Type of stock
|
CAPITAL STATUS
|
|
Authorized for Public Offer of Shares (*)
|
Subscribed, Issued and Paid up
Ps.
|
|
Common stock with a face value of Ps.1 per share and entitled to 1 vote each
|
578,676,460
|
578,676
|
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
||||||||||
ASSETS
|
||||||||||||
Non-Current Assets
|
||||||||||||
Investment properties, net
|
3,246,662 | 3,275,226 | 3,340,081 | |||||||||
Property, plant and equipment, net
|
226,687 | 228,033 | 235,245 | |||||||||
Trading properties
|
167,168 | 167,109 | 155,876 | |||||||||
Intangible assets, net
|
28,831 | 29,389 | 31,900 | |||||||||
Investments in associates and joint ventures
|
1,437,316 | 1,445,815 | 1,373,215 | |||||||||
Deferred income tax assets
|
33,843 | 34,255 | 17,903 | |||||||||
Trade and other receivables, net
|
225,905 | 196,372 | 165,009 | |||||||||
Investment in financial assets
|
612,684 | 655,660 | 432,676 | |||||||||
Derivative financial instruments
|
21,421 | 18,434 | 60,442 | |||||||||
Total Non-Current Assets
|
6,000,517 | 6,050,293 | 5,812,347 | |||||||||
Current Assets
|
||||||||||||
Trading properties
|
10,027 | 9,714 | 26,115 | |||||||||
Inventories
|
17,728 | 15,659 | 6,820 | |||||||||
Investment in financial assets
|
535,286 | 475,877 | 419,995 | |||||||||
Financial Assets at fair value through profits or loss
|
219,161 | 78,909 | 65,076 | |||||||||
Cash and cash equivalents
|
281,342 | 259,169 | 301,559 | |||||||||
Total Current Assets
|
1,063,544 | 839,328 | 819,565 | |||||||||
TOTAL ASSETS
|
7,064,061 | 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
|
274,387 | 274,387 | 274,387 | |||||||||
Other equity adjustments
|
(16,048 | ) | (15,714 | ) | - | |||||||
Cumulative translation adjustment
|
24,992 | 14,502 | - | |||||||||
Share premium
|
793,123 | 793,123 | 793,123 | |||||||||
Reserve for share-based compensation
|
4,263 | 2,595 | - | |||||||||
Legal reserve
|
71,136 | 71,136 | 57,031 | |||||||||
Other reserves
|
419,783 | 419,783 | 391,262 | |||||||||
Retained earnings
|
551,995 | 510,853 | 656,525 | |||||||||
Equity attributable to equity holders of the parent
|
2,702,307 | 2,649,341 | 2,751,004 | |||||||||
Non-controlling interest
|
391,659 | 390,428 | 331,609 | |||||||||
TOTAL SHAREHOLDERS’ EQUITY
|
3,093,966 | 3,039,769 | 3,082,613 | |||||||||
LIABILITIES
|
||||||||||||
Non-Current Liabilities
|
||||||||||||
Trade and other payables
|
194,525 | 166,656 | 149,355 | |||||||||
Borrowings
|
2,018,394 | 2,048,397 | 1,725,272 | |||||||||
Income tax liabilities
|
61,850 | - | - | |||||||||
Deferred income tax liabilities
|
380,737 | 411,232 | 485,032 | |||||||||
Provisions
|
18,312 | 17,823 | 12,881 | |||||||||
Total Non-Current Liabilities
|
2,673,818 | 2,644,108 | 2,372,540 | |||||||||
Current Liabilities
|
||||||||||||
Trade and other payables
|
537,815 | 500,926 | 414,186 | |||||||||
Income tax liabilities
|
78,755 | 104,869 | 57,791 | |||||||||
Payroll and social security liabilities
|
35,765 | 39,607 | 34,089 | |||||||||
Borrowings
|
636,792 | 557,896 | 667,587 | |||||||||
Derivative financial instruments
|
1,572 | - | - | |||||||||
Provisions
|
5,578 | 2,446 | 3,106 | |||||||||
Total Current Liabilities
|
1,296,277 | 1,205,744 | 1,176,759 | |||||||||
TOTAL LIABILITIES
|
3,970,095 | 3,849,852 | 3,549,299 | |||||||||
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
7,064,061 | 6,889,621 | 6,631,912 |
Inversiones y Representaciones Sociedad Anónima | |||
By:
|
/s/ Eduardo S. Elsztain | ||
Eduardo S. Elsztain | |||
President | |||
September 30, 2012
|
September 30, 2011
|
|||||||
Revenues
|
486,311 | 431,631 | ||||||
Costs
|
(243,142 | ) | (203,602 | ) | ||||
Gross Profit
|
243,169 | 228,029 | ||||||
Gain from disposal of investment properties
|
31,069 | - | ||||||
General and administrative expenses
|
(43,533 | ) | (33,465 | ) | ||||
Selling expenses
|
(23,637 | ) | (16,592 | ) | ||||
Other operating expense, net
|
(9,126 | ) | (3,987 | ) | ||||
Profit from Operations
|
197,942 | 173,985 | ||||||
Share of profit / (loss) of associates and joint ventures
|
16,696 | (17,276 | ) | |||||
Profit from Operations Before Financing and Taxation
|
214,638 | 156,709 | ||||||
Finance income
|
69,634 | 16,086 | ||||||
Finance cost
|
(197,837 | ) | (299,980 | ) | ||||
Financial results, net
|
(128,203 | ) | (283,894 | ) | ||||
Profit / (loss) Before Income Tax
|
86,435 | (127,185 | ) | |||||
Income tax expense
|
(35,625 | ) | (20,677 | ) | ||||
Profit / (loss) for the period
|
50,810 | (147,862 | ) | |||||
Attributable to:
|
||||||||
Equity holders of the parent
|
41,142 | (112,029 | ) | |||||
Non-controlling interest
|
9,668 | (35,833 | ) | |||||
Profit / (loss) per share attributable to equity holders of the parent during the period:
|
||||||||
Basic
|
0.071 | (0.194 | ) | |||||
Diluted
|
0.071 | (0.194 | ) |
Inversiones y Representaciones Sociedad Anónima | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
September 30, 2012
|
September 30, 2011
|
|||||||
Profit / (Loss) for the period
|
50,810 | (147,862 | ) | |||||
Other Comprehensive Income:
|
||||||||
Items that may be reclassified subsequently to profit or loss:
|
- | |||||||
Currency translation adjustment of associates and joint ventures
|
10,490 | 4,738 | ||||||
Other Comprehensive Income for the period, net of tax (i)
|
10,490 | 4,738 | ||||||
Total Comprehensive Income / (Loss) for the period
|
61,300 | (143,124 | ) | |||||
Attributable to:
|
||||||||
Equity holders of the parent
|
51,632 | (107,291 | ) | |||||
Non-controlling interest
|
9,668 | (35,833 | ) |
(i)
|
Components of other comprehensive income have no impact on income tax.
|
Inversiones y Representaciones Sociedad Anónima | |||
|
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
|
Reserve for acquisition of Non-controlling interest
|
Cumulative translation adjustment reserve
|
Reserve for share-based compensation
|
Legal reserve
|
Other reserves
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total shareholders’ equity
|
|||||||||||||||||||||||||||||||||||||
Balance at July 1, 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
|
- | - | - | - | - | - | - | - | 41,142 | 41,142 | 9,668 | 50,810 | ||||||||||||||||||||||||||||||||||||
Others comprehensive income for the period
|
- | - | - | - | 10,490 | - | - | - | - | 10,490 | - | 10,490 | ||||||||||||||||||||||||||||||||||||
Total comprehensive income for the period
|
- | - | - | - | 10,490 | - | - | - | 41,142 | 51,632 | 9,668 | 61,300 | ||||||||||||||||||||||||||||||||||||
Reserve for share-based compensation
|
- | - | - | - | - | 1,668 | - | - | - | 1,668 | 61 | 1,729 | ||||||||||||||||||||||||||||||||||||
Acquisition of non-controlling interest
|
- | - | - | (334 | ) | - | - | - | - | - | (334 | ) | - | (334 | ) | |||||||||||||||||||||||||||||||||
Dividends distribution of subsidiaries
|
- | - | - | - | - | - | - | - | - | - | (10,215 | ) | (10,215 | ) | ||||||||||||||||||||||||||||||||||
Capital Contribution of non-controlling interest
|
- | - | - | - | - | - | - | - | - | - | 1,717 | 1,717 | ||||||||||||||||||||||||||||||||||||
Balance at September 30, 2012
|
578,676 | 274,387 | 793,123 | (16,048 | ) | 24,992 | 4,263 | 71,136 | 419,783 | 551,995 | 2,702,307 | 391,659 | 3,093,966 |
Inversiones y Representaciones Sociedad Anónima | |||
|
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
|
Other equity adjustment
|
Cumulative translation adjustment
|
Reserve for share-based compensation
|
Legal reserve
|
Other reserves
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total shareholders’ equity
|
|||||||||||||||||||||||||||||||||||||
Balance at July 1, 2011
|
578,676 | 274,387 | 793,123 | - | - | - | 57,031 | 391,262 | 656,525 | 2,751,004 | 331,609 | 3,082,613 | ||||||||||||||||||||||||||||||||||||
Loss of the period
|
- | - | - | - | - | - | - | - | (112,029 | ) | (112,029 | ) | (35,833 | ) | (147,862 | ) | ||||||||||||||||||||||||||||||||
Other comprehensive income for the period
|
- | - | - | - | 4,738 | - | - | - | - | 4,738 | - | 4.738 | ||||||||||||||||||||||||||||||||||||
Total comprehensive income for the period
|
- | - | - | - | 4,738 | - | - | - | (112,029 | ) | (107,291 | ) | (35,833 | ) | (143,124 | ) | ||||||||||||||||||||||||||||||||
Other equity adjustment
|
- | - | - | (15,311 | ) | - | - | - | - | - | (15,311 | ) | - | (15,311 | ) | |||||||||||||||||||||||||||||||||
Capital reduction
|
- | - | - | - | - | - | - | - | - | - | (495 | ) | (495 | ) | ||||||||||||||||||||||||||||||||||
Reserve for share-based compensation
|
- | - | - | - | - | 1,711 | - | - | - | 1,711 | 62 | 1,773 | ||||||||||||||||||||||||||||||||||||
Balance at September 30, 2011
|
578,676 | 274,387 | 793,123 | (15,311 | ) | 4,738 | 1,711 | 57,031 | 391,262 | 544,496 | 2,630,113 | 295,343 | 2,925,456 |
Inversiones y Representaciones Sociedad Anónima | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
September 30, 2012
|
September 30, 2011
|
|||||||
Cash flows from operating activities:
|
||||||||
Cash generated from operations
|
272,039 | 208,153 | ||||||
Income tax paid
|
(25,931 | ) | (8,931 | ) | ||||
Net cash generated from operating activities
|
246,108 | 199,222 | ||||||
Cash Flows from investing activities:
|
||||||||
Capital contributions in associates and joint ventures
|
- | |||||||
Purchases of associates and joint ventures
|
(7,570 | ) | (1,538 | ) | ||||
Purchases of investment properties
|
(36,767 | ) | (12,378 | ) | ||||
Proceeds from sale of investment properties
|
53,299 | - | ||||||
Purchases of property, plant and equipment
|
(5,832 | ) | (3,256 | ) | ||||
Purchases of intangible assets
|
(253 | ) | (608 | ) | ||||
Purchases in financial assets at fair value through profit or loss
|
(102,855 | ) | (30,288 | ) | ||||
Proceeds from sale of financial assets at fair value through profit or loss
|
46,433 | - | ||||||
Advanced payments for purchases of associates
|
(23,485 | ) | - | |||||
Loans granted to associates and joint ventures
|
- | (109,459 | ) | |||||
Dividends received
|
4,953 | 2,929 | ||||||
Net cash used in investing activities
|
(72,077 | ) | (154,598 | ) | ||||
Cash flows from financing activities:
|
||||||||
Proceeds from borrowings
|
24,624 | 72,975 | ||||||
Repayments of borrowings
|
(80,266 | ) | (50,072 | ) | ||||
Payment of seller financing
|
(2,000 | ) | (9,821 | ) | ||||
Acquisition of non-controlling interest in subsidiaries
|
- | (7,363 | ) | |||||
Dividends paid
|
(48,899 | ) | - | |||||
Capital contribution of non-controlling interest
|
1,717 | 3,036 | ||||||
Interest paid
|
(96,116 | ) | (79,587 | ) | ||||
Loans from Associates and Joint Ventures
|
47,181 | - | ||||||
Net cash used in financing activities
|
(153,759 | ) | (70,832 | ) | ||||
Net increase in cash and cash equivalents
|
20,272 | (26,208 | ) | |||||
Cash and cash equivalents at beginning of period .
|
259,169 | 301,559 | ||||||
Foreign exchange gain on cash and cash equivalents
|
1,901 | 646 | ||||||
Cash and cash equivalents at end of period
|
281,342 | 275,997 |
Inversiones y Representaciones Sociedad Anónima | |||
|
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.
|
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
|
·
|
Shareholders’ equity at July 1, 2011 (Note 2.3.2)
|
·
|
Shareholders’ equity at September 30, 2011 (Note 2.3.3)
|
·
|
Shareholders’ equity at June 30, 2012 (Note 2.3.4)
|
·
|
Statement of income for the three-month periods ended September 30, 2011 (Note 2.3.5)
|
·
|
Statement of income for the fiscal year ended June 30, 2012 (Note 2.3.6)
|
·
|
Statement of comprehensive income for the three-month periods ended September 30, 2011 (Note 2.3.7)
|
·
|
Statement of comprehensive income for the fiscal year ended June 30, 2012 (Note 2.3.8)
|
·
|
Statement of cash flows for the three-month period ended September 30, 2011 and for the fiscal year ended June 30, 2012 (Note 2.3.9).
|
2.
|
Basis of preparation and adoption of international financial reporting standards (“IFRS”) (Continued)
|
2.3.1.
|
Summary of equity
|
July 1, 2011
|
September 30, 2011
|
June 30, 2012
|
||||||||||||||
Total shareholders’ equity under Argentine GAAP attributable to IRSA
|
2,313,687 | 2,337,597 | 2,335,279 | |||||||||||||
Revenue recognition – “scheduled rent increases”
|
B | 51,991 | 58,613 | 78,479 | ||||||||||||
Revenue recognition – “letting fees”
|
C | (35,447 | ) | (38,137 | ) | (44,446 | ) | |||||||||
Trading properties
|
D | (29,315 | ) | (15,724 | ) | (18,946 | ) | |||||||||
Pre-operating and organization expenses
|
E | (22,002 | ) | (20,252 | ) | (22,083 | ) | |||||||||
Goodwill
|
F,G | 425,839 | 418,722 | 406,526 | ||||||||||||
Long-term investments – financial assets
|
H | 151,411 | 19,296 | 138,204 | ||||||||||||
Initial direct costs on operating leases
|
I | 698 | 839 | 946 | ||||||||||||
Tenant deposits
|
J | 114 | 163 | 329 | ||||||||||||
Impairment of financial assets
|
K | (2,088 | ) | (2,159 | ) | (519 | ) | |||||||||
Present value accounting – tax credits
|
L | 11,231 | 7,973 | 5,917 | ||||||||||||
Investment properties
|
M | - | (8,095 | ) | - | |||||||||||
Investments in associates
|
N | (56,224 | ) | (83,396 | ) | (152,163 | ) | |||||||||
Investments in joint ventures
|
O | (16,716 | ) | (16,203 | ) | (11,219 | ) | |||||||||
Acquisition of non-controlling interest
|
P | - | (14,575 | ) | (15,178 | ) | ||||||||||
Amortization of transaction costs on borrowings
|
Q | 110 | 180 | 123 | ||||||||||||
Deferred income tax
|
S | (15,748 | ) | (19,029 | ) | (24,409 | ) | |||||||||
Non- controlling interest on adjustments above
|
T | (26,537 | ) | 4,300 | (27,499 | ) | ||||||||||
Subtotal shareholders’ equity under IFRS attributable to IRSA
|
2,751,004 | 2,630,113 | 2,649,341 | |||||||||||||
Non-controlling interest
|
331,609 | 295,343 | 390,428 | |||||||||||||
Total shareholders’ equity under IFRS
|
3,082,613 | 2,925,456 | 3,039,769 |
2.3.1.
|
Summary of profit / (loss)
|
September 30, 2011
|
June 30, 2012
|
|||||||||||
Profit under Argentine GAAP attributable to IRSA | 5,693 | 280,081 | ||||||||||
Revenue recognition – “scheduled rent increases”
|
B | 6,622 | 26,488 | |||||||||
Revenue recognition – “letting fees”
|
C | (2,691 | ) | (8,999 | ) | |||||||
Trading properties
|
D | 21,378 | 10,369 | |||||||||
Pre-operating and organization expenses
|
E | 1,772 | (81 | ) | ||||||||
Goodwill
|
F,G | (5,125 | ) | (19,398 | ) | |||||||
Long-term investments – financial assets
|
H | (131,697 | ) | (13,207 | ) | |||||||
Initial direct costs on operating leases
|
I | 141 | 248 | |||||||||
Tenant deposits
|
J | 49 | 215 | |||||||||
Impairment of financial assets
|
K | (71 | ) | 1,569 | ||||||||
Present value accounting – tax credits
|
L | (3,294 | ) | (5,314 | ) | |||||||
Investment properties
|
M | (8,095 | ) | - | ||||||||
Investments in associates
|
N | (26,008 | ) | (89,858 | ) | |||||||
Investments in joint ventures
|
O | (91 | ) | 5,497 | ||||||||
Acquisition of non-controlling interest
|
P | - | 1,245 | |||||||||
Amortization of transaction costs on borrowings
|
Q | 70 | 13 | |||||||||
Foreign currency translation
|
R | 3,532 | 32,518 | |||||||||
Deferred income tax
|
S | (3,513 | ) | (9,205 | ) | |||||||
Non- controlling interest on adjustments above
|
T | 29,299 | (8,290 | ) | ||||||||
(Loss) / Profit under Argentine GAAP attributable to IRSA
|
(112,029 | ) | 203,891 | |||||||||
Non-controlling interest
|
(35,833 | ) | 20,785 | |||||||||
(Loss) / Profit under IFRS
|
(147,862 | ) | 224,676 |
2.
|
Basis of preparation and adoption of international financial reporting standards (“IFRS”) (Continued)
|
2.3.1.
|
Summary of other comprehensive income
|
September 30, 2011
|
June 30, 2012
|
|||||||||||
Other comprehensive income under Argentine GAAP attributable to IRSA
|
9,898 | 45,851 | ||||||||||
Goodwill
|
F,G | 1,565 | 85 | |||||||||
Investments in associates
|
N | (677 | ) | (6,082 | ) | |||||||
Currency translation adjustment
|
R | (7,737 | ) | (32,518 | ) | |||||||
Deferred income tax
|
S | 180 | 544 | |||||||||
Non- controlling interest on adjustment above
|
T | 1,509 | 8,430 | |||||||||
Other comprehensive income under IFRS attributable to IRSA
|
4,738 | 16,310 | ||||||||||
Other comprehensive income under IFRS
|
4,738 | 16,310 |
2.3.2.
|
Reconciliation of shareholders’ equity at July 1, 2011
|
Argentine GAAP balances I
|
Deconsolidation of joint ventures II
|
Reclassifications III
|
Measurement
adjustments IV
|
IFRS balances V
|
||||||||||||||||
ASSETS
|
||||||||||||||||||||
Non-Current Assets
|
||||||||||||||||||||
Investment properties, net
|
- | - | 3,339,383 | 698 | 3,340,081 | |||||||||||||||
Property, plant and equipment, net
|
3,405,980 | (70,068 | ) | (3,100,667 | ) | - | 235,245 | |||||||||||||
Trading properties
|
- | - | 164,091 | (8,215 | ) | 155,876 | ||||||||||||||
Intangible assets, net
|
51,147 | (73 | ) | 1,924 | (21,098 | ) | 31,900 | |||||||||||||
Inventories
|
89,441 | (59 | ) | (89,382 | ) | - | - | |||||||||||||
Investments in associates and joint ventures
|
1,209,808 | 210,393 | (1,797 | ) | (45,189 | ) | 1,373,215 | |||||||||||||
Other investments
|
675,756 | (64,608 | ) | (611,148 | ) | - | - | |||||||||||||
Deferred tax income assets
|
18,678 | (775 | ) | - | - | 17,903 | ||||||||||||||
Trade and other receivables, net
|
145,248 | (18,425 | ) | - | 38,186 | 165,009 | ||||||||||||||
Derivative financial instruments
|
60,442 | - | - | - | 60,442 | |||||||||||||||
Investments in financial assets
|
- | - | 281,265 | 151,411 | 432,676 | |||||||||||||||
Negative Goodwill
|
(398,075 | ) | - | - | 398,075 | - | ||||||||||||||
Total Non-Current Assets
|
5,258,425 | 56,385 | (16,331 | ) | 513,868 | 5,812,347 | ||||||||||||||
Current Assets
|
||||||||||||||||||||
Trading property
|
- | - | 48,120 | (22,005 | ) | 26,115 | ||||||||||||||
Inventories
|
262,660 | (209,458 | ) | (46,382 | ) | - | 6,820 | |||||||||||||
Trade and other receivables, net
|
404,167 | (21,715 | ) | 14,593 | 22,950 | 419,995 | ||||||||||||||
Investments in financial assets
|
62,678 | - | 2,398 | - | 65,076 | |||||||||||||||
Cash and cash equivalents
|
309,659 | (10,717 | ) | 2,617 | - | 301,559 | ||||||||||||||
Other investments
|
6,016 | (1,001 | ) | (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)
|
2.3.2.
|
Reconciliation of shareholders’ equity at July 1, 2011 (Continued)
|
Argentine GAAP balances I
|
Deconsolidation of joint ventures II
|
Reclassifications III
|
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 | - | - | (34,124 | ) | - | ||||||||||||||
Retained earnings
|
185,084 | - | - | 471,441 | 656,525 | |||||||||||||||
Equity attributable to equity holders of the parent company
|
2,313,687 | - | - | 437,317 | 2,751,004 | |||||||||||||||
Non-controlling interest
|
304,932 | - | - | 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 | ) | - | 17,278 | 149,355 | ||||||||||||||
Borrowings
|
1,756,919 | (31,647 | ) | - | - | 1,725,272 | ||||||||||||||
Deferred income tax liabilities
|
476,864 | (7,580 | ) | - | 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 | ) | - | 17,903 | 414,186 | ||||||||||||||
Income tax liabilities
|
57,791 | - | - | - | 57,791 | |||||||||||||||
Payroll and social security liabilities
|
35,792 | (1,703 | ) | - | - | 34,089 | ||||||||||||||
Borrowings
|
683,813 | (16,116 | ) | - | (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)
|
2.3.3.
|
Reconciliation of shareholders’ equity at September 30, 2011 (Continued)
|
Argentine GAAP balances I
|
Deconsolidation of joint ventures II
|
Reclassifications III
|
Measurement
adjustments IV
|
IFRS balances V
|
||||||||||||||||
ASSETS
|
||||||||||||||||||||
Non-Current Assets
|
||||||||||||||||||||
Investment properties, net
|
- | - | 3,319,447 | (7,257 | ) | 3,312,190 | ||||||||||||||
Property, plant and equipment, net
|
3,384,461 | (81,575 | ) | (3,066,536 | ) | - | 236,350 | |||||||||||||
Trading properties
|
- | - | 164,638 | (7,164 | ) | 157,474 | ||||||||||||||
Intangible assets, net
|
70,862 | (6,196 | ) | 2,230 | (34,734 | ) | 32,162 | |||||||||||||
Inventories
|
90,425 | (76 | ) | (90,349 | ) | - | - | |||||||||||||
Investments in associates and joint ventures
|
1,223,954 | 228,932 | 134 | (74,426 | ) | 1,378,594 | ||||||||||||||
Other investments
|
682,687 | (64,701 | ) | (617,986 | ) | - | - | |||||||||||||
Deferred tax income assets
|
41,667 | (8,467 | ) | - | (11,445 | ) | 21,755 | |||||||||||||
Trade and other receivables, net
|
145,936 | (17,425 | ) | - | 38,642 | 167,153 | ||||||||||||||
Investments in financial assets
|
- | - | 286,473 | 19,714 | 306,187 | |||||||||||||||
Negative Goodwill
|
(392,859 | ) | - | - | 392,859 | - | ||||||||||||||
Total Non-Current Assets
|
5,247,133 | 50,492 | (1,949 | ) | 316,189 | 5,611,865 | ||||||||||||||
Current Assets
|
||||||||||||||||||||
Trading properties
|
- | - | 27,831 | (8,561 | ) | 19,270 | ||||||||||||||
Inventories
|
241,860 | (196,071 | ) | (38,410 | ) | - | 7,379 | |||||||||||||
Trade and other receivables, net
|
519,076 | (25,416 | ) | 12,528 | 25,906 | 532,094 | ||||||||||||||
Derivative financial instruments
|
22,051 | - | - | - | 22,051 | |||||||||||||||
Investments in financial assets
|
61,853 | - | 19,489 | - | 81,342 | |||||||||||||||
Cash and cash equivalents
|
289,084 | (13,087 | ) | - | - | 275,997 | ||||||||||||||
Other investments
|
19,489 | - | (19,489 | ) | - | - | ||||||||||||||
Total Current Assets
|
1,153,413 | (234,574 | ) | 1,949 | 17,345 | 938,133 | ||||||||||||||
TOTAL ASSETS
|
6,400,546 | (184,082 | ) | - | 333,534 | 6,549,998 |
2.
|
Basis of preparation and adoption of international financial reporting standards (“IFRS”) (Continued)
|
2.3.3.
|
Reconciliation of shareholders’ equity at September 30, 2011 (Continued)
|
Argentine GAAP balances I
|
Deconsolidation of joint ventures II
|
Reclassifications III
|
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
|
- | - | - | (15,311 | ) | (15,311 | ) | |||||||||||||
Legal reserve
|
57,031 | - | - | - | 57,031 | |||||||||||||||
Other reserves
|
391,262 | - | - | - | 391,262 | |||||||||||||||
Reserve for share based payments
|
1,711 | - | - | - | 1,711 | |||||||||||||||
Retained earnings
|
197,385 | - | - | 347,111 | 544,496 | |||||||||||||||
Cumulative translation adjustment
|
44,022 | - | - | (39,284 | ) | 4,738 | ||||||||||||||
Equity attributable to equity holders of the parent company
|
2,337,597 | - | - | 292,516 | 2,630,113 | |||||||||||||||
Non-controlling interest
|
299,643 | - | - | (4,300 | ) | 295,343 | ||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY
|
2,637,240 | - | - | 286,216 | 2,925,456 | |||||||||||||||
LIABILITIES
|
||||||||||||||||||||
Non-Current Liabilities
|
||||||||||||||||||||
Trade and other payables
|
180,099 | (1,308 | ) | - | 19,501 | 198,292 | ||||||||||||||
Derivative Financial instruments
|
1,222 | - | - | - | 1,222 | |||||||||||||||
Deferred Income tax
|
463,827 | (10,839 | ) | - | 7,585 | 460,573 | ||||||||||||||
Borrowings
|
1,813,000 | (32,379 | ) | - | - | 1,780,621 | ||||||||||||||
Provisions
|
12,961 | (13 | ) | - | - | 12,948 | ||||||||||||||
Total Non-Current Liabilities
|
2,471,109 | (44,539 | ) | - | 27,086 | 2,453,656 | ||||||||||||||
Current Liabilities
|
||||||||||||||||||||
Trade and other payables
|
505,441 | (121,164 | ) | - | 18,569 | 402,846 | ||||||||||||||
Income tax liabilities
|
57,718 | (90 | ) | - | - | 57,628 | ||||||||||||||
Borrowings
|
696,559 | (17,407 | ) | - | (181 | ) | 678,971 | |||||||||||||
Payroll and social security liabilities
|
26,926 | (882 | ) | - | - | 26,044 | ||||||||||||||
Provisions
|
5,554 | - | - | - | 5,554 | |||||||||||||||
Total Current Liabilities
|
1,292,198 | (139,543 | ) | - | 18,388 | 1,171,043 | ||||||||||||||
TOTAL LIABILITIES
|
3,763,307 | (184,082 | ) | - | 45,474 | 3,624,699 | ||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
6,400,547 | (184,082 | ) | - | 333,535 | 6,549,999 | ||||||||||||||
2.
|
Basis of Preparation and adoption of international financial reporting standards (“IFRS”) (Continued)
|
2.3.4.
|
Reconciliation of shareholders’ equity at June 30, 2012 (Continued)
|
Argentine GAAP balances I
|
Deconsolidation of joint ventures II
|
Reclassifications III
|
Measurement
adjustments IV
|
IFRS balances V
|
||||||||||||||||
ASSETS
|
||||||||||||||||||||
Non-Current Assets
|
||||||||||||||||||||
Investment properties, net
|
- | - | 3,274,280 | 946 | 3,275,226 | |||||||||||||||
Property, plant and equipment, net
|
3,319,798 | (88,717 | ) | (3,003,048 | ) | - | 228,033 | |||||||||||||
Trading properties
|
- | - | 180,433 | (13,324 | ) | 167,109 | ||||||||||||||
Intangible assets, net
|
71,157 | (2,113 | ) | 2,475 | (42,130 | ) | 29,389 | |||||||||||||
Inventories
|
97,221 | (107 | ) | (97,114 | ) | - | - | |||||||||||||
Investments in associates and joint ventures
|
1,342,337 | 239,177 | - | (135,699 | ) | 1,445,815 | ||||||||||||||
Other investments
|
978,672 | (64,700 | ) | (913,972 | ) | - | - | |||||||||||||
Deferred tax assets
|
30,104 | (12,104 | ) | - | 16,255 | 34,255 | ||||||||||||||
Trade and other receivables, net
|
175,689 | (28,987 | ) | - | 49,670 | 196,372 | ||||||||||||||
Investments
|
- | - | - | - | ||||||||||||||||
Investments in financial assets
|
- | - | 517,456 | 138,204 | 655,660 | |||||||||||||||
Derivative financial instruments
|
- | - | 18,434 | - | 18,434 | |||||||||||||||
Negative Goodwill
|
(377,463 | ) | - | - | 377,463 | - | ||||||||||||||
Total Non-Current Assets
|
5,637,515 | 42,449 | (21,056 | ) | 391,385 | 6,050,293 | ||||||||||||||
Current Assets
|
||||||||||||||||||||
Trading properties
|
- | - | 11,177 | (1,463 | ) | 9,714 | ||||||||||||||
Inventories
|
140,018 | (113,182 | ) | (11,177 | ) | - | 15,659 | |||||||||||||
Trade and other receivables, net
|
442,392 | (22,707 | ) | 21,056 | 35,136 | 475,877 | ||||||||||||||
Investments in financial assets
|
76,546 | (18,591 | ) | 20,954 | - | 78,909 | ||||||||||||||
Cash and cash equivalents
|
283,140 | (23,971 | ) | - | - | 259,169 | ||||||||||||||
Other investments
|
20,954 | - | (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)
|
2.3.4.
|
Reconciliation of shareholders’ equity at June 30, 2012 (Continued)
|
Argentine GAAP balances I
|
Deconsolidation of joint ventures II
|
Presentation reclassifications III
|
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 | - | - | (65,473 | ) | 14,502 | ||||||||||||||
Reserve for share-based compensation
|
2,595 | - | - | - | 2,595 | |||||||||||||||
Acquisition of non-controlling interest
|
- | - | - | (15,714 | ) | (15,714 | ) | |||||||||||||
Legal reserve
|
71,136 | - | - | - | 71,136 | |||||||||||||||
Other reserves
|
419,783 | - | - | - | 419,783 | |||||||||||||||
Retained earnings
|
115,604 | - | - | 395,249 | 510,853 | |||||||||||||||
Equity attributable to equity holders of the parent
|
2,335,279 | - | - | 314,062 | 2,649,341 | |||||||||||||||
Non-controlling interest
|
362,929 | - | - | 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 | ) | - | 21,309 | 166,656 | ||||||||||||||
Borrowings
|
2,065,826 | (17,429 | ) | - | - | 2,048,397 | ||||||||||||||
Deferred income tax liabilities
|
388,318 | (12,880 | ) | - | 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 | ) | - | 26,517 | 500,926 | ||||||||||||||
Income tax liabilities
|
104,873 | (4 | ) | - | - | 104,869 | ||||||||||||||
Payroll and social security liabilities
|
40,686 | (1,079 | ) | - | - | 39,607 | ||||||||||||||
Borrowings
|
575,687 | (17,668 | ) | - | (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)
|
2.3.5.
|
Reconciliation of statement of income for the three-month period ended September 30, 2011
|
Argentine GAAP balances I
|
Deconsolidation of joint ventures II
|
Reclassifications III
|
Measurement
adjustments IV
|
IFRS balances V
|
||||||||||||||||
Revenues
|
343,725 | (28,122 | ) | 111,856 | 4,172 | 431,631 | ||||||||||||||
Costs
|
(134,676 | ) | 24,949 | (111,856 | ) | 17,981 | (203,602 | ) | ||||||||||||
Gross Profit / (Loss)
|
209,049 | (3,173 | ) | - | 22,153 | 228,029 | ||||||||||||||
General and administrative expenses
|
(39,672 | ) | 1,151 | 5,056 | - | (33,465 | ) | |||||||||||||
Selling expenses
|
(19,874 | ) | 3,212 | - | 70 | (16,592 | ) | |||||||||||||
Other operating income, net
|
(4,447 | ) | 24 | - | 436 | (3,987 | ) | |||||||||||||
Gain from recognition of assets at net realizable value
|
13,648 | (2,927 | ) | - | (10,721 | ) | - | |||||||||||||
Profit from Operations
|
158,704 | (1,713 | ) | 5,056 | 11,938 | 173,985 | ||||||||||||||
Share of profit / (loss) of associates and joint ventures
|
11,476 | (971 | ) | (2,807 | ) | (24,974 | ) | (17,276 | ) | |||||||||||
Profit from Operations Before Financing and Taxation
|
170,180 | (2,684 | ) | 2,249 | (13,036 | ) | 156,709 | |||||||||||||
Finance income
|
(12,127 | ) | (1,262 | ) | 2,807 | 26,668 | 16,086 | |||||||||||||
Finance costs
|
(139,089 | ) | 2,761 | (5,056 | ) | (158,596 | ) | (299,980 | ) | |||||||||||
Financial results, net
|
(151,216 | ) | 1,499 | (2,249 | ) | (131,928 | ) | (283,894 | ) | |||||||||||
Amortization of goodwill, net
|
5,194 | - | - | (5,194 | ) | - | ||||||||||||||
Profit / (Loss) from Operations Before Financing and Taxation
|
24,158 | (1,185 | ) | - | (150,158 | ) | (127,185 | ) | ||||||||||||
Income tax expense
|
(18,350 | ) | 1,185 | - | (3,512 | ) | (20,677 | ) | ||||||||||||
Profit / (Loss) for the Period
|
5,808 | - | - | (153,670 | ) | (147,862 | ) | |||||||||||||
Attributable to:
|
||||||||||||||||||||
Equity holders of the parent
|
12,341 | - | - | (124,370 | ) | (112,029 | ) | |||||||||||||
Non-controlling interest
|
(6,533 | ) | - | - | (29,300 | ) | (35,833 | ) |
2.
|
Basis of preparation and adoption of international financial reporting standards (“IFRS”) (Continued)
|
2.3.6.
|
Reconciliation of statement of income for the year ended June 30, 2012
|
Argentine GAAP balances I
|
Deconsolidation of joint ventures II
|
Reclassifications III
|
Measurement
adjustments IV
|
IFRS balances V
|
||||||||||||||||
Revenues
|
1,571,440 | (136,535 | ) | 351,992 | 13,385 | 1,800,282 | ||||||||||||||
Costs
|
(575,447 | ) | 124,700 | (444,148 | ) | 27,551 | (867,344 | ) | ||||||||||||
Gross Profit
|
995,993 | (11,835 | ) | (92,156 | ) | 40,936 | 932,938 | |||||||||||||
Gain on the sale of investment properties
|
- | - | 92,156 | 24,533 | 116,689 | |||||||||||||||
General and administrative expenses
|
(182, 369 | ) | 5,043 | - | - | (177,326 | ) | |||||||||||||
Selling expenses
|
(99,201 | ) | 12,859 | - | 1,569 | (84,773 | ) | |||||||||||||
Gain from recognition of assets at net realizable value
|
42,817 | (5,914 | ) | - | (36,903 | ) | - | |||||||||||||
Other operating income, net
|
- | - | (27,496 | ) | (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 | ) | (13,711 | ) | (81,751 | ) | 11,660 | ||||||||||||
Profit from Operations Before Financing and Taxation
|
873,059 | (8,544 | ) | (41,207 | ) | (54,867 | ) | 768,441 | ||||||||||||
Amortization of goodwill, net
|
18,145 | - | (18,145 | ) | - | |||||||||||||||
Finance income
|
64,287 | (7,346 | ) | 13,711 | 26,287 | 96,939 | ||||||||||||||
Finance costs
|
(529,632 | ) | 13,135 | - | (13,194 | ) | (529,691 | ) | ||||||||||||
Financial results, net
|
(465,345 | ) | 5,789 | 13,711 | 13,093 | (432,752 | ) | |||||||||||||
Other (expenses) / income, net
|
(29,376 | ) | 1,880 | 27,496 | - | - | ||||||||||||||
Profit Before Income Tax
|
396,483 | (875 | ) | - | (59,919 | ) | 335,689 | |||||||||||||
Income tax expense
|
(102,682 | ) | 875 | - | (9,206 | ) | (111,013 | ) | ||||||||||||
Profit for the year
|
293,801 | - | - | (69,125 | ) | 224,676 | ||||||||||||||
Attributable to:
|
||||||||||||||||||||
Equity holders of the parent
|
280,082 | - | - | (76,191 | ) | 203,891 | ||||||||||||||
Non-controlling interest
|
13,719 | - | - | 7,066 | 20,785 |
2.
