Type of stock
|
CAPITAL STATUS
|
|
Authorized for Public Offer of Shares (*)
|
Subscribed, Issued and Paid up (In thousands of Pesos)
|
|
Common stock with a face value of Ps. 1 per share and entitled to 1 vote each
|
578,676,460
|
578,676
|
Note
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
ASSETS
|
|||||||||||||
Non- Current Assets
|
|||||||||||||
Investment properties, net
|
9
|
3,984,770 | 3,275,226 | 3,340,081 | |||||||||
Property, plant and equipment, net
|
10
|
211,835 | 228,033 | 235,245 | |||||||||
Trading properties
|
11
|
185,563 | 167,109 | 155,876 | |||||||||
Intangible assets, net
|
12
|
77,167 | 29,389 | 31,900 | |||||||||
Investments in associates and joint ventures
|
7, 8
|
1,430,688 | 1,445,815 | 1,373,215 | |||||||||
Deferred income tax assets
|
22
|
74,413 | 34,255 | 17,903 | |||||||||
Restricted assets
|
3
|
11,406 | - | - | |||||||||
Trade and other receivables, net
|
14
|
229,097 | 196,372 | 165,009 | |||||||||
Investments in financial assets
|
15
|
639,247 | 655,660 | 432,676 | |||||||||
Derivative financial instruments
|
16
|
23,824 | 18,434 | 60,442 | |||||||||
Total Non-Current Assets
|
6,868,010 | 6,050,293 | 5,812,347 | ||||||||||
Current Assets
|
|||||||||||||
Trading properties
|
11
|
6,528 | 9,714 | 26,115 | |||||||||
Inventories
|
13
|
16,531 | 15,659 | 6,820 | |||||||||
Restricted assets
|
3
|
1,136 | - | - | |||||||||
Trade and other receivables, net
|
14
|
540,231 | 475,877 | 419,995 | |||||||||
Investments in financial assets
|
15
|
279,139 | 78,909 | 65,076 | |||||||||
Cash and cash equivalents
|
17
|
399,276 | 259,169 | 301,559 | |||||||||
Total Current Assets
|
1,242,841 | 839,328 | 819,565 | ||||||||||
TOTAL ASSETS
|
8,110,851 | 6,889,621 | 6,631,912 | ||||||||||
SHAREHOLDERS' EQUITY
|
|||||||||||||
Capital and reserves attributable to equity holders of the parent
|
|||||||||||||
Share capital
|
578,676 | 578,676 | 578,676 | ||||||||||
Inflation adjustment of share capital
|
123,329 | 274,387 | 274,387 | ||||||||||
Share premium
|
793,123 | 793,123 | 793,123 | ||||||||||
Acquisition of additional interest in subsidiaries
|
(17,254 | ) | (15,714 | ) | - | ||||||||
Cumulative translation adjustment
|
38,500 | 14,502 | - | ||||||||||
Reserve for share-based compensation
|
8,321 | 2,595 | - | ||||||||||
Legal reserve
|
85,140 | 71,136 | 57,031 | ||||||||||
Other reserves
|
492,441 | 419,783 | 391,262 | ||||||||||
Retained earnings
|
716,478 | 510,853 | 656,525 | ||||||||||
Total capital and reserves attributable to equity holders of the parent
|
2,818,754 | 2,649,341 | 2,751,004 | ||||||||||
Non-controlling interest
|
505,460 | 390,428 | 331,609 | ||||||||||
TOTAL SHAREHOLDERS' EQUITY
|
3,324,214 | 3,039,769 | 3,082,613 | ||||||||||
LIABILITIES
|
|||||||||||||
Non-Current Liabilities
|
|||||||||||||
Trade and other payables
|
18
|
196,920 | 166,656 | 149,355 | |||||||||
Borrowings
|
21
|
2,618,989 | 2,048,397 | 1,725,272 | |||||||||
Deferred income tax liabilities
|
22
|
396,441 | 411,232 | 485,032 | |||||||||
Provisions
|
20
|
46,556 | 17,823 | 12,881 | |||||||||
Total Non-Current Liabilities
|
3,258,906 | 2,644,108 | 2,372,540 | ||||||||||
Current Liabilities
|
|||||||||||||
Trade and other payables
|
18
|
594,652 | 500,926 | 414,186 | |||||||||
Income tax liabilities
|
71,715 | 104,869 | 57,791 | ||||||||||
Salaries and social security liabilities
|
19
|
41,504 | 39,607 | 34,089 | |||||||||
Borrowings…..
|
21
|
806,724 | 557,896 | 667,587 | |||||||||
Provisions
|
20
|
13,136 | 2,446 | 3,106 | |||||||||
Total Current Liabilities
|
1,527,731 | 1,205,744 | 1,176,759 | ||||||||||
TOTAL LIABILITIES
|
4,786,637 | 3,849,852 | 3,549,299 | ||||||||||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
|
8,110,851 | 6,889,621 | 6,631,912 |
Inversiones y Representaciones S.A. | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
Nine months
|
Three months
|
||||||||||||||||
Note
|
03.31.2013 | 03.31.2012 | 03.31.2013 | 03.31.2012 | |||||||||||||
Revenues
|
24
|
1,604,059 | 1,328,523 | 518,018 | 415,604 | ||||||||||||
Costs
|
25
|
(801,198 | ) | (637,257 | ) | (260,481 | ) | (196,821 | ) | ||||||||
Gross Profit
|
802,861 | 691,266 | 257,537 | 218,783 | |||||||||||||
Gain from disposal of investment properties
|
9
|
64,019 | 42,737 | 8,060 | 18,010 | ||||||||||||
General and administrative expenses
|
26
|
(151,130 | ) | (125,055 | ) | (42,144 | ) | (43,071 | ) | ||||||||
Selling expenses
|
26
|
(73,244 | ) | (56,257 | ) | (24,712 | ) | (21,763 | ) | ||||||||
Other operating results, net
|
28
|
107,173 | (11,998 | ) | (7,936 | ) | (3,537 | ) | |||||||||
Profit from operations
|
749,679 | 540,693 | 190,805 | 168,422 | |||||||||||||
Share of profit /(loss) of associates and joint ventures
|
7,8
|
15,112 | 15,922 | 728 | (302 | ) | |||||||||||
Profit before financial results and income tax
|
764,791 | 556,615 | 191,533 | 168,120 | |||||||||||||
Finance income
|
29
|
267,300 | 114,325 | 145,714 | 64,292 | ||||||||||||
Finance cost
|
29
|
(571,737 | ) | (384,173 | ) | (192,856 | ) | (78,513 | ) | ||||||||
Financial results, net
|
29
|
(304,437 | ) | (269,848 | ) | (47,142 | ) | (14,221 | ) | ||||||||
Profit before income tax
|
460,354 | 286,767 | 144,391 | 153,899 | |||||||||||||
Income tax
|
22
|
(81,093 | ) | (91,296 | ) | (11,009 | ) | (37,812 | ) | ||||||||
Profit for the period
|
379,261 | 195,471 | 133,382 | 116,087 | |||||||||||||
Attributable to:
|
|||||||||||||||||
Equity holders of the parent
|
320,638 | 176,622 | 96,856 | 95,071 | |||||||||||||
Non-controlling interest
|
58,623 | 18,849 | 36,526 | 21,016 | |||||||||||||
Profit per share attributable to equity holders of the parent during the period:
|
|||||||||||||||||
Basic
|
0.554 | 0.305 | 0.167 | 0.164 | |||||||||||||
Diluted
|
0.554 | 0.305 | 0.167 | 0.164 |
Inversiones y Representaciones S.A. | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
Nine months
|
Three months
|
|||||||||||||||
03.31.2013 | 03.31.2012 | 03.31.2013 | 03.31.2012 | |||||||||||||
Profit for the period
|
379,261 | 195,471 | 133,382 | 116,087 | ||||||||||||
Other comprehensive income:
|
||||||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
||||||||||||||||
Currency translation adjustment
|
40,306 | 10,955 | 16,573 | 2,074 | ||||||||||||
Other comprehensive income for the period, net of tax (i)
|
40,306 | 10,955 | 16,573 | 2,074 | ||||||||||||
Total comprehensive income for the period
|
419,567 | 206,426 | 149,955 | 118,161 | ||||||||||||
Attributable to:
|
||||||||||||||||
Equity holders of the parent
|
357,551 | 188,700 | 110,348 | 98,365 | ||||||||||||
Non-controlling interest
|
62,016 | 17,726 | 39,607 | 19,796 |
Inversiones y Representaciones S.A. | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
Attributable to equity holders of the parent
|
||||||||||||||||||||||||||||||||||||||||||||||||
Share capital
|
Inflation
adjustment
of share capital
|
Share Premium
|
Acquisition of additional interest in subsidiaries
|
Cumulative translation adjustment
|
Reserve
for share-based compensation
|
Legal reserve
|
Other reserves
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total shareholders' equity
|
|||||||||||||||||||||||||||||||||||||
Balance at July 1st, 2012
|
578,676 | 274,387 | 793,123 | (15,714 | ) | 14,502 | 2,595 | 71,136 | 419,783 | 510,853 | 2,649,341 | 390,428 | 3,039,769 | |||||||||||||||||||||||||||||||||||
Profit for the period
|
- | - | - | - | - | - | - | - | 320,638 | 320,638 | 58,623 | 379,261 | ||||||||||||||||||||||||||||||||||||
Others comprehensive income for the period
|
- | - | - | - | 36,913 | - | - | - | - | 36,913 | 3,393 | 40,306 | ||||||||||||||||||||||||||||||||||||
Total comprehensive income for the period
|
- | - | - | - | 36,913 | - | - | - | 320,638 | 357,551 | 62,016 | 419,567 | ||||||||||||||||||||||||||||||||||||
Appropriation of retained earnings approved by Shareholders’ meeting held 10.31.12
|
- | - | - | - | - | - | 14,004 | 72,658 | (86,662 | ) | - | - | - | |||||||||||||||||||||||||||||||||||
Reclassification of the deferred tax liability – Approved by Shareholders’ meeting held 10.31.12
|
- | (151,058 | ) | - | - | - | - | - | - | 151,058 | - | - | - | |||||||||||||||||||||||||||||||||||
Dividends distribution – approved by Shareholders meeting held 10.31.12
|
- | - | - | - | - | - | - | - | (180,000 | ) | (180,000 | ) | (15,690 | ) | (195,690 | ) | ||||||||||||||||||||||||||||||||
Acquisition of subsidiary (Note 3)
|
- | - | - | - | - | - | - | - | - | - | 102,723 | 102,723 | ||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment for interest held before business combination (Note 3)
|
- | - | - | - | (12,915 | ) | - | - | - | - | (12,915 | ) | - | (12,915 | ) | |||||||||||||||||||||||||||||||||
Distribution of share capital
|
- | - | - | - | - | - | - | - | - | - | (39,654 | ) | (39,654 | ) | ||||||||||||||||||||||||||||||||||
Reserve for share-based compensation (Notes 27 y 30)
|
- | - | - | - | - | 5,726 | - | - | - | 5,726 | 209 | 5,935 | ||||||||||||||||||||||||||||||||||||
Conversion of corporate notes
|
- | - | - | - | - | - | - | - | - | - | 126 | 126 | ||||||||||||||||||||||||||||||||||||
Capital contribution of non-controlling interest
|
- | - | - | - | - | - | - | - | - | - | 6,092 | 6,092 | ||||||||||||||||||||||||||||||||||||
Acquisition of non-controlling interest
|
- | - | - | (1,540 | ) | - | - | - | - | - | (1,540 | ) | (824 | ) | (2,364 | ) | ||||||||||||||||||||||||||||||||
Reimbursement of expired dividends
|
- | - | - | - | - | - | - | - | 591 | 591 | 34 | 625 | ||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2013
|
578,676 | 123,329 | 793,123 | (17,254 | ) | 38,500 | 8,321 | 85,140 | 492,441 | 716,478 | 2,818,754 | 505,460 | 3,324,214 |
Inversiones y Representaciones S.A. | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
Attributable to equity holders of the parent
|
||||||||||||||||||||||||||||||||||||||||||||||||
Share capital
|
Inflation
adjustment
of share capital
|
Share premium
|
Acquisition of additional interest in subsidiaries
|
Cumulative translation adjustment
|
Reserve for share-based compensation
|
Legal reserve
|
Other
reserves
|
Retained earnings
|
Subtotal
|
Non-
controlling interest
|
Total
shareholders' equity
|
|||||||||||||||||||||||||||||||||||||
Balance at July 1st, 2011
|
578,676 | 274,387 | 793,123 | - | - | - | 57,031 | 391,262 | 656,525 | 2,751,004 | 331,609 | 3,082,613 | ||||||||||||||||||||||||||||||||||||
Profit for the period
|
- | - | - | - | - | - | - | - | 176,622 | 176,622 | 18,849 | 195,471 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income for the period
|
- | - | - | - | 12,078 | - | - | - | - | 12,078 | (1,123 | ) | 10,955 | |||||||||||||||||||||||||||||||||||
Total comprehensive income for the period
|
- | - | - | - | 12,078 | - | - | - | 176,622 | 188,700 | 17,726 | 206,426 | ||||||||||||||||||||||||||||||||||||
Appropriation of retained earnings approved by Shareholders meeting held 10.31.11
|
- | - | - | - | - | - | 14,105 | 56,421 | (70,526 | ) | - | - | - | |||||||||||||||||||||||||||||||||||
Dividends distribution – Approved by Shareholders meeting held 10.31.11
|
- | - | - | - | - | - | - | - | (211,575 | ) | (211,575 | ) | (1,912 | ) | (213,487 | ) | ||||||||||||||||||||||||||||||||
Reimbursement of expired dividends
|
- | - | - | - | - | - | - | - | 3,640 | 3,640 | 169 | 3,809 | ||||||||||||||||||||||||||||||||||||
Capital contribution of non-controlling interest
|
- | - | - | - | - | - | - | - | - | - | 44,082 | 44,082 | ||||||||||||||||||||||||||||||||||||
Acquisition of non-controlling interest
|
- | - | - | (15,311 | ) | - | - | - | - | - | (15,311 | ) | (92 | ) | (15,403 | ) | ||||||||||||||||||||||||||||||||
Reserve for share-based compensation (Notes 27 y 30)
|
- | - | - | - | - | 2,698 | - | - | - | 2,698 | 97 | 2,795 | ||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2012
|
578,676 | 274,387 | 793,123 | (15,311 | ) | 12,078 | 2,698 | 71,136 | 447,683 | 554,686 | 2,719,156 | 391,679 | 3,110,835 |
The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.
|
Inversiones y Representaciones S.A. | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Eslztain | |||
President | |||
Note
|
03.31.2013 | 03.31.2012 | |||||||
Operating activities:
|
|||||||||
Cash generated by operations
|
17
|
765,248 | 637,567 | ||||||
Income tax paid
|
(192,890 | ) | (122,352 | ) | |||||
Net cash generated by operating activities:
|
572,358 | 515,215 | |||||||
Investing activities:
|
|||||||||
Capital contributions in associates and joint ventures
|
7, 8
|
(39,925 | ) | - | |||||
Purchases of associates and joint ventures
|
3, 7
|
(32,024 | ) | (148,328 | ) | ||||
Purchases of investment properties, net
|
9
|
(157,324 | ) | (42,709 | ) | ||||
Proceeds from sale of investment properties, net
|
9
|
91,456 | 52,827 | ||||||
Purchases of property, plant and equipment, net
|
10
|
(4,445 | ) | (9,787 | ) | ||||
Purchases of intangible assets, net
|
12
|
(614 | ) | (1,363 | ) | ||||
Purchases of investments in financial assets
|
(157,881 | ) | (76,759 | ) | |||||
Proceeds from sale of investments in financial assets
|
153,117 | - | |||||||
Advanced payments for purchases of investment properties and property, plant and equipment, net
|
(39,554 | ) | (9,130 | ) | |||||
Acquisition of subsidiaries, net of cash acquired
|
3
|
(117,874 | ) | (6,644 | ) | ||||
Interest received
|
5,300 | - | |||||||
Loans granted to associates and joint ventures
|
(813 | ) | (131,349 | ) | |||||
Dividends received
|
49,602 | 5,819 | |||||||
Loans repayments received from associates and joint ventures
|
- | 119,831 | |||||||
Net cash used in investing activities
|
(250,979 | ) | (247,592 | ) | |||||
Financing activities:
|
|||||||||
Issuance of non-convertible notes
|
- | 295,035 | |||||||
Proceeds from borrowings
|
456,535 | 124,644 | |||||||
Repayments of borrowings
|
(239,187 | ) | (342,482 | ) | |||||
Payment of seller financing
|
(6,420 | ) | (19,879 | ) | |||||
Acquisition of non-controlling interest in subsidiaries
|
(2,364 | ) | (7,364 | ) | |||||
Dividends paid
|
(180,260 | ) | (211,077 | ) | |||||
Capital contribution of non-controlling interest
|
6,092 | 44,082 | |||||||
Interest paid
|
(221,152 | ) | (204,895 | ) | |||||
Payment for acquisition of non-controlling interest
|
(4,460 | ) | (9,730 | ) | |||||
Capital reduction of subsidiaries
|
(39,654 | ) | - | ||||||
Loans from associates and joint ventures, net
|
59,147 | (1,535 | ) | ||||||
Reimbursement of dividends
|
- | 6,937 | |||||||
Net cash used in financing activities
|
(171,723 | ) | (326,264 | ) | |||||
Net increase / (decrease) in cash and cash equivalents
|
149,656 | (58,641 | ) | ||||||
Cash and cash equivalents at beginning of period
|
17
|
259,169 | 301,559 | ||||||
Foreign exchange (loss) / gain on cash and cash equivalents
|
(9,549 | ) | 11,840 | ||||||
Cash and cash equivalents at end of period
|
399,276 | 254,758 |
Inversiones y Representaciones S.A. | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
1.
|
The Group’s business and general information
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”)
|
2.1
|
Basis of preparation and transition to IFRS
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.2
|
Initial elections upon adoption of IFRS
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.3
|
Reconciliations of Argentine GAAP to IFRS
|
·
|
Statement of financial position as of July 1st, 2011 (Note 2.3.2)
|
·
|
Statement of financial position as of March 31, 2012 (Note 2.3.3)
|
·
|
Statement of financial position as of June 30, 2012 (Note 2.3.4)
|
·
|
Statement of income for the nine-month periods ended March 31, 2012 (Note 2.3.5)
|
·
|
Statement of income for the three-month periods ended March 31, 2012 (Note 2.3.6)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
·
|
Statement of income for the fiscal year ended June 30, 2012 (Note 2.3.7)
|
·
|
Statement of comprehensive income for the nine-month period ended March 31, 2012 (Note 2.3.8)
|
·
|
Statement of comprehensive income for the three-month period ended March 31, 2012 (Note 2.3.9)
|
·
|
Statement of comprehensive income for the fiscal year ended June 30, 2012 (Note 2.3.10)
|
·
|
Statement of cash flows for the nine-month period ended March 31, 2012 and for the fiscal year ended June 30, 2012 (Note 2.3.11)
|
07.01.11 | 03.31.12 | 06.30.12 | |||||||||||
Total shareholders’ equity under Argentine GAAP attributable to IRSA
|
2,313,687 | 2,365,292 | 2,335,279 | ||||||||||
Revenue recognition – “scheduled rent increases”
|
(B)
|
51,991 | 71,857 | 78,479 | |||||||||
Revenue recognition – “letting fees”
|
(C)
|
(35,447 | ) | (42,306 | ) | (44,446 | ) | ||||||
Trading property
|
(D)
|
(29,315 | ) | (17,542 | ) | (18,946 | ) | ||||||
Pre-operating and organization expenses
|
(E)
|
(22,002 | ) | (18,308 | ) | (22,083 | ) | ||||||
Goodwill
|
(F,G)
|
425,839 | 411,332 | 406,526 | |||||||||
Non-current investments – financial assets
|
(H)
|
151,411 | 156,526 | 138,204 | |||||||||
Initial direct costs on operating leases
|
(I)
|
698 | 979 | 946 | |||||||||
Tenant deposits
|
(J)
|
114 | 259 | 329 | |||||||||
Impairment of financial assets
|
(K)
|
(2,088 | ) | (1,378 | ) | (519 | ) | ||||||
Present value accounting – tax credits
|
(L)
|
11,231 | 7,478 | 5,917 | |||||||||
Investments in associates
|
(N)
|
(56,224 | ) | (130,301 | ) | (152,163 | ) | ||||||
Investments in joint ventures
|
(O)
|
(16,716 | ) | (15,626 | ) | (11,219 | ) | ||||||
Acquisition of non-controlling interest
|
(P)
|
- | (14,774 | ) | (15,178 | ) | |||||||
Amortization of borrowing costs
|
(Q)
|
110 | 487 | 123 | |||||||||
Deferred income tax
|
(S)
|
(15,748 | ) | (28,035 | ) | (24,409 | ) | ||||||
Non-controlling interest on adjustments above
|
(T)
|
(26,537 | ) | (26,784 | ) | (27,499 | ) | ||||||
Subtotal shareholders’ equity under IFRS attributable to IRSA
|
2,751,004 | 2,719,156 | 2,649,341 | ||||||||||
Non-controlling interest
|
331,609 | 391,679 | 390,428 | ||||||||||
Total shareholders’ equity under IFRS
|
3,082,613 | 3,110,835 | 3,039,769 |
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
Nine months
|
Three months
|
||||||||||||
03.31.12 | 06.30.12 | 03.31.12 | |||||||||||
Profit under Argentine GAAP attributable to IRSA
|
227,954 | 280,081 | 86,770 | ||||||||||
Revenue recognition – “scheduled rent increases”
|
(B)
|
19,866 | 26,488 | 6,622 | |||||||||
Revenue recognition – “letting fees”
|
(C)
|
(6,859 | ) | (8,999 | ) | (2,782 | ) | ||||||
Trading properties
|
(D)
|
11,772 | 10,369 | 3,296 | |||||||||
Pre-operating and organization expenses
|
(E)
|
3,717 | (81 | ) | 1,875 | ||||||||
Goodwill
|
(F,G)
|
(14,474 | ) | (19,398 | ) | (3,639 | ) | ||||||
Non-current investments – financial assets
|
(H)
|
5,115 | (13,207 | ) | 42,855 | ||||||||
Initial direct costs on operating leases
|
(I)
|
281 | 248 | 88 | |||||||||
Tenant deposits
|
(J)
|
145 | 215 | 42 | |||||||||
Impairment of financial assets
|
(K)
|
710 | 1,569 | 947 | |||||||||
Present value accounting – tax credits
|
(L)
|
(3,753 | ) | (5,314 | ) | (1,920 | ) | ||||||
Investment properties
|
(M)
|
- | - | 16,595 | |||||||||
Investments in associates
|
(N)
|
(70,868 | ) | (89,837 | ) | (36,011 | ) | ||||||
Investments in joint ventures
|
(O)
|
1,092 | 5,497 | (1,342 | ) | ||||||||
Amortization of borrowing costs
|
(Q)
|
377 | 13 | (194 | ) | ||||||||
Currency translation adjustment
|
(R)
|
18,808 | 32,518 | 6,107 | |||||||||
Deferred income tax
|
(S)
|
(12,850 | ) | (9,206 | ) | (15,450 | ) | ||||||
Non-controlling interest on adjustments above
|
(T)
|
(4,411 | ) | (7,065 | ) | (8,788 | ) | ||||||
Profit under IFRS attributable to IRSA
|
176,622 | 203,891 | 95,071 | ||||||||||
Non-controlling interest
|
18,849 | 20,785 | 21,016 | ||||||||||
Profit under IFRS
|
195,471 | 224,676 | 116,087 |
Nine months
|
Three months
|
||||||||||||
03.31.12 | 06.30.12 | 03.31.12 | |||||||||||
Other comprehensive income under Argentine GAAP attributable to IRSA
|
28,888 | 45,851 | 8,827 | ||||||||||
Goodwill
|
(F,G)
|
(33 | ) | 85 | 36 | ||||||||
Investments in associates
|
(N)
|
(3,208 | ) | (6,082 | ) | (1,195 | ) | ||||||
Currency translation adjustment
|
(R)
|
(18,808 | ) | (32,518 | ) | (6,107 | ) | ||||||
Deferred income tax
|
(S)
|
568 | 544 | 144 | |||||||||
Non-controlling interest on adjustments above
|
(T)
|
4,671 | 6,622 | 1,589 | |||||||||
Other comprehensive income under IFRS attributable to IRSA
|
12,078 | 14,502 | 3,294 | ||||||||||
Other comprehensive income attributable to non-controlling interest
|
(1,123 | ) | 180 | (1,220 | ) | ||||||||
Other comprehensive income under IFRS
|
10,955 | 14,682 | 2,074 |
2.3.2.
