|
6,480
|
|
928
|
|
7,408
|
|
Financial assets at amortized cost (i)
|
|
Financial assets at fair value through profit or loss
|
|
Subtotal financial assets
|
|
Non-financial assets
|
|
Total
|
|
|
|
Level 1
|
|
|
|
|
|
|
June 30, 2017
|
|
|
|
|
|
|
|
|
|
Assets as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 12)
|
290
|
|
-
|
|
290
|
|
492
|
|
782
|
Restricted assets (*)
|
4
|
|
-
|
|
4
|
|
-
|
|
4
|
Investments in financial assets:
|
|
|
|
|
|
|
|
|
|
- Bonds
|
-
|
|
27
|
|
27
|
|
-
|
|
27
|
- Mutual funds
|
-
|
|
11
|
|
11
|
|
-
|
|
11
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
- Foreign-currency future contracts
|
-
|
|
8
|
|
8
|
|
-
|
|
8
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
- Bonds
|
-
|
|
67
|
|
67
|
|
-
|
|
67
|
- Mutual funds
|
-
|
|
56
|
|
56
|
|
-
|
|
56
|
- Cash at bank and on hand
|
25
|
|
-
|
|
25
|
|
-
|
|
25
|
Total
|
319
|
|
169
|
|
488
|
|
492
|
|
980
|
|
12.31.17
|
|
06.30.17
|
Leases and services receivables
|
58
|
|
43
|
Receivables from the sale of properties
|
50
|
|
51
|
Less: Allowance for doubtful accounts
|
(3)
|
|
(3)
|
Total trade receivables
|
105
|
|
91
|
Advance payments
|
416
|
|
354
|
Borrowings, deposits and other debit balances
|
152
|
|
169
|
VAT receivables
|
105
|
|
66
|
Prepaid expenses
|
41
|
|
38
|
Receivable from TGLT agreement (i)
|
25
|
|
25
|
Long-term incentive program
|
15
|
|
17
|
Loans granted
|
12
|
|
10
|
Advances granted
|
10
|
|
-
|
Others
|
10
|
|
3
|
Tax credits
|
5
|
|
6
|
Total other receivables
|
791
|
|
688
|
Total trade and other receivables
|
896
|
|
779
|
Non-current
|
308
|
|
211
|
Current
|
588
|
|
568
|
Total
|
896
|
|
779
|
|
12.31.17
|
|
06.30.17
|
Beginning of period /year
|
3
|
|
4
|
Additions (Note 18)
|
1
|
|
1
|
Utilization
|
(1)
|
|
(2)
|
End of the period / year
|
3
|
|
3
|
|
12.31.17
|
|
06.30.17
|
Customers advances
|
905
|
|
786
|
Trade payables
|
86
|
|
72
|
Invoices to be received
|
10
|
|
20
|
Total trade payables
|
1,001
|
|
878
|
Long-term incentive plan
|
14
|
|
10
|
Director´s fees
|
3
|
|
7
|
Tax payables
|
3
|
|
4
|
Tax amnesty plan for payable taxes
|
2
|
|
2
|
Tax on shareholders’ personal assets
|
-
|
|
2
|
Others
|
3
|
|
4
|
Total other payables
|
25
|
|
29
|
Total trade and other payables
|
1,026
|
|
907
|
Non-current
|
883
|
|
784
|
Current
|
143
|
|
123
|
Total
|
1,026
|
|
907
|
|
12.31.17
|
|
06.30.17
|
Non-convertible notes
|
5,193
|
|
4,667
|
Bank borrowings
|
1,050
|
|
951
|
Related parties (Note 21)
|
87
|
|
80
|
Bank overdrafts
|
52
|
|
-
|
Total borrowings
|
6,382
|
|
5,698
|
Non-current
|
5,839
|
|
5,340
|
Current
|
543
|
|
358
|
Total
|
6,382
|
|
5,698
|
|
12.31.17
|
|
12.31.16 (recast)
|
Current income tax
|
106
|
|
55
|
Deferred income tax
|
(278)
|
|
(166)
|
Income tax gain
|
(172)
|
|
(111)
|
|
12.31.17
|
|
06.30.17
|
Beginning of the period / year
|
(2,247)
|
|
(1,516)
|
Income tax expense
|
278
|
|
(731)
|
End of the period / year
|
(1,969)
|
|
(2,247)
|
|
12.31.17
|
|
12.31.16 (recast)
|
Net income at tax rate
|
3,067
|
|
1,307
|
Permanent differences:
|
|
|
|
Share of profit of subsidiaries, associates and joint
ventures
|
(2,651)
|
|
(1,420)
|
Gain on sales of interest in subsidiary
|
42
|
|
-
|
Donations and non-deductible expenses
|
3
|
|
2
|
Others
|
8
|
|
-
|
Change of income tax rate
|
(641)
|
|
-
|
Income tax – Gain
|
(172)
|
|
(111)
|
|
Period endedDecember 31, 2017
|
|
Year endedJune 30, 2017
|
||||
|
Labor, legal and other claims
|
|
Investments in associates and joint ventures (i)
|
|
Total
|
|
Total
|
Beginning of period / year
|
33
|
|
3
|
|
36
|
|
35
|
Additions (Note 19)
|
3
|
|
4
|
|
7
|
|
11
|
Decrease (Note 19)
|
(2)
|
|
(3)
|
|
(5)
|
|
(8)
|
Utilization
|
(2)
|
|
-
|
|
(2)
|
|
(2)
|
End of period / year
|
32
|
|
4
|
|
36
|
|
36
|
Non current
|
|
|
|
|
35
|
|
32
|
Current
|
|
|
|
|
1
|
|
4
|
Total
|
|
|
|
|
36
|
|
36
|
17.
