Type of
stock
|
CAPITAL STATUS
|
|
Shares
authorized for Public Offering (2)
|
Subscribed,
issued and paid up
(in
millions of Pesos)
|
|
Common
stock with a face value of Ps. 1 per share and entitled to 1 vote
each
|
578,676,460
|
579
|
Glossary
|
1
|
Unaudited
Condensed Interim Consolidated Statements of Financial
Position
|
2
|
Unaudited
Condensed Interim Consolidated Statements of Income and Other
Comprehensive Income
|
3
|
Unaudited
Condensed Interim Consolidated Statements of Changes in
Shareholders’ Equity
|
4
|
Unaudited
Condensed Interim Consolidated Statements of Cash
Flows
|
6
|
Notes
to the Unaudited Condensed Interim Consolidated Financial
Statements:
|
|
Note 1
– The Group’s business and general
information
|
7
|
Note 2
– Summary of significant accounting
policies
|
7
|
Note 3
– Seasonal effects on operations
|
11
|
Note 4
– Acquisitions and disposals
|
11
|
Note 5
– Financial risk management and fair value
estimates
|
14
|
Note 6
– Segment information
|
14
|
Note 7
– Investments in associates and joint
ventures
|
16
|
Note 8
– Investment properties
|
18
|
Note 9
– Property, plant and equipment
|
19
|
Note 10
– Trading properties
|
19
|
Note 11
– Intangible assets
|
20
|
Note 12
– Financial instruments by category
|
20
|
Note 13
– Trade and other receivables
|
23
|
Note 14
– Cash flow information
|
24
|
Note 15
– Trade and other payables
|
25
|
Note 16
– Borrowings
|
25
|
Note 17
– Provisions
|
26
|
Note 18
– Taxes
|
27
|
Note 19
– Revenues
|
28
|
Note 20
– Expenses by nature
|
29
|
Note 21
– Cost of goods sold and services provided
|
29
|
Note 22
– Other operating results, net
|
30
|
Note 23
– Financial results, net
|
30
|
Note 24
– Related party transactions
|
31
|
Note 25
– CNV General Resolution N° 622
|
32
|
Note 26
– Foreign currency assets and liabilities
|
33
|
Note 27
– Groups of assets and liabilities held for
sale
|
34
|
Note 28
– Results from discontinued operations
|
34
|
Note 29
– Subsequent Events
|
35
|
Terms
|
|
Definitions
|
BACS
|
|
Banco
de Crédito y Securitización S.A.
|
Baicom
|
|
Baicom Networks S.A.
|
BCRA
|
|
Central
Bank of the Argentine Republic
|
BHSA
|
|
Banco
Hipotecario S.A.
|
Cellcom
|
|
Cellcom
Israel Ltd.
|
Clal
|
|
Clal
Holdings Insurance Enterprises Ltd.
|
CLN
Token
|
|
Colu
Token
|
CNV
|
|
Securities
Exchange Commission
|
Condor
|
|
Condor
Hospitality Trust Inc.
|
Cresud
|
|
Cresud
S.A.C.I.F. y A.
|
DIC
|
|
Discount
Investment Corporation Ltd.
|
Dolphin
|
|
Dolphin
Fund Ltd. and Dolphin Netherlands B.V.
|
Financial
Statements
|
|
Unaudited
Condensed Interim Consolidated Financial Statements
|
Annual
Financial Statements
|
|
Consolidated
Financial Statements as of June 30, 2017
|
CPF
|
|
Collective
Promotion Funds
|
IASB
|
|
International
Accounting Standards Board
|
IDB
Tourism
|
|
IDB
Tourism (2009) Ltd
|
IDBD
|
|
IDB
Development Corporation Ltd.
|
IFISA
|
|
Inversiones
Financieras del Sur S.A.
|
IRSA,
The Company”, “Us”, “We”
|
|
IRSA
Inversiones y Representaciones Sociedad Anónima
|
IRSA
CP
|
|
IRSA
Propiedades Comerciales S.A.
|
Israir
|
|
Israir
Airlines & Tourism Ltd.
|
Lipstick
|
|
Lipstick
Management LLC
|
LRSA
|
|
La
Rural S.A.
|
Metropolitan
|
|
Metropolitan
885 Third Avenue Leasehold LLC
|
New
Lipstick
|
|
New
Lipstick LLC
|
IAS
|
|
International
Accounting Standards
|
IFRS
|
|
International
Financial Reporting Standards
|
NIS
|
|
New
Israeli Shekel
|
NCN
|
|
Non-Convertible
Notes
|
PBC
|
|
Property
& Building Corporation Ltd.
|
PBEL
|
|
PBEL
Real Estate LTD
|
Quality
|
|
Quality
Invest S.A.
|
Shufersal
|
|
Shufersal
Ltd.
|
Tarshop
|
|
Tarshop
S.A.
|
|
Note
|
03.31.18
|
|
06.30.17
|
ASSETS
|
|
|
|
|
Non-current assets
|
|
|
|
|
Investment properties
|
8
|
121,359
|
|
99,953
|
Property, plant and equipment
|
9
|
30,992
|
|
27,113
|
Trading properties
|
10, 21
|
4,066
|
|
4,532
|
Intangible assets
|
11
|
13,814
|
|
12,387
|
Other assets
|
|
129
|
|
-
|
Investments in associates and joint ventures
|
7
|
8,557
|
|
7,885
|
Deferred income tax assets
|
18
|
282
|
|
285
|
Income tax and MPIT credit
|
|
201
|
|
145
|
Restricted assets
|
12
|
1,322
|
|
448
|
Trade and other receivables
|
13
|
5,911
|
|
4,974
|
Investments in financial assets
|
12
|
1,388
|
|
1,772
|
Financial assets held for sale
|
12
|
7,509
|
|
6,225
|
Derivative financial instruments
|
12
|
-
|
|
31
|
Total non-current assets
|
|
195,530
|
|
165,750
|
Current assets
|
|
|
|
|
Trading properties
|
10, 21
|
3,189
|
|
1,249
|
Inventories
|
21
|
4,301
|
|
4,260
|
Restricted assets
|
12
|
1,077
|
|
506
|
Income tax and MPIT credit
|
|
335
|
|
339
|
Group of assets held for sale
|
27
|
3,220
|
|
2,681
|
Trade and other receivables
|
13
|
17,550
|
|
17,264
|
Investments in financial assets
|
12
|
18,748
|
|
11,951
|
Financial assets held for sale
|
12
|
2,822
|
|
2,337
|
Derivative financial instruments
|
12
|
24
|
|
51
|
Cash and cash equivalents
|
12
|
32,961
|
|
24,854
|
Total current assets
|
|
84,227
|
|
65,492
|
TOTAL ASSETS
|
|
279,757
|
|
231,242
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
Shareholders' equity attributable to equity holders of the parent
(according to corresponding statement)
|
|
30,651
|
|
25,864
|
Non-controlling interest
|
|
28,400
|
|
21,472
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
59,051
|
|
47,336
|
LIABILITIES
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Borrowings
|
16
|
141,144
|
|
109,489
|
Deferred income tax liabilities
|
18
|
23,756
|
|
23,024
|
Trade and other payables
|
15
|
2,507
|
|
3,040
|
Provisions
|
17
|
858
|
|
943
|
Employee benefits
|
|
930
|
|
763
|
Derivative financial instruments
|
12
|
16
|
|
86
|
Salaries and social security liabilities
|
|
94
|
|
127
|
Total non-current liabilities
|
|
169,305
|
|
137,472
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
15
|
24,670
|
|
20,839
|
Borrowings
|
16
|
20,367
|
|
19,926
|
Provisions
|
17
|
945
|
|
890
|
Group of liabilities held for sale
|
27
|
2,182
|
|
1,855
|
Salaries and social security liabilities
|
|
2,683
|
|
2,041
|
Income tax and MPIT liabilities
|
|
369
|
|
797
|
Derivative financial instruments
|
12
|
185
|
|
86
|
Total current liabilities
|
|
51,401
|
|
46,434
|
TOTAL LIABILITIES
|
|
220,706
|
|
183,906
|
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
|
279,757
|
|
231,242
|
|
The
accompanying notes are an integral part of these Unaudited
Condensed Interim Consolidated Financial Statements.
______________________
Eduardo S. Elsztain
President
|
|
|
Nine month
|
|
Three month
|
||||
|
Note
|
03.31.18
|
|
03.31.17(recast)
|
|
03.31.18
|
|
03.31.17(recast)
|
Revenues
|
19
|
65,696
|
|
55,201
|
|
22,656
|
|
18,370
|
Costs
|
20, 21
|
(44,764)
|
|
(38,462)
|
|
(15,487)
|
|
(12,837)
|
Gross profit
|
|
20,932
|
|
16,739
|
|
7,169
|
|
5,533
|
Net gain / (loss) from fair value adjustment of investment
properties
|
8
|
12,796
|
|
3,042
|
|
1,294
|
|
(428)
|
General and administrative expenses
|
20
|
(3,457)
|
|
(2,809)
|
|
(1,262)
|
|
(1,000)
|
Selling expenses
|
20
|
(12,125)
|
|
(9,951)
|
|
(4,408)
|
|
(3,387)
|
Other operating results, net
|
22
|
545
|
|
(207)
|
|
(59)
|
|
(86)
|
Profit from operations
|
|
18,691
|
|
6,814
|
|
2,734
|
|
632
|
Share of profit of associates and joint ventures
|
7
|
571
|
|
142
|
|
178
|
|
80
|
Profit before financial results and income tax
|
|
19,262
|
|
6,956
|
|
2,912
|
|
712
|
Finance income
|
23
|
992
|
|
657
|
|
342
|
|
147
|
Finance costs
|
23
|
(11,148)
|
|
(5,531)
|
|
(3,079)
|
|
(816)
|
Other financial results
|
23
|
1,838
|
|
2,481
|
|
642
|
|
950
|
Financial results, net
|
|
(8,318)
|
|
(2,393)
|
|
(2,095)
|
|
281
|
Profit before income tax
|
|
10,944
|
|
4,563
|
|
817
|
|
993
|
Income tax expense
|
18
|
159
|
|
(1,113)
|
|
(338)
|
|
(86)
|
Profit for the period from continuing operations
|
|
11,103
|
|
3,450
|
|
479
|
|
907
|
Profit / (loss) for the period from discontinued
operations
|
28
|
187
|
|
3,056
|
|
(20)
|
|
(1,217)
|
Profit / (loss) for the period
|
|
11,290
|
|
6,506
|
|
459
|
|
(310)
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
|
Currency translation adjustment
|
|
2,505
|
|
3,298
|
|
2,048
|
|
796
|
Share of other comprehensive (loss) / income of associates and
joint ventures
|
|
(499)
|
|
(1,523)
|
|
(291)
|
|
400
|
Change in the fair value of hedging instruments net of income
taxes
|
|
(3)
|
|
2
|
|
30
|
|
12
|
Other reserves
|
|
-
|
|
1
|
|
-
|
|
1
|
Items that may not be reclassified subsequently to profit or loss,
net of income tax:
|
|
|
|
|
|
|
|
|
Actuarial profit from defined contribution plans
|
|
(125)
|
|
(23)
|
|
(78)
|
|
(4)
|
Other comprehensive income for the period from continuing
operations
|
|
1,878
|
|
1,755
|
|
1,709
|
|
1,205
|
Other comprehensive income for the period from discontinued
operations
|
|
67
|
|
409
|
|
75
|
|
409
|
Total other comprehensive income for the period
|
|
1,945
|
|
2,164
|
|
1,784
|
|
1,614
|
Total comprehensive income for the period
|
|
13,235
|
|
8,670
|
|
2,243
|
|
1,304
|
|
|
|
|
|
|
|
|
|
Total comprehensive income from continuing operations
|
|
12,981
|
|
5,205
|
|
2,188
|
|
2,112
|
Total comprehensive income / (loss) from discontinued
operations
|
|
254
|
|
3,465
|
|
55
|
|
(808)
|
Total comprehensive income for the period
|
|
13,235
|
|
8,670
|
|
2,243
|
|
1,304
|
|
|
|
|
|
|
|
|
|
Profit / (loss) for the period attributable to:
|
|
|
|
|
|
|
|
|
Equity holders of the parent
|
|
9,405
|
|
3,784
|
|
487
|
|
(51)
|
Non-controlling interest
|
|
1,885
|
|
2,722
|
|
(28)
|
|
(259)
|
|
|
|
|
|
|
|
|
|
(Loss) / profit from continuing operations attributable
to:
|
|
|
|
|
|
|
|
|
Equity holders of the parent
|
|
9,285
|
|
2,508
|
|
507
|
|
1,005
|
Non-controlling interest
|
|
1,818
|
|
942
|
|
(28)
|
|
(98)
|
|
|
|
|
|
|
|
|
|
Total comprehensive income attributable to:
|
|
|
|
|
|
|
|
|
Equity holders of the parent
|
|
8,786
|
|
4,386
|
|
140
|
|
529
|
Non-controlling interest
|
|
4,449
|
|
4,284
|
|
2,103
|
|
775
|
|
|
|
|
|
|
|
|
|
Profit / (loss) per share from continuing operations attributable
to equity holders of the parent:
|
|
|
|
|
|
|
|
|
Basic
|
|
16.36
|
|
6.58
|
|
0.85
|
|
(0.09)
|
Diluted
|
|
16.24
|
|
6.54
|
|
0.84
|
|
(0.09)
|
|
|
|
|
|
|
|
|
|
Profit per share from continuing operations attributable to equity
holders of the parent:
|
|
|
|
|
|
|
|
|
Basic
|
|
16.15
|
|
4.36
|
|
0.88
|
|
1.75
|
Diluted
|
|
16.04
|
|
4.33
|
|
0.88
|
|
1.74
|
|
______________________
Eduardo S. Elsztain
President
|
|
Attributable to equity holders of the parent
|
|
|
|||||||||
|
Share capital
|
Treasury shares
|
Inflation adjustment of share capital and treasury shares
(1)
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special reserve Resolution CNV 609/12 (2)
|
Other reserves (3)
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total Shareholders’ equity
|
Balance as of July 1, 2017
|
575
|
4
|
123
|
793
|
17
|
143
|
2,751
|
2,165
|
19,293
|
25,864
|
21,472
|
47,336
|
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
9,405
|
9,405
|
1,885
|
11,290
|
Other comprehensive (loss) / profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(619)
|
-
|
(619)
|
2,564
|
1,945
|
Total comprehensive (loss) / profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(619)
|
9,405
|
8,786
|
4,449
|
13,235
|
Acquisition of non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
16
|
16
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.17
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,081
|
(2,081)
|
-
|
-
|
-
|
Shared-based compensation
|
-
|
-
|
-
|
-
|
1
|
-
|
-
|
3
|
-
|
4
|
43
|
47
|
Dividends distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,400)
|
(1,400)
|
-
|
(1,400)
|
Dividends distribution to non-controlling interest in
subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,421)
|
(1,421)
|
Changes in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,603)
|
-
|
(2,603)
|
3,841
|
1,238
|
Balance as of March 31, 2018
|
575
|
4
|
123
|
793
|
18
|
143
|
2,751
|
1,027
|
25,217
|
30,651
|
28,400
|
59,051
|
|
Cost of treasury stock
|
|
Changes in non-controlling interest
|
|
Reserve for share-based payments
|
|
Reserve for future dividends
|
|
Currency translation adjustment reserve
|
|
Hedging instrument
|
|
Special reserve
|
|
Reserve for defined contribution plans
|
|
Other reserves from subsidiaries
|
|
Total Other reserves
|
Balance as of July 1, 2017
|
(28)
|
|
186
|
|
78
|
|
494
|
|
1,394
|
|
19
|
|
-
|
|
(15)
|
|
37
|
|
2,165
|
Other comprehensive (loss) / profit for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
(566)
|
|
6
|
|
-
|
|
(59)
|
|
-
|
|
(619)
|
Total comprehensive loss for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
(566)
|
|
6
|
|
-
|
|
(59)
|
|
-
|
|
(619)
|
Share-based compensation
|
2
|
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.17
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,081
|
|
-
|
|
-
|
|
2,081
|
Changes in non-controlling interest
|
-
|
|
(2,602)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
(2,603)
|
Balance as of March 31, 2018
|
(26)
|
|
(2,416)
|
|
79
|
|
494
|
|
828
|
|
25
|
|
2,081
|
|
(74)
|
|
36
|
|
1,027
|
|
______________________
Eduardo S. Elsztain
President
|
|
Attributable to equity holders of the parent
|
|
|
|||||||||
|
Share capital
|
Treasury shares
|
Inflation adjustment of share capital and treasury shares
(1)
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special reserve Resolution CNV 609/12 (2)
|
Other reserves (3)
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total Shareholders’ equity
|
Balance as of July 1, 2016 (recast)
|
575
|
4
|
123
|
793
|
16
|
117
|
2,755
|
990
|
16,259
|
21,632
|
14,224
|
35,856
|
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,784
|
3,784
|
2,722
|
6,506
|
Other comprehensive profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
602
|
-
|
602
|
1,562
|
2,164
|
Total comprehensive profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
602
|
3,784
|
4,386
|
4,284
|
8,670
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.16
|
-
|
-
|
-
|
-
|
-
|
26
|
(4)
|
(26)
|
4
|
-
|
-
|
-
|
Shared-based compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
9
|
-
|
9
|
70
|
79
|
Currency translation adjustment for interest held before business
combination
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
2
|
Incorporated by business combination
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
45
|
45
|
Changes in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(221)
|
-
|
(221)
|
1,629
|
1,408
|
Dividends distribution to non-controlling interest in
subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,982)
|
(1,982)
|
Balance as of March 31, 2017 (recast)
|
575
|
4
|
123
|
793
|
16
|
143
|
2,751
|
1,354
|
20,047
|
25,806
|
18,272
|
44,078
|
|
Cost of treasury stock
|
|
Changes in non-controlling interest
|
|
Reserve for share-based payments
|
|
Reserve for future dividends
|
|
Currency translation adjustment reserve
|
|
Hedging instruments
|
|
Reserve for defined contribution plans
|
|
Other reserves from subsidiaries
|
|
Total Other reserves
|
Balance as of July 1, 2016 (recast)
|
(29)
|
|
21
|
|
67
|
|
520
|
|
421
|
|
(37)
|
|
(10)
|
|
37
|
|
990
|
Other comprehensive income / (loss) for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
553
|
|
77
|
|
(28)
|
|
-
|
|
602
|
Total comprehensive income / (loss) for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
553
|
|
77
|
|
(28)
|
|
-
|
|
602
|
Share-based compensation
|
-
|
|
-
|
|
9
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.16
|
-
|
|
-
|
|
-
|
|
(26)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(26)
|
Changes in non-controlling interest
|
-
|
|
(219)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2)
|
|
(221)
|
Balance as of March 31, 2017 (recast)
|
(29)
|
|
(198)
|
|
76
|
|
494
|
|
974
|
|
40
|
|
(38)
|
|
35
|
|
1,354
|
______________________
Eduardo S. Elsztain
President
|
|
Note
|
03.31.18
|
|
03.31.17 (recast)
|
Operating activities:
|
|
|
|
|
Net cash generated from continuing operating activities before
income tax paid
|
14
|
9,984
|
|
6,862
|
Income tax and MPIT paid
|
|
(848)
|
|
(784)
|
Net cash generated from continuing operating
activities
|
|
9,136
|
|
6,078
|
Net cash generated from discontinued operating
activities
|
|
256
|
|
234
|
Net cash generated from operating activities
|
|
9,392
|
|
6,312
|
Investing activities:
|
|
|
|
|
Interest held decrease (increase) in associates and joint
ventures
|
|
23
|
|
(447)
|
Acquisition, improvements and advance payments for contructions of
investment properties
|
|
(2,326)
|
|
(1,911)
|
Proceeds from sales of investment properties
|
|
566
|
|
238
|
Acquisitions and improvements of property, plant and
equipment
|
|
(2,612)
|
|
(1,825)
|
Proceeds from sales of property, plant and equipment
|
|
39
|
|
-
|
Acquisitions of intangible assets
|
|
(721)
|
|
(329)
|
Acquisitions of subsidiaries, net of cash acquired
|
|
(651)
|
|
(46)
|
Net increase of restricted assets
|
|
(744)
|
|
-
|
Dividends collected
|
|
111
|
|
206
|
Proceeds from sales of interest held in associates and joint
ventures
|
|
252
|
|
-
|
Proceeds from loans granted
|
|
620
|
|
-
|
Proceeds from liquidation of an associate
|
|
8
|
|
-
|
Acquisitions of investments in financial assets
|
|
(15,743)
|
|
(2,351)
|
Proceeds from disposal of investments in financial
assets
|
|
12,921
|
|
3,354
|
Interest received from financial assets
|
|
387
|
|
102
|
Dividends received from financial assets
|
|
45
|
|
-
|
Payment for other assets acquisition
|
|
(120)
|
|
-
|
Loans granted to related parties
|
|
(345)
|
|
(92)
|
Loans granted
|
|
(102)
|
|
-
|
Net cash used in continuing investing activities
|
|
(8,392)
|
|
(3,101)
|
Net cash (used in) / generated from discontinued investing
activities
|
|
(101)
|
|
3,960
|
Net cash (used in) / generated from in investing
activities
|
|
(8,493)
|
|
859
|
Financing activities:
|
|
|
|
|
Borrowings
|
|
20,946
|
|
17,335
|
Payment of borrowings
|
|
(11,611)
|
|
(12,256)
|
Proceeds (payment) of short term borrowings, net
|
|
257
|
|
(875)
|
Payment of borrowings to related parties
|
|
-
|
|
(9)
|
Interests paid
|
|
(5,690)
|
|
(3,803)
|
Capital distributions to non-controlling interest in
subsidiaries
|
|
(58)
|
|
(72)
|
Capital contributions from non-controlling interest in
subsidiaries
|
|
384
|
|
156
|
Acquisition of non-controlling interest in
subsidiaries
|
|
(612)
|
|