|
Reconciliation of the statement of financial position as of July 1st, 2011
|
Balances under
Argentine GAAP I
|
Ref 2.3.12.1
|
Deconsolidation
of joint ventures II
|
Ref 2.3.12.2
|
Reclassifications III
|
Ref 2.3.12.3
|
Measurement adjustments IV
|
IFRS balances V
|
||||||||||||||||
ASSETS
|
|||||||||||||||||||||||
Non- current Assets
|
|||||||||||||||||||||||
Investment properties
|
- | - |
a
|
3,339,383 |
I,M
|
698 | 3,340,081 | ||||||||||||||||
Property, plant and equipment, net
|
3,405,980 | (70,068 | ) |
a,b,f,g
|
(3,100,667 | ) | - | 235,245 | |||||||||||||||
Trading properties, net
|
- | - |
a,b,c
|
164,091 |
D
|
(8,215 | ) | 155,876 | |||||||||||||||
Intangible assets, net
|
51,147 | (73 | ) |
g
|
1,924 |
E,F
|
(21,098 | ) | 31,900 | ||||||||||||||
Inventories
|
89,441 | (59 | ) |
b,c
|
(89,382 | ) | - | - | |||||||||||||||
Investments in associates and joint ventures
|
1,209,808 | 210,393 |
f
|
(1,797 | ) |
G,N,O
|
(45,189 | ) | 1,373,215 | ||||||||||||||
Other investments
|
675,756 | (64,608 | ) |
a,b,d,f
|
(611,148 | ) | - | - | |||||||||||||||
Deferred income tax assets
|
18,678 | (775 | ) | - | - | 17,903 | |||||||||||||||||
Trade and other receivables, net
|
145,248 | (18,425 | ) | - |
B,L
|
38,186 | 165,009 | ||||||||||||||||
Derivative financial instruments
|
60,442 | - | - | - | 60,442 | ||||||||||||||||||
Investments in financial assets
|
- | - |
d
|
281,265 |
H
|
151,411 | 432,676 | ||||||||||||||||
Negative Goodwill
|
(398,075 | ) | - | - |
G
|
398,075 | - | ||||||||||||||||
Total Non-current Assets
|
5,258,425 | 56,385 | (16,331 | ) | 513,868 | 5,812,347 | |||||||||||||||||
Current Assets
|
|||||||||||||||||||||||
Trading property
|
- | - |
b
|
48,120 |
D,E
|
(22,005 | ) | 26,115 | |||||||||||||||
Inventories, net
|
262,660 | (209,458 | ) |
b,c
|
(46,382 | ) | - | 6,820 | |||||||||||||||
Trade and other receivables, net
|
404,167 | (21,715 | ) |
f
|
14,593 |
B,K
|
22,950 | 419,995 | |||||||||||||||
Investments in financial assets
|
62,678 | - |
e
|
2,398 | - | 65,076 | |||||||||||||||||
Cash and cash equivalents
|
309,659 | (10,717 | ) |
e
|
2,617 | - | 301,559 | ||||||||||||||||
Other investments
|
6,016 | (1,001 | ) |
e
|
(5,015 | ) | - | - | |||||||||||||||
Total Current Assets
|
1,045,180 | (242,891 | ) | 16,331 | 945 | 819,565 | |||||||||||||||||
TOTAL ASSETS
|
6,303,605 | (186,506 | ) | - | 514,813 | 6,631,912 |
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
Argentine GAAP balances I
|
Ref 2.3.12.1
|
Deconsolidation
of joint ventures II
|
Ref
2.3.12.2
|
Reclassifications III
|
Ref
2.3.12.3
|
Measurement adjustments IV
|
IFRS balances V
|
||||||||||||||||
SHAREHOLDERS' EQUITY
|
|||||||||||||||||||||||
Capital and reserves attributable to equity holders of the parent company
|
|||||||||||||||||||||||
Share capital
|
578,676 | - | - | - | 578,676 | ||||||||||||||||||
Inflation adjustment of share capital
|
274,387 | - | - | - | 274,387 | ||||||||||||||||||
Share premium
|
793,123 | - | - | - | 793,123 | ||||||||||||||||||
Legal reserve
|
57,031 | - | - | - | 57,031 | ||||||||||||||||||
Other reserves
|
391,262 | - | - | - | 391,262 | ||||||||||||||||||
Cumulative translation adjustment
|
34,124 | - | - |
A,R
|
(34,124 | ) | - | ||||||||||||||||
Retained earnings
|
185,084 | - | - | 471,441 | 656,525 | ||||||||||||||||||
Total capital and reserves attributable to equity holders of the parent company
|
2,313,687 | - | - | 437,317 | 2,751,004 | ||||||||||||||||||
Non-controlling interest
|
304,932 | - | - |
T
|
26,677 | 331,609 | |||||||||||||||||
TOTAL SHAREHOLDERS' EQUITY
|
2,618,619 | - | - | 463,994 | 3,082,613 | ||||||||||||||||||
LIABILITIES
|
|||||||||||||||||||||||
Non-current Liabilities
|
|||||||||||||||||||||||
Trade and other payables
|
132,565 | (488 | ) | - |
C,J
|
17,278 | 149,355 | ||||||||||||||||
Borrowings
|
1,756,919 | (31,647 | ) | - | - | 1,725,272 | |||||||||||||||||
Deferred income tax liabilities
|
476,864 | (7,580 | ) | - |
S
|
15,748 | 485,032 | ||||||||||||||||
Provisions
|
12,881 | - | - | - | 12,881 | ||||||||||||||||||
Total Non-current Liabilities
|
2,379,229 | (39,715 | ) | - | 33,026 | 2,372,540 | |||||||||||||||||
Current Liabilities
|
- | ||||||||||||||||||||||
Trade and other payables
|
525,242 | (128,959 | ) | - |
C,J
|
17,903 | 414,186 | ||||||||||||||||
Income tax liabilities
|
57,791 | - | - | - | 57,791 | ||||||||||||||||||
Salaries and social security liabilities
|
35,792 | (1,703 | ) | - | - | 34,089 | |||||||||||||||||
Borrowings
|
683,813 | (16,116 | ) | - |
Q
|
(110 | ) | 667,587 | |||||||||||||||
Provisions
|
3,119 | (13 | ) | - | - | 3,106 | |||||||||||||||||
Total Current Liabilities
|
1,305,757 | (146,791 | ) | - | 17,793 | 1,176,759 | |||||||||||||||||
TOTAL LIABILITIES
|
3,684,986 | (186,506 | ) | - | 50,819 | 3,549,299 | |||||||||||||||||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
|
6,303,605 | (186,506 | ) | - | 514,813 | 6,631,912 |
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
Argentine GAAP balances I
|
Ref 2.3.12.1
|
Deconsolidation
of joint ventures II
|
Ref
2.3.12.2
|
Reclassifications III
|
Ref
2.3.12.3
|
Measurement adjustments IV
|
IFRS balances V
|
||||||||||||||||
ASSETS
|
|||||||||||||||||||||||
Non-current Assets
|
|||||||||||||||||||||||
Investment properties, net
|
- | - |
a
|
3,265,282 |
I
|
979 | 3,266,261 | ||||||||||||||||
Property, plant and equipment, net
|
3,350,152 | (81,783 | ) |
a,b,f,g
|
(3,034,477 | ) | - | 233,892 | |||||||||||||||
Trading properties
|
- | - |
b,c
|
179,091 |
D
|
(13,389 | ) | 165,702 | |||||||||||||||
Intangible assets, net
|
69,933 | (6,991 | ) |
g
|
2,396 |
E,F,P
|
(33,411 | ) | 31,927 | ||||||||||||||
Investments in associates and joint ventures
|
1,317,531 | 228,529 |
f
|
(277 | ) |
G,N,O
|
(117,985 | ) | 1,427,798 | ||||||||||||||
Other investments
|
881,324 | (64,593 | ) |
a,b,d,f
|
(816,731 | ) | - | - | |||||||||||||||
Deferred income tax assets
|
44,370 | (9,205 | ) | - | - | 35,165 | |||||||||||||||||
Investments in financial assets
|
- | - |
d
|
481,751 |
F
|
156,526 | 638,277 | ||||||||||||||||
Trade and other receivables, net
|
162,659 | (22,583 | ) | - |
B,J,K
|
45,310 | 185,386 | ||||||||||||||||
Inventories
|
97,560 | (101 | ) |
b,c
|
(97,459 | ) | - | - | |||||||||||||||
Negative Goodwill
|
(383,720 | ) | - | - |
G
|
383,720 | - | ||||||||||||||||
Total Non-current Assets
|
5,539,809 | 43,273 | (20,424 | ) | 421,750 | 5,984,408 | |||||||||||||||||
Current Assets
|
|||||||||||||||||||||||
Trading properties
|
- | - |
b
|
13,286 |
D
|
(4,153 | ) | 9,133 | |||||||||||||||
Inventories
|
184,769 | (163,290 | ) |
b,c
|
(13,537 | ) | - | 7,942 | |||||||||||||||
Trade and other receivables, net
|
427,141 | (25,380 | ) |
f
|
20,675 |
B,J,K
|
32,757 | 455,193 | |||||||||||||||
Investments in financial assets
|
101,552 | (2,645 | ) |
e
|
31,168 | - | 130,075 | ||||||||||||||||
Cash and cash equivalents
|
277,526 | (22,768 | ) | - | - | 254,758 | |||||||||||||||||
Investments
|
31,168 | - |
e
|
(31,168 | ) | - | - | ||||||||||||||||
Total Current Assets
|
1,022,156 | (214,083 | ) | 20,424 | 28,604 | 857,101 | |||||||||||||||||
TOTAL ASSETS
|
6,561,965 | (170,810 | ) | - | 450,354 | 6,841,509 |
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
Argentine GAAP balances I
|
Ref 2.3.12.1
|
Deconsolidation
of joint ventures II
|
Ref
2.3.12.2
|
Reclassifications III
|
Ref
2.3.12.3
|
Measurement adjustments IV
|
IFRS balances V
|
||||||||||||||||
SHAREHOLDERS' EQUITY
|
|||||||||||||||||||||||
Capital and reserves attributable to equity holders of the parent company
|
|||||||||||||||||||||||
Share capital
|
578,676 | - | - | - | 578,676 | ||||||||||||||||||
Inflation adjustment of share capital
|
274,387 | - | - | - | 274,387 | ||||||||||||||||||
Share premium
|
793,123 | - | - | - | 793,123 | ||||||||||||||||||
Acquisition of non-controlling interest
|
- | - | - |
P
|
(15,311 | ) | (15,311 | ) | |||||||||||||||
Legal reserve
|
71,136 | - | - | - | 71,136 | ||||||||||||||||||
Other reserves
|
447,683 | - | - | - | 447,683 | ||||||||||||||||||
Reserve for share-based compensation
|
2,698 | - | - | - | 2,698 | ||||||||||||||||||
Retained earnings
|
134,577 | - | - | 420,109 | 554,686 | ||||||||||||||||||
Cumulative translation adjustment
|
63,012 | - | - |
A,R
|
(50,934 | ) | 12,078 | ||||||||||||||||
Total capital and reserves attributable to equity holders of the parent company
|
2,365,292 | - | - | 353,864 | 2,719,156 | ||||||||||||||||||
Non-controlling interest
|
364,895 | - | - |
T
|
26,784 | 391,679 | |||||||||||||||||
TOTAL SHAREHOLDERS' EQUITY
|
2,730,187 | - | - | 380,648 | 3,110,835 | ||||||||||||||||||
LIABILITIES
|
|||||||||||||||||||||||
Non-current liabilities
|
|||||||||||||||||||||||
Trade and other payables
|
150,093 | (3,495 | ) | - |
C,J
|
21,493 | 168,091 | ||||||||||||||||
Derivative financial instruments
|
836 | - | - | - | 836 | ||||||||||||||||||
Borrowings
|
2,122,620 | (33,718 | ) | - | - | 2,088,902 | |||||||||||||||||
Deferred Income tax
|
421,897 | (9,792 | ) | - |
S
|
28,035 | 440,140 | ||||||||||||||||
Provisions
|
12,929 | (14 | ) | - | - | 12,915 | |||||||||||||||||
Total Non-current Liabilities
|
2,708,375 | (47,019 | ) | - | 49,528 | 2,710,884 | |||||||||||||||||
Current liabilities
|
|||||||||||||||||||||||
Trade and other payables
|
477,410 | (102,748 | ) | - |
C,J
|
20,665 | 395,327 | ||||||||||||||||
Income tax liabilities
|
83,881 | - | - | - | 83,881 | ||||||||||||||||||
Borrowings
|
522,976 | (20,029 | ) | - |
Q
|
(487 | ) | 502,460 | |||||||||||||||
Salaries and social security liabilities
|
28,310 | (1,014 | ) | - | - | 27,296 | |||||||||||||||||
Provisions
|
10,826 | - | - | - | 10,826 | ||||||||||||||||||
Total Current Liabilities
|
1,123,403 | (123,791 | ) | - | 20,178 | 1,019,790 | |||||||||||||||||
TOTAL LIABILITIES
|
3,831,778 | (170,810 | ) | - | 69,706 | 3,730,674 | |||||||||||||||||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
|
6,561,965 | (170,810 | ) | - | 450,354 | 6,841,509 |
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
Argentine GAAP balances I
|
Ref
2.3.12.1
|
Deconsolidation
of joint ventures II
|
Ref
2.3.12.2
|
Reclassifications III
|
Ref
2.3.12.3
|
Measurement adjustments IV
|
IFRS balances V
|
||||||||||||||||
ASSETS
|
|||||||||||||||||||||||
Non- current assets
|
|||||||||||||||||||||||
Investment properties
|
- | - |
a
|
3,274,280 |
I,M
|
946 | 3,275,226 | ||||||||||||||||
Property, plant and equipment, net
|
3,319,798 | (88,717 | ) |
a,b,f,g
|
(3,003,048 | ) | - | 228,033 | |||||||||||||||
Trading properties
|
- | - |
b,c
|
180,433 |
D
|
(13,324 | ) | 167,109 | |||||||||||||||
Intangible assets, net
|
71,157 | (2,113 | ) |
g
|
2,475 |
E,F
|
(42,130 | ) | 29,389 | ||||||||||||||
Inventories
|
97,221 | (107 | ) |
b,c
|
(97,114 | ) | - | - | |||||||||||||||
Investments in associates and joint ventures
|
1,342,337 | 239,177 | - |
N,O
|
(135,699 | ) | 1,445,815 | ||||||||||||||||
Other investments
|
978,672 | (64,700 | ) |
a,b,d
|
(913,972 | ) | - | - | |||||||||||||||
Deferred income tax assets
|
30,104 | (12,104 | ) | - |
S
|
16,255 | 34,255 | ||||||||||||||||
Trade and other receivables, net
|
175,689 | (28,987 | ) | - |
B,L
|
49,670 | 196,372 | ||||||||||||||||
Investments
|
- | - | - | - | - | ||||||||||||||||||
Investments in financial assets
|
- | - |
d
|
517,456 |
H
|
138,204 | 655,660 | ||||||||||||||||
Derivative financial instruments
|
- | - |
d
|
18,434 | - | 18,434 | |||||||||||||||||
Negative goodwill
|
(377,463 | ) | - | - |
G
|
377,463 | - | ||||||||||||||||
Total Non-current Assets
|
5,637,515 | 42,449 | (21,056 | ) | 391,385 | 6,050,293 | |||||||||||||||||
Current Assets
|
|||||||||||||||||||||||
Trading properties
|
- | - |
b
|
11,177 |
D
|
(1,463 | ) | 9,714 | |||||||||||||||
Inventories
|
140,018 | (113,182 | ) |
b
|
(11,177 | ) | - | 15,659 | |||||||||||||||
Trade and other receivables, net
|
442,392 | (22,707 | ) |
f
|
21,056 |
B,L,K
|
35,136 | 475,877 | |||||||||||||||
Investments in financial assets
|
76,546 | (18,591 | ) |
e
|
20,954 | - | 78,909 | ||||||||||||||||
Cash and cash equivalents
|
283,140 | (23,971 | ) | - | - | 259,169 | |||||||||||||||||
Other investments
|
20,954 | - |
e
|
(20,954 | ) | - | - | ||||||||||||||||
Total Current Assets
|
963,050 | (178,451 | ) | 21,056 | 33,673 | 839,328 | |||||||||||||||||
TOTAL ASSETS
|
6,600,565 | (136,002 | ) | - | 425,058 | 6,889,621 |
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
Argentine GAAP balances I
|
Ref
2.3.12.1
|
Deconsolidation
of joint ventures II
|
Ref
2.3.12.2
|
Reclassifications III
|
Ref
2.3.12.3
|
Measurement adjustments IV
|
IFRS balances V
|
||||||||||||||||
SHAREHOLDERS' EQUITY
|
|||||||||||||||||||||||
Capital and reserves attributable to equity holders of the parent
|
|||||||||||||||||||||||
Share capital
|
578,676 | - | - | - | 578,676 | ||||||||||||||||||
Inflation adjustment of share capital
|
274,387 | - | - | - | 274,387 | ||||||||||||||||||
Share premium
|
793,123 | - | - | - | 793,123 | ||||||||||||||||||
Cumulative translation adjustment
|
79,975 | - | - |
A,R
|
(65,473 | ) | 14,502 | ||||||||||||||||
Reserve for share-based compensation
|
2,595 | - | - | - | 2,595 | ||||||||||||||||||
Acquisition of non-controlling interest
|
- | - | - |
P
|
(15,714 | ) | (15,714 | ) | |||||||||||||||
Legal reserve
|
71,136 | - | - | - | 71,136 | ||||||||||||||||||
Other reserves
|
419,783 | - | - | - | 419,783 | ||||||||||||||||||
Retained earnings
|
115,604 | - | - | 395,249 | 510,853 | ||||||||||||||||||
Total capital and reserves attributable to equity holders of the parent
|
2,335,279 | - | - | 314,062 | 2,649,341 | ||||||||||||||||||
Non-controlling interest
|
362,929 | - | - |
T
|
27,499 | 390,428 | |||||||||||||||||
TOTAL SHAREHOLDERS' EQUITY
|
2,698,208 | - | - | 341,561 | 3,039,769 | ||||||||||||||||||
LIABILITIES
|
|||||||||||||||||||||||
Non-current Liabilities
|
|||||||||||||||||||||||
Trade and other payables
|
149,923 | (4,576 | ) | - |
C,J
|
21,309 | 166,656 | ||||||||||||||||
Borrowings
|
2,065,826 | (17,429 | ) | - | - | 2,048,397 | |||||||||||||||||
Deferred income tax liabilities
|
388,318 | (12,880 | ) | - |
S
|
35,794 | 411,232 | ||||||||||||||||
Provisions
|
17,823 | - | - | - | 17,823 | ||||||||||||||||||
Total Non-Current Liabilities
|
2,621,890 | (34,885 | ) | - | 57,103 | 2,644,108 | |||||||||||||||||
Current Liabilities
|
|||||||||||||||||||||||
Trade and other payables
|
556,775 | (82,366 | ) | - |
C,J
|
26,517 | 500,926 | ||||||||||||||||
Income tax liabilities
|
104,873 | (4 | ) | - | - | 104,869 | |||||||||||||||||
Salaries and social security liabilities
|
40,686 | (1,079 | ) | - | - | 39,607 | |||||||||||||||||
Borrowings
|
575,687 | (17,668 | ) | - |
Q
|
(123 | ) | 557,896 | |||||||||||||||
Provisions
|
2,446 | - | - | - | 2,446 | ||||||||||||||||||
Total Current Liabilities
|
1,280,467 | (101,117 | ) | - | 26,394 | 1,205,744 | |||||||||||||||||
TOTAL LIABILITIES
|
3,902,357 | (136,002 | ) | - | 83,497 | 3,849,852 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
6,600,565 | (136,002 | ) | - | 425,058 | 6,889,621 |
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
Argentine GAAP balances I
|
Ref
2.3.12.1
|
Deconsolidation
of joint ventures II
|
Ref
2.3.12.2
|
Reclassifications III
|
Ref
2.3.12.3
|
Measurement adjustments IV
|
IFRS balances V
|
||||||||||||||||
Revenues
|
1,078,611 | (79,178 | ) |
i,ii
|
315,308 |
B,C,J
|
13,782 | 1,328,523 | |||||||||||||||
Costs
|
(402,932 | ) | 69,588 |
i,ii
|
(329,340 | ) |
E,F,D,I,M
|
25,427 | (637,257 | ) | |||||||||||||
Gross Profit
|
675,679 | (9,590 | ) | (14,032 | ) | 39,209 | 691,266 | ||||||||||||||||
Gain from disposal of investment properties
|
- | - |
ii
|
18,205 |
M
|
24,532 | 42,737 | ||||||||||||||||
General and administrative expenses
|
(128,911 | ) | 3,856 | - | - | (125,055 | ) | ||||||||||||||||
Selling expenses
|
(63,513 | ) | 7,120 | - |
G,K
|
136 | (56,257 | ) | |||||||||||||||
Other operating results, net
|
- | - |
iii
|
(13,014 | ) |
E,F,G
|
1,016 | (11,998 | ) | ||||||||||||||
Gain from recognition of inventories at net realizable value
|
39,408 | (4,570 | ) | - |
D,M
|
(34,838 | ) | - | |||||||||||||||
Profit from operations
|
522,663 | (3,184 | ) | (8,841 | ) | 30,055 | 540,693 | ||||||||||||||||
Share of (profit) / loss of associates and joint ventures
|
99,710 | (4,046 | ) |
iv
|
(9,966 | ) |
N,O
|
(69,776 | ) | 15,922 | |||||||||||||
Profit from operations before financial results and income tax
|
622,373 | (7,230 | ) | (18,807 | ) | (39,721 | ) | 556,615 | |||||||||||||||
Finance income
|
87,543 | (3,354 | ) |
iv
|
9,966 |
H,L,R
|
20,170 | 114,325 | |||||||||||||||
Finance cost
|
(392,618 | ) | 8,698 | - |
Q,J
|
(253 | ) | (384,173 | ) | ||||||||||||||
Financial results, net
|
(305,075 | ) | 5,344 |
iv
|
9,966 | 19,917 | (269,848 | ) | |||||||||||||||
Other results, net
|
(10,353 | ) | 1,512 |
iii
|
8,841 | - | - | ||||||||||||||||
Amortization of goodwill, net
|
14,267 | - | - |
G
|
(14,267 | ) | - | ||||||||||||||||
Profit before income tax
|
321,212 | (374 | ) | - | (34,071 | ) | 286,767 | ||||||||||||||||
Income tax
|
(78,820 | ) | 374 | - |
S
|
(12,850 | ) | (91,296 | ) | ||||||||||||||
Profit for the period
|
242,392 | - | - | (46,921 | ) | 195,471 | |||||||||||||||||
Attributable to:
|
|||||||||||||||||||||||
Equity holders of the parent
|
227,954 | - | - | (51,332 | ) | 176,622 | |||||||||||||||||
Non-controlling interest
|
14,438 | - | - |
T
|
4,411 | 18,849 |
2
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
Argentine GAAP balances I
|
Deconsolidation
of joint ventures II (*)
|
Reclassifications III (*)
|
Measurement adjustments IV (*)
|
IFRS balances
NIIF V
|
||||||||||||||||
Revenues
|
339,197 | (19,681 | ) | 91,964 | 4,124 | 415,604 | ||||||||||||||
Costs
|
(128,683 | ) | 16,615 | (91,490 | ) | 6,737 | (196,821 | ) | ||||||||||||
Gross Profit
|
210,514 | (3,066 | ) | 474 | 10,861 | 218,783 | ||||||||||||||
Gain from disposal of investment properties
|
- | - | 1,573 | 16,437 | 18,010 | |||||||||||||||
General and administrative expenses
|
(45,234 | ) | 1,696 | - | 467 | (43,071 | ) | |||||||||||||
Selling expenses
|
(25,291 | ) | 1,976 | - | 1,552 | (21,763 | ) | |||||||||||||
Other operating results, net
|
1,703 | - | (6,256 | ) | 1,016 | (3,537 | ) | |||||||||||||
Gain from recognition of inventories at net realizable value
|
4,160 | (1,626 | ) | - | (2,534 | ) | - | |||||||||||||
Profit from operations
|
145,852 | (1,020 | ) | (4,209 | ) | 27,799 | 168,422 | |||||||||||||
Share of profit / (loss) of associates and joint ventures
|
41,140 | (1,523 | ) | (3,513 | ) | (36,406 | ) | (302 | ) | |||||||||||
Profit from operations before financial results and income tax
|
186,992 | (2,543 | ) | (7,722 | ) | (8,607 | ) | 168,120 | ||||||||||||
Finance income
|
52,635 | (1,100 | ) | 3,513 | 9,244 | 64,292 | ||||||||||||||
Finance cost
|
(119,049 | ) | 3,232 | - | 37,304 | (78,513 | ) | |||||||||||||
Financial results, net
|
(66,414 | ) | 2,132 | 3,513 | 46,548 | (14,221 | ) | |||||||||||||
Other results, net
|
(4,779 | ) | 570 | 4,209 | - | - | ||||||||||||||
Amortization of goodwill, net
|
5,402 | - | - | (5,402 | ) | - | ||||||||||||||
Profit before income tax
|
121,201 | 159 | - | 32,539 | 153,899 | |||||||||||||||
Income tax
|
(22,203 | ) | (159 | ) | - | (15,450 | ) | (37,812 | ) | |||||||||||
Profit for the period
|
98,998 | - | - | 17,089 | 116,087 | |||||||||||||||
Attributable to:
|
||||||||||||||||||||
Equity holders of the parent
|
86,770 | - | - | 8,301 | 95,071 | |||||||||||||||
Non-controlling interest
|
12,228 | - | - | 8,788 | 21,016 |
(*)
|
Corresponds to the same items explained in Notes 2.3.5 and 2.3.7.
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.3.7.
|
Reconciliation of statement of income for the year ended June 30, 2012
|
Argentine GAAP balances I
|
Ref
2.3.12.1
|
Deconsolidation
of joint ventures II
|
Ref
2.3.12.2
|
Reclassifications III
|
Ref
2.3.12.3
|
Measurement adjustments IV
|
IFRS balances V
|
||||||||||||||||
Revenues
|
1,571,440 | (136,535 | ) |
i,ii
|
351,992 |
B,C,D,J
|
13,385 | 1,800,282 | |||||||||||||||
Costs
|
(575,447 | ) | 124,700 |
i,ii
|
(444,148 | ) |
E,F,D,I
|
27,551 | (867,344 | ) | |||||||||||||
Gross Profit
|
995,993 | (11,835 | ) | (92,156 | ) | 40,936 | 932,938 | ||||||||||||||||
Gain from disposal of investment properties
|
- | - |
ii
|
92,156 |
M
|
24,533 | 116,689 | ||||||||||||||||
General and administrative expenses
|
(182,369 | ) | 5,043 | - | - | (177,326 | ) | ||||||||||||||||
Selling expenses
|
(99,201 | ) | 12,859 | - |
K
|
1,569 | (84,773 | ) | |||||||||||||||
Gain from recognition of inventories at net realizable value
|
42,817 | (5,914 | ) | - |
D
|
(36,903 | ) | - | |||||||||||||||
Other operating results, net
|
- | - |
iii
|
(27,496 | ) |
E
|
(3,251 | ) | (30,747 | ) | |||||||||||||
Profit from operations
|
757,240 | 153 | (27,496 | ) | 26,884 | 756,781 | |||||||||||||||||
Share of profit / (loss) of associates and joint ventures
|
115,819 | (8,697 | ) |
iv
|
(13,711 | ) |
N,O
|
(81,751 | ) | 11,660 | |||||||||||||
Profit from operations before financial results and income tax
|
873,059 | (8,544 | ) | (41,207 | ) | (54,867 | ) | 768,441 | |||||||||||||||
Finance income
|
64,287 | (7,346 | ) |
iv
|
13,711 |
H,L,R
|
26,287 | 96,939 | |||||||||||||||
Finance cost
|
(529,632 | ) | 13,135 | - |
H,G
|
(13,194 | ) | (529,691 | ) | ||||||||||||||
Financial results, net
|
(465,345 | ) | 5,789 | 13,711 | 13,093 | (432,752 | ) | ||||||||||||||||
Other results, net
|
(29,376 | ) | 1,880 |
iii
|
27,496 | - | - | ||||||||||||||||
Amortization of goodwill, net
|
18,145 | - | - |
G
|
(18,145 | ) | - | ||||||||||||||||
Profit before income tax
|
396,483 | (875 | ) | - | (59,919 | ) | 335,689 | ||||||||||||||||
Income tax
|
(102,682 | ) | 875 | - |
S
|
(9,206 | ) | (111,013 | ) | ||||||||||||||
Profit / (Loss) for the year
|
293,801 | - | - | (69,125 | ) | 224,676 | |||||||||||||||||
Attributable to:
|
|||||||||||||||||||||||
Equity holders of the parent
|
280,081 | - | - | (76,190 | ) | 203,891 | |||||||||||||||||
Non-controlling interest
|
13,720 | - | - |
T
|
7,065 | 20,785 |
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
Argentine GAAP Balances I
|
Ref
2.3.12.2
|
Measurement adjustments IV
|
IFRS balances V
|
||||||||||
Profit for the period
|
242,392 | (46,921 | ) | 195,471 | |||||||||
Other comprehensive income:
|
|||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
|||||||||||||
Currency translation adjustment
|
27,765 |
A,R
|
(16,810 | ) | 10,955 | ||||||||
Other comprehensive income for the period
|
27,765 | (16,810 | ) | 10,955 | |||||||||
Total comprehensive income for the period
|
270,157 | (63,731 | ) | 206,426 | |||||||||
Attributable to:
|
|||||||||||||
Equity holders of the parent
|
256,842 | (68,142 | ) | 188,700 | |||||||||
Non-controlling interest
|
13,315 | 4,411 | 17,726 |
Argentine
GAAP Balances I
|
Measurement adjustments IV (*)
|
IFRS balances V
|
||||||||||
Profit for the period
|
98,998 | 17,089 | 116,087 | |||||||||
Other comprehensive income:
|
||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
||||||||||||
Currency translation adjustment
|
7,607 | (5,533 | ) | 2,074 | ||||||||
Other comprehensive income for the period
|
7,607 | (5,533 | ) | 2,074 | ||||||||
Total comprehensive income for the period
|
106,605 | 11,556 | 118,161 | |||||||||
Attributable to:
|
||||||||||||
Equity holders of the parent
|
95,597 | 2,768 | 98,365 | |||||||||
Non-controlling interest
|
11,008 | 8,788 | 19,796 |
|
(*)
|
Corresponds to the same items explained in Notes 2.3.8 and 2.3.10.
|
Argentine
GAAP Balances I
|
Ref
2.3.12.2
|
Measurement adjustments IV
|
IFRS balances V
|
||||||||||
Profit for the period
|
293,801 | (69,125 | ) | 224,676 | |||||||||
Other comprehensive income:
|
|||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
|||||||||||||
Currency translation adjustment
|
46,031 |
A,R
|
(31,349 | ) | 14,682 | ||||||||
Other comprehensive income for the year
|
46,031 | (31,349 | ) | 14,682 | |||||||||
Total comprehensive income for the year
|
339,832 | (100,474 | ) | 239,358 | |||||||||
Attributable to:
|
|||||||||||||
Equity holders of the parent
|
325,932 | (107,539 | ) | 218,393 | |||||||||
Non-controlling interest
|
13,900 | 7,065 | 20,965 |
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
(a)
|
Operating activities
|
03.31.2012 | 06.30.2012 | |||||||
Cash generated by operating activities under Argentine GAAP
|
592,405 | 878,600 | ||||||
Proceeds from sale of property, plant and equipment and investment properties
|
(52,827 | ) | (132,941 | ) | ||||
Deconsolidation of joint ventures
|
(12,523 | ) | (40,093 | ) | ||||
Foreign exchange (gain) / loss in cash and cash equivalents
|
(11,840 | ) | 5,361 | |||||
Cash generated by operating activities under IFRS
|
515,215 | 710,927 |
(b)
|
Investing activities
|
03.31.2012 | 06.30.2012 | |||||||
Cash used in investing activities under Argentine GAAP
|
(308,722 | ) | (402,324 | ) | ||||
Acquisition of non-controlling interest in subsidiaries
|
7,364 | 8,054 | ||||||
Proceeds from sale of property, plant and equipment and investment properties
|
52,827 | 132,941 | ||||||
Deconsolidation of joint ventures
|
939 | 6,126 | ||||||
Cash used in investing activities under IFRS
|
(247,592 | ) | (255,203 | ) |
(c)
|
Financing activities
|
03.31.2012 | 06.30.2012 | |||||||
Cash used in financing activities under Argentine GAAP
|
(318,431 | ) | (505,410 | ) | ||||
Acquisition of non-controlling interest in subsidiaries
|
(7,364 | ) | (8,054 | ) | ||||
Deconsolidation of joint ventures
|
(469 | ) | 20,858 | |||||
Cash used in financing activities under IFRS
|
(326,264 | ) | (492,606 | ) |
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
(d)
|
Net decrease in cash and cash equivalents
|
03.31.2012 | 06.30.2012 | |||||||
Net decrease in cash and cash equivalents under Argentine GAAP
|
(34,748 | ) | (29,134 | ) | ||||
Foreign exchange (gain) / loss in cash and cash equivalents
|
(11,840 | ) | 5,361 | |||||
Deconsolidation of joint ventures
|
(12,053 | ) | (13,109 | ) | ||||
Net decrease in cash and cash equivalents under IFRS
|
(58,641 | ) | (36,882 | ) |
(1)
|
The line items “Trade receivables” and “Other receivables” have been grouped into the new line item “Trade and other receivables, net”.
|
(2)
|
The line items “Trade payables”, “Customer advances”, “Taxes payable” and “Other liabilities” have been also grouped into the new line item “Trade and other payables”, with the exception of income tax payable and deferred income tax which have been shown separately.
|
(3)
|
Goodwill which was previously disclosed separately offsetting negative goodwill has been included as part of “Intangible assets”.
|
(4)
|
Cash equivalents previously disclosed as part of the line item current investments have been grouped together with cash and banks, in the line named “Cash and cash equivalents”.
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
(5)
|
Derivative financial instruments which were previously included as part of the non-current line items “Other receivables”, “Other payables” and/ or “Iinvestments” have been disclosed as separate assets or liabilities as appropriate.
|
(6)
|
Investments in associates and joint ventures previously included as part of “Non-Current Investments” have been separately disclosed in the new line item “Investments in associates and joint ventures”.
|
(7)
|
The portion of equity in a subsidiary not attributable directly or indirectly to a parent is known as “Minority interest” and is classified as a separate component between the liability and equity sections of the statement of financial position (mezzanine section). IFRS 10 “Consolidated financial statements” specifies that a non-controlling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as a separate component within equity in the consolidated financial statements. The Group has non-controlling interest in more than one subsidiary. Accordingly, the Group aggregated its various non-controlling interests on the consolidated statements, renamed them as “Non-controlling interest” and reclassified the aggregated amount from the mezzanine section to shareholders’ equity at transition date.
|
(1)
|
The format of the statement of income has been restructured to simplify its reading. To that effect, all revenue streams of the Group which were previously disclosed separately (i.e. sales of development properties, leases and services revenue, and hotel revenue), together with its corresponding costs of sales, have been aggregated into two line items titled "Revenues" and "Costs" in Column I. Revenues and Costs are then cross-referenced to the respective notes in the financial statements where a detailed breakdown is provided per line of business.
|
(2)
|
Pursuant to the Argentine GAAP in force, the share of losses and profits from associates and joint ventures is shown after the financial results. Likewise, under IFRS, the share of profits and losses from associates and joint ventures is generally shown after the financial income (expense) line. However, where associates and joint ventures are an integral vehicle to carry out the Group’s operations, it is more adequate to show the share of profits and losses of associates and joint ventures before financial income (expense). In accordance with its strategy, the Group conducts its operations through associates or joint ventures. Therefore, under the IFRS, the Group shows the profits or losses from associates and joint ventures before the financial income (expense) line. For simplicity, the share of profits and losses associates is shown before financial results, net, in Column I.
