Denomination:
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y
Agropecuaria
|
||
|
||
Fiscal year
N°: 86, beginning on July
1, 2018
|
||
|
||
Legal address:
Moreno 877, 23rd floor –
Autonomous City of Buenos Aires,
Argentina
|
||
|
||
Company activity:
Real estate, agricultural, commercial
and financial activities
|
||
|
||
Date of registration of the
by-laws in the Public Registry of Commerce: February 19, 1937
|
||
|
||
Date of registration of last
amendment of the by-laws in the Public Registry of Commerce:
October 31, 2014 and its reinstatement
on November 14, 2014
|
||
|
||
Expiration of Company
charter: June 6,
2082
|
||
|
||
Registration number with the
Supervisory Board of Companies: 26, folio 2, book 45, Stock
Companies
|
||
|
||
Stock: 501,642,804 common
shares
|
||
|
||
Common stock subscribed, issued
and paid up nominal value (millions of Ps.): 502
|
||
|
||
Parent Companies:
Inversiones Financieras del Sur S.A.
and Agroinvestment S.A.
|
||
|
||
Legal addresses:
Road 8, km 17,500, Zonamérica
Building 1, store 106, Montevideo, Uruguay (IFISA) - Cambara 1620,
2nd floor, office 202, Carrasco, 11000 Montevideo, Uruguay
(Agroinvesment S.A.)
|
||
|
||
Parent companies'
activity:
Investment
|
||
|
||
Direct ownership
interest: 174,173,103
shares
|
||
|
||
Voting stock (direct and
indirect equity interest): 36.38% (*)
|
||
|
||
|
||
Type of
stock
|
CAPITAL
STATUS
|
|
Authorized
to be offered publicly (Shares)
|
Subscribed,
Issued and Paid-in, nominal value (millions of
Ps.)
|
|
Ordinary certified shares
of Ps. 1 face value and 1 vote each
|
501,642,804
(**)
|
502
|
|
||
|
||
(*) For computation
purposes, treasury shares have been subtracted.
|
||
(**) Company not included
in the Optional Statutory System of Public Offer of Compulsory
Acquisition.
|
Glossary of terms
|
1
|
Unaudited Condensed Interim Consolidated
Statements of Financial Position
|
2
|
Unaudited Condensed Interim Consolidated
Statements of Income and Other Comprehensive Income
|
3
|
Unaudited Condensed Interim Consolidated
Statements of Changes in Shareholders' Equity
|
4
|
Unaudited Condensed Interim Consolidated
Statements of Cash Flows
|
6
|
Notes to the Unaudited Condensed Interim
Consolidated Financial Statements:
|
|
Note 1 - The Group's business and general
information
|
7
|
Note 2 - Summary of significant accounting
policies
|
8
|
Note 3 - Seasonal effects on
operations
|
11
|
Note 4 - Acquisitions and
disposals
|
11
|
Note 5 - Financial risk management and fair
value estimates
|
13
|
Note 6 - Segment information
|
14
|
Note 7 - Investments in associates and joint
ventures
|
19
|
Note 8 - Investment
properties
|
21
|
Note 9 - Property, plant and
equipment
|
21
|
Note 10 - Trading properties
|
22
|
Note 11 - Intangible assets
|
22
|
Note 12 - Biological assets
|
23
|
Note 13 - Inventories
|
23
|
Note 14 - Financial instruments by
category
|
24
|
Note 15 - Trade and other
receivables
|
27
|
Note 16 - Cash flow
information
|
28
|
Note 17 - Trade and other
payables
|
29
|
Note 18 - Equity
|
29
|
Note 19 - Provisions
|
30
|
Note 20 - Borrowings
|
30
|
Note 21 - Taxation
|
31
|
Note 22 - Revenues
|
31
|
Note 23 - Costs
|
32
|
Note 24 - Expenses by nature
|
32
|
Note 25 - Other operating results, net
|
32
|
Note 26 - Financial results,
net
|
33
|
Note 27 - Related parties
transactions
|
33
|
Note 28 - CNV General Resolution N°
622
|
35
|
Note 29 - Cost of sales and services
provided
|
35
|
Note 30 - Foreign currency assets and
liabilities
|
36
|
Note 31 - Groups of assets and liabilities held for
sale
|
36
|
Note 32 - Result from discontinued
operations
|
37
|
Note 33 - CNV Resolution N° 629/14
- Storage of
documentation
|
37
|
Note 34 - Other subsequent events of the period
|
38
|
Note 35 - Subsequent Events
|
39
|
|
|
|
|
Terms
|
|
Definitions
|
Acres
|
|
Agropecuaria Acres del Sud
S.A.
|
Adama
|
|
Adama Agricultural
Solutions Ltd.
|
Agropecuarias
SC
|
|
Agropecuarias Santa Cruz de
la Sierra S.A.
|
BACS
|
|
Banco de Crédito y
Securitización S.A.
|
BCRA
|
|
Central Bank of the
Argentine Republic
|
BHSA
|
|
Banco Hipotecario
S.A.
|
Brasilagro
|
|
Brasilagro-Companhia
Brasileira de Propriedades Agrícolas
|
CAMSA
|
|
Consultores Assets
Management S.A.
|
Carnes
Pampeanas
|
|
Sociedad Anónima
Carnes Pampeanas S.A.
|
Cellcom
|
|
Cellcom Israel
Ltd.
|
Clal
|
|
Clal Holdings Insurance
Enterprises Ltd.
|
CNV
|
|
National Securities
Commission
|
CODM
|
|
Chief operating decision
maker
|
Condor
|
|
Condor Hospitality Trust
Inc.
|
Cresud, “the
Company”, “us”
|
|
Cresud S.A.C.I.F. y
A.
|
DIC
|
|
Discount Investment
Corporation Ltd.
|
DN B.V.
|
|
Dolphin Netherlands
B.V.
|
Financial
Statements
|
|
Unaudited Condensed Interim
Consolidated Financial Statements
|
Annual Financial
Statements
|
|
Consolidated Financial
Statements as of June 30, 2018
|
Efanur
|
|
Efanur
S.A.
|
ETH
|
|
C.A.A. Extra Holdings
Ltd.
|
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.
|
HASA
|
|
Hoteles Argentinos
S.A.
|
IRSA
|
|
IRSA Inversiones y
Representaciones S.A.
|
IRSA CP
|
|
IRSA Propiedades
Comerciales S.A.
|
Israir
|
|
Israir Airlines &
Tourism Ltd.
|
LRSA
|
|
La Rural
S.A.
|
Metropolitan
|
|
Metropolitan 885 Third
Avenue Leasehold LLC
|
MPIT
|
|
Minimum Presummed Income
Tax
|
New
Lipstick
|
|
New Lipstick
LLC
|
NFSA
|
|
Nuevas Fronteras
S.A.
|
IAS
|
|
International Accounting
Standards
|
IFRS
|
|
International Financial
Reporting Standard
|
NIS
|
|
New Israeli
Shekel
|
NPSF
|
|
Nuevo Puerto Santa Fe
S.A.
|
OASA
|
|
OGDEN Argentina
S.A.
|
Ombú
|
|
Ombú Agropecuaria
S.A.
|
NCN
|
|
Non-convertible
notes
|
PBC
|
|
Property & Building
Corporation Ltd.
|
PBEL
|
|
PBEL Real Estate
Ltd.
|
Quality
|
|
Quality Invest
S.A.
|
Shufersal
|
|
Shufersal
Ltd.
|
Tarshop
|
|
Tarshop
S.A.
|
Tarshop
|
|
Tarshop
S.A.
|
Tyrus
|
|
Tyrus
S.A.
|
Yuchan
|
|
Yuchán Agropecuaria
S.A.
|
Yatay
|
|
Yatay Agropecuaria
S.A.
|
|
|
|
|
|
Note
|
|
12.31.18
|
|
06.30.18
|
ASSETS
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Investment properties
|
|
8
|
|
206,275
|
|
208,494
|
Property, plant and
equipment
|
|
9
|
|
31,449
|
|
29,853
|
Trading properties
|
|
10
|
|
4,494
|
|
8,487
|
Intangible assets
|
|
11
|
|
15,614
|
|
16,050
|
Biological assets
|
|
12
|
|
1,056
|
|
1,154
|
Other assets
|
|
|
|
50
|
|
241
|
Investment in associates and joint
ventures
|
|
7
|
|
28,584
|
|
33,361
|
Deferred income tax assets
|
|
21
|
|
1,437
|
|
1,498
|
Income tax and MPIT credits
|
|
|
|
467
|
|
577
|
Restricted assets
|
|
14
|
|
4,005
|
|
2,776
|
Trade and other receivables
|
|
15
|
|
12,920
|
|
11,637
|
Investment in financial
assets
|
|
14
|
|
2,100
|
|
2,187
|
Financial assets held for
sale
|
|
14
|
|
8,927
|
|
9,928
|
Derivative financial
instruments
|
|
14
|
|
5
|
|
38
|
Total non-current
assets
|
|
|
|
317,383
|
|
326,281
|
Current
assets
|
|
|
|
|
|
|
Trading properties
|
|
10
|
|
2,871
|
|
4,175
|
Biological assets
|
|
12
|
|
2,632
|
|
1,164
|
Inventories
|
|
13
|
|
2,606
|
|
3,009
|
Restricted assets
|
|
14
|
|
3,969
|
|
5,415
|
Income tax and MPIT credits
|
|
|
|
406
|
|
510
|
Financial assets held for
sale
|
|
31
|
|
7,800
|
|
6,618
|
Groups of assets held for
sale
|
|
15
|
|
22,389
|
|
21,941
|
Investment in financial
assets
|
|
14
|
|
33,476
|
|
32,676
|
Trade and other receivables
|
|
14
|
|
7,206
|
|
5,693
|
Derivative financial
instruments
|
|
14
|
|
206
|
|
198
|
Cash and cash equivalents
|
|
14
|
|
54,729
|
|
49,268
|
Total current
assets
|
|
|
|
138,290
|
|
130,667
|
TOTAL
ASSETS
|
|
|
|
455,673
|
|
456,948
|
SHAREHOLDERS’
EQUITY
|
|
|
|
|
|
|
Shareholders' equity (according to corresponding
statement)
|
|
|
|
26,602
|
|
30,525
|
Non-controlling interest
|
|
|
|
68,795
|
|
70,638
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
|
|
95,397
|
|
101,163
|
LIABILITIES
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Trade and other
payables
|
|
20
|
|
239,632
|
|
238,963
|
Income tax and minimum presumed income tax liabilities
|
|
21
|
|
32,411
|
|
34,378
|
Borrowings
|
|
17
|
|
2,345
|
|
4,724
|
Deferred income tax
liabilities
|
|
18
|
|
5,065
|
|
4,547
|
Derivative financial
instruments
|
|
|
|
131
|
|
140
|
Payroll and social
security liabilities
|
|
|
|
1
|
|
-
|
Provisions
|
|
14
|
|
367
|
|
51
|
Employee benefits
|
|
|
|
103
|
|
97
|
Total non-current
liabilities
|
|
|
|
280,055
|
|
282,900
|
Current
liabilities
|
|
|
|
|
|
|
Trade and other payables
|
|
17
|
|
18,786
|
|
22,964
|
Income tax and
minimum presumed income tax liabilities
|
|
20
|
|
52,596
|
|
40,897
|
Payroll and social
security liabilities
|
|
18
|
|
1,354
|
|
1,350
|
Borrowings
|
|
31
|
|
4,589
|
|
4,134
|
Derivative financial
instruments
|
|
|
|
1,983
|
|
2,382
|
Provisions
|
|
|
|
606
|
|
758
|
Group of liabilities held for sale
|
|
14
|
|
307
|
|
400
|
Total Current
liabilities
|
|
|
|
80,221
|
|
72,885
|
TOTAL
LIABILITIES
|
|
|
|
360,276
|
|
355,785
|
TOTAL SHAREHOLDERS' EQUITY
AND LIABILITIES
|
|
|
|
455,673
|
|
456,948
|
PRICE WATERHOUSE
& CO. S.R.L.
(Socio)
|
|
)
|
|
)
|
C.P.C.E.C.A.B.A.
T° 1 F° 17
Dr. Mariano C.
Tomatis
Contador Público
(UBA)
C.P.C.E.C.A.B.A.
T° 241 F° 118
|
|
arcelo H.
Fuxman
Síndico
Titular
Por Comisión
Fiscalizadora
|
|
Alejandro G. Elsztain
Vicepresident II acting
as President
|
|
|
|
|
Six
months
|
|
Three
months
|
||||
|
|
Note
|
|
12.31.18
|
|
12.31.17
|
|
12.31.18
|
|
12.31.17
|
Revenues
|
|
22
|
|
33,103
|
|
28,238
|
|
17,398
|
|
15,395
|
Costs
|
|
23
|
|
(20,739)
|
|
(17,275)
|
|
(12,289)
|
|
(9,513)
|
Initial recognition and
changes in the fair value of biological assets and agricultural
products at the point of harvest
|
|
|
|
461
|
|
172
|
|
(52)
|
|
106
|
Changes in the net
realizable value of agricultural products after
harvest
|
|
|
|
34
|
|
81
|
|
(444)
|
|
26
|
Gross
profit
|
|
|
|
12,859
|
|
11,216
|
|
4,613
|
|
6,014
|
Net gain from fair value
adjustment of investment properties
|
|
|
|
(5,519)
|
|
10,336
|
|
(13,780)
|
|
8,316
|
Gain from disposal of
farmlands
|
|
|
|
53
|
|
-
|
|
52
|
|
-
|
General and administrative
expenses
|
|
24
|
|
(3,590)
|
|
(3,105)
|
|
(1,283)
|
|
(1,708)
|
Selling
expenses
|
|
24
|
|
(3,915)
|
|
(3,785)
|
|
(1,213)
|
|
(2,044)
|
Other operating results,
net
|
|
25
|
|
521
|
|
1,106
|
|
(190)
|
|
941
|
Management
fees
|
|
|
|
-
|
|
(785)
|
|
356
|
|
(739)
|
Profit /
(Loss) from operations
|
|
|
|
409
|
|
14,983
|
|
(11,445)
|
|
10,780
|
Share of profit of
associates and joint ventures
|
|
7
|
|
(717)
|
|
78
|
|
204
|
|
(533)
|
(Loss) /
profit before financial results and income tax
|
|
|
|
(308)
|
|
15,061
|
|
(11,241)
|
|
10,247
|
Finance
income
|
|
26
|
|
1,252
|
|
702
|
|
(742)
|
|
274
|
Finance
cost
|
|
26
|
|
(10,348)
|
|
(9,928)
|
|
6,988
|
|
(3,171)
|
Other financial
results
|
|
26
|
|
1,273
|
|
1,042
|
|
(7,958)
|
|
562
|
Inflation
adjustment
|
|
26
|
|
(127)
|
|
(21)
|
|
373
|
|
(349)
|
Financial results,
net
|
|
26
|
|
(7,950)
|
|
(8,205)
|
|
(1,339)
|
|
(2,684)
|
(Loss) /
Profit before income tax
|
|
|
|
(8,258)
|
|
6,856
|
|
(12,580)
|
|
7,563
|
Income
tax
|
|
21
|
|
1,921
|
|
3,327
|
|
3,258
|
|
4,874
|
(Loss) /
Profit for the period from continuing
operations
|
|
|
|
(6,337)
|
|
10,183
|
|
(9,322)
|
|
12,437
|
Profit for the period from
discontinued operations
|
|
32
|
|
717
|
|
1,291
|
|
789
|
|
763
|
(Loss) /
Profit for the period
|
|
|
|
(5,620)
|
|
11,474
|
|
(8,533)
|
|
13,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income /
(loss):
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
|
|
|
Currency translation
adjustment
|
|
|
|
782
|
|
(3,931)
|
|
(22,734)
|
|
(3,622)
|
Change in the fair value of
hedging instruments net of income taxes
|
|
|
|
28
|
|
-
|
|
27
|
|
-
|
Items that may not be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
|
|
|
Revaluation of fixed assets
transferred to investment properties
|
|
|
|
573
|
|
-
|
|
-
|
|
-
|
Other comprehensive income
from subsidiary
|
|
|
|
334
|
|
-
|
|
-
|
|
-
|
Actuarial loss from defined
benefit plans
|
|
|
|
-
|
|
(72)
|
|
-
|
|
(72)
|
Other
comprehensive income / (loss) for the period from continuing
operations
|
|
|
|
1,717
|
|
(4,003)
|
|
(22,707)
|
|
(3,694)
|
Other comprehensive income
for the period from discontinued operations
|
|
|
|
16
|
|
399
|
|
(981)
|
|
399
|
Total
other comprehensive income / (loss) for the
period
|
|
|
|
1,733
|
|
(3,604)
|
|
(23,688)
|
|
(3,295)
|
Total
comprehensive (loss) / income for the period
|
|
|
|
(3,887)
|
|
7,870
|
|
(32,221)
|
|
9,905
|
Total comprehensive (loss)
/ income from continuing operations
|
|
|
|
(4,620)
|
|
6,180
|
|
(32,573)
|
|
9,059
|
Total comprehensive income
from discontinued operations
|
|
|
|
733
|
|
1,690
|
|
352
|
|
846
|
Total
comprehensive (loss) / income from the period
|
|
|
|
(3,887)
|
|
7,870
|
|
(32,221)
|
|
9,905
|
(Loss) / profit for the period attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent
|
|
|
|
(3,925)
|
|
5,354
|
|
(3,571)
|
|
5,787
|
Non-controlling
interest
|
|
|
|
(1,695)
|
|
6,120
|
|
(4,962)
|
|
7,413
|
(Loss) / profit from continuing operations attributable
to:
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent
|
|
|
|
(4,393)
|
|
4,924
|
|
223
|
|
(3,581)
|
Non-controlling
interest
|
|
|
|
(1,944)
|
|
5,259
|
|
(9,545)
|
|
16,018
|
Total comprehensive (Loss) / income attributable
to:
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent
|
|
|
|
(3,424)
|
|
4,676
|
|
(4,164)
|
|
(24,937)
|
Non-controlling
interest
|
|
|
|
(463)
|
|
3,194
|
|
(28,057)
|
|
34,842
|
(Loss) / profit for the period per share attributable to equity
holders of the parent:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
(8.077)
|
|
10.723
|
|
(7.348)
|
|
11.520
|
Diluted
|
|
|
|
(8.077)
|
|
10.673
|
|
(7.348)
|
|
11.466
|
(Loss) / profit per share from continuing operations attributable
to equity holders of the parent:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
(9.040)
|
|
9.862
|
|
0.459
|
|
4.983
|
Diluted
|
|
|
|
(9.010)
|
|
9.816
|
|
(7.062)
|
|
4.960
|
(Socio)
|
|
)
|
|
)
|
C.P.C.E.C.A.B.A.
T° 1 F° 17
Dr. Mariano C.
Tomatis
Contador Público
(UBA)
C.P.C.E.C.A.B.A.
T° 241 F° 118
|
|
Marcelo H.
Fuxman
Síndico
Titular
Por Comisión
Fiscalizadora
|
|
Alejandro G. Elsztain
Vicepresident II acting
as President
|
|
|
Attributable
to equity holders of the parent
|
|
|
||||||||||
|
|
Share
capital
|
Treasury
shares
|
Inflation
adjustment of share capital and treasury shares
(i)
|
Share
premium
|
Additional paid-in
capital from treasury shares
|
Legal
reserve
|
Special reserve
(ii)
|
Other reserves
(iii)
|
Retained
earnings
|
Subtotal
|
Non-controlling interest
|
Total Shareholders'
equity
|
|
Balance
as of June 30, 2018
|
|
482
|
20
|
5,396
|
6,072
|
53
|
213
|
2,969
|
4,367
|
10,953
|
30,525
|
70,638
|
101,163
|
|
Adjustments previous
periods (IFRS 9 and 15) (Note 2.2)
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(121)
|
(121)
|
(70)
|
(191)
|
|
Adjusted
balance as of June 30, 2018
|
|
482
|
20
|
5,396
|
6,072
|
53
|
213
|
2,969
|
4,367
|
10,832
|
30,404
|
70,568
|
100,972
|
|
Loss for the
period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3,925)
|
(3,925)
|
(1,695)
|
(5,620)
|
|
Other comprehensive income
for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
501
|
-
|
501
|
1,232
|
1,733
|
|
Total
comprehensive loss for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
501
|
(3,925)
|
(3,424)
|
(463)
|
(3,887)
|
|
As
resolved by Ordinary and Extraordinary Shareholders' Meeting held
on October 29, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Results
distribution
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
18,650
|
(18,650)
|
-
|
-
|
-
|
|
- Treasury
shares distribution
|
|
21
|
(21)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Reversal by sale of
investment properties
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(21)
|
21
|
-
|
-
|
-
|
|
Reserve for share-based
payments
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4
|
-
|
4
|
24
|
28
|
|
Acquisition of treasury
stock
|
|
(6)
|
6
|
-
|
-
|
-
|
-
|
-
|
(283)
|
-
|
(283)
|
-
|
(283)
|
|
Changes in non-controlling
interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(99)
|
-
|
(99)
|
(333)
|
(432)
|
|
Dividends distribution to
non-controlling interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(986)
|
(986)
|
|
Capitalized
contributions
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(6)
|
(6)
|
|
Incorporation by business
combination
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9)
|
(9)
|
|
Balance
as of December 31, 2018
|
|
497
|
5
|
5,396
|
6,072
|
53
|
213
|
2,969
|
23,119
|
(11,722)
|
26,602
|
68,795
|
95,397
|
|
|
Cost
of treasury shares
|
Changes
in non-controlling interest
|
Revaluation
surplus
|
Reserve
for currency translation adjustment
|
Reserve
shared-based compensation
|
Special
reserve
|
Reserve
for defined benefit plans
|
Other
comprehensive results from subsidiaries
|
Other
reserves from subsidiaries
|
Reserve
for the acquisition of securities issued by the
Company
|
Total
other reserves
|
Balance
as of June 30, 2018
|
|
(1,098)
|
(1,149)
|
107
|
3,937
|
100
|
2,263
|
(87)
|
206
|
38
|
50
|
4,367
|
Other comprehensive income
for the period
|
|
-
|
-
|
334
|
167
|
-
|
-
|
-
|
-
|
-
|
-
|
501
|
Total
comprehensive profit for the period
|
|
-
|
-
|
334
|
167
|
-
|
-
|
-
|
-
|
-
|
-
|
501
|
As
resolved by Ordinary and Extraordinary Shareholders' Meeting held
on October 29, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
- Results
distribution
|
|
-
|
-
|
-
|
-
|
-
|
18,650
|
-
|
-
|
-
|
-
|
18,650
|
- Treasury
shares distribution
|
|
849
|
-
|
-
|
-
|
-
|
(849)
|
-
|
-
|
-
|
-
|
-
|
Reversal by sale of
investment properties
|
|
-
|
-
|
(21)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(21)
|
Reserve for share-based
payments
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4
|
-
|
-
|
4
|
Acquisition of treasury
stock
|
|
(283)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(283)
|
Changes in non-controlling
interest
|
|
-
|
(99)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(99)
|
Balance
as of December 31, 2018
|
|
(532)
|
(1,248)
|
420
|
4,104
|
100
|
20,064
|
(87)
|
210
|
38
|
50
|
23,119
|
PRICE WATERHOUSE
& CO. S.R.L.
(Socio)
|
|
)
|
|
)
|
C.P.C.E.C.A.B.A.
T° 1 F° 17
Dr. Mariano C.
Tomatis
Contador Público
(UBA)
C.P.C.E.C.A.B.A.
T° 241 F° 118
|
|
Marcelo H.
Fuxman
Síndico
Titular
Por Comisión
Fiscalizadora
|
|
Alejandro G. Elsztain
Vicepresident II acting
as President
|
|
|
Share
capital
|
Treasury
shares
|
Inflation
adjustment of share capital and treasury shares
(i)
|
Share
premium
|
Additional
paid-in capital from treasury shares
|
Legal
reserve
|
Special
reserve (ii)
|
Other
reserves (iii)
|
Retained
earnings
|
Subtotal
|
Non-controlling
interest
|
Total
Shareholders' equity
|
Balance
as of July 1, 2017
|
|
499
|
2
|
5,396
|
6,072
|
52
|
163
|
2,969
|
4,932
|
10,315
|
30,400
|
56,094
|
86,494
|
Profit for the
period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
5,354
|
5,354
|
6,120
|
11,474
|
Other comprehensive loss
for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(678)
|
-
|
(678)
|
(2,926)
|
(3,604)
|
Total
comprehensive profit for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(678)
|
5,354
|
4,676
|
3,194
|
7,870
|
As
resolved by Ordinary and Extraordinary Shareholders' Meeting held
on October 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Legal
reserve
|
|
-
|
-
|
-
|
-
|
-
|
51
|
-
|
-
|
(51)
|
-
|
-
|
-
|
- Cash
dividends
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,263
|
(2,263)
|
-
|
-
|
-
|
- Reserve for new
developments
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(611)
|
(611)
|
-
|
(611)
|
Cash dividends
distribution
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,327
|
3,327
|
Changes in non-controlling
interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,944)
|
-
|
(1,944)
|
65
|
(1,879)
|
Equity incentive plan
granted
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3
|
-
|
3
|
3
|
6
|
Share of changes in
subsidiaries' equity
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(155)
|
(155)
|
Dividends distribution to
non-controlling interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(814)
|
(814)
|
Acquisition of
non-controlling interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
15
|
15
|
Issuance of
capital
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3
|
3
|
Balance
as of December 31, 2017
|
|
499
|
2
|
5,396
|
6,072
|
52
|
214
|
2,969
|
4,576
|
12,744
|
32,524
|
61,732
|
94,256
|
|
|
Cost
of treasury shares
|
Special
reserve
|
Reserve
for the acquisition of securities issued by the
Company
|
Changes
in non-controlling interest
|
Reserve
shared-based compensation
|
Other
reserves from subsidiaries
|
Other
comprehensive income / (loss) from subsidiaries
|
Reserve
for currency translation adjustment
|
Total
other reserves
|
Balance
as of June 30, 2017
|
|
(80)
|
-
|
50
|
475
|
275
|
8
|
45
|
4,159
|
4,932
|
Other comprehensive income
for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
(76)
|
(602)
|
(678)
|
Total
comprehensive profit for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
(76)
|
(602)
|
(678)
|
As
resolved by Ordinary and Extraordinary Shareholders' Meeting held
on October 31, 2017
|
|
|
|
|
|
|
|
|
|
|
- Reserve for new
developments
|
|
-
|
2,263
|
-
|
-
|
-
|
-
|
-
|
-
|
2,263
|
Changes in non-controlling
interest
|
|
-
|
-
|
-
|
(1,944)
|
-
|
-
|
-
|
-
|
(1,944)
|
Reserve for share-based
payments
|
|
-
|
-
|
-
|
-
|
3
|
-
|
-
|
-
|
3
|
Balance
as of December 31, 2017
|
|
(80)
|
2,263
|
50
|
(1,469)
|
278
|
8
|
(31)
|
3,557
|
4,576
|
PRICE WATERHOUSE
& CO. S.R.L.