(1,005)
|
Proceeds from sales of non-controlling interest in
subsidiaries
|
|
3,352
|
|
2,663
|
Dividends paid
|
|
(1,392)
|
|
(724)
|
Dividends paid to non-controlling interest in
subsidiaries
|
|
(403)
|
|
-
|
Proceeds from derivative financial instruments
|
|
(12)
|
|
-
|
Net cash generated from continuing financing
activities
|
|
5,161
|
|
1,410
|
Net cash used in discontinued financing activities
|
|
(86)
|
|
(759)
|
Net cash generated from financing activities
|
|
5,075
|
|
651
|
Net increase in cash and cash equivalents from continuing
activities
|
|
5,905
|
|
4,387
|
Net increase in cash and cash equivalents from discontinued
activities
|
|
69
|
|
3,435
|
Net increase in cash and cash equivalents
|
|
5,974
|
|
7,822
|
Cash and cash equivalents at beginning of period
|
13
|
24,854
|
|
13,866
|
Cash and cash equivalents reclassified to held for
sale
|
|
(269)
|
|
(161)
|
Foreign exchange gain on cash and changes in fair value of cash
equivalents
|
|
2,402
|
|
852
|
Cash and cash equivalents at end of period
|
13
|
32,961
|
|
22,379
|
|
______________________
Eduardo S. Elsztain
President
|
|
Nine month
|
||||||
|
03.31.2017 (originally issued)
|
|
03.31.2017 (adjustment)
|
|
03.31.2017 (other reclassifications) g)
|
|
03.31.2017 (recast)
|
Revenues
|
55,201
|
|
-
|
|
-
|
|
55,201
|
Costs
|
(38,956)
|
|
826
|
a)
|
(332)
|
|
(38,462)
|
Gross profit
|
16,245
|
|
826
|
|
(332)
|
|
16,739
|
Gain from disposal of investment properties
|
210
|
|
(182)
|
b)
|
(28)
|
|
-
|
Net gain from fair value adjustment of investment
properties
|
-
|
|
3,103
|
c)
|
(61)
|
|
3,042
|
General and administrative expenses
|
(2,839)
|
|
-
|
|
30
|
|
(2,809)
|
Selling expenses
|
(10,249)
|
|
-
|
|
298
|
|
(9,951)
|
Other operating results, net
|
(220)
|
|
(19)
|
|
32
|
|
(207)
|
Profit from operations
|
3,147
|
|
3,728
|
|
(61)
|
|
6,814
|
Share of (loss) / profit of associates and joint
ventures
|
(152)
|
|
229
|
d)
|
65
|
|
142
|
Profit before finance results and income tax
|
2,995
|
|
3,957
|
|
4
|
|
6,956
|
Finance income
|
718
|
|
-
|
|
(61)
|
|
657
|
Finance costs
|
(5,527)
|
|
-
|
|
(4)
|
|
(5,531)
|
Other financial results
|
2,420
|
|
-
|
|
61
|
|
2,481
|
Financial results, net
|
(2,389)
|
|
-
|
|
(4)
|
|
(2,393)
|
Profit before income tax
|
606
|
|
3,957
|
|
-
|
|
4,563
|
Income tax
|
137
|
|
(1,250)
|
e)
|
-
|
|
(1,113)
|
Profit from continuing operations
|
743
|
|
2,707
|
|
-
|
|
3,450
|
Profit from discontinued operations
|
3,056
|
|
-
|
|
-
|
|
3,056
|
Profit for the period
|
3,799
|
|
2,707
|
|
-
|
|
6,506
|
Other comprehensive income / (loss)
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
Currency translation adjustment
|
1,224
|
|
2,074
|
f)
|
-
|
|
3,298
|
Share of other comprehensive income / (loss) of associates and
joint ventures
|
310
|
|
(1,833)
|
d)
|
-
|
|
(1,523)
|
Change in the fair value of hedging instruments net of income
tax
|
2
|
|
-
|
|
-
|
|
2
|
Other reserves
|
1
|
|
-
|
|
-
|
|
1
|
Items that may not be reclassified subsequently to profit or loss,
net of income tax
|
|
|
|
|
|
|
|
Actuarial loss from defined contribution plans
|
(23)
|
|
-
|
|
-
|
|
(23)
|
Other comprehensive income for the period from continuing
operations
|
1,514
|
|
241
|
|
-
|
|
1,755
|
Other comprehensive income for the period from discontinued
operations
|
409
|
|
-
|
|
-
|
|
409
|
Other comprehensive income for the period
|
5,722
|
|
2,948
|
|
-
|
|
8,670
|
|
|
|
|
|
|
|
|
Profit for the period attributable to:
|
|
|
|
|
|
|
|
Equity holders of the parent
|
2,138
|
|
1,646
|
|
-
|
|
3,784
|
Non-controlling interest
|
1,661
|
|
1,061
|
|
-
|
|
2,722
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period attributable
to:
|
|
|
|
|
|
|
|
Equity holders of the parent
|
2,654
|
|
1,732
|
|
-
|
|
4,386
|
Non-controlling interest
|
3,068
|
|
1,216
|
|
-
|
|
4,284
|
|
Three month
|
||||||
|
03.31.2017 (originally issued)
|
|
03.31.2017 (adjustment)
|
|
03.31.2017 (other reclassifications) g)
|
|
03.31.2017 (recast)
|
Revenues
|
18,370
|
|
-
|
|
-
|
|
18,370
|
Costs
|
(13,011)
|
|
295
|
a)
|
(121)
|
|
(12,837)
|
Gross profit
|
5,359
|
|
295
|
|
(121)
|
|
5,533
|
Gain from disposal of investment properties
|
105
|
|
(77)
|
b)
|
(28)
|
|
-
|
Net gain from fair value adjustment of investment
properties
|
-
|
|
(367)
|
c)
|
(61)
|
|
(428)
|
General and administrative expenses
|
(1,008)
|
|
-
|
|
8
|
|
(1,000)
|
Selling expenses
|
(3,500)
|
|
-
|
|
113
|
|
(3,387)
|
Other operating results, net
|
(97)
|
|
(17)
|
|
28
|
|
(86)
|
Profit from operations
|
859
|
|
(166)
|
|
(61)
|
|
632
|
Share of (loss) / profit of associates and joint
ventures
|
(59)
|
|
143
|
d)
|
(4)
|
|
80
|
Profit before finance results and income tax
|
800
|
|
(23)
|
|
(65)
|
|
712
|
Finance income
|
(14)
|
|
-
|
|
161
|
|
147
|
Finance costs
|
(659)
|
|
-
|
|
(157)
|
|
(816)
|
Other financial results
|
889
|
|
-
|
|
61
|
|
950
|
Financial results, net
|
216
|
|
-
|
|
65
|
|
281
|
Profit before income tax
|
1,016
|
|
(23)
|
|
-
|
|
993
|
Income tax
|
(197)
|
|
111
|
e)
|
-
|
|
(86)
|
Profit from continuing operations
|
819
|
|
88
|
|
-
|
|
907
|
Loss from discontinued operations
|
(1,217)
|
|
-
|
|
-
|
|
(1,217)
|
Loss for the period
|
(398)
|
|
88
|
|
-
|
|
(310)
|
Other comprehensive income / (loss)
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
Currency translation adjustment
|
1,103
|
|
(307)
|
f)
|
-
|
|
796
|
Share of other comprehensive income of associates and joint
ventures
|
-
|
|
400
|
d)
|
-
|
|
400
|
Change in the fair value of hedging instruments net of income
tax
|
12
|
|
-
|
|
-
|
|
12
|
Other reserves
|
1
|
|
-
|
|
-
|
|
1
|
Items that may not be reclassified subsequently to profit or loss,
net of income tax
|
|
|
|
|
|
|
|
Actuarial loss from defined contribution plans
|
(4)
|
|
-
|
|
-
|
|
(4)
|
Other comprehensive income for the period from continuing
operations
|
1,112
|
|
93
|
|
-
|
|
1,205
|
Other comprehensive income for the period from discontinued
operations
|
409
|
|
-
|
|
-
|
|
409
|
Other comprehensive income for the period
|
1,123
|
|
181
|
|
-
|
|
1,304
|
|
|
|
|
|
|
|
|
Profit for the period attributable to:
|
|
|
|
|
|
|
|
Equity holders of the parent
|
71
|
|
(122)
|
|
-
|
|
(51)
|
Non-controlling interest
|
(469)
|
|
210
|
|
-
|
|
(259)
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period attributable
to:
|
|
|
|
|
|
|
|
Equity holders of the parent
|
620
|
|
(91)
|
|
-
|
|
529
|
Non-controlling interest
|
503
|
|
272
|
|
-
|
|
775
|
|
|
December 2017
|
Identified assets and assumed liabilities:
|
|
|
|
|
|
Property, plant and equipment
|
|
200
|
Inventories
|
|
380
|
Trade and other receivables
|
|
335
|
Cash and cash equivalents
|
|
25
|
Provisions
|
|
(15)
|
Borrowings
|
|
(260)
|
Employee benefits
|
|
(25)
|
Trade and other payables
|
|
(930)
|
Total identified net assets
|
|
(290)
|
Goodwill (pending allocation)
|
|
920
|
Total consideration
|
|
630
|
|
March 31, 2018
|
|
||||||||||||
|
Operations Center in Argentina
|
|
Operations Center in Israel
|
|
Total
|
|
Joint ventures (1)
|
|
Expenses and collective promotion funds
|
|
Elimination of inter-segment transactions and non-reportable assets
/ liabilities
|
|
Total as per statement of income / statement of financial
position
|
|
Revenues
|
3,901
|
|
60,558
|
|
64,459
|
|
(37)
|
|
1,281
|
|
(7)
|
|
65,696
|
|
Costs
|
(810)
|
|
(42,667)
|
|
(43,477)
|
|
17
|
|
(1,304)
|
|
-
|
|
(44,764)
|
|
Gross profit / (loss)
|
3,091
|
|
17,891
|
|
20,982
|
|
(20)
|
|
(23)
|
|
(7)
|
|
20,932
|
|
Net gain from fair value adjustment of investment
properties
|
11,627
|
|
1,375
|
|
13,002
|
|
(206)
|
|
-
|
|
-
|
|
12,796
|
|
General and administrative expenses
|
(655)
|
|
(2,825)
|
|
(3,480)
|
|
14
|
|
-
|
|
9
|
|
(3,457)
|
|
Selling expenses
|
(305)
|
|
(11,826)
|
|
(12,131)
|
|
6
|
|
-
|
|
-
|
|
(12,125)
|
|
Other operating results, net
|
(80)
|
|
610
|
|
530
|
|
17
|
|
-
|
|
(2)
|
|
545
|
|
Profit / (loss) from operations
|
13,678
|
|
5,225
|
|
18,903
|
|
(189)
|
|
(23)
|
|
-
|
|
18,691
|
|
Share of profit / (loss) of associates and joint
ventures
|
569
|
|
(214)
|
|
355
|
|
216
|
|
-
|
|
-
|
|
571
|
|
Segment profit / (loss)
|
14,247
|
|
5,011
|
|
19,258
|
|
27
|
|
(23)
|
|
-
|
|
19,262
|
|
Reportable assets
|
58,387
|
|
210,539
|
|
268,926
|
|
(225)
|
|
-
|
|
11,056
|
|
279,757
|
|
Reportable liabilities
|
-
|
|
(186,184)
|
|
(186,184)
|
|
-
|
|
-
|
|
(34,522)
|
|
(220,706)
|
|
Net reportable assets
|
58,387
|
|
24,355
|
|
82,742
|
|
(225)
|
|
-
|
|
(23,466)
|
|
59,051
|
|
March 31, 2017 (recast)
|
|
||||||||||||
|
Operations Center in Argentina
|
|
Operations Center in Israel
|
|
Total
|
|
Joint ventures (1)
|
|
Expenses and collective promotion funds
|
|
Elimination of inter-segment transactions and non-reportable assets
/ liabilities
|
|
Total as per statement of income / statement of financial
position
|
|
Revenues
|
3,111
|
|
51,030
|
|
54,141
|
|
(26)
|
|
1,090
|
|
(4)
|
|
55,201
|
|
Costs
|
(578)
|
|
(36,750)
|
|
(37,328)
|
|
14
|
|
(1,148)
|
|
-
|
|
(38,462)
|
|
Gross profit / (loss)
|
2,533
|
|
14,280
|
|
16,813
|
|
(12)
|
|
(58)
|
|
(4)
|
|
16,739
|
|
Net gain from fair value adjustment of investment
properties
|
2,204
|
|
1,021
|
|
3,225
|
|
(183)
|
|
-
|
|
-
|
|
3,042
|
|
General and administrative expenses
|
(476)
|
|
(2,342)
|
|
(2,818)
|
|
3
|
|
-
|
|
6
|
|
(2,809)
|
|
Selling expenses
|
(258)
|
|
(9,695)
|
|
(9,953)
|
|
2
|
|
-
|
|
-
|
|
(9,951)
|
|
Other operating results, net
|
(31)
|
|
(168)
|
|
(199)
|
|
(6)
|
|
-
|
|
(2)
|
|
(207)
|
|
Profit / (loss) from operations
|
3,972
|
|
3,096
|
|
7,068
|
|
(196)
|
|
(58)
|
|
-
|
|
6,814
|
|
Share of profit / (loss) of associates and joint
ventures
|
75
|
|
(59)
|
|
16
|
|
126
|
|
-
|
|
-
|
|
142
|
|
Segment profit / (loss)
|
4,047
|
|
3,037
|
|
7,084
|
|
(70)
|
|
(58)
|
|
-
|
|
6,956
|
|
Reportable assets
|
42,467
|
|
154,795
|
|
197,262
|
|
(259)
|
|
-
|
|
6,688
|
|
203,691
|
|
Reportable liabilities
|
-
|
|
(134,115)
|
|
(134,115)
|
|
-
|
|
-
|
|
(25,498)
|
|
(159,613)
|
|
Net reportable assets
|
42,467
|
|
20,680
|
|
63,147
|
|
(259)
|
|
-
|
|
(18,810)
|
|
44,078
|
|
March 31, 2018
|
||||||||||||||
|
Operations Center in Argentina
|
||||||||||||||
|
Shopping Malls
|
|
Offices
|
|
Sales and developments
|
|
Hotels
|
|
International
|
|
Corporate
|
|
Others
|
|
Total
|
Revenues
|
2,696
|
|
387
|
|
78
|
|
739
|
|
-
|
|
-
|
|
1
|
|
3,901
|
Costs
|
(234)
|
|
(33)
|
|
(40)
|
|
(465)
|
|
-
|
|
-
|
|
(38)
|
|
(810)
|
Gross profit / (loss)
|
2,462
|
|
354
|
|
38
|
|
274
|
|
-
|
|
-
|
|
(37)
|
|
3,091
|
Net gain from fair value adjustment of investment
properties
|
9,023
|
|
1,537
|
|
1,067
|
|
-
|
|
-
|
|
-
|
|
-
|
|
11,627
|
General and administrative expenses
|
(229)
|
|
(65)
|
|
(60)
|
|
(145)
|
|
(35)
|
|
(113)
|
|
(8)
|
|
(655)
|
Selling expenses
|
(174)
|
|
(31)
|
|
(17)
|
|
(82)
|
|
-
|
|
-
|
|
(1)
|
|
(305)
|
Other operating results, net
|
(39)
|
|
(4)
|
|
(25)
|
|
(12)
|
|
(15)
|
|
-
|
|
15
|
|
(80)
|
Profit / (loss) from operations
|
11,043
|
|
1,791
|
|
1,003
|
|
35
|
|
(50)
|
|
(113)
|
|
(31)
|
|
13,678
|
Share of profit of associates and joint ventures
|
-
|
|
-
|
|
12
|
|
-
|
|
1
|
|
-
|
|
556
|
|
569
|
Segment profit / (loss)
|
11,043
|
|
1,791
|
|
1,015
|
|
35
|
|
(49)
|
|
(113)
|
|
525
|
|
14,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment properties and trading properties
|
38,056
|
|
9,610
|
|
6,725
|
|
-
|
|
-
|
|
-
|
|
78
|
|
54,469
|
Investment in associates and joint ventures
|
1
|
|
-
|
|
150
|
|
-
|
|
661
|
|
-
|
|
2,598
|
|
3,410
|
Other operating assets
|
83
|
|
48
|
|
56
|
|
170
|
|
63
|
|
-
|
|
88
|
|
508
|
Operating assets
|
38,140
|
|
9,658
|
|
6,931
|
|
170
|
|
724
|
|
-
|
|
2,764
|
|
58,387
|
|
March 31, 2017 (recast)
|
|
||||||||||||||
|
Operations Center in Argentina
|
|
||||||||||||||
|
Shopping Malls
|
|
Offices
|
|
Sales and developments
|
|
Hotels
|
|
International
|
|
Corporate
|
|
Others
|
|
Total
|
|
Revenues
|
2,216
|
|
323
|
|
4
|
|
568
|
|
-
|
|
-
|
|
-
|
|
3,111
|
|
Costs
|
(172)
|
|
(24)
|
|
(22)
|
|
(360)
|
|
-
|
|
-
|
|
-
|
|
(578)
|
|
Gross profit / (loss)
|
2,044
|
|
299
|
|
(18)
|
|
208
|
|
-
|
|
-
|
|
-
|
|
2,533
|
|
Net gain from fair value adjustment of investment
properties
|
1,382
|
|
690
|
|
132
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,204
|
|
General and administrative expenses
|
(179)
|
|
(56)
|
|
(24)
|
|
(100)
|
|
(30)
|
|
(86)
|
|
(1)
|
|
(476)
|
|
Selling expenses
|
(133)
|
|
(34)
|
|
(14)
|
|
(73)
|
|
-
|
|
-
|
|
(4)
|
|
(258)
|
|
Other operating results, net
|
(34)
|
|
(7)
|
|
(29)
|
|
1
|
|
(10)
|
|
-
|
|
48
|
|
(31)
|
|
Profit / (loss) from operations
|
3,080
|
|
892
|
|
47
|
|
36
|
|
(40)
|
|
(86)
|
|
43
|
|
3,972
|
|
Share of profit of associates and joint ventures
|
-
|
|
-
|
|
5
|
|
-
|
|
(55)
|
|
-
|
|
125
|
|
75
|
|
Segment profit / (loss)
|
3,080
|
|
892
|
|
52
|
|
36
|
|
(95)
|
|
(86)
|
|
168
|
|
4,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment properties and trading properties
|
27,898
|
|
6,486
|
|
4,864
|
|
-
|
|
-
|
|
-
|
|
-
|
|
39,248
|
|
Investment in associates and joint ventures
|
-
|
|
199
|
|
106
|
|
-
|
|
655
|
|
-
|
|
1,921
|
|
2,881
|
|
Other operating assets
|
83
|
|
34
|
|
35
|
|
161
|
|
2
|
|
-
|
|
23
|
|
338
|
|
Operating assets
|
27,981
|
|
6,719
|
|
5,005
|
|
161
|
|
657
|
|
-
|
|
1,944
|
|
42,467
|
|
March 31, 2018
|
|||||||||||||
|
Operations Center in Israel
|
|||||||||||||
|
Real Estate
|
|
Supermarkets
|
|
Telecommunications
|
|
Insurance
|
|
Corporate
|
|
Others
|
|
Total
|
|
Revenues
|
3,793
|
|
42,460
|
|
14,030
|
|
-
|
|
-
|
|
275
|
|
60,558
|
|
Costs
|
(1,238)
|
|
(31,360)
|
|
(9,907)
|
|
-
|
|
-
|
|
(162)
|
|
(42,667)
|
|
Gross profit
|
2,555
|
|
11,100
|
|
4,123
|
|
-
|
|
-
|
|
113
|
|
17,891
|
|
Net gain from fair value adjustment of investment
properties
|
1,375
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,375
|
|
General and administrative expenses
|
(261)
|
|
(650)
|
|
(1,343)
|
|
-
|
|
(270)
|
|
(301)
|
|
(2,825)
|
|
Selling expenses
|
(76)
|
|
(8,804)
|
|
(2,887)
|
|
-
|
|
-
|
|
(59)
|
|
(11,826)
|
|
Other operating results, net
|
132
|
|
(143)
|
|
141
|
|
-
|
|
418
|
|
62
|
|
610
|
|
Profit / (loss) from operations
|
3,725
|
|
1,503
|
|
34
|
|
-
|
|
148
|
|
(185)
|
|
5,225
|
|
Share of profit / (loss) of associates and joint
ventures
|
31
|
|
14
|
|
-
|
|
-
|
|
-
|
|
(259)
|
|
(214)
|
|
Segment profit / (loss)
|
3,756
|
|
1,517
|
|
34
|
|
-
|
|
148
|
|
(444)
|
|
5,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating assets
|
96,527
|
|
43,692
|
|
34,251
|
|
11,249
|
|
15,888
|
|
8,932
|
|
210,539
|
|
Operating liabilities
|
(75,726)
|
|
(30,401)
|
|
(27,183)
|
|
(919)
|
|
(47,615)
|
|
(4,340)
|
|
(186,184)
|
|
Operating assets (liabilities), net
|
20,801
|
|
13,291
|
|
7,068
|
|
10,330
|
|
(31,727)
|
|
4,592
|
|
24,355
|
|
|
March 31, 2017 (recast)
|
||||||||||||
|
Operations Center in Israel
|
||||||||||||
|
Real Estate
|
|
Supermarkets
|
|
Telecommunications
|
|
Insurance
|
|
Corporate
|
|
Others
|
|
Total
|
Revenues
|
3,830
|
|
35,030
|
|
11,721
|
|
-
|
|
-
|
|
449
|
|
51,030
|
Costs
|
(1,927)
|
|
(26,419)
|
|
(8,163)
|
|
-
|
|
-
|
|
(241)
|
|
(36,750)
|
Gross profit
|
1,903
|
|
8,611
|
|
3,558
|
|
-
|
|
-
|
|
208
|
|
14,280
|
Net gain from fair value adjustment of investment
properties
|
1,021
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,021
|
General and administrative expenses
|
(211)
|
|
(472)
|
|
(1,143)
|
|
-
|
|
(311)
|
|
(205)
|
|
(2,342)
|
Selling expenses
|
(70)
|
|
(7,016)
|
|
(2,582)
|
|
-
|
|
-
|
|
(27)
|
|
(9,695)
|
Other operating results, net
|
31
|
|
(35)
|
|
(35)
|
|
-
|
|
(55)
|
|
(74)
|
|
(168)
|
Profit / (loss) from operations
|
2,674
|
|
1,088
|
|
(202)
|
|
-
|
|
(366)
|
|
(98)
|
|
3,096
|
Share of (loss) / profit of associates and joint
ventures
|
(31)
|
|
8
|
|
-
|
|
-
|
|
-
|
|
(36)
|
|
(59)
|
Segment profit / (loss)
|
2,643
|
|
1,096
|
|
(202)
|
|
-
|
|
(366)
|
|
(134)
|
|
3,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating assets
|
66,339
|
|
30,713
|
|
29,354
|
|
7,194
|
|
12,313
|
|
8,882
|
|
154,795
|
Operating liabilities
|
(51,907)
|
|
(23,684)
|
|
(23,488)
|
|
-
|
|
(27,475)
|
|
(7,561)
|
|
(134,115)
|
Operating assets (liabilities), net
|
14,432
|
|
7,029
|
|
5,866
|
|
7,194
|
|
(15,162)
|
|
1,321
|
|
20,680
|
|
March 31, 2018
|
|
June 30, 2017
|
Beginning of the period / year
|
7,813
|
|
16,835
|
Increase in equity interest in associates and joint
ventures
|
104
|
|
1,102
|
Issuance of capital and contributions
|
116
|
|
160
|
Capital reduction
|
(238)
|
|
(32)
|
Decrease for control obtainment
|
-
|
|
(59)
|
Associates incorporated by business combination
|
-
|
|
107
|
Share of profit
|
571
|
|
378
|
Transfer to borrowings to associates (i)
|
(190)
|
|
-
|
Currency translation adjustment
|
538
|
|
232
|
Cash dividends (ii)
|
(127)
|
|
(250)
|
Distribution for associate liquidation (iii)
|
(72)
|
|
-
|
Reclassification to held for sale
|
(44)
|
|
(10,709)
|
Others
|
10
|
|
49
|
End of the period / year (iv)
|
8,481
|
|
7,813
|
Name of the entity
|
|
% ownership interest
|
|
Value of Group's interest in equity
|
|
Group's interest in comprehensive income / (loss)
|
|
|||||||
|
March 31, 2018
|
June 30, 2017
|
|
March 31, 2018
|
June 30, 2017
|
|
March 31, 2018
|
March 31, 2017 (recast)
|
||||||
Associates
|
|
|
|
|
|
|
|
|
|
|||||
New Lipstick (1)
|
|
49.9%
|
49.9%
|
|
(76)
|
(72)
|
|
(4)
|
(70)
|
|||||
BHSA
|
|
29.9%
|
29.9%
|
|
2,246
|
1,693
|
|
553
|
48
|
|||||
Condor
|
|
28.1%
|
28.7%
|
|
727
|
634
|
|
126
|
98
|
|||||
PBEL
|
|
45.4%
|
45.4%
|
|
709
|
768
|
|
43
|
70
|
|||||
Other associates
|
|
-
|
-
|
|
1,371
|
1,552
|
|
(108)
|
239
|
|||||
Joint
ventures
|
|
|
|
|
|
|
|
|
|
|||||
Quality
|
|
50.0%
|
50.0%
|
|
674
|
482
|
|
168
|
107
|
|||||
La Rural SA
|
|
50.0%
|
50.0%
|
|
114
|
113
|
|
14
|
7
|
|||||
Mehadrin
|
|
45.4%
|
45.4%
|
|
1,376
|
1,312
|
|
64
|
(34)
|
|||||
Other joint ventures
|
|
-
|
-
|
|
1,340
|
1,331
|
|
253
|
176
|
|||||
Total associates and joint ventures
|
|
|
|
|
8,481
|
7,813
|
|
1,109
|
641
|
Name of the entity
|
|
Place of business / Country of incorporation
|
|
Main activity
|
|
Common shares 1 vote
|
|
Latest financial statements issued
|
||||
|
|
|
|
Share capital (nominal value)
|
|
Profit / (loss) for the period
|
|
Shareholders’ equity
|
||||
Associates
|
|
|
|
|
|
|
|
|
|
|
|
|
New Lipstick
|
|
U.S.