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
(3)
|
Non-controlling interests in the results of a consolidated subsidiary which was previously classified as a component of profits within the statement of income has been presented as an allocation of profit in Column I. As part of the adoption to IFRS, the term "Minority interest" has also been replaced with the new term "non-controlling interest" in accordance with IAS 1.
|
(4)
|
Under the Argentine GAAP in force, financial results are broken down depending on whether it is generated by assets or by liabilities. Under the IFRSs, the Group has adopted the criterion of showing financial income and financial expenses on different lines in the statement of income. For simplicity, the Group has reclassified the figures as per Argentine GAAP shown under “Financial income (expense) generated by assets” and “Financial income (expense) generated by liabilities”, into “Financial income” and “Financial cost” as established by the IFRS, as applicable, in Column I.
|
(5)
|
According to IFRS, income and expense items not recognized in the statement of income (that is, exchange differences related to translation of foreign businesses) are shown in the statement of comprehensive income as “Other comprehensive income”. According to Argentine GAAP, the statement of comprehensive income is not mandatory and, therefore, such items are recognized as part of shareholders’ equity, in a separate reserve account. For simplicity, these items are shown in “Other comprehensive income” in Column I.
|
|
2.3.12.1 Deconsolidation of joint ventures (Column II)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
2.5.
|
Use of estimates
|
2.
|
Basis of preparation and adoption of International Financial Reporting Standards (“IFRS”) (Continued)
|
3.
|
Acquisitions and disposals
|
Ps.
|
||||
Carrying value of the equity interests acquired by the Group
|
824 | |||
Price paid for the non-controlling interest
|
(2,364 | ) | ||
Reserve created due to the acquisition recognized in the parent’s equity
|
(1,540 | ) |
3.
|
Acquisition and disposals (Continued)
|
3.
|
Acquisition and disposals (Continued)
|
3.
|
Acquisition and disposals (Continued)
|
Consideration paid:
|
11.27.2012 | |||
Cash and cash equivalents
|
118,373 | |||
Total consideration paid
|
118,373 | |||
Fair value of the interest in Rigby’s equity held before the business combination
|
227,462 | |||
Total consideration
|
345,835 | |||
Recognized balances of acquired identifiable assets and assumed liabilities:
|
||||
Cash and cash equivalents
|
499 | |||
Investment properties (Note 9)
|
679,219 | |||
Restricted assets (i)
|
11,818 | |||
Trade and other receivables, net
|
2,317 | |||
Borrowings
|
(252,834 | ) | ||
Trade and other payables
|
(12,081 | ) | ||
Deferred income tax liabilities (Note 22)
|
(26,103 | ) | ||
Total net identifiable assets
|
402,835 | |||
Non-controlling interest
|
(102,723 | ) | ||
Goodwill (Note 12)
|
45,723 | |||
Total
|
345,835 |
(i)
|
It pertains to cash held in escrow as security deposits and taxes paid in advance by tenants.
|
3.
|
Acquisition and disposals (Continued)
|
4.1.
|
Financial risk
|
5.
|
Segment information
|
03.31.2013 | ||||||||||||||||||||||||||||
Shopping Center Properties
|
Offices
and others
|
Sales and developments
|
Hotels
|
International
|
Financial operations and others
|
Total
|
||||||||||||||||||||||
Revenues
|
1,183,590 | 213,084 | 117,178 | 174,694 | 25,632 | 1,100 | 1,715,278 | |||||||||||||||||||||
Costs
|
(566,096 | ) | (85,962 | ) | (89,066 | ) | (126,233 | ) | (20,361 | ) | (845 | ) | (888,563 | ) | ||||||||||||||
Gross Profit
|
617,494 | 127,122 | 28,112 | 48,461 | 5,271 | 255 | 826,715 | |||||||||||||||||||||
Gain from disposal of investment properties
|
- | - | 64,019 | - | - | - | 64,019 | |||||||||||||||||||||
General and administrative expenses
|
(46,819 | ) | (31,389 | ) | (28,111 | ) | (36,526 | ) | (9,105 | ) | (216 | ) | (152,166 | ) | ||||||||||||||
Selling expenses
|
(39,023 | ) | (8,667 | ) | (12,609 | ) | (21,124 | ) | - | (187 | ) | (81,610 | ) | |||||||||||||||
Other operating results, net
|
(17,590 | ) | (2,120 | ) | (8,418 | ) | 456 | 134,487 | (616 | ) | 106,199 | |||||||||||||||||
Profit / (loss) from operations
|
514,062 | 84,946 | 42,993 | (8,733 | ) | 130,653 | (764 | ) | 763,157 | |||||||||||||||||||
Share of profit / (loss) of associates
|
- | - | 1,478 | (4 | ) | (58,446 | ) | 62,924 | 5,952 | |||||||||||||||||||
Segment Profit / (Loss)
|
514,062 | 84,946 | 44,471 | (8,737 | ) | 72,207 | 62,160 | 769,109 | ||||||||||||||||||||
Investment properties, net
|
2,067,356 | 839,898 | 535,834 | - | 710,525 | - | 4,153,613 | |||||||||||||||||||||
Property, plant and equipment, net
|
13,636 | 23,325 | 3,795 | 171,002 | 199 | - | 211,957 | |||||||||||||||||||||
Trading properties
|
- | - | 144,150 | - | 81,691 | - | 225,841 | |||||||||||||||||||||
Goodwill
|
1,666 | 19,971 | - | - | 48,547 | - | 70,184 | |||||||||||||||||||||
Inventories
|
10,140 | - | 511 | 5,984 | - | - | 16,635 | |||||||||||||||||||||
Investments in associates
|
- | - | 26,873 | 21,252 | 691 | 1,082,112 | 1,130,928 | |||||||||||||||||||||
Operating assets
|
2,092,798 | 883,194 | 711,163 | 198,238 | 841,653 | 1,082,112 | 5,809,158 |
5.
|
Segment information (Continued)
|
03.31.2013 | ||||||||||||||||||||||||||||
Shopping Center Properties
|
Offices
and others
|
Sales and developments
|
Hotels
|
International
|
Financial operations and others
|
Total
|
||||||||||||||||||||||
Revenues
|
969,781 | 185,433 | 89,457 | 130,020 | - | 4,169 | 1,378,860 | |||||||||||||||||||||
Costs
|
(466,786 | ) | (69,820 | ) | (51,486 | ) | (83,940 | ) | - | (1,917 | ) | (673,949 | ) | |||||||||||||||
Gross Profit
|
502,995 | 115,613 | 37,971 | 46,080 | - | 2,252 | 704,911 | |||||||||||||||||||||
Gain from disposal of investment properties
|
- | - | 42,737 | - | - | - | 42,737 | |||||||||||||||||||||
General and administrative expenses
|
(42,166 | ) | (26,034 | ) | (24,965 | ) | (27,200 | ) | (5,807 | ) | (182 | ) | (126,354 | ) | ||||||||||||||
Selling expenses
|
(29,989 | ) | (6,258 | ) | (10,914 | ) | (16,554 | ) | - | 1,793 | (61,922 | ) | ||||||||||||||||
Other operating results, net
|
(4,058 | ) | (6,356 | ) | (2,544 | ) | (1,531 | ) | (333 | ) | 1,033 | (13,789 | ) | |||||||||||||||
Profit / (Loss) from operations
|
426,782 | 76,965 | 42,285 | 795 | (6,140 | ) | 4,896 | 545,583 | ||||||||||||||||||||
Share of profit / (loss) of associates
|
- | - | 632 | 89 | (44,007 | ) | 62,127 | 18,841 | ||||||||||||||||||||
Segment profit / (loss)
|
426,782 | 76,965 | 42,917 | 884 | (50,147 | ) | 67,023 | 564,424 |
5.
|
Segment information (Continued)
|
03.31. 2013 | ||||||||||||
As per Total segment information
|
Adjustment for share of profit / (loss) of
joint ventures
|
As per statements
of income
|
||||||||||
Revenues
|
1,715,278 | (111,219 | ) | 1,604,059 | ||||||||
Costs
|
(888,563 | ) | 87,365 | (801,198 | ) | |||||||
Gross Profit
|
826,715 | (23,854 | ) | 802,861 | ||||||||
Gain from disposal of investment properties
|
64,019 | - | 64,019 | |||||||||
General and administrative expenses
|
(152,166 | ) | 1,036 | (151,130 | ) | |||||||
Selling expenses
|
(81,610 | ) | 8,366 | (73,244 | ) | |||||||
Other operating results, net
|
106,199 | 974 | 107,173 | |||||||||
Profit from operations
|
763,157 | (13,478 | ) | 749,679 | ||||||||
Share of profit of associates and joint ventures
|
5,952 | 9,160 | 15,112 | |||||||||
Profit before financial results and income tax
|
769,109 | (4,318 | ) | 764,791 |
03.31. 2012 | ||||||||||||
As per Total segment information
|
Adjustment for share of profit / (loss) of
joint ventures
|
As per statements
of income
|
||||||||||
Revenues
|
1,378,860 | (50,337 | ) | 1,328,523 | ||||||||
Costs
|
(673,949 | ) | 36,692 | (637,257 | ) | |||||||
Gross profit
|
704,911 | (13,645 | ) | 691,266 | ||||||||
Gain from disposal of investment properties
|
42,737 | - | 42,737 | |||||||||
General and administrative expenses
|
(126,354 | ) | 1,299 | (125,055 | ) | |||||||
Selling expenses
|
(61,922 | ) | 5,665 | (56,257 | ) | |||||||
Other operating results, net
|
(13,789 | ) | 1,791 | (11,998 | ) | |||||||
Profit from operations
|
545,583 | (4,890 | ) | 540,693 | ||||||||
Share of profit / (loss) of associates and joint ventures
|
18,841 | (2,919 | ) | 15,922 | ||||||||
Profit Before financial results and income tax
|
564,424 | (7,809 | ) | 556,615 |
03.31.2013 | ||||
Total reportable assets as per segment information
|
5,809,158 | |||
Investment properties, net
|
(168,843 | ) | ||
Property, plant and equipment, net
|
(122 | ) | ||
Trading properties
|
(33,750 | ) | ||
Inventories
|
(104 | ) | ||
Investments in associates and joint venture
|
299,760 | |||
Total assets as per the statements of financial position
|
5,906,099 |
6.
|
Information about main subsidiaries
|
APSA (i)
|
TYRUS (i)
|
EFANUR (i)
|
||||||||||||||||||||||||||||||||||
03.31.2013 | 06.30.2012 | 07.01.2011 | 03.31.2013 | 06.30.2012 | 07.01.2011 | 03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||||||
Non- current assets
|
2,085,131 | 1,954,917 | 1,858,277 | 1,427,330 | 769,240 | 788,363 | 179,376 | 135,922 | - | |||||||||||||||||||||||||||
Current assets
|
774,762 | 548,949 | 521,078 | 219,322 | 46,050 | 76,269 | 4,776 | 2,975 | - | |||||||||||||||||||||||||||
Total assets
|
2,859,893 | 2,503,866 | 2,379,355 | 1,646,652 | 815,290 | 864,632 | 184,152 | 138,897 | - | |||||||||||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||||||||||||||
Non-current liabilities
|
1,012,703 | 973,319 | 909,950 | 497,445 | 24,077 | 24,878 | 41,900 | 37,926 | - | |||||||||||||||||||||||||||
Current liabilities
|
752,328 | 558,024 | 536,651 | 46,369 | 38,451 | 65,869 | 1,835 | 1,216 | - | |||||||||||||||||||||||||||
Total liabilities
|
1,765,031 | 1,531,343 | 1,446,601 | 543,814 | 62,528 | 90,747 | 43,735 | 39,142 | - | |||||||||||||||||||||||||||
Net assets
|
1,094,862 | 972,523 | 932,754 | 1,102,838 | 752,762 | 773,885 | 140,417 | 99,755 | - |
6.
|
Information about main subsidiaries (Continued)
|
APSA (i)
|
TYRUS (i)
|
EFANUR (i)
|
||||||||||||||||||||||
03.31.2013 | 03.31.2012 | 03.31.2013 | 03.31.2012 | 03.31.2013 | 03.31.2012 | |||||||||||||||||||
Revenues
|
1,196,747 | 1,011,288 | 25,632 | - | - | - | ||||||||||||||||||
Profit before income tax
|
403,874 | 410,493 | 174,970 | (18,068 | ) | 41,601 | 670 | |||||||||||||||||
Income tax expense
|
(143,168 | ) | (140,014 | ) | (19,402 | ) | - | - | - | |||||||||||||||
Profit for the period
|
260,706 | 270,479 | 155,568 | (18,068 | ) | 41,601 | 670 | |||||||||||||||||
Other comprehensive income
|
- | - | 37,305 | 12,737 | - | - | ||||||||||||||||||
Profit attributable to non-controlling interest
|
14,937 | 9,762 | 26,018 | 5,580 | 15,910 | 443 | ||||||||||||||||||
Dividends paid to non-controlling interest
|
(7,895 | ) | (4,316 | ) | - | - | - | - |
APSA (i)
|
TYRUS (i)
|
EFANUR (i)
|
||||||||||||||||||||||
03.31.2013 | 03.31.2012 | 03.31.2013 | 03.31.2012 | 03.31.2013 | 03.31.2012 | |||||||||||||||||||
Net cash generated by (used in) operating activities
|
490,736 | 420,863 | (10,730 | ) | (7,071 | ) | (431 | ) | 186 | |||||||||||||||
Net cash (used in) generated by investing activities
|
(335,122 | ) | (135,721 | ) | (146,787 | ) | (38,047 | ) | 4,527 | (131,374 | ) | |||||||||||||
Net cash (used in) generated by financing activities
|
(80,012 | ) | (247,480 | ) | 187,093 | (21,924 | ) | (2,829 | ) | 131,795 | ||||||||||||||
Net increase / (decrease) in cash and cash equivalents
|
75,602 | 37,662 | 29,576 | (67,042 | ) | 1,267 | 607 | |||||||||||||||||
Foreign exchange gain /(loss) on cash and cash equivalents
|
3,776 | (4,177 | ) | 2,749 | 4,591 | 289 | 46 | |||||||||||||||||
Cash and cash equivalents at beginning of year
|
102,698 | 145,552 | 38,854 | 70,147 | 1,446 | - | ||||||||||||||||||
Cash and cash equivalents at end of year
|
182,076 | 179,037 | 71,179 | 7,696 | 3,002 | 653 |
(i)
|
Includes consolidated financial information.
|
7.
|
Interests in joint ventures
|
03.31.2013 | 06.30.2012 | |||||||
Beginning of period / year
|
228,970 | 193,666 | ||||||
Acquisition of joint ventures
|
32,024 | 43,038 | ||||||
Capital contribution
|
29,606 | 15,850 | ||||||
Share of profit, net
|
9,160 | (23,584 | ) | |||||
End of period / year
|
299,760 | 228,970 |
8.
|
Interests in associates
|
03.31.2013 | 06.30.2012 | |||||||
Beginning of the period / year
|
1,216,845 | 1,179,549 | ||||||
Acquisition of associates
|
- | 6,166 | ||||||
Capital contributions
|
10,319 | - | ||||||
Share of profit, net
|
5,952 | 35,244 | ||||||
Currency translation adjustment
|
4,996 | (4,114 | ) | |||||
Dividend payments (ii)
|
(33,813 | ) | - | |||||
Decrease for the taking over (see Note 3)
|
(103,315 | ) | - | |||||
End of the period/year (i) year
|
(*) 1,100,984 | 1,216,845 |
9.
|
Investment properties
|
03.31.2013 | 06.30.2012 | |||||||
Beginning of the period / year
|
3,275,226 | 3,340,081 | ||||||
Currency translation adjustment
|
42,070 | - | ||||||
Additions and acquisitions
|
157,324 | 108,863 | ||||||
Acquisition of subsidiaries (ii)
|
679,219 | - | ||||||
Sales and disposals (ii)
|
(27,437 | ) | (38,889 | ) | ||||
Depreciation charge (i)
|
(141,632 | ) | (134,829 | ) | ||||
End of the period / year
|
3,984,770 | 3,275,226 |
03.31.2013 | 03.31.2012 | |||||||
Rental and service income
|
1,408,089 | 1,144,231 | ||||||
Direct operating expenses
|
(664,274 | ) | (532,470 | ) | ||||
Gain from disposal of investment properties
|
64,019 | 42,737 |
10.
|
Property, plant and equipment, net
|
03.31.2013 | 06.30.2012 | |||||||
Beginning of the period / year
|
228,033 | 235,245 | ||||||
Currency translation adjustment
|
24 | - | ||||||
Additions
|
4,445 | 19,089 | ||||||
Disposals of unused assets
|
(939 | ) | (2,919 | ) | ||||
Depreciation charge (i)
|
(19,728 | ) | (23,382 | ) | ||||
End of the period / year
|
211,835 | 228,033 |
11.
|
Trading properties
|
03.31.2013 | 06.30.2012 | |||||||
Beginning of the period / year
|
176,823 | 181,991 | ||||||
Additions
|
6,643 | 15,399 | ||||||
Currency translation adjustment
|
13,609 | - | ||||||
Sales
|
(4,984 | ) | (20,567 | ) | ||||
End of the period / year
|
192,091 | 176,823 |
12.
|
Intangible assets, net
|
03.31.2013 | 06.30.2012 | |||||||
Beginning of the period / year
|
29,389 | 31,900 | ||||||
Additions
|
614 | 711 | ||||||
Acquisition of subsidiary (goodwill)
|
45,723 | - | ||||||
Currency translation adjustment
|
2,824 | - | ||||||
Disposals
|
- | (2,960 | ) | |||||
Amortization change (i)
|
(1,383 | ) | (262 | ) | ||||
End of the period / year
|
77,167 | 29,389 |
(i)
|
Amortization charges of intangible assets are included in “General and administrative expenses” in the Statement of Income (Note 26).
|
13.
|
Inventories
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Current
|
||||||||||||
Hotel supplies (i)
|
5,984 | 4,792 | 3,575 | |||||||||
Materials and others items of inventories (i)
|
10,547 | 10,867 | 3,245 | |||||||||
Current inventories
|
16,531 | 15,659 | 6,820 | |||||||||
Total inventories
|
16,531 | 15,659 | 6,820 |
|
(i)
|
Inventories cost are included in “Costs” in the Statement of Income (Note 26).
|
14.
|
Trade and other receivables, net
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Non-current
|
||||||||||||
Trade, leases and services receivable
|
64,097 | 54,547 | 31,611 | |||||||||
Less: allowance for trade receivables
|
(2,208 | ) | (2,208 | ) | (2,208 | ) | ||||||
Non-current trade receivables
|
61,889 | 52,339 | 29,403 | |||||||||
VAT receivables
|
34,145 | 33,942 | 48,214 | |||||||||
Minimum presumed income tax (“MPIT”)
|
126,273 | 103,263 | 78,387 | |||||||||
Other tax receivables
|
141 | 1,346 | 1,103 | |||||||||
Advance payments
|
5,141 | 2,980 | 3,114 | |||||||||
Others
|
527 | 1,592 | 3,958 | |||||||||
Non-current other receivables, net
|
166,227 | 143,123 | 134,776 | |||||||||
Related parties (Note 31)
|
981 | 910 | 830 | |||||||||
Non-current trade and other receivables, net
|
229,097 | 196,372 | 165,009 | |||||||||
Current
|
||||||||||||
Consumer financing receivables
|
16,261 | 15,992 | 75,117 | |||||||||
Leases and services receivables
|
188,875 | 180,113 | 146,277 | |||||||||
Receivables from hotel operations
|
28,792 | 14,106 | 9,954 | |||||||||
Checks to be deposited
|
178,269 | 126,809 | 94,890 | |||||||||
Notes receivables
|
4,808 | 8,317 | 5,987 | |||||||||
Trade and lease debtors under legal proceedings
|
46,112 | 46,208 | 48,954 | |||||||||
Less: allowance for trade receivables
|
(69,916 | ) | (65,899 | ) | (117,552 | ) | ||||||
Current trade receivables, net
|
393,201 | 325,646 | 263,627 | |||||||||
VAT receivables
|
12,320 | 20,196 | 27,607 | |||||||||
MPIT
|
- | 732 | 226 | |||||||||
Other tax receivables
|
9,564 | 5,691 | 7,282 | |||||||||
Loans granted
|
5,583 | 11,155 | 644 | |||||||||
Prepaid expenses
|
50,867 | 47,284 | 42,679 | |||||||||
Restituted funds receivables
|
- | - | 4,278 | |||||||||
Advance from vendors
|
36,963 | 21,056 | 14,595 | |||||||||
Dividends received
|
4,726 | - | - | |||||||||
Other
|
4,461 | 6,891 | 11,925 | |||||||||
Less: allowance for other receivables
|
(181 | ) | - | - | ||||||||
Current other receivables, net
|
124,303 | 113,005 | 109,236 | |||||||||
Related parties (Note 31)
|
22,727 | 37,226 | 47,132 | |||||||||
Current trade and other receivables, net
|
540,231 | 475,877 | 419,995 | |||||||||
Total trade and other receivables, net
|
769,328 | 672,249 | 585,004 |
14.
|
Trade and other receivables, net (Continued)
|
03.31.2013 | 06.30.2012 | |||||||
Beginning of the period / year
|
68,107 | 119,760 | ||||||
Charges of the period / year
|
14,757 | 15,554 | ||||||
Unused amounts reversed
|
(9,109 | ) | (8,590 | ) | ||||
Used during the period / year
|
(1,215 | ) | (58,617 | ) | ||||
Receivables written off
|
(235 | ) | - | |||||
End of the period / year
|
72,305 | 68,107 |
15.
|
Investments in financial assets
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Non-current
|
||||||||||||
Financial assets at fair value
|
||||||||||||
Investment in equity securities in TGLT S.A
|
53,512 | 65,131 | 68,656 | |||||||||
Investment in equity securities in Hersha
|
397,982 | 432,770 | 355,942 | |||||||||
Common shares of Supertel
|
155,552 | 117,488 | - | |||||||||
Others
|
10,085 | 10,221 | 271 | |||||||||
Financial assets at amortized cost
|
||||||||||||
Non-Convertible Notes related parties and others (Note 31)
|
22,116 | 30,050 | 7,807 | |||||||||
Total investments in non-current financial assets
|
639,247 | 655,660 | 432,676 | |||||||||
Current
|
||||||||||||
Financial assets at fair value
|
||||||||||||
Mutual funds (Note 31)
|
211,180 | 57,955 | 60,061 | |||||||||
Mortgage bonds (Note 31)
|
520 | 496 | 477 | |||||||||
Non-Convertible Notes.
|
23,954 | 9 | 12 | |||||||||
Non-Convertible Notes related parties and others (Note 31)
|
5,021 | 8,781 | 2,615 | |||||||||
Investment in equity securities in Hersha
|
25,898 | - | - | |||||||||
Others
|
1,175 | 11,668 | 1,911 | |||||||||
Financial assets at amortized cost
|
||||||||||||
Non-Convertible Notes related parties and others (Note 31)
|
11,391 | - | - | |||||||||
Total investments in current financial assets
|
279,139 | 78,909 | 65,076 | |||||||||
Total investments in financial assets.
|
918,386 | 734,569 | 497,752 |
16.
|
Derivative financial instruments
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Assets
|
||||||||||||
Non-current
|
||||||||||||
Hersha call option
|
- | - | 60,442 | |||||||||
Warrants of Supertel
|
23,824 | 18,434 | - | |||||||||
Total non-current derivative financial instruments
|
23,824 | 18,434 | 60,442 | |||||||||
Total derivative financial instruments
|
23,824 | 18,434 | 60,442 |
17.
|
Cash flow information
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Cash at bank and on hand
|
239,823 | 234,519 | 161,193 | |||||||||
Time deposits in local currency
|
114,702 | - | - | |||||||||
Mutual funds
|
44,751 | 24,650 | 140,366 | |||||||||
Total cash and cash equivalents
|
399,276 | 259,169 | 301,559 |
17.
|
Cash flow information (Continued)
|
Note
|
03.31.2013 | 03.31.2012 | |||||||
Profit for the period
|
379,261 | 195,471 | |||||||
Adjustments for:
|
|||||||||
Income tax expense
|
22
|
81,093 | 91,296 | ||||||
Retirement of obsolete properties, plant and equipment
|
10
|
939 | - | ||||||
Amortization and depreciation
|
26
|
162,743 | 128,726 | ||||||
(Gain) from disposal of investment properties
|
9
|
(64,019 | ) | (42,737 | ) | ||||
Dividends received
|
29
|
(14,329 | ) | (9,863 | ) | ||||
Share-based payments
|
27
|
5,935 | 2,795 | ||||||
Loss on financial instruments
|
29
|
(147,527 | ) | (26,497 | ) | ||||
(Gain) / loss on derivative financial instruments
|
29
|
(5,390 | ) | 5,417 | |||||
(Gain) from purchase of subsidiaries
|
28
|
(137,062 | ) | - | |||||
Interest expense, net
|
29
|
208,668 | 201,710 | ||||||
Provisions and allowances
|
73,097 | 41,427 | |||||||
Share of (profit) of associates and joint ventures
|
7,8
|
(15,112 | ) | (15,922 | ) | ||||
Unrealized foreign exchange loss, net
|
239,165 | 75,030 | |||||||
Other financial results
|
- | 27,360 | |||||||
Changes in operating assets and liabilities:
|
|||||||||
Increase in inventories
|
(872 | ) | (1,300 | ) | |||||
(Increase) / Decrease in trading properties
|
(1,659 | ) | 15,213 | ||||||
Increase in trade and other receivables, net
|
(27,936 | ) | (46,675 | ) | |||||
Increase in restricted founds
|
(12,542 | ) | - | ||||||
Increase in trade and other payables
|
39,575 | 2,130 | |||||||
Increase / (Decrease) in salaries and social security liabilities
|
1,897 | (6,014 | ) | ||||||
Decrease in provisions
|
(677 | ) | - | ||||||
Net cash generated by operating activities before income tax paid
|
765,248 | 637,567 |
17.
|
Cash flow information (Continued)
|
03.31.2013 | 03.31.2012 | |||||||
Increase in investments in financial assets through an increase in borrowings
|
18,767 | - | ||||||
Reimbursement of expired dividends
|
625 | 3,809 | ||||||
Dividends payable
|
54,097 | - | ||||||
Decrease in non-controlling interest through an increase in trade and other payables
|
- | 8,039 | ||||||
Foreign currency translation of subsidiaries
|
- | 10,955 | ||||||
Increase in trade and other receivables, net through an increase in trade and other payables
|
- | 429 | ||||||
Conversion of corporate notes
|
126 | 38 | ||||||
Increase in capital through a capitalization (decrease) in trade and other payables
|
- | 1,000 | ||||||
Decrease in trade and other receivables, net
|
- | 8,671 | ||||||
Decrease in investments in associates and joint ventures
|
- | 16,004 | ||||||
Decrease in trade and other payables through a decrease in equity investments in associates and joint ventures
|
- | (24,675 | ) |
18.
|
Trade and other payables
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Non-current
|
||||||||||||
Trade payables
|
- | 4 | 47 | |||||||||
Admission rights
|
107,532 | 85,281 | 66,885 | |||||||||
Sale and rent payments received in advance
|
47,969 | 44,846 | 45,345 | |||||||||
Guarantee deposits
|
14,376 | 8,346 | 3,875 | |||||||||
Non-current trade payables
|
169,877 | 138,477 | 116,152 | |||||||||
Tax payment facilities plan
|
16,659 | 15,426 | 17,386 | |||||||||
Other tax liabilities
|
1,067 | 3,460 | 2,759 | |||||||||
Deferred income tax
|
8,704 | 8,903 | 10,143 | |||||||||
Other
|
372 | 370 | 2,481 | |||||||||
Non-current other payables
|
26,802 | 28,159 | 32,769 | |||||||||
Related parties (Note 31)
|
241 | 20 | 434 | |||||||||
Non-current trade and other payables
|
196,920 | 166,656 | 149,355 | |||||||||
Current
|
||||||||||||
Trade payables
|
54,474 | 54,267 | 40,923 | |||||||||
Invoices to be received
|
76,223 | 65,008 | 57,989 | |||||||||
Guarantee deposits
|
6,538 | 2,957 | 3,978 | |||||||||
Admission rights
|
93,598 | 78,030 | 60,580 | |||||||||
Sale and rent payments received in advance
|
176,609 | 119,099 | 106,599 | |||||||||
Current trade payables
|
407,442 | 319,361 | 270,069 | |||||||||
VAT payables
|
23,588 | 24,980 | 21,615 | |||||||||
MPIT
|
11,556 | 8,683 | 11,435 | |||||||||
Deferred revenue
|
1,315 | 266 | 17,079 | |||||||||
Other tax liabilities
|
25,342 | 21,707 | 26,677 | |||||||||
Dividends payable to non-controlling shareholders
|
56,599 | 34,724 | - | |||||||||
Others
|
5,853 | 7,330 | 6,067 | |||||||||
Current other payables
|
124,253 | 97,690 | 82,873 | |||||||||
Related parties (Note 31)
|
62,957 | 83,875 | 61,244 | |||||||||
Current trade and other payables
|
594,652 | 500,926 | 414,186 | |||||||||
Total trade and other payables
|
791,572 | 667,582 | 563,541 |
19.
|
Salaries and social security liabilities
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Current
|
||||||||||||
Provision for vacation, bonuses and severance
|
24,848 | 30,323 | 25,681 | |||||||||
Social security payable
|
14,119 | 6,584 | 7,545 | |||||||||
Others
|
2,537 | 2,700 | 863 | |||||||||
Current salaries and social security liabilities
|
41,504 | 39,607 | 34,089 | |||||||||
Total salaries and social security liabilities
|
41,504 | 39,607 | 34,089 |
20.
|
Provisions
|
Labor, legal and other claims
|
Tax and social security
|
Investments
in associates (*)
|
Others
|
Total as per
|
||||||||||||||||
At July 1, 2011
|
14,925 | 670 | - | 392 | 15,987 | |||||||||||||||
Additions
|
11,705 | 1,697 | - | 90 | 13,492 | |||||||||||||||
Recovery
|
(5,674 | ) | (797 | ) | - | (126 | ) | (6,597 | ) | |||||||||||
Used during the year
|
(2,628 | ) | - | - | 15 | (2,613 | ) | |||||||||||||
At June 30, 2012
|
18,328 | 1,570 | - | 371 | 20,269 | |||||||||||||||
Additions
|
13,094 | - | 29,944 | - | 43,038 | |||||||||||||||
Recovery
|
(2,469 | ) | (469 | ) | - | - | (2,938 | ) | ||||||||||||
Used during the period
|
(677 | ) | - | - | - | (677 | ) | |||||||||||||
At March 31, 2013
|
28,276 | 1,101 | 29,944 | 371 | 59,692 |
(*)
|
Corresponds to equity interests in affiliates with negative equity.
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Non-current
|
46,556 | 17,823 | 12,881 | |||||||||
Current
|
13,136 | 2,446 | 3,106 | |||||||||
59,692 | 20,269 | 15,987 |
21.
|
Borrowings
|
Book value
|
|||||||||||||||
Secured / unsecured
|
Currency
|
Rate
|
Effective
interest rate %
|
Nominal Value
|
03.31.2013
|
06.30.2012
|
07.01.2011
|
||||||||
Non-current
|
|||||||||||||||
APSA CN due 2014
|
Unsecured
|
US$
|
Fixed
|
10 %
|
50,000
|
-
|
39
|
4,640
|
|||||||
NCN IRSA due 2017
|
Unsecured
|
US$
|
Fixed
|
8.5 %
|
150,000
|
745,773
|
675,843
|
612,419
|
|||||||
APSA NCN due 2017
|
Unsecured
|
US$
|
Fixed
|
7.875 %
|
120,000
|
546,059
|
480,964
|
432,591
|
|||||||
NCN IRSA due 2020
|
Unsecured
|
US$
|
Fixed
|
11.5 %
|
150,000
|
749,681
|
661,078
|
598,116
|
|||||||
NCN IRSA due 2013
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 2.49%
|
153,152
|
-
|
51,032
|
-
|
|||||||
NCN IRSA due 2014
|
Unsecured
|
US$
|
Fixed
|
7.45 %
|
33,832
|
-
|
114,665
|
-
|
|||||||
Seller financing of plot of land (vii)
|
Secured
|
US$
|
Fixed
|
3.5 %
|
2,700
|
13,829
|
12,223
|
-
|
|||||||
Seller financing of Soleil Factory (i)
|
Secured
|
US$
|
Fixed
|
5 %
|
12,610
|
46,112
|
38,689
|
35,125
|
|||||||
Seller financing of Arcos del Gourmet S.A. (ii)
|
Unsecured
|
US$
|
Fixed
|
11.69 %
|
258
|
1,238
|
1,530
|
-
|
|||||||
Seller financing of Zetol S.A. (iv)
|
Secured
|
US$
|
Fixed
|
3.5 %
|
2,618
|
13,412
|
11,854
|
14,796
|
|||||||
Other borrowings
|
-
|
-
|
27,585
|
||||||||||||
Syndicated loan (Note 31) (v)
|
Unsecured
|
Ps.
|
Fixed
|
15.01 %
|
118,000
|
90,722
|
-
|
-
|
|||||||
Banco Provincia de Buenos Aires loan (vi)
|
Unsecured
|
Ps.
|
Fixed
|
15.01 %
|
29,000
|
22,429
|
-
|
-
|
|||||||
Banco M&T loan
|
Secured
|
US$
|
Fixed
|
1.673 %
|
75,000
|
389,506
|
-
|
-
|
|||||||
Finance leases obligations
|
Secured
|
US$
|
Fixed
|
7.5 %
|
792
|
228
|
480
|
-
|
|||||||
Total Non-current borrowings
|
2,618,989
|
2,048,397
|
1,725,272
|
21.
|
Borrowings (Continued)
|
Book value
|
|||||||||||||||
Secured / unsecured
|
Currency
|
Rate
|
Effective
interest rate %
|
Nominal Value
|
03.31.2013
|
06.30.2012
|
07.01.2011
|
||||||||
Current
|
|||||||||||||||
APSA NCN due 2012
|
Unsecured
|
Ps.
|
Fixed
|
11%
|
154,020
|
-
|
-
|
28,889
|
|||||||
NCN IRSA due 2017
|
Unsecured
|
US$
|
Fixed
|
8.5%
|
150,000
|
9,647
|
23,175
|
20,960
|
|||||||
APSA NCN due 2017
|
Unsecured
|
US$
|
Fixed
|
7.875%
|
120,000
|
15,323
|
4,555
|
4,490
|
|||||||
NCN IRSA due 2020
|
Unsecured
|
US$
|
Fixed
|
11.5%
|
150,000
|
15,985
|
34,003
|
30,800
|
|||||||
NCN IRSA due 2013
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 2.49%
|
153,152
|
104,344
|
102,888
|
-
|
|||||||
NCN IRSA due 2014
|
Unsecured
|
US$
|
Fixed
|
7.45 %
|
33,832
|
174,388
|
38,278
|
-
|
|||||||
Bank overdrafts
|
Unsecured
|
Ps.
|
Floating
|
316,375
|
195,270
|
420,032
|
|||||||||
Short-term loans
|
30,309
|
126,654
|
139,585
|
||||||||||||
Syndicated loan (Note 31) (v)
|
Unsecured
|
Ps.
|
Fixed
|
15.01 %
|
118,000
|
25,528
|
-
|
-
|
|||||||
Banco Provincia de Buenos Aires loan (vi)
|
Unsecured
|
Ps.
|
Fixed
|
15.01 %
|
29,000
|
6,522
|
-
|
-
|
|||||||
Seller financing of plot of land (vii)
|
Secured
|
US$
|
Fixed
|
3.5 %
|
1,800
|
12,287
|
10,342
|
-
|
|||||||
Seller financing of Soleil Factory (i)
|
Secured
|
US$
|
Fixed
|
5 %
|
12,610
|
2,424
|
2,854
|
4,714
|
|||||||
Seller financing of Arcos del Gourmet S.A. (ii)
|
Unsecured
|
US$
|
Fixed
|
11.69 %
|
1,700
|
8,072
|
10,235
|
-
|
|||||||
Seller financing of Zetol S.A. (iv)
|
Secured
|
US$
|
Fixed
|
3.5 %
|
283
|
1,469
|
1,281
|
18,117
|
|||||||
Seller financing of Nuevo Puerto Santa Fe S.A. (iii)
|
Unsecured
|
US$
|
Fixed
|
7.44 %
|
269
|
-
|
7,417
|
-
|
|||||||
Finance lease obligations
|
Secured
|
US$
|
Fixed
|
7.5 %
|
792
|
575
|
944
|
-
|
|||||||
Related party (Note 31)
|
Unsecured
|
Ps.
|
Floating
|
Badlar
|
78,079
|
83,476
|
-
|
-
|
|||||||
Current borrowings
|
806,724
|
557,896
|
667,587
|
||||||||||||
Total borrowings
|
3,425,713
|
2,606,293
|
2,392,859
|
(i)
|
Seller financing of Soleil Factory (investment properties): Mortgage financing of US$ 20.7 million with a fixed 5% interest rate due in June 2017.
|
(ii)
|
Seller financing - Arcos del Gourmet S.A. (intangible assets).