(Socio)
|
|
)
|
|
)
|
C.P.C.E.C.A.B.A.
T° 1 F° 17
Dr. Mariano C.
Tomatis
Contador Público
(UBA)
C.P.C.E.C.A.B.A.
T° 241 F° 118
|
|
Marcelo H.
Fuxman
Síndico
Titular
Por Comisión
Fiscalizadora
|
|
Alejandro G. Elsztain
Vicepresident II acting
as President
|
|
|
Note
|
|
12.31.18
|
|
12.31.17
|
Operating
activities:
|
|
|
|
|
|
|
Net cash generated from
operating activities before income tax paid
|
|
16
|
|
5,081
|
|
6,479
|
Income tax
paid
|
|
|
|
(499)
|
|
(263)
|
Net cash
generated from continuing operating activities
|
|
|
|
4,582
|
|
6,216
|
Net cash generated from
discontinued operating activities
|
|
|
|
678
|
|
4,230
|
Net cash
generated from operating activities
|
|
|
|
5,260
|
|
10,446
|
Investing
activities:
|
|
|
|
|
|
|
Decrease of interest in
associates and joint ventures
|
|
|
|
(216)
|
|
-
|
Capital contributions to
associates and joint ventures
|
|
|
|
182
|
|
46
|
Acquisition, improvements
and advance payments for the development of investment
properties
|
|
|
|
(2,571)
|
|
(1,901)
|
Payment for acquisition of
non-controlling interest
|
|
|
|
(227)
|
|
-
|
Proceeds from sales of
investment properties
|
|
|
|
210
|
|
390
|
Acquisitions and
improvements of property, plant and equipment
|
|
|
|
(1,992)
|
|
(1,753)
|
Advance
payments
|
|
|
|
(21)
|
|
(237)
|
Acquisition of intangible
assets
|
|
|
|
(1,065)
|
|
(543)
|
Proceeds from sales of
property, plant and equipment
|
|
|
|
13
|
|
13
|
Acquisitions of
subsidiaries, net of cash acquired
|
|
|
|
(39)
|
|
-
|
Net increase of restricted
deposits
|
|
|
|
(414)
|
|
(964)
|
Dividends collected from
associates and joint ventures
|
|
|
|
169
|
|
1,398
|
Proceeds from sales of
interest held in associates and joint ventures
|
|
|
|
4,746
|
|
78
|
Proceeds from loans
granted
|
|
|
|
68
|
|
846
|
Acquisitions of investments
in financial assets
|
|
|
|
(18,600)
|
|
(22,981)
|
Proceeds from disposal of
investments in financial assets
|
|
|
|
19,528
|
|
14,432
|
Dividends
received
|
|
|
|
43
|
|
117
|
Loans granted to related
parties
|
|
|
|
23
|
|
(541)
|
Loans
granted
|
|
|
|
-
|
|
(141)
|
Decrease in
securities
|
|
|
|
-
|
|
50
|
Proceeds from sales of
farmlands
|
|
|
|
-
|
|
10
|
Advanced proceeds from
sales of farmlands
|
|
|
|
-
|
|
117
|
Cash incorporated by
business combination, net of cash paid
|
|
|
|
-
|
|
(1,123)
|
Proceeds from liquidation
of associate
|
|
|
|
-
|
|
104
|
Net cash
used in continuing investing activities
|
|
|
|
(169)
|
|
(12,583)
|
Net cash used in
discontinued investing activities
|
|
|
|
(22)
|
|
(1,343)
|
Net cash
used in investing activities
|
|
|
|
(191)
|
|
(13,926)
|
Financing
activities:
|
|
|
|
|
|
|
Borrowings and issuance of
non-convertible notes
|
|
|
|
27,364
|
|
23,360
|
Payment of borrowings and
non-convertible notes
|
|
|
|
(16,229)
|
|
(11,755)
|
Obtaining (Payment) of
short term loans, net
|
|
|
|
1,027
|
|
(6)
|
Interest
paid
|
|
|
|
(5,840)
|
|
(4,272)
|
Repurchase of own
shares
|
|
|
|
(283)
|
|
-
|
Repurchase of
non-convertible notes
|
|
|
|
(1,966)
|
|
(6)
|
Capital contributions from
non-controlling interest in subsidiaries
|
|
|
|
94
|
|
247
|
Acquisition of
non-controlling interest in subsidiaries
|
|
|
|
(1,120)
|
|
(4)
|
Proceeds from sales of
non-controlling interest in subsidiaries
|
|
|
|
5
|
|
5,010
|
Loans received from
associates and joint ventures, net
|
|
|
|
52
|
|
-
|
Payment of borrowings to
related parties
|
|
|
|
(1)
|
|
-
|
Dividends
paid
|
|
|
|
(323)
|
|
(3,026)
|
Dividends paid to
non-controlling interest in subsidiaries
|
|
|
|
(299)
|
|
(141)
|
Proceeds from derivative
financial instruments, net
|
|
|
|
145
|
|
169
|
Payment of seller
financing
|
|
|
|
(2)
|
|
(62)
|
Net cash
generated from continuing financing activities
|
|
|
|
2,624
|
|
9,514
|
Net cash (used in)
generated from discontinued financing
activities
|
|
|
|
(28)
|
|
2,231
|
Net cash
generated from financing activities
|
|
|
|
2,596
|
|
11,745
|
Net increase in cash and
cash equivalents from continuing activities
|
|
|
|
7,037
|
|
3,147
|
Net increase in cash and
cash equivalents from discontinued activities
|
|
|
|
628
|
|
5,118
|
Net
increase in cash and cash equivalents
|
|
|
|
7,665
|
|
8,265
|
Cash and cash equivalents
at beginning of the period
|
|
14
|
|
49,268
|
|
41,856
|
Cash and cash equivalents
reclassified to held for sale
|
|
|
|
(634)
|
|
(104)
|
Foreign exchange gain on
cash and changes in fair value of cash
equivalents
|
|
|
|
(1,576)
|
|
71
|
Foreign exchange gain on
cash and changes in fair value of cash
equivalents
|
|
|
|
6
|
|
(5,695)
|
Cash and
cash equivalents at the end of the period
|
|
|
|
54,729
|
|
44,393
|
PRICE WATERHOUSE
& CO. S.R.L.
(Socio)
|
|
)
|
|
)
|
C.P.C.E.C.A.B.A.
T° 1 F° 17
Dr. Mariano C.
Tomatis
Contador Público
(UBA)
C.P.C.E.C.A.B.A.
T° 241 F° 118
|
|
Marcelo H.
Fuxman
Síndico
Titular
Por Comisión
Fiscalizadora
|
|
Alejandro G. Elsztain
Vicepresident II acting
as President
|
|
|
Six
months
|
||||
|
|
12.31.18
|
||||
|
|
According
to previous standards
|
|
Implementation
of IFRS 15
|
|
Current
statement of income
|
Revenues
|
|
33,352
|
|
(249)
|
|
33,103
|
Costs
|
|
(20,941)
|
|
202
|
|
(20,739)
|
Initial recognition and
changes in the fair value of biological assets and agricultural
products at the point of harvest
|
|
461
|
|
-
|
|
461
|
Changes in the net
realizable value of agricultural products after
harvest
|
|
34
|
|
-
|
|
34
|
Gross
profit
|
|
12,906
|
|
(47)
|
|
12,859
|
Net gain from fair value
adjustment of investment properties
|
|
(5,519)
|
|
-
|
|
(5,519)
|
Gain from disposal of
farmlands
|
|
53
|
|
-
|
|
53
|
General and administrative
expenses
|
|
(3,590)
|
|
-
|
|
(3,590)
|
Selling
expenses
|
|
(4,428)
|
|
513
|
|
(3,915)
|
Other operating results,
net
|
|
521
|
|
-
|
|
521
|
Management
fees
|
|
-
|
|
-
|
|
-
|
Profit
from operations
|
|
(57)
|
|
466
|
|
409
|
Share of profit of
associates and joint ventures
|
|
(787)
|
|
70
|
|
(717)
|
Profit
from operations before financing and taxation
|
|
(844)
|
|
536
|
|
(308)
|
Finance
income
|
|
1,252
|
|
-
|
|
1,252
|
Finance
cost
|
|
(10,365)
|
|
17
|
|
(10,348)
|
Other financial
results
|
|
1,273
|
|
-
|
|
1,273
|
Inflation
adjustment
|
|
(127)
|
|
-
|
|
(127)
|
Financial results,
net
|
|
(7,967)
|
|
17
|
|
(7,950)
|
Income
before income tax
|
|
(8,811)
|
|
553
|
|
(8,258)
|
Income
tax
|
|
2,034
|
|
(113)
|
|
1,921
|
Income
for the period from continuing operations
|
|
(6,777)
|
|
440
|
|
(6,337)
|
Loss for the period from
discontinued operations
|
|
717
|
|
-
|
|
717
|
Profit
for the period
|
|
(6,060)
|
|
440
|
|
(5,620)
|
|
|
07.01.18
|
||||
|
|
Implementation
of IFRS 15
|
|
Implementation
of IFRS 9
|
|
Total
|
ASSETS
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Trading
properties
|
|
(3,869)
|
|
-
|
|
(3,869)
|
Investment in associates
and joint ventures
|
|
142
|
|
(232)
|
|
(90)
|
Deferred income tax
assets
|
|
(205)
|
|
-
|
|
(205)
|
Trade and other
receivables
|
|
634
|
|
(90)
|
|
544
|
Total
non-current assets
|
|
(3,298)
|
|
(322)
|
|
(3,620)
|
Current
assets
|
|
|
|
|
|
|
Trading
properties
|
|
(935)
|
|
-
|
|
(935)
|
Groups of assets held for
sale
|
|
372
|
|
58
|
|
430
|
Total
current assets
|
|
(563)
|
|
58
|
|
(505)
|
TOTAL
ASSETS
|
|
(3,861)
|
|
(264)
|
|
(4,125)
|
SHAREHOLDERS’
EQUITY
|
|
|
|
|
|
|
Shareholders' equity
(according to corresponding statement)
|
|
81
|
|
(202)
|
|
(121)
|
Non-controlling
interest
|
|
212
|
|
(282)
|
|
(70)
|
TOTAL
SHAREHOLDERS' EQUITY
|
|
293
|
|
(484)
|
|
(191)
|
LIABILITIES
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Trade and other
payables
|
|
-
|
|
251
|
|
251
|
Income tax and minimum
presumed income tax liabilities
|
|
(51)
|
|
(101)
|
|
(152)
|
Borrowings
|
|
(1,719)
|
|
-
|
|
(1,719)
|
Total
non-current liabilities
|
|
(1,770)
|
|
150
|
|
(1,620)
|
Current
liabilities
|
|
|
|
|
|
|
Trade and other
payables
|
|
(2,384)
|
|
-
|
|
(2,384)
|
Income tax and minimum
presumed income tax liabilities
|
|
-
|
|
70
|
|
70
|
Total
Current liabilities
|
|
(2,384)
|
|
70
|
|
(2,314)
|
TOTAL
LIABILITIES
|
|
(4,154)
|
|
220
|
|
(3,934)
|
TOTAL
SHAREHOLDERS' EQUITY AND LIABILITIES
|
|
(3,861)
|
|
(264)
|
|
(4,125)
|
|
|
12.31.18
|
||||||||||||||||
|
|
|
|
Urban Properties and
Investment business (II)
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Agricultural business
(I)
|
|
Operations Center in
Argentina
|
|
Operations Center in
Israel
|
|
Subtotal
|
|
Total segment
information
|
|
Joint ventures
(i)
|
|
Adjustments
(ii)
|
|
Elimination of
inter-segment transactions and non-reportable assets / liabilities
(iii)
|
|
Total Statement of
Income / Financial Position
|
Revenues
|
|
5,437
|
|
4,624
|
|
22,149
|
|
26,773
|
|
32,210
|
|
(29)
|
|
1,142
|
|
(220)
|
|
33,103
|
Costs
|
|
(4,544)
|
|
(804)
|
|
(14,305)
|
|
(15,109)
|
|
(19,653)
|
|
18
|
|
(1,193)
|
|
89
|
|
(20,739)
|
Initial recognition and changes in the fair
value of biological assets and agricultural products at the point
of harvest
|
|
343
|
|
-
|
|
-
|
|
-
|
|
343
|
|
-
|
|
-
|
|
118
|
|
461
|
Changes in the net realizable value of
agricultural products after harvest
|
|
34
|
|
-
|
|
-
|
|
-
|
|
34
|
|
-
|
|
-
|
|
-
|
|
34
|
Gross
profit
|
|
1,270
|
|
3,820
|
|
7,844
|
|
11,664
|
|
12,934
|
|
(11)
|
|
(51)
|
|
(13)
|
|
12,859
|
Gain from disposal of
farmlands
|
|
53
|
|
-
|
|
-
|
|
-
|
|
53
|
|
-
|
|
-
|
|
-
|
|
53
|
Net (loss) / profit
from fair value adjustment of investment
properties
|
|
(22)
|
|
(6,278)
|
|
780
|
|
(5,498)
|
|
(5,520)
|
|
1
|
|
-
|
|
-
|
|
(5,519)
|
General and administrative
expenses
|
|
(401)
|
|
(854)
|
|
(2,352)
|
|
(3,206)
|
|
(3,607)
|
|
7
|
|
-
|
|
10
|
|
(3,590)
|
Selling expenses
|
|
(443)
|
|
(326)
|
|
(3,149)
|
|
(3,475)
|
|
(3,918)
|
|
1
|
|
-
|
|
2
|
|
(3,915)
|
Other operating results, net
|
|
172
|
|
(269)
|
|
511
|
|
242
|
|
414
|
|
108
|
|
-
|
|
(1)
|
|
521
|
Management fees
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Profit / (Loss) from operations
|
|
629
|
|
(3,907)
|
|
3,634
|
|
(273)
|
|
356
|
|
106
|
|
(51)
|
|
(2)
|
|
409
|
Share loss of associates and joint
ventures
|
|
(13)
|
|
(258)
|
|
(321)
|
|
(579)
|
|
(592)
|
|
(125)
|
|
-
|
|
-
|
|
(717)
|
Segment profit / (loss)
|
|
616
|
|
(4,165)
|
|
3,313
|
|
(852)
|
|
(236)
|
|
(19)
|
|
(51)
|
|
(2)
|
|
(308)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable assets
|
|
19,678
|
|
82,737
|
|
327,989
|
|
410,726
|
|
430,404
|
|
(424)
|
|
-
|
|
25,693
|
|
455,673
|
Reportable liabilities
|
|
-
|
|
-
|
|
(281,370)
|
|
(281,370)
|
|
(281,370)
|
|
-
|
|
-
|
|
(78,906)
|
|
(360,276)
|
Net reportable
assets
|
|
19,678
|
|
82,737
|
|
46,619
|
|
129,356
|
|
149,034
|
|
(424)
|
|
-
|
|
(53,213)
|
|
95,397
|
|
|
12.31.17
|
|
||||||||||||||||
|
|
|
|
Urban
Properties and Investment business (II)
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Agricultural
business (I)
|
|
Operations
Center in Argentina
|
|
Operations
Center in Israel
|
|
Subtotal
|
|
Total
segment information
|
|
Joint ventures
(i)
|
|
Adjustments
(ii)
|
|
Elimination of
inter-segment transactions and non-reportable assets / liabilities
(iii)
|
|
Total Statement of
Income / Financial Position
|
|
Revenues
|
|
4,602
|
|
4,135
|
|
18,312
|
|
22,447
|
|
27,049
|
|
(43)
|
|
1,336
|
|
(104)
|
|
28,238
|
|
Costs
|
|
(3,914)
|
|
(854)
|
|
(11,229)
|
|
(12,083)
|
|
(15,997)
|
|
22
|
|
(1,362)
|
|
62
|
|
(17,275)
|
|
Initial recognition and
changes in the fair value of biological assets and agricultural
products at the point of harvest
|
|
144
|
|
-
|
|
-
|
|
-
|
|
144
|
|
2
|
|
-
|
|
26
|
|
172
|
|
Changes in the net
realizable value of agricultural products after
harvest
|
|
81
|
|
-
|
|
-
|
|
-
|
|
81
|
|
-
|
|
-
|
|
-
|
|
81
|
|
Gross
profit
|
|
913
|
|
3,281
|
|
7,083
|
|
10,364
|
|
11,277
|
|
(19)
|
|
(26)
|
|
(16)
|
|
11,216
|
|
Net gain from fair value adjustment of
investment properties
|
|
262
|
|
8,373
|
|
1,747
|
|
10,120
|
|
10,382
|
|
(46)
|
|
-
|
|
-
|
|
10,336
|
|
General and administrative
expenses
|
|
(366)
|
|
(629)
|
|
(2,137)
|
|
(2,766)
|
|
(3,132)
|
|
21
|
|
-
|
|
6
|
|
(3,105)
|
|
Selling
expenses
|
|
(503)
|
|
(305)
|
|
(2,985)
|
|
(3,290)
|
|
(3,793)
|
|
2
|
|
-
|
|
6
|
|
(3,785)
|
|
Other operating results,
net
|
|
24
|
|
(67)
|
|
1,127
|
|
1,060
|
|
1,084
|
|
23
|
|
-
|
|
(1)
|
|
1,106
|
|
Management
fees
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(785)
|
|
-
|
|
(785)
|
|
Profit
from operations
|
|
330
|
|
10,653
|
|
4,835
|
|
15,488
|
|
15,818
|
|
(19)
|
|
(811)
|
|
(5)
|
|
14,983
|
|
Share (loss) / profit of associates and joint
ventures
|
|
(11)
|
|
333
|
|
(367)
|
|
(34)
|
|
(45)
|
|
123
|
|
-
|
|
-
|
|
78
|
|
Segment
profit
|
|
319
|
|
10,986
|
|
4,468
|
|
15,454
|
|
15,773
|
|
104
|
|
(811)
|
|
(5)
|
|
15,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable
assets
|
|
15,633
|
|
86,908
|
|
288,005
|
|
374,913
|
|
390,546
|
|
(878)
|
|
-
|
|
20,197
|
|
409,865
|
|
Reportable
liabilities
|
|
-
|
|
-
|
|
(252,987)
|
|
(252,987)
|
|
(252,987)
|
|
-
|
|
-
|
|
(62,626)
|
|
(315,613)
|
|
Net
reportable assets
|
|
15,633
|
|
86,908
|
|
35,018
|
|
121,926
|
|
137,559
|
|
(878)
|
|
-
|
|
(42,429)
|
|
94,252
|
|
|
12.31.18
|
||||||||
|
|
Agricultural
production
|
|
Land
transformation and sales
|
|
Corporate
|
|
Others
|
|
Total
Agricultural business
|
Revenues
|
|
3,042
|
|
-
|
|
-
|
|
2,395
|
|
5,437
|
Costs
|
|
(2,642)
|
|
(10)
|
|
-
|
|
(1,892)
|
|
(4,544)
|
Initial recognition and
changes in the fair value of biological assets and agricultural
products at the point of harvest
|
|
359
|
|
-
|
|
-
|
|
(16)
|
|
343
|
Changes in the net
realizable value of agricultural products after
harvest
|
|
34
|
|
-
|
|
-
|
|
-
|
|
34
|
Gross
profit / (loss)
|
|
793
|
|
(10)
|
|
-
|
|
487
|
|
1,270
|
Gain from disposal of
farmlands
|
|
-
|
|
53
|
|
-
|
|
-
|
|
53
|
Net gain from fair value
adjustment of investment properties
|
|
-
|
|
(22)
|
|
-
|
|
-
|
|
(22)
|
General and administrative
expenses
|
|
(248)
|
|
(1)
|
|
(71)
|
|
(81)
|
|
(401)
|
Selling
expenses
|
|
(242)
|
|
(1)
|
|
-
|
|
(200)
|
|
(443)
|
Other operating results,
net
|
|
166
|
|
-
|
|
-
|
|
6
|
|
172
|
Profit / (loss) from
operations
|
|
469
|
|
19
|
|
(71)
|
|
212
|
|
629
|
Share of loss of
associates and joint ventures
|
|
(1)
|
|
-
|
|
-
|
|
(12)
|
|
(13)
|
Segment
profit / (loss)
|
|
468
|
|
19
|
|
(71)
|
|
200
|
|
616
|
|
|
|
|
|
|
|
|
|
|
|
Investment
properties
|
|
1,349
|
|
-
|
|
-
|
|
-
|
|
1,349
|
Property, plant and
equipment
|
|
12,077
|
|
42
|
|
-
|
|
415
|
|
12,534
|
Investments in
associates
|
|
190
|
|
-
|
|
-
|
|
38
|
|
228
|
Other reportable
assets
|
|
4,535
|
|
-
|
|
-
|
|
1,032
|
|
5,567
|
Reportable
assets
|
|
18,151
|
|
42
|
|
-
|
|
1,485
|
|
19,678
|
|
|
12.31.17
|
|||||||||
|
|
Agricultural
production
|
|
Land transformation and
sales
|
|
Corporate
|
|
Others
|
|
Total Agricultural
business
|
|
Revenues
|
|
2,750
|
|
-
|
|
-
|
|
1,852
|
|
4,602
|
|
Costs
|
|
(2,163)
|
|
(13)
|
|
-
|
|
(1,738)
|
|
(3,914)
|
|
Initial recognition and changes in the fair
value of biological assets and agricultural products at the point
of harvest
|
|
144
|
|
-
|
|
-
|
|
-
|
|
144
|
|
Changes in the net realizable value of
agricultural products after harvest
|
|
81
|
|
-
|
|
-
|
|
-
|
|
81
|
|
Gross profit /
(loss)
|
|
812
|
|
(13)
|
|
-
|
|
114
|
|
913
|
|
Net gain from fair value adjustment of
investment properties
|
|
-
|
|
262
|
|
-
|
|
-
|
|
262
|
|
General and administrative
expenses
|
|
(224)
|
|
(1)
|
|
(65)
|
|
(76)
|
|
(366)
|
|
Selling expenses
|
|
(389)
|
|
-
|
|
-
|
|
(114)
|
|
(503)
|
|
Other operating results, net
|
|
19
|
|
-
|
|
-
|
|
5
|
|
24
|
|
Profit / (loss) from
operations
|
|
218
|
|
248
|
|
(65)
|
|
(71)
|
|
330
|
|
Share of profit of associates and joint
ventures
|
|
1
|
|
-
|
|
-
|
|
(12)
|
|
(11)
|
|
Segment profit /
(loss)
|
|
219
|
|
248
|
|
(65)
|
|
(83)
|
|
319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment properties
|
|
937
|
|
-
|
|
-
|
|
-
|
|
937
|
|
Property, plant and
equipment
|
|
10,518
|
|
50
|
|
-
|
|
332
|
|
10,900
|
|
Investments in associates
|
|
193
|
|
-
|
|
-
|
|
(6)
|
|
187
|
|
Other reportable assets
|
|
3,026
|
|
-
|
|
-
|
|
583
|
|
3,609
|
|
Reportable
assets
|
|
14,674
|
|
50
|
|
-
|
|
909
|
|
15,633
|
|
|
|
12.31.18
|
||||||||||||||
|
|
Shopping
Malls
|
|
Offices
|
|
Sales
and developments
|
|
Hotels
|
|
International
|
|
Corporate
|
|
Others
|
|
Total
|
Revenues
|
|
2,741
|
|
546
|
|
61
|
|
947
|
|
279
|
|
-
|
|
50
|
|
4,624
|
Costs
|
|
(207)
|
|
(29)
|
|
(32)
|
|
(468)
|
|
(14)
|
|
-
|
|
(54)
|
|
(804)
|
Gross
profit / (loss)
|
|
2,534
|
|
517
|
|
29
|
|
479
|
|
265
|
|
-
|
|
(4)
|
|
3,820
|
Net (loss) / profit
from fair value adjustment of investment
properties
|
|
(8,898)
|
|
2,514
|
|
128
|
|
-
|
|
2
|
|
-
|
|
(24)
|
|
(6,278)
|
General and administrative
expenses
|
|
(296)
|
|
(68)
|
|
(61)
|
|
(148)
|
|
(35)
|
|
(212)
|
|
(34)
|
|
(854)
|
Selling
expenses
|
|
(175)
|
|
(34)
|
|
(13)
|
|
(99)
|
|
-
|
|
-
|
|
(5)
|
|
(326)
|
Other operating results,
net
|
|
(41)
|
|
(12)
|
|
(124)
|
|
26
|
|
2
|
|
-
|
|
(120)
|
|
(269)
|
(Loss) /
Profit from operations
|
|
(6,876)
|
|
2,917
|
|
(41)
|
|
258
|
|
234
|
|
(212)
|
|
(187)
|
|
(3,907)
|
Share of profit /
(loss) of associates and joint ventures
|
|
-
|
|
-
|
|
(14)
|
|
-
|
|
(195)
|
|
-
|
|
(49)
|
|
(258)
|
Segment
(loss) / profit
|
|
(6,876)
|
|
2,917
|
|
(55)
|
|
258
|
|
39
|
|
(212)
|
|
(236)
|
|
(4,165)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment and trading
properties
|
|
43,007
|
|
19,762
|
|
15,192
|
|
-
|
|
60
|
|
-
|
|
190
|
|
78,211
|
Property, plant and
equipment
|
|
116
|
|
65
|
|
-
|
|
1,199
|
|
113
|
|
-
|
|
522
|
|
2,015
|
Investment in associates
and joint ventures
|
|
1
|
|
-
|
|
244
|
|
-
|
|
(2,501)
|
|
-
|
|
4,352
|
|
2,096
|
Other reportable
assets
|
|
67
|
|
71
|
|
106
|
|
14
|
|
-
|
|
-
|
|
157
|
|
415
|
Reportable
assets
|
|
43,191
|
|
19,898
|
|
15,542
|
|
1,213
|
|
(2,328)
|
|
-
|
|
5,221
|
|
82,737
|
|
|
12.31.17
|
||||||||||||||
|
|
Shopping
Malls
|
|
Offices
|
|
Sales
and developments
|
|
Hotels
|
|
International
|
|
Corporate
|
|
Others
|
|
Total
|
Revenues
|
|
2,939
|
|
382
|
|
85
|
|
725
|
|
-
|
|
-
|
|
4
|
|
4,135
|
Costs
|
|
(272)
|
|
(28)
|
|
(47)
|
|
(504)
|
|
-
|
|
-
|
|
(3)
|
|
(854)
|
Gross
profit
|
|
2,667
|
|
354
|
|
38
|
|
221
|
|
-
|
|
-
|
|
1
|
|
3,281
|
Net gain / (loss)
from fair value adjustment of investment
properties
|
|
8,443
|
|
(152)
|
|
94
|
|
-
|
|
-
|
|
-
|
|
(12)
|
|
8,373
|
General and administrative
expenses
|
|
(210)
|
|
(52)
|
|
(67)
|
|
(135)
|
|
(47)
|
|
(106)
|
|
(12)
|
|
(629)
|
Selling
expenses
|
|
(167)
|
|
(30)
|
|
(15)
|
|
(90)
|
|
-
|
|
-
|
|
(3)
|
|
(305)
|
Other operating results,
net
|
|
(41)
|
|
1
|
|
(35)
|
|
(3)
|
|
(7)
|
|
-
|
|
18
|
|
(67)
|
Profit /
(Loss) from operations
|
|
10,692
|
|
121
|
|
15
|
|
(7)
|
|
(54)
|
|
(106)
|
|
(8)
|
|
10,653
|
Share of profit of
associates and joint ventures
|
|
-
|
|
36
|
|
(15)
|
|
-
|
|
71
|
|
-
|
|
241
|
|
333
|
Segment
profit / (loss)
|
|
10,692
|
|
157
|
|
-
|
|
(7)
|
|
17
|
|
(106)
|
|
233
|
|
10,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment and trading
properties
|
|
56,165
|
|
12,497
|
|
9,668
|
|
-
|
|
-
|
|
-
|
|
410
|
|
78,740
|
Property, plant and
equipment
|
|
130
|
|
146
|
|
-
|
|
1,258
|
|
83
|
|
-
|
|
-
|
|
1,617
|
Investment in associates
and joint ventures
|
|
-
|
|
-
|
|
240
|
|
-
|
|
992
|
|
-
|
|
4,984
|
|
6,216
|
Other reportable
assets
|
|
81
|
|
70
|
|
102
|
|
18
|
|
-
|
|
-
|
|
64
|
|
335
|
Reportable
assets
|
|
56,376
|
|
12,713
|
|
10,010
|
|
1,276
|
|
1,075
|
|
-
|
|
5,458
|
|
86,908
|
|
|
12.31.18
|
|||||||||||||
|
|
Real
Estate
|
|
Supermarkets
|
|
Telecommunications
|
|
Insurance
|
|
Corporate
|
|
Others
|
|
Total
|
|
Revenues
|
|
6,020
|
|
-
|
|
15,641
|
|
-
|
|
-
|
|
488
|
|
22,149
|
|
Costs
|
|
(2,657)
|
|
-
|
|
(11,389)
|
|
-
|
|
-
|
|
(259)
|
|
(14,305)
|
|
Gross
profit / (loss)
|
|
3,363
|
|
-
|
|
4,252
|
|
-
|
|
-
|
|
229
|
|
7,844
|
|
Net loss from fair value
adjustment of investment properties
|
|
780
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
780
|
|
General and administrative
expenses
|
|
(301)
|
|
-
|
|
(1,377)
|
|
-
|
|
(275)
|
|
(399)
|
|
(2,352)
|
|
Selling
expenses
|
|
(92)
|
|
-
|
|
(2,966)
|
|
-
|
|
-
|
|
(91)
|
|
(3,149)
|
|
Other operating results,
net
|
|
-
|
|
-
|
|
-
|
|
-
|
|
269
|
|
242
|
|
511
|
|
Profit /
(Loss) from operations
|
|
3,750
|
|
-
|
|
(91)
|
|
-
|
|
(6)
|
|
(19)
|
|
3,634
|
|
Share of (loss) /
profit of associates and joint ventures
|
|
(222)
|
|
164
|
|
-
|
|
-
|
|
-
|
|
(263)
|
|
(321)
|
|
Segment
profit / (loss)
|
|
3,528
|
|
164
|
|
(91)
|
|
-
|
|
(6)
|
|
(282)
|
|
3,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable
assets
|
|
176,637
|
|
13,758
|
|
67,232
|
|
16,133
|
|
35,432
|
|
18,797
|
|
327,989
|
|
Reportable
liabilities
|
|
(137,278)
|
|
-
|
|
(52,133)
|
|
-
|
|
(82,227)
|
|
(9,732)
|
|
(281,370)