|
|
Real estate
|
|
N/A
|
|
N/A
|
|
(*) (24)
|
|
(*) (159)
|
BHSA
|
|
Argentina
|
|
Financial
|
|
448,689,072
|
|
(***) 1,500
|
|
(***) 1,019
|
|
(***) 8,433
|
Condor
|
|
U.S.
|
|
Hotel
|
|
3,337,613
|
|
N/A
|
|
(*) (9)
|
|
(*) 112
|
PBEL
|
|
India
|
|
Real estate
|
|
450
|
|
(**) 1
|
|
(**) (72)
|
|
(**) (453)
|
Other associates
|
|
|
|
|
|
|
|
N/A
|
|
N/A
|
|
N/A
|
Joint
ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
Quality
|
|
Argentina
|
|
Real estate
|
|
105,789,342
|
|
212
|
|
337
|
|
1,341
|
La Rural SA
|
|
Argentina
|
|
Organization of events
|
|
714,498
|
|
1
|
|
76
|
|
187
|
Mehadrin
|
|
Israel
|
|
Agriculture
|
|
1,509,889
|
|
(**) 3
|
|
(**) (13)
|
|
(**) 525
|
Other joint ventures
|
|
|
|
|
|
-
|
|
N/A
|
|
N/A
|
|
N/A
|
|
Period ended March 31, 2018
|
|
Year ended June 30, 2017
|
||||||
|
Rental properties
|
|
Undeveloped parcels of land
|
|
Properties under development
|
|
Total
|
|
Total
|
Fair value at the beginning of the period / year
|
89,301
|
|
7,647
|
|
3,005
|
|
99,953
|
|
82,703
|
Additions
|
743
|
|
246
|
|
1,278
|
|
2,267
|
|
2,651
|
Capitalized finance costs
|
-
|
|
-
|
|
17
|
|
17
|
|
3
|
Capitalized leasing costs
|
16
|
|
-
|
|
1
|
|
17
|
|
24
|
Amortization of capitalized leasing costs (i)
|
(3)
|
|
-
|
|
-
|
|
(3)
|
|
(2)
|
Transfers
|
191
|
|
9
|
|
(200)
|
|
-
|
|
-
|
Transfers from property, plant and equipment
|
(130)
|
|
10
|
|
-
|
|
(120)
|
|
156
|
Transfers to trading properties
|
(351)
|
|
-
|
|
-
|
|
(351)
|
|
(14)
|
Transfers to assets held for sale
|
-
|
|
-
|
|
-
|
|
-
|
|
(71)
|
Assets incorporated by business combination
|
54
|
|
-
|
|
-
|
|
54
|
|
-
|
Reclassifications previous periods
|
-
|
|
-
|
|
-
|
|
-
|
|
(224)
|
Disposals due to sales
|
(59)
|
|
-
|
|
-
|
|
(59)
|
|
(220)
|
Currency translation adjustment
|
6,286
|
|
267
|
|
235
|
|
6,788
|
|
10,494
|
Net gain from fair value adjustment
|
11,410
|
|
1,025
|
|
361
|
|
12,796
|
|
4,453
|
Fair value at the end of the period / year
|
107,458
|
|
9,204
|
|
4,697
|
|
121,359
|
|
99,953
|
|
March 31, 2018
|
|
March 31, 2017(recast)
|
Rental and services income
|
7,923
|
|
6,362
|
Direct operating expenses
|
(2,287)
|
|
(2,004)
|
Development expenditures
|
(571)
|
|
(1,265)
|
Net realized gain from fair value adjustment of investment
properties
|
136
|
|
210
|
Net unrealized gain from fair value adjustment of investment
properties
|
12,660
|
|
2,832
|
|
Period ended March 31, 2018
|
|
Year ended June 30, 2017
|
||||||||
|
Buildings and facilities
|
|
Machinery and equipment
|
|
Communication networks
|
|
Others
|
|
Total
|
|
Total
|
Costs
|
17,573
|
|
4,614
|
|
8,156
|
|
1,973
|
|
32,316
|
|
25,839
|
Accumulated depreciation
|
(1,418)
|
|
(1,152)
|
|
(1,994)
|
|
(639)
|
|
(5,203)
|
|
(1,790)
|
Net book amount at the beginning of the year
|
16,155
|
|
3,462
|
|
6,162
|
|
1,334
|
|
27,113
|
|
24,049
|
Additions
|
739
|
|
656
|
|
766
|
|
648
|
|
2,809
|
|
2,751
|
Disposals
|
(5)
|
|
(24)
|
|
(44)
|
|
(9)
|
|
(82)
|
|
(241)
|
Reclassification to assets held for sale
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,557)
|
Impairment / recovery
|
(41)
|
|
-
|
|
-
|
|
-
|
|
(41)
|
|
12
|
Assets incorporated by business combinations
|
200
|
|
-
|
|
-
|
|
-
|
|
200
|
|
-
|
Currency translation adjustment
|
2,050
|
|
444
|
|
752
|
|
192
|
|
3,438
|
|
5,013
|
Transfers to investment properties
|
120
|
|
-
|
|
-
|
|
-
|
|
120
|
|
(156)
|
Depreciation charges (i)
|
(663)
|
|
(498)
|
|
(939)
|
|
(465)
|
|
(2,565)
|
|
(2,758)
|
Balances at the end of the period / year
|
18,555
|
|
4,040
|
|
6,697
|
|
1,700
|
|
30,992
|
|
27,113
|
Costs
|
20,895
|
|
5,886
|
|
10,008
|
|
2,926
|
|
39,715
|
|
32,316
|
Accumulated depreciation
|
(2,340)
|
|
(1,846)
|
|
(3,311)
|
|
(1,226)
|
|
(8,723)
|
|
(5,203)
|
Net book amount at the end of the period / year
|
18,555
|
|
4,040
|
|
6,697
|
|
1,700
|
|
30,992
|
|
27,113
|
|
Period ended March 31, 2018
|
|
Year ended June 30, 2017
|
||||||
|
Completed properties
|
|
Properties under development
|
|
Undeveloped sites
|
|
Total
|
|
Total
|
Beginning of the period / year
|
801
|
|
3,972
|
|
1,008
|
|
5,781
|
|
4,971
|
Additions
|
5
|
|
1,135
|
|
51
|
|
1,191
|
|
1,229
|
Capitalized finance costs
|
-
|
|
6
|
|
-
|
|
6
|
|
-
|
Currency translation adjustment
|
192
|
|
576
|
|
112
|
|
880
|
|
971
|
Transfers
|
325
|
|
(268)
|
|
(57)
|
|
-
|
|
-
|
Transfers from intangible assets
|
6
|
|
-
|
|
(15)
|
|
(9)
|
|
13
|
Transfers from investment properties
|
351
|
|
-
|
|
-
|
|
351
|
|
14
|
Disposals
|
(904)
|
|
(1)
|
|
(40)
|
|
(945)
|
|
(1,417)
|
End of the period / year
|
776
|
|
5,420
|
|
1,059
|
|
7,255
|
|
5,781
|
Non-current
|
|
|
|
|
|
|
4,066
|
|
4,532
|
Current
|
|
|
|
|
|
|
3,189
|
|
1,249
|
Total
|
|
|
|
|
|
|
7,255
|
|
5,781
|
|
Period endedMarch 31, 2018
|
|
Year endedJune 30, 2017
|
||||||||||||
|
Goodwill
|
|
Trademarks
|
|
Licenses
|
|
Customer relations
|
|
Information systems and software
|
|
Contracts and others
|
|
Total
|
|
Total
|
Costs
|
2,778
|
|
4,029
|
|
1,002
|
|
4,746
|
|
2,103
|
|
1,659
|
|
16,317
|
|
12,979
|
Accumulated amortization
|
-
|
|
(75)
|
|
(210)
|
|
(2,184)
|
|
(814)
|
|
(647)
|
|
(3,930)
|
|
(1,216)
|
Net book amount at the beginning of the period / year
|
2,778
|
|
3,954
|
|
792
|
|
2,562
|
|
1,289
|
|
1,012
|
|
12,387
|
|
11,763
|
Additions
|
-
|
|
-
|
|
-
|
|
-
|
|
429
|
|
72
|
|
501
|
|
612
|
Disposals
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(52)
|
Reclassifications previous periods
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
31
|
Transfers to assets held for sale
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(182)
|
Transfers to trading properties
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9
|
|
9
|
|
(13)
|
Assets incorporated by business combination (i)
|
982
|
|
-
|
|
-
|
|
-
|
|
-
|
|
15
|
|
997
|
|
26
|
Currency translation adjustment
|
377
|
|
497
|
|
93
|
|
232
|
|
158
|
|
80
|
|
1,437
|
|
2,284
|
Amortization charges (ii)
|
-
|
|
(33)
|
|
(57)
|
|
(746)
|
|
(387)
|
|
(294)
|
|
(1,517)
|
|
(2,082)
|
Balances at the end of the period / year
|
4,137
|
|
4,418
|
|
828
|
|
2,048
|
|
1,489
|
|
894
|
|
13,814
|
|
12,387
|
Costs
|
4,137
|
|
4,542
|
|
1,129
|
|
5,036
|
|
2,840
|
|
1,955
|
|
19,639
|
|
16,317
|
Accumulated amortization
|
-
|
|
(124)
|
|
(301)
|
|
(2,988)
|
|
(1,351)
|
|
(1,061)
|
|
(5,825)
|
|
(3,930)
|
Net book amount at the end of the period / year
|
4,137
|
|
4,418
|
|
828
|
|
2,048
|
|
1,489
|
|
894
|
|
13,814
|
|
12,387
|
|
Financial assets at amortized cost
|
|
Financial assets at fair value through profit or loss
|
|
Subtotal financial assets
|
|
Non-financial assets
|
|
Total
|
||
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
|
|
|
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the allowance for doubtful
accounts and other receivables)
|
17,291
|
|
-
|
-
|
2,241
|
|
19,532
|
|
4,431
|
|
23,963
|
Investments in financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
- Public companies’ securities
|
-
|
|
496
|
-
|
136
|
|
632
|
|
-
|
|
632
|
- Private companies’ securities
|
-
|
|
-
|
-
|
871
|
|
871
|
|
-
|
|
871
|
- Deposits
|
2,306
|
|
16
|
-
|
-
|
|
2,322
|
|
-
|
|
2,322
|
- Mutual funds
|
-
|
|
4,567
|
-
|
-
|
|
4,567
|
|
-
|
|
4,567
|
- Bonds
|
-
|
|
10,110
|
365
|
-
|
|
10,475
|
|
-
|
|
10,475
|
- Others
|
-
|
|
1,124
|
-
|
145
|
|
1,269
|
|
-
|
|
1,269
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign-currency future contracts
|
-
|
|
-
|
8
|
-
|
|
8
|
|
-
|
|
8
|
- Swaps
|
-
|
|
-
|
5
|
-
|
|
5
|
|
-
|
|
5
|
- Others
|
-
|
|
-
|
11
|
-
|
|
11
|
|
-
|
|
11
|
Restricted assets
|
2,399
|
|
-
|
-
|
-
|
|
2,399
|
|
-
|
|
2,399
|
Financial assets held for sale:
|
|
|
|
|
|
|
|
|
|
|
|
- Clal
|
-
|
|
10,331
|
-
|
-
|
|
10,331
|
|
-
|
|
10,331
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
- Cash at bank and on hand
|
8,470
|
|
-
|
-
|
-
|
|
8,470
|
|
-
|
|
8,470
|
- Short-term investments
|
21,171
|
|
3,320
|
-
|
-
|
|
24,491
|
|
-
|
|
24,491
|
Total assets
|
51,637
|
|
29,964
|
389
|
3,393
|
|
85,383
|
|
4,431
|
|
89,814
|
|
Financial liabilities at amortized cost
|
|
Financial liabilities at fair value through profit or
loss
|
|
Subtotal financial liabilities
|
|
Non-financial liabilities
|
|
Total
|
||
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
|
|
|
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
18,584
|
|
-
|
-
|
-
|
|
18,584
|
|
8,593
|
|
27,177
|
Borrowings (excluding finance leases)
|
161,505
|
|
-
|
-
|
-
|
|
161,505
|
|
-
|
|
161,505
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign-currency future contracts
|
-
|
|
-
|
37
|
-
|
|
37
|
|
-
|
|
37
|
- Swaps
|
-
|
|
-
|
35
|
-
|
|
35
|
|
-
|
|
35
|
- Others
|
-
|
|
5
|
-
|
16
|
|
21
|
|
-
|
|
21
|
- Forwards
|
-
|
|
-
|
108
|
-
|
|
108
|
|
-
|
|
108
|
Total liabilities
|
180,089
|
|
5
|
180
|
16
|
|
180,290
|
|
8,593
|
|
188,883
|
|
Financial assets at amortized cost
|
|
Financial assets at fair value through profit or loss
|
|
Subtotal financial assets
|
|
Non-financial assets
|
|
Total
|
||
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
|
|
|
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per Statements of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the allowance for doubtful
accounts and other receivables)
|
16,575
|
|
-
|
-
|
2,156
|
|
18,731
|
|
3,819
|
|
22,550
|
Investments in financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
- Public companies’ securities
|
-
|
|
1,665
|
-
|
82
|
|
1,747
|
|
-
|
|
1,747
|
- Private companies’ securities
|
-
|
|
16
|
-
|
964
|
|
980
|
|
-
|
|
980
|
- Deposits
|
1,235
|
|
13
|
-
|
-
|
|
1,248
|
|
-
|
|
1,248
|
- Mutual funds
|
-
|
|
3,855
|
-
|
-
|
|
3,855
|
|
-
|
|
3,855
|
- Bonds
|
-
|
|
4,719
|
425
|
-
|
|
5,144
|
|
-
|
|
5,144
|
- Others
|
-
|
|
749
|
-
|
-
|
|
749
|
|
-
|
|
749
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
- Warrants
|
-
|
|
-
|
26
|
-
|
|
26
|
|
-
|
|
26
|
- Foreign-currency future contracts
|
-
|
|
-
|
27
|
-
|
|
27
|
|
-
|
|
27
|
- Swaps
|
-
|
|
-
|
29
|
-
|
|
29
|
|
-
|
|
29
|
Restricted assets
|
954
|
|
-
|
-
|
-
|
|
954
|
|
-
|
|
954
|
Financial assets held for sale:
|
|
|
|
|
|
|
|
|
|
|
|
- Clal
|
-
|
|
8,562
|
-
|
-
|
|
8,562
|
|
-
|
|
8,562
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
- Cash at bank and on hand
|
8,529
|
|
-
|
-
|
-
|
|
8,529
|
|
-
|
|
8,529
|
- Short term investments
|
14,510
|
|
1,815
|
-
|
-
|
|
16,325
|
|
-
|
|
16,325
|
Total assets
|
41,803
|
|
21,394
|
507
|
3,202
|
|
66,906
|
|
3,819
|
|
70,725
|
|
Financial liabilities at amortized cost
|
|
Financial liabilities at fair value through profit or
loss
|
|
Subtotal financial liabilities
|
|
Non-financial liabilities
|
|
Total
|
||
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
|
|
|
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
16,166
|
|
-
|
-
|
-
|
|
16,166
|
|
7,713
|
|
23,879
|
Borrowings (excluding finance leases)
|
129,412
|
|
-
|
-
|
-
|
|
129,412
|
|
-
|
|
129,412
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign-currency future contracts
|
-
|
|
-
|
5
|
-
|
|
5
|
|
-
|
|
5
|
- Forwards
|
-
|
|
5
|
152
|
10
|
|
167
|
|
-
|
|
167
|
Total liabilities
|
145,578
|
|
5
|
157
|
10
|
|
145,750
|
|
7,713
|
|
153,463
|
|
|
|
|
|
|
|
|
|
Description
|
|
Pricing model / method
|
|
Parameters
|
|
Fair value hierarchy
|
|
Range
|
Trade
and other receivables - Cellcom
|
|
Discounted cash flows
|
|
Discount
interest rate.
|
|
Level 3
|
|
3.3
|
Interest
rate swaps
|
|
Cash flows - Theoretical price
|
|
Interest
rate future contracts and cash flows
|
|
Level 2
|
|
-
|
Preferred
shares of Condor
|
|
Binomial tree – Theoretical price I
|
|
Underlying
asset price (Market price); share price volatility (historical) and
market interest-rate (Libor rate curve).
|
|
Level 3
|
|
Underlying asset price 1.8 to 2.2
Share price volatility 58% to 78%
Market interest-rate
1.7%
to 2.1%
|
Promissory
note
|
|
Discounted cash flows - Theoretical price
|
|
Market
interest-rate (Libor rate curve)
|
|
Level 3
|
|
Market interest-rate
1.8%
to 2.2%
|
Warrants
of Condor
|
|
Black-Scholes – Theoretical price
|
|
Underlying
asset price (Market price); share price volatility (historical) and
market interest-rate.
|
|
Level 2
|
|
Underlying asset price 1.8 to 1.7
Share price volatility 58% to 78%
Market interest-rate
1.7% to 2.1%
|
TGLT
NCN
|
|
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 0.5 to 1
Share price volatility 50% to 69%
Market interest rate
5.5% to 7.5%
|
Call
option of Arcos
|
|
Discounted cash flows
|
|
Projected
revenues and discounting rate.
|
|
Level 3
|
|
-
|
Investments
in financial assets - Other private companies’
securities
|
|
Cash flow / NAV - Theoretical price
|
|
Projected revenue
discounted at the discount rate /
The
value is calculated in accordance with shares in the equity funds
on the basis of their Financial Statements, based on fair value or
investments assessments.