|
(iii)
|
Seller financing - Nuevo Puerto Santa Fe S.A. (investment properties): Financing of US$ 4.5 million without interest paid in 19 installments due in February 2013.
|
(iv)
|
Seller financing of Zetol S.A. (trading properties): Mortgage financing of US$ 7 million with a fixed 3.5% interest rate. The balance is payable, by choice of the seller, in money or with the delivery of units in buildings to be built representative of 12% of the total marketable square meters built.
|
(v)
|
On November 16, 2012, the Group executed a syndicated loan for Ps. 118 million with several banks, including Banco Hipotecario. Principal will be payable in 9 quarterly consecutive installments.
|
(vi)
|
On December 12, 2012, the Group subscribed a loan with Banco Provincia de Buenos Aires for Ps. 29 million. Principal will be repaid in 9 quarterly consecutive installments beginning in December 2013.
|
(vii)
|
Seller financing of plot of land - Vista al Muelle S.A. in Canelones, Uruguay (Trading properties). Nominal value US$ 1.800 with a fixed 3,5% interest rate annual.
|
22.
|
Current and deferred income tax
|
03.31.2013 | 03.31.2012 | |||||||
Current income tax
|
(159,049 | ) | (151,864 | ) | ||||
Deferred income tax
|
77,956 | 60,568 | ||||||
Income tax gain
|
(81,093 | ) | (91,296 | ) |
03.31.2013 | 06.30.2012 | |||||||
Beginning of the period / year
|
(376,977 | ) | (467,129 | ) | ||||
Acquisition of subsidiary
|
(26,103 | ) | - | |||||
Currency translation adjustment
|
3,096 | - | ||||||
Income tax and deferred income tax
|
77,956 | 90,152 | ||||||
End of the period / year
|
(322,028 | ) | (376,977 | ) |
03.31.2013 | 03.31.2012 | |||||||
Tax calculated at the tax rates applicable to profits in the respective countries
|
172,220 | 97,553 | ||||||
Permanent differences:
|
||||||||
Share of loss of associates and joint ventures
|
(21,552 | ) | (15,384 | ) | ||||
Unrecognized tax losses
|
(23,800 | ) | 7,427 | |||||
Non-deductible items
|
2,002 | 5,250 | ||||||
Non-taxable items
|
- | (8,677 | ) | |||||
Non-taxable income
|
(43,554 | ) | 8,612 | |||||
Others
|
(4,223 | ) | (3,485 | ) | ||||
Income tax gain
|
81,093 | 91,296 |
23.
|
Dividends
|
24.
|
Revenues
|
03.31.2013 | 03.31.2012 | |||||||
Base rent
|
600,070 | 469,951 | ||||||
Contingent rent
|
184,351 | 152,966 | ||||||
Admission rights
|
78,339 | 63,872 | ||||||
Averaging scheduled rent escalation
|
13,031 | 13,007 | ||||||
Parking fees
|
44,981 | 31,966 | ||||||
Letting fees
|
28,123 | 29,899 | ||||||
Service charges
|
432,043 | 361,716 | ||||||
Property management fee
|
25,229 | 18,904 | ||||||
Others
|
1,923 | 1,950 | ||||||
Total rental and service income
|
1,408,090 | 1,144,231 | ||||||
Sale of trading properties
|
20,175 | 50,103 | ||||||
Revenue from hotel operations
|
174,694 | 130,020 | ||||||
Consumer financing
|
1,100 | 4,169 | ||||||
Total other revenues
|
195,969 | 184,292 | ||||||
Total revenues
|
1,604,059 | 1,328,523 |
25.
|
Cost
|
03.31.2013 | 03.31.2012 | |||||||
Costs of rental and services
|
664,274 | 532,472 | ||||||
Costs of sale and development
|
9,845 | 18,928 | ||||||
Costs from hotel operations
|
126,234 | 83,940 | ||||||
Costs from consumer financing
|
845 | 1,917 | ||||||
Total costs
|
801,198 | 637,257 |
26.
|
Expenses by nature
|
26.
|
Expenses by nature (Continued)
|
Group Costs
|
||||||||||||||||||||||||||||
Cost of sale and development
|
Cost of rental and services
|
Costs from consumer financing
|
Costs from hotel operations
|
General and administrative expenses
|
Selling expenses
|
Total
|
||||||||||||||||||||||
Leases and expenses
|
1,285 | 25,874 | - | 134 | 1,414 | 647 | 29,354 | |||||||||||||||||||||
Depreciation and amortization
|
354 | 146,802 | - | 10,851 | 4,573 | 163 | 162,743 | |||||||||||||||||||||
Allowance for trade and other receivables (charge and recovery)
|
- | - | - | - | - | 5,648 | 5,648 | |||||||||||||||||||||
Advertising and other selling expenses
|
- | 86,532 | - | 3,655 | - | 12,113 | 102,300 | |||||||||||||||||||||
Taxes, rates and contributions
|
1,041 | 47,515 | - | - | 5,229 | 36,690 | 90,475 | |||||||||||||||||||||
Maintenance, security, cleaning, repairs and others
|
1,929 | 157,114 | 34 | 16,307 | 8,085 | 487 | 183,956 | |||||||||||||||||||||
Fees and payments for services
|
103 | 22,473 | 802 | 969 | 22,679 | 2,632 | 49,658 | |||||||||||||||||||||
Director´s fees
|
- | - | - | - | 57,529 | - | 57,529 | |||||||||||||||||||||
Salaries, social security costs and other personnel expenses
|
475 | 169,149 | 3 | 71,364 | 42,558 | 12,773 | 296,322 | |||||||||||||||||||||
Cost of sale of properties
|
4,628 | - | - | - | - | - | 4,628 | |||||||||||||||||||||
Food, beverage and other lodging expenses
|
- | - | - | 22,435 | 2,085 | 505 | 25,025 | |||||||||||||||||||||
Others
|
30 | 8,815 | 6 | 519 | 6,978 | 1,586 | 17,934 | |||||||||||||||||||||
Total expenses by nature
|
9,845 | 664,274 | 845 | 126,234 | 151,130 | 73,244 | 1,025,572 |
26.
|
Expenses by nature (Continued)
|
Group costs
|
||||||||||||||||||||||||||||
Cost of
sale and development
|
Cost of rental and services
|
Costs from consumer financing
|
Costs from hotel operations
|
General and administrative expenses
|
Selling expenses
|
Total
|
||||||||||||||||||||||
Leases and expenses
|
1,543 | 22,470 | - | 46 | 414 | 608 | 25,081 | |||||||||||||||||||||
Depreciation and amortization.
|
- | 117,999 | 17 | 7,742 | 2,940 | 28 | 128,726 | |||||||||||||||||||||
Allowance for trade and other receivables (charge and recovery)
|
- | - | - | - | - | 2,570 | 2,570 | |||||||||||||||||||||
Advertising and other selling expenses
|
- | 83,592 | - | 2,578 | - | 11,033 | 97,203 | |||||||||||||||||||||
Taxes, sales and contributions
|
1,083 | 33,462 | - | - | 2,336 | 28,629 | 65,510 | |||||||||||||||||||||
Maintenance, security, cleaning, repair and others
|
1,342 | 124,888 | 249 | 13,896 | 6,673 | 417 | 147,465 | |||||||||||||||||||||
Fees and payments for services
|
345 | 13,660 | 1,612 | 2,404 | 21,715 | 2,235 | 41,971 | |||||||||||||||||||||
Director’s fees
|
- | - | - | - | 44,327 | - | 44,327 | |||||||||||||||||||||
Salaries, social security costs and other personnel expenses
|
67 | 129,795 | 14 | 42,413 | 39,229 | 9,872 | 221,390 | |||||||||||||||||||||
Cost of sale of properties
|
14,537 | - | - | - | - | - | 14,537 | |||||||||||||||||||||
Food, beverage and other lodging expenses
|
- | - | - | 14,473 | 2,294 | 339 | 17,106 | |||||||||||||||||||||
Others
|
11 | 6,606 | 25 | 388 | 5,127 | 526 | 12,683 | |||||||||||||||||||||
Total expenses by nature
|
18,928 | 532,472 | 1,917 | 83,940 | 125,055 | 56,257 | 818,569 |
27.
|
Employee costs
|
03.31.2013 | 03.31.2012 | |||||||
Salaries, bonuses, social security expenses and others
|
290,387 | 218,595 | ||||||
Shared-based compensation
|
5,935 | 2,795 | ||||||
Total employee costs
|
296,322 | 221,390 |
28.
|
Other operating results, net
|
03.31.2013 | 03.31.2012 | |||||||
Result from purchase of subsidiaries (Note 3)
|
137,062 | - | ||||||
Tax on shareholders´ personal assets
|
(4,681 | ) | (3,200 | ) | ||||
Donations
|
(7,606 | ) | (6,366 | ) | ||||
Management fees
|
1,037 | - | ||||||
Judgments and other contingencies (1)
|
(12,443 | ) | (7,695 | ) | ||||
Others
|
(6,196 | ) | 5,263 | |||||
Total other operating results, net
|
107,173 | (11,998 | ) |
(1)
|
Includes legal expenses.
|
29.
|
Financial results, net
|
03.31.2013 | 03.31.2012 | |||||||
Finance income:
|
||||||||
- Interest income
|
22,816 | 13,018 | ||||||
- Foreign exchange gain
|
58,136 | 50,325 | ||||||
- Dividends income
|
14,329 | 9,863 | ||||||
- Gain from derivative financial instruments
|
5,390 | 162 | ||||||
- Fair value gains of financial assets
|
164,572 | 40,957 | ||||||
- Gain from sale of financial assets
|
2,057 | - | ||||||
Total finance income
|
267,300 | 114,325 |
Finance costs:
|
||||||||
- Interest expense
|
(231,484 | ) | (214,728 | ) | ||||
- Foreign exchange losses
|
(290,443 | ) | (125,355 | ) | ||||
- Fair value loss of financial assets
|
(17,045 | ) | (14,460 | ) | ||||
- Loss from derivative financial instruments
|
(1,162 | ) | (6,779 | ) | ||||
- Other financial costs
|
(31,603 | ) | (22,851 | ) | ||||
Total finance costs
|
(571,737 | ) | (384,173 | ) | ||||
Total financial results, net
|
(304,437 | ) | (269,848 | ) |
30.
|
Shared-based payments
|
31.
|
Related party transactions
|
Related party
|
Reference
|
Description of
transaction
|
Investments in non-current financial assets
|
Investments in current financial assets
|
Trade and other receivables non-current
|
Trade and other receivables current
|
Trade and other payables non-current
|
Trade and other payables current
|
Borrowings non-current
|
Borrowings current
|
||||||||||
Consultores Assets Management S.A.
|
(4)
|
Reimbursement of expenses
|
-
|
-
|
-
|
2,493
|
-
|
(41)
|
-
|
-
|
||||||||||
Estudio Zang, Bergel & Viñes
|
(5)
|
Advances
|
-
|
-
|
-
|
26
|
-
|
-
|
-
|
-
|
||||||||||
Professional fees
|
-
|
-
|
-
|
79
|
-
|
(732)
|
-
|
-
|
||||||||||||
Fundación IRSA
|
(4)
|
Reimbursement of expenses
|
-
|
-
|
-
|
50
|
-
|
(2)
|
-
|
-
|
||||||||||
Museo de los Niños
|
(4)
|
Reimbursement of expenses
|
-
|
-
|
-
|
629
|
-
|
(174)
|
-
|
-
|
||||||||||
Leases
|
-
|
-
|
-
|
614
|
-
|
-
|
-
|
-
|
||||||||||||
Directors
|
Reimbursement of expenses
|
-
|
-
|
-
|
-
|
(220)
|
-
|
-
|
-
|
|||||||||||
Fees
|
-
|
-
|
-
|
-
|
-
|
(15,268)
|
-
|
-
|
||||||||||||
Guarantee deposits
|
-
|
-
|
-
|
-
|
(21)
|
(72)
|
-
|
-
|
||||||||||||
Quality invest S.A.
|
(2)
|
Reimbursement of expenses
|
-
|
-
|
-
|
5
|
-
|
(38)
|
-
|
-
|
||||||||||
New Lipstick LLC
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
1,446
|
-
|
-
|
-
|
-
|
||||||||||
Lipstick Management LLC
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
482
|
-
|
-
|
-
|
-
|
||||||||||
IRSA Development LP
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
9
|
-
|
-
|
-
|
-
|
||||||||||
Capital contributions
|
-
|
-
|
-
|
-
|
-
|
(5)
|
-
|
-
|
31.
|
Related party transactions (Continued)
|
Related party
|
Reference
|
Description of
transaction
|
Investments in financial assets non-current
|
Investments in financial assets current
|
Trade and other receivables non-current
|
Trade and other receivables current
|
Trade and other payables non-current
|
Trade and other payables current
|
Borrowings non-current
|
Borrowings current
|
||||||||||||||||||||||||
Inversiones Financieras del Sur S.A.
|
(6)
|
Borrowings
|
- | - | - | 189 | - | - | - | - | ||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | - | - | (3 | ) | - | - | |||||||||||||||||||||||||
Elsztain Managing Partners Limited
|
(4)
|
Management fees
|
- | - | - | - | - | (48 | ) | - | - | |||||||||||||||||||||||
Banco Hipotecario S.A.
|
(8)
|
Mortgage bonds
|
- | 520 | - | - | - | - | - | - | ||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | 312 | - | (347 | ) | - | - | |||||||||||||||||||||||||
Leases
|
- | - | - | 1 | - | - | - | - | ||||||||||||||||||||||||||
Borrowings
|
- | - | - | - | - | - | (15,600 | ) | (4,293 | ) | ||||||||||||||||||||||||
Non-Convertible Notes
|
- | 5,021 | - | - | - | - | - | - | ||||||||||||||||||||||||||
Cyrsa S.A.
|
(9)
|
Reimbursement of expenses
|
- | - | - | 1,010 | - | (309 | ) | - | - | |||||||||||||||||||||||
Borrowings
|
- | - | - | - | - | - | - | (83,476 | ) | |||||||||||||||||||||||||
Tarshop S.A.
|
(10)
|
Reimbursement of expenses
|
- | - | - | 168 | - | (216 | ) | - | - | |||||||||||||||||||||||
Leases
|
- | - | - | 6 | - | - | - | - | ||||||||||||||||||||||||||
Rental
|
- | - | - | 1,557 | - | (49 | ) | - | - | |||||||||||||||||||||||||
Nuevo Puerto Santa Fe S.A.
|
(2)
|
Reimbursement of expenses
|
- | - | - | 780 | - | (160 | ) | - | - | |||||||||||||||||||||||
Leases to be accrued
|
- | - | - | - | - | (133 | ) | - | - | |||||||||||||||||||||||||
Space rentals
|
- | - | - | 36 | - | (28 | ) | - | - | |||||||||||||||||||||||||
Canteras Natal Crespo S.A.
|
(9)
|
Management fees
|
- | - | - | 547 | - | - | - | - | ||||||||||||||||||||||||
Contributions to be paid in
|
- | - | - | 155 | - | - | - | - | ||||||||||||||||||||||||||
Borrowings
|
- | - | - | 95 | - | - | - | - | ||||||||||||||||||||||||||
Reimbursement of expenses
|
- | - | - | 490 | - | - | - | - | ||||||||||||||||||||||||||
Baicom Networks S.A.
|
(11)
|
Reimbursement of expenses
|
- | - | - | 14 | - | (2 | ) | - | - | |||||||||||||||||||||||
Management fees
|
- | - | - | 6 | - | - | - | - | ||||||||||||||||||||||||||
Borrowings
|
- | - | 981 | - | - | - | - | - |
31
|
Related party transactions (Continued)
|
Related party
|
Reference
|
Description of
transaction
|
Investments in financial assets non-current
|
Investments in financial assets current
|
Trade and other receivables non-current
|
Trade and other receivables current
|
Trade and other payables non-current
|
Trade and other payables current
|
Borrowings Non-current
|
Borrowings current
|
||||||||||
Puerto Retiro S.A.
|
(12)
|
Reimbursement of expenses
|
-
|
-
|
-
|
158
|
-
|
-
|
-
|
-
|
||||||||||
Loans granted
|
-
|
-
|
-
|
3,777
|
-
|
-
|
-
|
-
|
||||||||||||
Contributions
|
-
|
-
|
-
|
101
|
-
|
-
|
-
|
-
|
||||||||||||
Cactus Argentina S.A.
|
(13)
|
Reimbursement of expenses
|
-
|
-
|
-
|
8
|
-
|
-
|
-
|
-
|
||||||||||
Cresud S.A.C.I.F. y A.
|
(1)
|
Other receivables
|
-
|
-
|
-
|
14
|
-
|
-
|
-
|
-
|
||||||||||
Reimbursement of expenses
|
-
|
-
|
-
|
3,449
|
-
|
(33,833)
|
) |
-
|
-
|
|||||||||||
Shared services
|
-
|
-
|
-
|
2,670
|
-
|
(11,489)
|
) |
-
|
-
|
|||||||||||
Offices rental
|
-
|
-
|
-
|
429
|
-
|
-
|
-
|
-
|
||||||||||||
Borrowings
|
-
|
-
|
-
|
853
|
-
|
-
|
-
|
-
|
||||||||||||
Non-convertible Notes – Cresud S.A.C.I.F y A.
|
22,116
|
11,391
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||
Futuros y Opciones.com S.A.
|
(13)
|
Reimbursement of expenses
|
-
|
-
|
-
|
43
|
-
|
(8)
|
) |
-
|
-
|
|||||||||
Other receivables
|
-
|
-
|
-
|
3
|
-
|
-
|
-
|
-
|
||||||||||||
Boulevard Norte S.A.
|
(14)
|
Reimbursement of expenses
|
-
|
-
|
-
|
14
|
-
|
-
|
-
|
-
|
||||||||||
FyO Trading S.A.
|
(13)
|
Reimbursement of expenses
|
-
|
-
|
-
|
8
|
-
|
-
|
-
|
-
|
||||||||||
Helmir S.A.
|
(13)
|
Reimbursement of expenses
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
-
|
||||||||||
Dolphin Fund Plc.
|
(7)
|
Shares/Mutual funds
|
-
|
142,838
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||
Total
|
22,116
|
159,770
|
981
|
22,727
|
(241)
|
) |
(62,957)
|
) |
(15,600)
|
) |
(87,769))
|
31.
|
Related party transactions (Continued)
|
Related party
|
Reference
|
Rental
|
Fees
|
Income/expenses of shared services
|
Legal fees
|
Interest income / (expenses)
|
Others
|
||||||||||||||||||
Estudio Zang, Bergel & Viñes
|
(5)
|
- | - | - | (1,667 | ) | - | - | |||||||||||||||||
Fundacion IRSA
|
(4)
|
- | - | (2 | ) | - | - | (1,420 | ) | ||||||||||||||||
Directors
|
- | (57,529 | ) | - | - | - | - | ||||||||||||||||||
Canteras Natal Crespo S.A.
|
(9)
|
- | - | 72 | - | 8 | - | ||||||||||||||||||
Cyrsa S.A.
|
(9)
|
- | - | - | - | (5,397 | ) | - | |||||||||||||||||
Tarshop S.A.
|
(10)
|
4,271 | - | 234 | - | - | - | ||||||||||||||||||
Baicom Networks S.A.
|
(11)
|
- | - | 9 | - | 71 | - | ||||||||||||||||||
Consultores Assets Management S.A.
|
(4)
|
140 | - | - | - | - | - | ||||||||||||||||||
Puerto Retiro S.A.
|
(12)
|
- | - | - | - | 343 | - | ||||||||||||||||||
Banco Hipotecario S.A.
|
(8)
|
- | - | - | - | 56 | - | ||||||||||||||||||
Quality Invest S.A.
|
(2)
|
- | - | - | - | 10 | 162 | ||||||||||||||||||
Inversiones Financieras del Sur S.A.
|
(6)
|
- | - | - | - | 155 | - | ||||||||||||||||||
Cresud S.A.C.I. F. y A.
|
(1)
|
1,258 | (12,267 | ) | (49,022 | ) | - | 4,426 | - | ||||||||||||||||
Nuevo Puerto Santa Fe S.A.
|
(2)
|
(27 | ) | - | - | - | - | 794 | |||||||||||||||||
5,642 | (69,796 | ) | (48,709 | ) | (1,667 | ) | (328 | ) | (464 | ) |
(1)
|
Majority shareholder.
|
(2)
|
Joint venture of APSA.
|
(3)
|
Direct or indirect associate of Tyrus.
|
(4)
|
Related to the President of the Company.
|
(5)
|
Legal services related to the Board of Directors.
|
(6)
|
Shareholder of Cresud S.A.C.I.F. y A.
|
(7)
|
Since 1996, the Group maintains an investment in Dolphin Fund Plc, an Investment Fund related to the Group’s president. The investment is recorded as financial instruments at fair value through profit and loss. As of March 31, 2013 this investment amounts to Ps. 142.8 million. During October 2012, there has been additional investment for an amount of US$ 20 million.
|
(8)
|
Associate.
|
(9)
|
Join venture.
|
(10)
|
Associate of APSA.
|
(11)
|
Joint venture through E-Commerce Latina S.A.
|
(12)
|
Joint venture through Inversora Bolívar S.A.
|
(13)
|
Subsidiary of Cresud.
|
(14)
|
Subsidiary of EH, joint venture of APSA.
|
32.
|
Negative working capital
|
33.
|
Events after the date of the statement of financial position
|
1.
|
Advanced dividends distribution
|
2.
|
Sale of Hersha’s shares
|
3.
|
Significant sale of investment properties
|
|
Limited Review Report
|
|
To the Shareholders, President and Board of Directors of
|
|
IRSA Inversiones y Representaciones Sociedad Anónima
|
|
Legal address: Bolívar 108 - 1° floor
|
|
Autonomous City of Buenos Aires
|
|
C.U.I.T.: 30-52532274-9
|
1.
|
We have reviewed the accompanying unaudited condensed interim consolidated statement of financial position of IRSA Inversiones y Representaciones Sociedad Anónima and its subsidiaries as of March 31, 2013, and the related unaudited condensed interim consolidated statements of income, unaudited condensed interim consolidated statements of comprehensive income for the nine and three-month periods ended March 31, 2013, and the unaudited condensed interim consolidated statements of changes of shareholders’ equity and unaudited condensed interim consolidated statements of cash flows for the nine-month period ended March 31, 2013 and selected explanatory notes. The balances and other information corresponding to the fiscal year ended June 30, 2012 and the interim periods within that fiscal period are an integral part of these financial statements and, therefore, they should be considered in relation to these financial statements.
|
2.
|
The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). The IFRS as issued by the International Accounting Standard Board (IASB) were adopted as accounting standards by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) and incorporated by the National Securities Commission (CNV) to its regulations. Therefore, the Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim consolidated financial statements in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34). Our responsibility is to express a conclusion based on the review that we have performed with the scope detailed in paragraph 3.
|
3.
|
We conducted our review in accordance with Technical Resolution No. 7 issued by the FACPCE for a review of interim financial statements. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit, the objective of which is to express an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
|
|
Free translation from the original prepared in Spanish for publication in Argentina
|
Limited Review Report (Continued)
|
4.
|
As mentioned in note 2.1 to the unaudited condensed interim consolidated financial statements, these unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34. The fiscal year ended June 30, 2013 will be the first year of application of IFRS. The adjustments and other effects of the transition to IFRS are presented in note 2.3 to these unaudited condensed interim consolidated financial statements. The amounts included in the reconciliations shown in note 2.3 are subject to change as a consequence of potential changes in IFRS which may occur until June 30, 2013, and should only be considered as final upon issuance of the annual financial statements for the fiscal year ended June 30, 2013.
|
5.
|
Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim consolidated financial statements have not been prepared in all material respects in accordance with IAS 34.
|
6.
|
In accordance with current regulations, we hereby inform that:
|
a)
|
the unaudited condensed interim consolidated financial statements of IRSA Inversiones y Representaciones Sociedad Anónima are recorded in the "Inventory and Balance Sheet Book" and carried in all formal respects in conformity with legal requirements, and comply, as regards those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and the corresponding resolutions of the CNV;
|
b)
|
the unaudited condensed interim separate financial statements of IRSA Inversiones y Representaciones Sociedad Anónima arise from accounting records carried in all formal respects in accordance with applicable legal provisions;
|
c)
|
we have read the Business Summary (“Reseña Informativa”) and the Additional Information to the notes to the unaudited condensed interim consolidated financial statements required by Article 68 of the Buenos Aires Stock Exchange Regulations, on which, as regards those matters that are within our competence, we have no observations to make;
|
d)
|
at March 31, 2013, the debt of IRSA Inversiones y Representaciones Sociedad Anónima owed in favor of the Argentine Integrated Pension System which arises from accounting records and submissions amounted to Ps. 283,208, which was not callable at that date.
|
|
Autonomous City of Buenos Aires, May 17, 2013.
|
PRICE WATERHOUSE & Co. S.R.L. | ABELOVICH, POLANO & ASOCIADOS S.R.L. | |||
(Partner)
|
(Partner)
|
|||
C.P.C.E.C.A.B.A. Tº 1 Fº 17
Carlos Martín Barbafina
Public Accountant (UCA)
C.P.C.E.C.A.B.A. T° 175 F° 65
|
C.P.C.E. C.A.B.A. T° 1 F° 30
Marcelo Héctor Fuxman
Public Accountant (U.B.A.)
C.P.C.E. C.A.B.A. T° 134 F° 85
|
|||
|
|
Note
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
ASSETS
|
|||||||||||||
Non-current Assets
|
|||||||||||||
Investment properties, net
|
6
|
844,113 | 890,433 | 925,906 | |||||||||
Property, plant and equipment, net
|
7
|
8,294 | 8,765 | 10,138 | |||||||||
Trading properties
|
8
|
64,799 | 66,997 | 65,252 | |||||||||
Intangible assets, net
|
9
|
5,934 | 5,987 | 8,724 | |||||||||
Investments in subsidiaries, associates and joint ventures
|
5
|
3,791,602 | 3,357,430 | 3,289,725 | |||||||||
Deferred income tax assets
|
18
|
52,595 | - | - | |||||||||
Trade and other receivables, net
|
11
|
148,333 | 139,449 | 60,567 | |||||||||
Investments in financial assets
|
12
|
102 | 163,594 | 149,157 | |||||||||
Total Non-current Assets
|
4,915,772 | 4,632,655 | 4,509,469 | ||||||||||
Current Assets
|
|||||||||||||
Trading properties
|
8
|
2,451 | 4,120 | 10,840 | |||||||||
Inventories
|
10
|
511 | 474 | 427 | |||||||||
Trade and other receivables, net
|
11
|
63,616 | 67,854 | 126,605 | |||||||||
Investments in financial assets
|
12
|
2,720 | 20,680 | 24,302 | |||||||||
Cash and cash equivalents
|
13
|
122,338 | 76,872 | 45,163 | |||||||||
Total Current Assets
|
191,636 | 170,000 | 207,337 | ||||||||||
TOTAL ASSETS
|
5,107,408 | 4,802,655 | 4,716,806 | ||||||||||
SHAREHOLDERS’ EQUITY
|
|||||||||||||
Shared capital
|
578,676 | 578,676 | 578,676 | ||||||||||
Inflation adjustment of share capital
|
123,329 | 274,387 | 274,387 | ||||||||||
Share premium
|
793,123 | 793,123 | 793,123 | ||||||||||
Reserve for share-based payments
|
8,321 | 2,595 | - | ||||||||||
Legal reserve
|
85,140 | 71,136 | 57,031 | ||||||||||
Other reserves
|
492,441 | 419,783 | 391,262 | ||||||||||
Cumulative translation adjustment
|
38,500 | 14,502 | - | ||||||||||
Acquisition of additional interest in subsidiaries
|
(17,254 | ) | (15,714 | ) | - | ||||||||
Retained earnings
|
716,478 | 510,853 | 656,525 | ||||||||||
TOTAL SHAREHOLDERS’ EQUITY
|
2,818,754 | 2,649,341 | 2,751,004 | ||||||||||
LIABILITIES
|
|||||||||||||
Non-Current Liabilities
|
|||||||||||||
Trade and other payables
|
14
|
9,281 | 6,699 | 5,032 | |||||||||
Borrowings
|
17
|
1,588,456 | 1,550,369 | 1,293,259 | |||||||||
Deferred income tax liabilities
|
18
|
- | 19,179 | 79,464 | |||||||||
Provisions
|
16
|
7,065 | 6,198 | - | |||||||||
Total Non-Current Liabilities
|
1,604,802 | 1,582,445 | 1,377,755 | ||||||||||
Current Liabilities
|
|||||||||||||
Trade and other payables
|
14
|
132,768 | 113,228 | 52,693 | |||||||||
Salaries and social security liabilities
|
15
|
3,520 | 5,151 | 3,086 | |||||||||
Borrowings
|
17
|
541,819 | 451,615 | 531,186 | |||||||||
Provisions
|
16
|
5,745 | 875 | 1,082 | |||||||||
Total Current Liabilities
|
683,852 | 570,869 | 588,047 | ||||||||||
TOTAL LIABILITIES
|
2,288,654 | 2,153,314 | 1,965,802 | ||||||||||
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
5,107,408 | 4,802,655 | 4,716,806 |
The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.
