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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 | |
---|---|---|---|---|---|---|---|---|
0.13 | 1.37% | 9.62 | 9.89 | 9.58 | 9.58 | 210,636 | 21:06:46 |
Type of
stock
|
CAPITAL STATUS
|
|
Shares
authorized for Public Offering (2)
|
Subscribed,
issued and paid up nominal value
(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
|
8
|
Note 3
– Seasonal effects on operations
|
10
|
Note 4
– Acquisitions and disposals
|
10
|
Note 5
– Financial risk management and fair value estimates
|
12
|
Note 6
– Segment information
|
13
|
Note 7
– Investments in associates and joint ventures
|
15
|
Note 8
– Investment properties
|
17
|
Note 9
– Property, plant and equipment
|
17
|
Note 10
– Trading properties
|
18
|
Note 11
– Intangible assets
|
18
|
Note 12
– Right-of-use assets
|
19
|
Note 13
– Financial instruments by category
|
22
|
Note 14
– Trade and other receivables
|
22
|
Note 15
– Cash flow information
|
23
|
Note 16
– Trade and other payables
|
24
|
Note 17
– Borrowing
|
24
|
Note 18
– Provisions
|
24
|
Note 19
– Taxes
|
25
|
Note 20
– Revenues
|
25
|
Note 21
– Expenses by nature
|
26
|
Note 22
– Cost of goods sold and services provided
|
26
|
Note 23
– Other operating results, net
|
26
|
Note 24
– Financial results, net
|
27
|
Note 25
– Related party transactions
|
27
|
Note 26
– CNV General Resolution N° 622
|
28
|
Note 27
– Foreign currency assets and liabilities
|
29
|
Note 28
– Groups of assets and liabilities held for sale
|
30
|
Note 29
– Results from discontinued operations
|
30
|
Note 30
– Other significant events of the period
|
31
|
Note 31
– Subsequent Event
|
32
|
Terms
|
|
Definitions
|
BACS
|
|
Banco
de Crédito y Securitización 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
|
CODM
|
|
Chief
operating decision maker
|
CPF
|
|
Collective
Promotion Funds
|
Condor
|
|
Condor
Hospitality Trust Inc.
|
Cresud
|
|
Cresud
S.A.C.I.F. y A.
|
DIC
|
|
Discount
Investment Corporation Ltd.
|
Efanur
|
|
Efanur
S.A.
|
Financial
Statements
|
|
Unaudited
Condensed Interim Consolidated Financial Statements
|
Annual
Financial Statements
|
|
Consolidated
Financial Statements as of June 30, 2019
|
HASA
|
|
Hoteles
Argentinos S.A.
|
IAS
|
|
International
Accounting Standards
|
IASB
|
|
International
Accounting Standards Board
|
IDBT
|
|
IDB
Tourism (2009) Ltd
|
IDBD
|
|
IDB
Development Corporation Ltd.
|
IFISA
|
|
Inversiones
Financieras del Sur S.A.
|
IFRS
|
|
International
Financial Reporting Standards
|
IRSA,
The Company”, “Us”, “We”
|
|
IRSA
Inversiones y Representaciones Sociedad Anónima
|
IRSA
CP
|
|
IRSA
Propiedades Comerciales S.A.
|
Israir
|
|
Israir
Airlines & Tourism Ltd.
|
LRSA
|
|
La
Rural S.A.
|
Metropolitan
|
|
Metropolitan
885 Third Avenue Leasehold LLC
|
MPIT
|
|
Minimum
presumed income tax
|
NCN
|
|
Non-convertible
notes
|
New
Lipstick
|
|
New
Lipstick LLC
|
NFSA
|
|
Nuevas
Fronteras S.A.
|
NIS
|
|
New
Israeli Shekel
|
PBC
|
|
Property
& Building Corporation Ltd.
|
PBEL
|
|
PBEL
Real Estate LTD
|
Quality
|
|
Quality
Invest S.A.
|
Shufersal
|
|
Shufersal
Ltd.
|
Tarshop
|
|
Tarshop
S.A.
|
Tyrus
|
|
Tyrus
S.A.
|
|
Note
|
09,30,2019
|
|
06,30,2019
|
ASSETS
|
|
|
|
|
Non-current assets
|
|
|
|
|
Investment properties
|
8
|
197,192
|
|
262,600
|
Property, plant and equipment
|
9
|
26,954
|
|
25,120
|
Trading properties
|
10, 22
|
6,559
|
|
6,170
|
Intangible assets
|
11
|
22,783
|
|
20,159
|
Right-of-use assets
|
12
|
13,281
|
|
-
|
Other assets
|
|
33
|
|
27
|
Investments in associates and joint ventures
|
7
|
63,004
|
|
34,989
|
Deferred income tax assets
|
19
|
398
|
|
450
|
Income tax and MPIT credit
|
|
147
|
|
170
|
Restricted assets
|
13
|
2,816
|
|
3,465
|
Trade and other receivables
|
14
|
17,043
|
|
13,920
|
Investments in financial assets
|
13
|
3,915
|
|
3,250
|
Financial assets held for sale
|
13
|
-
|
|
4,701
|
Derivative financial instruments
|
13
|
99
|
|
107
|
Total non-current assets
|
|
354,224
|
|
375,128
|
Current assets
|
|
|
|
|
Trading properties
|
10, 22
|
277
|
|
412
|
Inventories
|
22
|
1,147
|
|
1,291
|
Restricted assets
|
13
|
9,640
|
|
4,930
|
Income tax and MPIT credit
|
|
428
|
|
439
|
Group of assets held for sale
|
28
|
15,850
|
|
9,053
|
Trade and other receivables
|
14
|
29,063
|
|
25,369
|
Investments in financial assets
|
13
|
30,253
|
|
36,256
|
Financial assets held for sale
|
13
|
14,675
|
|
13,122
|
Derivative financial instruments
|
13
|
68
|
|
46
|
Cash and cash equivalents
|
13
|
62,669
|
|
68,060
|
Total current assets
|
|
164,070
|
|
158,978
|
TOTAL ASSETS
|
|
518,294
|
|
534,106
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
Shareholders' equity attributable to equity holders of the parent
(according to corresponding statement)
|
|
37,674
|
|
36,094
|
Non-controlling interest
|
|
45,756
|
|
60,478
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
83,430
|
|
96,572
|
LIABILITIES
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Borrowings
|
17
|
275,818
|
|
300,482
|
Lease liabilities
|
|
10,160
|
|
-
|
Deferred income tax liabilities
|
19
|
33,336
|
|
41,406
|
Trade and other payables
|
16
|
2,056
|
|
1,973
|
Income tax and MPIT liabilities
|
|
6
|
|
-
|
Provisions
|
18
|
10,995
|
|
9,017
|
Employee benefits
|
|
166
|
|
149
|
Derivative financial instruments
|
13
|
602
|
|
1,157
|
Salaries and social security liabilities
|
|
151
|
|
124
|
Total non-current liabilities
|
|
333,290
|
|
354,308
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
16
|
21,205
|
|
20,887
|
Borrowings
|
17
|
59,256
|
|
51,206
|
Lease liabilities
|
|
3,802
|
|
-
|
Provisions
|
18
|
2,127
|
|
1,939
|
Group of liabilities held for sale
|
28
|
11,445
|
|
6,406
|
Salaries and social security liabilities
|
|
2,652
|
|
2,371
|
Income tax and MPIT liabilities
|
|
377
|
|
389
|
Derivative financial instruments
|
13
|
710
|
|
28
|
Total current liabilities
|
|
101,574
|
|
83,226
|
TOTAL LIABILITIES
|
|
434,864
|
|
437,534
|
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
|
518,294
|
|
534,106
|
|
|
Three month
|
||
|
Note
|
09.30.2019
|
|
09.30.2018
|
Revenues
|
20
|
18,610
|
|
16,376
|
Costs
|
21, 22
|
(11,786)
|
|
(10,509)
|
Gross profit
|
|
6,824
|
|
5,867
|
Net gain from fair value adjustment of investment
properties
|
8
|
9,032
|
|
10,187
|
General and administrative expenses
|
21
|
(2,105)
|
|
(1,951)
|
Selling expenses
|
21
|
(2,391)
|
|
(2,358)
|
Other operating results, net
|
23
|
(33)
|
|
646
|
Profit from operations
|
|
11,327
|
|
12,391
|
Share of profit of associates and joint ventures
|
7
|
77
|
|
173
|
Profit before financial results and income tax
|
|
11,404
|
|
12,564
|
Finance income
|
24
|
251
|
|
278
|
Finance costs
|
24
|
(5,663)
|
|
(4,295)
|
Other financial results
|
24
|
(7,971)
|
|
(287)
|
Inflation adjustment
|
|
(300)
|
|
(73)
|
Financial results, net
|
|
(13,683)
|
|
(4,377)
|
(Loss) / profit before income tax
|
|
(2,279)
|
|
8,187
|
Income tax
|
19
|
(1,833)
|
|
456
|
(Loss) / profit for the period from continuing
operations
|
|
(4,112)
|
|
8,643
|
Profit for the period from discontinued operations
|
29
|
15,095
|
|
416
|
Profit for the period
|
|
10,983
|
|
9,059
|
Other comprehensive income:
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
Currency translation adjustment
|
|
7,843
|
|
11,973
|
Change in the fair value of hedging instruments net of income
taxes
|
|
(13)
|
|
(6)
|
Items that may not be reclassified subsequently to profit or loss,
net of income tax:
|
|
-
|
|
-
|
Actuarial loss from defined contribution plans
|
|
(51)
|
|
-
|
Other comprehensive income for the period from continuing
operations
|
|
7,779
|
|
11,967
|
Other comprehensive income for the period from discontinued
operations
|
|
3,811
|
|
7,275
|
Total other comprehensive income for the period
|
|
11,590
|
|
19,242
|
Total comprehensive income for the period
|
|
22,573
|
|
28,301
|
|
|
|
|
|
Total comprehensive income from continuing operations
|
|
3,667
|
|
20,609
|
Total comprehensive income from discontinued
operations
|
|
18,906
|
|
7,692
|
Total comprehensive income for the period
|
|
22,573
|
|
28,301
|
|
|
|
|
|
Profit for the period attributable to:
|
|
|
|
|
Equity holders of the parent
|
|
3,298
|
|
7,982
|
Non-controlling interest
|
|
7,685
|
|
1,077
|
|
|
|
|
|
(Loss) / profit from continuing operations attributable
to:
|
|
|
|
|
Equity holders of the parent
|
|
(3,413)
|
|
7,922
|
Non-controlling interest
|
|
(699)
|
|
721
|
|
|
|
|
|
Total comprehensive income attributable to:
|
|
|
|
|
Equity holders of the parent
|
|
2,610
|
|
12,333
|
Non-controlling interest
|
|
19,963
|
|
15,968
|
|
|
|
|
|
Total comprehensive (Loss) / income from continuing operations
attributable to:
|
|
|
|
|
Equity holders of the parent
|
|
(688)
|
|
5,097
|
Non-controlling interest
|
|
4,355
|
|
15,512
|
|
|
|
|
|
Profit per share attributable to equity holders of the
parent:
|
|
|
|
|
Basic
|
|
5.74
|
|
13.88
|
Diluted
|
|
5.70
|
|
13.79
|
|
|
|
|
|
(Loss) / profit per share from continuing operations attributable
to equity holders of the parent:
|
|
|
|
|
Basic
|
|
(5.94)
|
|
13.78
|
Diluted
|
|
(5.94)
|
|
13.68
|
|
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, 2019
|
575
|
4
|
10,532
|
11,448
|
62
|
382
|
7,402
|
53,578
|
(47,889)
|
36,094
|
60,478
|
96,572
|
Adjustments of previous periods (IFRS 16 and IAS 28) (Note
2.2)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(913)
|
(913)
|
(677)
|
(1,590)
|
Restated balance as of July 1, 2018
|
575
|
4
|
10,532
|
11,448
|
62
|
382
|
7,402
|
53,578
|
(48,802)
|
35,181
|
59,801
|
94,982
|
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,298
|
3,298
|
7,685
|
10,983
|
Other comprehensive (loss) / income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(688)
|
-
|
(688)
|
12,278
|
11,590
|
Total profit and other comprehensive (loss) / income for the
period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(688)
|
3,298
|
2,610
|
19,963
|
22,573
|
Capitalisation of irrevocable contributions
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8
|
8
|
Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(13)
|
(13)
|
Decrease due to loss of control
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
18
|
18
|
(33,949)
|
(33,931)
|
Changes in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(135)
|
-
|
(135)
|
(54)
|
(189)
|
Balance as of September 30, 2019
|
575
|
4
|
10,532
|
11,448
|
62
|
382
|
7,402
|
52,755
|
(45,486)
|
37,674
|
45,756
|
83,430
|
|
Cost of treasury shares
|
Changes in non-controlling interest
|
Reserve for share-based payments
|
Reserve for future dividends
|
Currency translation adjustment reserve
|
Hedging instruments
|
Special reserve
|
Reserve for defined contribution plans
|
Other reserves from subsidiaries
|
Revaluation surplus
|
Total Other reserves
|
Balance as of July 1, 2019
|
(129)
|
(4,153)
|
163
|
1,332
|
206
|
(7)
|
56,246
|
(244)
|
82
|
82
|
53,578
|
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(633)
|
-
|
-
|
-
|
(55)
|
-
|
(688)
|
Total comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(633)
|
-
|
-
|
-
|
(55)
|
-
|
(688)
|
Share-based compensation
|
2
|
-
|
(2)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Changes in non-controlling interest
|
-
|
(135)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(135)
|
Balance as of September 30, 2019
|
(127)
|
(4,288)
|
161
|
1,332
|
(427)
|
(7)
|
56,246
|
(244)
|
27
|
82
|
52,755
|
|
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, 2018
|
575
|
4
|
10,532
|
11,448
|
62
|
382
|
7,402
|
3,862
|
22,653
|
56,920
|
65,471
|
122,391
|
Adjustments previous periods (IFRS 9 and 15)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(229)
|
(229)
|
(5)
|
(234)
|
Balance as of July 1, 2018 (recast)
|
575
|
4
|
10,532
|
11,448
|
62
|
382
|
7,402
|
3,862
|
22,424
|
56,691
|
65,466
|
122,157
|
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
7,982
|
7,982
|
1,077
|
9,059
|
Other comprehensive income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,351
|
-
|
4,351
|
14,891
|
19,242
|
Total profit and other comprehensive income for the
period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,351
|
7,982
|
12,333
|
15,968
|
28,301
|
Share-based compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
2
|
Changes in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(577)
|
-
|
(577)
|
(357)
|
(934)
|
Dividends distribution to non-controlling interest in
subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(315)
|
(315)
|
Balance as of September 30, 2018
|
575
|
4
|
10,532
|
11,448
|
62
|
382
|
7,402
|
7,636
|
30,406
|
68,447
|
80,764
|
149,211
|
|
Cost of treasury stock
|
Changes in non-controlling interest
|
Reserve for share-based payments
|
Reserve for future dividends
|
Currency translation adjustment reserve
|
Hedging instruments
|
Special reserve
|
Reserve for defined contribution plans
|
Revaluation surplus
|
Other reserves from subsidiaries
|
Total Other reserves
|
Balance as of July 1, 2018
|
(144)
|
(3,076)
|
176
|
1,332
|
853
|
83
|
4,716
|
(244)
|
82
|
84
|
3,862
|
Other comprehensive income for the period
|
-
|
-
|
-
|
-
|
4,331
|
20
|
-
|
-
|
-
|
-
|
4,351
|
Total comprehensive loss for the period
|
-
|
-
|
-
|
-
|
4,331
|
20
|
-
|
-
|
-
|
-
|
4,351
|
Share-based compensation
|
2
|
-
|
(2)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Changes in non-controlling interest
|
-
|
(492)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(85)
|
(577)
|
Balance as of September 30, 2018
|
(142)
|
(3,568)
|
174
|
1,332
|
5,184
|
103
|
4,716
|
(244)
|
82
|
(1)
|
7,636
|
|
Note
|
09.30.2019
|
|
09.30.2018
|
Operating activities:
|
|
|
|
|
Net cash generated from continuing operating activities before
income tax paid
|
15
|
6,770
|
|
3,035
|
Income tax and MPIT paid
|
|
(260)
|
|
(97)
|
Net cash generated from continuing operating
activities
|
|
6,510
|
|
2,938
|
Net cash generated from discontinued operating
activities
|
|
1,145
|
|
310
|
Net cash generated from operating activities
|
|
7,655
|
|
3,248
|
Investing activities:
|
|
|
|
|
Increase of interest in associates and joint ventures
|
|
(4)
|
|
(86)
|
Acquisition of associates and joint ventures
|
|
(2,288)
|
|
-
|
Contributions and issuance of capital in associates and joint
ventures
|
|
(82)
|
|
(12)
|
Acquisition and improvements of investment properties
|
|
(899)
|
|
(1,898)
|
Cash incorporated through deconsolidation of
subsidiary
|
|
-
|
|
54
|
Proceeds from sales of investment properties
|
|
-
|
|
11
|
Acquisitions and improvements of property, plant and
equipment
|
|
(814)
|
|
(795)
|
Proceeds from sales of property, plant and equipment
|
|
2,531
|
|
-
|
Acquisitions of intangible assets
|
|
(700)
|
|
(701)
|
Net increase of restricted deposits
|
|
(1,577)
|
|
(293)
|
Dividends collected from associates and joint ventures
|
|
32
|
|
146
|
Proceeds from sales of interest held in associates and joint
ventures
|
|
39
|
|
631
|
Proceeds from loans granted
|
|