|
|
Net
reportable assets
|
|
39,359
|
|
13,758
|
|
15,099
|
|
16,133
|
|
(46,795)
|
|
9,065
|
|
46,619
|
|
|
|
12.31.17
|
||||||||||||
|
|
Real
Estate
|
|
Supermarkets
|
|
Telecommunications
|
|
Insurance
|
|
Corporate
|
|
Others
|
|
Total
|
Revenues
|
|
3,723
|
|
-
|
|
14,088
|
|
-
|
|
-
|
|
501
|
|
18,312
|
Costs
|
|
(1,092)
|
|
-
|
|
(9,912)
|
|
-
|
|
-
|
|
(225)
|
|
(11,229)
|
Gross
profit
|
|
2,631
|
|
-
|
|
4,176
|
|
-
|
|
-
|
|
276
|
|
7,083
|
Net gain from fair value
adjustment of investment properties
|
|
1,747
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,747
|
General and administrative
expenses
|
|
(266)
|
|
-
|
|
(1,316)
|
|
-
|
|
(244)
|
|
(311)
|
|
(2,137)
|
Selling
expenses
|
|
(79)
|
|
-
|
|
(2,777)
|
|
-
|
|
-
|
|
(129)
|
|
(2,985)
|
Other operating results,
net
|
|
35
|
|
-
|
|
232
|
|
-
|
|
614
|
|
246
|
|
1,127
|
Profit / (Loss) from
operations
|
|
4,068
|
|
-
|
|
315
|
|
-
|
|
370
|
|
82
|
|
4,835
|
Share of (loss) /
profit of associates and joint ventures
|
|
(238)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(129)
|
|
(367)
|
Segment profit / (loss)
|
|
3,830
|
|
-
|
|
315
|
|
-
|
|
370
|
|
(47)
|
|
4,468
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable
assets
|
|
131,140
|
|
62,439
|
|
46,023
|
|
13,563
|
|
26,702
|
|
8,138
|
|
288,005
|
Reportable
liabilities
|
|
(103,912)
|
|
(45,029)
|
|
(36,160)
|
|
-
|
|
(67,507)
|
|
(379)
|
|
(252,987)
|
Net
reportable assets
|
|
27,228
|
|
17,410
|
|
9,863
|
|
13,563
|
|
(40,805)
|
|
7,759
|
|
35,018
|
|
|
12.31.18
|
|
06.30.18
|
Beginning
of the period / year
|
|
30,235
|
|
15,155
|
Adjustment previous periods
(IFRS 9 and 15)
|
|
(90)
|
|
-
|
Increase in equity interest
in associates and joint ventures
|
|
216
|
|
(572)
|
Issuance of capital and
contributions
|
|
41
|
|
273
|
Capital
reduction
|
|
(218)
|
|
(421)
|
Decrease of interest in
associates
|
|
(4,139)
|
|
(431)
|
Share of profit /
(loss)
|
|
(717)
|
|
(1,847)
|
Transfer to borrowings to
associates
|
|
-
|
|
(270)
|
Currency translation
adjustment
|
|
(5)
|
|
2,179
|
Incorporation of
deconsolidated subsidiary, net
|
|
-
|
|
16,782
|
Dividends
(i)
|
|
(173)
|
|
(473)
|
Liquidation
distribution
|
|
-
|
|
(92)
|
Reclassification to held
for sale
|
|
-
|
|
(70)
|
Others
|
|
-
|
|
22
|
End of
the period / year (ii)
|
|
25,150
|
|
30,235
|
Name of the
entity
|
|
% ownership
interest
|
|
Value of Group's interest in
equity
|
|
Group's interest in
comprehensive income / (loss)
|
||||||
|
12.31.18
|
|
06.30.18
|
|
12.31.18
|
|
06.30.18
|
|
12.31.18
|
|
12.31.17
|
|
Associates
|
|
|
|
|
|
|
|
|
|
|
|
|
New Lipstick (1)
|
|
49.90%
|
|
49.90%
|
|
(3,422)
|
|
(3,126)
|
|
(296)
|
|
83
|
Tarshop
|
|
20.00%
|
|
20.00%
|
|
4
|
|
158
|
|
28
|
|
(7)
|
BHSA
|
|
29.91%
|
|
29.91%
|
|
3,919
|
|
4,181
|
|
(79)
|
|
309
|
Condor
|
|
18.89%
|
|
18.90%
|
|
900
|
|
888
|
|
51
|
|
(9)
|
PBEL
|
|
45.00%
|
|
45.00%
|
|
1,228
|
|
1,337
|
|
(1)
|
|
(120)
|
Shufersal
|
|
26.02%
|
|
33.56%
|
|
13,758
|
|
16,782
|
|
286
|
|
-
|
Other associates
|
|
-
|
|
-
|
|
2,439
|
|
3,032
|
|
(238)
|
|
136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
Quality
|
|
50.00%
|
|
50.00%
|
|
1,405
|
|
1,364
|
|
21
|
|
102
|
La Rural
S.A.
|
|
50.00%
|
|
50.00%
|
|
241
|
|
223
|
|
17
|
|
35
|
Mehadrin
|
|
45.41%
|
|
45.41%
|
|
2,446
|
|
2,896
|
|
(395)
|
|
(361)
|
Cresca S.A.
|
|
50.00%
|
|
50.00%
|
|
1
|
|
1
|
|
-
|
|
-
|
Other joint
ventures
|
|
-
|
|
-
|
|
2,231
|
|
2,499
|
|
(116)
|
|
366
|
Total associates and
joint
ventures
|
|
|
|
|
|
25,150
|
|
30,235
|
|
(722)
|
|
534
|
Name of the
entity
|
|
Location of business /
Country of incorporation
|
|
Main
activity
|
|
Common shares 1
vote
|
|
Last financial statement
issued
|
||||
|
|
|
|
Share capital (nominal
value)
|
|
Profit / (loss) for the period
|
|
Shareholders'
equity
|
||||
Associates
|
|
|
|
|
|
|
|
|
|
|
|
|
New Lipstick (1)
|
|
U.S.
|
|
Real estate
|
|
N/A
|
|
N/A
|
|
(*) (16)
|
|
(*) (194)
|
Tarshop
|
|
Argentina
|
|
Financing
|
|
48,759,288
|
|
599
|
|
101
|
|
601
|
BHSA
|
|
Argentina
|
|
Financial
|
|
448,689,072
|
|
(***) 1,500
|
|
(***) 2,238
|
|
(***) 8,719
|
Condor
|
|
U.S.
|
|
Hotel
|
|
2,245,100
|
|
N/A
|
|
(*) 3
|
|
(*) 110
|
PBEL
|
|
India
|
|
Real estate
|
|
450
|
|
(**) 1
|
|
(**) (9)
|
|
(**) (498)
|
Shufersal
|
|
Israel
|
|
Retail
|
|
79,282,087
|
|
(**) 242
|
|
(**) 149
|
|
(**) 1,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
Quality
|
|
Argentina
|
|
Real estate
|
|
120,827,022
|
|
280
|
|
38
|
|
N/A
|
La Rural
S.A.
|
|
Argentina
|
|
Organization of events
|
|
714,498
|
|
1
|
|
49
|
|
-
|
Mehadrin
|
|
Israel
|
|
Agriculture
|
|
1,509,889
|
|
(**) 3
|
|
(**) (73)
|
|
195
|
|
|
Leased
out farmland
|
|
Rental
properties
|
|
Underdeveloped
parcels of land
|
|
Properties
under development
|
|
Total
as of 12.31.18
|
|
Total
as of 06.30.18
|
Fair
value at the beginning of the period / year
|
|
1,177
|
|
180,560
|
|
15,997
|
|
10,760
|
|
208,494
|
|
165,316
|
Additions
|
|
-
|
|
504
|
|
296
|
|
1,612
|
|
2,412
|
|
4,723
|
Capitalized finance
costs
|
|
-
|
|
-
|
|
-
|
|
27
|
|
27
|
|
110
|
Capitalized leasing
costs
|
|
-
|
|
4
|
|
-
|
|
-
|
|
4
|
|
29
|
Amortization of capitalized
leasing costs (i)
|
|
-
|
|
(4)
|
|
-
|
|
-
|
|
(4)
|
|
(6)
|
Transfers
|
|
-
|
|
742
|
|
(476)
|
|
(266)
|
|
-
|
|
-
|
Transfers to property,
plant and equipment
|
|
(730)
|
|
(522)
|
|
-
|
|
-
|
|
(1,252)
|
|
(32)
|
Transfers from property,
plant and equipment (ii)
|
|
1,819
|
|
-
|
|
-
|
|
-
|
|
1,819
|
|
2,824
|
Transfers to / from trading
properties
|
|
-
|
|
-
|
|
(62)
|
|
(493)
|
|
(555)
|
|
325
|
Transfers to assets held
for sale
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(664)
|
Assets incorporated by
business combination
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
152
|
Deconsolidation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(5,924)
|
Disposals
|
|
(1,015)
|
|
(10)
|
|
-
|
|
-
|
|
(1,025)
|
|
(702)
|
Currency translation
adjustment
|
|
120
|
|
1,431
|
|
23
|
|
300
|
|
1,874
|
|
28,299
|
Net gain from fair value
adjustment
|
|
(22)
|
|
(8,337)
|
|
639
|
|
2,201
|
|
(5,519)
|
|
14,044
|
Fair
value at the end of the period / year
|
|
1,349
|
|
174,368
|
|
16,417
|
|
14,141
|
|
206,275
|
|
208,494
|
|
|
12.31.18
|
|
12.31.17
|
Rental and services income
|
|
8,712
|
|
8,111
|
Direct operating expenses
|
|
(2,313)
|
|
(2,231)
|
Development expenses
|
|
(1,865)
|
|
(550)
|
Net realized gain from fair value adjustment of
investment properties
|
|
1,075
|
|
2,472
|
Net unrealized gain from fair value adjustment
of investment properties
|
|
(6,594)
|
|
7,864
|
|
|
Owner occupied
farmland
|
|
Bearer
plant
|
|
Buildings and
facilities
|
|
Machinery and
equipment
|
|
Communication
networks
|
|
Others
|
|
Total as of
12.31.18
|
|
Total as of
06.30.18
|
Costs
|
|
11,356
|
|
803
|
|
6,201
|
|
1,331
|
|
51,052
|
|
5,734
|
|
76,477
|
|
98,912
|
Accumulated depreciation
|
|
(922)
|
|
(135)
|
|
(3,393)
|
|
(894)
|
|
(38,792)
|
|
(2,488)
|
|
(46,624)
|
|
(44,547)
|
Net book amount at the
beginning of the period / year
|
|
10,434
|
|
668
|
|
2,808
|
|
437
|
|
12,260
|
|
3,246
|
|
29,853
|
|
54,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions
|
|
228
|
|
106
|
|
166
|
|
14
|
|
1,095
|
|
687
|
|
2,296
|
|
6,518
|
Disposals
|
|
(35)
|
|
-
|
|
(1)
|
|
(1)
|
|
(16)
|
|
(3)
|
|
(56)
|
|
(691)
|
Deconsolidation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(36,968)
|
Impairment / recovery
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(131)
|
Assets incorporated
by business combinations
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
312
|
Currency translation adjustment
|
|
141
|
|
25
|
|
1
|
|
-
|
|
13
|
|
68
|
|
248
|
|
14,302
|
Transfers from investment properties
|
|
730
|
|
-
|
|
-
|
|
-
|
|
-
|
|
522
|
|
1,252
|
|
17
|
Transfers to investment properties
|
|
(288)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(288)
|
|
(2,360)
|
Transfers
|
|
1
|
|
-
|
|
(1)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Depreciation charges (i)
|
|
(65)
|
|
(81)
|
|
(137)
|
|
(17)
|
|
(1,053)
|
|
(503)
|
|
(1,856)
|
|
(5,511)
|
Balances at the end of the
period / year
|
|
11,146
|
|
718
|
|
2,836
|
|
433
|
|
12,299
|
|
4,017
|
|
31,449
|
|
29,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
|
|
12,072
|
|
948
|
|
6,827
|
|
1,344
|
|
51,189
|
|
7,089
|
|
79,469
|
|
76,480
|
Accumulated depreciation
|
|
(926)
|
|
(230)
|
|
(3,991)
|
|
(911)
|
|
(38,890)
|
|
(3,072)
|
|
(48,020)
|
|
(46,627)
|
Net book amount at the end of
the period / year
|
|
11,146
|
|
718
|
|
2,836
|
|
433
|
|
12,299
|
|
4,017
|
|
31,449
|
|
29,853
|
|
|
Completed
properties
|
|
Properties under
development
|
|
Undeveloped
sites
|
|
Total as of
12.31.18
|
|
Total as of
06.30.18
|
Beginning of the period /
year
|
|
3,354
|
|
7,032
|
|
2,276
|
|
12,662
|
|
10,100
|
Adjustment previous
periods (IFRS 15)
|
|
(893)
|
|
(3,911)
|
|
-
|
|
(4,804)
|
|
-
|
Additions
|
|
-
|
|
1,407
|
|
8
|
|
1,415
|
|
2,784
|
Capitalized finance
costs
|
|
-
|
|
28
|
|
-
|
|
28
|
|
14
|
Currency translation adjustment
|
|
(316)
|
|
(121)
|
|
(82)
|
|
(519)
|
|
2,512
|
Transfers
|
|
1,051
|
|
(754)
|
|
(297)
|
|
-
|
|
(1)
|
Transfers from intangible assets
|
|
-
|
|
-
|
|
-
|
|
-
|
|
22
|
Transfers to
investment properties
|
|
-
|
|
555
|
|
-
|
|
555
|
|
(325)
|
Disposals due to
sales
|
|
(1,823)
|
|
-
|
|
-
|
|
(1,823)
|
|
(2,444)
|
Disposals due to advance in work in
progress
|
|
-
|
|
(149)
|
|
-
|
|
(149)
|
|
-
|
End of the period /
year
|
|
1,373
|
|
4,087
|
|
1,905
|
|
7,365
|
|
12,662
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
|
|
|
|
|
|
|
|
4,494
|
|
8,487
|
Current
|
|
|
|
|
|
|
|
2,871
|
|
4,175
|
Total
|
|
|
|
|
|
|
|
7,365
|
|
12,662
|
|
|
Goodwill
|
|
Trademarks
|
|
Licenses
|
|
Customer
relations
|
|
Information systems and
software
|
|
Contracts and
others
|
|
Total as of
12.31.18
|
|
Total as of
06.30.18
|
Costs
|
|
4,073
|
|
4,173
|
|
2,112
|
|
8,838
|
|
7,445
|
|
3,873
|
|
30,514
|
|
29,647
|
Accumulated amortization
|
|
-
|
|
(251)
|
|
(613)
|
|
(5,905)
|
|
(5,300)
|
|
(2,395)
|
|
(14,464)
|
|
(9,907)
|
Net book amount at the
beginning of the period / year
|
|
4,073
|
|
3,922
|
|
1,499
|
|
2,933
|
|
2,145
|
|
1,478
|
|
16,050
|
|
19,740
|
Additions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
364
|
|
564
|
|
928
|
|
961
|
Disposals
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(8)
|
|
-
|
|
(8)
|
|
-
|
Deconsolidation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(9,289)
|
Transfers to trading
properties
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(22)
|
Assets incorporated
by business combination
|
|
-
|
|
-
|
|
-
|
|
-
|
|
40
|
|
-
|
|
40
|
|
1,513
|
Currency translation adjustment
|
|
11
|
|
(3)
|
|
(11)
|
|
(90)
|
|
2
|
|
50
|
|
(41)
|
|
6,102
|
Amortization charges (i)
|
|
-
|
|
(34)
|
|
(59)
|
|
(505)
|
|
(358)
|
|
(399)
|
|
(1,355)
|
|
(2,955)
|
Balances at the end of the
period / year
|
|
4,084
|
|
3,885
|
|
1,429
|
|
2,338
|
|
2,185
|
|
1,693
|
|
15,614
|
|
16,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
|
|
4,085
|
|
4,167
|
|
5,586
|
|
11,950
|
|
4,117
|
|
4,550
|
|
34,455
|
|
30,518
|
Accumulated amortization
|
|
(1)
|
|
(282)
|
|
(4,157)
|
|
(9,612)
|
|
(1,932)
|
|
(2,857)
|
|
(18,841)
|
|
(14,468)
|
Net book amount at the end of
the period / year
|
|
4,084
|
|
3,885
|
|
1,429
|
|
2,338
|
|
2,185
|
|
1,693
|
|
15,614
|
|
16,050
|
|
|
Agricultural
business
|
|||||||||||||||
|
|
Sown
land-crops
|
|
Sugarcane
fields
|
|
Breeding cattle and
cattle for
sale
|
|
Other
cattle
|
|
Others
|
|
Total as of 12.31.18
|
|
Total as of 06.30.18
|
|
||
|
|
Level 1
|
|
Level 3
|
|
Level 3
|
|
Level 2
|
|
Level 2
|
|
Level 1
|
|
|
|
||
Net book amount at the
beginning of the period / year
|
|
76
|
|
336
|
|
575
|
|
1,240
|
|
72
|
|
19
|
|
2,318
|
|
2,035
|
|
Purchases
|
|
-
|
|
-
|
|
-
|
|
61
|
|
135
|
|
-
|
|
196
|
|
221
|
|
Changes by transformation
|
|
(61)
|
|
61
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Initial recognition and changes in the fair
value of biological assets (i)
|
|
200
|
|
182
|
|
218
|
|
(124)
|
|
(25)
|
|
-
|
|
451
|
|
918
|
|
Decrease due to
harvest
|
|
-
|
|
(784)
|
|
(1,764)
|
|
-
|
|
-
|
|
-
|
|
(2,548)
|
|
(4,490)
|
|
Sales
|
|
-
|
|
-
|
|
-
|
|
(220)
|
|
(1)
|
|
-
|
|
(221)
|
|
(518)
|
|
Consumes
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
(95)
|
|
(1)
|
|
(97)
|
|
(9)
|
|
Costs for the period / year
|
|
1,537
|
|
273
|
|
1,465
|
|
241
|
|
5
|
|
3
|
|
3,524
|
|
3,995
|
|
Addition
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Foreign exchange gain
|
|
28
|
|
2
|
|
26
|
|
9
|
|
-
|
|
-
|
|
65
|
|
166
|
|
Balances at the end of the
period / year
|
|
1,780
|
|
70
|
|
520
|
|
1,206
|
|
91
|
|
21
|
|
3,688
|
|
2,318
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Non-current (Production)
|
|
-
|
|
-
|
|
-
|
|
1,019
|
|
16
|
|
21
|
|
1,056
|
|
1,154
|
|
Current (Consumable)
|
|
1,780
|
|
70
|
|
520
|
|
187
|
|
75
|
|
-
|
|
2,632
|
|
1,164
|
|
Net book amount at the end of
the period /
year
|
|
1,780
|
|
70
|
|
520
|
|
1,206
|
|
91
|
|
21
|
|
3,688
|
|
2,318
|
|
|
|
12.31.18
|
|
06.30.18
|
Crops
|
|
654
|
|
1,456
|
Materials and supplies
|
|
954
|
|
468
|
Seeds and fodders
|
|
199
|
|
198
|
Sugarcane
|
|
-
|
|
1
|
Beef
|
|
42
|
|
83
|
Agricultural
inventories
|
|
1,849
|
|
2,206
|
Telephones and other communication
equipment
|
|
715
|
|
755
|
Others
|
|
42
|
|
48
|
Total
inventories
|
|
2,606
|
|
3,009
|
|
|
Financial assets at
amortized cost
|
|
Financial assets at
fair value through profit or loss
|
|
Subtotal financial
assets
|
|
Non-financial
assets
|
|
Total
|
||||
|
|
|
Level
1
|
|
Level
2
|
|
Level
3
|
|
|
|
||||
December 31,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per Statement of
Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the
allowance for doubtful accounts and other receivables) (Note
15)
|
|
29,067
|
|
-
|
|
-
|
|
-
|
|
29,067
|
|
7,762
|
|
36,829
|
Investment in financial
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Public companies’
securities
|
|
-
|
|
-
|
|
-
|
|
159
|
|
159
|
|
-
|
|
159
|
- Private companies’
securities
|
|
-
|
|
-
|
|
-
|
|
1,520
|
|
1,520
|
|
-
|
|
1,520
|
- Deposits
|
|
4,851
|
|
-
|
|
-
|
|
-
|
|
4,851
|
|
-
|
|
4,851
|
- Bonds
|
|
1
|
|
-
|
|
554
|
|
-
|
|
555
|
|
-
|
|
555
|
- Mutual funds
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
- Convertible Notes
|
|
-
|
|
-
|
|
-
|
|
938
|
|
938
|
|
-
|
|
938
|
- Investments in
financial assets with quotation
|
|
-
|
|
27,553
|
|
-
|
|
-
|
|
27,553
|
|
-
|
|
27,553
|
Derivative financial
instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Crops options
contracts
|
|
-
|
|
99
|
|
-
|
|
-
|
|
99
|
|
-
|
|
99
|
- Crops futures contracts
|
|
-
|
|
5
|
|
-
|
|
-
|
|
5
|
|
-
|
|
5
|
- Foreign-currency options
contracts
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
- Foreign-currency future
contracts
|
|
-
|
|
16
|
|
35
|
|
-
|
|
51
|
|
-
|
|
51
|
- Swaps
|
|
-
|
|
6
|
|
40
|
|
-
|
|
46
|
|
-
|
|
46
|
- Others
|
|
-
|
|
-
|
|
10
|
|
-
|
|
10
|
|
-
|
|
10
|
Restricted assets (i)
|
|
7,974
|
|
-
|
|
-
|
|
-
|
|
7,974
|
|
-
|
|
7,974
|
Financial assets held for
sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Clal
|
|
-
|
|
16,133
|
|
-
|
|
-
|
|
16,133
|
|
-
|
|
16,133
|
Cash and cash equivalents (excluding bank
overdrafts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Cash on hand and at
bank
|
|
11,772
|
|
-
|
|
-
|
|
-
|
|
11,772
|
|
-
|
|
11,772
|
- Short-term bank in
deposits
|
|
219
|
|
-
|
|
-
|
|
-
|
|
219
|
|
-
|
|
219
|
- Mutual funds
|
|
40,779
|
|
305
|
|
-
|
|
-
|
|
41,084
|
|
-
|
|
41,084
|
- Short-term
investments
|
|
-
|
|
1,654
|
|
-
|
|
-
|
|
1,654
|
|
-
|
|
1,654
|
Total
assets
|
|
94,663
|
|
45,771
|
|
639
|
|
2,617
|
|
143,690
|
|
7,762
|
|
151,452
|
|
|
Financial liabilities at
amortized cost
|
|
Financial liabilities at fair
value through profit or loss
|
|
Subtotal financial
liabilities
|
|
Non-financial
liabilities
|
|
Total
|
||||
|
|
|
Level
1
|
|
Level
2
|
|
Level
3
|
|
|
|
||||
December 31,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities as per Statement
of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables (Note
17)
|
|
15,811
|
|
-
|
|
-
|
|
-
|
|
15,811
|
|
5,320
|
|
21,131
|
Borrowings (excluding finance lease liabilities)
(Note 20)
|
|
292,000
|
|
-
|
|
-
|
|
-
|
|
292,000
|
|
-
|
|
292,000
|
Finance lease obligations
|
|
228
|
|
-
|
|
-
|
|
-
|
|
228
|
|
-
|
|
228
|
Derivative financial
instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Crops options
contracts
|
|
-
|
|
79
|
|
-
|
|
-
|
|
79
|
|
-
|
|
79
|
- Crops futures contracts
|
|
-
|
|
3
|
|
-
|
|
-
|
|
3
|
|
-
|
|
3
|
- Foreign-currency options
contracts
|
|
-
|
|
42
|
|
-
|
|
-
|
|
42
|
|
-
|
|
42
|
- Foreign-currency
contracts
|
|
-
|
|
-
|
|
1
|
|
-
|
|
1
|
|
-
|
|
1
|
- Swaps
|
|
-
|
|
-
|
|
348
|
|
-
|
|
348
|
|
-
|
|
348
|
- Forwards
|
|
-
|
|
-
|
|
161
|
|
-
|
|
161
|
|
-
|
|
161
|
- Others
|
|
-
|
|
10
|
|
-
|
|
30
|
|
40
|
|
-
|
|
40
|
Total
liabilities
|
|
308,039
|
|
134
|
|
510
|
|
30
|
|
308,713
|
|
5,320
|
|
314,033
|
|
|
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,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables
(excluding the allowance for doubtful accounts and other
receivables) (Note 15)
|
|
26,902
|
|
-
|
|
-
|
|
-
|
|
26,902
|
|
7,743
|
|
34,645
|
Investment in financial
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Public
companies’ securities
|
|
-
|
|
-
|
|
-
|
|
172
|
|
172
|
|
-
|
|
172
|
- Private companies’
securities
|
|
-
|
|
-
|
|
-
|
|
1,489
|
|
1,489
|
|
-
|
|
1,489
|
-
Deposits
|
|
1,781
|
|
-
|
|
-
|
|
-
|
|
1,781
|
|
-
|
|
1,781
|
-
Bonds
|
|
13
|
|
-
|
|
644
|
|
-
|
|
657
|
|
-
|
|
657
|
- Mutual
funds
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
- Convertible
Notes
|
|
-
|
|
-
|
|
-
|
|
1,011
|
|
1,011
|
|
-
|
|
1,011
|
- Investments in financial
assets with quotation
|
|
-
|
|
29,753
|
|
-
|
|
-
|
|
29,753
|
|
-
|
|
29,753
|
Derivative financial
instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Crops options
contracts
|
|
-
|
|
38
|
|
-
|
|
-
|
|
38
|
|
-
|
|
38
|
- Crops futures
contracts
|
|
-
|
|
73
|
|
-
|
|
-
|
|
73
|
|
-
|
|
73
|
- Foreign-currency
options contracts
|
|
-
|
|
14
|
|
-
|
|
-
|
|
14
|
|
-
|
|
14
|
- Foreign-currency
future contracts
|
|
-
|
|
-
|
|
91
|
|
-
|
|
91
|
|
-
|
|
91
|
-
Swaps
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
-
Others
|
|
-
|
|
-
|
|
20
|
|
-
|
|
20
|
|
-
|
|
20
|
Restricted
assets (i)
|
|
8,191
|
|
-
|
|
-
|
|
-
|
|
8,191
|
|
-
|
|
8,191
|
Financial assets held for
sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Clal
|
|
-
|
|
15,621
|
|
-
|
|
-
|
|
15,621
|
|
-
|
|
15,621
|
Cash and cash equivalents
(excluding bank overdrafts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Cash on
hand and at bank
|
|
8,711
|
|
-
|
|
-
|
|
-
|
|
8,711
|
|
-
|
|
8,711
|
- Short-term bank in
deposits
|
|
446
|
|
-
|
|
-
|
|
-
|
|
446
|
|
-
|
|
446
|
- Mutual
funds
|
|
-
|
|
450
|
|
-
|
|
-
|
|
450
|
|
-
|
|
450
|
- Short-term
investments
|
|
36,118
|
|
3,543
|
|
-
|
|
-
|
|
39,661
|
|
-
|
|
39,661
|
Total
assets
|
|
82,162
|
|
49,492
|
|
755
|
|
2,672
|
|
135,081
|
|
7,743
|
|
142,824
|
|
|
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,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
as per Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
(Note 17)
|
|
21,805
|
|
-
|
|
-
|
|
-
|
|
21,805
|
|
5,883
|
|
27,688
|
Borrowings (excluding
finance lease liabilities) (Note 20)
|
|
279,643
|
|
-
|
|
-
|
|
-
|
|
279,643
|
|
-
|
|
279,643
|
Finance lease
obligations
|
|
217
|
|
-
|
|
-
|
|
-
|
|
217
|
|
-
|
|
217
|
Derivative financial
instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Crops options
contracts
|
|
-
|
|
34
|
|
-
|
|
-
|
|
34
|
|
-
|
|
34
|
- Crops futures
contracts
|
|
-
|
|
74
|
|
-
|
|
-
|
|
74
|
|
-
|
|
74
|
- Foreign-currency
options contracts
|
|
-
|
|
23
|
|
-
|
|
-
|
|
23
|
|
-
|
|
23
|
- Foreign-currency
contracts
|
|
-
|
|
57
|
|
11
|
|
-
|
|
68
|
|
-
|
|
68
|
-
Swaps
|
|
-
|
|
1
|
|
60
|
|
-
|
|
61
|
|
-
|
|
61
|
- Forward
contracts
|
|
-
|
|
-
|
|
150
|
|
-
|
|
150
|
|
-
|
|
150
|
-
Others
|
|
-
|
|
11
|
|
-
|
|
30
|
|
41
|
|
-
|
|
41
|
Total
liabilities
|
|
301,665
|
|
200
|
|
221
|
|
30
|
|
302,116
|
|
5,883
|
|
307,999
|
Description
|
|
Pricing
model / method
|
|
Parameters
|
|
Fair
value hierarchy
|
|
Range
|
Interest rate
swaps
|
|
Cash flows - Theoretical
price
|
|
Interest rate future
contracts and cash flows
|
|
Level 2
|
|
-
|
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 10
to 11
Share price volatility 58%
to 78%
Market
interest-rate
2.9% to
3.5%
|
Promissory
note
|
|
Discounted cash flows
-
Theoretical
price
|
|
Underlying asset price
(Market price); share price volatility (historical) and market
interest rate (Libor rate curve).
