Legal Address:
|
Moreno 877, 23rd Floor – Ciudad Autónoma de Buenos Aires
|
Principal Activity:
|
Agricultural, livestock, and real-state.
|
Section I.
|
DATES OF REGISTRATION AT THE PUBLIC REGISTRY OF COMMERCE
|
Of the by-laws:
|
February 19th, 1937
|
Of the latest amendment:
|
July 28th, 2008
|
Section II.
|
Due date:
|
Duration of the Company:
|
June 6th, 2082
|
CAPITAL STATUS (Note 3 of basic financial statements)
|
||||||||||||
SHARES
|
||||||||||||
Type of stock
|
Authorized to be offered publicly
|
Subscribed
|
Paid-in
|
|||||||||
Ordinary certified shares of Ps. 1 face value and 1 vote each
|
501,562,534 | 501,562,534 | 501,562,534 |
March 31, 2012
(Notes 1 and 2)
|
June 30, 2011
(Notes 1 and 2)
|
March 31, 2011
(Notes 1 and 2)
|
|
March 31, 2012
(Notes 1 and 2)
|
June 30, 2011
(Notes 1 and 2)
|
March 31, 2011
(Notes 1 and 2)
|
|||||||||||||||||||
ASSETS
|
LIABILITIES
|
||||||||||||||||||||||||
CURRENT ASSETS
|
CURRENT LIABILITIES
|
||||||||||||||||||||||||
Cash and banks (Note 4.a.)
|
235,748 | 193,949 | 219,459 |
Trade accounts payable (Note 4.i.)
|
384,862 | 473,229 | 310,241 | ||||||||||||||||||
Investments (Note 4.b.)
|
422,694 | 575,061 | 286,073 |
Short-term debt (Note 4.j.)
|
1,362,582 | 1,316,232 | 1,047,682 | ||||||||||||||||||
Trade accounts receivable, net (Note 4.c.)
|
451,739 | 452,771 | 323,107 |
Salaries and social security payable (Note 4.k.)
|
71,232 | 82,877 | 48,394 | ||||||||||||||||||
Other receivables (Note 4.d.)
|
244,104 | 291,846 | 218,005 |
Taxes payable (Note 4.l.)
|
158,500 | 135,804 | 102,622 | ||||||||||||||||||
Inventories (Note 4.e.)
|
716,995 | 751,961 | 551,476 |
Customers advances (Note 4.m.)
|
258,751 | 269,555 | 254,656 | ||||||||||||||||||
Total Current Assets
|
2,071,280 | 2,265,588 | 1,598,120 |
Other liabilities (Note 4.n.)
|
69,517 | 81,880 | 191,441 | ||||||||||||||||||
Provisions for lawsuits and contingencies (Note 4.o.)
|
9,550 | 4,615 | 2,845 | ||||||||||||||||||||||
Total Current Liabilities
|
2,314,994 | 2,364,192 | 1,957,881 | ||||||||||||||||||||||
NON-CURRENT LIABILITIES
|
|||||||||||||||||||||||||
NON-CURRENT ASSETS
|
Trade accounts payable (Note 4.i.)
|
2,593 | 12,145 | 58 | |||||||||||||||||||||
Trade accounts receivable (Note 4.c.)
|
62,816 | 32,699 | 13,282 |
Customers advances (Note 4.m.)
|
109,102 | 94,244 | 90,651 | ||||||||||||||||||
Other receivables (Note 4.d.)
|
433,038 | 326,625 | 226,265 |
Long-term debt (Note 4.j.)
|
2,524,253 | 2,086,305 | 2,088,865 | ||||||||||||||||||
Inventories (Note 4.e.)
|
349,694 | 357,607 | 276,371 |
Salaries and social security payable (Note 4.k.)
|
764 | 635 | 689 | ||||||||||||||||||
Permanent investments (Note 4.b.)
|
2,333,283 | 2,077,219 | 2,655,591 |
Taxes payable (Note 4.l.)
|
499,927 | 579,336 | 274,729 | ||||||||||||||||||
Other Investments (Note 4.b.)
|
1,610 | 1,682 | 328 |
Other liabilities (Note 4.n.)
|
36,634 | 21,624 | 16,363 | ||||||||||||||||||
Property and Equipment, net (Note 4.f.)
|
5,252,362 | 5,333,109 | 3,347,915 |
Provisions for lawsuits and contingencies (Note 4.o.)
|
17,755 | 14,952 | 12,398 | ||||||||||||||||||
Intangible assets, net (Note 4.g.)
|
83,692 | 79,945 | 74,355 |
Total Non-Current Liabilities
|
3,191,028 | 2,809,241 | 2,483,753 | ||||||||||||||||||
Subtotal Non-Current Assets
|
8,516,495 | 8,208,886 | 6,594,107 |
Total Liabilities
|
5,506,022 | 5,173,433 | 4,441,634 | ||||||||||||||||||
Goodwill, net (Note 4.h.)
|
(672,384 | ) | (741,056 | ) | (226,116 | ) |
Minority interest
|
2,216,591 | 2,346,448 | 1,423,532 | |||||||||||||||
Total Non-Current Assets
|
7,844,111 | 7,467,830 | 6,367,991 |
SHAREHOLDERS’ EQUITY
|
2,192,778 | 2,213,537 | 2,100,945 | ||||||||||||||||||
Total Assets
|
9,915,391 | 9,733,418 | 7,966,111 |
Total Liabilities and Shareholders’ Equity
|
9,915,391 | 9,733,418 | 7,966,111 |
|
||||
Saúl Zang
Vice-president I acting as President
|
March 31,
2012
|
March 31,
2011
|
|||||||
Agricultural production income (Note 5)
|
365,104 | 156,423 | ||||||
Cost of agricultural production (Note 5)
|
(269,202 | ) | (113,719 | ) | ||||
Production gain – Agricultural business
|
95,902 | 42,704 | ||||||
Sales - crops, beef cattle, milk and others (Note 5)
|
619,613 | 238,866 | ||||||
Sales of farms (Note 5)
|
59,898 | 71,096 | ||||||
Cost of sales - crops, beef cattle, milk and others (Note 5)
|
(538,786 | ) | (208,991 | ) | ||||
Costs of sales of farms (Note 5)
|
(32,136 | ) | (21,652 | ) | ||||
Sales profit - Agricultural business
|
108,589 | 79,319 | ||||||
Sales of slaughtering and feed lot (Note 5)
|
99,981 | 59,531 | ||||||
Cost of slaughtering and feed lot (Note 5)
|
(110,450 | ) | (62,429 | ) | ||||
Sales (loss) – Slaughtering and feed lot business
|
(10,469 | ) | (2,898 | ) | ||||
Sales and development of properties (Note 5)
|
173,901 | 188,738 | ||||||
Income from lease and service of offices, shopping centers, hotels, consumer financing and others (Note 5)
|
904,274 | 824,797 | ||||||
Cost of sales and development of properties (Note 5)
|
(142,453 | ) | (147,491 | ) | ||||
Costs of lease and service of offices, shopping centers, hotels, consumer financing and others (Note 5)
|
(247,696 | ) | (263,742 | ) | ||||
Sales profit - Real estate business
|
688,026 | 602,302 | ||||||
Gross profit - Agricultural business
|
204,491 | 122,023 | ||||||
Gross loss - Slaughtering and Feed lot Business
|
(10,469 | ) | (2,898 | ) | ||||
Gross profit - Real estate business
|
688,026 | 602,302 | ||||||
Gross profit
|
882,048 | 721,427 | ||||||
Selling expenses (Note 5)
|
(159,213 | ) | (123,980 | ) | ||||
Administrative expenses (Note 5)
|
(258,044 | ) | (187,891 | ) | ||||
Gain from recognition of inventories at net realizable value (Note 5)
|
39,408 | 39,629 | ||||||
Unrealized (loss) gain (Note 4.p.)
|
(2,400 | ) | 58,710 | |||||
Net gain from retained interest in consumer finance trusts (Note 5)
|
- | 4,707 | ||||||
Operating gain
|
501,799 | 512,602 | ||||||
Amortization of goodwill
|
42,292 | 27,806 | ||||||
Financial results:
|
||||||||
Generated by assets:
|
||||||||
Exchange gain
|
67,289 | 16,448 | ||||||
Interest income (Note 4.q.)
|
25,180 | 17,729 | ||||||
Other unrealized gain (Note 4.q.)
|
22,892 | 5,647 | ||||||
Subtotal
|
115,361 | 39,824 | ||||||
Generated by liabilities:
|
||||||||
Exchange loss
|
(182,548 | ) | (60,473 | ) | ||||
Loans and convertible notes
|
(300,225 | ) | (207,685 | ) | ||||
Other unrealized loss (Note 4.q.)
|
(13,355 | ) | (6,106 | ) | ||||
Subtotal
|
(496,128 | ) | (274,264 | ) | ||||
Total Financial results
|
(380,767 | ) | (234,440 | ) | ||||
Gain on participation in equity investees
|
86,793 | 98,949 | ||||||
Other income and expenses, net (Note 4.r.)
|
(23,178 | ) | (14,738 | ) | ||||
Management fee
|
(7,458 | ) | (15,751 | ) | ||||
Net income before income tax and minority interest
|
219,481 | 374,428 | ||||||
Income tax and minimum presumed income tax
|
(51,166 | ) | (89,149 | ) | ||||
Minority interest
|
(101,199 | ) | (143,517 | ) | ||||
Net income for the period
|
67,116 | 141,762 | ||||||
Earnings per share:
|
||||||||
Basic net gain per share (Note 9 to the basic financial statements)
|
0.14 | 0.29 | ||||||
Diluted net gain per share (Note 9 to the basic financial statements)
|
0.12 | 0.25 |
The accompanying notes are an integral part of the consolidated financial statements
|
|
||||
Saúl Zang
Vice-president I acting as President
|
March 31,
2012
|
March 31,
2011
|
|||||||
Changes in cash and cash equivalents
|
||||||||
Cash and cash equivalents at the beginning of the year
|
705,544 | 175,653 | ||||||
Cash and cash equivalents at the end of the period (1)
|
566,984 | 450,354 | ||||||
(Decrease) Increase net in cash and cash equivalents
|
(138,560 | ) | 274,701 | |||||
Causes of changes in cash and cash equivalents
|
||||||||
Operating activities
|
||||||||
Income for the period
|
67,116 | 141,762 | ||||||
Income tax
|
51,166 | 89,149 | ||||||
Accrued interest
|
226,705 | 183,646 | ||||||
Non-capitalized contributions
|
2,103 | - | ||||||
Adjustments made to reach net cash flow from operating activities
|
||||||||
Gain on equity investees
|
(86,793 | ) | (98,949 | ) | ||||
Minority interest
|
101,199 | 143,517 | ||||||
Increase in allowances and provisions
|
48,095 | 50,583 | ||||||
Depreciation and amortization
|
175,504 | 133,317 | ||||||
Unrealized loss (gain) on Inventories
|
2,400 | (58,710 | ) | |||||
Financial results
|
222,561 | 37,446 | ||||||
Loss from sales of fixed assets
|
29,981 | 18,978 | ||||||
Adjustment valuation to net realizable value in other assets
|
(39,408 | ) | (39,629 | ) | ||||
Amortization of goodwill
|
(42,292 | ) | (27,806 | ) | ||||
Gain from exchange of inventories
|
- | (19,332 | ) | |||||
Reserve long-term incentive program
|
3,764 | - | ||||||
Gain from sales of intangible assets
|
(536 | ) | - | |||||
Additions of intangible assets
|
(2,700 | ) | (2,549 | ) | ||||
Changes in operating assets and liabilities
|
||||||||
Increase in trade accounts receivable, leases and services
|
(14,692 | ) | (87,429 | ) | ||||
Decrease (Increase) in other receivables
|
186,968 | (43,264 | ) | |||||
Decrease (Increase) in inventories
|
111,897 | (26,984 | ) | |||||
Decrease in trade accounts payable
|
(60,478 | ) | (33,167 | ) | ||||
Decrease in social security payables, taxes payable and customers advances
|
(165,687 | ) | (55,447 | ) | ||||
Decrease increase in other liabilities
|
(228,797 | ) | (13,212 | ) | ||||
Cash flows provided by operating activities
|
588,076 | 291,920 | ||||||
Investing activities
|
||||||||
Dividends collected
|
8,767 | 11,170 | ||||||
Decrease (Increase) in investments
|
(78,349 | ) | 85,450 | |||||
Increase in interest on equity investees
|
(301,322 | ) | (954,093 | ) | ||||
(Outflows) Inflows for the acquisition/sale of shares, net
|
(6,378 | ) | 34,316 | |||||
Advances for purchase of shares
|
- | (1,473 | ) | |||||
Collection of loans granted to related companies Law No. 19,550 Section 33 and related parties
|
12,603 | 34,283 | ||||||
Loans granted to related companies Law No. 19,550 Section 33 and related parties
|
(30,550 | ) | (24,300 | ) | ||||
Collection of loans granted
|
- | 41 | ||||||
Acquisition and upgrading of fixed assets
|
(186,429 | ) | (105,762 | ) | ||||
Acquisition of undeveloped parcels of lands
|
(200 | ) | (159 | ) | ||||
Sale and reversal of other fixed assets
|
66 | - | ||||||
Collection of financed sales of farms
|
5,535 | - | ||||||
Cash flows applied to investing activities
|
(576,257 | ) | (920,527 | ) |
(1)
|
Include conversion differences.
|
|
||||
Saúl Zang
Vice-president I acting as President
|
March 31,
2012
|
March 31,
2011
|
|||||||
Financing activities
|
||||||||
Issuance of non-convertible notes
|
541,904 | 966,103 | ||||||
Payment of convertible notes
|
(82,712 | ) | (35,251 | ) | ||||
Proceeds from sale of Negotiable Obligations, net of expenses
|
- | 281,882 | ||||||
Payments for repurchase of non-convertible note
|
- | (55,249 | ) | |||||
Increase in loans
|
425,421 | 344,018 | ||||||
Decrease in loans
|
(599,252 | ) | (295,638 | ) | ||||
Canceling loans from related companies, net
|
(9,976 | ) | - | |||||
Collection of financial interest
|
(268,900 | ) | (140,247 | ) | ||||
Dividends paid
|
(151,128 | ) | (132,060 | ) | ||||
Reimbursement of dividends
|
6,937 | - | ||||||
Contributions from minority shareholders
|
71,285 | 812 | ||||||
Canceling financed purchases
|
(84,594 | ) | (31,065 | ) | ||||
Advance for future capital increase
|
636 | - | ||||||
Exercise of options
|
- | 3 | ||||||
Cash flows (applied to) provided by financing activities
|
(150,379 | ) | 903,308 | |||||
Net (Decrease) Increase in cash and cash equivalents
|
(138,560 | ) | 274,701 |
The accompanying notes are an integral part of the unaudited consolidated financial statements
|
March 31, 2012
|
March 31, 2011
|
|||||||
Items not involving changes in cash and cash equivalents
|
||||||||
Transitory conversion differences subsidiaries
|
(103,601 | ) | 72,626 | |||||
Inventory transferred to property and equipment
|
376 | 1,043 | ||||||
Property and equipment transferred to inventory
|
10,469 | - | ||||||
Undeveloped parcels of land transferred to inventory
|
- | 3,030 | ||||||
Long-term incentive program reserve and non-capitalized contributions
|
2,539 | - | ||||||
Decrease in other investments through an increase in inventories
|
- | 64,150 | ||||||
Decrease in inventories through a decrease in customers advances
|
- | 1,920 | ||||||
Decrease in inventories through an increase in trade accounts payable
|
12,271 | - | ||||||
Increase in inventories through an increase in customers advances
|
2,602 | - | ||||||
Increase in inventories through a decrease in related companies interest
|
- | 14,541 | ||||||
Increase in trade account receivables through a decrease of property and equipment
|
51,758 | - | ||||||
Increase in other receivables through an increase in taxes payables
|
3,043 | - | ||||||
Increase of property and equipment through a decrease of intangible assets
|
2,070 | - | ||||||
Capital increase through a decrease by the conversion of debt into equity
|
1,000 | - | ||||||
Increase in related parties interest through a decrease in other receivables
|
- | 39,770 | ||||||
Increase in related parties interest through an increase in other liabilities
|
- | 139,136 | ||||||
Increase in minority interest through a decrease in other liabilities
|
- | 20,557 | ||||||
Increase in property and equipment through an increase in trade accounts payable
|
8,268 | 432 | ||||||
Decrease intangible assets through a decrease in trade accounts payable
|
1,153 | - | ||||||
Decrease in financial debts through an increase in shareholders´ equity
|
38 | - | ||||||
Decrease in receivables
|
646 | - | ||||||
Decrease in permanent investments
|
16,004 | - | ||||||
Decrease in other receivables
|
8,025 | - | ||||||
Decrease in trade accounts payable
|
(7,345 | ) | - | |||||
Decrease in other liabilities
|
(17,330 | ) | - | |||||
Complementary information
|
||||||||
Income tax paid
|
133,284 | 33,649 |
|
||||
Saúl Zang
Vice-president I acting as President
|
March 31,
2012
|
March 31,
2011
|
|||||||
Acquisition of subsidiaries companies/Sale of subsidiaries
|
||||||||
Current investments
|
- | 91,741 | ||||||
Trade accounts receivables, net
|
1,825 | 236,618 | ||||||
Other receivables
|
1,462 | 53,924 | ||||||
Inventories
|
1,096 | (17,454 | ) | |||||
Property and equipment, net
|
34,714 | (114,921 | ) | |||||
Intangible assets
|
9,429 | 7,827 | ||||||
Trade accounts payable
|
(2,171 | ) | (133,365 | ) | ||||
Customer advances
|
(622 | ) | - | |||||
Financial Loans
|
- | (68,003 | ) | |||||
Salaries and social security payables
|
(94 | ) | (6,195 | ) | ||||
Tax payable
|
(419 | ) | (8,352 | ) | ||||
Other liabilities
|
(10,742 | ) | 10,089 | |||||
Provisions for lawsuits and contingencies
|
- | 1,502 | ||||||
Minority interest
|
- | 2 | ||||||
Acquired/sold assets that do not affect cash, net value
|
34,478 | 53,413 | ||||||
Acquired funds
|
266 | (4,366 | ) | |||||
Net value of assets acquired/sold
|
34,744 | 49,047 | ||||||
Minority interest
|
1,434 | (28,946 | ) | |||||
Equity method before consolidation
|
- | (10,307 | ) | |||||
Goodwill generated by the purchase
|
12,597 | 3,316 | ||||||
Purchase value/sale value of subsidiaries companies
|
48,775 | 13,110 | ||||||
Impairment and sale of investment
|
- | (15,326 | ) | |||||
Remaining investment
|
- | (28,968 | ) | |||||
Acquired funds
|
(266 | ) | 4,366 | |||||
Advance funds
|
(1,538 | ) | 7,238 | |||||
Amount founded by sellers
|
(40,593 | ) | 53,896 | |||||
Income/loss from sale/acquisition of companies, net of cash transferred/acquired
|
6,378 | 34,316 |
|
||||
Saúl Zang
Vice-president I acting as President
|
Item
|
Published Financial Statements of Cresud
as of March 31, 2011
(in pesos)
|
Brasilagro
as of March 31, 2011
|
Financial Statements in the event of consolidation
as of March 31, 2011
(in pesos)
|
|||||||||
Current Assets
|
1,598,120 | 654,331 | 2,252,451 | |||||||||
Non-Current Assets
|
6,367,991 | 646,385 | 7,014,376 | |||||||||
Total Assets
|
7,966,111 | 1,300,716 | 9,266,827 | |||||||||
Current Liabilities
|
1,957,881 | 195,476 | 2,153,357 | |||||||||
Non-Current Liabilities
|
2,483,753 | 239,092 | 2,722,845 | |||||||||
Total Liabilities
|
4,441,634 | 434,568 | 4,876,202 | |||||||||
Minority Interest
|
1,423,532 | 866,148 | 2,289,680 | |||||||||
Shareholders’ Equity
|
2,100,945 | - | 2,100,945 |
Item
|
Published Financial Statements of Cresud
as of March 31, 2011
(in pesos)
|
Tarshop S.A.
as of March 31, 2011
|
Brasilagro
as of March 31, 2011
|
Financial Statements in the event of consolidation
as of March 31, 2011
(in pesos)
|
||||||||||||
Production (loss) gain – Agricultural business
|
42,704 | - | 25,122 | 67,826 | ||||||||||||
Sales profit - Agricultural business
|
79,319 | - | 8,597 | 87,916 | ||||||||||||
Sales profit - Real estate business
|
602,302 | (35,855 | ) | - | 566,447 | |||||||||||
Gross profit
|
721,427 | (35,855 | ) | 33,719 | 719,291 | |||||||||||
Operating result
|
512,602 | (17,644 | ) | (12,708 | ) | 482,250 | ||||||||||
Net income for the period
|
141,762 | - | - | 141,762 |
Item
|
Published Financial Statements of Cresud
as of March 31, 2011
(in pesos)
|
Tarshop S.A.
as of March 31, 2011
|
Brasilagro
as of March 31, 2011
|
Financial Statements in the event of consolidation
as of March 31, 2011
(in pesos)
|
||||||||||||
Net Cash flows provided by operating activities
|
291,920 | 22,002 | (38,258 | ) | 275,664 | |||||||||||
Net Cash flows used in investing activities
|
(920,527 | ) | 101 | (151,572 | ) | (1,071,998 | ) | |||||||||
Net Cash flows provided by financing activities
|
903,308 | (28,553 | ) | 22,079 | 896,834 |
Company
|
Consolidated direct and indirect percentage of voting shares owned
|
|||||||||||
03.31.2012 | 06.30.2011 | 03.31.2011 | ||||||||||
IRSA
|
63.22 | 57.70 | (3) | 57.49 | (5) | |||||||
FyO.Com
|
65.85 | 65.85 | 65.85 | |||||||||
FyO Trading
|
65.66 | (1) | 67.09 | (1) | 67.09 | (1) | ||||||
Agrology (6)
|
- | 100.00 | 100.00 | |||||||||
Agrotech
|
100.00 | 100.00 | (4) | 100.00 | (4) | |||||||
Pluriagro
|
100.00 | 100.00 | (4) | 100.00 | (4) | |||||||
Northagro
|
100.00 | 100.00 | (4) | 100.00 | (4) | |||||||
Cactus
|
100.00 | 80.00 | 80.00 | |||||||||
Exportaciones Agroindustriales Argentinas S.A. (“EAASA”)
|
100.00 | (2) | 79.98 | 79.98 | ||||||||
Helmir S.A.
|
100.00 | 100.00 | 100.00 | |||||||||
Agropecuaria Acres del Sud S.A.
|
100.00 | (7) | 100.00 | 100.00 | ||||||||
Ombú Agropecuaria S.A.
|
100.00 | (7) | 100.00 | 100.00 | ||||||||
Yatay Agropecuaria S.A.
|
100.00 | (7) | 100.00 | 100.00 | ||||||||
Yuchán Agropecuaria S.A.
|
100.00 | (7) | 100.00 | 100.00 | ||||||||
Brasilagro
|
35.75 | 35.75 | 35.75 |
|
(1)
|
Includes interests of 63.46% of FyO Com
|
|
(2)
|
Includes interests of 99.99% of Cactus.
|
|
(3)
|
Includes interests of 7.10% of Agrology.
|
|
(4)
|
Includes interests of 3% of Agrology.
|
|
(5)
|
Includes interests of 6.89% of Agrology.
|
|
(6)
|
Merged with Cresud as of 07/01/2011. See Note 14 of the Basic Financial Statements.
|
|
(7)
|
Includes interests of 4.88% of Northagro and Pluriagro.
|
|
b.
|
Non-current investments
|
|
c.
|
Property and equipment, net
|
|
d.
|
Intangible assets
|
|
e.
|
Customer advance payments
|
|
f.
|
Allowances
|
|
g.
|
Liabilities in kind related to barter transactions
|
|
h.
|
Revenue recognition:
|
|
1)
|
Revenue recognition of IRSA
|
|
·
|
The sale has been consummated.
|
|
·
|
There is sufficient evidence that demonstrate the buyer’s ability and commitment to pay for the property.
|
|
·
|
The Company’s receivable is not subject to future subordination.
|
|
·
|
The Company has transferred the property to the buyer.
|
|
2)
|
Revenue recognition of Alto Palermo S.A. (“APSA”)
|
|
i.
|
Employee Benefits
|
|
·
|
Agricultural business
|
|
1.
|
Share-based payments award plan
|
|
2.
|
Employee benefits. Profit-sharing in Brasilagro
|
|
a.
|
Cash and banks
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Cash
|
4,823 | 2,101 | 2,430 | |||||||||
Foreign currency
|
9,979 | 35 | 81 | |||||||||
Banks in local currency
|
204,293 | 177,322 | 192,295 | |||||||||
Banks in foreign currency
|
16,653 | 14,341 | 16,199 | |||||||||
Checks to be deposited
|
- | 150 | 8,454 | |||||||||
235,748 | 193,949 | 219,459 |
|
b.
|
Investments
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Current
|
||||||||||||
Temporary investments
|
||||||||||||
Mutual Funds (2)
|
258,168 | 337,963 | 283,633 | |||||||||
Time deposits
|
144,364 | 233,697 | - | |||||||||
-Mortgage Bonds (1)
|
483 | 477 | 479 | |||||||||
Public shares (1)
|
19,665 | 2,912 | 1,944 | |||||||||
Other investments (1)
|
14 | 12 | 17 | |||||||||
422,694 | 575,061 | 286,073 |
|
(1)
|
Not considered as cash equivalents in Cash Flow Statements.
|
|
(2)
|
As of March 31, 2012 and 2011 and June 30, 2011 includes Ps. 102,283 Ps. 52,738 and Ps. 60,065 respectively, related to mutual funds not considered as cash equivalents in Cash Flow Statement.
|
Non-current
|
||||||||||||
Investments on Equity Investees
|
||||||||||||
Agro – Uranga S.A.
|
||||||||||||
Shares
|
11,912 | 11,924 | 11,585 | |||||||||
Higher property value
|
11,179 | 11,179 | 11,179 | |||||||||
23,091 | 23,103 | 22,764 |
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Agro Managers S.A.
|
||||||||||||
Shares
|
1,251 | - | - | |||||||||
Goodwill
|
798 | - | - | |||||||||
2,049 | - | - |
Brasilagro
|
||||||||||||
Shares
|
- | - | 558,217 | |||||||||
Higher values
|
- | - | 49,645 | |||||||||
Goodwill
|
- | - | 6,965 | |||||||||
Negative Goodwill
|
- | - | (9,790 | ) | ||||||||
Warrants
|
27,199 | 27,199 | 27,199 | |||||||||
27,199 | 27,199 | 632,236 |
Banco Hipotecario S.A.
|
||||||||||||
Shares
|
1,017,340 | 939,553 | 891,606 | |||||||||
Higher values (1)
|
791 | 6,658 | 6,566 | |||||||||
Goodwill
|
(26,760 | ) | (27,762 | ) | 9,777 | |||||||
991,371 | 918,449 | 907,949 |
Banco Crédito & Securitización S.A.
|
||||||||||||
Shares
|
6,784 | 6,117 | 6,300 | |||||||||
6,784 | 6,117 | 6,300 |
Manibil S.A.
|
||||||||||||
Shares
|
28,303 | 27,671 | 27,423 | |||||||||
Goodwill
|
10 | 10 | 10 | |||||||||
28,313 | 27,681 | 27,433 |
Hersha Hospitality Trust
|
||||||||||||
Shares/Options
|
290,837 | 277,248 | 283,586 | |||||||||
290,837 | 277,248 | 283,586 |
Tarshop S.A.
|
||||||||||||
Shares
|
45,991 | 49,779 | 51,149 | |||||||||
Higher/Lower values
|
(4,164 | ) | - | 332 | ||||||||
41,827 | 49,779 | 51,481 |
|
(1)
|
Corresponds to Ps. 207 of higher value intangible assets, Ps. 6,327 of lower value trade account payables and Ps. (10,013) of higher value trade account receivable which belongs to the business combinations of Cresud and Agrology S.A. (currently merged into Cresud), and Ps. 4,270 of IRSA.
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
RIGBY 183 LLC
|
||||||||||||
Shares
|
87,538 | 91,136 | 94,553 | |||||||||
87,538 | 91,136 | 94,553 |
Bitania 26
|
||||||||||||
Shares
|
10,504 | - | - | |||||||||
Goodwill
|
10,975 | - | - | |||||||||
21,479 | - | - |
TGLT S.A.
|
||||||||||||
Shares
|
59,031 | 56,382 | 48,464 | |||||||||
59,031 | 56,382 | 48,464 |
Supertel Hospitality Inc.
|
||||||||||||
Shares
|
131,370 | - | - | |||||||||
131,370 | - | - |
New Lipstick
|
||||||||||||
Shares
|
136,750 | 115,946 | 116,758 | |||||||||
136,750 | 115,946 | 116,758 |
Advances for shares purchases
|
277 | 1,797 | 1,862 | |||||||||
277 | 1,797 | 1,862 |
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Undeveloped parcels of lands:
|
||||||||||||
- Santa María del Plata
|
222,586 | 222,578 | 222,540 | |||||||||
- Soleil Factory construction right
|
6,676 | 6,676 | - | |||||||||
- Puerto Retiro (1)
|
66,226 | 66,321 | 66,223 | |||||||||
- Plot of land Caballito
|
49,699 | 49,699 | 40,670 | |||||||||
- Patio Olmos (2)
|
33,636 | 33,744 | 33,218 | |||||||||
- Torres Rosario
|
- | - | 2,809 | |||||||||
- Coto air space (4)
|
17,594 | 17,594 | 14,672 | |||||||||
- Zetol plot of land (3)
|
34,564 | 32,207 | 31,089 | |||||||||
- Canteras Natal Crespo
|
6,727 | 6,539 | 6,479 | |||||||||
- Pilar
|
4,066 | 4,066 | 4,066 | |||||||||
- Vista al Muelle plot of land (3)
|
24,386 | 21,654 | 21,654 | |||||||||
- Other undeveloped parcels of lands
|
19,207 | 21,304 | 18,785 | |||||||||
485,367 | 482,382 | 462,205 | ||||||||||
2,333,283 | 2,077,219 | 2,655,591 |
|
(1)
|
Note 7 B.1.a. to the unaudited consolidated financial statements.
|
|
(2)
|
Note 9 B.2.a. to the unaudited consolidated financial statements.
|
|
(3)
|
Note 8 B.1.e. to the unaudited consolidated financial statements.
|
(4)
|
Note 9 B.2.d. to the unaudited consolidated financial statements.