33
|
|
92
|
Acquisitions of financial assets
|
|
(8,224)
|
|
(8,071)
|
Proceeds from disposal of investments in financial
assets
|
|
12,349
|
|
12,372
|
Interests collected from financial assets
|
|
277
|
|
296
|
Dividends received from financial assets
|
|
67
|
|
203
|
Proceeds from sale of other assets
|
|
75
|
|
-
|
Loans granted to related parties
|
|
-
|
|
(8)
|
Loans granted
|
|
(609)
|
|
-
|
Net cash generated from continuing investing
activities
|
|
206
|
|
1,941
|
Net cash generated from / (used in) discontinued investing
activities
|
|
2,347
|
|
(193)
|
Net cash generated from investing activities
|
|
2,553
|
|
1,748
|
Financing activities:
|
|
|
|
|
Borrowings and issuance of non-convertible notes
|
|
11,916
|
|
23,292
|
Payment of borrowings and non-convertible notes
|
|
(21,950)
|
|
(4,583)
|
(Payment) / collections of short term loans, net
|
|
1,233
|
|
1,086
|
Interests paid
|
|
(4,919)
|
|
(2,574)
|
Repurchase of NCN
|
|
(8,139)
|
|
(804)
|
Acquisition of non-controlling interest in
subsidiaries
|
|
(180)
|
|
(368)
|
Proceeds from sale of non-controlling interest in
subsidiaries
|
|
-
|
|
11
|
Loans received from associates and joint ventures, net
|
|
-
|
|
86
|
Payment of borrowings to related parties
|
|
-
|
|
(5)
|
Dividends paid to non-controlling interest in
subsidiaries
|
|
-
|
|
(356)
|
Net proceeds from derivative financial instruments
|
|
77
|
|
377
|
Net cash (used in) / generated from continuing financing
activities
|
|
(21,962)
|
|
16,162
|
Net cash (used in) / generated from discontinued financing
activities
|
|
(3,810)
|
|
160
|
Net cash (used in) / generated from financing
activities
|
|
(25,772)
|
|
16,322
|
Net (decrease) / increase in cash and cash equivalents from
continuing activities
|
|
(15,246)
|
|
21,041
|
Net (decrease) / increase in cash and cash equivalents from
discontinued activities
|
|
(318)
|
|
277
|
Net (decrease) / increase in cash and cash equivalents
|
|
(15,564)
|
|
21,318
|
Cash and cash equivalents at beginning of period
|
|
68,060
|
|
65,329
|
Cash and cash equivalents reclassified as
held-for-sale
|
|
26
|
|
(298)
|
Foreign exchange gain and inflation adjustment on cash and changes
in fair value of cash equivalents
|
|
10,147
|
|
22,252
|
Cash and cash equivalents at end of period
|
13
|
62,669
|
|
108,601
|
Quarterly Price variation
|
As of september 30, 2019 (three month period)
|
|
13%
|
|
|
07.01.2019
|
||||
|
|
Implementation IFRS 16
|
|
Implementation IAS 28
|
|
Total
|
ASSETS
|
|
|
|
|
|
|
Non- Current Assets
|
|
|
|
|
|
|
Investment properties
|
|
336
|
|
-
|
|
336
|
Right-of-use assets
|
|
11,090
|
|
-
|
|
11,090
|
Investments in associates and joint ventures
|
|
-
|
|
(1,597)
|
|
(1,597)
|
Trade and other receivables
|
|
95
|
|
-
|
|
95
|
Total Non-Current Assets
|
|
11,521
|
|
(1,597)
|
|
9,924
|
Current assets
|
|
-
|
|
-
|
|
-
|
Income tax and MPIT credit
|
|
14
|
|
-
|
|
14
|
Trade and other receivables
|
|
(134)
|
|
-
|
|
(134)
|
Group of assets held for sale
|
|
2,458
|
|
-
|
|
2,458
|
Total current assets
|
|
2,338
|
|
-
|
|
2,338
|
TOTAL ASSETS
|
|
13,859
|
|
(1,597)
|
|
12,262
|
SHAREHOLDERS’ EQUITY
|
|
-
|
|
-
|
|
-
|
Capital and reserves attributable to equity holders of the
parent
|
|
-
|
|
-
|
|
-
|
Retained earnings
|
|
7
|
|
(920)
|
|
(913)
|
Total capital and reserves attributable to equity holders of the
parent
|
|
7
|
|
(920)
|
|
(913)
|
Non-controlling interest
|
|
-
|
|
(677)
|
|
(677)
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
7
|
|
(1,597)
|
|
(1,590)
|
LIABILITIES
|
|
-
|
|
-
|
|
-
|
Non-Current Liabilities
|
|
-
|
|
-
|
|
-
|
Trade and other payables
|
|
8,363
|
|
-
|
|
8,363
|
Total Non-Current Liabilities
|
|
8,363
|
|
-
|
|
8,363
|
Current Liabilities
|
|
-
|
|
-
|
|
-
|
Lease liabilities
|
|
3,091
|
|
-
|
|
3,091
|
Trade and other payables
|
|
(54)
|
|
-
|
|
(54)
|
Group of liabilities held for sale
|
|
2,452
|
|
-
|
|
2,452
|
Total Current Liabilities
|
|
5,489
|
|
-
|
|
5,489
|
TOTAL LIABILITIES
|
|
13,852
|
|
-
|
|
13,852
|
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
|
13,859
|
|
(1,597)
|
|
12,262
|
|
09.30.2019
|
Cash received
|
11,229
|
Remeasurement of the fair value of the remaining
investment
|
25,324
|
Total
|
36,553
|
Net assets written off including goodwill
|
(22,143)
|
Gain from sale of subsidiary, net of taxes (*)
|
14,411
|
|
09.30.2019
|
Investment properties
|
122,705
|
Property, plant and equipment
|
836
|
Intangible assets
|
2,583
|
Right-of-use assets
|
33
|
Investments in associates and joint ventures
|
3,461
|
Restricted assets
|
298
|
Trade and other receivables
|
911
|
Investments in financial assets
|
10,517
|
Trading properties
|
122
|
Income tax credit
|
149
|
Cash and cash equivalents
|
8,364
|
TOTAL ASSETS
|
149,979
|
Borrowings
|
77,523
|
Lease liabilities
|
33
|
Deferred income tax liabilities
|
14,277
|
Trade and other payables
|
1,888
|
Employee benefits
|
17
|
Salaries and social security liabilities
|
50
|
Income tax and MPIT liabilities
|
99
|
TOTAL LIABILITIES
|
93,887
|
Non-controlling interest
|
33,949
|
Net assets written off including goodwill
|
22,143
|
|
Three months ended September 30, 2019
|
||||||
|
Operations Center in Argentina
|
Operations Center in Israel
|
Total
|
Joint ventures (1)
|
Expensesand collectivepromotion funds
|
Elimination of inter-segment transactions and non-reportable assets
/ liabilities (2)
|
Total as per statement of income / statement of financial
position
|
Revenues
|
2,642
|
15,329
|
17,971
|
(20)
|
665
|
(6)
|
18,610
|
Costs
|
(543)
|
(10,554)
|
(11,097)
|
8
|
(697)
|
-
|
(11,786)
|
Gross profit / (loss)
|
2,099
|
4,775
|
6,874
|
(12)
|
(32)
|
(6)
|
6,824
|
Net gain from fair value adjustment of investment
properties
|
9,433
|
-
|
9,433
|
(401)
|
-
|
-
|
9,032
|
General and administrative expenses
|
(474)
|
(1,643)
|
(2,117)
|
4
|
-
|
8
|
(2,105)
|
Selling expenses
|
(220)
|
(2,175)
|
(2,395)
|
4
|
-
|
-
|
(2,391)
|
Other operating results, net
|
(57)
|
(6)
|
(63)
|
-
|
32
|
(2)
|
(33)
|
Profit / (loss) from operations
|
10,781
|
951
|
11,732
|
(405)
|
-
|
-
|
11,327
|
Share of profit / (loss) of associates and joint
ventures
|
237
|
(463)
|
(226)
|
303
|
-
|
-
|
77
|
Segment profit / (loss)
|
11,018
|
488
|
11,506
|
(102)
|
-
|
-
|
11,404
|
Reportable assets
|
97,157
|
396,913
|
494,070
|
(564)
|
-
|
24,788
|
518,294
|
Reportable liabilities
|
-
|
(351,445)
|
(351,445)
|
-
|
-
|
(83,419)
|
(434,864)
|
Net reportable assets
|
97,157
|
45,468
|
142,625
|
(564)
|
-
|
(58,631)
|
83,430
|
|
Three months ended September 30, 2018
|
||||||
|
Operations Center in Argentina
|
Operations Center in Israel
|
Total
|
Joint ventures (1)
|
Expensesand collective promotion funds
|
Elimination of inter-segment transactions and non-reportable assets
/ liabilities (2)
|
Total as per statement of income / statement of financial
position
|
Revenues
|
2,767
|
12,875
|
15,642
|
(20)
|
759
|
(5)
|
16,376
|
Costs
|
(561)
|
(9,185)
|
(9,746)
|
9
|
(772)
|
-
|
(10,509)
|
Gross profit / (loss)
|
2,206
|
3,690
|
5,896
|
(11)
|
(13)
|
(5)
|
5,867
|
Net gain from fair value adjustment of investment
properties
|
11,402
|
-
|
11,402
|
(1,215)
|
-
|
-
|
10,187
|
General and administrative expenses
|
(471)
|
(1,491)
|
(1,962)
|
6
|
-
|
5
|
(1,951)
|
Selling expenses
|
(258)
|
(2,102)
|
(2,360)
|
2
|
-
|
-
|
(2,358)
|
Other operating results, net
|
8
|
618
|
626
|
9
|
13
|
(2)
|
646
|
Profit / (loss) from operations
|
12,887
|
715
|
13,602
|
(1,209)
|
-
|
(2)
|
12,391
|
Share of profit / (loss) of associates and joint
ventures
|
15
|
(405)
|
(390)
|
563
|
-
|
-
|
173
|
Segment profit / (loss)
|
12,902
|
310
|
13,212
|
(646)
|
-
|
(2)
|
12,564
|
Reportable assets
|
131,991
|
592,934
|
724,925
|
(825)
|
-
|
30,252
|
754,352
|
Reportable liabilities
|
-
|
(501,457)
|
(501,457)
|
-
|
-
|
-
|
(501,457)
|
Net reportable assets
|
131,991
|
91,477
|
223,468
|
(825)
|
-
|
30,252
|
252,895
|
|
Three months ended September 30, 2019
|
|||||||
|
Operations Center in Argentina
|
|||||||
|
Shopping Malls
|
Offices
|
Sales and developments
|
Hotels
|
International
|
Corporate
|
Others
|
Total
|
Revenues
|
1,525
|
512
|
61
|
513
|
2
|
-
|
29
|
2,642
|
Costs
|
(132)
|
(27)
|
(42)
|
(314)
|
(3)
|
-
|
(25)
|
(543)
|
Gross profit / (loss)
|
1,393
|
485
|
19
|
199
|
(1)
|
-
|
4
|
2,099
|
Net gain from fair value adjustment of investment
properties
|
440
|
5,006
|
3,769
|
-
|
-
|
-
|
218
|
9,433
|
General and administrative expenses
|
(187)
|
(41)
|
(45)
|
(78)
|
(33)
|
(64)
|
(26)
|
(474)
|
Selling expenses
|
(103)
|
(21)
|
(39)
|
(56)
|
-
|
-
|
(1)
|
(220)
|
Other operating results, net
|
(30)
|
(4)
|
(12)
|
(3)
|
(1)
|
-
|
(7)
|
(57)
|
Profit / (loss) from operations
|
1,513
|
5,425
|
3,692
|
62
|
(35)
|
(64)
|
188
|
10,781
|
Share of profit / (loss) of associates and joint
ventures
|
-
|
-
|
1
|
-
|
(167)
|
-
|
403
|
237
|
Segment profit / (loss)
|
1,513
|
5,425
|
3,693
|
62
|
(202)
|
(64)
|
591
|
11,018
|
|
|
|
|
|
|
|
|
|
Investment properties and
trading properties
|
40,199
|
29,910
|
26,022
|
-
|
85
|
-
|
1,055
|
97,271
|
Investment in associates and joint ventures
|
-
|
-
|
420
|
-
|
(7,035)
|
-
|
4,254
|
(2,361)
|
Other operating assets
|
230
|
54
|
145
|
1,576
|
171
|
-
|
71
|
2,247
|
Operating assets
|
40,429
|
29,964
|
26,587
|
1,576
|
(6,779)
|
-
|
5,380
|
97,157
|
|
Three months ended September 30, 2018
|
|||||||
|
Operations Center in Argentina
|
|||||||
|
Shopping Malls
|
Offices
|
Sales and developments
|
Hotels
|
International
|
Corporate
|
Others
|
Total
|
Revenues
|
1,786
|
344
|
34
|
571
|
-
|
-
|
32
|
2,767
|
Costs
|
(165)
|
(20)
|
(23)
|
(318)
|
-
|
-
|
(35)
|
(561)
|
Gross profit / (loss)
|
1,621
|
324
|
11
|
253
|
-
|
-
|
(3)
|
2,206
|
Net (loss) / gain from fair value adjustment of investment
properties
|
(3,168)
|
10,575
|
3,811
|
-
|
-
|
-
|
184
|
11,402
|
General and administrative expenses
|
(191)
|
(48)
|
(36)
|
(100)
|
(20)
|
(64)
|
(12)
|
(471)
|
Selling expenses
|
(158)
|
(18)
|
(11)
|
(66)
|
-
|
-
|
(5)
|
(258)
|
Other operating results, net
|
(16)
|
(3)
|
(13)
|
23
|
3
|
-
|
14
|
8
|
(Loss) / profit from operations
|
(1,912)
|
10,830
|
3,762
|
110
|
(17)
|
(64)
|
178
|
12,887
|
Share of profit/ (loss) of associates and joint
ventures
|
-
|
-
|
3
|
-
|
(114)
|
-
|
126
|
15
|
Segment (loss) / profit
|
(1,912)
|
10,830
|
3,765
|
110
|
(131)
|
(64)
|
304
|
12,902
|
|
|
|
|
|
|
|
|
|
Investment properties and trading properties
|
67,533
|
33,979
|
23,614
|
-
|
-
|
-
|
1,210
|
126,336
|
Investment in associates and joint ventures
|
-
|
-
|
370
|
-
|
(3,984)
|
-
|
6,918
|
3,304
|
Other operating assets
|
222
|
179
|
146
|
1,583
|
190
|
-
|
31
|
2,351
|
Operating assets
|
67,755
|
34,158
|
24,130
|
1,583
|
(3,794)
|
-
|
8,159
|
131,991
|
|
Three months ended September 30, 2019
|
||||||
|
Operations Center in Israel
|
||||||
|
Real Estate
|
Supermarkets
|
Telecommunications
|
Insurance
|
Corporate
|
Others
|
Total
|
Revenues
|
2,896
|
-
|
12,073
|
-
|
-
|
360
|
15,329
|
Costs
|
(1,595)
|
-
|
(8,867)
|
-
|
-
|
(92)
|
(10,554)
|
Gross profit
|
1,301
|
-
|
3,206
|
-
|
-
|
268
|
4,775
|
General and administrative expenses
|
(231)
|
-
|
(1,068)
|
-
|
(175)
|
(169)
|
(1,643)
|
Selling expenses
|
(64)
|
-
|
(2,073)
|
-
|
-
|
(38)
|
(2,175)
|
Other operating results, net
|
(77)
|
-
|
213
|
-
|
(39)
|
(103)
|
(6)
|
Profit / (loss) from operations
|
929
|
-
|
278
|
-
|
(214)
|
(42)
|
951
|
Share of loss of associates and joint ventures
|
(334)
|
-
|
-
|
-
|
-
|
(129)
|
(463)
|
Segment profit / (loss)
|
595
|
-
|
278
|
-
|
(214)
|
(171)
|
488
|
|
|
|
|
|
|
|
|
Operating assets
|
149,627
|
25,258
|
116,518
|
14,675
|
36,570
|
54,265
|
396,913
|
Operating liabilities
|
(121,272)
|
-
|
(93,016)
|
-
|
(116,885)
|
(20,272)
|
(351,445)
|
Operating assets (liabilities), net
|
28,355
|
25,258
|
23,502
|
14,675
|
(80,315)
|
33,993
|
45,468
|
|
Three months ended September 30, 2018
|
||||||
|
Operations Center in Israel
|
||||||
|
Real Estate
|
Supermarkets
|
Telecommunications
|
Insurance
|
Corporate
|
Others
|
Total
|
Revenues
|
2,518
|
-
|
10,049
|
-
|
-
|
308
|
12,875
|
Costs
|
(1,611)
|
-
|
(7,381)
|
-
|
-
|
(193)
|
(9,185)
|
Gross profit
|
907
|
-
|
2,668
|
-
|
-
|
115
|
3,690
|
General and administrative expenses
|
(117)
|
-
|
(896)
|
-
|
(189)
|
(289)
|
(1,491)
|
Selling expenses
|
(41)
|
-
|
(1,984)
|
-
|
-
|
(77)
|
(2,102)
|
Other operating results, net
|
-
|
-
|
75
|
-
|
-
|
543
|
618
|
Profit / (loss) from operations
|
749
|
-
|
(137)
|
-
|
(189)
|
292
|
715
|
Share of loss of associates and joint ventures
|
(193)
|
-
|
-
|
-
|
-
|
(212)
|
(405)
|
Segment profit / (loss)
|
556
|
-
|
(137)
|
-
|
(189)
|
80
|
310
|
|
|
|
|
|
|
|
|
Operating assets
|
312,184
|
30,283
|
114,916
|
36,308
|
64,396
|
34,847
|
592,934
|
Operating liabilities
|
(245,818)
|
-
|
(89,335)
|
-
|
(152,787)
|
(13,517)
|
(501,457)
|
Operating assets (liabilities), net
|
66,366
|
30,283
|
25,581
|
36,308
|
(88,391)
|
21,330
|
91,477
|
|
September 30, 2019
|
|
June 30, 2019
|
Beginning of the period / year
|
28,172
|
|
41,081
|
Adjustments of previous years (IFRS 16, 9 and 15 and IAS
28)
|
(1,597)
|
|
(120)
|
Increase in equity interest in associates and joint
ventures
|
4
|
|
549
|
Issuance of capital and contributions
|
82
|
|
104
|
Capital reduction
|
(928)
|
|
(529)
|
Decrease of interest in associate
|
-
|
|
(5,651)
|
Share of profit / (loss)
|
127
|
|
(5,502)
|
Increase in associates through loss of control of
subsidiaries
|
25,324
|
|
-
|
Currency translation adjustment
|
3,460
|
|
(318)
|
Dividends (i)
|
(13)
|
|
(1,353)
|
Reclassification to held-for-sale
|
(3,325)
|
|
-
|
Others
|
3,315
|
|
(89)
|
End of the period / year (ii)
|
54,621
|
|
28,172
|
Name of the entity
|
|
% ownership interest
|
|
Value of Group's interest in equity
|
|
Group's interest in comprehensive income / (loss)
|
|||
|
September 30, 2019
|
June 30, 2019
|
|
September 30, 2019
|
June 30, 2019
|
|
September 30, 2019
|
September 30, 2018
|
|
Associates
|
|
|
|
|
|
|
|
|
|
New Lipstick (1)
|
|
49.96%
|
49.90%
|
|
(8,383)
|
(6,817)
|
|
(1,566)
|
(1,787)
|
BHSA
|
|
29.91%
|
29.91%
|
|
3,754
|
3,504
|
|
349
|
92
|
Condor
|
|
18.89%
|
18.90%
|
|
1,307
|
1,096
|
|
(13)
|
493
|
PBEL
|
|
45.00%
|
45.00%
|
|
-
|
1,559
|
|
(77)
|
774
|
Shufersal
|
|
26.02%
|
33.56%
|
|
25,258
|
18,120
|
|
4,162
|
9,208
|
Other associates
|
|
N/A
|
N/A
|
|
29,639
|
2,635
|
|
69
|
728
|
Joint
ventures
|
|
|
|
|
|
|
|
|
|
Quality
|
|
50.00%
|
50.00%
|
|
1,776
|
1,472
|
|
293
|
458
|
La Rural SA
|
|
50.00%
|
50.00%
|
|
139
|
80
|
|
59
|
36
|
Mehadrin
|
|
45.41%
|
45.41%
|
|
-
|
3,815
|
|
572
|
1,117
|
Other joint ventures
|
|
N/A
|
N/A
|
|
1,131
|
2,708
|
|
(405)
|
785
|
Total associates and joint ventures
|
|
|
|
|
54,621
|
28,172
|
|
3,443
|
11,904
|
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
|
|
(*) (8)
|
|
(*) (217)
|
BHSA
|
|
Argentina
|
|
Financial
|
|
448,689,072
|
|
(***) 1,500
|
|
(***) 1,167
|
|
(***) 12,550
|
Condor
|
|
U.S.