|
Inversiones y Representaciones S.A. | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
Nine months
|
Three months
|
||||||||||||||||
Note
|
03.31.2013 | 03.31.2012 | 03.31.2013 | 03.31.2012 | |||||||||||||
Revenues
|
20
|
207,196 | 187,466 | 69,735 | 61,859 | ||||||||||||
Costs
|
21
|
(80,683 | ) | (69,055 | ) | (26,578 | ) | (22,368 | ) | ||||||||
Gross profit
|
126,513 | 118,411 | 43,157 | 39,491 | |||||||||||||
Gain from disposal of investment properties
|
6
|
63,783 | 42,737 | 7,824 | 18,010 | ||||||||||||
General and administrative expenses
|
22
|
(56,828 | ) | (48,572 | ) | (17,910 | ) | (17,267 | ) | ||||||||
Selling expenses
|
22
|
(12,415 | ) | (10,550 | ) | (5,110 | ) | (3,465 | ) | ||||||||
Other operating results, net
|
24
|
(11,080 | ) | (8,553 | ) | (1,795 | ) | (1,898 | ) | ||||||||
Profit from operations
|
109,973 | 93,473 | 26,166 | 34,871 | |||||||||||||
Share of profit of subsidiaries, associates, and joint ventures
|
5
|
439,099 | 255,403 | 151,428 | 110,013 | ||||||||||||
Profit from operations before financial results and income tax
|
549,072 | 348,876 | 177,594 | 144,884 | |||||||||||||
Finance income
|
25
|
91,017 | 59,433 | 21,821 | 34,363 | ||||||||||||
Finance cost
|
25
|
(391,225 | ) | (278,591 | ) | (130,732 | ) | (88,227 | ) | ||||||||
Financial results, net
|
25
|
(300,208 | ) | (219,158 | ) | (108,911 | ) | (53,864 | ) | ||||||||
Profit before income tax
|
248,864 | 129,718 | 68,683 | 91,020 | |||||||||||||
Income tax
|
18
|
71,774 | 46,904 | 28,173 | 4,051 | ||||||||||||
Profit for the period
|
320,638 | 176,622 | 96,856 | 95,071 | |||||||||||||
Profit per share for the period:
|
|||||||||||||||||
Basic
|
0.554 | 0.305 | 0.167 | 0.164 | |||||||||||||
Diluted
|
0.554 | 0.305 | 0.167 | 0.164 |
Inversiones y Representaciones S.A. | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
Nine months
|
Three months
|
|||||||||||||||
03.31.2013 | 03.31.2012 | 03.31.2013 | 03.31.2012 | |||||||||||||
Profit for the period
|
320,638 | 176,622 | 96,856 | 95,071 | ||||||||||||
Other Comprehensive Income:
|
||||||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
||||||||||||||||
Currency translation adjustment of subsidiaries, associates, and joint ventures (Note 5)
|
36,913 | 12,078 | 13,492 | 3,294 | ||||||||||||
Other comprehensive income for the period (i)
|
36,913 | 12,078 | 13,492 | 3,294 | ||||||||||||
Total comprehensive income for the period
|
357,551 | 188,700 | 110,348 | 98,365 |
Inversiones y Representaciones S.A. | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
Share capital |
Inflation adjustment of share capital
|
Share premium
|
Acquisition of additional
interest in subsidiaries
|
Cumulative translation adjustment
|
Reserve for share-based compensation
|
Legal reserve
|
Other reserves
|
Retained earnings
|
Total Shareholders’ equity
|
|||||||||||||||||||||||||||||||
Balance at July 1st, 2012
|
578,676 | 274,387 | 793,123 | (15,714 | ) | 14,502 | 2,595 | 71,136 | 419,783 | 510,853 | 2,649,341 | |||||||||||||||||||||||||||||
Profit for the period
|
- | - | - | - | - | - | - | - | 320,638 | 320,638 | ||||||||||||||||||||||||||||||
Other comprehensive income for the period
|
- | - | - | - | 36,913 | - | - | - | - | 36,913 | ||||||||||||||||||||||||||||||
Total comprehensive income for the period
|
- | - | - | - | 36,913 | - | - | - | 320,638 | 357,551 | ||||||||||||||||||||||||||||||
Appropriation of retained earnings approved by Shareholders’ meeting held 10.31.12
|
- | - | - | - | - | - | 14,004 | 72,658 | (86,662 | ) | - | |||||||||||||||||||||||||||||
Application of deferred income tax liability approved by Shareholders’ meeting held 10.31.12
|
- | (151,058 | ) | - | - | - | - | - | - | 151,058 | - | |||||||||||||||||||||||||||||
Distribution of dividends approved by Shareholders’ meeting held 10.31.12
|
- | - | - | - | - | - | - | - | (180,000 | ) | (180,000 | ) | ||||||||||||||||||||||||||||
Reserve for share-based compensation
|
- | - | - | - | - | 5,726 | - | - | - | 5,726 | ||||||||||||||||||||||||||||||
Cumulative translation adjustment for interest held before business combination
|
- | - | - | - | (12,915 | ) | - | - | - | - | (12,915 | ) | ||||||||||||||||||||||||||||
Acquisition of subsidiary
|
- | - | - | (1,540 | ) | - | - | - | - | - | (1,540 | ) | ||||||||||||||||||||||||||||
Reimbursement of expired dividends
|
- | - | - | - | - | - | - | - | 591 | 591 | ||||||||||||||||||||||||||||||
Balance at March 31, 2013
|
578,676 | 123,329 | 793,123 | (17,254 | ) | 38,500 | 8,321 | 85,140 | 492,441 | 716,478 | 2,818,754 |
Inversiones y Representaciones S.A. | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
Share capital
|
Inflation adjustment of share capital
|
Share premium
|
Acquisition of additional
interest in subsidiaries
|
Cumulative translation adjustment
|
Reserve for share-based compensation
|
Legal reserve
|
Other reserves
|
Retained earnings
|
Total Shareholders’ equity
|
|||||||||||||||||||||||||||||||
Balance at July 1st, 2011
|
578,676 | 274,387 | 793,123 | - | - | - | 57,031 | 391,262 | 656,525 | 2,751,004 | ||||||||||||||||||||||||||||||
Profit for the period
|
- | - | - | - | - | - | - | - | 176,622 | 176,622 | ||||||||||||||||||||||||||||||
Other comprehensive income for the period
|
- | - | - | - | 12,078 | - | - | - | - | 12,078 | ||||||||||||||||||||||||||||||
Total comprehensive income for the period
|
- | - | - | - | 12,078 | - | - | - | 176,622 | 188,700 | ||||||||||||||||||||||||||||||
Appropriation of retained earnings approved by Shareholders’ meeting held 10.31.11
|
- | - | - | - | - | - | 14,105 | 56,421 | (70,526 | ) | - | |||||||||||||||||||||||||||||
Distribution of dividends approved by Shareholders’ meeting held 10.31.11
|
- | - | - | - | - | - | - | - | (211,575 | ) | (211,575 | ) | ||||||||||||||||||||||||||||
Reserve for share-based compensation
|
- | - | - | - | - | 2,698 | - | - | - | 2,698 | ||||||||||||||||||||||||||||||
Reimbursement of expired dividends
|
- | - | - | - | - | - | - | - | 3,640 | 3,640 | ||||||||||||||||||||||||||||||
Acquisition of subsidiary
|
- | - | - | (15,311 | ) | - | - | - | - | - | (15,311 | ) | ||||||||||||||||||||||||||||
Balance at March 31, 2012
|
578,676 | 274,387 | 793,123 | (15,311 | ) | 12,078 | 2,698 | 71,136 | 447,683 | 554,686 | 2,719,156 |
Inversiones y Representaciones S.A. | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
Note
|
03.31.2013 | 03.31.2012 | |||||||
Operating activities:
|
|||||||||
Cash generated from the operations
|
13
|
78,095 | 123,655 | ||||||
Net cash generated by operating activities
|
78,095 | 123,655 | |||||||
Investing activities:
|
|||||||||
Capital contributions to subsidiaries, associates and joint ventures
|
5
|
(88,717 | ) | (59,237 | ) | ||||
Additions of investment properties
|
6
|
(2,242 | ) | (7,226 | ) | ||||
Proceeds from sale of investment properties, net
|
6
|
91,123 | 52,827 | ||||||
Additions of property, plant and equipment
|
7
|
(1,023 | ) | (1,446 | ) | ||||
Additions of intangible assets, net
|
9
|
(156 | ) | (135 | ) | ||||
Additions of investments in financial assets
|
- | (25,792 | ) | ||||||
Proceeds from sale of investments in financial assets
|
245,829 | - | |||||||
Interest received
|
15,121 | 27,436 | |||||||
Loans granted to subsidiaries, associates and joint ventures
|
(24,555 | ) | (115,544 | ) | |||||
Loans repayments received from subsidiaries, associates and joint ventures
|
17,882 | 151,038 | |||||||
Dividends received
|
142,410 | 111,793 | |||||||
Net cash generated by investing activities
|
395,672 | 133,714 | |||||||
Financing activities:
|
|||||||||
Bank overdrafts, net
|
(52,491 | ) | (222,897 | ) | |||||
Proceeds from borrowings
|
- | 80,000 | |||||||
Repayments of borrowings
|
(132,074 | ) | (50,000 | ) | |||||
Dividends paid
|
19
|
(163,216 | ) | (211,575 | ) | ||||
Interest paid
|
(190,110 | ) | (187,496 | ) | |||||
Payment of borrowings from subsidiaries, associates and joint ventures
|
(2,715 | ) | - | ||||||
Proceeds from borrowings from subsidiaries, associates and joint ventures
|
107,071 | 46,881 | |||||||
Acquisition of non-controlling interest in subsidiaries
|
(648 | ) | - | ||||||
Issuance of non-convertible notes
|
- | 295,035 | |||||||
Net cash used in financing activities:
|
(434,183 | ) | (250,052 | ) | |||||
Net increase in cash and cash equivalents
|
39,584 | 7,317 | |||||||
Cash and cash equivalents at the beginning of the period
|
13
|
76,872 | 45,163 | ||||||
Foreign exchange gain on cash and cash equivalents
|
5,882 | 519 | |||||||
Cash and cash equivalents at end of period
|
122,338 | 52,999 |
The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.
|
Inversiones y Representaciones S.A. | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
1.
|
General information and company’s business
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”)
|
2.1.
|
Basis of preparation and transition to RT 26
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.
|
Reconciliations of Argentine GAAP to Technical Resolution No. 26 (“RT 26”)
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
·
|
Statement of financial position as of July 1st, 2011 (Note 2.3.2)
|
·
|
Statement of financial position as of March 31, 2012 (Note 2.3.3)
|
·
|
Statement of financial position as of June 30, 2012 (Note 2.3.4)
|
·
|
Statement of income for the nine-month period ended March 31, 2012 (Note 2.3.5)
|
·
|
Statement of income for the three-month period ended March 31, 2012 (Note 2.3.6)
|
·
|
Statement of income for the year ended June 30, 2012 (Note 2.3.7)
|
·
|
Statement of comprehensive income for the nine-month period ended March 31, 2012 (Note 2.3.8)
|
·
|
Statement of comprehensive income for the three-month period ended March 31, 2012 (Note 2.3.9)
|
·
|
Statement of comprehensive income for the year ended June 30, 2012 (Note 2.3.10)
|
·
|
Statements of cash flow for the nine-month period ended March 31, 2012 and for the year ended June 30, 2012 (Note 2.3.11)
|
07.01.2011 | 03.31.2012 | 06.30.2012 | |||||||||||
Shareholders’ equity under Argentine GAAP
|
2,313,687 | 2,365,292 | 2,335,279 | ||||||||||
Revenue recognition – “scheduled rent increases”
|
(B)
|
4,445 | 3,823 | 3,616 | |||||||||
Trading properties
|
(C)
|
(3,620 | ) | (2,196 | ) | (2,913 | ) | ||||||
Pre-operating and organization expenses
|
(D)
|
(41 | ) | (41 | ) | (1,180 | ) | ||||||
Goodwill
|
(E)
|
368,574 | 353,978 | 348,865 | |||||||||
Non-current investments – financial assets
|
(F)
|
10,187 | 10,487 | 10,160 | |||||||||
Initial direct costs on operating leases
|
(G)
|
465 | 620 | 595 | |||||||||
Tenant deposits
|
(H)
|
73 | 170 | 217 | |||||||||
Present value accounting – tax credits
|
(I)
|
- | (110 | ) | (178 | ) | |||||||
Investments in subsidiaries
|
(K)
|
81,874 | 14,056 | (22,634 | ) | ||||||||
Investments in associates
|
(L)
|
(3,889 | ) | (6,768 | ) | (7,501 | ) | ||||||
Investments in joint ventures
|
(M)
|
(16,795 | ) | (16,006 | ) | (11,421 | ) | ||||||
Acquisition of non-controlling interest
|
(N)
|
- | - | (33 | ) | ||||||||
Amortization of borrowing costs
|
(O)
|
110 | 487 | 123 | |||||||||
Deferred income tax
|
(Q)
|
(4,066 | ) | (4,636 | ) | (3,654 | ) | ||||||
Shareholders’ equity under RT 26
|
2,751,004 | 2,719,156 | 2,649,341 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
03.31.12 | 06.30.12 |
01.01.12 to 03.31.12
|
|||||||||||
Profit under Argentine GAAP
|
227,954 | 280,081 | 86,770 | ||||||||||
Revenue recognition – “scheduled rent increases”
|
(B)
|
(622 | ) | (829 | ) | (209 | ) | ||||||
Trading properties
|
(C)
|
1,424 | 707 | - | |||||||||
Pre-operating and organization expenses
|
(D)
|
- | (1,139 | ) | - | ||||||||
Goodwill
|
(E)
|
(14,382 | ) | (19,709 | ) | (4,691 | ) | ||||||
Non-current investments – financial assets
|
(F)
|
300 | (27 | ) | 2,227 | ||||||||
Initial direct costs on operating leases
|
(G)
|
156 | 130 | 95 | |||||||||
Tenant deposits
|
(H)
|
99 | 144 | 121 | |||||||||
Present value accounting – tax credits
|
(I)
|
(110 | ) | (178 | ) | (110 | ) | ||||||
Investment properties
|
(J)
|
- | - | 16,595 | |||||||||
Investments in subsidiaries
|
(K)
|
(35,914 | ) | (57,476 | ) | 3,012 | |||||||
Investments in associates
|
(L)
|
(2,880 | ) | (3,612 | ) | (2,412 | ) | ||||||
Investments in joint ventures
|
(M)
|
789 | 5,374 | 352 | |||||||||
Amortization of borrowing costs
|
(O)
|
378 | 12 | (193 | ) | ||||||||
Deferred income tax
|
(Q)
|
(570 | ) | 413 | (6,486 | ) | |||||||
Profit under RT 26
|
176,622 | 203,891 | 95,071 |
2.3.1.
|
Summary of other comprehensive income
|
03.31.12 | 06.30.12 |
01.01.12 to 03.31.12
|
|||||||||||
Other comprehensive income under Argentine GAAP
|
28,888 | 45,851 | 8,827 | ||||||||||
Currency translation adjustment from subsidiaries, associates and joint ventures
|
(L)
|
(16,810 | ) | (31,349 | ) | (5,533 | ) | ||||||
Other comprehensive income under RT 26
|
12,078 | 14,502 | 3,294 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.2.
|
Reconciliation of statement of financial position as of July 1st, 2011
|
Argentine GAAP balances I
|
Ref. 2.3.12.1
|
Reclassifications II
|
Ref. 2.3.12.2
|
Measurement adjustments III
|
RT 26 balances IV
|
|||||||||||||
ASSETS
|
||||||||||||||||||
Non-current Assets
|
||||||||||||||||||
Investment properties, net
|
- |
a
|
925,441 |
G
|
465 | 925,906 | ||||||||||||
Property, plant and equipment, net
|
930,893 |
a,b,f,g
|
(920,755 | ) | - | 10,138 | ||||||||||||
Trading properties
|
- |
b,c
|
68,160 |
C
|
(2,908 | ) | 65,252 | |||||||||||
Intangible assets, net
|
8,473 |
g
|
292 |
D
|
(41 | ) | 8,724 | |||||||||||
Inventories
|
61,685 |
b,c
|
(61,685 | ) | - | - | ||||||||||||
Investments in subsidiaries, associates and joint ventures
|
2,898,095 | - |
E,K,L,M
|
391,630 | 3,289,725 | |||||||||||||
Other investments
|
144,072 |
a,b,d,f
|
(144,072 | ) | - | - | ||||||||||||
Trade and other receivables, net
|
59,380 | - |
B
|
1,187 | 60,567 | |||||||||||||
Investments in financial assets
|
8,255 |
d
|
130,715 |
F
|
10,187 | 149,157 | ||||||||||||
Negative Goodwill
|
(38,134 | ) | - |
E
|
38,134 | - | ||||||||||||
Total Non-current Assets
|
4,072,719 | (1,904 | ) | 438,654 | 4,509,469 | |||||||||||||
Current Assets
|
||||||||||||||||||
Trading properties
|
- |
b,c
|
11,552 |
C
|
(712 | ) | 10,840 | |||||||||||
Inventories
|
11,979 |
b,c
|
(11,552 | ) | - | 427 | ||||||||||||
Trade and other receivables, net
|
121,443 |
f
|
1,904 |
B
|
3,258 | 126,605 | ||||||||||||
Investments in financial assets
|
2,170 |
e
|
22,132 | - | 24,302 | |||||||||||||
Cash and cash equivalents
|
45,163 | - | - | 45,163 | ||||||||||||||
Other investments
|
22,132 |
e
|
(22,132 | ) | - | - | ||||||||||||
Total Current Assets
|
202,887 | 1,904 | 2,546 | 207,337 | ||||||||||||||
TOTAL ASSETS
|
4,275,606 | - | 441,200 | 4,716,806 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
Argentine GAAP balances I
|
Ref. 2.3.12.1
|
Reclassifications II
|
Ref. 2.3.12.2
|
Measurement adjustments III
|
RT 26 balances IV
|
|||||||||||||
SHAREHOLDERS’ EQUITY
|
||||||||||||||||||
Share capital
|
578,676 | - | - | 578,676 | ||||||||||||||
Inflation adjustment of share capital
|
274,387 | - | - | 274,387 | ||||||||||||||
Share premium
|
793,123 | - | - | 793,123 | ||||||||||||||
Cumulative translation adjustment
|
34,124 | - |
A
|
(34,124 | ) | - | ||||||||||||
Legal reserve
|
57,031 | - | - | 57,031 | ||||||||||||||
Other reserves
|
391,262 | - | - | 391,262 | ||||||||||||||
Retained earnings
|
185,084 | - | 471,441 | 656,525 | ||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY…..
|
2,313,687 | - | 437,317 | 2,751,004 | ||||||||||||||
LIABILITIES
|
||||||||||||||||||
Non-current Liabilities
|
||||||||||||||||||
Trade and other payables
|
5,526 | - |
H
|
(494 | ) | 5,032 | ||||||||||||
Borrowings
|
1,293,259 | - | - | 1,293,259 | ||||||||||||||
Deferred income tax liabilities
|
75,398 | - |
Q
|
4,066 | 79,464 | |||||||||||||
Total Non-current Liabilities
|
1,374,183 | - | 3,572 | 1,377,755 | ||||||||||||||
Current Liabilities
|
||||||||||||||||||
Trade and other payables
|
52,272 | - |
H
|
421 | 52,693 | |||||||||||||
Payroll and social security liabilities
|
3,086 | - | - | 3,086 | ||||||||||||||
Borrowings
|
531,296 | - |
O
|
(110 | ) | 531,186 | ||||||||||||
Provisions
|
1,082 | - | - | 1,082 | ||||||||||||||
Total Current Liabilities
|
587,736 | - | 311 | 588,047 | ||||||||||||||
TOTAL LIABILITIES
|
1,961,919 | - | 3,883 | 1,965,802 | ||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
4,275,606 | - | 441,200 | 4,716,806 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.3.
|
Reconciliation of statement of financial position as of March 31, 2012
|
Argentine GAAP balances I
|
Ref. 2.3.12.1
|
Reclassifications II
|
Ref. 2.3.12.2
|
Measurement adjustments III
|
RT 26 balances IV
|
|||||||||||||
ASSETS
|
||||||||||||||||||
Non-current Assets
|
||||||||||||||||||
Investment properties, net
|
- |
a
|
911,539 |
G
|
620 | 912,159 | ||||||||||||
Property, plant and equipment, net
|
917,672 |
a,b,f,g
|
(906,292 | ) | - | 11,380 | ||||||||||||
Trading properties
|
- |
b,c
|
69,602 |
C
|
(1,857 | ) | 67,745 | |||||||||||
Intangible assets, net
|
6,476 |
g
|
235 |
D,E
|
227 | 6,938 | ||||||||||||
Investments in subsidiaries, associates and joint ventures
|
3,184,593 | - |
E,K,L,M
|
308,416 | 3,493,009 | |||||||||||||
Other investments
|
161,540 |
a,b,d
|
(161,540 | ) | - | - | ||||||||||||
Deferred income tax asset
|
4,325 | - | - | 4,325 | ||||||||||||||
Trade and other receivables, net
|
74,847 | - |
B
|
850 | 75,697 | |||||||||||||
Investments in financial assets
|
- |
d
|
148,442 |
F
|
10,487 | 158,929 | ||||||||||||
Inventories
|
63,281 |
b,c
|
(63,281 | ) | - | - | ||||||||||||
Negative Goodwill
|
(36,576 | ) | - |
E
|
36,576 | - | ||||||||||||
Total Non-current Assets
|
4,376,158 | (1,295 | ) | 355,319 | 4,730,182 | |||||||||||||
Current assets
|
||||||||||||||||||
Trading properties
|
- |
b
|
3,999 |
C
|
(339 | ) | 3,660 | |||||||||||
Inventories
|
- |
a,b,f
|
490 | - | 490 | |||||||||||||
Trade and other receivables, net
|
62,324 |
f
|
1,295 |
B
|
2,973 | 66,592 | ||||||||||||
Investments in financial assets
|
2,441 |
e
|
29,377 | - | 31,818 | |||||||||||||
Cash and cash equivalents
|
52,999 | - | - | 52,999 | ||||||||||||||
Investments
|
29,377 |
a,b,e
|
(29,377 | ) | - | - | ||||||||||||
Inventories
|
4,489 |
b
|
(4,489 | ) | - | - | ||||||||||||
Total Current Assets
|
151,630 | 1,295 | 2,634 | 155,559 | ||||||||||||||
TOTAL ASSETS
|
4,527,788 | - | 357,953 | 4,885,741 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
Argentine GAAP balances I
|
Ref. 2.3.12.1
|
Reclassifications II
|
Ref. 2.3.12.2
|
Measurement adjustments III
|
RT 26 balances IV
|
|||||||||||||
SHAREHOLDERS’ EQUITY
|
||||||||||||||||||
Share capital
|
578,676 | - | - | 578,676 | ||||||||||||||
Inflation adjustment of share capital
|
274,387 | - | - | 274,387 | ||||||||||||||
Share Premium
|
793,123 | - | - | 793,123 | ||||||||||||||
Cumulative Translation Adjustment
|
63,012 | - |
A
|
(50,934 | ) | 12,078 | ||||||||||||
Reserve for share-based payments
|
2,698 | - | - | 2,698 | ||||||||||||||
Legal reserve
|
71,136 | - | - | 71,136 | ||||||||||||||
Other reserves
|
447,683 | - | - | 447,683 | ||||||||||||||
Acquisition of additional interest in subsidiaries
|
- | - |
K
|
(15,311 | ) | (15,311 | ) | |||||||||||
Retained earnings
|
134,577 | - | 420,109 | 554,686 | ||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY
|
2,365,292 | - | 353,864 | 2,719,156 | ||||||||||||||
LIABILITIES
|
||||||||||||||||||
Non-current Liabilities
|
||||||||||||||||||
Trade and other payables
|
7,644 | - |
H,I
|
(465 | ) | 7,179 | ||||||||||||
Deferred income tax liabilities
|
33,367 | - |
Q
|
4,636 | 38,003 | |||||||||||||
Borrowings
|
1,621,385 | - | - | 1,621,385 | ||||||||||||||
Total Non-current Liabilities
|
1,662,396 | - | 4,171 | 1,666,567 | ||||||||||||||
Current Liabilities
|
||||||||||||||||||
Trade and other payables
|
132,537 | - |
H
|
405 | 132,942 | |||||||||||||
Payroll and social security liabilities
|
3,131 | - | - | 3,131 | ||||||||||||||
Borrowings
|
358,045 | - |
O
|
(487 | ) | 357,558 | ||||||||||||
Provisions
|
6,387 | - | - | 6,387 | ||||||||||||||
Total Current Liabilities
|
500,100 | - | (82 | ) | 500,018 | |||||||||||||
Total Liabilities
|
2,162,496 | - | 4,089 | 2,166,585 | ||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
4,527,788 | - | 357,953 | 4,885,741 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.4.
|
Reconciliation of statement of financial position as of June 30, 2012
|
Argentine GAAP balances I
|
Ref. 2.3.12.1
|
Reclassifications II
|
Ref. 2.3.12.2
|
Measurement adjustments III
|
RT 26 balances IV
|
|||||||||||||
ASSETS
|
||||||||||||||||||
Non-current Assets
|
||||||||||||||||||
Investment properties, net
|
- |
a
|
889,838 |
G
|
595 | 890,433 | ||||||||||||
Property, plant and equipment, net
|
894,317 |
a,f,g
|
(885,552 | ) | - | 8,765 | ||||||||||||
Trading properties
|
- |
b,c
|
68,854 |
C
|
(1,857 | ) | 66,997 | |||||||||||
Intangible assets, net
|
6,452 |
g
|
506 |
D,E
|
(971 | ) | 5,987 | |||||||||||
Inventories
|
63,089 |
b,c
|
(63,089 | ) | - | - | ||||||||||||
Investments in subsidiaries, associates and joint ventures
|
3,086,419 | - |
E,K,L,M
|
271,011 | 3,357,430 | |||||||||||||
Other investments
|
165,246 |
a,b,d
|
(165,246 | ) | - | - | ||||||||||||
Trade and other receivables, net
|
136,472 | - |
B
|
2,977 | 139,449 | |||||||||||||
Investments in financial assets
|
- |
d
|
153,434 |
F
|
10,160 | 163,594 | ||||||||||||
Negative goodwill
|
(36,056 | ) | - |
E
|
36,056 | - | ||||||||||||
Total Non-current Assets
|
4,315,939 | (1,255 | ) | 317,971 | 4,632,655 | |||||||||||||
Current Assets
|
||||||||||||||||||
Trading properties
|
- |
b,c
|
5,176 |
C
|
(1,056 | ) | 4,120 | |||||||||||
Inventories
|
5,650 |
b,c
|
(5,176 | ) | - | 474 | ||||||||||||
Trade and other receivables, net
|
65,960 |
f
|
1,255 |
B
|
639 | 67,854 | ||||||||||||
Investments in financial assets
|
2,494 |
e
|
18,186 | - | 20,680 | |||||||||||||
Cash and cash equivalents
|
76,872 | - | - | 76,872 | ||||||||||||||
Other investments
|
18,186 |
e
|
(18,186 | ) | - | - | ||||||||||||
Total Current Assets
|
169,162 | 1,255 | (417 | ) | 170,000 | |||||||||||||
TOTAL ASSETS
|
4,485,101 | - | 317,554 | 4,802,655 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
Argentine GAAP balances I
|
Ref. 2.3.12.1
|
Reclassifications II
|
Ref. 2.3.12.2
|
Measurement adjustments III
|
RT 26 balances IV
|
|||||||||||||
SHAREHOLDERS’ EQUITY
|
||||||||||||||||||
Share capital
|
578,676 | - | - | 578,676 | ||||||||||||||
Inflation adjustment of share capital
|
274,387 | - | - | 274,387 | ||||||||||||||
Share premium
|
793,123 | - | - | 793,123 | ||||||||||||||
Cumulative translation adjustment
|
79,975 | - |
A
|
(65,473 | ) | 14,502 | ||||||||||||
Reserve for share-based payments
|
2,595 | - | - | 2,595 | ||||||||||||||
Legal reserve
|
71,136 | - | - | 71,136 | ||||||||||||||
Other reserves
|
419,783 | - | - | 419,783 | ||||||||||||||
Acquisition of non-controlling interest
|
- | - |
K
|
(15,714 | ) | (15,714 | ) | |||||||||||
Retained earnings
|
115,604 | - | 395,249 | 510,853 | ||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY
|
2,335,279 | - | 314,062 | 2,649,341 | ||||||||||||||
LIABILITIES
|
||||||||||||||||||
Non-current Liabilities
|
||||||||||||||||||
Trade and other payables
|
7,517 | - |
H,I
|
(818 | ) | 6,699 | ||||||||||||
Borrowings
|
1,550,369 | - | - | 1,550,369 | ||||||||||||||
Deferred income tax liabilities
|
15,525 | - |
Q
|
3,654 | 19,179 | |||||||||||||
Provisions
|
6,198 | - | - | 6,198 | ||||||||||||||
Total Non-current Liabilities
|
1,579,609 | - | 2,836 | 1,582,445 | ||||||||||||||
Current Liabilities
|
||||||||||||||||||
Trade and other payables
|
112,449 | - |
H
|
779 | 113,228 | |||||||||||||
Payroll and social security liabilities
|
5,151 | - | - | 5,151 | ||||||||||||||
Borrowings
|
451,738 | - |
O
|
(123 | ) | 451,615 | ||||||||||||
Provisions
|
875 | - | - | 875 | ||||||||||||||
Total Current Liabilities
|
570,213 | - | 656 | 570,869 | ||||||||||||||
Total Liabilities
|
2,149,822 | - | 3,492 | 2,153,314 | ||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
4,485,101 | - | 317,554 | 4,802,655 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
Argentine GAAP balances I
|
Ref. 2.3.12.1
|
Reclassifications II
|
Ref. 2.3.12.2
|
Measurement adjustments III
|
RT 26 balances IV
|
|||||||||||||
Revenues
|
200,829 |
i,ii
|
(13,254 | ) |
B,H
|
(109 | ) | 187,466 | ||||||||||
Costs
|
(67,139 | ) |
i,ii
|
(5,338 | ) |
C,E
|
3,422 | (69,055 | ) | |||||||||
Gross profit
|
133,690 | (18,592 | ) | 3,313 | 118,411 | |||||||||||||
Gain from disposal of investment properties
|
- |
ii
|
18,205 |
J
|
24,532 | 42,737 | ||||||||||||
General and Administrative expenses
|
(48,532 | ) |
iii
|
(40 | ) | - | (48,572 | ) | ||||||||||
Selling expenses
|
(10,993 | ) |
iii
|
443 | - | (10,550 | ) | |||||||||||
Gain from recognition of inventories at net realizable value
|
26,285 | - |
C,J
|
(26,285 | ) | - | ||||||||||||
Other operating results, net
|
- |
iii
|
(8,553 | ) | - | (8,553 | ) | |||||||||||
Profit from operations
|
100,450 | (8,537 | ) | 1,560 | 93,473 | |||||||||||||
Share of profit of subsidiaries, associates and joint ventures
|
308,051 |
iv
|
(1,575 | ) |
K,L,M
|
(51,073 | ) | 255,403 | ||||||||||
Profit from operations before financial results and income tax
|
408,501 | (10,112 | ) | (49,513 | ) | 348,876 | ||||||||||||
Amortization of goodwill, net
|
1,558 | - |
E
|
(1,558 | ) | - | ||||||||||||
Finance income
|
58,624 |
iv
|
809 | - | 59,433 | |||||||||||||
Finance cost
|
(279,580 | ) |
iv
|
680 |
F,G,H,I,O
|
309 | (278,591 | ) | ||||||||||
Financial results, net
|
(220,956 | ) | 1,489 | 309 | (219,158 | ) | ||||||||||||
Other income and expenses, net
|
(8,623 | ) |
iii
|
8,623 | - | - | ||||||||||||
Profit before Income Tax
|
180,480 | - | (50,762 | ) | 129,718 | |||||||||||||
Income tax
|
47,474 | - |
Q
|
(570 | ) | 46,904 | ||||||||||||
Profit of the period
|
227,954 | - | (51,332 | ) | 176,622 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.6.
|
Reconciliation of statement of income for the three-month period ended March 31, 2012
|
Argentine GAAP balances I
|
Reclassifications II (*)
|
Measurement adjustments III (*)
|
RT 26 balances IV
|
|||||||||||||
Revenues
|
70,540 | (8,656 | ) | (25 | ) | 61,859 | ||||||||||
Costs
|
(30,615 | ) | 6,696 | 1,551 | (22,368 | ) | ||||||||||
Gross profit
|
39,925 | (1,960 | ) | 1,526 | 39,491 | |||||||||||
Gain from disposal of investment properties
|
- | 1,573 | 16,437 | 18,010 | ||||||||||||
General and Administrative expenses
|
(17,227 | ) | (40 | ) | - | (17,267 | ) | |||||||||
Selling expenses
|
(3,908 | ) | 443 | - | (3,465 | ) | ||||||||||
Gain from recognition of inventories at net realizable value
|
1,254 | - | (1,254 | ) | - | |||||||||||
Other results, net
|
- | (1,898 | ) | - | (1,898 | ) | ||||||||||
Profit from operations
|
20,044 | (1,882 | ) | 16,709 | 34,871 | |||||||||||
Share of profit / (loss) of subsidiaries, associates and joint ventures
|
113,718 | (343 | ) | (3,362 | ) | 110,013 | ||||||||||
Profit from operations before financial results and income tax
|
133,762 | (2,225 | ) | 13,347 | 144,884 | |||||||||||
Amortization of goodwill, net
|
519 | - | (519 | ) | - | |||||||||||
Finance income
|
33,554 | 809 | - | 34,363 | ||||||||||||
Finance cost
|
(89,634 | ) | (552 | ) | 1,959 | (88,227 | ) | |||||||||
Financial results, net
|
(56,080 | ) | 257 | 1,959 | (53,864 | ) | ||||||||||
Other income and expenses, net
|
(1,968 | ) | 1,968 | - | - | |||||||||||
Profit before income tax
|
76,233 | - | 14,787 | 91,020 | ||||||||||||
Income tax
|
10,537 | - | (6,486 | ) | 4,051 | |||||||||||
Profit for the period
|
86,770 | - | 8,301 | 95,071 |
(*) Corresponds to the same references explained in Notes 2.3.5 and 2.3.7
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.7.
|
Reconciliation of statement of income for the year ended June 30, 2012
|
Argentine GAAP balances I
|
Ref. 2.3.12.1
|
Reclassifications II
|
Ref. 2.3.12.2
|
Measurement adjustments III
|
RT 26 balances IV
|
|||||||||||||
Revenues
|
344,010 |
i,ii
|
(90,424 | ) |
B,H
|
(135 | ) | 253,451 | ||||||||||
Costs
|
(96,207 | ) |
i,ii
|
(1,732 | ) |
C,E
|
4,339 | (93,600 | ) | |||||||||
Gross profit
|
247,803 | (92,156 | ) | 4,204 | 159,851 | |||||||||||||
Gain from disposal of investment properties
|
- |
ii
|
92,156 |
J
|
24,532 | 116,688 | ||||||||||||
General and Administrative expenses
|
(68,141 | ) | - | - | (68,141 | ) | ||||||||||||
Selling expenses
|
(19,142 | ) | - | - | (19,142 | ) | ||||||||||||
Gain from recognition of inventories at net realizable value
|
28,033 | - |
C,J
|
(28,033 | ) | - | ||||||||||||
Other operating results, net
|
- |
iii
|
11,466 |
D,E
|
(1,139 | ) | 10,327 | |||||||||||
Profit from operations
|
188,553 | 11,466 | (436 | ) | 199,583 | |||||||||||||
Share of profit / (loss) of subsidiaries, associates and joint ventures
|
368,474 |
iv
|
(2,133 | ) |
K,L,M
|
(73,348 | ) | 292,993 | ||||||||||
Profit from operations before financial results and income tax
|
557,027 | 9,333 | (73,784 | ) | 492,576 | |||||||||||||
Amortization of goodwill, net
|
2,078 | - |
E
|
(2,078 | ) | - | ||||||||||||
Finance income
|
46,429 | 2,133 | - | 48,562 | ||||||||||||||
Finance cost
|
(396,791 | ) |
iv
|
- |
F,H,O,I
|
(741 | ) | (397,532 | ) | |||||||||
Financial results, net
|
(350,362 | ) | 2,133 | (741 | ) | (348,970 | ) | |||||||||||
Other income and expenses, net
|
11,466 |
iii
|
(11,466 | ) | - | - | ||||||||||||
Profit before income tax
|
220,209 | - | (76,603 | ) | 143,606 | |||||||||||||
Income tax
|
59,872 | - |
Q
|
413 | 60,285 | |||||||||||||
Profit for the year
|
280,081 | - | (76,190 | ) | 203,891 | |||||||||||||
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.8.