Revenues
|
12.31.17
|
|
12.31.16 (recast)
|
Rental income and averaging of scheduled rental
escalation
|
17
|
|
15
|
Sales of trading properties
|
9
|
|
-
|
Property management fees
|
3
|
|
1
|
Sales, rental and services income
|
29
|
|
16
|
Expenses
|
6
|
|
2
|
Total revenues
|
35
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
Costs (1)
|
|
General and administrative expenses
|
|
Selling expenses
|
|
12.31.17
|
|
12.31.16 (recast)
|
Salaries, social security costs and other personnel
expenses
|
3
|
|
51
|
|
4
|
|
58
|
|
43
|
Fees and payments for services
|
-
|
|
21
|
|
1
|
|
22
|
|
18
|
Director´s fees
|
-
|
|
17
|
|
-
|
|
17
|
|
15
|
Traveling, transportation and stationery
|
-
|
|
7
|
|
-
|
|
7
|
|
4
|
Taxes, rates and contributions
|
4
|
|
-
|
|
2
|
|
6
|
|
4
|
Leases and service charges
|
2
|
|
4
|
|
-
|
|
6
|
|
2
|
Public services and others
|
3
|
|
3
|
|
-
|
|
6
|
|
3
|
Maintenance, security, cleaning, repairs and others
|
4
|
|
1
|
|
-
|
|
5
|
|
5
|
Advertising and other selling expenses
|
-
|
|
-
|
|
2
|
|
2
|
|
7
|
Amortization and depreciation
|
1
|
|
-
|
|
-
|
|
1
|
|
-
|
Cost of sales of trading properties
|
1
|
|
-
|
|
-
|
|
1
|
|
-
|
Allowance for doubtful accounts (charge and recovery, net) (Note
12)
|
-
|
|
-
|
|
1
|
|
1
|
|
-
|
Bank charges
|
-
|
|
1
|
|
-
|
|
1
|
|
-
|
Total expenses by nature as of 12.31.17
|
18
|
|
105
|
|
10
|
|
133
|
|
-
|
Total expenses by nature as of 12.31.16 (recast)
|
11
|
|
77
|
|
13
|
|
-
|
|
101
|
19.
Other
operating results, net
|
12.31.17
|
|
12.31.16 (recast)
|
Gain from disposal of associates, subsidiaries and joint
ventures
|
496
|
|
-
|
Tax on shareholders’ personal assets
|
2
|
|
(1)
|
Donations
|
(10)
|
|
(4)
|
Lawsuits and other contingencies (i)
|
(1)
|
|
(7)
|
Loss from TGLT agreement (ii)
|
-
|
|
(27)
|
Others
|
2
|
|
1
|
Total other operating results, net
|
489
|
|
(38)
|
|
12.31.17
|
|
12.31.16 (recast)
|
Finance income:
|
|
|
|
- Interest income
|
7
|
|
19
|
- Foreign exchange gain
|
5
|
|
25
|
Total finance income
|
12
|
|
44
|
Finance costs:
|
|
|
|
- Foreign exchange loss
|
(626)
|
|
(231)
|
- Interest expenses
|
(312)
|
|
(269)
|
- Other finance costs
|
(10)
|
|
(19)
|
- Costs from repayment of borrowings
|
-
|
|
2
|
Total finance costs
|
(948)
|
|
(517)
|
Other financial results:
|
|
|
|
- Fair value gain of financial assets
|
14
|
|
1
|
- Gain from derivative financial instruments,
net
|
7
|
|
-
|
Total other financial results
|
21
|
|
1
|
Total financial results, net
|
(915)
|
|
(472)
|
Item
|
|
12.31.17
|
|
06.30.17
|
Trade and other payables
|
|
(685)
|
|
(623)
|
Borrowings
|
|
(87)
|
|
(80)
|
Trade and other receivables
|
|
208
|
|
206
|
Total
|
|
(564)
|
|
(497)
|
Related parties
|
|
12.31.17
|
|
06.30.17
|
|
Description of operation
|
Cresud
|
|
4
|
|
4
|
|
Leases and/or rights of use receivables
|
|
|
(20)
|
|
(8)
|
|
Corporate services payable
|
|
|
(8)
|
|
(12)
|
|
Reimbursement of expenses payable
|
Total parent company
|
|
(24)
|
|
(16)
|
|
|
IRSA CP
|
|
(610)
|
|
(542)
|
|
Sale of properties
|
|
|
(18)
|
|
(23)
|
|
Corporate services payable
|
|
|
(12)
|
|
(10)
|
|
Long-term incentive plan payable
|
|
|
(6)
|
|
(16)
|
|
Reimbursement of expenses payable
|
|
|
(1)
|
|
-
|
|
Leases and/or rights of use payable
|
|
|
-
|
|
1
|
|
Other receivables
|
|
|
-
|
|
(1)
|
|
Lease collections
|
Palermo Invest S.A.
|
|
5
|
|
5
|
|
Borrowings granted
|
|
|
3
|
|
3
|
|
Dividends receivable
|
|
|
1
|
|
1
|
|
Other receivables
|
Inversora Bolívar S.A
|
|
(6)
|
|
(6)
|
|
Loans received
|
Tyrus
|
|
92
|
|
71
|
|
Borrowings granted
|
NFSA
|
|
11
|
|
7
|
|
Management fees
|
|
|
(37)
|
|
(34)
|
|
Loans received
|
Efanur S.A.
|
|
(11)
|
|
(10)
|
|
Loans received
|
Fibesa S.A.