|
|
Hotel
|
|
2,245,100
|
|
N/A
|
|
(*) (2)
|
|
(*) 92
|
PBEL
|
|
India
|
|
Real estate
|
|
450
|
|
(**) 1
|
|
(**) (20)
|
|
(**) (512)
|
Shufersal
|
|
Israel
|
|
Retail
|
|
79,282,087
|
|
(**) 242
|
|
(**) 254
|
|
(**) 1,859
|
Other associates
|
|
|
|
|
|
|
|
N/A
|
|
N/A
|
|
N/A
|
Joint
ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
Quality
|
|
Argentina
|
|
Real estate
|
|
120,827,022
|
|
326
|
|
585
|
|
3,504
|
La Rural SA
|
|
Argentina
|
|
Organization of events
|
|
714,498
|
|
1
|
|
21
|
|
52
|
Mehadrin
|
|
Israel
|
|
Agriculture
|
|
1,509,889
|
|
(**) 3
|
|
(**) (32)
|
|
(**) 574
|
Other joint ventures
|
|
|
|
|
|
-
|
|
N/A
|
|
N/A
|
|
N/A
|
|
Three months ended September 30, 2019
|
|
Year ended June 30, 2019
|
||||||
|
Rental properties
|
|
Undeveloped parcels of land
|
|
Properties under development
|
|
Total
|
|
Total
|
Fair value at the beginning of the period / year
|
231,084
|
|
22,445
|
|
9,071
|
|
262,600
|
|
284,970
|
|
|
|
|
|
|
|
|
|
|
Adjustments of previous years
|
336
|
|
-
|
|
-
|
|
336
|
|
336
|
Additions
|
350
|
|
-
|
|
914
|
|
1,264
|
|
9,142
|
Capitalized finance costs
|
-
|
|
-
|
|
-
|
|
-
|
|
183
|
Capitalized leasing costs
|
8
|
|
-
|
|
-
|
|
8
|
|
12
|
Amortization of capitalized leasing costs (i)
|
(3)
|
|
-
|
|
-
|
|
(3)
|
|
(17)
|
Transfers
|
26
|
|
(26)
|
|
-
|
|
-
|
|
341
|
Deconsolidation
|
(113,827)
|
|
(5,118)
|
|
(3,760)
|
|
(122,705)
|
|
-
|
Disposals
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,951)
|
Currency translation adjustment
|
43,870
|
|
1,618
|
|
1,172
|
|
46,660
|
|
(2,399)
|
Net gain from fair value adjustment
|
5,159
|
|
3,366
|
|
507
|
|
9,032
|
|
(26,681)
|
Fair value at the end of the period / year
|
167,003
|
|
22,285
|
|
7,904
|
|
197,192
|
|
262,600
|
|
09.30.2019
|
|
09.30.2018
|
Rental and services income
|
4,241
|
|
4,260
|
Direct operating expenses
|
(1,404)
|
|
(1,470)
|
Net unrealized gain from fair value adjustment of investment
properties
|
9,032
|
|
10,187
|
|
Three month ended September 30, 2019
|
Year ended June 30, 2019
|
||||||||||
|
Buildings and facilities
|
|
Machinery and equipment
|
|
Communication networks
|
|
Others
|
|
Total
|
|
Total
|
|
Costs
|
8,371
|
|
1,903
|
|
71,889
|
|
9,626
|
|
91,789
|
|
86,770
|
|
Accumulated depreciation
|
(5,220)
|
|
(1,301)
|
|
(54,885)
|
|
(5,263)
|
|
(66,669)
|
|
(61,896)
|
|
Net book amount at the beginning of the period / year
|
3,151
|
|
602
|
|
17,004
|
|
4,363
|
|
25,120
|
|
24,874
|
|
Additions
|
86
|
|
30
|
|
746
|
|
404
|
|
1,266
|
|
5,625
|
|
Disposals
|
(2)
|
|
-
|
|
(2,382)
|
|
(136)
|
|
(2,520)
|
|
(47)
|
|
Deconsolidation
|
(348)
|
|
(453)
|
|
-
|
|
(35)
|
|
(836)
|
|
-
|
|
Currency translation adjustment
|
405
|
|
133
|
|
3,712
|
|
991
|
|
5,241
|
|
(567)
|
|
Transfers from / to investment properties
|
-
|
|
(17)
|
|
-
|
|
-
|
|
(17)
|
|
9
|
|
Depreciation charges (i)
|
(75)
|
|
(25)
|
|
(811)
|
|
(389)
|
|
(1,300)
|
|
(4,774)
|
|
Balances at the end of the period / year
|
3,217
|
|
270
|
|
18,269
|
|
5,198
|
|
26,954
|
|
25,120
|
|
Costs
|
6,871
|
|
1,530
|
|
82,366
|
|
10,019
|
|
100,786
|
|
91,789
|
|
Accumulated depreciation
|
(3,654)
|
|
(1,260)
|
|
(64,097)
|
|
(4,821)
|
|
(73,832)
|
|
(66,669)
|
|
Net book amount at the end of the period / year
|
3,217
|
|
270
|
|
18,269
|
|
5,198
|
|
26,954
|
|
25,120
|
|
Three month ended September 30, 2019
|
|
Year ended June 30, 2019
|
||||||
|
Completed properties
|
|
Properties under development
|
|
Undeveloped sites
|
|
Total
|
|
Total
|
Beginning of the period / year
|
2,114
|
|
1,884
|
|
2,584
|
|
6,582
|
|
17,376
|
Adjustment of previous years (IFRS 15)
|
-
|
|
-
|
|
-
|
|
-
|
|
(6,555)
|
Additions
|
-
|
|
438
|
|
6
|
|
444
|
|
2,885
|
Deconsolidation
|
-
|
|
(122)
|
|
-
|
|
(122)
|
|
-
|
Currency translation adjustment
|
378
|
|
243
|
|
459
|
|
1,080
|
|
(1,065)
|
Transfers
|
142
|
|
(116)
|
|
(26)
|
|
-
|
|
42
|
Impairment
|
-
|
|
-
|
|
-
|
|
-
|
|
(36)
|
Capitalized finance costs
|
-
|
|
33
|
|
-
|
|
33
|
|
14
|
Disposals
|
-
|
|
(1,181)
|
|
-
|
|
(1,181)
|
|
(6,079)
|
End of the period / year
|
2,634
|
|
1,179
|
|
3,023
|
|
6,836
|
|
6,582
|
Non-current
|
|
|
|
|
|
|
6,559
|
|
6,170
|
Current
|
|
|
|
|
|
|
277
|
|
412
|
Total
|
|
|
|
|
|
|
6,836
|
|
6,582
|
|
Three month ended September 30, 2019
|
Year ended June 30, 2019
|
||||||
|
Goodwill
|
Trademarks
|
Licenses
|
Customer relations
|
Information systems and software
|
Contracts and others
|
Total
|
Total
|
Costs
|
5,165
|
5,561
|
7,454
|
15,967
|
5,080
|
6,780
|
46,007
|
41,471
|
Accumulated amortization
|
-
|
(430)
|
(5,641)
|
(13,486)
|
(2,077)
|
(4,214)
|
(25,848)
|
(19,765)
|
Net book amount at the beginning of the period / year
|
5,165
|
5,131
|
1,813
|
2,481
|
3,003
|
2,566
|
20,159
|
21,706
|
Additions
|
-
|
-
|
-
|
-
|
288
|
438
|
726
|
2,930
|
Disposals
|
-
|
-
|
-
|
-
|
(75)
|
-
|
(75)
|
(48)
|
Deconsolidation
|
(2,566)
|
-
|
-
|
-
|
(17)
|
-
|
(2,583)
|
-
|
Impairment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(145)
|
Currency translation adjustment
|
1,987
|
1,189
|
408
|
527
|
653
|
580
|
5,344
|
(631)
|
Amortization charges (i)
|
-
|
(26)
|
(51)
|
(219)
|
(259)
|
(233)
|
(788)
|
(3,653)
|
Balances at the end of the period / year
|
4,586
|
6,294
|
2,170
|
2,789
|
3,593
|
3,351
|
22,783
|
20,159
|
Costs
|
4,586
|
6,857
|
9,193
|
19,699
|
6,186
|
8,801
|
55,322
|
46,007
|
Accumulated amortization
|
-
|
(563)
|
(7,023)
|
(16,910)
|
(2,593)
|
(5,450)
|
(32,539)
|
(25,848)
|
Net book amount at the end of the period / year
|
4,586
|
6,294
|
2,170
|
2,789
|
3,593
|
3,351
|
22,783
|
20,159
|
|
September 30, 2019
|
|
June 30, 2019
|
Real Estate
|
3,152
|
|
-
|
Telecommunications
|
9,308
|
|
-
|
Others
|
821
|
|
-
|
Total right-of-use assets
|
13,281
|
|
-
|
Non-current
|
13,281
|
|
-
|
Total
|
13,281
|
|
-
|
|
September 30, 2019
|
|
September 30, 2018
|
Real Estate
|
38
|
|
-
|
Telecommunications
|
927
|
|
-
|
Others
|
1
|
|
-
|
Total depreciation of right-of-use assets
|
966
|
|
-
|
|
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
|
|
|
|
|
|
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the allowance for doubtful
accounts and other receivables)
|
38,334
|
|
-
|
-
|
-
|
|
38,334
|
|
10,576
|
|
48,910
|
Investments in financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
- Public companies’ securities
|
-
|
|
805
|
188
|
-
|
|
993
|
|
-
|
|
993
|
- Private companies’ securities
|
-
|
|
-
|
-
|
2,484
|
|
2,484
|
|
-
|
|
2,484
|
- Deposits
|
629
|
|
50
|
-
|
-
|
|
679
|
|
-
|
|
679
|
- Bonds
|
-
|
|
17,033
|
1,375
|
649
|
|
19,057
|
|
-
|
|
19,057
|
- Investments in financial assets with
quotation
|
-
|
|
9,889
|
575
|
491
|
|
10,955
|
|
-
|
|
10,955
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign-currency future contracts
|
-
|
|
-
|
51
|
-
|
|
51
|
|
-
|
|
51
|
- Others
|
-
|
|
-
|
17
|
99
|
|
116
|
|
-
|
|
116
|
Restricted assets (i)
|
12,456
|
|
-
|
-
|
-
|
|
12,456
|
|
-
|
|
12,456
|
Financial assets held for sale:
|
|
|
|
|
|
|
|
|
|
|
|
- Clal
|
-
|
|
14,675
|
-
|
-
|
|
14,675
|
|
-
|
|
14,675
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
- Cash at bank and on hand
|
20,058
|
|
-
|
-
|
-
|
|
20,058
|
|
-
|
|
20,058
|
- Short-term investments
|
40,396
|
|
2,215
|
-
|
-
|
|
42,611
|
|
-
|
|
42,611
|
Total assets
|
111,873
|
|
44,667
|
2,206
|
3,723
|
|
162,469
|
|
10,576
|
|
173,045
|
|
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
|
|
|
|
|
|
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
16,457
|
|
-
|
-
|
-
|
|
16,457
|
|
6,804
|
|
23,261
|
Borrowings (excluding finance leases)
|
335,074
|
|
-
|
-
|
-
|
|
335,074
|
|
-
|
|
335,074
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
- Swaps
|
-
|
|
-
|
561
|
-
|
|
561
|
|
-
|
|
561
|
- Others
|
-
|
|
-
|
679
|
66
|
|
745
|
|
-
|
|
745
|
- Forwards
|
-
|
|
-
|
6
|
-
|
|
6
|
|
-
|
|
6
|
Total liabilities
|
351,531
|
|
-
|
1,246
|
66
|
|
352,843
|
|
6,804
|
|
359,647
|
|
Financial assets at amortized cost
|
|
Financial assets at fair value through profit or loss
|
|
Subtotal financial assets
|
|
Non-financial assets
|
|
Total
|
||
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
|
|
|
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per Statements of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the allowance for doubtful
accounts and other receivables)
|
32,620
|
|
-
|
-
|
-
|
|
32,620
|
|
8,758
|
|
41,378
|
Investments in financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
- Public companies’ securities
|
-
|
|
1,077
|
155
|
32
|
|
1,264
|
|
-
|
|
1,264
|
- Private companies’ securities
|
-
|
|
-
|
-
|
2,055
|
|
2,055
|
|
-
|
|
2,055
|
- Deposits
|
4,123
|
|
41
|
-
|
-
|
|
4,164
|
|
-
|
|
4,164
|
- Bonds
|
-
|
|
18,824
|
1,195
|
1,123
|
|
21,142
|
|
-
|
|
21,142
|
- Investments in financial assets with
quotation
|
-
|
|
10,390
|
491
|
-
|
|
10,881
|
|
-
|
|
10,881
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign-currency future contracts
|
-
|
|
-
|
33
|
-
|
|
33
|
|
-
|
|
33
|
- Others
|
-
|
|
-
|
13
|
107
|
|
120
|
|
-
|
|
120
|
Restricted assets (i)
|
8,395
|
|
-
|
-
|
-
|
|
8,395
|
|
-
|
|
8,395
|
Financial assets held for sale:
|
|
|
|
|
|
|
|
|
|
|
|
- Clal
|
-
|
|
17,823
|
-
|
-
|
|
17,823
|
|
-
|
|
17,823
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
- Cash at bank and on hand
|
7,568
|
|
-
|
-
|
-
|
|
7,568
|
|
-
|
|
7,568
|
- Short term investments
|
58,951
|
|
1,541
|
-
|
-
|
|
60,492
|
|
-
|
|
60,492
|
Total assets
|
111,657
|
|
49,696
|
1,887
|
3,317
|
|
166,557
|
|
8,758
|
|
175,315
|
|
Financial liabilities at amortized cost
|
|
Financial liabilities at fair value through profit or
loss
|
|
Subtotal financial liabilities
|
|
Non-financial liabilities
|
|
Total
|
||
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
|
|
|
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
16,618
|
|
-
|
-
|
-
|
|
16,618
|
|
6,242
|
|
22,860
|
Borrowings (excluding finance leases)
|
351,669
|
|
-
|
-
|
-
|
|
351,669
|
|
-
|
|
351,669
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
- Swaps
|
-
|
|
-
|
151
|
-
|
|
151
|
|
-
|
|
151
|
- Others
|
-
|
|
-
|
980
|
54
|
|
1,034
|
|
-
|
|
1,034
|
Total liabilities
|
368,287
|
|
-
|
1,131
|
54
|
|
369,472
|
|
6,242
|
|
375,714
|
|
|
|
|
|
|
|
|
|
Description
|
|
Pricing model / method
|
|
Parameters
|
|
Fair value hierarchy
|
|
Range
|
Interest
rate swaps
|
|
Cash flows - Theoretical price
|
|
Interest
rate future contracts and cash flows
|
|
Level 2
|
|
-
|
Promissory
note
|
|
Discounted cash flows - Theoretical price
|
|
Underlying
asset price (Market price); share price volatility (historical) and
market interest rate (Libor rate curve).
|
|
Level 3
|
|
Underlying asset price 10 to 11
Share price volatility 58% to 78%
Market interest-rate
2.9%
to 3.5%
|
TGLT
Non-Convertible Notes
|
|
Black-Scholes – Theoretical price
|
|
Underlying
asset price (Market price); share price volatility (historical) and
market interest rate (Libor rate curve).
|
|
Level 3
|
|
Underlying asset price 10 to 13
Share price volatility 55% to 75%
Market interest rate
8% to 9%
|
Call
option of Arcos
|
|
Discounted cash flows
|
|
Projected
revenues and discounting rate.
|
|
Level 3
|
|
-
|
Investments
in financial assets - Other private companies’
securities
|
|
Cash flow / NAV - Theoretical price
|
|
Projected revenue
discounted at the discount rate /
The
value is calculated in accordance with shares in the equity funds
on the basis of their Financial Statements, based on fair value or
investments assessments.
|
|
Level
3
|
|
1 -
3.5
|
Investments
in financial assets - Others
|
|
Discounted cash flow - Theoretical price
|
|
Projected revenue
discounted at the discount rate /
The
value is calculated in accordance with shares in the equity funds
on the basis of their Financial Statements, based on fair value or
investment assessments.