|
|
Level 3
|
|
Underlying asset price 10
to 11
Share price volatility 58%
to 78%
Market
interest-rate
2.9% to
3.5%
|
TGLT Non-Convertible
Notes
|
|
Black-Scholes –
Theoretical price
|
|
Underlying asset price
(Market price); share price volatility (historical) and market
interest rate (Libor rate curve).
|
|
Level 3
|
|
Underlying asset price 10
to 13
Share price volatility 55%
to 75%
Market interest
rate
8% to
9%
|
Call option of
Arcos
|
|
Discounted cash
flows
|
|
Projected revenues and
discounting rate.
|
|
Level 3
|
|
-
|
Investments in financial
assets - Other private companies’
securities
|
|
Cash flow / NAV -
Theoretical price
|
|
Projected revenue discounted at the discount
rate /
The value is calculated in accordance with
shares in the equity funds on the basis of their Financial
Statements, based on fair value or investments
assessments.
|
|
Level 3
|
|
1 - 3.5
|
Investments in financial
assets - Others
|
|
Discounted cash flow
-
Theoretical
price
|
|
Projected revenue discounted at the discount
rate /
The value is calculated in accordance with
shares in the equity funds on the basis of their Financial
Statements, based on fair value or investment
assessments.
|
|
Level 3
|
|
1 - 3.5
|
Derivative financial
instruments – Forwards
|
|
Theoretical
price
|
|
Underlying asset price and
volatility
|
|
Level 2 and 3
|
|
-
|
|
|
Investments in
financial assets - Public companies’
Securities
|
|
Derivative financial
instruments - Others
|
|
Investments in
financial assets - Private companies’
Securities
|
|
Investments in
financial assets - Convertible Notes
|
|
Total as of
12.31.18
|
|
Total as of
06.30.18
|
Balances at beginning of the
period / year
|
|
172
|
|
(30)
|
|
1,489
|
|
1,011
|
|
2,642
|
|
1,711
|
Additions and acquisitions
|
|
-
|
|
-
|
|
89
|
|
-
|
|
89
|
|
740
|
Transfer to level 1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(161)
|
Currency translation
adjustment
|
|
5
|
|
-
|
|
16
|
|
-
|
|
21
|
|
365
|
Deconsolidation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(166)
|
Write off
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(85)
|
Gain / (loss) for the period / year
(i)
|
|
(18)
|
|
-
|
|
(74)
|
|
(73)
|
|
(165)
|
|
238
|
Balances at the end of the
period /
year
|
|
159
|
|
(30)
|
|
1,520
|
|
938
|
|
2,587
|
|
2,642
|
|
|
12.31.18
|
|
06.30.18
|
Trade, leases and services
receivable
|
|
23,997
|
|
21,593
|
Less: allowance for doubtful
accounts
|
|
(1,520)
|
|
(1,067)
|
Total trade
receivables
|
|
22,477
|
|
20,526
|
Prepayments
|
|
6,502
|
|
6,141
|
Borrowings, deposits and other debit balances
|
|
3,560
|
|
4,144
|
Guarantee deposits
|
|
162
|
|
209
|
Tax receivables
|
|
1,256
|
|
1,035
|
Others
|
|
1,352
|
|
1,523
|
Total other
receivables
|
|
12,832
|
|
13,052
|
Total trade and other
receivables
|
|
35,309
|
|
33,578
|
|
|
|
|
|
Non-current
|
|
12,920
|
|
11,637
|
Current
|
|
22,389
|
|
21,941
|
Total
|
|
35,309
|
|
33,578
|
|
|
12.31.18
|
|
06.30.18
|
Beginning of the period / year
|
|
1,067
|
|
500
|
Adjustments previous periods (IFRS 9)
|
|
112
|
|
-
|
Additions (i)
|
|
297
|
|
453
|
Recoveries (i)
|
|
(35)
|
|
(45)
|
Currency translation
adjustment
|
|
245
|
|
736
|
Deconsolidation
|
|
-
|
|
(187)
|
Receivables written
off during the period / year as
uncollectable
|
|
(114)
|
|
(385)
|
Inflation adjustment
|
|
(52)
|
|
(5)
|
End of the period /
year
|
|
1,520
|
|
1,067
|
|
|
Note
|
|
12.31.18
|
|
12.31.17
|
(Loss) /
Profit for the period
|
|
|
|
(5,620)
|
|
11,474
|
Profit
from discontinued operations
|
|
|
|
(717)
|
|
(1,291)
|
Adjustments
for:
|
|
|
|
|
|
|
Income
tax
|
|
21
|
|
(1,921)
|
|
(3,327)
|
Amortization and
depreciation
|
|
24
|
|
3,056
|
|
2,930
|
(Gain) / Loss from disposal
of property, plant and equipment
|
|
|
|
(1)
|
|
35
|
Net (gain) / loss from fair
value adjustment of investment properties
|
|
|
|
5,519
|
|
(10,336)
|
Share-based
compensation
|
|
|
|
19
|
|
35
|
Gain from disposal of
intangible assets
|
|
|
|
(8)
|
|
-
|
Gain from disposal of
subsidiary and associates
|
|
|
|
(696)
|
|
-
|
Gain from disposal of
trading properties
|
|
|
|
(296)
|
|
-
|
Impairment of other
assets
|
|
|
|
154
|
|
-
|
Financial results,
net
|
|
|
|
6,412
|
|
8,149
|
Provisions and
allowances
|
|
|
|
408
|
|
828
|
Share of loss / (profit) of
associates and joint ventures
|
|
|
|
717
|
|
(78)
|
Loss from revaluation of
receivables arising from the sale of farmland
|
|
|
|
1
|
|
12
|
(Gain) / Loss from
repurchase of Non-convertible Notes
|
|
|
|
(53)
|
|
6
|
Changes in net realizable
value of agricultural products after harvest
|
|
|
|
(34)
|
|
(81)
|
Unrealized initial
recognition and changes in fair value of biological assets and
agricultural products at the point of harvest
|
|
|
|
(436)
|
|
(214)
|
Unrealized gain from
derivative financial instruments
|
|
|
|
(29)
|
|
(22)
|
Other operating
results
|
|
|
|
1
|
|
1
|
Gain from disposal of
farmlands
|
|
|
|
(53)
|
|
-
|
Impairment of associates
and joint ventures
|
|
|
|
130
|
|
-
|
|
|
|
|
|
|
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
|
Decrease in
inventories
|
|
|
|
338
|
|
246
|
Decrease in trading
properties
|
|
|
|
69
|
|
834
|
Increase in restricted
assets
|
|
|
|
(117)
|
|
-
|
Decrease / (increase) in
trade and other receivables
|
|
|
|
662
|
|
(1,816)
|
Decrease in trade and other
payables
|
|
|
|
(1,567)
|
|
(889)
|
Decrease in salaries and
social security liabilities
|
|
|
|
(291)
|
|
(188)
|
Decrease in
provisions
|
|
|
|
(63)
|
|
(7)
|
(Increase) / Decrease in
biological assets
|
|
|
|
(607)
|
|
138
|
Net variation in derivative
financial instruments
|
|
|
|
104
|
|
40
|
|
|
|
|
|
|
|
Net cash
generated by continuing operating activities before income tax
paid
|
|
|
|
5,081
|
|
6,479
|
Net cash
generated by discontinued operating activities before income tax
paid
|
|
|
|
678
|
|
4,230
|
Net cash
generated by operating activities before income tax
paid
|
|
|
|
5,759
|
|
10,709
|
|
|
|
|
12.31.18
|
|
12.31.17
|
Dividends not
collected
|
|
|
|
(4)
|
|
(42)
|
Increase in investments in
subsidiaries, associates and joint ventures through an decrease in
trade and other receivables
|
|
|
|
(4)
|
|
-
|
Increase in investment
properties through a decrease in trade and other
payables
|
|
|
|
4
|
|
-
|
Decrease in investments in
subsidiaries, associates and joint ventures through an increase in
trade and other receivables
|
|
|
|
(167)
|
|
1
|
Increase in investments in
subsidiaries, associates and joint ventures through an decrease in
borrowings
|
|
|
|
5
|
|
-
|
Decrease in trade and other
receivables through an increase in investments in subsidiaries,
associates and joint ventures
|
|
|
|
6
|
|
-
|
Increase in property, plant
and equipment through an increase in trade and other
payables
|
|
|
|
303
|
|
19
|
Increase in investment
properties through an increase in borrowings
|
|
|
|
27
|
|
-
|
Increase in intangible
assets through an increase in trade and other
payables
|
|
|
|
176
|
|
-
|
Increase in trading
properties through an increase in borrowings
|
|
|
|
28
|
|
-
|
Increase in investment
properties through a decrease in trade and other
receivables
|
|
|
|
174
|
|
52
|
Increase in investment
properties through a decrease in trading
properties
|
|
|
|
555
|
|
-
|
Purchase of non-controlling
interest through a decrease in trade and other
receivables
|
|
|
|
-
|
|
2,041
|
Changes in non-controlling
interest through a decrease in trade and other
receivables
|
|
|
|
-
|
|
322
|
|
|
12.31.18
|
|
06.30.18
|
Trade payables
|
|
10,811
|
|
13,911
|
Sales, rental and services payments received in
advance
|
|
3,101
|
|
4,555
|
Construction obligations
|
|
986
|
|
1,881
|
Accrued invoices
|
|
1,456
|
|
1,725
|
Deferred income
|
|
76
|
|
47
|
Total trade payables
|
|
16,430
|
|
22,119
|
Dividends payable to non-controlling
shareholders
|
|
121
|
|
157
|
Taxes payable
|
|
495
|
|
615
|
Construction obligations
|
|
372
|
|
664
|
Management fees
|
|
1,130
|
|
1,722
|
Others
|
|
2,583
|
|
2,411
|
Total other
payables
|
|
4,701
|
|
5,569
|
Total trade and other
payables
|
|
21,131
|
|
27,688
|
|
|
|
|
|
Non-current
|
|
2,345
|
|
4,724
|
Current
|
|
18,786
|
|
22,964
|
Total
|
|
21,131
|
|
27,688
|
|
|
Legal claims
(i)
|
|
Investments in
associates and joint ventures (ii)
|
|
Sited dismantling and
remediation
|
|
Onerous
contracts
|
|
Other
provisions
|
|
Total as of
12.31.18
|
|
Total as of
06.30.18
|
Beginning of period /
year
|
|
1,344
|
|
3,126
|
|
211
|
|
-
|
|
1,216
|
|
5,897
|
|
3,003
|
Additions
|
|
196
|
|
231
|
|
-
|
|
-
|
|
54
|
|
481
|
|
3,491
|
Inflation adjustment
|
|
(30)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(30)
|
|
(17)
|
Recovery
|
|
(110)
|
|
-
|
|
(9)
|
|
-
|
|
-
|
|
(119)
|
|
(612)
|
Deconsolidation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(587)
|
Currency translation
adjustment
|
|
25
|
|
77
|
|
(1)
|
|
-
|
|
89
|
|
190
|
|
604
|
Incorporated by business
combination
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
15
|
End of period /
year
|
|
1,425
|
|
3,434
|
|
201
|
|
-
|
|
1,359
|
|
6,419
|
|
5,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
|
|
|
|
|
|
|
|
|
|
|
|
5,065
|
|
4,547
|
Current
|
|
|
|
|
|
|
|
|
|
|
|
1,354
|
|
1,350
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
6,419
|
|
5,897
|
|
|
Book
value
|
|
|
Fair
value
|
||||
|
|
12.31.18
|
|
06.30.18
|
|
|
12.31.18
|
|
06.30.18
|
NCN
|
|
243,695
|
|
226,876
|
|
|
244,116
|
|
306,337
|
Bank loans
|
|
44,517
|
|
46,594
|
|
|
46,960
|
|
58,509
|
Bank overdrafts
|
|
218
|
|
1,429
|
|
|
218
|
|
1,665
|
Other borrowings (i)
|
|
3,798
|
|
4,961
|
|
|
5,194
|
|
8,138
|
Total borrowings
(ii)
|
|
292,228
|
|
279,860
|
|
|
296,488
|
|
374,649
|
|
|
|
|
|
|
|
|
|
|
Non-current
|
|
239,632
|
|
238,963
|
|
|
|
|
|
Current
|
|
52,596
|
|
40,897
|
|
|
|
|
|
Total
|
|
292,228
|
|
279,860
|
|
|
|
|
|
Entity
|
Class
|
Issuance
/ expansion date
|
Amount
in original currency
|
Maturity
date
|
Interest
rate
|
Principal
payment
|
Interest
payment
|
|
Cresud
|
Class
XXIV
|
Nov-18
|
USD
73.6
|
11/14/2020
|
9.00%
n.a
|
At
expiration
|
quarterly
|
|
Cellcom
|
SERIES
K
|
Jul-18
|
NIS 220
|
07/05/2026
|
3.55%
e.a.
|
Annual payments since
2021
|
annually
|
(1)
|
Cellcom
|
SERIES
K
|
Dec-18
|
NIS 187
|
07/05/2026
|
3.55%
e.a.
|
Annual payments since
2021
|
annually
|
|
Cellcom
|
SERIES
L
|
Dec-18
|
NIS 213
|
01/05/2028
|
3.55%
e.a.
|
Annual payments since
2023
|
annually
|
|
PBC
|
SERIES
I
|
Jul-18
|
NIS 507
|
06/29/2029
|
3.95%
e.a.
|
At
expiration
|
quarterly
|
(1)
|
Gav -
Yam
|
SERIES
A
|
Jul-18
|
NIS 320
|
10/31/2023
|
3.55%
e.a.
|
Annual payments since
2021
|
biannually
|
|
Gav -
Yam
|
SERIES
A
|
Dec-18
|
NIS 351
|
10/31/2023
|
3.55%
e.a.
|
Annual payments since
2021
|
biannually
|
|
Gav -
Yam
|
SERIES
H
|
Sep-18
|
NIS 596
|
06/30/2034
|
2.55%
e.a.
|
At
expiration
|
annually
|
(1)
|
|
|
12.31.18
|
|
12.31.17
|
Current income tax
|
|
(626)
|
|
(1,093)
|
Deferred income tax
|
|
2,547
|
|
4,420
|
Income tax from continuing
operations
|
|
1,921
|
|
3,327
|
|
|
12.31.18
|
|
12.31.17
|
Tax calculated at the tax rates applicable to
profits in the respective countries (*)
|
|
2,585
|
|
(3,563)
|
Permanent
differences:
|
|
|
|
|
Share of (loss) / profit of joint ventures and associates
|
|
(183)
|
|
1,061
|
Tax rate differential
|
|
297
|
|
7,669
|
Taxable profit of
non-argentinian holding subsidiaries
|
|
(45)
|
|
-
|
Provision for
unrecoverability of tax loss carry-forwards / Unrecognized tax loss
carry-forwards
|
|
(1,256)
|
|
(1,501)
|
Changes in fair
value of financial instruments
|
|
93
|
|
-
|
Non-taxable profit, non-deductible expenses and
others
|
|
144
|
|
219
|
Permanent inflation adjustment
|
|
286
|
|
(558)
|
Income tax from continuing
operations
|
|
1,921
|
|
3,327
|
|
|
12.31.18
|
|
06.30.18
|
Beginning of period /
year
|
|
(32,880)
|
|
(36,977)
|
Adjustments previous periods (IFRS 9 and 15)
|
|
(53)
|
|
-
|
Incorporated by business
combination
|
|
-
|
|
3,804
|
Deconsolidation
|
|
-
|
|
-
|
Currency translation
adjustment
|
|
(67)
|
|
(4,926)
|
Revaluation surplus
|
|
(521)
|
|
(89)
|
Reserve for changes of non-controlling
interest
|
|
-
|
|
(19)
|
Use of tax loss
carry-forwards
|
|
-
|
|
-
|
Charged to the Statement of
Income
|
|
2,547
|
|
5,327
|
End of the period /
year
|
|
(30,974)
|
|
(32,880)
|
|
|
|
|
|
Deferred income tax
assets
|
|
1,437
|
|
1,498
|
Deferred income tax
liabilities
|
|
(32,411)
|
|
(34,378)
|
Deferred income tax liabilities,
net
|
|
(30,974)
|
|
(32,880)
|
|
|
12.31.18
|
|
12.31.17
|
Beef
|
|
1,631
|
|
1,432
|
Crops
|
|
1,581
|
|
1,367
|
Sugarcane
|
|
1,065
|
|
914
|
Cattle
|
|
165
|
|
228
|
Supplies
|
|
242
|
|
136
|
Dairy
|
|
-
|
|
118
|
Consignment
|
|
288
|
|
112
|
Advertising and brokerage
fees
|
|
158
|
|
105
|
Agricultural rental and other services
|
|
40
|
|
16
|
Other
|
|
54
|
|
265
|
Income from sales and
services from agricultural
business
|
|
5,224
|
|
4,693
|
Trading properties and
developments
|
|
2,340
|
|
580
|
Communication services
|
|
11,937
|
|
10,613
|
Sale of communication
equipment
|
|
3,704
|
|
3,480
|
Rental and services
|
|
8,672
|
|
8,095
|
Hotel operations, tourism services and
others
|
|
1,226
|
|
777
|
Income from sales and services from urban properties and
investment business
|
|
27,879
|
|
23,545
|
Total
revenues
|
|
33,103
|
|
28,238
|
|
|
12.31.18
|
|
12.31.17
|
Other operative costs
|
|
10
|
|
13
|
Cost of property
operations
|
|
10
|
|
13
|
Beef
|
|
1,413
|
|
1,345
|
Crops
|
|
1,501
|
|
1,035
|
Sugarcane
|
|
883
|
|
796
|
Cattle
|
|
221
|
|
237
|
Supplies
|
|
185
|
|
143
|
Dairy
|
|
-
|
|
86
|
Consignment
|
|
29
|
|
24
|
Advertising and brokerage
fees
|
|
103
|
|
98
|
Agricultural rental and other services
|
|
110
|
|
75
|
Cost of sales and services
from agricultural
business
|
|
4,445
|
|
3,839
|
Trading properties and
developments
|
|
1,866
|
|
550
|
Communication services
|
|
8,744
|
|
7,585
|
Sale of
communication equipment
|
|
2,646
|
|
2,330
|
Rental and
services
|
|
2,304
|
|
2,226
|
Revenue from supermarkets
|
|
-
|
|
56
|
Hotel operations, tourism services and
others
|
|
724
|
|
676
|
Cost of sales and services from sales and services from
urban properties and investment business
|
|
16,284
|
|
13,423
|
Total
costs
|
|
20,739
|
|
17,275
|
|
|
Production
costs
|
|
Costs
(i)
|
|
General
and administrative expenses
|
|
Selling
expenses
|
|
Total
as of 12.31.18
|
|
Total
as of 12.31.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sale of goods and
services
|
|
-
|
|
4,590
|
|
-
|
|
-
|
|
4,590
|
|
2,961
|
Supplies and
labors
|
|
2,309
|
|
1,570
|
|
-
|
|
10
|
|
3,889
|
|
2,796
|
Cost of sale of
agricultural products and biological assets
|
|
(35)
|
|
2,163
|
|
-
|
|
-
|
|
2,128
|
|
1,739
|
Salaries, social security
costs and other personnel expenses
|
|
529
|
|
2,091
|
|
1,408
|
|
1,432
|
|
5,460
|
|
4,569
|
Depreciation and
amortization
|
|
159
|
|
1,892
|
|
519
|
|
645
|
|
3,215
|
|
3,066
|
Fees and payments for
services
|
|
11
|
|
1,916
|
|
768
|
|
54
|
|
2,749
|
|
2,433
|
Maintenance, security,
cleaning, repairs and others
|
|
29
|
|
1,372
|
|
233
|
|
99
|
|
1,733
|
|
1,407
|
Advertising and other
selling expenses
|
|
-
|
|
242
|
|
5
|
|
657
|
|
904
|
|
1,182
|
Taxes, rates and
contributions
|
|
16
|
|
259
|
|
36
|
|
295
|
|
606
|
|
484
|
Interaction and roaming
expenses
|
|
-
|
|
1,675
|
|
-
|
|
-
|
|
1,675
|
|
1,518
|
Fees to other
operators
|
|
-
|
|
2,330
|
|
-
|
|
-
|
|
2,330
|
|
1,765
|
Director's
fees
|
|
-
|
|
-
|
|
311
|
|
-
|
|
311
|
|
200
|
Leases and
service charges
|
|
3
|
|
52
|
|
19
|
|
100
|
|
174
|
|
133
|
Allowance for doubtful
accounts, net
|
|
-
|
|
2
|
|
8
|
|
248
|
|
258
|
|
146
|
Freights
|
|
22
|
|
1
|
|
-
|
|
168
|
|
191
|
|
291
|
Bank
expenses
|
|
-
|
|
42
|
|
11
|
|
7
|
|
60
|
|
9
|
Commissions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
21
|
Conditioning
and clearance
|
|
-
|
|
-
|
|
-
|
|
35
|
|
35
|
|
53
|
Travel, library
expenses and stationery
|
|
16
|
|
2
|
|
6
|
|
1
|
|
25
|
|
21
|
Other
expenses
|
|
465
|
|
540
|
|
266
|
|
164
|
|
1,435
|
|
1,219
|
Total as
of 12.31.18
|
|
3,524
|
|
20,739
|
|
3,590
|
|
3,915
|
|
31,768
|
|
|
Total as
of 12.31.17
|
|
1,848
|
|
17,275
|
|
3,105
|
|
3,785
|
|
|
|
26,013
|
|
|
12.31.18
|
|
12.31.17
|
Gain from commodity derivative financial
instruments
|
|
176
|
|
38
|
Gain from disposal of subsidiaries and
associates (i)
|
|
696
|
|
608
|
Impairment of
associates and joint ventures (ii)
|
|
(130)
|
|
-
|
Donations
|
|
(42)
|
|
(46)
|
Lawsuits and other
contingencies
|
|
(25)
|
|
575
|
Others
|
|
(154)
|
|
(69)
|
Total other operating
results, net
|
|
521
|
|
1,106
|
|
|
12.31.18
|
|
12.31.17
|
Financial
income
|
|
|
|
|
Interest income
|
|
625
|
|
558
|
Foreign exchange gains
|
|
437
|
|
10
|
Dividends income
|
|
43
|
|
67
|
Other financial
income
|
|
147
|
|
67
|
Total financial
income
|
|
1,252
|
|
702
|
Financial
costs
|
|
|
|
|
Interest expenses
|
|
(7,798)
|
|
(6,158)
|
Loss on debt swap
|
|
-
|
|
(3,486)
|
Foreign exchange
losses
|
|
(2,309)
|
|
(10)
|
Other financial costs
|
|
(296)
|
|
(287)
|
Total financial
costs
|
|
(10,403)
|
|
(9,941)
|
Capitalized finance
costs
|
|
55
|
|
13
|
Total finance costs
|
|
(10,348)
|
|
(9,928)
|
Other financial
results:
|
|
|
|
|
Fair value gains of financial assets and
liabilities at fair value through profit or
loss
|
|
1,000
|
|
976
|
Gain / (Loss) from repurchase of Non-convertible
notes
|
|
53
|
|
(6)
|
(Loss) / Gain from derivative financial
instruments (except
commodities)
|
|
221
|
|
84
|
Gain on the revaluation of receivables arising
from the sale of farmland
|
|
(1)
|
|
(12)
|
Total other financial
results
|
|
1,273
|
|
1,042
|
Inflation adjustment
|
|
(127)
|
|
(21)
|
Total financial results,
net
|
|
(7,950)
|
|
(8,205)
|
Item
|
|
12.31.18
|
|
06.30.18
|
Trade and other
receivables
|
|
921
|
|
977
|
Investments in financial
assets
|
|
159
|
|
172
|
Trade and other
payables
|
|
(1,394)
|
|
(1,868)
|
Borrowings
|
|
(7)
|
|
(13)
|
Total
|
|
(321)
|
|
(732)
|
Related
party
|
|
12.31.18
|
|
06.30.18
|
|
Description
of transaction
|
Agro Uranga
S.A.