|
|
12
|
|
14
|
|
Long-term incentive plan receivables
|
|
|
(2)
|
|
-
|
|
Reimbursement of expenses payable
|
PAMSA
|
|
6
|
|
-
|
|
Reimbursement of expenses receivable
|
|
|
1
|
|
1
|
|
Long-term incentive plan receivable
|
|
|
(27)
|
|
(24)
|
|
Non-Convertible Notes
|
Real Estate Strategies LLC
|
|
6
|
|
5
|
|
Borrowings granted
|
Manibil
|
|
47
|
|
84
|
|
Borrowings granted
|
Cyrsa
|
|
(6)
|
|
(6)
|
|
Loans received
|
Others subsidiaries, associates and joint ventures
|
|
11
|
|
3
|
|
Hotel services receivable
|
|
|
6
|
|
5
|
|
Reimbursement of expenses receivable
|
|
|
1
|
|
2
|
|
Long-term incentive plan receivable
|
|
|
(4)
|
|
(3)
|
|
Hotel services payable
|
|
|
(1)
|
|
(1)
|
|
Reimbursement of expenses payable
|
|
|
1
|
|
-
|
|
Dividend receivables
|
Total subsidiaries, associates and joint ventures
|
|
(538)
|
|
(474)
|
|
|
Directors
|
|
(3)
|
|
(7)
|
|
Fees
|
Total Directors
|
|
(3)
|
|
(7)
|
|
|
Others
|
|
2
|
|
-
|
|
Reimbursement of expenses receivable
|
|
|
(1)
|
|
-
|
|
Reimbursement of expenses payable
|
Total others
|
|
1
|
|
-
|
|
|
Total at the end of the period/year
|
|
(564)
|
|
(497)
|
|
|
Related parties
|
|
12.31.17
|
|
12.31.16 (recast)
|
|
Description of operation
|
|
||||||
Cresud
|
|
1
|
|
1
|
|
Leases and/or rights of use
|
|
|
(32)
|
|
(22)
|
|
Corporate services
|
Total parent company
|
|
(31)
|
|
(21)
|
|
|
IRSA CP
|
|
(16)
|
|
(10)
|
|
Corporate services
|
|
|
(1)
|
|
(1)
|
|
Leases and/or rights of use
|
|
|
-
|
|
(4)
|
|
Financial operations
|
BACS
|
|
-
|
|
16
|
|
Financial operations
|
Tyrus
|
|
11
|
|
-
|
|
Financial operations
|
Manibil
|
|
10
|
|
4
|
|
Financial operations
|
Others subsidiaries, associates and joint ventures
|
|
1
|
|
1
|
|
Fees
|
|
|
(5)
|
|
-
|
|
Donations
|
|
|
-
|
|
(5)
|
|
Financial operations
|
Total subsidiaries, associates and joint ventures
|
|
-
|
|
1
|
|
|
Directors
|
|
(17)
|
|
(15)
|
|
Fees
|
Senior Managment
|
|
(3)
|
|
(1)
|
|
Fees
|
Total Directors and Senior Managment
|
|
(20)
|
|
(16)
|
|
|
Fundación IRSA
|
|
(6)
|
|
(4)
|
|
Donations
|
Estudio Zang, Bergel & Viñez
|
|
(2)
|
|
(2)
|
|
Fees
|
Others
|
|
1
|
|
-
|
|
Leases and/or rights of use
|
Total others
|
|
(7)
|
|
(6)
|
|
|
Total at the end of the period
|
|
(58)
|
|
(42)
|
|
|
Related parties
|
|
12.31.17
|
|
12.31.16 (recast)
|
|
Description of operation
|
|
||||||
IRSA CP
|
|
(586)
|
|
(434)
|
|
Dividends collected
|
ECLSA
|
|
(1)
|
|
-
|
|
Dividends collected
|
Cyrsa
|
|
-
|
|
(7)
|
|
Dividends collected
|
Cresud
|
|
882
|
|
-
|
|
Dividends granted
|
Helmir
|
|
5
|
|
-
|
|
Dividends granted
|
Otras
|
|
-
|
|
(2)
|
|
Dividends collected
|
Total Distributions
|
|
300
|
|
(443)
|
|
|
Tyrus
|
|
1,272
|
|
911
|
|
Irrevocable contributions granted
|
Manibil
|
|
44
|
|
-
|
|
Irrevocable contributions granted
|
Otras
|
|
-
|
|
11
|
|
Irrevocable contributions granted
|
Total Contributions to Subsidiaries
|
|
1,316
|
|
922
|
|
|
Item (3)
|
Amount (1)
|
Foreign exchange rate (2)
|
Total as of 12.31.17
|
Amount (1)
|
Foreign exchange rate (2)
|
Total as of 06.30.17
|
|
||||||
Assets
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
|
|
|
|
US Dollar
|
11.67
|
18.55
|
217
|
6.94
|
16.53
|
115
|
Receivables with related parties
|
|
|
|
|
|
|
US Dollar
|
8.76
|
18.65
|
163
|
10.57
|
16.63
|
176
|
Total Trade and other receivables
|
|
|
380
|
|
|
291
|
Investments in financial
assets
|
|
|
|
|
|
|
US Dollar
|
2.21
|
18.55
|
41
|
1.75
|
16.53
|
29
|
Total Investments in financial assets
|
|
|
41
|
|
|
29
|
Cash and cash
equivalents
|
|
|
|
|
|
|
US Dollar
|
1.69
|
18.55
|
31
|
1.04
|
16.53
|
17
|
Euros
|
0.07
|
22.28
|
2
|
0.07
|
18.84
|
1
|
Total Cash and cash equivalents
|
|
|
33
|
|
|
18
|
Total Assets
|
|
|
454
|
|
|
338
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Trade and other payables
|
|
|
|
|
|
|
US Dollar
|
6.57
|
18.65
|
123
|
4.54
|
16.63
|
76
|
Payables with related parties
|
|
|
|
|
|
|
US Dollar
|
3.55
|
18.65
|
66
|
2.28