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
MAT
|
90 | 90 | 90 | |||||||||
Coprolán
|
21 | 21 | 21 | |||||||||
Other investments
|
1,499 | 1,571 | 217 | |||||||||
1,610 | 1,682 | 328 |
|
c.
|
Trade account Receivable
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Current
|
||||||||||||
Debtors from consumer financing
|
12,184 | 70,248 | 74,966 | |||||||||
Leases, services and real estate receivables
|
85,918 | 97,025 | 78,755 | |||||||||
Checks to be deposited
|
131,403 | 104,083 | 78,174 | |||||||||
Debtors from expenses and collective promotion fund
|
31,551 | 18,953 | 30,589 | |||||||||
Leases, services and real estate receivables under legal proceedings
|
51,768 | 49,549 | 47,238 | |||||||||
Trade accounts receivable – agricultural business
|
151,170 | 184,088 | 100,816 | |||||||||
Trade accounts receivable – real estate agricultural business
|
22,002 | 11,859 | - | |||||||||
Trade accounts receivable – real estate business
|
- | 4,034 | - | |||||||||
Debtors from hotel activities
|
17,584 | 9,954 | 15,179 | |||||||||
Documents receivable
|
8,897 | 5,987 | 5,783 | |||||||||
Debtors from consumer financing – collection agents
|
4,727 | 4,869 | 5,032 | |||||||||
Credit cards receivable
|
830 | 497 | 279 | |||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
6,849 | 9,189 | 7,359 | |||||||||
Less:
|
||||||||||||
Allowance for doubtful accounts
|
(73,144 | ) | (117,564 | ) | (121,063 | ) | ||||||
451,739 | 452,771 | 323,107 |
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Non-current
|
||||||||||||
Leases, services and real estate receivables
|
21,369 | 14,300 | 13,129 | |||||||||
Documents receivable
|
2,083 | - | 153 | |||||||||
Trade accounts receivable – agricultural business
|
- | 3,519 | - | |||||||||
Trade accounts receivable – real estate agricultural business
|
39,364 | 14,880 | - | |||||||||
62,816 | 32,699 | 13,282 |
|
d.
|
Other receivables
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Current
|
||||||||||||
VAT receivables, net
|
59,171 | 56,566 | 76,982 | |||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
17,122 | 29,151 | 44,369 | |||||||||
Prepaid expenses
|
69,906 | 49,300 | 49,164 | |||||||||
Income tax advances and tax credit (net of provision for income tax)
|
22,664 | 15,133 | 8,322 | |||||||||
Loans granted
|
12,013 | 644 | 942 | |||||||||
Gross sales tax credit and others
|
12,446 | 10,895 | 9,301 | |||||||||
Guarantee deposits
|
2,571 | 633 | 793 | |||||||||
Minimum presumed income tax
|
467 | 1,824 | 2,752 | |||||||||
Premiums collected
|
398 | 2,919 | 604 | |||||||||
Financial operations to liquidate
|
1,599 | 14,180 | 597 | |||||||||
Other tax credits
|
11,646 | 59,323 | 214 | |||||||||
Guarantee deposits for investment purchase
|
- | - | 638 | |||||||||
Prepaid leases
|
22 | 11,044 | 23 | |||||||||
VAT withholdings
|
1,755 | 1,709 | 952 | |||||||||
Transfer VAT debtors
|
19 | 61 | 719 | |||||||||
Withholding income tax
|
6,997 | 7,764 | 751 | |||||||||
Financial derivate instruments
|
1,992 | 1,867 | 524 | |||||||||
VAT export refunds
|
786 | 424 | - | |||||||||
Expenses to be recovered
|
3,747 | 7,707 | 190 | |||||||||
Allowance for doubtful accounts
|
(92 | ) | (92 | ) | - | |||||||
Others
|
18,875 | 20,794 | 20,168 | |||||||||
244,104 | 291,846 | 218,005 |
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Non-current
|
||||||||||||
Deferred tax
|
71,117 | 32,452 | 42,549 | |||||||||
Minimum presumed income tax
|
150,514 | 129,958 | 113,292 | |||||||||
VAT receivables, net
|
47,354 | 55,914 | 56,989 | |||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
34,274 | 29,772 | 9,222 | |||||||||
Prepaid expenses
|
3,969 | 3,114 | 1,321 | |||||||||
Mortgages receivables under legal proceeding
|
2,208 | 2,208 | 2,208 | |||||||||
Guarantee deposits
|
55,411 | 55,975 | - | |||||||||
Allowance for doubtful accounts
|
(2,208 | ) | (2,208 | ) | (2,208 | ) | ||||||
Other tax credits
|
62,972 | 12,131 | - | |||||||||
Gross sales tax credit and others
|
1,318 | 1,067 | 1,014 | |||||||||
Others
|
6,109 | 6,242 | 1,878 | |||||||||
433,038 | 326,625 | 226,265 |
|
e.
|
Inventories
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Current
|
||||||||||||
Agricultural business
|
||||||||||||
Crops
|
105,379 | 232,009 | 48,290 | |||||||||
Materials and others
|
62,871 | 115,140 | 39,745 | |||||||||
Beef cattle
|
42,016 | 45,131 | 26,271 | |||||||||
Unharvested crops
|
281,801 | 69,724 | 127,069 | |||||||||
Seeds and fodder
|
5,844 | 8,009 | 2,692 | |||||||||
Slaughtered stock
|
9 | 5,898 | 10,877 | |||||||||
Suppliers advances
|
29,942 | 8,697 | - | |||||||||
Other Inventories
|
69 | - | - | |||||||||
Real Estate Business
|
||||||||||||
Caballito nuevo
|
1,944 | 5,860 | 8,779 | |||||||||
Abril
|
378 | 1,145 | 1,114 | |||||||||
Inventories (hotel business)
|
4,856 | 3,575 | 3,516 | |||||||||
El Encuentro
|
2,336 | 5,660 | 4,756 | |||||||||
Horizons
|
166,043 | 212,211 | 244,928 | |||||||||
Credit from barter transaction of Terreno Rosario
|
- | 25,607 | 28,375 | |||||||||
Other Inventories
|
3,426 | 3,519 | 3,482 | |||||||||
San Martín de Tours
|
100 | 424 | 424 | |||||||||
Torres Jardin
|
32 | 32 | 32 | |||||||||
Torres Rosario
|
9,949 | 9,320 | 1,126 | |||||||||
716,995 | 751,961 | 551,476 |
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Non-current
|
||||||||||||
Agricultural business
|
||||||||||||
Beef cattle
|
181,546 | 184,527 | 196,274 | |||||||||
Unharvested crops
|
69,219 | 83,227 | - | |||||||||
Real Estate Business
|
||||||||||||
Caballito nuevo
|
413 | - | 2,429 | |||||||||
Units to receive Caballito (Note 4.s.)
|
52,205 | 51,999 | - | |||||||||
El Encuentro
|
2,529 | 1,898 | 5,273 | |||||||||
Terreno Caballito
|
- | - | 30,679 | |||||||||
Beruti
|
23,608 | 23,309 | 23,309 | |||||||||
Abril
|
847 | - | 256 | |||||||||
Lands to receive Pereiraola
|
8,200 | 8,200 | 8,200 | |||||||||
Torres Rosario
|
11,026 | 4,388 | 9,897 | |||||||||
Other Inventories
|
101 | 59 | 54 | |||||||||
349,694 | 357,607 | 276,371 |
|
f.
|
Property and equipment, net
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Agricultural business
|
1,783,870 | 1,797,953 | 513,502 | |||||||||
Real Estate Business
|
||||||||||||
Shopping Center
|
2,091,894 | 2,226,543 | 1,600,714 | |||||||||
Office buildings
|
969,166 | 966,320 | 893,449 | |||||||||
Hotels
|
198,261 | 203,716 | 205,519 | |||||||||
Other fixed assets
|
209,171 | 138,577 | 134,731 | |||||||||
5,252,362 | 5,333,109 | 3,347,915 |
|
g.
|
Intangible assets
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Agricultural business
|
26,279 | 28,290 | 20,810 | |||||||||
Real Estate Business
|
57,413 | 51,655 | 53,545 | |||||||||
83,692 | 79,945 | 74,355 |
|
h.
|
Goodwill
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Goodwill
|
||||||||||||
IRSA
|
14,895 | 14,330 | 13,040 | |||||||||
Brasilagro
|
6,965 | 6,965 | - | |||||||||
APSA
|
9,305 | 12,431 | 159,582 | |||||||||
Torre BankBoston
|
4,721 | 4,873 | 4,910 | |||||||||
Della Paolera 265 y Museo Renault
|
783 | 2,620 | 2,653 | |||||||||
Conil S.A.
|
343 | 344 | 506 | |||||||||
Arcos del Gourmet S.A.
|
6,259 | - | - | |||||||||
Nuevo Puerto Santa Fe S.A.
|
6,339 | - | - | |||||||||
Cactus goodwill
|
14,927 | 4,978 | - | |||||||||
Cactus goodwill allowance
|
(14,927 | ) | (4,978 | ) | - | |||||||
Doneldon S.A.
|
28 | - | - | |||||||||
Sedelor S.A.
|
25 | - | - | |||||||||
Alafox S.A.
|
31 | - | - | |||||||||
Codalis S.A.
|
28 | - | - | |||||||||
Efanur S.A.
|
28 | - | - | |||||||||
Negative goodwill
|
||||||||||||
IRSA
|
(307,696 | ) | (324,774 | ) | (337,104 | ) | ||||||
Brasilagro - Companhia
|
(48,453 | ) | (73,947 | ) | - | |||||||
APSA
|
(327,207 | ) | (342,604 | ) | (25,284 | ) | ||||||
Palermo Invest S.A.
|
(21,532 | ) | (23,498 | ) | (23,790 | ) | ||||||
Empalme S.A.I.C.F.A. y G
|
(2,429 | ) | (2,684 | ) | (4,468 | ) | ||||||
Mendoza Plaza Shopping S.A.
|
(2,051 | ) | (2,115 | ) | (4,791 | ) | ||||||
Emprendimiento Recoleta S.A.
|
(15 | ) | (25 | ) | (42 | ) | ||||||
Unicity S.A.
|
(3,601 | ) | (3,601 | ) | (3,601 | ) | ||||||
Soleil Factory
|
(9,150 | ) | (9,371 | ) | (7,727 | ) | ||||||
(672,384 | ) | (741,056 | ) | (226,116 | ) |
|
i.
|
Trade accounts payable
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Current
|
||||||||||||
Suppliers
|
149,514 | 118,146 | 166,941 | |||||||||
Provisions for inputs and other expenses
|
88,708 | 114,355 | 75,264 | |||||||||
Debt related to purchase of farms
|
114,994 | 180,325 | 505 | |||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
1,911 | 10,054 | 3,620 | |||||||||
Liabilities in kind “Horizons”
|
24,172 | 36,443 | 47,559 | |||||||||
Provisions for harvest expenses
|
2,589 | 4,245 | 3,589 | |||||||||
Checks deferred
|
2 | 6,111 | 10,474 | |||||||||
Others
|
2,972 | 3,550 | 2,289 | |||||||||
384,862 | 473,229 | 310,241 |
Non-current
|
||||||||||||
Suppliers
|
16 | 47 | 58 | |||||||||
Debt related to purchase of farms
|
2,577 | 12,098 | - | |||||||||
2,593 | 12,145 | 58 |
|
j.
|
Short-term and long term debts
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Current
|
||||||||||||
Bank loans
|
480,294 | 331,779 | 277,224 | |||||||||
Bank overdrafts
|
404,690 | 684,215 | 581,542 | |||||||||
Foreign financial entities
|
- | 3,473 | 8,160 | |||||||||
Seller- financed debt
|
64,889 | 50,191 | 15,643 | |||||||||
Non-convertible Notes - IRSA 2017 Class I
|
8,431 | 20,960 | 7,740 | |||||||||
Non-convertible Notes Class III
|
12,227 | 36,314 | 12,319 | |||||||||
Non-convertible Notes Class IV
|
39,356 | 55,503 | 18,274 | |||||||||
Non-convertible Notes Class V
|
107,298 | 36,177 | 915 | |||||||||
Non-convertible Notes Class VI
|
141,131 | 33,427 | 566 | |||||||||
Non-convertible Notes Class VII
|
9,055 | 21 | 19 | |||||||||
Non-convertible Notes Class VIII
|
1,249 | - | - | |||||||||
Non-convertible Notes - IRSA 2020 Class II
|
13,977 | 30,800 | 12,887 | |||||||||
Non-convertible Notes - APSA US$ 120 M.
|
14,085 | 4,490 | 13,173 | |||||||||
Convertible Notes – APSA 2014 US$ 50 M.
|
1 | 3 | 1 | |||||||||
Non-convertible Notes - IRSA 2013 Class III
|
52,106 | - | - | |||||||||
Non-convertible Notes – IRSA 2014 Class VI (1)
|
(272 | ) | - | - | ||||||||
Non-convertible Notes – APSA 2011 Ps. 55 M.
|
- | - | 44,652 | |||||||||
Non-convertible Notes – APSA 2011 US$ 6 M.
|
- | - | 26,802 | |||||||||
Non-convertible Notes – APSA 2012 Ps. 154 M.
|
14,065 | 28,879 | 27,765 | |||||||||
1,362,582 | 1,316,232 | 1,047,682 |
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Non-current
|
||||||||||||
Foreign financial entities
|
- | 10,355 | 8,917 | |||||||||
Non-convertible Notes Class III
|
- | - | 23,756 | |||||||||
Non-convertible Notes Class IV
|
- | 18,314 | 54,150 | |||||||||
Non-convertible Notes Class V
|
- | 70,927 | 106,501 | |||||||||
Non-convertible Notes Class VI
|
- | 99,286 | 130,701 | |||||||||
Non-convertible Notes Class VII
|
- | 8,509 | 8,391 | |||||||||
Non-convertible Notes Class VIII
|
260,687 | - | - | |||||||||
Non-convertible Notes - IRSA 2017 Class I
|
642,272 | 599,565 | 590,509 | |||||||||
Non-convertible Notes - APSA US$ 120 M.
|
454,372 | 421,498 | 420,395 | |||||||||
Bank loans
|
191,178 | 173,527 | 73,144 | |||||||||
Non-convertible Notes - IRSA 2020 Class II
|
638,699 | 598,116 | 589,283 | |||||||||
Convertible Notes – APSA 2014 US$ 50 M.
|
3,467 | 4,640 | 70 | |||||||||
Non-convertible Notes - IRSA 2013 Class III
|
101,956 | - | - | |||||||||
Non-convertible Notes - IRSA 2014 Class IV
|
147,662 | - | - | |||||||||
Non-convertible Notes – APSA 2012 Ps. 154 M.
|
- | - | 13,127 | |||||||||
Seller- financed debt
|
83,960 | 81,568 | 69,921 | |||||||||
2,524,253 | 2,086,305 | 2,088,865 |
|
k.
|
Remunerations and social security contributions
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Current
|
||||||||||||
Provisions for vacation and bonuses
|
60,044 | 67,011 | 35,969 | |||||||||
Social security payable
|
8,544 | 12,827 | 8,822 | |||||||||
Salaries payable
|
661 | 1,369 | 3,075 | |||||||||
Facilities for payment plan social security
|
680 | 209 | 225 | |||||||||
Others
|
1,303 | 1,461 | 303 | |||||||||
71,232 | 82,877 | 48,394 |
Non-current
|
||||||||||||
Facilities for payment plan social security
|
470 | 635 | 689 | |||||||||
Others
|
294 | - | - | |||||||||
764 | 635 | 689 |
|
l.
|
Taxes payable
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Current
|
||||||||||||
VAT payable, net
|
20,913 | 21,642 | 15,918 | |||||||||
Minimum presumed income tax
|
14,546 | 7,636 | 16,545 | |||||||||
Income tax provision, net
|
84,972 | 72,606 | 36,541 | |||||||||
Tax on shareholders´ personal assets
|
12,619 | 4,276 | 11,738 | |||||||||
Provisions – Gross sales tax payable
|
8,175 | 2,325 | 3,553 | |||||||||
Tax moratorium – ABL
|
142 | 1,464 | - | |||||||||
Tax payment facilities plan for income tax
|
1,910 | 1,879 | 1,789 | |||||||||
Tax withholdings
|
4,958 | 17,826 | 8,869 | |||||||||
Gross revenue tax moratorium
|
2,024 | 564 | 3,785 | |||||||||
Others
|
8,241 | 5,586 | 3,884 | |||||||||
158,500 | 135,804 | 102,622 |
Non-current
|
||||||||||||
Deferred tax
|
476,317 | 555,901 | 250,185 | |||||||||
Income tax payable moratorium
|
16,018 | 17,386 | 19,620 | |||||||||
Tax on shareholders´ personal assets moratorium
|
1,857 | 2,086 | 3,391 | |||||||||
Gross revenue tax moratorium
|
4,240 | 1,672 | 1,316 | |||||||||
Minimum presumed income tax
|
278 | - | - | |||||||||
Tax on shareholders´ personal assets
|
1,211 | - | - | |||||||||
Tax moratorium – ABL
|
- | 1,927 | - | |||||||||
Others
|
6 | 364 | 217 | |||||||||
499,927 | 579,336 | 274,729 |
|
m.
|
Customer advances
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Current
|
||||||||||||
Admission rights
|
74,115 | 60,822 | 57,666 | |||||||||
Advanced payments from customers
|
142,076 | 173,712 | 163,814 | |||||||||
Leases and service advances
|
42,473 | 35,021 | 33,176 | |||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
87 | - | - | |||||||||
258,751 | 269,555 | 254,656 |
Non-current
|
||||||||||||
Admission rights
|
83,535 | 66,885 | 63,808 | |||||||||
Leases and service advances
|
25,567 | 27,359 | 26,843 | |||||||||
109,102 | 94,244 | 90,651 |
|
n.
|
Other liabilities
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Current
|
||||||||||||
Litigation Nationals Park Administration
|
- | 1,100 | 1,100 | |||||||||
Debt to purchase of investments
|
- | 316 | 127,214 | |||||||||
Other debts
|
- | 16,004 | 16,004 | |||||||||
Advances on assignment of right
|
3,529 | - | - | |||||||||
Guarantee deposits
|
5,144 | 4,128 | 6,457 | |||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
23,823 | 37,326 | 21,938 | |||||||||
Premiums collected
|
- | 672 | 2,659 | |||||||||
Provision for contract management (Note 4.s.)
|
7,218 | 7,868 | 3,866 | |||||||||
Operations to liquidate
|
16,940 | 7,681 | - | |||||||||
Profits to be made and improvements made by others to earn
|
266 | 332 | 375 | |||||||||
Dividends payable
|
3,128 | 5 | 5,768 | |||||||||
Management and reserve fund
|
2,757 | 2,975 | - | |||||||||
Others
|
6,712 | 3,473 | 6,060 | |||||||||
69,517 | 81,880 | 191,441 |
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Non-current
|
||||||||||||
Loan with shareholders of related parties
|
- | 252 | 246 | |||||||||
Contributed leasehold improvements to be accrued and unrealized gains
|
8,970 | 9,170 | 9,236 | |||||||||
Guarantee deposits
|
9,921 | 6,207 | 3,088 | |||||||||
Advances for future capital increase
|
636 | - | - | |||||||||
Advances on assignment of right
|
- | 3,344 | 3,299 | |||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
16,430 | 20 | 20 | |||||||||
Others
|
677 | 2,631 | 474 | |||||||||
36,634 | 21,624 | 16,363 |
|
o.
|
Provisions for lawsuits and contingencies
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||
Current
|
||||||||||||
Lawsuits and contingencies
|
9,550 | 4,615 | 2,845 | |||||||||
9,550 | 4,615 | 2,845 |
Non-current
|
||||||||||||
Lawsuits and contingencies
|
17,755 | 14,952 | 12,398 | |||||||||
17,755 | 14,952 | 12,398 |
|
p.
|
Unrealized gain
|
March 31, 2012
|
March 31, 2011
|
|||||||
Unrealized gain on inventories - Beef cattle
|
15,187 | 71,516 | ||||||
Unrealized loss on inventories - Crops, raw materials and MAT
|
(17,587 | ) | (12,806 | ) | ||||
Total unrealized (loss) gain
|
(2,400 | ) | 58,710 |
|
q.
|
Financial results, net
|
March 31, 2012
|
March 31, 2011
|
|||||||
Generated by assets:
|
||||||||
Income Interest
|
||||||||
Income Interest
|
23,425 | 17,319 | ||||||
Current value of assets
|
1,755 | 410 | ||||||
Sub-total
|
25,180 | 17,729 | ||||||
Other Unrealized gain (loss)
|
||||||||
Conversion differences
|
5,053 | 2,295 | ||||||
Gain on hedging operations
|
967 | 2,005 | ||||||
Tax on bank account operations
|
(6,667 | ) | (5,988 | ) | ||||
(Loss) Gain on financial operations
|
25,916 | (964 | ) | |||||
Others
|
(2,377 | ) | 8,299 | |||||
Sub-total
|
22,892 | 5,647 |
Generated by liabilities:
|
||||||||
Other Unrealized loss
|
||||||||
Loss on financed derivate instruments operation
|
(2,080 | ) | - | |||||
Others
|
(11,275 | ) | (6,106 | ) | ||||
Sub-total
|
(13,355 | ) | (6,106 | ) |
|
r.
|
Other income and expenses, net
|
March 31, 2012
|
March 31, 2011
|
|||||||
Other incomes:
|
||||||||
Recovery of allowances
|
1,878 | - | ||||||
Lawsuits and contingencies
|
- | 90 | ||||||
Consumers
|
- | 6,902 | ||||||
Gains on the sales of other fixed assets
|
144 | - | ||||||
Management fee
|
947 | 541 | ||||||
Others
|
3,956 | 1,047 | ||||||
Sub-total Other Income
|
6,925 | 8,580 |
March 31, 2012
|
March 31, 2011
|
|||||||
Other Expenses:
|
||||||||
Tax on shareholders´ personal assets
|
(10,939 | ) | (10,234 | ) | ||||
Lawsuits and contingencies
|
(5,753 | ) | (1,870 | ) | ||||
Unrecoverable VAT receivable
|
(53 | ) | (1,032 | ) | ||||
Donations
|
(6,401 | ) | (5,622 | ) | ||||
Others
|
(6,957 | ) | (4,560 | ) | ||||
Sub-total Other Expenses
|
(30,103 | ) | (23,318 | ) | ||||
Total Other income and expenses, net
|
(23,178 | ) | (14,738 | ) |
|
s.
|
Subsidiaries related companies Law No. 19,550 Section 33 and other related parties
|
Current Trade account
receivable
|
Current Other receivables
|
Non-current Other receivables
|
Inventories Receivable Caballito plot of land barter
|
Customers Advanced
|
Current Trade account Payable
|
Current Other liabilities
|
Non-current Other liabilities
|
|||||||||||||||||||||||||
Agro –Uranga S.A. (2)
|
87 | 398 | - | - | - | - | - | - | ||||||||||||||||||||||||
Banco Hipotecario S.A. (2)
|
299 | - | - | - | - | (81 | ) | - | - | |||||||||||||||||||||||
Baicom Networks S.A. (2)
|
59 | 62 | 445 | - | - | (4 | ) | - | - | |||||||||||||||||||||||
Canteras Natal Crespo S.A. (4)
|
449 | 44 | - | - | - | - | - | - | ||||||||||||||||||||||||
Consorcio Libertador (3)
|
34 | 13 | - | - | - | (126 | ) | (4 | ) | - | ||||||||||||||||||||||
Consorcio Torre Boston (3)
|
63 | 254 | - | - | - | (256 | ) | - | - | |||||||||||||||||||||||
Consultores Asset Management S.A. (3)
|
2,173 | 120 | - | - | - | (10 | ) | (7,235 | ) | - | ||||||||||||||||||||||
Museo de los niños S.A. (3)
|
1,648 | - | - | - | - | (9 | ) | - | - | |||||||||||||||||||||||
Cresca S.A. (4)
|
357 | - | 17,099 | - | - | - | (24 | ) | - | |||||||||||||||||||||||
Cyrsa S.A. (4)
|
25 | 236 | - | - | - | (25 | ) | (210 | ) | - | ||||||||||||||||||||||
Directors (3)
|
1 | 223 | - | - | - | (18 | ) | (20,439 | ) | (20 | ) | |||||||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | 759 | - | - | - | (461 | ) | (884 | ) | - | ||||||||||||||||||||||
Fundación IRSA (3)
|
41 | 2 | - | - | - | (1 | ) | (1,073 | ) | - | ||||||||||||||||||||||
Inversiones Financieras del Sur S.A. (1)
|
- | 23 | - | - | - | - | (2 | ) | - | |||||||||||||||||||||||
Hersha Hospitality Trust (2)
|
- | 3,330 | - | - | - | - | - | - | ||||||||||||||||||||||||
Miltary S.A. (2)
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
New Lipstick LLC (2)
|
- | 1,576 | - | - | - | - | (704 | ) | - | |||||||||||||||||||||||
Nuevo Puerto Santa Fe (4)
|
230 | - | - | - | - | (48 | ) | (7 | ) | - | ||||||||||||||||||||||
Lipstick Management LLC (2)
|
- | 446 | - | - | - | - | - | - | ||||||||||||||||||||||||
Personal loans
|
30 | 6,744 | - | - | - | (69 | ) | (352 | ) | - | ||||||||||||||||||||||
Puerta de Segura S.A. (3)
|
- | - | - | - | - | - | - | (16,410 | ) | |||||||||||||||||||||||
Puerto Retiro S.A. (2)
|
70 | 883 | - | - | - | (5 | ) | - | - | |||||||||||||||||||||||
Tarshop S.A. (2)
|
577 | 1,888 | - | - | (87 | ) | (1 | ) | - | - | ||||||||||||||||||||||
Quality Invest S.A. (4)
|
8 | 6 | - | - | - | - | (56 | ) | - | |||||||||||||||||||||||
TGLT S.A. (2)
|
698 | - | - | 52,205 | - | (797 | ) | - | - | |||||||||||||||||||||||
Maeda S.A. Agroindustrial (3)
|
- | - | 16,730 | - | - | - | - | - | ||||||||||||||||||||||||
IRSA Developments LP (2)
|
- | 8 | - | - | - | - | (4 | ) | - | |||||||||||||||||||||||
Elsztain Reality Partners Maste (3)
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Real Estate Strategies LP (2)
|
- | 107 | - | - | - | - | (4 | ) | - | |||||||||||||||||||||||
Elsztain Managing Partner Lim (3)
|
- | - | - | - | - | - | (43 | ) | - | |||||||||||||||||||||||
Total
|
6,849 | 17,122 | 34,274 | 52,205 | (87 | ) | (1,911 | ) | (31,041 | ) | (16,430 | ) |
|
(1)
|
Shareholder.
|
|
(2)
|
Related companies.
|
|
(3)
|
Related parties.
|
|
(4)
|
Direct or Indirect common control.
|
Current Trade account
receivable
|
Current Other receivables
|
Non-current Other receivables
|
Inventories Receivable Caballito plot of land barter
|
Current Trade account
Payable
|
Current Other liabilities
|
Non-current
Other liabilities
|
||||||||||||||||||||||
Agro –Uranga S.A. (2)
|
96 | 46 | - | - | (178 | ) | - | - | ||||||||||||||||||||
Banco Hipotecario S.A. (2)
|
225 | - | - | - | (252 | ) | - | - | ||||||||||||||||||||
Baicom Networks S.A. (2)
|
61 | 6 | 415 | - | - | - | - | |||||||||||||||||||||
Canteras Natal Crespo S.A. (4)
|
403 | 41 | - | - | - | - | - | |||||||||||||||||||||
Consorcio Libertador S.A. (3)
|
140 | 16 | - | - | (65 | ) | (4 | ) | - | |||||||||||||||||||
Consorcio Torre Boston .S.A. (3)
|
1,076 | 344 | - | - | (836 | ) | - | - | ||||||||||||||||||||
Consultores Asset Management S.A. (3)
|
997 | 29 | - | - | (10 | ) | (7,868 | ) | - | |||||||||||||||||||
Museo de los niños S.A. (3)
|
1,781 | - | - | - | (9 | ) | - | - | ||||||||||||||||||||
Cresca S.A. (4)
|
350 | 528 | 10,596 | - | (46 | ) | - | - | ||||||||||||||||||||
Cyrsa S.A. (4)
|
1,761 | 11 | - | - | (1,725 | ) | (43 | ) | - | |||||||||||||||||||
Directors (3)
|
14 | 215 | - | - | - | (16,004 | ) | (20 | ) | |||||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | 9 | - | - | (1,241 | ) | (308 | ) | - | |||||||||||||||||||
Fundación IRSA (3)
|
33 | 1 | - | - | (1 | ) | (1,075 | ) | - | |||||||||||||||||||
Inversiones Financieras del Sur S.A. (1)
|
- | 3,689 | - | - | - | - | - | |||||||||||||||||||||
Hersha Hospitality Trust (2)
|
- | 2,690 | - | - | - | - | - | |||||||||||||||||||||
New Lipstick LLC (2)
|
- | 960 | - | - | - | (622 | ) | - | ||||||||||||||||||||
Lipstick Management LLC (2)
|
- | 448 | - | - | - | - | - | |||||||||||||||||||||
Personal loans (3)
|
77 | 4,044 | - | - | (153 | ) | (1,000 | ) | - | |||||||||||||||||||
Puerto Retiro S.A. (2)
|
58 | 63 | - | - | (5 | ) | - | - | ||||||||||||||||||||
Tarshop S.A. (2)
|
660 | 13,863 | - | - | (5,533 | ) | (17,330 | ) | - | |||||||||||||||||||
Quality Invest S.A. (4)
|
799 | 241 | - | - | - | (16 | ) | - | ||||||||||||||||||||
TGLT S.A. (3)
|
658 | 1,680 | - | 75,308 | - | - | - | |||||||||||||||||||||
Grupo MAEDA S.A. Agroindustrial (3)
|
- | - | 18,761 | - | - | - | - | |||||||||||||||||||||
IRSA Developments LP (3)
|
- | 7 | - | - | - | (4 | ) | - | ||||||||||||||||||||
Elsztain Reality Partners Maste (3)
|
- | - | - | - | - | (859 | ) | - | ||||||||||||||||||||
IRSA Real Estate Strategies LP (3)
|
- | 64 | - | - | - | (8 | ) | - | ||||||||||||||||||||
Elsztain Managing Partner Lim (3)
|
- | 156 | - | - | - | (53 | ) | - | ||||||||||||||||||||
Total
|
9,189 | 29,151 | 29,772 | 75,308 | (10,054 | ) | (45,194 | ) | (20 | ) |
|
(1)
|
Shareholder.
|
|
(2)
|
Related companies.
|
|
(3)
|
Related parties.
|
|
(4)
|
Direct or Indirect common control.
|
Current Trade account
receivables
|
Current Other receivables
|
Non-current
Other receivables
|
Current Trade accounts
payable
|
Current Other Liabilities
|
Non-Current Other Liabilities
|
|||||||||||||||||||
Agro –Uranga S.A. (2)
|
195 | 327 | - | (35 | ) | - | - | |||||||||||||||||
Banco Hipotecario S.A. (2)
|
225 | - | - | (51 | ) | - | - | |||||||||||||||||
Baicom Networks S.A. (2)
|
56 | 7 | 405 | - | - | - | ||||||||||||||||||
BrasilAgro (2)
|
16 | - | - | - | - | - | ||||||||||||||||||
Canteras Natal Crespo S.A. (4)
|
387 | 39 | - | (25 | ) | - | - | |||||||||||||||||
Consorcio Dock del Plata S.A. (3)
|
269 | - | - | - | - | - | ||||||||||||||||||
Consorcio Libertador S.A. (3)
|
145 | 106 | - | (70 | ) | (4 | ) | - | ||||||||||||||||
Consorcio Torre Boston .S.A. (3)
|
967 | 402 | - | (1,158 | ) | - | - | |||||||||||||||||
Consultores Asset Management S.A. (3)
|
1,148 | 28 | - | (10 | ) | (3,866 | ) | - | ||||||||||||||||
CAM Communications LP Delawar (3)
|
- | 4,845 | - | - | - | - | ||||||||||||||||||
Cresca S.A. (4)
|
341 | 772 | 8,817 | - | - | - | ||||||||||||||||||
Cyrsa S.A. (4)
|
1,492 | 272 | - | (1,082 | ) | (23 | ) | - | ||||||||||||||||
Directors (3)
|
18 | 230 | - | - | (15,891 | ) | (20 | ) | ||||||||||||||||
Elsztain Managing Partners Lim (3)
|
- | 109 | - | - | (51 | ) | - | |||||||||||||||||
Elsztain Reality Partner Master Fund I (3)
|
- | - | - | - | (1,373 | ) | - | |||||||||||||||||
Elsztain Reality Partner Master Fund II (3)
|
- | - | - | - | (614 | ) | - | |||||||||||||||||
Elsztain Reality Partner Master Fund III (3)
|
- | - | - | - | (165 | ) | - | |||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | 23 | - | (899 | ) | (442 | ) | - | ||||||||||||||||
Fundación IRSA (3)
|
30 | 1 | - | (138 | ) | (1,073 | ) | - | ||||||||||||||||
Inversiones Financieras del Sur S.A. (1)
|
- | 17,056 | - | - | - | - | ||||||||||||||||||
IRSA Developments LP (3)
|
- | 6 | - | - | (4 | ) | - | |||||||||||||||||
IRSA Real Estate Strategies LP (3)
|
- | 22 | - | - | (8 | ) | - | |||||||||||||||||
Hersha Hospitality Trust (2)
|
- | 2,252 | - | - | - | - | ||||||||||||||||||
Museo de los niños S.A. (3)
|
1,601 | - | - | (6 | ) | - | - | |||||||||||||||||
New Lipstick LLC (2)
|
- | 363 | - | - | - | - | ||||||||||||||||||
Lipstick Management LLC (2)
|
- | 214 | - | - | - | - | ||||||||||||||||||
Personal loans (3)
|
8 | 3,325 | - | (141 | ) | (2,290 | ) | - | ||||||||||||||||
Puerto Retiro S.A. (2)
|
58 | 64 | - | (5 | ) | - | - | |||||||||||||||||
Tarshop S.A. (2)
|
403 | 13,906 | - | - | - | - | ||||||||||||||||||
Total
|
7,359 | 44,369 | 9,222 | (3,620 | ) | (25,804 | ) | (20 | ) |
|
(1)
|
Shareholder.
|
|
(2)
|
Related companies.
|
|
(3)
|
Related parties.
|
|
(4)
|
Direct or Indirect common control.
|
Gain from leases
|
Fees
|
Interest income (loss)
|
Other income and expenses and current tax on shareholders´ personal assets
|
Administration services
|
Sales and fees
for shared services
|
Donations
|
||||||||||||||||||||||
Agro –Uranga S.A. (2)
|
- | - | - | 120 | - | - | - | |||||||||||||||||||||
Canteras Natal Crespo S.A. (4)
|
- | - | 4 | - | - | 36 | - | |||||||||||||||||||||
Consorcio Libertador (3)
|
10 | - | - | - | - | (260 | ) | - | ||||||||||||||||||||
Consorcio de Propietarios Torre Boston (3)
|
- | - | - | - | - | (285 | ) | - | ||||||||||||||||||||
Consultores Asset Management S.A. (3)
|
117 | (4,612 | ) | - | - | - | - | - | ||||||||||||||||||||
Cresca S.A. (4)
|
- | - | 1 | - | 596 | - | - | |||||||||||||||||||||
Cyrsa S.A. (4)
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Directors (3)
|
- | (45,390 | ) | (1 | ) | - | - | - | - | |||||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | (2,280 | ) | - | - | - | - | (1,283 | ) | |||||||||||||||||||
Fundación IRSA (3)
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Inversiones Financieras del Sur S.A. (1)
|
- | - | 548 | - | - | - | - | |||||||||||||||||||||
Tarshop S.A. (2)
|
1,807 | - | 503 | (871 | ) | - | 316 | - | ||||||||||||||||||||
Total
|
1,934 | (52,282 | ) | 1,055 | (751 | ) | 596 | (193 | ) | (1,283 | ) |
|
(1)
|
Shareholder.