|
|
6
|
|
34
|
|
Sale of goods and / or
services receivable
|
Condor
|
|
159
|
|
172
|
|
Public companies'
securities
|
|
|
12
|
|
-
|
|
Dividends
receivable
|
Cresca
S.A.
|
|
(14)
|
|
(14)
|
|
Other
liabilities
|
New Lipstick
LLC
|
|
9
|
|
9
|
|
Reimbursement of expenses
receivable
|
|
|
773
|
|
746
|
|
Loans
granted
|
Manibil
S.A.
|
|
49
|
|
92
|
|
Contributions in
advance
|
Uranga Traiding
S.A.
|
|
(3)
|
|
-
|
|
Purchase of goods and / or
services payable
|
Other associates and joint
ventures (i)
|
|
2
|
|
3
|
|
Leases and/or rights of use
receivable
|
|
|
-
|
|
(1)
|
|
Leases and/or rights of use
to pay
|
|
|
-
|
|
(4)
|
|
Purchase of goods and / or
services payable
|
|
|
1
|
|
1
|
|
Shared-based compensation
receivable
|
|
|
13
|
|
9
|
|
Loans
granted
|
|
|
(7)
|
|
(13)
|
|
Loans
payable
|
|
|
6
|
|
6
|
|
Reimbursement of expenses
receivable
|
|
|
(1)
|
|
(1)
|
|
Reimbursement of expenses
payable
|
Total
associates and joint ventures
|
|
1,005
|
|
1,039
|
|
|
Related
party
|
|
12.31.18
|
|
06.30.18
|
|
Description
of transaction
|
CAMSA and its
subsidiaries
|
|
(1,130)
|
|
(1,722)
|
|
Fees
payable
|
|
|
3
|
|
3
|
|
Reimbursement of expenses
receivable
|
LRSA
|
|
-
|
|
37
|
|
Leases and/or rights of use
receivable
|
|
|
-
|
|
(1)
|
|
Reimbursement of expenses
payable
|
|
|
43
|
|
-
|
|
Loans
granted
|
|
|
2
|
|
-
|
|
Fees
payable
|
|
|
-
|
|
9
|
|
Dividends
receivable
|
IRSA Real Estate Strategies
LP
|
|
-
|
|
24
|
|
Dividends
receivable
|
|
|
3
|
|
3
|
|
Reimbursement of
expenses
|
Other related parties
(ii)
|
|
(11)
|
|
(14)
|
|
Other
liabilities
|
|
|
(2)
|
|
(3)
|
|
Legal services
payable
|
|
|
1
|
|
1
|
|
Leases and/or rights of use
receivable
|
Total
other related parties
|
|
(1,091)
|
|
(1,663)
|
|
|
Directors and Senior
Management
|
|
(235)
|
|
(108)
|
|
Fees for services
received
|
Total
Directors and Senior Management
|
|
(235)
|
|
(108)
|
|
|
Total
|
|
(321)
|
|
(732)
|
|
|
Related
party
|
|
12.31.18
|
|
12.31.17
|
|
Description
of transaction
|
Agrofy
S.A.
|
|
2
|
|
2,112
|
|
Management fees /
Directory
|
|
|
-
|
|
957
|
|
Financial
operations
|
Agro-Uranga
S.A.
|
|
-
|
|
138
|
|
Sale of goods and/or
services
|
BACS
|
|
16
|
|
8
|
|
Leases and/or rights of
use
|
Condor
|
|
-
|
|
24
|
|
Financial
operations
|
ISPRO-MEHADRIN
|
|
-
|
|
53
|
|
Corporate
services
|
|
|
-
|
|
570
|
|
Management fees /
Directory
|
Other associates and joint
ventures
|
|
22
|
|
14
|
|
Leases and/or rights of
use
|
|
|
-
|
|
2
|
|
Management fees /
Directory
|
|
|
26
|
|
-
|
|
Corporate
services
|
|
|
7
|
|
12
|
|
Financial
operations
|
|
|
1
|
|
-
|
|
Commissions
|
Total
associates and joint ventures
|
|
74
|
|
3,891
|
|
|
CAMSA and its
subsidiaries
|
|
-
|
|
(785)
|
|
Management
fee
|
Taaman
|
|
-
|
|
78
|
|
Corporate
services
|
Willi-Food International
Ltd.
|
|
-
|
|
136
|
|
Corporate
services
|
Other related parties
(i)
|
|
21
|
|
(1)
|
|
Leases and/or rights of
use
|
|
|
(7)
|
|
-
|
|
Fees and
remunerations
|
|
|
3
|
|
4
|
|
Corporate
services
|
|
|
(1)
|
|
(8)
|
|
Legal
services
|
|
|
5
|
|
4
|
|
Financial
operations
|
|
|
(8)
|
|
(7)
|
|
Donations
|
|
|
1
|
|
65
|
|
Commissions
|
Total
other related parties
|
|
14
|
|
(515)
|
|
|
IFISA
|
|
-
|
|
60
|
|
Financial
operations
|
Total
Parent Company
|
|
-
|
|
60
|
|
|
Directors
|
|
(13)
|
|
(7)
|
|
Compensation of Directors
and senior management
|
|
|
(255)
|
|
(83)
|
|
Fees and
remunerations
|
Senior
Management
|
|
(14)
|
|
(135)
|
|
Compensation of Directors
and senior management
|
Total
Directors and Senior Management
|
|
(282)
|
|
(225)
|
|
|
Total
|
|
(194)
|
|
3,210
|
|
|
Related
party
|
|
12.31.18
|
|
12.31.17
|
|
Description
of transaction
|
Uranga Trading
S.A.
|
|
23
|
|
-
|
|
Irrevocable
contributions
|
Manibil
|
|
-
|
|
65
|
|
Irrevocable
contributions
|
Quality
|
|
19
|
|
-
|
|
Irrevocable
contributions
|
Total
contributions
|
|
42
|
|
65
|
|
|
Inversiones Financieras del
Sur S.A.
|
|
-
|
|
125
|
|
Dividends
paid
|
Total
dividends paid
|
|
-
|
|
125
|
|
|
Agro-Uranga
S.A.
|
|
13
|
|
6
|
|
Dividends
received
|
Condor
|
|
38
|
|
-
|
|
Dividends
received
|
Emco
|
|
8
|
|
-
|
|
Dividends
received
|
La Rural
S.A.
|
|
-
|
|
19
|
|
Dividends
received
|
Manaman
|
|
23
|
|
-
|
|
Dividends
received
|
Mehadrin
|
|
54
|
|
-
|
|
Dividends
received
|
Nuevo Puerto Santa Fe
S.A.
|
|
9
|
|
-
|
|
Dividends
received
|
Nave by the
sea
|
|
28
|
|
-
|
|
Dividends
received
|
Total
dividends received
|
|
173
|
|
25
|
|
|
Inversiones Financieras del
Sur S.A.
|
|
-
|
|
2,911
|
|
Acquisition of
non-controlling interest
|
Total
other transactions
|
|
-
|
|
2,911
|
|
|
Exhibit A - Property, plant
and equipment
|
|
Note 8 - Investment
properties
|
|
|
Note 9 - Property, plant
and equipment
|
Exhibit B - Intangible
assets
|
|
Note 11 - Intangible
assets
|
Exhibit C - Equity
investments
|
|
Note 7 - Investments in
associates and joint ventures
|
Exhibit D - Other
investments
|
|
Note 14 - Financial
instruments by category
|
Exhibit E -
Provisions
|
|
Note 19 -
Provisions
|
Exhibit F - Cost of sales
and services provided
|
|
Note 29 - Cost of sales and
services provided
|
Exhibit G - Foreign
currency assets and liabilities
|
|
Note 30 - Foreign currency
assets and liabilities
|
Description
|
|
Cost of
sales and services from agricultural business
(i)
|
|
Cost of
sales and services from sales and services from urban properties
and investment business (ii) (iii)
|
|
Total as
of 12.31.18
|
|
Total as
of 12.31.17
|
Inventories
at the beginning of the period / year
|
|
3,518
|
|
13,466
|
|
16,984
|
|
18,056
|
Adjustment previous periods
(IFRS 15)
|
|
-
|
|
(4,804)
|
|
(4,804)
|
|
-
|
Initial recognition and
changes in the fair value of biological assets and agricultural
products at the point of harvest
|
|
23
|
|
-
|
|
23
|
|
(639)
|
Changes in the net
realizable value of agricultural products after
harvest
|
|
(56)
|
|
-
|
|
(56)
|
|
19
|
Capitalized finance
costs
|
|
-
|
|
28
|
|
28
|
|
4
|
Currency translation
adjustment
|
|
(48)
|
|
(835)
|
|
(883)
|
|
904
|
Transfers
|
|
-
|
|
555
|
|
555
|
|
(703)
|
Harvest
|
|
1,621
|
|
-
|
|
1,621
|
|
1,454
|
Acquisitions and
classifications
|
|
2,978
|
|
22,245
|
|
25,223
|
|
53,128
|
Consume
|
|
(1,130)
|
|
-
|
|
(1,130)
|
|
(837)
|
Disposals due to advance in work in
progress
|
|
-
|
|
(138)
|
|
(138)
|
|
-
|
Expenses
incurred
|
|
685
|
|
-
|
|
685
|
|
864
|
Inventories
at the end of the period / year
|
|
(3,146)
|
|
(8,122)
|
|
(11,268)
|
|
(18,052)
|
Cost as
of 12.31.18
|
|
4,445
|
|
22,395
|
|
26,840
|
|
-
|
Cost as
of 12.31.17
|
|
3,839
|
|
50,359
|
|
-
|
|
54,198
|
Item (3)
/ Currency
|
|
Amount
of foreign currency (2)
|
|
Prevailing
exchange rate (1)
|
|
Total
as of 12.31.18
|
|
Total
as of 06.30.18
|
Assets
|
|
|
|
|
|
|
|
|
Trade
and other receivables
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
74
|
|
37.50
|
|
2,764
|
|
2,696
|
Euros
|
|
4
|
|
42.84
|
|
160
|
|
227
|
Chilean
Pesos
|
|
-
|
|
0.05
|
|
-
|
|
5
|
Trade
and other receivables related parties
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
-
|
|
37.50
|
|
-
|
|
1,741
|
Total
Trade and other receivables
|
|
|
|
|
|
2,924
|
|
4,669
|
Investment
in financial assets
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
62
|
|
37.50
|
|
2,336
|
|
4,861
|
Pounds
|
|
1
|
|
47.60
|
|
41
|
|
50
|
Total
Investment in financial assets
|
|
|
|
|
|
2,377
|
|
4,911
|
Derivative
financial instruments
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
1
|
|
37.50
|
|
43
|
|
55
|
Total
Derivative financial instruments
|
|
|
|
|
|
43
|
|
55
|
Cash and
cash equivalents
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
282
|
|
37.50
|
|
10,572
|
|
10,270
|
Euros
|
|
2
|
|
42.84
|
|
72
|
|
84
|
Brazilian
Reais
|
|
-
|
|
9.25
|
|
-
|
|
-
|
Chilean
Pesos
|
|
18
|
|
0.05
|
|
1
|
|
1
|
Uruguayan
pesos
|
|
-
|
|
1.16
|
|
-
|
|
-
|
Total
Cash and cash equivalents
|
|
|
|
|
|
10,645
|
|
10,355
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Trade
and other payables
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
183
|
|
37.70
|
|
6,911
|
|
4,080
|
Euros
|
|
2
|
|
43.16
|
|
81
|
|
112
|
Chilean
pesos
|
|
-
|
|
0.05
|
|
-
|
|
1
|
Trade
and other payables related parties
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
-
|
|
37.70
|
|
-
|
|
(4)
|
Total
Trade and other payables
|
|
|
|
|
|
6,992
|
|
4,189
|
Borrowings
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
1,263
|
|
37.70
|
|
47,612
|
|
45,798
|
Borrowings
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
1
|
|
37.70
|
|
38
|
|
-
|
Total
Borrowings
|
|
|
|
|
|
47,650
|
|
45,798
|
Derivative
financial instruments
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
2
|
|
37.70
|
|
69
|
|
(14)
|
Total
Derivative financial instruments
|
|
|
|
|
|
69
|
|
(14)
|
|
|
12.31.18
|
|
06.30.18
|
Property, plant and
equipment
|
|
3,603
|
|
3,439
|
Intangible assets
|
|
-
|
|
41
|
Investments in associates
|
|
362
|
|
60
|
Deferred income tax assets
|
|
80
|
|
131
|
Investment properties
|
|
905
|
|
664
|
Income tax credit
|
|
11
|
|
-
|
Trade and other receivables
|
|
1,692
|
|
1,841
|
Cash and cash equivalents
|
|
1,147
|
|
442
|
Total group of assets held
for sale
|
|
7,800
|
|
6,618
|
Trade and other payables
|
|
2,898
|
|
2,495
|
Employee benefits
|
|
181
|
|
191
|
Deferred and current income tax
liability
|
|
10
|
|
20
|
Borrowings
|
|
1,500
|
|
1,428
|
Total group of liabilities
held for sale
|
|
4,589
|
|
4,134
|
Total net financial assets
held for sale
|
|
3,211
|
|
2,484
|
|
|
|
|
|
|
|
12.31.18
|
|
12.31.17
|
||
Revenues
|
|
7,005
|
|
48,873
|
||
Costs
|
|
(6,111)
|
|
(36,936)
|
||
Gross
profit
|
|
894
|
|
11,937
|
||
Net gain from fair value adjustment of
investment properties
|
|
-
|
|
71
|
||
General and administrative
expenses
|
|
(237)
|
|
(870)
|
||
Selling expenses
|
|
(272)
|
|
(8,929)
|
||
Other operating results, net
|
|
294
|
|
(168)
|
||
(Loss) / Profit from
operations
|
|
679
|
|
2,041
|
||
Share of profit of joint ventures and
associates
|
|
27
|
|
43
|
||
(Loss) / Profit from
operations before financing and
taxation
|
|
706
|
|
2,084
|
||
Financial income
|
|
57
|
|
71
|
||
Finance costs
|
|
(69)
|
|
(540)
|
||
Other financial results
|
|
23
|
|
(6)
|
||
Financial results,
net
|
|
11
|
|
(475)
|
||
(Loss) / Profit before
income tax
|
|
717
|
|
1,609
|
||
Income tax
|
|
-
|
|
(318)
|
||
(Loss) / Profit for the
period from discontinued
operations
|
|
717
|
|
1,291
|
||
|
|
|
|
|
||
(Loss) / Profit for the
period from discontinued operations
attributable to:
|
|
|
|
|
||
Equity holders of the parent
|
|
734
|
|
430
|
||
Non-controlling interest
|
|
(17)
|
|
861
|
||
|
|
|
|
|
||
(Loss) / Profit per share
from discontinued operations attributable to equity holders of
the parent:
|
|
|
|
|
||
Basic
|
|
0.96
|
|
0.86
|
||
Diluted
|
|
0.93
|
|
0.86
|
Documentation
storage provider
|
|
Location
|
Bank
S.A.
|
|
Gral. Rivas 401,
Avellaneda, Province of Buenos Aires
|
|
|
Ruta Panamericana Km 37,5,
Garín, Province of Buenos Aires
|
|
|
Av. Fleming 2190, Munro,
Province of Buenos Aires
|
|
|
Carlos Pellegrini 1401,
Avellaneda, Province of Buenos Aires
|
Iron Mountain Argentina
S.A.
|
|
Av. Amancio Alcorta 2482,
Autonomous City of Buenos Aires
|
|
|
Pedro de Mendoza 2143,
Autonomous City of Buenos Aires
|
|
|
Saraza 6135, Autonomous
City of Buenos Aires
|
|
|
Azara 1245, Autonomous City
of Buenos Aires
|
|
|
Polígono industrial
Spegazzini, Autopista Ezeiza Km 45, Cañuelas, Province of
Buenos Aires
|
|
|
Cañada de Gomez 3825,
Autonomous City of Buenos Aires
|
PRICE WATERHOUSE & CO.
S.R.L.