|
16.63
|
38
|
Total Trade and other payables
|
|
|
189
|
|
|
114
|
Borrowings
|
|
|
|
|
|
|
US Dollar
|
308.74
|
18.65
|
5,758
|
308.69
|
16.63
|
5,134
|
Borrowings with related parties
|
|
|
|
|
|
|
US Dollar
|
2.05
|
18.65
|
38
|
2.05
|
16.63
|
33
|
Total Borrowings
|
|
|
5,796
|
|
|
5,167
|
Total Liabilities
|
|
|
5,985
|
|
|
5,281
|
|
|
|
|
|
|
|
Exhibit A - Property, plant and equipment
|
Note 7 Investment properties and Note 8 Property, plant and
equipment
|
Exhibit B - Intangible assets
|
Note 10 Intangible assets
|
Exhibit C - Equity investments
|
Note 6 Information about the main subsidiaries, associates and
joint ventures
|
Exhibit D - Other investments
|
Note 11 Financial instruments by category
|
Exhibit E - Provisions
|
Note 12 Trade and other receivables and Note 17
Provisions
|
Exhibit F - Cost of sales and services provided
|
Note 9 Trading properties and Note 19 Expenses by
nature
|
Exhibit G - Foreign currency assets and liabilities
|
Note 22 Foreign currency assets and liabilities
|
Storage of documentation responsible
|
|
Location
|
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 Gómez 3825, Autonomous City of Buenos
Aires
|
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
|
276
|
312
|
588
|
240
|
68
|
308
|
516
|
380
|
896
|
|
Total
|
276
|
312
|
588
|
240
|
68
|
308
|
516
|
380
|
896
|
Liabilities
|
Trade and other payables
|
109
|
34
|
143
|
728
|
155
|
883
|
837
|
189
|
1,026
|
|
Borrowings
|
225
|
318
|
543
|
361
|
5,478
|
5,839
|
586
|
5,796
|
6,382
|
|
Salaries and social security liabilities
|
1
|
-
|
1
|
-
|
-
|
-
|
1
|
-
|
1
|
|
Provisions
|
1
|
-
|
1
|
35
|
-
|
35
|
36
|
-
|
36
|
|
Total
|
336
|
352
|
688
|
1,124
|
5,633
|
6,757
|
1,460
|
5,985
|
7,445
|
Items
|
Current
|
Non-current
|
Accruing interest
|
Non-Accruinginterest
|
Total
|
||||||||
Accruing interest
|
Non-accruing interest (*)
|
Total
|
Accruing interest
|
Non-accruing interest (*)
|
Total
|
||||||||
Fixed rate
|
Floating rate
|
Fixed rate
|
Floating rate
|
Fixed rate
|
Floating rate
|
||||||||
Accounts receivables
|
Trade and other receivables
|
38
|
102
|
448
|
588
|
66
|
-
|
242
|
308
|
104
|
102
|
690
|
896
|
|
Total
|
38
|
102
|
448
|
588
|
66
|
-
|
242
|
308
|
104
|
102
|
690
|
896
|
Liabilities
|
Trade and other payables
|
-
|
-
|
143
|
143
|
2
|
-
|
881
|
883
|
2
|
-
|
1,024
|
1,026
|
|
Borrowings
|
356
|
76
|
111
|
543
|
5,450
|
385
|
4
|
5,839
|
5,806
|
461
|
115
|
6,382
|
|
Salaries and social security liabilities
|
-
|
-
|
1
|
1
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
1
|
|
Provisions
|
-
|
-
|
1
|
1
|
-
|
-
|
35
|
35
|
-
|
-
|
36
|
36
|
|
Total
|
356
|
76
|
256
|
688
|
5,452
|
385
|
920
|
6,757
|
5,808
|
461
|
1,176
|
7,445
|
a: Interest in related parties:
Name of
the entity
|
% of
ownership interest held by the Group
|
Direct
Controlling interest of IRSA:
|
|
IRSA
CP
|
86.29%
|
Ecommerce Latina
S.A.
|
96.74%
|
Efanur
S.A.
|
100.00%
|
Hoteles
Argentinos S.A.
|
80.00%
|
Inversora
Bolívar S.A.
|
95.13%
|
Llao
Llao Resorts S.A.
|
50.00%
|
Nuevas
Fronteras S.A.
|
76.34%
|
Palermo
Invest S.A.
|
97.00%
|
Ritelco
S.A.
|
100.00%
|
Tyrus
S.A.
|
100.00%
|
Real Estate
|
Insured
amounts (1)
|
Accounting values
|
Risk covered
|
Bouchard 551
|
2
|
61
|
All
operational risk with additional coverage and minor
risks
|
Maipú 1300
|
2
|
26
|
All
operational risk with additional coverage and minor
risks
|
Libertador 498
|
3
|
105
|
All
operational risk with additional coverage and minor
risks
|
Santa María del Plata
|
0.053
|
4,006
|
All
operational risk with additional coverage and minor
risks
|
Casona Abril
|
4
|
5
|
All
operational risk with additional coverage and minor
risks
|
Catalinas Norte plot of land
|
2
|
769
|
All
operational risk with additional coverage and minor
risks
|
Subtotal
|
13
|
4,972
|
|
Single policy
|
15,000
|
|
Third
party liability
|
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
|
|
ABELOVICH,
POLANO & ASOCIADOS S.R.L.