|
|
Level
3
|
|
1 -
3.5
|
Derivative
financial instruments – Forwards
|
|
Theoretical price
|
|
Underlying
asset price and volatility
|
|
Level 2
and 3
|
|
-
|
|
Derivative financial instruments - Forwards
|
|
Investments in financial assets - Private companies'
securities
|
|
Investments in financial assets - Others
|
|
Derivative financial instruments
|
|
Total as of September 30, 2019
|
|
Total as of June 30, 2019
|
Balances at beginning of the period / year
|
(54)
|
|
2,055
|
|
1,155
|
|
107
|
|
3,263
|
|
3,629
|
Additions and acquisitions
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
135
|
Transfer from level 1
|
-
|
|
-
|
|
-
|
|
(26)
|
|
(26)
|
|
46
|
Currency translation adjustment
|
(12)
|
|
455
|
|
91
|
|
18
|
|
552
|
|
(59)
|
Write off
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Loss for the period / year (i)
|
-
|
|
(26)
|
|
(106)
|
|
-
|
|
(132)
|
|
(488)
|
Balances at the end of the period / year
|
(66)
|
|
2,484
|
|
1,140
|
|
99
|
|
3,657
|
|
3,263
|
|
September 30, 2019
|
|
June 30, 2019
|
Sale, leases and services receivables
|
31,818
|
|
27,918
|
Less: Allowance for doubtful accounts
|
(2,804)
|
|
(2,089)
|
Total trade receivables
|
29,014
|
|
25,829
|
Prepaid expenses
|
7,724
|
|
6,285
|
Borrowings, deposits and other debit balances
|
4,609
|
|
3,243
|
Advances to suppliers
|
1,247
|
|
1,020
|
Tax receivables
|
384
|
|
502
|
Others
|
3,128
|
|
2,410
|
Total other receivables
|
17,092
|
|
13,460
|
Total trade and other receivables
|
46,106
|
|
39,289
|
Non-current
|
17,043
|
|
13,920
|
Current
|
29,063
|
|
25,369
|
Total
|
46,106
|
|
39,289
|
|
September 30, 2019
|
|
June 30, 2019
|
Beginning of the period / year
|
2,089
|
|
1,410
|
Adjustments previous periods (IFRS 9)
|
-
|
|
153
|
Additions
|
167
|
|
614
|
Recoveries
|
(16)
|
|
(48)
|
Currency translation adjustment
|
746
|
|
500
|
Receivables written off during the period/year as
uncollectable
|
(142)
|
|
(366)
|
Inflation adjustment
|
(40)
|
|
(174)
|
End of the period / year
|
2,804
|
|
2,089
|
|
Note
|
Three months ended 03.31.2019
|
|
Three months ended 03.31.2018
|
Profit for the period
|
|
10,983
|
|
9,059
|
Profit for the period from discontinued operations
|
|
(15,095)
|
|
(416)
|
Adjustments for:
|
|
|
|
|
Income tax
|
18
|
1,833
|
|
(456)
|
Amortization and depreciation
|
20
|
2,973
|
|
1,894
|
Net gain from fair value adjustment of investment
properties
|
|
(9,032)
|
|
(10,187)
|
Share-based compensation
|
|
39
|
|
11
|
Impairment of other assets
|
|
-
|
|
149
|
Net gain from disposal of intangible assets
|
|
-
|
|
(11)
|
Gain from disposal of subsidiary and associates
|
|
-
|
|
(661)
|
Financial results, net
|
|
14,503
|
|
4,084
|
Provisions and allowances
|
|
117
|
|
523
|
Share of profit of associates and joint ventures
|
7
|
(77)
|
|
(173)
|
Changes in operating assets and liabilities:
|
|
|
|
|
(Increase) / decrease in inventories
|
|
(218)
|
|
9
|
Decrease in trading properties
|
|
1,172
|
|
179
|
Increase in restricted assets
|
|
-
|
|
(160)
|
Decrease / (increase) in trade and other receivables
|
|
1,382
|
|
(821)
|
(Decrease) / increase in trade and other payables
|
|
(1,350)
|
|
186
|
Decrease in salaries and social security liabilities
|
|
(117)
|
|
(149)
|
Decrease in provisions
|
|
(343)
|
|
(25)
|
Net cash generated from continuing operating activities before
income tax paid
|
|
6,770
|
|
3,035
|
Net cash generated from discontinued operating activities before
income tax paid
|
|
1,145
|
|
310
|
Net cash generated from operating activities before income tax
paid
|
|
7,915
|
|
3,345
|
|
|
Three months ended 03.31.2019
|
|
Three months ended 03.31.2018
|
Increase in investment properties through an increase in
borrowings
|
|
-
|
|
37
|
Increase in investment properties through an increase in trade and
other payables
|
|
365
|
|
-
|
Increase in trading properties through an increase in
borrowings
|
|
4
|
|
8
|
Increase in trading properties through a decrease in trade and
other receivables
|
|
-
|
|
68
|
Increase in investments properties through an decrease in trading
properties
|
|
-
|
|
9
|
Increase in property, plant and equipment through an increase in
trade and other payables
|
|
452
|
|
821
|
Increase in intangibles through an increase in trade and other
payables
|
|
26
|
|
384
|
Increase of right-of-use assets through a decrease in property,
plant and equipment
|
|
17
|
|
-
|
Decrease in associates and joint ventures through an increase in
trade and other receivables
|
|
19
|
|
-
|
Distribution of dividends at non-controlling interest pending
payment
|
|
13
|
|
-
|
Increase in investments properties through a decrease in financial
assets
|
|
219
|
|
-
|
Decrease of investments in associates and joint ventures through a
reclassification to assets held for sale
|
|
3,243
|
|
-
|
|
September 30, 2019
|
|
June 30, 2019
|
Trade payables
|
13,424
|
|
13,674
|
Sales, rental and services payments received in
advance
|
2,965
|
|
3,553
|
Construction obligations
|
911
|
|
1,048
|
Accrued invoices
|
507
|
|
530
|
Deferred income
|
133
|
|
106
|
Total trade payables
|
17,940
|
|
18,911
|
Dividends payable to non-controlling shareholders
|
199
|
|
161
|
Tax payables
|
382
|
|
330
|
Construction obligations
|
1,015
|
|
1,142
|
Other payables
|
3,725
|
|
2,316
|
Total other payables
|
5,321
|
|
3,949
|
Total trade and other payables
|
23,261
|
|
22,860
|
Non-current
|
2,056
|
|
1,973
|
Current
|
21,205
|
|
20,887
|
Total
|
23,261
|
|
22,860
|
|
Total as of September 30, 2019 (ii)
|
|
Total as of June 30, 2019 (ii)
|
|
Fair value as of September 30, 2019
|
|
Fair value as of June 30, 2019
|
NCN
|
276,319
|
|
300,490
|
|
234,257
|
|
296,484
|
Bank loans
|
55,962
|
|
45,920
|
|
47,002
|
|
43,893
|
Bank overdrafts
|
1,513
|
|
316
|
|
1,513
|
|
316
|
Other borrowings (i)
|
1,280
|
|
4,962
|
|
1,280
|
|
6,979
|
Total borrowings
|
335,074
|
|
351,688
|
|
284,052
|
|
347,672
|
Non-current
|
275,818
|
|
300,482
|
|
|
|
|
Current
|
59,256
|
|
51,206
|
|
|
|
|
|
335,074
|
|
351,688
|
|
|
|
|
Entity
|
Class
|
Issuance / expansion date
|
Amount in original currency
|
Maturity date
|
Nominal rate of
|
Principal payment
|
Interest payment
|
|
interest
|
||||||||
IRSA
|
Class I tranche 2
|
Aug-19
|
USD 85
|
11/15/2020
|
10.00%
e.a.
|
At expiration
|
quarterly
|
(1)
|
IRSA
|
Class II
|
Aug-19
|
CLP 31 (2)
|
08/06/2020
|
10.50% e.a.
|
At expiration
|
quarterly
|
|
|
Three-month period ended September 30, 2019
|
|
Year ended June 30, 2019
|
||||||||
|
Legal claims (i)
|
|
Investments in associates and joint ventures (ii)
|
|
Site dismantling and remediation
|
|
Other provisions
|
|
Total
|
|
Total
|
Beginning of period / year
|
1,880
|
|
6,817
|
|
270
|
|
1,989
|
|
10,956
|
|
8,056
|
Additions
|
19
|
|
155
|
|
13
|
|
-
|
|
187
|
|
3,666
|
Recovery
|
(9)
|
|
-
|
|
-
|
|
-
|
|
(9)
|
|
(86)
|
Used during the period / year
|
(81)
|
|
-
|
|
-
|
|
(129)
|
|
(210)
|
|
(279)
|
Inflation adjustment
|
(17)
|
|
-
|
|
-
|
|
-
|
|
(17)
|
|
(60)
|
Currency translation adjustment
|
378
|
|
1,411
|
|
66
|
|
360
|
|
2,215
|
|
(341)
|
End of period / year
|
2,170
|
|
8,383
|
|
349
|
|
2,220
|
|
13,122
|
|
10,956
|
Non-current
|
|
|
|
|
|
|
|
|
10,995
|
|
9,017
|
Current
|
|
|
|
|
|
|
|
|
2,127
|
|
1,939
|
Total
|
|
|
|
|
|
|
|
|
13,122
|
|
10,956
|
|
September 30, 2019
|
|
September 30, 2018
|
Current income tax
|
(142)
|
|
(316)
|
Deferred income tax
|
(1,691)
|
|
772
|
Income tax from continuing operations
|
(1,833)
|
|
456
|
|
Three months ended September 30, 2019
|
|
Three months ended September 30, 2018
|
Profit from continuing operations at tax rate applicable in the
respective countries (*)
|
570
|
|
(669)
|
Permanent differences:
|
|
|
|
Share of profit of associates and joint ventures
|
23
|
|
52
|
Unrecognized tax loss carryforwards (i)
|
(663)
|
|
(296)
|
Changes in fair value of financial instruments
|
(603)
|
|
1,706
|
Inflation adjustment
|
(741)
|
|
(344)
|
Tax rate differential
|
484
|
|
358
|
Non-taxable profits, non-deductible expenses and
others
|
(32)
|
|
(351)
|
Fiscal transparency
|
109
|
|
-
|
Inflation adjustment for tax purposes
|
(980)
|
|
-
|
Income tax from continuing operations
|
(1,833)
|
|
456
|
|
September 30, 2019
|
|
June 30, 2019
|
Beginning of period / year
|
(40,956)
|
|
(45,842)
|
Use of tax loss carryforwards
|
(45)
|
|
-
|
Currency translation adjustment
|
(4,525)
|
|
1,472
|
Deconsolidation
|
14,277
|
|
-
|
Deferred income tax charge
|
(1,689)
|
|
3,414
|
End of period / year
|
(32,938)
|
|
(40,956)
|
Deferred income tax assets
|
398
|
|
450
|
Deferred income tax liabilities
|
(33,336)
|
|
(41,406)
|
Deferred income tax liabilities, net
|
(32,938)
|
|
(40,956)
|
|
Three months ended September 30, 2019
|
|
Three months ended September 30, 2018
|
Communication services' income
|
9,022
|
|
7,499
|
Rental and services income
|
3,576
|
|
4,260
|
Sale of communication equipment
|
3,050
|
|
2,550
|
Sale of trading properties and developments
|
1,423
|
|
1,304
|
Revenue from hotels operation and tourism services
|
565
|
|
611
|
Other revenues
|
974
|
|
152
|
Total Group’s revenues
|
18,610
|
|
16,376
|
|
Costs
|
|
General and administrative expenses
|
|
Selling expenses
|
|
Total as of September 30, 2019
|
|
Total as of September 30, 2018
|
Cost of sale of goods and services
|
3,438
|
|
-
|
|
-
|
|
3,438
|
|
3,134
|
Salaries, social security costs and other personnel
expenses
|
1,242
|
|
855
|
|
966
|
|
3,063
|
|
3,000
|
Depreciation and amortization
|
1,912
|
|
494
|
|
567
|
|
2,973
|
|
1,894
|
Fees and payments for services
|
513
|
|
318
|
|
12
|
|
843
|
|
1,556
|
Maintenance, security, cleaning, repairs and others
|
840
|
|
127
|
|
1
|
|
968
|
|
995
|
Advertising and other selling expenses
|
111
|
|
-
|
|
399
|
|
510
|
|
508
|
Taxes, rates and contributions
|
151
|
|
9
|
|
128
|
|
288
|
|
270
|
Interconnection and roaming expenses
|
1,274
|
|
-
|
|
-
|
|
1,274
|
|
1,056
|
Fees to other operators
|
1,956
|
|
-
|
|
-
|
|
1,956
|
|
1,408
|
Director´s fees
|
-
|
|
132
|
|
-
|
|
132
|
|
91
|
Leases and service charges
|
30
|
|
4
|
|
4
|
|
38
|
|
102
|
Allowance for doubtful accounts, net
|
-
|
|
-
|
|
144
|
|
144
|
|
225
|
Other expenses
|
319
|
|
166
|
|
170
|
|
655
|
|
579
|
Total as of September 30, 2019
|
11,786
|
|
2,105
|
|
2,391
|
|
16,282
|
|
|
Total as of September 30, 2018
|
10,509
|
|
1,951
|
|
2,358
|
|
|
|
14,818
|
|
Total as of September 30, 2019
|
|
Total as of September 30, 2018
|
Inventories at the beginning of the period (*)
|
7,873
|
|
18,479
|
Adjustments previous periods (IFRS 15)
|
-
|
|
(6,555)
|
Purchases and expenses (**)
|
12,720
|
|
5,235
|
Capitalized finance costs
|
33
|
|
8
|
Currency translation adjustment
|
665
|
|
4,282
|
Transfers
|
-
|
|
36
|
Disposals
|
(1,181)
|
|
(60)
|
Deconsolidation
|
(122)
|
|
-
|
|
|
|
|
Inventories at the end of the period (*)
|
(7,983)
|
|
(10,833)
|
Total costs
|
12,005
|
|
10,592
|
|
Total as of September 30, 2019
|
|
Total as of September 30, 2018
|
Real estate
|
6,836
|
|
6,637
|
Telecommunications
|
1,147
|
|
1,236
|
Total inventories at the end of the period (*)
|
7,983
|
|
7,873
|
|
Three months ended September 30, 2019
|
|
Three months ended September 30, 2018
|
Gain from disposal of subsidiary and associates (1)
|
-
|
|
661
|
Donations
|
(54)
|
|
(60)
|
Lawsuits and other contingencies
|
(22)
|
|
(18)
|
Interests from operating assets
|
245
|
|
49
|
Others
|
(202)
|
|
14
|
Total other operating results, net
|
(33)
|
|
646
|
|
Three months ended September 30, 2019
|
|
Three months ended September 30, 2018
|
Finance income:
|
|
|
|
- Interest income
|
189
|
|
223
|
- Dividend income
|
62
|
|
55
|
Total finance income
|
251
|
|
278
|
Finance costs:
|
|
|
|
- Interest expenses
|
(5,411)
|
|
(4,110)
|
- Loss on debt swap
|
(2)
|
|
-
|
- Other finance costs
|
(284)
|
|
(229)
|
Subtotal finance costs
|
(5,697)
|
|
(4,339)
|
Capitalized finance costs
|
34
|
|
44
|
Total finance costs
|
(5,663)
|
|
(4,295)
|
Other financial results:
|
|
|
|
- Fair value gain of financial assets and liabilities at fair
value through profit or loss, net
|
(2,764)
|
|
9,181
|
- Exchange differences, net
|
(6,646)
|
|
(9,864)
|
- Result for repurchase of NCN
|
1,274
|
|
-
|
- Gain from derivative financial instruments,
net
|
165
|
|
396
|
Total other financial results
|
(7,971)
|
|
(287)
|
-
Inflation adjustment
|
(300)
|
|
(73)
|
Total financial results, net
|
(13,683)
|
|
(4,377)
|
Item
|
|
September 30, 2019
|
|
June 30, 2019
|
Trade and other receivables
|
|
1,702
|
|
1,268
|
Investments in financial assets
|
|
1,132
|
|
324
|
Trade and other payables
|
|
(290)
|
|
(284)
|
Total
|
|
2,544
|
|
1,308
|
Related party
|
|
September 30, 2019
|
|
June 30, 2019
|
|
Description of transaction
|
|
Item
|
Manibil S.A.