|
|
Level
3
|
|
1 -
3.5
|
Investments
in financial assets - Others
|
|
Discounted cash flow - Theoretical price
|
|
Projected revenue
discounted at the discount rate /
The
value is calculated in accordance with shares in the equity funds
on the basis of their Financial Statements, based on fair value or
investment assessments.
|
|
Level
3
|
|
1 -
3.5
|
Derivative
financial instruments – Forwards
|
|
Theoretical price
|
|
Underlying
asset price and volatility
|
|
Level 2
and 3
|
|
-
|
|
Investments in financial assets - Public companies’
Securities
|
|
Derivative financial instruments - Forwards
|
|
Investments in financial assets - Private companies’
Securities
|
|
Investments in financial assets - Others
|
|
Trade and other receivables
|
|
Total as of March 31, 2018
|
|
Total as of June 30, 2017
|
Balances at beginning of the period / year
|
82
|
|
(10)
|
|
964
|
|
-
|
|
2,156
|
|
3,192
|
|
(7,105)
|
Additions and acquisitions
|
-
|
|
-
|
|
29
|
|
135
|
|
1,288
|
|
1,452
|
|
1,761
|
Transfer to level 1 (i)
|
-
|
|
-
|
|
(100)
|
|
-
|
|
,
|
|
(100)
|
|
-
|
Transfer to current trade and other receivables
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,460)
|
|
(1,460)
|
|
(1,874)
|
Currency translation adjustment
|
23
|
|
(6)
|
|
71
|
|
10
|
|
257
|
|
355
|
|
875
|
Reclassification to liabilities held for sale
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
11,272
|
Write off
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(782)
|
Gain / (loss) for the period / year (ii)
|
31
|
|
-
|
|
(93)
|
|
-
|
|
-
|
|
(62)
|
|
(955)
|
Balances at the end of the period / year
|
136
|
|
(16)
|
|
871
|
|
145
|
|
2,241
|
|
3,377
|
|
3,192
|
|
Total as of March 31, 2018
|
|
Total as of June 30, 2017
|
Sale, leases and services receivables
|
17,060
|
|
16,127
|
Less: Allowance for doubtful accounts
|
(502)
|
|
(312)
|
Total trade receivables
|
16,558
|
|
15,815
|
Prepaid expenses
|
2,722
|
|
2,532
|
Borrowings, deposits and other debit balances
|
2,212
|
|
2,378
|
Advances to suppliers
|
952
|
|
825
|
Tax receivables
|
302
|
|
216
|
Others
|
715
|
|
472
|
Total other receivables
|
6,903
|
|
6,423
|
Total trade and other receivables
|
23,461
|
|
22,238
|
Non-current
|
5,911
|
|
4,974
|
Current
|
17,550
|
|
17,264
|
Total
|
23,461
|
|
22,238
|
|
March 31, 2018
|
|
June 30, 2017
|
Beginning of the period / year
|
312
|
|
173
|
Additions
|
233
|
|
234
|
Recoveries
|
(24)
|
|
(11)
|
Currency translation adjustment
|
127
|
|
182
|
Receivables written off during the period/year as
uncollectable
|
(146)
|
|
(266)
|
End of the period / year
|
502
|
|
312
|
|
Nota
|
March 31, 2018
|
|
March 31, 2017
(recast)
|
|||||
Profit for the period
|
|
11,290
|
|
6,506
|
|||||
Profit for the period from discontinued operations
|
|
(187)
|
|
(3,056)
|
|||||
Adjustments for:
|
|
|
|
|
|||||
Income tax
|
18
|
(159)
|
|
1,113
|
|||||
Amortization and depreciation
|
20
|
4,085
|
|
3,531
|
|||||
Loss from disposal of property, plant and equipment
|
|
32
|
|
35
|
|||||
Net gain from fair value adjustment of investment
properties
|
|
(12,796)
|
|
(3,042)
|
|||||
Share-based compensation
|
|
38
|
|
83
|
|||||
Expenses for sale of investment properties
|
|
-
|
|
19
|
|||||
Derecognition of intangible assets by TGLT agreement
|
|
-
|
|
27
|
|||||
Result from business combination
|
|
-
|
|
(44)
|
|||||
Disposal of investment properties
|
|
-
|
|
(32)
|
|||||
Gain from disposal of subsidiary
|
|
(328)
|
|
-
|
|||||
Other financial results, net
|
|
8,764
|
|
2,393
|
|||||
Provisions and allowances
|
|
160
|
|
(11)
|
|||||
Share of profit of associates and joint ventures
|
7
|
(571)
|
|
(142)
|
|||||
Changes in operating assets and liabilities:
|
|
|
|
|
|||||
Decrease in inventories
|
|
747
|
|
329
|
|||||
Decrease in trading properties
|
|
524
|
|
451
|
|||||
Decrease / (increase) in trade and other receivables
|
|
855
|
|
(984)
|
|||||
Decrease in trade and other payables
|
|
(2,575)
|
|
(500)
|
|||||
Increase in salaries and social security liabilities
|
|
252
|
|
100
|
|||||
(Decrease) / increase in provisions
|
|
(147)
|
|
86
|
|||||
Net cash generated by continuing operating activities before income
tax paid
|
|
9,984
|
|
6,862
|
|||||
Net cash generated by discontinued operating activities before
income tax paid
|
|
256
|
|
234
|
|||||
Net cash generated by operating activities before income tax
paid
|
|
10,240
|
|
7,096
|
|||||
|
|
|
|
|
|
|
|
March 31, 2018
|
|
March 31, 2017 (recast)
|
Dividends distribution to non-controlling shareholders not yet
paid
|
|
1,164
|
|
22
|
Decrease in investments in associates and joint ventures through an
increase in trade and other receivables
|
|
-
|
|
9
|
Increase in investments in intangible assets through an increase in
trade and other payables
|
|
-
|
|
130
|
Increase in investment properties through an increase in trade and
other payables
|
|
17
|
|
273
|
Decrease in investments in associates and joint ventures through a
decrease in borrowings
|
|
4
|
|
8
|
Increase in investments in associates and joint ventures through a
decrease in trade and other receivables
|
|
-
|
|
20
|
Increase in financial operations through a decrease in investments
in associates and joint ventures
|
|
65
|
|
-
|
Changes in non-controlling interest through a decrease in trade and
other receivables
|
|
1,380
|
|
-
|
Increase in property, plant and equipment through an increase of
trade and other payables
|
|
-
|
|
221
|
Increase in investment in associates and joint ventures through a
decrease in investment in financial assets
|
|
-
|
|
609
|
Increase in derivative financial instruments through a decrease in
investment in financial assets
|
|
-
|
|
24
|
Increase in investment properties through a decrease advanced
payments
|
|
49
|
|
-
|
Increase in property, plant and equipment through an increase in
borrowings
|
|
197
|
|
-
|
Decrease in investment in associates and joint ventures through
dividends distribution not yet paid
|
|
12
|
|
-
|
Increase in trading properties through an increase in interest
capitalization
|
|
6
|
|
-
|
Increase in investment properties through an increase in interest
capitalization
|
|
17
|
|
-
|
Increase in associates and joint ventures through a decrease in
derivative financial instruments and other receivables with related
parties
|
|
4
|
|
-
|
Decrease in investment in associates and joint ventures through a
decrease in borrowings
|
|
190
|
|
-
|
Decrease in investment in associates and joint ventures through an
increase in assets held for sale
|
|
44
|
|
-
|
Increase in intangible assets through a decrease in trading
properties
|
|
22
|
|
-
|
Increase in other non-current receivables through an increase in
borrowings
|
|
109
|
|
-
|
|
|
March 31, 2018
|
|
March 31, 2017 (recast)
|
Investment properties
|
|
54
|
|
-
|
Property, plant and equipment
|
|
200
|
|
1,581
|
Intangible assets
|
|
-
|
|
21
|
Investments in associates and joint ventures
|
|
-
|
|
(86)
|
Deferred income tax
|
|
1
|
|
49
|
Trade and other receivables
|
|
372
|
|
750
|
Inventories
|
|
380
|
|
-
|
Trade and other payables
|
|
(979)
|
|
(987)
|
Salaries and social security liabilities
|
|
(4)
|
|
(111)
|
Borrowings
|
|
(260)
|
|
(657)
|
Provisions
|
|
(15)
|
|
2
|
Income tax and MPIT liabilities
|
|
(1)
|
|
1
|
Employee benefits
|
|
(25)
|
|
(45)
|
Group of liabilities held for sale
|
|
-
|
|
-
|
Net amount of non-cash assets incorporated / held for
sale
|
|
(277)
|
|
518
|
Cash and cash equivalents
|
|
25
|
|
154
|
Non-controlling interest
|
|
(15)
|
|
45
|
Goodwill not yet allocated
|
|
981
|
|
(23)
|
Net amount of assets incorporated / held for sale
|
|
714
|
|
694
|
Interest held before acquisition
|
|
-
|
|
31
|
Seller financing
|
|
(38)
|
|
-
|
Resultado por combinación de negocios
|
|
-
|
|
44
|
Cash and cash equivalents incorporated / held for sale
|
|
-
|
|
(154)
|
Net outflow of cash and cash equivalents / assets and liabilities
held for sale
|
|
676
|
|
615
|
|
Total as of March 31, 2018
|
|
Total as of June 30, 2017
|
Trade payables
|
16,713
|
|
14,793
|
Sales, rental and services payments received in
advance
|
4,838
|
|
4,339
|
Construction obligations
|
1,285
|
|
1,226
|
Accrued invoices
|
1,023
|
|
633
|
Deferred income
|
81
|
|
73
|
Total trade payables
|
23,940
|
|
21,064
|
Dividends payable to non-controlling shareholders
|
1,150
|
|
251
|
Tax payables
|
200
|
|
510
|
Construction obligations
|
318
|
|
343
|
Other payables
|
1,569
|
|
1,711
|
Total other payables
|
3,237
|
|
2,815
|
Total trade and other payables
|
27,177
|
|
23,879
|
Non-current
|
2,507
|
|
3,040
|
Current
|
24,670
|
|
20,839
|
Total
|
27,177
|
|
23,879
|
|
Total as of March 31, 2018
|
|
Total as of June 30, 2017
|
|
Fair value as of March 31, 2018
|
|
Fair value as of June 30, 2017
|
NCN
|
137,907
|
|
108,417
|
|
138,556
|
|
110,164
|
Bank loans
|
20,843
|
|
12,012
|
|
20,067
|
|
12,048
|
Non-recourse loans
|
-
|
|
7,025
|
|
-
|
|
6,930
|
Bank overdrafts
|
326
|
|
91
|
|
326
|
|
91
|
Other borrowings (i)
|
2,435
|
|
1,870
|
|
2,387
|
|
1,828
|
Total borrowings
|
161,511
|
|
129,415
|
|
161,336
|
|
131,061
|
Non-current
|
141,144
|
|
109,489
|
|
|
|
|
Current
|
20,367
|
|
19,926
|
|
|
|
|
|
161,511
|
|
129,415
|
|
|
|
|
Entity
|
Title
|
Issuance / expansion date
|
Amount
|
Maturity
|
Interest rate
|
Principal payment
|
Interest payment
|
|
IRSA CP
|
Class IV
|
Sep-17
|
US$ 140
|
09/14/2020
|
5% n.a.
|
At expiration
|
quarterly
|
|
IDBD
|
SERIES N
|
Jul-17
|
NIS 642.1
|
12/30/2022
|
5.3% e.a
|
At expiration
|
quarterly
|
(1)
|
IDBD
|
SERIES N
|
Nov-17
|
NIS 357
|
12/30/2022
|
5.3% e.a
|
At expiration
|
quarterly
|
(2)
|
DIC
|
SERIES J
|
Dic-17
|
NIS 762
|
12/30/2026
|
4.8%
e.a.
|
6
annual payments since 2021
|
biannual
|
(2)
|
PBC
|
SERIES I
|
Dic-17
|
NIS
496
|
07/01/2029
|
3.95%
e.a.
|
At expiration
|
quarterly
|
(2)
|
Gav - Yam
|
SERIES H
|
Sep-17
|
NIS
424
|
06/30/2034
|
2.55%
e.a
|
15
annual payments since 2019
|
biannual
|
|
Cellcom
|
SERIES L
|
Ene-18
|
NIS
401
|
01/05/2028
|
2.5%
e.a.
|
6
annual payments since 2023
|
annual
|
|
Shufersal
|
SERIES E
|
Ene-18
|
NIS
544
|
10/08/2028
|
4.3%
e.a.
|
12
annual payments since 2018
|
annual
|
(2)
|
|
Period ended March 31, 2018
|
|
Year ended June 30, 2017
|
||||||||||
|
Legal claims (i)
|
|
Investments in associates and joint ventures (ii)
|
|
Site dismantling and remediation
|
|
Onerous contracts
|
|
Other provisions
|
|
Total
|
|
Total
|
Beginning of period / year
|
821
|
|
72
|
|
140
|
|
220
|
|
580
|
|
1,833
|
|
1,571
|
Additions
|
175
|
|
4
|
|
10
|
|
5
|
|
-
|
|
194
|
|
502
|
Incorporated by business combination
|
15
|
|
-
|
|
-
|
|
-
|
|
-
|
|
15
|
|
2
|
Recovery
|
(61)
|
|
-
|
|
(48)
|
|
(108)
|
|
(26)
|
|
(243)
|
|
(319)
|
Used during the period / year
|
(147)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(147)
|
|
(219)
|
Currency translation adjustment
|
96
|
|
-
|
|
8
|
|
17
|
|
30
|
|
151
|
|
296
|
End of period / year
|
899
|
|
76
|
|
110
|
|
134
|
|
584
|
|
1,803
|
|
1,833
|
Non-current
|
|
|
|
|
|
|
|
|
|
|
858
|
|
943
|
Current
|
|
|
|
|
|
|
|
|
|
|
945
|
|
890
|
Total
|
|
|
|
|
|
|
|
|
|
|
1,803
|
|
1,833
|
|
March 31, 2018
|
|
March 31, 2017(recast)
|
Current income tax
|
(445)
|
|
(737)
|
Deferred income tax
|
604
|
|
(376)
|
Income tax from continuing operations
|
159
|
|
(1,113)
|
|
March 31, 2018
|
|
March 31, 2017 (recast)
|
Profit from continuing operations at tax rate applicable in the
respective countries
|
(3,506)
|
|
(1,229)
|
Permanent differences:
|
|
|
|
Share of profit of associates and joint ventures
|
137
|
|
134
|
Unrecognized tax loss carryforwards (i)
|
(1,165)
|
|
(422)
|
Change of interest rate (ii)
|
5,264
|
|
492
|
Non-taxable profit / (loss), non-deductible expenses and
others
|
(571)
|
|
(88)
|
Income tax from continuing operations
|
159
|
|
(1,113)
|
|
March 31, 2018
|
|
June 30, 2017
|
Beginning of period / year
|
(22,739)
|
|
(19,099)
|
Incorporated by business combination
|
1
|
|
(6)
|
Reclassification to liabilities held for sale
|
-
|
|
(12)
|
Use of tax loss carryforwards
|
-
|
|
(171)
|
Reclassification previous periods
|
-
|
|
59
|
Currency translation adjustment
|
(1,340)
|
|
(1,440)
|
Deferred income tax expense
|
604
|
|
(2,070)
|
End of period / year
|
(23,474)
|
|
(22,739)
|
Deferred income tax assets
|
282
|
|
285
|
Deferred income tax liabilities
|
(23,756)
|
|
(23,024)
|
Deferred income tax assets (liabilities), net
|
(23,474)
|
|
(22,739)
|
|
March 31, 2018
|
|
March 31, 2017 (recast)
|
Revenue from supermarkets
|
42,460
|
|
35,101
|
Income from communication services
|
10,412
|
|
8,850
|
Rental and services income
|
7,923
|
|
6,362
|
Sale of communication equipment
|
3,618
|
|
3,052
|
Sale of trading properties and developments
|
508
|
|
1,233
|
Revenue from hotels operation and tourism services
|
775
|
|
603
|
Total Group’s revenues
|
65,696
|
|
55,201
|
|
Costs
|
|
General and administrative expenses
|
|
Selling expenses
|
|
Total as of March 31, 2018
|
|
Total as of March 31, 2017 (recast)
|
Cost of sale of goods and services
|
31,879
|
|
-
|
|
-
|
|
31,879
|
|
28,328
|
Salaries, social security costs and other personnel
expenses
|
4,117
|
|
1,448
|
|
4,447
|
|
10,012
|
|
7,496
|
Depreciation and amortization
|
1,845
|
|
476
|
|
1,764
|
|
4,085
|
|
3,531
|
Fees and payments for services
|
1,319
|
|
637
|
|
1,576
|
|
3,532
|
|
3,050
|
Maintenance, security, cleaning, repairs and others
|
1,237
|
|
103
|
|
704
|
|
2,044
|
|
1,673
|
Advertising and other selling expenses
|
209
|
|
-
|
|
1,303
|
|
1,512
|
|
1,344
|
Taxes, rates and contributions
|
256
|
|
51
|
|
654
|
|
961
|
|
720
|
Interconnection and roaming expenses
|
1,496
|
|
-
|
|
-
|
|
1,496
|
|
1,278
|
Fees to other operators
|
1,785
|
|
-
|
|
-
|
|
1,785
|
|
1,179
|
Director´s fees
|
-
|
|
175
|
|
-
|
|
175
|
|
139
|
Leases and service charges
|
51
|
|
10
|
|
98
|
|
159
|
|
42
|
Allowance for doubtful accounts, net
|
-
|
|
29
|
|
180
|
|
209
|
|
138
|
Other expenses
|
570
|
|
528
|
|
1,399
|
|
2,497
|
|
672
|
Total as of March 31, 2018
|
44,764
|
|
3,457
|
|
12,125
|
|
60,346
|
|
|
Total as of March 31, 2017 (recast)
|
38,462
|
|
2,809
|
|
9,951
|
|
|
|
49,590
|
|
Total as of March 31, 2018
|
|
Total as of March 31, 2017 (recast)
|
Inventories at the beginning of the period (*)
|
10,041
|
|
7,938
|
Purchases and expenses (**)
|
42,844
|
|
36,204
|
Capitalized finance costs
|
6
|
|
-
|
Currency translation adjustment
|
3,438
|
|
1,834
|
Incorporated by business combination
|
(9)
|
|
-
|
Inventories at the end of the period (*)
|
(11,556)
|
|
(7,514)
|
Total costs
|
44,764
|
|
38,462
|
|
Total as of March 31, 2018
|
|
Total as of March 31, 2017(recast)
|
Real estate
|
7,281
|
|
4,425
|
Supermarkets
|
3,813
|
|
2,795
|
Telecommunications
|
376
|
|
264
|
Others
|
86
|
|
30
|
Total inventories at the end of the period (*)
|
11,556
|
|
7,514
|
|
March 31, 2018
|
|
March 31, 2017 (recast)
|
Gain from disposal of subsidiary (1)
|
328
|
|
44
|
Donations
|
(57)
|
|
(80)
|
Loss from TGLT agreement
|
-
|
|
(27)
|
Lawsuits and other contingencies (2)
|
411
|
|
(24)
|
Others
|
(137)
|
|
(120)
|
Total other operating results, net
|
545
|
|
(207)
|
|
March 31, 2018
|
|
March 31, 2017 (recast)
|
Finance income:
|
|
|
|
- Interest income
|
619
|
|
549
|
- Foreign exchange gain
|
314
|
|
55
|
- Dividends income
|
59
|
|
53
|
Total finance income
|
992
|
|
657
|
Finance costs:
|
|
|
|
- Interest expenses
|
(5,717)
|
|
(4,840)
|
- Loss on debt swap (Note 16)
|
(2,228)
|
|
-
|
- Foreign exchange loss
|
(2,712)
|
|
(262)
|
- Other finance costs
|
(491)
|
|
(429)
|
Total finance costs
|
(11,148)
|
|
(5,531)
|
Other financial results:
|
|
|
|
- Fair value gain of financial assets and liabilities at fair
value through profit or loss, net
|
1,852
|
|
2,370
|
- Gain from derivative financial instruments,
net
|
(14)
|
|
111
|
Total other financial results
|
1,838
|
|
2,481
|
Total financial results, net
|
(8,318)
|
|
(2,393)
|
Item
|
|
March 31, 2018
|
|
June 30, 2017
|
Trade and other receivable
|
|
535
|
|
1,434
|
Investments in financial assets
|
|
415
|
|
324
|
Trade and other payable
|
|
(239)
|
|
(172)
|
Borrowings
|
|
(6)
|
|
(11)
|
Total
|
|
705
|
|
1,575
|
Related party
|
|
March 31, 2018
|
|
June 30, 2017
|
|
Description of transaction
|
Manibil S.A.
