Alejandro G. Esztain
Second Vice-Chairman
acting as Chairman
|
(i)
|
identifying, acquiring and exploiting agricultural properties having attractive prospects for agricultural production and/or medium or long-term value appreciation and selectively disposing of properties subsequently as appreciation is realized,
|
(ii)
|
optimizing the yields and productivity of our agricultural properties through the implementation of state-of-the-art technologies and agricultural techniques and
|
(iii)
|
preserving the value of our significant long-term investment in the urban real estate sector held through our affiliate IRSA.
|
(i)
|
transforming non-productive land into cattle feeding land,
|
(ii)
|
transforming cattle feeding land into land suitable for more productive agricultural uses,
|
(iii)
|
enhancing the value of agricultural lands by changing their use to more profitable agricultural activities; and
|
(iv)
|
reaching to the final stage of the real estate development cycle by transforming rural properties into urban areas as the boundaries of urban development continue to extend into rural areas.
|
(i)
|
identifying opportunities generated by economic development at local, regional and worldwide levels,
|
(ii)
|
detecting medium and long-term increases or decreases in supply and demand caused by changes in the world’s food consumption patterns and
|
(iii)
|
using land for the production of food and energy, in each case in anticipation of such market trends.
|
·
|
Increasing our owned land in various regions of Argentina by taking advantage of attractive land purchase opportunities as they arise.
|
·
|
Leasing productive properties to supplement our expansion strategy, using our liquidity to make productive investments in our principal agricultural and livestock activities. We believe that leasing enhances our ability to diversify our production and geographic focus, in particular in areas not offering attractive prospects for appreciation of land value.
|
·
|
Developing properties in areas where agricultural and livestock production is not developed to its full potential. As of June 30, 2012, we owned 350,249 hectares of land reserves and held approximately 109,617 hectares under concession, as reserves for future developments. We believe that technological tools are available to improve the productivity of such land and enhance its long-term value. However, current or future environmental regulations could prevent us from fully developing our land reserves by demanding us to maintain part of those lands as natural woodlands not allocated to production.
|
·
|
Diversifying market and weather risk by expanding our product and land portfolio. We seek to continue diversifying our operations to produce a range of different agricultural commodities in different markets, either directly or in association with third parties. We believe that a diversified product mix mitigates our exposure to seasonality, commodity price fluctuations, weather conditions and other factors affecting the agricultural and livestock sector. To achieve this objective in Argentina, we expect to continue to own and lease farmlands in various regions with differing weather patterns and to continue to seed a range of diversified products. Moreover, we believe that continuing to expand our agricultural operations outside of Argentina will enhance our ability to produce new agricultural products, further diversifying our mix of products, and mitigate further our exposure to regional weather conditions and country-specific risks.
|
Season
|
11/12 | 10/11 | ||||||
Data in millions of tons as of:
|
03-07-12 | 03-09-11 | ||||||
Supply
|
17.5 | 16.4 | ||||||
Beginning stock
|
3.7 | 1.4 | ||||||
Production
|
13.7 | 15.0 | ||||||
Planted area (millions of hectares)
|
4.60 | 4.43 | ||||||
Yield (t/ha)
|
3.05 | 3.45 | ||||||
Demand
|
16.6 | 13.5 | ||||||
Export (authorized balance)
|
9.6 | 7.0 | ||||||
Internal consumption
|
7.0 | 6.5 | ||||||
Milling
|
6.4 | 5.9 | ||||||
Allocated to seed
|
0.7 | 0.6 | ||||||
Final Stock
|
0.9 | 2.9 |
Land Use
|
|||||
Fiscal Year ended June 30,
|
|||||
2008
(1) (6)(7)(11)
|
2009
(1) (6)(7)(8)(11)
|
2010
(1) (6)(7)(8)(11)
|
2011
(1) (6)(7)(8)(9)(10)(11)
|
2012
(1) (6)(7)(8)(9)(10)(12)
|
|
in hectares
|
|||||
Crops (2)
|
63,900
|
115,411
|
104,627
|
126,178
|
185,925
|
Beef Cattle (3)
|
123,935
|
128,859
|
105,857
|
102,279
|
95,995
|
Milk
|
4,320
|
4,334
|
4,900
|
2,571
|
3,022
|
Sheep
|
90,000
|
100,911
|
100,911
|
100,911
|
85,000
|
Natural woodlands (4)
|
383,573
|
356,796
|
343,153
|
339,744
|
459,979
|
Owned farmlands leased to others
|
8,467
|
8,317
|
11,049
|
14,026
|
25,538
|
Total (5)
|
674,195
|
714,628
|
670,497
|
685,709
|
832,964
|
(1)
|
Includes 35.723% of approximately 8,299 hectares owned by Agro Uranga S.A., an affiliated Argentine company in which we own a non-controlling 35.7% interest.
|
(2)
|
Includes wheat, corn, sunflower, soybean, sorghum and others.
|
(3)
|
Breeding and fattening.
|
(4)
|
We use part of our land reserves to produce charcoal, rods and fence posts.
|
(5)
|
As of June 30, 2008, 30,449 hectares were leased for agricultural production and 32,895 were leased for beef cattle production. As of June 30, 2009, 59,615 hectares were leased for agricultural production and 32,795 hectares were leased for beef cattle production. As of June 30, 2010, 42,696 hectares were leased for agricultural production and 12,635 hectares for beef cattle production. As of June 30, 2011, 52,205 hectares were leased for agricultural production and 12,635 hectares were leased for beef cattle production. As of June 30, 2012, 42,515 hectares were leased for agricultural production and 12,635 hectares were leased for beef cattle production.
|
(6)
|
Does not include 20,833 hectares of “Tapenagá” farm, 14,516 hectares of “Los Pozos” farm or 50 hectares of “El Recreo” farm, which were sold in fiscal year 2007.
|
(7)
|
Does not include 4,974 hectares of “Los Pozos” farm or the 2,430 hectares of “La Esmeralda” farm, which were sold during the fiscal year 2008.
|
(8)
|
Includes 12,166 hectares of "San Cayetano", "San Rafael", "La Fon Fon" and "Las Londras" farms, which are located in Santa Cruz de la Sierra, Bolivia. Includes 50% of the 45,578 hectares of "Jerovia" farm located in the District of Boquerón, Paraguay, owned by our subsidiary Cresca S.A. Does not include 1,658 hectares of "Los Pozos" farm sold in April 2009. Does not include 30,000 hectares of Agropecuaria Anta S.A. which were returned due to the reduction in the concession scope established by Decree No. 3766 of the Executive Branch of Salta. Includes 48% of the 170 hectares owned by Cactus Argentina S.A. Does not include the income of the 1,829 hectares of El Recreo.
|
(9)
|
Does not include 12,701 hectares of “Tali Sumaj” farm, sold on December 17, 2009.
|
(10)
|
Includes 5,000 hectares of “La Primavera” and “4 Vientos” farms, located in Santa Cruz de la Sierra, Bolivia.
|
(11)
|
Does not include BrasilAgro.
|
(12)
|
As from fiscal year 2012, it includes BrasilAgro.
|
(i)
|
sugarcane;
|
(ii)
|
grains and cotton;
|
(iii)
|
forestry activities; and
|
(iv)
|
livestock.