|
Basis of preparation and adoption of international financial reporting standards (“IFRS”) (Continued)
|
2.3.7.
|
Reconciliation of comprehensive income for the three-month period ended September 30, 2011
|
Argentine GAAP balances I
|
Deconsolidation of joint ventures II
|
Reclassifications III
|
Measurement
adjustments IV
|
IFRS balances V
|
||||||||||||||||
Profit / (Loss) for the Period
|
5,808 | - | - | (153,670 | ) | (147,862 | ) | |||||||||||||
Other comprehensive income:
|
||||||||||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
||||||||||||||||||||
Currency translation adjustment
|
44,022 | - | - | (39,284 | ) | 4,738 | ||||||||||||||
Other comprehensive income for the period
|
44,022 | - | - | (39,284 | ) | 4,738 | ||||||||||||||
Total comprehensive income for the period
|
49,830 | - | - | (192,954 | ) | (143,124 | ) | |||||||||||||
Attributable to:
|
||||||||||||||||||||
Equity holders of the parent
|
56,363 | - | - | (163,654 | ) | (107,291 | ) | |||||||||||||
Non-controlling interest
|
(6,533 | ) | - | - | (29,300 | ) | (35,833 | ) |
2.3.8.
|
Reconciliation of comprehensive income for the year ended June 30, 2012
|
Argentine GAAP balances I
|
Deconsolidation of joint ventures II
|
Reclassifications III
|
Measurement
adjustments IV
|
IFRS balances V
|
||||||||||||||||
Gross Profit / (Loss)
|
293,801 | - | - | (69,125 | ) | 224,676 | ||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
||||||||||||||||||||
Currency translation adjustment
|
45,851 | - | - | (31,349 | ) | 14,502 | ||||||||||||||
Other comprehensive income for the year
|
45,851 | - | - | (31,349 | ) | 14,502 | ||||||||||||||
Total Other comprehensive income for the year
|
339,652 | - | - | (100,474 | ) | 239,178 | ||||||||||||||
Attributable to:
|
||||||||||||||||||||
Equity holders of the parent
|
280,081 | - | - | (76,190 | ) | 203,891 | ||||||||||||||
Non-controlling interest
|
59,571 | - | - | (24,284 | ) | 35,287 |
2.
|
Basis of preparation and adoption of international financial reporting standards (“IFRS”) (Continued)
|
2.3.9.
|
Reconciliation of cash flows for the three-months periods ended September 30, 2011 and for the year ended June 30, 2012
|
(a)
|
Operating activities
|
September 30, 2011
|
June 30, 2012
|
|||||||
Cash generated from operating activities under Argentine GAAP
|
200,663 | 878,600 | ||||||
Sales of property, plant and equipment
|
- | (132,941 | ) | |||||
Deconsolidation of joint ventures
|
(795 | ) | (40,093 | ) | ||||
Foreign Exchange (Gain) / Loss in cash and cash equivalents
|
(646 | ) | 5,361 | |||||
Cash generated from operating activities under IFRS
|
199,222 | 710,927 |
(b)
|
Investing activities
|
September 30, 2011
|
June 30, 2012
|
|||||||
Cash used in investing activities under Argentine GAAP
|
(160,456 | ) | (402,324 | ) | ||||
Acquisition of non-controlling interest in subsidiaries
|
7,363 | 8,054 | ||||||
Sales of property, plant and equipment
|
- | 132,941 | ||||||
Deconsolidation of joint ventures
|
(1,505 | ) | 6,126 | |||||
Cash used in investing activities under IFRS
|
(154,598 | ) | (255,203 | ) |
(c)
|
Financing activities
|
September 30, 2011
|
June 30, 2012
|
|||||||
Cash used in financing activities under Argentine GAAP
|
(63,397 | ) | (505,410 | ) | ||||
Acquisition of non-controlling interest in subsidiaries
|
(7,363 | ) | (8,054 | ) | ||||
Deconsolidation of joint ventures
|
(72 | ) | 20,858 | |||||
Cash used in financing activities under IFRS
|
(70,832 | ) | (492,606 | ) |
2.
|
Basis of preparation and adoption of international financial reporting standards (“IFRS”) (Continued)
|
(d)
|
Net increase / (decrease) in cash and cash equivalents
|
September 30, 2011
|
June 30, 2012
|
|||||||
Net decrease in cash and cash equivalents under Argentine GAAP
|
(23,190 | ) | (29,134 | ) | ||||
Foreign exchange (gain) / loss on cash and cash equivalents
|
(646 | ) | 5,361 | |||||
Deconsolidation of joint ventures
|
(2,372 | ) | (13,109 | ) | ||||
Net decrease in cash and cash equivalents under IFRS
|
(26,208 | ) | (36,882 | ) |
2.3.10.
|
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”.
|
(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 “Investments” have been disclosed as separate assets or liabilities as appropriate.
|
(6)
|
Investments in associates 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 income statement 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 accounting standards in force, the share of losses and profits from associates is shown after the financial income (expense) line, on the grounds that they arise from an investment type of activity. Likewise, under IFRS, the share of profits and losses from associates 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 controlled companies 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 income (expenses), in Column I.
|
2.
|
Basis of preparation and adoption of international financial reporting standards (“IFRS”) (Continued)
|
(3)
|
Non-controlling interests in the income of a consolidated subsidiary which was previously classified as a component of net earnings within the income statement has been presented as an allocation of net earnings 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 accounting standards in force, financial income (expense) is broken down depending on whether it is generated by assets or liabilities. Under the IFRSs, the Group has adopted the criterion of showing financial income and financial expenses on different lines in the income statement. 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 expense” 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 comprehensive income statement 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.
|
2.3.10.1
|
Deconsolidation of joint ventures (Column II)
|
2.
|
Basis of preparation and adoption of international financial reporting standards (“IFRS”) (Continued)
|
2.3.10.2
|
Presentation reclassifications (Column III)
|
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)
|
2.3.10.3
|
Measurement adjustments (Column IV)
|
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)
|
2.4.
|
Significant Accounting Policies
|
2.5.
|
Use of estimates
|
2.
|
Basis of preparation and adoption of international financial reporting standards (“IFRS”) (Continued)
|
2.6
|
Seasonal effects on operations
|
3.
|
Acquisitions and disposals
|
Ps.
|
||||
Carrying value of the equity interests acquired by the Group
|
924 | |||
Price paid for the non-controlling interest
|
(590 | ) | ||
Reserve created due to the acquisition recognized in the parent’s equity
|
334 |
3.
|
Acquisitions and disposals (Continued)
|
4.
|
Financial risk management
|
4.1.
|
Financial risk
|
4.2.
|
Fair value estimates
|
5.
|
Segment information
|
September 30, 2012
|
||||||||||||||||||||||||||||
Shopping Center Properties
|
Offices
|
Sales and developments
|
Hotels
|
International
|
Financial operation and others
|
Total
|
||||||||||||||||||||||
Revenues
|
358,842 | 70,328 | 52,503 | 53,793 | - | 693 | 536,159 | |||||||||||||||||||||
Costs
|
(172,773 | ) | (28,691 | ) | (39,113 | ) | (40,529 | ) | - | (258 | ) | (281,364 | ) | |||||||||||||||
Gross Profit
|
186,069 | 41,637 | 13,390 | 13,264 | - | 435 | 254,795 | |||||||||||||||||||||
Gain from disposal of investment property
|
- | - | 31,069 | - | - | - | 31,069 | |||||||||||||||||||||
General and administrative expenses
|
(14,664 | ) | (6,958 | ) | (6,981 | ) | (12,348 | ) | (3,241 | ) | - | (44,192 | ) | |||||||||||||||
Selling expenses
|
(11,809 | ) | (2,807 | ) | (5,044 | ) | (6,990 | ) | (546 | ) | (27,196 | ) | ||||||||||||||||
Other operating expense, net
|
(2,815 | ) | (2,500 | ) | (2,230 | ) | 250 | (2,084 | ) | 193 | (9,186 | ) | ||||||||||||||||
Profit / (Loss) from Operations
|
156,781 | 29,372 | 30,204 | (5,824 | ) | (5,325 | ) | 82 | 205,290 | |||||||||||||||||||
Share of profit / (loss) of associates and joint ventures
|
78 | - | 564 | 43 | (18,335 | ) | 30,626 | 12,976 | ||||||||||||||||||||
Segment Profit / (Loss)
|
156,859 | 29,372 | 30,768 | (5,781 | ) | (23,660 | ) | 30,708 | 218,266 | |||||||||||||||||||
Investment properties, net
|
2,021,496 | 905,081 | 474,655 | - | - | - | 3,401,232 | |||||||||||||||||||||
Property, plant and equipment, net
|
14,613 | 29,617 | 3,761 | 178,629 | 199 | - | 226,819 | |||||||||||||||||||||
Trading properties
|
- | - | 185,588 | - | 66,591 | - | 252,179 | |||||||||||||||||||||
Goodwill
|
343 | 5,481 | - | - | - | - | 5,824 | |||||||||||||||||||||
Inventories
|
11,312 | - | 484 | 5,932 | - | - | 17,728 | |||||||||||||||||||||
Investments in associates and joint ventures
|
- | - | 25,958 | 21,299 | 104,192 | 1,056,204 | 1,207,653 | |||||||||||||||||||||
Operating assets
|
2,047,764 | 940,179 | 690,446 | 205,860 | 170,982 | 1,056,204 | 5,111,435 |
5.
|
Segment information (Continued)
|
September 30, 2011
|
||||||||||||||||||||||||||||
Shopping Center Properties
|
Offices
|
Sales and developments
|
Hotels
|
International
|
Financial operation and others
|
Total
|
||||||||||||||||||||||
Revenues
|
304,557 | 58,169 | 55,433 | 39,556 | - | 2,065 | 459,780 | |||||||||||||||||||||
Costs
|
(145,527 | ) | (22,937 | ) | (34,325 | ) | (25,316 | ) | - | (749 | ) | (228,854 | ) | |||||||||||||||
Gross Profit
|
159,030 | 35,232 | 21,108 | 14,240 | - | 1,316 | 230,926 | |||||||||||||||||||||
General and administrative expenses
|
(13,070 | ) | (4,992 | ) | (5,268 | ) | (9,042 | ) | (1,820 | ) | - | (34,192 | ) | |||||||||||||||
Selling expenses
|
(5,526 | ) | (3,009 | ) | (5,127 | ) | (5,382 | ) | - | (632 | ) | (19,676 | ) | |||||||||||||||
Other operating income (expense), net
|
1,155 | (2,655 | ) | 488 | (52 | ) | 42 | (153 | ) | (1,175 | ) | |||||||||||||||||
Profit / (Loss) from Operations
|
141,589 | 24,576 | 11,201 | (236 | ) | (1,778 | ) | 531 | 175,883 | |||||||||||||||||||
Share of profit / (loss) of associates and joint Ventures
|
(85 | ) | - | 600 | - | (20,459 | ) | 3,259 | (16,685 | ) | ||||||||||||||||||
Segment Profit / (Loss
|
141,504 | 24,576 | 11,801 | (236 | ) | (22,237 | ) | 3,790 | 159,198 |
5.
|
Segment information (Continued)
|
September 30, 2012
|
||||||||||||
As per Total Segment Information
|
Adjustment for share of profit (loss) of joint ventures
|
As per Statements of Income
|
||||||||||
Revenue
|
536,159 | (49,848 | ) | 486,311 | ||||||||
Costs
|
(281,364 | ) | 38,222 | (243,142 | ) | |||||||
Gross Profit / (Loss)
|
254,795 | (11,626 | ) | 243,169 | ||||||||
Gain from disposal of investment properties
|
31,069 | - | 31,069 | |||||||||
General and administrative expenses
|
(44,192 | ) | 659 | (43,533 | ) | |||||||
Selling expenses
|
(27,196 | ) | 3,559 | (23,637 | ) | |||||||
Other operating income/(expense), net
|
(9,186 | ) | 60 | (9,126 | ) | |||||||
Profit / (Loss) from Operations Before Share of Profit / (Loss) of Associates and Joint Ventures
|
205,290 | (7,348 | ) | 197,942 | ||||||||
Share of profit of associates and joint ventures
|
12,976 | 3,720 | 16,696 | |||||||||
Profit / (Loss) from Operations Before Financing and Taxation
|
218,266 | (3,628 | ) | 214,638 |
September 30, 2011
|
||||||||||||
As per Total Segment Information
|
Adjustment for share of profit/ (loss) of joint ventures
|
As per Statements of Income
|
||||||||||
Revenue
|
459,780 | (28,149 | ) | 431,631 | ||||||||
Costs
|
(228,854 | ) | 25,252 | (203,602 | ) | |||||||
Gross Profit / (Loss)
|
230,926 | (2,897 | ) | 228,029 | ||||||||
General and administrative expenses
|
(34,192 | ) | 727 | (33,465 | ) | |||||||
Selling expenses
|
(19,676 | ) | 3,084 | (16,592 | ) | |||||||
Other operating income/ (expense), net
|
(1,175 | ) | (2,812 | ) | (3,987 | ) | ||||||
Profit / (Loss) from Operations Before Share of Profit / (Loss) of Associates and Joint Ventures
|
175,883 | (1,898 | ) | 173,985 | ||||||||
Share of profit / (loss) of associates and joint ventures
|
(16,685 | ) | (591 | ) | (17,276 | ) | ||||||
Profit / (Loss) from Operations Before Financing and Taxation
|
159,198 | (2,489 | ) | 156,709 |
5.
|
Segment information (Continued)
|
September 30, 2012
|
||||
Total reportable assets as per Segment Information
|
5,111,435 | |||
Investment properties
|
(154,570 | ) | ||
Property, plant and equipment
|
(132 | ) | ||
Trading propertyies
|
(74,984 | ) | ||
Interests in associates and joint venture
|
229,664 | |||
Total assets as per the Statements of Financial Position
|
5,111,413 |
6.
|
Information about main subsidiaries
|
APSA
|
Panamerican Mall S.A.
|
|||||||||||||||||||||||
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Non-current assets
|
2,639,976 | 2,186,603 | 2,103,243 | 638,144 | 635,283 | 650,155 | ||||||||||||||||||
Current assets
|
654,816 | 548,949 | 522,250 | 146,486 | 118,044 | 64,423 | ||||||||||||||||||
Total assets
|
3,294,792 | 2,735,552 | 2,625,493 | 784,630 | 753,327 | 714,578 | ||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||
Non-current liabilities
|
1,295,327 | 1,208,701 | 1,155,633 | 29,083 | 22,855 | 24,682 | ||||||||||||||||||
Current liabilities
|
529,451 | 558,024 | 538,929 | 52,732 | 41,075 | 31,438 | ||||||||||||||||||
Total liabilities
|
1,824,778 | 1,766,725 | 1,694,562 | 81,815 | 63,930 | 56,120 | ||||||||||||||||||
Net assets
|
1,470,014 | 968,827 | 930,931 | 702,815 | 689,397 | 658,458 |
APSA
|
Panamerican Mall S.A.
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
|||||||||||||
Revenue
|
363,217 | 328,678 | 44,757 | 38,505 | ||||||||||||
Profit before income tax
|
125,638 | 136,661 | 20,416 | 14,333 | ||||||||||||
Income tax expense
|
(58,286 | ) | (46,397 | ) | (7,813 | ) | (5,293 | ) | ||||||||
Total comprehensive income
|
62,817 | 87,384 | 12,603 | 9,040 | ||||||||||||
Profit attributable to non-controlling interest
|
5,071 | 2,702 | 2,521 | 1,808 | ||||||||||||
Dividends paid to non-controlling interest
|
- | - | - | - |
6.
|
Information about principal subsidiaries (Continued)
|
APSA
|
Panamerican Mall S.A.
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
|||||||||||||
Net cash generated from operating activities
|
222,315 | 174,552 | 38,539 | 25,796 | ||||||||||||
Net cash used in investing activities
|
(177,899 | ) | (31,271 | ) | (48,080 | ) | (1,805 | ) | ||||||||
Net cash used in financing activities
|
(47,991 | ) | (74,708 | ) | (137 | ) | (2,751 | ) | ||||||||
Net (decrease) / increase in cash and cash equivalents
|
(3,575 | ) | 68,573 | (9,678 | ) | 21,240 | ||||||||||
Foreign exchange gain /(loss) on cash and cash equivalents
|
(1,480 | ) | (1,163 | ) | 718 | (34 | ) | |||||||||
Cash and cash equivalents at beginning of year
|
102,698 | 145,552 | 29,885 | 486 | ||||||||||||
Cash and cash equivalents at end of year
|
97,643 | 212,962 | 20,925 | 21,692 |
(i)
|
Includes consolidated financial information of APSA.
|
7.
|
Interests in joint ventures
|
September 30, 2012
|
June 30, 2012
|
|||||||
Beginning of the period / year
|
228,970 | 193,666 | ||||||
Acquisition of joint ventures
|
- | 62,486 | ||||||
Capital contribution
|
7,570 | 15,850 | ||||||
Disposal of joint ventures
|
- | (19,448 | ) | |||||
Share of Profit / (Loss)
|
4,331 | (23,584 | ) | |||||
End of the period / year
|
240,871 | 228,970 |
8.
|
Interests in associates
|
September 30, 2012
|
June 30, 2012
|
|||||||
Beginning of the period / year
|
1,216,845 | 1,179,549 | ||||||
Acquisition of associates
|
- | 6,166 | ||||||
Share of Profit
|
12,365 | 35,244 | ||||||
Exchange differences
|
1,048 | (4,114 | ) | |||||
Dividend payments
|
(33,813 | ) | - | |||||
End of the period / year
|
1,196,445 | 1,216,845 |
9.
|
Investment properties
|
September 30, 2012
|
June 30, 2012
|
|||||||
Beginning of the period / year
|
3,275,226 | 3,340,081 | ||||||
Additions
|
36,767 | 108,863 | ||||||
Disposals
|
(22,230 | ) | (38,889 | ) | ||||
Depreciation charge (i)
|
(43,101 | ) | (134,829 | ) | ||||
End of the period / year
|
3,246,662 | 3,275,226 |
(i)
|
Depreciation charges of investment properties were included in “Costs” in the Statements of Income (Note 26).
|
September 30, 2012
|
September 30, 2011
|
|||||||
Rental and service income
|
424,198 | 360,247 | ||||||
Direct operating expenses
|
(199,100 | ) | (167,870 | ) |
10.
|
Property, plant and equipment, net
|
September 30, 2012
|
June 30, 2012
|
|||||||
Beginning of the period / year
|
228,033 | 235,245 | ||||||
Additions
|
5,832 | 16,170 | ||||||
Disposals
|
(643 | ) | - | |||||
Depreciation charge (i) (Note 26)
|
(6,535 | ) | (23,382 | ) | ||||
End of the period / year
|
226,687 | 228,033 |
(i)
|
Depreciation charges of property, plant and equipment were included in “General and administrative expenses” and “Costs“ in Note 26.
|
11.
|
Trading properties
|
September 30, 2012
|
June 30, 2012
|
|||||||
Beginning of the period / year
|
176,823 | 181,991 | ||||||
Additions
|
2,230 | 15,399 | ||||||
Sales
|
(1,858 | ) | (20,567 | ) | ||||
End of the period / year
|
177,195 | 176,823 |
12.
|
Intangible assets, net
|
September 30, 2012
|
June 30, 2012
|
|||||||
Beginning of the period / year
|
29,389 | 31,900 | ||||||
Additions
|
254 | 711 | ||||||
Disposals
|
- | (2,960 | ) | |||||
Amortization change (i)
|
(812 | ) | (262 | ) | ||||
End of the period / year
|
28,831 | 29,389 |
(i)
|
Amortization charges are included in “General and administrative expenses” in the Statements of Income (Note 26).
|
13.
|
Inventories
|
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
||||||||||
Current
|
||||||||||||
Hotel supplies
|
5,933 | 4,792 | 3,575 | |||||||||
Materials and good for resale
|
11,795 | 10,867 | 3,245 | |||||||||
Current inventories
|
17,728 | 15,659 | 6,820 | |||||||||
Total inventories
|
17,728 | 15,659 | 6,820 |
14.
|
Trade and other receivables, net
|
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
||||||||||
Non-current
|
||||||||||||
Trade, leases and services receivable
|
47,435 | 52,339 | 29,403 | |||||||||
Mortgage receivable (i)
|
2,208 | 2,208 | 2,208 | |||||||||
Less: provision for impairment of trade receivables
|
(2,208 | ) | (2,208 | ) | (2,208 | ) | ||||||
Non-current trade receivables, net
|
47,435 | 52,339 | 29,403 | |||||||||
VAT receivables
|
38,665 | 33,942 | 48,214 | |||||||||
Minimum Presumed Income Tax (“MPIT”)
|
110,753 | 103,263 | 78,387 | |||||||||
Other tax receivables
|
192 | 1,346 | 1,103 | |||||||||
Advance payments
|
2,474 | 2,980 | 3,114 | |||||||||
Advance payments for the acquisition of interest in associates
|
23,485 | - | - | |||||||||
Others
|
1,968 | 1,592 | 3,958 | |||||||||
Non-current other receivables, net
|
177,537 | 143,123 | 134,776 | |||||||||
Related parties (Note 31)
|
933 | 910 | 830 | |||||||||
Non-current trade and other receivables, net
|
225,905 | 196,372 | 165,009 |
14.
|
Trade and other receivables, net (Continued)
|
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
||||||||||
Current
|
||||||||||||
Consumer financing receivables
|
15,459 | 15,992 | 75,117 | |||||||||
Leases and services receivables
|
178,825 | 180,113 | 146,277 | |||||||||
Receivables from hotel operations
|
14,355 | 14,106 | 9,954 | |||||||||
Checks to be deposited
|
122,585 | 126,809 | 94,890 | |||||||||
Notes receivables
|
6,394 | 8,317 | 5,987 | |||||||||
Trade and lease debtors under legal proceedings
|
48,349 | 46,208 | 48,954 | |||||||||
Less: provision for impairment of trade receivables
|
(68,370 | ) | (65,899 | ) | (117,552 | ) | ||||||
Current trade receivables, net
|
317,597 | 325,646 | 263,627 | |||||||||
Income tax credit
|
1,905 | - | - | |||||||||
VAT receivables
|
13,826 | 20,196 | 27,607 | |||||||||
Gross sales tax credit
|
3,890 | - | - | |||||||||
Income tax prepayments
|
- | 4,154 | 2,370 | |||||||||
MPIT
|
59 | 732 | 226 | |||||||||
Other tax receivables
|
2,626 | 1,537 | 4,314 | |||||||||
Loans granted
|
3,978 | 11,155 | - | |||||||||
Prepaid expenses
|
42,267 | 47,284 | 40,687 | |||||||||
Expenses and services to recover
|
3,851 | - | - | |||||||||
Advance from vendors
|
45,902 | 21,056 | 14,595 | |||||||||
Dividends received
|
4,728 | - | - | |||||||||
Others
|
10,107 | 6,881 | 19,437 | |||||||||
Current other receivables, net
|
133,139 | 112,995 | 109,236 | |||||||||
Related parties (Note 31)
|
84,550 | 37,226 | 47,132 | |||||||||
Current trade and other receivables, net
|
535,286 | 475,867 | 419,995 | |||||||||
Total trade and other receivables, net
|
761,191 | 672,249 | 584,789 |
(i)
|
It pertains to a mortgage-backed loan granted to a third party. During the year 2011, this debtor went bankrupt. Following the opinion of its legal advisors, the Group recorded aprovision for impairment of receivables for the full balance.
|
14.
|
Trade and other receivables, net (Continued)
|
September 30, 2012
|
June 30, 2012
|
|||||||
Beginning of the period / year
|
68,107 | 119,760 | ||||||
Additions
|
5,849 | 15,554 | ||||||
Unused amounts reversed
|
(3,280 | ) | (8,590 | ) | ||||
Used during the period / year
|
(98 | ) | (58,617 | ) | ||||
End of the period / year
|
70,578 | 68,107 |
15.
|
Investments in financial assets
|
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
||||||||||
Non-current
|
||||||||||||
Investment in equity securities in TGLT S.A. (i)
|
68,296 | 65,131 | 68,656 | |||||||||
Investment in equity securities in Hersha (ii)
|
370,676 | 432,770 | 355,942 | |||||||||
Preferred shares of Supertel (iii)
|
135,748 | 117,488 | - | |||||||||
Don Mario S.G.R.
|
10,345 | 10,000 | - | |||||||||
Government bonds related parties and others
|
27,069 | 30,271 | 8,078 | |||||||||
Non-current portion
|
612,134 | 655,660 | 432,676 | |||||||||
Current
|
||||||||||||
Mutual funds (Note 31)
|
184,586 | 57,955 | 60,061 | |||||||||
Mortgage bonds
|
509 | 496 | 477 | |||||||||
Government bonds related parties and others
|
12,026 | - | - | |||||||||
Government bonds
|
- | 9 | 12 | |||||||||
Other securities in public companies
|
688 | 20,449 | 4,526 | |||||||||
Current portion
|
197,809 | 78,909 | 65,076 | |||||||||
Total Investments in finacial assets
|
809,943 | 734,569 | 497,883 |
15.
|
Financial assets at fair value through profit or loss (Continued)
|
(i)
|
On November 4, 2010, the Group, through APSA, acquired 5,214,662 shares of common stock of TGLT S.A. (“TGLT”) following TGLT initial public offering in the Buenos Aires Stock Exchange for Ps. 47.1 million in cash. TGLT is a residential housing developer with operations in Argentina and Uruguay. Following the initial acquisition, at certain dates in December 2010, January 2011, April 2011, and August 2011, the Group acquired 42,810, 98,000, 876,474 and 262,927 additional TGLT shares for an aggregate of Ps. 56 million. As of June 30, 2012 and 2011, the Group’s interest in TGLT amounted to 9.25% and 8.87%, respectively.
|
(ii)
|
As of June 30, 2012 and July 1, 2011, the balances consists of the Group’s interest in Hersha of 9.13% and 9.18%, respectively; a Real Estate Investment Trust (REIT) listed in the NYSE, with interests in hotels throughout the United States of America. As of the date of these financial statements, the Group has transferred to Citibank N.A. 2,000,000 shares to back a loan of US$ 5 million.
|
(iii)
|
The balance represents the fair value of Supertel’s Preferred Shares purchased in February 2012 (for more information, see Note 2 to Exhibit I).
|
16.
|
Derivative financial instruments
|
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
||||||||||
Assets
|
||||||||||||
Non-current
|
||||||||||||
Hersha call option (i)
|
- | - | 60,442 | |||||||||
Warrants de Supertel (ii)
|
21,421 | 18,434 | - | |||||||||
Non-current portion
|
21,421 | 18,434 | 60,442 | |||||||||
Total assets
|
21,421 | 18,434 | 60,442 | |||||||||
Liabilities
|
||||||||||||
Current
|
||||||||||||
Foreign-currency futures
|
1,572 | - | - | |||||||||
Current portion
|
1,572 | - | - | |||||||||
Total liabilities
|
1,572 | - | - |
(i)
|
As of July 1, 2011, the balance represents the fair value of the call option on 5.7 million worth of Hersha's shares, at its original exercise price of August 4, 2014 (US$3 per share). Under the agreement, starting on August 4, 2011, if the quoted market price of Hersha’s share exceeded US$ 5.00 per share during 20 consecutive trading sessions, Hersha could settle the call option by issuing and delivering a variable amount of shares to be determined in accordance with certain market values. In February 2012, Hersha exercised the option by issuing 2.5 million common shares (which represents a 1.7% equity interest).
|
(ii)
|
The balance represents the fair value of Supertel’s warrants purchased in February 2012 (for more information, see Note 2 to Exhibit I).
|
17.
|
Cash flow information
|
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
||||||||||
Cash at bank and on hand
|
273,635 | 234,519 | 161,193 | |||||||||
Mutual funds.
|
7,707 | 24,650 | 140,366 | |||||||||
Total cash and cash equivalents
|
281,342 | 259,169 | 301,559 |
September 30, 2012
|
September 30, 2011
|
|||||||
Profit / (loss) for the period
|
50,810 | (112,029 | ) | |||||
Adjustments for:
|
||||||||
Income tax expense
|
35,625 | 20,677 | ||||||
Retirement of obsolete properties
|
643 | - | ||||||
Depreciation and amortization
|
50,447 | 43,098 | ||||||
Loss / (gain) from disposal of investment properties
|
(31,069 | ) | - | |||||
Dividends received
|
(9,917 | ) | (2,807 | ) | ||||
Share-based payments
|
1,729 | 1,711 | ||||||
Gain from derivative financial instruments
|
6,637 | 180,308 | ||||||
Interest expense, net
|
72,346 | 61,686 | ||||||
Provisions and allowances
|
25,389 | 12,523 | ||||||
Share of (profit) / loss of associates and joint ventures
|
(16,696 | ) | 17,276 | |||||
Unrealized foreign exchange (gain) / loss, net
|
60,754 | 33,832 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Increase in inventories
|
(2,069 | ) | (559 | ) | ||||
Decrease in trading properties
|
56 | 5,247 | ||||||
(Increase) / decrease in trade and other receivables, net
|
(50,101 | ) | 3,603 | |||||
Increase in derivative financial instruments
|
- | 1,150 | ||||||
Increase / (decrease) in trade and other payables
|
83,499 | (49,518 | ) | |||||
Decrease in payroll and social security liabilities
|
(5,227 | ) | (8,045 | ) | ||||
Decrease in provisions for other liabilities
|
(817 | ) | - | |||||
Net cash generated from operating activities before income tax paid
|
272,039 | 208,153 |
18.
|
Trade and other payables
|
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
||||||||||
Non-current
|
||||||||||||
Trade payables
|
- | 4 | 47 | |||||||||
Rent payments received in advance
|
141,493 | 129,417 | 112,229 | |||||||||
Non-current trade payables, net
|
141,493 | 129,421 | 112,276 | |||||||||
Tax amnesty plan for income tax
|
18,189 | 15,426 | 17,386 | |||||||||
Other tax payables
|
6,761 | 3,460 | 2,759 | |||||||||
Deferred income
|
8,837 | 8,903 | 10,143 | |||||||||
Tenant deposits
|
6,295 | 9,056 | 3,876 | |||||||||
Others
|
3,830 | 370 | 2,481 | |||||||||
Non-current other payables
|
43,912 | 37,215 | 36,645 | |||||||||
Related parties (Note 31)
|
9,120 | 20 | 434 | |||||||||
Non-current trade and other payables
|
194,525 | 166,656 | 149,355 | |||||||||
Current
|
||||||||||||
Trade payables
|
71,664 | 54,267 | 40,923 | |||||||||
Provisions
|
71,460 | 65,008 | 57,989 | |||||||||
Rent payments received in advance
|
238,277 | 197,129 | 167,179 | |||||||||
Current trade payables, net
|
381,401 | 316,404 | 266,091 | |||||||||
Post-date checks granted
|
8,839 | - | - | |||||||||
Tenant deposits
|
3,093 | 2,957 | 3,978 | |||||||||
VAT payables
|
22,306 | 24,980 | 21,615 | |||||||||
MPIT
|
1,908 | 8,683 | 11,435 | |||||||||
Deferred revenue
|
645 | 266 | 1,075 | |||||||||
Other tax liabilities
|
21,713 | 21,707 | 26,677 | |||||||||
Dividends payable
|
- | 34,724 | - | |||||||||
Others
|
10,103 | 7,330 | 22,071 | |||||||||
Current other payables, net
|
68,607 | 100,647 | 86,851 | |||||||||
Related parties (Note 31)
|
87,807 | 83,875 | 61,244 | |||||||||
Current trade and other payables
|
537,815 | 500,926 | 414,186 | |||||||||
Total trade and other payables
|
732,340 | 667,582 | 563,541 |
19.
|
Payroll and social security liabilities
|
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
||||||||||
Current
|
||||||||||||
Provision for vacation and bonuses
|
18,811 | 30,323 | 25,681 | |||||||||
Social security payable
|
14,892 | 6,584 | 7,545 | |||||||||
Others
|
2,062 | 2,700 | 863 | |||||||||
Current payroll and social security liabilities
|
35,765 | 39,607 | 34,089 | |||||||||
Total payroll and social security liabilities
|
35,765 | 39,607 | 34,089 |
20.
|
Provisions
|
Labor, legal and other claims
|
Tax and social security
|
Others
|
Total
|
|||||||||||||
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
|
5,730 | 163 | 7 | 5,900 | ||||||||||||
Recovery
|
(1,257 | ) | (205 | ) | - | (1,462 | ) | |||||||||
Used during the period
|
(804 | ) | - | (13 | ) | (817 | ) | |||||||||
At September 30, 2012
|
21,997 | 1,528 | 365 | 23,890 |
20.
|
Provisions (Continued)
|
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
||||||||||
Non-current
|
18,312 | 17,823 | 12,881 | |||||||||
Current
|
5,578 | 2,446 | 3,106 | |||||||||
23,890 | 20,269 | 15,987 |
21.
|
Borrowings
|
Book value
|
|||||||||||||||||||
Secured / unsecured
|
Currency
|
Fixed / Floating
|
Effective interest rate %
|
September 30, 2012
|
June 30, 2012
|
July 1, 2011
|
|||||||||||||
Non-current
|
|||||||||||||||||||
APSA CN due 2014
|
Unsecured
|
US$
|
Fixed
|
10.00 | % | 38 | 39 | 4,640 | |||||||||||
IRSA NCN due 2017
|
Unsecured
|
US$
|
Fixed
|
8.50 | % | 684,888 | 675,843 | 612,419 | |||||||||||
APSA NCN Series I due 2017
|
Unsecured
|
US$
|
Fixed
|
7.87 | % | 500,101 | 480,964 | 432.,591 | |||||||||||
IRSA NCN due 2020
|
Unsecured
|
US$
|
Fixed
|
11.50 | % | 686,408 | 661,078 | 598,116 | |||||||||||
IRSA NCN due 2013
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 2.49
|
% | - | 51,032 | - | |||||||||||
IRSA NCN due 2014
|
Unsecured
|
US$
|
Fixed
|
7.45 | % | 79,392 | 114,665 | - | |||||||||||
Seller financing of Soleil Factory goodwill
|
(i)
|
40,857 | 38,689 | 35,125 | |||||||||||||||
Seller financing of Arcos del Gourmet S.A.
|
(ii)
|
1,401 | 1,530 | - | |||||||||||||||
Seller financing of Zetol S.A.
|
(iv)
|
24,967 | 24,077 | 14,796 | |||||||||||||||
Long term loans and others
|
- | - | 27,585 | ||||||||||||||||
Finance lease obligations
|
342 | 480 | - | ||||||||||||||||
Non-current borrowings
|
2,018,394 | 2,048,397 | 1,725,272 |
21.
|
Borrowings (Continued)
|
Book value
|
|||||||||||||||||||
Secured / unsecured
|
Currency
|
Fixed / floating
|
Effective interest rate %
|
September 30, 2012
|
June 30, 2012
|
July 1, 2012
|
|||||||||||||
Current
|
|||||||||||||||||||
APSA NCN Series II due 2012
|
Unsecured
|
Ps.
|
Fixed
|
11 | % | - | - | 28,889 | |||||||||||
IRSA NCN due 2017
|
Unsecured
|
US$
|
Fixed
|
8.5 | % | 9,107 | 23,175 | 20,960 | |||||||||||
APSA NCN Series I due 2017
|
Unsecured
|
US$
|
Fixed
|
7.875 | % | 14,515 | 4,555 | 4,490 | |||||||||||
IRSA NCN due 2020
|
Unsecured
|
US$
|
Fixed
|
11.5 | % | 15.050 | 34,003 | 30,800 | |||||||||||
IRSA NCN due 2013
|
Unsecured
|
Ps.
|
Floating
|
Badlar + 2.49
|
% | 155,443 | 102,889 | - | |||||||||||
IRSA NCN due 2014
|
Unsecured
|
US$
|
Fixed
|
7.45 | % | 79,751 | 38,278 | - | |||||||||||
Bank overdrafts
|
196,254 | 195,270 | 420,032 | ||||||||||||||||
Short term loans
|
89,704 | 126,653 | 139,585 | ||||||||||||||||
Seller financing of Soleil Factory goodwill
|
(i)
|
746 | 2,854 | 4,714 | |||||||||||||||
Seller financing of Arcos del Gourmet S.A.
|
(ii)
|
10,934 | 10,235 | - | |||||||||||||||
Seller financing of Zetol S.A.