|
|
51
|
|
84
|
|
Contributions in advance
|
New Lipstick LLC
|
|
407
|
|
-
|
|
Loans granted
|
|
|
5
|
|
-
|
|
Reimbursement of expenses
|
Condor
|
|
10
|
|
8
|
|
Dividends receivables
|
|
|
136
|
|
82
|
|
Public companies securities
|
LRSA
|
|
22
|
|
29
|
|
Leases and/or rights of use
|
|
|
(1)
|
|
-
|
|
Reimbursement of expenses
|
|
|
9
|
|
-
|
|
Canon
|
|
|
5
|
|
-
|
|
Dividends receivables
|
Other associates and joint ventures
|
|
3
|
|
3
|
|
Loans granted
|
|
|
2
|
|
8
|
|
Foreign-currency future contracts
|
|
|
(2)
|
|
-
|
|
Commissions
|
|
|
(6)
|
|
(11)
|
|
Mortgage bond
|
|
|
(5)
|
|
(5)
|
|
Derivatives
|
|
|
(2)
|
|
(1)
|
|
Leases and/or rights of use
|
|
|
4
|
|
5
|
|
NCN
|
|
|
-
|
|
1
|
|
Management fees
|
|
|
1
|
|
1
|
|
Proceeds from leases
|
|
|
-
|
|
(1)
|
|
Credit for capital reduction
|
Total associates and joint ventures
|
|
639
|
|
203
|
|
|
Cresud
|
|
(25)
|
|
(36)
|
|
Reimbursement of expenses
|
|
|
(89)
|
|
(23)
|
|
Corporate services
|
|
|
279
|
|
242
|
|
NCN
|
|
|
-
|
|
(1)
|
|
Leases and/or rights of use
|
|
|
4
|
|
5
|
|
Leases and/or rights of use
|
|
|
(3)
|
|
(1)
|
|
Long-term incentive plan
|
Total parent company
|
|
166
|
|
186
|
|
|
IFISA
|
|
-
|
|
1,283
|
|
Loans granted
|
Taaman
|
|
(38)
|
|
(24)
|
|
Leases and/or rights of use
|
Willifood
|
|
-
|
|
(29)
|
|
NCN
|
Directores
|
|
(73)
|
|
(44)
|
|
Fees for services received
|
Others (1)
|
|
2
|
|
2
|
|
Leases and/or rights of use
|
|
|
9
|
|
2
|
|
Fees
|
|
|
1
|
|
-
|
|
Management fees
|
|
|
(1)
|
|
(4)
|
|
Loans
|
Total others
|
|
(100)
|
|
1,186
|
|
|
Total at the end of the period/year
|
|
705
|
|
1,575
|
|
|
Related party
|
|
March 31, 2018
|
|
March 31, 2017 (recast)
|
|
Description of transaction
|
BACS
|
|
-
|
|
4
|
|
Leases and/or rights of use
|
|
|
-
|
|
16
|
|
Financial operations
|
Adama
|
|
-
|
|
64
|
|
Corporate services
|
Condor
|
|
36
|
|
196
|
|
Financial operations
|
ISPRO - Mehadrin
|
|
75
|
|
-
|
|
Corporate services
|
Other associates and joint ventures
|
|
(1)
|
|
-
|
|
Financial operations
|
|
|
14
|
|
8
|
|
Leases and/or rights of use
|
|
|
2
|
|
-
|
|
Fees and remunerations
|
|
|
-
|
|
2
|
|
Management fees
|
Total associates and joint ventures
|
|
126
|
|
290
|
|
|
Cresud
|
|
5
|
|
1
|
|
Leases and/or rights of use
|
|
|
(167)
|
|
(85)
|
|
Corporate services
|
|
|
57
|
|
24
|
|
Financial operations
|
Total parent company
|
|
(105)
|
|
(60)
|
|
|
IFISA
|
|
56
|
|
-
|
|
Financial operations
|
Inversiones Financieras del Sur S.A.
|
|
-
|
|
54
|
|
Financial operations
|
Directores
|
|
(82)
|
|
(84)
|
|
Fees and remunerations
|
Taaman
|
|
114
|
|
-
|
|
Corporate services
|
Willifood
|
|
134
|
|
-
|
|
Corporate services
|
Others (1)
|
|
4
|
|
-
|
|
Corporate services
|
|
|
1
|
|
(1)
|
|
Leases and/or rights of use
|
|
|
4
|
|
-
|
|
Financial operations
|
|
|
(11)
|
|
(4)
|
|
Donations
|
|
|
(3)
|
|
(5)
|
|
Legal services
|
Total others
|
|
217
|
|
(40)
|
|
|
Total at the end of the period
|
|
238
|
|
190
|
|
|
Related party
|
|
March 31, 2018
|
|
March 31, 2017(recast)
|
|
Description of the operation
|
La Rural S.A.
|
|
13
|
|
9
|
|
Dividends received
|
Nuevo Puerto Santa Fe S.A.
|
|
9
|
|
-
|
|
Dividends received
|
Condor
|
|
35
|
|
11
|
|
Dividends received
|
MMAN
|
|
25
|
|
27
|
|
Dividends received
|
Ramat Hanassi
|
|
20
|
|
-
|
|
Dividends received
|
Tourism & Recreation Holdings Ltd.
|
|
25
|
|
-
|
|
Dividends received
|
Emco
|
|
-
|
|
104
|
|
Dividends received
|
Aviareps
|
|
-
|
|
28
|
|
Dividends received
|
Millenium
|
|
-
|
|
4
|
|
Dividends received
|
Cyrsa S.A.
|
|
-
|
|
7
|
|
Dividends received
|
Total dividends received
|
|
127
|
|
190
|
|
|
Cresud
|
|
882
|
|
-
|
|
Dividends paid
|
Helmir
|
|
5
|
|
-
|
|
Dividends paid
|
Total dividends paid
|
|
887
|
|
-
|
|
|
IFISA (see Note 4.)
|
1,968
|
|
-
|
|
Acquisition of non-controlling interest
|
|
Total other transactions
|
|
1,968
|
|
-
|
|
|
Exhibit
A - Property, plant and equipment
|
Note 8
Investment properties and Note 9 Property, plant and
equipment
|
Exhibit
B - Intangible assets
|
Note 11
Intangible assets
|
Exhibit
C - Equity investments
|
Note 7
Equity interest in associates and joint ventures
|
Exhibit
D - Other investments
|
Note 12
Financial instruments by category
|
Exhibit
E - Provisions
|
Note 17
Provisions
|
Exhibit
F - Cost of sales and services provided
|
Note 21
Cost of goods sold and services provided
|
Exhibit
G - Foreign currency assets and liabilities
|
Note 26
Foreign currency assets and liabilities
|
Item / Currency (1)
|
Amount (2)
|
Exchange rate (3)
|
Total as of 03.31.18
|
Amount (2)
|
Exchange rate (3)
|
Total as of 06.30.17
|
Assets
|
|
|
|
|
|
|
Trade and other receivables
|
|
|
|
|
|
|
US Dollar
|
40
|
20.049
|
811
|
35
|
16.530
|
572
|
Euros
|
7
|
24.666
|
166
|
9
|
18.848
|
172
|
Receivables with related parties:
|
|
|
|
|
|
|
US Dollar
|
35
|
20.149
|
715
|
52
|
16.630
|
855
|
Total trade and other receivables
|
|
|
1,692
|
|
|
1,599
|
Restricted
assets
|
|
|
|
|
|
|
US Dollar
|
-
|
20.049
|
-
|
2
|
16.530
|
41
|
Total Restricted assets
|
|
|
-
|
|
|
41
|
Investments in financial
assets
|
|
|
|
|
|
|
US Dollar
|
181
|
20.049
|
3,623
|
61
|
16.530
|
1,014
|
Pounds
|
1
|
28.235
|
24
|
1
|
21.486
|
18
|
Investments with related parties:
|
|
|
|
|
|
|
US Dollar
|
21
|
20.149
|
415
|
20
|
16.630
|
324
|
Total investments in financial assets
|
|
|
4,062
|
|
|
1,356
|
Derivative financial
instruments
|
|
|
|
|
|
|
US Dollar
|
1
|
20.049
|
16
|
1
|
16.530
|
10
|
Derivative financial instruments with related parties:
|
|
|
|
|
|
|
US Dollar
|
-
|
20.149
|
-
|
2
|
16.630
|
26
|
Total Derivative financial instruments
|
|
|
16
|
|
|
36
|
Cash and cash
equivalents
|
|
|
|
|
|
|
US Dollar
|
243
|
20.049
|
4,877
|
318
|
16.530
|
5,250
|
Euros
|
3
|
24.666
|
77
|
3
|
18.848
|
49
|
New Israel Shekel
|
-
|
5.375
|
-
|
-
|
4.770
|
1
|
Total Cash and cash equivalents
|
|
|
4,954
|
|
|
5,300
|
Total Assets
|
|
|
10,724
|
|
|
8,332
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Trade and other
payables
|
|
|
|
|
|
|
US Dollar
|
230
|
20.149
|
4,627
|
57
|
16.630
|
955
|
Euros
|
12
|
24.840
|
290
|
1
|
19.003
|
19
|
Payables to related parties:
|
|
|
|
|
|
|
US Dollar
|
1
|
20.149
|
18
|
1
|
16.630
|
21
|
Total Trade and other payables
|
|
|
4,935
|
|
|
995
|
Borrowings
|
|
|
|
|
|
|
US Dollar
|
1,182
|
20.149
|
23,807
|
1,123
|
16.630
|
18,683
|
Total Borrowings
|
|
|
23,807
|
|
|
18,683
|
Total Liabilities
|
|
|
28,742
|
|
|
19,678
|
|
March 31, 2018
|
|
June 30, 2017
|
Property, plant and equipment
|
1,806
|
|
1,712
|
Intangible assets
|
21
|
|
19
|
Investments in associates
|
48
|
|
33
|
Deferred income tax assets
|
59
|
|
57
|
Employee benefits
|
-
|
|
5
|
Income tax credits
|
11
|
|
10
|
Trade and other receivables
|
1,006
|
|
688
|
Cash and cash equivalents
|
269
|
|
157
|
Total group of assets held for sale
|
3,220
|
|
2,681
|
Trade and other payables
|
1,230
|
|
930
|
Salaries and social security liabilities
|
124
|
|
148
|
Employee benefits
|
97
|
|
52
|
Deferred income tax liability
|
16
|
|
10
|
Borrowings
|
715
|
|
715
|
Total group of liabilities held for sale
|
2,182
|
|
1,855
|
Total net assets held for sale
|
1,038
|
|
826
|
|
March 31, 2018
|
|
March 31, 2017(recast)
|
Revenues
|
4,909
|
|
3,528
|
Costs
|
(4,272)
|
|
(3,001)
|
Gross profit
|
637
|
|
527
|
General and administrative expenses
|
(210)
|
|
(178)
|
Selling expenses
|
(213)
|
|
(171)
|
Other operating results, net
|
(14)
|
|
3,977
|
Profit from operations
|
200
|
|
4,155
|
Share of profit of associates and joint ventures
|
33
|
|
294
|
Profit before financial results and income tax
|
233
|
|
4,449
|
Finance income
|
-
|
|
4
|
Finance cost
|
(46)
|
|
(1,389)
|
Other financial results
|
(20)
|
|
-
|
Financial results, net
|
(66)
|
|
(1,385)
|
Profit before income tax
|
167
|
|
3,064
|
Income tax
|
20
|
|
(8)
|
Profit from discontinued operations
|
187
|
|
3,056
|
|
|
|
|
|
|
|
|
Profit for the period from discontinued operations attributable
to:
|
|
|
|
Equity holders of the parent
|
120
|
|
1,276
|
Non-controlling interest
|
67
|
|
1,780
|
|
|
|
|
Profit per share from discontinued operations attributable to
equity holders of the parent:
|
|
|
|
Basic
|
0.21
|
|
2.22
|
Diluted
|
0.21
|
|
2.20
|
PRICE
WATERHOUSE & CO. S.R.L.
(Partner)
C.P.C.E.C.A.B.A. Tº 1 Fº 17
Dr. Mariano C. Tomatis
Public Accountant (UBA)
C.P.C.E.C.A.B.A. Tº 241 Fº 118
|
|
ABELOVICH,
POLANO & ASOCIADOS S.R.L.
(Partner)
C.P.C.E. C.A.B.A. T° 1 F° 30
Marcelo Héctor Fuxman
Public Accountant (UBA)
C.P.C.E.C.A.B.A. T° 134 F° 85
|
|
Note
|
03.31.18
|
|
06.30.17
|
ASSETS
|
|
|
|
|
Non-current assets
|
|
|
|
|
Investment properties
|
7
|
5,432
|
|
4,457
|
Property, plant and equipment
|
8
|
6
|
|
6
|
Trading properties
|
9
|
419
|
|
319
|
Intangible assets
|
10
|
22
|
|
21
|
Investments in subsidiaries, associates and joint
ventures
|
6
|
38,965
|
|
29,450
|
Income tax and MPIT credit
|
|
133
|
|
133
|
Trade and other receivables
|
12
|
244
|
|
211
|
Total non-current assets
|
|
45,221
|
|
34,597
|
Current assets
|
|
|
|
|
Inventories
|
|
1
|
|
1
|
Trading properties
|
9
|
3
|
|
8
|
Trade and other receivables
|
12
|
684
|
|
568
|
Income tax and MPIT credit
|
|
80
|
|
1
|
Investments in financial assets
|
11
|
2
|
|
38
|
Derivative financial instruments
|
11
|
-
|
|
8
|
Restricted assets
|
11
|
2
|
|
4
|
Cash and cash equivalents
|
11
|
37
|
|
148
|
Total current assets
|
|
809
|
|
776
|
TOTAL ASSETS
|
|
46,030
|
|
35,373
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
Shareholders' Equity (according to corresponding
statements)
|
|
35,751
|
|
26,483
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
35,751
|
|
26,483
|
LIABILITIES
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Trade and other payables
|
13
|
929
|
|
784
|
Borrowings
|
14
|
6,221
|
|
5,340
|
Deferred income tax liabilities
|
15
|
2,060
|
|
2,247
|
Provisions
|
16
|
32
|
|
32
|
Total non-current liabilities
|
|
9,242
|
|
8,403
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
13
|
124
|
|
123
|
Derivative financial instruments
|
11
|
19
|
|
-
|
Income tax and MPIT liabilities
|
|
79
|
|
-
|
Salaries and social security liabilities
|
|
2
|
|
2
|
Borrowings
|
14
|
812
|
|
358
|
Provisions
|
16
|
1
|
|
4
|
Total current liabilities
|
|
1,037
|
|
487
|
TOTAL LIABILITIES
|
|
10,279
|
|
8,890
|
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
|
46,030
|
|
35,373
|
|
______________________
Eduardo S. Elsztain
President
|
|
|
Nine month
|
|
Three month
|
||||
|
Note
|
03.31.18
|
|
03.31.17 (recast)
|
|
03.31.18
|
|
03.31.17 (recast)
|
Revenues
|
17
|
51
|
|
27
|
|
16
|
|
9
|
Costs
|
18
|
(29)
|
|
(17)
|
|
(11)
|
|
(6)
|
Gross profit
|
|
22
|
|
10
|
|
5
|
|
3
|
Net gain from fair value adjustment of investment
properties
|
7
|
963
|
|
76
|
|
472
|
|
(120)
|
General and administrative expenses
|
18
|
(162)
|
|
(129)
|
|
(57)
|
|
(52)
|
Selling expenses
|
18
|
(21)
|
|
(18)
|
|
(11)
|
|
(5)
|
Other operating results, net
|
19
|
483
|
|
(38)
|
|
(6)
|
|
-
|
Profit / (loss) from operations
|
|
1,285
|
|
(99)
|
|
403
|
|
(174)
|
Share of profit of subsidiaries, associates and joint
ventures
|
6
|
9,328
|
|
4,179
|
|
531
|
|
47
|
Profit / (loss) before financial results and income
tax
|
|
10,613
|
|
4,080
|
|
934
|
|
(127)
|
Finance income
|
20
|
39
|
|
37
|
|
27
|
|
(7)
|
Finance costs
|
20
|
(1,579)
|
|
(490)
|
|
(631)
|
|
27
|
Other financial results
|
20
|
(12)
|
|
23
|
|
(33)
|
|
22
|
Financial results, net
|
|
(1,552)
|
|
(430)
|
|
(637)
|
|
42
|
Profit / (loss) before income tax
|
|
9,061
|
|
3,650
|
|
297
|
|
(85)
|
Income tax
|
15
|
187
|
|
152
|
|
15
|
|
41
|
Profit / (loss) for the period
|
|
9,248
|
|
3,802
|
|
312
|
|
(44)
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|||
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
|
Share of other comprehensive (loss) / income of subsidiaries,
associates and joint ventures
|
|
(55)
|
|
49
|
|
1
|
|
61
|
Currency translation adjustment of subsidiaries, associates and
joint ventures
|
|
1,471
|
|
553
|
|
2,360
|
|
519
|
Total other comprehensive income for the period (i)
|
6
|
1,416
|
|
602
|
|
2,361
|
|
580
|
Total comprehensive income for the period
|
|
10,664
|
|
4,404
|
|
2,673
|
|
536
|
|
|
|
|
|
|
|
|
|
Profit per share for the period:
|
|
|
|
|
|
|
|
|
Basic
|
|
16.08
|
|
6.61
|
|
0.54
|
|
(0.08)
|
Diluted
|
|
15.97
|
|
6.57
|
|
0.54
|
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
______________________
Eduardo S. Elsztain
President
|
|
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 reserve CNV 609/12 (2)
|
Other reserves (3)
|
Retained earnings
|
Total Shareholders’ equity
|
Balance at June 30, 2017
|
575
|
3
|
123
|
793
|
17
|
143
|
-
|
2,756
|
2,143
|
19,930
|
26,483
|
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
9,248
|
9,248
|
Other comprehensive income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,416
|
-
|
1,416
|
Total comprehensive income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,416
|
9,248
|
10,664
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.17
|
-
|
-
|
-
|
-
|
-
|
-
|
2,081
|
-
|
-
|
(2,081)
|
-
|
Dividends distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,400)
|
(1,400)
|
Reserve for share-based payments
|
-
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
3
|
-
|
4
|
Balance at March 31, 2018
|
575
|
3
|
123
|
793
|
18
|
143
|
2,081
|
2,756
|
3,562
|
25,697
|
35,751
|
|
Cost of Treasury shares
|
|
Reserve for share-based payments
|
|
Reserve for future dividends
|
|
Other reserves of subsidiaries
|
|
Other comprehensive income / (loss) of subsidiaries
|
|
Currency translation adjustment reserve
|
|
Total Other reserves
|
Balance at June 30, 2017
|
(28)
|
|
78
|
|
494
|
|
-
|
|
42
|
|
1,557
|
|
2,143
|
Other comprehensive (loss) / income for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
(55)
|
|
1,471
|
|
1,416
|
Reserve for share-based payments
|
2
|
|
1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3
|
Balance at March 31, 2018
|
(26)
|
|
79
|
|
494
|
|
-
|
|
(13)
|
|
3,028
|
|
3,562
|
|
______________________
Eduardo S. Elsztain
President
|
|
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 reserve CNV 609/12 (2)
|
Other reserves (3)
|
Retained earnings
|
Total Shareholders’ equity
|
Balance at June 30, 2016
|
575
|
4
|
123
|
793
|
16
|
117
|
4
|
2,756
|
1,022
|
16,447
|
21,857
|
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,802
|
3,802
|
Other comprehensive income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
602
|
-
|
602
|
Total comprehensive income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
602
|
3,802
|
4,404
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.16
|
-
|
-
|
-
|
-
|
-
|
26
|
(4)
|
-
|
(26)
|
4
|
-
|
Changes of interest in subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(220)
|
-
|
(220)
|
Reserve for share-based payments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
9
|
-
|
9
|
Balance at March 31, 2017 (recast)
|
575
|
4
|
123
|
793
|
16
|
143
|
-
|
2,756
|
1,387
|
20,253
|
26,050
|
|
Cost of Treasury shares
|
|
Reserve for share-based payments
|
|
Reserve for future dividends
|
|
Other reserves of subsidiaries
|
|
Other comprehensive (loss) / income of subsidiaries
|
|
Currency translation adjustment reserve
|
|
Total Other reserves
|
Balance at June 30, 2016
|
(29)
|
|
67
|
|
520
|
|
-
|
|
(10)
|
|
474
|
|
1,022
|
Other comprehensive income for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
49
|
|
553
|
|
602
|
Appropriation of retained earnings approved by Shareholders’
meeting held as of 10.31.16
|
-
|
|
-
|
|
(26)
|
|
-
|
|
-
|
|
-
|
|
(26)
|
Changes of interest in subsidiaries
|
-
|
|
-
|
|
-
|
|
(220)
|
|
-
|
|
-
|
|
(220)
|
Reserve for share-based payments
|
-
|
|
9
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9
|
Balance at March 31, 2017 (recast)
|
(29)
|
|
76
|
|
494
|
|
(220)
|
|
39
|
|
1,027
|
|
1,387
|
|