|
|
-
|
|
112
|
|
Contributions in advance
|
|
Trade and other receivables
|
New Lipstick LLC
|
|
1,200
|
|
910
|
|
Loans granted
|
|
Trade and other receivables
|
|
|
14
|
|
11
|
|
Reimbursement of expenses receivable
|
|
Trade and other receivables
|
Condor
|
|
232
|
|
210
|
|
Public companies securities
|
|
Investment in financial assets
|
Other associates and joint ventures
|
|
7
|
|
14
|
|
Reimbursement of expenses receivable
|
|
Trade and other receivables
|
|
|
-
|
|
(2)
|
|
Leases and/or rights of use payable
|
|
Trade and other payables
|
|
|
7
|
|
6
|
|
Leases and/or rights of use receivable
|
|
Trade and other receivables
|
|
|
232
|
|
-
|
|
Dividends
|
|
Trade and other receivables
|
|
|
(4)
|
|
(2)
|
|
Reimbursement of expenses payable
|
|
Trade and other payables
|
Total associates and joint ventures
|
|
1,688
|
|
1,259
|
|
|
|
|
Cresud
|
|
(41)
|
|
(25)
|
|
Reimbursement of expenses payable
|
|
Trade and other payables
|
|
|
(173)
|
|
(87)
|
|
Corporate services receivable
|
|
Trade and other payables
|
|
|
1,132
|
|
324
|
|
NCN
|
|
Investment in financial assets
|
|
|
4
|
|
3
|
|
Leases and/or rights of use receivable
|
|
Trade and other receivables
|
|
|
(1)
|
|
(34)
|
|
Management fee
|
|
Trade and other payables
|
|
|
(3)
|
|
(5)
|
|
Share based payments
|
|
Trade and other payables
|
Total parent Company
|
|
918
|
|
176
|
|
|
|
|
Directors
|
|
(68)
|
|
(129)
|
|
Fees for services received
|
|
Trade and other payables
|
Others (1)
|
|
9
|
|
2
|
|
Leases and/or rights of use receivable
|
|
Trade and other receivables
|
|
|
(3)
|
|
-
|
|
Reimbursement of expenses payable
|
|
Trade and other payables
|
Total directors and others
|
|
(62)
|
|
(127)
|
|
|
|
|
Total at the end of the period/year
|
|
2,544
|
|
1,308
|
|
|
|
|
Related party
|
|
Three months ended September 30, 2019
|
|
Three months ended September 30, 2018
|
Description of transaction
|
Manibil
|
|
-
|
|
44
|
Corporate services
|
Tarshop
|
|
-
|
|
9
|
Leases and/or rights of use
|
Other associates anf joint ventures
|
|
-
|
|
6
|
Financial operations
|
|
30
|
|
9
|
Leases and/or rights of use
|
|
|
(2)
|
|
-
|
Donations
|
|
Total associates and joint ventures
|
|
28
|
|
68
|
|
Cresud
|
|
3
|
|
8
|
Leases and/or rights of use
|
|
|
(113)
|
|
(112)
|
Corporate services
|
|
|
70
|
|
132
|
Financial operations
|
Total parent company
|
|
(40)
|
|
28
|
|
Directors
|
|
(106)
|
|
(98)
|
Fees and remunerations
|
Others (1)
|
|
30
|
|
17
|
Leases and/or rights of use
|
|
|
-
|
|
12
|
Financial operations
|
|
|
(10)
|
|
(5)
|
Donations
|
|
|
(8)
|
|
(5)
|
Legal services
|
Total others
|
|
(94)
|
|
(79)
|
|
Total at the end of the period
|
|
(106)
|
|
17
|
|
Related party
|
|
Three months ended September 30, 2019
|
|
Three months ended September 30, 2018
|
|
Description of the operation
|
Condor
|
|
26
|
|
26
|
|
Dividends received
|
Mehadrin
|
|
-
|
|
71
|
|
Dividends received
|
Manaman
|
|
-
|
|
31
|
|
Dividends received
|
Emco
|
|
-
|
|
11
|
|
Dividends received
|
Total dividends received
|
|
26
|
|
139
|
|
|
Quality
|
|
12
|
|
12
|
|
Capital contributions
|
Manibil
|
|
69
|
|
-
|
|
Capital issuance
|
Total capital contributions
|
|
81
|
|
12
|
|
|
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 13
Financial instruments by category
|
Exhibit
E – Provisions
|
Note 18
Provisions
|
Exhibit
F - Cost of sales and services provided
|
Note 22
Cost of goods sold and services provided
|
Exhibit
G - Foreign currency assets and liabilities
|
Note 27
Foreign currency assets and liabilities
|
Item / Currency (1)
|
Amount (2)
|
Peso exchange rate (3)
|
Total as of 09.30.19
|
Total as of 06.30.19
|
Assets
|
|
|
|
|
Trade and other receivables
|
|
|
|
|
US Dollar
|
51
|
57.390
|
2,937
|
1,928
|
Euros
|
3
|
62.480
|
203
|
155
|
Receivables with related parties:
|
|
|
|
|
US Dollar
|
9
|
57.590
|
505
|
188
|
Total trade and other receivables
|
|
|
3,645
|
2,271
|
Investments in financial assets
|
|
|
|
|
US Dollar
|
121
|
57.390
|
6,952
|
3,788
|
Pounds
|
1
|
70.410
|
64
|
54
|
Investments with related parties:
|
|
|
|
|
US Dollar
|
20
|
57.590
|
1,132
|
1,277
|
Total investments in financial assets
|
|
|
8,148
|
5,119
|
Derivative financial instruments
|
|
|
|
|
US Dollar
|
-
|
57.390
|
-
|
14
|
Total Derivative financial instruments
|
|
|
-
|
14
|
Cash and cash equivalents
|
|
|
|
|
US Dollar
|
199
|
57.390
|
11,410
|
13,050
|
Euros
|
2
|
62.480
|
100
|
81
|
Total cash and cash equivalents
|
|
|
11,510
|
13,131
|
Total Assets
|
|
|
23,303
|
20,535
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Trade and other payables
|
|
|
|
|
US Dollar
|
181
|
57.590
|
10,441
|
8,264
|
Euros
|
1
|
62.840
|
83
|
41
|
Payables to related parties:
|
|
|
|
|
US Dollar
|
-
|
57.590
|
-
|
16
|
Total Trade and other payables
|
|
|
10,524
|
8,321
|
Borrowings
|
|
|
|
|
US Dollar
|
285
|
57.590
|
16,422
|
40,690
|
Borrowings with related parties
|
|
|
|
|
US Dollar
|
1
|
57.590
|
396
|
681
|
Total Borrowings
|
|
|
16,818
|
41,371
|
Derivative financial instruments
|
|
|
|
|
US Dollar
|
1
|
57.590
|
47
|
30
|
Total derivative financial instruments
|
|
|
47
|
30
|
Total Liabilities
|
|
|
27,389
|
49,722
|
|
September 30, 2019
|
|
June 30, 2019
|
Property, plant and equipment
|
9,060
|
|
4,983
|
Intangible assets
|
116
|
|
107
|
Investments in associates
|
1,872
|
|
470
|
Deferred income tax assets
|
265
|
|
228
|
Investment properties
|
431
|
|
95
|
Income tax credits
|
-
|
|
-
|
Trade and other receivables
|
3,163
|
|
2,364
|
Cash and cash equivalents
|
943
|
|
806
|
Total assets held-for-sale
|
15,850
|
|
9,053
|
Trade and other payables
|
8,480
|
|
3,815
|
Employee benefits
|
282
|
|
227
|
Deferred and current income tax liabilities
|
33
|
|
41
|
Borrowings
|
2,650
|
|
2,323
|
Total liabilities held-for-sale
|
11,445
|
|
6,406
|
Total net assets held-for-sale
|
4,405
|
|
2,647
|
|
Three months ended September 30, 2019
|
|
Three months ended September 30, 2018
|
Revenues
|
4,492
|
|
4,446
|
Costs
|
(2,716)
|
|
(3,094)
|
Gross profit
|
1,776
|
|
1,352
|
Net gain from fair value adjustment of investment
properties
|
-
|
|
(11)
|
General and administrative expenses
|
(257)
|
|
(213)
|
Selling expenses
|
(154)
|
|
(170)
|
Other operating results, net
|
14,546
|
|
(21)
|
Profit from operations
|
15,911
|
|
937
|
Share of profit of associates and joint ventures
|
77
|
|
64
|
Profit before financial results and income tax
|
15,988
|
|
1,001
|
Finance income
|
39
|
|
75
|
Finance cost
|
(991)
|
|
(640)
|
Other financial results
|
90
|
|
12
|
Financial results, net
|
(862)
|
|
(553)
|
Profit before income tax
|
15,126
|
|
448
|
Income tax
|
(31)
|
|
(32)
|
Profit from discontinued operations
|
15,095
|
|
416
|
|
|
|
|
(Loss) / profit for the period from discontinued operations
attributable to:
|
|
|
|
Equity holders of the parent
|
6,711
|
|
60
|
Non-controlling interest
|
8,384
|
|
356
|
Profit per share from discontinued operations attributable to
equity holders of the parent:
|
|
|
|
Basic
|
11.67
|
|
0.10
|
Diluted
|
11.59
|
|
0.10
|
|
|
|
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
José Daniel Abelovich
Public Accountant (UBA)
C.P.C.E.C.A.B.A. T° 102 F° 191
|
|
Note
|
09.30.19
|
|
06.30.19
|
ASSETS
|
|
|
|
|
Non-current assets
|
|
|
|
|
Investment properties
|
7
|
14,119
|
|
11,716
|
Property, plant and equipment
|
8
|
18
|
|
18
|
Trading properties
|
9
|
327
|
|
416
|
Intangible assets
|
10
|
57
|
|
57
|
Investments in subsidiaries, associates and joint
ventures
|
6
|
49,753
|
|
44,739
|
Income tax and MPIT credit
|
|
135
|
|
152
|
Trade and other receivables
|
12
|
115
|
|
92
|
Total non-current assets
|
|
64,524
|
|
57,190
|
Current assets
|
|
|
|
|
Trading properties
|
9
|
2,292
|
|
2,026
|
Inventories
|
|
1
|
|
1
|
Trade and other receivables
|
12
|
1,178
|
|
1,131
|
Income tax and MPIT credit
|
|
2
|
|
2
|
Investments in financial assets
|
11
|
8
|
|
399
|
Cash and cash equivalents
|
11
|
27
|
|
40
|
Total current assets
|
|
3,508
|
|
3,599
|
TOTAL ASSETS
|
|
68,032
|
|
60,789
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
Shareholders' equity (according to corresponding
statements)
|
|
38,175
|
|
36,888
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
38,175
|
|
36,888
|
LIABILITIES
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Trade and other payables
|
13
|
74
|
|
54
|
Borrowings
|
14
|
12,855
|
|
8,962
|
Deferred income tax liabilities
|
15
|
6,438
|
|
5,275
|
Provisions
|
16
|
41
|
|
41
|
Total non-current liabilities
|
|
19,408
|
|
14,332
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
13
|
1,991
|
|
1,693
|
Salaries and social security liabilities
|
|
2
|
|
3
|
Borrowings
|
14
|
8,452
|
|
7,866
|
Provisions
|
16
|
4
|
|
7
|
Total current liabilities
|
|
10,449
|
|
9,569
|
TOTAL LIABILITIES
|
|
29,857
|
|
23,901
|
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
|
68,032
|
|
60,789
|
|
Note
|
09.30.19
|
|
09.30.18
|
Revenues
|
17
|
353
|
|
21
|
Costs
|
18
|
(184)
|
|
(14)
|
Gross profit
|
|
169
|
|
7
|
Net gain from fair value adjustment of investment
properties
|
7
|
2,403
|
|
3,433
|
General and administrative expenses
|
18
|
(94)
|
|
(95)
|
Selling expenses
|
18
|
(41)
|
|
(35)
|
Other operating results, net
|
19
|
(14)
|
|
(6)
|
Profit from operations
|
|
2,423
|
|
3,304
|
Share of profit of subsidiaries, associates and joint
ventures
|
6
|
5,360
|
|
8,335
|
Profit before financial results and income tax
|
|
7,783
|
|
11,639
|
Finance income
|
20
|
16
|
|
11
|
Finance costs
|
20
|
(680)
|
|
(406)
|
Other financial results
|
20
|
(2,574)
|
|
(3,783)
|
Inflation adjustment
|
20
|
(373)
|
|
43
|
Financial results, net
|
|
(3,611)
|
|
(4,135)
|
Profit before income tax
|
|
4,172
|
|
7,504
|
Income tax
|
15
|
(1,163)
|
|
568
|
Profit for the period
|
|
3,009
|
|
8,072
|
|
|
|
|
|
Other comprehensive income:
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
Share of other comprehensive loss of subsidiaries, associates and
joint ventures
|
|
(58)
|
|
(66)
|
Currency translation adjustment of subsidiaries, associates and
joint ventures
|
|
(633)
|
|
4,329
|
Total other comprehensive profit for the period (i)
|
6
|
(691)
|
|
4,263
|
Total comprehensive income for the period
|
|
2,318
|
|
12,335
|
|
|
|
|
|
Profit per share for the period:
|
|
|
|
|
Basic
|
|
5.23
|
|
14.04
|
Diluted
|
|
5.21
|
|
13.97
|
|
Share capital
|
Treasury shares
|
Inflation adjustment of Share Capital and Treasury Shares
(1)
|
Share premium
|
Additional Paid-in capital from Treasury Shares
|
Legal reserve
|
CNV 609/12 Resolution reserve
|
Other reserves (2)
|
Retained earnings
|
Total Shareholders’ equity
|
Balance as of June 30, 2019
|
575
|
3
|
10,532
|
11,448
|
62
|
382
|
7,405
|
54,079
|
(47,598)
|
36,888
|
Adjustments of previous periods (IFRS 16 and IAS 28)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(913)
|
(913)
|
Balance as of June 30, 2019 (recast)
|
575
|
3
|
10,532
|
11,448
|
62
|
382
|
7,405
|
54,079
|
(48,511)
|
35,975
|
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,009
|
3,009
|
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(691)
|
-
|
(691)
|
Changes in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(135)
|
-
|
(135)
|
Other changes in the subsidiaries` equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
17
|
17
|
Balance as of September 30, 2019
|
575
|
3
|
10,532
|
11,448
|
62
|
382
|
7,405
|
53,253
|
(45,485)
|
38,175
|
|
Cost of Treasury shares
|
|
Changes in non-controlling interest
|
|
Reserve for share-based payments
|
|
Reserve for future dividends
|
|
Currency translation adjustment reserve
|
|
Special reserve
|
|
Other reserves of subsidiaries
|
|
Total Other reserves
|
Balance as of June 30, 2019
|
(130)
|
|
(3,655)
|
|
163
|
|
1,332
|
|
207
|
|
56,246
|
|
(84)
|
|
54,079
|
Other comprehensive loss for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
(633)
|
|
-
|
|
(58)
|
|
(691)
|
Reserve for share-based payments
|
2
|
|
-
|
|
(2)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Changes in non-controlling interest
|
-
|
|
(135)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(135)
|
Balance as of September 30, 2019
|
(128)
|
|
(3,790)
|
|
161
|
|
1,332
|
|
(426)
|
|
56,246
|
|
(142)
|
|
53,253
|
|
Share capital
|
Treasury shares
|
Inflation adjustment of Share Capital and Treasury Shares
(1)
|
Share premium
|
Additional Paid-in capital from Treasury Shares
|
Legal reserve
|
CNV 609/12 Resolution reserve
|
Other reserves (2)
|
Retained earnings
|
Total Shareholders’ equity
|
Balance as of June 30, 2018
|
575
|
3
|
10,533
|
11,448
|
62
|
382
|
7,405
|
3,351
|
34,836
|
68,595
|
Adjustments of previous periods (IFRS 9 and 15)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(207)
|
(207)
|
Balance as of June 30, 2018 (recast)
|
575
|
3
|
10,533
|
11,448
|
62
|
382
|
7,405
|
3,351
|
34,629
|
68,388
|
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,072
|
8,072
|
Other comprehensive income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,263
|
-
|
4,263
|
Reserve for share-based payments
|
-
|
-
|
-
|
-
|
3
|
-
|
-
|
(1)
|
-
|
2
|
Changes in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
21
|
-
|
21
|
Other changes in the subsidiaries` equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
114
|
114
|
Balance as of September 30, 2018
|
575
|
3
|
10,533
|
11,448
|
65
|
382
|
7,405
|
7,634
|
42,815
|
80,860
|
|
Cost of Treasury shares
|
|
Changes in non-controlling interest
|
|
Reserve for share-based payments
|
|
Reserve for future dividends
|
|
Currency translation adjustment reserve
|
|
Special reserve
|
|
Other reserves of subsidiaries
|
|
Total Other reserves
|
Balance as of June 30, 2018
|
(144)
|
|
(3,590)
|
|
177
|
|
1,332
|
|
853
|
|
4,717
|
|
6
|
|
3,351
|
Other comprehensive income/(loss) for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
4,329
|
|
-
|
|
(66)
|
|
4,263
|
Reserve for share-based payments
|
-
|
|
-
|
|
(1)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1)
|
Changes in non-controlling interest
|
-
|
|
21
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
21
|
Balance as of September 30, 2018
|
(144)
|
|
(3,569)
|
|
176
|
|
1,332
|
|
5,182
|
|
4,717
|
|
(60)
|
|
7,634
|
|
Note
|
09.30.19
|
|
09.30.18
|
Operating activities
|
|
|
|
|
Profit for the period
|
|
3,009
|
|
8,072
|
Adjustments:
|
|
|
|
|
Income tax
|
15
|
1,163
|
|
(568)
|
Amortization and depreciation
|
18
|
2
|
|
-
|
Gain from disposal of trading properties
|
|
(172)
|
|
(2)
|
Financial results, net
|
|
4,782
|
|
4,156
|
Increase in trading properties
|
9
|
(267)
|
|
(153)
|
Net gain from fair value adjustment of investment
properties
|
7
|
(2,403)
|
|
(3,433)
|
Share of profit of subsidiaries, associates and joint
ventures
|
6
|
(5,360)
|
|
(8,339)
|
Gain from disposal of subsidiaries
|
|
(100)
|
|
-
|
Provisions and allowances
|
|
1
|
|
28
|
Increase in trade and other receivables
|
|
(4)
|
|
(287)
|
Increase in trade and other payables
|
|
313
|
|
469
|
Net cash flow generated from / (used in) operating
activities
|
|
964
|
|
(57)
|
Investing activities
|
|
|
|
|
Capital contributions to subsidiaries, associates and joint
ventures
|
6
|
(1,302)
|
|
(213)
|
Additions to investment properties
|
|
-
|
|
(201)
|
Issuance of capital
|
|
(69)
|
|
-
|
Acquisition of property, plant and equipment
|
8
|
(2)
|
|
-
|
Acquisition of intangible assets
|
10
|
-
|
|
(2)
|
Increase of investments in financial assets
|
|
(4,975)
|
|
(186)
|
Proceeds from sale of investments in financial assets
|
|
5,314
|
|
192
|
Increase in loans granted to subsidiaries, associates and joint
ventures
|
|
(11)
|
|
(2)
|
Proceeds from borrowings granted to subsidiaries, associates and
joint ventures
|
|
-
|
|
78
|
Interest
collection from fixed-terms
|
|
6
|
|
6
|
Net cash flow used in investing activities
|
|
(1,039)
|
|
(328)
|
Financing activities
|
|
|
|
|
Short-term loans obtained, net
|
|
518
|
|
1,191
|
Payment of loans
|
|
(175)
|
|
(152)
|
Interests paid
|
|
(608)
|
|
(658)
|
Loans obtained from subsidiaries, associates and joint
ventures
|
|
1,593
|
|
95
|
Payment of loans from subsidiaries, associates and joint
ventures
|
|
(142)
|
|
(2)
|
Repayment of principal of NCN
|
|
(7,336)
|
|
-
|
Issuance of NCN
|
|
6,213
|
|
-
|
Net cash flow generated from financing activities
|
|
63
|
|
474
|
(Decrease) / Increase in cash and cash equivalents,
net
|
|
(12)
|
|
89
|
Cash and cash equivalents at the beginning of the
period
|
11
|
40
|
|
25
|
Foreign exchange gain of cash and changes in fair value of cash
equivalents
|
|
(1)
|
|
(11)
|
Cash and cash equivalents at the end of the period
|
11
|
27
|
|
103
|
|
|
|
|
|
Additional
information
|
|
|
|
|
Reserve for share-based payments
|
|
-
|
|
-
|
Currency translation adjustment
|
|
(633)
|
|
4,329
|
Share of other comprehensive loss of subsidiaries
|
|
(58)
|
|
(66)
|
Changes in non-controlling interest
|
|
(135)
|
|
21
|
Increase of investment properties through a decrease in trade and
other receivables
|
|
-
|
|
68
|
Increase in borrowings through an increase in investment
properties
|
|
-
|
|
6
|
Increase in borrowings through an increase in trading
properties
|
|
33
|
|
8
|
Increase in borrowings of subsidiaries, associates and joint
ventures through a decrease in trade and other
receivables
|
|
5
|
|
-
|
Issuance of NCN
|
|
17
|
|
-
|
|
|
|
|
|
Quarterly price variation
|
September 30, 2019
|
|
12%
|
|
09.30.19
|
|
06.30.19
|
Beginning of period / year
|
44,739
|
|
73,519
|
Adjustments of previous periods (IFRS 16 and IAS 28)
|
(913)
|
|
-
|
Share of profit / (loss)
|
5,360
|
|
(25,004)
|
Other comprehensive loss
|
(691)
|
|
(616)
|
Capital contributions (Note 21)
|
1,376
|
|
763
|
Changes in non-controlling interest
|
(135)
|
|
(64)
|
Dividends
|
-
|
|
(867)
|
Acquisition
of interest in subsidiaries
|
-
|
|
(2,903)
|
Other changes in the equity of subsidiaries
|
17
|
|
(89)
|
End of the period / year
|
49,753
|
|
44,739
|
Name of the entity
|
|
% ownership interest
|
|
Company´s interest in equity
|
|
Company’s interest in comprehensive income
|
|||||
09.30.19
|
06.30.19
|
|
09.30.19
|
|
06.30.19
|
|
09.30.19
|
|
09.30.18
|
||
Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
IRSA CP
|
|
81.13%
|
81.13%
|
|
36,781
|
|
34,850
|
|
1,931
|
|
2,525
|
Tyrus
|
|
100.00%
|
100.00%
|
|
5,148
|
|
2,817
|
|
2,061
|
|
9,348
|
Efanur
|
|
100.00%
|
100.00%
|
|
1,794
|
|
1,493
|
|
301
|
|
442
|
Ritelco S.A.
|
|
100.00%
|
100.00%
|
|
1,588
|
|
1,358
|
|
230
|
|
207
|
Inversora Bolívar S.A.
|
|
95.13%
|
95.13%
|
|
895
|
|
882
|
|
12
|
|
(3)
|
ECLSA
|
|
96.74%
|
96.74%
|
|
899
|
|
855
|
|
43
|
|
41
|
Palermo Invest S.A.
|
|
97.00%
|
97.00%
|
|
380
|
|
352
|
|
28
|
|
9
|
NFSA
|
|
76.34%
|
76.34%
|
|
329
|
|
331
|
|
(2)
|
|
6
|
Llao Llao Resort S.A.
|
|
50.00%
|
50.00%
|
|
278
|
|
281
|
|
(2)
|
|
2
|
HASA
|
|
100.00%
|
100.00%
|
|
230
|
|
237
|
|
(6)
|
|
11
|
Liveck S.A.