|
(iv)
|
12,257 | 11,623 | 18,117 | |||||||||||||||
Seller financing of Nuevo Puerto Santa Fe S.A.
|
(iii)
|
3,190 | 7,417 | - | |||||||||||||||
Finance lease obligations
|
801 | 944 | - | ||||||||||||||||
Related party
|
49,040 | - | |||||||||||||||||
Current borrowings
|
636,792 | 557,896 | 667,587 | ||||||||||||||||
Total borrowings
|
2,655,186 | 2,606,293 | 2,392,859 |
NCN:
|
Non-convertible Notes.
|
CN:
|
Convertible Notes.
|
(i)
|
Seller financing of Soleil Factory goodwill (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) = Unsecured financing amounting to US$ 1 million plus a variable amount up to a maximum of US$ 3.5 million.
|
(iii)
|
Seller financing - Nuevo Puerto Santa Fe S.A. (investment properiesy) = Financing of US$ 4.5 million without interest paid in 19 installments due in February 2013.
|
(iv)
|
Seller financing of Zetol S.A. (investment 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 with the delivery of units in buildings to be built representative of 12% of the total marketable square meters built.
|
22.
|
Current and deferred income tax
|
September 30, 2012
|
September 30, 2011
|
|||||||
Current income tax
|
65,708 | 145,831 | ||||||
Deferred income tax
|
(30,083 | ) | (125,164 | ) | ||||
Income tax expense
|
35,625 | 20,677 |
September 30, 2012
|
June 30, 2012
|
|||||||
Beginning of the period / year
|
(376,977 | ) | (467,129 | ) | ||||
Income tax expense
|
30,083 | 90,152 | ||||||
End of the period / year
|
(346,894 | ) | (376,977 | ) |
22.
|
Current and deferred income tax (Continued)
|
September 30, 2012
|
September 30, 2011
|
|||||||
Tax calculated at the tax rates applicable to profits in the respective countries
|
(30,252 | ) | 44,514 | |||||
Permanent differences:
|
||||||||
Share of profit / (loss) in associates and join venture
|
5,843 | (6,046 | ) | |||||
Difference in deferred income tax at the beginning of the year
|
(14,540 | ) | - | |||||
Others
|
3,324 | (17,791 | ) | |||||
Income tax expense
|
(35,625 | ) | 20,677 |
23.
|
Dividends
|
24.
|
Revenue
|
September 30, 2012
|
September 30, 2011
|
|||||||
Base rent
|
180,997 | 146,846 | ||||||
Contingent rent
|
55,668 | 52,667 | ||||||
Admission rights
|
24,232 | 19,934 | ||||||
Averaging scheduled rent escalation
|
4,671 | 3,892 | ||||||
Parking fees
|
15,090 | 10,901 | ||||||
Letting fees
|
4,195 | 9,714 | ||||||
Service charges
|
130,243 | 111,957 | ||||||
Property management fee
|
8,255 | 3,759 | ||||||
Others
|
848 | 577 | ||||||
Total rental and service income
|
424,199 | 360,247 | ||||||
Sale of trading properties
|
7,625 | 29,763 | ||||||
Revenue from hotel operations
|
53,793 | 39,556 | ||||||
Others
|
694 | 2,065 | ||||||
Total other revenue
|
62,112 | 71,384 | ||||||
Total group revenue
|
486,311 | 431,631 |
25.
|
Costs
|
September 30, 2012
|
September 30, 2011
|
|||||||
Cost of rental and services
|
(199,100 | ) | (167,870 | ) | ||||
Cost of sale and development
|
(3,255 | ) | (9,635 | ) | ||||
Cost from hotel operations
|
(40,529 | ) | (25,316 | ) | ||||
Other costs
|
(258 | ) | (781 | ) | ||||
Total Group costs
|
(243,142 | ) | (203,602 | ) |
26.
|
Expenses by nature
|
26.
|
Expenses by nature (Continued)
|
Group Costs
|
||||||||||||||||||||||||||||
Cost of rental and services
|
Cost of consumer financing
|
Cost of sale and development
|
Cost from hotel operations
|
General and administrative expenses
|
Selling expenses
|
Total
|
||||||||||||||||||||||
Lease, expenses and vacant property cost
|
8,020 | - | 498 | 136 | - | 230 | 8,884 | |||||||||||||||||||||
Depreciation and amortization
|
45,503 | - | - | 3,304 | 1,678 | 62 | 50,547 | |||||||||||||||||||||
Provision for impairment of receivables (charge and recovery)
|
- | - | - | - | - | 2,983 | 2,983 | |||||||||||||||||||||
Advertising and other selling expenses
|
18,907 | - | - | 993 | 1 | 4,313 | 24,214 | |||||||||||||||||||||
Taxes, rates and contributions
|
13,632 | - | 300 | 73 | 1,465 | 11,031 | 26,501 | |||||||||||||||||||||
Maintenance, security, cleaning, repairs and others
|
50,432 | 22 | 509 | 6,084 | 2,001 | 188 | 59,236 | |||||||||||||||||||||
Fees and payments for services
|
6,617 | 234 | 19 | 178 | 6,298 | 736 | 14,082 | |||||||||||||||||||||
Director´s fees
|
- | - | - | - | 13,591 | - | 13,591 | |||||||||||||||||||||
Salaries, Social security costs and other personnel administrative expenses
|
53,735 | 2 | 62 | 22,048 | 14,797 | 3,646 | 94,290 | |||||||||||||||||||||
Cost of sale of properties
|
- | - | 1,857 | - | - | - | 1,857 | |||||||||||||||||||||
Food, beverage and other lodging expenses
|
- | - | - | 7,365 | 589 | 155 | 8,109 | |||||||||||||||||||||
Others
|
2,254 | - | 9 | 348 | 3,113 | 293 | 6,017 | |||||||||||||||||||||
Total expenses by nature
|
199,100 | 258 | 3,254 | 40,529 | 43,533 | 23,637 | 310,311 |
26.
|
Expenses by nature (Continued)
|
Group costs
|
||||||||||||||||||||||||||||
Cost of rental and services
|
Cost of sale and development
|
Cost of consumer financing
|
Cost from hotel operations
|
Administrative expenses
|
Selling expenses
|
Total
|
||||||||||||||||||||||
Lease, expenses and vacant property cost
|
8,896 | 597 | - | 104 | 46 | 195 | 9,838 | |||||||||||||||||||||
Depreciation and amortization
|
39,486 | - | 14 | 2,515 | 1,073 | 10 | 43,098 | |||||||||||||||||||||
Provision for impairment of receivables (charge and recovery)
|
- | - | - | - | - | (1,864 | ) | (1,864 | ) | |||||||||||||||||||
Advertising and other selling expenses
|
20,497 | - | - | 786 | - | 4,160 | 25,443 | |||||||||||||||||||||
Taxes, sales and contributions
|
11,646 | 311 | 61 | 40 | 955 | 9,424 | 22,437 | |||||||||||||||||||||
Maintenance, security, cleaning, repair and others
|
40,404 | 462 | 171 | 5,468 | 1,435 | 191 | 48,131 | |||||||||||||||||||||
Fees and payments for services
|
4,264 | 71 | 521 | 712 | 6,220 | 1,110 | 12,898 | |||||||||||||||||||||
Director´s fees
|
- | - | - | - | 9,006 | - | 9,006 | |||||||||||||||||||||
Salaries, social security costs and other personnel administrative expenses
|
41,928 | 21 | 14 | 11,457 | 12,479 | 3,057 | 68,956 | |||||||||||||||||||||
Cost of sales of properties
|
- | 8,168 | - | - | - | - | 8,168 | |||||||||||||||||||||
Food, beverage and other lodging expenses
|
- | - | - | 4,112 | 741 | 173 | 5,026 | |||||||||||||||||||||
Others
|
1,110 | 5 | - | 122 | 1,510 | 136 | 2,883 | |||||||||||||||||||||
168,231 | 9,635 | 781 | 25,316 | 33,465 | 16,592 | 254,020 |
27.
|
Employee costs
|
September 30, 2012
|
September 30, 2011
|
|||||||
Salaries, bonuses, social security expenses and others
|
92,561 | 67,245 | ||||||
Shared-based compensation .
|
1,729 | 1,711 | ||||||
Total employee costs
|
94,290 | 68,956 |
28.
|
Other income (expenses), net
|
September 30, 2012
|
September 30, 2011
|
|||||||
Tax on Shareholders’ personal assets
|
(1.,209 | ) | (1,208 | ) | ||||
Donations
|
(1,057 | ) | (2,285 | ) | ||||
Judgments and others contingencies
|
(3,792 | ) | (2,959 | ) | ||||
Others
|
(3,068 | ) | 2,465 | |||||
Total other operating income (expense), net
|
(9,126 | ) | (3,987 | ) |
29.
|
Financial results, net
|
September 30, 2012
|
September 30, 2011
|
|||||||
Finance income:
|
||||||||
- Interest income
|
10,782 | 3,786 | ||||||
- Foreign exchange gains, net
|
37,409 | 6,450 | ||||||
- Dividends income
|
9,917 | 2,807 | ||||||
- Fair value gains of financial assets at fair value through profit or loss
|
11,485 | 3,043 | ||||||
- Gain from repurchase of Non-Convertible Notes
|
41 | - | ||||||
Finance income
|
69,634 | 16,086 |
Finance costs:
|
||||||||
- Interest expense
|
(83,128 | ) | (64,657 | ) | ||||
- Foreign exchange losses, net
|
(88,103 | ) | (41,881 | ) | ||||
- Fair value loss of Financial assets at fair value through profit or loss
|
(15,605 | ) | (148,042 | ) | ||||
- Loss for disposal of financial assets at fair value through profit or loss
|
(987 | ) | - | |||||
- Loss from derivative financial instruments
|
(1,572 | ) | (39,674 | ) | ||||
- Other financial costs
|
(8,442 | ) | (5,726 | ) | ||||
Finance costs
|
(197,837 | ) | (299,980 | ) | ||||
Total financial results, net
|
(128,203 | ) | (283,894 | ) |
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
|
||||||||||
Shareholders in general
|
Dividends
|
-
|
-
|
-
|
-
|
-
|
(3,111)
|
-
|
-
|
|||||||||||
Consultores Assets Management S.A. (CAMSA)
|
4
|
Reimbursement of expenses
|
-
|
-
|
-
|
2,368
|
-
|
(18)
|
-
|
-
|
||||||||||
Estudio Zang, Bergel & Viñes
|
4
|
Advances
|
-
|
-
|
-
|
125
|
-
|
-
|
-
|
-
|
||||||||||
Reimbursement of expenses
|
-
|
-
|
-
|
-
|
-
|
(5)
|
-
|
-
|
||||||||||||
Other payables
|
-
|
-
|
-
|
-
|
-
|
(5)
|
-
|
-
|
||||||||||||
Legal services
|
-
|
-
|
-
|
-
|
-
|
(867)
|
-
|
-
|
||||||||||||
Fundación IRSA
|
4
|
Reimbursement of expenses
|
-
|
-
|
-
|
47
|
-
|
(2)
|
-
|
-
|
||||||||||
Donations
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Museo de los Niños
|
4
|
Reimbursement of expenses
|
-
|
-
|
-
|
614
|
-
|
(18)
|
-
|
-
|
||||||||||
Leases
|
-
|
-
|
-
|
600
|
-
|
-
|
-
|
|||||||||||||
Directors
|
4
|
Reimbursement of expenses
|
-
|
-
|
-
|
157
|
-
|
-
|
-
|
|||||||||||
Fees
|
-
|
-
|
-
|
18,580
|
(9,100)
|
(27,632)
|
-
|
-
|
||||||||||||
Convertible notes due 2014
|
-
|
-
|
-
|
-
|
-
|
(5)
|
-
|
|||||||||||||
Guarantee deposits
|
-
|
-
|
-
|
-
|
(20)
|
-
|
-
|
|||||||||||||
Quality invest S.A.
|
2
|
Reimbursement of expenses
|
-
|
-
|
-
|
6
|
-
|
-
|
-
|
|||||||||||
Management fees
|
-
|
-
|
-
|
-
|
-
|
(49)
|
-
|
-
|
||||||||||||
New Lipstick LLC
|
3
|
Reimbursement of expenses
|
-
|
-
|
-
|
1,322
|
-
|
-
|
-
|
|||||||||||
Capital contributions
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Lipstick Management LLC
|
3
|
Reimbursement of expenses
|
-
|
-
|
-
|
442
|
-
|
-
|
-
|
|||||||||||
IRSA Developments 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.
|
5
|
Loans
|
-
|
-
|
-
|
97
|
-
|
(3)
|
-
|
-
|
|||||||||||
Elsztain Managing Partners Limited
|
4
|
Management fees
|
-
|
-
|
-
|
-
|
(26)
|
-
|
-
|
||||||||||||
Elsztain Managing Partners Master
|
4
|
Capital reductions
|
-
|
-
|
-
|
-
|
(1,941)
|
-
|
-
|
||||||||||||
Banco Hipotecario S.A.
|
3
|
Dividends
|
-
|
-
|
-
|
30,481
|
-
|
-
|
-
|
-
|
|||||||||||
Reimbursement of expenses
|
-
|
-
|
-
|
297
|
-
|
(255)
|
-
|
-
|
|||||||||||||
Leases
|
-
|
-
|
-
|
10
|
-
|
-
|
-
|
-
|
|||||||||||||
Other payables
|
-
|
-
|
-
|
-
|
(1)
|
-
|
-
|
||||||||||||||
Manibil S.A.
|
3
|
Dividends
|
-
|
-
|
-
|
3,332
|
-
|
-
|
-
|
-
|
|||||||||||
Cyrsa S.A.
|
2
|
Reimbursement of expenses
|
-
|
-
|
-
|
503
|
-
|
(224)
|
-
|
-
|
|||||||||||
Borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
(49,040)
|
||||||||||||||
Tarshop S.A.
|
3
|
Reimbursement of expenses
|
-
|
-
|
-
|
1,676
|
-
|
-
|
-
|
-
|
|||||||||||
Leases
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
-
|
|||||||||||||
Cheks to be deposited
|
-
|
-
|
-
|
226
|
-
|
-
|
-
|
-
|
|||||||||||||
Nuevo Puerto Santa Fe S.A.
|
2
|
Reimbursement of expenses
|
-
|
-
|
-
|
326
|
-
|
(202)
|
-
|
-
|
|||||||||||
Management fee
|
-
|
-
|
-
|
25
|
-
|
-
|
-
|
-
|
|||||||||||||
Canteras Natal Crespo S.A.
|
2
|
Management fees
|
-
|
-
|
-
|
513
|
-
|
-
|
-
|
-
|
|||||||||||
Loans
|
-
|
-
|
-
|
90
|
-
|
-
|
-
|
-
|
|||||||||||||
Reimbursement of expenses
|
-
|
-
|
-
|
459
|
-
|
-
|
-
|
-
|
|||||||||||||
Baicom Neworks S.A.
|
2
|
Reimbursement of expenses
|
-
|
-
|
-
|
148
|
-
|
-
|
-
|
-
|
|||||||||||
Management fee
|
-
|
-
|
-
|
38
|
-
|
-
|
-
|
-
|
|||||||||||||
Loans granted
|
-
|
-
|
933
|
-
|
-
|
-
|
-
|
31.
|
Related party transaction (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.
|
2
|
Reimbursement of expenses
|
-
|
-
|
-
|
152
|
-
|
-
|
-
|
-
|
||||||||||
Loans granted
|
-
|
-
|
-
|
2,192
|
-
|
-
|
-
|
-
|
||||||||||||
Aportes
|
-
|
-
|
-
|
101
|
-
|
-
|
-
|
-
|
||||||||||||
Cactus Argentina S.A.
|
4
|
Reimbursement of expenses
|
-
|
-
|
-
|
4
|
-
|
-
|
-
|
-
|
||||||||||
Cresud S.A.C.I.F. y A.
|
1
|
Reimbursement of expenses
|
-
|
-
|
-
|
4,586
|
-
|
(275)
|
-
|
-
|
||||||||||
Reimbursement of expenses
|
-
|
-
|
-
|
4,865
|
-
|
(2,032)
|
-
|
-
|
||||||||||||
Shared services
|
-
|
-
|
-
|
8,432
|
-
|
(51,128)
|
-
|
-
|
||||||||||||
Offices rental
|
-
|
-
|
-
|
750
|
-
|
-
|
-
|
-
|
||||||||||||
Loans
|
-
|
-
|
-
|
188
|
-
|
-
|
-
|
-
|
||||||||||||
Sale of real state property
|
-
|
-
|
-
|
701
|
-
|
-
|
-
|
-
|
||||||||||||
Non-convertible Notes – Cresud S.A.C.I.F y A.
|
12,026
|
27,069
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||
Futuros y Opciones.com S.A.
|
5
|
Reimbursement of expenses
|
-
|
-
|
-
|
55
|
-
|
(8)
|
-
|
-
|
||||||||||
FyO Trading S.A.
|
4
|
Reimbursement of expenses
|
-
|
-
|
-
|
13
|
-
|
-
|
-
|
-
|
||||||||||
Miltary S.A.
|
4
|
Reimbursement of expenses
|
-
|
-
|
-
|
18
|
-
|
-
|
-
|
-
|
||||||||||
Helmir S.A.
|
4
|
Reimbursement of expenses
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
-
|
||||||||||
Dolphin Fund Plc.
|
6
|
shares/Mutual funds
|
-
|
41,000
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||
Total
|
12,026
|
68,069
|
933
|
84,550
|
(9,120)
|
(87,807)
|
(5)
|
(49,040)
|
31.
|
Related party transaction (Continued)
|
Related Party
|
Reference
|
Rental earned
|
Fees
|
Income/expenses of shared services
|
Legal fees
|
Interest income / (expenses)
|
Others
|
Estudio Zang, Bergel & Viñes
|
(4)
|
-
|
-
|
-
|
(2,026)
|
-
|
-
|
Fundación IRSA
|
(4)
|
-
|
-
|
-
|
-
|
-
|
(1,662)
|
Directors
|
(4)
|
-
|
(7,086)
|
-
|
-
|
-
|
-
|
Canteras Natal Crespo S.A.
|
(2)
|
-
|
36
|
-
|
-
|
4
|
-
|
Cyrsa S.A.
|
(2)
|
6
|
-
|
-
|
-
|
-
|
-
|
Tarshop S.A.
|
(3)
|
1,915
|
76
|
-
|
-
|
-
|
-
|
Baicom Networks S.A.
|
(2)
|
-
|
-
|
3
|
-
|
22
|
-
|
Puerto Retiro
|
(2)
|
-
|
-
|
-
|
-
|
(82)
|
-
|
Quality Invest S.A.
|
(2)
|
-
|
54
|
-
|
-
|
-
|
-
|
Inversiones Financieras S.A.
|
(5)
|
-
|
-
|
-
|
-
|
86
|
|
Cresud S.A.C.I. F. y A.
|
(1)
|
382
|
(5,213)
|
(16,659)
|
-
|
558
|
-
|
2,303
|
(12,133)
|
(16,656)
|
(2,026)
|
587
|
(1,662)
|
(1)
|
Shareholder
|
(2)
|
Join venture
|
(3)
|
Associate
|
(4)
|
Related
|
(5)
|
Shareholder of Cresud S.A.C.I.F. and A.
|
(6)
|
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 at September 30, 2012 this investment amounts to Ps. 41 million. During October 2012, there has been additional investment for an amount of US$ 20 million.
|
32.
|
Subsequent events
|
32.
|
Subsequent events (Continued)
|
1.
|
Summary of significant accounting policies
|
1.1
|
Basis of preparation
|
(a)
|
Current and non-current classification
|
(b)
|
Presentation currency
|
(c)
|
Fiscal year-end
|
1.
|
Summary of significant accounting policies (Continued)
|
(d)
|
Accounting conventions
|
(e)
|
Reporting cash flows
|
(f)
|
Use of estimates
|
1.2
|
New accounting standards
|
1.
|
Summary of significant accounting policies (Continued)
|
1.
|
Summary of significant accounting policies (Continued)
|
1.
|
Summary of significant accounting policies (Continued)
|
1.3.
|
Scope of consolidation
|
1.
|
Summary of significant accounting policies (Continued)
|
06.30.2012
|
||||
Name of the entity
|
Place of business / country of incorporation
|
Main activities (*)
|
% of ownership interest held by the Group
|
% of ownership interest held by the NCI
|
Direct equity interest of IRSA:
|
||||
Alafox S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Alto Palermo S.A. (APSA)
|
Argentina
|
Real estate
|
95.61%
|
4.39%
|
Codalis S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Doneldon S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
E-Commerce Latina S.A.
|
Argentina
|
Investment
|
100.00%
|
0.00%
|
Efanur S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Hoteles Argentinos S.A.
|
Argentina
|
Hotel
|
80.00%
|
20.00%
|
Inversora Bolívar S.A.
|
Argentina
|
Investment
|
100.00%
|
0.00%
|
Llao Llao Resorts S.A. (1)
|
Argentina
|
Hotel
|
50.00%
|
50.00%
|
Nuevas Fronteras S.A.
|
Argentina
|
Hotel
|
76.34%
|
23.66%
|
Palermo Invest S.A.
|
Argentina
|
Investment
|
100.00%
|
0.00%
|
Ritelco S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Sedelor S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Solares de Santa María S.A.
|
Argentina
|
Real estate
|
100.00%
|
0.00%
|
Tyrus S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Unicity S.A.
|
Argentina
|
Investment
|
100.00%
|
0.00%
|
Interest indirectly held through APSA:
|
||||
Apsamedia S.A.
|
Argentina
|
Consumer financing and advertising (*)
|
95.61%
|
4.39%
|
Arcos del Gourmet S.A.
|
Argentina
|
Real estate
|
84.31%
|
15.69%
|
Conil S.A.
|
Argentina
|
Real estate
|
95.61%
|
4.39%
|
Emprendimiento Recoleta S.A.
|
Argentina
|
Real estate
|
51.33%
|
48.67%
|
Fibesa S.A.
|
Argentina
|
Real estate
|
95.61%
|
4.39%
|
Panamerican Mall S.A.
|
Argentina
|
Real estate
|
76.49%
|
23.51%
|
Shopping Neuquén S.A.
|
Argentina
|
Real estate
|
93.84%
|
6.16%
|
Torodur S.A.
|
Uruguay
|
Investment
|
95.61%
|
4.39%
|
(*)
|
Residual activity
|
1.
|
Summary of significant accounting policies (Continued)
|
06.30.2012
|
||||
Name of the entity
|
Place of business / country of incorporation
|
Main activities (*)
|
% of ownership interest held by the Group
|
% of ownership interest held by the NCI
|
Interest indirectly held through Tyrus S.A.:
|
||||
I Madison LLC
|
United States
|
Investment
|
100.00%
|
0.00%
|
IRSA Development LP
|
United States
|
Investment
|
100.00%
|
0.00%
|
IRSA International LLC
|
United States
|
Investment
|
100.00%
|
0.00%
|
Jiwin S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Liveck S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Real Estate Investment Group LP (“REIG”)
|
Bermuda
|
Investment
|
64.01%
|
35.99%
|
Real Estate Investment Group II LP
|
Bermuda
|
Investment
|
80.54%
|
19.46%
|
Real Estate Investment Group III LP
|
Bermuda
|
Investment
|
81.19%
|
18.81%
|
Real Estate Investment Group IV LP
|
Bermuda
|
Investment
|
100.00%
|
0.00%
|
Real Estate Investment Group V LP
|
Bermuda
|
Investment
|
100.00%
|
0.00%
|
Real Estate Strategies LLC
|
United States
|
Investment
|
100.00%
|
0.00%
|
Vanker Hills S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Interest indirectly held through Efanur S.A.:
|
||||
Real State Strategies LP
|
Bermuda
|
Investment
|
66.83%
|
33.17%
|
07.01.2011
|
||||
Name of the entity
|
Place of business / country of incorporation
|
Principal activities (*)
|
% of ownership interest held by the Group
|
% of ownership interest held by the NCI
|
Direct equity interest IRSA:
|
||||
Alafox S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Alto Palermo S.A. (APSA)
|
Argentina
|
Real estate
|
94.89%
|
5.11%
|
Codalis S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Doneldon S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
E-Commerce Latina S.A.
|
Argentina
|
Investment
|
100.00%
|
0.00%
|
Efanur S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Hoteles Argentinos S.A.
|
Argentina
|
Hotel
|
80.00%
|
20.00%
|
Inversora Bolívar S.A.
|
Argentina
|
Investment
|
100.00%
|
0.00%
|
Llao Llao Resorts S.A. (1)
|
Argentina
|
Hotel
|
50.00%
|
50.00%
|
Nuevas Fronteras S.A.
|
Argentina
|
Hotel
|
76.34%
|
23.66%
|
Palermo Invest S.A.
|
Argentina
|
Investment
|
100.00%
|
0.00%
|
Ritelco S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Sedelor S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Solares de Santa María S.A.
|
Argentina
|
Real estate
|
100.00%
|
0.00%
|
Tyrus S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Unicity S.A.
|
Argentina
|
Investment
|
100.00%
|
0.00%
|
1.
|
Summary of significant accounting policies (Continued)
|
07.01.2011
|
||||
Name of the entity
|
Place of business / country of incorporation
|
Principal activities (*)
|
% of ownership interest held by the Group
|
% of ownership interest held by the NCI
|
Interest indirectly held through APSA:
|
||||
Apsamedia S.A.
|
Argentina
|
Advertising
|
94.89%
|
5.11%
|
Arcos del Gourmet S.A.
|
Argentina
|
Real estate
|
83.68%
|
16.32%
|
Conil S.A.
|
Argentina
|
Real estate
|
94.89%
|
5.11%
|
Emprendimiento Recoleta S.A.
|
Argentina
|
Real estate
|
50.94%
|
49.06%
|
Fibesa S.A.
|
Argentina
|
Real estate
|
94.89%
|
5.11%
|
Panamerican Mall S.A.
|
Argentina
|
Real estate
|
75.91%
|
24.09%
|
Shopping Neuquén S.A.
|
Argentina
|
Real estate
|
93.13%
|
6.87%
|
Torodur S.A.
|
Uruguay
|
Investment
|
94.89%
|
5.11%
|
Interest indirectly held through Tyrus S.A.:
|
||||
I Madison LLC
|
United States
|
Investment
|
100.00%
|
0.00%
|
IRSA Development LP
|
United States
|
Investment
|
100.00%
|
0.00%
|
IRSA International LLC
|
United States
|
Investment
|
100.00%
|
0.00%
|
Jiwin S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Liveck S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
Real Estate Investment Group LP (“REIG”)
|
Bermuda
|
Investment
|
64.01%
|
35.99%
|
Real Estate Investment Group II LP
|
Bermuda
|
Investment
|
80.54%
|
19.46%
|
Real Estate Investment Group III LP
|
Bermuda
|
Investment
|
81.19%
|
18.81%
|
Real Estate Investment Group IV LP
|
Bermuda
|
Investment
|
100.00%
|
0.00%
|
Real Estate Investment Group V LP
|
Bermuda
|
Investment
|
100.00%
|
0.00%
|
Real Estate Strategies LLC
|
United States
|
Investment
|
100.00%
|
0.00%
|
Real Estate Strategies LP
|
Bermuda
|
Investment
|
100.00%
|
0.00%
|
Vanker Hills S.A.
|
Uruguay
|
Investment
|
100.00%
|
0.00%
|
1.
|
Summary of significant accounting policies (Continued)
|
Subsidiary
|
Equity attributable to NCI
|
|
APSA
|
40.9
|
|
Panamerican Mall S.A.
|
122.9
|
(b)
|
Changes in ownership interests in subsidiaries without change of control
|
(c)
|
Disposal of subsidiaries
|
(d)
|
Associates
|
1.
|
Summary of significant accounting policies (Continued)
|
(e)
|
Joint arrangements
|
1.
|
Summary of significant accounting policies (Continued)
|
1.4.
|
Segment reporting
|
1.5.
|
Foreign currency translation
|
1.
|
Summary of significant accounting policies (Continued)
|
(b)
|
Transactions and balances in foreign currency
|
(i)
|
Assets and liabilities for each statements of financial position presented are translated at the closing rate at the date of that financial position;
|
(ii)
|
Income and expenses for each statements of comprehensive income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and
|
(iii)
|
All resulting exchange differences are recognized in the statements of comprehensive income.
|
1.
|
Summary of significant accounting policies (Continued)
|
1.6
|
Investment properties
|
1.
|
Summary of significant accounting policies (Continued)
|
Shopping centers portfolio
|
Between 16 and 31 years
|
Office buildings portfolio
|
Between 12 and 30 years
|
Other rental properties portfolio
|
Between 17 and 55 years
|
1.
|
Summary of significant accounting policies (Continued)
|
1.7.
|
Property, plant and equipment
|
1.
|
Summary of significant accounting policies (Continued)
|
Hotels and facilities
|
between 14 and 24 years
|
Other buildings and facilities
|
between 20 and 50 years
|
Furniture and fixtures
|
between 3 and 10 years
|
Machinery and equipment
|
10 years
|
Vehicles
|
5 years
|
Others
|
3 years
|
1.
|
Summary of significant accounting policies (Continued)
|
1.8.
|
Leases
|
1.
|
Summary of significant accounting policies (Continued)
|
1.9.
|
Intangible assets
|
(a)
|
Goodwill
|
(b
|
Computer software
|
1.
|
Summary of significant accounting policies (Continued)
|
1.
|
Summary of significant accounting policies (Continued)
|
1.10.
|
Impairment of assets
|
(a)
|
Goodwill
|
(b)
|
Property, plant and equipment, investment property and finite-life intangible assets
|
1.
|
Summary of significant accounting policies (Continued)
|
1.11.
|
Trading properties
|
1.12.
|
Inventories
|
1.
|
Summary of significant accounting policies (Continued)
|
1.13
|
Financial instruments
|
(a)
|
Classification
|
1.
|
Summary of significant accounting policies (Continued)
|
(b)
|
Recognition and measurement
|
1.
|
Summary of significant accounting policies (Continued)
|
(c)
|
Impairment of financial assets
|
(d)
|
Offsetting financial instruments
|
1.
|
Summary of significant accounting policies (Continued)
|
1.14
|
Derivate financial instruments
|
1.15
|
Foreign-currency convertible debt
|
1.
|
Summary of significant accounting policies (Continued)
|
1.16
|
Trade and other receivables
|
1.
|
Summary of significant accounting policies (Continued)
|
1.17.
|
Trade and other payables
|
1.18.
|
Tenant deposits
|
1.19.
|
Borrowings
|
1.20.
|
Borrowing costs
|
1.
|
Summary of significant accounting policies (Continued)
|
1.21.
|
Provisions
|
1.22.
|
Employee benefits
|
(a)
|
Pension obligations
|
(b)
|
Termination benefits
|
(c)
|
Bonus plans
|
1.
|
Summary of significant accounting policies (Continued)
|
1.23.
|
Share-based payments
|
1.24.
|
Current and deferred income tax
|
1.
|
Summary of significant accounting policies (Continued)
|
1.
|
Summary of significant accounting policies (Continued)
|
1.25.
|
Cash and cash equivalents
|
1.26.
|
Revenue recognition
|
·
|
Shopping centers portfolio
|
1.
|
Summary of significant accounting policies (Continued)
|
1.
|
Summary of significant accounting policies (Continued)
|
·
|
Office and other rental properties portfolio
|
1.
|
Summary of significant accounting policies (Continued)
|
·
|
Development property activities:
|
1.
|
Summary of significant accounting policies (Continued)
|
1.
|
Summary of significant accounting policies (Continued)
|
1.27.
|
Share capital
|
1.28.
|
Earnings per share
|
1.29.
|
Dividend distribution
|
2.
|
Acquisitions and disposals
|
2.
|
Acquisitions and disposals (Continued)
|
Ps.
|
||
Book value of the non-controlling interest purchased by the Group
|
350
|
|
Consideration
|
(752)
|
|
Loss on the acquisition booked in shareholder's equity
|
|
(402)
|
Ps.
|
||
Book value of the non-controlling interest purchased by the Group
|
188
|
|
Consideration
|
(16,208)
|
|
Loss on the acquisition booked in shareholder's equity
|
|
(16,020)
|
2.
|
Acquisitions and disposals (Continued)
|
2.
|
Acquisitions and disposals (Continued)
|
2.
|
Acquisitions and disposals (Continued)
|
3.
|
Financial risk management
|
3.
|
Financial risk management(Continued)
|
(a)
|
Market risk management
|
3.
|
Financial risk management(Continued)
|
Net monetary position
(Liability)/Asset
|
|
Functional currency
|
06.30.2012
|
Argentine Peso.
|
(1,546,228)
|
Total
|
(1,546,228)
|
3.
|
Financial risk management(Continued)
|
3.
|
Financial risk management (Continued)
|
06.30.2012 | ||||||||||||
Functional currency | ||||||||||||
Rate per currency
|
Argentine Peso
|
Uruguayan Peso
|
Total
|
|||||||||
Fixed rate:
|
||||||||||||
Argentine Peso
|
51,382 | - | 51,382 | |||||||||
US dollar
|
2,096,324 | 35,700 | 2,132,024 | |||||||||
Subtotal fixed-rate borrowings
|
2,147,706 | 35,700 | 2,183,406 | |||||||||
Floating rate:
|
||||||||||||
Argentine Peso.
|
398,829 | - | 398,829 | |||||||||
US dollar
|
- | 22,635 | 22,635 | |||||||||
Subtotal variable rate borrowings
|
398,829 | 22,635 | 421,464 | |||||||||
Total borrowings as per analysis
|
2,546,536 | 58,335 | 2,604,870 | |||||||||
Finance leases
|
1,423 | - | 1,423 | |||||||||
Total borrowings as per statements of financial position
|
2,547,958 | 58,335 | 2,606,293 |
3.
|
Financial risk management (Continued)
|
06.30.2012 | ||||||||||||
Functional currency | ||||||||||||
Rate per currency
|
Argentine Peso
|
Uruguayan Peso
|
Total
|
|||||||||
Variable rate:
|
||||||||||||
Argentine Peso.
|
3,904 | - | 3,904 | |||||||||
US dollar
|
- | 226 | 226 | |||||||||
Total effects on Profit before income tax
|
3,904 | 226 | 4,130 |
Decrease profit before income tax (in millions)
|
|
Company
|
06.30.2012
|
TGLT
|
6.5
|
Hersha
|
43.3
|
Supertel
|
15.8
|
Total
|
65.6
|
3.
|
Financial risk management(Continued)
|
(b)
|
Credit risk management
|
3.
|
Financial risk management(Continued)
|
3.
|
Financial risk management (Continued)
|
At June 30, 2012
|
Less than 1 year
|
Between 1 and 2 years
|
Between 2 and 3 years
|
Between 3 and 4 years
|
More than 4 years
|
Total
|
||||||||||||||||||
Trade and other payables
|
203,151 | 136,294 | - | 410 | 1,334 | 341,189 | ||||||||||||||||||
Borrowings (excluding finance lease liabilities)
|
521,826 | 387,821 | 180,960 | 176,499 | 2,360,094 | 3,627,200 | ||||||||||||||||||
Finance leases
|
1,060 | 149 | 123 | 107 | 107 | 1,546 | ||||||||||||||||||
Derivative financial instruments
|
- | - | - | - | - | - | ||||||||||||||||||
Total year
|
726,037 | 524,264 | 181,083 | 177,016 | 2,361,535 | 3,969,935 |
At July 1, 2011
|
Less than 1 year
|
Between 1 and 2 years
|
Between 2 and 3 years
|
Between 3 and 4 years
|
More than 4 years
|
Total
|
||||||||||||||||||
Trade and other payables
|
321,460 | 6,647 | 605 | 605 | 605 | 329,922 | ||||||||||||||||||
Borrowings
|
662,960 | 460,744 | 207,787 | 334,715 | 2,365,468 | 4,031,674 | ||||||||||||||||||
Derivative financial instruments
|
8,353 | - | - | - | - | 8,353 | ||||||||||||||||||
Total year
|
992,773 | 467,391 | 208,392 | 335,320 | 2,366,073 | 4,369,949 |
3.
|
Financial risk management(Continued)
|
06.30.2012 | 07.01.2011 | |||||||
Gearing ratio (i)
|
46.16 | % | 43.70 | % | ||||
Debt ratio (ii)
|
74.35 | % | 66.93 | % |
(i)
|
Calculated as total debt (including current and non-current borrowings) divided by total capital (including equity plus total debt). Share of joint ventures is not considered in the calculation.
|
(ii)
|
Calculated as total debt divided by total properties and investments (including trading properties and property investments and fields). Share of joint ventures is not considered in the calculation.
|
3.
|
Financial risk management (Continued)
|
3.
|
Financial risk management (Continued)
|
4.
|
Significant judgments, key assumptions and estimates
|
4.
|
Significant judgments, key assumptions and estimates (Continued)
|
4.1.
|
Significant key assumptions and estimates
|
(a)
|
Business combinations – purchase price allocation
|
(b)
|
Impairment testing of goodwill and other non-current assets
|
4.