(Partner)
C.P.C.E. C.A.B.A. T° 1 F° 30
Marcelo Héctor Fuxman
Public Accountant (UBA)
C.P.C.E.C.A.B.A. T° 134 F° 85
|
In Ps. Million
|
IITQ 18
|
IIQ 17
|
YoY Var
|
6M 18
|
6M 17
|
YoY Var
|
Revenues
|
22,827
|
19,044
|
19.9%
|
43,040
|
36,831
|
16.9%
|
Net gain from fair value adjustment of investment
properties
|
8,098
|
2,074
|
290.5%
|
11,502
|
3,470
|
231.5%
|
Profit from operations
|
10,599
|
3,415
|
210.4%
|
15,957
|
6,182
|
158.1%
|
Depreciation and amortization
|
1,390
|
1,261
|
10.2%
|
2,627
|
2,374
|
10.7%
|
EBITDA
|
11,989
|
4,677
|
156.3%
|
18,584
|
8,557
|
117.2%
|
Adjusted EBITDA
|
3,951
|
2,689
|
46.9%
|
7,166
|
5,191
|
38.0%
|
Profit for the period
|
10,757
|
6,472
|
66.2%
|
10,831
|
6,816
|
58.9%
|
Attributable to equity holders of the parent
|
8,365
|
3,635
|
130.1%
|
8,918
|
3,835
|
132.5%
|
Attributable to non-controlling interest
|
2,392
|
2,837
|
-15.7%
|
1,913
|
2,981
|
-35.8%
|
|
IITQ 18
|
IIQ 17
|
YoY Var
|
6M 18
|
6M 17
|
YoY Var
|
Revenues from sales, leases and services
|
960
|
812
|
18.2%
|
1,810
|
1,494
|
21.2%
|
Net gain from fair value adjustment of investment
properties
|
6,997
|
812
|
761.7%
|
9,041
|
1,698
|
432.4%
|
Profit from operations
|
7,725
|
1,412
|
447.1%
|
10,410
|
2,806
|
271.0%
|
Depreciation and amortization
|
6
|
8
|
-25.0%
|
12
|
13
|
-7.7%
|
EBITDA
|
7,731
|
1,420
|
444.4%
|
10,422
|
2,820
|
269.6%
|
Adjusted EBITDA
|
734
|
608
|
20.7%
|
1,381
|
1,121
|
23.1%
|
|
IIQ 18
|
IQ 18
|
IVQ 17
|
IIIQ 17
|
IIQ 17
|
Total leasable area (sqm)
|
340,111
|
339,080
|
341,289
|
341,391
|
337,396
|
Tenants’ sales (3 month cumulative)
|
12,031.0
|
9,777.7
|
9,306.4
|
7,331.7
|
9,804.1
|
Occupancy
|
99.1%
|
98.8%
|
98.6%
|
98.0%
|
98.4%
|
Shopping Mall
|
Date of Acquisition
|
Gross Leasable Area
(sqm)
(1)
|
Stores
|
IRSA Propiedades Comerciales S.A.’s Interest
|
Occupancy
(2)
|
Alto Palermo
|
Dec-97
|
18,633
|
138
|
100.0%
|
98.7%
|
Abasto Shopping
(3)
|
Nov-99
|
36,795
|
171
|
100.0%
|
100.0%
|
Alto Avellaneda
|
Dec-97
|
36,039
|
134
|
100.0%
|
99.9%
|
Alcorta Shopping
|
Jun-97
|
15,721
|
114
|
100.0%
|
99.4%
|
Patio Bullrich
|
Oct-98
|
11,503
|
92
|
100.0%
|
99.4%
|
Buenos Aires Design
|
Nov-97
|
13,735
|
61
|
53.7%
|
100.0%
|
Dot Baires Shopping
|
May-09
|
49,407
|
156
|
80.0%
|
99.9%
|
Soleil
|
Jul-10
|
15,214
|
79
|
100.0%
|
100.0%
|
Distrito Arcos
|
Dec-14
|
14,325
|
69
|
90.0%
|
100.0%
|
Alto Noa Shopping
|
Mar-95
|
19,059
|
90
|
100.0%
|
99.4%
|
Alto Rosario Shopping
(4)
|
Nov-04
|
31,507
|
149
|
100.0%
|
99.7%
|
Mendoza Plaza Shopping
|
Dec-94
|
42,867
|
141
|
100.0%
|
96.7%
|
Córdoba Shopping
|
Dec-06
|
15,317
|
106
|
100.0%
|
98.6%
|
La Ribera Shopping
(5)
|
Aug-11
|
10,530
|
68
|
50.0%
|
96.1%
|
Alto Comahue
|
Mar-15
|
9,459
|
100
|
99.1%
|
97.1%
|
Patio Olmos
(6)
|
Sep-07
|
|
|
|
|
Total
|
|
340,111
|
1,668
|
|
99.1%
|
Shopping mall
|
IIQ 18
|
IIQ 17
|
YoY Var
|
6M 18
|
6M 17
|
YoY Var
|
Alto Palermo
|
1,446.9
|
1,234.6
|
17.2%
|
2,576.7
|
2,208.0
|
16.7%
|
Abasto Shopping
|
1,573.7
|
1,322.7
|
19.0%
|
2,891.1
|
2,424.0
|
19.3%
|
Alto Avellaneda
|
1,521.4
|
1,236.5
|
23.0%