|
|
10.01%
|
10.01%
|
|
39
|
|
32
|
|
2
|
|
-
|
Associates
|
|
|
|
|
|
|
|
|
|
|
|
BHSA (1) (2)
|
|
4.93%
|
4.93%
|
|
615
|
|
561
|
|
55
|
|
4
|
Manibil S.A.
|
|
49.00%
|
49.00%
|
|
421
|
|
350
|
|
1
|
|
3
|
BACS (2)
|
|
33.36%
|
33.36%
|
|
220
|
|
227
|
|
(8)
|
|
(11)
|
Joint
ventures
|
|
|
|
|
|
|
|
|
|
|
|
UTE IRSA - Galerías Pacífico S.A.
|
|
50.00%
|
50.00%
|
|
101
|
|
82
|
|
19
|
|
11
|
Cyrsa S.A.
|
|
50.00%
|
50.00%
|
|
35
|
|
31
|
|
4
|
|
3
|
Total subsidiaries, associates and joint ventures
|
|
|
|
|
49,753
|
|
44,739
|
|
4,669
|
|
12,598
|
Name of the entity
|
|
Location 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
|
102,234,356
|
|
126
|
2,002
|
45,254
|
Tyrus
|
|
Uruguay
|
Investment
|
16,025,861,475
|
|
7,480
|
3,026
|
5,150
|
Efanur
|
|
Uruguay
|
Investment
|
132,181,770
|
|
130
|
25
|
1,794
|
Ritelco S.A.
|
|
Uruguay
|
Investment
|
94,369,151
|
|
94
|
234
|
1,588
|
Inversora Bolívar S.A.
|
|
Argentina
|
Investment
|
88,421,639
|
|
93
|
13
|
941
|
ECLSA
|
|
Argentina
|
Investment
|
77,316,127
|
|
80
|
46
|
695
|
Palermo Invest S.A.
|
|
Argentina
|
Investment
|
155,953,673
|
|
161
|
29
|
685
|
NFSA
|
|
Argentina
|
Hotel
|
38,068,999
|
|
50
|
(6)
|
558
|
Llao Llao Resort S.A.
|
|
Argentina
|
Hotel
|
73,580,206
|
|
147
|
(5)
|
556
|
HASA
|
|
Argentina
|
Hotel
|
25,625,473
|
|
26
|
(6)
|
227
|
Liveck S.A.
|
|
Uruguay
|
Investment
|
30,118,973
|
|
160
|
(14)
|
220
|
Associates
|
|
|
|
|
|
|
|
|
BHSA (1) (2)
|
|
Argentina
|
Financial
|
73,939,835
|
|
1,500
|
1,167
|
12,550
|
Manibil S.A.
|
|
Argentina
|
Real estate
|
151,872,872
|
|
444
|
3
|
858
|
BACS (2)
|
|
Argentina
|
Financial
|
29,297,626
|
|
88
|
(23)
|
659
|
Joint
ventures
|
|
|
|
|
|
|
|
|
UTE IRSA - Galerías Pacífico S.A.
|
|
Argentina
|
Hotel
|
500,000
|
|
1
|
38
|
202
|
Cyrsa S.A.
|
|
Argentina
|
Real estate
|
8,748,270
|
|
17
|
8
|
70
|
|
Period ended September 30, 2019
|
|
Year ended June 30, 2019
|
||||
|
Rental properties
|
|
Undeveloped parcels of land
|
|
Total
|
|
Total
|
Fair value at the beginning of the period / year
|
1,743
|
|
9,973
|
|
11,716
|
|
14,000
|
Additions
|
-
|
|
-
|
|
-
|
|
177
|
Capitalized finance costs
|
-
|
|
-
|
|
-
|
|
4
|
Disposals
|
-
|
|
-
|
|
-
|
|
(7)
|
Transfers to trading properties
|
-
|
|
-
|
|
-
|
|
(1,487)
|
Net gain from fair value adjustment
|
356
|
|
2,047
|
|
2,403
|
|
(971)
|
Fair value at the end of the period / year
|
2,099
|
|
12,020
|
|
14,119
|
|
11,716
|
|
09.30.19
|
|
09.30.18
|
Sale, rental and services´ income (Note 17)
|
10
|
|
16
|
Rental and services´ costs (Note18)
|
8
|
|
13
|
Cost of sales and developments (Note18)
|
8
|
|
1
|
Net unrealized gain from fair value adjustment of investment
properties
|
2,403
|
|
3,433
|
|
Period ended September 30, 2019
|
|
Year ended June 30, 2019
|
||||||||
|
Buildings and facilities
|
|
Furniture and fixtures
|
|
Machinery and equipment
|
|
Vehicles
|
|
Total
|
|
Total
|
Costs
|
148
|
|
41
|
|
140
|
|
3
|
|
332
|
|
326
|
Accumulated depreciation
|
(134)
|
|
(41)
|
|
(136)
|
|
(3)
|
|
(314)
|
|
(305)
|
Net book amount at the beginning of the period / year
|
14
|
|
-
|
|
4
|
|
-
|
|
18
|
|
21
|
Additions
|
-
|
|
-
|
|
2
|
|
-
|
|
2
|
|
6
|
Depreciation (Note 18)
|
(1)
|
|
-
|
|
(1)
|
|
-
|
|
(2)
|
|
(9)
|
Balances at the end of the period / year
|
13
|
|
-
|
|
5
|
|
-
|
|
18
|
|
18
|
Costs
|
148
|
|
41
|
|
142
|
|
3
|
|
334
|
|
332
|
Accumulated depreciation
|
(135)
|
|
(41)
|
|
(137)
|
|
(3)
|
|
(316)
|
|
(314)
|
Net book amount at the end of the period / year
|
13
|
|
-
|
|
5
|
|
-
|
|
18
|
|
18
|
|
Period ended September 30, 2019
|
|
Year ended June 30, 2019
|
||||||
|
Completed properties
|
|
Undevelopedproperties
|
|
Properties under development
|
|
Total
|
|
Total
|
Beginning of the period / year
|
58
|
|
423
|
|
1,961
|
|
2,442
|
|
1,816
|
Additions
|
-
|
|
-
|
|
313
|
|
313
|
|
1,532
|
Capitalized finance costs
|
-
|
|
-
|
|
33
|
|
33
|
|
104
|
Transfers to / from investment properties
|
-
|
|
-
|
|
-
|
|
-
|
|
1,487
|
Disposals (Nota 18)
|
-
|
|
-
|
|
(169)
|
|
(169)
|
|
(2,497)
|
End of the period / year
|
58
|
|
423
|
|
2,138
|
|
2,619
|
|
2,442
|
Non-current
|
|
|
|
|
|
|
327
|
|
416
|
Current
|
|
|
|
|
|
|
2,292
|
|
2,026
|
Total
|
|
|
|
|
|
|
2,619
|
|
2,442
|
|
Period ended September 30, 2019
|
|
Year ended June 30, 2019
|
||||
|
Computer software
|
|
Future units to be received from barters
|
|
Total
|
|
Total
|
Costs
|
26
|
|
43
|
|
69
|
|
65
|
Accumulated amortization
|
(12)
|
|
-
|
|
(12)
|
|
(12)
|
Net book amount at the beginning of the period / year
|
14
|
|
43
|
|
57
|
|
53
|
Additions
|
-
|
|
-
|
|
-
|
|
4
|
Balances at the end of the period / year
|
14
|
|
43
|
|
57
|
|
57
|
Costs
|
26
|
|
43
|
|
69
|
|
69
|
Accumulated amortization
|
(12)
|
|
-
|
|
(12)
|
|
(12)
|
Net book amount at the end of the period / year
|
14
|
|
43
|
|
57
|
|
57
|
|
Financial assets at amortized cost (i)
|
|
Financial assets at fair value through profit or loss
|
|
Subtotal financial assets
|
|
Non-financial assets
|
|
Total
|
|
|
|
Level 1
|
|
|
|
|
|
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
Assets as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 12)
|
823
|
|
-
|
|
823
|
|
502
|
|
1,325
|
Investments in financial assets:
|
|
|
|
|
|
|
|
|
|
- Mutual funds
|
-
|
|
8
|
|
8
|
|
-
|
|
8
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
- Cash at bank and on hand
|
18
|
|
-
|
|
18
|
|
-
|
|
18
|
- Short-term investments
|
-
|
|
9
|
|
9
|
|
-
|
|
9
|
Total
|
841
|
|
17
|
|
858
|
|
502
|
|
1,360
|
|
Financial liabilities at amortized cost (i)
|
|
Non-financial liabilities
|
|
Total
|
September 30, 2019
|
|
|
|
|
|
Liabilities as per Statement of Financial Position
|
|
|
|
|
|
Trade and other payables (Note 13)
|
528
|
|
1,537
|
|
2,065
|
Borrowings (excluding finance leases) (Note 14)
|
21,307
|
|
-
|
|
21,307
|
Total
|
21,835
|
|
1,537
|
|
23,372
|
|
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, 2019
|
|
|
|
|
|
|
|
|
|
Assets as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 12)
|
726
|
|
-
|
|
726
|
|
525
|
|
1,251
|
- Bonds
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
- Mutual funds
|
-
|
|
399
|
|
399
|
|
-
|
|
399
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
- Cash at bank and on hand
|
40
|
|
-
|
|
40
|
|
-
|
|
40
|
Total
|
766
|
|
399
|
|
1,165
|
|
525
|
|
1,690
|
|
Financial liabilities at amortized cost (i)
|
|
Non-financial liabilities
|
|
Total
|
June 30, 2019
|
|
|
|
|
|
Liabilities as per Statement of Financial Position
|
|
|
|
|
|
Trade and other payables (Note 13)
|
548
|
|
1,199
|
|
1,747
|
Borrowings (excluding finance leases) (Note 14)
|
16,826
|
|
-
|
|
16,826
|
Total
|
17,374
|
|
1,199
|
|
18,573
|
|
09.30.19
|
|
06.30.19
|
Receivables from the sale of properties
|
100
|
|
81
|
Leases and services receivables
|
82
|
|
79
|
Less: Allowance for doubtful accounts
|
(32)
|
|
(28)
|
Total trade receivables
|
150
|
|
132
|
Borrowings granted, deposits and others
|
627
|
|
550
|
Advance payments
|
320
|
|
343
|
Tax credits
|
146
|
|
110
|
Prepaid expenses
|
31
|
|
67
|
Long-term incentive plan
|
15
|
|
17
|
Others
|
4
|
|
4
|
Total other receivables
|
1,143
|
|
1,091
|
Total trade and other receivables
|
1,293
|
|
1,223
|
Non-current
|
115
|
|
92
|
Current
|
1,178
|
|
1,131
|
Total
|
1,293
|
|
1,223
|
|
09.30.19
|
|
06.30.19
|
Beginning of period /year
|
(28)
|
|
(12)
|
Additions
|
(8)
|
|
(36)
|
Disposals
|
-
|
|
7
|
Inflation adjustment
|
4
|
|
13
|
End of the period / year
|
(32)
|
|
(28)
|
|
09.30.19
|
|
06.30.19
|
Customers´ advances
|
1,517
|
|
1,178
|
Trade payables
|
399
|
|
390
|
Accrued invoices
|
104
|
|
104
|
Tenant deposits
|
1
|
|
1
|
Total trade payables
|
2,021
|
|
1,673
|
Long-term incentive plan
|
13
|
|
15
|
Director´s fees
|
11
|
|
38
|
Tax amnesty plans
|
2
|
|
2
|
Other tax payables
|
18
|
|
19
|
Total other payables
|
44
|
|
74
|
Total trade and other payables
|
2,065
|
|
1,747
|
Non-current
|
74
|
|
54
|
Current
|
1,991
|
|
1,693
|
Total
|
2,065
|
|
1,747
|
|
Book value as of 09.30.19
|
|
Book value as of 06.30.19
|
|
Fair value as of 09.30.19
|
|
Fair value as of 06.30.19
|
Non-convertible notes
|
14,241
|
|
13,169
|
|
12,360
|
|
13,323
|
Bank loans
|
1,682
|
|
1,531
|
|
1,703
|
|
1,531
|
Related parties (Note 21)
|
4,784
|
|
2,058
|
|
4,252
|
|
2,070
|
Bank overdrafts
|
600
|
|
68
|
|
600
|
|
68
|
Finance leases
|
-
|
|
2
|
|
-
|
|
2
|
Total borrowings
|
21,307
|
|
16,828
|
|
18,915
|
|
16,994
|
Non-current
|
12,855
|
|
8,962
|
|
|
|
|
Current
|
8,452
|
|
7,866
|
|
|
|
|
Total
|
21,307
|
|
16,828
|
|
|
|
|
|
09.30.19
|
|
09.30.18
|
Deferred income tax
|
(1,163)
|
|
568
|
Income tax
|
(1,163)
|
|
568
|
|
09.30.19
|
|
09.30.18
|
Net
income at tax rate (1)
|
(1,252)
|
|
(2,251)
|
Permanent differences:
|
|
|
|
Share of profit of subsidiaries, associates and joint
ventures
|
1,580
|
|
2,316
|
Income tax rate differential
|
170
|
|
(10)
|
Tax loss carryfowards´ allowance
|
(591)
|
|
-
|
Inflation adjustment for tax purposes
|
(514)
|
|
-
|
Inflation adjustment
|
(535)
|
|
483
|
Non deductible expenses and others
|
(21)
|
|
30
|
Income tax
|
(1,163)
|
|
568
|
|
09.30.19
|
|
06.30.19
|
Beginning of the period / year
|
(5,275)
|
|
(3,727)
|
Income tax charge
|
(1,163)
|
|
(1,548)
|
End of the period / year
|
(6,438)
|
|
(5,275)
|
|
Period ended September 30, 2019
|
|
Year ended June 30, 2019
|
||
|
Labor, legal and other claims (i)
|
|
Total
|
|
Total
|
Beginning of period / year
|
48
|
|
48
|
|
70
|
Additions
|
5
|
|
5
|
|
16
|
Decrease
|
(2)
|
|
(2)
|
|
(18)
|
Utilization
|
(1)
|
|
(1)
|
|
(2)
|
Inflation adjustment
|
(5)
|
|
(5)
|
|
(18)
|
End of period / year
|
45
|
|
45
|
|
48
|
Non current
|
|
|
41
|
|
41
|
Current
|
|
|
4
|
|
7
|
Total
|
|
|
45
|
|
48
|
|
09.30.19
|
|
09.30.18
|
Sale of trading properties
|
341
|
|
2
|
Rental income, averaging of scheduled rental escalation and expense
reimbursements
|
10
|
|
16
|
Property management fees
|
2
|
|
3
|
Sales, rental and services´ income
|
353
|
|
21
|
|
Costs (1)
|
|
General and administrative expenses
|
|
Selling expenses
|
|
09.30.19
|
|
09.30.18
|
Cost of sales of trading properties (Note 9)
|
169
|
|
-
|
|
-
|
|
169
|
|
1
|
Salaries, social security costs and other personnel
expenses
|
1
|
|
43
|
|
3
|
|
47
|
|
51
|
Taxes, rates and contributions
|
4
|
|
-
|
|
35
|
|
39
|
|
7
|
Director´s fees (Note 21)
|
-
|
|
18
|
|
-
|
|
18
|
|
18
|
Fees and payments for services
|
-
|
|
13
|
|
1
|
|
14
|
|
7
|
Maintenance, security, cleaning, repairs and others
|
5
|
|
6
|
|
-
|
|
11
|
|
5
|
Traveling, transportation and stationery
|
-
|
|
8
|
|
-
|
|
8
|
|
11
|
Leases and service charges
|
4
|
|
3
|
|
-
|
|
7
|
|
6
|
Amortization and depreciation (Note 8)
|
1
|
|
1
|
|
-
|
|
2
|
|
2
|
Bank charges
|
-
|
|
2
|
|
-
|
|
2
|
|
2
|
Advertising and other selling expenses
|
-
|
|
-
|
|
1
|
|
1
|
|
6
|
Allowance for doubtful accounts (charge and recovery,
net)
|
-
|
|
-
|
|
1
|
|
1
|
|
24
|
Public services and others
|
-
|
|
-
|
|
-
|
|
-
|
|
4
|
Total expenses by nature as of 09.30.19
|
184
|
|
94
|
|
41
|
|
319
|
|
-
|
Total expenses by nature as of 09.30.18
|
14
|
|
95
|
|
35
|
|
-
|
|
144
|
|
09.30.19
|
|
09.30.18
|
Operating interest income
|
2
|
|
3
|
Donations
|
(10)
|
|
(8)
|
Lawsuits and other contingencies (i)
|
(3)
|
|
(2)
|
Others
|
(3)
|
|
1
|
Total other operating results, net
|
(14)
|
|
(6)
|
|
09.30.19
|
|
09.30.18
|
Interest income
|
16
|
|
11
|
Total finance income
|
16
|
|
11
|
Interest expense
|
(653)
|
|
(405)
|
Other finance costs
|
(60)
|
|
(14)
|
Subtotal finance costs
|
(713)
|
|
(419)
|
Capitalized finance costs
|
33
|
|
13
|
Total finance costs
|
(680)
|
|
(406)
|
Net exchange difference
|
(2,705)
|
|
(3,777)
|
Net gain / (loss) from changes in fair value of financial
assets
|
129
|
|
(6)
|
Gain from repurchase of non-convertible notes
|
2
|
|
-
|
Total other financial results
|
(2,574)
|
|
(3,783)
|
Inflation adjustment
|
(373)
|
|
43
|
Total financial results, net
|
(3,611)
|
|
(4,135)
|
Item
|
|
09.30.19
|
|
06.30.19
|
Trade
and other payables
|
|
(1,841)
|
|
(1,190)
|
Borrowings
|
|
(4,784)
|
|
(2,058)
|
Trade
and other receivables
|
|
654
|
|
581
|
Total
|
|
(5,971)
|
|
(2,667)
|
Related parties
|
|
09.30.19
|
|
06.30.19
|
|
Operation description
|
|
Cresud
|
|
(1)
|
|
(1)
|
|
Long-term incentive plan payable
|
|
|
|
(42)
|
|
(32)
|
|
Corporate services payable
|
|
|
|
(14)
|
|
(11)
|
|
Reimbursement of expenses payable
|
|
|
|
4
|
|
5
|
|
Leases receivable
|
|
|
|
(1)
|
|
(1)
|
|
Management fee
|
|
Total parent company
|
|
(54)
|
|
(40)
|
|
|
|
IRSA CP
|
|
-
|
|
(6)
|
|
Reimbursement of expenses payable
|
|
|
|
1
|
|
-
|
|
Reimbursement of expenses receivable
|
|
|
|
(1,512)
|
|
(861)
|
|
Advances from sale of property
|
|
|
|
(2,774)
|
|
(1,206)
|
|
Non-Convertible Notes
|
|
|
|
(1,462)
|
|
-
|
|
Loans received
|
|
|
|
(115)
|
|
(96)
|
|
Other liabilities
|
|
|
|
(71)
|
|
(64)
|
|
Corporate services payable
|
|
|
|
(13)
|
|
(14)
|
|
Long-term incentive plan payable
|
|
|
|
(1)
|
|
(1)
|
|
Commissions
|
|
|
|
(2)
|
|
-
|
|
Leases payable
|
|
Tyrus
|
|
304
|
|
250
|
|
Borrowings granted
|
|
ECLSA
|
|
169
|
|
129
|
|
Borrowings granted
|
|
|
|
107
|
|
120
|
|
Dividends receivable
|
|
Panamerican Mall S.A.