|
Significant judgments, key assumptions and estimates(Continued)
|
Cash-generating unit
|
Country
|
Segment
|
Valuation method
|
06.30.2012 | 06.30.2011 | ||||||
Torre Bank Boston
|
Argentina
|
Offices and other lease properties
|
Discounted cash flows
|
5,481 | 5,481 | ||||||
Museo Renault
|
Argentina
|
Offices and other lease properties
|
Discounted cash flows
|
- | 2,951 | ||||||
Conil
|
Argentina
|
Sales and developments
|
Market comparables
|
343 | 343 | ||||||
Value at year end of non-current assets other than goodwill (i) | 151,509 | 154,179 | |||||||||
Total assets allocated to Cash-generating units | 157,333 | 162,954 |
4.
|
Significant judgments, key assumptions and estimates (Continued)
|
4.
|
Significant judgments, key assumptions and estimates (Continued)
|
4.2.
|
Significant judgments in the application of Group’s accounting policies
|
5.
|
Segment information
|
5.
|
Segment information (Continued)
|
·
|
The operating segment’s reported revenue, including both sales to external customers and inter-segment sales or transfers, is ten per cent or more of the combined revenue, internal and external, of all operating segments;
|
·
|
The absolute amount of its reported profit or loss is ten per cent or more of the greater, in absolute amount, of:
|
o
|
the combined reported profit of all operating segments that do not report a loss; and
|
o
|
the combined reported loss of all operating segments that report a loss.
|
·
|
Its assets are 10% or more of the combined assets of all operating segments.
|
·
|
The “Shopping Centers” Segment includes the operating results of the Group’s shopping centers portfolio principally comprised of lease and service revenues related to rental of commercial space and other spaces in the shopping centers of the Group.
|
·
|
The “Office” Segment includes the operating results of the Group’s lease and service revenues of office space and other service revenues related to the office activities.
|
5.
|
Segment information (Continued)
|
·
|
The “Sales and Development” Segment includes the operating results of the sales of Undeveloped parcels of land and/or trading properties, as the results related with its development and maintenance.
|
·
|
The ‘Hotel Properties’ Segment includes the operating results of the Group’s hotels mainly comprised of room, catering and restaurant revenues.
|
·
|
The “International” segment includes profit or loss on investments in associates that mainly operate in the United States in relation to the lease of office buildings and hotels in that country.
|
·
|
The “Financial operations and others” Segment primarily includes the financial activities carried out by the associate Tarshop S.A. and Grupo Banco Hipotecario S.A., among others.
|
5.
|
Segment information(Continued)
|
06.30.2012 | ||||||||||||||||||||||||||||
Shopping Centers
|
Offices
|
Sales and development
|
Hotels
|
International
|
Financial operations and other
|
Total
|
||||||||||||||||||||||
Revenues
|
1,334,023 | 251,705 | 176,290 | 170,012 | - | 4,836 | 1,936,866 | |||||||||||||||||||||
Costs
|
(638,429 | ) | (95,638 | ) | (142,825 | ) | (117,389 | ) | - | (405 | ) | (994,686 | ) | |||||||||||||||
Gross Profit / (Loss)
|
695,594 | 156,067 | 33,465 | 52,623 | - | 4,431 | 942,180 | |||||||||||||||||||||
Gain from disposal of investment properties
|
- | - | 116,688 | - | - | - | 116,688 | |||||||||||||||||||||
General and administrative expenses
|
(57,393 | ) | (36,591 | ) | (35,668 | ) | (40,411 | ) | (9,386 | ) | (296 | ) | (179,745 | ) | ||||||||||||||
Selling expenses
|
(40,168 | ) | (13,535 | ) | (18,278 | ) | (22,791 | ) | (5 | ) | (1,770 | ) | (96,547 | ) | ||||||||||||||
Other operating income (expense), net
|
(20,373 | ) | (6,525 | ) | (1,991 | ) | 172 | 43 | 736 | (27,938 | ) | |||||||||||||||||
Operating Profit / (Loss)
|
577,660 | 99,416 | 94,216 | (10,407 | ) | (9,348 | ) | 3,101 | 754,638 | |||||||||||||||||||
Share of profit / (loss) of associates and joint ventures
|
(223 | ) | - | 1,045 | (134 | ) | (77,305 | ) | 90,318 | 13,701 | ||||||||||||||||||
Segment Profit / (Loss)
|
577,437 | 99,416 | 95,261 | (10,541 | ) | (86,653 | ) | 93,419 | 768,339 | |||||||||||||||||||
Investment properties, net
|
2,183,869 | 980,178 | 327,017 | - | - | - | 3,491,064 | |||||||||||||||||||||
Property, plant and equipment, net
|
15,989 | 26,359 | 4,164 | 181,322 | 199 | - | 228,033 | |||||||||||||||||||||
Trading properties
|
- | - | 240,812 | - | 61,444 | - | 302,256 | |||||||||||||||||||||
Goodwill
|
343 | 5,481 | - | - | - | - | 5,824 | |||||||||||||||||||||
Inventories
|
10,394 | - | 474 | 4,791 | - | - | 15,659 | |||||||||||||||||||||
Investments in associates and joint ventures
|
- | - | 28,727 | 21,256 | 118,326 | 1,016,761 | 1,185,070 | |||||||||||||||||||||
Total segment assets
|
2,210,595 | 1,012,018 | 601,194 | 207,369 | 179,969 | 1,016,761 | 5,227,906 |
5.
|
Segment information(Continued)
|
5.
|
Segment information (Continued)
|
06. 30. 2012 | ||||||||||||
As per Total Segment Information
|
Adjustment for share of profit/ (loss) of associates and joint ventures
|
As per Statements of Income
|
||||||||||
Revenue
|
1,936,866 | (136,584 | ) | 1,800,282 | ||||||||
Costs
|
(994,686 | ) | 127,342 | (867,344 | ) | |||||||
Gross Profit / (Loss)
|
942,180 | (9,242 | ) | 932,938 | ||||||||
Gain from disposal of investment properties
|
116,688 | (1 | ) | 116,689 | ||||||||
General and administrative expenses
|
(179,745 | ) | 2,421 | (177,326 | ) | |||||||
Selling expenses
|
(96,547 | ) | 11,774 | (84,773 | ) | |||||||
Other operating income, net
|
(27,938 | ) | (2,809 | ) | (30,747 | ) | ||||||
Operating Profit
|
754,638 | 2,143 | 756,781 | |||||||||
Share of profit / (loss) of associates and joint ventures
|
13,701 | (2,041 | ) | 11,600 | ||||||||
Profit from Operations Before Financing and Taxation
|
768,339 | 102 | 768,441 |
06.30.2012 | ||||
Total reportable assets as per Segment Information
|
5,227,906 | |||
Investment Properties
|
(215,838 | ) | ||
Trading properties
|
(125,433 | ) | ||
Investment in associates and joint ventures
|
260,746 | |||
Total assets as per the Statements of Financial Position
|
5,147,381 |
6.
|
Information about main subsidiaries
|
06.30. 2012 | ||||||||
APSA
|
Panamerican
Mall S.A.
|
|||||||
Revenues
|
1,377,403 | 168,013 | ||||||
Profit before income tax
|
525,060 | 63,634 | ||||||
Income tax expense
|
(179,416 | ) | (22,334 | ) | ||||
Profit for the year
|
345,644 | 41,300 | ||||||
Profit attributable to non-controlling interest
|
332,047 | 8,260 | ||||||
Dividends paid to non-controlling interest
|
10,902 | - |
06.30 .2012 | ||||||||
APSA
|
Panamerican
Mall S.A.
|
|||||||
Net cash generated from operating activities
|
616,748 | 93,740 | ||||||
Net cash used in investing activities
|
(259,410 | ) | (53,173 | ) | ||||
Net cash used in financing activities
|
(400,192 | ) | (12,614 | ) | ||||
Net (decrease) / increase in cash and cash equivalents.
|
(42,854 | ) | 27,953 | |||||
Cash and cash equivalents at beginning of the year
|
145,552 | 486 | ||||||
Exchange (loss) / gains on cash and cash equivalents
|
(1,256 | ) | 1,446 | |||||
Cash and cash equivalents at end of the year
|
101,442 | 29,885 |
6.
|
Information about main subsidiaries (Continued)
|
7.
|
Interests in joint ventures
|
% of ownership interest held
|
||||||||||
Name
|
Place of business/ country of incorporation
|
Nature of the relationship
|
06.30.2012 | 07.01.2011 | ||||||
Cyrsa S.A.
|
Argentina
|
(i)
|
50.00 | % | 50.00 | % | ||||
Quality Invest S.A.
|
Argentina
|
(ii)
|
50.00 | % | 50.00 | % | ||||
Puerto Retiro S.A.
|
Argentina
|
(iii)
|
50.00 | % | 50.00 | % |
7.
|
Interests in joint ventures(Continued)
|
(ii)
|
Quality Invest S.A. (“Quality”) is a joint venture between APSA and EFESUL S.A. In March, 2011, Quality purchased an industrial plant owned by Nobleza Piccardo S.A.I.C. y F. (“Nobleza”), a major tobacco company in Argentina.
|
(iii)
|
Puerto Retiro S.A. is a joint venture between IRSA and Havord Corporation N.V.. Puerto Retiro is owned by an undeveloped parcel of land. See ‘Commitments and restrictions in respect of joint ventures’.
|
06.30.2012 | ||||||||||||||||
Cyrsa S.A.
|
Quality Invest S.A.
|
Puerto Retiro S.A.
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Total non-current assets
|
77,585 | 140,385 | 61,145 | 279,115 | ||||||||||||
Current
|
||||||||||||||||
Cash and cash equivalents
|
45,130 | 1,274 | 2 | 46,406 | ||||||||||||
Other current assets
|
292,184 | 918 | 433 | 293,535 | ||||||||||||
Total current assets
|
337,314 | 2,192 | 435 | 339,941 | ||||||||||||
Total assets
|
414,899 | 142,577 | 61,580 | 619,056 | ||||||||||||
Liabilities
|
||||||||||||||||
Non-current
|
||||||||||||||||
Financial liabilities (i)
|
- | 37,595 | 8,444 | 46,039 | ||||||||||||
Other liabilities
|
- | 1,309 | - | 1,309 | ||||||||||||
Total non-current liabilities
|
- | 38,904 | 8,444 | 47,348 | ||||||||||||
Current
|
||||||||||||||||
Financial liabilities (i)
|
1,661 | 35,288 | 2,153 | 39,102 | ||||||||||||
Other liabilities
|
185,781 | 912 | 548 | 187,241 | ||||||||||||
Total current liabilities
|
187,442 | 36,200 | 2,701 | 226,343 | ||||||||||||
Total liabilities
|
187,442 | 75,104 | 11,145 | 273,691 | ||||||||||||
Net assets
|
227,457 | 67,473 | 50,435 | 345,365 |
7.
|
Interests in joint ventures(Continued)
|
07.01.2011 | ||||||||||||||||
Cyrsa S.A.
|
Quality S.A.
|
Puerto Retiro S.A.
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Total non-current assets
|
47,056 | 141,565 | 61,030 | 249,651 | ||||||||||||
Current
|
||||||||||||||||
Cash and cash equivalents
|
18,480 | 2,504 | 1 | 20,985 | ||||||||||||
Other current assets
|
420,966 | 1,177 | 224 | 422,367 | ||||||||||||
Total current assets
|
439,446 | 3,681 | 225 | 443,352 | ||||||||||||
Total assets
|
486,502 | 145,246 | 61,255 | 693,003 | ||||||||||||
Liabilities
|
||||||||||||||||
Non-current
|
||||||||||||||||
Financial liabilities (i)
|
- | 63,294 | 8,444 | 71,738 | ||||||||||||
Other liabilities
|
- | 1,700 | - | 1,700 | ||||||||||||
Total non-current liabilities
|
- | 64,994 | 8,444 | 73,438 | ||||||||||||
Current
|
||||||||||||||||
Financial liabilities (i)
|
3,388 | 32,232 | 22 | 35,642 | ||||||||||||
Other liabilities
|
261,774 | 4,365 | 444 | 266,583 | ||||||||||||
Total current liabilities
|
265,162 | 36,597 | 466 | 302,225 | ||||||||||||
Total liabilities
|
265,162 | 101,591 | 8,910 | 375,663 | ||||||||||||
Net assets
|
221,340 | 43,655 | 52,345 | 317,340 |
(i)
|
Excluding trade and other payables and provisions.
|
7.
|
Interests in joint ventures(Continued)
|
06.30.2012 | ||||||||||||||||
Cyrsa S.A.
|
Quality S.A.
|
Puerto Retiro S.A.
|
Total
|
|||||||||||||
Revenues
|
221,617 | 16,343 | - | 237,960 | ||||||||||||
Depreciation and amortization
|
(15 | ) | (2,236 | ) | - | (2,251 | ) | |||||||||
Interest income
|
4,228 | - | - | 4,228 | ||||||||||||
Interest expense
|
(92 | ) | (7,364 | ) | - | (7,456 | ) | |||||||||
Income tax expense
|
(2,409 | ) | (2,243 | ) | (186 | ) | (4,838 | ) | ||||||||
Profit/ (loss) for the year
|
6,117 | (6,451 | ) | (2,160 | ) | (2,494 | ) |
7.
|
Interests in joint ventures(Continued)
|
7.
|
Interests in joint ventures(Continued)
|
8.
|
Interests in associates
|
8.
|
Interests in associates(Continued)
|
% of ownership interest held
|
||||||||||
Name
|
Place of business/ country of incorporation
|
Nature of the relationship
|
06.30.2012 | 07.01.2011 | ||||||
New Lipstick LLC
|
United States
|
(i)
|
49.00 | % | 49.00 | % | ||||
Rigby 183 LLC
|
United States
|
(ii)
|
49.00 | % | 49.00 | % | ||||
BHSA
|
Argentina
|
(iii)
|
29.77 | % | 29.77 | % | ||||
Tarshop S.A.
|
Argentina
|
(iv)
|
18.98 | % | 18.98 | % |
(i)
|
New Lipstick LLC (“New Lipstick”) net equity comprises a rental office building in New York City known as the “Lipstick Building” with related debt.
|
(ii)
|
Rigby 183 LLC (“Rigby”) owns a rental office building located at 183 Madison Avenue, New York, NY.
|
(iii)
|
BHSA is a full-service commercial bank offering a wide variety of banking activities and related financial services to individuals, small- and medium-sized companies and large corporations. Since 1999, BHSA’s shares have been listed on the BCBA and since 2006 it has obtained the Level 1 ADR program from the Bank of New York. The participating interest does not consider the effect of BHSA own shares.
|
(iv)
|
Tarshop S.A. (“Tarshop”) is primarily engaged in credit card and loan origination activities.
|
06.30.2012 | ||||||||||||||||||||
New Lipstick
|
Rigby
|
BHSA
|
Tarshop
|
Total
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Non-current assets
|
1,015,462 | 453,464 | 5,578,469 | 198,122 | 7,245,517 | |||||||||||||||
Current assets
|
51,833 | 14,161 | 11,346,172 | 883,525 | 12,295,691 | |||||||||||||||
Total assets
|
1,067,295 | 467,625 | 16,924,641 | 1,081,647 | 19,541,208 | |||||||||||||||
Liabilities
|
||||||||||||||||||||
Non-current liabilities
|
977,139 | 244,782 | 3,123,300 | 37,522 | 4,382,743 | |||||||||||||||
Current liabilities
|
22,330 | 25,256 | 10,442,563 | 850,081 | 11,340,230 | |||||||||||||||
Total liabilities
|
999,469 | 270,038 | 13,565,863 | 887,603 | 15,722,973 | |||||||||||||||
Net assets
|
67,826 | 197,587 | 3,358,778 | 194,044 | 3,818,235 |
8.
|
Interests in associates(Continued)
|
07.01.2011 | ||||||||||||||||||||
New Lipstick
|
Rigby
|
BHSA
|
Tarshop
|
Total
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Non-current assets
|
926,386 | 384,650 | 5,551,821 | 136,892 | 6,999,749 | |||||||||||||||
Current assets
|
63,546 | 12,115 | 8,191,336 | 802,829 | 9,069,826 | |||||||||||||||
Total assets
|
989,932 | 396,765 | 13,743,157 | 939,721 | 16,069,575 | |||||||||||||||
Liabilities
|
||||||||||||||||||||
Non-current liabilities
|
775,146 | 191,471 | 3,744,279 | 91,269 | 4,802,165 | |||||||||||||||
Current liabilities
|
18,373 | 10,109 | 6,916,999 | 676,095 | 7,621,576 | |||||||||||||||
Total liabilities
|
793,519 | 201,580 | 10,661,278 | 767,364 | 12,423,741 | |||||||||||||||
Net assets
|
196,413 | 195,185 | 3,081,879 | 172,357 | 3,645,834 |
06.30.2012 | ||||||||||||||||||||
New Lipstick
|
Rigby
|
BHSA
|
Tarshop
|
Total
|
||||||||||||||||
Revenue
|
191,145 | 35,372 | 2,942,060 | 21,687 | 3,190,264 | |||||||||||||||
Profit/ (loss) for the year
|
(140,714 | ) | (16,515 | ) | 284,280 | 21,687 | 148,738 | |||||||||||||
Other comprehensive income
|
- | - | (7,381 | ) | - | (7,381 | ) | |||||||||||||
Total other comprehensive income for the year
|
(140,714 | ) | (16,515 | ) | 276,899 | 21,687 | 141,357 |
06.30.2012 | ||||||||||||||||||||
New Lipstick
|
Rigby
|
BHSA
|
Tarshop
|
Total
|
||||||||||||||||
Net assets at beginning of the year
|
194,413 | 195,170 | 3,081,879 | 172,357 | 3,643,819 | |||||||||||||||
(Loss) / Profit for the year
|
(140,714 | ) | (16,515 | ) | 276,899 | 21,687 | 141,357 | |||||||||||||
Other comprehensive income
|
10,026 | 18,932 | - | - | 28,958 | |||||||||||||||
Net assets at end of the year
|
63,725 | 197,587 | 3,358,778 | 194,044 | 3,814,134 | |||||||||||||||
Interest held
|
49 | % | 49 | % | 30.51 | % | 20 | % | - | |||||||||||
Interest in associate
|
31,225 | 96,818 | 1,024,763 | 38,809 | 1,191,615 | |||||||||||||||
Carrying value at end of the year
|
31,225 | 96,818 | 1,024,763 | 38,809 | 1,191,615 |
8.
|
Interests in associates(Continued)
|
8.
|
Interests in associates(Continued)
|
9.
|
Investment properties, net
|
Shopping centers portfolio
|
Office buildings and other rental properties portfolio
|
Undeveloped parcels of land
|
Properties under development
|
Total
|
||||||||||||||||
At July 1, 2011
|
||||||||||||||||||||
Cost
|
3,054,446 | 1,048,462 | 319,019 | 17,063 | 4,438,990 | |||||||||||||||
Accumulated depreciation
|
(987,990 | ) | (120,183 | ) | - | 9,264 | (1,098,909 | ) | ||||||||||||
Residual value
|
2,066,456 | 928,279 | 319,019 | 26,327 | 3,340,081 | |||||||||||||||
Year ended June 30, 2012
|
||||||||||||||||||||
Opening residual value
|
2,066,456 | 928,279 | 319,019 | 26,327 | 3,340,081 | |||||||||||||||
Additions
|
39,711 | 2,015 | 43,283 | 23,854 | 108,863 | |||||||||||||||
Disposals
|
(4,538 | ) | (34,605 | ) | 254 | - | (38,889 | ) | ||||||||||||
Depreciation charge (Note 30)
|
(124,272 | ) | (10,557 | ) | - | - | (134,829 | ) | ||||||||||||
Closing residual value
|
1,977,357 | 885,132 | 362,556 | 50,181 | 3,275,226 |
9.
|
Investment properties(Continued)
|
06.30.2012
|
||
Rental and service income
|
1,578,366
|
|
Direct operating expenses
|
(729,318)
|
06.30.2012
|
07.01.2011
|
|||
República building
|
212,163
|
215,646
|
||
Undeveloped land - Caballito
|
45,814
|
45,814
|
||
Soleil Factory
|
74,528
|
68,746
|
||
Córdoba Shopping (i)
|
76,177
|
79,919
|
||
Total
|
408,682
|
410,125
|
10.
|
Property, plant and equipment, net
|
Hotel buildings and facilities
|
Other buildings and facilities
|
Furniture and fixtures
|
Machinery and equipment
|
Vehicles
|
Total
|
|||||||||||||||||||
At July 1, 2011
|
||||||||||||||||||||||||
Cost
|
400,776 | 58,663 | 43,124 | 34,155 | 512 | 537,230 | ||||||||||||||||||
Accumulated depreciation
|
(210,290 | ) | (29,941 | ) | (28,905 | ) | (32,351 | ) | (498 | ) | (301,985 | ) | ||||||||||||
Residual value
|
190,486 | 28,722 | 14,219 | 1,804 | 14 | 235,245 | ||||||||||||||||||
Year ended June 30, 2012
|
||||||||||||||||||||||||
Opening residual value
|
190,486 | 28,722 | 14,219 | 1,804 | 14 | 235,245 | ||||||||||||||||||
Additions
|
5,396 | 4,035 | 1,802 | 4,937 | - | 16,170 | ||||||||||||||||||
Depreciation charge (i) (Note 30)
|
(13,281 | ) | (2,167 | ) | (4,593 | ) | (3,334 | ) | (7 | ) | (23,382 | ) | ||||||||||||
Closing residual value
|
182,601 | 30,590 | 11,428 | 3,407 | 7 | 228,033 |
10.
|
Property, plant and equipment, net (Continued)
|
06.30.2012 | 07.01.2011 | |||||||
Sheraton Libertador
|
36,738 | 41,091 | ||||||
Total
|
36,738 | 41,091 |
06.30.2012 | ||||
Cost – Capitalized finance leases
|
1,546 | |||
Accumulated depreciation
|
(123 | ) | ||
Net book amount
|
1,423 |
11.
|
Trading properties
|
Completed properties
|
Properties under development
|
Under developed sites
|
Total
|
|||||||||||||
At July 1, 2011
|
20,399 | 82,958 | 78,634 | 181,991 | ||||||||||||
Additions
|
7,311 | 505 | 7,583 | 15,399 | ||||||||||||
Disposals
|
(11,718 | ) | (2,774 | ) | (6,075 | ) | (20,567 | ) | ||||||||
At June 30, 2012
|
15,992 | 80,689 | 80,142 | 176,823 |
11.
|
Trading properties(Continued)
|
06.30.2012 | 07.01.2011 | |||||||
Undeveloped land Vista al Muelle
|
25,374 | 22,140 | ||||||
Undeveloped land Zetol
|
36,070 | 31,721 | ||||||
Total
|
61,444 | 53,861 |
12.
|
Intangible assets, net
|
Goodwill
|
Computer software
|
Rights of use
|
Others
|
Total
|
||||||||||||||||
At July 1, 2011
|
||||||||||||||||||||
Cost
|
8,775 | 14,601 | 20,873 | 997 | 45,246 | |||||||||||||||
Accumulated amortization
|
- | (12,656 | ) | - | (690 | ) | (13,346 | ) | ||||||||||||
Residual value
|
8,775 | 1,945 | 20,873 | 307 | 31,900 | |||||||||||||||
Year ended June 30, 2012
|
||||||||||||||||||||
Opening residual value
|
8,775 | 1,945 | 20,873 | 307 | 31,900 | |||||||||||||||
Additions
|
- | 691 | - | 20 | 711 | |||||||||||||||
Disposals
|
(2,960 | ) | - | - | - | (2,960 | ) | |||||||||||||
Amortization charges (i) (Note 30)
|
- | (161 | ) | - | (101 | ) | (262 | ) | ||||||||||||
Residual value at year-end
|
5,815 | 2,475 | 20,873 | 226 | 29,389 |
(i)
|
Amortization charges are included within “General and administrative expenses” in the statements of income.
|
13.
|
Inventories
|
14.
|
Financial instruments by category
|
Financial assets at amortized cost
|
Financial assets at fair value through profit or loss
|
Subtotal financial assets
|
Non-financial assets
|
Total
|
||||||||||||||||
June 30, 2012
|
||||||||||||||||||||
Assets as per statements of financial position
|
||||||||||||||||||||
Trade and other receivables, net (Note 15)
|
436,491 | - | 436,491 | 235,758 | 672,249 | |||||||||||||||
Investments in financial assets (Note 16)
|
38,138 | 696,431 | 734,569 | - | 734,569 | |||||||||||||||
Derivative financial instruments (Note 17)
|
- | 18,434 | 18,434 | - | 18,434 | |||||||||||||||
Cash and cash equivalents (Note 18)
|
234,520 | 24,649 | 259,169 | - | 259,169 | |||||||||||||||
Total
|
709,149 | 739,514 | 1,448,663 | 235,758 | 1,684,421 |
Financial liabilities at amortized cost
|
Financial liabilities at fair value
|
Subtotal financial liabilities
|
Non-financial liabilities
|
Total
|
||||||||||||||||
Liabilities as per statements of financial position
|
||||||||||||||||||||
Trade and other payables (Note 19)
|
341,188 | - | 341,188 | 326,841 | 668,029 | |||||||||||||||
Borrowings (excluding finance lease liabilities) (Note 22)
|
2,604,870 | - | 2,604,870 | - | 2,604,870 | |||||||||||||||
Finance leases (Note 22)
|
1,423 | - | 1,423 | - | 1,423 | |||||||||||||||
Derivative financial instruments (Note 17)
|
- | - | - | - | - | |||||||||||||||
Total
|
2,947,481 | - | 2,947,481 | 326,841 | 3,274,322 |
14.
|
Financial instruments by category (Continued)
|
Financial assets at amortized cost
|
Financial assets at fair value through profit or loss
|
Subtotal financial assets
|
Non-financial assets
|
Total
|
||||||||||||||||
July 1, 2011
|
||||||||||||||||||||
Assets as per statements of financial position
|
||||||||||||||||||||
Trade and other receivables, net (Note 15)
|
364,387 | - | 364,387 | 220,617 | 585,004 | |||||||||||||||
Investments in financial assets (Note 16)
|
- | 497,752 | 497,752 | - | 497,752 | |||||||||||||||
Derivative financial instruments (Note 17)
|
- | 65,076 | 65,076 | - | 65,076 | |||||||||||||||
Cash and cash equivalents (excluding bank overdrafts) (Note 18)
|
301,559 | - | 301,559 | - | 301,559 | |||||||||||||||
Total
|
665,946 | 562,828 | 1,228,774 | 220,617 | 1,449,391 |
Financial liabilities at amortized cost
|
Financial liabilities at fair value
|
Subtotal financial liabilities
|
Non-financial liabilities
|
Total
|
||||||||||||||||
Liabilities as per statements of financial position
|
||||||||||||||||||||
Trade and other payables (Note 19)
|
448,976 | - | 448,976 | 114,565 | 563,541 | |||||||||||||||
Borrowings (excluding finance lease liabilities) (Note 22)
|
2,392,859 | - | 2,392,859 | - | 2,392,859 | |||||||||||||||
Total
|
2,841,835 | - | 2,841,835 | 114,565 | 2,956,400 |
14.
|
Financial instruments by category (Continued)
|
Financial assets at amortized cost
|
Financial assets at fair value through profit or loss
|
Financial liabilities at amortized cost
|
Financial liabilities at fair value
|
Total
|
||||||||||||||||
June 30, 2012
|
||||||||||||||||||||
Interest income (i)
|
17,152 | - | - | - | 17,152 | |||||||||||||||
Interest expense (i)
|
- | - | (275,000 | ) | - | (275,000 | ) | |||||||||||||
Foreign exchange gains/ (losses) (i)
|
36,608 | 7,345 | (204,623 | ) | - | (160,670 | ) | |||||||||||||
Dividend Income (i)
|
11,578 | - | - | - | 11,578 | |||||||||||||||
Fair value gains/ (losses) on financial assets at fair value through profit or loss (i)
|
- | 46,272 | - | - | 46,272 | |||||||||||||||
Gain/ (loss) from foreign currency/ interest rate derivative financial instruments (i)
|
- | 4,125 | - | (39,674 | ) | (35,549 | ) | |||||||||||||
Net result
|
65,338 | 57,742 | (479,623 | ) | (39,674 | ) | (396,217 | ) |
(i)
|
Included within “Financial results, net” in the statements of income.
|
14.
|
Financial instruments by category (Continued)
|
14.
|
Financial instruments by category (Continued)
|
06.30.2012 | ||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Investment in financial assets
|
||||||||||||||||
- Investment in equity securities in TGLT
|
- | 65,131 | - | 65,131 | ||||||||||||
- Investment in equity securities in Hersha
|
432,770 | - | - | 432,770 | ||||||||||||
- Other equity securities in public companies
|
11,982 | - | - | 11,982 | ||||||||||||
- Preferred shares of Supertel
|
- | - | 117,488 | 117,488 | ||||||||||||
- Mutual funds
|
57,955 | - | - | 57,955 | ||||||||||||
- Mortgage bonds
|
496 | - | - | 496 | ||||||||||||
- Government bonds
|
9 | - | - | 9 | ||||||||||||
- Don Mario SGR
|
10,000 | - | - | 10,000 | ||||||||||||
Derivative financial instruments:
|
||||||||||||||||
- Warrants of Supertel
|
- | - | 18,434 | 18,434 | ||||||||||||
Total assets
|
513,212 | 65,131 | 135,922 | 714,865 |
07.01.2011 | ||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Investment in financial assets
|
||||||||||||||||
- Investment in equity securities in TGLT
|
68,656 | - | - | 68,656 | ||||||||||||
- Investment in equity securities in Hersha
|
355,942 | - | - | 355,942 | ||||||||||||
- Other equity securities in public companies
|
9,988 | - | - | 9,988 | ||||||||||||
- Mutual funds
|
62,678 | - | - | 62,678 | ||||||||||||
- Mortgage bonds
|
477 | 477 | ||||||||||||||
- Government bonds
|
12 | - | - | 12 | ||||||||||||
Derivative financial instruments:
|
||||||||||||||||
- Hersha call option
|
- | 60,442 | - | 60,442 | ||||||||||||
Total assets
|
497,752 | 60,442 | - | 558,194 |
14.
|
Financial instruments by category (Continued)
|
Preferred shares of Supertel
|
Warrants of Supertel
|
Total
|
||||||||||
Opening balance
|
- | - | - | |||||||||
Acquisitions
|
112,801 | 17,699 | 130,500 | |||||||||
Cancellations
|
- | - | - | |||||||||
Total gains or losses for the year
|
4,687 | 735 | 5,422 | |||||||||
Balances at year end
|
117,488 | 18,434 | 135,922 |
Description
|
Pricing model
|
Pricing method
|
Parameters
|
Foreign currency-contracts
|
Present value method
|
Theoretical price
|
Money market interest-rate curve; Foreign exchange curve.
|
Hersha call option
|
Black-Scholes
|
Theoretical price
|
Libor interest rate curve; Commodity prices volatility.
|
Preferred shares of Supertel
|
Binomial tree
|
Theoretical price
|
Libor interest rate curve; Commodity prices volatility
|
Warrants of Supertel
|
Blach-scholes
|
Theoretical price
|
Libor interest rate curve; Commodity prices volatility
|
Investment in equity securities in TGLT
|
Extrapolation
|
Theoretical price
|
Libor interest rate curve; Commodity prices volatility
|
15.
|
Trade and other receivables, net
|
15.
|
Trade and other receivables, net (Continued)
|
06.30.2012 | 07.01.2011 | |||||||
Argentine pesos
|
597,132 | 482,163 | ||||||
US Dollars
|
75,117 | 102,747 | ||||||
Other currencies
|
- | 94 | ||||||
672,249 | 585,004 |
Expired
|
||||||||||||||||||||||||
Up to
3 months
|
3 to 6
months
|
Over 6 months
|
Not past due
|
Impaired
|
Total
|
|||||||||||||||||||
Shopping leases and services
|
29,557 | 6,892 | 1,868 | 295,457 | 50,076 | 383,849 | ||||||||||||||||||
Office leases and services
|
5,661 | 1,185 | 52 | 11,772 | 4,417 | 23,087 | ||||||||||||||||||
Credit card
|
- | - | - | 2,580 | 9,813 | 12,393 | ||||||||||||||||||
Loans
|
- | - | - | 192 | 3,407 | 3,599 | ||||||||||||||||||
Sale of properties
|
3,726 | 140 | 1,249 | 15,447 | 394 | 20,956 | ||||||||||||||||||
Total as of June 30, 2012
|
38,944 | 8,217 | 3,169 | 325,447 | 68,107 | 443,885 | ||||||||||||||||||
Leases and services
|
1,347 | 21,886 | 1,410 | 207,739 | 45,131 | 277,513 | ||||||||||||||||||
Office leases and services
|
- | - | - | 9,978 | 9,312 | 19,290 | ||||||||||||||||||
Credit card
|
627 | - | - | 571 | 17,320 | 18,518 | ||||||||||||||||||
Loans
|
608 | - | - | 11,665 | 44,659 | 56,932 | ||||||||||||||||||
Sale of properties
|
2,127 | - | 406 | 32,458 | 3,338 | 38,329 | ||||||||||||||||||
Total as of July 1, 2011
|
4,709 | 21,886 | 1,816 | 262,411 | 119,760 | 410,581 |
15.
|
Trade and other receivables, net (Continued)
|
15.
|
Trade and other receivables, net (Continued)
|
16.
|
Investments in financial assets
|
06.30.2012 | 07.01.2011 | |||||||
Currency
|
||||||||
Argentine Peso
|
246,106 | 104,732 | ||||||
US Dollar
|
492,272 | 390,128 | ||||||
Other currencies
|
6,191 | 2,892 | ||||||
744,569 | 497,752 |
17.
|
Derivative financial instruments
|
18.
|
Cash flow information
|
19.
|
Trade and other payables
|
06.30.2012 | 07.01.2011 | |||||||
Argentine Peso
|
644,754 | 454,528 | ||||||
US Dollar
|
22,828 | 108,828 | ||||||
Other currencies
|
- | 185 | ||||||
667,582 | 563,541 |
20.
|
Payroll and social security liabilities
|
21.
|
Provisions
|
21.
|
Provisions (Continued)
|
·
|
Labor, legal and other claims
|
·
|
Fiscal and social security claims
|
22.
|
Borrowings
|
06.30.2012 | 07.01.2011 | |||||||
Fixed rate:
|
||||||||
Less than 1 year
|
136,860 | 140,033 | ||||||
Between 1 and 2 years
|
116,878 | 27,585 | ||||||
Between 2 and 3 years
|
24,290 | - | ||||||
Between 3 and 4 years
|
60 | 19,436 | ||||||
Between 4 and 5 years
|
1,212,732 | - | ||||||
More than 5 years
|
666,008 | 1,690,252 | ||||||
2,156,827 | 1,877,306 | |||||||
Floating rate:
|
||||||||
Less than 1 year
|
348,619 | 470,032 | ||||||
Between 1 and 2 years
|
51,056 | - | ||||||
Between 2 and 3 years
|
- | - | ||||||
Between 3 and 4 years
|
- | - | ||||||
Between 4 and 5 years
|
- | - | ||||||
More than 5 years
|
- | - | ||||||
399,675 | 470,032 |
22.
|
Borrowings (Continued)
|
06.30.2012 | 07.01.2011 | |||||||
Do not accrue interest:
|
||||||||
Less than 1 year
|
72,418 | 57,523 | ||||||
Between 1 and 2 years
|
(1,017 | ) | - | |||||
Between 2 and 3 years
|
(910 | ) | - | |||||
Between 3 and 4 years
|
(6 | ) | - | |||||
Between 4 and 5 years
|
(15,764 | ) | - | |||||
More than 5 years
|
(4,930 | ) | (12,002 | ) | ||||
49,792 | 45,521 | |||||||
2,604,620 | 2,392,859 |
06.30.2012 | 07.01.2011 | |||||||
APSA CN due 2014 (i)
|
1,612,354 | 2,215,533 | ||||||
APSA NCN due 2017
|
405,846 | 443,623 | ||||||
IRSA NCN due 2017
|
559,217 | 634,962 | ||||||
IRSA NCN due 2020
|
559,540 | 709,102 | ||||||
3,136,957 | 4,003,220 |
a)
|
Notes issued by the Company
|
22.
|
Borrowings (Continued)
|
(i)
|
50% of IRSA’s cumulative consolidated net income; or 75% of IRSA’s cumulative consolidated net income if the coverage of consolidated interest ratio is at least 3.0 to 1; or 100% of IRSA’s cumulative consolidated net income if the coverage of consolidated interest ratio is at least 4.0 to 1;
|
(ii)
|
net cash proceeds from new capital contributions;
|
(iii)
|
reduction of the indebtedness of IRSA or its restricted subsidiaries;
|
(iv)
|
reduction in investments in debt certificates (other than permitted investments);
|
(v)
|
distributions received from unrestricted subsidiaries.
|
b)
|
Notes issued by IRSA, due 2013 and 2014
|
22.
|
Borrowings (Continued)
|
c)
|
Notes issued by subsidiary undertakings
|
22.
|
Borrowings (Continued)
|
22.
|
Borrowings (Continued)
|
d)
|
Obligations under finance leases
|
06.30.2012 | 07.01.2011 | |||||||
Not later than 1 year
|
1,060 | - | ||||||
Later than 1 year and not later than 5 years.