(Partner)
C.P.C.E.C.A.B.A. Tº 1 Fº
17
Dr. Mariano C. Tomatis
Public Accountant (UBA)
C.P.C.E.C.A.B.A. Tº 241 Fº
118
|
|
|
|
|
Note
|
|
12.31.18
|
|
06.30.18
|
ASSETS
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Investment
properties
|
|
7
|
|
67
|
|
65
|
Property, plant and
equipment
|
|
8
|
|
3,332
|
|
3,302
|
Intangible
assets
|
|
9
|
|
122
|
|
126
|
Biological
assets
|
|
10
|
|
691
|
|
835
|
Investments in
subsidiaries, associates and joint ventures
|
|
6
|
|
35,098
|
|
38,362
|
Deferred income tax
assets
|
|
18
|
|
865
|
|
820
|
Income tax and minimum
presumed income tax credit
|
|
|
|
30
|
|
48
|
Trade and other
receivables
|
|
13
|
|
550
|
|
511
|
Total
Non-current assets
|
|
|
|
40,755
|
|
44,069
|
Current
assets
|
|
|
|
|
|
|
Biological
assets
|
|
10
|
|
1,004
|
|
479
|
Inventories
|
|
11
|
|
1,173
|
|
1,314
|
Restricted
assets
|
|
12
|
|
3
|
|
4
|
Trade and other
receivables
|
|
13
|
|
1,213
|
|
1,104
|
Investment in financial
assets
|
|
12
|
|
147
|
|
-
|
Derivative financial
instruments
|
|
12
|
|
102
|
|
17
|
Cash and cash
equivalents
|
|
12
|
|
527
|
|
245
|
Total
Current assets
|
|
|
|
4,169
|
|
3,163
|
TOTAL
ASSETS
|
|
|
|
44,924
|
|
47,232
|
SHAREHOLDERS’
EQUITY
|
|
|
|
|
|
|
Shareholders´ equity
(according to corresponding statements)
|
|
|
|
26,050
|
|
30,524
|
TOTAL
SHAREHOLDERS' EQUITY
|
|
|
|
26,050
|
|
30,524
|
LIABILITIES
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Borrowings
|
|
17
|
|
8,085
|
|
6,249
|
Provisions
|
|
16
|
|
9
|
|
13
|
Total
Non-current liabilities
|
|
|
|
8,094
|
|
6,262
|
Current
liabilities
|
|
|
|
|
|
|
Trade and other
payables
|
|
15
|
|
2,417
|
|
2,280
|
Income tax and minimum
presumed income tax to paid
|
|
|
|
40
|
|
61
|
Payroll and social security
liabilities
|
|
|
|
101
|
|
183
|
Borrowings
|
|
17
|
|
8,218
|
|
7,874
|
Derivative financial
instruments
|
|
12
|
|
1
|
|
47
|
Provisions
|
|
16
|
|
3
|
|
1
|
Total
Current liabilities
|
|
|
|
10,780
|
|
10,446
|
TOTAL
LIABILITIES
|
|
|
|
18,874
|
|
16,708
|
TOTAL
SHAREHOLDERS' EQUITY AND LIABILITIES
|
|
|
|
44,924
|
|
47,232
|
|
|
|
|
)
|
|
|
|
|
Alejandro G. Elsztain
Vice President II
acting as President
|
|
|
|
|
Six
months
|
|
Three
months
|
|
||||
|
|
Note
|
|
12.31.18
|
|
12.31.17
|
|
12.31.18
|
|
12.31.17
|
|
Revenues
|
|
19
|
|
1,252
|
|
1,560
|
|
477
|
|
878
|
|
Costs
|
|
20
|
|
(1,128)
|
|
(1,142)
|
|
(449)
|
|
(643)
|
|
Initial recognition and
changes in the fair value of biological assets and agricultural
products at the point of harvest
|
|
|
|
(96)
|
|
(176)
|
|
(96)
|
|
(133)
|
|
Changes in the net
realizable value of agricultural products after
harvest
|
|
|
|
58
|
|
77
|
|
58
|
|
29
|
|
Gross
profit / (loss)
|
|
|
|
86
|
|
319
|
|
(10)
|
|
131
|
|
Net gain from fair value
adjustment of investment properties
|
|
|
|
2
|
|
-
|
|
(32)
|
|
-
|
|
General and administrative
expenses
|
|
21
|
|
(151)
|
|
(161)
|
|
(45)
|
|
(87)
|
|
Selling
expenses
|
|
21
|
|
(208)
|
|
(359)
|
|
(60)
|
|
(195)
|
|
Other operating results,
net
|
|
22
|
|
9
|
|
61
|
|
(176)
|
|
65
|
|
Management
fees
|
|
|
|
-
|
|
(785)
|
|
356
|
|
(739)
|
|
(Loss) /
Profit from operations
|
|
|
|
(262)
|
|
(925)
|
|
33
|
|
(825)
|
|
Share of (loss) / profit of
subsidiaries, associates and joint ventures
|
6
|
|
(2,988)
|
|
6,415
|
|
(8,216)
|
|
6,742
|
||
(Loss) /
Profit before financing and taxation
|
|
|
|
(3,250)
|
|
5,490
|
|
(8,183)
|
|
5,917
|
|
Finance
income
|
|
23
|
|
143
|
|
(3)
|
|
(750)
|
|
(22)
|
|
Finance
costs
|
|
23
|
|
(1,177)
|
|
(195)
|
|
12,142
|
|
692
|
|
Other financial
results
|
|
23
|
|
(117)
|
|
13
|
|
279
|
|
(3)
|
|
Result from exposure to
changes in the purchasing power of the currency
|
|
23
|
|
286
|
|
115
|
|
7,634
|
|
866
|
|
Financial results,
net
|
|
23
|
|
(865)
|
|
(70)
|
|
19,305
|
|
1,533
|
|
(Loss) /
Profit before income tax
|
|
|
|
(4,115)
|
|
5,420
|
|
11,122
|
|
7,450
|
|
Income
tax
|
|
18
|
|
45
|
|
130
|
|
(1,258)
|
|
(16)
|
|
(Loss) /
Profit for the period
|
|
|
|
(4,070)
|
|
5,550
|
|
9,864
|
|
7,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income /
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation
adjustment from subsidiaries and associates
|
|
|
|
167
|
|
(1,794)
|
|
(13,435)
|
|
(1,646)
|
|
Participation in other
comprehensive results of subsidiaries and
associates
|
|
|
|
334
|
|
(76)
|
|
-
|
|
-
|
|
Other
comprehensive income / (loss) for the period
|
|
|
|
501
|
|
(1,870)
|
|
(13,435)
|
|
(1,646)
|
|
(Loss) /
Income and Other Comprehensive (Loss) / Income for the
period
|
|
|
|
(3,569)
|
|
3,680
|
|
(3,571)
|
|
5,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) / Profit per share attributable to equity holders of the
parent during the period:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
(8.374)
|
|
7.515
|
|
(7.564)
|
|
11.520
|
|
Diluted
|
|
|
|
(8.374)
|
(i)
|
7.480
|
|
(7.564)
|
(i)
|
11.466
|
|
|
|
|
)
|
|
|
|
|
Alejandro G. Elsztain
Vice President II
acting as President
|
|
|
Share
capital
|
Treasury
shares
|
Inflation
adjustment of share capital and treasury shares
(i)
|
Share
premium
|
Additional
paid-in capital from treasury shares
|
Legal
reserve
|
Special
reserve RG 609/12 (ii)
|
Other
reserves (iii)
|
Retained
earnings
|
Total
Shareholders' equity
|
Balance
as of June 30, 2018
|
|
482
|
20
|
5,396
|
6,072
|
53
|
213
|
3,380
|
4,112
|
10,796
|
30,524
|
Adjustments previous
periods (IFRS 9 and 15) (Note 2.2)
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(120)
|
(120)
|
Adjusted
balance as of June 30, 2018
|
|
482
|
20
|
5,396
|
6,072
|
53
|
213
|
3,380
|
4,112
|
10,676
|
30,404
|
Loss for the
period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,070)
|
(4,070)
|
Other comprehensive income
for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
501
|
-
|
501
|
Total
comprehensive loss for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
501
|
(4,070)
|
(3,569)
|
As
provided by Ordinary and Extraordinary Shareholders´ Meeting
held on October 29, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
- Results
distribution
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
18,650
|
(18,650)
|
-
|
- Treasury
shares distribution
|
|
21
|
(21)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Reversal by sale of
investment properties
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(21)
|
21
|
-
|
Reserve for share-based
payments
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4
|
-
|
4
|
Acquisition of treasury
stock
|
|
(6)
|
6
|
-
|
-
|
-
|
-
|
-
|
(283)
|
-
|
(283)
|
Changes in non-controlling
interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(506)
|
-
|
(506)
|
Balance
as of December 31, 2018
|
|
497
|
5
|
5,396
|
6,072
|
53
|
213
|
3,380
|
22,457
|
(12,023)
|
26,050
|
|
|
Cost
of treasury shares
|
Changes
in non-controlling interest
|
Reserve
for currency translation adjustment
|
Other
comprehensive income / (loss)
|
Reserve
for share-based payments
|
Special
reserves
|
Other
subsidiary reserves
|
Reserve
for the acquisition of securities issued by the
Company
|
Total
Other reserves
|
Balance
as of June 30, 2018
|
|
(1,098)
|
(1,404)
|
3,937
|
47
|
100
|
2,263
|
217
|
50
|
4,112
|
Other comprehensive income
for the period
|
|
-
|
-
|
167
|
334
|
-
|
-
|
-
|
-
|
501
|
Total
comprehensive income for the period
|
|
-
|
-
|
167
|
334
|
-
|
-
|
-
|
-
|
501
|
As
provided by Ordinary and Extraordinary Shareholders´ Meeting
held on October 29, 2018:
|
|
|
|
|
|
|
|
|
|
|
- Results
distribution
|
|
-
|
-
|
-
|
-
|
-
|
18,650
|
-
|
-
|
18,650
|
- Treasury
shares distribution
|
|
849
|
-
|
-
|
-
|
-
|
(849)
|
-
|
-
|
-
|
Reversal by sale of
investment properties
|
|
-
|
-
|
-
|
(21)
|
-
|
-
|
-
|
-
|
(21)
|
Reserve for share-based
payments
|
|
-
|
-
|
-
|
-
|
-
|
-
|
4
|
-
|
4
|
Acquisition of treasury
stock
|
|
(283)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(283)
|
Changes in non-controlling
interest
|
|
-
|
(506)
|
-
|
-
|
-
|
-
|
-
|
-
|
(506)
|
Balance
as of December 31, 2018
|
|
(532)
|
(1,910)
|
4,104
|
360
|
100
|
20,064
|
221
|
50
|
22,457
|
|
|
|
|
)
|
|
|
|
|
Alejandro G. Elsztain
Vice President II
acting as President
|
|
|
Share
capital
|
Treasury
shares
|
Inflation
adjustment of share capital and treasury shares
(i)
|
Share
premium
|
Additional
paid-in capital from treasury shares
|
Legal
reserve
|
Special
reserve RG 609/12 (ii)
|
Other
reserves (iii)
|
Retained
earnings
|
Total
Shareholders' equity
|
Balance
as of June 30, 2017
|
|
499
|
2
|
5,396
|
6,072
|
52
|
163
|
3,380
|
4,661
|
10,626
|
30,851
|
Profit for the
period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
5,550
|
5,550
|
Other comprehensive loss
for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,870)
|
-
|
(1,870)
|
Total
comprehensive (loss) income for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,870)
|
5,550
|
3,680
|
As
provided by Ordinary Shareholders’ Meeting held and
Extraordinary Shareholders’ Meeting held on October 31,
2017:
|
|
|
|
|
|
|
|
|
|
|
|
- Legal
reserve
|
|
-
|
-
|
-
|
-
|
-
|
51
|
-
|
-
|
(51)
|
-
|
- New projects
reserve
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,263
|
(2,263)
|
-
|
- Cash dividends
distribution
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(611)
|
(611)
|
Changes in non-controlling
interest
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
830
|
-
|
830
|
Reserve for share-based
payments
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3
|
-
|
3
|
Changes in interest in
subsidiaries
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Balance
as of December 31, 2017
|
|
499
|
2
|
5,396
|
6,072
|
52
|
214
|
3,380
|
5,887
|
13,251
|
34,753
|
|
|
Cost of
treasury shares
|
Changes
in non-controlling interest
|
Reserve
for currency translation adjustment
|
Other
comprehensive income / (loss)
|
Reserve
for share-based payments
|
Special
reserves
|
Other
subsidiary reserves
|
Reserve
for the acquisition of securities issued by the
Company
|
Total
Other reserves
|
Balance
as of June 30, 2017
|
|
(80)
|
-
|
4,363
|
45
|
275
|
-
|
8
|
50
|
4,661
|
Other comprehensive loss
for the period
|
|
-
|
-
|
(1,794)
|
(76)
|
-
|
-
|
-
|
-
|
(1,870)
|
Total
comprehensive loss for the period
|
|
-
|
-
|
(1,794)
|
(76)
|
-
|
-
|
-
|
-
|
(1,870)
|
As
provided by Ordinary Shareholders’ Meeting held and
Extraordinary Shareholders’ Meeting held on October 31,
2017:
|
|
|
|
|
|
|
|
|
|
|
- New projects
reserve
|
|
-
|
-
|
-
|
-
|
-
|
2,263
|
-
|
-
|
2,263
|
- Cash dividends
distribution
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Changes in non-controlling
interest
|
|
-
|
830
|
-
|
-
|
-
|
-
|
-
|
-
|
830
|
Reserve for share-based
payments
|
|
-
|
-
|
-
|
-
|
3
|
-
|
-
|
-
|
3
|
Changes in interest in
subsidiaries
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Balance
as of December 31, 2017
|
|
(80)
|
830
|
2,569
|
(31)
|
278
|
2,263
|
8
|
50
|
5,887
|
|
|
|
|
)
|
|
|
|
|
Alejandro G. Elsztain
Vice President II
acting as President
|
|
|
Note
|
|
12.31.18
|
|
12.31.17
|
Operating
activities:
|
|
|
|
|
|
|
Cash used in
operations
|
|
14
|
|
(1,852)
|
|
(853)
|
Net cash
used in operating activities
|
|
|
|
(1,852)
|
|
(853)
|
Investing
activities:
|
|
|
|
|
|
|
Capital contribution to
subsidiaries, associates and joint ventures
|
|
6
|
|
(61)
|
|
(1)
|
Sale of interest in
subsidiaries, associates and joint ventures
|
|
|
|
-
|
|
78
|
Acquisition of property,
plant and equipment
|
|
8
|
|
(72)
|
|
(75)
|
Proceeds from sale of
property, plant and equipment
|
|
|
|
2
|
|
13
|
Proceeds from sale of
farmlands
|
|
|
|
-
|
|
10
|
Acquisition of investment
in financial assets
|
|
|
|
(3,755)
|
|
(2,520)
|
Proceeds from disposals of
investment in financial assets
|
|
|
|
3,622
|
|
2,702
|
Advance
payments
|
|
|
|
(21)
|
|
(7)
|
Sale of farmlands
advances
|
|
|
|
-
|
|
117
|
Dividends
received
|
|
|
|
198
|
|
1,436
|
Net cash
(used in) / generated from investing activities
|
|
|
|
(87)
|
|
1,753
|
Financing
activities:
|
|
|
|
|
|
|
Repurchase of
non-convertible notes
|
|
|
|
(525)
|
|
(6)
|
Borrowings
|
|
|
|
2,343
|
|
1,731
|
Payment of
borrowings
|
|
|
|
(1,009)
|
|
(1,813)
|
Obtaining / (payment) of
short term loans, net
|
|
|
|
1,950
|
|
(30)
|
Payments / (proceeds) from
derivative financial instruments
|
|
|
|
(47)
|
|
1
|
Purchase of treasury
stock
|
|
|
|
(283)
|
|
-
|
Payment of seller
financing
|
|
|
|
(2)
|
|
-
|
Dividends
paid
|
|
|
|
-
|
|
(611)
|
Interest
paid
|
|
|
|
(211)
|
|
(108)
|
Net cash
generated from / (used in) financing activities
|
|
|
|
2,216
|
|
(836)
|
Net
increase in cash and cash equivalents
|
|
|
|
277
|
|
64
|
Cash and cash equivalents
at beginning of the period
|
|
|
|
245
|
|
68
|
Result from exposure to
inflation on cash and cash equivalents
|
|
|
|
1
|
|
1
|
Currency translation
adjustment on cash and cash equivalents
|
|
|
|
4
|
|
33
|
Cash and
cash equivalents at the end of the period
|
|
|
|
527
|
|
166
|
|
|
|
|
)
|
|
|
|
|
Alejandro G. Elsztain
Vice President II
acting as President
|
|
|
12.31.18
|
|
06.30.18
|
Beginning
of the period / year
|
|
38,362
|
|
33,715
|
Purchase of
subsidiaries
|
|
943
|
|
-
|
Changes in non-controlling
interest (i)
|
|
(506)
|
|
(1,472)
|
Capital
contribution
|
|
66
|
|
268
|
Disposal of interest in
subsidiaries
|
|
-
|
|
(14)
|
Share of profit of
subsidiaries and associates
|
|
(2,988)
|
|
7,667
|
Foreign exchange
gains
|
|
167
|
|
(356)
|
Others changes in
subsidiaries’ equity
|
|
-
|
|
59
|
Adjustments previous
periods (IFRS 9 and 15)
|
|
(120)
|
|
-
|
Impairment of interest in
subsidiaries
|
|
(142)
|
|
-
|
Share of changes in
subsidiaries’ equity
|
|
334
|
|
33
|
Reserve for share-based
payments
|
|
4
|
|
4
|
Dividends
distributed
|
|
(1,022)
|
|
(1,542)
|
End of
the period / year
|
|
35,098
|
|
38,362
|
|
% of
ownership interest
|
|
Registered
value
|
|
Entity's
interest in comprehensive income / (loss)
|
|
|
|
|
|
|
Last
financial statement issued
|
|||||
Name of
the entity
|
12.31.18
|
06.30.18
|
|
12.31.18
|
06.30.18
|
|
12.31.18
|
12.31.17
|
|
Market
value as of 12.31.18
|
Place of
business / country of incorporation
|
Main
activity
|
Amount
of common shares 1 vote
|
|
Common
shares (nominal value)
|
Income
/(loss) for the period
|
Shareholders'
equity
|
Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brasilagro Companhia
Brasileira de Propriedades Agrícolas
(“Brasilagro”)
|
43.29%
|
43.29%
|
|
4,716
|
3,916
|
|
489
|
561
|
|
15.61
|
Brazil
|
Agricultural
|
23,291,500
|
|
875
|
1,010
|
8,607
|
Agropecuaria Santa Cruz de
la Sierras S.A. (formerly Doneldon S.A.)
|
100.00%
|
100.00%
|
|
937
|
877
|
|
58
|
(15)
|
|
Not publicly
traded
|
Uruguay
|
Investment
|
267,000,472
|
|
267
|
37
|
937
|
Futuros y opciones.Com
S.A.
|
50.10%
|
50.10%
|
|
172
|
113
|
|
78
|
13
|
|
Not publicly
traded
|
Argentina
|
Brokerage
|
817,683
|
|
2
|
156
|
343
|
Amauta Agro S.A. (formerly
FyO Trading S.A.)
|
2.20%
|
2.20%
|
|
1
|
-
|
|
-
|
-
|
|
Not publicly
traded
|
Argentina
|
Brokerage
|
505,603
|
|
23
|
23
|
50
|
FyO Acopio S.A.
(continuadora de Granos Olavarría S.A.)
|
2.20%
|
2.20%
|
|
4
|
3
|
|
1
|
-
|
|
Not publicly
traded
|
Argentina
|
Warehousing and
Brokerage
|
11,264
|
|
1
|
63
|
194
|
Helmir
S.A.
|
100.00%
|
100.00%
|
|
1,085
|
1,081
|
|
9
|
38
|
|
Not publicly
traded
|
Uruguay
|
Investment
|
90,624,298
|
|
91
|
(1)
|
1,101
|
Sociedad Anómina
Carnes Pampeanas S.A.
|
99.70%
|
99.68%
|
|
258
|
243
|
|
(27)
|
(96)
|
|
Not publicly
traded
|
Argentina
|
Agroindustrial
|
496,050,302
|
|
498
|
(27)
|
259
|
IRSA Inversiones y
Representaciones Sociedad Anónima
|
63.36%
|
63.36%
|
|
26,756
|
31,946
|
|
(3,427)
|
4,120
|
|
48.05
|
Argentina
|
Real
Estate
|
364,599,461
|
|
575
|
(5,324)
|
42,149
|
IRSA Propiedades
Comerciales S.A.
|
3.23%
|
0.00%
|
|
980
|
-
|
|
-
|
-
|
|
189.50
|
Argentina
|
Real
Estate
|
4,043,820
|
|
126
|
(4,360)
|
41,880
|
Total
Subsidiaries
|
|
|
|
34,909
|
38,179
|
|
(2,819)
|
4,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agrouranga
S.A.
|
35.72%
|
35.72%
|
|
152
|
183
|
|
1
|
-
|
|
Not publicly
traded
|
Argentina
|
Agricultural
|
2,590,466
|
|
7
|
5
|
76
|
Uranga Trading
S.A.
|
35.72%
|
-
|
|
37
|
-
|
|
(3)
|
-
|
|
Not publicly
traded
|
Argentina
|
Marketing, warehousing and
processing
|
653,369
|
|
2
|
(7)
|
104
|
Total
Associates
|
|
|
|
189
|
183
|
|
(2)
|
-
|
|
|
|
|
|
|
|
|
|
Total
Investments in subsidiaries, associates and join
ventures
|
|
35,098
|
38,362
|
|
(2,821)
|
4,621
|
|
|
|
|
|
|
|
|
|
|
|
12.31.18
|
|
06.30.18
|
Beginning
of the period / year
|
|
65
|
|
8
|
Reclassification of
property, plant and equipment (i)
|
|
-
|
|
55
|
Changes in fair
value
|
|
2
|
|
2
|
End of
the period / year
|
|
67
|
|
65
|
|
|
12.31.18
|
|
12.31.17
|
Rental and services income
(Note 19)
|
|
40
|
|
2
|
Direct operating expenses
(Note 20)
|
|
38
|
|
3
|
|
|
Owner
occupied farmland (ii)
|
|
Others
|
|
Total
as of 12.31.18
|
|
Total
as of 06.30.18
|
|
|
|
|
|
|
|
|
|
Costs
|
|
3,554
|
|
165
|
|
3,719
|
|
4,154
|
Accumulated
depreciation
|
|
(339)
|
|
(78)
|
|
(417)
|
|
(473)
|
Net book
amount at the beginning of the period / year
|
|
3,215
|
|
87
|
|
3,302
|
|
3,681
|
|
|
|
|
|
|
|
|
|
Additions
|
|
68
|
|
4
|
|
72
|
|
150
|
Disposals
|
|
-
|
|
(1)
|
|
(1)
|
|
(362)
|
Reclassifications to
investment properties
|
|
-
|
|
-
|
|
-
|
|
(55)
|
Impairment
|
|
-
|
|
-
|
|
-
|
|
(28)
|
Depreciation charge
(i)
|
|
(29)
|
|
(12)
|
|
(41)
|
|
(84)
|
Balances
at the end of the period / year
|
|
3,254
|
|
78
|
|
3,332
|
|
3,302
|
|
|
|
|
|
|
|
|
|
Costs
|
|
3,622
|
|
167
|
|
3,789
|
|
3,719
|
Accumulated
depreciation
|
|
(368)
|
|
(89)
|
|
(457)
|
|
(417)
|
Net book
amount at the end of the period / year
|
|
3,254
|
|
78
|
|
3,332
|
|
3,302
|
|
|
Computer
software
|
|
Rights
of use
|
|
Total as
of 12.31.18
|
|
Total as
of 06.30.18
|
Costs
|
|
7
|
|
188
|
|
195
|
|
194
|
Accumulated
amortization
|
|
(4)
|
|
(65)
|
|
(69)
|
|
(61)
|
Net book
amount at the beginning of the period / year
|
|
3
|
|
123
|
|
126
|
|
133
|
Additions
|
|
-
|
|
-
|
|
-
|
|
1
|
Amortization charges
(i)
|
|
(1)
|
|
(3)
|
|
(4)
|
|
(8)
|
Balances
at the end of the period / year
|
|
2
|
|
120
|
|
122
|
|
126
|
Costs
|
|
7
|
|
188
|
|
195
|
|
195
|
Accumulated
amortization
|
|
(5)
|
|
(68)
|
|
(73)
|
|
(69)
|
Net book
amount at the end of the period / year
|
|
2
|
|
120
|
|
122
|
|
126
|
|
|
Sown
land-crops
|
|
Breeding
cattle
|
|
Other
cattle
|
|
Others
|
|
Total as
of 12.31.18
|
|
Total as
of 06.30.18
|
||
|
|
Level 1
|
|
Level 3
|
|
Level 2
|
|
Level 2
|
|
Level 1
|
|
|
||
Net book
amount at the beginning of the period / year
|
|
36
|
|
316
|
|
921
|
|
22
|
|
19
|
|
1,314
|
|
1,588
|
Purchases
|
|
-
|
|
-
|
|
1
|
|
2
|
|
-
|
|
3
|
|
14
|
Changes by
transformation
|
|
(21)
|
|
21
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Initial recognition and
changes in the fair value of biological assets
|
|
-
|
|
60
|
|
(158)
|
|
(8)
|
|
-
|
|
(106)
|
|
51
|
Decrease due to
harvest
|
|
-
|
|
(610)
|
|
-
|
|
-
|
|
-
|
|
(610)
|
|
(1,881)
|
Sales
|
|
-
|
|
-
|
|
(140)
|
|
(1)
|
|
-
|
|
(141)
|
|
(454)
|
Consumes
|
|
-
|
|
-
|
|
(1)
|
|
-
|
|
(1)
|
|
(2)
|
|
(7)
|
Costs for the
period
|
|
728
|
|
283
|
|
218
|
|
5
|
|
3
|
|
1,237
|
|
2,003
|
Balances
at the end of the period / year
|
|
743
|
|
70
|
|
841
|
|
20
|
|
21
|
|
1,695
|
|
1,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
(production)
|
|
-
|
|
-
|
|
654
|
|
16
|
|
21
|
|
691
|
|
835
|
Current
(consumable)
|
|
743
|
|
70
|
|
187
|
|
4
|
|
-
|
|
1,004
|
|
479
|
Net book
amount at the end of the period / year
|
|
743
|
|
70
|
|
841
|
|
20
|
|
21
|
|
1,695
|
|
1,314
|
|
|
12.31.18
|
|
06.30.18
|
Current
|
|
|
|
|
Crops
|
|
534
|
|
892
|
Materials and
supplies
|
|
442
|
|
230
|
Seeds and
fodders
|
|
197
|
|
192
|
Total
inventories
|
|
1,173
|
|
1,314
|
|
|
Financial
assets at amortized cost
|
|
Financial
assets at fair value through profit or loss
|
Subtotal
financial assets
|
|
Non-financial
assets
|
|
Total
|
|
December 31,
2018
|
|
|
|
Level
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per statement of
financial position
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the
allowance for doubtful accounts and other receivables) (Note
13)
|
|
1,245
|
|
-
|
|
1,245
|
|
527
|
|
1,772
|
Investment in financial
assets
|
|
-
|
|
147
|
|
147
|
|
-
|
|
147
|
Derivative financial
instruments
|
|
-
|
|
102
|
|
102
|
|
-
|
|
102
|
Restricted assets (i)
|
|
3
|
|
-
|
|
3
|
|
-
|
|
3
|
Cash and cash equivalents
|
|
480
|
|
47
|
|
527
|
|
-
|
|
527
|
Total
assets
|
|
1,728
|
|
296
|
|
2,024
|
|
527
|
|
2,551
|
|
|
Financial
liabilities at amortized cost
|
|
Financial
liabilities at fair value
|
Subtotal
financial liabilities
|
|
Non-financial
liabilities
|
|
Total
|
|
|
|
|
|
Level
1
|
|
|
|
|
|
|
Liabilities as per statement
of financial position
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables (Note
15)
|
|
2,189
|
|
-
|
|
2,189
|
|
228
|
|
2,417
|
Borrowings (excluding finance lease liabilities)
(Note 17)
|
|
16,298
|
|
-
|
|
16,298
|
|
-
|
|
16,298
|
Finance lease obligations (Note
17)
|
|
5
|
|
-
|
|
5
|
|
-
|
|
5
|
Derivative financial
instruments
|
|
-
|
|
1
|
|
1
|
|
-
|
|
1
|
Total
liabilities
|
|
18,492
|
|
1
|
|
18,493
|
|
228
|
|
18,721
|
|
|
Financial
assets at amortized cost
|
|
Financial
assets at fair value through profit or loss
|
Subtotal
financial assets
|
|
Non-financial
assets
|
|
Total
|
|
June 30,
2018
|
|
|
|
Level
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets as per statement of
financial position
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables (excluding the
allowance for doubtful accounts and other receivables) (Note
13)
|
|
1,361
|
|
-
|
|
1,361
|
|
265
|
|
1,626
|
Derivative financial
instruments
|
|
-
|
|
17
|
|
17
|
|
-
|
|
17
|
Restricted assets (i)
|
|
4
|
|
-
|
|
4
|
|
-
|
|
4
|
Cash and cash equivalents
|
|
6
|
|
239
|
|
245
|
|
-
|
|
245
|
Total
assets
|
|
1,371
|
|
256
|
|
1,627
|
|
265
|
|
1,892
|
|
|
Financial
liabilities at amortized cost
|
|
Financial
liabilities at fair value
|
Subtotal
financial liabilities
|
|
Non-financial
liabilities
|
|
Total
|
|
|
|
|
|
Level
1
|
|
|
|
|
|
|
Liabilities as per statement
of financial position
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables (Note
15)
|
|
2,150
|
|
-
|
|
2,150
|
|
130
|
|
2,280
|