|
|
(2)
|
Related companies.
|
|
(3)
|
Related parties.
|
|
(4)
|
Direct or Indirect common control.
|
Gain from leases
|
Beef cattle expenses
|
Fees
|
Interest income (loss)
|
Other income
and expenses
|
Administration services
|
Sales and fees
for shared services
|
Donations
|
|||||||||||||||||||||||||
Agro –Uranga S.A. (2)
|
- | - | - | - | 989 | - | - | - | ||||||||||||||||||||||||
Cactus (2)
|
- | (215 | ) | - | - | 4 | 24 | - | - | |||||||||||||||||||||||
Canteras Natal Crespo S.A. (4)
|
- | - | - | 3 | - | - | 36 | - | ||||||||||||||||||||||||
Consultores Asset Management S.A. (3)
|
14 | - | (47,394 | ) | - | - | - | - | - | |||||||||||||||||||||||
Consorcio Torre Bank Boston (3)
|
- | - | - | - | - | - | 241 | - | ||||||||||||||||||||||||
Consorcio Libertador (3)
|
9 | - | - | - | - | - | 92 | - | ||||||||||||||||||||||||
Consorcio Dock del Plata (3)
|
- | - | - | - | - | - | 78 | - | ||||||||||||||||||||||||
Cresca S.A. (4)
|
- | - | - | - | - | 492 | - | - | ||||||||||||||||||||||||
Cyrsa S.A. (4)
|
3 | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Directors (3)
|
- | - | (35,547 | ) | (3 | ) | - | - | - | - | ||||||||||||||||||||||
EAASA (2)
|
- | - | - | - | - | - | 226 | - | ||||||||||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | - | (5,785 | ) | - | - | - | - | - | |||||||||||||||||||||||
Fundación IRSA (3)
|
- | - | (2,317 | ) | - | - | - | - | (2,530 | ) | ||||||||||||||||||||||
Inversiones Financieras del Sur S.A. (1)
|
- | - | - | 2,021 | - | - | - | - | ||||||||||||||||||||||||
Parque Arauco S.A. (3)
|
- | - | - | (315 | ) | - | - | - | - | |||||||||||||||||||||||
Personal loans
|
(3 | ) | - | - | 201 | - | - | - | - | |||||||||||||||||||||||
Tarshop S.A. (2)
|
2,884 | - | - | 80 | - | - | 533 | - | ||||||||||||||||||||||||
Total
|
2,907 | (215 | ) | (91,043 | ) | 1,987 | 993 | 516 | 1,206 | (2,530 | ) |
|
(1)
|
Shareholder.
|
|
(2)
|
Related companies.
|
|
(3)
|
Related parties.
|
|
(4)
|
Direct or Indirect common control.
|
Agricultural
|
Slaughtering/ Feed lot
|
Real estate
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crops
|
Beef cattle
|
Milk
|
Sale of farms
|
Others
|
Non
Operating
|
Sub-total
Agricultural business
|
Development and sale of properties
|
Office
Others
|
Shopping Center
|
Hotels operations
|
Consumer financing
|
Financial operations and others
|
Subtotal real estate business
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description
|
Local
|
International
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production income
|
108,994 | 178,444 | 53,461 | 24,205 | - | - | - | 365,104 | - | - | - | - | - | - | - | - | 365,104 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of production
|
(83,072 | ) | (140,186 | ) | (26,610 | ) | (19,334 | ) | - | - | - | (269,202 | ) | - | - | - | - | - | - | - | - | (269,202 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Production profit
|
25,922 | 38,258 | 26,851 | 4,871 | - | - | - | 95,902 | - | - | - | - | - | - | - | - | 95,902 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sales
|
194,867 | 254,655 | 96,690 | 20,784 | 59,898 | 52,617 | - | 679,511 | 99,981 | 173,901 | 140,585 | 629,501 | 130,020 | 4,168 | - | 1,078,175 | 1,857,667 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales
|
(155,802 | ) | (235,770 | ) | (94,803 | ) | (20,784 | ) | (32,136 | ) | (31,627 | ) | - | (570,922 | ) | (110,450 | ) | (142,453 | ) | (26,212 | ) | (135,849 | ) | (83,820 | ) | (1,815 | ) | - | (390,149 | ) | (1,071,521 | ) | ||||||||||||||||||||||||||||||||||||
Sales profit
|
39,065 | 18,885 | 1,887 | - | 27,762 | 20,990 | - | 108,589 | (10,469 | ) | 31,448 | 114,373 | 493,652 | 46,200 | 2,353 | - | 688,026 | 786,146 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross (loss) profit
|
64,987 | 57,143 | 28,738 | 4,871 | 27,762 | 20,990 | - | 204,491 | (10,469 | ) | 31,448 | 114,373 | 493,652 | 46,200 | 2,353 | - | 688,026 | 882,048 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Selling expenses
|
(45,546 | ) | (22,045 | ) | (9,056 | ) | (748 | ) | - | (4,907 | ) | - | (82,302 | ) | (6,587 | ) | (12,568 | ) | (6,848 | ) | (34,916 | ) | (16,374 | ) | 382 | - | (70,324 | ) | (159,213 | ) | ||||||||||||||||||||||||||||||||||||||
Administrative expenses
|
(15,933 | ) | (48,373 | ) | (18,556 | ) | (1,344 | ) | (4,996 | ) | (4,952 | ) | - | (94,154 | ) | (5,872 | ) | (29,557 | ) | (32,591 | ) | (63,121 | ) | (32,480 | ) | (269 | ) | - | (158,018 | ) | (258,044 | ) | ||||||||||||||||||||||||||||||||||||
Gain from recognition of inventories at net realizable value
|
- | - | - | - | - | - | - | - | - | 39,408 | - | - | - | - | - | 39,408 | 39,408 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on inventories
|
2,292 | (20,016 | ) | 15,187 | - | - | 88 | - | (2,449 | ) | 49 | - | - | - | - | - | - | - | (2,400 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gain from retained interest in consumer finance trusts
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating result
|
5,800 | (33,291 | ) | 16,313 | 2,779 | 22,766 | 11,219 | - | 25,586 | (22,879 | ) | 28,731 | 74,934 | 395,615 | (2,654 | ) | 2,466 | - | 499,092 | 501,799 | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets
|
493,517 | 1,899,813 | 382,878 | 66,664 | 61,366 | 49,505 | 456,826 | 3,410,569 | 16,396 | 775,504 | 1,382,521 | 2,163,420 | 733,180 | 49,629 | 1,384,172 | 6,488,426 | 9,915,391 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities
|
450,338 | 396,508 | 337,211 | 56,946 | - | 10,644 | 546,888 | 1,798,535 | 26,556 | 531,219 | 577,433 | 2,063,172 | 276,724 | 6,425 | 225,958 | 3,680,931 | 5,506,022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current investments in other companies (1)
|
19,966 | 27,199 | 156 | 2,970 | - | - | 2,049 | 52,340 | - | 87,344 | 224,287 | - | 443,685 | 41,826 | 998,433 | 1,795,575 | 1,847,915 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Increases and transfers of property
and equipment
|
25,876 | 85,148 | 15,778 | 1,085 | - | 2,230 | 1,078 | 131,195 | 400 | - | 10,605 | 48,627 | 4,645 | - | - | 63,877 | 195,472 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and Depreciation
|
4,433 | 28,167 | 1,504 | 667 | - | 683 | 1,129 | 36,583 | - | 68 | 21,555 | 107,180 | 10,103 | 17 | - | 138,923 | 175,506 |
(1)
|
The balance corresponds to equity interest in Agro – Uranga S.A., Banco Hipotecario S.A., Banco Crédito and Securitización S.A., Manibil S.A., Tarshop S.A., Hersha Hospitality Trust, Rigby 183 LLC, New Lipstick, TGLT S.A., Bitania 26, Agro Managers S.A. and Supertel Hospitality Inc..
|
NOTE 5:
|
(Continued)
|
Agricultural
|
Slaughtering/ Feed lot
|
Real estate
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crops
|
Beef cattle
|
Milk
|
Sale of farms
|
Others
|
Non
Operating
|
Sub-total
Agricultural business
|
Development and sale of properties
|
Office
Others
|
Shopping Center
|
Hotels operations
|
Consumer financing
|
Financial operations and others
|
Subtotal real estate business
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description
|
Local
|
International
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production income
|
72,653 | 28,392 | 30,797 | 24,581 | - | - | - | 156,423 | - | - | - | - | - | - | - | - | 156,423 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of production
|
(56,063 | ) | (21,087 | ) | (18,413 | ) | (18,156 | ) | - | - | - | (113,719 | ) | - | - | - | - | - | - | - | - | (113,719 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Production profit
|
16,590 | 7,305 | 12,384 | 6,425 | - | - | - | 42,704 | - | - | - | - | - | - | - | - | 42,704 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sales
|
104,228 | 31,947 | 44,040 | 22,274 | 71,096 | 36,377 | - | 309,962 | 59,531 | 188,738 | 122,243 | 482,757 | 154,015 | 65,782 | - | 1,013,535 | 1,383,028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales
|
(87,472 | ) | (29,472 | ) | (43,074 | ) | (22,274 | ) | (21,652 | ) | (26,699 | ) | - | (230,643 | ) | (62,429 | ) | (147,491 | ) | (25,432 | ) | (124,063 | ) | (91,792 | ) | (22,455 | ) | - | (411,233 | ) | (704,305 | ) | ||||||||||||||||||||||||||||||||||||
Sales profit
|
16,756 | 2,475 | 966 | - | 49,444 | 9,678 | - | 79,319 | (2,898 | ) | 41,247 | 96,811 | 358,694 | 62,223 | 43,327 | - | 602,302 | 678,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross (loss) profit
|
33,346 | 9,780 | 13,350 | 6,425 | 49,444 | 9,678 | - | 122,023 | (2,898 | ) | 41,247 | 96,811 | 358,694 | 62,223 | 43,327 | - | 602,302 | 721,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Selling expenses
|
(24,706 | ) | (3,540 | ) | (1,810 | ) | (1,090 | ) | - | (3,739 | ) | - | (34,885 | ) | (4,118 | ) | (8,231 | ) | (7,090 | ) | (29,011 | ) | (15,859 | ) | (24,786 | ) | - | (84,977 | ) | (123,980 | ) | |||||||||||||||||||||||||||||||||||||
Administrative expenses
|
(13,013 | ) | (4,334 | ) | (10,106 | ) | (1,592 | ) | (4,299 | ) | (2,320 | ) | - | (35,664 | ) | (2,280 | ) | (31,296 | ) | (32,813 | ) | (48,705 | ) | (30,846 | ) | (6,287 | ) | - | (149,947 | ) | (187,891 | ) | ||||||||||||||||||||||||||||||||||||
Gain from recognition of inventories
at net realizable value
|
- | - | - | - | - | - | - | - | - | 39,629 | - | - | - | - | - | 39,629 | 39,629 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on inventories
|
(14,235 | ) | 1,391 | 71,101 | - | - | 37 | - | 58,294 | 416 | - | - | - | - | - | - | - | 58,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain from retained interest in consumer finance trusts
|
- | - | - | - | - | - | - | - | - | - | - | - | - | 4,707 | - | 4,707 | 4,707 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating result
|
(18,608 | ) | 3,297 | 72,535 | 3,743 | 45,145 | 3,656 | - | 109,768 | (8,880 | ) | 41,349 | 56,908 | 280,978 | 15,518 | 16,961 | - | 411,714 | 512,602 | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets
|
375,860 | 835,388 | 338,483 | 56,975 | - | 60,129 | 193,041 | 1,859,876 | 71,703 | 748,979 | 1,302,267 | 2,003,292 | 242,372 | 35,286 | 1,702,336 | 6,034,532 | 7,966,111 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities
|
380,620 | 31,178 | 280,012 | 46,480 | - | 9,586 | 361,524 | 1,109,400 | 52,000 | 466,365 | 515,691 | 1,762,276 | 241,408 | 31,112 | 263,382 | 3,280,234 | 4,441,634 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current investments in other companies (1)
|
19,056 | 632,236 | 185 | 3,522 | - | - | - | 654,999 | - | 287,208 | - | - | 283,586 | 51,481 | 914,250 | 1,536,525 | 2,191,524 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Increases and transfers of property
and equipment
|
20,862 | 4,666 | 17,281 | 252 | - | 183 | 7,094 | 50,338 | 22,904 | 14 | 14,820 | 32,125 | 6,549 | 2,960 | - | 56,468 | 129,710 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and Depreciation
|
3,717 | 248 | 1,832 | 335 | - | 185 | 223 | 6,540 | - | 154 | 21,120 | 93,592 | 11,011 | 900 | - | 126,777 | 133,317 |
|
NOTE 6:
|
LAWSUITS AND CLAIMS IN COURSE
|
|
A.
|
Agricultural Business
|
|
Ongoing litigation with the city of Villa Mercedes
|
|
NOTE 6:
|
(Continued)
|
|
B.
|
Real Estate Business
|
|
NOTE 7:
|
RESTRICTED ASSETS
|
|
A.
|
Agricultural Business
|
|
a.
|
Farmland Cremaq
|
|
NOTE 7:
|
(Continued)
|
|
B.
|
Real Estate Business
|
|
1.
|
IRSA
|
|
a.
|
Puerto Retiro S.A.
|
|
b.
|
Mortgage guaranteed loan Hoteles Argentinos S.A.
|
|
c.
|
IRSA and its subsidiaries has mortgaged on the following properties:
|
Property
|
Book value as of March 31, 2012
|
|||
República Building
|
212,120 | |||
Soleil Factory
|
73,101 | |||
Zetol plot of land
|
34,564 | |||
Predio San Martín
|
69,156 | |||
Vista al Muelle plot of land
|
24,386 |
|
d.
|
New Lipstick maintains a pledge over Metropolitan 885 Third Avenue Leasehold LLC ´s shares
|
|
e.
|
To guarantee due compliance with all the covenants assumed by Liveck S.A., and the minority shareholder of Zetol S.A.’s and Vista al Muelle S.A.´s pursuant to the stock purchase agreement for Vista al Muelle S.A.’s shares executed on June 11, 2009 and the Addendums to the Agreement, as well as payment of any possible damages and associated expenses, the parties have reciprocally tendered a security interest consisting in a possessory pledge over the shares in Vista al Muelle S.A. and Zetol S.A..
|
|
f.
|
On December 28, 2011, 2,061,856 shares of Hersha Hospitality Trust were transferred to Citibank N.A. as collateral for the loan.
|
|
g.
|
The Company holds a pledge on the shares of Cyrsa S.A. as security for the latter’s obligation to transfer the units bound to be built on a plot of land situated at 1755 Av. del Libertador, as part of the compensation for the acquisition thereof.
|
|
h.
|
The Company carries a mortgage on the property designated as “Edificio República” in connection with the loan granted by Banco Macro for the acquisition of said property.
|
|
2.
|
APSA
|
|
a.
|
On June 15, 2011, APSA granted in favor of Banco Hipotecario S.A. a pledge on its Series I Non-Convertible Notes issued on May 11, 2007, for a face value of US$ 1.2 million.
|
|
NOTE 7:
|
(Continued)
|
|
b.
|
On August 3, 2011, a mortgage was constituted on Soleil Factory.
|
|
c.
|
To secure the fulfillment of the Concession Agreement with the Administration of Railway Infrastructure (ADIF), Arcos del Gourmet S.A. committed itself to hire a secure bond of Ps. 4,460, make an escrow deposit in cash of Ps. 400 and to hire another surely bond in favor of ADIF as collateral to the execution of the works agreed due time and proper form for Ps. 14,950. These surely bonds were hired during October 2011.
|
|
d.
|
As regards the case "Alto Palermo S.A. (APSA) against Dirección General Impositiva on Appeal", Record of proceedings number 25,030-I, currently heard by Division A, 3 Nomination, an attachment has been ordered and effected on the real property located in Olegario Andrade 367, Caballito, Ciudad Autónoma de Buenos Aires, which as at March 31, 2012 amounts to Ps. 36,889 (accounted for under Non-Current Investments - Land Reserves).
|
|
NOTE 8:
|
ACQUISITION, CONSTITUTION AND RESTRUCTURING OF COMPANIES
|
|
1.
|
Purchase of shares and warrant Brasilagro
|
|
NOTE 8:
|
(Continued)
|
|
a.
|
Constitution of CYRSA – Horizons Project
|
|
NOTE 8:
|
(Continued)
|
|
-
|
The balance will be cancelled in installments and will be fully paid at the time of transfer and signature of deeds.
|
|
-
|
Partial cancellation will be on installments payable up to the time of transfer / signatures of deeds, the remaining balance to be financed during 90 months´ term with units having mortgaged guarantees.
|
|
b.
|
Acquisition of Hersha Hospitality Trust´s shares (Hersha")
|
|
NOTE 8:
|
(Continued)
|
|
NOTE 8:
|
(Continued)
|
|
c.
|
Acquisition Lipstick, New York Building
|
|
NOTE 8:
|
(Continued)
|
|
d.
|
Acquisition of shares in Banco Hipotecario S.A.
|
|
e.
|
Acquisition of companies in the Oriental Republic of Uruguay
|
|
NOTE 8:
|
(Continued)
|
|
NOTE 8:
|
(Continued)
|
|
NOTE 8:
|
(Continued)
|
|
f.
|
Option to acquire an interest in APSA
|
|
g.
|
Sale of ownership interest in Pereiraola S.A.I.C.I.F. y A. (Pereiraola).
|
|
NOTE 8:
|
(Continued)
|
|
h.
|
Torodur S.A.
|
|
i.
|
Acquisition of Unicity S.A
|
|
j.
|
Sale of Torres Jardín IV
|
|
k.
|
Purchase of TGLT S.A.´s shares.
|
|
NOTE 8:
|
(Continued)
|
|
l.
|
Sale of interest stake in Quality
|
|
m.
|
Purchase of BACS shares
|
|
n.
|
Acquisition of shares of Banco Hipotecario S.A.
|
|
NOTE 8:
|
(Continued)
|
|
o.
|
Exchange agreement on a piece of land in Caballito (TGLT S.A.)
|
|
p.
|
Acquisition of companies’shares in the Oriental Republic of Uruguay
|
|
NOTE 8:
|
(Continued)
|
|
q.
|
Purchase and sale of APSA´s Notes
|
|
r.
|
Acquisition of facilities located in San Martín
|
|
NOTE 8:
|
(Continued)
|
|
s.
|
Acquisition of shares of Bitania 26 S.A.
|
|
t.
|
Supertel Hospitality Inc. (“Supertel”)
|
|
NOTE 8:
|
(Continued)
|
|
2.
|
APSA
|
|
a.
|
Sale of equity interest in Tarshop S.A.
|
|
NOTE 8:
|
(Continued)
|
|
b.
|
Acquisition of Arcos del Gourmet S.A.´s shares
|
|
NOTE 8:
|
(Continued)
|
|
c.
|
Acquisition of a commercial center goodwill
|
|
NOTE 8:
|
(Continued)
|
|
d.
|
Purchase of TGLT S.A.’s shares
|
|
NOTE 8:
|
(Continued)
|
|
e.
|
Contributed leasehold improvements - Other liabilities
|
NOTE 9:
|
PURCHASE, SALE AND BARTER OF PROPERTIES
|
|
1.
|
Acquisition and sale of land in the Republic of Bolivia
|
|
NOTE 9:
|
(Continued)
|
|
2.
|
Sale of farm San Pedro
|
|
NOTE 9:
|
(Continued)
|
|
B.
|
Real Estate Business
|
|
1.
|
IRSA
|
|
2.
|
APSA
|
|
a.
|
Acquisition of the building known as Ex- Escuela Gobernador Vicente de Olmos (City of Córdoba)
|
|
NOTE 9:
|
(Continued)
|
|
b.
|
Barter with Condominios del Alto S.A.
|
|
NOTE 9:
|
(Continued)
|
|
NOTE 9:
|
(Continued)
|
Lots
|
Agreed price
(in thousands of US$)
|
Collected amount as of 03.31.12
(in thousands of US$)
|
||||||||
2H | 2,663 | 1,785 |
|
c.
|
Barter transaction– Beruti plot of land
|
|
NOTE 9:
|
(Continued)
|
|
d.
|
Barter with Cyrsa S.A.
|
|
e.
|
Plot of land Paraná:
|
|
NOTE 9:
|
(Continued)
|
|
i)
|
US$ 0.05 million was settled as prepayment on July 14, 2009,
|
|
ii)
|
US$ 0.1 million was settled upon executing such agreement, and
|
|
iii)
|
US$ 0.35 million will be paid upon executing the title deed.
|
|
f.
|
Plot of land Rosario
|
Lots
|
Offer
acceptance
oferta
|
Agreed price
(in thousands of US$)
|
Collected amount as of
03.31.12
(in thousands of US$)
|
Title deed’s date
|
||||||||
2A |
04/14/2010
|
4,200 | 4,200 |
05/26/11
|
||||||||
2E |
05/03/2010
|
1,430 | 1,430 |
09/29/10
|
||||||||
2F |
11/10/2010
|
1,931 | 1,931 |
07/06/11
|
||||||||
2B |
12/03/2010
|
1,507 | 1,507 |
08/11/11
|
||||||||
2C |
12/03/2010
|
1,507 | 1,507 |
08/11/11
|
||||||||
2D |
12/03/2010
|
1,539 | 1,539 |
03/20/11
|
Lots
|
Agreed price
(in thousands of US$)
|
Collected amount as of March 31, 2012
(in thousands of US$)
|
||||||||
2H | 2,663 | 1,785 |
|
NOTE 9:
|
(Continued)
|
|
g.
|
Acquisition of Nuevo Puerto Santa Fe S.A.´s shares
|
|
NOTE 9:
|
(Continued)
|
|
h.
|
Financing and occupation agreement with INTERNATIONAL II, INC..
|
|
·
|
The outstanding debt was de-dollarized (Ps. 1 = US$ 1)
|
|
·
|
An antichresis right was created and it was established that all obligations assumed by Empalme S.A.I.C.F.A. y G. under the agreement by which the normal use and operation of the cinema center is warranted to NAI INTERNACIONAL II, INC., including those obligations involving restrictions on the use or title to property by Empalme S.A.I.C.F.A. y G. or third parties, shall be comprised in the previously mentioned property right.
|
|
A.
|
Real Estate Business
|
|
1.
|
IRSA
|
|
NOTE 11:
|
(Continued)
|
|
·
|
Class III Non-Convertible Notes at Badlar rate plus 249 basis points for a face value of Ps. 153.2 million, to be matured 18 months after the issuing date and to be amortized in 3 consecutive payments within 12, 15 and 18 months, and interests to be paid in 6 installments on a quarterly basis; the first one is due on May 14, 2012.
|
|
·
|
Class IV Non-Convertible Notes at a fixed rate of 7.45% for a face value of US$ 33.8 million (equivalent to Ps. 146.9 million), to be matured 4 months after the issuing date, to be subscribed and paid in Argentine Pesos at the applicable exchange rate, to be amortized in 24 equal and consecutive payments within 15, 18, 21 and 24 months, to be paid in 6 installments on a quarterly basis from May 14, 2012.
|
|
2.
|
APSA
|
|
a.
|
Issuance of convertible notes
|
NOTE 11:
|
(Continued)
|
NOTE 11:
|
(Continued)
|
|
b.
|
Issuance of non-convertible notes
|
|
NOTE 11:
|
(Continued)
|
|
c.
|
2009 Issuance of non-convertible notes
|
|
d.
|
Approval of the Short-term Debt Global Program by the Shareholders´ meeting
|
|
NOTE 11:
|
(Continued)
|
|
e.
|
Capital increase
|
|
·
|
Capital stock increase of up to Ps. 108 million through the issue of up to 1,080,000,000 new common shares of par value Ps. 0.10 each, on one or many offerings, with share premium or not and with one voting right per share, with dividend rights in equal conditions as the rest of the outstanding shares at the issuing date, following a public offering in the country or abroad. The meeting established the parameters under which the Board of Directors will settle the share premium, with a range of prices for the share, being the minimum price Ps. 25.6133 per share of par value Ps. 1 or US$ 25.1 per ADS and a maximum price of Ps. 75 per share of par value Ps. 1 or US$ 73.4970 per ADS.
|
|
·
|
Delegation on the Board of Directors of the power to define all the terms and conditions of the issuing process in one or several offerings, not expressly determined in the Shareholders Meeting with the power to sub-delegate on one or more than one director or manager.
|
|
·
|
Reduction of the term to exercise the preemptive subscription right and the accretion right to up to 10 working days, as provided by section 194 of Act No. 19,550 and the regulations in force, delegating on the Board of Directors the most extensive powers in order to fulfill the capital stock increase.
|
|
·
|
Approval of the terms and conditions of the repurchase offering – in the context of the capital increase and subject to the effective fulfillment of this – of the outstanding convertible Non-Convertible Notes with par value US$ 31,755,502, for the amount of US$ 36.1 million, equivalent to US$ 1.13666 per Non-Convertible Notes.
|
|
A.
|
Agricultural Business
|
|
a.
|
Brasilagro – Maeda. Changes in Jaborandi Ltda. contract
|
|
1.
|
An increase in capital in Jaborandi Ltda. The total amount paid up was R$ 25,055, of which R$ 19,701 were contributed through the capitalization of advances for future increases in capital already made by BrasilAgro (R$ 12,531) and Maeda (R$ 7,171), and R$ 5,354 were contributed in cash by BrasilAgro.
|
|
2.
|
Due to the non-performance of the business plan approved on September 22, 2011 and pursuant to the agreement between the parties, the holdings of Grupo Maeda in Jaborando Ltda. were diluted proportionally to the contribution made.
|
|
3.
|
In conformity with the notice sent by BrasilAgro on December 5, 2011, Maeda has lost its right to exercise the warrants issued by the Company.
|
|
4.
|
The shareholder agreement of Jaborandi S.A. has been amended so that certain matters which required a special majority for approval, will now require only a simple majority of the voting capital if certain conditions are not met (e.g., if Maeda Group makes no capital contributions as committed within the agreed term).
|
|
B.
|
Real Estate Business
|
|
1.
|
IRSA
|
|
a.
|
Investment in Banco Hipotecario S.A.
|
|
b.
|
Transactions pending solution by the Argentine Antitrust Commission
|
|
c.
|
Compulsory expropriation order of the lot owned by Canteras Natal Crespo
|
|
2.
|
APSA
|
|
a.
|
Neuquén Project
|
|
b.
|
Acquisition of shares of APSAMEDIA S.A.
|
|
i)
|
Receivables from consumption transactions carried out through December 31, 2010 and that are performing or in default for not more than 60 days (both those in Metroshop S.A.’s own portfolio and those assigned to Fideicomiso Financiero Metroshop S.A. Serie XV- previous return of them).
|
|
ii)
|
The contractual position in the credit card issuance agreements whose customers did not have as of December 31, 2010 a default for over 60 days in complying with their obligations.
|
|
iii)
|
All credit card customers or accounts or clients
|
|
c.
|
Arcos del Gourmet
|
|
i)
|
Concession Amendment Agreement of Arcos del Gourmet S.A.
|
NOTE 12: (Continued)
|
NOTE 13:
|
SALES OF BUILDINGS
|
|
a.
|
IRSA
|
NOTE 13: (Continued)
|
NOTE 15: (Continued)
|
Date
|
08/11/2010
|
|||
Number of shares
|
58,422,400 | |||
The exercise price (R$/ share)
|
8.97 | |||
Stock market´s Price as of measure date (R$ / share)
|
9.60 | |||
Interest rate, (risk free %)
|
11.36 | |||
Contractual average time
|
5 years
|
|||
Expected return of dividends %
|
1.00 | |||
Volatility of market´s shares
|
67.48 | |||
Stock market ´s price as of granting date (R$/ shares)
|
9.40 | |||
Number of options outstanding
|
370,007 | |||
Number of options to exercise
|
370,007 | |||
Adjusted average price (R$/share)
|
6.16 | |||
Remaining Contractual Average life
|
5 | |||
Balance stock options as of March 31, 2012
|
Ps. 4,655
|
Number of shares
|
Average price during
period / year
|
|||||||
As of March 31, 2012
|
370,007 | 6.16 |
NOTE 16:
|
REIMBURSEMENT OF CURRENT AND EXPIRED CASH DIVIDENDS
|
1.
|
APSA
|
|
1.
|
IRSA
|
|
a.
|
Call for Ordinary and Extraordinary Meeting of Shareholders to be held on May 23, 2012
|
|
·
|
Consideration of payment of a cash dividend for a total amount of up to Ps. 99,000.
|
|
·
|
Partial release of “Reserves for New Projects” and “Retained Earnings” in the amounts of Ps. 27,892 and Ps. 71,108, respectively.
|
|
b.
|
Increase in APSA shareholding
|
|
c.
|
Bill of sale for units of the “Museo Renault” property
|
|
2.
|
APSA
|
|
-
|
Consideration of payment of an interim cash dividend for a total amount of up to Ps. 177 million, which computation is based on the quarterly financial statements for the period ended December 31, 2011;
|
|
-
|
Examination of the resolutions approved by the Shareholders’ Meeting held on May 26, 2011 in light of the conditions then prevailing on the market.
|
March 31, 2012
(Notes 1 and 2)
|
June 30, 2011
(Notes 1 and 2)
|
March 31, 2011
(Notes 1 and 2)
|
March 31, 2012
(Notes 1 and 2)
|
June 30, 2011
(Notes 1 and 2)
|
March 31, 2011
(Notes 1 and 2)
|
||||||||||||||||||||
ASSETS
|
LIABILITIES
|
||||||||||||||||||||||||
CURRENT ASSETS
|
CURRENT LIABILITIES
|
||||||||||||||||||||||||
Cash and Banks (Note 8.a.)
|
8,147 | 3,616 | 20,606 |
Trade accounts payable (Note 8.f.)
|
68,424 | 140,216 | 68,523 | ||||||||||||||||||
Investments (Note 8.b.)
|
7,095 | 19,092 | 6,936 |
Short-term debt (Note 8.g.)
|
749,906 | 541,720 | 341,435 | ||||||||||||||||||
Trade accounts receivable (Note 8.c.)
|
63,899 | 91,280 | 60,939 |
Salaries and social security payable (Note 8.h.)
|
25,539 | 28,393 | 19,086 | ||||||||||||||||||
Other receivables (Note 8.d.)
|
117,376 | 158,108 | 112,712 |
Taxes payable (Note 8.i.)
|
13,630 | 6,287 | 11,080 | ||||||||||||||||||
Inventories (Note 8.e.)
|
251,004 | 230,803 | 215,741 |
Customers advances (Note 8.j.)
|
888 | - | - | ||||||||||||||||||
Total Current Assets
|
447,521 | 502,899 | 416,934 |
Other liabilities (Note 8.k.)
|
35,363 | 29,540 | 29,211 | ||||||||||||||||||
Total Current Liabilities
|
893,750 | 746,156 | 469,335 | ||||||||||||||||||||||
NON-CURRENT LIABILITIES
|
|||||||||||||||||||||||||
Long-term debt (Note 8.g.)
|
296,595 | 204,742 | 333,634 | ||||||||||||||||||||||
NON-CURRENT ASSETS
|
Taxes payable (Note 8.i.)
|
67,345 | 96,528 | 95,356 | |||||||||||||||||||||
Other receivables (Note 8.d.)
|
117,668 | 58,194 | 53,838 |
Other liabilities (Note 8.k.)
|
90 | 12,195 | 5,571 | ||||||||||||||||||
Inventories (Note 8.e.)
|
181,546 | 184,527 | 196,274 |
Provisions for pending lawsuits (Schedule E)
|
1,700 | 1,681 | 1,678 | ||||||||||||||||||
Investments on equity investees (Note 8.b.)
|
2,303,026 | 2,162,773 | 1,966,260 |
Total Non-Current Liabilities
|
365,730 | 315,146 | 436,239 | ||||||||||||||||||
Others Investments (Note 8.b.)