______________________
Eduardo S. Elsztain
President
|
|
Note
|
03.31.18
|
|
03.31.17 (recast)
|
Operating activities
|
|
|
|
|
Profit for the period
|
|
9.248
|
|
3.802
|
Adjustments:
|
|
|
|
|
Income tax
|
15
|
(187)
|
|
(152)
|
Amortization and depreciation
|
18
|
2
|
|
1
|
Financial results, net
|
20
|
1.561
|
|
430
|
Decrease of intangible assets due to TGLT agreement
|
19
|
-
|
|
27
|
Net gain from fair value adjustment of investment
properties
|
7
|
(963)
|
|
(76)
|
Decrease of investment properties due to obsolescence
|
|
-
|
|
1
|
Increase of trading properties
|
|
(89)
|
|
(16)
|
Gain from disposal of subsidiaries
|
19
|
(497)
|
|
-
|
Share of profit of subsidiaries, associates and joint
ventures
|
6
|
(9.328)
|
|
(4.179)
|
Increase in trade and other receivables
|
|
(77)
|
|
(39)
|
Increase / (Decrease) in trade and other payables
|
|
131
|
|
(67)
|
Net cash used in operating activities before income tax
paid
|
|
(199)
|
|
(268)
|
Income tax paid
|
|
-
|
|
(82)
|
Net cash flow used in operating activities
|
|
(199)
|
|
(350)
|
Investing activities
|
|
|
|
|
Capital contributions to subsidiaries, associates and joint
ventures
|
6
|
(1.326)
|
|
(558)
|
Acquisition and advanced payments of investment
properties
|
|
(155)
|
|
(10)
|
Proceeds from sales of investment properties
|
7
|
57
|
|
38
|
Acquisition of property, plant and equipment
|
8
|
(2)
|
|
(2)
|
Acquisition of intangibles
|
10
|
(1)
|
|
(2)
|
Increase of investments in financial assets
|
|
(1.261)
|
|
(34)
|
Proceeds from sales of investments in financial assets
|
|
1.389
|
|
29
|
(Payments) / Proceeds from derivative financial
instruments
|
|
(1)
|
|
2
|
Increase in loans granted to subsidiaries, associates and joint
ventures
|
|
(124)
|
|
(60)
|
Proceeds from borrowings granted to subsidiaries, associates and
joint ventures
|
|
152
|
|
-
|
Dividends collected
|
6
|
587
|
|
-
|
Net cash flow used in investing activities
|
|
(685)
|
|
(597)
|
Financing activities
|
|
|
|
|
Obtaining/ (payment) of loans, nets
|
|
198
|
|
(72)
|
Payment of principal of Non-Convertible Notes
|
|
-
|
|
(1.126)
|
Interests paid
|
|
(495)
|
|
(456)
|
Loans obtained from subsidiaries, associates and joint
ventures
|
|
11
|
|
89
|
Payment of loans from subsidiaries, associates and joint
ventures
|
|
(10)
|
|
(530)
|
Issuance of non-convertible notes
|
|
-
|
|
3.129
|
Disposal of interest in subsidiaries
|
|
2.462
|
|
-
|
Dividends paid
|
|
(1.392)
|
|
-
|
Net cash flow generated by financing activities
|
|
774
|
|
1.034
|
Net (decrease) / increase in cash and cash equivalents
|
|
(110)
|
|
87
|
Cash and cash equivalents at the beginning of the
period
|
11
|
148
|
|
6
|
Foreign exchange gain of cash and changes in fair value of cash
equivalents
|
|
(1)
|
|
1
|
Cash and cash equivalents at the end of the period
|
11
|
37
|
|
94
|
|
|
|
|
|
Additional
information
|
|
|
|
|
Reserve for share-based payments
|
4
|
|
9
|
|
Currency translation adjustment
|
1.471
|
|
553
|
|
Share of other comprehensive loss / (income) of subsidiaries,
associates and joint ventures
|
(55)
|
|
49
|
|
Increase of investment properties through a decrease in trade and
other receivables
|
49
|
|
-
|
|
Increase of borrowings through an increase in investment
properties
|
4
|
|
-
|
|
Increase of borrowings through an increase of trading
properties
|
6
|
|
-
|
|
Decrease of borrowings granted to subsidiaries, associates and
joint ventures through an increase in financial
instruments
|
19
|
|
-
|
|
Decrease of financial instruments through an increase of financial
payables
|
|
67
|
|
-
|
Decrease in dividends receivables through a decrease of borrowings
granted to subsidiaries
|
-
|
|
9
|
|
Increase in dividends receivable through a decrease in investments
in subsidiaries, associates and joint ventures
|
-
|
|
443
|
|
Decrease in dividends receivables through an increase in
investments in subsidiaries
|
-
|
|
434
|
|
Decrease in borrowings from subsidiaries, associates and joint
ventures
|
|
-
|
|
16
|
Dividends paid through an increase in trade and other
payables
|
8
|
|
-
|
|
Increase in borrowings from subsidiaries, associates and joint
ventures through an increase in trade and other
receivables
|
-
|
|
170
|
|
Decrease in intangible assets through an increase in other
receivables
|
-
|
|
24
|
|
Decrease of financial instruments through an increase in
investments in subsidiaries
|
-
|
|
100
|
|
Increase in trade and other receivables through a decrease in
investments in subsidiaries
|
(1)
|
|
-
|
|
______________________
Eduardo S. Elsztain
President
|
|
|
|
Nine month
|
|
|
|
03.31.17(originally issued)
|
|
03.31.17(adjustment)
|
|
03.31.17(recast)
|
Revenue
|
27
|
|
-
|
|
27
|
Costs
|
(18)
|
|
1
|
a)
|
(17)
|
Gross Profit
|
9
|
|
1
|
|
10
|
Gain from disposal of investment properties
|
32
|
|
(32)
|
b)
|
-
|
Net gain from fair value adjustment of investment
properties
|
-
|
|
76
|
c)
|
76
|
General and administrative expenses
|
(129)
|
|
-
|
|
(129)
|
Selling expenses
|
(18)
|
|
-
|
|
(18)
|
Other operating results, net
|
(37)
|
|
(1)
|
d)
|
(38)
|
(Loss) / Profit from operations
|
(143)
|
|
44
|
|
(99)
|
Share of profit of subsidiaries, associates and joint
ventures
|
2,543
|
|
1,636
|
e)
|
4,179
|
Profit from operations before financial results and income
tax
|
2,400
|
|
1,680
|
|
4,080
|
Finance income
|
37
|
|
-
|
|
37
|
Finance costs
|
(490)
|
|
-
|
|
(490)
|
Other financial results
|
23
|
|
-
|
|
23
|
Financial results, net
|
(430)
|
|
-
|
|
(430)
|
Profit before income tax
|
1,970
|
|
1,680
|
|
3,650
|
Income tax
|
167
|
|
(15)
|
f)
|
152
|
Profit for the period
|
2,137
|
|
1,665
|
|
3,802
|
|
|
|
|
|
|
Other comprehensive income:
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
Share of other comprehensive income of subsidiaries, associates and
joint ventures
|
49
|
|
-
|
|
49
|
Currency translation adjustment of subsidiaries, associates, and
joint ventures
|
467
|
|
86
|
g)
|
553
|
Other comprehensive income for the period
|
516
|
|
86
|
|
602
|
Total comprehensive income for the period
|
2,653
|
|
1,751
|
|
4,404
|
|
|
|
Three month
|
|
|
|
03.31.17 (originally issued)
|
|
03.31.17 (adjustment)
|
|
03.31.17 (recast)
|
Revenue
|
9
|
|
-
|
|
9
|
Costs
|
(6)
|
|
-
|
|
(6)
|
Gross Profit
|
3
|
|
-
|
|
3
|
Gain from disposal of investment properties
|
32
|
|
(32)
|
b)
|
-
|
Net gain from fair value adjustment of investment
properties
|
-
|
|
(120)
|
c)
|
(120)
|
General and administrative expenses
|
(52)
|
|
-
|
|
(52)
|
Selling expenses
|
(5)
|
|
-
|
|
(5)
|
Other operating results, net
|
1
|
|
(1)
|
d)
|
-
|
Loss from operations
|
(21)
|
|
(153)
|
|
(174)
|
Share of profit of subsidiaries, associates and joint
ventures
|
62
|
|
(15)
|
e)
|
47
|
Profit / (loss) from operations before financial results and income
tax
|
41
|
|
(168)
|
|
(127)
|
Finance income
|
(7)
|
|
-
|
|
(7)
|
Finance costs
|
27
|
|
-
|
|
27
|
Other financial results
|
22
|
|
-
|
|
22
|
Financial results, net
|
42
|
|
-
|
|
42
|
Profit / (loss) before income tax
|
83
|
|
(168)
|
|
(85)
|
Income tax
|
(13)
|
|
54
|
f)
|
41
|
Profit / (loss) for the period
|
70
|
|
(114)
|
|
(44)
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
Share of other comprehensive income of subsidiaries, associates and
joint ventures
|
61
|
|
-
|
|
61
|
Currency translation adjustment of subsidiaries, associates, and
joint ventures
|
488
|
|
31
|
g)
|
519
|
Other comprehensive income for the period
|
549
|
|
31
|
|
580
|
Total comprehensive income for the period
|
619
|
|
(83)
|
|
536
|
|
03.31.18
|
|
06.30.17
|
Beginning of period / year
|
29.447
|
|
23.342
|
Share of profit
|
9.328
|
|
4.485
|
Others comprehensive income
|
1.416
|
|
1.135
|
Capital contributions (Note 21)
|
1.326
|
|
1.121
|
Sale of subsidiaries, associates and joint ventures
|
(1.965)
|
|
-
|
Cash dividends (Note 21)
|
(587)
|
|
(755)
|
Other reserves
|
(1)
|
|
-
|
Increase in equity interest in associates
|
-
|
|
119
|
End of the period / year (i)
|
38.964
|
|
29.447
|
Name of the entity
|
|
% ownership interest
|
|
Company´s interest in equity
|
|
Company’s interest in comprehensive income
|
|||||
|
03.31.18
|
06.30.17
|
|
03.31.18
|
|
06.30.17
|
|
03.31.18
|
|
03.31.17 (recast)
|
|
|
|
|
|
|
|||||||
Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
IRSA CP
|
|
86.22%
|
94.41%
|
|
28,616
|
|
20,807
|
|
10,359
|
|
2,241
|
Tyrus
|
|
100.00%
|
100.00%
|
|
7,049
|
|
6,053
|
|
(284)
|
|
2,278
|
Ritelco S.A.
|
|
100.00%
|
100.00%
|
|
676
|
|
494
|
|
182
|
|
28
|
EFANUR
|
|
100.00%
|
100.00%
|
|
631
|
|
522
|
|
109
|
|
169
|
ECLSA
|
|
96.74%
|
96.74%
|
|
490
|
|
390
|
|
101
|
|
12
|
Inversora Bolívar S.A.
|
|
95.13%
|
95.13%
|
|
428
|
|
341
|
|
87
|
|
6
|
Palermo Invest S.A.
|
|
97.00%
|
97.00%
|
|
356
|
|
263
|
|
93
|
|
7
|
Llao Llao Resort S.A. (3)
|
|
50.00%
|
50.00%
|
|
20
|
|
13
|
|
6
|
|
8
|
NFSA (3)
|
|
76.34%
|
76.34%
|
|
16
|
|
23
|
|
(8)
|
|
3
|
HASA (3)
|
|
80.00%
|
80.00%
|
|
(1)
|
|
(3)
|
|
2
|
|
-
|
Associates
|
|
|
|
|
|
|
|
|
|
|
|
BHSA (1) (2)
|
|
5.05%
|
5.05%
|
|
369
|
|
278
|
|
91
|
|
8
|
Manibil
|
|
49.00%
|
49.00%
|
|
150
|
|
95
|
|
12
|
|
5
|
BACS (2)
|
|
33.36%
|
33.36%
|
|
145
|
|
158
|
|
(13)
|
|
14
|
Joint
ventures
|
|
|
|
|
|
|
|
|
|
|
|
Cyrsa
|
|
50.00%
|
50.00%
|
|
13
|
|
13
|
|
1
|
|
2
|
UTE IRSA - Galerías Pacífico S.A.
|
|
50.00%
|
50.00%
|
|
6
|
|
-
|
|
6
|
|
-
|
Total subsidiaries, associates and joint ventures
|
|
|
|
|
38,964
|
|
29,447
|
|
10,744
|
|
4,781
|
Name of the entity
|
|
Place of business / Country of incorporation
|
Main activity
|
Common shares 1 vote
|
|
Latest financial statements issued
|
||
|
|
Share capital (nominal value)
|
Profit / (loss) for the period
|
Shareholders’ equity
|
||||
Subsidiaries
|
|
|
|
|
|
|
|
|
IRSA CP
|
|
Argentina
|
Real estate
|
108,652,579
|
|
126
|
11,841
|
33,306
|
Tyrus
|
|
Uruguay
|
Investment
|
16,025,861,475
|
|
7,328
|
(1,596)
|
7,048
|
Ritelco S.A.
|
|
Uruguay
|
Investment
|
94,369,151
|
|
94
|
169
|
676
|
EFANUR
|
|
Uruguay
|
Investment
|
130,386,770
|
|
131
|
15
|
631
|
ECLSA
|
|
Argentina
|
Investment
|
77,316,130
|
|
80
|
103
|
505
|
Inversora Bolívar S.A.
|
|
Argentina
|
Investment
|
83,571,237
|
|
88
|
91
|
443
|
Palermo Invest S.A.
|
|
Argentina
|
Investment
|
155,953,673
|
|
161
|
96
|
397
|
Llao Llao Resort S.A. (3)
|
|
Argentina
|
Hotel
|
73,580,206
|
|
147
|
13
|
40
|
NFSA (3)
|
|
Argentina
|
Hotel
|
38,068,999
|
|
50
|
(9)
|
38
|
HASA (3)
|
|
Argentina
|
Hotel
|
18,791,800
|
|
23
|
2
|
(2)
|
Associates
|
|
|
|
|
|
|
|
|
BHSA (1) (2)
|
|
Argentina
|
Financial
|
73,939,822
|
|
1,500
|
1,019
|
8,433
|
Manibil
|
|
Argentina
|
Real estate
|
130,122,874
|
|
266
|
24
|
307
|
BACS (2)
|
|
Argentina
|
Financial
|
29,297,626
|
|
88
|
(25)
|
433
|
Joint
ventures
|
|
|
|
|
|
|
|
|
Cyrsa
|
|
Argentina
|
Real estate
|
8,748,269
|
|
17
|
1
|
27
|
UTE IRSA - Galerías Pacífico S.A.
|
|
Argentina
|
Real estate
|
500,000
|
|
1
|
11
|
12
|
|
Period ended March 31, 2018
|
|
Year ended June 30, 2017
|
||||||
|
Office buildings and other rental portfolio
|
|
Undeveloped parcels of land
|
|
Properties under development
|
|
Total
|
|
Total
|
Fair value hierarchy
|
2
|
|
2
|
|
2
|
|
|
|
|
Fair value at the beginning of the period / year
|
891
|
|
3,218
|
|
348
|
|
4,457
|
|
3,540
|
Additions
|
-
|
|
-
|
|
65
|
|
65
|
|
15
|
Capitalized finance costs
|
-
|
|
-
|
|
4
|
|
4
|
|
-
|
Disposals
|
(57)
|
|
-
|
|
-
|
|
(57)
|
|
(37)
|
Net gain from fair value adjustment
|
189
|
|
681
|
|
93
|
|
963
|
|
939
|
Fair value at the end of the period / year
|
1,023
|
|
3,899
|
|
510
|
|
5,432
|
|
4,457
|
|
03.31.18
|
|
03.31.17 (recast)
|
Rental income and averaging of scheduled rental escalation (Note
17)
|
28
|
|
22
|
Property management fees (Note 17)
|
4
|
|
2
|
Costs of rental and services income (Note18)
|
(16)
|
|
(8)
|
Cost of sales and developments (Note18)
|
(10)
|
|
(7)
|
Net unrealized gain from fair value adjustment of investment
properties
|
914
|
|
43
|
Net realized gain from fair value adjustment of investment
properties
|
49
|
|
33
|
|
Period ended March 31, 2018
|
|
Year ended June 30, 2017
|
||||||
|
Buildings and facilities
|
|
Furniture and fixtures
|
|
Machinery and equipment
|
|
Total
|
|
Total
|
Costs
|
16
|
|
3
|
|
16
|
|
35
|
|
31
|
Accumulated depreciation
|
(12)
|
|
(3)
|
|
(14)
|
|
(29)
|
|
(28)
|
Net book amount at the beginning of the year
|
4
|
|
-
|
|
2
|
|
6
|
|
3
|
Additions
|
1
|
|
-
|
|
1
|
|
2
|
|
4
|
Depreciation (Note 18)
|
(1)
|
|
-
|
|
(1)
|
|
(2)
|
|
(1)
|
Balances at the end of the period / year
|
4
|
|
-
|
|
2
|
|
6
|
|
6
|
Costs
|
17
|
|
3
|
|
17
|
|
37
|
|
35
|
Accumulated depreciation
|
(13)
|
|
(3)
|
|
(15)
|
|
(31)
|
|
(29)
|
Net book amount at the end of the period / year
|
4
|
|
-
|
|
2
|
|
6
|
|
6
|
|
Period ended March 31, 2018
|
|
Year ended June 30, 2017
|
||||
|
Completed properties
|
|
Properties under development
|
|
Total
|
|
Total
|
Beginning of the period / year
|
5
|
|
322
|
|
327
|
|
304
|
Additions
|
-
|
|
90
|
|
90
|
|
23
|
Capitalized finance costs
|
-
|
|
6
|
|
6
|
|
-
|
Disposals
|
-
|
|
(1)
|
|
(1)
|
|
-
|
End of the period / year
|
5
|
|
417
|
|
422
|
|
327
|
Non-current
|
|
|
|
|
419
|
|
319
|
Current
|
|
|
|
|
3
|
|
8
|
Total
|
|
|
|
|
422
|
|
327
|
|
|
|
|
|
03.31.18
|
|
03.31.17 (recast)
|
Sales revenue (Note 17)
|
9
|
|
-
|
||||
Cost of sales and developments (Note 18)
|
(3)
|
|
(2)
|
|
Period ended March 31, 2018
|
|
Year ended June 30, 2017
|
||||
|
Computer software
|
|
Future units to be received from barters
|
|
Total
|
|
Total
|
Costs
|
4
|
|
19
|
|
23
|
|
54
|
Accumulated amortization
|
(2)
|
|
-
|
|
(2)
|
|
(2)
|
Net book amount at the beginning of the period / year
|
2
|
|
19
|
|
21
|
|
52
|
Additions
|
1
|
|
-
|
|
1
|
|
21
|
Disposals
|
-
|
|
-
|
|
-
|
|
(52)
|
Balances at the end of the period / year
|
3
|
|
19
|
|
22
|
|
21
|
Costs
|
5
|
|
19
|
|
24
|
|
23
|
Accumulated amortization
|
(2)
|
|
-
|
|
(2)
|
|
(2)
|
Net book amount at the end of the period / year
|
3
|
|
19
|
|
22
|
|
21
|
|
Financial assets at amortized cost (i)
|
|
Financial assets at fair value through profit or loss
|
|
Subtotal financial assets
|
|
Non-financial assets
|
|
Total
|
|
|
|
Level 1
|
|
|
|
|
|
|
March 31, 2018
|
|
|
|
|
|
|
|
|
|
Assets as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 12)
|
285
|
|
-
|
|
285
|
|
649
|
|
934
|
Restricted assets (ii)
|
2
|
|
-
|
|
2
|
|
-
|
|
2
|
Investments in financial assets:
|
|
|
|
|
|
|
|
|
|
- Mutual funds
|
-
|
|
2
|
|
2
|
|
-
|
|
2
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
- Cash at bank and on hand
|
37
|
|
-
|
|
37
|
|
-
|
|
37
|
Total
|
324
|
|
2
|
|
326
|
|
649
|
|
975
|
|
Financial liabilities at amortized cost (i)
|
|
Financial liabilities at fair value through profit or
loss
|
|
Subtotal financial liabilities
|
|
Non-financial liabilities
|
|
Total
|
Liabilities as per Statement of Financial Position
|
|
|
Level 1
|
|
|
|
|
|
|
Trade and other payables (Note 13)
|
98
|
|
-
|
|
98
|
|
955
|
|
1,053
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
- Foreign-currency future contracts
|
-
|
|
19
|
|
19
|
|
-
|
|
19
|
Borrowings (Note 14)
|
7,033
|
|
-
|
|
7,033
|
|
-
|
|
7,033
|
Total
|
7,131
|
|
19
|
|
7,150
|
|
955
|
|
8,105
|
|
Financial assets at amortized cost (i)
|
|
Financial assets at fair value through profit or loss
|
|
Subtotal financial assets
|
|
Non-financial assets
|
|
Total
|
|
|
|
Level 1
|
|
|
|
|
|
|
June 30, 2017
|
|
|
|
|
|
|
|
|
|
Assets as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 12)
|
290
|
|
-
|
|
290
|
|
492
|
|
782
|
Restricted assets (ii)
|
4
|
|
-
|
|
4
|
|
-
|
|
4
|
Investments in financial assets:
|
|
|
|
|
|
|
|
|
|
- Bonds
|
-
|
|
27
|
|
27
|
|
-
|
|
27
|
- Mutual funds
|
-
|
|
11
|
|
11
|
|
-
|
|
11
|
Derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
- Foreign-currency future contracts
|
-
|
|
8
|
|
8
|
|
-
|
|
8
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
- Bonds
|
-
|
|
67
|
|
67
|
|
-
|
|
67
|