|
Production of Primary Agricultural Products
|
||||||||||||||||||||
Fiscal Year ended June 30,
|
||||||||||||||||||||
2008
(1)(5)
|
2009
(1)(5)
|
2010
(1)(5)
|
2011
(1)(5)
|
2012
(1)(6)
|
||||||||||||||||
Crops (2)
|
198,146 | 237,031 | 322,616 | 466,910 | 606,201 | |||||||||||||||
Sugarcane
|
- | - | - | - | 576,048 | |||||||||||||||
Beef Cattle (3)
|
8,786 | 7,112 | 3,153 | 6,519 | 9,000 | |||||||||||||||
Milk (4)
|
20,825 | 20,898 | 21,690 | 19,605 | 16,563 |
(1)
|
Does not include production from Agro Uranga S.A.
|
(2)
|
Production measured in tons.
|
(3)
|
Production measured in tons of live weight. Production is the sum of the net increases (or decreases) during a given period in live weight of each head of beef cattle owned by us.
|
(4)
|
Production measured in thousands of liters.
|
(5)
|
Does not include BrasilAgro.
|
(6)
|
As from fiscal year 2012, it includes BrasilAgro.
|
Product (in tons)
|
Stock
as of 06/30/2011 (1)
|
Fiscal Year 2012 Production (3)
|
Fiscal Year 2012 Sales (3)
|
Stock as of 06/30/2012 (3)
|
||||||||||||
Wheat
|
4,259 | 18,269 | 20,746 | 6,350 | ||||||||||||
Corn
|
45,691 | 250,435 | 224,481 | 86,297 | ||||||||||||
Sunflower
|
7,151 | 14,503 | 18,095 | 3,501 | ||||||||||||
Soybean
|
56,707 | 199,559 | 251,218 | 45,009 | ||||||||||||
Sugarcane
|
- | 576,048 | 636,335 | 45,819 | ||||||||||||
Milk(2)
|
- | 16,563 | 16,267 | - | ||||||||||||
Beef
|
27,105 | 9,000 | 15,437 | 22,882 |
-
|
Does not include Agro Uranga S.A. (35.72% over 8,299 hectares).
|
-
|
Does not include Agro Uranga S.A. (35.72% over 8,299 hectares).
|
Crop Production
|
||||||||||||||||||||
Fiscal Year ended June 30,
|
||||||||||||||||||||
2008(1)
|
2009(1)
|
2010(1)
|
2011(1)
|
2012(2)
|
||||||||||||||||
(in tons)
|
||||||||||||||||||||
Wheat
|
21,583 | 21,375 | 11,636 | 16,386 | 18,269 | |||||||||||||||
Corn
|
94,021 | 110,149 | 127,060 | 171,614 | 250,435 | |||||||||||||||
Sunflower
|
9,283 | 13,030 | 7,641 | 13,512 | 14,503 | |||||||||||||||
Soybean
|
59,479 | 76,893 | 126,956 | 154,008 | 199,559 | |||||||||||||||
Sugarcane
|
- | - | - | - | 576,048 | |||||||||||||||
Other
|
13,780 | 15,584 | 49,323 | 111,391 | 123,435 | |||||||||||||||
Total
|
198,146 | 237,031 | 322,616 | 466,910 | 1,182,249 |
(1)
|
Does not include production from Agro Uranga S.A. or BrasilAgro.
|
(2)
|
Does not include production from Agro Uranga S.A. Includes BrasilAgro.
|
Sown Land for Crop Production
|
||||||||||||||||||||
Fiscal Year ended June 30,
|
||||||||||||||||||||
2008(1)(2)(3)
|
2009(1)(2)(3)
|
2010(1)(2)(3)
|
2011(1)(2)(3)
|
2012(1)(2)(4)
|
||||||||||||||||
(in hectares)
|
||||||||||||||||||||
Owned
|
25,379 | 43,193 | 47,448 | 59,122 | 132,607 | |||||||||||||||
Leased
|
30,449 | 59,615 | 42,696 | 52,205 | 44,494 | |||||||||||||||
Under Concession
|
3,811 | 8,067 | 10,816 | 10,401 | 8,778 | |||||||||||||||
Total
|
59,639 | 110,875 | 100,960 | 121,728 | 185,879 |
(1)
|
Sown land may differ from that indicated under “Uses of Land”, since some hectares are sown twice in the same season and therefore are counted twice.
|
(2)
|
Includes hectares from Agropecuaria Anta, merged with Cresud on July 1, 2010.
|
(3)
|
Does not include BrasilAgro or Agro Uranga S.A.
|
(4)
|
Includes BrasilAgro. Does not include Agro Uranga S.A.
|
Fiscal year ended June 30,
|
||||||||||||||||
2011(1)
|
2012(2)
|
|||||||||||||||
Hectares sown
(ha)
|
Production
(tn)
|
Hectares sown
(ha)
|
Production
(tn)
|
|||||||||||||
Wheat
|
9,419 | 16,386 | 9,247 | 18,269 | ||||||||||||
Corn
|
48,802 | 171,614 | 62,055 | 250,435 | ||||||||||||
Sunflower
|
7,833 | 13,512 | 10,093 | 14,503 | ||||||||||||
Soybean
|
60,928 | 154,008 | 104,834 | 199,559 | ||||||||||||
Sugarcane
|
- | - | 11,298 | 576,048 | ||||||||||||
Other
|
15,828 | 111,391 | 24,360 | 123,435 | ||||||||||||
Total
|
142,810 | 466,910 | 221,886 | 1,182,249 |
Fiscal Year ended June 30,
|
||||||||||||||||||||
2008(1)
|
2009(1)
|
2010(1)
|
2011(1)
|
2012(1)
|
||||||||||||||||
(in tons)
|
||||||||||||||||||||
Beef cattle production(2)
|
8,786 | 7,112 | 3,153 | 6,519 | 9,000 |
(1)
|
Does not include production from Agro Uranga S.A.
|
(2)
|
Production measured in tons of live weight. Production is the sum of the net increases (or decreases) during a given period in live weight of each head of beef cattle owned by us.
|
Heads of Beef Cattle (1)
|
||||||||||||||||||||
Fiscal Year ended June 30,
|
||||||||||||||||||||
2008(2)
|
2009(2)
|
2010(2)
|
2011(2)
|
2012(2)
|
||||||||||||||||
Breeding
|
57,999 | 59,283 | 61,859 | 50,430 | 42,109 | |||||||||||||||
Fattening
|
22,359 | 28,520 | 9,379 | 22,697 | 17,326 | |||||||||||||||
Total
|
80,358 | 87,803 | 71,238 | 73,127 | 59,435 |
Milk Production
|
||||||||||||||||||||
Fiscal Year ended June 30,
|
||||||||||||||||||||
2008(1)
|
2009(1)
|
2010(1)
|
2011(1)
|
2012(1)
|
||||||||||||||||
Average dairy cows per day
|
3,174 | 3,286 | 3,297 | 2,816 | 2,112 | |||||||||||||||
Production (daily liters per cow)
|
18 | 17.4 | 18 | 19.1 | 21.5 | |||||||||||||||
Total production (thousands of liters)
|
20,825 | 20,898 | 21,690 | 19,605 | 16,563 |
(1)
|
Does not include production from Agro Uranga S.A.