|
486 | - | ||||||
1,546 | - | |||||||
Finance charges
|
(123 | ) | - | |||||
Present value of finance lease liabilities
|
1,423 | - |
06.30.2012 | 07.01.2011 | |||||||
Not later than 1 year
|
943 | - | ||||||
Later than 1 year and not later than 5 years
|
480 | - | ||||||
Present value of finance lease liabilities
|
1,423 | - |
23.
|
Employee benefits
|
(i)
|
ordinary retirement in accordance with applicable labour regulations;
|
(ii)
|
total or permanent incapacity or disability;
|
(iii)
|
death.
|
24.
|
Share-based payments
|
24.
|
Share-based payments (Continued)
|
25.
|
Current and Deferred Income Tax
|
06.30.2012 | ||||
Current income tax
|
(201,165 | ) | ||
Deferred income tax
|
90,152 | |||
Income tax expense
|
(111,013 | ) |
Tax jurisdiction
|
Income tax rate
|
|||
Argentina
|
35 | % | ||
Uruguay
|
25 | % | ||
United States
|
45 | % |
06.30.2012 | 07.01.2011 | |||||||
Deferred income tax asset to be recovered after more than 12 months
|
207,006 | 153,684 | ||||||
Deferred income tax asset to be recovered within 12 months
|
2,091 | 1,552 | ||||||
Deferred income tax assets
|
209,097 | 155,236 |
06.30.2012 | 07.01.2011 | |||||||
Deferred income tax liabilities to be recovered after more than 12 months
|
(585,488 | ) | (621,743 | ) | ||||
Deferred income tax liabilities to be recovered within 12 months
|
(586 | ) | (622 | ) | ||||
Deferred income tax liabilities
|
(586,074 | ) | (622,365 | ) |
25.
|
Current and Deferred Income Tax (Continued)
|
Deferred income tax assets
|
Tax loss carry-forwards
|
Advances from customers
|
Others
|
Total
|
||||||||||||
At July 1, 2011
|
102,027 | 44,536 | 8,673 | 155,236 | ||||||||||||
Charged / (credited) to the statements of income
|
23,361 | 11,854 | 18,646 | 53,861 | ||||||||||||
At June 30, 2012
|
125,388 | 56,390 | 27,319 | 209,097 |
Deferred income tax liabilities
|
Properties (i)
|
Others
|
Total
|
|||||||||
At July 1, 2011
|
(566,513 | ) | (55,852 | ) | (622,365 | ) | ||||||
Charged / (credited) to the statements of income
|
52,417 | (16,126 | ) | 36,291 | ||||||||
At June 30, 2012
|
(514,096 | ) | (71,978 | ) | (586,074 | ) |
25.
|
Current and Deferred Income Tax (Continued)
|
06.30.2012 | ||||
Net income at tax rate
|
(117,491 | ) | ||
Permanent differences:
|
||||
Non-deductible items
|
(1,893 | ) | ||
Share of profit of associates and joint ventures
|
4,081 | |||
Others
|
4,290 | |||
Income tax expense
|
(111,013 | ) |
26.
|
Leases
|
06.30.2012 | 07.01.2011 | |||||||
No later than 1 year
|
3,265 | 3,521 | ||||||
Later than one year and not later than five years
|
15,252 | 15,087 | ||||||
Later than five years
|
40,840 | 43,905 | ||||||
59,358 | 62,513 |
26.
|
Leases (Continued)
|
·
|
Leases of office and other buildings
|
·
|
Leases of shopping centers
|
27.
|
Shareholders’ Equity
|
27.
|
Shareholders’ Equity (Continued)
|
-
|
Ps. 2,711 to expired dividends;
|
-
|
Ps. 3,128 to current dividends.
|
28.
|
Revenues
|
06.30.2012 | ||||
Base rent
|
645,347 | |||
Contingent rent
|
212,285 | |||
Admission rights
|
88,221 | |||
Flattening of schedule rent increases
|
17,288 | |||
Parking fees
|
45,260 | |||
Letting fees
|
42,100 | |||
Expenses
|
503,099 | |||
Property management fee
|
16,751 | |||
Consumer financing
|
4,837 | |||
Others
|
3,178 | |||
Total rental and service income
|
1,578,366 | |||
Sale of trading properties
|
51,903 | |||
Income from hotel operations
|
170,013 | |||
Total other revenues
|
221,916 | |||
Total group revenue
|
1,800,282 |
29.
|
Costs
|
06.30. 2012 | ||||
Cost of rental and services
|
(729,318 | ) | ||
Cost of sale and development
|
(20,232 | ) | ||
Cost from hotel operations
|
(117,388 | ) | ||
Other costs
|
(406 | ) | ||
Total group costs
|
(867,344 | ) |
30.
|
Expenses by nature
|
30.
|
Expenses by nature (Continued)
|
Cost of sale and development
|
Cost of rental and services
|
Cost from consumer financing
|
Cost from hotel operations
|
Administrative expenses
|
Selling
expenses
|
Total
|
||||||||||||||||||||||
Leases, service charges and vacant property cost
|
1,958 | 32,519 | - | 35 | 498 | 121 | 35,131 | |||||||||||||||||||||
Depreciation and amortization
|
- | 144,549 | 19 | 10,411 | 3,450 | 44 | 158,473 | |||||||||||||||||||||
Provision for impairment of receivables (charge and recovery)
|
- | - | - | - | - | 6,019 | 6,019 | |||||||||||||||||||||
Advertising and other selling expenses
|
- | 99,279 | - | 2,811 | 3,042 | 16,188 | 121,320 | |||||||||||||||||||||
Other taxes, rates and contributions
|
1,323 | 52,878 | - | - | 3,927 | 41,383 | 99,511 | |||||||||||||||||||||
Maintenance, security, cleaning, repairs and others
|
1,590 | 172,336 | 265 | 17,822 | 8,535 | 649 | 201,197 | |||||||||||||||||||||
Fees and payments for services
|
346 | 20,301 | 84 | 3,192 | 35,210 | 3,423 | 62,556 | |||||||||||||||||||||
Directors’ fees
|
- | - | - | - | 59,298 | - | 59,298 | |||||||||||||||||||||
Salaries and social security expenses and other expenses of personnel administration
|
97 | 191,018 | 18 | 59,893 | 53,166 | 15,599 | 319,791 | |||||||||||||||||||||
Cost of sale of trading properties
|
14,904 | - | - | - | - | - | 14,904 | |||||||||||||||||||||
Other lodging expenses
|
- | - | - | 22,714 | 3,005 | 13 | 25,732 | |||||||||||||||||||||
Other expenses
|
14 | 16,428 | 19 | 510 | 7,195 | 1,335 | 25,511 | |||||||||||||||||||||
20,232 | 729,318 | 405 | 117,388 | 177,326 | 84,774 | 1,129,443 |
31.
|
Employee costs
|
06.30.2012 | ||||
Salaries, bonuses and social security costs
|
315,782 | |||
Share-based compensation
|
2,699 | |||
Pension costs – defined contribution plan
|
1,310 | |||
Total employee costs
|
319,791 |
32.
|
Other operating income (expense), net
|
06.30.2012 | ||||
Project Analysis and Assessment
|
(3,386 | ) | ||
Unrecoverable VAT
|
(2,203 | ) | ||
Tax on personal assets
|
(3,360 | ) | ||
Donations
|
(17,243 | ) | ||
Lawsuits and other contingencies
|
(6,651 | ) | ||
Others
|
656 | |||
Total other operating expense, net
|
(32,187 | ) |
33.
|
Financial results, net
|
06.30.2012 | ||||
Finance income:
|
||||
- Interest income
|
15,817 | |||
- Foreign exchange gains, net
|
47,416 | |||
- Gain from disposal of financial assets at fair value through profit or loss
|
34,598 | |||
Finance income
|
97,831 |
33.
|
Financial results, net (Continued)
|
06.30.2012 | ||||
Finance costs:
|
||||
- Interest expense
|
(278,574 | ) | ||
- Foreign exchange losses, net
|
(206,449 | ) | ||
- Loss on derivative financial instruments
|
(9,119 | ) | ||
- Other finance costs
|
(35,548 | ) | ||
Finance costs
|
(529,690 | ) | ||
Total financial results, net
|
(431,859 | ) |
34.
|
Earnings per share
|
(a)
|
Basic
|
06.30.2012 | ||||
Profit attributable to equity holders of the Group
|
203,891 | |||
Weighted average number of ordinary shares in issue (thousands)
|
578,676 | |||
Basic earnings per share
|
0.352 |
(b)
|
Diluted
|
35.
|
Barter transactions
|
35.
|
Barter transactions (Continued)
|
36.
|
Transactions and authorizations pending approval
|
a)
|
Paraná plot of land
|
36.
|
Transactions and authorizations pending approval (Continued)
|
b)
|
Acquisition of a commercial center goodwill
|
c)
|
Acquisition of the building known as Ex- Escuela Gobernador Vicente de Olmos (City of Córdoba)
|
36.
|
Transactions and authorizations pending approval (Continued)
|
d)
|
Sale of equity interest in Tarshop S.A.
|
e)
|
Additional purchase of interest in Rigby 183 LLC
|
09.30.2012 | 06.30.2012 | 07.01.2011 | ||||||||||
ASSETS
|
||||||||||||
Non-current Assets
|
||||||||||||
Investment properties, net
|
862,118 | 890,433 | 925,906 | |||||||||
Property, plants and equipment, net
|
7,912 | 8,765 | 10,138 | |||||||||
Trading properties
|
64,224 | 66,997 | 65,252 | |||||||||
Intangible assets, net…
|
5,958 | 5,987 | 8,724 | |||||||||
Investments in subsidiaries, associates and joint ventures
|
3,428,845 | 3,357,430 | 3,289,725 | |||||||||
Deferred income tax assets
|
2,682 | - | - | |||||||||
Trade and other receivables, net
|
148,067 | 139,449 | 60,567 | |||||||||
Investments in financial assets
|
149,263 | 163,594 | 149,157 | |||||||||
Total Non-current Assets
|
4,669,069 | 4,632,655 | 4,509,469 | |||||||||
Current Assets
|
||||||||||||
Trading properties
|
5,415 | 4,120 | 10,840 | |||||||||
Inventories
|
484 | 474 | 427 | |||||||||
Trade and other receivables, net
|
101,689 | 67,854 | 126,605 | |||||||||
Investments in financial assets
|
26,798 | 20,680 | 24,302 | |||||||||
Cash and equivalents
|
116,919 | 76,872 | 45,163 | |||||||||
Total Current Assets
|
251,305 | 170,000 | 207,337 | |||||||||
TOTAL ASSETS
|
4,920,374 | 4,802,655 | 4,716,806 | |||||||||
SHAREHOLDERS EQUITY
|
||||||||||||
Shared capital
|
578,676 | 578,676 | 578,676 | |||||||||
Inflation adjustment of share capital
|
274,387 | 274,387 | 274,387 | |||||||||
Share premium
|
793,123 | 793,123 | 793,123 | |||||||||
Reserve for share-based payments
|
4,263 | 2,595 | - | |||||||||
Legal reserve…
|
71,136 | 71,136 | 57,031 | |||||||||
Other reserves …
|
419,783 | 419,783 | 391,262 | |||||||||
Cumulative translation adjustment
|
24,992 | 14,502 | - | |||||||||
Reserve for acquisition of additional interest in the subsidiaries
|
(16,048 | ) | (15,714 | ) | - | |||||||
Retained earnings
|
551,995 | 510,853 | 656,525 | |||||||||
TOTAL SHAREHOLDERS EQUITY
|
2,702,307 | 2,649,341 | 2,751,004 | |||||||||
LIABILITIES
|
||||||||||||
Non-current Liabilities
|
||||||||||||
Trade and other payables
|
20,770 | 6,699 | 5,032 | |||||||||
Borrowings
|
1,516,719 | 1,550,369 | 1,293,259 | |||||||||
Deferred income tax liabilities
|
- | 19,179 | 79,464 | |||||||||
Provisions
|
8,014 | 6,198 | - | |||||||||
Total Non-current Liabilities
|
1,545,503 | 1,582,445 | 1,377,755 | |||||||||
Current Liabilities
|
||||||||||||
Trade and other payables
|
111,580 | 113,228 | 52,693 | |||||||||
Payroll and social security liabilities
|
3,530 | 5,151 | 3,086 | |||||||||
Borrowings…….
|
556,570 | 451,615 | 531,186 | |||||||||
Provisions
|
884 | 875 | 1,082 | |||||||||
Total Current Liabilities
|
672,564 | 570,869 | 588,047 | |||||||||
TOTAL LIABILITIES
|
2,218,067 | 2,153,314 | 1,965,802 | |||||||||
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES
|
4,920,374 | 4,802,655 | 4,716,806 | |||||||||
The accompanying notes are an integral part of these Unaudited Condensed Interim Financial Statements.
|
Inversiones y Representaciones Sociedad Anónima | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
09.30.2012 | 09.30.2011 | |||||||
Revenues
|
69,521 | 63,383 | ||||||
Costs
|
(27,511 | ) | (24,693 | ) | ||||
Gross Profit
|
42,010 | 38,690 | ||||||
Gain from disposal of investment property
|
31,069 | - | ||||||
General and administrative expenses
|
(12,892 | ) | (9,135 | ) | ||||
Selling expenses
|
(3,757 | ) | (3,692 | ) | ||||
Other operating expense, net
|
(3,974 | ) | (4,981 | ) | ||||
Profit from Operations
|
52,456 | 20,882 | ||||||
Share of profit / (loss) of subsidiaries, associates, and joint ventures
|
66,341 | (70,685 | ) | |||||
Profit / (Loss) from Operations Before Financing and Taxation
|
118,797 | (49,803 | ) | |||||
Finance income
|
25,984 | 12,088 | ||||||
Finance cost
|
(125,500 | ) | (100,018 | ) | ||||
Financial results, net
|
(99,516 | ) | (87,930 | ) | ||||
Profit / (Loss) Before Income Tax
|
19,281 | (137,733 | ) | |||||
Income tax gain
|
21,861 | 25,704 | ||||||
Profit / (Loss) for the period
|
41,142 | (112,029 | ) | |||||
Profit / (Loss) per share for the period:
|
||||||||
Basic
|
0.071 | (0.194 | ) | |||||
Diluted
|
0.071 | (0.194 | ) |
Inversiones y Representaciones Sociedad Anónima | |||
|
By:
|
/s/ Eduardo S. Elsztain | |
Eduardo S. Elsztain | |||
President | |||
09.30.2012 | 09.30.2011 | |||||||
Profit / (Loss) for the period
|
41,142 | (112,029 | ) | |||||
Other Comprehensive Income:
|
||||||||
Items that may be reclassified subsequently to profit or loss:
|
||||||||
Currency translation adjustment of subsidiaries, associates, and joint ventures
|
10,490 | 4,738 | ||||||
Other Comprehensive Income for the period (i)
|
10,490 | 4,738 | ||||||
Total Comprehensive Income / (Loss) for the period
|
51,632 | (107,291 | ) | |||||
Inversiones y Representaciones Sociedad Anónima | ||
|
By:
|
/s/ Eduardo S. Elsztain |
Eduardo S. Elsztain | ||
President | ||
Share capital
|
Inflation adjustment of share capital
|
Share premium
|
Reserve for acquisition of additional interest in subsidiaries
|
Cumulative translation adjustment reserve
|
Reserve for share-based compensation
|
Legal reserve
|
Other reserves
|
Retained earnings
|
Total Shareholders’ equity
|
|||||||||||||||||||||||||||||||
Balance at July 1, 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
|
- | - | - | - | - | - | - | - | 41,142 | 41,142 | ||||||||||||||||||||||||||||||
Other comprehensive income for the period
|
- | - | - | - | 10,490 | - | - | - | - | 10,490 | ||||||||||||||||||||||||||||||
Total comprehensive income for the period
|
- | - | - | 10,490 | - | - | - | 41,142 | 51,632 | |||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||
Acquisition of non-controlling interest
|
- | - | - | (334 | ) | - | - | - | - | - | (334 | ) | ||||||||||||||||||||||||||||
Reserve for share-based compensation
|
- | - | - | - | - | 1,668 | - | - | - | 1,668 | ||||||||||||||||||||||||||||||
Balance at September 30, 2012
|
578,676 | 274,387 | 793,123 | (16,048 | ) | 24,992 | 4,263 | 71,136 | 419,783 | 551,995 | 2,702,307 |
Inversiones y Representaciones Sociedad Anónima | ||
|
By:
|
/s/ Eduardo S. Elsztain |
Eduardo S. Elsztain | ||
President | ||
Share capital
|
Inflation adjustment of share capital
|
Share premium
|
Reserve for acquisition of additional
interest in subsidiaries
|
Cumulative translation adjustment reserve
|
Reserve for share-based compensation
|
Legal reserve
|
Other reserves
|
Retained earnings
|
Total shareholder´s equity
|
|||||||||||||||||||||||||||||||
Balance at July 1, 2011
|
578,676 | 274,387 | 793,123 | - | - | - | 57,031 | 391,262 | 656,525 | 2,751,004 | ||||||||||||||||||||||||||||||
Loss for the period
|
- | - | - | - | - | - | - | - | (112,029 | ) | (112,029 | ) | ||||||||||||||||||||||||||||
Other comprehensive income for the period
|
- | - | - | - | 4,738 | - | - | - | - | 4,738 | ||||||||||||||||||||||||||||||
Total comprehensive income / (loss) for the period
|
- | - | - | - | 4,738 | - | - | - | (112,029 | ) | (107,291 | ) | ||||||||||||||||||||||||||||
Acquisition of non-controlling interest
|
- | - | - | (15,311 | ) | - | - | - | - | - | (15,311 | ) | ||||||||||||||||||||||||||||
Reserve for share-based compensation
|
- | - | - | - | - | 1,711 | - | - | - | 1,711 | ||||||||||||||||||||||||||||||
Balance at September 30, 2011
|
578,676 | 274,387 | 793,123 | (15,311 | ) | 4,738 | 1,711 | 57,031 | 391,262 | 544,496 | 2,630,113 |
Inversiones y Representaciones Sociedad Anónima | ||
|
By:
|
/s/ Eduardo S. Elsztain |
Eduardo S. Elsztain | ||
President | ||
09.30.2012 | 09.30.2011 | |||||||
Cash flows from operating activities:
|
||||||||
Cash generated from the operations
|
61,749 | 38,132 | ||||||
Net cash generated from operating activities
|
61,749 | 38,132 | ||||||
Net cash generated from investing activities:
|
||||||||
Capital contributions to subsidiaries, associates and joint ventures
|
(1,410 | ) | (859 | ) | ||||
Purchases of investment properties
|
(1,088 | ) | (1,676 | ) | ||||
Proceeds from sale of investment properties
|
53,732 | - | ||||||
Purchases of property, plant and equipment
|
(57 | ) | (367 | ) | ||||
Purchases of intangible assets
|
(52 | ) | (289 | ) | ||||
Purchases of financial assets at fair value through profit or loss
|
(1,724 | ) | (17,537 | ) | ||||
Proceeds from sale of financial assets at fair value through profit or loss
|
18,885 | - | ||||||
Interest received
|
7,599 | 6,569 | ||||||
Loans granted to subsidiaries, associates and joint ventures
|
(23,225 | ) | (66,256 | ) | ||||
Loans repayments received from subsidiaries, associates and joint ventures
|
10,287 | - | ||||||
Dividends received
|
156 | 322 | ||||||
Net cash generated from / (used in) investing activities
|
63,103 | (80,093 | ) | |||||
Net cash (used in) / generated from financing activities:
|
||||||||
Proceeds from Borrowings
|
24,617 | 94,455 | ||||||
Repayments of borrowings
|
(30,000 | ) | (50,000 | ) | ||||
Dividends paid
|
(35,703 | ) | - | |||||
Interest paid
|
(94,442 | ) | (79,546 | ) | ||||
Proceeds from Borrowings from subsidiaries, associates and joint ventures
|
49,094 | 39,818 | ||||||
Net cash (used in) / generated from financing activities:
|
(86,434 | ) | 4,727 | |||||
Net increase / (decrease) in cash and cash equivalents
|
38,418 | (37,234 | ) | |||||
Cash and cash equivalents at the beginning of the period
|
76,872 | 45,163 | ||||||
Foreign exchange gain on cash and cash equivalents
|
1,629 | 25 | ||||||
Cash and cash equivalents at end of period
|
116,919 | 7,954 |
The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.
|
Inversiones y Representaciones Sociedad Anónima | ||
|
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)
|
2.2.
|
Initial elections upon adoption of RT N° 26
|
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)
|
·
|
Shareholders’ equity at July 1, 2011 (Note 2.3.2)
|
·
|
Shareholders’ equity at September 30, 2011 (Note 2.3.3)
|
·
|
Shareholders’ equity at June 30, 2012 (Note 2.3.4)
|
·
|
Statement of income for the three month period ended September 30, 2011 (Note 2.3.5)
|
·
|
Statement of income for the year ended June 30, 2012 (Note 2.3.6)
|
·
|
Statement of Comprehensive income for the three-month period ended September 30, 2011 (Note 2.3.7)
|
·
|
Statement of Comprehensive income for the year ended June 30, 2012 (Note 2.3.8)
|
·
|
Cash flow statement for the three-month period ended September 30, 2011 and for the year ended June 30, 2012 (Note 2.3.9)
|
2.3.1.
|
Summary of equity
|
07.01.2011 | 09.30.2011 | 06.30.2012 | |||||||||||
Shareholders’ equity under Argentine GAAP
|
2,313,687 | 2,337,597 | 2,335,279 | ||||||||||
Revenue recognition – “scheduled rent increases”
|
(B)
|
4,445 | 4,238 | 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 | 363,806 | 348,865 | |||||||||
Non-current investments – financial assets
|
(F)
|
10,187 | 3,594 | 10,160 | |||||||||
Initial direct costs on operating leases
|
(G)
|
465 | 451 | 595 | |||||||||
Tenant deposits
|
(H)
|
71 | 103 | 218 | |||||||||
Present value accounting – tax credits
|
(I)
|
- | (95 | ) | (178 | ) | |||||||
Investment properties
|
(J)
|
- | (8,095 | ) | - | ||||||||
Investment in subsidiaries
|
(K)
|
81,876 | (48,274 | ) | (22,635 | ) | |||||||
Investments in associates
|
(L)
|
(3,889 | ) | (5,277 | ) | (7,501 | ) | ||||||
Investments in joint ventures
|
(M)
|
(16,795 | ) | (16,545 | ) | (11,421 | ) | ||||||
Acquisition of non-controlling interest
|
(N)
|
- | - | (33 | ) | ||||||||
Amortization of transaction costs on borrowings
|
(O)
|
110 | 180 | 123 | |||||||||
Deferred income tax
|
(Q)
|
(4,066 | ) | 667 | (3,654 | ) | |||||||
Shareholders’ equity under RT 26
|
2,751,004 | 2,630,113 | 2,649,341 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.1.
|
Summary of profit / (loss)
|
09.30.2011 | 06.30.2012 | ||||||||
Profit under Argentine GAAP
|
5,693 | 280,081 | |||||||
Revenue recognition – “scheduled rent increases”
|
(B)
|
(207 | ) | (829 | ) | ||||
Trading properties
|
(C)
|
1,452 | 707 | ||||||
Pre-operating and organization expenses
|
(D)
|
- | (1,139 | ) | |||||
Goodwill
|
(E)
|
(612 | ) | (19,709 | ) | ||||
Non-current investments – financial assets
|
(F)
|
(6,593 | ) | (27 | ) | ||||
Initial direct costs on operating leases
|
(G)
|
(14 | ) | 130 | |||||
Tenant deposits
|
(H)
|
32 | 147 | ||||||
Present value accounting – tax credits
|
(I)
|
- | (178 | ) | |||||
Investment properties
|
(J)
|
(8,094 | ) | - | |||||
Investment in subsidiaries
|
(K)
|
(108,185 | ) | (57,479 | ) | ||||
Investments in associates
|
(L)
|
(1,514 | ) | (3,612 | ) | ||||
Investments in joint ventures
|
(M)
|
905 | 5,374 | ||||||
Amortization of transaction costs on borrowings
|
(O)
|
70 | 13 | ||||||
Deferred income tax
|
(Q)
|
5,038 | 412 | ||||||
(Loss) / Profit under RT 26
|
(112,029 | ) | 203,891 | ||||||
2.3.1.
|
Summary of other comprehensive income
|
09.30.2011 | 06.30.2012 | ||||||||
Other comprehensive income under Argentine GAAP
|
- | 45,851 | |||||||
Investments in associates
|
(L)
|
4,738 | (29,541 | ) | |||||
Other comprehensive income under RT 26
|
4,738 | 16,310 | |||||||
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.2.
|
Reconciliation of shareholders’ equity at July 1, 2011
|
Argentine GAAP balances I
|
Ref. 2.3.10.1
|
Reclassifications II
|
Ref. 2.3.10.2
|
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) 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) | (144,072 | ) | - | - | ||||||||||||||||||
Trade and other receivables, net
|
59,380 | - | B,I | 1,187 | 60,567 | |||||||||||||||||||
Financial assets at fair value through profit or loss
|
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,D | (712 | ) | 10,840 | |||||||||||||||||
Inventories
|
11,979 | b) c) f) | (11,552 | ) | - | 427 | ||||||||||||||||||
Trade and other receivables, net
|
121,443 | f) | 1,904 | B | 3,258 | 126,605 | ||||||||||||||||||
Financial assets at fair value through profit or loss
|
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 |
|
2.3.2.
|
Reconciliation of shareholders’ equity at July 1, 2011 (Continued)
|
Argentine GAAP balances I
|
Reclassifications II
|
Ref. 2.3.10.2
|
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
|
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 shareholders’ equity at September 30, 2011
|
Argentine GAAP balances I
|
Ref. 2.3.10.1
|
Reclassifications II
|
Ref. 2.3.10.2
|
Measurement adjustments III
|
RT 26 balances IV
|
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Non-Current Assets
|
||||||||||||||||||||||||
Investment properties
|
- | a) | 931,209 | G | (7,644 | ) | 923,565 | |||||||||||||||||
Property, plant and equipment, net
|
936,139 | a) f) g) | (926,588 | ) | - | 9,551 | ||||||||||||||||||
Trading properties
|
- | b) c) | 66,529 | C | (1,857 | ) | 64,672 | |||||||||||||||||
Intangibles assets, net
|
8,380 | g) | 311 | D | 52 | 8,743 | ||||||||||||||||||
Inventories
|
60,229 | b) c) | (60,229 | ) | - | - | ||||||||||||||||||
Investments in subsidiaries, associates and joint ventures
|
2,953,479 | - | E,K,L,M | 258,454 | 3,211,933 | |||||||||||||||||||
Trade and other receivables, net
|
65,266 | (1,237 | ) | B,I | 979 | 65,008 | ||||||||||||||||||
Investments
|
154,324 | a) b) d) | (154,324 | ) | - | - | ||||||||||||||||||
Investments in financial assets
|
- | d) | 142,176 | F | 3,176 | 145,352 | ||||||||||||||||||
Negative Goodwill
|
(37,615 | ) | - | E | 37,615 | - | ||||||||||||||||||
Total Non-Current Assets
|
4,140,202 | (2,153 | ) | 290,775 | 4,428,824 | |||||||||||||||||||
Current assets
|
||||||||||||||||||||||||
Trading properties
|
- | b) c) | 9,385 | C,D | (339 | ) | 9,046 | |||||||||||||||||
Inventories
|
9,820 | b) c) f) | (9,385 | ) | - | 435 | ||||||||||||||||||
Trade and other receivables, net
|
178,008 | f) | 2,153 | B | 3,258 | 183,419 | ||||||||||||||||||
Investments in Financial assets
|
32,305 | - | - | 32,305 | ||||||||||||||||||||
Cash and cash equivalents
|
7,954 | - | - | 7,954 | ||||||||||||||||||||
Total Current Assets
|
228,087 | 2,153 | 2,919 | 233,159 | ||||||||||||||||||||
TOTAL ASSETS
|
4,368,289 | - | 293,694 | 4,661,983 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.3.
|
Reconciliation of shareholders’ equity at September 30, 2011 (Continued)
|
Argentine GAAP balances I
|
Reclassifications II
|
Ref. 2.3.10.2
|
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
|
44,022 | - | A | (39,284 | ) | 4,738 | ||||||||||||||
Reserve for share based payments
|
1,711 | - | - | 1,711 | ||||||||||||||||
Other equity adjustments
|
- | - | N | (15,311 | ) | (15,311 | ) | |||||||||||||
Legal reserve
|
57,031 | - | - | 57,031 | ||||||||||||||||
Other reserves
|
391,262 | - | - | 391,262 | ||||||||||||||||
Retained earnings
|
195,133 | - | 349,363 | 544,496 | ||||||||||||||||
TOTAL SHAREHOLDERS EQUITY
|
2,335,345 | - | 294,768 | 2,630,113 | ||||||||||||||||
LIABILITIES
|
||||||||||||||||||||
Non-Current Liabilities
|
||||||||||||||||||||
Trade and other payables
|
6,224 | - | H | (514 | ) | 5,710 | ||||||||||||||
Borrowings
|
1,337,539 | - | - | 1,337,539 | ||||||||||||||||
Deferred income tax liabilities
|
54,557 | - | Q | (798 | ) | 53,759 | ||||||||||||||
Total Non-Current Liabilities
|
1,398,320 | - | (1,312 | ) | 1,397,008 | |||||||||||||||
Current Liabilities
|
||||||||||||||||||||
Trade and other payables
|
52,169 | - | H | 418 | 52,587 | |||||||||||||||
Payroll and social security liabilities
|
2,513 | - | - | 2,513 | ||||||||||||||||
Borrowings
|
576,400 | - | O | (180 | ) | 576,220 | ||||||||||||||
Provisions
|
3,542 | - | - | 3,542 | ||||||||||||||||
Total Current Liabilities
|
634,624 | - | 238 | 634,862 | ||||||||||||||||
Total Liabilities
|
2,032,944 | - | (1,074 | ) | 2,031,870 | |||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
4,368,289 | - | 293,694 | 4,661,983 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.4.
|
Reconciliation of shareholders’ equity at June 30, 2012
|
Argentine GAAP balances I
|
Ref. 2.3.10.1
|
Reclassifications II
|
Ref. 2.3.10.2
|
Measurement adjustments III
|
RT 26 balances IV
|
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Non-Current Assets
|
||||||||||||||||||||||||
Investment properties
|
- | 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 | |||||||||||||||||
Intangibles assets, net
|
6,452 | g) | 506 | D | (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,I | 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,D | (1,056 | ) | 4,120 | |||||||||||||||||
Inventories
|
5,650 | b) c) f) | (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)
|
2.3.4
|
Reconciliation of shareholders’ equity at June 30, 2012 (Continued)
|
Argentine GAAP balances I
|
Reclassification II
|
Ref. 2.3.10.2
|
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
|
- | - | N | (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 | (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)
|
2.3.5.
|
Reconciliation of statement of income for the three-month period ended September 30, 2011
|
Argentine GAAP balances
I
|
Ref. 2.3.10.1
|
Reclassifications II
|
Ref. 2.3.10.2
|
Measurement adjustments
III
|
RT 26 balances IV
|
||||||||||||||||
Revenues
|
49,805 |
i) ii)
|
13,626 | B,H | (48 | ) | 63,383 | ||||||||||||||
Costs
|
(12,911 | ) |
i) ii)
|
(13,626 | ) | C,D | 1,844 | (24,693 | ) | ||||||||||||
Gross profit
|
36,894 | - | 1,796 | 38,690 | |||||||||||||||||
Administrative expenses
|
(9,135 | ) | - | - | (9,135 | ) | |||||||||||||||
Selling expenses
|
(3,692 | ) | - | - | (3,692 | ) | |||||||||||||||
Gain from recognition of assets at net realizable value
|
8,436 | - | C,J | (8,436 | ) | - | |||||||||||||||
Other operating expense, net
|
- |
iii)
|
(4,981 | ) | - | (4,981 | ) | ||||||||||||||
Profit from Operations
|
32,503 | (4,981 | ) | (6,640 | ) | 20,882 | |||||||||||||||
Share of profit / (loss) of subsidiaries, associates and joint ventures
|
41,974 | - | K,L,M | (112,659 | ) | (70,685 | ) | ||||||||||||||
Profit / (Loss) from Operations Before Financing and Taxation
|
74,477 | (4,981 | ) | (119,299 | ) | (49,803 | ) | ||||||||||||||
Amortization of goodwill, net
|
519 | - | E | (519 | ) | - | |||||||||||||||
Finance income
|
12,088 | - | - | 12,088 | |||||||||||||||||
Finance costs
|
(92,853 | ) | - | F,H | (7,165 | ) | (100,018 | ) | |||||||||||||
Financial loss generated,
|
(80,765 | ) | - | (7,165 | ) | (87,930 | ) | ||||||||||||||
Other income and expenses, net
|
(4,981 | ) |
iii)
|
4,981 | - | - | |||||||||||||||
Loss before Income Tax
|
(10,750 | ) | - | (126,983 | ) | (137,733 | ) | ||||||||||||||
Income tax
|
20,840 | - | Q | 4,864 | 25,704 | ||||||||||||||||
Profit / (Loss) of the period
|
10,090 | - | (122,119 | ) | (112,029 | ) |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.6
|
Reconciliation of income for the year ended June 30, 2012
|
Argentine GAAP balances I
|
Ref. 2.3.10.1
|
Reclassifications II
|
Ref. 2.3.10.2
|
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,D | 4,339 | (93,600 | ) | ||||||||||||
Gross profit
|
247,803 | (92,156 | ) | 4,204 | 159,851 | ||||||||||||||||
Proceeds from sale of investment properties
|
- | 92,156 | J | 24,532 | 116,688 | ||||||||||||||||
Administrative expenses
|
(68,141 | ) | - | - | (68,141 | ) | |||||||||||||||
Selling expenses
|
(19,142 | ) | - | - | (19,142 | ) | |||||||||||||||
Gain from recognition of assets at net realizable value
|
28,033 | - | C,J | (28,033 | ) | - | |||||||||||||||
Other operating income / (expense), 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 | (2,133 | ) | K,L,M | (73,348 | ) | 292,993 | ||||||||||||||
Profit from Operations before Financing and Taxation
|
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 costs
|
(396,791 | ) | - | F,H | (740 | ) | (397,531 | ) | |||||||||||||
Financial loss generated, net
|
(350,362 | ) | 2,133 | (740 | ) | (348,969 | ) | ||||||||||||||
Other incomes and expenses, net
|
11,466 |
iii)
|
(11,466 | ) | - | - | |||||||||||||||
Profit Before Income Tax
|
220,209 | - | (76,602 | ) | 143,607 | ||||||||||||||||
Income tax
|
59,872 | - | Q | 412 | 60,284 | ||||||||||||||||
Profit for the Period
|
280,081 | - | (76,190 | ) | 203,891 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.7.
|
Reconciliation of comprehensive income for the three-month period ended September 30, 2011
|
Argentine GAAP balances I
|
Reclassifications II
|
Measurement adjustments III
|
RT 26 balances IV
|
||||||||||||||
Profit / (Loss) from the period
|
10,090 | - | (122,119 | ) | (112,029 | ) | |||||||||||
Other comprehensive income:
|
|||||||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
|||||||||||||||||
Currency translation adjustments from subsidiaries, associates and joint ventures
|
9,898 | - |
D.H
|
(5,160 | ) | 4,738 | |||||||||||
Other comprehensive Income for the Period
|
9,898 | - | (5,160 | ) | 4,738 | ||||||||||||
Total comprehensive Income / (Loss) for the Period
|
19,988 | - | (127,279 | ) | (107,291 | ) | |||||||||||
2.3.8.
|
Reconciliation of comprehensive income for the year ended June 30, 2012
|
Argentine GAAP balances I
|
Reclassifications II
|
Measurement adjustments III
|
IFRS balances IV
|
||||||||||||||
Profit / (Loss) for the year
|
280,081 | - | (76,190 | ) | 203,891 | ||||||||||||
Other comprehensive income:
|
|||||||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
|||||||||||||||||
Currency translation adjustument from subsidiaries, associates and joint ventures
|
45,851 | - |
D.H
|
(31,349 | ) | 14,502 | |||||||||||
Other comprehensive Income for the Year
|
45,851 | - | (31,349 | ) | 14,502 | ||||||||||||
Total comprehensive Income for the Year
|
325,932 | - | (107,539 | ) | 218,393 | ||||||||||||
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.9.
|
Reconciliation of cash flows for the three-month periods ended September 30, 2011 and for the year ended June 30, 2012
|
(a)
|
Operating activities
|
09.30.2011 | 06.30.2012 | |||||||
Cash generated from operating activities under Argentine GAAP
|
38,157 | 244,489 | ||||||
Sale of investment property and property, plant and equipment
|
- | (132,941 | ) | |||||
Foreign Exchange losses on cash and cash equivalents
|
(25 | ) | (517 | ) | ||||
Cash generated from operating activities under RT 26
|
38,132 | 111,031 |
(a)
|
Investing activities
|
09.30.2011 | 06.30.2012 | |||||||
Cash (used in) / generated from investing activities under Argentine GAAP
|
(80,093 | ) | 191,012 | |||||
Sale of investment property and property, plant and equipment
|
- | 132,941 | ||||||
Cash (used in) / generated from investing activities under RT 26
|
(80,093 | ) | 323,953 |
(b)
|
Financing activities
|
09.30.2011 | 06.30.2012 | |||||||
Cash generated from / (used in) financing activities under Argentine GAAP
|
4,727 | (403,791 | ) | |||||
Cash generated from / (used in) financing activities under RT 26
|
4,727 | (403,791 | ) |
(c)
|
Net increase / (decrease) in cash and cash equivalents
|
09.30.2011 | 06.30.2012 | |||||||
Net (decrease) / increase in cash and cash equivalents under Argentine GAAP
|
(37,209 | ) | 31,710 | |||||
Exchange losses on cash and cash equivalents
|
(25 | ) | (517 | ) | ||||
Net (decrease) / increase in cash and cash equivalents under RT 26
|
(37,234 | ) | 31,193 |
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.10.
|
Explanation of the transition to RT 26
|
(1)
|
The line items “Trade receivables” and “Other receivables” have been grouped into the new line item “Trade and other receivables”,
|
(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, deferred income taxes and derivative financial instruments 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, 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 associates previously included as part of “Non-current investments” have been separately disclosed in the new line item “Investments in associates and joint ventures”.
|
(7)
|
Investments in subsidiaries previously included as part of “Non-current investments” have been separately disclosed in the new line item “Investments in subsidiaries”.