Borrowings (excluding finance lease liabilities)
(Note 17)
|
|
14,117
|
|
-
|
|
14,117
|
|
-
|
|
14,117
|
Finance lease obligations (Note
17)
|
|
6
|
|
-
|
|
6
|
|
-
|
|
6
|
Derivative financial
instruments
|
|
-
|
|
47
|
|
47
|
|
-
|
|
47
|
Total
liabilities
|
|
16,273
|
|
47
|
|
16,320
|
|
130
|
|
16,450
|
|
|
12.31.18
|
|
06.30.18
|
Receivables from sale of
properties (i)
|
|
685
|
|
646
|
Receivables from sale of
agricultural products and services
|
|
179
|
|
204
|
Debtors under legal
proceedings
|
|
9
|
|
11
|
Less: allowance for
doubtful accounts
|
|
(9)
|
|
(11)
|
Total
trade receivables
|
|
864
|
|
850
|
Prepayments
|
|
273
|
|
145
|
Tax
credits
|
|
184
|
|
103
|
Loans
|
|
25
|
|
28
|
Advance
payments
|
|
70
|
|
17
|
Others
|
|
42
|
|
27
|
Total
other receivables
|
|
594
|
|
320
|
Related parties (Note
24)
|
|
305
|
|
445
|
Total
trade and other receivables
|
|
1,763
|
|
1,615
|
Non-current
|
|
550
|
|
511
|
Current
|
|
1,213
|
|
1,104
|
Total
trade and other receivables
|
|
1,763
|
|
1,615
|
|
|
12.31.18
|
|
06.30.18
|
Beginning
of the period / year
|
|
11
|
|
15
|
Charges
|
|
(1)
|
|
1
|
Result from exposure to
changes in the purchasing power of the currency
|
|
(1)
|
|
(5)
|
End of
the period / year
|
|
9
|
|
11
|
|
|
12.31.18
|
|
12.31.17
|
(Loss) /
Profit for the period
|
|
(4,070)
|
|
5,550
|
Adjustments
for:
|
|
|
|
|
Income
tax
|
|
(45)
|
|
(130)
|
Depreciation and
amortization
|
|
15
|
|
16
|
Impairment of interest in
subsidiaries
|
|
142
|
|
-
|
Share based
payments
|
|
-
|
|
1
|
Unrealized (gain) / loss
from derivative financial instruments of
commodities
|
|
(109)
|
|
4
|
Loss / (Gain) from
derivative financial instruments (except
commodities)
|
|
24
|
|
(3)
|
Changes in fair value of
financial assets at fair value through profit or
loss
|
|
3
|
|
(31)
|
Accrued interest,
net
|
|
(430)
|
|
(173)
|
Unrealized initial
recognition and changes in the fair value of biological
assets
|
|
(57)
|
|
127
|
Changes in net realizable
value of agricultural products after harvest
|
|
(58)
|
|
(77)
|
Provisions
|
|
(34)
|
|
814
|
Gain from repurchase of
Non-convertible Notes
|
|
(1)
|
|
-
|
Loss from disposal of
associates, subsidiaries and joint ventures
|
|
-
|
|
(65)
|
Share of profit in
subsidiaries, associates and joint ventures
|
|
2,988
|
|
(6,415)
|
Changes in fair value of
investment properties
|
|
(2)
|
|
-
|
|
|
|
|
|
Changes
in operating assets and liabilities:
|
|
|
|
|
(Increase) / Decrease in
biological assets
|
|
(293)
|
|
93
|
Decrease in
inventories
|
|
199
|
|
172
|
Increase in trade and other
receivables
|
|
(185)
|
|
(383)
|
Increase in derivative
financial instruments
|
|
(2)
|
|
-
|
Increase / (Decrease) in
trade and other payables
|
|
144
|
|
(285)
|
Decrease in payroll and
social security liabilities
|
|
(81)
|
|
(68)
|
Net cash
used in operating activities before income tax
paid
|
|
(1,852)
|
|
(853)
|
|
|
12.31.18
|
|
12.31.17
|
Non-cash
activities
|
|
|
|
|
Dividends not
collected
|
|
(4)
|
|
(4)
|
Decrease of interest in
subsidiaries, associates and joint venture by exchange differences
on translating foreign operations
|
|
(167)
|
|
1,794
|
Increase of interest in
subsidiaries, associates and joint ventures by a decrease in trade
and other receivables
|
|
(5)
|
|
(62)
|
Increase / (decrease) of
interest in subsidiaries, associates and joint ventures through
reserve for share-based compensation
|
|
4
|
|
(3)
|
|
|
12.31.18
|
|
06.30.18
|
Trade
payables
|
|
485
|
|
147
|
Provisions
|
|
471
|
|
222
|
Sales, rent and services
payments received in advance
|
|
214
|
|
19
|
Total
trade payables
|
|
1,170
|
|
388
|
Taxes
payable
|
|
14
|
|
111
|
Others
|
|
11
|
|
41
|
Total
other payables
|
|
25
|
|
152
|
Related parties (Note
24)
|
|
1,222
|
|
1,740
|
Total
trade and other payables
|
|
2,417
|
|
2,280
|
Current
|
|
2,417
|
|
2,280
|
Total
trade and other payables
|
|
2,417
|
|
2,280
|
|
|
Labor
and tax claims and other claims
|
|
Total
as of 12.31.18
|
|
Total
as of 06.30.18
|
Beginning of period /
year
|
|
14
|
|
14
|
|
10
|
Additions
|
|
1
|
|
1
|
|
10
|
Used during the
period
|
|
-
|
|
-
|
|
(2)
|
Result from exposure to
changes in the purchasing power of the currency
|
|
(3)
|
|
(3)
|
|
(4)
|
End of period /
year
|
|
12
|
|
12
|
|
14
|
|
|
|
|
|
|
|
Non-current
|
|
|
|
9
|
|
13
|
Current
|
|
|
|
3
|
|
1
|
Total
|
|
|
|
12
|
|
14
|
|
|
Book
value
|
|
Fair
Value
|
||||
|
|
12.31.18
|
|
06.30.18
|
|
12.31.18
|
|
06.30.18
|
Non-convertible
notes
|
|
8,059
|
|
7,390
|
|
8,458
|
|
7,151
|
Bank loans and
others
|
|
6,564
|
|
5,698
|
|
6,570
|
|
6,003
|
Related parties (Note
24)
|
|
1,670
|
|
568
|
|
1,738
|
|
573
|
Finance leases
obligations
|
|
5
|
|
6
|
|
5
|
|
6
|
Bank
overdrafts
|
|
5
|
|
461
|
|
5
|
|
461
|
Total
borrowings
|
|
16,303
|
|
14,123
|
|
16,776
|
|
14,194
|
Non-current
|
|
8,085
|
|
6,249
|
|
|
|
|
Current
|
|
8,218
|
|
7,874
|
|
|
|
|
Total
borrowings
|
|
16,303
|
|
14,123
|
|
|
|
|
|
|
12.31.18
|
|
12.31.17
|
Deferred income
tax
|
|
45
|
|
130
|
Income
tax
|
|
45
|
|
130
|
|
|
12.31.18
|
|
06.30.18
|
Beginning
of the period / year
|
|
820
|
|
1,161
|
Charged to the Statement of
Comprehensive Income
|
|
45
|
|
(341)
|
End of
the period / year
|
|
865
|
|
820
|
|
|
12.31.18
|
|
12.31.17
|
Tax calculated at the tax
applicable tax rate in effect (i)
|
|
1,235
|
|
(1,897)
|
Permanent
differences:
|
|
|
|
|
Share of profit of
subsidiaries, associates and joint ventures
|
|
(964)
|
|
2,245
|
Result from exposure to
changes in the purchasing power of the currency
|
|
392
|
|
12
|
Income tax rate change
(*)
|
|
(137)
|
|
(212)
|
Provision for
unrecoverability of tax loss carry-forwards
|
|
(418)
|
|
-
|
Tax
Transparency
|
|
(31)
|
|
-
|
Impairment of interest in
subsidiaries
|
|
(42)
|
|
-
|
Loss from disposal of
subsidiaries
|
|
-
|
|
(6)
|
Non-taxable results,
non-deductible expenses and others
|
|
10
|
|
(12)
|
Income
tax
|
|
45
|
|
130
|
|
|
12.31.18
|
|
12.31.17
|
Crops
|
|
1,023
|
|
1,173
|
Cattle
|
|
178
|
|
263
|
Dairy
|
|
-
|
|
118
|
Supplies
|
|
11
|
|
4
|
Leases and agricultural
services
|
|
40
|
|
2
|
Total
revenues
|
|
1,252
|
|
1,560
|
|
|
12.31.18
|
|
12.31.17
|
|
|
|
|
|
Crops
|
|
929
|
|
821
|
Cattle
|
|
141
|
|
216
|
Dairy
|
|
-
|
|
86
|
Supplies
|
|
8
|
|
1
|
Leases and agricultural
services
|
|
38
|
|
3
|
Other
costs
|
|
12
|
|
15
|
Total
costs
|
|
1,128
|
|
1,142
|
|
|
Costs
(i)
|
|
Cost
of Production
|
|
General
and administrative expenses
|
|
Selling
expenses
|
|
Total
as of 12.31.18
|
|
Total
as of 12.31.17
|
Supplies and
labors
|
|
28
|
|
1,042
|
|
-
|
|
-
|
|
1,070
|
|
735
|
Leases and
expenses
|
|
-
|
|
2
|
|
6
|
|
-
|
|
8
|
|
7
|
Amortization and
depreciation
|
|
8
|
|
30
|
|
7
|
|
-
|
|
45
|
|
55
|
Doubtful accounts (charge
and recovery)
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
(1)
|
|
-
|
Cost of sale of
agricultural products and biological assets
|
|
1,078
|
|
-
|
|
-
|
|
-
|
|
1,078
|
|
1,124
|
Advertising, publicity and
other selling expenses
|
|
-
|
|
-
|
|
-
|
|
2
|
|
2
|
|
1
|
Maintenance and
repairs
|
|
1
|
|
20
|
|
10
|
|
1
|
|
32
|
|
36
|
Payroll and social security
liabilities
|
|
8
|
|
81
|
|
92
|
|
7
|
|
188
|
|
229
|
Fees and payments for
services
|
|
-
|
|
11
|
|
16
|
|
1
|
|
28
|
|
22
|
Freights
|
|
1
|
|
22
|
|
-
|
|
118
|
|
141
|
|
247
|
Bank commissions and
expenses
|
|
-
|
|
-
|
|
2
|
|
5
|
|
7
|
|
25
|
Travel expenses and
stationery
|
|
1
|
|
16
|
|
6
|
|
-
|
|
23
|
|
6
|
Conditioning and
clearance
|
|
-
|
|
-
|
|
-
|
|
35
|
|
35
|
|
54
|
Director’s
fees
|
|
-
|
|
-
|
|
12
|
|
-
|
|
12
|
|
10
|
Taxes, rates and
contributions
|
|
1
|
|
13
|
|
-
|
|
38
|
|
52
|
|
71
|
Others
|
|
2
|
|
-
|
|
-
|
|
2
|
|
4
|
|
8
|
Total
expenses by nature as of 12.31.18
|
|
1,128
|
|
1,237
|
|
151
|
|
208
|
|
2,724
|
|
|
Total
expenses by nature as of 12.31.17
|
|
1,142
|
|
968
|
|
161
|
|
359
|
|
|
|
2,630
|
|
|
12.31.18
|
|
12.31.17
|
Administration
fees
|
|
1
|
|
3
|
Gain from commodity
derivative financial instruments
|
|
154
|
|
3
|
Contingencies
|
|
(1)
|
|
(6)
|
Donations
|
|
(179)
|
|
-
|
Gain from disposal of
associates, subsidiaries and/or joint ventures
|
|
-
|
|
65
|
Others
|
|
34
|
|
(4)
|
Total
other operating results, net
|
|
9
|
|
61
|
|
|
12.31.18
|
|
12.31.17
|
Financial
income:
|
|
|
|
|
Interest
income
|
|
32
|
|
1
|
Foreign exchange
gains
|
|
111
|
|
(4)
|
Total
financial income
|
|
143
|
|
(3)
|
|
|
|
|
|
Financial
costs:
|
|
|
|
|
Interest
expenses
|
|
(489)
|
|
(155)
|
Foreign exchange
losses
|
|
(629)
|
|
(16)
|
Other financial
costs
|
|
(59)
|
|
(24)
|
Total
financial costs
|
|
(1,177)
|
|
(195)
|
|
|
|
|
|
Other financial
results:
|
|
|
|
|
Fair value gains of
financial assets at fair value through profit or
loss
|
|
9
|
|
10
|
(Loss) / Gain from
derivative financial instruments (except
commodities)
|
|
(127)
|
|
3
|
Gain from repurchase of
NCN
|
|
1
|
|
-
|
Total
other financial results
|
|
(117)
|
|
13
|
Result from exposure to
changes in the purchasing power of the currency
|
|
286
|
|
115
|
Total
financial results, net
|
|
(865)
|
|
(70)
|
Items
|
|
12.31.18
|
|
06.30.18
|
Trade and other
payables
|
|
(1,222)
|
|
(1,740)
|
Borrowings
|
|
(1,670)
|
|
(568)
|
Trade and other
receivables
|
|
305
|
|
445
|
Total
|
|
(2,587)
|
|
(1,863)
|
Related
party
|
|
12.31.18
|
|
06.30.18
|
|
Description
of transaction
|
IRSA Inversiones y
Representaciones Sociedad Anónima
|
|
13
|
|
28
|
|
Corporate services
receivable
|
|
|
1
|
|
(6)
|
|
Leases
payable
|
|
|
12
|
|
9
|
|
Reimbursement of expenses
receivable
|
|
|
1
|
|
1
|
|
Share based
payments
|
|
|
1
|
|
1
|
|
Administration
fees
|
Brasilagro Companhia
Brasileira de Propriedades Agrícolas
(“Brasilagro”)
|
|
(1)
|
|
-
|
|
Reimbursement of expenses
payable
|
|
|
1
|
|
126
|
|
Reimbursement of expenses
receivable
|
Sociedad Anónima
Carnes Pampeanas S.A. (formerly EAASA)
|
|
(2)
|
|
-
|
|
Reimbursement of expenses
receivable
|
|
|
132
|
|
17
|
|
Sale of goods and/or
services
|
Helmir
S.A.
|
|
(335)
|
|
(297)
|
|
Borrowings
|
Ombú Agropecuaria
S.A.
|
|
2
|
|
4
|
|
Administration
fees
|
|
|
(1)
|
|
-
|
|
Reimbursement of expenses
payable
|
|
|
1
|
|
-
|
|
Reimbursement of
expenses
|
Agropecuaria Acres del Sud
S.A.
|
|
2
|
|
3
|
|
Administration
fees
|
|
|
1
|
|
1
|
|
Reimbursement of
expenses
|
Yatay Agropecuaria
S.A.
|
|
2
|
|
3
|
|
Administration
fees
|
|
|
(204)
|
|
-
|
|
Borrowings
|
Yuchán Agropecuaria
S.A.
|
|
-
|
|
3
|
|
Administration
fees
|
|
|
2
|
|
-
|
|
Reimbursement of expenses
receivable
|
Futuros y Opciones.Com
S.A.
|
|
(7)
|
|
121
|
|
Brokerage operations
receivable
|
|
|
52
|
|
(8)
|
|
MAT
operations
|
Total
Subsidiaries
|
|
(327)
|
|
6
|
|
|
Agro-Uranga
S.A.
|
|
6
|
|
34
|
|
Purchase of goods and/or
services
|
Uranga
Trading
|
|
(3)
|
|
-
|
|
Purchase of goods and/or
services
|
Total
Associates
|
|
3
|
|
34
|
|
|
|
|
|
|
|
|
|
IRSA Propiedades
Comerciales S.A.
|
|
27
|
|
19
|
|
Reimbursement of expenses
receivable
|
|
|
3
|
|
4
|
|
Share based
payments
|
|
|
(1,111)
|
|
(237)
|
|
Non-convertible
notes
|
|
|
44
|
|
71
|
|
Corporate
services
|
Emprendimiento Recoleta
S.A.
|
|
-
|
|
(15)
|
|
Non-convertible
notes
|
Panamerican Mall
S.A.
|
|
(20)
|
|
(19)
|
|
Non-convertible
notes
|
Amauta Agro S.A. (formerly
FyO Trading S.A.)
|
|
1
|
|
-
|
|
Reimbursement of expenses
receivable
|
|
|
(54)
|
|
-
|
|
Purchase of goods and/or
services
|
FyO Acopio S.A. (formerly
Granos Olavarría S.A.)
|
|
(18)
|
-
|
|
Reimbursement of expenses
payable
|
|
Total
Subsidiaries of the subsidiaries
|
|
(1,128)
|
(177)
|
|
|
|
|
|
|
|
|
|
|
CAMSA and its
subsidiaries
|
|
(1,130)
|
|
(1,722)
|
|
Management
fees
|
Estudio Zang, Bergel &
Viñes
|
|
(1)
|
|
(1)
|
|
Legal
services
|
Other
Related parties
|
|
(1,131)
|
|
(1,723)
|
|
|
|
|
|
|
|
|
|
Directors and Senior
Management
|
|
(5)
|
|
(3)
|
|
Director's
fees
|
|
|
1
|
|
-
|
|
Reimbursement of
expenses
|
Total
Directors and Senior Management
|
|
(4)
|
|
(3)
|
|
|
Total
|
|
(2,587)
|
|
(1,863)
|
|
|
Related
party
|
|
12.31.18
|
|
12.31.17
|
|
Description
of transaction
|
IRSA Inversiones y
Representaciones Sociedad Anónima
|
|
(4)
|
|
(1)
|
|
Leases and/or rights of
use
|
|
|
37
|
|
49
|
|
Corporate
services
|
Futuros y Opciones.Com
S.A.
|
|
(4)
|
|
(6)
|
|
Purchase of goods and/or
services
|
|
|
1
|
|
-
|
|
Management
fees
|
|
|
-
|
|
6
|
|
Sale of goods and/or
services
|
Amauta Agro S.A. (formerly
FyO Trading S.A.)
|
|
-
|
|
1
|
|
Sale of goods and/or
services
|
|
|
(49)
|
|
(24)
|
|
Purchase of goods and/or
services
|
Sociedad Anónima
Carnes Pampeanas S.A. (formerly EAASA)
|
|
115
|
|
58
|
|
Sale of goods and/or
services
|
Helmir
S.A.
|
|
(79)
|
|
(24)
|
|
Financial
operations
|
Total
subsidiaries
|
|
17
|
|
59
|
|
|
|
|
|
|
|
|
|
Agro-Uranga
S.A.
|
|
-
|
|
3
|
|
Sale of goods and/or
services
|
Total
Associates
|
|
-
|
|
3
|
|
|
|
|
|
|
|
|
|
Emprendimiento Recoleta
S.A.
|
|
-
|
|
(7)
|
|
Financial
operations
|
Panamerican Mall
S.A.
|
|
(2)
|
|
(3)
|
|
Financial
operations
|
Yatay Agropecuaria
S.A.
|
|
(4)
|
|
-
|
|
Financial
operations
|
IRSA Propiedades
Comerciales S.A.
|
|
(2)
|
|
(3)
|
|
Leases and/or rights of
use
|
|
|
109
|
|
124
|
|
Corporate
services
|
|
|
(31)
|
|
(37)
|
|
Financial
operations
|
FyO Acopio S.A.
(continuadora de Granos Olavarría S.A.)
|
|
61
|
|
44
|
|
Sale of goods and/or
services
|
|
|
9
|
|
-
|
|
Management
fees
|
|
|
(31)
|
|
(3)
|
|
Purchase of goods and/or
services
|
Total
Subsidiaries of the subsidiaries
|
|
109
|
|
115
|
|
|
|
|
|
|
|
|
|
Estudio Zang, Bergel &
Viñes
|
|
(1)
|
|
(3)
|
|
Legal
services
|
CAMSA y sus
subsidiarias
|
|
-
|
|
(785)
|
|
Management
fees
|
San Bernardo de
Córdoba S.A.
|
|
-
|
|
(1)
|
|
Leases and/or rights of
use
|
Isaac Elsztain e Hijos
S.C.A.
|
|
(1)
|
|
-
|
|
Management
fees
|
Other
Related parties
|
|
(2)
|
|
(789)
|
|
|
|
|
|
|
|
|
|
Directores
|
|
(12)
|
|
(10)
|
|
Compensation of Directors
and Senior Management
|
Senior
Management
|
|
(4)
|
|
(10)
|
|
Compensation of Directors
and Senior Management
|
Total
Directors and Senior Management
|
|
(16)
|
|
(20)
|
|
|
Total
|
|
108
|
|
(632)
|
|
|
Related
party
|
|
12.31.18
|
|
12.31.17
|
|
Description
of transaction
|
Agropecuarias Santa Cruz de
la Sierra S.A. (formerly Doneldon S.A.)
|
|
2
|
|
-
|
|
Additional paid-in
capital
|
Sociedad Anónima
Carnes Pampeanas S.A. (formerly EAASA)
|
|
37
|
|
-
|
|
Additional paid-in
capital
|
|
|
5
|
|
62
|
|
Capitalization of
credits
|
Agropecuarias Santa Cruz de
la Sierra S.A.
|
|
23
|
|
1
|
|
Additional paid-in
capital
|
Total
subsidiary contributions
|
|
67
|
|
63
|
|
|
IRSA Inversiones y
Representaciones Sociedad Anónima
|
|
943
|
|
1,373
|
|
Dividends
received
|
Brasilagro Companhia
Brasileira de Propriedades Agrícolas
(“Brasilagro”)
|
|
46
|
|
24
|
|
Dividends
received
|
Agro-Uranga
S.A.
|
|
13
|
|
6
|
|
Dividends
received
|
Futuros y Opciones.Com
S.A.
|
|
20
|
|
-
|
|
Dividends
received
|
Total
dividends received
|
|
1,022
|
|
1,403
|
|
|
Exhibit A - Property, plant
and equipment
|
|
Note 7 – Investment
properties
|
|
|
Note 8 – Property,
plant and equipment
|
Exhibit B - Intangible
assets
|
|
Note 9 – Intangible
assets
|
Exhibit C - Equity
investments
|
|
Note 6 - Investments in
subsidiaries, associates and joint ventures
|
Exhibit D - Other
investments
|
|
Note 12 – Financial
instruments by category
|
Exhibit E -
Provisions
|
|
Note 13 – Trade and
other receivables
|
|
|
Note 16 –
Provisions
|
Exhibit F - Cost of sales
and services
|
|
Note 26 – Cost of
sales and services provided
|
Exhibit G - Foreign
currency assets and liabilities
|
|
Note 27 – Foreign
currency assets and liabilities
|
Exhibit H - Exhibit of
expenses
|
|
Note 21 – Expenses by
nature
|
Description
|
|
Biological
assets (1)
|
Agricultural
stock
|
Services
and other operating costs
|
Total as
of 12.31.18
|
Total as
of 12.31.17
|
Beginning
of the period / year
|
|
943
|
1,314
|
-
|
2,257
|
2,072
|
Initial recognition and
changes in the fair value of biological assets and agricultural
products at the point of harvest
|
|
(166)
|
-
|
-
|
(166)
|
(194)
|
Changes in the net
realizable value of agricultural products after
harvest
|
|
-
|
58
|
-
|
58
|
77
|
Increase due to
harvest
|
|
-
|
621
|
-
|
621
|
717
|
Acquisitions and
classifications
|
|
3
|
828
|
-
|
831
|
369
|
Consume
|
|
(1)
|
(711)
|
-
|
(712)
|
(381)
|
Expenses
incurred
|
|
223
|
-
|
38
|
261
|
294
|
Inventories
|
|
(861)
|
(1,173)
|
-
|
(2,034)
|
(1,827)
|
Cost as
of 12.31.18
|
|
141
|
937
|
38
|
1,116
|
-
|
Cost as
of 12.31.17
|
|
263
|
861
|
3
|
-
|
1,127
|
Items
|
|
Amount
of foreign currency
|
|
Prevailing
exchange rate (1)
|
|
Total
as of 12.31.18
|
|
Total
as of 06.30.18
|
Assets
|
|
|
|
|
|
|
|
|
Trade
and other receivables
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
20
|
|
37.500
|
|
737
|
|
717
|
Receivables
with related parties:
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
-
|
|
37.700
|
|
3
|
|
1
|
Brazilian
Reais
|
|
-
|
|
-
|
|
-
|
|
126
|
Total
trade and other receivables
|
|
|
|
|
|
740
|
|
844
|
Investment
in financial assets
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
2
|
|
37.500
|
|
89
|
|
-
|
Total
Investment in financial assets
|
|
|
|
|
|
89
|
|
-
|
Cash and
cash equivalents
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
5
|
|
37.500
|
|
185
|
|
29
|
Brazilian
Reais
|
|
-
|
|
9.250
|
|
1
|
|
-
|
Total
Cash and cash equivalents
|
|
|
|
|
|
186
|
|
29
|
Liabilities
|
|
|
|
|
|
|
|
|
Trade
and other payables
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
9
|
|
37.700
|
|
326
|
|
129
|
Payables
with related parties:
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
1
|
|
37.700
|
|
42
|
|
-
|
Brazilian
Reais
|
|
-
|
|
10.250
|
|
1
|
|
-
|
Bolivian
Pesos
|
|
-
|
|
0.168
|
|
1
|
|
-
|
Total
trade and other payables
|
|
|
|
|
|
370
|
|
129
|
Derivative
financial instruments
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
-
|
|
37.700
|
|
1
|
|
-
|
Total
derivative instruments
|
|
|
|
|
|
1
|
|
-
|
Borrowings
|
|
|
|
|
|
|
|
|
US
Dollar
|
|
434
|
|
37.700
|
|
16,348
|
|
13,661
|
Total
Borrowings
|
|
|
|
|
|
16,348
|
|
13,661
|
Documentation
storage provider
|
|
Location
|
Bank
S.A.
|
|
Ruta Panamericana Km 37,5,
Garín, Province of Buenos Aires
|
|
|
Av. Fleming 2190, Munro,
Province of Buenos Aires
|
|
|
Carlos Pellegrini 1401,
Avellaneda, Province of Buenos Aires
|
Iron Mountain Argentina
S.A.
|
|
Av. Amancio Alcorta 2482,
Autonomous City of Buenos Aires
|
|
|
Pedro de Mendoza 2143,
Autonomous City of Buenos Aires
|
|
|
Saraza 6135, Autonomous
City of Buenos Aires
|
|
|
Azara 1245, Autonomous City
of Buenos Aires
|
|
|
Polígono industrial
Spegazzini, Autopista Ezeiza Km 45, Cañuelas, Province of
Buenos Aires
|
|
|
Cañada de Gomez 3825,
Autonomous City of Buenos Aires
|
|
|
Past due
(Point 3 a.)
|
Without
maturity (Point 3.b.)
|
Without
maturity (Point 3.b.)
|
To be
due (Point 3.c.)
|
|
|||||||
Items
|
12.31.18
|
Current
|
Non-current
|
Up to 3
months
|
From 3
to 6 month
|
From 6
to 9 months
|
From 9
to 12 months
|
From 1
to 2 years
|
From 2
to 3 years
|
From 3
to 4 years
|
From 4
years on
|
Total
|
|
Accounts
receivables
|
Trade and other
receivables
|
-
|
252
|
-
|
809
|
150
|
-
|
2
|
230
|
153
|
130
|
37
|
1,763
|
Income tax and minimum
presumed income tax and deferred income tax
|
-
|
-
|
895
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
895
|
|
Total
|
-
|
252
|
895
|
809
|
150
|
-
|
2
|
230
|
153
|
130
|
37
|
2,658
|
|
Liabilities
|
Trade and other
payables
|
-
|
74
|
-
|
2,340
|
-
|
3
|
-
|
-
|
-
|
-
|
-
|
2,417
|
Borrowings
|
-
|
-
|
-
|
3,016
|
2,746
|
1,856
|
600
|
3,431
|
324
|
86
|
4,244
|
16,303
|
|
Payroll and social security
liabilities
|
-
|
-
|
-
|
49
|
-
|
52
|
-
|
-
|
-
|
-
|
-
|
101
|
|
Provisions
|
-
|
3
|
9
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
12
|
|
Income tax and minimum
presumed income tax
|
-
|
-
|
-
|
-
|
-
|
-
|
40
|
-
|
-
|
-
|
-
|
40
|
|
|
Total
|
-
|
77
|
9
|
5,405
|
2,746
|
1,911
|
640
|
3,431
|
324
|
86
|
4,244
|
18,873
|
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
|
960
|
253
|
1,213
|
63
|
487
|
550
|
1,023
|
740
|
1,763
|
Income tax and minimum
presumed income tax and deferred income tax
|
-
|
-
|
-
|
895
|
-
|
895
|
895
|
-
|
895
|
|
Total
|
960
|
253
|
1,213
|
958
|
487
|
1,445
|
1,918
|
740
|
2,658
|
|
Liabilities
|
Trade and other
payables
|
2,047
|
370
|
2,417
|
-
|
-
|
-
|
2,047
|
370
|
2,417
|
Borrowings
|
4
|
8,214
|
8,218
|
-
|
8,085
|
8,085
|
4
|
16,299
|
16,303
|
|
Payroll and social security
liabilities
|
101
|
-
|
101
|
-
|
-
|
-
|
101
|
-
|
101
|
|
Provisions
|
3
|
-
|
3
|
9
|
-
|
9
|
12
|
-
|
12
|
|
Income tax and minimum
presumed income tax
|
40
|
-
|
40
|
-
|
-
|
-
|
40
|
-
|
40
|
|
|
Total
|
2,195
|
8,584
|
10,779
|
9
|
8,085
|
8,094
|
2,204
|
16,669
|
18,873
|
|
|
Current
|
Non-Current
|
|
|
|
||||||||
Items
|
Accruing
interest
|
|
|
Accruing
interest
|
|
|
Accruing
interest
|
|
|
|
||||
|
|
Fixed
|
Floating
|
Non-accruing
interest
|
Subtotal
|
Fixed
|
Floating
|
Non-accruing
interest
|
|
Fixed
|
Floating
|
Non-accruing
interest
|
Total
|
|
Accounts
receivables
|
Trade and other
receivables
|
7
|
-
|
1,206
|
1,213
|
11
|
-
|
539
|
550
|
18
|
-
|
1,745
|
1,763
|
|
Income tax and minimum
presumed income tax and deferred income tax
|
-
|
-
|
-
|
-
|
-
|
-
|
895
|
895
|
-
|
-
|
895
|
895
|
||
Total
|
7
|
-
|
1,206
|
1,213
|
11
|
-
|
1,434
|
1,445
|
18
|
-
|
2,640
|
2,658
|
||
Liabilities
|
Trade and other
payables
|
-
|
-
|
2,417
|
2,417
|
-
|
-
|
-
|
-
|
-
|
-
|
2,417
|
2,417
|
|
Borrowings
|
7,899
|
86
|
233
|
8,218
|
7,823
|
258
|
4
|
8,085
|
15,722
|
344
|
237
|
16,303
|
||
Payroll and social security
liabilities
|
-
|
-
|
101
|
101
|
-
|
-
|
-
|
-
|
-
|
-
|
101
|
101
|
||
Provisions
|
-
|
-
|
3
|
3
|
-
|
-
|
9
|
9
|
-
|
-
|
12
|
12
|
||
Income tax and minimum
presumed income tax
|
-
|
-
|
40
|
40
|
-
|
-
|
-
|
-
|
-
|
-
|
40
|
40
|
||
|
Total
|
7,899
|
86
|
2,794
|
10,779
|
7,823
|
258
|
13
|
8,094
|
15,722
|
344
|
2,807
|
18,873
|
Name of
the entity
|
Place of
business / Country of incorporation
|
Principal
activity
(*)
|
% of
ownership interest held by the Group
|
Direct
equity interest:
|
|
|
|
Brasilagro-Companhía
Brasileira de Propiedades Agrícolas (1)
|
Brazil
|
Agricultural
|
43.29%
(2)
|
Agropecuaria Santa Cruz de
la Sierra S.A. (formerly Doneldon S.A.)