|
(1)
|
Includes the acquisition of “Ñacurutú,” “Tapenagá,” “Santa Bárbara" and “La Gramilla,” “La Sofia,” “La Suiza,” “La Esmeralda” and “Tourné” farms of 30,350 hectares, 27,312 hectares, 7,052 hectares, 1,223 hectares, 41,993 hectares, 11,841 hectares and 19,614 hectares, respectively. It also includes the acquisition of “Las Vertientes” which is a silo plant.
|
(2)
|
Includes the acquisition of “El Tigre” farm of 8,360 hectares.
|
(3)
|
Includes the acquisition of “La Adela” and “El Invierno” farms of 72 hectares and 1,946 hectares, respectively.
|
(4)
|
Includes the acquisition of “Sao Pedro” farm of 6,022 hectares.
|
(5)
|
Includes the acquisition of “8 de Julio” farm of 90,000 hectares.
|
(6)
|
Includes the acquisition of the remaining 25% of “La Adela” farm of 18 hectares and 80% of “La Esperanza” farm of 980 hectares.
|
(7)
|
Includes the acquisition of "Estancia Carmen", "Puertas de Luján", "Las Londras", "San Cayetano", "San Rafael", and "La Fon Fon" farms and 50% of "Jerovia" farm, of 10,911, 115, 4,566, 883, 2,969, 3,748 and 20,966 hectares, respectively.
|
(8)
|
Includes exercise of the option over 50% of the “Jerovía” farm of 3,646 hectares.
|
(9)
|
Includes the acquisition of “La Primavera” and “4 Vientos” farms of 2,341 hectares and 2,659 hectares, respectively. In addition, it includes the acquisition of 943 hectares of the Mendoza farm.
|
Use of Farms Owned and under Concession as of June 30, 2012
|
|||||||||||||||||||||||||||||||
Locality
|
Province
|
Date of Acquisition
|
Surface Area
|
Main Business
|
Beef Cattle
|
Sheep
|
Milk
|
Agriculture
|
Cattle Heads
|
||||||||||||||||||||||
(has)
|
(has)
|
(has)
|
(has)
|
(has)
|
|||||||||||||||||||||||||||
La Adela
|
Lujan
|
Buenos Aires
|
Original
|
1,054 |
Agriculture
|
37 | 822 | 1 | |||||||||||||||||||||||
El Recreo
|
Recreo
|
Catamarca
|
May ’95
|
12,395 |
Natural Woodlands
|
||||||||||||||||||||||||||
Los Pozos
|
JV González
|
Salta
|
May ’95
|
240,858 |
Beef Cattle/ Agriculture/ Natural Woodlands
|
47,910 | 4,089 | 42,779 | |||||||||||||||||||||||
San Nicolás (1)
|
Rosario
|
Santa Fe
|
May ‘97
|
1,431 |
Agriculture
|
1,250 | |||||||||||||||||||||||||
Las Playas (1)
|
Idiazabal
|
Cordoba
|
May ‘97
|
1,534 |
Agriculture/ Milk
|
1,448 | |||||||||||||||||||||||||
La Gramilla/ Santa Bárbara
|
Merlo
|
San Luis
|
Nov ‘97
|
7,072 |
Agriculture under irrigation
|
2,281 | |||||||||||||||||||||||||
La Suiza
|
Villa Angela
|
Chaco
|
Jun ‘98
|
41,993 |
Agriculture/ Beef Cattle
|
34,700 | 4,967 | 12,875 | |||||||||||||||||||||||
La Esmeralda
|
Ceres
|
Santa Fe
|
Jun ‘98
|
9,370 |
Agriculture/ Beef Cattle
|
8,118 | |||||||||||||||||||||||||
El Tigre
|
Trenel
|
La Pampa
|
Apr ‘03
|
8,360 |
Agriculture/ Milk
|
3,022 | 4,363 | 6,184 | |||||||||||||||||||||||
El Invierno
|
Rancul
|
La Pampa
|
Jun ‘05
|
1,946 |
Agriculture
|
1,844 | |||||||||||||||||||||||||
San Pedro
|
Concepción de Uruguay
|
Entre Rios
|
Sep ‘05
|
6,022 |
Agriculture
|
4,076 | |||||||||||||||||||||||||
8 De Julio/ Estancia Carmen
|
Puerto Deseado
|
Santa Cruz
|
May ‘07/ Sep ‘08
|
100,911 |
Sheep
|
85,000 | 11,980 | ||||||||||||||||||||||||
Cactus Argentina
|
Villa Mercedes
|
San Luis
|
Dec ‘97
|
171 |
Feedlot
|
170 | |||||||||||||||||||||||||
Las Vertientes
|
Las Vertientes
|
Cordoba
|
- | 4 |
Silo
|
||||||||||||||||||||||||||
La Esperanza
|
Rancul
|
La Pampa
|
Mar ‘08
|
980 |
Agriculture
|
334 | |||||||||||||||||||||||||
Las Londras/ San Cayetano/ San Rafael/ La Fon Fon/ La Primavera/ Cuatro Vientos
|
Santa Cruz
|
Bolivia
|
Jan ‘09/ Nov ‘08
|
16,255 |
Agriculture
|
18,992 | |||||||||||||||||||||||||
Jerovia (2)
|
Mariscal Estigarribia
|
Paraguay
|
Feb ‘09
|
22,789 |
Agriculture/ Natural Woodlands
|
542 | 4,189 | 677 | |||||||||||||||||||||||
Establecimiento Mendoza
|
Lujan de Cuyo
|
Mendoza
|
Mar ‘11
|
943 | |||||||||||||||||||||||||||
Cremaq
|
Baixa Grande Ribeiro/PI
|
Brazil
|
32,702 |
Agriculture
|
20,697 | ||||||||||||||||||||||||||
Jatoba
|
Jaborandi/BA
|
Brazil
|
31,606 |
Agriculture
|
10,943 | ||||||||||||||||||||||||||
Alto Taquari
|
Alto Taquari/MT
|
Brazil
|
5,186 |
Agriculture
|
3,558 | ||||||||||||||||||||||||||
Araucaria
|
Mineiros/GO
|
Brazil
|
9,682 |
Agriculture
|
5,428 | ||||||||||||||||||||||||||
Chaparral
|
Correntina/BA
|
Brazil
|
37,182 |
Agriculture
|
10,160 | ||||||||||||||||||||||||||
Nova Buruti
|
Januária/MG
|
Brazil
|
24,155 |
Forestry
|
|||||||||||||||||||||||||||
Preferencia
|
Barreiras/BA
|
Brazil
|
17,799 |
Beef Cattle
|
|||||||||||||||||||||||||||
Horizontina
|
Tasso Fragoso/MA
|
Brazil
|
14,359 |
Agriculture
|
|||||||||||||||||||||||||||
Subtotal Own
|
646,759 | 83,360 | 85,000 | 3,022 | 107,559 | 74,496 | |||||||||||||||||||||||||
Agropecuaria Anta SA (3)
|
Las Lajitas
|
Salta
|
132,000 | 8,778 | |||||||||||||||||||||||||||
Subtotal Concession
|
132,000 | 8,778 | |||||||||||||||||||||||||||||
Total
|
778,759 | 83,360 | 85,000 | 3,022 | 116,337 | 74,496 |
Surface area of leased farms
|
||||||||||||||||
Fiscal year ended June 30,
|
||||||||||||||||
2009
|
2010
|
2011
|
2012(1)
|
|||||||||||||
(in hectares)
|
||||||||||||||||
Crops
|
59,615 | 42,696 | 52,205 | 42,515 | ||||||||||||
Beef Cattle
|
32,795 | 12,635 | 12,635 | 12,635 |
Storage capacity
|
||||||||||||||||||||
Fiscal year ended on June 30,
|
||||||||||||||||||||
2008
|
2009
|
2010
|
2011
|
2012
|
||||||||||||||||
(in tons)
|
||||||||||||||||||||
Las Vertientes
|
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||||||
San Nicolás (1)
|
5,341 | 5,341 | 5,341 | 5,341 | 5,341 | |||||||||||||||
BrasilAgro
|
- | - | - | - | 90,200 | |||||||||||||||
Total
|
15,341 | 15,341 | 15,341 | 15,341 | 105,541 |
(1)
|
Owned by us through Agro Uranga S.A. (which represents 35.723% of capacity).