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.10.
|
Explanation of the transition to RT 26 (Continued)
|
(1)
|
The format of the income statement 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 is provided per line of business.
|
(2)
|
According to Argentine GAAP, the share of losses and profits from subsidiaries, joint ventures and associates is shown after the financial results. Likewise, under IFRSs, the share of profits and losses from subsidiaries, joint ventures and associates 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 associates and joint ventures before financial results. In accordance with its strategy, the Company conducts its operations through controlled companies 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 associates 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 costs separately in the statement 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 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 in force, 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.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.10.1
|
Reclassifications (Column II)
|
(a)
|
Investment properties
|
(b)
|
Trading properties
|
(c)
|
In-kind receivables from barter transactions
|
(d)
|
Non-current investments – financial assets
|
(e)
|
Current investments – financial assets
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.10.1
|
Reclassifications (Column II) (Continued)
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.10.1
|
Reclassifications (Column II) (Continued)
|
2.3.10.2
|
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)
|
2.3.10.2
|
Measurement adjustments (Column III) (Continued)
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.10.2
|
Measurement adjustments (Column III)(Continued)
|
(I)
|
Present value accounting – tax credits
|
|
(K) Impact of adjustments according to RT 26 in investments in associates
|
2.
|
Basis of preparation and adoption of Technical Resolution No. 26 (“RT 26”) (Continued)
|
2.3.10.2
|
Measurement adjustments (Column III)(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
|
4.2.
|
Fair value estimates
|
5.
|
Information about principal subsidiaries, associates and joint ventures
|
09.30.2012 | 06.30.2012 | |||||||
Beginning of the period/year (i)
|
3,031,541 | 2,984,283 | ||||||
Acquisition
|
- | 202 | ||||||
Capital contribution
|
1,255 | 68,857 | ||||||
Disposal of subsidiaries
|
- | (19,448 | ) | |||||
Share of profit
|
56,196 | 274,690 | ||||||
Exchange differences
|
10,490 | 5,344 | ||||||
Dividend payments
|
- | (284,431 | ) | |||||
Reversion of Intergroup transactions
|
1,462 | 2,044 | ||||||
End of the period/year (i)
|
3,100,944 | 3,031,541 |
(i)
|
Includes (Ps. 165) of investments with negative equity as of September 30, 2012.
|
09.30.2012 | 06.30.2012 | |||||||
Beginning of the period/year
|
206,245 | 188,317 | ||||||
Acquisition of associates
|
- | 1,429 | ||||||
Share of profit
|
5,860 | 16,499 | ||||||
Dividend payments
|
(8,453 | ) | - | |||||
End of the period/year
|
203,652 | 206,245 |
5.
|
Information about principal subsidiaries, associates and joint ventures (Continued)
|
09.30.2012 | 06.30.2012 | |||||||
Beginning of the period/year
|
119,644 | 117,125 | ||||||
Capital contribution
|
155 | 715 | ||||||
Share of profit
|
4,285 | 1,804 | ||||||
End of the period/year
|
124,084 | 119,644 |
6.
|
Investment properties
|
09.30. 2012 | 06.30.2012 | |||||||
Beginning of the period/year
|
890,433 | 925,906 | ||||||
Additions
|
1,088 | 12,343 | ||||||
Disposals
|
(22,663 | ) | (27,365 | ) | ||||
Depreciation charge (i) (Note 22)
|
(6,740 | ) | (20,451 | ) | ||||
End of the period/year
|
862,118 | 890,433 |
(i)
|
Depreciation charges of investment property were included in “Costs” in the Statement of Income (Note 22).
|
09.30.2012 | 09.30.2011 | |||||||
Rental and service income
|
63,847 | 54,825 | ||||||
Direct operating expenses
|
(27,511 | ) | (24,693 | ) |
7.
|
Property, plant and equipment, net
|
09.30.2012 | 06.30.2012 | |||||||
Beginning of the period/year
|
8,765 | 10,138 | ||||||
Additions
|
57 | 2,705 | ||||||
Disposals
|
- | (2,366 | ) | |||||
Depreciation charge (i) (Note 22)
|
(910 | ) | (1,712 | ) | ||||
End of the period/year
|
7,912 | 8,765 |
(i)
|
Depreciation charges of property, plant and equipment were included in “General and administrative expenses” and “Costs” (Note 22).
|
8.
|
Trading properties
|
09.30.2012 | 06.30.2012 | |||||||
Beginning of the period/year
|
71,117 | 76,092 | ||||||
Additions
|
- | 1,886 | ||||||
Sales
|
(1,478 | ) | (6,861 | ) | ||||
End of the period/year
|
69,639 | 71,117 |
9.
|
Intangible assets
|
09.30.2012 | 06.30.2012 | |||||||
Beginning of the period/year
|
5,987 | 8,724 | ||||||
Additions
|
52 | 1,188 | ||||||
Disposals
|
- | (2,951 | ) | |||||
Amortization charge (i) (Note 22)
|
(81 | ) | (974 | ) | ||||
End of the period/year
|
5,958 | 5,987 |
(i)
|
Amortization charges are included in “General and administrative expenses” in the Statement of Income (Note 22). There were no impairment charges for any of the years presented.
|
10.
|
Inventories
|
09.30.2012 | 06.30.2012 | 07.01.2011 | ||||||||||
Current
|
||||||||||||
Materials and others items of inventories (i)
|
484 | 474 | 427 | |||||||||
Current inventories
|
484 | 474 | 427 | |||||||||
Total inventories
|
484 | 474 | 427 |
(i)
|
The cost of inventories recognized as expense, is recorded in “Costs” in Note 22.
|
11.
|
Trade and other receivables, net
|
09.30.2012 | 06.30.2012 | 07.01.2011 | ||||||||||
Non-current
|
||||||||||||
Leases and services receivable
|
2,257 | 10,322 | 3,072 | |||||||||
Non-current trade receivables
|
2,257 | 10,322 | 3,072 | |||||||||
Minimum Presumed Income tax (MPIT)
|
82,055 | 76,328 | 54,278 | |||||||||
Others
|
511 | - | 366 | |||||||||
Non-current other receivables
|
82,566 | 76,328 | 54,644 | |||||||||
Related parties (Note 27)
|
63,244 | 52,799 | 2,851 | |||||||||
Non-current trade and other receivables, net
|
148,067 | 139,449 | 60,567 | |||||||||
Current
|
||||||||||||
Leases and services receivable
|
34,592 | 29,663 | 32,700 | |||||||||
Checks to be deposited
|
48 | 16 | 6,908 | |||||||||
Notes receivable
|
- | 381 | - | |||||||||
Debtors under legal proceedings
|
3,450 | 2,911 | 8,596 | |||||||||
Less: provision for impairment of trade receivables
|
(5,189 | ) | (4,783 | ) | (9,822 | ) | ||||||
Trade receivables, net
|
32,901 | 28,188 | 38,382 | |||||||||
Gross sales tax credit and others
|
1,789 | 414 | - | |||||||||
Other tax receivables
|
1,883 | 2,530 | 2,363 | |||||||||
Prepaid expenses
|
996 | 4,974 | 5,417 | |||||||||
Expenses and services to recover
|
1,112 | 2,369 | - | |||||||||
Advance payments
|
2,762 | 1,255 | 1,904 | |||||||||
Others
|
995 | 1,222 | 8,395 | |||||||||
Current other receivables, net
|
9,537 | 12,764 | 18,079 | |||||||||
Related parties (Note 27)
|
59,251 | 26,902 | 70,144 | |||||||||
Current trade and other receivables, net
|
101,689 | 67,854 | 126,605 | |||||||||
Total trade and other receivables, net
|
249,756 | 207,303 | 187,172 |
11.
|
Trade and other receivables, net (Continued)
|
09.30.2012 | 06.30.2012 | |||||||
Beginning of the period/year
|
4,783 | 9,822 | ||||||
Additions
|
585 | 938 | ||||||
Unused amounts reversed
|
(179 | ) | (533 | ) | ||||
Used during the period/year
|
- | (5,444 | ) | |||||
End of the period/yearyear
|
5,189 | 4,783 |
12.
|
Investments in financial assets
|
09.30.2012 | 06.30.2012 | 07.01.2011 | ||||||||||
Non-current
|
||||||||||||
Investment in equity securities in TGLT S.A
|
101 | 86 | 105 | |||||||||
Investment in equity securities in Hersha
|
- | 19,608 | 18,337 | |||||||||
Other equity securities in public companies
|
87 | 221 | 271 | |||||||||
Convertible notes APSA 2014
|
149,075 | 143,679 | 130,444 | |||||||||
Noncurrent portion
|
149,263 | 163,594 | 149,157 | |||||||||
Current
|
||||||||||||
Mutual funds
|
2,483 | 2,494 | 2,170 | |||||||||
Public companies securities
|
21,326 | 11,643 | 2,892 | |||||||||
Non-convertible notes APSA 2012
|
- | - | 13,367 | |||||||||
Interest on convertible notes APSA 2014
|
2,981 | 6,534 | 5,861 | |||||||||
Other investments
|
8 | 9 | 12 | |||||||||
Current portion
|
26,798 | 20,680 | 24,302 | |||||||||
Total investments in financial assets
|
176,061 | 184,274 | 173,459 |
13.
|
Cash flow information
|
09.30.2012 | 06.30.2012 | 07.01.2011 | ||||||||||
Cash at bank and on hand
|
116,721 | 76,405 | 27,276 | |||||||||
Mutual funds.
|
198 | 467 | 17,887 | |||||||||
Total cash and cash equivalents
|
116,919 | 76,872 | 45,163 |
09.30.2012 | 09.30.2011 | |||||||
Profit / (loss) for the period
|
41,142 | (112,029 | ) | |||||
Adjustments for:
|
||||||||
Income tax expense
|
(21,861 | ) | (25,704 | ) | ||||
Depreciation and amortization
|
7,731 | 5,366 | ||||||
Loss from disposal of investment property
|
(31,069 | ) | - | |||||
Dividends received
|
- | (207 | ) | |||||
Share-based payments
|
360 | 300 | ||||||
Changes in fair value of financial assets
|
(5,621 | ) | 11,552 | |||||
Interest expense, net
|
58,405 | 46,807 | ||||||
Provisions and allowances
|
8,445 | 6,200 | ||||||
Share of (profit)/ loss of subsidiaries, associates and joint ventures
|
(66,341 | ) | 70,685 | |||||
Unrealized foreign exchange (gain) / loss, net
|
43,967 | 26,978 | ||||||
Increase in inventories
|
(10 | ) | (10 | ) | ||||
Decrease in trading properties
|
1,478 | 2,251 | ||||||
(Increase)/ decrease in trade and other receivables, net
|
(14,426 | ) | 15,143 | |||||
Increase/ (decrease) in trade and other payables
|
42,555 | (8,627 | ) | |||||
Decrease in payroll and social security liabilities
|
(3,006 | ) | (573 | ) | ||||
Net cash generated from operating activities before income tax paid
|
61,749 | 38,132 |
14.
|
Trade and other payables
|
09.30.2012 | 06.30.2012 | 07.01. 2011 | ||||||||||
Non-current
|
||||||||||||
Rent payments received in advance
|
9,516 | 617 | - | |||||||||
Guarantee deposits
|
4,916 | 5,739 | 4,285 | |||||||||
Trade payables, net
|
14,432 | 6,356 | 4,285 | |||||||||
MPIT
|
5,727 | - | - | |||||||||
Others
|
595 | 327 | 747 | |||||||||
Non-current other payables
|
6,322 | 327 | 747 | |||||||||
Related parties (Note 27)
|
16 | 16 | - | |||||||||
Non-current trade and other payables
|
20,770 | 6,699 | 5,032 | |||||||||
Current
|
||||||||||||
Trade payables
|
13,642 | 7,061 | 6,635 | |||||||||
Accruals
|
9,649 | 10,019 | 6,746 | |||||||||
Rent and service payments received in advance
|
24,901 | 9,383 | 4,971 | |||||||||
Deferred checks given
|
8,839 | 833 | - | |||||||||
Guarantee deposits
|
2,390 | 1,336 | 2,901 | |||||||||
Total current trade payables
|
59,421 | 28,632 | 21,253 | |||||||||
VAT payables
|
2,735 | 6,961 | 6,635 | |||||||||
Other tax payables
|
4,303 | 10,098 | 6,116 | |||||||||
Others
|
4,423 | 3,254 | 1,302 | |||||||||
Current other payables, net
|
11,461 | 20,313 | 14,053 | |||||||||
Related parties (Note 27)
|
40,698 | 64,283 | 17,387 | |||||||||
Current trade and other payables
|
111,580 | 113,228 | 52,693 | |||||||||
Total trade and other payables
|
132,350 | 119,927 | 57,725 |
15.
|
Payroll and social security liabilities
|
09.30.2012 | 06.30.2012 | 07.01. 2011 | ||||||||||
Current
|
||||||||||||
Provision for vacation and bonuses
|
1,626 | 4,475 | 2,720 | |||||||||
Salaries payable
|
83 | 189 | 24 | |||||||||
Social security payable
|
1,821 | 424 | 294 | |||||||||
Others
|
- | 63 | 48 | |||||||||
Current payroll and social security liabilities
|
3,530 | 5,151 | 3,086 | |||||||||
Total payroll and social security liabilities
|
3,530 | 5,151 | 3,086 |
16.
|
Provisions
|
Labor, legal and other claims
|
Tax and social security
|
Acquisition of subsidiary
|
Total
|
|||||||||||||
At July 1, 2011
|
1,082 | - | - | 1,082 | ||||||||||||
Additions
|
6,190 | - | (99 | ) | 6,091 | |||||||||||
Used during year
|
(100 | ) | - | - | (100 | ) | ||||||||||
At June 30, 2012
|
7,172 | - | (99 | ) | 7,073 | |||||||||||
Additions
|
2,040 | - | (66 | ) | 1,974 | |||||||||||
Used during period
|
(149 | ) | - | - | (149 | ) | ||||||||||
At September 30, 2012
|
9,063 | - | (165 | ) | 8,898 |
09.30.2012 | 06.30.2012 | 07.01.2011 | ||||||||||
Non-current
|
8,014 | 6,198 | 1,082 | |||||||||
Current
|
884 | 875 | - | |||||||||
8,898 | 7,073 | 1,082 |
17.
|
Borrowings
|
Book value
|
|||||||||||||||||||
Secured/ unsecured
|
Currency
|
Fixed/ floating
|
Effective interest rate %
|
09.30.2012 | 06.30.2012 | 07.01. 2011 | |||||||||||||
Non-current
|
|||||||||||||||||||
IRSA NCN due 2013
|
Unsecured
|
Ps.
|
Floating
|
Badlar +2.49
|
% | - | 51,032 | - | |||||||||||
IRSA NCN due 2014
|
Unsecured
|
US$
|
Fixed
|
7.45 | % | 79,392 | 114,665 | ||||||||||||
IRSA NCN due 2017
|
Unsecured
|
US$
|
Fixed
|
8.50 | % | 701,562 | 675,852 | 612,419 | |||||||||||
IRSA NCN due 2020
|
Unsecured
|
US$
|
Fixed
|
11.50 | % | 686,408 | 661,078 | 598,159 | |||||||||||
Seller financing
|
- | - | - | ||||||||||||||||
Long-term loans
|
- | - | 27,542 | ||||||||||||||||
Related parties
|
49,316 | 47,689 | 55,139 | ||||||||||||||||
Finance lease obligations
|
41 | 53 | - | ||||||||||||||||
Non-current borrowings
|
1,516,719 | 1,550,369 | 1,293,259 | ||||||||||||||||
Current
|
|||||||||||||||||||
IRSA NCN due 2013
|
Unsecured
|
Ps.
|
Floating
|
Badlar +2.49bps
|
155,443 | 102,889 | - | ||||||||||||
IRSA NCN due 2014
|
Unsecured
|
US$
|
Fixed
|
7.45 | % | 79,751 | 38,278 | - | |||||||||||
IRSA NCN due 2017
|
Unsecured
|
US$
|
Fixed
|
8.5 | % | 9,107 | 23,175 | 20,960 | |||||||||||
IRSA NCN due 2020
|
Unsecured
|
US$
|
Fixed
|
11.5 | % | 15,050 | 34,003 | 30,800 | |||||||||||
Bank overdrafts
|
167,848 | 143,997 | 365,198 | ||||||||||||||||
Short-term loans
|
51,048 | 81,260 | 108,858 | ||||||||||||||||
Seller financing
|
- | - | - | ||||||||||||||||
Finance lease obligations
|
126 | 157 | - | ||||||||||||||||
Related parties
|
78,197 | 27,856 | 5,370 | ||||||||||||||||
Current borrowings
|
556,570 | 451,615 | 531,186 | ||||||||||||||||
Total borrowings
|
2,073,289 | 2,001,984 | 1,824,445 |
18.
|
Current and deferred income tax
|
09.30.2012 | 09.30.2011 | |||||||
Current income tax
|
- | - | ||||||
Deferred income tax
|
21,861 | 25,704 | ||||||
Income tax gain
|
21,861 | 25,704 |
09.30.2012 | 06.30.2012 | |||||||
Beginning of period/year
|
(19,179 | ) | (79,464 | ) | ||||
Income tax gain
|
21,861 | 60,284 | ||||||
End of period/year
|
2,682 | (19,179 | ) |
09.30.2012 | 09.30.2011 | |||||||
Net income at tax rate
|
(6,750 | ) | 48,207 | |||||
Permanent differences:
|
||||||||
Share of profit / (loss) from subsidiaries, associates and joint ventures
|
23,219 | (24,739 | ) | |||||
Others
|
5,365 | 2,949 | ||||||
Non-deductible items
|
27 | (713 | ) | |||||
Income tax expense
|
21,861 | 25,704 |
19.
|
Dividends
|
20.
|
Revenues
|
09.30.2012 | 09.30.2011 | |||||||
Base rent
|
45,288 | 40,637 | ||||||
Reimbursement of expenses
|
17,484 | 13,626 | ||||||
Property management fee
|
935 | 534 | ||||||
Others
|
140 | 28 | ||||||
Total rentaland service income
|
63,847 | 54,825 | ||||||
Sale of trading properties
|
5,674 | 8,558 | ||||||
Total other revenue
|
5,674 | 8,558 | ||||||
Total revenues
|
69,521 | 63,383 |
21.
|
Costs
|
09.30.2012 | 09.30.2011 | |||||||
Leases and service charge
|
25,505 | 21,710 | ||||||
Cost of sales and development
|
2,006 | 2,983 | ||||||
Total cost of property operations
|
27,511 | 24,693 | ||||||
Total costs
|
27,511 | 24,693 |
22.
|
Expenses by nature
|
Costs | ||||||||||||||||||||
Cost of property operations
|
Cost of sale of trading properties
|
General and administrative expenses
|
Selling expenses
|
Total
|
||||||||||||||||
Leases, service charges and vacant property cost
|
3,090 | 284 | 41 | - | 3,415 | |||||||||||||||
Depreciation and amortization
|
7,479 | - | 243 | 9 | 7,731 | |||||||||||||||
Provision for impairment of receivables
|
- | - | - | 406 | 406 | |||||||||||||||
Salaries, social security costs and other personnel expenses
|
2,579 | 29 | 6,246 | 804 | 9,658 | |||||||||||||||
Director´s fees
|
- | - | 3,668 | - | 3,668 | |||||||||||||||
Fees and payments for services
|
485 | - | 1,275 | 279 | 2,039 | |||||||||||||||
Maintenance, security, cleaning, repairs and others
|
9,656 | 15 | 589 | 38 | 10,298 | |||||||||||||||
Taxes, rates and contributions
|
1,959 | 195 | 92 | 1,576 | 3,822 | |||||||||||||||
Advertising and others selling expenses
|
- | - | - | 582 | 582 | |||||||||||||||
Cost of sale of trading properties
|
- | 1,478 | - | - | 1,478 | |||||||||||||||
Others
|
257 | 5 | 738 | 63 | 1,063 | |||||||||||||||
Total expenses by nature
|
25,505 | 2,006 | 12,892 | 3,757 | 44,160 |
22.
|
Expenses by nature (Continued)
|
Costs
|
||||||||||||||||||||
Cost of property operations
|
Cost of sale of trading properties
|
General and administrative expenses
|
Selling expenses
|
Total
|
||||||||||||||||
Leases, service charges and vacant property cost
|
2,751 | 393 | 159 | 2 | 3,305 | |||||||||||||||
Salaries, social security costs and other personnel administrative expenses
|
2,958 | 21 | 6,015 | 834 | 9,828 | |||||||||||||||
Director´s fees
|
- | - | 446 | - | 446 | |||||||||||||||
Fees and payments for services
|
388 | 44 | 1,325 | 685 | 2,442 | |||||||||||||||
Maintenance, security, cleaning, repairs and others
|
7,474 | 26 | 414 | 56 | 7,970 | |||||||||||||||
Depreciation and amortization
|
5,177 | - | 189 | - | 5,366 | |||||||||||||||
Taxes, rates and contributions
|
2,920 | 269 | 39 | 1,231 | 4,459 | |||||||||||||||
Provision for impairment of receivables
|
- | - | - | 406 | 406 | |||||||||||||||
Cost of sale of properties
|
- | 2,230 | - | - | 2,230 | |||||||||||||||
Advertising and others selling expenses
|
- | - | - | 446 | 446 | |||||||||||||||
Others
|
42 | - | 548 | 32 | 622 | |||||||||||||||
Total expenses by nature
|
21,710 | 2,983 | 9,135 | 3,692 | 37,520 |
23.
|
Employee costs
|
09.30.2012 | 09.30.2011 | |||||||
Salaries, bonuses and social security costs
|
9,030 | 9,014 | ||||||
Share-based compensation
|
360 | 300 | ||||||
Pension costs – defined contribution plan
|
268 | 514 | ||||||
Employee costs
|
9,658 | 9,828 |
24.
|
Other operating expense, net
|
09.30.2012 | 09.30.2011 | |||||||
Donations
|
(78 | ) | (1,488 | ) | ||||
Lawsuits and other contingencies
|
(2,040 | ) | (2,470 | ) | ||||
Others
|
(1,856 | ) | (1,023 | ) | ||||
Total other operating expense, net
|
(3,974 | ) | (4,981 | ) |
25.
|
Financial results, net
|
09.30.2012 | 09.30.2011 | |||||||
Finance income:
|
||||||||
- Interest income
|
4,701 | 5,229 | ||||||
- Foreign exchange gains, net
|
15,662 | 6,652 | ||||||
- Dividend income
|
- | 207 | ||||||
- Fair value gains of financial assets at fair value through profit or loss
|
5,621 | - | ||||||
Finance income
|
25,984 | 12,088 | ||||||
Finance costs:
|
||||||||
- Interest expense
|
(63,106 | ) | (52,036 | ) | ||||
- Foreign exchange losses, net
|
(59,912 | ) | (33,158 | ) | ||||
- Fair value loss of financial assets at fair value through profit or loss
|
- | (11,552 | ) | |||||
- Other finance costs
|
(2,482 | ) | (3,272 | ) | ||||
Finance costs
|
(125,500 | ) | (100,018 | ) | ||||
Total financial results, net
|
(99,516 | ) | (87,930 | ) |
26.
|
Share-based payments
|
27.
|
Related party transactions
|
Reference
|
Description of transaction
|
Non-current Investments
|
Current Investments
|
Trade and other receivables non-current
|
Trade and other receivables current
|
Trade and other payables non-current
|
Trade and other payables current
|
Borrowing non-current
|
Borrowing current
|
|
Consultores Asset Management S.A. (CAMSA)
|
(4)
|
Reimbursement of expenses
|
-
|
-
|
- |
2,288
|
-
|
(13)
|
- | - |
Estudio Zang, Bergel & Viñes
|
(5)
|
Advances
|
-
|
-
|
- |
53
|
-
|
-
|
- | - |
Legal service fees
|
-
|
-
|
- |
-
|
-
|
(312)
|
- | - | ||
Fundación IRSA
|
(4)
|
Reimbursement of expenses
|
-
|
-
|
- |
37
|
-
|
-
|
- | - |
Donations
|
-
|
-
|
- |
-
|
-
|
(2)
|
- | - | ||
Museo de los Niños
|
(4)
|
Reimbursement of expenses
|
-
|
-
|
- |
33
|
-
|
(12)
|
- | - |
Directors
|
(5)
|
Reimbursement of expenses
|
-
|
-
|
- |
157
|
-
|
-
|
- | - |
Fees
|
-
|
-
|
- |
18,400
|
-
|
(23,625)
|
- | - | ||
Guarantee deposits
|
-
|
-
|
- |
-
|
(8)
|
-
|
- | - | ||
Quality Invest S.A.
|
(9)
|
Reimbursement of expenses
|
-
|
- | - |
6
|
-
|
-
|
- | - |
Management fee
|
-
|
- | - |
-
|
-
|
(49)
|
- | - | ||
New Lipstick LLC
|
(4)
|
Reimbursement of expenses
|
-
|
- | - |
1,127
|
-
|
-
|
- | - |
Banco Hipotecario S.A.
|
(4)
|
Dividends
|
- | - |
-
|
5,120
|
- |
-
|
-
|
-
|
Reimbursement of expenses |
-
|
- |
-
|
-
|
- |
(55)
|
-
|
-
|
||
Manibil S.A.
|
(3)
|
Dividends
|
- | - |
-
|
3,332
|
- |
-
|
-
|
-
|
Cyrsa S.A.
|
(2)
|
Reimbursement of expenses |
-
|
- |
-
|
473
|
- |
(2)
|
-
|
-
|
Borrowings
|
- | - |
-
|
-
|
- |
-
|
-
|
(49,040)
|
||
Tarshop S.A.
|
(7)
|
Reimbursement of expenses |
-
|
- |
-
|
10
|
- |
-
|
-
|
-
|
Alto Palermo S.A.
|
(3)
|
Reimbursement of expenses |
-
|
- |
-
|
369
|
- |
-
|
-
|
-
|
Convertible Notes 2014
|
149,075
|
2,981
|
-
|
-
|
- |
-
|
-
|
-
|
||
Other liabilities
|
- | - |
-
|
-
|
- |
-
|
-
|
(320)
|
||
Share services
|
- | - |
-
|
1,563
|
- |
(569)
|
-
|
-
|
||
Reimbursement of expenses |
-
|
- |
-
|
1,845
|
- |
(132)
|
-
|
-
|
||
Doneldon S.A.
|
(3)
|
Reimbursement of expenses |
-
|
- |
-
|
10
|
- |
-
|
-
|
-
|
Arcos del Gourmet S.A.
|
(6)
|
Reimbursement of expenses |
-
|
- |
-
|
5
|
- |
-
|
-
|
-
|
E-Commerce Latina S.A.
|
(3)
|
Reimbursement of expenses |
-
|
- |
-
|
12
|
- |
-
|
-
|
-
|
Borrowings
|
- | - |
-
|
-
|
- |
-
|
(5,451)
|
-
|
||
Efanur S.A.
|
(3)
|
Reimbursement of expenses |
-
|
- |
-
|
25
|
- |
-
|
-
|
-
|
Borrowings
|
- | - |
39,677
|
-
|
- |
-
|
-
|
-
|
27.
|
Related party transactions (Continued)
|
Related party
|
Reference
|
Description of transaction
|
Non-current Investments
|
Current Investments
|
Trade and other receivables
non-current
|
Trade and others receivables
current
|
Trade and other payables
non-current
|
Trade and other payables
current
|
Borrowings
Non-current
|
Borrowings
Current
|
Emprendimientos Recoleta S.A. |
(6)
|
Reimbursement of expenses
|
-
|
-
|
-
|
-
|
-
|
(1)
|
-
|
-
|
Non Convertible Note IRSA Class I 2017
|
-
|
-
|
-
|
-
|
-
|
-
|
(6,170)
|
(148)
|
||
Fibesa S.A.
|
(6)
|
Reimbursement of expenses
|
-
|
-
|
-
|
105
|
-
|
(5)
|
-
|
-
|
Hoteles Argentinos S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
25
|
-
|
(942)
|
-
|
-
|
Imadison LLC
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
774
|
-
|
-
|
-
|
-
|
Inversora Bolivar S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
47
|
-
|
(67)
|
-
|
-
|
Borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
(6,232)
|
-
|
||
IRSA International LLC
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
839
|
-
|
(627)
|
-
|
-
|
Jiwin S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
2
|
-
|
-
|
-
|
-
|
Llao Llao Resorts S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
2,033
|
(8)
|
(6)
|
-
|
-
|
Other receivables
|
-
|
-
|
-
|
200
|
-
|
-
|
-
|
-
|
||
Borrowings
|
-
|
-
|
-
|
1,295
|
-
|
-
|
-
|
-
|
||
Nuevas Fronteras S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
5
|
-
|
-
|
-
|
-
|
Management Fees
|
-
|
-
|
-
|
106
|
-
|
-
|
-
|
-
|
||
Other liabilities
|
-
|
-
|
-
|
-
|
-
|
(393)
|
-
|
-
|
||
Borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(28,416)
|
||
Palermo Invest S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
32
|
-
|
-
|
-
|
-
|
Borrowings
|
-
|
-
|
78
|
-
|
-
|
-
|
-
|
(7)
|
||
Panamerican Mall S.A.
|
(6)
|
Reimbursement of expenses
|
-
|
-
|
-
|
93
|
-
|
-
|
-
|
-
|
Non Convertible Note IRSA Class I 2017
|
-
|
-
|
-
|
-
|
-
|
-
|
(10,505)
|
(252)
|
||
Real Estate Investment Group LP
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
33
|
-
|
(24)
|
-
|
-
|
Real Estate Investment Group LPV
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
11
|
-
|
-
|
-
|
-
|
Real Estate Strategies Group LP
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
1,175
|
-
|
-
|
-
|
-
|
27.
|
Related party transactions (Continued)
|
Related party
|
Reference
|
Description of transaction
|
Non-current Investments
|
Current Investments
|
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
|
Ritelco S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
15
|
-
|
-
|
-
|
-
|
Other liabilities
|
-
|
-
|
-
|
-
|
-
|
(15)
|
-
|
-
|
||
Borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
(37,633)
|
(414)
|
||
Sedelor S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
8
|
-
|
-
|
-
|
-
|
Solares Santa María S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
3,095
|
-
|
-
|
-
|
-
|
Borrowings
|
-
|
-
|
4
|
3,660
|
-
|
-
|
-
|
-
|
||
Torodur S.A.
|
(6)
|
Reimbursement of expenses
|
-
|
-
|
-
|
144
|
-
|
-
|
-
|
-
|
Tyrus S:A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
93
|
-
|
-
|
-
|
-
|
Borrowings
|
-
|
-
|
23,485
|
-
|
-
|
-
|
-
|
-
|
||
Unicity S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
5
|
-
|
-
|
-
|
-
|
Zetol S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
117
|
-
|
-
|
-
|
-
|
Codalis S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
17
|
-
|
-
|
-
|
-
|
Canteras Natal Crespo S.A.
|
(2)
|
Reimbursement of expenses
|
-
|
-
|
-
|
520
|
-
|
-
|
-
|
-
|
Borrowings
|
-
|
-
|
-
|
90
|
-
|
-
|
-
|
-
|
||
Management fees
|
-
|
-
|
-
|
458
|
-
|
-
|
-
|
-
|
||
Baicom Networks S.A.
|
(2)
|
Reimbursement of expenses
|
-
|
-
|
-
|
130
|
-
|
-
|
-
|
-
|
Puerto Retiro S.A.
|
(8)
|
Reimbursement of expenses
|
-
|
-
|
-
|
151
|
-
|
-
|
-
|
-
|
Cactus Argentina S.A.
|
(4)
|
Reimbursement of expenses
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Cresud S.A.C.I.F. y A.
|
(1)
|
Reimbursement of expenses
|
-
|
-
|
-
|
4,586
|
-
|
(275)
|
-
|
-
|
Share services
|
-
|
-
|
-
|
2,846
|
-
|
(13,570)
|
-
|
-
|
||
Office leases
|
-
|
-
|
-
|
750
|
-
|
-
|
-
|
-
|
||
Borrowings
|
-
|
-
|
-
|
188
|
-
|
-
|
-
|
-
|
||
Sale of properties
|
-
|
-
|
-
|
701
|
-
|
-
|
-
|
-
|
||
Futuros y Opciones .Com S.A.
|
(4)
|
Reimbursement of expenses
|
-
|
-
|
-
|
-
|
-
|
(2)
|
-
|
-
|
Alafox S.A.
|
(3)
|
Reimbursement of expenses
|
-
|
-
|
-
|
18
|
-
|
-
|
-
|
-
|
Military S.A.
|
(4)
|
Reimbursement of expenses
|
-
|
-
|
-
|
18
|
-
|
-
|
-
|
-
|
Helmir S.A.
|
(4)
|
Reimbursement of expenses
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
-
|
Total
|
149,075
|
2,981
|
63,244
|
59,251
|
(16)
|
(40,698)
|
(65,991)
|
(78,597)
|
27.
|
Related party transactions (Continued)
|
Related party
|
Reference
|
Leases
|
Fees
|
Income from services and share expenses
|
Legal services
|
Interest
Income / (Loss)
|
Alto Palermo S.A.
|
(3)
|
1,135
|
675
|
110
|
-
|
3,555
|
Canteras Natal Crespo S.A.
|
(2)
|
-
|
-
|
24
|
-
|
3
|
Cresud S.A.C.I.F. y A.
|
(1)
|
272
|
-
|
(6,045)
|
-
|
-
|
Cyrsa S.A.
|
(2)
|
-
|
-
|
-
|
-
|
(608)
|
Directores
|
(5)
|
-
|
(560)
|
-
|
-
|
-
|
E-Commerce Latina S.A.
|
(3)
|
-
|
-
|
2
|
-
|
(95)
|
Estudio Zang, Bergel & Viñes
|
(5)
|
-
|
-
|
-
|
(129)
|
-
|
Fibesa S.A.
|
(6)
|
216
|
-
|
19
|
-
|
-
|
Inversora Bolivar S.A.
|
(3)
|
-
|
-
|
-
|
-
|
(110)
|
Llao Llao Resorts S.A.
|
(3)
|
25
|
-
|
-
|
-
|
44
|
Nuevas Fronteras S.A.
|
(3)
|
-
|
-
|
137
|
-
|
(331)
|
Palermo Invest S.A.
|
(3)
|
-
|
-
|
-
|
-
|
9
|
Ritelco S.A.
|
(3)
|
-
|
-
|
-
|
-
|
(159)
|
Tarshop S.A.
|
(7)
|
651
|
-
|
-
|
-
|
-
|
Panamerican Mall S.A.
|
(6)
|
-
|
-
|
-
|
-
|
(53)
|
Total
|
2,299
|
115
|
(5,753)
|
(129)
|
2,255
|
(1)
|
Shareholder
|
(2)
|
Joint venture
|
(3)
|
Subsidiary
|
(4)
|
Associete
|
(5)
|
Related to the Board of Directors.
|
(6)
|
Subsidiary of APSA
|
(7)
|
Associate of APSA
|
(8)
|
Joint venture through Inversora Bolívar S.A.
|
(9)
|
Joint venture of APSA
|
28.
|
Events after the date of the statement of financial position
|
1.
|
Most relevant accounting policies
|
2.
|
Acquisitions and disposals
|
3.
|
Financial Risk Management
|
(a)
|
Market risk management
|
3.
|
Financial risk management (Continued)
|
3.
|
Financial risk management (Continued)
|
June 30, 2012
|
||||
Borrowings per currency
|
Argentine Peso
|
|||
Fixed rate:
|
||||
Argentine Peso
|
30,335 | |||
US Dollar
|
1,586,815 | |||
Subtotal fixed-rate borrowings
|
1,617,150 | |||
Floating rate:
|
||||
Argentine Peso
|
347,935 | |||
US Dollar
|
36,689 | |||
Subtotal floating-rate borrowings
|
384,624 | |||
Total borrowings as per analysis
|
2,001,774 | |||
Finance leases
|
210 | |||
Total Borrowings in the statement of financial position
|
2,001,984 |
3.