|
21 | 21 | 11,282 |
Total Liabilities
|
1,259,480 | 1,061,302 | 905,574 | ||||||||||||||||||
Property and equipment, net (Schedule A)
|
381,927 | 345,085 | 340,327 | ||||||||||||||||||||||
Intangible assets, net (Schedule B)
|
20,549 | 21,340 | 21,604 | ||||||||||||||||||||||
Total Non-Current Assets
|
3,004,737 | 2,771,940 | 2,589,585 |
SHAREHOLDERS’ EQUITY
|
2,192,778 | 2,213,537 | 2,100,945 | ||||||||||||||||||
Total Assets
|
3,452,258 | 3,274,839 | 3,006,519 |
Total Liabilities and Shareholders’ Equity
|
3,452,258 | 3,274,839 | 3,006,519 |
|
||||
Saúl Zang
Vice-president I acting as President
|
(In thousands of pesos)
|
Free translation from the original prepared in Spanish for publication in Argentina
|
March 31,
2012
|
March 31,
2011
|
|||||||
Production income
|
||||||||
Crops
|
108,994 | 72,653 | ||||||
Beef Cattle
|
52,192 | 29,622 | ||||||
Milk
|
24,205 | 24,581 | ||||||
Total production income
|
185,391 | 126,856 | ||||||
Cost of production (Schedule F.2):
|
||||||||
Crops
|
(82,837 | ) | (56,326 | ) | ||||
Beef Cattle
|
(36,782 | ) | (17,736 | ) | ||||
Milk
|
(19,334 | ) | (18,156 | ) | ||||
Total cost of production
|
(138,953 | ) | (92,218 | ) | ||||
Production gain
|
46,438 | 34,638 | ||||||
Sales
|
||||||||
Crops
|
194,867 | 104,228 | ||||||
Beef Cattle
|
96,201 | 44,387 | ||||||
Milk
|
20,784 | 22,274 | ||||||
Establishments
|
- | 71,096 | ||||||
Others
|
21,297 | 10,144 | ||||||
Total sales
|
333,149 | 252,129 | ||||||
Cost of sales
|
||||||||
Crops (Schedule F.1)
|
(155,802 | ) | (87,472 | ) | ||||
Beef Cattle (Schedule F.1)
|
(92,137 | ) | (43,102 | ) | ||||
Milk (Schedule F.1)
|
(20,784 | ) | (22,274 | ) | ||||
Establishments
|
- | (21,652 | ) | |||||
Others (Schedule F.1)
|
(2,743 | ) | (2,507 | ) | ||||
Total cost of sales
|
(271,466 | ) | (177,007 | ) | ||||
Sales profit
|
61,683 | 75,122 | ||||||
Gross profit
|
108,121 | 109,760 | ||||||
Selling expenses (Schedule H)
|
(57,501 | ) | (29,652 | ) | ||||
Administrative expenses (Schedule H)
|
(36,791 | ) | (30,491 | ) | ||||
Unrealized gain on inventories-beef cattle (Schedules F.1 and F.2)
|
15,295 | 70,970 | ||||||
Unrealized gain (loss) on inventories-crops, raw materials and MAT
|
2,162 | (14,440 | ) | |||||
Operating gain
|
31,286 | 106,147 | ||||||
Financial results:
|
||||||||
Generated by assets:
|
||||||||
Exchange gains
|
10,591 | 4,625 | ||||||
Interest income (Note 8.l.)
|
9,218 | 8,740 | ||||||
Other unrealized (loss) gain (Note 8.l.)
|
(5,713 | ) | 261 | |||||
14,096 | 13,626 | |||||||
Generated by liabilities:
|
||||||||
Exchange loss
|
(45,382 | ) | (8,343 | ) | ||||
Interest loss (Note 8.l.)
|
(68,573 | ) | (37,352 | ) | ||||
Other unrealized loss
|
(4,432 | ) | (1,699 | ) | ||||
(118,387 | ) | (47,394 | ) | |||||
Other income and expenses, net
|
||||||||
Shareholders’ Personal asset tax
|
(7,739 | ) | (6,900 | ) | ||||
Others
|
1,317 | 1,183 | ||||||
(6,422 | ) | (5,717 | ) | |||||
Gain on equity investees (Note 8.m.)
|
128,890 | 111,909 | ||||||
Management agreement fees (Note 5)
|
(7,458 | ) | (15,751 | ) | ||||
Net income before income tax
|
42,005 | 162,820 | ||||||
Income tax (Note 6)
|
25,111 | (21,058 | ) | |||||
Net income for the period
|
67,116 | 141,762 | ||||||
Earnings per share :
|
||||||||
Basic (Note 9)
|
0.14 | 0.29 | ||||||
Diluted (Note 9)
|
0.12 | 0.25 |
The accompanying notes and schedules are an integral part of the financial statements.
|
|
||||
Saúl Zang
Vice-president I acting as President
|
Corresponding to the nine-month periods
|
beginning as from July 1, 2011 and 2010
|
and ended March 31, 2012 and 2011
|
(In thousands of pesos)
|
Items
|
Shareholders’ contributions
|
Non capitalized contributions (2)
|
Retained earnings
|
Long-term incentive program reserve (3)
|
Retained earnings
|
Translation differences
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||
Capital (Note 3)
|
Inflation adjustment
|
Paid-in capital (1)
|
Subtotal
|
Legal reserve
|
Reserve for new developments
|
|||||||||||||||||||||||||||||||||||||||||||||||
Common stock
|
Treasury stock
|
Common stock
|
Treasury
stock
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of June 30, 2010
|
496,560 | 5,001 | 164,561 | 1,657 | - | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of options (Note 16)
|
- | - | - | - | 3 | 3 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
Shareholders meeting held on 10.29.10
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal Reserve
|
- | - | - | - | - | - | - | 9,270 | - | - | (9,270 | ) | - | - | ||||||||||||||||||||||||||||||||||||||
Reserve for new developments
|
- | - | - | - | - | - | - | - | 176,136 | - | (176,136 | ) | - | - | ||||||||||||||||||||||||||||||||||||||
Shareholders meeting held on 12.09.10
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends
|
- | - | - | - | - | - | - | - | (69,000 | ) | - | - | - | (69,000 | ) | |||||||||||||||||||||||||||||||||||||
Shareholders meeting held on 03.11.11
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of Cash Dividends as Interim Dividends for fiscal year 2011
|
- | - | - | - | - | - | - | - | 69,000 | (69,000 | ) | - | - | |||||||||||||||||||||||||||||||||||||||
Transitory conversion differences for the period
|
- | - | - | - | - | - | - | - | - | - | - | 59,987 | 59,987 | |||||||||||||||||||||||||||||||||||||||
Net income for the period
|
- | - | - | - | - | - | - | - | - | - | 141,762 | - | 141,762 | |||||||||||||||||||||||||||||||||||||||
Balances as of March 31, 2011
|
496,560 | 5,001 | 164,561 | 1,657 | 879,334 | 1,547,113 | - | 32,293 | 320,064 | - | 75,039 | 126,436 | 2,100,945 |
Balances as of June 30, 2011
|
496,562 | 5,001 | 164,561 | 1,657 | 879,342 | 1,547,123 | 1,012 | 32,293 | 320,064 | - | 145,842 | 167,203 | 2,213,537 | |||||||||||||||||||||||||||||||||||||||
Long-term incentive program reserve (3)
|
- | - | - | - | - | - | - | - | - | 2,675 | - | - | 2,675 | |||||||||||||||||||||||||||||||||||||||
Non-capitalized contributions
|
- | - | - | - | - | - | 833 | - | - | - | - | - | 833 | |||||||||||||||||||||||||||||||||||||||
Shareholders meeting held on 10.31.11
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal Reserve
|
- | - | - | - | - | - | - | 10,629 | - | - | (10,629 | ) | - | - | ||||||||||||||||||||||||||||||||||||||
Reserve for new developments
|
- | - | - | - | - | - | - | - | 69,138 | - | (69,138 | ) | - | - | ||||||||||||||||||||||||||||||||||||||
Reimbursement of expired dividends (5)
|
- | - | - | - | - | - | - | - | - | - | 2,301 | - | 2,301 | |||||||||||||||||||||||||||||||||||||||
Cash dividends
|
- | - | - | - | - | - | - | - | - | - | (63,800 | ) | - | (63,800 | ) | |||||||||||||||||||||||||||||||||||||
Transitory conversion differences
|
- | - | - | - | - | - | - | - | - | - | - | (29,884 | ) | (29,884 | ) | |||||||||||||||||||||||||||||||||||||
Net income for the period
|
- | - | - | - | - | - | - | - | - | - | 67,116 | - | 67,116 | |||||||||||||||||||||||||||||||||||||||
Balances as of March 31, 2012
|
496,562 | 5,001 | 164,561 | 1,657 | 879,342 | 1,547,123 | 1,845 | 42,922 | 389,202 | 2,675 | 71,692 | 137,319 | 2,192,778 |
|
||||
Saúl Zang
Vice-president I acting as President
|
Corresponding to the nine-month periods
|
beginning as from July 1, 2011 and 2010
|
and ended March 31, 2012 and 2011
|
(In thousands of pesos)
|
March 31,
2012
|
March 31,
2011
|
|||||||
Changes in cash and cash equivalents
|
||||||||
Cash and cash equivalents at the beginning of the fiscal year
|
22,708 | 18,364 | ||||||
Cash and cash equivalents at the end of the period
|
14,511 | 23,628 | ||||||
Net decrease in cash and cash equivalents
|
(8,197 | ) | 5,264 | |||||
Causes of changes in cash and cash equivalents
|
||||||||
Operating activities
|
||||||||
Net income for the period
|
67,116 | 141,762 | ||||||
Income tax
|
(25,111 | ) | 21,058 | |||||
Accrued interest during the period
|
59,121 | 36,266 | ||||||
Adjustments made to reach net cash flow from operating activities:
|
||||||||
Gain on equity investees
|
(128,890 | ) | (111,909 | ) | ||||
Increase in Allowances and Provisions
|
5,204 | 7,903 | ||||||
Depreciations of Property and Equipment
|
6,124 | 5,147 | ||||||
Depreciations of Intangible Assets
|
564 | 564 | ||||||
Unrealized loss on Inventories and MAT
|
(17,457 | ) | (56,530 | ) | ||||
Financial results
|
42,835 | (7,511 | ) | |||||
Decreases of fixed assets
|
828 | 18,144 | ||||||
Long-term incentive program reserve
|
969 | - | ||||||
Changes in operating assets and liabilities:
|
||||||||
Decrease in trade accounts receivable
|
27,330 | 30,161 | ||||||
Increase in other receivables
|
17,281 | (4,536 | ) | |||||
Increase in inventories
|
(139 | ) | (100,067 | ) | ||||
Decrease in trade accounts payable
|
(72,636 | ) | (25,875 | ) | ||||
Decrease in social security payable and taxes payable and customer advances
|
603 | 136 | ||||||
(Decrease) Increase in other debts
|
(1,895 | ) | 15,707 | |||||
Cash flows applied to operating activities
|
(18,153 | ) | (29,580 | ) | ||||
Investing activities
|
||||||||
Dividends collected
|
136,697 | 63,436 | ||||||
Increase in interest on equity investees
|
(170,423 | ) | (67,317 | ) | ||||
(Increase) Decrease in investments
|
(731 | ) | 143,954 | |||||
Loans granted to related companies
|
(38,530 | ) | (160,859 | ) | ||||
Collection of loans from related companies
|
525 | 8,019 | ||||||
Acquisition and upgrading of fixed assets
|
(43,418 | ) | (34,962 | ) | ||||
Cash incorporated by merger
|
2,271 | 579 | ||||||
Cash flows applied to investing activities
|
(113,609 | ) | (47,150 | ) | ||||
Financing activities
|
||||||||
Increase in financial loans
|
233,752 | 147,817 | ||||||
Decrease in financial loans
|
(163,643 | ) | (255,503 | ) | ||||
Interest paid
|
(64,393 | ) | (31,186 | ) | ||||
Loans granted to controlled companies
|
105,625 | - | ||||||
Payments of loans granted to controlled companies
|
(108,015 | ) | (33,540 | ) | ||||
Issuance of Non-convertible Notes (Note 19)
|
246,869 | 358,654 | ||||||
Cancellation of Non-convertible Notes
|
(62,830 | ) | (35,251 | ) | ||||
Dividends paid
|
(63,800 | ) | (69,000 | ) | ||||
Exercise of options
|
- | 3 | ||||||
Cash flows provided by financing activities
|
123,565 | 81,994 | ||||||
Net (decrease) increase in cash and cash equivalents
|
(8,197 | ) | 5,264 |
The accompanying notes and schedules are an integral part of the financial statements.
|
|
||||
Saúl Zang
Vice-president I acting as President
|
March 31,
2012
|
March 31,
2011
|
|||||||
Operations not involving changes in cash and cash equivalents
|
||||||||
Inventories transferred to property and equipment
|
376 | 1,043 | ||||||
Decrease (Increase) in related companies by trasitory conversion differences
|
29,884 | (59,987 | ) | |||||
Increase in related companies interest by a decrease in trade account receivables
|
- | (3,541 | ) | |||||
Increase in related companies interest by a decrease in other receivables
|
(55,896 | ) | (122,601 | ) | ||||
Long-term incentive program reserve subsidiaries and non-capitalized contributions
|
2,539 | - | ||||||
Reimbursement of expired dividends
|
2,301 | - | ||||||
Decrease in related companies interest by an increase in other receivables
|
27,205 | - |
March 31,
2012
|
March 31,
2011
|
|||||||
Complementary information
|
||||||||
Income tax paid
|
6,769 | 4,632 |
March 31,
2012
|
March 31,
2011
|
|||||||
Balances incorporated by merger (Note 14)
|
||||||||
- Trade accounts receivable
|
- | 9,134 | ||||||
- Other receivables
|
16,880 | 9,431 | ||||||
- Inventories
|
- | 14,408 | ||||||
- Property and equipment, net
|
- | 37,622 | ||||||
- Intangible assets, net
|
- | 1,511 | ||||||
- Non-current Investments
|
(18,367 | ) | (63,631 | ) | ||||
- Trade account payables
|
(82 | ) | (7,132 | ) | ||||
- Loans
|
- | (1,145 | ) | |||||
- Salaries and social security payable
|
- | (111 | ) | |||||
- Tax payables
|
(702 | ) | (408 | ) | ||||
- Provisions
|
- | (258 | ) | |||||
Incorporated cash
|
(2,271 | ) | (579 | ) |
|
||||
Saúl Zang
Vice-president I acting as President
|
NOTE 1:
|
ACCOUNTING STANDARDS
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 1:
|
(Continued)
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 1:
|
(Continued)
|
NOTE 2:
|
MORE RELEVANT ACCOUNTING STANDARDS
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 2:
|
(Continued)
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 2:
|
(Continued)
|
|
h.
|
Balances corresponding to financial transactions and receivables and payables with related parties
|
|
1.
|
Biological Assets (under development): Unharvested crops and Cattle: have been measured at replacement cost of goods and services needed to obtain a similar asset, which does not exceed the net realization value as of each period / year-end.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 2:
|
(Continued)
|
|
2.
|
Biological Assets (in production): Cattle: Have been measured at the direct replacement cost of a similar asset, acquired to third parties in the markets in which the Company regularly operates, and do not exceed the net realization value as of each period / year-end.
|
|
3.
|
Biological Assets (finished): Cattle: have been measured at their net realization value (NRV) represented by the respective quotations as of each period / year-end in the markets in which the Company regularly operates, net of additional costs generated by marketing.
|
|
4.
|
Farming Products: Crops: have been measured at their net realization value, representing the different quotations as of each period / year-end in the markets in which the Company regularly operates, net of additional costs generated by marketing.
|
|
5.
|
Farming Products-Raw materials: Seeds and different goods: have been measured at reproduction or replacement cost as of each period / year-end, which does not exceed the net realization value.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 2:
|
(Continued)
|
|
6.
|
The remaining inventories were valued at their replacement cost.
|
|
j.
|
Long term investments in other companies:
|
Subsidiaries and affiliates
|
Direct percentage of voting shares owned
|
|||||||||||
03/31/12
|
06/30/11
|
03/31/11
|
||||||||||
IRSA (Note 13.2.b)
|
63.22 | 57.70 | 50.60 | |||||||||
FyO.Com (Note 13.2.d) (1)
|
65.85 | 65.85 | 65.85 | |||||||||
FyO Trading
|
2.20 | 3.63 | 3.63 | |||||||||
Agrology (4)
|
- | 100.00 | 100.00 | |||||||||
Agrotech (Note 13.2.c)
|
100.00 | 97.00 | 97.00 | |||||||||
Pluriagro (Note 13.2.c)
|
100.00 | 97.00 | 97.00 | |||||||||
Northagro (Note 13.2.c)
|
100.00 | 97.00 | 97.00 | |||||||||
Cactus (Note 13.2.a) (2)
|
100.00 | 80.00 | 80.00 | |||||||||
EAASA
|
0.01 | 0.01 | 0.03 | |||||||||
Helmir S.A. (3)
|
100.00 | - | - | |||||||||
Agropecuaria Acres del Sud S.A. (3)
|
95.12 | - | - | |||||||||
Ombú Agropecuaria S.A. (3)
|
95.12 | - | - | |||||||||
Yatay Agropecuaria S.A. (3)
|
95.12 | - | - | |||||||||
Yuchán Agropecuaria S.A. (3)
|
95.12 | - | - | |||||||||
Agro – Uranga S.A.
|
35.72 | 35.72 | 35.72 | |||||||||
Brasilagro (Note 13.1.a)
|
35.75 | 35.75 | 29.13 | |||||||||
Agro Managers S.A (5)
|
46.84 | - | - |
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 2:
|
(Continued)
|
|
-
|
Goodwill
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 2:
|
(Continued)
|
|
-
|
Negative goodwill
|
|
-
|
Investments in debt securities
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 2:
|
(Continued)
|
|
m.
|
Intangible assets:
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 2:
|
(Continued)
|
|
n.
|
Provisions:
|
|
-
|
Allowance for doubtful accounts: this allowance was booked on the basis of a case-by-case analysis of the receivables portfolio recoverability.
|
|
-
|
Provision for lawsuits and contingencies: it was booked to cover possible labor and commercial contingencies and other risks that could generate obligations for the Company. The Company’s external legal counsel’s opinion was taken into account to estimate the amounts and possibility of occurrence. In addition, the insurance purchased by the Company has also been taken into account.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 2:
|
(Continued)
|
|
-
|
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties: Increases or decreases of the equity value of investment in IRSA generated on the basis of changes in its shareholders´ equity, arising from transactions of shareholders different from the Company and its subsidiaries, were included in this caption as established in caption 9 second part of Technical Resolution No. 17 of the FACPCE and Resolution CD No. 243/01 of the CPCECABA.
|
|
-
|
Options issued: the value of options issued by the Company, which was determined as provided in Note 16, has been allocated to the account Paid-in Capital.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 2:
|
(Continued)
|
|
-
|
Integrated companies
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 2:
|
(Continued)
|
|
r.
|
Income tax:
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 2:
|
(Continued)
|
|
s.
|
Minimum presumed income tax
|
|
t.
|
Issuance of debt expenses
|
Authorized | Subscribed | Paid-in | ||||||||||
Face value
|
Face value
|
Face value
|
||||||||||
Common and treasury stock as of June 30, 2009
|
501,538,610 | 501,538,610 | 501,538,610 | |||||||||
Exercise of Options (Note 16) - Fiscal Year 2010
|
21,898 | 21,898 | 21,898 | |||||||||
Exercise of Options (Note 16) - Fiscal Year 2011
|
2,026 | 2,026 | 2,026 | |||||||||
Common and treasury stock as of March 31, 2012 (1)
|
501,562,534 | 501,562,534 | 501,562,534 |
|
(1)
|
As of March 31, 2012 and 2010, there are 5,000,754 own treasury shares that were acquired during the fiscal year 2009.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
Crops/SWAP/
Currency
|
Tons
|
Margins
|
Premium paid or (collected)
|
Premium at fair value
|
Gain /(loss)
for valuation at period-end at fair value
|
|||||||||||||||
Futures
|
||||||||||||||||||||
Purchase
|
||||||||||||||||||||
Rice
|
360 | - | - | - | 86 | |||||||||||||||
US$
|
- | - | - | - | (a) | (836 | ) | |||||||||||||
Sell
|
||||||||||||||||||||
Corn
|
3,100 | 162 | - | - | 151 | |||||||||||||||
Soybean
|
30,200 | 2,357 | - | - | (3,935 | ) | ||||||||||||||
Wheat
|
1,000 | 52 | - | - | (13 | ) | ||||||||||||||
US$
|
- | - | - | - | (b) | 52 | ||||||||||||||
Options
|
||||||||||||||||||||
Purchase Put
|
||||||||||||||||||||
Corn
|
1,905 | - | 98 | 55 | (43 | ) | ||||||||||||||
Swap
|
||||||||||||||||||||
Interest rate
|
- | - | - | - | (c) | 1,992 | ||||||||||||||
Total
|
36,565 | 2,571 | 98 | 55 | (2,546 | ) |
|
(a)
|
It corresponds to: (i) a future purchase contract of US$ 2.0 million with Banco Itaú due on 04/30/2012 (ii) a future purchase contract of US$ 3.0 million with Standard Bank due on 04/30/2012 and (iii) a future purchase contract of US$ 3.0 million with Banco Itaú due on 04/30/2012. The result generated as of March 31, 2012 is included under “Financial Results” in the Income Statement.
|
|
(b)
|
It corresponds to a future of sale of Ps. 8.0 million with Standard Bank due on 05/02/2012. The result generated as of March 31, 2012 is included under “Financial Results” in the Income Statement.
|
|
(c)
|
Corresponds to: (i) an interest rate swap for Ps. 30 million entered into with Standard Bank due on December 10, 2012 whereby the Company agrees to pay a fixed rate of 14% and the counterparty the Badlar variable rate; (ii) an interest rate swap for Ps. 20 million entered into with Standard Bank due on December 10, 2012 whereby the Company agrees to pay a fixed rate of 14.1% and the counterparty the Badlar variable rate; (iii) an interest rate swap for Ps. 30 million entered into with Banco Santander Río due on December 10, 2012 whereby the Company agrees to pay a fixed rate of 14.25% and the counterparty the Badlar variable rate; (iv) an interest rate swap for Ps. 26.6 million entered into with Banco Itaú due on December 10, 2012 whereby the Company agrees to pay a fixed rate of 18.30% and the counterparty the Badlar variable rate; (v) an interest rate swap for Ps. 20 million with Banco Itaú due on December 10, 2012, having agreed to collect a fixed rate of 19.5% and the counterparty the Badlar variable rate; (vi) an interest rate swap for Ps. 33.4 million with Standard Bank due on December 10, 2012, having agreed to collect a fixed rate of 19.45% and to pay a Badlar variable rate. The result generated as of March 31, 2012 is included under “Financial Results” in the Income Statement.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 4:
|
(Continued)
|
Cereal / Currency
|
Tons
|
Margins
|
Premium paid or (collected)
|
Premium at fair value
|
Gain (loss) for valuation
at period-end at fair value
|
|||||||||||||||
Futures
|
||||||||||||||||||||
Purchase
|
||||||||||||||||||||
Rice
|
720 | - | - | - | 163 | |||||||||||||||
Sell
|
||||||||||||||||||||
Corn
|
12,500 | 366 | - | - | (2,267 | ) | ||||||||||||||
Soybean
|
2,900 | 116 | - | - | (771 | ) | ||||||||||||||
US$
|
- | - | - | - | (a) | 597 | ||||||||||||||
Options
|
||||||||||||||||||||
Sell Put
|
||||||||||||||||||||
Corn
|
7,620 | - | 407 | 255 | (152 | ) | ||||||||||||||
Soybean
|
17,000 | (19 | ) | 651 | 348 | (303 | ) | |||||||||||||
Sell Call
|
||||||||||||||||||||
Soybean
|
8,200 | 330 | (235 | ) | (2,356 | ) | (2,121 | ) | ||||||||||||
Purchase Put
|
||||||||||||||||||||
Corn
|
8,890 | - | (109 | ) | (68 | ) | 41 | |||||||||||||
Swap
|
||||||||||||||||||||
Interest rate
|
- | - | - | - | (b) | 524 | ||||||||||||||
Total
|
57,830 | 793 | 714 | (1,821 | ) | (4,289 | ) |
|
(a)
|
Corresponds to: (i) a future of sale of US$ 12.8 million in Standard Bank with mature date on April 29, 2011 (ii) three future of sale of US$ 10.1 million, US$ 10.2 million and US$ 2.2 million in Santander Rio with mature date; on April 11, 2011, April 12, 2011 and April 14, 2011 respectively. The result generated as of March 31, 2011 is included under “Financial Results” in the Income Statement.
|
|
(b)
|
Corresponds to: (i) an interest rate swap for Ps. 30 million entered into with Standard Bank due on December 10, 2012 whereby the Company agrees to pay a fixed rate of 14% and the counterparty the Badlar variable rate; (ii) an interest rate swap for Ps. 20 million entered into with Standard Bank due on December 10, 2012 whereby the Company agrees to pay a fixed rate of 14.1% and the counterparty the Badlar variable rate; (iii) an interest rate swap for Ps. 30 million entered into with Banco Santander Río due on December 10, 2012 whereby the Company agrees to pay a fixed rate of 14.25% and the counterparty the Badlar variable rate.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 4:
|
(Continued)
|
NOTE 5:
|
MANAGEMENT AGREEMENT
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 6:
|
INCOME TAX – DEFERRED TAX
|
Cumulative tax loss carry-forwards
|
Others
|
Investments
|
Fixed Assets
|
Inventories
|
Provisions
|
Total
|
||||||||||||||||||||||
Balance as of June 30, 2011
|
20,544 | 1,326 | - | (67,952 | ) | (56,653 | ) | 8,293 | (94,442 | ) | ||||||||||||||||||
Incorporated by merger
|
3,821 | - | - | - | - | - | 3,821 | |||||||||||||||||||||
Gain (loss) recognized
|
4,843 | (2,300 | ) | (34 | ) | 20,910 | 3,398 | (1,678 | ) | 25,139 | ||||||||||||||||||
Balance as of March 31, 2012
|
29,208 | (974 | ) | (34 | ) | (47,042 | ) | (53,255 | ) | 6,615 | (65,482 | ) |
Cumulative tax loss carry-forwards
|
Cash in foreign currency
|
Fixed Assets
|
Inventories
|
Provisions
|
Total
|
|||||||||||||||||||
Balance as of June 30, 2010
|
13,365 | (38 | ) | (49,091 | ) | (42,214 | ) | 4,548 | (73,430 | ) | ||||||||||||||
Incorporated by merger
|
638 | 496 | 161 | - | - | 1,295 | ||||||||||||||||||
Gain (loss) recognized
|
6,541 | 868 | (19,022 | ) | (14,439 | ) | 3,745 | (22,307 | ) | |||||||||||||||
Balance as of June 30, 2011
|
20,544 | 1,326 | (67,952 | ) | (56,653 | ) | 8,293 | (94,442 | ) |
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 6:
|
(Continued)
|
Term
|
Total
|
|||
1 year
|
8,901 | |||
2 years
|
8,569 | |||
3 years
|
8,774 | |||
Over 3 years
|
65,524 | |||
No term
|
10,121 | |||
Total
|
101,889 |
Origination year
|
Amount
|
Expiration year
|
||||||
2009
|
8,783 | 2014 | ||||||
2010
|
2,169 | 2015 | ||||||
2012
|
72,499 | 2017 |
Origination year
|
Amount
|
Expiration year
|
||||||
2006
|
1,943 | 2016 | ||||||
2007
|
5,265 | 2017 | ||||||
2008
|
10,535 | 2018 | ||||||
2009
|
6,672 | 2019 | ||||||
2010
|
9,561 | 2020 | ||||||
2011
|
9,763 | 2021 | ||||||
2012
|
7,495 | 2022 |
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 6:
|
(Continued)
|
Description
|
March 31, 2012
|
March 31, 2011
|
||||||
Net income before income tax
|
42,005 | 162,820 | ||||||
Tax rate
|
35 | % | 35 | % | ||||
Net income at tax rate
|
14,702 | 56,987 | ||||||
Permanent differences at tax rate:
|
||||||||
Inflation adjustment
|
43 | 1,995 | ||||||
Restatement into constant currency
|
32 | - | ||||||
Donations
|
300 | 79 | ||||||
Results from equity investees
|
(45,190 | ) | (40,612 | ) | ||||
Tax on shareholders´ personal assets
|
2,708 | 2,415 | ||||||
Shares sale
|
2,201 | - | ||||||
Miscellaneous permanent differences
|
93 | 194 | ||||||
Income tax expense
|
(25,111 | ) | 21,058 |
Description
|
March 31, 2012
|
March 31, 2011
|
||||||
Total income tax expense
|
(25,111 | ) | 21,058 | |||||
Transitory differences
|
||||||||
- Additions
|
||||||||
Cumulative tax loss carry-forwards
|
4,844 | 14,669 | ||||||
Others
|
(2,336 | ) | - | |||||
Cash in foreign currency
|
- | (111 | ) | |||||
Fixed assets
|
20,909 | (19,058 | ) | |||||
Inventories
|
3,398 | (17,198 | ) | |||||
Provisions
|
(1,676 | ) | 640 | |||||
Last year provision defect
|
(28 | ) | - | |||||
Total income tax determined for fiscal purposes
|
- | - |
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 7:
|
BALANCES AND RESULTS WITH SUBSIDIARIES, RELATED COMPANIES LAW No. 19,550 SECTION 33 AND RELATED PARTIES:
|
|
a.
|
Balances as of March 31, 2012 and 2011 and June 30, 2011 with subsidiaries, related companies and related parties are as follows:
|
Current Trade account
receivable
|
Current Others
receivables
|
Non-current Others
receivables
|
Current Trade accounts payable
|
Short-term debts
|
Current Other liabilities
|
|||||||||||||||||||
Acres (1)
|
1,938 | - | 11,419 | - | - | - | ||||||||||||||||||
Agrotech (1)
|
- | 55 | - | - | - | - | ||||||||||||||||||
Agro-Uranga (2)
|
24 | 398 | - | - | - | - | ||||||||||||||||||
APSA (1)
|
- | 12,221 | - | - | - | (11,737 | ) | |||||||||||||||||
Brasilagro (1)
|
50 | 32 | - | - | - | - | ||||||||||||||||||
Cactus (1)
|
748 | 1,678 | - | (1,152 | ) | - | (29 | ) | ||||||||||||||||
Consultores Asset Management S.A. (3)
|
- | 94 | - | - | - | (7,235 | ) | |||||||||||||||||
Cresca (4)
|
713 | - | - | - | - | (48 | ) | |||||||||||||||||
Cyrsa S.A. (4)
|
- | 31 | - | - | - | (46 | ) | |||||||||||||||||
Directors (3)
|
- | 67 | - | - | - | (358 | ) | |||||||||||||||||
EAASA (1)
|
2 | 7 | - | - | - | - | ||||||||||||||||||
Emprendimiento Recoleta S.A. (1)
|
- | - | - | - | (11,006 | ) | (1 | ) | ||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | 694 | - | - | - | (884 | ) | |||||||||||||||||
Fibesa S.A. (1)
|
- | - | - | - | - | (2 | ) | |||||||||||||||||
Fundación IRSA (3)
|
- | - | - | - | - | (1,073 | ) | |||||||||||||||||
FyO.Com (1)
|
8,465 | 7 | - | (1,449 | ) | - | - | |||||||||||||||||
Helmir (1)
|
- | 26,490 | - | - | - | - | ||||||||||||||||||
Inversiones Financieras del Sur S.A. (3)
|
- | 23 | - | - | - | (2 | ) | |||||||||||||||||
IRSA (1)
|
- | 5,184 | - | - | - | (6,469 | ) | |||||||||||||||||
IRSA Internacional LLC (1)
|
- | 307 | - | - | - | - | ||||||||||||||||||
Northagro (1)
|
- | 442 | - | - | - | - | ||||||||||||||||||
Nuevas Fronteras S.A. (1)
|
- | - | - | - | - | (1 | ) | |||||||||||||||||
Ombú (1)
|
176 | - | 21,468 | - | - | - | ||||||||||||||||||
Panamerican Mall (1)
|
- | - | - | - | - | (5 | ) | |||||||||||||||||
Pluriagro (1)
|
- | 442 | - | - | - | - | ||||||||||||||||||
Credits to employees (3)
|
- | - | - | - | - | - | ||||||||||||||||||
Tarshop S.A. (2)
|
- | 97 | - | - | - | - | ||||||||||||||||||
Yatay (1)
|
176 | - | 10,160 | - | - | - | ||||||||||||||||||
Yuchán (1)
|
176 | - | 11,488 | - | - | - | ||||||||||||||||||
Total
|
12,468 | 48,269 | 54,535 | (2,601 | ) | (11,006 | ) | (27,890 | ) |
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 7:
|
(Continued)
|
Current Trade account
receivable
|
Current Others
receivables
|
Current Trade accounts payable
|
Short-term debts
|
Long-term debts
|
Current Other Liabilities
|
|||||||||||||||||||
Acres (1)
|
874 | 5,046 | - | - | - | - | ||||||||||||||||||
Agrotech S.A. (1)
|
- | 49 | - | - | - | - | ||||||||||||||||||
Agro–Uranga S.A. (2)
|
96 | 46 | - | - | - | - | ||||||||||||||||||
APSA (1)
|
- | 10,872 | - | - | - | (11,450 | ) | |||||||||||||||||
Brasilagro (1)
|
22 | - | - | - | - | - | ||||||||||||||||||
Cactus (1)
|
488 | 22,497 | (1,221 | ) | - | - | (3 | ) | ||||||||||||||||
Consultores Asset Management S.A. (3)
|
- | - | - | - | - | (7,868 | ) | |||||||||||||||||
Cresca (4)
|
699 | 1 | (91 | ) | - | - | - | |||||||||||||||||
Cyrsa S.A. (4)
|
21 | - | - | - | - | (85 | ) | |||||||||||||||||
Directors (3)
|
12 | 60 | - | - | - | (395 | ) | |||||||||||||||||
EAASA (1)
|
607 | 6 | - | - | - | - | ||||||||||||||||||
Emprendimiento Recoleta S.A. (1)
|
- | 61 | - | (46 | ) | (10,275 | ) | - | ||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | - | - | - | - | (308 | ) | |||||||||||||||||
Fundación IRSA (3)
|
- | - | - | - | - | (1,073 | ) | |||||||||||||||||
FyO.Com (1)
|
37,160 | - | (24,696 | ) | - | - | - | |||||||||||||||||
Helmir (1)
|
- | 18,641 | - | - | - | - | ||||||||||||||||||
IRSA (1)
|
- | 4,906 | - | - | - | (7,614 | ) | |||||||||||||||||
IRSA Internacional LLC (1)
|
- | 4 | (5 | ) | - | - | - | |||||||||||||||||
Northagro (1)
|
- | 366 | - | - | - | - | ||||||||||||||||||
Nuevas Fronteras S.A. (1)
|
- | - | - | - | - | (13 | ) | |||||||||||||||||
Ombú (1)
|
- | 18,474 | - | - | - | - | ||||||||||||||||||
Panamerican Mall S.A. (1)
|
- | - | (1 | ) | - | - | (5 | ) | ||||||||||||||||
Pluriagro (1)
|
- | 366 | - | - | - | - | ||||||||||||||||||
Tarshop S.A. (2)
|
- | 148 | - | - | - | - | ||||||||||||||||||
Yatay (1)
|
- | 8,743 | - | - | - | - | ||||||||||||||||||
Yuchán (1)
|
- | 9,885 | - | - | - | - | ||||||||||||||||||
Total
|
39,979 | 100,171 | (26,014 | ) | (46 | ) | (10,275 | ) | (28,814 | ) |
|
(1)
|
Direct or indirect subsidiary.