|
(2)
|
Includes BrasilAgro.
|
Description
|
June 30, 2012
|
June 30, 2011
|
%
|
|||||||||
Sales
|
||||||||||||
Wheat
|
20,746 | 21,045 | (1.4 | %) | ||||||||
Corn
|
224,481 | 155,218 | 44.6 | % | ||||||||
Sunflower
|
18,095 | 7,399 | 144.6 | % | ||||||||
Soybean
|
251,218 | 94,073 | 167.0 | % | ||||||||
Sugarcane
|
636,335 | - | 0.0 | % | ||||||||
Other
|
26,461 | 79,416 | (66.7 | %) | ||||||||
Total Sales – Crops (tons)
|
1,177,336 | 357,150 | 229.6 | % | ||||||||
Sales Cattle beef (tons)
|
15,437 | 8,485 | 81.9 | % | ||||||||
Sales – Milk (thousands of liters)
|
16,267 | 19,185 | (15.2 | %) | ||||||||
Production
|
||||||||||||
Wheat
|
18,269 | 16,386 | 11.5 | % | ||||||||
Corn
|
250,435 | 171,614 | 45.9 | % | ||||||||
Sunflower
|
14,503 | 13,512 | 7.3 | % | ||||||||
Soybean
|
199,559 | 154,008 | 29.6 | % | ||||||||
Sugarcane
|
576,048 | - | 0.0 | % | ||||||||
Other
|
123,435 | 111,391 | 10.8 | % | ||||||||
Total Production - Crops (tons)
|
1,182,249 | 466,910 | 153.2 | % | ||||||||
Production – Beef Cattle (tons)
|
9,000 | 6,519 | 38.1 | % | ||||||||
Production - Milk (thousands of liters)
|
16,563 | 19,605 | (15.5 | %) | ||||||||
Exploited area (hectares)
|
||||||||||||
Crops
|
||||||||||||
Own farms2
|
127,793 | 59,122 | 116.2 | % | ||||||||
Leased farms
|
44,508 | 52,205 | (14.7 | %) | ||||||||
Farms under concession
|
8,778 | 10,401 | (15.6 | %) | ||||||||
Own farms leased to third parties
|
23,595 | 12,883 | 83.1 | % | ||||||||
Cattle beef
|
||||||||||||
Own farms
|
83,360 | 89,644 | (7.0 | %) | ||||||||
Leased farms
|
12,635 | 12,635 | 0.0 | % | ||||||||
Own farms leased to third parties
|
1,943 | 1,143 | 70.0 | % | ||||||||
Milk farm
|
||||||||||||
Own farms
|
3,022 | 2,260 | 33.7 | % | ||||||||
Sheep
|
||||||||||||
Own farms
|
85,000 | 100,911 | (15.8 | %) | ||||||||
Land reserves (hectares)
|
||||||||||||
Own farms
|
350,063 | 229,459 | 52.6 | % | ||||||||
Farms under concession
|
109,617 | 110,285 | (0.6 | %) | ||||||||
Area under irrigation (hectares)
|
||||||||||||
Own farms
|
2,218 | 2,305 | (3.8 | %) | ||||||||
Own farms leased to third parties
|
1,626 | 1,457 | 11.6 | % | ||||||||
Storage capacity (tons)
|
||||||||||||
Own plants
|
98,500 | 10,000 | 885.0 | % | ||||||||
Leased plants
|
- | - | 0.0 | % | ||||||||
Stock of cattle heads
|
||||||||||||
Breeding stock
|
42,109 | 50,430 | (16.5 | %) | ||||||||
Winter grazing stock
|
17,326 | 22,697 | (23.7 | %) | ||||||||
Milk farm stock
|
6,184 | 6,385 | (3.1 | %) | ||||||||
Total cattle (heads)
|
65,619 | 79,512 | (17.5 | %) | ||||||||
Daily average milking cows (heads)
|
2,112 | 2,816 | (25.0 | %) |
1.
|
Does not include Agro Uranga S.A. (35.72% over 8,299 hectares). As of June 30, 2011 we did not consolidate BrasilAgro.
|
2.
|
Includes all the farms located in Argentina, Bolivia, Paraguay and Brazil.
|
Date of Acquisition
|
Gross Leasable Area (sqm) (1)
|
Occupancy Rate (2)
|
IRSA’s Effective Interest
|
Monthly Rental Income
(in thousands of ARS) (3)
|
Annual accumulated rental income over fiscal periods (in thousands of ARS) (4)
|
Book Value
(in thousands of ARS) (5)
|
|||||
Jun-12
|
2012
|
2011
|
2010
|
||||||||
Offices
|
|||||||||||
Edificio República
|
04/28/08
|
19,884
|
90%
|
100%
|
2,388
|
27,069
|
26,013
|
21,188
|
210,852
|
||
Torre Bankboston
|
08/27/07
|
14,873
|
96%
|
100%
|
2,024
|
22,211
|
20,655
|
22,333
|
149,800
|
||
Bouchard 551
|
03/15/07
|
23,378
|
100%
|
100%
|
2,553
|
27,802
|
24,026
|
22,441
|
145,914
|
||
Intercontinental Plaza
|
11/18/97
|
22,535
|
100%
|
100%
|
2,273
|
23,329
|
21,405
|
21,559
|
75,257
|
||
Bouchard 710
|
06/01/05
|
15,014
|
100%
|
100%
|
1,975
|
20,991
|
16,800
|
14,076
|
63,311
|
||
Dique IV, Juana Manso 295 (10)
|
12/02/97
|
11,298
|
92%
|
100%
|
1,392
|
15,787
|
14,715
|
13,963
|
59,966
|
||
Maipú 1300
|
09/28/95
|
10,280
|
98%
|
100%
|
1,132
|
13,020
|
11,870
|
11,339
|
35,521
|
||
Costeros Dique IV
|
08/29/01
|
734
|
100%
|
100%
|
77
|
5,980
|
5,288
|
5,358
|
2,690
|
||
Libertador 498
|
12/20/95
|
2,477
|
100%
|
100%
|
407
|
4,818
|
5,301
|
6,900
|
9,618
|
||
Suipacha 652/64
|
11/22/91
|
11,453
|
90%
|
100%
|
663
|
7,448
|
7,071
|
4,804
|
10,032
|
||
Madero 1020
|
12/21/95
|
-
|
-
|
100%
|
5
|
31
|
35
|
31
|
176
|
||
Dot Building (13)
|
11/28/06
|
11,242
|
100%
|
96%
|
919
|
8,466
|
2,143
|
-
|
103,979
|
||
Other Offices (6)
|
N/A
|
2,232
|
88%
|
N/A
|
185
|
2,409
|
965
|
4,602
|
4,186
|
||
Subtotal Offices
|
145,400
|
96%
|
N/A
|
15,993
|
179,361
|
156,287
|
148,594
|
871,302
|
|||
Other Properties
|
|||||||||||
Commercial Properties (7)
|
N/A
|
312
|
-
|
N/A
|
-
|
-
|
-
|
-
|
3,167
|
||
Museo Renault
|
12/06/07
|
-
|
-
|
100%
|
-
|
-
|
191
|
356
|
-
|
||
Santa María del Plata S.A.
