The Company reported that having concluded the technical review previously announced and carried out by the Board of Directors of our controlled subsidiary IRSA Inversiones y Representaciones Sociedad Anonima, in connection with the valuation and exposure of the transaction with IDBD the net loss of the fiscal year ended on June 30, 2014 amounts to AR$ 831.6 million instead of the previously announced net loss of AR$ 516 million.
Based on the above and the consolidation of the financial statements of the Company with IRSA, the Board of Directors of the Company has proceeded to rectify in its consolidated financial statements the result (net loss) of the fiscal year ended on June 30, 2014 for an amount of AR$ 1.408,4 million instead of AR$ 1.092,8 million as previously reported.
The difference between both values arises from the recognition done by IRSA regarding the fair value of the derivative instrument which originated the referred review and its posterior effect on Cresud, which represented a loss on the fiscal year ended on June 30, 2014. The correction only affects the consolidated financial position for the fiscal year ended on June 30, 2014, changes in shareholders equity and the results of the consolidated income statements of retained earnings for the fiscal year ended on June 30, 2014. There is no impact on the consolidated cash flow statement for the fiscal year ended on June 30, 2014.
Also, the Company reported that it will publish again the documents related to the financial statements in order to incorporate any eventual variation as a result of the revaluation process and any other information related to the annual shareholders meeting, in which it will be proposed a recess to allow the shareholders the analysis of the announced modifications.