- Mutual funds
|
-
|
|
56
|
|
56
|
|
-
|
|
56
|
- Cash at bank and on hand
|
25
|
|
-
|
|
25
|
|
-
|
|
25
|
Total
|
319
|
|
169
|
|
488
|
|
492
|
|
980
|
|
Financial liabilities at amortized cost (i)
|
|
Non-financial liabilities
|
|
Total
|
Liabilities as per Statement of Financial Position
|
|
|
|
|
|
Trade and other payables (Note 13)
|
101
|
|
806
|
|
907
|
Borrowings (Note 14)
|
5,698
|
|
-
|
|
5,698
|
Total
|
5,799
|
|
806
|
|
6,605
|
|
03.31.18
|
|
06.30.17
|
Leases and services receivables
|
61
|
|
43
|
Receivables from the sale of properties
|
36
|
|
51
|
Less: Allowance for doubtful accounts
|
(6)
|
|
(3)
|
Total trade receivables
|
91
|
|
91
|
Advance payments
|
421
|
|
354
|
Borrowings granted
|
177
|
|
179
|
VAT receivables
|
115
|
|
65
|
Prepaid expenses
|
45
|
|
38
|
Receivable from TGLT agreement (i)
|
31
|
|
25
|
Long-term incentive program
|
15
|
|
17
|
Advances granted
|
12
|
|
-
|
Tax credits
|
6
|
|
7
|
Capital contributions pending integration
|
2
|
|
-
|
Others
|
13
|
|
3
|
Total other receivables
|
837
|
|
688
|
Total trade and other receivables
|
928
|
|
779
|
Non-current
|
244
|
|
211
|
Current
|
684
|
|
568
|
Total
|
928
|
|
779
|
|
03.31.18
|
|
06.30.17
|
Beginning of period /year
|
3
|
|
4
|
Additions (Note 18)
|
4
|
|
1
|
Utilization
|
(1)
|
|
(2)
|
End of the period / year
|
6
|
|
3
|
|
03.31.18
|
|
06.30.17
|
Customers advances
|
929
|
|
786
|
Trade payables
|
84
|
|
72
|
Invoices to be received
|
9
|
|
20
|
Total trade payables
|
1,022
|
|
878
|
Long-term incentive plan
|
14
|
|
10
|
Director´s fees
|
11
|
|
7
|
Tax payables
|
2
|
|
4
|
Tax amnesty plan for payable taxes
|
2
|
|
2
|
Tax on shareholders’ personal assets
|
-
|
|
2
|
Others
|
2
|
|
4
|
Total other payables
|
31
|
|
29
|
Total trade and other payables
|
1,053
|
|
907
|
Non-current
|
929
|
|
784
|
Current
|
124
|
|
123
|
Total
|
1,053
|
|
907
|
|
03.31.18
|
|
06.30.17
|
Non-convertible notes
|
5,544
|
|
4,667
|
Bank borrowings
|
1,064
|
|
951
|
Bank overdrafts
|
261
|
|
-
|
Related parties (Note 21)
|
164
|
|
80
|
Total borrowings
|
7,033
|
|
5,698
|
Non-current
|
6,221
|
|
5,340
|
Current
|
812
|
|
358
|
Total
|
7,033
|
|
5,698
|
|
03.31.18
|
|
03.31.17 (recast)
|
Current income tax
|
-
|
|
55
|
Deferred income tax
|
(187)
|
|
(207)
|
Income tax gain
|
(187)
|
|
(152)
|
|
03.31.18
|
|
03.31.17 (recast)
|
Net income at tax rate
|
3.171
|
|
1.278
|
Permanent differences:
|
|
|
|
Share of profit of subsidiaries, associates and joint
ventures
|
(2.827)
|
|
(1.433)
|
Gain on sales of interest in subsidiary
|
45
|
|
-
|
Donations and non-deductible expenses
|
4
|
|
3
|
Others
|
9
|
|
-
|
Income tax rate change
|
(589)
|
|
-
|
Income tax – Gain
|
(187)
|
|
(152)
|
|
03.31.18
|
|
06.30.17
|
Beginning of the period / year
|
(2,247)
|
|
(1,516)
|
Income tax expense
|
187
|
|
(731)
|
End of the period / year
|
(2,060)
|
|
(2,247)
|
|
Period ended March 31, 2018
|
|
Year ended June 30, 2017
|
||||
|
Labor, legal and other claims
|
|
Investments in associates and joint ventures (i)
|
|
Total
|
|
Total
|
Beginning of period / year
|
33
|
|
3
|
|
36
|
|
35
|
Additions (Note 19)
|
5
|
|
1
|
|
6
|
|
11
|
Decrease (Note 19)
|
(3)
|
|
(3)
|
|
(6)
|
|
(8)
|
Utilization
|
(3)
|
|
-
|
|
(3)
|
|
(2)
|
End of period / year
|
32
|
|
1
|
|
33
|
|
36
|
Non current
|
|
|
|
|
32
|
|
32
|
Current
|
|
|
|
|
1
|
|
4
|
Total
|
|
|
|
|
33
|
|
36
|
|
03.31.18
|
|
03.31.17 (recast)
|
Rental income and averaging of scheduled rental
escalation
|
28
|
|
22
|
Sales of trading properties
|
9
|
|
-
|
Property management fees
|
4
|
|
2
|
Sales, rental and services income
|
41
|
|
24
|
Expenses
|
10
|
|
3
|
Total revenues
|
51
|
|
27
|
|
Costs (1)
|
|
General and administrative expenses
|
|
Selling expenses
|
|
03.31.18
|
|
03.31.17 (recast)
|
Salaries, social security costs and other personnel
expenses
|
8
|
|
74
|
|
8
|
|
90
|
|
67
|
Fees and payments for services
|
1
|
|
31
|
|
1
|
|
33
|
|
29
|
Director´s fees (Note 21)
|
-
|
|
29
|
|
-
|
|
29
|
|
24
|
Traveling, transportation and stationery
|
-
|
|
12
|
|
-
|
|
12
|
|
8
|
Taxes, rates and contributions
|
6
|
|
-
|
|
4
|
|
10
|
|
5
|
Maintenance, security, cleaning, repairs and others
|
7
|
|
2
|
|
-
|
|
9
|
|
9
|
Leases and service charges
|
2
|
|
6
|
|
-
|
|
8
|
|
5
|
Public services and others
|
3
|
|
5
|
|
-
|
|
8
|
|
6
|
Advertising and other selling expenses
|
-
|
|
-
|
|
4
|
|
4
|
|
9
|
Allowance for doubtful accounts (charge and recovery, net) (Note
12)
|
-
|
|
-
|
|
4
|
|
4
|
|
-
|
Amortization and depreciation
|
1
|
|
1
|
|
-
|
|
2
|
|
1
|
Bank charges
|
-
|
|
2
|
|
-
|
|
2
|
|
1
|
Cost of sales of trading properties (Note 9)
|
1
|
|
-
|
|
-
|
|
1
|
|
-
|
Total expenses by nature as of 03.31.18
|
29
|
|
162
|
|
21
|
|
212
|
|
-
|
Total expenses by nature as of 03.31.17 (recast)
|
17
|
|
129
|
|
18
|
|
-
|
|
164
|
|
03.31.18
|
|
03.31.17 (recast)
|
Gain from disposal of associates, subsidiaries and joint
ventures
|
497
|
|
-
|
Tax on shareholders’ personal assets
|
2
|
|
(1)
|
Donations
|
(16)
|
|
(5)
|
Lawsuits and other contingencies (i)
|
(2)
|
|
(6)
|
Expenses from sales of investment properties
|
(1)
|
|
(1)
|
Loss from TGLT agreement (ii)
|
-
|
|
(27)
|
Others
|
3
|
|
2
|
Total other operating results, net
|
483
|
|
(38)
|
|
03.31.18
|
|
03.31.17 (recast)
|
- Foreign exchange gain
|
29
|
|
12
|
- Interest income
|
10
|
|
25
|
Total finance income
|
39
|
|
37
|
- Foreign exchange loss
|
(1,092)
|
|
(82)
|
- Interest expenses
|
(478)
|
|
(386)
|
- Other finance costs
|
(9)
|
|
(24)
|
- Costs from repayment of borrowings
|
-
|
|
2
|
Total finance costs
|
(1,579)
|
|
(490)
|
- Fair value gain of financial assets
|
16
|
|
21
|
- Gain from derivative financial instruments,
net
|
(28)
|
|
2
|
Total other financial results
|
(12)
|
|
23
|
Total financial results, net
|
(1,552)
|
|
(430)
|
Item
|
|
03.31.18
|
|
06.30.17
|
Trade and other payables
|
|
(722)
|
|
(623)
|
Borrowings
|
|
(164)
|
|
(80)
|
Trade and other receivables
|
|
222
|
|
206
|
Total
|
|
(664)
|
|
(497)
|
Related parties
|
|
03.31.18
|
|
06.30.17
|
|
Description of operation
|
Cresud
|
|
4
|
|
4
|
|
Leases and/or rights of use receivables
|
|
|
(19)
|
|
(8)
|
|
Corporate services payable
|
|
|
(7)
|
|
(12)
|
|
Reimbursement of expenses payable
|
Total parent company
|
|
(22)
|
|
(16)
|
|
|
IRSA CP
|
|
(632)
|
|
(542)
|
|
Sale of properties
|
|
|
(29)
|
|
(23)
|
|
Corporate services payable
|
|
|
(13)
|
|
(10)
|
|
Long-term incentive plan payable
|
|
|
(4)
|
|
(16)
|
|
Reimbursement of expenses payable
|
|
|
-
|
|
1
|
|
Other receivables
|
|
|
-
|
|
(1)
|
|
Lease collections
|
ECLSA
|
|
1
|
|
-
|
|
Dividends receivable
|
|
|
(72)
|
|
-
|
|
Borrowings granted
|
Palermo Invest S.A.
|
|
5
|
|
5
|
|
Borrowings granted
|
|
|
3
|
|
3
|
|
Dividends receivable
|
|
|
1
|
|
1
|
|
Other receivables
|
Inversora Bolívar S.A
|
|
(6)
|
|
(6)
|
|
Loans received
|
Tyrus
|
|
101
|
|
71
|
|
Borrowings granted
|
NFSA
|
|
12
|
|
7
|
|
Management fees
|
|
|
(38)
|
|
(34)
|
|
Loans received
|
Efanur S.A.
|
|
(12)
|
|
(10)
|
|
Loans received
|
Fibesa S.A.
|
|
12
|
|
14
|
|
Long-term incentive plan receivable
|
PAMSA
|
|
1
|
|
1
|
|
Long-term incentive plan receivable
|
|
|
(29)
|
|
(24)
|
|
Non-Convertible Notes
|
Real Estate Strategies LLC
|
|
7
|
|
5
|
|
Borrowings granted
|
|
|
1
|
|
-
|
|
Reimbursement of expenses receivable
|
Manibil
|
|
50
|
|
84
|
|
Borrowings granted
|
Cyrsa
|
|
(6)
|
|
(6)
|
|
Loans received
|
Others subsidiaries, associates and joint ventures
|
|
11
|
|
(3)
|
|
Hotel services payable
|
|
|
6
|
|
5
|
|
Reimbursement of expenses receivable
|
|
|
1
|
|
2
|
|
Long-term incentive plan receivable
|
|
|
(4)
|
|
3
|
|
Hotel services receivable
|
|
|
(1)
|
|
(1)
|
|
Reimbursement of expenses payable
|
Total subsidiaries, associates and joint ventures
|
|
(634)
|
|
(474)
|
|
|
Directors
|
|
(11)
|
|
(7)
|
|
Fees
|
Total Directors
|
|
(11)
|
|
(7)
|
|
|
Others (1)
|
|
3
|
|
-
|
|
Reimbursement of expenses receivable
|
Total others
|
|
3
|
|
-
|
|
|
Total at the end of the period/year
|
|
(664)
|
|
(497)
|
|
|
Related parties
|
|
03.31.18
|
|
03.31.17 (recast)
|
|
Description of operation
|
Cresud
|
|
2
|
|
1
|
|
Leases and/or rights of use
|
|
|
(48)
|
|
(34)
|
|
Corporate services
|
Total parent company
|
|
(46)
|
|
(33)
|
|
|
IRSA CP
|
|
(25)
|
|
(17)
|
|
Corporate services
|
|
|
-
|
|
(2)
|
|
Leases and/or rights of use
|
|
|
-
|
|
(1)
|
|
Financial operations
|
BACS
|
|
-
|
|
20
|
|
Financial operations
|
Tyrus
|
|
25
|
|
-
|
|
Financial operations
|
Manibil
|
|
15
|
|
4
|
|
Financial operations
|
Others subsidiaries, associates and joint ventures
|
|
2
|
|
2
|
|
Fees
|
|
|
(13)
|
|
(7)
|
|
Financial operations
|
Total subsidiaries, associates and joint ventures
|
|
4
|
|
(1)
|
|
|
Directors
|
|
(29)
|
|
(24)
|
|
Fees
|
Senior Managment
|
|
(4)
|
|
(2)
|
|
Fees
|
Total Directors and Senior Managment
|
|
(33)
|
|
(26)
|
|
|
Fundación IRSA
|
|
(11)
|
|
(5)
|
|
Donations
|
Estudio Zang, Bergel & Viñez
|
|
(3)
|
|
(3)
|
|
Fees
|
Others
|
|
1
|
|
-
|
|
Leases and/or rights of use
|
Total others
|
|
(13)
|
|
(8)
|
|
|
Total at the end of the period
|
|
(88)
|
|
(68)
|
|
|
Related parties
|
|
03.31.18
|
|
03.31.17 (recast)
|
|
Description of operation
|
|
|
|
||||
IRSA CP
|
|
586
|
|
434
|
|
Dividends collected
|
ECLSA
|
|
1
|
|
-
|
|
Dividends collected
|
Cyrsa
|
|
-
|
|
8
|
|
Dividends collected
|
Cresud
|
|
(882)
|
|
-
|
|
Dividends granted
|
Helmir
|
|
(5)
|
|
-
|
|
Dividends granted
|
Others (1)
|
|
-
|
|
1
|
|
Dividends collected
|
Total Distributions
|
|
(300)
|
|
443
|
|
|
Tyrus
|
|
(1,282)
|
|
(941)
|
|
Irrevocable contributions granted
|
Manibil
|
|
(44)
|
|
(38)
|
|
Irrevocable contributions granted
|
Others (2)
|
|
-
|
|
(12)
|
|
Irrevocable contributions granted
|
Total Contributions to Subsidiaries
|
|
(1,326)
|
|
(991)
|
|
|
Item (1)
|
Amount (2)
|
Foreign exchange rate (3)
|
Total as of 03.31.18
|
Amount (2)
|
Foreign exchange rate (3)
|
Total as of 06.30.17
|
Assets
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
|
|
|
|
US Dollar
|
10.25
|
20.049
|
206
|
6.94
|
16.530
|
115
|
Receivables with related parties
|
|
|
|
|
|
|
US Dollar
|
8.92
|
20.149
|
180
|
10.57
|
16.630
|
176
|
Total Trade and other receivables
|
|
|
386
|
|
|
291
|
Investments in financial
assets
|
|
|
|
|
|
|
US Dollar
|
0.11
|
20.049
|
2
|
1.75
|
16.530
|
29
|
Total Investments in financial assets
|
|
|
2
|
|
|
29
|
Cash and cash
equivalents
|
|
|
|
|
|
|
US Dollar
|
1.73
|
20.049
|
35
|
1.04
|
16.530
|
17
|
Euros
|
0.07
|
24.666
|
2
|
0.07
|
18.840
|
1
|
Total Cash and cash equivalents
|
|
|
37
|
|
|
18
|
Total Assets
|
|
|
425
|
|
|
338
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Trade and other
payables
|
|
|
|
|
|
|
US Dollar
|
6.29
|
20.149
|
127
|
4.54
|
16.630
|
76
|
Payables with related parties
|
|
|
|
|
|
|
US Dollar
|
3.40
|
20.149
|
69
|
2.28
|
16.630
|
38
|
Total Trade and other payables
|
|
|
196
|
|
|
114
|
Borrowings
|
|
|
|
|
|
|
US Dollar
|
307.38
|
20.149
|
6,193
|
308.69
|
16.630
|
5,134
|
Borrowings with related parties
|
|
|
|
|
|
|
US Dollar
|
2.06
|
20.149
|
41
|
2.05
|
16.630
|
33
|
Total Borrowings
|
|
|
6,234
|
|
|
5,167
|
Total Liabilities
|
|
|
6,430
|
|
|
5,281
|
Exhibit A - Property, plant and equipment
|
Note 7 Investment properties and Note 8 Property, plant and
equipment
|
Exhibit B - Intangible assets
|
Note 10 Intangible assets
|
Exhibit C - Equity investments
|
Note 6 Information about the main subsidiaries, associates and
joint ventures
|
Exhibit D - Other investments
|
Note 11 Financial instruments by category
|
Exhibit E - Provisions
|
Note 12 Trade and other receivables and Note 16
Provisions
|
Exhibit F - Cost of sales and services provided
|
Note 9 Trading properties and Note 18 Expenses by
nature
|
Exhibit G - Foreign currency assets and liabilities
|
Note 22 Foreign currency assets and liabilities
|
Storage of documentation responsible
|
|
Location
|
Iron Mountain Argentina S.A.
|
|
Av. Amancio Alcorta 2482, Autonomous City of Buenos
Aires
|
|
Pedro de Mendoza 2143, Autonomous City of Buenos Aires
|
|
|
Saraza 6135, Autonomous City of Buenos Aires
|
|
|
Azara 1245, Autonomous City of Buenos Aires
|
|
|
Polígono industrial Spegazzini, Autopista Ezeiza Km 45,
Cañuelas, Province of Buenos Aires
|
|
|
|
Cañada de Gómez 3825, Autonomous City of Buenos
Aires
|
Items
|
Past due
|
Without term
|
Without term
|
To be due
|
|
||||||||
03.31.18
|
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
|
From 3 to 4 years
|
From 4 years on
|
Total
|
||
|
|||||||||||||
Accounts receivables
|
Trade and other receivables
|
89
|
357
|
71
|
164
|
60
|
11
|
3
|
166
|
-
|
-
|
7
|
928
|
|
Total
|
89
|
357
|
71
|
164
|
60
|
11
|
3
|
166
|
-
|
-
|
7
|
928
|
Liabilities
|
Trade and other payables
|
26
|
-
|
-
|
70
|
-
|
28
|
-
|
1
|
927
|
-
|
1
|
1,053
|
|
Borrowings
|
-
|
-
|
-
|
431
|
257
|
59
|
65
|
4,327
|
1,672
|
222
|
-
|
7,033
|
|
Salaries and social security liabilities
|
-
|
1
|
-
|
1
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
|
Provisions
|
-
|
1
|
32
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
33
|
|
Total
|
26
|
2
|
32
|
502
|
257
|
87
|
65
|
4,328
|
2,599
|
222
|
1
|
8,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
318
|
366
|
684
|
224
|
20
|
244
|
542
|
386
|
928
|
|
Total
|
318
|
366
|
684
|
224
|
20
|
244
|
542
|
386
|
928
|
Liabilities
|
Trade and other payables
|
110
|
14
|
124
|
747
|
182
|
929
|
857
|
196
|
1,053
|
|
Borrowings
|
436
|
376
|
812
|
363
|
5,858
|
6,221
|
799
|
6,234
|
7,033
|
|
Salaries and social security liabilities
|
2
|
-
|
2
|
-
|
-
|
-
|
2
|
-
|
2
|
|
Provisions
|
1
|
-
|
1
|
32
|
-
|
32
|
33
|
-
|
33
|
|
Total
|
549
|
390
|
939
|
1,142
|
6,040
|
7,182
|
1,691
|
6,430
|
8,121
|
Items
|
Current
|
Non-current
|
Accruing interest
|
Non-Accruinginterest
|
Total
|
||||||||
Accruing interest
|
Non-accruing interest (*)
|
Total
|
Accruing interest
|
Non-accruing interest (*)
|
Total
|
||||||||
Fixed rate
|
Floating rate
|
Fixed rate
|
Floating rate
|
Fixed rate
|
Floating rate
|
||||||||
Accounts receivables
|
Trade and other receivables
|
25
|
162
|
497
|
684
|
18
|
-
|
226
|
244
|
43
|
162
|
723
|
928
|
|
Total
|
25
|
162
|
497
|
684
|
18
|
-
|
226
|
244
|
43
|
162
|
723
|
928
|
Liabilities
|
Trade and other payables
|
-
|
-
|
124
|
124
|
2
|
-
|
927
|
929
|
2
|
-
|
1,051
|
1,053
|
|
Borrowings
|
446
|
282
|
84
|
812
|
5,832
|
385
|
4
|
6,221
|
6,278
|
667
|
88
|
7,033
|
|
Salaries and social security liabilities
|
-
|
-
|
2
|
2
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
2
|
|
Provisions
|
-
|
-
|
1
|
1
|
-
|
-
|
32
|
32
|
-
|
-
|
33
|
33
|
|
Total
|
446
|
282
|
211
|
939
|
5,834
|
385
|
963
|
7,182
|
6,280
|
667
|
1,174
|
8,121
|
Name of
the entity
|
% of
ownership interest held by the Group
|
Direct
Controlling interest of IRSA:
|
|
IRSA
CP
|
86.22%
|
Ecommerce Latina
S.A.
|
96.74%
|
Efanur
S.A.
|
100.00%
|
Hoteles
Argentinos S.A.
|
80.00%
|
Inversora
Bolívar S.A.
|
95.13%
|
Llao
Llao Resorts S.A.
|
50.00%
|
Nuevas
Fronteras S.A.
|
76.34%
|
Palermo
Invest S.A.
|
97.00%
|
Ritelco
S.A.
|
100.00%
|
Tyrus
S.A.
|
100.00%
|
Real Estate
|
Insured amounts (1)
|
Accounting values
|
Risk covered
|
Bouchard 551
|
2
|
66
|
All operational risk with additional coverage and minor
risks
|
Libertador 498
|
3
|
113
|
All operational risk with additional coverage and minor
risks
|
Santa María del Plata
|
0.053
|
4,329
|
All operational risk with additional coverage and minor
risks
|
Casona Abril
|
4
|
5
|
All operational risk with additional coverage and minor
risks
|
Terreno Catalinas Norte
|
2
|
920
|
All operational risk with additional coverage and minor
risks
|
Subtotal
|
11
|
5,433
|
|
Single policy
|
15,000
|
|
Third party liability
|
PRICE
WATERHOUSE & CO. S.R.L.
(Partner)
C.P.C.E.C.A.B.A. Tº 1 Fº 17
Dr. Mariano C. Tomatis
Public Accountant (UBA)
C.P.C.E.C.A.B.A. Tº 241 Fº 118
|
|
ABELOVICH,
POLANO & ASOCIADOS S.R.L.