|
07/10/97
|
60,100
|
100%
|
100%
|
100
|
1,566
|
3,035
|
1,014
|
12,521
|
||
Thames
|
11/01/97
|
-
|
-
|
100%
|
-
|
-
|
-
|
175
|
-
|
||
Predio San Martín
|
05/31/11
|
80,028
|
100%
|
50%
|
1,432
|
6,028
|
669
|
-
|
69,791
|
||
Terreno Catalinas Norte (12)
|
12/17/09
|
N/A
|
N/A
|
N/A
|
-
|
-
|
1,018
|
N/A
|
109,145
|
||
Other Properties (8)
|
N/A
|
2,072
|
100%
|
N/A
|
15
|
115
|
128
|
128
|
12,733
|
||
Subtotal Other Properties
|
142,512
|
100%
|
N/A
|
1,547
|
7,709
|
5,041
|
1,673
|
207,357
|
|||
Management Fees (11)
|
N/A
|
N/A
|
N/A
|
3,102
|
3,290
|
3,944
|
N/A
|
||||
Total Offices and Other (9)
|
287,912
|
98%
|
N/A
|
17,540
|
190,172
|
164,618
|
154,211
|
1,078,659
|
Notes:
|
(1) Total leaseable area for each property as of June 30, 2012. Excludes common areas and parking.
|
(2) Calculated dividing occupied square meters by leaseable area as of June 30, 2012.
|
(3) Agreements in force as of 06/30/12 for each property were computed.
|
(4) Total leases consolidated by application of the method under Technical Resolution 21.
|
(5) Cost of acquisition, plus improvements, less accumulated depreciation, plus adjustment for inflation, less allowance for impairment.
|
(6) Includes the following properties: Madero 942 (fully sold), Av. de Mayo 595, Av. Libertador 602 (fully sold), Rivadavia 2774, Sarmiento 517, Dock del Plata (fully sold), Edificio Costeros (fully sold), Laminar (fully sold) and Reconquista 823/41 (fully sold).
|
(7) Includes the following properties: Constitución 1111, Crucero I (fully sold); Retail stores in Abril (wholly assigned) and Casona de Abril.
|
(8) Includes the following properties: Constitución 1159 and Dique III (fully sold) and Canteras.
|
(9) Corresponds to the “Offices and other non-shopping center rental properties” business unit mentioned in Note 3 to the Consolidated Financial Statements.
|
(10) The building was occupied in May 2009.
|
(11) Revenues from building management fees.
|
(12) Includes other income from lease of parking spaces.
|
(13) Through Alto Palermo S.A. – The building has income as from August 2010.
|
Fiscal year of lease expiration
|
Number of leases expiring
|
Surface area subject to expiring leases
|
Percentage of total surface area subject to expiration
|
Annual rental income under expiring leases
|
Percentage of total rental income under expiring leases
|
|||||||||||||||||
(sqm)
|
(%)
|
(ARS)
|
(%)
|
|||||||||||||||||||
2012
|
17 | 61,893 | 22 | % | 20,874,324 | 10 | % | |||||||||||||||
2013
|
46 | 36,301 | 13 | % | 44,335,006 | 21 | % | |||||||||||||||
2014
|
63 | 56,935 | 20 | % | 80,558,062 | 39 | % | |||||||||||||||
2015+ | 60 | 125,754 | 45 | % | 63,312,710 | 30 | % | |||||||||||||||
Total
|
186 | 280,883 | 100 | % | 209,080,104 | 100 | % |
Occupancy Rate
Fiscal year ended June 30,(1)
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(%)
|
(%)
|
(%)
|
||||||||||
Offices
|
||||||||||||
Intercontinental Plaza
|
100 | 96 | 100 | |||||||||
Bouchard 710
|
100 | 92 | 83 | |||||||||
Bouchard 551
|
100 | 91 | 100 | |||||||||
Libertador 498
|
100 | 100 | 100 | |||||||||
Maipú 1300
|
98 | 100 | 99 | |||||||||
Madero 1020
|
N/A | 100 | 100 | |||||||||
Suipacha 652/64
|
90 | 95 | 95 | |||||||||
Costeros Dock IV
|
100 | 100 | 90 | |||||||||
Torre Bankboston
|
96 | 78 | 96 | |||||||||
Edificio República
|
90 | 85 | 80 | |||||||||
Dique IV, Juana Manso 295
|
92 | 92 | 92 | |||||||||
Dot Building
|
100 | 86 | N/A | |||||||||
Others (2)
|
88 | 86 | 86 | |||||||||
(1) Leased surface area in accordance with agreements in effect as of June 30, 2012, 2011 and 2010 considering the total leaseable office area for each year.
|
||||||||||||
(2) Includes the following properties: Madero 942 (fully sold), Av. de Mayo 595, Av. Libertador 602 (fully sold), Rivadavia 2774, Sarmiento 517, Dock del Plata (fully sold), Edificio Costeros (fully sold), Laminar (fully sold) and Reconquista 823/41 (fully sold).