|
Financial risk management (Continued)
|
(b)
|
Credit risk management
|
3.
|
Financial risk management (Continued)
|
(c)
|
Liquidity risk management
|
At June 30, 2012
|
Less than 1 year
|
Between 1 and 2 years
|
Between 2 and 3 years
|
Between 3 and 4 years
|
More than 4 years
|
Total
|
||||||||||||||||||
Trade and other payables
|
83,702 | 6,587 | 71 | 266 | 266 | 90,892 | ||||||||||||||||||
Borrowings (excluiding finance lease liabilities)
|
565,418 | 305,339 | 170,705 | 134,231 | 1,765,346 | 2,941,039 | ||||||||||||||||||
Finance leases
|
165 | 43 | 17 | - | - | 225 | ||||||||||||||||||
Total year
|
649,285 | 311,969 | 170,793 | 134,497 | 1,765,612 | 3,032,156 |
At July 1, 2011
|
Less than 1 year
|
Between 1 and 2 years
|
Between 2 and 3 years
|
Between 3 and 4 years
|
More than 4 years
|
Total
|
||||||||||||||||||
Trade and other payables
|
34,867 | 1,584 | 2,240 | 1,020 | 231 | 39,942 | ||||||||||||||||||
Borrowings
|
272,749 | 153,433 | 122,583 | 159,464 | 1,722,731 | 2,430,960 | ||||||||||||||||||
Total year
|
307,616 | 155,017 | 124,823 | 160,484 | 1,722,962 | 2,470,902 |
3.
|
Financial risk management (Continued)
|
d)
|
Capital risk management
|
06.30.2012 | 07.01.2011 | |||||||
Gearing ratio (i)
|
43.04 | % | 39.87 | % | ||||
Debt ratio (ii)
|
222.64 | % | 194.91 | % |
(i)
|
Calculated as total debt (including current and non-current borrowings) divided by total capital (including equity plus total debt). Share of joint ventures is not considered in the calculation.
|
(ii)
|
Calculated as total debt divided by total of investment property (including trading property and investment property). Share of joint ventures is not considered in the calculation.
|
4.
|
Significant judgments, key assumptions and estimates
|
4.
|
Significant judgments, key assumptions and estimates(Continued)
|
4.1.
|
Certain critical accounting estimates and assumptions
|
4.2.
|
Significant judgments in the process of applying the Company’s accounting policies
|
5.
|
Information about main subsidiaries, associates and joint ventures
|
6.
|
Investment properties
|
Office buildings and other rental properties portfolio
|
Plot of land
|
Total
|
||||||||||
At July 1, 2011
|
||||||||||||
Cost
|
938,892 | 112,356 | 1,051,248 | |||||||||
Accumulated depreciation
|
(125,342 | ) | - | (125,342 | ) | |||||||
Net book amount
|
813,550 | 112,356 | 925,906 | |||||||||
Year ended June 30, 2012:
|
||||||||||||
Opening net book amount
|
813,550 | 112,356 | 925,906 | |||||||||
Additions
|
5,857 | 6,486 | 12,343 | |||||||||
Disposals
|
(26,079 | ) | (1,286 | ) | (27,365 | ) | ||||||
Depreciation (i) (Note 26)
|
(20,451 | ) | - | (20,451 | ) | |||||||
Net book amount at year end
|
772,877 | 117,556 | 890,433 |
06.30.2012 | ||||
Rental and service income
|
230,134 | |||
Direct operating expenses
|
85,545 |
06.30.2012 | 07.01.2011 | |||||||
República building
|
212,163 | 215,646 | ||||||
Total
|
212,163 | 215,646 |
7.
|
Property, plant and equipment
|
Other buildings and facilities
|
Furniture and fixtures
|
Machinery and equipment
|
Vehicules
|
Others | ||||||||||||||||
At July 1, 2011
|
||||||||||||||||||||
Cost
|
17,965 | 5,276 | 10,834 | 221 | 34,296 | |||||||||||||||
Accumulated depreciation
|
(11,184 | ) | (2,565 | ) | (10,188 | ) | (221 | ) | (24,158 | ) | ||||||||||
Net book amount
|
6,781 | 2,711 | 646 | - | 10,138 | |||||||||||||||
Year ended June 30, 2012
|
||||||||||||||||||||
Opening net book amount
|
6,781 | 2,711 | 646 | - | 10,138 | |||||||||||||||
Additions
|
628 | 140 | 1,937 | - | 2,705 | |||||||||||||||
Disposals
|
- | (2,366 | ) | - | - | (2,366 | ) | |||||||||||||
Depreciation charge (i) (Note 31)
|
(467 | ) | (46 | ) | (1,199 | ) | - | (1,712 | ) | |||||||||||
Net book amount at year end
|
6,942 | 439 | 1,384 | - | 8,765 |
(i)
|
The depreciation charges of property, plant and equipment were included in “General and administrative expenses” and “Costs” (Note 26).
|
7.
|
Property, plant and equipment(Continued)
|
06.30.2012 | ||||
Cost –Capital leases
|
225 | |||
Accumulated depreciation
|
(15 | ) | ||
Net book amount
|
210 |
8.
|
Trading Properties
|
Completed properties
|
Properties under development
|
Undeveloped sites
|
Total
|
|||||||||||||
At July 1, 2011
|
14,342 | 51,999 | 9,751 | 76,092 | ||||||||||||
Additions
|
1,680 | 206 | - | 1,886 | ||||||||||||
Disposals
|
(6,861 | ) | - | - | (6,861 | ) | ||||||||||
At June 30, 2012
|
9,161 | 52,205 | 9,751 | 71,117 |
9.
|
Intangible assets
|
Goodwill
|
Computer Software
|
Total
|
||||||||||
At July 1, 2011
|
||||||||||||
Cost
|
8,432 | 735 | 9,167 | |||||||||
Accumulated amortization
|
- | (443 | ) | (443 | ) | |||||||
Net book amount
|
8,432 | 292 | 8,724 | |||||||||
Year ended June 30, 2012
|
||||||||||||
Opening net book amount
|
8,432 | 292 | 8,724 | |||||||||
Additions
|
- | 1,188 | 1,188 | |||||||||
Disposals
|
(2,951 | ) | - | (2,951 | ) | |||||||
Amortization charge (i) (Note 26)
|
- | (974 | ) | (974 | ) | |||||||
Net book amount at year end
|
5,481 | 506 | 5,987 |
(i)
|
Amortization charges are included within “General and administrative expenses” (Note 26). There are no depreciation charges.
|
10.
|
Inventories
|
11.
|
Financial instruments by category
|
11.
|
Financial instruments by category(Continued)
|
Financial assets at amortized cost
|
Financial assets at fair value through profit or loss
|
Subtotal financial assets
|
Non-financial assets
|
Total
|
||||||||||||||||
July 30, 2012
|
||||||||||||||||||||
Assets as per statement of financial position
|
||||||||||||||||||||
Trade and other receivables (Note 12)
|
123,653 | - | 123,653 | 83,650 | 207,303 | |||||||||||||||
Investments in financial assets (Note 13)
|
150,213 | 34,061 | 184,274 | - | 184,274 | |||||||||||||||
Cash and cash equivalents (Note 14)
|
76,404 | 468 | 76,872 | - | 76,872 | |||||||||||||||
Total
|
350,270 | 34,529 | 384,799 | 83,650 | 468,449 |
Financial liabilities at amortized cost
|
Financial liabilities at fair value
|
Subtotal financial liabilities
|
Non-financial liabilities
|
Total
|
||||||||||||||||
Liabilities as per statement of financial position
|
||||||||||||||||||||
Trade and other payables (Note 15)
|
89,594 | - | 89,594 | 30,333 | 119,927 | |||||||||||||||
Borrowings (excluding finance lease liabilities) (Nota 18)
|
2,001,774 | - | 2,001,774 | - | 2,001,774 | |||||||||||||||
Finance leases (Nota 18)
|
210 | - | 210 | - | 210 | |||||||||||||||
Total
|
2,091,578 | - | 2,091,578 | 30,333 | 2,121,911 |
11.
|
Financial instruments by category (Continued)
|
Financial assets at amortized cost
|
Financial assets at fair value through profit or loss
|
Subtotal financial assets
|
Non-financial assets
|
Total
|
||||||||||||||||
July 1, 2011:
|
||||||||||||||||||||
Assets as per statement of financial position
|
||||||||||||||||||||
Trade and other receivables (Note 12)
|
123,054 | - | 123,054 | 64,118 | 187,172 | |||||||||||||||
Investments in financial assets (Note 13)
|
149,672 | 23,787 | 173,459 | - | 173,459 | |||||||||||||||
Cash and cash equivalents (Note 14)
|
27,276 | 17,887 | 45,163 | - | 45,163 | |||||||||||||||
Total
|
300,002 | 41,674 | 341,676 | 64,118 | 405,794 |
Financial liabilities at amortized cost
|
Financial liabilities at fair value
|
Subtotal financial liabilities
|
Non-financial liabilities
|
Total
|
||||||||||||||||
Liabilities as per statement of financial position
|
||||||||||||||||||||
Trade and other payables (Note 15)
|
38,644 | - | 38,644 | 19,081 | 57,725 | |||||||||||||||
Borrowings (Note 18)
|
1,824,445 | - | 1,824,445 | - | 1,824,445 | |||||||||||||||
Total
|
1,863,089 | - | 1,863,089 | 19,081 | 1,882,170 |
11.
|
Financial instruments by category (Continued)
|
Financial assets at amortized cost
|
Financial assets at fair value through profit or loss
|
Financial liabilities at amortized cost
|
Financial liabilities at fair value
|
Total
|
||||||||||||||||
June 30, 2012
|
||||||||||||||||||||
Interest income (i)
|
20,509 | - | - | - | 20,509 | |||||||||||||||
Interest expense (i)
|
- | - | (227,840 | ) | - | (227,840 | ) | |||||||||||||
Foreign exchange gains/ (losses) (i)
|
7,608 | 20,445 | (149,284 | ) | - | (121,231 | ) | |||||||||||||
Dividends received (i)
|
2,133 | - | - | - | 2,133 | |||||||||||||||
Loss from derivative financial instruments (i)
|
- | (815 | ) | - | - | (815 | ) | |||||||||||||
Fair value losses on financial assets at fair value through profit or loss (i)
|
- | (7,250 | ) | - | - | (7,250 | ) | |||||||||||||
Net result
|
30,250 | 12,380 | (377,124 | ) | - | (334,494 | ) |
(i)
|
Included in “Financial results, net “in the statement of income.
|
06.30.2012 | ||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Financial assets at fair value through profit or loss:
|
||||||||||||||||
- Investment in equity securities in TGLT S.A. (i)
|
- | 86 | - | 86 | ||||||||||||
- Investment in equity securities in Hersha (ii)
|
19,608 | - | - | 19,608 | ||||||||||||
- Other equity securities in public companies
|
11,864 | - | - | 11,864 | ||||||||||||
- Mutual funds
|
2,962 | - | - | 2,962 | ||||||||||||
- Government bonds
|
9 | - | - | 9 | ||||||||||||
Total Assets
|
34,443 | 86 | - | 34,529 | ||||||||||||
Liabilities
|
||||||||||||||||
Derivative financial instruments:
|
||||||||||||||||
- Foreign currency-contracts
|
- | - | - | - | ||||||||||||
Total liabilities
|
- | - | - | - |
11.
|
Financial instruments by category (Continued)
|
07.01.2011 | ||||||||||||||||
Nivel 1
|
Nivel 2
|
Nivel 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Financial assets at fair value through profit or loss:
|
||||||||||||||||
- Investment in equity securities in TGLT S.A. (i)
|
105 | - | - | 105 | ||||||||||||
- Investment in equity securities in Hersha
|
18,337 | - | - | 18,337 | ||||||||||||
- Other equity securities in public companies
|
3,163 | - | - | 3,163 | ||||||||||||
- Mutual funds
|
20,057 | - | - | 20,057 | ||||||||||||
- Government bonds
|
12 | - | - | 12 | ||||||||||||
Total assets
|
41,674 | - | - | 41,674 |
(i)
|
During the year ended June 30, 2012, TGLT was transferred from level 1 to 2.
|
12.
|
Trade and other receivables
|
06.30.2012 | 07.01.2011 | |||||||
Argentine Peso
|
118,719 | 106,262 | ||||||
US Dollar
|
88,584 | 80,910 | ||||||
207,303 | 187,172 |
12.
|
Trade and other receivables (Continued)
|
Past due
|
||||||||||||||||||||||||
Up to 3 months
|
3 to 6 months
|
Over 6 months
|
To mature
|
Allowance
|
Total
|
|||||||||||||||||||
Leases and services
|
3,615 | 1,144 | 42 | 14,435 | 4,395 | 23,631 | ||||||||||||||||||
Sale of properties
|
3,531 | 16 | 671 | 15,056 | 388 | 19,662 | ||||||||||||||||||
Total as of June 30, 2012
|
7,146 | 1,160 | 713 | 29,491 | 4,783 | 43,293 | ||||||||||||||||||
Leases and services
|
- | - | - | 9,978 | 9,312 | 19,290 | ||||||||||||||||||
Sale of properties
|
1,719 | - | 406 | 29,351 | 510 | 31,986 | ||||||||||||||||||
Total as of July 1, 2011
|
1,719 | - | 406 | 39,329 | 9,822 | 51,276 |
12.
|
Trade and other receivables (Continued)
|
13.
|
Investments in financial assets
|
06.30.2012 | 07.01.2011 | |||||||
Currency
|
||||||||
Argentine Peso
|
9,399 | 4,026 | ||||||
US Dollar
|
168,683 | 166,541 | ||||||
Other currencies
|
6,192 | 2,892 | ||||||
184,274 | 173,459 |
14.
|
Cash and cash equivalents
|
15.
|
Trade and other payables
|
Currency
|
06.30.2012 | 07.01.2011 | ||||||
Argentine Peso
|
107,649 | 49,696 | ||||||
US Dollar
|
12,278 | 7,881 | ||||||
Other currencies
|
- | 148 | ||||||
119,927 | 57,725 |
16.
|
Payroll and social security liabilities
|
17.
|
Provisions
|
18.
|
Borrowings
|
18.
|
Borrowings (Continued)
|
06.30.2012 | 07.01.2011 | |||||||
Fixed rate:
|
||||||||
Less than one year
|
96,086 | 62,539 | ||||||
Between 1 and 2 years
|
114,869 | 27,585 | ||||||
Between 3 and 4 years
|
59 | - | ||||||
Between 4 and 5 years
|
689,495 | - | ||||||
More than 5 years
|
666,008 | 1,220,300 | ||||||
1,566,517 | 1,310,424 | |||||||
Floating rate:
|
||||||||
Less than one year
|
293,818 | 50,134 | ||||||
Between 1 and 2 years
|
51,055 | - | ||||||
Between 2 and 3 years
|
36,279 | - | ||||||
Between 3 and 4 years
|
- | 55,139 | ||||||
381,152 | 105,273 |
Not accrue interest
|
||||||||
Less than one year
|
61,501 | 418,513 | ||||||
Between 1 and 2 years
|
(227 | ) | - | |||||
Between 2 and 3 years
|
- | - | ||||||
Between 3 and 4 years
|
(6 | ) | - | |||||
Between 4 and 5 years
|
(7,163 | ) | (9,765 | ) | ||||
More than 5 years
|
54,105 | 408,748 | ||||||
2,001,774 | 1,824,445 |
18.
|
Borrowings (Continued)
|
06.30.2012 | 07.01.2011 | |||||||
Non-convertible notes IRSA 2017
|
559,217 | 634,962 | ||||||
Non-convertible notes IRSA 2020
|
559,540 | 709,102 | ||||||
1,118,757 | 1,344,064 |
06.30.2012 | 07.01.2011 | |||||||
Not later than 1 year
|
165 | - | ||||||
Later than 1 year and not later than 5 years
|
60 | - | ||||||
- | ||||||||
Finance charges on
|
(15 | ) | - | |||||
Present value of finance lease liabilities
|
210 | - |
18.
|
Borrowings (Continued)
|
06.30.2012 | 07.01.2011 | |||||||
Not later than 1 year
|
157 | - | ||||||
Later than 1 year and not later than 5 years
|
53 | - | ||||||
Present value of finance lease liabilities
|
210 | - |
19.
|
Employee benefits
|
20.
|
Share-based payments
|
21.
|
Current and deferred income taxes
|
06.30.2012 | ||||
Current Income Tax
|
- | |||
Deferred income tax
|
60,284 | |||
Income Tax
|
60,284 |
06.30.2012 | 07.01.2011 | |||||||
Deferred income tax asset to be recovered after more than 12 months
|
52,048 | 32,618 | ||||||
Deferred income tax asset to be recovered within 12 months
|
1,013 | 683 | ||||||
Deferred income tax assets
|
53,061 | 33,301 |
06.30.2012 | 07.01.2011 | |||||||
Deferred income tax liabilities to be recovered after more than 12 months
|
(72,235 | ) | (110,017 | ) | ||||
Deferred income tax liabilities to be recovered within 12 months
|
(6 | ) | (2,748 | ) | ||||
Deferred income tax liabilities
|
(72,241 | ) | (112,765 | ) |
Deferred income tax asset
|
Tax loss carry-forward
|
Others
|
Total
|
|||||||||
At July 1, 2011
|
32,143 | 1,158 | 33,301 | |||||||||
Charged / (credited) to the statement of income
|
15,064 | 4,696 | 19,760 | |||||||||
At June 30, 2012
|
47,207 | 5,854 | 53,061 |
21.
|
Current and deferred income taxes (Continued)
|
Deferred income tax liabilities
|
Investment properties
|
Investments
|
Financial Liabilities
|
Others
|
Total
|
|||||||||||||||
At July 1, 2011
|
(73,402 | ) | (9,695 | ) | (7,579 | ) | (22,089 | ) | (112,765 | ) | ||||||||||
Charged / (credited) to the statement of income
|
10,860 | 9,695 | (593 | ) | 20,562 | 40,524 | ||||||||||||||
At June 30, 2012
|
(62,542 | ) | - | (8,172 | ) | (1,527 | ) | (72,241 | ) |
Amount
|
Date of generation
|
Date of expiration
|
||||||||
48,966 | 2011 | 2016 | ||||||||
85,911 | 2012 | 2017 | ||||||||
134,877 |
06.30.2012 | ||||
Tax calculated at the tax rates applicable to profits
|
(50,262 | ) | ||
Permanent differences at tax date:
|
||||
Share of profit from subsidiaries, associates and joint ventures
|
102,548 | |||
Non-deductible items
|
(328 | ) | ||
Others
|
8,326 | |||
Tax Income
|
60,284 |
22.
|
Leases
|
06.30.2012 | 07.01.2011 | |||||||
No later than 1 year
|
172 | 312 | ||||||
Later than one year and not later than five years
|
114 | 104 | ||||||
286 | 416 |
23.
|
Equity
|
24.
|
Revenues
|
06.30.2012 | ||||
Base rent
|
172,736 | |||
Property management fee
|
3,281 | |||
Expenses
|
57,398 | |||
Total Rental and service income
|
233,415 | |||
Sale of trading properties
|
19,879 | |||
Others
|
157 | |||
Total other revenue
|
20,036 | |||
Total Revenues
|
253,451 |
25.
|
Costs
|
06.30.2012 | ||||
Service charge expense and other operating costs
|
85,545 | |||
Total property operating costs
|
85,545 | |||
Cost of sale of trading properties
|
8,055 | |||
Total other costs
|
8,055 | |||
Total costs (Note 27)
|
93,600 |
26.
|
Expenses by nature
|
Costs
|
||||||||||||||||||||
Cost of sale and development
|
Cost of leases and services
|
General and administrative expenses
|
Selling expenses
|
Total
|
||||||||||||||||
Leases, service charges and vacant property cost
|
1,590 | 11,903 | 911 | 13 | 14,417 | |||||||||||||||
Depreciation and amortization
|
- | 20,837 | 2,300 | - | 23,137 | |||||||||||||||
provisions for impairment of receivables (charge and recovery)
|
- | - | - | 405 | 405 | |||||||||||||||
Advertising and other selling expenses
|
- | - | - | 4,948 | 4,948 | |||||||||||||||
Taxes, rates and contributions
|
969 | 9,896 | 286 | 6,624 | 17,775 | |||||||||||||||
Maintenance, security, cleaning, repairs and others
|
39 | 29,786 | 1,838 | 155 | 31,818 | |||||||||||||||
Fees and payments for services
|
296 | 1,526 | 9,798 | 1,454 | 13,074 | |||||||||||||||
Director´s fees
|
- | - | 23,275 | - | 23,275 | |||||||||||||||
Salaries, social security costs and other personnel administrative expenses
|
92 | 11,319 | 27,821 | 5,337 | 44,569 | |||||||||||||||
Cost of sale of properties
|
5,065 | - | - | - | 5,065 | |||||||||||||||
Others
|
4 | 278 | 1,912 | 206 | 2,400 | |||||||||||||||
Total
|
8,055 | 85,545 | 68,141 | 19,142 | 180,883 |
27.
|
Employee costs
|
06.30.2012 | ||||
Salaries, bonuses and social security costs
|
43,531 | |||
Share-based compensation
|
551 | |||
Pension costs-defined contribution plan
|
487 | |||
Employee costs
|
44,569 |
28.
|
Other operating income (expenses), net
|
06.30.2012 | ||||
Gain from the sale of Joint Ventures
|
23,670 | |||
Donations
|
(3,320 | ) | ||
Lawsuits and other contingencies
|
(5,967 | ) | ||
Unrecoverable VAT
|
(2,222 | ) | ||
Tax on personal assets
|
(3,227 | ) | ||
Project Analysis and Assessment
|
(1,580 | ) | ||
Others
|
2,973 | |||
Total other operating income, net
|
10,327 |
29.
|
Financial results, net
|
06.30.2012 | ||||
Financial income:
|
||||
- Interest income
|
20,509 | |||
- Foreign exchange gain, net
|
28,053 | |||
Finance income
|
48,562 |
Finance costs:
|
||||
- Interest expense
|
(227,840 | ) | ||
- Foreign exchange losses, net
|
(149,284 | ) | ||
- Fair value gains of financial assets at fair value through profit or loss
|
(7,250 | ) | ||
- Loss from derivative financial instrument
|
(815 | ) | ||
- Other finance costs
|
(12,342 | ) | ||
Finance costs
|
(397,531 | ) | ||
Total financial result, net
|
(348,969 | ) |
30.
|
Earnings per share
|
31.
|
Barters
|
1.
|
Specific and significant legal systems that imply contingent lapsing or rebirth of benefits envisaged by such provisions.
|
2.
|
Significant changes in the Company´s activities or other similar circumstances that occurred during the fiscal years included in the financial statements, which affect their comparison with financial statements filed in previous fiscal years, or that could affect those to be filed in future fiscal years.
|
3.
|
Receivables and liabilities by maturity date.
|
Items
|
Falling due
(Point 3.a.)
|
Without term (Point 3.b.)
|
Without term (Point 3.b.)
|
To be due (Point 3.c.)
|
Total
|
||||||||||||||||||||||||||||||||||||||||||||
09.30.12 |
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
|
|||||||||||||||||||||||||||||||||||||||
Accounts receivable, net
|
Trade and other receivables
|
18,558 | 284 | 72,324 | 77,360 | 1,719 | 754 | 3,014 | 74,635 | 423 | 685 | - | 249,756 | ||||||||||||||||||||||||||||||||||||
Total
|
18,558 | 284 | 72,324 | 77,360 | 1,719 | 754 | 3,014 | 74,635 | 423 | 685 | - | 249,756 | |||||||||||||||||||||||||||||||||||||
Liabilities
|
Trade and other payables
|
- | - | 3 | 111,580 | - | - | - | 2,498 | 27 | 13,771 | 4,471 | 132,35 | ||||||||||||||||||||||||||||||||||||
Borrowings
|
- | - | - | 310,015 | 64,121 | 65,485 | 116,949 | 88,530 | 75,644 | - | 1,352,545 | 2,073,289 | |||||||||||||||||||||||||||||||||||||
Provisions
|
- | - | - | 884 | - | - | - | 8,014 | - | - | - | 8,898 | |||||||||||||||||||||||||||||||||||||
Payroll and social security liabilities
|
- | - | - | 3,530 | - | - | - | - | - | - | - | 3,530 | |||||||||||||||||||||||||||||||||||||
Total
|
- | - | 3 | 426,009 | 64,121 | 65,485 | 116,949 | 99,042 | 75,671 | 13,771 | 1,357,016 | 2,218,067 |
4.a.
|
Breakdown of accounts receivable and liabilities by currency and maturity.
|
Concepts
|
Current | Non-current |
Totals
|
||||||||||||||||||||||||||||||||||
Local currency
|
Foreign currency
|
Total
|
Local currency
|
Foreign currency
|
Total
|
Local currency
|
Foreign currency
|
Total
|
|||||||||||||||||||||||||||||
Accounts receivable, net
|
Trade and other receivables
|
56,132 | 45,557 | 101,689 | 88,915 | 59,152 | 148,067 | 145,047 | 104,709 | 249,756 | |||||||||||||||||||||||||||
Total
|
56,132 | 45,557 | 101,689 | 88,915 | 59,152 | 148,067 | 145,047 | 104,709 | 249,756 | ||||||||||||||||||||||||||||
Liabilities
|
Trade and other payables
|
84,768 | 26,812 | 111,580 | 20,770 | - | 20,770 | 105,538 | 26,812 | 132,350 | |||||||||||||||||||||||||||
Borrowings
|
425,808 | 130,762 | 556,570 | 43,089 | 1,473,630 | 1,516,719 | 468,897 | 1,604,392 | 2,073,289 | ||||||||||||||||||||||||||||
Payroll and social security liabilities
|
3,530 | - | 3,530 | - | - | - | 3,530 | - | 3,530 | ||||||||||||||||||||||||||||
Provisions
|
884 | - | 884 | 8,014 | - | 8,014 | 8,898 | - | 8,898 | ||||||||||||||||||||||||||||
Total
|
514,990 | 157,574 | 672,564 | 71,873 | 1,473,630 | 1,545,503 | 586,863 | 1,631,204 | 2,218,067 |
4.b.
|
Breakdown of accounts receivable and liabilities by adjustment clause.
|
4.c.
|
Breakdown of accounts receivable and liabilities by interest clause.
|
Concepts
|
Current
|
Non-current
|
Accruing interest
|
||||||||||||||||||||||||||||||||||||||||||||||
Accruing interest
|
Non-accruing interest
|
Total
|
Accruing interest
|
Non-accruing interest
|
Total
|
Fixed rate
|
Floating rate
|
NonAccruing interest
|
Total
|
||||||||||||||||||||||||||||||||||||||||
Fixed rate
|
Floating rate
|
Fixed rate
|
Floating rate
|
||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net
|
Trade and other receivables
|
- | - | 101,689 | 101,689 | - | - | 148,067 | 148,067 | - | - | 249,756 | 249,756 | ||||||||||||||||||||||||||||||||||||
Total
|
- | - | 101,689 | 101,689 | - | - | 148,067 | 148,067 | - | - | 249,756 | 249,756 | |||||||||||||||||||||||||||||||||||||
Liabilities
|
Trade and other payables
|
- | - | 111,580 | 111,580 | - | - | 105,538 | 105,538 | - | - | 217,118 | 217,118 | ||||||||||||||||||||||||||||||||||||
Borrowings
|
271,756 | 155,443 | 129,371 | 556,570 | 1,467,403 | - | 49,316 | 1,516,719 | 1,739,159 | 155,443 | 178,687 | 2,073,289 | |||||||||||||||||||||||||||||||||||||
Payroll and social security liabilities
|
- | - | 3,530 | 3,530 | - | - | 3,530 | 3,530 | - | - | 7,060 | 7,060 | |||||||||||||||||||||||||||||||||||||
Provisions
|
- | - | 884 | 884 | - | - | 8,898 | 8,898 | - | - | 9,782 | 9,782 | |||||||||||||||||||||||||||||||||||||
Total
|
271,756 | 155,443 | 245,365 | 672,564 | 1,467,403 | - | 167,282 | 1,634,685 | 1,739,159 | 155,443 | 412,647 | 2,307,249 |
5.
|
Related parties.
|
Name of the entity
|
% of ownership interest held by the Group
|
|||
Direct Controlling interest of IRSA:
|
||||
Alafox S.A.
|
100.00 | % | ||
APSA
|
95.64 | % | ||
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 | % |
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
|
79,637 | 212,039 |
All operational risk with additional coverage and minor risks
|
||||||
BOUCHARD 551
|
63,303 | 146,496 |
All operational risk with additional coverage and minor risks
|
||||||
TORRE BANKBOSTON
|
69,800 | 155,799 |
All operational risk with additional coverage and minor risks
|
||||||
BOUCHARD 710
|
32,716 | 63,508 |
All operational risk with additional coverage and minor risks
|
||||||
LIBERTADOR 498
|
3,423 | 9,718 |
All operational risk with additional coverage and minor risks
|
||||||
MAIPU 1300
|
21,312 | 35,867 |
All operational risk with additional coverage and minor risks
|
||||||
SUIPACHA 652
|
14,084 | 10,145 |
All operational risk with additional coverage and minor risks
|
||||||
DIQUE IV
|
5,261 | 60,529 |
All operational risk with additional coverage and minor risks
|
||||||
AVDA. DE MAYO 595
|
4,255 | 4,079 |
All operational risk with additional coverage and minor risks
|
||||||
MUSEO RENAULT
|
3,212 | 2,927 |
All operational risk with additional coverage and minor risks
|
||||||
MADERO 1020
|
179 | 181 |
All operational risk with additional coverage and minor risks
|
||||||
RIVADAVIA 2768
|
305 | 172 |
All operational risk with additional coverage and minor risks
|
||||||
CONSTITUCIÓN 1159
|
79 | 6,387 |
All operational risk with additional coverage and minor risks
|
||||||
CONSTITUCIÓN 1111
|
79 | 822 |
All operational risk with additional coverage and minor risks
|
||||||
SARMIENTO 517
|
264 | 237 |
All operational risk with additional coverage and minor risks
|
||||||
CASONA ABRIL
|
9,713 | 2,374 |
All operational risk with additional coverage and minor risks
|
||||||
SUBTOTAL
|
307,622 | 711,280 | |||||||
SINGLE POLICY
|
15,000 | - |
Third party liability
|
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
|
09.30.12 | 06.30.12 | 07.01.11 | ||||||||||
Non-Current Assets
|
6,000,517 | 6,050,293 | 5,812,347 | |||||||||
Current Assets
|
1,063,544 | 839,328 | 819,565 | |||||||||
7,064,061 | 6,889,621 | 6,631,912 | ||||||||||
Non-Current Liabilities
|
2,673,818 | 2,644,108 | 2,372,540 | |||||||||
Current Liabilities
|
1,296,277 | 1,205,744 | 1,176,759 | |||||||||
3,970,095 | 3,849,852 | 3,549,299 | ||||||||||
Non-controlling interest
|
391,659 | 390,428 | 331,609 | |||||||||
Shareholders’ Equity
|
2,702,307 | 2,649,341 | 2,751,004 | |||||||||
Total
|
7,064,061 | 6,889,621 | 6,631,912 |
3.
|
Comparative summarized consolidated income structure
|
09.30.12 | 09.30.11 | |||||||
Operating result
|
197,942 | 173,985 | ||||||
Share of profit / (loss) of associates and joint ventures
|
16,696 | (17,276 | ) | |||||
Profit Before Financing and Taxation
|
214,638 | 156,709 | ||||||
Finance income
|
69,634 | 16,086 | ||||||
Finance cost
|
(197,837 | ) | (299,980 | ) | ||||
Financial loss, net
|
(128,203 | ) | (283,894 | ) | ||||
Profit / (Loss) Before Income Tax
|
86,435 | (127,185 | ) | |||||
Income tax
|
(35,625 | ) | (20,677 | ) | ||||
Net income for the period
|
50,810 | (147,862 | ) | |||||
Attributable to:
|
||||||||
Equity holders of the parent
|
41,142 | (112,029 | ) | |||||
Non-controlling interest
|
9,668 | (35,833 | ) |
4.
|
Statistical data as compared with the same period of previous year.
|
09.30.12 | 09.30.11 | |||||||
Apartments & Loft Buildings
|
||||||||
Torres Jardín
|
- | - | ||||||
Torres de Abasto (1)
|
- | - | ||||||
Caballito Nuevo
|
- | 2,755 | ||||||
Edificios Cruceros
|
- | - | ||||||
Torres Renoir
|
- | - | ||||||
Torres Renoir II
|
- | - | ||||||
Alto Palermo Park
|
811 | - | ||||||
San Martín de Tours
|
- | 371 | ||||||
Caballito plot of land
|
- | - | ||||||
Torres de Rosario
|
1,925 | 21,204 | ||||||
Libertador 1703 y 1755 (Horizons)
|
44,886 | 25,656 | ||||||
Others
|
- | - | ||||||
Residential Communities
|
||||||||
Abril / Baldovinos (2)
|
1,113 | - | ||||||
El Encuentro
|
3,750 | 5,432 | ||||||
Villa Celina I, II y III
|
- | - | ||||||
Undeveloped plot of lands
|
||||||||
Pereiraola
|
- | - | ||||||
Santa María del Plata
|
- | - | ||||||
Rosario plot of land (1)
|
- | - | ||||||
Caballito Mz 35 (1)
|
- | - | ||||||
Neuquén (1)
|
- | - | ||||||
Aguero 596 (1)
|
- | - | ||||||
Canteras Natal
|
18 | 16 | ||||||
C.Gardel 3134 (1)
|
- | - | ||||||
Thames
|
- | - | ||||||
C.Gardel 3128 (1)
|
- | - | ||||||
Beruti plot of land (1)
|
- | - | ||||||
Club de Campo Valle Escondido (1)
|
- | - | ||||||
Mendoza plot of land
|
- | - | ||||||
Torres Jardín IV
|
- | - | ||||||
Others
|
||||||||
Dique III
|
- | - | ||||||
Bouchard 551
|
- | - | ||||||
Madero 1020
|
- | - | ||||||
Della Paoleras 265
|
- | - | ||||||
Madero 942
|
- | - | ||||||
Dock del Plata
|
- | - | ||||||
Libertador 498
|
- | - | ||||||
Edificios Costeros
|
- | - | ||||||
Sarmiento 517
|
- | - | ||||||
Libertador 602
|
- | - | ||||||
Laminar
|
- | - | ||||||
Museo Renault
|
- | - | ||||||
Reconquista 823
|
- | - | ||||||
Locales Crucero I
|
- | - | ||||||
Others
|
- | - | ||||||
52,503 | 55,434 |
5.
|
Key ratios as compared.
|
09.30.2012 | 06.30.2012 | |||||||||
Liquidity
|
||||||||||
Current assets
|
1,063,544 |
=0.82
|
839,328 |
=0.70
|
||||||
Current liabilities
|
1,296,277 | 1,205,744 | ||||||||
Debt
|
||||||||||
Total liabilities
|
3,970,095 |
=1.47
|
3,849,852 |
=1.45
|
||||||
Shareholders’ Equity
|
2,702,307 | 2,649,341 | ||||||||
Solvency
|
||||||||||
Shareholders’ Equity
|
2,702,307 |
=0.68
|
2,649,341 |
=0.69
|
||||||
Total liabilities
|
3,970,095 | 3,849,852 | ||||||||
Non-Current Assets to total Assets
|
||||||||||
Non-Current Assets
|
6,000,517 |
=0.85
|
6,050,293 |
=0.88
|
||||||
Total assets
|
7,064,061 | 6,889,621 | ||||||||
6.
|
Brief comment on the outlook for the coming period.
|
·
|
Joint businesses: Whereas under ARG GAAP, businesses in which the company holds an equity interest of 50% and exercises joint control are consolidated in proportion to the interest held by it, under IFRS they cannot be consolidated, and results are recorded as “Income/loss from interests in equity investees and joint businesses”. However, upon analyzing results by segment these impacts are proportionally consolidated. This impacts on various joint businesses that include developments, such as for example: La Ribera Shopping, Horizons and certain land reserves. A conciliation between the company’s income statements by segment and its consolidated income statement is included.
|
·
|
Changes in real property: Under IFRS the item “Investment Properties” is added, where we will include properties intended to generate rental income and other properties without a specific intended use or still undeveloped. “Property, Plant and Equipment” will continue to record our hotels. “Properties for sale” will record properties intended for sale and receivables arising from barter agreements.
|
·
|
Changes in the recognition of income from real property sales: Under IFRS, income will be recognized from the moment all risks and benefits associated to the property sold have been effectively transferred. In this sense, net realizable value recognition after the execution of a preliminary sales agreement is not allowed, and both the sale and income are generally recorded at the time of execution of the title deed. Finally, when properties under construction are sold, income recognition using the degree of progress method is not allowed (unless certain conditions set forth in the IFRS are met); and income is generally recognized at the time of execution of the title deed.
|
·
|
Impacts on Leases: Under IFRS revenues related to leases including stepwise increases (as is mainly the case in Shopping Centers and Offices) must be recognized under the straight-line method over the contract term. The same treatment applies to income from fees charged to third parties in connection with such contracts and related direct costs.