|
|
1
|
|
1
|
|
Long-term incentive plan receivable
|
|
Efanur
|
|
(76)
|
|
(63)
|
|
Loans received
|
|
Efanur
|
|
(335)
|
|
(631)
|
|
Non-Convertible Notes
|
|
Ritelco S.A.
|
|
(22)
|
|
(18)
|
|
Loans received
|
|
NFSA
|
|
2
|
|
-
|
|
Management fee
|
|
|
|
(25)
|
|
(26)
|
|
Loans received
|
|
Fibesa S.A.
|
|
13
|
|
15
|
|
Long-term incentive plan receivable
|
|
Real Estate Investment Group VII LP
|
|
(21)
|
|
(17)
|
|
Loans received
|
|
Palermo Invest S.A.
|
|
12
|
|
14
|
|
Dividends receivable
|
|
|
|
-
|
|
(12)
|
|
Loans received
|
|
Llao Llao Resorts S.A.
|
|
3
|
|
3
|
|
Hotel services receivable
|
|
|
|
1
|
|
1
|
|
Reimbursement of expenses receivable
|
|
New Lipstick
|
|
14
|
|
11
|
|
Reimbursement of expenses receivable
|
|
Lipstick Management LLC
|
|
(61)
|
|
(50)
|
|
Loans received
|
|
Cyrsa S.A.
|
|
(8)
|
|
(9)
|
|
Loans received
|
|
Inversora Bolívar S.A.
|
|
10
|
|
11
|
|
Dividends receivable
|
|
|
|
-
|
|
(27)
|
|
Loans received
|
|
Liveck S.A.
|
|
-
|
|
6
|
|
Borrowings granted
|
|
UTE IRSA – Galerías Pacífico S.A.
|
|
(57)
|
|
(64)
|
|
Other liabilities
|
|
Others subsidiaries, associates and
|
|
-
|
|
3
|
|
Reimbursement of expenses receivable
|
|
joint ventures (1)
|
|
1
|
|
1
|
|
Long-term incentive plan receivable
|
|
|
|
(1)
|
|
-
|
|
Reimbursement of expenses payable
|
|
Total subsidiaries, associates and joint ventures
|
|
(5,918)
|
|
(2,600)
|
|
|
|
Directors
|
|
(11)
|
|
(38)
|
|
Fees
|
|
Total Directors
|
|
(11)
|
|
(38)
|
|
|
|
Consultores Asset Management S.A.
|
|
8
|
|
7
|
|
Reimbursement of expenses receivable
|
|
Austral Gold Argentina S.A.
|
|
2
|
|
2
|
|
Reimbursement of expenses receivable
|
|
Others subsidiaries, associates and
|
|
1
|
|
1
|
|
Management fee
|
|
joint ventures (2)
|
|
1
|
|
1
|
|
Reimbursement of expenses receivable
|
|
Total others
|
|
12
|
|
11
|
|
|
|
Total at the end of the period/year
|
|
(5,971)
|
|
(2,667)
|
|
|
|
Related parties
|
|
09.30.19
|
|
09.30.18
|
|
Operation description
|
Cresud
|
|
2
|
|
6
|
|
Leases and/or rights of use
|
|
|
(29)
|
|
(29)
|
|
Corporate services
|
Total parent company
|
|
(27)
|
|
(23)
|
|
|
IRSA CP
|
|
1
|
|
(2)
|
|
Leases and/or rights of use
|
|
|
(584)
|
|
-
|
|
Financial operations
|
|
|
(14)
|
|
(18)
|
|
Corporate services
|
ECLSA
|
|
27
|
|
(79)
|
|
Financial operations
|
Ritelco
|
|
(4)
|
|
(8)
|
|
Financial operations
|
Efanur
|
|
(14)
|
|
(16)
|
|
Financial operations
|
Tyrus
|
|
48
|
|
105
|
|
Financial operations
|
Panamerican Mall S.A
|
|
-
|
|
(29)
|
|
Financial operations
|
Real Estate Strategies LLC
|
|
-
|
|
6
|
|
Financial operations
|
Lipstick
|
|
(11)
|
|
-
|
|
Financial operations
|
REIG VII
|
|
(4)
|
|
-
|
|
Financial operations
|
Torodur
|
|
(59)
|
|
-
|
|
Financial operations
|
Palermo Invest
|
|
(3)
|
|
-
|
|
Financial operations
|
Manibil S.A.
|
|
-
|
|
47
|
|
Financial operations
|
Others subsidiaries, associates and joint ventures (1)
|
|
-
|
|
3
|
|
Financial operations
|
|
|
2
|
|
(6)
|
|
Fees
|
Total subsidiaries, associates and joint ventures
|
|
(615)
|
|
3
|
|
|
Directors
|
|
(18)
|
|
(18)
|
|
Fees
|
Senior Managment
|
|
(3)
|
|
(6)
|
|
Fees
|
Total Directors and Senior Managment
|
|
(21)
|
|
(24)
|
|
|
Fundación IRSA
|
|
(8)
|
|
(6)
|
|
Donations
|
Estudio Zang, Bergel & Viñes
|
|
(1)
|
|
(2)
|
|
Fees
|
Others subsidiaries, associates and joint ventures (2)
|
|
2
|
|
2
|
|
Leases and/or rights of use
|
|
|
(2)
|
|
(2)
|
|
Donations
|
Total others
|
|
(9)
|
|
(8)
|
|
|
Total at the end of the period
|
|
(672)
|
|
(52)
|
|
|
Related parties
|
|
09.30.19
|
|
09.30.18
|
|
Operation description
|
Tyrus
|
|
(1,302)
|
|
(203)
|
|
Irrevocable contributions granted
|
Inversora Bolivar S.A.
|
|
(5)
|
|
-
|
|
Irrevocable contributions granted
|
Manibil S.A.
|
|
(69)
|
|
-
|
|
Irrevocable contributions granted
|
Total contributions to subsidiaries
|
|
(1,376)
|
|
(203)
|
|
|
Item (1)
|
Amount (2)
|
Foreign exchange rate (3)
|
Total as of 09.30.19
|
Amount (2)
|
Total as of 06.30.19
|
|
|||||
Assets
|
|
|
|
|
|
Trade and other
receivables
|
|
|
|
|
|
US Dollar
|
6.08
|
57.39
|
351
|
6.28
|
299
|
Euros
|
0.29
|
62.48
|
18
|
0.29
|
16
|
Receivables with related parties
|
|
|
|
|
|
US Dollar
|
8.55
|
57.59
|
492
|
8.32
|
398
|
Total Trade and other receivables
|
|
|
861
|
|
713
|
Investments in financial assets
|
|
|
|
|
|
US Dollar
|
0.14
|
57.39
|
8
|
8.39
|
399
|
Total Investments in financial assets
|
|
|
8
|
|
399
|
Cash and cash
equivalents
|
|
|
|
|
|
US Dollar
|
0.48
|
57.39
|
28
|
0.84
|
40
|
Total Cash and cash equivalents
|
|
|
28
|
|
40
|
Total Assets
|
|
|
897
|
|
1,152
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Trade and other payables
|
|
|
|
|
|
US Dollar
|
1.08
|
57.59
|
62
|
1.01
|
48
|
Payables with related parties
|
|
|
|
|
|
US Dollar
|
2.03
|
57.59
|
114
|
1.96
|
94
|
Euros
|
|
|
|
0.28
|
15
|
Total Trade and other payables
|
|
|
176
|
|
157
|
Borrowings
|
|
|
|
|
|
US Dollar
|
277.93
|
57.59
|
16,006
|
299.58
|
14,315
|
Borrowings with related parties
|
|
|
|
|
|
US Dollar
|
82.47
|
57.59
|
4,749
|
41.78
|
1,997
|
Total Borrowings
|
|
|
20,755
|
|
16,312
|
Total Liabilities
|
|
|
20,931
|
|
16,469
|
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
|
Past due
|
Without term
|
Without term
|
To be due
|
|
||||||
09.30.19
|
Current
|
Non-current
|
Up to 3 months
|
From 3 to 6 months
|
From 6 to 9 months
|
From 9 to 12 months
|
From 1 to 2 years
|
From 2 to 3 years
|
Total
|
||
|
|||||||||||
Accounts receivables
|
Trade and other receivables
|
123
|
458
|
5
|
68
|
220
|
4
|
305
|
110
|
-
|
1,293
|
|
Total
|
123
|
458
|
5
|
68
|
220
|
4
|
305
|
110
|
-
|
1,293
|
Liabilities
|
Trade and other payables
|
263
|
-
|
-
|
157
|
57
|
1,514
|
-
|
74
|
-
|
2,065
|
|
Borrowings
|
-
|
-
|
-
|
857
|
175
|
6,900
|
520
|
11,074
|
1,781
|
21,307
|
|
Salaries and social security liabilities
|
-
|
-
|
-
|
1
|
-
|
1
|
-
|
-
|
-
|
2
|
|
Provisions
|
-
|
4
|
41
|
-
|
-
|
-
|
-
|
-
|
-
|
45
|
|
Total
|
263
|
4
|
41
|
1,015
|
232
|
8,415
|
520
|
11,148
|
1,781
|
23,419
|
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
|
322
|
856
|
1,178
|
110
|
5
|
115
|
432
|
861
|
1,293
|
|
Total
|
322
|
856
|
1,178
|
110
|
5
|
115
|
432
|
861
|
1,293
|
Liabilities
|
Trade and other payables
|
1,873
|
118
|
1,991
|
16
|
58
|
74
|
1,889
|
176
|
2,065
|
|
Borrowings
|
619
|
7,833
|
8,452
|
(67)
|
12,922
|
12,855
|
552
|
20,755
|
21,307
|
|
Salaries and social security liabilities
|
2
|
-
|
2
|
-
|
-
|
-
|
2
|
-
|
2
|
|
Provisions
|
4
|
-
|
4
|
41
|
-
|
41
|
45
|
-
|
45
|
|
Total
|
2,498
|
7,951
|
10,449
|
(10)
|
12,980
|
12,970
|
2,488
|
20,931
|
23,419
|
Items
|
Current
|
Non-current
|
Accruing interest
|
|
|
||||||||
Accruing interest
|
Non-accruing interest (*)
|
Total
|
Accruing interest
|
Non-accruing interest (*)
|
Total
|
Non-accuing interest
|
Total
|
||||||
Fixed rate
|
Floating rate
|
Fixed rate
|
Floating rate
|
Fixed rate
|
Floating rate
|
|
|
||||||
Accounts receivables
|
Trade and other receivables
|
122
|
473
|
583
|
1,178
|
-
|
-
|
115
|
115
|
122
|
473
|
698
|
1,293
|
|
Total
|
122
|
473
|
583
|
1,178
|
-
|
-
|
115
|
115
|
122
|
473
|
698
|
1,293
|
Liabilities
|
Trade and other payables
|
-
|
-
|
1,991
|
1,991
|
-
|
-
|
74
|
74
|
-
|
-
|
2,065
|
2,065
|
|
Borrowings
|
7,378
|
585
|
489
|
8,452
|
12,808
|
47
|
-
|
12,855
|
20,186
|
632
|
489
|
21,307
|
|
Salaries and social security liabilities
|
-
|
-
|
2
|
2
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
2
|
|
Provisions
|
-
|
-
|
4
|
4
|
-
|
-
|
41
|
41
|
-
|
-
|
45
|
45
|
|
Total
|
7,378
|
585
|
2,486
|
10,449
|
12,808
|
47
|
115
|
12,970
|
20,186
|
632
|
2,601
|
23,419
|
Name of the entity
|
% ownership interest of the Group
|
Entity's with direct ownership interest of IRSA:
|
|
IRSA
CP
|
81.13%
|
E-commerce
Latina S.A.
|
96.74%
|
Efanur
S.A.
|
100.00%
|
Hoteles
Argentinos S.A.
|
100.00%
|
Inversora
Bolívar S.A.
|
95.13%
|
Llao
Llao Resort 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%
|
Liveck
S.A.
|
10.01%
|
Real Estate
|
Insured amounts (1)
|
Accounting values
|
Risk covered
|
Bouchard 551
|
2
|
146
|
All operational risk with additional coverage and minor
risks
|
Libertador 498
|
4
|
1,651
|
All operational risk with additional coverage and minor
risks
|
Santa María del Plata
|
0.053
|
9,764
|
All operational risk with additional coverage and minor
risks
|
Abril Manor House
|
4
|
5
|
All operational risk with additional coverage and minor
risks
|
Catalinas Norte Plot
|
2
|
958
|
All operational risk with additional coverage and minor
risks
|
Subtotal
|
12
|
12,524
|
|
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
José Daniel Abelovich
Public Accountant (UBA)
C.P.C.E.C.A.B.A. T° 102 F° 191
|
(in millions of ARS)
|
IQ 20
|
IQ 19
|
YoY Var
|
Revenues
|
18,610
|
16,376
|
13.6%
|
Net gain / (loss) from fair value adjustment of investment
properties
|
9,032
|
10,187
|
-11.3%
|
Profit / (Loss) from operations
|
11,327
|
12,391
|
-8.6%
|
Depreciation and amortization
|
2,973
|
1,894
|
57.0%
|
EBITDA(1)
|
14,300
|
14,285
|
0.1%
|
Adjusted EBITDA(1)
|
5,268
|
4,098
|
28.6%
|
(Loss) / Profit for the period
|
10,983
|
9,059
|
21.2%
|
Attributable to equity holders of the parent
|
3,298
|
7,982
|
-58.7%
|
Attributable to non-controlling interest
|
7,685
|
1,077
|
613.6%
|
(in ARS million, except indicated)
|
IQ 20
|
IVQ 19
|
IIIQ 19
|
IIQ 19
|
IQ 19
|
|
|
|
|
|
|
Gross leasable area (sqm)
|
332,277
|
332,150
|
332,774
|
332,119
|
345,929
|
Tenants’ sales (3 months cumulative)
|
18,367
|
18,413
|
15,261
|
21,031
|
19,648
|
Occupancy
|
94.3%
|
94.7%
|
94.5%
|
94.9%
|
98.7%
|
(in millions of ARS)
|
IQ 20
|
IQ 19
|
YoY Var
|
Revenues from sales, leases and services
|
1,525
|
1,786
|
-14.6%
|
Net (loss) / gain from fair value adjustment on investment
properties
|
440
|
-3,168
|
-
|
Profit / (Loss) from operations
|
1,513
|
-1,912
|
-
|
Depreciation and amortization
|
27
|
31
|
-12.9%
|
EBITDA (1)
|
1,540
|
-1,881
|
-
|
Adjusted EBITDA (1)
|
1,100
|
1,287
|
-14.5%
|
|
Date of opening
|
Location
|
Gross Leasable Area sqm
(1)
|
Stores
|
Occupancy Rate (2)
|
IRSA CP’s Interest
(3)
|
Alto Palermo
|
Dec-97
|
City of Buenos Aires
|
18,637
|
135
|
98.1%
|
100%
|
Abasto Shopping(4)
|
Nov-99
|
City of Buenos Aires
|
36,802
|
165
|
97.7%
|
100%
|
Alto Avellaneda
|
Dec-97
|
Province of Buenos Aires
|
37,958
|
127
|
99.1%
|
100%
|
Alcorta Shopping
|
Jun-97
|
City of Buenos Aires
|
15,725
|
114
|
98.1%
|
100%
|
Patio Bullrich
|
Oct-98
|
City of Buenos Aires
|
11,396
|
89
|
94.7%
|
100%
|
Buenos Aires Design(5)
|
Nov-97
|
City of Buenos Aires
|
-
|
-
|
-
|
-
|
Dot Baires Shopping
|
May-09
|
City of Buenos Aires
|
48,807
|
155
|
75.6%
|
80%
|
Soleil
|
Jul-10
|
Province of Buenos Aires
|
15,156
|
79
|
98.9%
|
100%
|
Distrito Arcos
|
Dec-14
|
City of Buenos Aires
|
14,335
|
65
|
94.5%
|
90.0%
|
Alto Noa Shopping
|
Mar-95
|
Salta
|
19,311
|
86
|
97.2%
|
100%
|
Alto Rosario Shopping(4)
|
Nov-04
|
Santa Fe
|
33,681
|
141
|
99.8%
|
100%
|
Mendoza Plaza Shopping
|
Dec-94
|
Mendoza
|
42,876
|
127
|
95.0%
|
100%
|
Córdoba Shopping
|
Dec-06
|
Córdoba
|
15,361
|
104
|
99.9%
|
100%
|
La Ribera Shopping
|
Aug-11
|
Santa Fe
|
10,530
|
68
|
95.7%
|
50%
|
Alto Comahue
|
Mar-15
|
Neuquén
|
11,702
|
95
|
96.9%
|
99.1%
|
Patio Olmos(6)
|
Sep-07
|
Córdoba
|
|
|
|
|
Total
|
|
|
332,277
|
1,550
|
94.3%
|
|
(per Shopping Mall, in ARS. million)
|
IQ 20
|
IQ 19
|
YoY Var
|
Alto Palermo
|
2,279.2
|
2,349.5
|
-3.0%
|
Abasto Shopping
|
2,362.8
|
2,662.7
|
-11.3%
|
Alto Avellaneda
|
2,069.0
|
2,352.8
|
-12.1%
|
Alcorta Shopping
|
1,291.2
|
1,294.4
|
-0.2%
|
Patio Bullrich
|
872.3
|
783.1
|
11.4%
|
Buenos Aires Design(1)
|
-
|
291.2
|
-100.0%
|
Dot Baires Shopping
|
1,748.2
|
2,031.5
|
-13.9%
|
Soleil
|
1,007.3
|
1,019.1
|
-1.2%
|
Distrito Arcos
|
1,090.8
|
918.0
|
18.8%
|
Alto Noa Shopping
|
803.5
|
865.2
|
-7.1%
|
Alto Rosario Shopping
|
1,835.2
|
1,894.8
|
-3.1%
|
Mendoza Plaza Shopping
|
1,441.6
|
1,533.2
|
-6.0%
|
Córdoba Shopping
|
564.0
|
613.9
|
-8.1%
|
La Ribera Shopping(2)
|
418.3
|
453.4
|
-7.7%
|
Alto Comahue
|
584.0
|
585.6
|
-0.3%
|
Total
|
18,367.4
|
19,648.4
|
-6.5%
|
(per Type of Business. in ARS million)
|
IQ 20
|
IQ 19
|
YoY Var
|
2019
|
2018
|
2017
|
Anchor Store
|
970.9
|
1,043.0
|
-6.9%
|
3,576
|
4,401
|
4,114
|
Clothes and Footwear
|
9,928.1
|
10,403.1
|
-4.6%
|
36,716
|
40,038
|
40,588
|
Entertainment
|
766.2
|
774.4
|
-1.1%
|
2,215
|
2,382
|
2,587
|
Home
|
360.6
|
526.3
|
-31.5%
|
1,468
|
2,149
|
2,104
|
Restaurant
|
2,241.7
|
2,383.9
|
-6.0%
|
7,400
|
8,462
|
8,064