|
|
(2)
|
Related companies.
|
|
(3)
|
Related parties.
|
|
(4)
|
Direct or Indirect common control.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 7:
|
(Continued)
|
Current Investment
|
Non-current Investment
|
Current Trade account
receivable
|
Current Other receivables
|
Current Trade accounts payable
|
Short - tern debts
|
Long - term debts
|
Current Other liabilities
|
|||||||||||||||||||||||||
Acres (1)
|
- | - | 669 | 4,808 | - | - | - | - | ||||||||||||||||||||||||
Agro –Uranga S.A. (2)
|
- | - | 195 | 327 | (7 | ) | - | - | - | |||||||||||||||||||||||
APSA (1)
|
621 | 11,261 | - | 9,453 | - | - | - | (13,807 | ) | |||||||||||||||||||||||
Brasilagro (2)
|
- | - | 16 | - | - | - | - | - | ||||||||||||||||||||||||
Cactus (2)
|
- | - | 198 | - | (124 | ) | - | - | - | |||||||||||||||||||||||
Consultores Asset Management S.A. (3)
|
- | - | - | - | - | - | - | (3,866 | ) | |||||||||||||||||||||||
Cresca S.A. (4)
|
- | - | 682 | - | - | - | - | - | ||||||||||||||||||||||||
Cyrsa S.A. (4)
|
- | - | 21 | - | - | - | - | (46 | ) | |||||||||||||||||||||||
Directors (3)
|
- | - | 16 | 60 | - | - | - | (293 | ) | |||||||||||||||||||||||
EAASA (1)
|
- | - | 415 | 24 | - | - | - | - | ||||||||||||||||||||||||
Emprendimento Recoleta S.A. (1)
|
- | - | - | 50 | - | (44 | ) | (10,135 | ) | - | ||||||||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | - | - | - | - | - | - | (442 | ) | |||||||||||||||||||||||
Fundación IRSA (3)
|
- | - | - | - | - | - | - | (1,073 | ) | |||||||||||||||||||||||
FyO.Com (1)
|
- | - | 21,641 | - | (9,676 | ) | - | - | - | |||||||||||||||||||||||
Helmir S.A. (4)
|
- | - | - | 9,949 | - | - | - | - | ||||||||||||||||||||||||
IRSA (1)
|
- | - | - | 4,188 | - | - | - | (7,197 | ) | |||||||||||||||||||||||
Northagro S.A. (1)
|
- | - | - | 317 | - | - | - | - | ||||||||||||||||||||||||
Nuevas Fronteras S.A. (1)
|
- | - | - | - | - | - | - | (4 | ) | |||||||||||||||||||||||
Ombú (1)
|
- | - | - | 17,617 | - | - | - | - | ||||||||||||||||||||||||
Panamerican Mall (1)
|
- | - | - | - | - | - | - | (5 | ) | |||||||||||||||||||||||
Pluriagro S.A. (1)
|
- | - | - | 317 | - | - | - | - | ||||||||||||||||||||||||
Tarshop S.A. (1)
|
- | - | - | 191 | - | - | - | - | ||||||||||||||||||||||||
Yatay (1)
|
- | - | - | 8,337 | - | - | - | - | ||||||||||||||||||||||||
Yuchán (1)
|
- | - | - | 9,426 | - | - | - | - | ||||||||||||||||||||||||
Total
|
621 | 11,261 | 23,853 | 65,064 | (9,807 | ) | (44 | ) | (10,135 | ) | (26,733 | ) |
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 7:
|
(Continued)
|
|
b.
|
Gain and losses provided by subsidiaries, related companies and related parties corresponding to the periods ended March 31, 2012 and 2011 are as follows:
|
Sales and fees for shared services
|
Fees
|
Agricultural business expenses
|
Interest
gain
(loss)
|
Administration services
|
Others
|
|||||||||||||||||||
Acres (1)
|
- | - | - | 1,013 | 1,058 | - | ||||||||||||||||||
Agro-Uranga S.A. (2)
|
- | - | 3,004 | - | - | - | ||||||||||||||||||
Agrotech S.A. (1)
|
- | - | - | 574 | - | - | ||||||||||||||||||
APSA (1)
|
34,030 | - | - | - | - | - | ||||||||||||||||||
Cactus (1)
|
- | - | (10,600 | ) | 883 | 72 | - | |||||||||||||||||
Consultores Asset Management (3)
|
- | (4,612 | ) | - | - | - | - | |||||||||||||||||
Cresca (4)
|
- | - | - | 1 | 1,191 | - | ||||||||||||||||||
Directors (3)
|
- | (1,063 | ) | - | - | - | - | |||||||||||||||||
EAASA (1)
|
- | - | 1,808 | - | - | - | ||||||||||||||||||
Emprendimiento Recoleta S.A. (1)
|
- | - | - | (603 | ) | - | - | |||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | (500 | ) | - | - | - | - | |||||||||||||||||
FyO.Com (1)
|
- | - | (38 | ) | - | - | - | |||||||||||||||||
Helmir (1)
|
- | - | - | 513 | - | - | ||||||||||||||||||
Inversiones Financieras del Sur (3)
|
- | - | - | 548 | - | - | ||||||||||||||||||
IRSA (1)
|
16,387 | - | - | (1,561 | ) | - | (589 | ) | ||||||||||||||||
Ombú (1)
|
- | - | - | 1,880 | - | - | ||||||||||||||||||
Personal loans (3)
|
- | - | - | - | - | - | ||||||||||||||||||
Tarshop S.A. (2)
|
150 | - | - | - | - | - | ||||||||||||||||||
Yatay (1)
|
- | - | - | 891 | - | - | ||||||||||||||||||
Yuchán (1)
|
- | - | - | 1,010 | - | - | ||||||||||||||||||
Total
|
50,567 | (6,175 | ) | (5,826 | ) | 5,149 | 2,321 | (589 | ) |
|
(1)
|
Direct or indirect subsidiary.
|
|
(2)
|
Related companies.
|
|
(3)
|
Related parties.
|
|
(4)
|
Direct or Indirect common control.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
|
NOTE 7:
|
(Continued)
|
Sales and fees for shared services
|
Fees
|
Beef cattle expenses
|
Interest
gain
(loss)
|
Administration services
|
Others
|
|||||||||||||||||||
Acres (1)
|
- | - | - | 83 | 598 | - | ||||||||||||||||||
Agro-Uranga S.A. (2)
|
- | - | - | - | - | 989 | ||||||||||||||||||
APSA (1)
|
28,824 | - | - | 1,176 | - | - | ||||||||||||||||||
Cactus (2)
|
- | - | (1,661 | ) | - | 74 | 12 | |||||||||||||||||
Consultores Asset Management S.A. (3)
|
- | (15,751 | ) | - | - | - | - | |||||||||||||||||
Cresca S.A. (4)
|
- | - | - | - | 984 | - | ||||||||||||||||||
EAASA (1)
|
- | - | - | - | - | 602 | ||||||||||||||||||
Emprendimiento Recoleta S.A. (3)
|
- | - | - | (44 | ) | - | - | |||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | (1,453 | ) | - | - | - | - | |||||||||||||||||
FyO.Com (1)
|
- | - | - | 51 | - | 1,319 | ||||||||||||||||||
Helmir S.A. (1)
|
- | - | - | 119 | - | - | ||||||||||||||||||
Inversiones Financieras del Sur (3)
|
- | - | - | 93 | - | - | ||||||||||||||||||
IRSA (1)
|
12,932 | - | - | 4,173 | - | (511 | ) | |||||||||||||||||
Ombú (1)
|
- | - | - | 790 | - | - | ||||||||||||||||||
Tarshop S.A. (1)
|
482 | - | - | - | - | - | ||||||||||||||||||
Yatay (1)
|
- | - | - | 394 | - | - | ||||||||||||||||||
Yuchán (1)
|
- | - | - | 462 | - | - | ||||||||||||||||||
Total
|
42,238 | (17,204 | ) | (1,661 | ) | 7,297 | 1,656 | 2,411 |
|
(1)
|
Direct or indirect subsidiary.
|
|
(2)
|
Related companies.
|
|
(3)
|
Related parties.
|
|
(4)
|
Direct or Indirect common control.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
March 31,
2012
|
June 30,
2011
|
March 31,
2011
|
||||||||||
Cash in local currency
|
167 | 198 | 170 | |||||||||
Cash in foreign currency (Schedule G)
|
63 | 29 | 34 | |||||||||
Local currency checking account
|
7,280 | 2,794 | 9,579 | |||||||||
Foreign currency checking account (Schedule G)
|
637 | 595 | 10,823 | |||||||||
8,147 | 3,616 | 20,606 |
March 31,
2012
|
June 30,
2011
|
March 31,
2011
|
||||||||||
Temporary investments
|
||||||||||||
Temporary investments (Schedules C and G)
|
7,095 | 19,092 | 6,936 | |||||||||
7,095 | 19,092 | 6,936 |
Long term investments in other companies:
|
||||||||||||
Investments on investees (Note 13 and Schedule C)
|
2,303,026 | 2,162,773 | 1,966,260 | |||||||||
2,303,026 | 2,162,773 | 1,966,260 |
Other investments
|
||||||||||||
Other investments (Schedules C and G)
|
21 | 21 | 11,282 | |||||||||
21 | 21 | 11,282 |
Free translation from the original prepared in Spanish for the publication in Argentina
|
March 31,
2012
|
June 30,
2011
|
March 31,
2011
|
||||||||||
Current
|
||||||||||||
Trade accounts receivable (Schedule G)
|
47,686 | 46,669 | 37,055 | |||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 7 and Schedule G)
|
12,468 | 39,979 | 23,853 | |||||||||
Trade accounts receivable under legal proceedings
|
322 | 322 | 322 | |||||||||
Checks to be deposited
|
4,093 | 4,929 | 326 | |||||||||
Less:
|
||||||||||||
Allowance for doubtful accounts (Schedule E)
|
(670 | ) | (619 | ) | (617 | ) | ||||||
63,899 | 91,280 | 60,939 |
March 31,
2012
|
June 30,
2011
|
March 31,
2011
|
||||||||||
Current
|
||||||||||||
VAT receivables, net
|
23,067 | 9,036 | 26,074 | |||||||||
Income tax credit and advances
|
17,781 | 10,885 | 7,126 | |||||||||
Prepaid leases
|
22 | 11,044 | 23 | |||||||||
Prepaid expenses
|
7,931 | 5,641 | 4,302 | |||||||||
Expenses to be recovered
|
3,482 | 7,235 | 2,913 | |||||||||
Guarantee deposits (Note 4 and Schedule G)
|
2,571 | 633 | 793 | |||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 7 and Schedule G)
|
48,269 | 100,171 | 65,064 | |||||||||
Operations to liquidate
|
52 | - | 597 | |||||||||
Gross sales tax credit and others
|
6,439 | 3,448 | 3,036 | |||||||||
Premiums paid (Note 4 and Schedule G)
|
55 | 2,919 | 603 | |||||||||
Derivative financial instruments (Note 4)
|
1,992 | 1,867 | 524 | |||||||||
Personal loans
|
2,117 | 1,379 | 1,089 | |||||||||
Others
|
3,598 | 3,850 | 568 | |||||||||
117,376 | 158,108 | 112,712 |
Free translation from the original prepared in Spanish for the publication in Argentina
|
March 31,
2012
|
June 30,
2011
|
March 31,
2011
|
||||||||||
Non-current
|
||||||||||||
Minimum presumed income tax
|
51,232 | 41,795 | 38,007 | |||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 7 and Schedule G)
|
54,535 | - | - | |||||||||
VAT receivables, net
|
11,901 | 16,399 | 15,831 | |||||||||
117,668 | 58,194 | 53,838 |
March 31,
2012
|
June 30,
2011
|
March 31,
2011
|
||||||||||
Current
|
||||||||||||
Unharvested crops
|
120,064 | 30,897 | 113,248 | |||||||||
Materials and others
|
38,681 | 54,044 | 29,257 | |||||||||
Beef cattle
|
40,806 | 42,352 | 22,254 | |||||||||
Crops
|
45,609 | 95,501 | 48,290 | |||||||||
Seeds and fodder
|
5,844 | 8,009 | 2,692 | |||||||||
251,004 | 230,803 | 215,741 |
Non-current
|
||||||||||||
Beef cattle
|
181,546 | 184,527 | 196,274 | |||||||||
181,546 | 184,527 | 196,274 |
March 31,
2012
|
June 30,
2011
|
March 31,
2011
|
||||||||||
Current
|
||||||||||||
Suppliers (Schedule G)
|
42,205 | 63,348 | 40,877 | |||||||||
Provisions for inputs and other expenses (Schedule G)
|
21,167 | 46,609 | 14,250 | |||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 7 and Schedule G)
|
2,601 | 26,014 | 9,807 | |||||||||
Provisions for harvest expenses
|
2,451 | 4,245 | 3,589 | |||||||||
68,424 | 140,216 | 68,523 |
Free translation from the original prepared in Spanish for the publication in Argentina
|
March 31,
2012
|
June 30,
2011
|
March 31,
2011
|
||||||||||
Current
|
||||||||||||
Bank loans (Schedule G)
|
208,593 | 115,191 | 149,104 | |||||||||
Interests payable - Bank loans (Schedule G)
|
1,831 | 180 | 1,581 | |||||||||
Bank Overdrafts
|
218,082 | 262,180 | 155,258 | |||||||||
Interests payable – Bank overdrafts
|
78 | 112 | 3,355 | |||||||||
Non-convertible Notes Class III (Note 19)
|
11,886 | 35,650 | 11,883 | |||||||||
Non-convertible Notes Class IV (Note 19 and Schedule G)
|
39,065 | 54,998 | 18,083 | |||||||||
Non-convertible Notes Class V (Note 19)
|
106,876 | 35,625 | - | |||||||||
Non-convertible Notes Class VI (Note 19 and Schedule G)
|
152,600 | 35,806 | - | |||||||||
Non-convertible Notes Class VII (Note 19 and Schedule G)
|
9,105 | - | - | |||||||||
Interest payable-Non-convertible Notes (Note 7, 19 and Schedule G)
|
4,490 | 3,847 | 3,728 | |||||||||
Expenses of Non-convertible Notes issuance (Note 19)
|
(2,700 | ) | (1,869 | ) | (1,557 | ) | ||||||
749,906 | 541,720 | 341,435 |
Non-current
|
||||||||||||
Bank loans (Schedule G)
|
35,908 | - | - | |||||||||
Non-convertible Notes Class III (Note 19)
|
- | - | 23,767 | |||||||||
Non-convertible Notes Class IV (Note 19 and Schedule G)
|
- | 18,333 | 54,249 | |||||||||
Non-convertible Notes Class V (Note 19)
|
- | 71,250 | 106,876 | |||||||||
Non-convertible Notes Class VI (Note 7, 19 and Schedule G)
|
- | 107,419 | 141,274 | |||||||||
Non-convertible Notes Class VII (Note 19 and Schedule G)
|
- | 8,546 | 8,430 | |||||||||
Non-convertible Notes Class VIII (Note 19 and Schedule G)
|
262,740 | - | - | |||||||||
Expenses of Non-convertible Notes issuance (Note 19)
|
(2,053 | ) | (806 | ) | (962 | ) | ||||||
296,595 | 204,742 | 333,634 |
Free translation from the original prepared in Spanish for the publication in Argentina
|
March 31,
2012
|
June 30,
2011
|
March 31,
2011
|
||||||||||
Provisions for vacation and bonuses
|
22,216 | 23,868 | 16,230 | |||||||||
Social security payable
|
2,519 | 3,375 | 2,254 | |||||||||
Salaries payable
|
- | 349 | 128 | |||||||||
Health care payables
|
804 | 801 | 474 | |||||||||
25,539 | 28,393 | 19,086 |
March 31,
2012
|
June 30,
2011
|
March 31,
2011
|
||||||||||
Current
|
||||||||||||
Minimum presumed income tax, net (Note 2.s.)
|
4,574 | 4,854 | 3,164 | |||||||||
Gross sales tax payable
|
332 | 435 | 95 | |||||||||
Taxes withheld for income tax
|
484 | 671 | 421 | |||||||||
Tax on shareholders´ personal assets
|
8,044 | 305 | 7,205 | |||||||||
Others
|
196 | 22 | 195 | |||||||||
13,630 | 6,287 | 11,080 |
Non-current
|
||||||||||||
Deferred income tax (Note 6)
|
65,482 | 94,442 | 93,193 | |||||||||
Moratorium- Tax on personal shareholder´s assets
|
1,857 | 2,086 | 2,163 | |||||||||
Others
|
6 | - | - | |||||||||
67,345 | 96,528 | 95,356 |
Free translation from the original prepared in Spanish for the publication in Argentina
|
March 31,
2012
|
June 30,
2011
|
March 31,
2011
|
||||||||||
Customer advances
|
888 | - | - | |||||||||
888 | - | - |
March 31,
2012
|
June 30,
2011
|
March 31,
2011
|
||||||||||
Current
|
||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 7 and Schedule G)
|
20,672 | 20,946 | 22,867 | |||||||||
Management fee provision (Notes 5 and 7)
|
7,218 | 7,868 | 3,866 | |||||||||
Premiums collected (Note 4 and Schedule G)
|
- | 672 | 2,424 | |||||||||
Operations to liquidate
|
836 | - | - | |||||||||
Advances for concession rights (Note 13.1.a. and Schedule G)
|
3,529 | - | - | |||||||||
Guarantee deposits received
|
3,001 | - | - | |||||||||
Others
|
107 | 54 | 54 | |||||||||
35,363 | 29,540 | 29,211 |
Non-current
|
||||||||||||
Advances for concession rights (Note 13.1.a. and Schedule G)
|
- | 3,344 | 3,299 | |||||||||
Equity interest in related companies (Schedule C)
|
- | 8,720 | 2,128 | |||||||||
Others
|
90 | 131 | 144 | |||||||||
90 | 12,195 | 5,571 |
Free translation from the original prepared in Spanish for the publication in Argentina
|
March 31,
2012
|
March 31,
2011
|
|||||||
Gain /(loss)
|
Gain /(loss)
|
|||||||
Generated by assets:
|
||||||||
Income Interest
|
||||||||
Income Interest
|
7,463 | 8,339 | ||||||
Current value of assets
|
1,755 | 401 | ||||||
9,218 | 8,740 |
Other Unrealized gain
|
||||||||
Gain on hedging
|
967 | 2,005 | ||||||
Financial result of IRSA´s and APSA´s non-convertible notes
|
- | 4,126 | ||||||
Tax on bank account operations
|
(6,667 | ) | (5,961 | ) | ||||
Unrealized gain and results of securities operations
|
(13 | ) | 91 | |||||
(5,713 | ) | 261 |
Generated by liabilities:
|
||||||||
Interest loss
|
||||||||
Interest of bank loans and other liabilities
|
(26,796 | ) | (27,818 | ) | ||||
Interest of non-convertible notes
|
(41,777 | ) | (9,534 | ) | ||||
(68,573 | ) | (37,352 | ) |
Free translation from the original prepared in Spanish for the publication in Argentina
|
March 31, 2012
Gain / (loss)
|
March 31, 2011
Gain / (loss)
|
|||||||
IRSA
|
||||||||
- Result equity method
|
136,996 | 112,918 | ||||||
- Amortization of negative goodwill
|
17,078 | 22,197 | ||||||
- Elimination of amortization of IRSA´s and APSA´s non- convertible notes issuance expenses (1)
|
- | 1,288 | ||||||
- Accrued financial results of IRSA´s and APSA´s non-convertible notes (1)
|
- | (4,059 | ) | |||||
- Elimination of exchange difference of IRSA´s and APSA´s non-convertible notes (1)
|
- | 159 | ||||||
- Amortization of higher values
|
(10,538 | ) | (12,734 | ) | ||||
Brasilagro
|
||||||||
- Result equity method
|
9,980 | (6,119 | ) | |||||
- Amortization of negative goodwill
|
12,346 | 4,975 | ||||||
- Amortization of higher values
|
(3,960 | ) | - | |||||
Cactus
|
||||||||
- Result equity method
|
(17,552 | ) | (20,196 | ) | ||||
-Impairment of goodwil
|
(9,949 | ) | - | |||||
Agro – Uranga S.A.
|
||||||||
- Result equity method
|
3,287 | 4,398 | ||||||
FyO.Com
|
||||||||
-Result equity method
|
(532 | ) | (727 | ) | ||||
Agrology S.A. (2)
|
||||||||
-Result equity method
|
- | 10,117 | ||||||
-Amortization of pre-operative expenses
|
- | (227 | ) | |||||
EAASA
|
||||||||
-Result equity method
|
(1 | ) | (7 | ) | ||||
Acres
|
||||||||
-Result equity method
|
(5,645 | ) | (57 | ) | ||||
-Amortization of pre-operative expenses
|
(115 | ) | - | |||||
Ombú
|
||||||||
-Result equity method
|
(2,848 | ) | (15 | ) | ||||
Yatay
|
||||||||
-Result equity method
|
(2,711 | ) | (9 | ) | ||||
Yuchán
|
||||||||
-Result equity method
|
(554 | ) | (12 | ) | ||||
Agrotech
|
||||||||
-Result equity method
|
(7,029 | ) | (25 | ) | ||||
-Amortization of pre-operative expenses
|
(111 | ) | - | |||||
Northagro
|
||||||||
-Result equity method
|
(360 | ) | 22 | |||||
Pluriagro
|
||||||||
-Result equity method
|
(360 | ) | 22 | |||||
Helmir
|
||||||||
-Result equity method
|
11,675 | - | ||||||
Agromanagers S.A.
|
||||||||
-Result equity method
|
(204 | ) | - | |||||
FyO Trading
|
||||||||
-Result equity method
|
(3 | ) | - | |||||
128,890 | 111,909 |
|
(1)
|
Corresponds to the acquisition of IRSA´s and APSA´s non-convertible notes acquired during the fiscal year ended June 30, 2009.
|
|
(2)
|
From July, 1 2011 takes effect the merger of Cresud with Agrology (see Note 14 to the financial statements)
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
March 31,
2012
|
March 31,
2011
|
|||||||
Weight average of outstanding shares of common stock
|
496,561,780 | 496,559,968 | ||||||
Diluted weighted average of shares of common stock
|
558,916,948 | 558,914,922 |
March 31,
2012
|
March 31,
2011
|
|||||||
Earnings for the calculation of basic earnings per share
|
67,116 | 141,762 | ||||||
Earnings for the calculation of diluted earnings per share
|
67,116 | 141,762 |
Earnings per share
BASIC
|
March 31,
2012
|
March 31,
2011
|
||||||
Earnings
|
67,116 | 141,762 | ||||||
Number of shares
|
496,561,780 | 496,559,968 | ||||||
Earnings per share
|
0.14 | 0.29 |
Earnings per share
DILUTED
|
March 31,
2012
|
March 31,
2011
|
||||||
Earnings
|
67,116 | 141,762 | ||||||
Number of shares
|
558,916,948 | 558,914,922 | ||||||
Earnings per share
|
0.12 | 0.25 |
Free translation from the original prepared in Spanish for the publication in Argentina
|
Estimated collection term
|
Current Investments Non-Current Investments
|
Trade account receivable
|
Others Receivables
|
|||||||||||||||||||||||||||||||||
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||||||||||||||||||||
4th quarter 2011/2010
|
- | - | 6,936 | - | - | 60,617 | - | 47,163 | ||||||||||||||||||||||||||||
1st quarter 2012/2011
|
- | 19,092 | - | - | 90,958 | - | 90,542 | 4,679 | ||||||||||||||||||||||||||||
2nd quarter 2012/2011
|
- | - | - | - | - | - | 32,504 | 44,743 | ||||||||||||||||||||||||||||
3rd quarter 2012/2011
|
- | - | - | - | - | - | 23,972 | 15,777 | ||||||||||||||||||||||||||||
4th quarter 2012/2011
|
7,095 | - | - | 63,577 | - | - | 89,701 | - | - | |||||||||||||||||||||||||||
1st quarter 2013/2012
|
- | - | - | - | - | - | 3,120 | - | - | |||||||||||||||||||||||||||
2nd quarter 2013/2012
|
- | - | - | - | - | - | 21,954 | - | - | |||||||||||||||||||||||||||
3rd quarter 2013/2012
|
- | - | - | - | - | - | 2,181 | - | - | |||||||||||||||||||||||||||
2nd quarter 2015/2014
|
- | - | - | - | - | - | 54,535 | - | - | |||||||||||||||||||||||||||
4th quarter 2017/2016
|
- | - | 11,261 | - | - | - | - | - | - | |||||||||||||||||||||||||||
With no stated current term
|
- | - | - | 322 | 322 | 322 | 420 | 11,090 | 350 | |||||||||||||||||||||||||||
With no stated non-current term
|
21 | 21 | 21 | - | - | - | 63,133 | 58,194 | 53,838 | |||||||||||||||||||||||||||
Total
|
7,116 | 19,113 | 18,218 | 63,899 | 91,280 | 60,939 | 235,044 | 216,302 | 166,550 |
Interest rate that they accrue
|
Current Investments Non-Current Investments
|
Trade account receivable
|
Others Receivables
|
|||||||||||||||||||||||||||||||||
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||||||||||||||||||||
At fixed interest rate
|
- | - | 11,261 | - | - | - | 27,875 | 19,800 | 10,919 | |||||||||||||||||||||||||||
At variable interest rate
|
7,095 | 19,092 | 6,315 | - | - | - | 53,106 | 42,127 | 39,812 | |||||||||||||||||||||||||||
Non-interest bearing
|
21 | 21 | 642 | 63,899 | 91,280 | 60,939 | 154,063 | 154,375 | 115,819 | |||||||||||||||||||||||||||
Total
|
7,116 | 19,113 | 18,218 | 63,899 | 91,280 | 60,939 | 235,044 | 216,302 | 166,550 |
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 10:
|
(Continued)
|
Trade account
Payable
|
Short-term/ long-term debts
|
Salaries
and social security payable
|
Taxes
payable
|
Customers Advances
|
Other
Liabilities
|
Provisions
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated payment term
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4th quarter 2011/2010
|
- | - | 68,523 | - | - | 133,948 | - | - | 4,491 | - | - | 7,688 | - | - | - | - | - | 24,230 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st quarter 2012/2011
|
- | 140,216 | - | - | 23,780 | 19,686 | - | 25,743 | 11,372 | - | 1,205 | 76 | - | - | - | - | 28,439 | 3,880 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd quarter 2012/2011
|
- | - | - | - | 44,857 | 14,594 | - | - | - | - | 4,930 | 3,240 | - | - | - | - | 1,087 | 1,087 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd quarter 2012/2011
|
- | - | - | - | 44,857 | 14,594 | - | 2,650 | 3,223 | - | 76 | 76 | - | - | - | - | 14 | 14 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4th quarter 2012/2011
|
68,424 | - | - | 257,527 | 165,934 | 121,540 | 5,389 | - | - | 9,056 | 76 | - | 888 | - | - | 30,708 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st quarter 2013/2012
|
- | - | - | 154,989 | 89,441 | 97,784 | 15,715 | - | - | - | - | - | - | - | - | 27 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd quarter 2013/2012
|
- | - | - | 72,875 | 71,128 | 70,711 | - | - | - | 4,574 | - | - | - | - | - | 1,099 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd quarter 2013/2012
|
- | - | - | 46,355 | 44,173 | 43,599 | 4,435 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd quarter 2014/2013
|
- | - | - | 3,990 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st quarter 2015/2014
|
- | - | - | 260,687 | - | - | - | - | - | 6 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Over 2 years
|
- | - | - | 31,918 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no stated current term
|
- | - | - | 218,160 | 262,292 | 158,613 | - | - | - | - | - | - | - | - | - | 3,529 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no stated non-current term
|
- | - | - | - | - | - | - | - | - | 67,339 | 96,528 | 95,356 | - | - | - | 90 | 12,195 | 5,571 | 1,700 | 1,681 | 1,678 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
|
68,424 | 140,216 | 68,523 | 1,046,501 | 746,462 | 675,069 | 25,539 | 28,393 | 19,086 | 80,975 | 102,815 | 106,436 | 888 | - | - | 35,453 | 41,735 | 34,782 | 1,700 | 1,681 | 1,678 |
Trade account
Payable
|
Short-term/ long-term debts
|
Salaries
and social security payable
|
Taxes
payable
|
Customers Advances
|
Other
Liabilities
|
Provisions
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate that they accrue
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At fixed interest rate
|
- | - | - | 885,432 | 564,126 | 478,963 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At variable interest rate
|
- | - | - | 156,501 | 178,197 | 187,442 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing
|
68,424 | 140,216 | 68,523 | 4,568 | 4,139 | 8,664 | 25,539 | 28,393 | 19,086 | 80,975 | 102,815 | 106,436 | 888 | - | - | 35,453 | 41,735 | 34,782 | 1,700 | 1,681 | 1,678 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
|
68,424 | 140,216 | 68,523 | 1,046,501 | 746,462 | 675,069 | 25,539 | 28,393 | 19,086 | 80,975 | 102,815 | 106,436 | 888 | - | - | 35,453 | 41,735 | 34,782 | 1,700 | 1,681 | 1,678 |
Free translation from the original prepared in Spanish for the publication in Argentina
|
|
a.
|
On September 3, 2010, the title deed and conveyance of ownership related to selling the establishment “La Juanita” located in the district of Trenque Lauquen, Province of Buenos Aires, with a surface of 4,302 hectares, was executed. The transaction was upon at US$ 18.0 million, which had already been collected as of the date of these financial statements.
|
|
b.
|
On March 2, 2011, the Company acquired, in joint tenancy with Zander Express S.A., a rural property composed by thirteen plots of land located in the district of Perdriel, department of Luján de Cuyo, in the province of Mendoza. Following this acquisition, Cresud holds an undivided interest of 40% on each and every real estate asset whereas Zander Express S.A. holds the remaining 60%. The total price agreed upon for this transaction is US$ 4.0 million; as a result, Cresud has paid the amount of US$ 1.6 million which had already been paid before execution of the conveyance deed.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
|
1.
|
Cresud – International
|
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 13:
|
(Continued)
|
|
-
|
20,883,916 shares equal to 35.75% of the outstanding share capital of Brasilagro as of March 31, 2012 (considering the assignment of rights indicated above), and
|
|
-
|
130,351 first issue warrants from Brasilagro and 130,351 second issue warrants from Brasilagro. As of March 31, 2012 the Company registered an asset of Ps. 10,786 for the acquisition of these warrants (Schedule C).