|
Uruguay
|
Investment
|
100%
|
Futuros y Opciones.Com
S.A.
|
Argentina
|
Brokerage
|
50.10%
|
Helmir
S.A.
|
Uruguay
|
Investment
|
100.00%
|
IRSA Inversiones y
Representaciones Sociedad Anónima
|
Argentina
|
Real
Estate
|
63.36%
(2)
|
Amauta Agro S.A. (formerly FyO Trading S.A. due
to change of corporate name)
|
Argentina
|
Brokerage
|
2.20%
|
Sociedad Anónima
Carnes Pampeanas S.A.
|
Argentina
|
Agro-industrial
|
99.70%
|
Agrouranga
S.A.
|
Argentina
|
Agricultural
|
35.72%
|
Uranga Trading
S.A.
|
Argentina
|
Marketing, warehousing and
processing
|
35.72%
|
Granos de Olavarría
S.A.
|
Argentina
|
Warehousing and
brokerage
|
2.20%
|
Insured property
|
Risk covered
|
Amount
insured
Ps.
|
Book value
Ps.
|
Buildings, machinery, silos, installation and
furniture and equipment
|
Theft, fire and technical
insurance
|
1,658
|
3,304
|
Vehicles
|
Third parties, theft, fire and civil
liability
|
38
|
27
|
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
|
|
|
|
|
|
(In ARS
million)
|
6M 19
|
6M 18
|
YoY Var
|
Revenues
|
33,103
|
28,238
|
17.2%
|
Costs
|
-20,739
|
-17,275
|
20.1%
|
Initial recognition and changes in the fair
value of biological assets and agricultural produce at the point of
harvest
|
461
|
172
|
168.0%
|
Changes in the net realizable value of
agricultural produce after harvest
|
34
|
81
|
-58.0%
|
Gross
profit
|
12,859
|
11,216
|
14.6%
|
Net gain from fair value adjustment on
investment properties
|
-5,519
|
10,336
|
-153.4%
|
Gain from disposal of
farmlands
|
53
|
-
|
-
|
General and administrative
expenses
|
-3,590
|
-3,105
|
15.6%
|
Selling expenses
|
-3,915
|
-3,785
|
3.4%
|
Other operating results, net
|
521
|
1,106
|
-52.9%
|
Fees
|
-
|
-785
|
-100.0%
|
Profit from
operations
|
409
|
14,983
|
-97.3%
|
Depreciation and
Amortization
|
3,215
|
3,066
|
4.9%
|
EBITDA
(unaudited)
|
3,624
|
18,049
|
-79.9%
|
Adjusted EBITDA
(unaudited)
|
9,973
|
7,713
|
29.3%
|
Profit from joint ventures and
associates
|
-717
|
78
|
-1,019.2%
|
(Loss) / Profit from
operations before financing and taxation
|
-308
|
15,061
|
-102.0%
|
Financial results, net
|
-7,950
|
-8,205
|
-3.1%
|
(Loss) / Profit before income
tax
|
-8,258
|
6,856
|
-220.4%
|
Income tax expense
|
1,921
|
3,327
|
-42.3%
|
Result for the period from
continued operations
|
-6,337
|
10,183
|
-162.2%
|
Result from discontinued operations after income
tax
|
717
|
1,291
|
-44.5%
|
Result for the
period
|
-5,620
|
11,474
|
-149.0%
|
|
|
|
|
Attributable to
|
|
|
|
Equity holder of the parent
|
-3,925
|
5,354
|
-173.3%
|
Non-controlling interest
|
-1,695
|
6,120
|
-127.7%
|
|
6M 2019
|
|||||||
|
|
Urban Properties and
Investments
|
|
Variation
|
||||
|
Agribusiness
|
Argentina
|
Israel
|
Subtotal
|
Total
|
6M 19 vs. 6M
18
|
||
Revenues
|
5,437
|
4,624
|
22,149
|
26,773
|
32,210
|
19.1%
|
||
Costs
|
-4,544
|
-804
|
-14,305
|
-15,109
|
-19,653
|
22.9%
|
||
Initial recognition and changes in the fair
value of biological assets and agricultural produce at the point of
harvest
|
343
|
-
|
-
|
-
|
343
|
138.2%
|
||
Changes in the net realizable value of
agricultural produce after harvest
|
34
|
-
|
-
|
-
|
34
|
-
|
||
Gross
profit
|
1,270
|
3,820
|
7,844
|
11,664
|
12,934
|
14.7%
|
||
Net gain from fair value adjustment on
investment properties
|
-22
|
-6,278
|
780
|
-5,498
|
-5,520
|
-153.2%
|
||
Gain from disposal of
farmlands
|
53
|
-
|
-
|
-
|
53
|
-
|
||
General and administrative
expenses
|
-401
|
-854
|
-2,352
|
-3,206
|
-3,607
|
15.2%
|
||
Selling expenses
|
-443
|
-326
|
-3,149
|
-3,475
|
-3,918
|
3.3%
|
||
Other operating results, net
|
172
|
-269
|
511
|
242
|
414
|
-61.8%
|
||
Profit / (Loss) from
operations
|
629
|
-3,907
|
3,634
|
-273
|
356
|
-97.7%
|
||
Share of profit of
associates
|
-13
|
-258
|
-321
|
-579
|
-592
|
1215.6%
|
||
Segment Profit /
(Loss)
|
616
|
-4,165
|
3,313
|
-852
|
-236
|
-101.5%
|
|
6M 2018
|
||||
|
|
Urban Properties and
Investments
|
|
||
|
Agribusiness
|
Argentina
|
Israel
|
Subtotal
|
Total
|
Revenues
|
4,602
|
4,135
|
18,312
|
22,447
|
27,049
|
Costs
|
-3,914
|
-854
|
-11,229
|
-12,083
|
-15,997
|
Initial recognition and changes in the fair
value of biological assets and agricultural produce at the point of
harvest
|
144
|
-
|
-
|
-
|
144
|
Changes in the net realizable value of
agricultural produce after harvest
|
81
|
-
|
-
|
-
|
81
|
Gross
profit
|
913
|
3,281
|
7,083
|
10,364
|
11,277
|
Net gain from fair value adjustment on
investment properties
|
262
|
8,373
|
1,747
|
10,120
|
10,382
|
Gain from disposal of
farmlands
|
-
|
-
|
-
|
-
|
-
|
General and administrative
expenses
|
-366
|
-629
|
-2,137
|
-2,766
|
-3,132
|
Selling expenses
|
-503
|
-305
|
-2,985
|
-3,290
|
-3,793
|
Other operating results, net
|
24
|
-67
|
1,127
|
1,060
|
1,084
|
Profit from
operations
|
330
|
10,653
|
4,835
|
15,488
|
15,818
|
Share of profit of
associates
|
-11
|
333
|
-367
|
-34
|
-45
|
Segment
profit
|
319
|
10,986
|
4,468
|
15,454
|
15,773
|
|
Productive
Lands
|
Land
Reserves
|
|
||
|
Agricultural
|
Cattle
|
Under
Development
|
Reserved
|
Total
|
Argentina
|
59,699
|
150,328
|
2,060
|
324,101
|
536,188
|
Brazil
|
43,439
|
14,912
|
4,442
|
65,988
|
128,781
|
Bolivia
|
8,858
|
-
|
-
|
1,017
|
9,875
|
Paraguay
|
9,390
|
2,859
|
1,977
|
45,264
|
59,490
|
Total
|
121,386
|
168,099
|
8,479
|
436,370
|
734,334
|
|
Agricultural
|
Cattle
|
Other
|
Total
|
Argentina
|
68,300
|
14,585
|
2,201
|
85,086
|
Brazil
|
51,111
|
-
|
700
|
51,811
|
Bolivia
|
1,020
|
-
|
-
|
1,020
|
Total
|
120,431
|
14,585
|
2,901
|
137,917
|
in ARS
million
|
6M 19
|
6M 18
|
YoY Var
|
Revenues
|
-
|
-
|
-
|
Costs
|
-10
|
-13
|
-23.1%
|
Gross
loss
|
-10
|
-13
|
-23.1%
|
Net gain from fair value adjustment on
investment properties
|
-22
|
262
|
-
|
Gain from disposal of
farmlands
|
53
|
-
|
-
|
General and administrative
expenses
|
-1
|
-1
|
0.0%
|
Selling expenses
|
-1
|
-
|
-
|
Profit from
operations
|
19
|
248
|
-92.3%
|
Segment
profit
|
19
|
248
|
-92.3%
|
EBITDA
|
25
|
252
|
-90.1%
|
Adjusted
EBITDA
|
930
|
-8
|
-
|
Area under Development
(hectares)
|
Projected for
2018/2019
|
Developed in
2017/2018
|
Argentina
|
2,060
|
2,486
|
Brasil
|
4,442
|
6,190
|
Paraguay
|
1,977
|
2,008
|
Total
|
8,479
|
10,684
|
in ARS
million
|
6M 19
|
6M 18
|
YoY Var
|
Revenues
|
3,042
|
2,750
|
10.6%
|
Costs
|
-2,642
|
-2,163
|
22.2%
|
Initial recognition and changes in the fair
value of biological assets and agricultural produce at the point of
harvest
|
359
|
144
|
149.3%
|
Changes in the net realizable value of
agricultural produce after harvest
|
34
|
81
|
-58.0%
|
Gross
profit
|
793
|
812
|
-2.5%
|
General and administrative
expenses
|
-248
|
-224
|
10.3%
|
Selling expenses
|
-242
|
-389
|
-37.8%
|
Other operating results, net
|
166
|
19
|
773.7%
|
Profit from
operations
|
469
|
218
|
115.1%
|
Profit from associates
|
-1
|
1
|
-
|
Segment
profit
|
468
|
219
|
113.7%
|
EBITDA
|
643
|
401
|
60.3%
|
Adjusted
EBITDA
|
643
|
401
|
60.3%
|
In ARS
Million
|
6M 19
|
6M 18
|
YoY Var
|
Revenues
|
1,646
|
1,417
|
16.2%
|
Costs
|
-1,501
|
-1,041
|
44.2%
|
Initial recognition and changes in the fair
value of biological assets and agricultural produce at the point of
harvest
|
299
|
-11
|
-
|
Changes in the net realizable value of
agricultural produce after harvest
|
34
|
81
|
-58.0%
|
Gross
profit
|
478
|
446
|
7.2%
|
General and administrative
expenses
|
-126
|
-121
|
4.1%
|
Selling expenses
|
-205
|
-341
|
-39.9%
|
Other operating results, net
|
170
|
28
|
507.1%
|
Profit from
operations
|
317
|
12
|
2,541.7%
|
Share of loss of associates
|
-1
|
1
|
-
|
Segment
profit
|
316
|
13
|
2,330.8%
|
In ARS
Million
|
6M 19
|
6M 18
|
YoY Var
|
Revenues
|
1,065
|
914
|
16.5%
|
Costs
|
-883
|
-796
|
10.9%
|
Initial recognition and changes in the fair
value of biological assets and agricultural produce at the point of
harvest
|
218
|
317
|
-31.2%
|
Gross
profit
|
400
|
435
|
-8.0%
|
General and administrative
expenses
|
-73
|
-60
|
21.7%
|
Selling expenses
|
-10
|
-7
|
42.9%
|
Other operating results, net
|
-2
|
-5
|
-60.0%
|
Profit from
operations
|
315
|
363
|
-13.2%
|
Segment
profit
|
315
|
363
|
-13.2%
|
Production Volume1)
|
6M19
|
6M18
|
6M17
|
6M16
|
6M15
|
Corn
|
108,173
|
257,650
|
227,042
|
174,105
|
222,456
|
Soybean
|
13,178
|
11,088
|
4,649
|
12,064
|
18,464
|
Wheat
|
31,074
|
31,193
|
29,360
|
14,798
|
15,650
|
Sorghum
|
1,049
|
606
|
732
|
448
|
1,335
|
Sunflower
|
951
|
2,181
|
55
|
-
|
785
|
Others
|
1,947
|
1,171
|
2,150
|
5,284
|
2,716
|
Total Crops
(tons)
|
156,372
|
303,889
|
263,988
|
206,699
|
261,406
|
Sugarcane
(tons)
|
1,431,109
|
911,759
|
554,260
|
877,396
|
673,575
|
Volume of
|
6M19
|
6M18
|
6M17
|
6M16
|
6M15
|
||||||||||
Sales (1)
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
Corn
|
113.0
|
-
|
113.0
|
206.0
|
6.0
|
212.0
|
196.1
|
-
|
196.1
|
93.7
|
37.9
|
131.6
|
219.8
|
-
|
219.8
|
Soybean
|
53.0
|
42.6
|
95.6
|
69.8
|
5.8
|
75.6
|
53.1
|
-
|
53.1
|
86.9
|
8.5
|
95.4
|
76.4
|
14.2
|
90.6
|
Wheat
|
13.4
|
-
|
13.4
|
23.4
|
-
|
23.4
|
1.2
|
1.0
|
2.2
|
6.2
|
28.9
|
35.1
|
3.3
|
-
|
3.3
|
Sorghum
|
0.2
|
-
|
0.2
|
-
|
-
|
-
|
0.7
|
-
|
0.7
|
0.3
|
-
|
0.3
|
0.6
|
-
|
0.6
|
Sunflower
|
2.1
|
-
|
2.1
|
0.5
|
-
|
0.5
|
0.6
|
-
|
0.6
|
4.7
|
-
|
4.7
|
1.8
|
-
|
1.8
|
Others
|
0.2
|
-
|
0.2
|
0.8
|
-
|
0.8
|
2.1
|
-
|
2.1
|
2.7
|
-
|
2.7
|
0.7
|
-
|
0.7
|
Total Crops (thousands of
tons)
|
181.9
|
42.6
|
224.5
|
300.5
|
11.8
|
312.3
|
253.8
|
1.0
|
254.8
|
194.5
|
75.3
|
269.8
|
302.6
|
14.2
|
316.8
|
Sugarcane (thousands of
tons)
|
1,414.6
|
-
|
1,414.6
|
1,234.8
|
-
|
1,234.8
|
554.1
|
-
|
554.1
|
827.3
|
-
|
827.3
|
680.4
|
-
|
680.4
|
Area in Operation
(hectares) (1)
|
As of
12/31/18
|
As of
12/31/17
|
YoY Var
|
Own farms
|
97,658
|
111,316
|
-12.3%
|
Leased farms
|
139,159
|
66,089
|
110.6%
|
Farms under concession
|
21,801
|
23,636
|
-7.8%
|
Own farms leased to third
parties
|
14,325
|
9,533
|
50.3%
|
Total Area Assigned to
Production
|
272,943
|
210,574
|
29.6%
|
Production Volume (1)
|
6M19
|
6M18
|
6M17
|
6M16
|
6M15
|
Cattle herd (tons)
|
5,467
|
4,731
|
4,448
|
3,717
|
4,124
|
Milking cows (tons)
|
-
|
186
|
258
|
311
|
227
|
Cattle
(tons)
|
5,467
|
4,917
|
4,706
|
4,028
|
4,351
|
Milk (thousands of
liters)
|
-
|
3,891
|
7,971
|
9,082
|
9,129
|
Volume of
|
6M19
|
6M18
|
6M17
|
6M16
|
6M15
|
||||||||||
Sales (1)
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
D.M
|
F.M
|
Total
|
Cattle herd
|
4.9
|
-
|
4.9
|
5.5
|
-
|
5.5
|
4.3
|
-
|
4.3
|
5.7
|
-
|
5.7
|
6.2
|
-
|
6.2
|
Milking cows
|
-
|
-
|
-
|
1.3
|
-
|
1.3
|
0.7
|
-
|
0.7
|
0.3
|
-
|
0.3
|
0.3
|
-
|
0.3
|
Cattle (thousands of
tons)
|
4.9
|
-
|
4.9
|
6.8
|
-
|
6.8
|
5.0
|
-
|
5.0
|
6.0
|
-
|
6.0
|
6.5
|
-
|
6.5
|
Milk (millions of
liters)
|
-
|
-
|
-
|
3.9
|
-
|
3.9
|
7.6
|
-
|
7.6
|
8.7
|
-
|
8.7
|
8.8
|
-
|
8.8
|
In ARS
Million
|
6M 19
|
6M 18
|
YoY Var
|
Revenues
|
256
|
402
|
-36.3%
|
Costs
|
-221
|
-322
|
-31.4%
|
Initial recognition and changes in the fair
value of biological assets and agricultural
produce
|
-158
|
-162
|
-2.5%
|
Gross
profit
|
-123
|
-77
|
59.7%
|
General and administrative
expenses
|
-27
|
-33
|
-18.2%
|
Selling expenses
|
-23
|
-40
|
-42.5%
|
Other operating results, net
|
-1
|
-3
|
-66.7%
|
Loss from
operations
|
-174
|
-159
|
9.4%
|
Segment
loss
|
-174
|
-159
|
9.4%
|
Area in operation –
Cattle (hectares) (1)
|
As of
12/31/18
|
As of
12/31/17
|
YoY Var
|
Own farms
|
79,071
|
86,297
|
-8.4%
|
Leased farms
|
14,135
|
12,635
|
11.9%
|
Farms under concession
|
2,703
|
1,404
|
92.5%
|
Own farms leased to third
parties
|
1,775
|
70
|
2.435.7%
|
Total Area Assigned to Cattle
Production
|
97,684
|
100,406
|
-2.7%
|
Stock of Cattle
Heard
|
As of
12/31/18
|
As of
12/31/17
|
YoY Var
|
Breeding stock
|
88,755
|
83,630
|
6,1%
|
Winter grazing stock
|
18,502
|
9,949
|
86,0%
|
Milk farm stock
|
-
|
762
|
-100%
|
Sheep stock
|
10,402
|
10,842
|
-4,1%
|
Total Stock
(heads)
|
117,659
|
105,183
|
11,9%
|
in ARS
million
|
6M 19
|
6M 18
|
YoY Var
|
Revenues
|
75
|
17
|
341,2%
|
Costs
|
-38
|
-4
|
850,0%
|
Gross
profit
|
37
|
13
|
184,6%
|
General and Administrative
expenses
|
-21
|
-9
|
133,3%
|
Selling expenses
|
-4
|
-1
|
300,0%
|
Loss from
operations
|
-1
|
-1
|
-
|
Segment
profit
|
11
|
2
|
450,0%
|
In ARS
million
|
6M 19
|
6M 18
|
YoY Var
|
Revenues
|
2,395
|
1,852
|
29.3%
|
Costs
|
-1,892
|
-1,738
|
8.9%
|
Initial recognition and changes in the fair
value of biological assets and agricultural produce at the point of
harvest
|
-16
|
-
|
-
|
Gross
profit
|
487
|
114
|
326.3%
|
General and administrative
expenses
|
-81
|
-76
|
7.9%
|
Selling expenses
|
-200
|
-114
|
76.3%
|
Other operating results, net
|
6
|
5
|
20.0%
|
Profit / (Loss) from
operations
|
212
|
-71
|
-
|
Profit from associates
|
-12
|
-12
|
-8.3%
|
Segment Profit /
(Loss)
|
200
|
-83
|
-
|
EBITDA
|
224
|
-58
|
-
|
Adjusted
EBITDA
|
224
|
-58
|
-
|
In ARS
million
|
6M 19
|
6M 18
|
YoY Var
|
General and administrative
expenses
|
-71
|
-65
|
9.2%
|
Loss from
operations
|
-71
|
-65
|
9.2%
|
Segment
Loss
|
-71
|
-65
|
9.2%
|
EBITDA
|
-70
|
-65
|
-8.3%
|
Adjusted
EBITDA
|
-70
|
-65
|
-8.3%
|
In
ARS million
|
6M
19
|
6M
18
|
YoY
Var
|
Revenues
|
26,773
|
22,447
|
19.3%
|
Profit from operations
|
-273
|
15,488
|
-101.8%
|
EBITDA
|
2,791
|
18,110
|
-84.6%
|
Adjusted
EBITDA
|
8,571
|
9,575
|
-10.5%
|
Segment
Result
|
-852
|
15,454
|
-105.5%
|
In
ARS million
|
6M
19
|
6M
18
|
YoY
Var
|
Revenues
|
4,624
|
4,135
|
11.8%
|
Profit from operations
|
-3,907
|
10,653
|
-136.7%
|
EBITDA
|
-3,764
|
10,676
|
-135.3%
|
Adjusted
EBITDA
|
2,470
|
2,230
|
10.8%
|
In
ARS million
|
6M
19
|
6M
18
|
YoY
Var
|
Revenues
|
22,149
|
18,312
|
21.0%
|
Profit from operations
|
3,634
|
4,835
|
-24.8%
|
EBITDA
|
6,555
|
7,434
|
-11.8%
|
Adjusted
EBITDA
|
6,101
|
5,776
|
5.6%
|
Description
|
Currency
|
Amount (2)
|
Interest
Rate
|
Maturity
|
Bank overdrafts
|
ARS
|
0.0
|
Variable
|
< 30 days
|
Cresud 2019 NCN, Series XVIII (1)
|
USD
|
32.6
|
4.00%
|
12-Sep-19
|
Cresud 2019 NCN, Series XXII (1)
|
USD
|
21.7
|
4.00%
|
1-Aug-19
|
Cresud 2020 NCN, Series XXIV
|
USD
|
73.6
|
9.00%
|
16-Nov-20
|
Cresud 2023 NCN, Series XXIII (1)
|
USD
|
113.2
|
6.50%
|
16-Feb-23
|
Other debt
|
USD
|
172.5
|
-
|
-
|
CRESUD’s Total Debt
(3)
|
|
413.4
|
|
|
Cash and cash equivalents
(3)
|
|
17.9
|
|
|
Total Net
Debt
|
|
395.5
|
|
|
Brasilagro’s Total Net
Debt
|
|
15.7
|
|
|
Description
|
Currency
|
Amount (1)
|
Interest
Rate
|
Maturity
|
Bank overdrafts
|
ARS
|
0.0
|
Floating
|
< 360 days
|
IRSA 2020 Series II Non-Convertible
Notes,
|
USD
|
71.4
|
11.50%
|
Jul-20
|
Series VII Non-Convertible
Notes
|
ARS
|
10.2
|
Badlar + 299
|
Sep-19
|
Series VIII Non-Convertible Notes (2)
|
USD
|
183.5
|
7.00%
|
Sep-19
|
Other debt
|
USD
|
38.2
|
-
|
Feb-22
|
IRSA’s Total
Debt
|
|
303.4
|
|
|
IRSA’s Cash + Cash Equivalents +
Investments (3)
|
USD
|
9.2
|
|
|
IRSA’s Net
Debt
|
USD
|
294.2
|
|
|
Bank overdrafts
|
ARS
|
3.0
|
-
|
< 360 d
|
PAMSA loan
|
USD
|
35.0
|
Fixed
|
Feb-323
|
IRCP NCN Class IV
|
USD
|
139.0
|
5.0%
|
Sep-20
|
IRSA CP NCN Class II
|
USD
|
360.0
|
8.75%
|
Mar-23
|
IRSA CP’s Total
Debt
|
|
537.0
|
|
|
Cash & Cash Equivalents + Investments
(4)
|
|
202.4
|
|
|
IRSA CP’s Net
Debt
|
|
334.6
|
|
|
Indebtedness(1)
|
Total
|
Net
|
IDBD’s Total Debt
|
598
|
551
|
DIC’s Total Debt
|
687
|
462
|
In millions of
Ps,
|
Dec-18
|
Jun-18
|
Current assets
|
138,290
|
130,667
|
Non-current assets
|
317,383
|
326,281
|
Total assets
|
455,673
|
456,948
|
Current liabilities
|
80,221
|
72,885
|
Non-current liabilities
|
280,055
|
282,900
|
Total liabilities
|
360,276
|
355,785
|
Total capital and reserves attributable to the
shareholders of the controlling company
|
26,602
|
30,525
|
Minority interests
|
68,795
|
70,638
|
Shareholders’ equity
|
95,397
|
101,163
|
Total liabilities plus minority interests plus
shareholders’ equity
|
455,673
|
456,948
|
In millions of
Ps,
|
Dec-18
|
Dec-17
|
Gross profit
|
12,859
|
11,216
|
Profit from operations
|
409
|
14,983
|
Share of (loss) / profit of associates and joint
ventures
|
-717
|
78
|
Profit from operations before financing and
taxation
|
-308
|
15,061
|
Financial results, net
|
-7,950
|
-8,205
|
(Loss) / Profit before income
tax
|
-8,258
|
6,856
|
Income tax expense
|
1,921
|
3,327
|
(Loss) / Profit of the period of continuous
operations
|
-6,337
|
10,183
|
Profit of discontinued operations after
taxes
|
717
|
1,291
|
(Loss) / Profit for the
period
|
-5,620
|
11,474
|
Controlling company’s
shareholders
|
-3,925
|
5,354
|
Non-controlling interest
|
-1,695
|
6,120
|
In millions of
Ps,
|
Dec-18
|
Dec-17
|
Net cash generated by operating
activities
|
5,260
|
10,446
|
Net cash used in investment
activities
|
-191
|
-13,926
|
Net cash generated by financing
activities
|
2,596
|
11,745
|
Total net cash generated
during the fiscal period
|
7,665
|
8,265
|
In millions of
Ps,
|
Dec-18
|
Jun-18
|
Liquidity (1)
|
1.724
|
1.793
|
Solvency (2)
|
0.265
|
0.284
|
Restricted capital (3)
|
0.697
|
0.714
|
For
the six-month period ended December 31 (in ARS
million)
|
||
|
2018
|
2017
|
Profit for the period
|
-5,620
|
11,474
|
Profit from discontinued
operations
|
-717
|
-1,291
|
Income tax expense
|
-1,921
|
-3,327
|
Net financial results
|
7,950
|
8,205
|
Share of profit of associates and joint
ventures
|
717
|
-78
|
Depreciation and
amortization
|
3,215
|
3,066
|
EBITDA
(unaudited)
|
3,624
|
18,049
|
Unrealized gain from fair value
of investment properties
|
6,349
|
-10,336
|
Adjusted EBITDA
(unaudited)
|
9,973
|
7,713
|