|
Miscellaneous
|
2,296.8
|
2,451.9
|
-6.3%
|
8,284
|
9,064
|
8,738
|
Services
|
216.4
|
267.8
|
-19.2%
|
788
|
828
|
561
|
Electronic appliances
|
1,586.7
|
1,798.0
|
-11.8%
|
5,628
|
9,425
|
8,940
|
Total
|
18,367.4
|
19,648.4
|
-6.5%
|
66,075
|
76,747
|
75,696
|
(in ARS million)
|
IQ 20
|
IQ 19
|
YoY Var
|
Base Rent (1)
|
764
|
965
|
-20.8%
|
Percentage Rent
|
365
|
354
|
3.1%
|
Total Rent
|
1,130
|
1,319
|
-14.3%
|
Revenues from non-traditional advertising
|
41
|
42
|
-2.4%
|
Admission rights
|
191
|
231
|
-17.1%
|
Fees
|
21
|
23
|
-9.0%
|
Parking
|
89
|
115
|
-22.6%
|
Commissions
|
41
|
44
|
-6.7%
|
Others
|
11
|
14
|
16.1%
|
Subtotal (2)
|
1,525
|
1,786
|
-14.6%
|
Expenses and Collective Promotion Funds
|
665
|
759
|
-12.4%
|
Total
|
2,142
|
2,474
|
-13.4%
|
|
IQ 20
|
IVQ 19
|
IIIQ 19
|
IIQ 19
|
IQ 19
|
Leasable
area
|
115,640
|
115,378
|
83,205
|
83,213
|
83,213
|
Total
Occupancy
|
88.1%
|
88.3%
|
91.4%
|
90.0%
|
93.4%
|
Class
A+ & A Occupancy
|
96.6%
|
97.2%
|
95.0%
|
93.1%
|
97.6%
|
Class
B Occupancy
|
46.2%
|
45.0%
|
79.6%
|
79.6%
|
79.6%
|
Rent
USD/sqm
|
26.6
|
26.4
|
26.3
|
27.0
|
25.7
|
(in ARS million)
|
IQ 20
|
IQ 19
|
YoY Var
|
Revenues from sales, leases and services
|
512
|
344
|
48.8%
|
Net gain from fair value adjustment on investment properties,
PP&E e inventories
|
5,006
|
10,575
|
-52.7%
|
Profit from operations
|
5,425
|
10,830
|
-49.9%
|
Depreciation and amortization
|
5
|
6
|
-16.7%
|
EBITDA(1)
|
5,430
|
10,836
|
-49.9%
|
Adjusted EBITDA (1)
|
424
|
261
|
62.5%
|
|
Date of Acquisition
|
Gross Leaseable Area (sqm)
(1)
|
Occupancy (2)
|
IRSA’s Effective Interest
|
|
||||
Offices(4)
|
|
|
|
|
Edificio
República
|
04/28/08
|
19,885
|
92.6%
|
100%
|
Torre Bankboston)
|
08/27/07
|
14,865
|
93.5%
|
100%
|
Intercontinental
Plaza
|
11/18/97
|
2,979
|
100.0%
|
100%
|
Bouchard
710
|
06/01/05
|
15,014
|
100.0%
|
100%
|
Suipacha
652/64
|
11/22/91
|
11,465
|
31.2%
|
100%
|
Dot
Building
|
11/28/06
|
11,242
|
100.0%
|
80%
|
Philips
Building
|
06/05/17
|
8,017
|
67.6%
|
100%
|
Zetta Building
|
05/06/19
|
32,173
|
97.5%
|
80%
|
Subtotal Offices
|
|
115,640
|
88.1%
|
N/A
|
|
|
|
|
|
Other Properties
|
|
|
|
|
Santa María del Plata S.A
|
10/17/97
|
116,100
|
25.9%
|
100%
|
Nobleza Piccardo (5)
|
05/31/11
|
109,610
|
79.8%
|
50.0%
|
Other Properties (3)
|
N/A
|
12,292
|
35.6%
|
N/A
|
Subtotal Other Properties
|
|
238,002
|
51.3%
|
N/A
|
|
|
|
|
|
Total Offices and Others
|
|
353,380
|
63.3%
|
N/A
|
Building
|
Number of lease agreements (1)(5)
|
Annual rental price (2)
|
Rental price per new and renewed sqm (3)
|
Rental price per previous sqm (3)
|
Number of lease agreements not renewed
|
Lease agreements not renewed Annual rental price
(4)
|
Bouchard 710
|
1
|
10,698,433
|
1,214
|
1,257
|
-
|
-
|
Della Paolera 265
|
3
|
104,463,158
|
1,249
|
1,251
|
1
|
2,242,046
|
Edificio República
|
8
|
93,015,881
|
1,343
|
1,230
|
-
|
-
|
DOT Building
|
3
|
42,673,277
|
1,078
|
1,008
|
-
|
-
|
Suipacha 652/64
|
1
|
10,576,344
|
552
|
530
|
-
|
-
|
Zetta Building
|
2
|
386,602,685
|
1,027
|
-
|
-
|
-
|
Total Offices
|
18
|
648,029,779
|
1,086
|
1,139
|
1
|
2,242,046
|
(in millions of ARS)
|
IQ 20
|
IQ 19
|
YoY Var
|
Revenues
|
61
|
34
|
79.4%
|
Net gain from fair value adjustment on investment
properties
|
3,769
|
3,811
|
-1.1%
|
Profit from operations
|
3,692
|
3,762
|
-1.9%
|
Depreciation and amortization
|
2
|
2
|
0.0%
|
EBITDA(1)
|
3,694
|
3,764
|
-1.9%
|
Adjusted EBITDA(1)
|
-75
|
-47
|
59.6%
|
|
IQ 20
|
IVQ 19
|
IIIQ 19
|
IIQ 19
|
IQ 19
|
Average
Occupancy
|
61.6%
|
65.2%
|
69.3%
|
68.5%
|
64.5%
|
Average
Rate per Room (USD/night)
|
167
|
197
|
209
|
205
|
189
|
(in millions of ARS)
|
IQ 20
|
IQ 19
|
Var a/a
|
Revenues
|
513
|
571
|
-10.2%
|
Profit
/ (loss) from operations
|
62
|
110
|
-43.6%
|
Depreciation
and amortization
|
32
|
32
|
-
|
EBITDA
|
94
|
142
|
-33.8%
|
Hotels
|
Date of Acquisition
|
IRSA’s Interest
|
Number of rooms
|
Occupancy(1)
|
Average Price per Room USD.
(2)
|
|
|||||
Intercontinental (3)
|
11/01/1997
|
76.34%
|
313
|
71.1%
|
136
|
Sheraton Libertador (4)
|
03/01/1998
|
100.00%
|
200
|
48.5%
|
98
|
Llao Llao (5)
|
06/01/1997
|
50.00%
|
205
|
59.9%
|
279
|
Total
|
-
|
-
|
718
|
61.6%
|
167
|
Lipstick
|
Sep-19
|
Sep-18
|
YoY Var
|
Gross Leasable Area (sqm)
|
58,092
|
58,092
|
-
|
Occupancy
|
95.6%
|
96.9%
|
-1.3 p,p
|
Rental price (USD/sqm)
|
79.3
|
77.1
|
2.9%
|
(in millions of ARS)
|
IQ 20
|
IQ 19
|
YoY Var
|
Revenues
|
-
|
-
|
-
|
Loss from operations
|
-64
|
-64
|
-
|
Depreciation and amortization
|
1
|
-
|
-
|
EBITDA
|
-63
|
-64
|
-1.6%
|
Real Estate (Property & Building - PBC) - ARS MM
|
IQ 20
|
IQ 19
|
YoY Var
|
Revenues
|
2,896
|
2,518
|
15.0%
|
Profit from operations
|
929
|
749
|
24.0%
|
Depreciation and amortization
|
13
|
11
|
18.2%
|
EBITDA
|
942
|
760
|
23.9%
|
Adjusted EBITDA
|
942
|
760
|
23.9%
|
Others (other subsidiaries) ARS MM
|
IQ 20
|
IQ 19
|
YoY Var
|
Revenues
|
360
|
308
|
16.9%
|
Loss from operations
|
-42
|
292
|
-114.4%
|
Depreciation and amortization
|
26
|
19
|
36.8%
|
EBITDA
|
-16
|
311
|
-105.1%
|
Corporate (DIC, IDBD and Dolphin) ARS MM
|
IQ 20
|
IQ 19
|
YoY Var
|
Revenues
|
-
|
-
|
-
|
(Loss) / Profit from operations
|
-214
|
-189
|
13.2%
|
Depreciation and amortization
|
-
|
-
|
-
|
EBITDA
|
-214
|
-189
|
13.2%
|
IQ FY 20
|
Shopping Malls
|
Offices
|
Sales and Developments
|
Hotels
|
International
|
Corporate
|
Others
|
Total
|
Profit / (loss) from operations
|
1,513
|
5,425
|
3,692
|
62
|
-35
|
-64
|
188
|
10,781
|
Depreciation and amortization
|
27
|
5
|
2
|
32
|
1
|
1
|
7
|
76
|
EBITDA
|
1,540
|
5,430
|
3,694
|
94
|
-34
|
-63
|
195
|
10,857
|
IQ FY 19
|
Shopping Malls
|
Offices
|
Sales and Developments
|
Hotels
|
International
|
Corporate
|
Others
|
Total
|
Profit / (loss) from operations
|
-1,912
|
10,830
|
3,762
|
110
|
-17
|
-64
|
178
|
12,887
|
Depreciation and amortization
|
31
|
6
|
2
|
32
|
-
|
-
|
2
|
72
|
EBITDA
|
-1,881
|
10,836
|
3,764
|
142
|
-17
|
-64
|
180
|
12,959
|
EBITDA Var
|
-
|
-49.89%
|
-1.86%
|
-33.80%
|
100.00%
|
-1.56%
|
8.33%
|
-16.22%
|
IQ FY 20
|
Real Estate
|
Tele-communications
|
Others
|
Corporate
|
Total
|
Profit / (loss) from operations
|
929
|
278
|
-42
|
-214
|
951
|
Depreciations and amortizations
|
13
|
2,844
|
26
|
-
|
2,883
|
EBITDA
|
942
|
3,122
|
-16
|
-214
|
3,834
|
Net unrealized gain from fair value adjustment of investment
properties
|
-
|
-
|
-
|
-
|
-
|
Adjusted EBITDA
|
942
|
3,122
|
-16
|
-214
|
3,834
|
IQ FY 19
|
Real Estate
|
Tele-communications
|
Other
|
Corporate
|
Total
|
Profit / (loss) from operations
|
749
|
-137
|
292
|
-189
|
715
|
Depreciations and amortizations
|
11
|
1,792
|
19
|
-
|
1,822
|
EBITDA
|
760
|
1,655
|
311
|
-189
|
2,537
|
Net unrealized gain from fair value adjustment of investment
properties
|
-
|
-
|
-
|
-
|
-
|
Adjusted EBITDA
|
760
|
1,655
|
311
|
-189
|
2,537
|
EBITDA Var
|
23.95%
|
88.64%
|
-105.14%
|
13.23%
|
51.12%
|
Adjusted EBITDA Var
|
23.95%
|
88.64%
|
-105.14%
|
13.23%
|
51.12%
|
|
Total as per segment
|
Joint ventures*
|
Expenses and CPF
|
Elimination of inter-segment transactions
|
Total as per Statements of Income
|
Revenues
|
17,971
|
-20
|
665
|
-6
|
18,610
|
Costs
|
-11,097
|
8
|
-697
|
-
|
-11,786
|
Gross profit
|
6,874
|
-12
|
-32
|
-6
|
6,824
|
Net loss from fair value adjustment of investment
properties
|
9,433
|
-401
|
-
|
-
|
9,032
|
General and administrative expenses
|
-2,117
|
4
|
-
|
8
|
-2,105
|
Selling expenses
|
-2,395
|
4
|
-
|
-
|
-2,391
|
Other operating results, net
|
-63
|
-
|
32
|
-2
|
-33
|
Profit from operations
|
11,732
|
-405
|
-
|
-
|
11,327
|
Share of loss of associates and joint ventures
|
-226
|
303
|
-
|
-
|
77
|
Profit before financial results and income tax
|
11,506
|
-102
|
-
|
-
|
11,404
|
Description
|
Currency
|
Amount (1)
|
Interest Rate
|
Maturity
|
Bank overdrafts
|
ARS
|
10.2
|
Floating
|
< 360 days
|
Series II Non-Convertible Notes (USD)
|
USD
|
71.4
|
11.50%
|
Jul-20
|
Series II Non-Convertible Notes (CLP)
|
CLP
|
44.2
|
10.50%
|
Aug-20
|
Series I Non-Convertible Notes
|
USD
|
181.5
|
10.00%
|
Nov-20
|
Loan with IRSA CP
|
USD
|
28.5
|
-
|
Nov-22
|
Other debt
|
USD
|
29.4
|
-
|
Feb-22
|
IRSA’s Total Debt
|
|
365.2
|
|
|
Cash & Cash Equivalents + Investments (3)
|
USD
|
0.6
|
|
|
IRSA’s Net Debt
|
USD
|
364.5
|
|
|
Bank overdrafts
|
ARS
|
17.3
|
-
|
< 360 d
|
PAMSA loan
|
USD
|
35.0
|
Fixed
|
Feb-23
|
IRCP NCN Class IV(2)
|
USD
|
137.7
|
5.0%
|
Sep-20
|
IRSA CP NCN Class II
|
USD
|
360.0
|
8.75%
|
Mar-23
|
IRSA CP’s Total Debt
|
|
550.0
|
|
|
Cash & Cash Equivalents + Investments (3)
|
|
203.3
|
|
|
Consolidated Net Debt
|
|
346.7
|
|
|
Indebtedness(1)
|
Net (NIS million)
|
IDBD’s Total Debt
|
2,173
|
DIC’s Total Debt
|
2,661
|
(in ARS million)
|
09.30.2019
|
09.30.2018
|
Non-current assets
|
354,224
|
375,128
|
Current assets
|
164,070
|
158,978
|
Total assets
|
518,294
|
534,106
|
Capital and reserves attributable to the equity holders of the
parent
|
37,674
|
36,094
|
Non-controlling interest
|
45,756
|
60,478
|
Total shareholders’ equity
|
83,430
|
96,572
|
Non-current liabilities
|
333,290
|
354,308
|
Current liabilities
|
101,574
|
83,226
|
Total liabilities
|
434,864
|
437,534
|
Total liabilities and shareholders’ equity
|
518,294
|
534,106
|
(in
ARS million)
|
09.30.2019
|
09.30.2018
|
Profit from operations
|
11,327
|
12,391
|
Share of profit of associates and joint ventures
|
77
|
173
|
Profit from operations before financing and taxation
|
11,404
|
12,564
|
Financial income
|
251
|
278
|
Financial cost
|
-5,663
|
-4,295
|
Other financial results
|
-7,971
|
-287
|
Inflation adjustment
|
-300
|
-73
|
Financial results, net
|
-13,683
|
-4,377
|
Profit before income tax
|
-2,279
|
8,187
|
Income tax
|
-1,833
|
456
|
Profit / (loss) for the period from continued
operations
|
-4,112
|
8,643
|
(Loss) / Profit from discontinued operations after
taxes
|
15,095
|
416
|
Profit for the period
|
10,983
|
9,059
|
Other comprehensive income / (loss) for the period
|
11,590
|
19,242
|
Total comprehensive income / (loss) for the period
|
22,573
|
28,301
|
|
|
|
Attributable
to:
|
|
|
Equity holders of the parent
|
2,610
|
12,333
|
Non-controlling interest
|
19,963
|
15,968
|
(in ARS million)
|
09.30.2019
|
09.30.2018
|
Net cash generated from operating activities
|
7,655
|
3,248
|
Net cash generated from investing activities
|
2,553
|
1,748
|
Net cash (used in) / generated from financing
activities
|
-25,772
|
16,322
|
Net (decrease) / increase in cash and cash equivalents
|
-15,564
|
21,318
|
Cash and cash equivalents at beginning of year
|
68,060
|
65,329
|
Cash and cash equivalents reclassified to held for
sale
|
26
|
-298
|
Foreign exchange gain on cash and changes in fair value of cash
equivalents
|
10,147
|
22,252
|
Cash and cash equivalents at period-end
|
62,669
|
108,601
|
(in ARS million)
|
09.30.2019
|
|
09.30.2018
|
|
Liquidity
|
|
|
|
|
CURRENT ASSETS
|
164,070
|
1.62
|
107,465
|
1.63
|
CURRENT LIABILITIES
|
101,574
|
|
65,899
|
|
Indebtedness
|
|
|
|
|
TOTAL LIABILITIES
|
434,864
|
11.54
|
282,389
|
6.82
|
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT
|
37,674
|
|
41,379
|
|
Solvency
|
|
|
|
|
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT
|
37,674
|
0.09
|
41,379
|
0.15
|
TOTAL LIABILITIES
|
434,864
|
|
282,389
|
|
Capital Assets
|
|
|
|
|
NON-CURRENT ASSETS
|
354,224
|
0.68
|
252,818
|
0.70
|
TOTAL ASSETS
|
518,294
|
|
360,283
|
|
For the three-month period ended September 30 (in ARS
million)
|
||
|
2019
|
2018
|
Profit for the period
|
10,983
|
9,059
|
(Loss) / Profit from discontinued operations
|
-15,095
|
-416
|
Interest income
|
-189
|
-223
|
Interest expense
|
5,411
|
4,110
|
Income tax
|
1,833
|
-456
|
Depreciation and amortization
|
2,973
|
1,894
|
EBITDA (unaudited)
|
5,916
|
13,968
|
Unrealized net gain from fair value adjustment of investment
properties
|
-9,032
|
-10,187
|
Share of profit of associates and joint ventures
|
-77
|
-173
|
Dividends earned
|
-62
|
-55
|
Foreign exchange differences net
|
-6,646
|
-9,864
|
(Gain) / loss from derivative financial
instruments
|
-165
|
-396
|
Fair value gains of financial assets and liabilities at fair value
through profit or loss
|
2764
|
-9,181
|
Inflation adjustment
|
300
|
73
|
Other financial costs/income
|
12,270
|
19,913
|
Adjusted EBITDA (unaudited)
|
5,268
|
4,098
|
Adjusted EBITDA Margin
(unaudited)(1)
|
28.31%
|
25.02%
|
1 Year IRSA Inversiones and Rep... Chart |
1 Month IRSA Inversiones and Rep... Chart |
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