|
2,726.8
|
2,245.0
|
21.5%
|
Alcorta Shopping
|
813.3
|
682.3
|
19.2%
|
1,417.9
|
1,181.4
|
20.0%
|
Patio Bullrich
|
447.3
|
376.6
|
18.8%
|
782.9
|
657.1
|
19.1%
|
Buenos Aires Design
|
172.4
|
139.3
|
23.8%
|
342.7
|
269.7
|
27.1%
|
Dot Baires Shopping
|
1,366.9
|
1,116.4
|
22.4%
|
2,386.1
|
1,959.2
|
21.8%
|
Soleil
|
610.5
|
453.1
|
34.7%
|
1,141.7
|
853.2
|
33.8%
|
Distrito Arcos
|
527.5
|
420.0
|
25.6%
|
967.1
|
739.5
|
30.8%
|
Alto Noa Shopping
|
522.9
|
424.7
|
23.1%
|
968.1
|
797.0
|
21.5%
|
Alto Rosario Shopping
|
1,089.4
|
885.2
|
23.1%
|
2,008.6
|
1,626.0
|
23.5%
|
Mendoza Plaza Shopping
|
894.2
|
706.9
|
26.5%
|
1,690.7
|
1,354.6
|
24.8%
|
Córdoba Shopping
|
415.0
|
337.6
|
22.9%
|
736.3
|
607.2
|
21.3%
|
La Ribera Shopping
(1)
|
274.1
|
198.4
|
38.2%
|
520.1
|
379.2
|
37.2%
|
Alto Comahue
|
355.5
|
269.7
|
31.8%
|
644.0
|
486.2
|
32.5%
|
Total
|
12,031.0
|
9,804.0
|
22.7%
|
21,800.8
|
17,787.3
|
22.6%
|
|
IIQ 18
|
IIQ 17
|
YoY Var
|
6M 18
|
6M 17
|
YoY Var
|
Base rent
(1)
|
503.6
|
411.0
|
22.5%
|
973.9
|
785.8
|
23.9%
|
Percentage rent
|
247.6
|
232.4
|
6.5%
|
418.5
|
382.7
|
9.4%
|
Total rent
|
751.2
|
643.4
|
16.8%
|
1,392.4
|
1,168.5
|
19.2%
|
Revenues from non-traditional advertising
|
27.5
|
16.2
|
69.7%
|
44.3
|
32.3
|
37.2%
|
Admission rights
|
77.2
|
63.7
|
21.1%
|
150.5
|
125.6
|
19.8%
|
Fees
|
14.6
|
11.9
|
23.2%
|
28.3
|
22.6
|
25.1%
|
Parking
|
59.0
|
48.9
|
20.5%
|
119.0
|
95.0
|
25.3%
|
Commissions
|
27.3
|
23.7
|
15.2%
|
69.3
|
45.0
|
54.0%
|
Others
|
3.1
|
4.1
|
-24.2%
|
5.8
|
6.3
|
-8.7%
|
Revenues from sales, leases and services
|
959.9
|
812.0
|
18.2%
|
1,809.5
|
1,495.3
|
21.0%
|
|
IIQ 18
|
IIQ 17
|
YoY Var
|
6M 18
|
6M 17
|
YoY Var
|
Revenues
|
129
|
116
|
11.2%
|
251
|
217
|
15.7%
|
Net gain from fair value adjustment of investment
properties
|
605
|
1,358
|
-55.4%
|
885
|
1,505
|
-41.2%
|
Profit from operations
|
709
|
1,489
|
-52.4%
|
1,093
|
1,713
|
-36.2%
|
Depreciation and Amortization
|
3
|
6
|
-50.0%
|
3
|
6
|
-50.0%
|
EBITDA
|
712
|
1,495
|
-52.4%
|
1,096
|
1,719
|
-36.2%
|
Adjusted EBITDA
|
107
|
137
|
-21.9%
|
211
|
214
|
-1.4%
|
|
IIQ 18
|
IQ 18
|
IVQ 17
|
IIIQ 17
|
IIQ 17
|
Gross
leasable area
|
85,378
|
85,378
|
85,784
|
86,682
|
87,232
|
Occupancy
|
93.2%
|
96.2%
|
96.2%
|
97.9%
|
100.0%
|
Rent
(ARS/sqm)
|
505
|
464
|
436
|
409
|
414
|
Rent
(USD/sqm)
|
26.9
|
26.8
|
26.2
|
26.2
|
26.1
|
|
Date of Acquisition
|
Leasable Area sqm
(1)
|
Occupancy Rate
(2)
|
IRSA’s Effective Interest
|
Offices
|
|
|
|
|
Edificio República
(3)
|
04/28/08
|
19,885
|
94%
|
100%
|
Torre Bankboston
(3)
|
08/27/07
|
14,873
|
86%
|
100%
|
Intercontinental Plaza
(3)
|
11/18/97
|
3,876
|
100%
|
100%
|
Bouchard 710
(3)
|
06/01/05
|
15,014
|
100%
|
100%
|
Maipú 1300
(4)
|
09/28/95
|
397
|
-
|
100%
|
Libertador 498
|
12/20/95
|
620
|
100%
|
100%
|
Suipacha 652/64
(3)
|
11/22/91
|
11,465
|
86%
|
100%
|
Dot Building
(3)(7)
|
11/28/06
|
11,242
|
100%
|
80%
|
Philips
(3)
(7)
|
06/05/17
|
8,006
|
24%
|
100%
|
Subtotal Offices
|
|
85,378
|
93.2%
|
|
Other
Properties
|
|
|
|
|
Santa María del Plata S.A.