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 13:
|
(Continued)
|
|
c.
|
Republic of Bolivia
|
|
d.
|
Oriental Republic of Uruguay
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 13:
|
(Continued)
|
|
e.
|
Republic of Paraguay
|
|
2.
|
Cresud – Local
|
|
a.
|
Purchase of Agro Managers S.A.’s shares
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 13:
|
(Continued)
|
|
d.
|
Northagro S.A., Agrotech S.A. and Pluriagro S.A.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 19:
|
(Continued)
|
|
1.
|
Issuance of Non-Convertible Notes - Class I and II
|
|
2.
|
Issuance of Non-Convertible Notes - Class III and IV
|
|
-
|
On October 19, 2010, the Company made the payment of the first interest installment of Class III and Class IV Non-Convertibles Notes by the amount of Ps. 1,272 and US$ 340,954, respectively, for the period between July 21, and October 19, 2010.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 19:
|
(Continued)
|
|
-
|
On January 17, 2011, the Company made the second payment of interest on Class III and IV Non-Convertible notes in the amounts of Ps. 1,310 and US$ 340,954, respectively, for the period comprised between October 19, 2010 and January 17, 2011.
|
|
-
|
On April 18, 2011, the Company made the third payment of interest on Class III and Class IV Non-Convertible notes in the amounts of Ps. 1,344 and US$ 344,743, respectively, for the period comprised between January 17, and April 18, 2011.
|
|
-
|
On July 18, 2011, interest installments of Class III and Class IV Non-Convertible notes in the amounts of Ps. 1,354 and US$ 344,743, respectively, for the period comprised between April 18, and July 18, 2011.
|
|
-
|
On October 17, 2011, fifth interest installment of Class III and Class IV Non-Convertible notes in the amounts of Ps. 1,465 and US$ 344,743, respectively, for the period comprised between July 18, and October 17, 2011. Likewise, on that date, Ps. 11.9 million and US$ 4.5 million were paid for the first amortization of Non-convertible Notes Class III and Class IV, respectively.
|
|
-
|
On January 16, 2012, sixth interest installment of Class III and Class IV Non-Convertible notes in the amounts of Ps. 1,357 and US$ 259, respectively, for the period comprised between October 17, 2011 and January 15, 2012. Likewise, on that date, Ps. 11.9 million and US$ 4.5 million were paid for the second amortization of Non-convertible Notes Class III and Class IV, respectively.
|
|
3.
|
Issue of Class V, VI and VII Non-Convertible notes
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 19:
|
(Continued)
|
|
-
|
On June 8, 2011, the first interest installment of Class V, Class VI and Class VII Non-Convertible Notes for Ps. 3,935, US$ 644,450 and US$ 20,509, respectively, related to the period March 10, 2011 and June 8, 2011 were paid.
|
|
-
|
On September 6, 2011, the second interest installment was paid for Class V, Class VI and Class VII Non-Convertible Notes for Ps. 4,071, US$ 644,450 and US$ 20,509, respectively, corresponding to the period between June 8 and September 5, 2011.
|
|
-
|
On December 5, 2011, the third interest installment was paid for Class V, Class VI and Class VII Non-Convertible Notes for Ps. 5,296, US$ 644,450 and US$ 20,509, respectively, corresponding to the period between September 6 and December 2, 2011.
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 19:
|
(Continued)
|
|
- On March 05, 2012, the fourth interest installment of Class V, Class VI and Class VII Non-Convertible Notes for US$ 5,460, Ps. 651,611 and US$ 20,736, respectively, related to the period December 5, 2011 and March 5, 2012 were paid.
|
|
4.
|
Issuance of Non-convertible Notes Class VIII
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 20:
|
(Continued)
|
NOTE 21:
|
CAPITALIZATION PROGRAM FOR EXECUTIVE MANAGEMENT AND LONG-TERM INCENTIVE PROGRAM
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 21:
|
(Continued)
|
|
§
|
ordinary retirement in line with the applicable working regulations
|
|
§
|
total or permanent disability or inability
|
|
§
|
death
|
|
·
|
if the employee resigns or leaves the Company unexpectedly, he/she will be entitled to the benefit only if 5 years have passed since each contribution was made
|
|
·
|
retirement
|
|
·
|
total or permanent disability
|
|
·
|
death
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
|
-
|
Annual report and financial statements ended June 30, 2011;
|
|
-
|
Ratification of the advance dividend settled by the Board of Director for Ps. 69,000 and payment of the amount of Ps. 63,800 in cash. (which were available as from November 21, 2011).
|
|
-
|
Corporate reorganization by merger into Agrology;
|
|
-
|
Allocation of treasury stock to the incentive plan aimed at the Company’s employees for up to 1% of the Company’s Equity through the allocation of the equivalent amount in treasury stocks, delegating on the Board of Directors the most extensive powers to fix the price, term, form, methods, time and the rest of the conditions to implement the plan; and
|
|
-
|
Extending the amount of the Global Program to Issue Non-Convertible Notes in place for up to a further US$ 150 million (or its equivalent in other currencies)
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 25:
|
COMPLIANCE WITH CURRENTLY APPLICABLE ENVIRONMENTAL RULES AND REGULATION
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 26:
|
FINANCIAL LOAN FROM BANCO CIUDAD
|
NOTE 27:
|
SUBSEQUENT EVENTS
|
|
Assignment of rights agreement between IRSA and Cresud
|
Free translation from the original prepared in Spanish for the publication in Argentina
|
NOTE 27:
|
(Continued)
|
(In thousands of pesos)
|
Value at
the beginning of the period / year
|
Additions
and/or Transfers
|
Deductions
and/or Transfers
|
Value at the end of the period / year
|
Depreciation
|
Net
carrying value
as of
March
31, 2012
|
Net
carrying value
as of
June 30
2011
|
Net
carrying value
as of
March
31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||
Principal Account
|
Rate
%
|
Accumulated at the beginning of period / year
|
Additions
|
Decreases of the period / year
|
Current
period / year
(1)
|
Accumulated At the end of the period / year
|
||||||||||||||||||||||||||||||||||||||||||||||
Real estate
|
218,151 | 2,946 | - | 221,097 | - | - | - | - | - | - | 221,097 | 218,151 | 210,981 | |||||||||||||||||||||||||||||||||||||||
Wire fences
|
13,317 | 102 | - | 13,419 | 3 | 1,629 | - | - | 300 | 1,929 | 11,490 | 11,688 | 10,677 | |||||||||||||||||||||||||||||||||||||||
Watering troughs
|
13,623 | 110 | - | 13,733 | 5 | 1,968 | - | - | 501 | 2,469 | 11,264 | 11,655 | 9,021 | |||||||||||||||||||||||||||||||||||||||
Alfalfa fields and meadows
|
7,150 | - | 1,205 | 5,945 | 12-25-50 | 4,033 | - | 1,036 | 794 | 3,791 | 2,154 | 3,117 | 2,554 | |||||||||||||||||||||||||||||||||||||||
Buildings and constructions
|
47,896 | 1,206 | - | 49,102 | 2 | 7,302 | - | - | 562 | 7,864 | 41,238 | 40,594 | 35,587 | |||||||||||||||||||||||||||||||||||||||
Machinery
|
13,997 | 768 | - | 14,765 | 10 | 9,279 | - | - | 581 | 9,860 | 4,905 | 4,718 | 3,799 | |||||||||||||||||||||||||||||||||||||||
Vehicles
|
4,151 | 1,833 | 764 | 5,220 | 20 | 2,202 | - | 222 | 532 | 2,512 | 2,708 | 1,949 | 1,744 | |||||||||||||||||||||||||||||||||||||||
Tools
|
289 | 27 | - | 316 | 10 | 191 | - | - | 35 | 226 | 90 | 98 | 92 | |||||||||||||||||||||||||||||||||||||||
Furniture and equipment
|
1,039 | 118 | - | 1,157 | 10 | 944 | - | - | 37 | 981 | 176 | 95 | 364 | |||||||||||||||||||||||||||||||||||||||
Feeder and drinking troughs
|
228 | - | 18 | 210 | 20 | 17 | - | - | 8 | 25 | 185 | 211 | 196 | |||||||||||||||||||||||||||||||||||||||
Corral and leading lanes
|
2,331 | 270 | - | 2,601 | 3 | 232 | - | - | 74 | 306 | 2,295 | 2,099 | 1,434 | |||||||||||||||||||||||||||||||||||||||
Roads
|
2,635 | - | - | 2,635 | 10 | 1,476 | - | - | 203 | 1,679 | 956 | 1,159 | 1,895 | |||||||||||||||||||||||||||||||||||||||
Facilities
|
20,498 | 1,329 | - | 21,827 | 10-20-33 | 10,747 | - | - | 990 | 11,737 | 10,090 | 9,751 | 7,459 | |||||||||||||||||||||||||||||||||||||||
Computer equipment
|
2,838 | 294 | - | 3,132 | 20 | 2,266 | - | - | 161 | 2,427 | 705 | 572 | 455 | |||||||||||||||||||||||||||||||||||||||
Silo plants
|
1,342 | - | - | 1,342 | 5 | 691 | - | - | 57 | 748 | 594 | 651 | 566 | |||||||||||||||||||||||||||||||||||||||
Constructions in progress
|
1,741 | 34,167 | 99 | 35,809 | - | - | - | - | - | - | 35,809 | 1,741 | 16,939 | |||||||||||||||||||||||||||||||||||||||
Advances to suppliers
|
1,298 | 518 | - | 1,816 | - | - | - | - | - | - | 1,816 | 1,298 | 990 | |||||||||||||||||||||||||||||||||||||||
Improvement in third´s real estate
|
34,124 | 106 | - | 34,230 | 3 | 2,330 | - | - | 1,181 | 3,511 | 30,719 | 31,794 | 31,794 | |||||||||||||||||||||||||||||||||||||||
Tree plantations (wood)
|
4,320 | - | - | 4,320 | 3 | 576 | - | - | 108 | 684 | 3,636 | 3,744 | 3,780 | |||||||||||||||||||||||||||||||||||||||
Total as of March 31, 2012
|
390,968 | 43,794 | 2,086 | 432,676 | 45,883 | - | 1,258 | 6,124 | 50,749 | 381,927 | - | - | ||||||||||||||||||||||||||||||||||||||||
Total as of June 30, 2011
|
329,805 | 99,683 | 38,520 | 390,968 | 39,814 | 2,934 | 3,822 | 6,957 | 45,883 | - | 345,085 | - | ||||||||||||||||||||||||||||||||||||||||
Total as of March 31, 2011
|
329,805 | 91,296 | 36,188 | 384,913 | 39,814 | 2,934 | 3,309 | 5,147 | 44,586 | - | - | 340,327 |
(1)
|
Included in Schedule H.
|
(In thousands of pesos)
|
Schedule B
|
Values at beginning of period
|
Additions of the period / year
|
Values at the end of the period / year
|
Depreciation
|
Net carrying value as of March 31, 2012
|
Net carrying value as of June 30, 2011
|
Net carrying value as of March 31, 2011
|
||||||||||||||||||||||||||||||||||||||
Principal Account |
Rate %
|
Accumulated at the beginning of the year
|
Additions
|
Amount (1)
|
Accumulated at the end of the period / year
|
|||||||||||||||||||||||||||||||||||||||
Pre-operating expenses (Bolivia)
|
842 | - | 842 | 20 | 420 | - | 126 | 546 | 296 | 422 | 464 | |||||||||||||||||||||||||||||||||
Pre-operating expenses (Paraguay)
|
671 | - | 671 | 20 | 324 | - | 101 | 425 | 246 | 347 | 380 | |||||||||||||||||||||||||||||||||
Concession rights
|
23,582 | - | 23,582 | 3 | 3,011 | - | 564 | 3,575 | 20,007 | 20,571 | 20,760 | |||||||||||||||||||||||||||||||||
Totals as of March 31, 2012
|
25,095 | - | 25,095 | - | 3,755 | - | 791 | 4,546 | 20,549 | - | - | |||||||||||||||||||||||||||||||||
Totals as of June 30, 2011
|
1,513 | 23,582 | 25,095 | - | 442 | 2,258 | 1,055 | 3,755 | - | 21,340 | - | |||||||||||||||||||||||||||||||||
Totals as of March 31, 2011
|
1,513 | 23,582 | 25,095 | 442 | 2,258 | 791 | 3,491 | - | - | 21,604 |
(1)
|
Preoperative expenses are included in gain on equity investees in the Statements of Income. Concession Rights are included in Depreciation of Intangible Assets in Schedule H.
|
As of March 31, 2012 and 2011 and June 30, 2011
|
Free translation from the original prepared in Spanish for publication in Argentina
|
(In thousands of pesos)
|
INFORMATION ON THE ISSUER
|
||||||||||||||||||||||||||||||||||
Principal activity
|
According to the latest balance sheet
|
|||||||||||||||||||||||||||||||||
Securities
|
Amount
|
% of participation on the capital
|
Value
as of March 31, 2012
|
Value as of
June 30, 2011
|
Value
as of March 31, 2011
|
Market value
March
31, 2012
|
Capital
|
Income (loss) of the period
|
Shareholders´ equity
|
|||||||||||||||||||||||||
CURRENT ASSETS
Current Investments
|
||||||||||||||||||||||||||||||||||
Mutual Funds:
|
||||||||||||||||||||||||||||||||||
Fondo Bony Hamilton (US$)
|
896,123 | 3,813 | 27 | 57 | ||||||||||||||||||||||||||||||
Deutsche Managed Dollar Fund (US$)
|
1,937,418 | 2,551 | 19,065 | 3,293 | ||||||||||||||||||||||||||||||
Alpha pesos plus (Ps)
|
- | - | - | 1,081 | ||||||||||||||||||||||||||||||
Fima premium (Ps)
|
- | - | 1,884 | |||||||||||||||||||||||||||||||
Rj Delta 169
|
354,086 | 731 | - | - | ||||||||||||||||||||||||||||||
Subtotal
|
7,095 | 19,092 | 6,315 | |||||||||||||||||||||||||||||||
Bonds and Notes (1)
|
||||||||||||||||||||||||||||||||||
Bonds APSA 2017 (US$) Interests
|
- | - | 621 | |||||||||||||||||||||||||||||||
Subtotal
|
7,095 | - | 621 | |||||||||||||||||||||||||||||||
Total current investments
|
7,095 | 19,092 | 6,936 | |||||||||||||||||||||||||||||||
NON-CURRENT ASSETS
Investments on controlled and related companies
|
||||||||||||||||||||||||||||||||||
Agro – Uranga S.A.
|
Unlisted
|
Agricultural livestock
|
2,500 | 2,035 | 33,345 | |||||||||||||||||||||||||||||
Shares
|
893,069 | 35.72 | 11,912 | 11,924 | 11,585 | |||||||||||||||||||||||||||||
Higher value of property
|
11,179 | 11,179 | 11,179 | |||||||||||||||||||||||||||||||
23,091 | 23,103 | 22,764 | ||||||||||||||||||||||||||||||||
Cactus
|
Unlisted
|
Exploitation and administration of
agriculture products and raising cattle
|
||||||||||||||||||||||||||||||||
Shares and contributions (3)
|
11,745,190 | 100.00 | 11,441 | (8,720 | ) | (2,126 | ) |
|
11,745 | (19,358 | ) | 11,441 | ||||||||||||||||||||||
11,441 | (8,720 | ) | (2,126 | ) | ||||||||||||||||||||||||||||||
FyO.Com
|
Unlisted
|
Gives information about markets through internet, Brokerage and
intermediation on spot and future markets
|
||||||||||||||||||||||||||||||||
Shares
|
987,426 | 65.85 | 7,429 | 7,962 | 6,302 |
|
1,500 | (809 | ) | 11,282 | ||||||||||||||||||||||||
7,429 | 7,962 | 6,302 |
|
As of March 31, 2012 and 2011 and June 30, 2011
|
Free translation from the original prepared in Spanish for publication in Argentina
|
(In thousands of pesos)
|
Securities
|
Amount
|
% of participation on the capital
|
Value
as of March 31, 2012
|
Value as of
June 30, 2011
|
Value
as of March 31, 2011
|
Market value
March
31, 2012
|
INFORMATION ON THE ISSUER
|
||||||||||||||||||||||||||||||
Principal activity
|
According to the latest balance sheet
|
||||||||||||||||||||||||||||||||||||
Capital
|
Income (loss) of the period
|
Shareholders' equity
|
|||||||||||||||||||||||||||||||||||
Agrology (2)
|
Unlisted
|
Investing
|
- | - | - | ||||||||||||||||||||||||||||||||
Shares
|
268,559,946 | 100.00 | - | 313,079 | 283,549 | ||||||||||||||||||||||||||||||||
Irrevocable contributions
|
- | - | 1,253 | ||||||||||||||||||||||||||||||||||
- | 313,079 | 284,802 | |||||||||||||||||||||||||||||||||||
FyO Trading
|
Unlisted
|
Brokerage
|
220 | (145 | ) | 75 | |||||||||||||||||||||||||||||||
Shares and contributions
|
4,832 | 2.20 | 2 | 1 | 1 | ||||||||||||||||||||||||||||||||
2 | 1 | 1 | |||||||||||||||||||||||||||||||||||
EAASA
|
Unlisted
|
Meat packing industry
|
21,183 | (17,537 | ) | 9,034 | |||||||||||||||||||||||||||||||
Shares
|
2,507 | 0.01 | 1 | 1 | (2 | ) | |||||||||||||||||||||||||||||||
1 | 1 | (2 | ) | ||||||||||||||||||||||||||||||||||
IRSA
|
5,25 |
Real estate
|
578,676 | 216,709 | 2,522,175 | ||||||||||||||||||||||||||||||||
Shares
|
365,815,967 | 63.22 | 1,594,418 | 1,255,802 | 1,283,168 | ||||||||||||||||||||||||||||||||
Higher values (4)
|
160,681 | 158,244 | 165,414 | ||||||||||||||||||||||||||||||||||
1,755,099 | 1,414,046 | 1,448,582 | |||||||||||||||||||||||||||||||||||
Brasilagro
|
(5) | 8 |
Agricultural and Real Estate
|
875,381 | 25,175 | 1,398,820 | |||||||||||||||||||||||||||||||
Shares
|
20,883,916 | 35.75 | 554,540 | 609,397 | 465,085 | ||||||||||||||||||||||||||||||||
Higher values (6)
|
119,015 | 122,974 | 32,170 | ||||||||||||||||||||||||||||||||||
Warrants
|
260,702 | 10,786 | 10,786 | 10,786 | |||||||||||||||||||||||||||||||||
684,341 | 743,157 | 508,041 | |||||||||||||||||||||||||||||||||||
Agrotech S.A. (3)
|
|||||||||||||||||||||||||||||||||||||
Shares
|
28,388,957 | 100.00 | 19,105 | 15 | 23 |
Unlisted
|
Investing
|
28,389 | (6,785 | ) | 20,738 | ||||||||||||||||||||||||||
19,105 | 15 | 23 | |||||||||||||||||||||||||||||||||||
Pluriagro
|
|||||||||||||||||||||||||||||||||||||
Shares
|
50,000 | 100.00 | 300 | 517 | 37 |
Unlisted
|
Investing
|
50 | (360 | ) | 300 | ||||||||||||||||||||||||||
300 | 517 | 37 | |||||||||||||||||||||||||||||||||||
Northagro
|
Unlisted
|
Investing
|
50 | (360 | ) | 300 | |||||||||||||||||||||||||||||||
Shares
|
50,000 | 100.00 | 300 | 517 | 37 | ||||||||||||||||||||||||||||||||
300 | 517 | 37 |
As of March 31, 2012 and 2011 and June 30, 2011
|
Free translation from the original prepared in Spanish for publication in Argentina
|
(In thousands of pesos)
|
Securities
|
Amount
|
% of participation
on the capital
|
Value
as of March 31, 2012
|
Value as of
June 30, 2011
|
Value
as of March 31, 2011
|
Market value
March
31, 2012
|
INFORMATION ON THE ISSUER
|
|||||||||||||||||||||||||||
Principal activity
|
According to the latest balance sheet
|
|||||||||||||||||||||||||||||||||
Capital
|
Income (loss) of the period
|
Shareholders' equity
|
||||||||||||||||||||||||||||||||
Agricultural livestock Acres del Sud S.A.
|
Unlisted
|
Agricultural
|
||||||||||||||||||||||||||||||||
Shares
|
368,541 | 95.12 | 7,065 | - | - | 21,328 | (5,935 | ) | 7,428 | |||||||||||||||||||||||||
7,065 | - | - | ||||||||||||||||||||||||||||||||
Ombu Agropecuaria S.A.
|
Unlisted
|
Agricultural
|
||||||||||||||||||||||||||||||||
Shares
|
162,763 | 95.12 | 8,336 | - | - | 9,397 | (2,994 | ) | 8,763 | |||||||||||||||||||||||||
8,336 | - | - | ||||||||||||||||||||||||||||||||
Yuchan Agropecuaria S.A.
|
Unlisted
|
Agricultural
|
||||||||||||||||||||||||||||||||
Shares
|
25,137 | 95.12 | 7,870 | - | - | 1,446 | (582 | ) | 8,274 | |||||||||||||||||||||||||
7,870 | - | - | ||||||||||||||||||||||||||||||||
Yatay Agropecuaria S.A.
|
Unlisted
|
Agricultural
|
||||||||||||||||||||||||||||||||
Shares
|
63,363 | 95.12 | 2,468 | - | - | 3,655 | (2,850 | ) | 2,594 | |||||||||||||||||||||||||
2,468 | - | - | ||||||||||||||||||||||||||||||||
Helmir S.A.
|
Unlisted
|
Investing
|
||||||||||||||||||||||||||||||||
Shares
|
504,899,770 | 100.00 | 108,418 | - | - | 79,141 | 11,675 | 108,418 | ||||||||||||||||||||||||||
108,418 | - | - | ||||||||||||||||||||||||||||||||
Agro Managers S.A.
|
||||||||||||||||||||||||||||||||||
Shares
|
981,029 | 46.84 | 1,251 | - | - |
Unlisted
|
Investing
|
2,094 | (436 | ) | 2,671 | |||||||||||||||||||||||
1,251 | - | - | ||||||||||||||||||||||||||||||||
2,636,517 | 2,493,678 | 2,268,461 |
Investments
|
As of March 31, 2012 and 2011 and June 30, 2011
|
Free translation from the original prepared in Spanish for publication in Argentina
|
(In thousands of pesos)
|
Securities
|
Amount
|
% of participation
on the capital
|
Value
as of March
31, 2012
|
Value as of
June 30, 2011
|
Value
as of March
31, 2011
|
Market Value
March
31, 2012
|
INFORMATION ON THE ISSUER
|
|||||||||
Brasilagro negative goodwill
|
(48,453 | ) | (73,947 | ) | (9,790 | ) | ||||||||||
Brasilagro goodwill
|
6,965 | 23,889 | 6,965 | |||||||||||||
IRSA negative goodwill (7)
|
(307,696 | ) | (296,278 | ) | (308,216 | ) | ||||||||||
IRSA Goodwill
|
14,895 | 6,712 | 6,712 | |||||||||||||
Agro Managers Goodwill
|
798 | |||||||||||||||
Cactus goodwill
|
14,927 | 4,978 | 4,978 | |||||||||||||
Allowance for impairment of goodwill Cactus
|
(14,927 | ) | (4,978 | ) | (4,978 | ) | ||||||||||
(333,491 | ) | (339,624 | ) | (304,329 | ) | |||||||||||
Subtotal
|
2,303,026 | 2,154,054 | 1,964,132 | |||||||||||||
OTHER INVESTMENTS
|
||||||||||||||||
Non-Convertible Notes APSA 2017 (US$)
|
- | - | 11,261 | |||||||||||||
Coprolán
|
21 | 21 | 21 |
Unlisted
|
||||||||||||
Subtotal
|
21 | 21 | 11,282 | |||||||||||||
Total Non-current investments
|
2,303,047 | 2,154,075 | 1,975,414 |
(1)
|
Not considered as cash equivalents for Statement of Cash Flow purpose.
|
(2)
|
Since July 1, 2011, is effective the merger of Cresud with Agrology (See Note 14 to the basic financial statements).
|
(3)
|
Included in Other liabilities.
|
(4)
|
Consist of Ps. 5,533 higher value of inventory, Ps. 71,972 higher value of investments, Ps. 108,957 higher value of fixed assets, Ps. 30,522 higher value of intangible assets, Ps. 17,289 less value of loans
|
(5)
|
Total in reais
|
(6)
|
Consist of Ps. 183,158 higher value of fixed assets and Ps. (64,143) higher value of tax effect.
|
(7)
|
The change as regards the previous year corresponds to an addition because of the merger by absorption of Agrology for Ps. 28,496 and amortization for Ps.11,700.
|
(In thousands of pesos)
|
Item
|
Balances at beginning of the fiscal year
|
Increases
|
Decreases/ Applications
|
Value as of March 31, 2012
|
Value as of
June 30, 2011
|
Value as of March 31, 2011
|
||||||||||||||||||
Deducted from assets
|
||||||||||||||||||||||||
For Doubtful accounts
|
619 | (1) | 167 | (116 | ) | 670 | 619 | 617 | ||||||||||||||||
Included in liabilities
|
||||||||||||||||||||||||
For pending lawsuits
|
1,681 | (2) | 163 | (2) | (144 | ) | 1,700 | 1,681 | 1,678 | |||||||||||||||
Total as of March 31, 2012
|
2,300 | 330 | (260 | ) | 2,370 | - | - | |||||||||||||||||
Total as of June 30, 2011
|
2,398 | 52 | (150 | ) | - | 2,300 | - | |||||||||||||||||
Total as of March 31, 2011
|
2,398 | 47 | (150 | ) | - | - | 2,295 |
|
(1)
|
Included in Schedule H.
|
|
(2)
|
Included in other income and expenses in the Statements of Income – Others.