(Partner)
C.P.C.E. C.A.B.A. T° 1 F° 30
Marcelo Héctor Fuxman
Public Accountant (UBA)
C.P.C.E.C.A.B.A. T° 134 F° 85
|
In Ps. Million
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Revenues
|
22,656
|
18,370
|
23.3%
|
65,696
|
55,201
|
19.0%
|
Net gain from fair value adjustment of investment
properties
|
1,294
|
-428
|
-402.3%
|
12,796
|
3,042
|
320.6%
|
Profit from operations
|
2,734
|
632
|
332.6%
|
18,691
|
6,814
|
174.3%
|
Depreciation and amortization
|
1,458
|
1,157
|
26.0%
|
4,085
|
3,531
|
15.7%
|
EBITDA
|
4,192
|
1,789
|
134.3%
|
22,776
|
10,345
|
120.2%
|
Adjusted EBITDA
|
2,950
|
2,322
|
27.0%
|
10,116
|
7,513
|
34.6%
|
Profit for the period
|
459
|
-310
|
-248.1%
|
11,290
|
6,506
|
73.5%
|
Attributable to equity holders of the parent
|
487
|
-51
|
-1,054.9%
|
9,405
|
3,784
|
148.5%
|
Attributable to non-controlling interest
|
-28
|
-259
|
-89.2%
|
1,885
|
2,722
|
-30.7%
|
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Revenues from sales, leases and services
|
886
|
722
|
22.7%
|
2,696
|
2,216
|
21.7%
|
Net gain from fair value adjustment on investment
properties
|
18
|
316
|
-94.3%
|
-9,023
|
-1,382
|
552.9%
|
Profit from operations
|
633
|
272
|
132.7%
|
11,043
|
3,080
|
258.5%
|
Depreciation and amortization
|
8
|
7
|
14.3%
|
21
|
20
|
5.0%
|
EBITDA
|
641
|
279
|
129.7%
|
11,064
|
3,100
|
256.9%
|
Adjusted EBITDA
|
659
|
595
|
10.8%
|
2,041
|
1,718
|
18.8%
|
|
IIIQ 18
|
IIQ 18
|
IQ 18
|
IVQ 17
|
IIIQ 17
|
Gross leasable area (sqm)
|
343,023
|
340,111
|
339,080
|
341,289
|
340,391
|
Tenants’ sales (3 month cumulative)
|
9,358.0
|
12,031.0
|
9,777.7
|
9,306.4
|
7,331.7
|
Occupancy
|
98.6%
|
99.1%
|
98.8%
|
98.6%
|
98.0%
|
Shopping Mall
|
Date of Acquisition
|
Gross Leasable Area
(sqm)(1)
|
Stores
|
IRSA Propiedades Comerciales S.A.’s Interest
|
Occupancy(2)
|
Alto Palermo
|
Dec-97
|
18,637
|
136
|
100.0%
|
100.0%
|
Abasto Shopping(3)
|
Nov-99
|
36,795
|
171
|
100.0%
|
99.0%
|
Alto Avellaneda
|
Dec-97
|
38,363
|
131
|
100.0%
|
99.7%
|
Alcorta Shopping
|
Jun-97
|
15,746
|
114
|
100.0%
|
98.8%
|
Patio Bullrich
|
Oct-98
|
11,396
|
87
|
100.0%
|
97.7%
|
Buenos Aires Design
|
Nov-97
|
13,735
|
62
|
53.7%
|
99.7%
|
Dot Baires Shopping
|
May-09
|
49,407
|
157
|
80.0%
|
99.6%
|
Soleil
|
Jul-10
|
15,214
|
79
|
100.0%
|
100.0%
|
Distrito Arcos
|
Dec-14
|
14,169
|
69
|
90.0%
|
100.0%
|
Alto Noa Shopping
|
Mar-95
|
19,059
|
90
|
100.0%
|
99.8%
|
Alto Rosario Shopping(4)
|
Nov-04
|
32,207
|
141
|
100.0%
|
98.9%
|
Mendoza Plaza Shopping
|
Dec-94
|
42,867
|
141
|
100.0%
|
96.0%
|
Córdoba Shopping
|
Dec-06
|
15,439
|
105
|
100.0%
|
98.4%
|
La Ribera Shopping(5)
|
Aug-11
|
10,530
|
68
|
50.0%
|
94.9%
|
Alto Comahue
|
Mar-15
|
9,459
|
100
|
99.1%
|
94.1%
|
Patio Olmos(6)
|
Sep-07
|
|
|
|
|
Total
|
|
343,023
|
1,651
|
|
98.6%
|
Shopping mall
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Alto Palermo
|
1,056.2
|
832.5
|
26.9%
|
3,632.9
|
3,040.5
|
19.5%
|
Abasto Shopping
|
1,239.4
|
981.5
|
26.3%
|
4,130.4
|
3,405.5
|
21.3%
|
Alto Avellaneda
|
1,179.8
|
927.5
|
27.2%
|
3,906.6
|
3,172.5
|
23.1%
|
Alcorta Shopping
|
569.0
|
440.5
|
29.2%
|
1,986.9
|
1,636.5
|
21.4%
|
Patio Bullrich
|
319.1
|
248.0
|
28.7%
|
1,102.0
|
904.5
|
21.8%
|
Buenos Aires Design
|
181.1
|
127.0
|
42.6%
|
523.8
|
396.5
|
32.1%
|
Dot Baires Shopping
|
1,010.4
|
798.0
|
26.6%
|
3,396.5
|
2,758.0
|
23.2%
|
Soleil
|
473.6
|
367.0
|
29.0%
|
1,615.2
|
1,220.0
|
32.4%
|
Distrito Arcos
|
375.2
|
298.0
|
25.9%
|
1,342.4
|
1,038.0
|
29.3%
|
Alto Noa Shopping
|
486.9
|
378.0
|
28.8%
|
1,454.9
|
1,175.0
|
23.8%
|
Alto Rosario Shopping
|
859.3
|
693.0
|
24.0%
|
2,867.9
|
2,319.0
|
23.7%
|
Mendoza Plaza Shopping
|
790.9
|
619.0
|
27.8%
|
2,481.6
|
1,974.0
|
25.7%
|
Córdoba Shopping
|
295.5
|
247.0
|
19.6%
|
1,031.7
|
854.0
|
20.8%
|
La Ribera Shopping(1)
|
231.6
|
176.0
|
31.6%
|
751.7
|
555.0
|
35.4%
|
Alto Comahue
|
290.0
|
198.0
|
46.5%
|
934.1
|
684.0
|
36.6%
|
Total
|
9,358.0
|
7,331.0
|
27.6%
|
31,158.6
|
25,133.0
|
24.0%
|
Type of Business
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Anchor Store
|
533.0
|
383.5
|
39.0%
|
1,770.4
|
1,329.0
|
33.2%
|
Clothes and Footwear
|
4,497.9
|
3,586.5
|
25.4%
|
16,156.9
|
13,333.0
|
21.2%
|
Entertainment
|
335.3
|
322.5
|
4.0%
|
987.0
|
868.0
|
13.7%
|
Home
|
288.5
|
227.5
|
26.8%
|
878.9
|
699.0
|
25.7%
|
Restaurant
|
1,178.1
|
915.0
|
28.8%
|
3,519.7
|
2,687.0
|
31.0%
|
Miscellaneous
|
1,191.1
|
904.0
|
31.8%
|
3,778.3
|
3,026.0
|
24.9%
|
Services
|
110.9
|
60.0
|
84.8%
|
324.9
|
168.0
|
93.4%
|
Electronic appliances
|
1,223.2
|
932.0
|
31.2%
|
3,742.5
|
3,023.0
|
23.8%
|
Total
|
9,358.0
|
7,331.0
|
27.6%
|
31,158.6
|
25,133.0
|
24.0%
|
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Base rent (1)
|
558.3
|
408.3
|
36.8%
|
1,532.1
|
1,193.9
|
28.3%
|
Percentage rent
|
127.1
|
96.1
|
32.2%
|
545.6
|
478.9
|
13.9%
|
Total rent
|
685.4
|
504.4
|
35.9%
|
2,077.7
|
1,672.8
|
24.2%
|
Admission rights
|
96.6
|
68.4
|
41.3%
|
247.1
|
194.0
|
27.4%
|
Fees
|
14.6
|
11.7
|
24.4%
|
42.9
|
34.3
|
24.8%
|
Parking
|
53.1
|
45.8
|
15.8%
|
172.2
|
140.9
|
22.2%
|
Commissions
|
13.4
|
37.0
|
-63.8%
|
82.7
|
82.0
|
0.8%
|
Revenues from non-traditional advertising
|
20.7
|
12.5
|
65.5%
|
65.0
|
44.8
|
45.1%
|
Others
|
2.4
|
41.5
|
-94.2%
|
8.2
|
47.7
|
-82.8%
|
Revenues from sales, leases and services
|
886.2
|
721.2
|
22.9%
|
2,695.7
|
2,216.5
|
21.6%
|
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Revenues
|
136
|
106
|
28.3%
|
387
|
323
|
19.8%
|
Net gain from fair value adjustment of investment
properties
|
-652
|
815
|
-
|
-1,537
|
-690
|
122.8%
|
Profit from operations
|
728
|
-746
|
-
|
1,791
|
892
|
100.8%
|
Depreciation and Amortization
|
3
|
-
|
-
|
6
|
6
|
-
|
EBITDA
|
731
|
-746
|
-
|
1,797
|
898
|
100.1%
|
Adjusted EBITDA
|
79
|
69
|
14.5%
|
260
|
208
|
25.0%
|
|
IIIQ 18
|
IIQ 18
|
IQ 18
|
IVQ 17
|
IIIQ 17
|
Gross
leasable area
|
84,982
|
85,378
|
85,378
|
85,784
|
86,682
|
Occupancy
|
91.1%
|
93.2%
|
96.2%
|
96.2%
|
97.9%
|
Rent
(PS./sqm)
|
541
|
505
|
464
|
436
|
409
|
Rent
(USD/sqm)
|
26.9
|
26.9
|
26.8
|
26.2
|
26.2
|
|
Date of Acquisition
|
Leasable Area sqm (1)
|
Occupancy Rate (2)
|
IRSA’s Effective Interest
|
Offices
|
|
|
|
|
Edificio República(3)
|
04/28/08
|
19,885
|
94%
|
100%
|
Torre Bankboston(3)
|
08/27/07
|
14,873
|
86%
|
100%
|
Intercontinental Plaza(3)
|
11/18/97
|
3,876
|
100%
|
100%
|
Bouchard 710 (3)
|
06/01/05
|
15,014
|
100%
|
100%
|
Libertador 498
|
12/20/95
|
620
|
100%
|
100%
|
Suipacha 652/64(3)
|
11/22/91
|
11,465
|
86%
|
100%
|
Dot Building (3)
|
11/28/06
|
11,242
|
100%
|
80%
|
Philips(3)
|
06/05/17
|
8,007
|
68%
|
100%
|
Subtotal Offices
|
|
84,982
|
91%
|
|
Other Properties
|
|
|
|
|
Santa María del Plata S.A.
|
10/17/97
|
116,100
|
91%
|
100%
|
Ex – Nobleza Piccardo (4)
|
05/31/11
|
109,610
|
89%
|
50%
|
Other Properties (5)
|
|
23,240
|
65%
|
|
Subtotal Other Properties
|
|
248,950
|
88%
|
|
TOTAL OFFICES AND OTHERS
|
|
333,932
|
89%
|
|
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Revenues from sales, leases and services
|
24
|
3
|
100.0%
|
78
|
4
|
1,850.0%
|
Net gain from fair value adjustment of investment
properties
|
-256
|
-257
|
-0.4%
|
-782
|
-13
|
5,915.4%
|
Profit from operations
|
497
|
279
|
78.1%
|
1,003
|
47
|
2,034.0%
|
Depreciation and amortization
|
1
|
1
|
-
|
1
|
1
|
-
|
EBITDA
|
498
|
280
|
77.9%
|
1,004
|
48
|
1,991.7%
|
Adjusted EBITDA
|
242
|
23
|
952.2%
|
222
|
35
|
534.3%
|
Hotels (in millions of Ps.)
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Revenues
|
261
|
195
|
33.8%
|
739
|
568
|
30.1%
|
(Loss) / profit from operations
|
15
|
11
|
36.4%
|
35
|
36
|
-2.8%
|
Depreciation and amortization
|
4
|
1
|
300.0%
|
11
|
8
|
37.5%
|
EBITDA
|
19
|
12
|
58.3%
|
46
|
44
|
4.5%
|
|
IIIQ 18
|
IIQ 18
|
IQ 18
|
IVQ 17
|
IIIQ 17
|
Average
Occupancy
|
71.9%
|
71.5%
|
68.4%
|
67.3%
|
69.6%
|
Average
Rate per Room (PS./night)
|
3,,625
|
3,420
|
3,290
|
2,803
|
2,873
|
Average
Rate per Room (USD/night)
|
198
|
195
|
190
|
181
|
186
|
Hotels
|
Date of
Acquisition
|
IRSA’s
Interest
|
Number
of Rooms
|
Average
Occupancy (1)
|
Average
Rate(2)
|
Intercontinental (3)
|
11/01/97
|
76.34%
|
309
|
75.7%
|
2,618
|
Sheraton Libertador (4)
|
03/01/98
|
80.00%
|
200
|
77.9%
|
2,507
|
Llao Llao (5)
|
06/01/97
|
50.00%
|
205
|
60.2%
|
6,944
|
Total
|
-
|
|
714
|
71.9%
|
3,625
|
Lipstick
|
Mar-18
|
Mar-17
|
YoY Var
|
Gross Leasable Area (sqm)
|
58,092
|
58,695
|
-1.0%
|
Occupancy
|
96.9%
|
96.6%
|
0.25
|
Rental price (USD/sqm)
|
77.5
|
70.0
|
10.7%
|
Corporate (in millions of Ps.)
|
IIIT 18
|
IIIT 17
|
Var a/a
|
9M 18
|
9M 17
|
Var a/a
|
Revenues
|
-
|
-
|
-
|
-
|
-
|
-
|
Operating Income
|
-40
|
-36
|
11.1%
|
-113
|
-86
|
31.4%
|
D&A
|
-1
|
-
|
-
|
-
|
-
|
-
|
EBITDA
|
-41
|
-36
|
13.9%
|
-113
|
-86
|
31.4%
|
Real Estate (Property & Building - PBC) - Ps. MM
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Revenues
|
1,290
|
1,338
|
-3.6%
|
3,793
|
3,830
|
-1.0%
|
Net gain from fair value adjustment of investment
properties
|
-198
|
-3
|
6,500.0%
|
-1,288
|
-957
|
34.6%
|
Profit from operations
|
1,025
|
587
|
74.6%
|
3,725
|
2,673
|
39.4%
|
Depreciation and amortization
|
-
|
11
|
-100.0%
|
14
|
23
|
-39.1%
|
EBITDA
|
1,025
|
598
|
71.4%
|
3,739
|
2,696
|
38.7%
|
Adjusted EBITDA
|
827
|
595
|
39.0%
|
2,451
|
1,739
|
40.9%
|
Supermarkets (Shufersal) –Ps. MM
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Revenues
|
14,606
|
11,591
|
26.0%
|
42,460
|
35,030
|
21.2%
|
Profit from operations
|
495
|
345
|
43.5%
|
1,503
|
1,088
|
38.1%
|
Depreciation and amortization
|
475
|
338
|
40.5%
|
1,276
|
967
|
32.0%
|
EBITDA
|
970
|
683
|
42.0%
|
2,779
|
2,055
|
35.2%
|
Telecommunications (Cellcom) – Ps. MM
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Revenues
|
4,965
|
3,972
|
25.0%
|
14,030
|
11,720
|
19.7%
|
Profit from operations
|
-166
|
-215
|
-22.8%
|
33
|
-203
|
-
|
Depreciation and amortization
|
940
|
793
|
18.5%
|
2,702
|
2,465
|
9.6%
|
EBITDA
|
774
|
578
|
33.9%
|
2,735
|
2,262
|
20.9%
|
Others (other subsidiaries) –Ps. MM
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Revenues
|
76
|
108
|
-29.6%
|
275
|
450
|
-38.9%
|
Loss from operations
|
-215
|
-13
|
1.553.8%
|
-185
|
-97
|
90.7%
|
Depreciation and amortization
|
25
|
4
|
525.0%
|
48
|
40
|
20.0%
|
EBITDA
|
-190
|
-9
|
1.969.0%
|
-137
|
-57
|
140.4%
|
Corporate (DIC, IDBD y Dolphin) –Ps. MM
|
IIIQ 18
|
IIIQ 17
|
YoY Var
|
9M 18
|
9M 17
|
YoY Var
|
Revenues
|
-
|
-
|
-
|
-
|
-
|
-
|
Loss from operations
|
-99
|
-165
|
-39.9%
|
148
|
-366
|
-
|
Depreciation and amortization
|
-
|
-
|
-
|
-
|
-
|
-
|
EBITDA
|
-99
|
-165
|
-39.9%
|
148
|
-366
|
-
|
|
Total as per Segment information
|
Adjustment for share of profit/(loss) of Joint Ventures
*
|
Expenses and Collective Promotion Funds
|
Adjustment to income for elimination of inter-segment
transactions
|
Total as per Statement of Income
|
Revenues
|
64,459
|
-37
|
1,281
|
-7
|
65,696
|
Costs
|
-43,477
|
17
|
-1,304
|
-
|
-44,764
|
Gross profit
|
20,982
|
-20
|
-23
|
-7
|
20,932
|
Net gain from fair value adjustment of investment
properties
|
13,002
|
-206
|
-
|
-
|
12,796
|
General and administrative expenses
|
-3,480
|
14
|
-
|
9
|
-3,457
|
Selling expenses
|
-12,131
|
6
|
-
|
-
|
-12,125
|
Other operating results, net
|
530
|
17
|
-
|
-2
|
545
|
Profit / (loss) from operations
|
18,903
|
-189
|
-23
|
-
|
18,691
|
Share of profit of associates and joint ventures
|
355
|
216
|
-
|
-
|
571
|
Net segment profit before financial results and income
tax
|
19,258
|
27
|
-23
|
-
|
19,262
|
Description
|
Currency
|
Amount (1)
|
Interest Rate
|
Maturity
|
Bank overdrafts
|
Ps.
|
22.2
|
Floating
|
< 360 days
|
IRSA 2020 Series II Non-Convertible Notes.
|
USD
|
71.4
|
11.50%
|
Jul-20
|
Series VII Non-Convertible Notes
|
Ps.
|
19.1
|
Badlar + 299
|
Sep-19
|
Series VIII Non-Convertible Notes
|
USD
|
184.5
|
7.00%
|
Sep-19
|
Other debt
|
USD
|
50.0
|
-
|
Feb-22
|
IRSA’s Total Debt
|
|
347.3
|
|
|
IRSA’s Cash + Cash Equivalents + Investments
(2)
|
USD
|
1.9
|
|
|
IRSA’s Net Debt
|
USD
|
345.4
|
|
|
Bank overdrafts
|
Ps.
|
3.9
|
-
|
< 360 d
|
PAMSA loan
|
USD
|
35.0
|
Fixed
|
Feb-323
|
IRCP NCN Class IV
|
USD
|
140.0
|
5.0%
|
Sep-20
|
IRSA CP NCN Class II
|
USD
|
360.0
|
8.75%
|
Mar-23
|
IRSA CP’s Total Debt
|
|
538.9
|
|
|
Cash & Cash Equivalents + Investments (3
|
|
333.7
|
|
|
Consolidated Net Debt
|
|
550.6
|
|
|
Indebtedness(1)
|
|
Amount
|
IDBD
|
|
737
|
DIC
|
|
963
|
|
03.31.18
|
03.31.17
|
Non-current assets
|
195,530
|
148,237
|
Current assets
|
84,227
|
55,454
|
Total Assets
|
279,757
|
203,691
|
Capital and reserves attributable to equity holders of the
parent
|
30,651
|
25,806
|
Non-controlling interest
|
28,400
|
18,272
|
Total shareholders’ equity
|
59,051
|
44,078
|
Non-current liabilities
|
169,305
|
118,795
|
Current liabilities
|
51,401
|
40,818
|
Total Liabilities
|
220,706
|
159,613
|
Total liabilities and shareholders’ equity
|
279,757
|
203,691
|
|
03.31.18
|
03.31.17
|
Profit from operations
|
18,691
|
6,814
|
Share of profit of associates and joint ventures
|
571
|
142
|
Profit before financial results and income tax
|
19,262
|
6,956
|
Finance income
|
992
|
657
|
Finance expenses
|
-11,148
|
-5,531
|
Other financial results
|
1,838
|
2,481
|
Financial results, net
|
-8,318
|
-2,393
|
Income before income tax
|
10,944
|
4,563
|
Income tax expense
|
159
|
-1,113
|
Profit for the period from continuing operations
|
11,103
|
3,450
|
Income / (loss) for the period
from discontinued operations after income tax
|
187
|
3,056
|
Profit for the period
|
11,290
|
6,506
|
Other comprehensive (loss) / income for the period
|
1,945
|
2,164
|
Comprehensive net (loss) / income for the period
|
13,235
|
8,670
|
|
|
|
Attributable
to:
|
|
|
Equity holders of the parent
|
8,786
|
4,386
|
Non-controlling interest
|
4,449
|
4,284
|
|
03.31.18
|
03.31.17
|
Net cash generated by operating activities
|
9,392
|
6,312
|
Net cash used in investing activities
|
-8,493
|
859
|
Net cash generated by financing activities
|
5,075
|
651
|
Net increase in cash and cash equivalents
|
5,974
|
7,822
|
Cash and cash equivalents at beginning of fiscal year
|
24,854
|
13,866
|
Cash and cash equivalents reclassified to held for
sale
|
-269
|
-161
|
Foreign exchange gain on cash and cash equivalents
|
2,402
|
852
|
Cash and cash equivalents at the end of the period
|
32,961
|
22,379
|
|
03.31.18
|
|
03.31.17
|
|
Liquidity
|
|
|
|
|
CURRENT ASSETS
|
84,227
|
1.64
|
55,454
|
1.36
|
CURRENT LIABILITIES
|
51,401
|
|
40,818
|
|
Indebtedness
|
|
|
|
|
TOTAL LIABILITIES
|
220,706
|
7.20
|
159,613
|
6.19
|
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT
|
30,651
|
|
25,806
|
|
Solvency
|
|
|
|
|
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT
|
30,651
|
0.14
|
25,806
|
0.16
|
TOTAL LIABILITIES
|
220,706
|
|
159,613
|
|
Restricted
Assets
|
|
|
|
|
NON-CURRENT ASSETS
|
195,530
|
0.70
|
148,237
|
0.73
|
TOTAL ASSETS
|
279,757
|
|
203,691
|
|
For the nine-month period ended March 31 (in Ps.
million)
|
||
|
2018
|
2017
|
Profit for the period
|
11,290
|
6,506
|
Profit from discontinued operations
|
- 187
|
- 3,056
|
Interest income
|
- 619
|
- 549
|
Interest expense
|
7,945
|
4,840
|
Income tax expense
|
- 159
|
1,113
|
Depreciation and amortization
|
4,085
|
3,531
|
EBITDA (unaudited)
|
22,355
|
12,385
|
Unrealized gain from fair value of investment
properties
|
- 12,660
|
- 2,832
|
Share of profit of associates and joint ventures
|
- 571
|
- 142
|
Dividends earned
|
- 59
|
- 53
|
Foreign exchange differences net
|
2,398
|
207
|
(Gain) from derivative financial instruments
|
14
|
- 111
|
Fair value gains of financial assets and liabilities at fair value
through profit or loss
|
- 1,852
|
- 2,370
|
Other financial costs
|
491
|
429
|
Adjusted EBITDA (unaudited)
|
10,116
|
7,513
|
Adjusted EBITDA Margin
(unaudited)(1)
|
15.40%
|
13.61%
|