|
17/10/97
|
116,100
|
91%
|
100%
|
Ex – Nobleza Piccardo
(5)
|
05/31/11
|
109,610
|
89%
|
50%
|
Other Properties
(6)
|
|
22,654
|
67%
|
|
Subtotal Other Properties
|
|
248,364
|
88%
|
|
TOTAL OFFICES AND OTHERS
|
|
333,743
|
90%
|
|
|
IQ 18
|
IVQ 17
|
IIIQ 17
|
IIQ 17
|
IQ 17
|
IQ 18
|
Revenues from sales, leases and services
|
20
|
0
|
100.0%
|
54
|
1
|
5,300.0%
|
Net gain from fair value adjustment of investment
properties
|
353
|
-195
|
-281.0%
|
550
|
-158
|
-448.1%
|
Profit from operations
|
342
|
-245
|
-239.6%
|
523
|
-229
|
-328.4%
|
Depreciation and amortization
|
0
|
0
|
0.0%
|
0
|
0
|
0.00%
|
EBITDA
|
342
|
-245
|
-239.6%
|
523
|
-229
|
-328.4%
|
Adjusted EBITDA
|
-11
|
-50
|
-78.0%
|
-27
|
-71
|
-62.0%
|
Hotels (in millions of ARS)
|
IITQ 18
|
IIQ 17
|
YoY Var
|
6M 18
|
6M 17
|
YoY Var
|
Revenues
|
264
|
200
|
32.0%
|
478
|
373
|
28.2%
|
(Loss) / profit from operations
|
24
|
23
|
4.3%
|
22
|
27
|
-18.5%
|
Depreciation and amortization
|
3
|
3
|
0.0%
|
7
|
7
|
0.0%
|
EBITDA
|
27
|
26
|
3.8%
|
29
|
33
|
-14.7%
|
|
IIQ 18
|
IQ 18
|
IVQ 17
|
IIIQ 17
|
IIQ 17
|
Average
Occupancy
|
71.5%
|
68.4%
|
67.3%
|
69.6%
|
69.1%
|
Average
Rate per Room (ARS/night)
|
3,420
|
3,290
|
2,803
|
2,873
|
2,784
|
Average
Rate per Room (USD/night)
|
195
|
190
|
181
|
186
|
182
|
Hotels
|
Date of
Acquisition
|
IRSA’s
Interest
|
Number
of Rooms
|
Average
Occupancy
(1)
|
Average
Rate
(2)
|
Intercontinental (3)
|
11/01/97
|
76.34%
|
309
|
74.6%
|
2,538
|
Sheraton Libertador (4)
|
03/01/98
|
80.00%
|
200
|
81.1%
|
2,416
|
Llao Llao (5)
|
06/01/97
|
50.00%
|
205
|
57.6%
|
6,520
|
Total
|
-
|
|
714
|
71.5%
|
3,420
|
Lipstick
|
Dec-17
|
Dec-16
|
YoY Var
|
Gross Leasable Area (sqm)
|
58,092
|
58,092
|
0.0%
|
Occupancy
|
94.7%
|
96.6%
|
-1.93
|
Rental price (USD/sqm)
|
71.6
|
68.9
|
3.9%
|
Real Estate (Property & Building - PBC) - Ps. MM
|
IIQ 18
|
IIQ 17
|
YoY Var
|
6M 18
|
6M 17
|
Var a/a
|
Revenues
|
1,506
|
1,443
|
4.4%
|
2,503
|
2,492
|
0.4%
|
Net gain from fair value adjustment of investment
properties
|
228
|
637
|
-64.3%
|
1,150
|
973
|
18.2%
|
Profit from operations
|
1,118
|
1,194
|
-6.4%
|
2,700
|
2,086
|
29.4%
|
Depreciation and amortization
|
5
|
5
|
0.0%
|
14
|
12
|
16.7%
|
EBITDA
|
1,123
|
1,199
|
-6.3%
|
2,714
|
2,098
|
29.4%
|
Adjusted EBITDA
|
895
|
562
|
59.3%
|
1,564
|
1,125
|
39.0%
|
Others (Corporate expenses and other subsidiaries) - $
MM
|
IIQ 18
|
IIQ 17
|
YoY Var
|
6M 18
|
6M 17
|
Var a/a
|
Revenues
|
10
|
200
|
-95.0%
|
199
|
342
|
-41.8%
|
Loss from operations
|
329
|
-138
|
-338.4%
|
291
|
-264
|
-210.2%
|
Depreciation and amortization
|
10
|
92
|
-89.1%
|
23
|
106
|
-78.3%
|
EBITDA
|
339
|
-46
|
-837.00%
|
314
|
-158
|
-298.7%
|
|
Total as per Segment information
|
Adjustment for share of profit/(loss) of Joint Ventures
*
|
Expenses and Collective Promotion Funds
|
Adjustment to income for elimination of inter-segment
transactions
|
Total as per Statement of Income
|
Revenues
|
42,214
|
-28
|
860
|
-6
|
43,040
|
Costs
|
-28,413
|
11
|
-876
|
1
|
-29,277
|
Gross profit
|
13,801
|
-17
|
-16
|
-5
|
13,763
|
Net gain from fair value adjustment of investment
properties
|
11,626
|
-124
|
-
|
-
|
11,502
|
General and administrative expenses
|
-2,214
|
13
|
-
|
6
|
-2,195
|
Selling expenses
|
-7,721
|
4
|
-
|
-
|
-7,717
|
Other operating results, net
|
589
|
16
|
-
|
-1
|
604
|
Profit / (loss) from operations
|
16,081
|
-108
|
-16
|
-
|
15,957
|
Share of profit of associates and joint ventures
|
233
|
160
|
-
|
-
|
393
|
Net segment profit before financial results and income
tax
|
16,314
|
52
|
-16
|
-
|
16,350
|
Description
|
Currency
|
Amount
(1)
|
Interest Rate
|
Maturity
|
Bank overdrafts
|
ARS
|
5.6
|
Floating
|
< 360 days
|
IRSA 2020 Series II Non-Convertible Notes.