|
Reconciliation of statement of comprehensive income for the nine-month period ended March 31, 2012
|
Argentine GAAP balances I
|
Ref. 2.3.12.2
|
Measurement adjustments III
|
RT 26 balances IV
|
||||||||||
Profit for the period
|
227,954 | (51,332 | ) | 176,622 | |||||||||
Other comprehensive income:
|
|||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
|||||||||||||
Currency translation adjustments of subsidiaries, associates and joint ventures
|
28,888 |
L
|
(16,810 | ) | 12,078 | ||||||||
Other comprehensive income / (loss) for the period
|
28,888 | (16,810 | ) | 12,078 | |||||||||
Total comprehensive income / (loss) for the period
|
256,842 | (68,142 | ) | 188,700 |
2.3.9.
|
Reconciliation of statement of comprehensive income for the three-month period ended March 31, 2012
|
Argentine GAAP balances I
|
Measurement adjustments III (*)
|
RT 26 balances IV
|
||||||||||
Profit for the period
|
86,770 | 8,301 | 95,071 | |||||||||
Other comprehensive income:
|
||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
||||||||||||
Currency translation adjustments of subsidiaries, associates and joint ventures
|
8,827 | (5,533 | ) | 3,294 | ||||||||
Other comprehensive income / (loss) for the period
|
8,827 | (5,533 | ) | 3,294 | ||||||||
Total comprehensive Income / (loss) for the period
|
95,597 | 2,768 | 98,365 |
|
(*) Corresponds to the same references explained in Notes 2.3.8 and 2.3.10.
|
2.3.10.
|
Reconciliation of statement of comprehensive income for the year ended June 30, 2012
|
Argentine GAAP balances I
|
Ref. 2.3.12.2
|
Measurement adjustments III
|
RT 26 balances IV
|
||||||||||
Profit for the year
|
280,081 | (76,190 | ) | 203,891 | |||||||||
Other comprehensive income:
|
|||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
|||||||||||||
Currency translation adjustments of subsidiaries, associates and joint ventures
|
45,851 |
L
|
(31,349 | ) | 14,502 | ||||||||
Other comprehensive income/(loss) for the year
|
45,851 | (31,349 | ) | 14,502 | |||||||||
Total comprehensive income/(loss) for the year
|
325,932 | (107,539 | ) | 218,393 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.11.
|
Reconciliation of statements of cash flows for the nine-month period ended March 31, 2012 and for the year ended June 30, 2012
|
(a)
|
Operating activities
|
03.31.2012 | 06.30.2012 | |||||||
Cash generated by operating activities under Argentine GAAP
|
177,001 | 244,489 | ||||||
Proceeds from sale of investment properties and property, plant and equipment
|
(52,827 | ) | (132,941 | ) | ||||
Foreign exchange gain on cash and cash equivalents
|
(519 | ) | (517 | ) | ||||
Cash generated by operating activities under RT 26
|
123,655 | 111,031 |
(b)
|
Investing activities
|
03.31.2012 | 06.30.2012 | |||||||
Cash generated by investing activities under Argentine GAAP
|
80,887 | 191,012 | ||||||
Proceeds from sale of investment properties and property, plant and equipment
|
52,827 | 132,941 | ||||||
Cash generated by investing activities under RT 26
|
133,714 | 323,953 |
(c)
|
Financing activities
|
03.31.2012 | 06.30.2012 | |||||||
Cash used in financing activities under Argentine GAAP
|
(250,052 | ) | (403,791 | ) | ||||
Cash used in financing activities under RT 26
|
(250,052 | ) | (403,791 | ) |
(d)
|
Net increase / (decrease) in cash and cash equivalents
|
03.31.2012 | 06.30.2012 | |||||||
Net increase in cash and cash equivalents under Argentine GAAP
|
7,836 | 31,710 | ||||||
Exchange gain on cash and cash equivalents
|
(519 | ) | (517 | ) | ||||
Net increase in cash and cash equivalents under RT 26
|
7,317 | 31,193 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.12.
|
Explanation of the transition to IFRS
|
(1)
|
The line items “Trade receivables” and “Other receivables” have been grouped into the new line item “Trade and other receivables, net”.
|
(2)
|
The line items “Trade payables”, “Customer advances”, “Taxes payable” and “Other liabilities” have been also grouped into the new line item “Trade and other payables”, with the exception of income tax and deferred income taxes which have been shown separately.
|
(3)
|
Goodwill which was previously disclosed separately offsetting negative goodwill has been included as part of “Intangible assets, net”.
|
(4)
|
Cash equivalents previously disclosed as part of the line item current investments have been grouped together with cash and banks, and the resulting line renamed “Cash and cash equivalents”.
|
(5)
|
Derivative financial instruments which were previously included as part of the non-current line items “Other receivables”, “Other payables” and/ or “Non-current investments” have been disclosed as separate assets or liabilities as appropriate.
|
(6)
|
Investments in subsidiaries, associates and joint ventures previously included as part of “Non-current investments” have been separately disclosed in the new line item “Investments in subsidiaries, associates and joint ventures”.
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
(1)
|
The format of the statements of income has been restructured to simplify its reading. To that effect, all revenue streams of the Company which were previously disclosed separately (i.e. sale of development properties, leases and services revenue), together with its corresponding costs of sales, have been aggregated into two line items titled "Revenues" and "Costs" in Column I. Revenues and Costs are then cross-referenced to respective notes in the financial statements where a detailed breakdown of the items included is provided per line of business.
|
(2)
|
According to Argentine GAAP, the share of losses and profits from subsidiaries, associates and joint ventures is shown after the financial results. Likewise, under IFRSs, the share of profits and losses from subsidiaries, associates and joint ventures is generally shown after the financial results. However, where subsidiaries, associates and joint ventures are an integral vehicle to carry out the Company’s operations, it is more adequate to show the share of profits and losses of subsidiaries, associates and joint ventures before financial results. In accordance with its strategy, the Company conducts its operations through controlled companies, associates or joint ventures. Therefore, under RT 26, the Company shows the profits or losses from subsidiaries, associates and joint ventures before the financial results. For simplicity, the share of profits and losses from subsidiaries, associates and joint ventures is shown before financial results, in Column I.
|
(3)
|
According to Argentine GAAP, the financial results are separated between those generated by assets from those generated by liabilities. According to RT 26, the Company adopted the policy based on showing the finance income and the finance cost separately in the statements of income. In order to simplify the explanations, the Company reclassified the accounts according to Argentine GAAP presented in the captions “Financial results generated by assets” and “Financial results generated by liabilities” to “Finance Income” and “Finance Cost”, respectively, in Column I.
|
(4)
|
According to RT 26, income and expense items not recognized in the statements of income (that is, exchange differences related to translation of foreign businesses) are shown in the statement of comprehensive income as “Other comprehensive income”. According to Argentine GAAP in force, the statements of comprehensive income are not mandatory and, therefore, such items are recognized as part of shareholders’ equity, in a separate reserve account. For simplicity, these items are shown in “Other comprehensive income” in Column I.
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.12.1
|
Reclassifications (Column II)
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
|
2.3.12.2 Measurement adjustments (Column III)
|
(A)
|
Foreign currency translation
|
(B)
|
Revenue recognition – “scheduled rent increases”
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
(I)
|
Present value accounting – tax credits
|
(K)
|
Impact of adjustments according to RT 26 in investments in subsidiaries
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.4.
|
Significant accounting policies
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.5.
|
Use of estimates
|
3.
|
Acquisitions and disposals
|
4.
|
Financial risk management
|
4.1.
|
Risk management principles and processes
|
4.
|
Financial risk management (Continued)
|
4.2.
|
Fair value estimates
|
5.
|
Information about principal subsidiaries, associates and joint ventures
|
03.31.2013 | 06.30.2012 | |||||||
Beginning of the period/year
|
3,031,541 | 2,984,283 | ||||||
Acquisition of subsidiaries
|
- | 202 | ||||||
Capital contribution
|
113,886 | 68,857 | ||||||
Disposal of subsidiaries
|
- | (19,448 | ) | |||||
Share of profit, net
|
415,272 | 274,690 | ||||||
Translation adjustment (iii)
|
23,998 | 5,344 | ||||||
Dividend payments (ii)
|
(139,417 | ) | (284,431 | ) | ||||
Reimbursement of expired dividends
|
591 | - | ||||||
Acquisition of non-controlling interest
|
(892 | ) | - | |||||
Reserve for share-based compensation
|
4,624 | 2,044 | ||||||
End of the period/year (i) year
|
3,449,603 | 3,031,541 |
(i)
|
Includes (Ps. 226) of investments with negative equity as of March 31, 2013, which are classified to Provisions (Note 16).
|
(ii)
|
During the period, the Company collected dividends from APSA and Nuevas Fronteras S.A. for an amount of Ps. 133.8 million and Ps. 5.6 million, respectively.
|
(iii)
|
As of March 31, 2013, corresponds to the translation adjustment of the period plus the reclassification of translation adjustment.
|
03.31.2013 | 06.30.2012 | |||||||
Beginning of the period/year
|
206,245 | 188,317 | ||||||
Acquisition of associates
|
- | 1,429 | ||||||
Share of profit, net
|
13,195 | 16,499 | ||||||
Dividend payments
|
(8,452 | ) | - | |||||
End of the period/year
|
210,988 | 206,245 |
03.31.2013 | 06.30.2012 | |||||||
Beginning of the period/year
|
119,644 | 117,125 | ||||||
Capital contributions
|
509 | 715 | ||||||
Share of profit, net
|
10,632 | 1,804 | ||||||
End of the period/year
|
130,785 | 119,644 |
03.31.2013 | 06.30.2012 | |||||||
Beginning of period / year
|
890,433 | 925,906 | ||||||
Additions
|
2,242 | 12,343 | ||||||
Sales (ii)
|
(27,340 | ) | (27,365 | ) | ||||
Depreciation charge (i)
|
(21,222 | ) | (20,451 | ) | ||||
End of period / year
|
844,113 | 890,433 |
03.31.2013 | 03.31.2012 | |||||||
Rental and service income
|
191,282 | 169,413 | ||||||
Direct operating expenses
|
(75,114 | ) | (61,993 | ) | ||||
Gain from disposal of investment properties
|
63,783 | 42,737 |
03.31.2013 | 06.30.2012 | |||||||
Beginning of period / year
|
8,765 | 10,138 | ||||||
Additions
|
1,023 | 2,705 | ||||||
Disposals of unused property, plant and equipment
|
(931 | ) | (2,366 | ) | ||||
Depreciation charge (i)
|
(563 | ) | (1,712 | ) | ||||
End of period / year
|
8,294 | 8,765 |
03.31.2013 | 06.30.2012 | |||||||
Beginning of period / year
|
71,117 | 76,092 | ||||||
Additions
|
- | 1,886 | ||||||
Sales
|
(3,867 | ) | (6,861 | ) | ||||
End of period / year
|
67,250 | 71,117 |
03.31.2013 | 06.30.2012 | |||||||
Beginning of period / year
|
5,987 | 8,724 | ||||||
Additions
|
156 | 1,188 | ||||||
Disposals
|
- | (2,951 | ) | |||||
Amortization charge (i)
|
(209 | ) | (974 | ) | ||||
End of period / year
|
5,934 | 5,987 |
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Current
|
||||||||||||
Materials and other inventories (i)
|
511 | 474 | 427 | |||||||||
Current inventories
|
511 | 474 | 427 | |||||||||
Total inventories
|
511 | 474 | 427 |
(i)
|
The cost of inventories is recorded in “Costs” in the statement of income (Note 22).
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Non-current
|
||||||||||||
Sale, leases and services receivable
|
10,701 | 10,322 | 3,072 | |||||||||
Non-current trade receivables
|
10,701 | 10,322 | 3,072 | |||||||||
Minimum Presumed Income tax (MPIT)
|
95,200 | 76,328 | 54,278 | |||||||||
Others
|
526 | - | 366 | |||||||||
Non-current other receivables
|
95,726 | 76,328 | 54,644 | |||||||||
Related parties (Note 27)
|
41,906 | 52,799 | 2,851 | |||||||||
Total non-current trade and other receivables, net
|
148,333 | 139,449 | 60,567 |
Current
|
||||||||||||
Sale, leases and services receivable
|
26,489 | 29,663 | 32,700 | |||||||||
Checks to be deposited
|
- | 16 | 6,908 | |||||||||
Notes receivable
|
- | 381 | - | |||||||||
Overdue debtors and debtors under legal proceedings
|
2,911 | 2,911 | 8,596 | |||||||||
Less: allowance for trade receivables
|
(5,521 | ) | (4,783 | ) | (9,822 | ) | ||||||
Trade receivables, net
|
23,879 | 28,188 | 38,382 | |||||||||
Gross sales tax credit
|
35 | 414 | - | |||||||||
Other tax receivables
|
2,218 | 2,530 | 2,363 | |||||||||
Prepaid expenses
|
1,574 | 4,974 | 5,417 | |||||||||
Expenses and services to recover
|
1,666 | 2,369 | - | |||||||||
Advance payments
|
2,989 | 1,255 | 1,904 | |||||||||
Others
|
947 | 1,222 | 8,395 | |||||||||
Less: allowance for other receivables
|
(23 | ) | - | - | ||||||||
Current other receivables, net
|
9,406 | 12,764 | 18,079 | |||||||||
Related parties (Note 27)
|
30,331 | 26,902 | 70,144 | |||||||||
Current trade and other receivables, net
|
63,616 | 67,854 | 126,605 | |||||||||
Total trade and other receivables, net
|
211,949 | 207,303 | 187,172 |
03.31.2013 | 06.30.2012 | |||||||
Beginning of period / year
|
4,783 | 9,822 | ||||||
Additions of the period / year
|
1,352 | 938 | ||||||
Unused amounts reversed
|
(591 | ) | (533 | ) | ||||
Used during the period / year
|
- | (5,444 | ) | |||||
End of period / year
|
5,544 | 4,783 |
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Non-current
|
||||||||||||
Financial assets at fair value
|
||||||||||||
Investment in equity securities in TGLT
|
77 | 86 | 105 | |||||||||
Investment in equity securities in Hersha
|
- | 19,608 | 18,337 | |||||||||
Other equity securities in public companies
|
25 | 221 | 271 | |||||||||
Financial assets at amortized cost
|
||||||||||||
Convertible notes APSA 2014 (i)
|
- | 143,679 | 130,444 | |||||||||
Total Non-current investments in financial assets
|
102 | 163,594 | 149,157 | |||||||||
Current
|
||||||||||||
Financial assets at fair value
|
||||||||||||
Mutual funds
|
2,709 | 2,494 | 2,170 | |||||||||
Public companies securities
|
- | 11,643 | 2,892 | |||||||||
Financial assets at amortized cost
|
||||||||||||
Notes APSA 2012
|
- | - | 13,367 | |||||||||
Interest on convertible notes APSA 2014 (i)
|
- | 6,534 | 5,861 | |||||||||
Other investments
|
11 | 9 | 12 | |||||||||
Total Current investments in financial assets
|
2,720 | 20,680 | 24,302 | |||||||||
Total investments in financial assets
|
2,822 | 184,274 | 173,459 |
(i)
|
As a result of the sale of convertible notes APSA 2014, the company posted income of Ps. 10,299. See Note 25.
|
13.
|
Cash flow information
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Cash at bank and on hand
|
81,464 | 76,405 | 27,276 | |||||||||
Mutual funds
|
40,874 | 467 | 17,887 | |||||||||
Total cash and cash equivalents
|
122,338 | 76,872 | 45,163 |
13.
|
Cash flow information (Continued)
|
Note
|
03.31.2013 | 03.31.2012 | |||||||
Profit for the period
|
320,638 | 176,622 | |||||||
Adjustments for:
|
|||||||||
Income tax
|
18
|
(71,774 | ) | (46,904 | ) | ||||
Depreciation and amortization
|
22
|
21,994 | 17,285 | ||||||
Gain from disposal of investment property
|
6
|
(63,783 | ) | (42,737 | ) | ||||
Disposals of unused property, plant and equipment
|
7
|
931 | - | ||||||
Gain from disposal of financial assets
|
25
|
(10,299 | ) | - | |||||
Share-based payments
|
23, 26
|
1,102 | 606 | ||||||
Loss of derivative financial instruments
|
25
|
- | 887 | ||||||
Changes in fair value of investments in financial assets
|
25
|
(26,440 | ) | 3,665 | |||||
Dividends income
|
25
|
- | (634 | ) | |||||
Interest expense, net
|
25
|
155,941 | 155,017 | ||||||
Provisions and allowances
|
38,472 | 29,636 | |||||||
Share of (profit)/ loss of subsidiaries, associates and joint ventures
|
(439,099 | ) | (255,403 | ) | |||||
Unrealized foreign exchange (gain) / loss, net
|
176,222 | 76,002 | |||||||
Increase in inventories
|
(37 | ) | (16 | ) | |||||
Decrease in trading properties
|
3,867 | 4,783 | |||||||
Decrease in trade and other receivables, net
|
1,095 | 14,679 | |||||||
Decrease in trade and other payables
|
(26,517 | ) | (8,009 | ) | |||||
Decrease in salaries and social security liabilities
|
(4,218 | ) | (1,824 | ) | |||||
Net cash generated by operating activities
|
78,095 | 123,655 |
Additional information
|
|||||||||
03.31.2013 | 03.31.2012 | ||||||||
Increase in investments in financial assets through an increase in borrowings
|
18,767 | - | |||||||
Dividends receivable
|
5,615 | 1,000 | |||||||
Increase in investments in subsidiaries through a decrease in trade and other receivables
|
25,678 | 7,850 | |||||||
Reserve for share-based payment
|
5
|
4,624 | 2,092 | ||||||
Cumulative translation adjustment
|
23,998 | 12,078 | |||||||
Acquisition of non-controlling interest
|
1,540 | 15,311 | |||||||
Reimbursement of expired dividends
|
5
|
591 | 3,640 | ||||||
Dividends payable
|
52,487 | - |
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Non-current
|
||||||||||||
Sales, rent and services payments received in advance
|
4,139 | 617 | - | |||||||||
Guarantee deposits
|
3,759 | 5,739 | 4,285 | |||||||||
Trade payables
|
7,898 | 6,356 | 4,285 | |||||||||
Tax on Shareholders´ personal assets payable
|
1,067 | - | - | |||||||||
Others
|
299 | 327 | 747 | |||||||||
Non-current other payables
|
1,366 | 327 | 747 | |||||||||
Related parties (Note 27)
|
17 | 16 | - | |||||||||
Non-current trade and other payables
|
9,281 | 6,699 | 5,032 | |||||||||
Current
|
||||||||||||
Trade payables
|
5,063 | 7,061 | 6,635 | |||||||||
Invoices to be received
|
7,980 | 10,019 | 6,746 | |||||||||
Sales, rent and services payments received in advance
|
23,043 | 10,216 | 4,971 | |||||||||
Guarantee deposits
|
4,250 | 1,336 | 2,901 | |||||||||
Total current trade payables
|
40,336 | 28,632 | 21,253 | |||||||||
VAT payables
|
2,411 | 6,961 | 6,635 | |||||||||
Other tax payables
|
13,629 | 10,098 | 6,116 | |||||||||
Dividends payable to non-controlling shareholders
|
52,487 | 28,632 | - | |||||||||
Others
|
2,532 | 3,254 | 1,302 | |||||||||
Current other payables
|
71,059 | 48,945 | 14,053 | |||||||||
Related parties (Note 27)
|
21,373 | 35,651 | 17,387 | |||||||||
Current trade and other payables
|
132,768 | 113,228 | 52,693 | |||||||||
Total trade and other payables
|
142,049 | 119,927 | 57,725 |
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Current
|
||||||||||||
Provision for vacation and bonuses
|
3,076 | 4,475 | 2,720 | |||||||||
Salaries payable
|
18 | 252 | 72 | |||||||||
Social security payable
|
426 | 424 | 294 | |||||||||
Total current salaries and social security liabilities
|
3,520 | 5,151 | 3,086 | |||||||||
Total salaries and social security liabilities
|
3,520 | 5,151 | 3,086 |
Labor, legal and other claims
|
Investments in subsidiaries (*)
|
Total
|
||||||||||
At July 1st, 2011
|
1,082 | - | 1,082 | |||||||||
Additions
|
5,992 | 99 | 6,091 | |||||||||
Used during year
|
(100 | ) | - | (100 | ) | |||||||
At June 30, 2012
|
6,974 | 99 | 7,073 | |||||||||
Additions
|
6,095 | 127 | 6,222 | |||||||||
Used during period
|
(485 | ) | - | (485 | ) | |||||||
At March 31, 2013
|
12,584 | 226 | 12,810 |
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||
Non-current
|
7,065 | 6,198 | - | |||||||||
Current
|
5,745 | 875 | 1,082 | |||||||||
12,810 | 7,073 | 1,082 |
Book value
|
|||||||||||||||||||||||
Secured/ unsecured
|
Currency
|
Fixed/ floating
|
Effective
interest rate %
|
Nominal value
|
03.31.2013 | 06.30.2012 | 07.01.2011 | ||||||||||||||||
Non-current
|
|||||||||||||||||||||||
IRSA NCN due 2013
|
Unsecured
|
Ps.
|
Floating
|
Badlar +2.49%
|
153,152 | - | 51,032 | - | |||||||||||||||
IRSA NCN due 2014
|
Unsecured
|
US$
|
Fixed
|
7.45 | % | 33,832 | - | 114,665 | - | ||||||||||||||
IRSA NCN due 2017 (Note 27)
|
Unsecured
|
US$
|
Fixed
|
8.50 | % | 150,000 | 765,749 | 675,852 | 612,419 | ||||||||||||||
IRSA NCN due 2020
|
Unsecured
|
US$
|
Fixed
|
11.50 | % | 150,000 | 749,681 | 661,078 | 598,116 | ||||||||||||||
Long-term loans
|
Secured
|
US$
|
Fixed
|
12 | % | - | - | - | 27,585 | ||||||||||||||
Related parties (Note 27)
|
Unsecured
|
Ps.
|
Floating
|
Badlar
|
13,532 | 14,442 | - | - | |||||||||||||||
Related parties (Note 27)
|
Unsecured
|
US$
|
Floating
|
Libor 3m +200
|
8,012 | 41,038 | 36,271 | 55,139 | |||||||||||||||
Related parties (Note 27)
|
Unsecured
|
US$
|
Fixed
|
7.50 | % | 2,224 | 17,516 | 11,418 | - | ||||||||||||||
Finance lease obligations
|
Secured
|
US$
|
Fixed
|
7.50 | % | 126 | 30 | 53 | - | ||||||||||||||
Total non-current borrowings
|
1,588,456 | 1,550,369 | 1,293,259 | ||||||||||||||||||||
Current
|
|||||||||||||||||||||||
IRSA NCN due 2013
|
Unsecured
|
Ps.
|
Floating
|
Badlar +2.49%
|
153,152 | 104,344 | 102,888 | - | |||||||||||||||
IRSA NCN due 2014
|
Unsecured
|
US$
|
Fixed
|
7.45 | % | 33,832 | 174,388 | 38,278 | - | ||||||||||||||
IRSA NCN due 2017 (Note 27)
|
Unsecured
|
US$
|
Fixed
|
8.5 | % | 150,000 | 9,647 | 23,175 | 20,960 | ||||||||||||||
IRSA NCN due 2020
|
Unsecured
|
US$
|
Fixed
|
11.5 | % | 150,000 | 15,985 | 34,003 | 30,800 | ||||||||||||||
Bank overdrafts
|
Unsecured
|
Ps.
|
Floating
|
- | - | 90,045 | 143,997 | 365,198 | |||||||||||||||
Short-term loans
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 400 Bps or 18.85% the lowest
|
- | - | 50,004 | 50,240 | |||||||||||||||
Short-term loans
|
Unsecured
|
Ps.
|
Fixed
|
14 | % | - | - | 30,335 | 29,890 | ||||||||||||||
Short-term loans
|
Secured
|
US$
|
Fixed
|
12 | % | 968 | - | 914 | 28,728 | ||||||||||||||
Finance lease obligations
|
Secured
|
US$
|
Fixed
|
7.50 | % | 126 | 111 | 157 | - | ||||||||||||||
Related parties (Note 27)
|
Unsecured
|
Ps.
|
Floating
|
Badlar
|
67,369 | 83,484 | 7 | - | |||||||||||||||
Related parties (Note 27)
|
Unsecured
|
Ps.
|
Fixed
|
7.50 | % | 6,000 | 31,414 | - | - | ||||||||||||||
Related parties (Note 27)
|
Unsecured
|
US$
|
Floating
|
Libor 3m +200
|
8,012 | 654 | 410 | 198 | |||||||||||||||
Related parties (Note 27)
|
Unsecured
|
US$
|
Fixed
|
5 | % | 5,950 | 31,747 | 27,447 | 5,172 | ||||||||||||||
Total Current borrowings
|
541,819 | 451,615 | 531,186 | ||||||||||||||||||||
Total borrowings
|
2,130,275 | 2,001,984 | 1,824,445 |
03.31.2013 | 03.31.2012 | |||||||
Current income tax
|
- | - | ||||||
Deferred income tax
|
(71,774 | ) | (46,904 | ) | ||||
Income tax
|
(71,774 | ) | (46,904 | ) |
03.31.2013 | 06.30.2012 | |||||||
Beginning of period / year
|
(19,179 | ) | (79,464 | ) | ||||
Income tax gain
|
71,774 | 60,285 | ||||||
End of period / year
|
52,595 | (19,179 | ) |
03.31.2013 | 03.31.2012 | |||||||
Net income at tax rate
|
87,102 | 45,401 | ||||||
Permanent differences:
|
||||||||
Share of profit/(loss) from subsidiaries, associates and joint ventures
|
(153,685 | ) | (89,391 | ) | ||||
Others
|
(6,307 | ) | (4,874 | ) | ||||
Non-deductible items
|
1,116 | 1,960 | ||||||
Income tax expense
|
(71,774 | ) | (46,904 | ) |
03.31.2013 | 03.31.2012 | |||||||
Rental and scheduled rent increases
|
139,289 | 127,589 | ||||||
Expenses
|
49,123 | 40,014 | ||||||
Property management fee
|
2,701 | 1,737 | ||||||
Others
|
169 | 73 | ||||||
Total rental and service income
|
191,282 | 169,413 | ||||||
Sale of trading properties
|
15,914 | 18,053 | ||||||
Total other revenue
|
15,914 | 18,053 | ||||||
Total revenues
|
207,196 | 187,466 |
21.
|
Costs
|
03.31.2013 | 03.31.2012 | |||||||
Leases and service costs
|
75,114 | 61,993 | ||||||
Cost of sales and development
|
5,569 | 7,062 | ||||||
Total cost of property operations
|
80,683 | 69,055 | ||||||
Total costs
|
80,683 | 69,055 |
Costs
|
||||||||||||||||||||
Cost of rental and services
|
Cost of sale
and development
|
General and administrative expenses
|
Selling expenses
|
Total
|
||||||||||||||||
Leases and service charges
|
10,219 | 787 | 558 | - | 11,564 | |||||||||||||||
Depreciation and amortization
|
21,321 | - | 640 | 33 | 21,994 | |||||||||||||||
Allowances for trade and other receivables
|
- | - | - | 761 | 761 | |||||||||||||||
Salaries, social security costs and other personnel expenses
|
7,905 | 86 | 19,837 | 4,319 | 32,147 | |||||||||||||||
Director´s fees
|
- | - | 26,645 | - | 26,645 | |||||||||||||||
Fees and payments for services
|
2,619 | 40 | 4,051 | 985 | 7,695 | |||||||||||||||
Maintenance, security, cleaning, repairs and others
|
26,209 | 44 | 1,636 | 124 | 28,013 | |||||||||||||||
Taxes, rates and contributions
|
6,074 | 728 | 275 | 4,424 | 11,501 | |||||||||||||||
Advertising and others selling expenses
|
- | - | - | 1,549 | 1,549 | |||||||||||||||
Cost of sale of trading properties
|
- | 3,867 | - | - | 3,867 | |||||||||||||||
Others
|
767 | 17 | 3,186 | 220 | 4,190 | |||||||||||||||
Total expenses by nature
|
75,114 | 5,569 | 56,828 | 12,415 | 149,926 |
22.
|
Expenses by nature (Continued)
|
Costs
|
||||||||||||||||||||
Cost of rental and services
|
Cost of sale
and development
|
General and administrative expenses
|
Selling expenses
|
Total
|
||||||||||||||||
Leases and service charges
|
8,287 | 1,073 | 626 | 8 | 9,994 | |||||||||||||||
Depreciation and amortization
|
16,803 | - | 482 | - | 17,285 | |||||||||||||||
Allowances for trade and other receivables
|
- | - | - | 125 | 125 | |||||||||||||||
Salaries, social security costs and other personnel expenses
|
7,984 | 66 | 20,545 | 2,428 | 31,023 | |||||||||||||||
Director´s fees
|
- | - | 17,996 | - | 17,996 | |||||||||||||||
Fees and payments for services
|
1,139 | 296 | 5,374 | 1,525 | 8,334 | |||||||||||||||
Maintenance, security, cleaning, repairs and others
|
21,013 | 39 | 1,333 | 118 | 22,503 | |||||||||||||||
Taxes, rates and contributions
|
6,168 | 850 | 204 | 4,112 | 11,334 | |||||||||||||||
Advertising and others selling expenses
|
- | - | - | 2,108 | 2,108 | |||||||||||||||
Cost of sale of trading properties
|
- | 4,738 | - | - | 4,738 | |||||||||||||||
Others
|
599 | - | 2,012 | 126 | 2,737 | |||||||||||||||
Total expenses by nature
|
61,993 | 7,062 | 48,572 | 10,550 | 128,177 |
03.31.2013 | 03.31.2012 | |||||||
Salaries, bonuses and social security costs
|
29,546 | 29,121 | ||||||
Share-based compensation
|
1,102 | 606 | ||||||
Pension costs – defined contribution plan
|
74 | 89 | ||||||
Other expenses and benefits
|
1,425 | 1,207 | ||||||
Employee costs
|
32,147 | 31,023 |
03.31.2013 | 03.31.2012 | |||||||
Related parties management fees (Note 27)
|
486 | 612 | ||||||
Personal assets tax
|
(2,968 | ) | (3,065 | ) | ||||
Donations
|
(221 | ) | (2,389 | ) | ||||
Lawsuits and other contingencies (1)
|
(6,019 | ) | (5,278 | ) | ||||
Others
|
(2,358 | ) | 1,567 | |||||
Total other operating results, net
|
(11,080 | ) | (8,553 | ) |
(1)
|
Includes judicial costs and expenses
|
03.31.2013 | 03.31.2012 | |||||||
Finance income:
|
||||||||
- Interest income
|
11,775 | 15,664 | ||||||
- Foreign exchange gains
|
42,503 | 43,135 | ||||||
- Fair value gains of investments in financial assets
|
26,440 | - | ||||||
- Gain from sale of financial assets (i)
|
10,299 | - | ||||||
- Dividends income
|
- | 634 | ||||||
Total finance income
|
91,017 | 59,433 | ||||||
Finance costs:
|
||||||||
- Interest expense
|
(168,965 | ) | (170,681 | ) | ||||
- Foreign exchange losses
|
(213,601 | ) | (94,389 | ) | ||||
- Loss on derivatives financial instruments
|
- | (887 | ) | |||||
- Fair value loss of investments in financial assets
|
- | (3,665 | ) | |||||
- Other finance costs
|
(8,659 | ) | (8,969 | ) | ||||
Total finance costs
|
(391,225 | ) | (278,591 | ) | ||||
Total financial results, net
|
(300,208 | ) | (219,158 | ) |
(i)
|
See Note 3.
|
Related party
|
Ref.
|
Description
of transaction
|
Trade and other receivables, net non-current
|
Trade and other receivables, net current
|
Trade
and other payables
non-current
|
Trade
and other payables current
|
Borrowings
non-current
|
Borrowings
current
|
||||||||||||||||||
Consultores Asset Management S.A.