|
·
|
Investments in Financial Instruments: The company holds shares in Hersha (NASDAQ:HT), Supertel (NASDAQ:SPPR) and through Alto Palermo, in TGLT (BASE:TGLT). Under ARG GAAP, these financial assets were valued at historical incurred cost; however, under IFRS, they must be valued at market value. This implies that stock price variations will impact on our Income Statement.
|
·
|
Equity investees: The company has a direct interest in Banco Hipotecario (BASE:BHIP) and an indirect interest in Tarshop. These companies are recognized in our financial statements under the equity method. However, under IFRS, the equity value of such companies will vary according to changes in the valuation of Allowances for Loan Losses, the method for recognizing Revenues related to lending activities and the treatment of Financial trusts.
|
·
|
Business Combinations: Under IFRS, no negative goodwill may be recorded as a result of the acquisition and combination of businesses (when the price paid is lower than the price paid for the assets). Any combination prior to June 30, 2011 will not be revised, only those assets and liabilities whose recognition is not permitted under IFRS will be adjusted. The direct expenses related to the acquisition of companies or operating assets cannot be capitalized. They will be recognized in profit & loss at the time they are incurred. Goodwill resulting from new acquisitions of interests in companies in which the purchaser already holds a controlling stake are directly recognized in shareholders’ equity, with no impact on profit & loss.
|
·
|
Common maintenance expenses and Common Promotional Fund: Under IFRS, third-party common maintenance expense funds and common promotional funds are included in revenues and costs. Under ARG GAAP, the net result of these transactions was recorded.
|
Consolidated Results*
|
In ARS MM
|
IQ 13
|
IQ 12
|
YoY var
|
|||||||||
Revenues
|
486.3 | 431.6 | 12.7 | % | ||||||||
Operating Income
|
197.9 | 174.0 | 13.7 | % | ||||||||
Depreciation and Amortization
|
50.4 | 43.7 | 15.3 | % | ||||||||
EBITDA1
|
248.3 | 217.7 | 14.1 | % | ||||||||
Income for the Period
|
50.8 | -147.9 | - |
„
|
Revenues and EBITDA for the first quarter of fiscal year 2013 were 12.7% and 14.1% higher than in the same quarter of 2012, mainly due to an increase in the Shopping Centers and Offices segments, offset by lower revenues from the Sales and Developments and Hotels segments.
|
„
|
Net Income for the first three months of fiscal year 2013 was ARS 50.8 million compared to –147.9 recorded in the same period of 2012, mainly due to lower financial charges and higher income from Banco Hipotecario S.A. and the value of the option in Hersha, which is recorded at market value and reflects a higher value as the share price rises.
|
Shopping Centers (in ARS MM)
|
IQ 13
|
IQ 12
|
YoY Var
|
|||||||||
Revenues
|
358.8 | 304.6 | 17.8 | % | ||||||||
Operating Income
|
156.8 | 141.6 | 10.7 | % | ||||||||
Depreciation and Amortization
|
31.6 | 34.4 | 14.5 | % | ||||||||
EBITDA
|
194.4 | 176.0 | 10.9 | % |
Shopping Center Operating Indicators
|
IQ 13
|
IVQ 12
|
IIIQ 12
|
IIQ 12
|
IQ 12
|
|||||||||||||||
Total Leasable Area (sqm)[2]
|
309,021 | 309,021 | 307,685 | 308,597 | 307,233 | |||||||||||||||
Tenants’ Sales
(ARS MM, 12-month cumulative)
|
10,471 | 9,966 | 9,393 | 8,975 | 8,316 | |||||||||||||||
Tenants’ Sales in the same Shopping Centers (ARS MM, 12-month cumulative) [1]
|
10,037 | 9,577 | 9,056 | 8,689 | 7,027 | |||||||||||||||
Occupancy [2]
|
98.4 | % | 98.4 | % | 97.8 | % | 97.7 | % | 97.7 | % |
(1)
|
Excludes “Soleil” and “Ribera Shopping” Shopping Centers.
|
(2)
|
As of period-end. Percentage over total leasable area.
|
►
|
During the first quarter of fiscal year 2013, shopping center tenant sales amounted to ARS 2,791 million (a 22.1% increase as compared to the same period of the previous year). This increase was led by the strong growth experienced by the shopping centers located in greater Buenos Aires and in the interior of the country.
|
►
|
The EBITDA/Revenue margin for the first quarter of fiscal year 2013 excluding revenues from common maintenance expenses and common promotional fund reached 80.0%, in line with the previous fiscal year.
|
►
|
Total portfolio occupancy stood at 98.4%, 0.7 percentage points above the figure recorded in the same quarter of 2012.
|
Date of
Acquisition
|
Gross Leaseable Area sqm (1)
|
APSA’s Effective Interest (3)
|
Occupancy Rate (2)
|
Accumulated Leases
|
Book Value
ARS thousands (5)
|
|||||||||||||||||||||||
Shopping Centers (6)
|
IQ 13
|
IQ 12
|
||||||||||||||||||||||||||
Alto Palermo
|
11/97 | 18,701 | 100.0 | % | 98.9 | % | 62,369 | 48,573 | 249,816 | |||||||||||||||||||
Abasto Shopping (7)
|
07/94 | 37,711 | 100.0 | % | 100.0 | % | 57,664 | 49,796 | 309,641 | |||||||||||||||||||
Alto Avellaneda
|
11/97 | 36,943 | 100.0 | % | 97.6 | % | 43,410 | 35,629 | 152,746 | |||||||||||||||||||
Paseo Alcorta
|
06/97 | 14,107 | 100.0 | % | 100.0 | % | 28,005 | 22,630 | 129,233 | |||||||||||||||||||
Patio Bullrich
|
10/98 | 11,684 | 100.0 | % | 100.0 | % | 24,308 | 21,154 | 131,168 | |||||||||||||||||||
Alto Noa Shopping
|
03/95 | 19,038 | 100.0 | % | 99.7 | % | 10,464 | 10,903 | 38,074 | |||||||||||||||||||
Buenos Aires Design
|
11/97 | 13,769 | 53.7 | % | 93.1 | % | 9,440 | 8,908 | 14,069 | |||||||||||||||||||
Alto Rosario Shopping (7)
|
11/04 | 27,691 | 100.0 | % | 97.9 | % | 26,538 | 21,471 | 134,586 | |||||||||||||||||||
Mendoza Plaza Shopping
|
12/94 | 42,237 | 100.0 | % | 96.2 | % | 24,576 | 19,668 | 121,623 | |||||||||||||||||||
Fibesa and Other (8)
|
- | N/A | 100.0 | % | N/A | 5,325 | 8,726 | - | ||||||||||||||||||||
Dot Baires Shopping
|
05/09 | 49,527 | 80.0 | % | 99.9 | % | 40,826 | 37,084 | 472,874 | |||||||||||||||||||
Córdoba Shopping Villa Cabrera
|
12/06 | 15,191 | 100.0 | % | 100.0 | % | 13,210 | 11,046 | 76,044 | |||||||||||||||||||
Soleil
|
07/10 | 14,712 | 100.0 | % | 97.1 | % | 9,990 | 8,347 | 78,819 | |||||||||||||||||||
La Ribera Shopping
|
08/11 | 7,710 | 50.0 | % | 98.7 | % | 2,717 | 525 | 19,330 | |||||||||||||||||||
TOTAL SHOPPING CENTERS
|
309.021 | 98.4 | % | 358,842 | 304,460 | 1,928,023 | ||||||||||||||||||||||
TOTAL (9)
|
309,021 | 98.4 | % | 358,842 | 304,460 | 1,928,023 |
Notes:
|
(1) Corresponds to total leaseable 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) APSA’s effective interest in each of its business units. IRSA has a 95.61% interest in APSA.
|
(4) Corresponds to total leases consolidated as per IFRS.
|
(5) Cost of acquisition plus improvements less accumulated depreciation, plus adjustment for inflation, less allowance for impairment in value, plus recovery of allowances, if applicable. Excludes works in progress.
|
(6) Through Alto Palermo S.A.-
|
(7) Excludes Museo de los niños (3,732 in Abasto and 1,261 in Alto Rosario).
|
(8) Includes revenues from Fibesa S.A., Comercializadora Los Altos S.A. (merged with Fibesa S.A.), and others.
|
(9) Corresponds to the “shopping centers” business unit mentioned in Note 3 to the Consolidated Financial Statements.
|
Accumulated tenants’ sales as of September 30 (3 months) for the fiscal periods (In millions of ARS)
|
||||||||
Shopping Center
|
2012
|
2011
|
||||||
Alto Palermo
|
355.30 | 308.54 | ||||||
Abasto Shopping
|
438.98 | 364.26 | ||||||
Alto Avellaneda
|
422.95 | 320.61 | ||||||
Paseo Alcorta
|
175.07 | 152.81 | ||||||
Patio Bullrich
|
123.45 | 122.17 | ||||||
Alto Noa Shopping
|
140.16 | 114.46 | ||||||
Buenos Aires Design
|
57.22 | 59.09 | ||||||
Alto Rosario Shopping
|
243.13 | 190.04 | ||||||
Mendoza Plaza Shopping
|
269.44 | 214.72 | ||||||
Córdoba Shopping
|
95.93 | 78.10 | ||||||
Dot Baires Shopping
|
345.88 | 283.26 | ||||||
Soleil
|
70.15 | 62.50 | ||||||
Total
|
2,791.20 | 2,286.80 |
Accumulated tenants’ sales as of September 30 (3 months) for the fiscal periods (in ARS million)
|
||||||||
Type of Business
|
2012
|
2011
|
||||||
Anchor Store
|
187.97 | 161.33 | ||||||
Clothes and Footwear
|
1,316.56 | 1,097.47 | ||||||
Entertainment
|
134.97 | 94.30 | ||||||
Home
|
520.96 | 418.22 | ||||||
Restaurant
|
288.37 | 232.83 | ||||||
Miscellaneous
|
325.63 | 270.74 | ||||||
Services
|
16.56 | 11.81 | ||||||
Total
|
2,791.20 | 2,286.80 |
Accumulated Rental Income as of September 30 (3 months) for the fiscal periods (In millions of ARS)
|
||||||||
Shopping Center
|
2012
|
2011
|
||||||
Alto Palermo
|
62,369 | 48,573 | ||||||
Abasto Shopping
|
57,664 | 49,796 | ||||||
Alto Avellaneda
|
43,410 | 35,629 | ||||||
Paseo Alcorta
|
28,005 | 22,630 | ||||||
Patio Bullrich
|
24,308 | 21,154 | ||||||
Alto Noa Shopping
|
10,464 | 10,903 | ||||||
Buenos Aires Design
|
9,440 | 8,908 | ||||||
Alto Rosario Shopping
|
26,538 | 21,471 | ||||||
Mendoza Plaza Shopping
|
24,576 | 19,668 | ||||||
Córdoba Shopping
|
13,210 | 11,046 | ||||||
Dot Baires Shopping [2]
|
40,826 | 37,084 | ||||||
Soleil
|
9,990 | 8,347 | ||||||
La Ribera Shopping [3]
|
2,717 | 525 | ||||||
Total
|
358,842 | 304,460 |
[1] Corresponds to total leases consolidated as per IFRS.
|
[2] Excludes revenues from office space.
|
[3] APSA took possession of this Shopping Center on August 15, 2011
|
[4] Includes revenues from Fibesa S.A., Comercializadora Los Altos S.A. (merged with Fibesa S.A.), and others.
|
Detailed Revenues
|
IQ13
|
IQ12
|
||||||
Base Rent
|
132,646 | 104,145 | ||||||
Percentage Rate
|
56,671 | 52,645 | ||||||
Total Rent
|
189,317 | 156,790 | ||||||
Admission Rights
|
24,110 | 19,819 | ||||||
Leveling of stepwise rental payments
|
871 | 6,829 | ||||||
Fees
|
8,888 | 7,023 | ||||||
Parking
|
15,090 | 10,890 | ||||||
Management fees
|
4,144 | 3,195 | ||||||
Common maintenance expenses and Commonpromotional fund
|
115,713 | 97,746 | ||||||
Other
|
709 | 2,168 | ||||||
Total Revenues
|
358,842 | 304,460 |
In ARS MM
|
IQ 13
|
IQ 12
|
YoY var
|
|||||||||
Revenues
|
70.3 | 58.1 | 20.9 | % | ||||||||
Operating Income
|
29.4 | 24.6 | 19.5 | % | ||||||||
Depreciation and Amortization
|
8.8 | 6.5 | 35.4 | % | ||||||||
EBITDA
|
38.2 | 31.1 | 22.8 | % |
IQ13
|
IQ 12
|
|||||||
Occupancy
|
97.5 | % | 93.1 | % | ||||
Monthly Revenues (USD/Leased sqm)
|
26.9 | 24.6 |
„
|
Revenues from the Office segment increased by 20.9% in the first quarter of fiscal year 2013, whereas operating income grew by 19.5%. This improvement in the level of activity of offices has been mainly driven by the 100% occupancy of the new building “Dot Building” and occupancy of certain floors in other buildings that were vacant in the first quarter of 2012.
|
„
|
The portfolio’s occupancy level reached 97.5% during the period under review, 4.4 percentage points higher than the one recorded in the previous fiscal year. The entire portfolio’s rental prices increased, reaching 27 USD / sqm. This reflects the soundness of our assets, which are located in the best areas of Downtown Buenos Aires.
|
„
|
The EBITDA/Revenue margin, excluding revenues from maintenance expenses stood at 68.0% in the first quarter of 2013, compared to 53.5% in the same quarter of 2012.
|
„
|
During this quarter, IRSA continued with its strategy to dispose of non-strategic assets, taking advantage of the strength of prices in the Argentine real estate market. In this context, we sold 2 floors of the Building known as “El Rulero” and 2 floors of “La Nación” building for very attractive prices. The proceeds from these sales were recorded in the “Sales and Developments” segment.
|
Date of Acquisition
|
Gross Leasable Area (sqm) (1)
|
Occupancy Rate (2)
|
IRSA’s Effective Interest
|
Monthly Rental Income (In thousands of ARS) (3)
|
Annual accumulated rental income over fiscal periods (in thousands of ARS) (4)
|
Book Value (in thousands of ARS)
|
||
Sep-12
|
2013
|
2012
|
||||||
Offices
|
||||||||
Edificio República
|
04/28/08
|
19,884
|
90%
|
100%
|
2,474
|
10,694
|
8,921
|
211,055
|
Torre Bankboston
|
08/27/07
|
14,873
|
100%
|
100%
|
2,179
|
8,652
|
6,005
|
149,178
|
Bouchard 551
|
03/15/07
|
21,021
|
100%
|
100%
|
2,332
|
10,775
|
8,727
|
125,130
|
Intercontinental Plaza
|
11/18/97
|
22,535
|
100%
|
100%
|
2,376
|
10,720
|
8,811
|
74,192
|
Bouchard 710
|
06/01/05
|
15,014
|
100%
|
100%
|
2,062
|
7,920
|
6,168
|
63,978
|
Dique IV, Juana Manso 295 (10)
|
12/02/97
|
11,298
|
92%
|
100%
|
1,444
|
5,415
|
5,371
|
59,592
|
Maipú 1300
|
09/28/95
|
10,280
|
98%
|
100%
|
1,176
|
5,032
|
4,533
|
35,776
|
Costeros Dique IV
|
08/29/01
|
734
|
100%
|
100%
|
77
|
-480
|
1,473
|
2,667
|
Libertador 498
|
12/20/95
|
1,857
|
100%
|
100%
|
349
|
1,310
|
1,383
|
7,599
|
Suipacha 652/64
|
11/22/91
|
11,453
|
90%
|
100%
|
687
|
2,623
|
2,338
|
9,776
|
Madero 1020
|
12/21/95
|
-
|
-
|
100%
|
5
|
6
|
9
|
171
|
Dot Building (13)
|
11/28/06
|
11,242
|
100%
|
96%
|
970
|
4,446
|
1,460
|
105,147
|
Other Offices (6)
|
N/A
|
2,232
|
88%
|
N/A
|
185
|
554
|
746
|
|
Subtotal Offices
|
142,423
|
97%
|
N/A
|
16,316
|
67,667
|
55,945
|
||
Other Properties
|
||||||||
Commercial Properties (7)
|
N/A
|
312
|
-
|
N/A
|
-
|
1
|
15
|
|
Museo Renault
|
12/06/07
|
-
|
-
|
100%
|
-
|
-
|
-
|
-
|
Santa María del Plata S.A.
|
07/10/97
|
60,100
|
100%
|
100%
|
103
|
324
|
288
|
12,494
|
Thames
|
11/01/97
|
-
|
-
|
100%
|
-
|
-
|
-
|
-
|
Nobleza Piccardo
|
05/31/11
|
80,028
|
100%
|
50%
|
1,485
|
2,048
|
1,965
|
68,094
|
Terreno Catalinas Norte (12)
|
12/17/09
|
N/A
|
N/A
|
N/A
|
N/A
|
-
|
-
|
109,165
|
Other Properties(8)
|
N/A
|
2,072
|
100%
|
N/A
|
15
|
289
|
- 44
|
|
Subtotal Other Properties
|
142,512
|
100%
|
N/A
|
1,603
|
2,662
|
2,224
|
||
Management Fees (11)
|
N/A
|
N/A
|
N/A
|
|||||
TOTAL OFFICES AND OTHER (9)
|
284,935
|
98%
|
N/A
|
17,919
|
70,329
|
58,169
|
Notes:
|
(1) Total leaseable area for each property as of September 30, 2012. Excludes common areas and parking.
|
(2) Calculated dividing occupied square meters by leaseable area as of September 30, 2012.
|
(3) Agreements in force as of September 30, 2012 for each property were computed.
|
(4) Total leases consolidated by application of the method under Technical Resolution 21.
|
(5) Cost of acquisition, plus improvements, less accumulated depreciation, plus adjustment for inflation, less allowance for impairment.
|
(6) Includes the following properties: Madero 942 (fully sold), Av. de Mayo 595, Av. Libertador 602 (fully sold), Rivadavia 2774, Sarmiento 517, Dock del Plata (fully sold), Edificio Costeros (fully sold), Laminar (fully sold) and Reconquista 823/41 (fully sold).
|
(7) Includes the following properties: Constitución 1111, Crucero I (fully sold); Retail stores in Abril (wholly assigned) and Casona de Abril.
|
(8) Includes the following properties: Constitución 1159 and Dique III (fully sold) and Canteras.
|
(9) Corresponds to the “Offices and other non-shopping center rental properties” business unit mentioned in Note 3 to the Consolidated Financial Statements.
|
(10) The building was occupied in May 2009.
|
(11) Revenues from building management fees.
|
(12) Includes other income from lease of parking spaces.
|
(13) Through Alto Palermo S.A. – The building has income as from August 2010.
|
Sales and Developments in ARS MM
|
IQ 13
|
IQ 12
|
YoY var
|
|||||||||
Revenues
|
52.5 | 55.4 | -5.3 | % | ||||||||
Operating Income
|
30.2 | 11.2 | 169.6 | % | ||||||||
Depreciation and Amortization
|
- | 24.3 | -14.9 | % | ||||||||
EBITDA
|
30.2 | 35.5 | 170.0 | % |
►
|
During IQ 13, sales totaled ARS 52,5 million, mainly explained by the recognition of revenues for ARS 44.8 million from “Horizons” project and ARS 3.7 million from “El Encuentro” project, representing a fall of 5.3% from the same quarter of 2012 mainly due to the fact that in the previous fiscal year revenues for ARS 21.2 million from the sale of parcels in the Rosario development had been recorded.
|
DEVELOPMENT
|
Date of Acquisition
|
Estimated / Real Cost (in thousands of ARS) (1)
|
Area intended for sale (sqm) (2)
|
Total Units / Lots (3)
|
IRSA’s Effective Interest
|
Percentage Built
|
Percentage Sold (4)
|
Accumulated Sales (in thousands of ARS) (5)
|
Accumulated Sales as of September 30 of Fiscal Years (in thousands of ARS) (6)
|
Book Value (In thousands of ARS) (7)
|
|
2013
|
2012
|
||||||||||
Residential Apartments
|
|||||||||||
Torres Renoir (15)
|
09/09/99
|
22,861
|
5,383
|
28
|
100.00%
|
100.00%
|
100.00%
|
53,940
|
-
|
||
Caballito Nuevo (16)
|
11/03/97
|
-
|
2,907
|
19
|
100.00%
|
100.00%
|
81.18%
|
48,418
|
2,755
|
2,150
|
|
Torres de Rosario (8) (15)
|
04/30/99
|
-
|
4,681
|
73
|
95.59%
|
100.00%
|
3.08%
|
12,673
|
1,952
|
21,204
|
11,333
|
Libertador 1703 and 1755 (Horizons) (14) (17)
|
01/16/07
|
399,355
|
44,648
|
467
|
50.00%
|
100.00%
|
100.00%
|
169,034
|
44,858
|
25,655
|
74,984
|
Torres Jardín
|
07/18/96
|
56,579
|
32,339
|
490
|
100.00%
|
100.00%
|
99.90%
|
71,180
|
6
|
||
Plot of Land Caballito
|
6,945
|
210
|
100.00%
|
0.00%
|
0.00%
|
-
|
52,205
|
||||
Torres de Abasto (8)
|
07/17/94
|
74,810
|
35,630
|
545
|
95.59%
|
100.00%
|
100.00%
|
109,880
|
-
|
-
|
|
Edificios Cruceros
|
07/22/03
|
5,740
|
3,633
|
40
|
100.00%
|
100.00%
|
100.00%
|
19,793
|
-
|
||
San Martín de Tours
|
03/2003
|
12,171
|
2,766
|
20
|
100.00%
|
100.00%
|
96.59%
|
12,958
|
371
|
124
|
|
Rivadavia 2768
|
05/21/09
|
251
|
264
|
1
|
100.00%
|
100.00%
|
0.00%
|
-
|
251
|
||
Alto Palermo Park
|
11/18/97
|
35,956
|
10,488
|
72
|
100.00%
|
100.00%
|
100.00%
|
48,731
|
811
|
-
|
|
Minetti D
|
12/20/96
|
15,069
|
6,913
|
70
|
100.00%
|
100.00%
|
100.00%
|
11,875
|
-
|
||
Dorrego 1916
|
31,101
|
18,061
|
162
|
100.00%
|
100.00%
|
100.00%
|
36,158
|
-
|
|||
Plots of Land Pereiraola
|
04/21/10
|
-
|
39,601
|
50
|
100.00%
|
0.00%
|
0.00%
|
-
|
8,200
|
||
Units to be received in Beruti (8)
|
1,982
|
95.59%
|
0.00%
|
0.00%
|
-
|
23,608
|
|||||
Padilla 902
|
07/21/97
|
-
|
125
|
-
|
100.00%
|
N/A
|
100.00%
|
320
|
|||
Other Residential Apartments (9)
|
N/A
|
231,677
|
158,747
|
1,660
|
310,895
|
811
|
84,394
|
||||
Subtotal Residential Apartments
|
653,893
|
216,365
|
2,247
|
594,959
|
47,621
|
49,985
|
172,861
|
||||
Residential Communities
|
|||||||||||
Abril/Baldovinos (10)
|
01/03/95
|
130,955
|
2,853
|
2
|
100.00%
|
100.00%
|
99.50%
|
238,175
|
1,113
|
521
|
|
El Encuentro (18)
|
11/18/97
|
-
|
18,732
|
16
|
100.00%
|
100.00%
|
64.24%
|
17,492
|
3,750
|
5,432
|
2,275
|
Villa Celina I, II y III
|
05/26/92
|
4,742
|
75,970
|
219
|
100.00%
|
100.00%
|
100.00%
|
14,028
|
-
|
||
Subtotal Residential Communities
|
135,697
|
97,555
|
237
|
269,695
|
4,863
|
5,432
|
2,796
|
||||
Land Reserve
|
|||||||||||
Puerto Retiro
|
05/18/97
|
82,051
|
-
|
50.00%
|
0.00%
|
0.00%
|
-
|
54,270
|
|||
Santa María del Plata
|
07/10/97
|
715,951
|
-
|
100.00%
|
0.00%
|
10.00%
|
-
|
158,951
|
|||
Pereiraola
|
12/16/96
|
1,299,630
|
-
|
100.00%
|
0.00%
|
100.00%
|
46,311
|
-
|
|||
Plot of Land Rosario (8)
|
04/30/99
|
31,000
|
-
|
95.59%
|
0.00%
|
100.00%
|
38,345
|
-
|
|||
Plot of Land Caballito
|
11/03/97
|
7,451
|
-
|
100.00%
|
0.00%
|
100.00%
|
-
|
-
|
|||
Neuquén (8)
|
07/06/99
|
4,332
|
1
|
95.59%
|
0.00%
|
100.00%
|
-
|
22.963
|
|||
Plot of Land Baicom
|
12/23/09
|
6,905
|
-
|
50.00%
|
0.00%
|
0.00%
|
-
|
4,459
|
|||
Canteras Natal Crespo
|
07/27/05
|
4,300,000
|
-
|
50.00%
|
0.00%
|
0.00%
|
354
|
18
|
16
|
5,971
|
|
Thames
|
11/01/97
|
100.00%
|
0.00%
|
100.00%
|
20,022
|
||||||
UOM Lujan
|
1,160,000
|
-
|
41,508
|
||||||||
Plot of Land Beruti (8)
|
06/24/08
|
3,207
|
-
|
95.59%
|
0.00%
|
100.00%
|
-
|
-
|
|||
Pilar
|
05/29/97
|
740,237
|
-
|
100.00%
|
0.00%
|
0.00%
|
-
|
1,550
|
|||
Coto Air Space (8)
|
09/24/97
|
24,000
|
-
|
95.59%
|
0.00%
|
0.00%
|
-
|
8,946
|
|||
Torres Jardín IV
|
07/18/96
|
3,176
|
-
|
100.00%
|
0.00%
|
100.00%
|
-
|
-
|
|||
Plot of Land Caballito (8)
|
10/22/98
|
23,389
|
-
|
95.59%
|
0.00%
|
0.00%
|
-
|
45,814
|
|||
Patio Olmos (8)
|
09/25/07
|
5,147
|
-
|
95.59%
|
100.00%
|
0.00%
|
-
|
32,939
|
|||
Plot of Land Pontevedra
|
02/28/98
|
730,995
|
-
|
100.00%
|
0.00%
|
0.00%
|
-
|
918
|
|||
Soleil Air Space(8)
|
95.59%
|
0.00%
|
0.00%
|
-
|
6,676
|
||||||
Plot of Land Isla Sirgadero
|
02/16/07
|
8,360,000
|
-
|
100.00%
|
0.00%
|
0.00%
|
-
|
2,895
|
|||
Plot of Land San Luis
|
03/31/08
|
3,250,523
|
-
|
100.00%
|
0.00%
|
0.00%
|
-
|
1,584
|
|||
Plot of Land Mariano Acosta
|
02/28/98
|
967,290
|
-
|
100.00%
|
0.00%
|
0.00%
|
-
|
804
|
|||
Intercontinental Plaza II
|
02/28/98
|
6,135
|
-
|
100.00%
|
0.00%
|
0.00%
|
-
|
1,564
|
|||
Merlo
|
02/28/98
|
1,004,987
|
-
|
100.00%
|
0.00%
|
0.00%
|
-
|
639
|
|||
Plots of Land Zetol (15)
|
06/01/09
|
Liveck
|
62,756
|
-
|
90.00%
|
0.00%
|
0.00%
|
-
|
39,092
|
||
Plots of Land Vista al Muelle (15)
|
06/01/09
|
Liveck
|
62,740
|
-
|
90.00%
|
0.00%
|
0.00%
|
-
|
27,499
|
||
C.Gardel 3134 (8)
|
12/01/94
|
195
|
-
|
95.59%
|
0.00%
|
100.00%
|
-
|
-
|
|||
C.Gardel 3128 (8)
|
12/01/94
|
187
|
-
|
95.59%
|
0.00%
|
100.00%
|
-
|
-
|
|||
Plot of Land Mendoza
|
06/01/05
|
-
|
3,567
|
1
|
95.59%
|
100.00%
|
100.00%
|
1,172
|
-
|
||
Aguero 596 (8)
|
-
|
-
|
95.59%
|
0.00%
|
100.00%
|
1,041
|
-
|
||||
Zelaya 3102 (8)
|
07/01/05
|
340
|
-
|
95.59%
|
0.00%
|
0.00%
|
-
|
1,722
|
|||
Zelaya 3101
|
47
|
2
|
-
|
-
|
|||||||
Club de Campo Valle Escondido (8)
|
3,066
|
0.00%
|
100.00%
|
-
|
-
|
||||||
Others APSA (8)
|
-
|
-
|
95.59%
|
0.00%
|
0.00%
|
-
|
-
|
||||
Conil (8)
|
07/19/96
|
2,407
|
-
|
95.59%
|
0.00%
|
0.00%
|
-
|
1,681
|
|||
Other Land Reserves (11)
|
N/A
|
14,455,235
|
3
|
2,213
|
-
|
85,075
|
|||||
Subtotal Land Reserves
|
22,861,711
|
4
|
107,245
|
18
|
16
|
439,483
|
|||||
Others
|
|||||||||||
Fees, recovered common maintenance expenses and recovered stamp taxes |
969
|
-
|
|||||||||
Others (12)
|
N/A
|
-
|
N/A
|
N/A
|
N/A
|
N/A
|
969
|
-
|
-
|
||
Subtotal Others
|
-
|
969
|
-
|
-
|
-
|
||||||
SUBTOTAL
|
789,590
|
23,175,631
|
2,488
|
972,868
|
52,502
|
55,433
|
615,140
|
||||
Management Fees
|
|||||||||||
TOTAL (13)
|
789,590
|
23,175,631
|
2,488
|
972,868
|
52,502
|
55,433
|
615,140
|
Notes:
|
(1) Cost of acquisition plus total investment made and/or planned for residential property and residential community projects already developed or under development
(adjusted for inflation to 02/28/03, as applicable).
|
(2) 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.
|
(3) Represents the total units or plots upon completion of the development or acquisition (excludes parking and storage spaces).
|
(4) The percentage sold is calculated dividing the square meters sold by the total saleable square meters, including sales transactions instrumented by preliminary sales agreements
for which no title deed has been executed yet
|
(5) Includes only the cumulative sales consolidated by the RT21 method adjusted for inflation as of 02/28/03.
|
(6) Corresponds to the company’s total sales consolidated by the RT4 method adjusted for inflation as of 02/28/03. Excludes turnover tax deduction.
|
(7) Cost of acquisition plus improvements, plus capitalized interest of consolidated properties in portfolio at June 30, 2012, adjusted for inflation as of 02/28/03
|
(8) Through Alto Palermo S.A.-
|
(9) 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.
|
(10) Includes sales of shares in Abril.-
|
(11) Includes the following land reserves: Pontevedra Plot of Land, Isla Sirgadero, San Luis Plot of Land, 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).-
|
(12) Includes the following properties: Puerto Madero Dock XIII (fully sold). It also includes income from termination and income from expenses recovered in connection
with common maintenance expenses, stamp tax and management fees.
|
(13) Corresponds to the “Development and sale of properties” business unit mentioned in Note 3 to the Consolidated Financial Statements.
|
(14) Owned by CYRSA S.A.
|
(15) Corresponds to amounts receivable on swaps disclosed as “Inventories” in the Consolidated Financial Statements for parcels “G” and “H”.
The degree of physical progress with parcel “G” at June 31, 2011 is 100% and with parcel “H” is 100%.
|
(16) 63% of the square meters were sold under title deed.
|
(17) 99.4% of the sales have been recognized in the Net Realizable Value line.
|
(18) 54% of the square meters were sold under title deed.
|
V.
|
Hotels
|
Hotels (in ARS MM)
|
IQ 12
|
IQ 11
|
YoY var
|
|||||||||
Revenues
|
53.8 | 39.5 | 36.0 | % | ||||||||
Operating Income
|
-5.8 | -0.2 | - | |||||||||
Depreciation and Amortization
|
4.6 | 3.2 | 43.8 | % | ||||||||
EBITDA
|
-1.2 | 3.0 | -140.0 | % |
IQ 13
|
IVQ 12
|
IIIQ 12
|
IIQ 12
|
IQ 12
|
||||||||||||||||
Average Occupancy
|
62.4 | % | 76.3 | % | 61.1 | % | 74.2 | % | 78.8 | % | ||||||||||
Average Rate per Room (ARS/night)
|
862 | 714 | 660 | 776 | 707 | |||||||||||||||
Average Rate per Room (USD/night)
|
179 | 171 | 161 | 191 | 178 |
►
|
For the reasons explained above, during the first quarter of 2013 the hotel segment recorded an increase in revenues of 36.0%, whereas operating income decreased as compared to the same period of 2012.
|
Hotels
|
Date of Acquisition
|
IRSA’s Interest
|
Number of Rooms
|
Average Occupancy (1)
|
Rate per Room (ARS)(2)
|
Sales (in thousands of ARS)
|
Book Value (in thousands of ARS)
|
||||||||||||||||||||||
IQ 13
|
IQ 12
|
||||||||||||||||||||||||||||
Intercontinental (3)
|
11/01/97
|
76.34 | % | 309 | 59.0 | % | 688 | 18,666 | 21,400 | 51,756 | |||||||||||||||||||
Sheraton Libertador (4)
|
03/01/98
|
80.00 | % | 200 | 70.0 | % | 630 | 11,670 | 14,214 | 36,624 | |||||||||||||||||||
Llao Llao (5)
|
06/01/97
|
50.00 | % | 201 | 60.0 | % | 1,396 | 23,457 | 3,942 | 68,350 | |||||||||||||||||||
Terrenos Bariloche (5)
|
12/01/06
|
50.00 | % | N/A | N/A | N/A | N/A | N/A | 21,900 | ||||||||||||||||||||
Total
|
710 | 62.4 | % | 862 | 53,793 | 39,556 | 178,630 |
Notes:
|
1) Cumulative average for the 3-month period.
|
2) Cumulative average for the 3-month period.
|
3) Through Nuevas Fronteras S.A. (IRSA’s subsidiary).
|
4) Through Hoteles Argentinos S.A.
|
5) Through Llao Llao Resorts S.A.
|
VI.
|
International
|
September 30, 2012
|
||||||||||||
Total segment information
|
Adjustment to income due to interest in joint businesses*
|
Total Income Statement
|
||||||||||
Revenues
|
536,159 | -49,848 | 486,311 | |||||||||
Costs
|
-281,364 | 38,222 | -243,142 | |||||||||
Gross Profit /(Loss)
|
254,795 | -11,626 | 243,169 | |||||||||
Income / (loss) from the sale of investment properties
|
31,069 | - | 31,069 | |||||||||
General and administrative expenses
|
-44,192 | 659 | -43,533 | |||||||||
Selling expenses
|
-27,196 | 3,559 | -23,637 | |||||||||
Income from business combinations
|
- | - | - | |||||||||
Other operating income, net
|
-9,186 | 60 | -9,126 | |||||||||
Operating Income / (Loss) before income / (loss) from interests in equity investees and joint businesses
|
205,290 | -7,348 | 197,942 | |||||||||
Income / (loss) from interests in equity investees and joint businesses
|
12,976 | 3,720 | 16,696 | |||||||||
Operating Income / (Loss) before financial income / (loss) and income tax
|
218,266 | -3,628 | 214,638 |
Description
|
Currency
|
Amount (USD MM) 1
|
Rate
|
Maturity
|
|||||||||
Bank Overdraft
|
ARS
|
55.7 |
Variable
|
< 180 days
|
|||||||||
IRSA’s Tranche I Series I Notes
|
USD
|
150.0 | 8.500 | % |
feb-17
|
||||||||
IRSA’s Tranche II Series II Notes
|
USD
|
150.0 | 11.500 | % |
jul-20
|
||||||||
IRSA’s Tranche III Series III Notes
|
ARS
|
32.6 |
Badlar + 249 bps
|
aug-13
|
|||||||||
IRSA’s Tranche IV Series IV Notes
|
USD
|
33.8 | 7.450 | % |
feb-14
|
||||||||
Other Loans
|
USD
|
0.2 | 12.000 | % |
apr-13
|
||||||||
IRSA’s Total Debt
|
422.3 | ||||||||||||
Bank Overdraft
|
ARS
|
- |
Variable
|
< 30 days
|
|||||||||
IRSA’s Tranche I Series I Notes
|
USD
|
120.0 | 7.875 | % |
may-17
|
||||||||
Other Loans
|
USD
|
26.8 | 5.000 | % | 2013/2017 | ||||||||
Total APSA’s Debt*
|
146.8 | ||||||||||||
Total Consolidated Debt
|
569.1 | ||||||||||||
Consolidated Cash
|
60.3 | ||||||||||||
Repurchase of Debt
|
10.0 | ||||||||||||
Net Consolidated Debt
|
498.8 |
1 Principal face value in USD at an exchange rate of 4.527 ARS = 1 USD, without considering elimination of balances with subsidiaries.
|
|
*APSA excludes Convertible Notes due 2014. Outstanding principal: USD 31,746,502.
|
Ø
|
Dividend Payment
|
Ø
|
Subscription to Syndicated Loan
|