|
USD
|
71.4
|
11.50%
|
Jul-20
|
Series VII Non-Convertible Notes
|
ARS
|
20.6
|
Badlar + 299
|
Sep-19
|
Series VIII Non-Convertible Notes
|
USD
|
184.5
|
7.00%
|
Sep-19
|
ICBC Dubai Loan
|
USD
|
50.0
|
5.95%
|
Feb-22
|
ICBC Loan
|
ARS
|
6.7
|
21.20%
|
May-18
|
IRSA’s Total Debt
|
|
338.9
|
|
|
IRSA’s Cash + Cash Equivalents + Investments
(2)
|
USD
|
4.0
|
|
|
IRSA’s Net Debt
|
USD
|
334.9
|
|
|
Bank overdrafts
|
ARS
|
1.3
|
Floating
|
< 360 d
|
CAPEX Citi 5600 loan
|
ARS
|
0.1
|
Fixed
|
Jan-18
|
ICBC loan
|
ARS
|
4.0
|
Fixed
|
May-18
|
IRCP Class IV Non-Convertible Notes
|
USD
|
140.0
|
5.0%
|
Sep-20
|
IRSA CP Class II Non-Convertible Notes
|
USD
|
360.0
|
8.75%
|
Mar-23
|
IRSA CP’s Total Debt
|
|
505.4
|
|
|
Cash + Cash Equivalents + Investments
(3)
|
|
314.8
|
|
|
IRSA CP’s Net Debt
|
|
190.6
|
|
|
Indebtedness
(1)
|
|
Amount
|
IDBD
|
|
704
|
DIC
|
|
978
|
|
|
December 2017
|
Identified assets and liabilities:
|
|
|
|
|
|
Assets
|
|
850
|
Liabilities
|
|
926
|
Total identified net assets
|
|
-76
|
Goodwill (pending allocation)
|
|
810
|
Total consideration
|
|
734
|
|
12.31.17
|
12.31.16
|
Non-current assets
|
180,626
|
144,551
|
Current assets
|
79,912
|
58,690
|
Total Assets
|
260,538
|
203,241
|
Capital and reserves attributable to equity holders of the
parent
|
30,585
|
25,293
|
Non-controlling interest
|
27,221
|
18,868
|
Total shareholders’ equity
|
57,806
|
44,161
|
Non-current liabilities
|
154,680
|
117,917
|
Current liabilities
|
48,052
|
41,163
|
Total Liabilities
|
202,732
|
159,080
|
Total liabilities and shareholders’ equity
|
260,538
|
203,241
|
|
12.31.17
|
12.31.16
|
Profit from operations
|
15,957
|
6,182
|
Share of profit of associates and joint ventures
|
393
|
62
|
Profit before financial results and income tax
|
16,350
|
6,244
|
Finance income
|
650
|
510
|
Finance expenses
|
-8,069
|
-4,715
|
Other financial results
|
1,196
|
1,531
|
Financial results, net
|
-6,223
|
-2,674
|
Income before income tax
|
10,127
|
3,570
|
Income tax expense
|
497
|
-1,027
|
Profit for the period from continuing operations
|
10,624
|
2,543
|
I
ncome / (loss) for the period
from discontinued operations after income tax
|
207
|
4,273
|
Profit for the period
|
10,831
|
6,816
|
Other comprehensive (loss) / income for the period
|
161
|
550
|
Comprehensive net (loss) / income for the period
|
10,992
|
7,366
|
|
|
|
Attributable
to
:
|
|
|
Equity holders of the parent
|
8,918
|
3,835
|
Non-controlling interest
|
1,913
|
2,981
|
|
12.31.17
|
12.31.16
|
Net cash generated by operating activities
|
6,807
|
4,862
|
Net cash used in investing activities
|
-9,863
|
2,156
|
Net cash generated by financing activities
|
7,185
|
2,177
|
Net increase in cash and cash equivalents
|
4,129
|
9,195
|
Cash and cash equivalents at beginning of fiscal year
|
24,854
|
13,866
|
Cash and cash equivalents reclassified to held for
sale
|
-74
|
0
|
Foreign exchange gain on cash and cash equivalents
|
586
|
639
|
Cash and cash equivalents at the end of the period
|
29,495
|
23,700
|
|
12.31.17
|
|
12.31.16
|
|
Liquidity
|
|
|
|
|
CURRENT ASSETS
|
79,912
|
1.66
|
58,690
|
1.43
|
CURRENT LIABILITIES
|
48,052
|
|
41,163
|
|
Indebtedness
|
|
|
|
|
TOTAL LIABILITIES
|
202,732
|
6.63
|
159,080
|
6.29
|
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT
|
30,585
|
|
25,293
|
|
Solvency
|
|
|
|
|
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT
|
30,585
|
0.15
|
25,293
|
0.16
|
TOTAL LIABILITIES
|
202,732
|
|
159,080
|
|
Restricted
Assets
|
|
|
|
|
NON-CURRENT ASSETS
|
180,626
|
0.69
|
144,551
|
0.71
|
TOTAL ASSETS
|
260,538
|
|
203,241
|
|
1 Year IRSA Inversiones and Rep... Chart |
1 Month IRSA Inversiones and Rep... Chart |
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