|
Annual average income per square meter
Fiscal year ended June 30, (1)
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(ARS/sqm)
|
(ARS/sqm)
|
(ARS/sqm)
|
||||||||||
Offices
|
||||||||||||
Intercontinental Plaza
|
1,048 | 950 | 957 | |||||||||
Bouchard 710
|
1,398 | 1,119 | 938 | |||||||||
Bouchard 557
|
1,189 | 1,028 | 960 | |||||||||
Libertador 498
|
1,943 | 1,713 | 1,366 | |||||||||
Maipú 1300
|
1,268 | 1,155 | 1,103 | |||||||||
Madero 1020
|
N/A | 347 | 307 | |||||||||
Suipacha 652/64
|
611 | 617 | 419 | |||||||||
Costeros Dock IV
|
8,147 | 973 | 985 | |||||||||
Torre Bankboston
|
1,559 | 1,389 | 1,502 | |||||||||
Edificio República
|
1,378 | 1,308 | 1,066 | |||||||||
Dique IV, Juana Manso 295 (2)
|
1,397 | 1,302 | 1,236 | |||||||||
Dot Building
|
753 | 191 | N/A | |||||||||
Others (2)
|
1,079 | 425 | 404 |
Date of Acquisition
|
Leasable Area sqm (1)
|
APSA’s Effective Interest (3)
|
Occupancy Rate (2)
|
Accumulated Annual Rental Income as of June 30 and for the fiscal year ended (in ARS/000) (4)
|
Book Value
(ARS/000) (5)
|
|||||
2012
|
2011
|
2010
|
||||||||
Shopping Centers (6)
|
||||||||||
Alto Palermo
|
11/97
|
18,701
|
100.0%
|
98.3%
|
149,377
|
120,338
|
98,020
|
253,763
|
||
Abasto Shopping (7)
|
07/94
|
37,711
|
100.0%
|
99.1%
|
149,544
|
118,259
|
91,304
|
314,874
|
||
Alto Avellaneda
|
11/97
|
36,943
|
100.0%
|
96.1%
|
98,575
|
77,121
|
59,833
|
155,606
|
||
Paseo Alcorta
|
06/97
|
14,107
|
100.0%
|
100.0%
|
63,575
|
52,027
|
42,714
|
131,525
|
||
Patio Bullrich
|
10/98
|
11,684
|
100.0%
|
100.0%
|
54,448
|
45,033
|
37,254
|
132,034
|
||
Alto Noa Shopping
|
03/95
|
19,038
|
100.0%
|
98.9%
|
25,819
|
19,275
|
13,701
|
38,788
|
||
Buenos Aires Design
|
11/97
|
13,769
|
53.7%
|
100.0%
|
20,026
|
17,329
|
14,613
|
15,925
|
||
Alto Rosario Shopping (7)
|
11/04
|
27,691
|
100.0%
|
97.6%
|
59,070
|
42,642
|
30,821
|
135,352
|
||
Mendoza Plaza Shopping
|
12/94
|
42,237
|
100.0%
|
96.4%
|
48,694
|
36,441
|
27,206
|
123,828
|
||
Fibesa and Others(8)
|
-
|
N/A
|
100.0%
|
N/A
|
52,568
|
35,832
|
24,928
|
|||
Neuquén (9)
|
07/99
|
N/A
|
98.1%
|
N/A
|
-
|
-
|
-
|
22,539
|
||
Dot Baires Shopping (10)
|
05/09
|
49,527
|
80.0%
|
99.4%
|
101,023
|
77,169
|
64,515
|
479,587
|
||
Córdoba Shopping Villa Cabrera
|
12/06
|
15,191
|
100.0%
|
99.6%
|
25,643
|
19,113
|
13,446
|
76,153
|
||
Soleil
|
07/10
|
14,712
|
100.0%
|
100.0%
|
19,046
|
14,200
|
-
|
74,474
|
||
La Ribera Shopping
|
08/11
|
7,710
|
50.0%
|
98.7%
|
4,327
|
-
|
-
|
18,814
|
||
TOTAL SHOPPING CENTERS
|
309,021
|
98.4%
|
871,732
|
674,779
|
518,355
|
1,973,262
|
||||
Consumer Finance Revenues (11)
|
-
|
N/A
|
N/A
|
4,836
|
68,576
|
265,346
|
-
|
|||
GENERAL TOTAL (12)
|
309,021
|
98.4%
|
876,568
|
743,355
|
783,701
|
1,973,262
|
||||
Notes:
|
||||||||||
(1) Total leaseable area in each property. Excludes common areas and parking spaces.-
|
||||||||||
(2) Calculated dividing occupied square meters by leaseable area on the last day of the period.-
|
||||||||||
(3) APSA’s effective interest in each of its business units. IRSA has a 95.59% interest in APSA.-
|
||||||||||
(4) Corresponds to total leases, consolidated as per the Technical Resolution 21 method.-
|
||||||||||
(5) Cost of acquisition plus improvements, less accumulated depreciation, plus adjustment for inflation, less allowance for impairment in value, plus recovery of allowances, if applicable. Does not include works in progress.
|
||||||||||
(6) Through Alto Palermo S.A.
|
||||||||||
(7) Excludes Museo de los Niños (3,732 in Abasto and 1,261 in Alto Rosario).-
|
||||||||||
(8) Includes revenues from Fibesa S.A., Comercializadora Los Altos S.A. (merged with Fibesa S.A.), and others.
|
||||||||||
(9) Land for the development of a shopping center.
|
||||||||||
(10) During May 2009, a shopping center, a hypermarket and a movie theater complex were opened.
|
||||||||||
(11) APSA’s interest in Tarshop was 100% until 08/31/2010 and as from 09/01/2010 was 20%. APSA’s interest in APSA Media is 100%.
|
||||||||||
(12) Corresponds to the “shopping center” business unit mentioned in Note 3 to the Consolidated Financial Statements; includes revenues from “Credit Cards” (Tarshop and APSA Media).-
|
Accumulated Tenants’ retail sales as of June 30, (ARS/000) (1)
|
||||||||||||
2010
|
2011
|
2012
|
||||||||||
Abasto
|
926,373 | 1,227,372 | 1,537,349 | |||||||||
Alto Palermo
|
879,728 | 1,100,349 | 1,304,634 | |||||||||
Alto Avellaneda
|
885,195 | 1,132,631 | 1,466,932 | |||||||||
Paseo Alcorta
|
414,652 | 525,752 | 667,799 | |||||||||
Patio Bullrich
|
344,789 | 432,319 | 498,545 | |||||||||
Alto Noa
|
280,241 | 381,181 | 500,372 | |||||||||
Buenos Aires Design
|
140,974 | 188,475 | 235,770 | |||||||||
Mendoza Plaza
|
559,359 | 733,370 | 929,143 | |||||||||
Alto Rosario
|
419,143 | 610,932 | 825,191 | |||||||||
Córdoba Shopping- Villa Cabrera
|
164,257 | 244,189 | 340,254 | |||||||||
Dot Baires Shopping
|
763,528 | 985,672 | 1,271,165 | |||||||||
Soleil
|
- | 204,077 | 254,050 | |||||||||
La Ribera Shopping
|
- | - | 135,224 | |||||||||
Total(2)
|
5,778,239 | 7,766,319 | 9,966,428 |
(1)
|
Retail sales based upon information provided to us by retailers and past owners. The amounts shown reflect 100% of the retail sales of each shopping center, although in certain cases we own less than 100% of such shopping centers.
|
(2)
|
Excludes sales from the booths and spaces used for special exhibitions.
|
Lease Expirations as of June 30,
|
Number of Leases Expiring(1)
|
Surface area subject to Expiring Leases
|
Percentage of Total Surface Area subject to Expiration
|
Amount under Expiring Leases
|
Percentage of Expiring Leases
|
|||||||||||||||
(sqm)
|
(%)
|
(in thousands of ARS)
|
(%)
|
|||||||||||||||||
2013
|
664 | 103,690 | 34 | % | 145,092,597 | 36 | % | |||||||||||||
2014
|
376 | 52,329 | 17 | % | 99,292,382 | 25 | % | |||||||||||||
2015
|
321 | 49,033 | 16 | % | 90,799,050 | 23 | % | |||||||||||||
2016 and subsequent
|
115 | 103,970 | 34 | % | 63,471,693 | 16 | % | |||||||||||||
Total (2)
|
1,476 | 309,022 | 100 | % | 398,655,722 | 100 | % |
(1)
|
Includes vacant stores as of June 30, 2012. A lease agreement may be linked to one or more premises.
|
(2)
|
Includes the basic rental income amount. Does not give effect to our ownership interest in each property.