|
(5)
|
Reimbursement of expenses
|
- | 2,412 | - | (36 | ) | - | - | |||||||||||||||||
Estudio Zang, Bergel & Viñes
|
(6)
|
Advances
|
- | 23 | - | - | - | - | ||||||||||||||||||
Legal service fees
|
- | - | - | (248 | ) | - | - | |||||||||||||||||||
Fundación IRSA
|
(5)
|
Reimbursement of expenses
|
- | 40 | - | (2 | ) | - | - | |||||||||||||||||
Museo de los Niños
|
(5)
|
Reimbursement of expenses
|
- | 51 | - | (12 | ) | - | - | |||||||||||||||||
Directors
|
Reimbursement of expenses
|
- | - | - | - | - | - | |||||||||||||||||||
Fees
|
- | - | - | (7,455 | ) | - | - | |||||||||||||||||||
Guarantee deposits
|
- | - | (8 | ) | - | - | - | |||||||||||||||||||
Quality Invest S.A.
|
(10)
|
Reimbursement of expenses
|
- | 5 | - | (38 | ) | - | - | |||||||||||||||||
New Lipstick LLC
|
(11)
|
Reimbursement of expenses
|
- | 1,233 | - | - | - | - | ||||||||||||||||||
Banco Hipotecario S.A. | (3) | Reimbursement of expenses | - | - | - | (81 | ) | - | ||||||||||||||||||
Cyrsa S.A. | (4) | Reimbursement of expenses | - | 926 | - | (70 | ) | - | ||||||||||||||||||
Borrowings | - | - | - | - | (83,476 | ) | ||||||||||||||||||||
Tarshop S.A. | (8) | Reimbursement of expenses | - | 1 | - | - | - | |||||||||||||||||||
Alto Palermo S.A.
|
(2) | Reimbursement of expenses | - | - | - | (5 | ) | - | ||||||||||||||||||
Rental | - | 477 | - | - | - | |||||||||||||||||||||
Share-based payments | - | 31 | - | (132 | ) | - | ||||||||||||||||||||
Shared services | - | 2,405 | - | - | - | |||||||||||||||||||||
Borrowings | - | - | - | - | (31,414 | ) | ||||||||||||||||||||
Doneldon S.A. | (2) | Reimbursement of expenses | - | 34 | - | - | - | |||||||||||||||||||
Arcos del Gourmet S.A. | (7) | Reimbursement of expenses | - | 7 | - | - | - | |||||||||||||||||||
E-Commerce Latina S.A. | (2) | Reimbursement of expenses | - | 14 | - | - | - | |||||||||||||||||||
Management fees | - | 3 | - | - | - | |||||||||||||||||||||
Borrowings | - | - | - | - | (10,460 | ) | - | |||||||||||||||||||
Efanur S.A.
|
(2) | Reimbursement of expenses | - | 72 | - | - | - | - | ||||||||||||||||||
Borrowings | 41,900 | - | - | - | - | - |
Related party
|
Ref.
|
Description
of transaction
|
Trade and other receivables, net non-current
|
Trade and other receivables, net current
|
Trade and other payables
non-current
|
Trade and other payables current
|
Borrowings non-current
|
Borrowings current
|
||||||||||||||||||
Emprendimientos Recoleta S.A. | (7) | Reimbursement of expenses | (1 | ) | - | - | ||||||||||||||||||||
Non-Convertible Note IRSA Class I 2017 | - | (7,391 | ) | (161 | ) | |||||||||||||||||||||
Fibesa S.A.
|
(7)
|
Reimbursement of expenses
|
- | 106 | - | - | - | - | ||||||||||||||||||
Hoteles Argentinos S.A.
|
(2)
|
Reimbursement of expenses
|
- | 54 | - | - | - | - | ||||||||||||||||||
Other liabilities
|
- | - | - | (986 | ) | - | - | |||||||||||||||||||
Imadison LLC
|
(12)
|
Reimbursement of expenses
|
- | 864 | - | - | - | - | ||||||||||||||||||
Inversora Bolivar S.A.
|
(2)
|
Reimbursement of expenses
|
- | 43 | - | (81 | ) | - | - | |||||||||||||||||
Borrowings
|
- | 1,367 | - | - | (12,529 | ) | - | |||||||||||||||||||
IRSA International LLC
|
(12)
|
Reimbursement of expenses
|
- | 946 | - | (684 | ) | - | - | |||||||||||||||||
Jiwin S.A.
|
(12)
|
Reimbursement of expenses
|
- | 3 | - | - | - | - | ||||||||||||||||||
Llao Llao Resorts S.A.
|
(2)
|
Reimbursement of expenses
|
- | 2,083 | - | - | - | - | ||||||||||||||||||
Guarantee deposits
|
- | - | (9 | ) | - | - | - | |||||||||||||||||||
Borrowings
|
- | 84 | - | - | - | - | ||||||||||||||||||||
Nuevas Fronteras S.A.
|
(2)
|
Reimbursement of expenses
|
- | 1 | - | (7 | ) | - | - | |||||||||||||||||
Management fees
|
- | 70 | - | - | - | - | ||||||||||||||||||||
Dividends
|
- | 5,615 | - | - | - | - | ||||||||||||||||||||
Borrowings
|
- | - | - | - | - | (31,747 | ) | |||||||||||||||||||
Palermo Invest S.A.
|
(2)
|
Reimbursement of expenses
|
- | 41 | - | - | - | - | ||||||||||||||||||
Borrowings
|
- | 83 | - | - | (5,240 | ) | (8 | ) | ||||||||||||||||||
Panamerican Mall S.A.
|
(7)
|
Reimbursement of expenses
|
- | 103 | - | - | - | - | ||||||||||||||||||
Non-Convertible Note IRSA Class I 2017
|
- | - | - | - | (12,585 | ) | (273 | ) | ||||||||||||||||||
Real Estate Investment Group LP
|
(12)
|
Reimbursement of expenses
|
- | 36 | - | (27 | ) | - | - | |||||||||||||||||
Real Estate Investment Group LPV
|
(12)
|
Reimbursement of expenses
|
- | 12 | - | - | - | - | ||||||||||||||||||
Real Estate Strategies Group LP
|
(13)
|
Reimbursement of expenses
|
- | 1,282 | - | - | - | - |
Related party
|
Ref.
|
Description
of transaction
|
Trade and other receivables, net non-current
|
Trade and other receivables, net current
|
Trade and other payables current
|
Trade and other payables non-current
|
Borrowings non-current
|
Borrowings current
|
||||||||||||||||||
Ritelco S.A.
|
(2)
|
Reimbursement of expenses
|
- | 21 | - | (15 | ) | - | - | |||||||||||||||||
Borrowings
|
- | - | - | - | (44,767 | ) | (654 | ) | ||||||||||||||||||
Sedelor S.A.
|
(2)
|
Reimbursement of expenses
|
- | 33 | - | - | - | - | ||||||||||||||||||
Solares de Santa María S.A.
|
(2)
|
Reimbursement of expenses
|
- | 3,614 | - | - | - | - | ||||||||||||||||||
Borrowings
|
6 | - | - | - | - | - | ||||||||||||||||||||
Torodur S.A.
|
(7)
|
Reimbursement of expenses
|
- | 155 | - | - | - | - | ||||||||||||||||||
Tyrus S.A.
|
(2)
|
Reimbursement of expenses
|
- | 105 | - | - | - | - | ||||||||||||||||||
Unicity S.A.
|
(2)
|
Reimbursement of expenses
|
- | 7 | - | - | - | - | ||||||||||||||||||
Zetol S.A.
|
(12)
|
Reimbursement of expenses
|
- | 142 | - | - | - | - | ||||||||||||||||||
Codalis S.A.
|
(2)
|
Reimbursement of expenses
|
- | 42 | - | - | - | - | ||||||||||||||||||
Canteras Natal Crespo S.A.
|
(4)
|
Reimbursement of expenses
|
- | 487 | - | - | - | - | ||||||||||||||||||
Management fees
|
- | 547 | - | - | - | - | ||||||||||||||||||||
Capital contribution to be received
|
- | 155 | - | - | - | - | ||||||||||||||||||||
Borrowings
|
- | 95 | - | - | - | - | ||||||||||||||||||||
Baicom Networks S.A.
|
(14)
|
Reimbursement of expenses
|
- | 13 | - | (2 | ) | - | - | |||||||||||||||||
Puerto Retiro S.A.
|
(9)
|
Reimbursement of expenses
|
- | 157 | - | - | - | - | ||||||||||||||||||
Cresud S.A.C.I.F. y A.
|
(1)
|
Reimbursement of expenses
|
- | 3,426 | - | - | - | - | ||||||||||||||||||
Shared services
|
- | - | - | (11,489 | ) | - | - | |||||||||||||||||||
Borrowings
|
- | 329 | - | - | - | - | ||||||||||||||||||||
Rental
|
- | 429 | - | - | - | - | ||||||||||||||||||||
Futuros y Opciones .Com S.A.
|
(15)
|
Reimbursement of expenses
|
- | - | - | (2 | ) | - | - | |||||||||||||||||
Irsa Development LP
|
(12)
|
Reimbursement of expenses
|
- | 2 | - | - | - | - | ||||||||||||||||||
Alafox S.A.
|
(2)
|
Reimbursement of expenses
|
- | 44 | - | - | - | - | ||||||||||||||||||
Helmir S.A.
|
(15)
|
Reimbursement of expenses
|
- | 1 | - | - | - | - | ||||||||||||||||||
Total
|
41,906 | 30,331 | (17 | ) | (21,373 | ) | (92,972 | ) | (147,733 | ) |
Related party
|
Ref.
|
Leases
|
Fees
|
Income / Loss from services and share expenses
|
Legal services
|
Interest Income / (Loss)
|
|||||||||||||||
Alto Palermo S.A.
|
(2)
|
3,002 | 1,633 | 6,100 | - | 17,713 | |||||||||||||||
Canteras Natal Crespo S.A.
|
(4)
|
- | - | 72 | 8 | ||||||||||||||||
Consultores Assets Management S.A.
|
(5)
|
140 | - | - | - | - | |||||||||||||||
Cresud S.A.C.I.F. y A.
|
(1)
|
1,258 | (12,267 | ) | (6,339 | ) | - | - | |||||||||||||
Cyrsa S.A.
|
(4)
|
- | - | - | - | (5,397 | ) | ||||||||||||||
Directors
|
- | (26,245 | ) | - | - | - | |||||||||||||||
E-Commerce Latina S.A.
|
(2)
|
- | - | 4 | - | (634 | ) | ||||||||||||||
Estudio Zang, Bergel & Viñes
|
(6)
|
- | - | - | (576 | ) | - | ||||||||||||||
Fibesa S.A.
|
(7)
|
666 | - | 53 | - | - | |||||||||||||||
Inversora Bolivar S.A.
|
(2)
|
- | - | - | - | (678 | ) | ||||||||||||||
Llao Llao Resorts S.A.
|
(2)
|
91 | - | - | - | 83 | |||||||||||||||
Nuevas Fronteras S.A.
|
(2)
|
- | - | 410 | - | (1,064 | ) | ||||||||||||||
Tyrus S.A.
|
(2)
|
- | - | - | - | 138 | |||||||||||||||
Efanur S.A.
|
(2)
|
- | - | - | - | 978 | |||||||||||||||
Palermo Invest S.A.
|
(2)
|
- | - | - | - | (335 | ) | ||||||||||||||
Emprendimiento Recoleta S.A.
|
(7)
|
- | - | - | - | (472 | ) | ||||||||||||||
Ritelco S.A.
|
(2)
|
- | - | - | - | (868 | ) | ||||||||||||||
Tarshop S.A.
|
(8)
|
2,470 | - | 233 | - | - | |||||||||||||||
Panamerican Mall S.A.
|
(7)
|
- | - | - | - | (803 | ) | ||||||||||||||
Total
|
7,627 | (36,879 | ) | 533 | (576 | ) | 8,669 |
(1)
|
Parent
|
(2)
|
Subsidiary
|
(3)
|
Associate
|
(4)
|
Joint venture
|
(5)
|
Related to the President
|
(6)
|
Legal advisors related to the Board of Directors
|
(7)
|
Subsidiary of APSA
|
(8)
|
Associate of APSA
|
(9)
|
Joint venture through Inversora Bolívar S.A.
|
(10)
|
Joint venture of APSA
|
(11)
|
Direct / indirect associate of Tyrus
|
(12)
|
Direct / indirect subsidiary of Tyrus
|
(13)
|
Subsidiary of Efanur
|
(14)
|
Joint venture through E-Commmerce Latina S.A.
|
(15)
|
Subsidiary of the parent
|
Falling due
(Point 3.a.)
|
Without term (Point 3.b)
|
Without term (Point 3.b)
|
To be due (Point 3.c.)
|
||||||||||||||||||||||||||||||||||||||||||||||||
Items | 03.31.13 |
Current
|
Non-current
|
Up to 3 months
|
From 3 to 6 months
|
From 6 to 9 months
|
From 9 to 12 months
|
From 1 to 2 years
|
From 2 to 3 years
|
From 3 to 4 years
|
From 4 years on
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Accounts receivable, net
|
Trade and other receivables, net
|
2,837 | 470 | 95,515 | 47,969 | 1,454 | 9,893 | 993 | 50,887 | 768 | 579 | 584 | 211,949 | ||||||||||||||||||||||||||||||||||||||
Total
|
2,837 | 470 | 95,515 | 47,969 | 1,454 | 9,893 | 993 | 50,887 | 768 | 579 | 584 | 211,949 | |||||||||||||||||||||||||||||||||||||||
Liabilities
|
Trade and other payables
|
1,160 | - | - | 110,573 | 1,099 | 18,904 | 1,032 | 8,860 | 95 | 326 | - | 142,049 | ||||||||||||||||||||||||||||||||||||||
Borrowings
|
- | - | - | 188,402 | 121,134 | 126,306 | 105,977 | 25 | 60,968 | 12,032 | 1,515,431 | 2,130,275 | |||||||||||||||||||||||||||||||||||||||
Salaries and social security liabilities
|
- | - | - | 806 | 2,028 | - | 686 | - | - | - | - | 3,520 | |||||||||||||||||||||||||||||||||||||||
Provisions
|
- | 5,745 | - | - | - | - | - | 7,065 | - | - | - | 12,810 | |||||||||||||||||||||||||||||||||||||||
Total
|
1,160 | 5,745 | - | 299,781 | 124,261 | 145,210 | 107,695 | 15,950 | 61,063 | 12,358 | 1,515,431 | 2,288,654 |
Current
|
Non-current
|
Totals
|
||||||||
Concepts |
Local currency
|
Foreign currency
|
Total
|
Local currency
|
Foreign currency
|
Total
|
Local currency
|
Foreign currency
|
Total
|
|
Accounts receivables
|
Trade and other receivables, net
|
43,461
|
20,155
|
63,616
|
95,742
|
52,591
|
148,333
|
139,203
|
72,746
|
211,949
|
Total
|
43,461
|
20,155
|
63,616
|
95,742
|
52,591
|
148,333
|
139,203
|
72,746
|
211,949
|
|
Liabilities
|
Trade and other payables
|
117,842
|
14,926
|
132,768
|
3,920
|
5,361
|
9,281
|
121,762
|
20,287
|
142,049
|
Borrowings
|
275,802
|
266,017
|
541,819
|
12,973
|
1,575,483
|
1,588,456
|
288,775
|
1,841,500
|
2,130,275
|
|
Salaries and social security liabilities
|
3,520
|
-
|
3,520
|
-
|
-
|
-
|
3,520
|
-
|
3,520
|
|
Provisions
|
5,745
|
-
|
5,745
|
7,065
|
-
|
7,065
|
12,810
|
-
|
12,810
|
|
Total
|
402,909
|
280,943
|
683,852
|
23,958
|
1,580,844
|
1,604,802
|
426,867
|
1,861,787
|
2,288,654
|
Current | Non-current | ||||||||||||
Accruing interest
|
Non |
Accruing interest
|
Non |
Accruing interest
|
Non
|
||||||||
Concepts
|
Fixed rate
|
Floating rate
|
Accruing
interest
|
Total
|
Fixed rate
|
Floating rate
|
Accruing interest
|
Total
|
Fixed rate
|
Floating rate
|
Accruing interest
|
Total | |
Accounts receivables
|
Trade and other receivables, net
|
1,616
|
-
|
62,000
|
63,616
|
41,900
|
6
|
106,427
|
148,333
|
43,516
|
6
|
168,427
|
211,949
|
Total
|
1,616
|
-
|
62,000
|
63,616
|
41,900
|
6
|
106,427
|
148,333
|
43,516
|
6
|
168,427
|
211,949
|
|
Liabilities
|
Trade and other payables
|
-
|
-
|
132,768
|
132,768
|
-
|
-
|
9,281
|
9,281
|
-
|
-
|
142,049
|
142,049
|
Borrowings
|
234,613
|
180,192
|
127,014
|
541,819
|
1,531,416
|
59,640
|
(2,600))
|
1,588,456
|
1,766,029
|
239,832
|
124,414
|
2,130,275
|
|
Salaries and social security liabilities
|
-
|
-
|
3,520
|
3,520
|
-
|
-
|
-
|
-
|
-
|
-
|
3,520
|
3,520
|
|
Provisions
|
-
|
-
|
5,745
|
5,745
|
-
|
-
|
7,065
|
7,065
|
-
|
-
|
12,810
|
12,810
|
|
Total
|
234,613
|
180,192
|
269,047
|
683,852
|
1,531,416
|
59,640
|
13,746
|
1,604,802
|
1,766,029
|
239,832
|
282,793
|
2,288,654
|
a.
|
Interest in related parties:
|
Name of the entity
|
% of ownership interest held by the Company
|
|
Direct Controlling interest of IRSA:
|
||
Alafox S.A.
|
100.00%
|
|
APSA
|
95.68%
|
|
Codalis S.A.
|
100.00%
|
|
Doneldon S.A.
|
100.00%
|
|
E-Commerce Latina S.A.
|
100.00%
|
|
Efanur S.A.
|
100.00%
|
|
Hoteles Argentinos S.A.
|
80.00%
|
|
Inversora Bolívar S.A.
|
100.00%
|
|
Llao Llao Resorts S.A.
|
50.00%
|
|
Nuevas Fronteras S.A.
|
76.34%
|
|
Palermo Invest S.A.
|
100.00%
|
|
Ritelco S.A.
|
100.00%
|
|
Sedelor S.A.
|
100.00%
|
|
Solares de Santa María S.A.
|
100.00%
|
|
Tyrus S.A.
|
100.00%
|
|
Unicity S.A.
|
100.00%
|
b.
|
Related parties debit/credit balances. See Note 27 to the Unaudited Condensed Interim Separate Financial Statements.
|
6.
|
Loans to directors.
|
7.
|
Inventories.
|
8.
|
Current values.
|
9.
|
Appraisal revaluation of property, plant and equipment.
|
10.
|
Obsolete unused property, plant and equipment.
|
11.
|
Equity interest in other companies in excess of that permitted by section 31 of law N° 19,550.
|
12.
|
Recovery values.
|
13.
|
Insurances.
|
Real Estate
|
Insured amounts (1)
|
Accounting values
|
Risk covered
|
|||
EDIFICIO REPÚBLICA
|
96,361
|
208,105
|
All operational risk with additional coverage and minor risks
|
|||
BOUCHARD 551
|
63,303
|
123,373
|
All operational risk with additional coverage and minor risks
|
|||
MORENO 877
|
49,508
|
65,534
|
All operational risk with additional coverage and minor risks
|
|||
BOUCHARD 710
|
39,587
|
63,247
|
All operational risk with additional coverage and minor risks
|
|||
MAIPU 1300
|
25,787
|
34,735
|
All operational risk with additional coverage and minor risks
|
|||
SUIPACHA 652
|
17,041
|
9,379
|
All operational risk with additional coverage and minor risks
|
|||
AVDA. DE MAYO 595
|
5,148
|
3,524
|
All operational risk with additional coverage and minor risks
|
|||
LIBERTADOR 498
|
3,423
|
3,702
|
All operational risk with additional coverage and minor risks
|
|||
DIQUE IV
|
3,056
|
62,244
|
All operational risk with additional coverage and minor risks
|
|||
RIVADAVIA 2768
|
369
|
146
|
All operational risk with additional coverage and minor risks
|
|||
MADERO 1020
|
216
|
160
|
All operational risk with additional coverage and minor risks
|
|||
CONSTITUCIÓN 1159
|
98
|
6,948
|
All operational risk with additional coverage and minor risks
|
|||
CONSTITUCIÓN 1111
|
93
|
779
|
All operational risk with additional coverage and minor risks
|
|||
SUBTOTAL
|
303,990
|
581,876
|
||||
SINGLE POLICY
|
15,000
|
-
|
Third party liability
|
(1)
|
The insured amounts are in thousands of U.S. dollars.
|
14.
|
Allowances and provisions that, taken individually or as a whole, exceed 2% of the shareholder´s equity.
|
15.
|
Contingent situations at the date of the financial statements which probabilities are not remote and the effects on the Company´s financial position have not been recognized.
|
16.
|
Status of the proceedings leading to the capitalization of irrevocable contributions towards future subscriptions.
|
17.
|
Unpaid accumulated dividends on preferred shares.
|
18.
|
Restrictions on distributions of profits.
|
1.
|
Brief comments on the Company’s activities during the period, including references to significant events occurred after the end of the period.
|
2.
|
Comparative summarized consolidated shareholders’ equity structure
|
03.31.13 | 06.30.12 | 07.01.11 | ||||||||||
Non-Current Assets
|
6,868,010 | 6,050,293 | 5,812,347 | |||||||||
Current Assets
|
1,242,841 | 839,328 | 819,565 | |||||||||
Total Assets
|
8,110,851 | 6,889,621 | 6,631,912 | |||||||||
Non-Current Liabilities
|
3,258,906 | 2,644,108 | 2,372,540 | |||||||||
Current Liabilities
|
1,527,731 | 1,205,744 | 1,176,759 | |||||||||
Total Liabilities
|
4,786,637 | 3,849,852 | 3,549,299 | |||||||||
Non-controlling interest
|
505,460 | 390,428 | 331,609 | |||||||||
Shareholders’ Equity
|
2,818,754 | 2,649,341 | 2,751,004 | |||||||||
Total
|
8,110,851 | 6,889,621 | 6,631,912 |
3.
|
Comparative summarized consolidated income structure
|
03.31.13 | 03.31.12 | |||||||
Operating result
|
749,679 | 540,693 | ||||||
Share of profit of associates and joint ventures
|
15,112 | 15,922 | ||||||
Profit before financial results and income tax
|
764,791 | 556,615 | ||||||
Finance income
|
267,300 | 114,325 | ||||||
Finance cost
|
(571,737 | ) | (384,173 | ) | ||||
Financial loss, net
|
(304,437 | ) | (269,848 | ) | ||||
Profit Before Income Tax
|
460,354 | 286,767 | ||||||
Income tax
|
(81,093 | ) | (91,296 | ) | ||||
Profit for the period
|
379,261 | 195,471 | ||||||
Attributable to:
|
||||||||
Equity holders of the parent
|
320,638 | 176,622 | ||||||
Non-controlling interest
|
58,623 | 18,849 |
03.31.13
|
03.31.12
|
||
Apartments & Loft Buildings
|
|||
Torres Jardín
|
-
|
-
|
|
Torres de Abasto (1)
|
-
|
-
|
|
Barrio chico
|
-
|
371
|
|
Caballito Nuevo
|
6,983
|
9,248
|
|
Edificios Cruceros
|
-
|
-
|
|
Torres Renoir
|
-
|
-
|
|
Torres Renoir II
|
-
|
-
|
|
Alto Palermo Park
|
-
|
-
|
|
San Martín de Tours
|
-
|
-
|
|
Terreno Caballito
|
-
|
-
|
|
Torres de Rosario
|
4,260
|
4,777
|
|
Libertador 1703 and 1755 (Horizons)
|
96,963
|
39,337
|
|
Others
|
811
|
-
|
|
Residential Communities
|
|||
Abril / Baldovinos (2)
|
1,113
|
-
|
|
El Encuentro
|
7,008
|
8,434
|
|
Villa Celina I, II and III
|
-
|
-
|
|
Undeveloped plots of land
|
|||
Pereiraola
|
-
|
-
|
|
Santa María del Plata
|
-
|
-
|
|
Terreno Rosario (1)
|
-
|
27,273
|
|
Caballito Mz 35 (1)
|
-
|
-
|
|
Neuquén (1)
|
-
|
-
|
|
Aguero 596 (1)
|
-
|
-
|
|
Canteras Natal
|
39
|
17
|
|
C.Gardel 3134 (1)
|
-
|
-
|
|
Thames
|
-
|
-
|
|
C.Gardel 3128 (1)
|
-
|
-
|
|
Terreno Beruti (1)
|
-
|
-
|
|
Club de Campo Valle Escondido (1)
|
-
|
-
|
|
Terreno Mendoza
|
-
|
-
|
|
Torres Jardín IV
|
-
|
-
|
|
Others
|
|||
Dique III
|
-
|
-
|
|
Bouchard 551
|
-
|
-
|
|
Madero 1020
|
-
|
-
|
|
Della Paolera 265
|
-
|
-
|
|
Madero 942
|
-
|
-
|
|
Dock del Plata
|
-
|
-
|
|
Libertador 498
|
-
|
-
|
|
Edificios Costeros
|
-
|
-
|
|
Sarmiento 517
|
-
|
-
|
|
Libertador 602
|
-
|
-
|
|
Laminar
|
-
|
-
|
|
Museo Renault
|
-
|
-
|
|
Reconquista 823
|
-
|
-
|
|
Locales Crucero I
|
-
|
-
|
|
Others
|
-
|
-
|
|
117,177
|
89,457
|
5.
|
Key ratios as compared.
|
03.31.13
|
06.30.12
|
|||
Liquidity
|
||||
Current assets
|
1,242,841
|
=0.81
|
839,328
|
=0.70
|
Current liabilities
|
1,527,731
|
1,205,744
|
||
Debt
|
||||
Total liabilities
|
4,786,637
|
=1.70
|
3,849,852
|
=1.45
|
Shareholders’ Equity
|
2,818,754
|
2,649,341
|
||
Solvency
|
||||
Shareholders’ Equity
|
2,818,754
|
=0.59
|
2,649,341
|
=0.69
|
Total liabilities
|
4,786,637
|
3,849,852
|
||
Non-Current Assets to total Assets
|
||||
Non-Current Assets
|
6,868,010
|
=0.85
|
6,050,293
|
=0.88
|
Total assets
|
8,110,851
|
6,889,621
|
||
6.
|
Brief comment on the outlook for the coming period.
|
|
Free translation from the original prepared in Spanish for publication in Argentina
|
|
Limited Review Report
|
|
To the Shareholders, President and Board of Directors of
|
|
IRSA Inversiones y Representaciones Sociedad Anónima
|
|
Legal address: Bolívar 108 - 1° floor
|
|
Autonomous City of Buenos Aires
|
|
C.U.I.T.: 30-52532274-9
|
1.
|
We have reviewed the accompanying unaudited condensed interim separate statement of financial position of IRSA Inversiones y Representaciones Sociedad Anónima as of March 31, 2013, and the related unaudited condensed interim separate statements of income, unaudited condensed interim separate statements of comprehensive income for the nine and three-month periods ended March 31, 2013 and the unaudited condensed interim separate statements of changes of shareholders’ equity and unaudited condensed interim separate statements of cash flows for the nine-month period ended March 31, 2013 and selected explanatory notes. The balances and other information corresponding to the fiscal year ended June 30, 2012 and the interim periods within that fiscal period are an integral part of these financial statements and, therefore, they should be considered in relation to these financial statements.
|
2.
|
The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim separate financial statements in accordance with professional accounting standards of Technical Pronouncement No. 26 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) added by the National Securities Commission (CNV) to its regulations. Those standards differ from the International Financial Reporting Standards (IFRS) and, especially, from the International Accounting Standard No. 34 "Interim Financial Reporting" (IAS 34) approved by the International Accounting Standard Board (IASB) and used for the preparation of the unaudited condensed interim separate financial statements of IRSA Inversiones y Representaciones Sociedad Anónima with its subsidiaries as to the aspects mentioned in note 2.1 to the unaudited condensed interim separate financial statements attached. Our responsibility is to express a conclusion based on the review that we have performed with the scope detailed in paragraph 3.
|
3.
|
We conducted our review in accordance with Technical Resolution No. 7 issued by the FACPCE for a review of interim financial statements. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of personnel responsible for financial and accounting matters. It is substantially less in scope than an audit, the objective of which is to express an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
|
|
Free translation from the original prepared in Spanish for publication in Argentina
|
|
Limited Review Report (Continued)
|
4.
|
As mentioned in note 2.1 to the unaudited condensed interim separate financial statements, these unaudited condensed interim separate financial statements have been prepared in accordance to Technical Pronouncement No. 26 of the FACPCE, which differ from the IFRS, and especially, from the IAS 34 used in the preparation of the unaudited condensed interim separate financial statements of IRSA Inversiones y Representaciones Sociedad Anónima with its subsidiaries as to the aspects mentioned in note 2.3 to the unaudited condensed interim separate financial statements attached. The fiscal year ended June 30, 2013 will be the first year of application of IFRS. The adjustments and other effects of the transition to IFRS are presented in note 2.3 to these unaudited condensed interim separate financial statements. The amounts included in the reconciliations shown in note 2.3 are subject to change as a consequence of potential changes in IFRS which may occur until June 30, 2013, and should only be considered as final upon issuance of the annual financial statements for the fiscal year ended June 30, 2013.
|
5.
|
Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim separate financial statements have not been prepared in all material respects in accordance with Technical Pronouncement No. 26 of the FACPCE for separate financial statements of a parent company.
|
6.
|
In accordance with current regulations, we hereby inform that:
|
a)
|
the unaudited condensed interim separate financial statements of IRSA Inversiones y Representaciones Sociedad Anónima are recorded in the "Inventory and Balance Sheet Book" and carried in all formal respects in conformity with legal requirements, and comply, as regards those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and the corresponding resolutions of the CNV;
|
b)
|
the unaudited condensed interim separate financial statements of IRSA Inversiones y Representaciones Sociedad Anónima arise from accounting records carried in all formal respects in accordance with applicable legal provisions;
|
c)
|
we have read the Additional Information to the notes to the unaudited condensed interim separate financial statements required by Article 68 of the Buenos Aires Stock Exchange Regulations, on which, as regards those matters that are within our competence, we have no observations to make;
|
d)
|
at March 31, 2013, the debt of IRSA Inversiones y Representaciones Sociedad Anónima owed in favor of the Argentine Integrated Pension System which arises from accounting records and submissions amounted to Ps. 283,208, which was not callable at that date.
|
|
Autonomous City of Buenos Aires, May 17, 2013.
|
PRICE WATERHOUSE & Co. S.R.L.
(Partner)
C.P.C.E.C.A.B.A. Tº 1 Fº 17
Carlos Martín Barbafina
Public Accountant (UCA)
C.P.C.E.C.A.B.A. T° 175 F° 65
|
ABELOVICH, POLANO & ASOCIADOS S.R.L.
(Partner)
C.P.C.E. C.A.B.A. T° 1 F° 30
Marcelo Héctor Fuxman
Public Accountant (U.B.A.)