|
(In thousands of pesos)
|
Crops
|
Beef Cattle
|
Milk
|
Other
|
Total
|
||||||||||||||||||||||||||||||||||||
March 31, 2012
|
March 31, 2011
|
March 31, 2012
|
March 31, 2011
|
March 31, 2012
|
March 31, 2011
|
March 31, 2012
|
March 31, 2011
|
March 31, 2012
|
March 31, 2011
|
|||||||||||||||||||||||||||||||
Inventories at the beginning of the fiscal year:
|
||||||||||||||||||||||||||||||||||||||||
Beef Cattle
|
- | - | 206,745 | 138,807 | - | - | - | - | 206,745 | 138,807 | ||||||||||||||||||||||||||||||
Crops
|
95,501 | 41,566 | - | - | - | - | - | - | 95,501 | 41,566 | ||||||||||||||||||||||||||||||
Seeds and fodder
|
982 | 758 | - | - | - | - | - | - | 982 | 758 | ||||||||||||||||||||||||||||||
Materials and others
|
- | - | 39 | 614 | - | - | 1,962 | 873 | 2,001 | 1,487 | ||||||||||||||||||||||||||||||
96,483 | 42,324 | 206,784 | 139,421 | - | - | 1,962 | 873 | 305,229 | 182,618 | |||||||||||||||||||||||||||||||
Unrealized gain on inventories- Beef cattle
|
- | - | 12,112 | 61,802 | - | - | - | - | 12,112 | 61,802 | ||||||||||||||||||||||||||||||
Unrealized gain on inventories – Crops and
raw materials
|
289 | 6,082 | - | - | - | - | 653 | 105 | 942 | 6,187 | ||||||||||||||||||||||||||||||
Production
|
105,723 | 71,191 | 52,192 | 29,622 | 21,068 | 22,569 | - | - | 178,983 | 123,382 | ||||||||||||||||||||||||||||||
Transfer of inventories sold
|
- | - | 2,029 | 8,425 | - | - | - | 2,029 | 8,425 | |||||||||||||||||||||||||||||||
Transfer of inventories to property and equipment
|
- | - | - | - | - | - | (198 | ) | (722 | ) | (198 | ) | (722 | ) | ||||||||||||||||||||||||||
Transfer of inventories to expenses
|
(6,932 | ) | (9,234 | ) | (526 | ) | (290 | ) | (284 | ) | (295 | ) | (5,436 | ) | (3,607 | ) | (13,178 | ) | (13,426 | ) | ||||||||||||||||||||
Incorporated by merger with ANTA
|
- | 10,073 | - | - | - | - | - | 84 | - | 10,157 | ||||||||||||||||||||||||||||||
Purchases
|
7,459 | 16,767 | 18,421 | 1,120 | - | - | 6,767 | 4,811 | 32,647 | 22,698 | ||||||||||||||||||||||||||||||
Operating Expenses - Schedule H
|
- | - | - | - | - | - | 2,743 | 2,789 | 2,743 | 2,789 | ||||||||||||||||||||||||||||||
Inventories at the end of the period:
|
||||||||||||||||||||||||||||||||||||||||
Beef Cattle
|
- | - | (197,931 | ) | (196,997 | ) | - | - | - | - | (197,931 | ) | (196,997 | ) | ||||||||||||||||||||||||||
Crops
|
(45,609 | ) | (48,290 | ) | - | - | - | - | - | - | (45,609 | ) | (48,290 | ) | ||||||||||||||||||||||||||
Seeds and fodder
|
(1,611 | ) | (1,441 | ) | - | - | - | - | - | - | (1,611 | ) | (1,441 | ) | ||||||||||||||||||||||||||
Materials and others
|
- | - | (944 | ) | (1 | ) | - | - | (3,748 | ) | (1,826 | ) | (4,692 | ) | (1,827 | ) | ||||||||||||||||||||||||
Cost of sales
|
155,802 | 87,472 | 92,137 | 43,102 | 20,784 | 22,274 | 2,743 | 2,507 | 271,466 | 155,355 |
(In thousands of pesos)
|
Crops
|
Beef Cattle
|
Milk
|
Total
|
|||||||||||||||||||||||||||||
March 31, 2012
|
March 31, 2011
|
March 31, 2012
|
March 31, 2011
|
March 31, 2012
|
March 31, 2011
|
March 31, 2012
|
March 31, 2011
|
|||||||||||||||||||||||||
Inventories at the beginning of the fiscal year:
|
||||||||||||||||||||||||||||||||
Beef Cattle
|
- | - | - | - | 20,134 | 18,848 | 20,134 | 18,848 | ||||||||||||||||||||||||
Unharvested crops and other unharvested
|
30,897 | 11,166 | - | - | - | - | 30,897 | 11,166 | ||||||||||||||||||||||||
Seeds and fodder
|
- | - | 6,072 | 2,190 | 955 | 499 | 7,027 | 2,689 | ||||||||||||||||||||||||
Materials and others
|
50,930 | 25,477 | 857 | 876 | 256 | 382 | 52,043 | 26,735 | ||||||||||||||||||||||||
81,827 | 36,643 | 6,929 | 3,066 | 21,345 | 19,729 | 110,101 | 59,438 | |||||||||||||||||||||||||
Unrealized gain on inventories- Beef cattle
|
- | - | - | - | 3,183 | 9,168 | 3,183 | 9,168 | ||||||||||||||||||||||||
Unrealized gain on inventories – Crops and
raw materials
|
6,185 | 6,617 | 241 | (120 | ) | 359 | 342 | 6,785 | 6,839 | |||||||||||||||||||||||
Production
|
- | - | 3,271 | 1,462 | 3,137 | 2,012 | 6,408 | 3,474 | ||||||||||||||||||||||||
Transfer of inventories sold
|
- | - | - | - | (2,029 | ) | (8,425 | ) | (2,029 | ) | (8,425 | ) | ||||||||||||||||||||
Transfer of inventories to property and equipment
|
(178 | ) | (321 | ) | - | - | - | - | (178 | ) | (321 | ) | ||||||||||||||||||||
Transfer of inventories to expenses of Materials and others
|
(70,479 | ) | (57,461 | ) | (7,287 | ) | (3,852 | ) | (7,933 | ) | (6,709 | ) | (85,699 | ) | (68,022 | ) | ||||||||||||||||
Incorporated by merger with ANTA
|
- | 4,252 | - | - | - | - | - | 4,252 | ||||||||||||||||||||||||
Purchases / increase in Unharvested crops by consume
|
135,035 | 151,548 | 1,952 | 1,306 | 7,148 | 6,164 | 144,135 | 159,018 | ||||||||||||||||||||||||
Operating Expenses – Schedule H
|
82,816 | 54,524 | 36,833 | 17,692 | 19,305 | 18,041 | 138,954 | 90,257 | ||||||||||||||||||||||||
Inventories at the end of the period:
|
||||||||||||||||||||||||||||||||
Beef Cattle
|
- | - | - | - | (24,421 | ) | (21,531 | ) | (24,421 | ) | (21,531 | ) | ||||||||||||||||||||
Unharvested crops and other unharvested
|
(120,064 | ) | (113,248 | ) | - | - | - | - | (120,064 | ) | (113,248 | ) | ||||||||||||||||||||
Seeds and fodder
|
- | - | (3,762 | ) | (855 | ) | (471 | ) | (396 | ) | (4,233 | ) | (1,251 | ) | ||||||||||||||||||
Materials and others
|
(32,305 | ) | (26,228 | ) | (1,395 | ) | (963 | ) | (289 | ) | (239 | ) | (33,989 | ) | (27,430 | ) | ||||||||||||||||
Cost of Production
|
82,837 | 56,326 | 36,782 | 17,736 | 19,334 | 18,156 | 138,953 | 92,218 |
As of March 31, 2012 and 2011 and June 30, 2011
|
Free translation from the original prepared in Spanish for publication in Argentina
|
(In thousands of pesos)
|
March 31, 2012
|
June 30, 2011
|
March 31, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||
Item
|
Type and amount of foreign currency
|
Current exchange Rate
|
Amount in local currency
|
Type and amount of foreign currency
|
Current exchange Rate
|
Amount in local
currency
|
Type and amount of
foreign currency
|
Current exchange Rate
|
Amount in local currency
|
|||||||||||||||||||||||||||||||||||||||
CURRENT ASSETS
|
||||||||||||||||||||||||||||||||||||||||||||||||
CASH AND BANKS
|
||||||||||||||||||||||||||||||||||||||||||||||||
Cash and banks in dollars
|
US$
|
152 | 4.3 | 660 |
US$
|
136 | 4.070 | 552 |
US$
|
2,686 | 4.014 | 10,783 | ||||||||||||||||||||||||||||||||||||
Cash and banks in brazilian reais
|
Rs
|
3 | 2.3 | 7 |
Rs
|
6 | 2.51 | 16 |
Rs
|
6 | 2.330 | 14 | ||||||||||||||||||||||||||||||||||||
Cash and banks in euros
|
€ | 5 | 5.8 | 29 | € | 9 | 5.906 | 52 | € | 10 | 5.566 | 56 | ||||||||||||||||||||||||||||||||||||
Cash and banks in yens
|
JPY
|
7,245 | 0.05 | 4 |
JPY
|
79 | 0.050 | 4 |
JPY
|
83 | 0.048 | 4 | ||||||||||||||||||||||||||||||||||||
INVESTMENTS
|
||||||||||||||||||||||||||||||||||||||||||||||||
Mutual Funds
|
US$
|
1,467 | 4.3 | 6,364 |
US$
|
4,691 | 4.070 | 19,092 |
US$
|
835 | 4.014 | 3,350 | ||||||||||||||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
- | - | - | - | - | - | - | - |
US$
|
153 | 4.054 | 621 | ||||||||||||||||||||||||||||||||||||
TRADE ACCOUNTS RECEIVABLES
|
||||||||||||||||||||||||||||||||||||||||||||||||
Trade Accounts Receivables
|
US$
|
2,423 | 4.3 | 10,513 |
US$
|
8,057 | 4.070 | 32,794 |
US$
|
1,999 | 4.014 | 8,025 | ||||||||||||||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
2,103 | 4.3 | 9,119 |
US$
|
8,191 | 4.110 | 33,347 |
US$
|
1,259 | 4.054 | 5,066 | ||||||||||||||||||||||||||||||||||||
OTHER RECEIVABLES
|
||||||||||||||||||||||||||||||||||||||||||||||||
Guarantee deposits
|
US$
|
593 | 4.3 | 2,571 |
US$
|
156 | 4.070 | 633 |
US$
|
198 | 4.014 | 793 | ||||||||||||||||||||||||||||||||||||
Premiums paid
|
US$
|
13 | 4.3 | 55 |
US$
|
717 | 4.070 | 2,919 |
US$
|
150 | 4.014 | 603 | ||||||||||||||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
6,323 | 4.3 | 27,218 |
US$
|
14,801 | 4.110 | 60,830 |
US$
|
12,448 | 4.054 | 50,464 | ||||||||||||||||||||||||||||||||||||
NON-CURRENT ASSETS
|
||||||||||||||||||||||||||||||||||||||||||||||||
OTHER RECEIVABLES
|
||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
12,671 | 4.3 | 54,535 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
OTHER INVESTMENTS
|
- | |||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
- | - | - | - | - | - | - | - |
US$
|
2,778 | 4.054 | 11,261 | ||||||||||||||||||||||||||||||||||||
Total US$
|
US$
|
25,745 | 111,035 |
US$
|
36,749 | 150,167 |
US$
|
22,506 | 90,966 | |||||||||||||||||||||||||||||||||||||||
Total Rs
|
Rs
|
3 | 7 |
Rs
|
6 | 16 |
Rs
|
6 | 14 | |||||||||||||||||||||||||||||||||||||||
Total €
|
€ | 5 | 29 | € | 9 | 52 | € | 10 | 56 | |||||||||||||||||||||||||||||||||||||||
Total JPY
|
JPY
|
7,245 | 4 |
JPY
|
79 | 4 |
JPY
|
83 | 4 | |||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS
|
32,998 | 111,075 | 36,843 | 150,239 | 22,605 | 91,040 |
|
US$: US Dollars
|
|
Rs: Brazilian Reais
|
|
€: Euros
|
|
JPY: Yenes
|
As of March 31, 2012 and 2011 and June 30, 2011
|
Free translation from the original prepared in Spanish for publication in Argentina
|
(In thousands of pesos)
|
March 31, 2012 | June 30, 2011 | March 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Item
|
Type and amount
Foreign currency
|
Current exchange Rate
|
Amount in local currency
|
Type and amount
foreign currency
|
Current exchange Rate
|
Amount in local currency
|
Type and amount
foreign currency
|
Current exchange Rate
|
Amount in local currency
|
|||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES
|
||||||||||||||||||||||||||||||||||||||||||||||||
TRADE ACCOUNTS PAYABLE
|
||||||||||||||||||||||||||||||||||||||||||||||||
Suppliers
|
US$
|
3,115 | 4.3 | 13,407 |
US$
|
7,357 | 4.110 | 30,239 |
US$
|
9,591 | 4.054 | 38,881 | ||||||||||||||||||||||||||||||||||||
Accrual for inputs and other expenses
|
US$
|
924 | 4.3 | 3,979 |
US$
|
33 | 4.110 | 137 |
US$
|
768 | 4.054 | 3,112 | ||||||||||||||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
294 | 4.3 | 1,267 |
US$
|
6,009 | 4.110 | 24,787 |
US$
|
2,387 | 4.054 | 9,676 | ||||||||||||||||||||||||||||||||||||
LOANS
|
||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans
|
US$
|
48,465 | 4.3 | 208,593 |
US$
|
28,027 | 4.110 | 115,191 |
US$
|
36,779 | 4.054 | 149,104 | ||||||||||||||||||||||||||||||||||||
- Interest payable Bank Loans
|
US$
|
425 | 4.3 | 1,831 |
US$
|
44 | 4.110 | 180 |
US$
|
390 | 4.054 | 1,581 | ||||||||||||||||||||||||||||||||||||
Non-convertible notes class IV
|
US$
|
9,076 | 4.3 | 39,065 |
US$
|
13,382 | 4.110 | 54,998 |
US$
|
4,461 | 4.054 | 18,083 | ||||||||||||||||||||||||||||||||||||
Non-convertible notes class VI
|
US$
|
32,898 | 4.3 | 141,594 |
US$
|
8,712 | 4.110 | 35,806 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Non-convertible notes class VII
|
US$
|
2,115 | 4.3 | 9,105 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Interest payable – Non-convertible notes
|
US$
|
619 | 4.3 | 2,664 |
US$
|
439 | 4.110 | 1,805 |
US$
|
421 | 4.054 | 1,706 | ||||||||||||||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
2,557 | 4.3 | 11,006 | - | - | - | - |
US$
|
11 | 4.054 | 44 | ||||||||||||||||||||||||||||||||||||
OTHER LIABILITIES
|
||||||||||||||||||||||||||||||||||||||||||||||||
Premiums collected
|
- | - | - | - |
US$
|
164 | 4.110 | 672 |
US$
|
598 | 4.054 | 2,424 | ||||||||||||||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
32 | 4.3 | 139 |
US$
|
44 | 4.110 | 179 |
US$
|
13 | 4.054 | 53 | ||||||||||||||||||||||||||||||||||||
Advances for concession of rights
|
US$
|
820 | 4.3 | 3,529 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||
NON-CURRENT LIABILITIES
|
||||||||||||||||||||||||||||||||||||||||||||||||
LONG SHORT DEBTS
|
||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans
|
US$
|
8,343 | 4.3 | 35,908 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Non-convertible notes class IV
|
US$
|
- | - | - |
US$
|
4,461 | 4.110 | 18,333 |
US$
|
13,382 | 4.054 | 54,249 | ||||||||||||||||||||||||||||||||||||
Non-convertible notes class VI
|
US$
|
- | - | - |
US$
|
24,261 | 4.110 | 99,712 |
US$
|
32,348 | 4.054 | 131,139 | ||||||||||||||||||||||||||||||||||||
Non-convertible notes class VII
|
US$
|
- | - | - |
US$
|
2,079 | 4.110 | 8,546 |
US$
|
2,079 | 4.054 | 8,430 | ||||||||||||||||||||||||||||||||||||
Non-convertible notes class VIII
|
US$
|
61,046 | 4.3 | 262,740 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
- | - | - |
US$
|
1,875 | 4.110 | 7,707 |
US$
|
2,500 | 4.054 | 10,135 | ||||||||||||||||||||||||||||||||||||
OTHER LIABILITIES
|
||||||||||||||||||||||||||||||||||||||||||||||||
Advances for concession of rights
|
US$
|
- | - | - |
US$
|
813 | 4.110 | 3,344 |
US$
|
813 | 4.054 | 3,299 | ||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES
|
US$
|
170,729 | 734,827 |
US$
|
97,700 | 401,636 |
US$
|
106,541 | 431,916 |
(In thousands of pesos)
|
Operating Expenses
|
Selling Expenses
|
Administrative Expenses
|
Total as of
March
31, 2012
|
Total as of
March
31, 2011
|
||||||||||||||||||||||||||||||||
Item
|
Crops
|
Beef Cattle
|
Milk
|
Other
|
Total
|
|||||||||||||||||||||||||||||||
Directors’ fees
|
- | - | - | - | - | - | 1,874 | 1,874 | 1,445 | |||||||||||||||||||||||||||
Fees and payments for services
|
- | - | - | - | - | 266 | 3,333 | 3,599 | 2,373 | |||||||||||||||||||||||||||
Salaries, annual bonus and social security
|
3,157 | 5,590 | 3,131 | 62 | 11,940 | 3,209 | 20,667 | 35,816 | 25,059 | |||||||||||||||||||||||||||
Taxes, rates and contributions
|
672 | 879 | 74 | - | 1,625 | 5 | 330 | 1,960 | 3,468 | |||||||||||||||||||||||||||
Gross sales taxes
|
- | - | - | - | - | 8,317 | - | 8,317 | 6,018 | |||||||||||||||||||||||||||
Doubtful accounts
|
- | - | - | - | - | 167 | - | 167 | 6 | |||||||||||||||||||||||||||
Office and administrative expenses
|
- | - | - | - | - | 349 | 5,275 | 5,624 | 4,706 | |||||||||||||||||||||||||||
Bank commissions and expenses
|
- | - | - | - | - | - | 1,454 | 1,454 | 967 | |||||||||||||||||||||||||||
Depreciation of Property and equipment
|
3,453 | 1,682 | 693 | 12 | 5,840 | 28 | 256 | 6,124 | 5,147 | |||||||||||||||||||||||||||
Depreciations of Intangible Assets
|
- | - | - | - | - | - | 564 | 564 | 564 | |||||||||||||||||||||||||||
Vehicle and traveling expenses
|
379 | 485 | 124 | 3 | 991 | 255 | 1,171 | 2,417 | 1,946 | |||||||||||||||||||||||||||
Spare parts and repairs
|
504 | 1,030 | 1,020 | 33 | 2,587 | 25 | 50 | 2,662 | 2,037 | |||||||||||||||||||||||||||
Insurance
|
146 | 141 | 68 | 4 | 359 | 20 | 395 | 774 | 781 | |||||||||||||||||||||||||||
Benefits to Employees
|
222 | 772 | 291 | - | 1,285 | 125 | 1,382 | 2,792 | 1,756 | |||||||||||||||||||||||||||
Livestock expenses (1)
|
- | 24,545 | - | - | 24,545 | 4,652 | - | 29,197 | 10,051 | |||||||||||||||||||||||||||
Dairy farm expenses (2)
|
- | - | 13,440 | - | 13,440 | 89 | - | 13,529 | 12,272 | |||||||||||||||||||||||||||
Agricultural expenses (3)
|
72,503 | - | - | 2,626 | 75,129 | 39,994 | - | 115,123 | 71,960 | |||||||||||||||||||||||||||
General expenses
|
1,643 | 1,661 | 459 | 3 | 3,766 | - | - | 3,766 | 2,316 | |||||||||||||||||||||||||||
Health and safety costs
|
137 | 48 | 5 | - | 190 | - | 40 | 230 | 317 | |||||||||||||||||||||||||||
Total as of March 31, 2012
|
82,816 | 36,833 | 19,305 | 2,743 | 141,697 | 57,501 | 36,791 | 235,989 | - | |||||||||||||||||||||||||||
Total as of March 31, 2011
|
54,524 | 17,692 | 18,041 | 2,789 | 93,046 | 29,652 | 30,491 | - | 153,189 |
|
(1)
|
Includes cattle food and additives, lodging, animal health and others.
|
|
(2)
|
Includes cattle food and additives, animal health and others.
|
|
(3)
|
Includes seeds, agrochemical, irrigation, services hired, leases and others
|
(In thousands of pesos)
|
1.
|
LEGAL FRAMEWORK
|
2.
|
RELEVANT MODIFICATONS IN THE COMPANY’S ACTIVITIES
|
3.
|
CLASSIFICATION OF ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES ACCORDING TO THEIR MATURITY
|
Section 33
Law 19,550
|
||||||||||||
Other
receivables
|
Agro-Uranga S.A.
|
|||||||||||
Trade Account Receivable
|
Other
receivables
|
|||||||||||
Current
|
322 | 22 | 398 | |||||||||
Not-current
|
- | 63,133 | - |
Law No. 19,550 Section 33
|
||||||||||||||||||||||||||||||||||||||||||||||
FyO.Com
|
Cactus
|
Acres
|
Cresca S.A.
|
EAASA
|
Agro-Uranga S.A.
|
Ombú
|
Yuchán
|
Yatay
|
Brasilagro
|
|||||||||||||||||||||||||||||||||||||
Maturity
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
|||||||||||||||||||||||||||||||||||
06.30.12 | 51,109 | 8,465 | 748 | 1,938 | 713 | 2 | 24 | 176 | 176 | 176 | 50 |
(In thousands of pesos)
|
Law No. 19,550 Section 33
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ombú
|
Yuchan
|
Yatay
|
Acres
|
IRSA
|
APSA
|
Helmir
|
IRSA
Internacional
|
Northagro
|
Pluriagro
|
Agrotech
|
EAASA
|
Tarshop
|
FyO.Com
|
Brasilagro
|
Cactus
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
06.30.12 | 43,678 | - | - | - | - | 5,184 | 12,221 | 26,490 | 307 | - | - | - | 7 | 97 | 7 | 32 | 1,678 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
09.30.12 | 2,181 | - | - | - | - | - | - | - | - | 442 | 442 | 55 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12.31.12 | 21,954 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03.31.13 | 2,181 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||
09.30.14 | - | 21,468 | 11,488 | 10,160 | 11,419 | - | - | - | - | - | - | - | - | - | - | - | - |
(In thousands of pesos)
|
4.
|
CLASSIFICATION OF DEBTS ACCORDING TO THEIR MATURITY
|
|
a.
|
There are no past due debts as of March 31, 2012.
|
|
b.
|
Debts without a due date as of March 31, 2012.
|
Trade accounts payable | Short-term debts | Taxes payable | Other liabilities | Provisions | ||||||||||||||||
Current | - | 218,160 | - | 3,529 | - | |||||||||||||||
Not current | - | - | 67,339 | 90 | 1,700 |
|
c.
|
Debts to fall due as of March 31, 2012.
|
Law No. 19,550 Section 33
|
||||||||||||||
FyO.Com
|
Cactus
|
|||||||||||||
Maturity
|
Trade accounts payable
|
Trade accounts payable
|
Trade accounts payable
|
|||||||||||
06.31.12 | 65,823 | 1,449 | 1,152 |
(In thousands of pesos)
|
4.
|
(Continued)
|
Maturity
|
Short-term debts
|
Law No. 19,550 Section 33
|
Salaries
and social security payable
|
Taxes
payable
|
Other
liabilities
|
Law No. 19,550 Section 33
|
Customer advances
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emprendimiento Recoleta S.A.
|
IRSA
|
APSA
|
Nuevas Fronteras S.A.
|
Panamerican Mall S.A.
|
Cyrsa
S.A.
|
Cactus
|
Cresca
|
Emprendimiento recoleta S.A.
|
Fibesa
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debts
|
Other liabilities
|
Other liabilities
|
Other liabilities
|
Other
liabilities
|
Other liabilities
|
Other
liabilities
|
Other liabilities
|
Other liabilities
|
Other liabilities
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
06.30.12 | 257,470 | 58 | 5,389 | 9,056 | 8,023 | 6,469 | 11,737 | 1 | 5 | 46 | 29 | 48 | 1 | 2 | 888 | |||||||||||||||||||||||||||||||||||||||||||||||
09.30.12 | 154,989 | - | 15,715 | - | 777 | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
12.31.12 | 72,875 | - | - | 4,574 | 1,849 | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
03.31.13 | 46,355 | - | 4,435 | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
03.31.14 | 35,908 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
09.30.14 | 260,687 | - | - | 6 | - | - | - | - | - | - | - | - | - | - | - |
(In thousands of pesos)
|
5.
|
CLASSIFICATION OF ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES ACCORDING TO THEIR FINANCIAL EFFECTS
|
|
a.
|
Law No. 19,550 Section 33
|
||||||||||||||||||||||||||||||||||||||||||||
FyO.Com
|
Ombú S.A.
|
Brasilagro
|
Cactus
|
Acres
|
Cresca S.A.
|
Agro-Uranga
S.A.
|
EAASA
|
Yuchán
|
Yatay
|
|||||||||||||||||||||||||||||||||||
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
||||||||||||||||||||||||||||||||||
In Pesos
|
40,918 | 58 | 176 | 50 | 749 | 1,938 | - | 24 | 2 | 176 | 176 | |||||||||||||||||||||||||||||||||
In US Dollars
|
10,513 | 8,406 | - | - | - | - | 713 | - | - | - | - |
Law No. 19,550 Section 33
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agro-Uranga
|
IRSA Internacional
|
Ombú
|
Acres
|
Helmir
|
Yuchan
|
Yatay
|
APSA
|
IRSA
|
Northagro
|
Pluriagro
|
Cactus
|
Agrotech
|
EAASA
|
Tarshop
|
BrasilAgro
|
FyO.Com
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Pesos
|
130,500 | - | - | - | - | - | - | - | 12,221 | 5,184 | 442 | 442 | 1,678 | 55 | 7 | 97 | 32 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
In US Dollars
|
2,649 | 398 | 307 | 21,468 | 11,419 | 26,490 | 11,488 | 10,160 | - | - | - | - | - | - | - | - | - |
|
b.
|
All Accounts receivable and Other receivables are not subject to adjustment clauses.
|
(In thousands of pesos)
|
|
c.
|
Law No. 19,550 Section 33
|
||||||||||||||||||||||||||||||||||||||||||||
FyO.Com
|
Brasilagro
|
Cactus
|
Acres
|
Cresca S.A.
|
Agro-Uranga S.A.
|
Ombú
|
Yuchán
|
Yatay
|
EAASA
|
|||||||||||||||||||||||||||||||||||
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
Trade account receivable
|
||||||||||||||||||||||||||||||||||
Outstanding balances accruing interests
|
- | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Outstanding balances not accruing interests
|
51,431 | 8,465 | 50 | 748 | 1,938 | 713 | 24 | 176 | 176 | 176 | 2 |
Law No. 19,550 Section 33
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IRSA Internacional
|
Ombú
|
Agro-Uranga
|
Acres
|
Yuchan
|
Yatay
|
APSA
|
IRSA
|
Northagro
|
Pluriagro
|
Agrotech
|
Cactus
|
EAASA
|
FyO.Com
|
Tarshop
|
BrasilAgro
|
Helmir
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
Other
receivables
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balances accruing interests
|
4,161 | - | 20,101 | - | 10,683 | 10,766 | 9,512 | - | - | - | - | - | - | - | - | - | - | 25,758 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balances not accruing interests
|
128,988 | 307 | 1,367 | 398 | 736 | 722 | 648 | 12,221 | 5,184 | 442 | 442 | 55 | 1,678 | 7 | 7 | 97 | 32 | 732 |
(In thousands of pesos)
|
6.
|
CLASSIFICATION OF DEBTS ACCORDING TO THEIR FINANCIAL EFFECTS
|
Law No. 19,550 Section 33
|
||||||||||||
FyO.Com
|
Cactus
|
|||||||||||
Trade account Payable
|
Trade account Payable
|
Trade account Payable
|
||||||||||
In Pesos
|
48,437 | 182 | 1,152 | |||||||||
In US Dollars
|
17,386 | 1,267 | - |
Company
Law No. 19,550 Section 33
|
Law No. 19,550 Section 33
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emprendimiento Recoleta S.A.
|
IRSA
|
Nuevas Fronteras S.A.
|
Panamerican Mall S.A.
|
Cactus
|
Cyrsa
S.A.
|
Cresca
|
Emprendimiento Recoleta S.A.
|
Fibesa
|
APSA
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debts
|
Short-term debts
|
Salaries
and social security payable
|
Taxes
payable
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Provisions
|
Customer advances
|
|||||||||||||||||||||||||||||||||||||||||||||||||
In Pesos
|
333,937 | - | 25,539 | 80,975 | 13,586 | 6,330 | 1 | 5 | 29 | 46 | 48 | - | 2 | 11,737 | 1,700 | 888 | ||||||||||||||||||||||||||||||||||||||||||||||||
In US Dollars
|
723,511 | 58 | - | - | 3,529 | 139 | - | - | - | - | - | 1 | - | - | - | - |
(In thousands of pesos)
|
|
b.
|
All outstanding debts are not subject to adjustment clauses.
|
Law No. 19,550 Section 33
|
||||||||||||
FyO.Com
|
Cactus
|
|||||||||||
Trade account Payable
|
Trade account Payable
|
Trade account Payable
|
||||||||||
Outstanding balances accruing interests
|
- | - | - | |||||||||
Outstanding balances not accruing interests
|
65,823 | 1,449 | 1,152 |
Law No. 19,550 Section 33
|
Law No. 19,550 Section 33
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emprendimiento Recoleta S.A.
|
IRSA
|
Cactus
|
Nuevas Fronteras S.A.
|
Cyrsa
S.A.
|
Cresca
|
Panamerican
Mall S.A.
|
Agrotech
|
Emprendimiento Recoleta S.A.
|
Fibesa
|
APSA
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debts
|
Short-term debts
|
Salaries
and social security payable
|
Taxes
payable
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Other
Liabilities
|
Provisions
|
Customer advances
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balances accruing interests
|
1,041,933 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balances
not accruing interests
|
4,510 | 58 | 25,539 | 80,975 | 17,115 | 6,469 | 29 | 1 | 46 | 48 | 5 | - | 1 | 2 | 11,737 | 1,700 | 888 |
(In thousands of pesos)
|
7.
|
INTEREST IN OTHER COMPANIES (Law No. 19,550 Section 33)
|
8.
|
RECEIVABLES FROM OR LOANS TO DIRECTORS AND STATUTORY AUDIT COMMITTEE MEMBERS
|
9.
|
PHYSICAL INVENTORIES
|
10.
|
VALUATION OF INVENTORIES
|
|
a.
|
Cattle for fattening, valued at the market value net of estimated sale expenses: quotation in Mercado de Hacienda de Liniers and other representative of the market.
|
|
b.
|
Cattle for raising and daily production valued at its replacement cost: according to specific appraisals made by renowned experts.
|
|
c
|
Crops: official quotation of the Cámara Arbitral de Cereales for the port closest to the warehouse, published by media of wide circulation (Diario La Nación) net of estimated sale expenses.
|
|
d.
|
The remaining inventory stated at its replacement cost:
|
|
-
|
Seeds, forage and materials: replacement cost published by a well-known magazine (Revista Márgenes Agropecuarios).
|
|
-
|
Unharvested crops: replacement cost of goods and services needed to obtain similar assets, which does not exceed the net realization value as of each period / year.
|
(In thousands of pesos)
|
11.
|
TECHNICAL REVALUATION OF FIXED ASSETS
|
|
12.
|
OBSOLETE FIXED ASSETS
|
|
13.
|
EQUITY INTERESTS IN OTHER COMPANIES
|
|
14.
|
RECOVERABLE VALUES
|
|
15.
|
INSURANCES
|
Insured property
|
Risk covered
|
Amount insured
(in pesos)
|
Book value
(in pesos)
|
||||||
Buildings, machinery, silos, installation and furniture and equipment
|
Theft, fire and technical insurance
|
207,409 | 47,618 | ||||||
Vehicles
|
Third parties, theft, fire and civil liability
|
4,985 | 2,708 |
16.
|
CONTINGENCIES
|
|
17.
|
IRREVOCABLE CONTRIBUTIONS TO CAPITAL ON ACCOUNT OF FUTURE SUBSCRIPTIONS
|
|
18.
|
DIVIDENDS ON PREFERED STOCK
|
|
19.
|
LIMITATIONS OF PROFIT DISTRIBUTIONS
|
As of March 31, 2012
|
As of March 31, 2011
|
As of March 31, 2010
|
As of March 31, 2009
|
As of March 31, 2008
|
||||||||||||||||
Current Assets
|
2,071,280 | 1,598,120 | 1,323,626 | 1,003,003 | 918,634 | |||||||||||||||
Non-current Assets
|
7,844,111 | 6,367,991 | 5,356,687 | 4,522,443 | 1,146,824 | |||||||||||||||
9,915,391 | 7,966,111 | 6,680,313 | 5,525,446 | 2,065,458 | ||||||||||||||||
Current Liabilities
|
2,314,994 | 1,957,881 | 1,751,452 | 1,078,212 | 272,020 | |||||||||||||||
Non-current Liabilities
|
3,191,028 | 2,483,753 | 1,386,374 | 1,488,160 | 45,536 | |||||||||||||||
5,506,022 | 4,441,634 | 3,137,826 | 2,566,372 | 317,556 | ||||||||||||||||
Minority Interest
|
2,216,591 | 1,423,532 | 1,577,679 | 1,290,582 | 1,238 | |||||||||||||||
Shareholders' Equity
|
2,192,778 | 2,100,945 | 1,964,808 | 1,668,492 | 1,746,664 | |||||||||||||||
9,915,391 | 7,966,111 | 6,680,313 | 5,525,446 | 2,065,458 |
As of March 31, 2012
|
As of March 31, 2011
|
As of March 31, 2010
|
As of March 31, 2009
|
As of March 31, 2008
|
||||||||||||||||
Operating income (loss)
|
501,799 | 512,602 | 416,609 | 108,917 | 33,777 | |||||||||||||||
Financial and holding results
|
(380,767 | ) | (234,440 | ) | (91,645 | ) | (25,469 | ) | (27,328 | ) | ||||||||||
Other income and expenses, net and gain equity investees
|
105,907 | 112,017 | 161,165 | (71,805 | ) | 16,936 | ||||||||||||||
Management agreement fees
|
(7,458 | ) | (15,751 | ) | (20,446 | ) | (493 | ) | (2,976 | ) | ||||||||||
Operating Net income
|
219,481 | 374,428 | 465,683 | 11,150 | 20,409 | |||||||||||||||
Income tax expense
|
(51,166 | ) | (89,149 | ) | (105,271 | ) | (32,466 | ) | 7,561 | |||||||||||
Minority interest
|
(101,199 | ) | (143,517 | ) | (175,755 | ) | 25,987 | (344 | ) | |||||||||||
Net income
|
67,116 | 141,762 | 184,657 | 4,671 | 27,626 |
Three-month period
March 31, 2012
|
Accumulated
July 1, 2011 to March 31, 2012
|
Three-month period
March 31, 2011
|
Accumulated
July 1, 2010
to March 31, 2011
|
Three-month period
March 31, 2010
|
Accumulated
July 1, 2009
to March 31, 2010
|
Three-month period
March 31, 2009
|
Accumulated
July 1, 2008
to March 31, 2009
|
Three-month period
March 31, 2008
|
Accumulated
July 1, 2007
to March 31, 2008
|
|||||||||||||||||||||||||||||||
Beef Cattle (in Kgs.)
|
2,798,105 | 7,284,204 | 1,993,901 | 4,999,710 | 2,060,565 | 4,303,565 | 2,548,680 | 5,467,570 | 2,347,510 | 7,036,158 | ||||||||||||||||||||||||||||||
Butyraceous
(in Kgs.)
|
153,197 | 533,308 | 148,790 | 617,576 | 170,054 | 609,302 | 154,936 | 578,272 | 175,087 | 564,708 | ||||||||||||||||||||||||||||||
Crops
(in quintals)
|
619,267 | 8,626,145 | 479,193 | 1,355,891 | 375,014 | 807,150 | 432,628 | 815,371 | 303,840 | 605,600 |
Three-month period
March 31, 2012
|
Accumulated
July 1, 2011
to March 31, 2012
|
Three-month period
March 31, 2011
|
Accumulated
July 1, 2010
to March 31, 2011
|
Three-month period
March 31, 2010
|
Accumulated
July 1, 2009
to March 31, 2010
|
Three-month period
March 31, 2009
|
Accumulated
July 1, 2008
to March 31, 2009
|
Three-month period
March 31, 2008
|
Accumulated
July 1, 2007
to March 31, 2008
|
|||||||||||||||||||||||||||||||
Beef Cattle (in Kgs.)
|
4,522,196 | 11,450,753 | 859,177 | 5,777,616 | 2,096,449 | 5,441,046 | 1,050,147 | 3,945,956 | 1,350,732 | 7,307,164 | ||||||||||||||||||||||||||||||
Butyraceous
(in Kgs.)
|
153,197 | 533,308 | 148,790 | 617,576 | 170,054 | 609,302 | 154,936 | 578,272 | 175,087 | 564,708 | ||||||||||||||||||||||||||||||
Crops
(in quintals)
|
3,202,364 | 9,504,004 | 272,189 | 1,622,589 | 206,677 | 1,237,747 | 238,144 | 1,328,279 | 303,479 | 962,012 |
Three-month period
March 31, 2012
|
Accumulated
July 1, 2011
to March 31, 2012
|
Three-month period
March 31, 2011
|
Accumulated
July 1, 2010
to March 31, 2011
|
Three-month period
March 31, 2010
|
Accumulated
July 1, 2009
to March 31, 2010
|
Three-month period
March 31, 2009
|
Accumulated
July 1, 2008
to March 31, 2009
|
Three-month period
March 31, 2008
|
Accumulated
July 1, 2007
to March 31, 2008
|
|||||||||||||||||||||||||||||||
Beef Cattle (in Kgs.)
|
4,522,196 | 11,450,753 | 859,177 | 5,777,616 | 2,096,449 | 5,441,046 | 1,050,147 | 3,945,956 | 1,350,732 | 7,307,164 | ||||||||||||||||||||||||||||||
Butyraceous
(in Kgs.)
|
153,197 | 533,308 | 148,790 | 617,576 | 170,054 | 609,302 | 154,936 | 578,272 | 175,087 | 564,708 | ||||||||||||||||||||||||||||||
Crops
(in quintals)
|
3,064,964 | 9,345,604 | 272,189 | 1,622,589 | 206,677 | 1,237,747 | 238,144 | 1,328,279 | 303,479 | 962,012 |
Three-month period
March 31, 2012
|
Accumulated
July 1, 2011
to March 31, 2012
|
Three-month period
March 31, 2011
|
Accumulated
July 1, 2010
to March 31, 2011
|
Three-month period
March 31, 2010
|
Accumulated
July 1, 2009
to March 31, 2010
|
Three-month period
March 31, 2009
|
Accumulated
July 1, 2008
to March 31, 2009
|
Three-month period
March 31, 2008
|
Accumulated
July 1, 2007
to March 31, 2008
|
|||||||||||||||||||||||||||||||
Beef Cattle (in Kgs.)
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Butyraceous
(in Kgs.)