|
As of June 30
|
||||||||||||
2010
|
2011
|
2012
|
||||||||||
Abasto
|
99.6 | 99.8 | 99.1 | |||||||||
Alto Palermo
|
100.0 | 100.0 | 98.3 | |||||||||
Alto Avellaneda
|
96.0 | 96.3 | 96.1 | |||||||||
Paseo Alcorta
|
97.5 | 99.2 | 100.0 | |||||||||
Patio Bullrich
|
99.7 | 100 | 100.0 | |||||||||
Alto Noa
|
99.9 | 100 | 98.9 | |||||||||
Buenos Aires Design
|
98.4 | 98.6 | 100.0 | |||||||||
Mendoza Plaza
|
93.1 | 95.2 | 96.4 | |||||||||
Alto Rosario
|
93.7 | 95.0 | 97.6 | |||||||||
Córdoba Shopping Villa Cabrera
|
98.8 | 98.1 | 99.6 | |||||||||
Dot Baires Shopping
|
100 | 99.7 | 99.4 | |||||||||
Soleil
|
- | 87.8 | 100.0 | |||||||||
La Ribera Shopping
|
- | 98.7 | ||||||||||
Weighted Average
|
98.5 | 97.6 | 98.4 |
Rental Prices as of June 30 for the fiscal periods (ARS/sqm) (1)
|
||||||||||||
2010
|
2011
|
2012
|
||||||||||
Abasto
|
1,986.8 | 2,549.5 | 3,171.3 | |||||||||
Alto Palermo
|
4,033.8 | 4,995.7 | 6,192.8 | |||||||||
Alto Avellaneda
|
1,469.2 | 1,877.6 | 2,375.6 | |||||||||
Buenos Aires Design
|
810.2 | 959.7 | 1,074.5 | |||||||||
Paseo Alcorta
|
2,498.9 | 3,233.6 | 3,871.2 | |||||||||
Patio Bullrich
|
2,673.9 | 3,201.7 | 3,791.1 | |||||||||
Alto Noa
|
658.6 | 920.3 | 1,230.6 | |||||||||
Alto Rosario
|
948.4 | 1,336.5 | 1,906.9 | |||||||||
Mendoza Plaza
|
598.8 | 804.9 | 1,032.4 | |||||||||
Córdoba Shopping Villa Cabrera
|
731.6 | 1,104.0 | 1,459.2 | |||||||||
Dot Baires Shopping
|
1,081.9 | 1,288.4 | 1,657.3 | |||||||||
Soleil
|
870.5 | 1,129.1 | ||||||||||
La Ribera Shopping
|
1,017.3 |
(1)
|
The annual price of rentals per square meter of gross leasable area reflects basic and supplementary rental charges as well as revenues from admission rights divided by the square meters of the gross leasable area.
|
Accumulated Tenants’ Sales as of June 30 for the fiscal periods (in millions of ARS)
|
||||||||||||
Type of Business
|
2012
|
2011
|
2010
|
|||||||||
Anchor Store
|
708.2 | 571.6 | 449.7 | |||||||||
Clothes and footwear
|
4,932.8 | 3,801.0 | 2,754.2 | |||||||||
Entertainment
|
351.5 | 262.8 | 180.2 | |||||||||
Home
|
1,795.6 | 1,468.8 | 1,172.9 | |||||||||
Restaurant
|
937.4 | 701.6 | 495.9 | |||||||||
Miscellaneous
|
1,186.2 | 918.7 | 691.4 | |||||||||
Services
|
54.7 | 41.8 | 33.9 | |||||||||
Total
|
9,966.4 | 7,766.3 | 5,778.2 |
|
Description of each Shopping Center
|
Developments
|
Date of Acquisition
|
Estimated /Real Cost (in thousands of ARS) (1)
|
Area intended for sale (sqm) (2)
|
Total Units / Lots (3)
|
IRSA’s Effective Interest
|
Percentage Built
|
Percentage Sold (4)
|
Accumulated Sales (in thousands of ARS) (5)
|
Accumulated Sales as of June 30, (in thousands of ARS) (6)
|
Book Value (in thousands of ARS)(7)
|
||||||||||||||||||||||||||||||||||||||
2012
|
2011
|
2010
|
||||||||||||||||||||||||||||||||||||||||||||||
Residential Apartments
|
||||||||||||||||||||||||||||||||||||||||||||||||
Torres Renoir (15)
|
09/09/99
|
22,861 | 5,383 | 28 | 100.00 | % | 100.00 | % | 100.00 | % | 53,940 | 142 | - | |||||||||||||||||||||||||||||||||||
Caballito Nuevo (16)
|
11/03/97
|
- | 2,966 | 20 | 100.00 | % | 100.00 | % | 81.18 | % | 48,418 | 9,248 | 39,170 | 2,150 | ||||||||||||||||||||||||||||||||||
Torres de Rosario (8) (15)
|
04/30/99
|
- | 4,893 | 77 | 95.59 | % | 100.00 | % | 3.08 | % | 10,720 | 9,190 | 1,530 | 16,418 | ||||||||||||||||||||||||||||||||||
Libertador 1703/1755 (Horizons) (14) (17)
|
01/16/07
|
399,355 | 44,648 | 467 | 50.00 | % | 100.00 | % | 100.00 | % | 124,176 | 124,176 | 92,362 | 113,168 | ||||||||||||||||||||||||||||||||||
Other Residential Apartments (9)
|
N/A | 231,677 | 158,747 | 1,660 | 310,084 | 1,599 | 117 | 84,941 | ||||||||||||||||||||||||||||||||||||||||
Subtotal Residential Apartments
|
653,893 | 216,637 | 2,252 | 547,338 | 142,986 | 134,661 | 259 | 216,677 | ||||||||||||||||||||||||||||||||||||||||
Residential Communities
|
||||||||||||||||||||||||||||||||||||||||||||||||
Abril/Baldovinos (10)
|
01/03/95
|
130,955 | 5,137 | 4 | 100.00 | % | 100.00 | % | 99.50 | % | 237,062 | 1,607 | 5,067 | 1,860 | ||||||||||||||||||||||||||||||||||
El Encuentro (18)
|
11/18/97
|
- | 26,373 | 22 | 100.00 | % | 100.00 | % | 64.24 | % | 13,742 | 10,260 | 20,665 | 3,482 | 2,922 | |||||||||||||||||||||||||||||||||
Villa Celina I, II and III
|
05/26/92
|
4,742 | 75,970 | 219 | 100.00 | % | 100.00 | % | 100.00 | % | 14,028 | - | ||||||||||||||||||||||||||||||||||||
Subtotal Residential Communities
|
135,697 | 170,480 | 245 | 264,832 | 10,260 | 22,272 | 8,549 | 4,782 | ||||||||||||||||||||||||||||||||||||||||
Land Reserves
|
||||||||||||||||||||||||||||||||||||||||||||||||
Puerto Retiro
|
05/18/97
|
82,051 | - | 50.00 | % | 0.00 | % | 0.00 | % | - | 54,270 | |||||||||||||||||||||||||||||||||||||
Santa María del Plata
|
07/10/97
|
715,951 | - | 100.00 | % | 0.00 | % | 10.00 | % | - | 159,243 | |||||||||||||||||||||||||||||||||||||
Pereiraola
|
12/16/96
|
1,299,630 | - | 100.00 | % | 0.00 | % | 100.00 | % | 46,311 | 46,311 | - | ||||||||||||||||||||||||||||||||||||
Terreno Rosario (8) (19)
|
04/30/99
|
31,000 | - | 95.59 | % | 0.00 | % | 100.00 | % | 38,345 | 27,273 | 22,931 | - | |||||||||||||||||||||||||||||||||||
Terreno Caballito
|
11/03/97
|
7,451 | - | 100.00 | % | 0.00 | % | 100.00 | % | - | 52,658 | - | ||||||||||||||||||||||||||||||||||||
Neuquén (8)
|
07/06/99
|
4,332 | 1 | 95.59 | % | 0.00 | % | 100.00 | % | - | 9,102 | - | ||||||||||||||||||||||||||||||||||||