C.P.C.E. C.A.B.A. T° 134 F° 85
|
IIIQ 13
|
IIIQ 12
|
YoY var
|
9M 13 | 9M 12 |
YoY var
|
|||||||||||||||||||
Revenues
|
518.0 | 415.6 | 24.6 | % | 1,604.1 | 1,328.5 | 20.7 | % | ||||||||||||||||
Operating Income / (Loss)
|
190.8 | 168.4 | 13.3 | % | 749.7 | 540.7 | 38.7 | % | ||||||||||||||||
Depreciation and Amortization
|
55.7 | 42.9 | 29.6 | % | 162.7 | 128.7 | 26.4 | % | ||||||||||||||||
EBITDA
|
246.5 | 211.3 | 16.6 | % | 912.4 | 669.4 | 36.3 | % | ||||||||||||||||
Net Income for the period
|
133.4 | 116.1 | 14.9 | % | 379.3 | 195.5 | 94.0 | % |
„
|
Revenues grew by 24.6% in the third quarter of 2013 compared to the same quarter of 2012, and recorded a cumulative growth of 20.7% for the nine-month period, mainly explained by the performance of the Shopping Centers and Offices segments.
|
„
|
Operating income grew 13.3% during the third quarter of 2013 and 38.7% for the cumulative nine-month period, mainly reflecting the consolidation of our investment in the 183 Madison building in New York during the past quarter. Additionally, all cumulative translation adjustment from interest held in Rigby before the business combination has been recycled to the income statement. EBITDA as of March 31, 2013 reached ARS 912.4 million (36.3% higher than in the same period of 2012). Excluding the effect of the consolidation of 183 Madison (ARS 137 million for the nine months of fiscal year 2013), EBITDA grew 16.0% compared to the same period of 2012.
|
„
|
Net income increased by 94.0% for the first nine months of fiscal year 2013 compared to the same period of 2012, mainly due to the increase in operating income.
|
IIIQ 13
|
IIIQ 12
|
YoY var
|
9M 13 | 9M 12 |
YoY var
|
|||||||||||||||||||
Revenues
|
374.6 | 298.1 | 25.7 | % | 1,183.6 | 969.8 | 22.0 | % | ||||||||||||||||
Operating Income
|
160.7 | 127.9 | 25.6 | % | 514.1 | 426.8 | 20.5 | % | ||||||||||||||||
Depreciation and Amortization
|
38.4 | 33.5 | 14.6 | % | 114.7 | 102.4 | 12.0 | % | ||||||||||||||||
EBITDA
|
199.1 | 161.4 | 23.3 | % | 628.8 | 529.2 | 18.8 | % |
IIIQ 13
|
IIQ 13
|
IQ 13
|
IVQ 12
|
IIIQ 12
|
||||||||||||||||
Gross Leaseable Area (sqm)[2]
|
308,793 | 309,021 | 309,021 | 309,021 | 307,685 | |||||||||||||||
Tenants’ Sales (12 month cumulative, ARS million)
|
11,751 | 13,967 | 10,471 | 9,966 | 9,393 | |||||||||||||||
Tenants’ Sales in the same Shopping Centers [1] (12 month cumulative, ARS million)
|
11,553 | 13,397 | 10,037 | 9,577 | 9,056 | |||||||||||||||
Occupancy [2]
|
98.7 | % | 98.8 | % | 98.4 | % | 98.4 | % | 97.8 | % |
[1]
|
Excludes “Ribera Shopping" shopping center.
|
||||||
[2]
|
Percentage over gross leaseable area as of period end.
|
Shopping Center
|
Date of Acquisition
|
Gross Leaseable Area (sqm)[1]
|
Stores
|
APSA’s Interest
|
Occupancy [2]
|
Book Value (ARS thousand) [3]
|
|||||||||||||||
Alto Palermo
|
Nov-97
|
18,690 | 146 | 100.0 | % | 98.5 | % | 241,207 | |||||||||||||
Abasto Shopping[4]
|
Jul-94
|
37,708 | 175 | 100.0 | % | 100.0 | % | 298,295 | |||||||||||||
Alto Avellaneda
|
Nov-97
|
36,943 | 140 | 100.0 | % | 100.0 | % | 145,521 | |||||||||||||
Paseo Alcorta
|
Jun-97
|
14,141 | 109 | 100.0 | % | 100.0 | % | 126,390 | |||||||||||||
Patio Bullrich
|
Oct-98
|
11,683 | 82 | 100.0 | % | 100.0 | % | 125,919 | |||||||||||||
Alto Noa Shopping
|
Mar-95
|
19,141 | 91 | 100.0 | % | 100.0 | % | 35,705 | |||||||||||||
Buenos Aires Design
|
Nov-97
|
13,746 | 61 | 53.7 | % | 97.7 | % | 17,360 | |||||||||||||
Nov-04
|
27,691 | 146 | 100.0 | % | 97.1 | % | 129,364 | ||||||||||||||
Mendoza Plaza Shopping
|
Dec-94
|
42,238 | 147 | 100.0 | % | 95.3 | % | 116,794 | |||||||||||||
Córdoba Shopping
|
Dec-06
|
15,106 | 105 | 100.0 | % | 99.7 | % | 73,273 | |||||||||||||
Dot Baires Shopping
|
May-09
|
49,719 | 153 | 80.0 | % | 99.9 | % | 469,884 | |||||||||||||
Jul-10
|
13,609 | 75 | 100.0 | % | 97.3 | % | 83,395 | ||||||||||||||
La Ribera Shopping
|
Aug-11
|
8,378 | 50 | 50.0 | % | 99.4 | % | 18,405 | |||||||||||||
Total Shopping Centers
|
308,793 | 1,480 | 98.7 | % | 1,881,512 |
[1] | Corresponds to gross leasable area in each property. Excludes common areas and parking spaces. |
[2] | Calculated dividing occupied square meters by leaseable area on the last day of the period. |
[3] | Cost of acquisition plus improvements, less cumulative depreciation, plus adjustment for inflation, less allowance for impairment in value, plus recovery of allowances, if applicable. |
[4] | Excludes Museo de los Niños (3,732 sqm). |
[5] | Excludes Museo de los Niños (1,261 sqm). |
Shopping Center
|
IIIQ 13
|
IIIQ 12
|
YoY var
|
9M 13 | 9M 12 |
YoY var
|
||||||||||||||||||
Alto Palermo
|
339.0 | 257.8 | 31.5 | % | 1,152.5 | 945.3 | 21.9 | % | ||||||||||||||||
Abasto Shopping
|
403.7 | 311.9 | 29.5 | % | 1,393.5 | 1,113.0 | 25.2 | % | ||||||||||||||||
Alto Avellaneda
|
401.9 | 313.1 | 28.4 | % | 1,354.9 | 1,054.4 | 28.5 | % | ||||||||||||||||
Paseo Alcorta
|
166.1 | 129.8 | 27.9 | % | 586.1 | 481.7 | 21.7 | % | ||||||||||||||||
Patio Bullrich
|
110.0 | 98.6 | 11.6 | % | 393.0 | 366.2 | 7.3 | % | ||||||||||||||||
Alto Noa Shopping
|
144.7 | 115.9 | 24.9 | % | 451.1 | 364.9 | 23.6 | % | ||||||||||||||||
Buenos Aires Design
|
55.7 | 49.8 | 11.8 | % | 175.6 | 168.5 | 4.2 | % | ||||||||||||||||
Alto Rosario Shopping
|
225.4 | 169.6 | 32.9 | % | 761.1 | 586.2 | 29.8 | % | ||||||||||||||||
Mendoza Plaza Shopping
|
278.4 | 210.1 | 32.5 | % | 865.8 | 667.7 | 29.7 | % | ||||||||||||||||
Córdoba Shopping
|
93.5 | 70.6 | 32.6 | % | 314.7 | 244.9 | 28.5 | % | ||||||||||||||||
Dot Baires Shopping
|
340.0 | 266.8 | 27.4 | % | 1,138.0 | 921.0 | 23.6 | % | ||||||||||||||||
Soleil
|
76.4 | 52.7 | 45.0 | % | 234.9 | 186.0 | 26.3 | % | ||||||||||||||||
La Ribera Shopping [1]
|
50.3 | 36.9 | 36.3 | % | 151.4 | 88.0 | 72.2 | % | ||||||||||||||||
Total
|
2,685.1 | 2,083.6 | 28.9 | % | 8,972.6 | 7,187.6 | 24.8 | % |
[1] APSA took possession of this Shopping Center on August 15, 2011.
|
Type of Business
|
IIIQ 13
|
IIIQ 12
|
YoY var
|
9M 13 | 9M 12 |
YoY var
|
||||||||||||||||||
Anchor Store
|
184.3 | 148.3 | 24.3 | % | 623.1 | 518.0 | 20.3 | % | ||||||||||||||||
Clothes and Footwear
|
1,214.9 | 938.8 | 29.4 | % | 4,359.3 | 3,493.2 | 24.8 | % | ||||||||||||||||
Entertainment
|
109.9 | 86.4 | 27.1 | % | 328.9 | 249.6 | 31.8 | % | ||||||||||||||||
Home
|
539.5 | 400.2 | 34.8 | % | 1,680.9 | 1,309.3 | 28.4 | % | ||||||||||||||||
Restaurant
|
288.8 | 230.9 | 25.1 | % | 847.5 | 687.9 | 23.2 | % | ||||||||||||||||
Miscellaneous
|
325.5 | 264.7 | 23.0 | % | 1,077.0 | 890.0 | 21.0 | % | ||||||||||||||||
Services
|
22.2 | 14.3 | 55.5 | % | 55.9 | 39.6 | 41.3 | % | ||||||||||||||||
Total
|
2,685.1 | 2,083.6 | 28.9 | % | 8,972.6 | 7,187.6 | 24.8 | % |
Detailed Revenues
|
IIIQ13
|
IIIQ12
|
YoY var
|
9M 13 | 9M 12 |
YoY var
|
||||||||||||||||||
Base Rent
|
150.2 | 121.5 | 23.6 | % | 437.5 | 357.2 | 22.5 | % | ||||||||||||||||
Percentage Rent
|
42.0 | 31.7 | 32.4 | % | 186.7 | 154.0 | 21.2 | % | ||||||||||||||||
Total Rent
|
192.2 | 153.3 | 25.4 | % | 624.2 | 511.2 | 22.1 | % | ||||||||||||||||
Admission rights
|
26.9 | 22.2 | 21.1 | % | 78.3 | 63.9 | 22.6 | % | ||||||||||||||||
Fees
|
15.1 | 6.0 | 152.7 | % | 28.1 | 23.0 | 22.1 | % | ||||||||||||||||
Parking
|
14.2 | 10.6 | 34.4 | % | 45.0 | 32.0 | 40.7 | % | ||||||||||||||||
Management fees
|
4.4 | 4.2 | 4.6 | % | 13.0 | 10.3 | 26.2 | % | ||||||||||||||||
Other
|
0.1 | 1.3 | (89.5 | )% | 1.8 | 1.6 | 12.5 | % | ||||||||||||||||
Total Revenues before Common Expenses and Common Promotional Fund
|
253.0 | 197.6 | 28.0 | % | 790.4 | 642.0 | 23.1 | % | ||||||||||||||||
Common Expenses and Common Promotional Fund
|
121.6 | 100.6 | 21.0 | % | 393.2 | 327.8 | 20.0 | % | ||||||||||||||||
Total Revenues
|
374.6 | 298.1 | 25.7 | % | 1,183.6 | 969.8 | 22.0 | % |
IIIQ 13
|
IIQ 13
|
IQ13
|
IVQ12
|
IIIQ12
|
||||||||||||||||
Premium portfolio occupancy
|
97.3 | % | 96.4 | % | 96.8 | % | 96.5 | 97.0 | % | |||||||||||
Rent USD/sqm
|
25.7 | 25.7 | 25.6 | 25.7 | 25.3 |
in ARS MM
|
IIIQ 13
|
IIIQ 12
|
YoY var
|
9M 13 | 9M 12 |
YoY var
|
||||||||||||||||||
Revenues
|
72.7 | 65.2 | 11.4 | % | 213.1 | 185.4 | 14.9 | % | ||||||||||||||||
Operating Income
|
31.1 | 29.5 | 5.7 | % | 84.9 | 77.0 | 10.4 | % | ||||||||||||||||
Depreciation and Amortization
|
8.8 | 6.5 | 36.8 | % | 27.1 | 18.1 | 50.3 | % | ||||||||||||||||
EBITDA
|
39.9 | 36.0 | 11.3 | % | 112.1 | 95.1 | 18.0 | % |
„
|
Revenues from the Offices segment increased by 11.4% in the quarter under review compared to the same period of the previous fiscal year and 14.9% compared to the first nine months of the previous fiscal year.
|
„
|
EBITDA grew 18.0% in the first nine months of 2013 compared to 2012 and the EBITDA/Revenue margin for the period, excluding revenues from common maintenance expenses, stood at 66.8%, higher than the 65.3% recorded in the same period of 2012.
|
Date of Acquisition
|
Gross Leaseable Area sqm (1)
|
Occupancy (2)
|
Interest
|
Book Value(3)
|
||||||||||||||||
Offices
|
||||||||||||||||||||
Edificio República
|
Apr-08
|
19,884 | 95.2 | % | 100 | % | 208,105 | |||||||||||||
Torre Bankboston
|
Aug-07
|
14,873 | 96.4 | % | 100 | % | 147,530 | |||||||||||||
Bouchard 551
|
Mar-07
|
21,021 | 100.0 | % | 100 | % | 123,373 | |||||||||||||
Intercontinental Plaza
|
Nov-97
|
22,535 | 100.0 | % | 100 | % | 49,845 | |||||||||||||
Bouchard 710
|
Jun-05
|
15,014 | 100.0 | % | 100 | % | 63,247 | |||||||||||||
Dique IV, Juana Manso 295
|
Dec-97
|
11,298 | 94.4 | % | 100 | % | 62,244 | |||||||||||||
Maipú 1300
|
Sep-95
|
10,280 | 97.5 | % | 100 | % | 34,735 | |||||||||||||
Libertador 498
|
Dec-95
|
620 | 100.0 | % | 100 | % | 3,702 | |||||||||||||
Suipacha 652/64
|
Nov-91
|
11,453 | 89.9 | % | 100 | % | 9,379 | |||||||||||||
Dot Building (7)
|
May-09
|
11,242 | 100.0 | % | 96 | % | 103,069 | |||||||||||||
Other(4)
|
N/A | 3,067 | 90.8 | % | - | 861 | ||||||||||||||
Subtotal Offices
|
141,287 | 97.3 | % | - | 806,090 | |||||||||||||||
Other Properties
|
||||||||||||||||||||
Commercial Properties(5)
|
N/A | 312 | - | - | 779 | |||||||||||||||
Santa María del Plata S.A.
|
Jul-97
|
60,100 | 100.0 | % | 100 | % | 12,495 | |||||||||||||
Nobleza Piccardo (7)
|
May-11
|
13,814 | 100.0 | % | 50 | % | 88,665 | |||||||||||||
Catalinas Norte Plot
|
Dec-09
|
- | - | - | 109,159 | |||||||||||||||
Other Properties(6)
|
N/A | 2,072 | 100.0 | % | - | 7,728 | ||||||||||||||
Subtotal Other Properties
|
76,298 | 99.6 | % | 218,826 | ||||||||||||||||
TOTAL OFFICES AND OTHER
|
217,585 | 98.1 | % | - | 1,024,916 |
Notes:
|
||||||
(1) Total leaseable area for each property as of March 31, 2013. Excludes common areas and parking.
|
||||||
(2) Calculated dividing occupied square meters by leaseable area as of March 31, 2013.
|
||||||
(3) Cost of acquisition, plus improvements, less accumulated depreciation, plus adjustment for inflation, less allowance for impairment.
|
||||||
(4) Includes the following properties: Av. de Mayo 595, Rivadavia 2774, Madero 1020 and Costeros Dique IV.
|
||||||
(5) Includes the following properties: Constitución 1111 and Casona de Abril.
|
||||||
(6) Includes Constitución 1159 and Canteras.
|
||||||
(7) Through Alto Palermo S.A.
|
Sales and Developments in ARS MM
|
IIIQ 13
|
IIIQ 12
|
YoY var
|
9M 13 | 9M 12 |
YoY var
|
||||||||||||||||||
Revenues
|
31.5 | 23.7 | 32.4 | % | 117.2 | 89.5 | 30.9 | % | ||||||||||||||||
Operating Income
|
1.8 | 13.0 | (86.2 | )% | 43.0 | 42.3 | 1.7 | % | ||||||||||||||||
Depreciation and Amortization
|
0.0 | 0.0 | - | 0.0 | 0.1 | - | ||||||||||||||||||
EBITDA
|
1.8 | 13.0 | (86.2 | )% | 43.0 | 42.4 | 1.7 | % |
►
|
Sales totaled ARS 31.5 million during the third quarter of 2013 and ARS 117.2 million for the first nine months of fiscal year 2013, mainly explained by the recognition of revenues from the “Horizons” project recorded in the second quarter of the period, offset by lower revenues from the Terreno Rosario project, which was sold during the first half of 2012. Cumulative EBITDA for the first nine months of fiscal year 2013 was 1.7% higher than in the same period of 2012.
|
DEVELOPMENT
|
9M 13 | 9M 12 |
YoY var
|
|||||||||
Residential Apartments
|
||||||||||||
Caballito Nuevo (10)
|
6,983 | 9,248 | (24.5 | )% | ||||||||
Torres de Rosario (5)
|
4,260 | 4,777 | (10.8 | )% | ||||||||
Libertador 1703 & 1755 (Horizons) (8)
|
96,963 | 39,337 | 146.5 | % | ||||||||
Other Residential Apartments(6)
|
811 | 371 | 118.6 | % | ||||||||
Subtotal Residential Apartments
|
109,017 | 53,733 | 102.9 | % | ||||||||
Residential Communities
|
||||||||||||
Abril/Baldovinos (7)
|
1,113 | - | - | |||||||||
El Encuentro (11)
|
7,008 | 8,434 | (16.9 | )% | ||||||||
Subtotal Residential Communities
|
8,121 | 8,434 | (3.7 | )% | ||||||||
Land Reserves
|
||||||||||||
Terreno Rosario(5)
|
- | 27,273 | - | |||||||||
Canteras Natal Crespo
|
39 | 17 | 129.4 | % | ||||||||
Subtotal Land Reserves
|
39 | 27,290 | (99.9 | )% | ||||||||
TOTAL
|
117,177 | 89,457 | 31.0 | % |
DEVELOPMENT
|
Date of Acquisition
|
Area intended for sale (sqm) (1)
|
Total Units / Lots (2)
|
IRSA’s Effective Interest
|
Percentage Built
|
Percentage Sold (3)
|
Book
Value (4)
|
|||||||||||||||||||||
Residential Apartments
|
||||||||||||||||||||||||||||
Torres Renoir
|
Sep-99
|
5,383 | 28 | 100.00 | % | 100.00 | % | 100.00 | % | |||||||||||||||||||
Caballito Nuevo
|
Nov-97
|
67 | 1 | 100.00 | % | 100.00 | % | 99.07 | % | |||||||||||||||||||
Torres de Rosario(5)
|
Apr-99
|
2,661 | 17 | 95.67 | % | 100.00 | % | 60.00 | % | 4,077 | ||||||||||||||||||
Libertador 1703 y 1755 (Horizons) (9)
|
Jan-07
|
44,648 | 467 | 50.00 | % | 100.00 | % | 100.00 | % | 33,750 | ||||||||||||||||||
Other residential apartments (6)
|
N/A | 138,520 | 1,438 | 84,395 | ||||||||||||||||||||||||
Subtotal Residential Apartments
|
191,279 | 1,951 | 122,222 | |||||||||||||||||||||||||
Residential Communities
|
||||||||||||||||||||||||||||
Abril/Baldovinos (7)
|
Jan-95
|
5,137 | 4 | 100.00 | % | 100.00 | % | 99.50 | % | 521 | ||||||||||||||||||
El Encuentro
|
Nov-97
|
13,690 | 9 | 100.00 | % | 100.00 | % | 85.00 | % | 1,722 | ||||||||||||||||||
Villa Celina I, II & III
|
May-92
|
75,970 | 219 | 100.00 | % | 100.00 | % | 100.00 | % | 0 | ||||||||||||||||||
Subtotal Residential Communities
|
94,797 | 232 | 2,243 | |||||||||||||||||||||||||
Land Reserves
|
||||||||||||||||||||||||||||
Puerto Retiro
|
May-97
|
82,051 | 50.00 | % | 0.00 | % | 0.00 | % | 51,337 | |||||||||||||||||||
Santa María del Plata
|
Jul-97
|
715,951 | 100.00 | % | 0.00 | % | 10.00 | % | 158,951 | |||||||||||||||||||
Pereiraola
|
Dec-96
|
1,299,630 | 100.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||||
Terreno Rosario (5)
|
Apr-99
|
31,000 | 95.67 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||||
Terreno Caballito
|
Nov-97
|
7,451 | 100.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||||
Neuquén (5)
|
Jul-99
|
4,332 | 1 | 95.67 | % | 0.00 | % | 100.00 | % | 45,226 | ||||||||||||||||||
Terreno Baicom
|
Dec-09
|
34,500 | 1 | 50.00 | % | 0.00 | % | 0.00 | % | 4,459 | ||||||||||||||||||
Canteras Natal Crespo
|
Jul-05
|
4,320,000 | 50.00 | % | 0.00 | % | 0.00 | % | 5,978 | |||||||||||||||||||
Terreno Beruti (5)
|
Jun-08
|
3,207 | 95.67 | % | 0.00 | % | 100.00 | % | 9,264 | |||||||||||||||||||
Pilar
|
May-97
|
740,237 | 100.00 | % | 0.00 | % | 0.00 | % | 1,550 | |||||||||||||||||||
Coto air space(5)
|
Sep-97
|
16,167 | 284 | 95.67 | % | 0.00 | % | 0.00 | % | 8,946 | ||||||||||||||||||
Torres Jardín IV
|
Jul-96
|
3,176 | 100.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||||
Terreno Caballito (5)
|
Oct-98
|
23,389 | 95.67 | % | 0.00 | % | 0.00 | % | 31,868 | |||||||||||||||||||
Patio Olmos (5)
|
Sep-07
|
5,147 | 0 | 95.67 | % | 100.00 | % | 0.00 | % | |||||||||||||||||||
Other land reserves (8)
|
N/A | 13,680,711 | 1 | 141,683 | ||||||||||||||||||||||||
Subtotal Land Reserves
|
20,966,949 | 287 | 459,262 | |||||||||||||||||||||||||
TOTAL
|
21,253,025 | 2,470 | 583,727 |
Notes:
|
(1) Total property area intended for sale upon completion of the development or acquisition and before sale of any of the units (including parking and storage spaces, but excluding common areas). In the case of Land Reserves, the land area was considered.
|
(2) Represents the total units or plots upon completion of the development or acquisition (excludes parking and storage spaces).
|
(3) The percentage sold is calculated dividing the square meters sold by the total saleable square meters.
|
(4) Corresponds to the company’s total consolidated sales.
|
(5) Through Alto Palermo S.A. As of March 31, 2013, 4 apartments, 4 parking spaces, and one storage space remained available for sale in parcel 2-G and 13 apartments, 25 parking spaces and 2 storage spaces remained available for sale in parcel 2-H.
|
(6) Includes the following properties: Torres de Abasto through APSA (fully sold), units to be received in Beruti through APSA, Torres Jardín, Edificios Cruceros (fully sold), San Martin de Tours, Rivadavia 2768, Alto Palermo Park (fully sold), Minetti D (fully sold), Dorrego 1916 (fully sold), Padilla 902 (fully sold), Caballito swap receivable and Pereiraola plots through IRSA.
|
(7) Includes sales of shares in Abril. As of March 31, 2013, 4 lots with a surface area of 5,137 sqm were pending sale.
|
(8) Includes the following land reserves: Terreno Pontevedra, Isla Sirgadero, Terreno San Luis, Mariano Acosta, Merlo and Intercontinental Plaza II through IRSA, Zetol and Vista al Muelle through Liveck and C.Gardel 3134 (fully sold), C.Gardel 3128 (fully sold), Aguero 596 (fully sold), República Arabe Siria (fully sold), Terreno Mendoza (fully sold), Zelaya 3102, Conil, Soleil air space and Others APSA (through APSA).-
|
(9) Owned by CYRSA S.A.
|
(10) As of March 31, 2013, one apartment and 13 parking spaces were pending sale.
|
(11) As of March 31, 2013, 9 plots with a surface area of 11,569 sqm were pending sale.
|
V.
|
Hotels
|
Hotels (in ARS MM)
|
IIIQ 13
|
IIIQ 12
|
YoY var
|
9M 13 | 9M 12 |
YoY var
|
||||||||||||||||||
Revenues
|
57.9 | 45.0 | 28.7 | % | 174.7 | 130.0 | 34.4 | % | ||||||||||||||||
Operating Income
|
(1.8 | ) | 2.0 | - | (8.7 | ) | 0.8 | - | ||||||||||||||||
Depreciation and Amortization
|
4.4 | 3.4 | 31.5 | % | 14.3 | 9.9 | 45.2 | % | ||||||||||||||||
EBITDA
|
2.6 | 5.4 | (50.8 | )% | 5.6 | 10.7 | (47.4 | )% |
IIIQ 13
|
IIQ 13
|
IQ 13
|
IVQ 12
|
IIIQ 12
|
||||||||||||||||
Average Occupancy
|
67.2 | % | 69.4 | % | 62.4 | % | 53.4 | % | 62.4 | % | ||||||||||
Average Rate per Room (ARS/night)
|
892 | 882 | 862 | 688 | 703 |
►
|
During the third quarter of 2013 the hotel segment recorded an increase in revenues of 28.7%. However, EBITDA decreased due to higher operating costs.
|
Date of Acquisition
|
IRSA’s Interest
|
Number of Rooms
|
Average Occupancy (1)
|
Average Rate per Room (ARS)(2)
|
Book Value
(in thousands of ARS)
|
||||||||||||||||
Intercontinental (3)
|
Nov-97
|
76.3 | % | 309 | 68.0 | % | 724 | 48,703 | |||||||||||||
Sheraton Libertador(4)
|
Mar-98
|
80.0 | % | 200 | 74.0 | % | 672 | 34,211 | |||||||||||||
Llao Llao(5)
|
Jun-97
|
50.0 | % | 201 | 59.1 | % | 1,463 | 66,189 | |||||||||||||
Terrenos Bariloche(5)
|
Dec-06
|
50.0 | % | - | 21,900 | ||||||||||||||||
Total
|
76.3 | % | 710 | 67.2 | % | 892 | 171,002 |
Notes:
|
|||||||
1) Cumulative average for the 9-month period.
|
|||||||
2) Cumulative average for the 9-month period.
|
|||||||
3) Through Nuevas Fronteras S.A. (IRSA’s subsidiary).
|
|||||||
4) Through Hoteles Argentinos S.A. (IRSA’s subsidiary).
|
|||||||
5) Through Llao Llao Resorts S.A. (IRSA’s subsidiary).
|
VI.
|
International
|
Lipstick
|
Mar-13
|
Mar-12
|
YoY var
|
|||||||||
Gross Leaseable Area (sqm)
|
58,019 | 57,824 | 0.3 | % | ||||||||
Occupancy
|
89.0 | % | 86.1 | % | 5.8 | % | ||||||
Rental price (USD/sqm)
|
62.6 | 62.1 | 0.8 | % |
Madison 183
|
Mar-13
|
Mar-12
|
YoY var
|
|||||||||
Gross Leaseable Area (sqm)
|
23,489 | 23,477 | 0.1 | % | ||||||||
Occupancy
|
96.1 | % | 83.8 | % | 14.7 | % | ||||||
Rental price (USD/sqm)
|
41.4 | 35.3 | 17.3 | % |
Shopping Centers
|
Offices
|
Sales and Developments
|
Hotels
|
International
|
Financial Transactions and Others
|
Total
|
Var
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
9M 13 | 9M12 | 9M 13 | 9M12 | 9M 13 | 9M12 | 9M 13 | 9M12 | 9M 13 | 9M12 | 9M 13 | 9M12 | 9M 13 | 9M12 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income
|
514.1 | 426.8 | 84.9 | 77.0 | 43.0 | 42.3 | (8.7 | ) | 0.8 | 130.7 | (6.1 | ) | (0.8 | ) | 4.9 | 763.2 | 545.6 | 39.9 | % | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
114.7 | 102.4 | 27.1 | 18.1 | - | 0.1 | 14.3 | 9.9 | 11.1 | - | - | - | 167.2 | 130.4 | 28.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
EBITDA
|
628.8 | 529.2 | 112.1 | 95.1 | 43.0 | 42.4 | 5.6 | 10.7 | 141.8 | (6.1 | ) | (0.8 | ) | 4.9 | 930.4 | 675.0 | 37.6 | % |
Total Segment Information
|
Interest in Joint Businesses
|
Income Statement
|
YoY var
|
|||||||||||||||||||||||||
9M 13 | 9M 12 | 9M 13 | 9M 12 | 9M 13 | 9M 12 | |||||||||||||||||||||||
Revenues
|
1,715.3 | 1,378.9 | (111.2 | ) | (50.3 | ) | 1,604.1 | 1,328.5 | 20.7 | % | ||||||||||||||||||
Costs
|
(888.6 | ) | (673.9 | ) | 87.4 | 36.7 | (801.2 | ) | (637.3 | ) | 25.7 | % | ||||||||||||||||
Gross Profit /(Loss
|
826.7 | 704.9 | (23.9 | ) | (13.6 | ) | 802.9 | 691.3 | 16.1 | % | ||||||||||||||||||
Income / (loss) from sale of investment properties
|
64.0 | 42.7 | - | - | 64.0 | 42.7 | 49.8 | % | ||||||||||||||||||||
General and administrative expenses
|
(152.2 | ) | (126.4 | ) | 1.0 | 1.3 | (151.1 | ) | (125.1 | ) | 20.9 | % | ||||||||||||||||
Selling expenses
|
(81.6 | ) | (61.9 | ) | 8.4 | 5.7 | (73.2 | ) | (56.3 | ) | 30.2 | % | ||||||||||||||||
Other operating income, net
|
106.2 | (13.8 | ) | 1.0 | 1.8 | 107.2 | (12.0 | ) | - | |||||||||||||||||||
Operating Income / (Loss) before income / (loss) from interests in equity investees and joint businesses
|
763.2 | 545.6 | (13.5 | ) | (4.9 | ) | 749.7 | 540.7 | 38.7 | % | ||||||||||||||||||
Income / (loss) from interests in equity investees and joint businesses
|
6.0 | 18.8 | 9.2 | (2.9 | ) | 15.1 | 15.9 | (5.1 | )% | |||||||||||||||||||
Operating Income / (Loss) before financial income / (loss) and income tax
|
769.1 | 564.4 | (4.3 | ) | (7.8 | ) | 764.8 | 556.6 | 37.4 | % |
„
|
The accumulated result of ARS 106.2 million recorded in “Other Operating Income, net” is mainly explained by the income generated by the consolidation of our investment in the building located at 183 Madison Avenue in the City of New York during the past quarter as a result of its equity value revaluation at fair value. Also noteworthy is the ARS 64.0 million result recorded in “Income / (loss) from sale of investment properties” reflecting the sales of “La Nación” and “El Rulero” buildings during the past quarter.
|
Description
|
Currency
|
Amount (USD MM) (1)
|
Interest Rate
|
Maturity
|
Bank Overdraft
|
ARS
|
23.3
|
Floating
|
< 180 days
|
IRSA’s Tranche I Series I Notes
|
USD
|
150.0
|
8.50%
|
Feb-17
|
IRSA’s Tranche II Series II Notes(2)
|
USD
|
150.0
|
11.50%
|
Jul-20
|
IRSA’s Tranche III Series III Notes
|
ARS
|
19.9
|
BADLAR + 249 bps
|
Aug-13
|
IRSA’s Tranche III Series IV Notes
|
USD
|
33.8
|
7.45%
|
Feb-14
|
Other Loans
|
USD
|
5.0
|
Libor 1 month + 275 bps
|
Dec-13
|
Belmont Madison Building mortgage
|
USD
|
75.0
|
4.22%
|
Aug-17
|
IRSA’s Total Debt
|
457.0
|
|||
Short Term Debt
|
ARS
|
55.1
|
15.01%
|
Dec-15
|
APSA’s Tranche I Series I Notes(2)
|
USD
|
120.0
|
7.875%
|
May-17
|
Other Debt
|
USD
|
19.6
|
5.00%
|
Jul-17
|
APSA’s Total Debt
|
194.7
|
|||
Total Consolidated Debt
|
651.8
|
|||
Consolidated Cash
|
78.0
|
|||
Repurchase of Debt
|
13.9
|
|||
Net Consolidated Debt
|
559.9
|
(1) Principal face value in USD at an exchange rate of 5.122 ARS = 1 USD, without considering accrued interest or elimination of balances with subsidiaries.
|
(2) As of June 30, 2012 APSA had repurchased USD 10.0 million in principal amount.
|
(3) As of June 30, 2012 APSA had repurchased USD 3.9 million in principal amount.
|
·
|
On January 14, 2013, IRSA accepted APSA’s repurchase offer for all its Convertible Series I Notes due in July 2014, currently amounting to USD 31,738,262 in principal amount, for a total price of USD 35.4 million or USD 1.1148554 per Convertible Note.
|
·
|
On March 22, 2013 the Board of Directors of our subsidiary APSA resolved to call a General Ordinary Shareholders’ Meeting to be held on May 3, 2013, to consider the distribution of an interim cash dividend for the fiscal year started on July 1, 2012, based on the audited quarterly balance sheet as of December 31, 2012, for up to ARS 166,500,000.
|
·
|
On May 3, 2013, the General Ordinary Shareholders’ Meeting of our subsidiary APSA was held, which approved the payment of an interim cash dividend for the current fiscal year for up to ARS 166,500,000 (equivalent to ARS/share 0.1321 and ARS/ADR 5.2851).
|
IRSA Inversiones y Representaciones S.A. | |||
June 3, 2013
|
By:
|
/s/ Saúl Zang | |
Saúl Zang | |||
Responsible for the Relationship with the Markets | |||