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Crops
(in quintals)
|
137,400 | 158,400 | - | - | - | - | - | - | - | - |
|
As of March 31, 2012
|
As of March 31, 2011
|
As of March 31, 2010
|
As of March 31, 2009
|
As of March 31, 2008
|
|||||||||||||||
Liquidity
|
0.90 | 0.82 | 0.76 | 0.93 | 3.377 | |||||||||||||||
Solvency
|
0.40 | 0.47 | 0.63 | 0.65 | 5.500 | |||||||||||||||
Non-current assets to assets
|
0.79 | 0.80 | 0.80 | 0.82 | 0.555 | |||||||||||||||
Return on Equity (1)
|
0.03 | 0.07 | 0.10 | 0.00 | 0.021 |
In ARS MM
|
IIIQ 12
|
IIIQ 11
|
YoY Var
|
9M 12 | 9M 11 |
YoY Var
|
||||||||||||||||||
Agribusiness segment sales
|
169.8 | 52.1 | 226.0 | % | 679.5 | 310.0 | 119.2 | % | ||||||||||||||||
Agribusiness production income
|
126.4 | 66.6 | 89.9 | % | 365.1 | 156.4 | 133.4 | % | ||||||||||||||||
Real estate segment sales
|
338.9 | 315.5 | 7.4 | % | 1,078.2 | 1,013.5 | 6.4 | % | ||||||||||||||||
Gross income
|
267.7 | 215.5 | 24.2 | % | 882.0 | 721.4 | 22.3 | % | ||||||||||||||||
Operating income
|
97.4 | 153.2 | -36.4 | % | 501.8 | 512.6 | -2.1 | % | ||||||||||||||||
Net income
|
25.6 | 34.8 | -26.4 | % | 67.1 | 141.8 | -52.7 | % |
►
|
At the beginning of fiscal year 2012 we increased our interest in BrasilAgro to 35.75%. Therefore, we present our financial statements in consolidated form to include the accounts of BrasilAgro. This consolidation impacts significantly on the results of our Agricultural business segment.
|
►
|
During the nine-month period, sales from the Agricultural business segment increased 119.2% compared to the same period of fiscal year 2011. This was driven mainly by a 230.1% increase in the sale of Crops, which exceeded by ARS 313.3 million the sales recorded in the same period of fiscal year 2011. The Beef Cattle business recorded a 119.6% rise in sales, thanks to the increase in meat production and sustained price levels in the domestic market.
|
►
|
Production from the Agricultural business segment grew strongly thanks to the consolidation of our subsidiary BrasilAgro and the late harvesting of corn crops in our Argentine farms. All this led to a 540.5% increase in Crop production during the nine-month period and a 184.5% increase in production income. In addition, we increased the tons of Beef Cattle production by 40.9% and consequently, Beef Cattle production income grew by 73.6%.
|
►
|
Sales from the Real Estate segment rose 6.4% thanks to the good performance of the rental segments (“Shopping Centers” and “Offices”), whose combined sales increased by ARS 165.1 million, offset by the deconsolidation of the consumer finance business, lower revenues from the “Sales and Developments” segment, and a drop in the activity of the “Hotels” segment.
|
►
|
Gross profit grew by 22.3% during the nine-month period, explained by an increase of 67.6% in gross profit from the Agricultural business segment (which reached ARS 204.5 million), a 14.2% increase in gross profit from the Real Estate segment (which totaled ARS 688.0 million) and a gross loss of ARS 10.5 million from the Feed Lot/Slaughter segment. Gross profit for the first nine months of fiscal year 2012 totaled ARS 882.0 million.
|
►
|
Operating income totaled ARS 501.8 million during the first nine months of fiscal year 2012, showing a slight decrease of 2.1% as compared to the same period of 2011. This decrease is explained by a fall of ARS 84.2 million in operating income from the Agricultural business segment due to higher selling and administrative expenses (which rose ARS 105.9 million) due to the consolidation of our business in Brazil and lower holding results from the Beef Cattle production segment (fall of ARS 55.9 million) and an ARS 14.0 million loss generated by the Feed Lot/Slaughter segment, offset by an increase of ARS 87.4 million in operating income from the Real Estate business (mainly Shopping Centers and Offices).
|
►
|
Net income for the first nine months of fiscal year 2012 amounted to ARS 67.1 million, a 52.7% decrease compared to the same period of fiscal year 2011. Considering that operating income was ARS 10.8 million lower than in the previous period, the fall in net income before taxes was mainly caused by a net financial loss that was ARS 146.3 million higher, reaching ARS 380.8 million as compared to ARS 234.3 million in the same period of the previous fiscal year. The main reason for this decrease was a net loss from changes in exchange rates for ARS 115.7 million (vs. ARS 44.0 million), a net interest loss of ARS 242.6 million (vs. ARS 190.0 million) and a net loss from other financial assets for ARS 22.5 million (vs. a net income of ARS 0.5 million).
|
IIIQ 12
|
IIIQ 11
|
YoY Var
|
||||||||||||||||||||||||||||||||||
Income Statement
(in ARS MM)
|
Local
|
Int.
|
Total
|
Local
|
Int.
|
Total
|
Local
|
Int.
|
Total
|
|||||||||||||||||||||||||||
Production revenues
|
37.4 | 61.4 | 98.8 | 44.0 | 0.2 | 44.2 | -15.0 | % | (+++) | % | 123.8 | % | ||||||||||||||||||||||||
Cost of production
|
-29.5 | -49.8 | -79.3 | -28.4 | -0.6 | -29.0 | 4.0 | % | (+++) | % | 173.6 | % | ||||||||||||||||||||||||
Gross production income
|
7.9 | 11.6 | 19.5 | 15.6 | -0.4 | 15.2 | -49.7 | % | (---) | % | 28.6 | % | ||||||||||||||||||||||||
Sales
|
43.4 | 64.2 | 107.5 | 27.2 | 1.1 | 28.3 | 59.2 | % | (+++) | % | 279.7 | % | ||||||||||||||||||||||||
Cost of sales
|
-32.3 | -56.7 | -89.0 | -24.4 | -0.1 | -24.5 | 32.5 | % | (+++) | % | 263.4 | % | ||||||||||||||||||||||||
Gross sales income
|
11.0 | 7.5 | 18.5 | 2.8 | 1.0 | 3.8 | 289.0 | % | 661.4 | % | 384.8 | % | ||||||||||||||||||||||||
Gross profit
|
18.9 | 19.1 | 38.0 | 18.4 | 0.5 | 19.0 | 2.4 | % | (+++) | % | 100.2 | % | ||||||||||||||||||||||||
Selling expenses
|
-15.2 | -15.0 | -30.2 | -5.9 | -0.2 | -6.0 | 159.5 | % | (+++) | % | 401.5 | % | ||||||||||||||||||||||||
Holding results
|
-3.0 | -32.0 | -35.0 | 3.7 | 0.4 | 4.1 | -182.8 | % | (---) | % | -958.6 | % | ||||||||||||||||||||||||
Activity margin
|
0.6 | -27.9 | -27.3 | 16.3 | 0.8 | 17.0 | -96.0 | % | (---) | % | -260.1 | % | ||||||||||||||||||||||||
Administrative expenses
|
-4.1 | -14.1 | -18.2 | -4.7 | -1.6 | -6.3 | -12.2 | % | 767.2 | % | 188.2 | % | ||||||||||||||||||||||||
Operating income (loss)
|
-3.5 | -42.0 | -45.5 | 11.6 | -0.8 | 10.7 | -130.1 | % | (+++) | % | -524.9 | % |
9M 12 |
9M 11
|
YoY Var
|
||||||||||||||||||||||||||||||||||
Income Statement
(in ARS MM)
|
Local
|
Int.
|
Total
|
Local
|
Int.
|
Total
|
Local
|
Int.
|
Total
|
|||||||||||||||||||||||||||
Production revenues
|
109.0 | 178.4 | 287.4 | 72.7 | 28.4 | 101.0 | 50.0 | % | 528.5 | % | 184.5 | % | ||||||||||||||||||||||||
Cost of production
|
-83.1 | -140.2 | -223.3 | -56.1 | -21.1 | -77.2 | 48.2 | % | 564.8 | % | 189.4 | % | ||||||||||||||||||||||||
Gross production income
|
25.9 | 38.3 | 64.2 | 16.6 | 7.3 | 23.9 | 56.3 | % | 423.7 | % | 168.6 | % | ||||||||||||||||||||||||
Sales
|
194.9 | 254.7 | 449.5 | 104.2 | 31.9 | 136.2 | 87.0 | % | 697.1 | % | 230.1 | % | ||||||||||||||||||||||||
Cost of sales
|
-155.8 | -235.8 | -391.6 | -87.5 | -29.5 | -116.9 | 78.1 | % | 700.0 | % | 234.8 | % | ||||||||||||||||||||||||
Gross sales income
|
39.1 | 18.9 | 58.0 | 16.8 | 2.5 | 19.2 | 133.1 | % | 663.0 | % | 201.3 | % | ||||||||||||||||||||||||
Gross profit
|
65.0 | 57.1 | 122.1 | 33.3 | 9.8 | 43.1 | 94.9 | % | 484.3 | % | 183.2 | % | ||||||||||||||||||||||||
Selling expenses
|
-45.5 | -22.0 | -67.6 | -24.7 | -3.5 | -28.2 | 84.4 | % | 522.7 | % | 139.3 | % | ||||||||||||||||||||||||
Holding results
|
2.3 | -20.0 | -17.7 | -14.2 | 1.4 | -12.8 | -116.1 | % | (---) | % | 38.0 | % | ||||||||||||||||||||||||
Business margin
|
21.7 | 15.1 | 36.8 | -5.6 | 7.6 | 2.0 | -488.4 | % | 97.6 | % | (+++) | % | ||||||||||||||||||||||||
Administrative expenses
|
-15.9 | -48.4 | -64.3 | -13.0 | -4.3 | -17.3 | 22.4 | % | (+++) | % | 270.7 | % | ||||||||||||||||||||||||
Operating income (loss)
|
5.8 | -33.3 | -27.5 | -18.6 | 3.3 | -15.3 | -131.2 | % | (---) | % | 79.6 | % |
Production (in thousands of tons)
|
IIIQ12
|
IIIQ11
|
YoY Var
|
9M12 | 9M11 |
YoY Var
|
||||||||||||||||||
Wheat
|
1.8 | 0.9 | 92.7 | % | 18.6 | 16.6 | 11.9 | % | ||||||||||||||||
Corn
|
14.1 | 13.1 | 8.3 | % | 132.4 | 63.7 | 107.6 | % | ||||||||||||||||
Sunflower
|
13.2 | 12.6 | 4.8 | % | 14.5 | 13.5 | 7.7 | % | ||||||||||||||||
Soybean
|
40.4 | 11.9 | 238.2 | % | 55.7 | 26.1 | 113.0 | % | ||||||||||||||||
Sugarcane
|
0.0 | - | 0.0 | % | 619.0 | - | - | |||||||||||||||||
Other
|
0.0 | 9.7 | -100.0 | % | 30.0 | 15.9 | 88.9 | % | ||||||||||||||||
Total Crop Production
|
69.5 | 48.2 | 44.2 | % | 870.2 | 135.9 | 540.5 | % |
Sales (in thousands of tons)
|
IIIQ12
|
IIIQ11
|
YoY Var
|
9M12 | 9M11 |
YoY Var
|
||||||||||||||||||
Wheat
|
7.3 | 9.1 | -20.4 | % | 12.0 | 17.6 | -32.2 | % | ||||||||||||||||
Corn
|
44.0 | 7.7 | 473.2 | % | 164.6 | 82.6 | 99.3 | % | ||||||||||||||||
Sunflower
|
7.2 | 3.1 | 130.8 | % | 15.2 | 4.8 | 216.5 | % | ||||||||||||||||
Soybean
|
55.0 | 6.8 | 708.4 | % | 119.7 | 36.0 | 232.2 | % | ||||||||||||||||
Sugarcane
|
202.7 | - | - | 618.6 | - | - | ||||||||||||||||||
Other
|
4.1 | 0.5 | 693.1 | % | 20.4 | 21.2 | -3.8 | % | ||||||||||||||||
Total Crop Sales
|
320.2 | 27.2 | 1076.5 | % | 950.4 | 162.3 | 485.7 | % |
►
|
Since the end of 2011, beginning of the summer, Argentina has suffered a severe drought in its Corn Belt caused by “La Niña” effect. As a consequence of this, the USDA has published new estimations for season 2011/2012 harvest. According to the “World Agricultural Production”2 report Corn projected production for Argentina fell from 26 million tons (estimated in May 2011) to 21.5 million tons and projected production for Soybean fell from 53.0 million tons (projected one year ago) to 42.5 million tons. Moreover, Soybean projected production in Brazil and Paraguay fell 7.5 million tons and 3.5 million tons respectively, compared to the forecasts one year ago. As most of our farms are located in marginal areas, we expect the drought to have a mild impact.
|
►
|
As from the past quarter we have started to consolidate results from our subsidiary BrasilAgro. For this reason, our production income has been much higher than in the past year (with 133.4% increase compared to the first nine months of fiscal year 2011), mainly reflecting the production of Sugarcane, which contributed approximately 619,000 additional tons during the first nine months of fiscal year 2012.
|
►
|
Moreover, revenues from production of crops at domestic level increased by 50%, reaching ARS 109.0 million due to the fact that corn harvesting was completed after the closing of fiscal year 2011.
|
►
|
In addition, sales revenues were affected by the same reasons, namely, the consolidation of BrasilAgro and the impact of the 2010/2011 season during this period.
|
►
|
The delay in completing harvesting results from our diversification policy, not only in terms of geographic regions and crops but also in selecting the most suitable time for planting. In this way, we diversify the weather risks to which our crops are exposed. Thanks to this policy, we managed to mitigate the effects of the drought that affected Argentina during the summer season.
|
Area in Operation- Crops (has)3
|
As of 03/31/12
|
As of 03/31/11
|
YoY Var
|
|||||||||
Own farms4
|
125,367 | 61,388 | 104.2 | % | ||||||||
Leased farms
|
44,442 | 52,205 | -14.9 | % | ||||||||
Farms under concession
|
8,778 | 10,401 | -15.6 | % | ||||||||
Own farms leased to third parties
|
23,522 | 8,705 | 170.2 | % | ||||||||
Total Area Assigned to Crop Production
|
202,109 | 132,698 | 52.3 | % |
►
|
The 52.3% increase in total area in operation results from the fact that, as disclosed in our previous earnings release, during this period we fully consolidated all the farms of our subsidiary BrasilAgro (which contributed nearly 62,300 agricultural hectares into our portfolio). Therefore, we report our Brazilian subsidiary’s total portfolio within our own portfolio.
|
►
|
In addition, as previously disclosed, due to the transformation and land development processes carried out in our “La Esmeralda” and “La Suiza” farms in Argentina and our “Jerovía” farm in Paraguay, we added around 6,400 new hectares to our portfolio. Besides, following a series of real estate transactions we increased by 2,200 hectares our presence in Bolivia.
|
►
|
During this season, we have reduced the area of leased farms assigned to crop production, driven mostly by our decision to apply a strict criterion regarding the target margin in each farm, given the higher volatility observed in the crops market.
|
►
|
The decrease in the area in operation assigned to crop production in the farms of Agropecuaria Anta (long term concession granted to Cresud) results from the fact that we have increased the area in operation in this farm which we lease to third parties.
|
►
|
In line with the foregoing, the increase to 23,522 hectares of farms leased to third parties is broken down as follows: 5,400 hectares correspond to BrasilAgro’s farm “Preferencia”, 13,600 hectares from the concession and 6,400 from farms that Cresud has in Argentina, mainly “Los Pozos”.
|
►
|
As mentioned in our previous releases, in anticipation of the weather effect caused by the drought experienced during this season, the Company postponed planting and applied specific processes suited to this eventuality. Besides, Cresud’s portfolio is located in marginal areas that are far from the region affected by the drought and have recorded good rainfall levels, and only a small portion of our portfolio of own lands has been affected. The impact on lands leased from third parties could be higher, given their location.
|
Income Statement
(in ARS MM)
|
IIIQ 12
|
IIIQ 11
|
YoY Var
|
9M 12 | 9M 11 |
YoY Var
|
||||||||||||||||||
Production revenues
|
20.9 | 16.1 | 29.8 | % | 53.5 | 30.8 | 73.6 | % | ||||||||||||||||
Production revenues
|
20.9 | 16.1 | 29.8 | % | 53.5 | 30.8 | 73.6 | % | ||||||||||||||||
Cost of production
|
-6.4 | -4.9 | 30.8 | % | -26.6 | -18.4 | 44.5 | % | ||||||||||||||||
Gross Production Income
|
14.5 | 11.2 | 29.3 | % | 26.9 | 12.4 | 116.8 | % | ||||||||||||||||
Sales
|
39.3 | 6.6 | 495.3 | % | 96.7 | 44.0 | 119.6 | % | ||||||||||||||||
Cost of sales
|
-37.7 | -6.5 | 475.6 | % | -94.8 | -43.1 | 120.1 | % | ||||||||||||||||
Gross Sales Income
|
1.6 | 0.1 | 2678.0 | % | 1.9 | 0.9 | 95.3 | % | ||||||||||||||||
Gross profit
|
16.1 | 11.3 | 43.2 | % | 28.8 | 13.3 | 115.3 | % | ||||||||||||||||
Selling expenses
|
-3.8 | -0.5 | 610.1 | % | -9.1 | -1.8 | 400.3 | % | ||||||||||||||||
Holding results
|
9.7 | 23.3 | -58.6 | % | 15.2 | 71.1 | -78.6 | % | ||||||||||||||||
Business margin
|
22.0 | 34.1 | -35.4 | % | 34.9 | 82.6 | -57.8 | % | ||||||||||||||||
Administrative expenses
|
-6.4 | -3.4 | 89.2 | % | -18.6 | -10.1 | 83.6 | % | ||||||||||||||||
Operating income (loss)
|
15.7 | 30.7 | -49.0 | % | 16.3 | 72.5 | -77.5 | % |
Beef Cattle (in thousand tons)
|
IIIQ 12
|
IIIQ 11
|
YoY Var
|
9M 12 | 9M 11 |
YoY Var
|
||||||||||||||||||
Beef cattle production
|
2.8 | 2.2 | 29.4 | % | 7.3 | 5.2 | 40.9 | % | ||||||||||||||||
Beef cattle sales
|
4.5 | 1.3 | 255.8 | % | 11.5 | 6.2 | 84.8 | % |
►
|
Production revenues increased by 73.6% during the first nine months of fiscal year 2012 as compared to the same period of 2011. This increase is explained by a 40.9% rise in tons produced and an increase of approximately 23.2% in the average price per ton produced.
|
►
|
Sales revenues increased 119.6% compared to the first nine months of fiscal year 2011. This rise was driven by an 84.8% increase in tons sold and an 18.8% increase in prices, reaching an average sales price of ARS 8.44 per kilo.
|
►
|
Gross profit from this segment reached ARS 28.7 million for the first nine months of fiscal year 2012, mainly because production and sales costs increased to a lesser extent than revenues.
|
►
|
Our holding results were lower than in the same quarter of the previous fiscal year as prices did not increase at the same rate as at that moment. This is why the business margin is 57.8% lower.
|
►
|
Along with an increase in administrative expenses, the operating income for this segment was ARS 16.3 million for the first nine months of fiscal year 2012, a fall of 77.5% as compared to the same period of the previous fiscal year.
|
Area in Operation- Beef Cattle (has)
|
As of March 31, 2012
|
As of March 31, 2011
|
YoY Var
|
|||||||||
Own farms5
|
83,497 | 89,610 | -6.8 | % | ||||||||
Leased farms
|
12,635 | 12,635 | 0.0 | % | ||||||||
Own farms leased to third parties
|
6,594 | 1,143 | 476.9 | % | ||||||||
Total Area - Beef Cattle Production
|
102,726 | 103,388 | -0.6 | % |
►
|
The decrease in the area of own farms assigned to beef cattle production is explained by the transformation of “La Esmeralda” and “La Suiza” farms into agricultural lands, carried out in the previous fiscal year.
|
Stock of Cattle Heads6
|
As of March 31, 2012
|
As of March 31, 2011
|
YoY Var
|
|||||||||
Breeding stock
|
55,181 | 66,300 | -16.8 | % | ||||||||
Winter grazing stock
|
14,744 | 8,456 | 74.4 | % | ||||||||
Milk farm stock
|
6,861 | 7,417 | -7.5 | % | ||||||||
Total Stock
|
76,786 | 82,173 | -6.6 | % |
Income Statement
(in ARS MM)
|
IIIQ 12
|
IIIQ 11
|
YoY Var
|
9M 12 | 9M 11 |
YoY Var
|
||||||||||||||||||
Production revenues
|
6.7 | 6.3 | 5.9 | % | 24.2 | 24.6 | -1.5 | % | ||||||||||||||||
Production revenues
|
6.7 | 6.3 | 5.9 | % | 24.2 | 24.6 | -1.5 | % | ||||||||||||||||
Cost of production
|
-6.3 | -4.8 | 30.6 | % | -19.3 | -18.2 | 6.5 | % | ||||||||||||||||
Gross Production Income
|
0.4 | 1.5 | -73.9 | % | 4.9 | 6.4 | -24.2 | % | ||||||||||||||||
Sales
|
6.1 | 5.5 | 11.0 | % | 20.8 | 22.3 | -6.7 | % | ||||||||||||||||
Cost of sales
|
-6.1 | -5.5 | 11.5 | % | -20.8 | -22.3 | -6.7 | % | ||||||||||||||||
Gross Sales Income
|
-0.0 | - | 0.0 | % | - | - | 0.0 | % | ||||||||||||||||
Gross profit (loss)
|
0.4 | 1.5 | -75.7 | % | 4.9 | 6.4 | -24.2 | % | ||||||||||||||||
Selling expenses
|
-0.2 | -0.2 | -17.7 | % | -0.7 | -1.1 | -31.4 | % | ||||||||||||||||
Holding results
|
- | - | 0.0 | % | - | - | 0.0 | % | ||||||||||||||||
Business margin
|
0.2 | 1.3 | -86.4 | % | 4.2 | 5.3 | -22.7 | % | ||||||||||||||||
Administrative expenses
|
-0.4 | -0.7 | -36.4 | % | -1.3 | -1.6 | -15.6 | % | ||||||||||||||||
Operating income (loss)
|
-0.2 | 0.6 | -140.8 | % | 2.9 | 3.7 | -25.8 | % |
►
|
Gross profit from the milk segment for the first nine months of fiscal year 2012 fell 24.2% as compared to the same period of the previous fiscal year. The fall in production volumes resulting from the sale of “La Juanita” farm was slightly offset by the 14.7% improvement in average prices and a higher daily output per milking cow in our “El Tigre” farm.
|
Area in Operation – Dairy Business (has)
|
As of March 31, 2012
|
As of March 31, 2011
|
YoY Var
|
|||||||||
Own farms
|
2,958 | 3,369 | -12.2 | % |
Milk Production
|
IIIQ 12
|
IIIQ 11
|
YoY Var
|
9M 12 | 9M 11 |
YoY Var
|
||||||||||||||||||
Milk Production (liters)
|
3,658 | 3,784 | -3.3 | % | 12,868 | 15,812 | -18.6 | % | ||||||||||||||||
Milk Sales (liters)
|
3,609 | 3,691 | -2.2 | % | 12,672 | 15,517 | -18.3 | % | ||||||||||||||||
Daily average milking cows (heads)
|
1,854 | 2,255 | -17.8 | % | 2,083 | 2,990 | -30.3 | % | ||||||||||||||||
Milk Production / Milking Cow / Day (liters)
|
21.7 | 18.4 | 17.6 | % | 22.5 | 19.2 | 16.8 | % |
►
|
During the first nine months of fiscal year 2012 we reached 22.5 liters per milking cow per day (16.8% higher compared to same period last year). Our goal for this fiscal year is to ensure a minimum of 20 liters per day, surpassing the 19 liters per day average recorded in the previous fiscal year.
|
►
|
In addition to the good production performance, sustained prices have been observed in the domestic market. It is expected that this trend will continue during the following months.
|
Income Statement (in ARS MM)
|
9M 12 | 9M 11 |
YoY Var
|
|||||||||
Sales
|
59.9 | 71.1 | -15.8 | % | ||||||||
Sales
|
59.9 | 71.1 | -15.8 | % | ||||||||
Cost of sales
|
-32.1 | -21.7 | 48.4 | % | ||||||||
Income (loss) from sales
|
27.8 | 49.4 | -43.9 | % | ||||||||
Gross income (loss)
|
27.8 | 49.4 | -43.9 | % | ||||||||
Business margin
|
27.8 | 49.4 | -43.9 | % | ||||||||
Administrative expenses
|
-5.0 | -4.3 | 16.2 | % | ||||||||
Operating income (loss)
|
22.8 | 45.1 | -49.6 | % |
►
|
During the first quarter of this fiscal year, our subsidiary BrasilAgro sold its “Sao Pedro” farm, a 2,447 hectare property with 1,724 hectares suitable for crops. Located in the State of Goiás, this farm had been acquired in 2006 for BRL 9.9 million and during the years in which BrasilAgro had possession of it, it received investments for BRL 0.4 million. As the transaction was agreed for BRL 23.3 million (at discounted values), it generated a 153% gain over the invested amount. This transaction is yet another example of this company’s sound business model in terms of land development. After increasing its potential, the income resulting from its sale was more than 100% of its purchase value.
|
►
|
Results from this segment are lower, as during the same quarter of fiscal year 2011 we had sold “La Juanita” farm for USD 18 million as part of our process of consolidating milk production in our El Tigre farm.
|
Land Reserves (in has)
|
As of March 31, 2012
|
As of March 31, 2011
|
YoY Var
|
|||||||||
Own farms7
|
358,845 | 244,521 | 46.8 | % | ||||||||
Farms under concession
|
109,617 | 114,463 | -4.2 | % | ||||||||
Total Land Reserves
|
468,462 | 358,984 | 30.5 | % |
Surface area under irrigation (in has)
|
As of March 31, 2012
|
As of March 31, 2011
|
YoY Var
|
|||||||||
Own farms
|
2,403 | 2,306 | 4.2 | % | ||||||||
Own farms leased to third parties
|
1,441 | 1,457 | -1.1 | % | ||||||||
Total surface area under irrigation
|
3,844 | 3,763 | 2.2 | % |
►
|
The acquisition, development and operation of shopping centers, through its 95.60% interest in Alto Palermo S.A. (“APSA”) (Nasdaq: APSA, BCBA: APSA). APSA is one of Argentina’s leading operators of shopping centers and holds a controlling interest in 13 shopping centers with more than 300,000 square meters of Gross Leaseable Area.
|
►
|
The acquisition, development and exploitation of office buildings and other non-shopping center properties primarily for rental, for which purpose it has over 150,000 square meters of office leaseable space.
|
►
|
The acquisition and development of residential properties and the acquisition of undeveloped land reserves for future development or sale.
|
►
|
The acquisition and exploitation of luxury hotels.
|
►
|
The investment in certain real estate assets outside of Argentina.
|
In ARS MM
|
IIIQ 12
|
IIIQ 11
|
YoY Var
|
9M 12 | 9M 11 |
YoY Var
|
||||||||||||||||||
Revenues
|
339.2 | 315.7 | 7.4 | % | 1078.8 | 1013.4 | 6.0 | % | ||||||||||||||||
Operating Income
|
141.1 | 120.6 | 17.0 | % | 507.0 | 421.3 | 20.0 | % | ||||||||||||||||
Depreciation and Amortization
|
44.9 | 39.2 | 14.6 | % | 131.9 | 118.3 | 12.0 | % | ||||||||||||||||
EBITDA8
|
186.0 | 159.7 | 16.5 | % | 639.1 | 539.5 | 18.0 | % | ||||||||||||||||
Net Income
|
83.6 | 52.6 | 59.0 | % | 216.7 | 223.2 | -3.0 | % |
Description
|
Issue Currency
|
Outstanding Amount 1
|
Rate
|
Maturity
|
||||||
Bank overdraft
|
ARS
|
52.98 |
Variable
|
< 10 days
|
||||||
Export prefinancing
|
USD
|
47.93 |
Variable
|
< 181 days
|
||||||
Cresud’s Tranche II Series III Notes
|
ARS
|
2.71 |
Badlar + 400 bps
|
Apr-12
|
||||||
Cresud’s Tranche II Series IV Notes
|
USD
|
8.92 | 7.75% |
Jul-12
|
||||||
Bolivia farms 2
|
USD
|
5.30 | - |
Oct-12/Jun-13
|
||||||
Other Debts
|
ARS
|
1.41 |
Variable
|
Oct-12
|
||||||
Cresud’s Tranche III Series V Notes
|
ARS
|
24.41 |
Badlar + 375 bps
|
Dec-12
|
||||||
Cresud’s Tranche III Series VI Notes
|
USD
|
34.85 | 7.50% |
Mar-13
|
||||||
Cresud’s Tranche III Series VII Notes
|
USD
|
2.08 | 4.00% |
Mar-13
|
||||||
Cresud’s Tranche IV Series VIII Notes
|
USD
|
60.00 | 7.50% |
Sep-14
|
||||||
Land Development Financing
|
USD
|
8.20 |
Variable
|
Jan-22
|
||||||
Cresud’s Total Debt
|
248.80 | |||||||||
Other loans
|
ARS/USD
|
104.45 |
Variable / Fixed
|
Short / Long Term
|
||||||
IRSA’s Series III Notes
|
ARS
|
34,97 |
Badlar + 249 bps
|
Aug-13
|
||||||
IRSA’s Series IV Notes
|
USD
|
33.83 | 7.45% |
Feb-14
|
||||||
IRSA’s Notes due 2017 (int.)
|
USD
|
150.00 | 8.50% |
Feb-17
|
||||||
IRSA’s Notes due 2020 (int.)
|
USD
|
150.00 | 11.50% |
Jul-20
|
||||||
IRSA’s Total Debt
|
473.26 | |||||||||
Other loans
|
ARS/USD
|
18.46 |
Variable / Fixed
|
Short / Long Term
|
||||||
APSA’s Series II Notes due 2012 (int.) 3
|
ARS
|
5.02 | 11.00% |
Jun-12
|
||||||
APSA’s Series I Notes due 2017 (int.) 4
|
USD
|
120.00 | 7.88% |
May-17
|
||||||
APSA’s Total Debt 5
|
143.48 | |||||||||
Total Consolidated Debt
|
865.54 | |||||||||
Consolidated Cash
|
129.48 | |||||||||
Net Debt
|
736.06 |
1 Principal face value in USD at an exchange rate of 4.379 ARS = 1 USD, without considering elimination of balances with subsidiaries.
|
2 Acquisition of farmlands in Bolivia by Acres del Sud.
|
3 As of 03/31/12 IRSA held a face value of US$ 15.1 million and APSA had repurchased a face value of US$ 4.8 million.
|
4 As of 03/31/12 APSA had repurchased a face value of US$ 10.0 million.
|
5 APSA excludes Convertible Notes due 2014. Outstanding principal: USD 31,746,502
|
►
|
Series III Notes, accruing interest at the Badlar rate plus 249 basis points, for a principal amount of ARS 153.1 million, due 18 months after their issue date and repayable in 3 consecutive payments within 12, 15, and 18 months.
|
►
|
Series IV Notes, accruing interest at fixed rate of 7.45%, for a principal amount of USD 33.8 million (equivalent to ARS 146.9 million), due 24 months after their issue date, to be subscribed and paid in pesos at the applicable rate of exchange and repayable in 4 equal consecutive payments within 15, 18, 21 and 24 months.
|
1.
|
We have reviewed the balance sheets of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria at March 31, 2012 and 2011 and the related statements of income, of changes in shareholders’ equity and of cash flows for the nine-month periods ended March 31, 2012 and 2011 and the complementary notes 1 to 27 and schedules A, B, C, E, F.1, F.2, G and H. Furthermore, we have reviewed the consolidated financial statements of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria, at March 31, 2012 and 2011 and the related consolidated statements of income and of cash flows for the nine-month periods ended March, 2012 and 2011 and notes 1 to 18, which are presented as complementary information. These financial statements are the responsibility of the Company’s management.
|
2.
|
We conducted our review in accordance with standards established by Technical Resolution No. 7 of the Argentine Federation of Professional Councils of Economic Sciences for limited reviews of financial statements. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
|
3.
|
Based on our work and our examinations of the financial statements of this Company and the consolidated financial statements for the years ended June 30, 2011 and 2010, on which we issued our unqualified report dated September 8, 2011, we report that:
|
|
a)
|
The financial statements of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria at March 31, 2012 and 2011 and its consolidated financial statements at those dates, set out in point 1, prepared in accordance with accounting standards prevailing in the Autonomous City of Buenos Aires, include all significant facts and circumstances of which we are aware, and we have no observations to make on them.
|
|
b)
|
The comparative information included in the basic and consolidated balance sheets and the supplementary notes and schedules to the attached financial statements arise from Company financial statements at June 30, 2011.
|
4.
|
In accordance with current regulations, we report that:
|
|
a)
|
the financial statements of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria and its consolidated financial statements were transcribed to the “Inventory and Balance Sheet Book” and comply, within the field of our competence, with the Corporations Law and pertinent resolutions of the National Securities Commission;
|
|
b)
|
the financial statements of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria arise from official accounting records carried in all formal respects in accordance with legal requirements, that maintain the security and integrity conditions based on which they were authorized by the National Securities Commission;
|
|
c)
|
we have read the business highlights, except for the chapter entitled “Progress in complying with the IFRS implementation plan”, and the additional information to the notes to the financial statements required by sect. 68 of the Buenos Aires Stock Exchange Regulations, on which, as regards those matters that are within our competence, we have no observations to make;
|
|
d)
|
At March 31, 2012, the debt of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria accrued in favor of the Argentine Integrated Social Security System according to the accounting records amounted to Ps. 2,054,895 none of which was claimable at that date.
|
PRICE WATERHOUSE & CO. S.R.L.
(Partner)
|
|
C.P.C.E.C.A.B.A. T° 1 F° 17
Dr. Norberto Fabián Montero
Public Accountant (U.B.A.)
C.P.C.E.C.A.B.A. Tº 167 Fº 179
|
Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | |||
By: | /S/ Saúl Zang | ||
Name: Saúl Zang | |||
Title: Responsible for Relationships with the Markets |