Terreno Baicom
|
12/23/09
|
6,905 | - | 50.00 | % | 0.00 | % | 0.00 | % | - | 4,459 | |||||||||||||||||||||||||||||||||||||
Canteras Natal Crespo
|
07/27/05
|
4,300,000 | - | 50.00 | % | 0.00 | % | 0.00 | % | 337 | 64 | 63 | 21 | 5,971 | ||||||||||||||||||||||||||||||||||
Thames
|
11/01/97
|
100.00 | % | 100.00 | % | 20,022 | 20,022 | |||||||||||||||||||||||||||||||||||||||||
Terreno Beruti (8)
|
06/24/08
|
3,207 | - | 95.59 | % | 0.00 | % | 100.00 | % | - | 75,373 | |||||||||||||||||||||||||||||||||||||
Pilar
|
05/29/97
|
740,237 | - | 100.00 | % | 0.00 | % | 0.00 | % | - | 3,408 | |||||||||||||||||||||||||||||||||||||
Coto Air Space (8)
|
09/24/97
|
24,000 | - | 95.59 | % | 0.00 | % | 0.00 | % | - | 16,110 | |||||||||||||||||||||||||||||||||||||
Torres Jardín IV
|
07/18/96
|
3,176 | - | 100.00 | % | 0.00 | % | 100.00 | % | - | 11,480 | 40,102 | ||||||||||||||||||||||||||||||||||||
Terreno Caballito (8)
|
10/22/98
|
23,389 | - | 95.59 | % | 0.00 | % | 0.00 | % | - | 45,814 | |||||||||||||||||||||||||||||||||||||
Patio Olmos (8)
|
09/25/07
|
5,147 | - | 95.59 | % | 100.00 | % | 0.00 | % | - | 33,475 | |||||||||||||||||||||||||||||||||||||
Other Land Reserves (11)
|
N/A | 14,455,235 | 3 | 2,213 | 1,969 | 1,172 | 79,929 | |||||||||||||||||||||||||||||||||||||||||
Subtotal Land Reserves
|
21,701,711 | 4 | 107,228 | 47,359 | 173,576 | 47,504 | 442,781 | |||||||||||||||||||||||||||||||||||||||||
Others
|
||||||||||||||||||||||||||||||||||||||||||||||||
Madero 1020
|
12/21/95
|
5,069 | N/A | 100.00 | % | 100.00 | % | 100.00 | % | 18,848 | 71 | - | ||||||||||||||||||||||||||||||||||||
Della Paolera 265
|
08/27/07
|
472 | N/A | 100.00 | % | 100.00 | % | 100.00 | % | 6,850 | - | |||||||||||||||||||||||||||||||||||||
Madero 942
|
08/31/94
|
768 | N/A | 100.00 | % | 100.00 | % | 100.00 | % | 6,137 | - | |||||||||||||||||||||||||||||||||||||
Dock del Plata
|
11/15/06
|
7,942 | N/A | 100.00 | % | 100.00 | % | 100.00 | % | 84,206 | 42,136 | - | ||||||||||||||||||||||||||||||||||||
Libertador 498
|
12/20/95
|
2,484 | N/A | 100.00 | % | 100.00 | % | 100.00 | % | 93,558 | 10,600 | 10,504 | 46,608 | - | ||||||||||||||||||||||||||||||||||
Sarmiento 517
|
233 | 68,580 | - | |||||||||||||||||||||||||||||||||||||||||||||
Edificios Costeros
|
03/20/97
|
734 | N/A | 100.00 | % | 100.00 | % | 100.00 | % | 68,580 | 69,040 | 10,948 | - | |||||||||||||||||||||||||||||||||||
Libertador 602
|
01/05/96
|
677 | N/A | 100.00 | % | 100.00 | % | 100.00 | % | 10,948 | - | |||||||||||||||||||||||||||||||||||||
Museo Renault
|
47,927 | - | ||||||||||||||||||||||||||||||||||||||||||||||
Laminar
|
03/25/99
|
6,521 | N/A | 100.00 | % | 100.00 | % | 100.00 | % | 74,510 | - | |||||||||||||||||||||||||||||||||||||
Reconquista 823
|
11/12/93
|
5,016 | N/A | 100.00 | % | 100.00 | % | 100.00 | % | 31,535 | - | |||||||||||||||||||||||||||||||||||||
Locales Crucero I
|
192 | N/A | 100.00 | % | 100.00 | % | 100.00 | % | 2,006 | - | ||||||||||||||||||||||||||||||||||||||
Others (12)
|
N/A | - | N/A | N/A | N/A | N/A | 25,283 | 59 | 912 | - | ||||||||||||||||||||||||||||||||||||||
Subtotal Others
|
36,892 | 422,461 | 127,800 | 10,563 | 169,255 | - | ||||||||||||||||||||||||||||||||||||||||||
TOTAL (13)
|
789,590 | 22,062,720 | 2,501 | 1,341,859 | 328,404 | 341,073 | 255,567 | 664,240 |
Notes:
|
|||||||||||||||||||||||||
(1) Cost of acquisition plus total investment made and/or planned for apartments and residential communities’ projects already developed or under development
(adjusted for inflation as of 02/28/03, if applicable).-
|
|||||||||||||||||||||||||
(2) Total area intended for sale upon completion of the development or acquisition and before the sale of any of the units (including parking and storage spaces but excluding common areas). In the case of Land Reserves the land area was considered.
|
|||||||||||||||||||||||||
(3) Represents the total units or plots upon completion of the development or acquisition (excluding parking and storage spaces).
|
|||||||||||||||||||||||||
(4) The percentage sold is calculated dividing the square meters sold by the total saleable square meters, which includes sales made under the preliminary sales agreements
for which no title deed has been executed yet.
|
|||||||||||||||||||||||||
(5) Includes only the cumulative sales consolidated by the RT21 method adjusted for inflation as of 02/28/03.-
|
|||||||||||||||||||||||||
(6) Corresponds to the company’s total sales consolidated by the RT4 method adjusted for inflation as of 02/28/03. Excludes turnover tax deduction.-
|
|||||||||||||||||||||||||
(7) Cost of acquisition plus improvements, plus capitalized interest of consolidated properties in portfolio as of June 30, 2012, adjusted for inflation as of 02/28/03.
|
|||||||||||||||||||||||||
(8) Through Alto Palermo S.A.-
|
|||||||||||||||||||||||||
(9) Includes the following properties: Torres de Abasto through APSA (fully sold), units to be received by Beruti through APSA, Torres Jardín, Edificios Cruceros (fully sold), San Martin de Tours, Rivadavia 2768, Alto Palermo Park (fully sold), Minetti D (fully sold), Dorrego 1916 (fully sold), Padilla 902 (fully sold), Caballito barter receivable and Lotes Pereiraola through IRSA.
|
|||||||||||||||||||||||||
(10) Includes the sales of Abril’s shares.
|
|||||||||||||||||||||||||
(11) Includes the following land reserves: Terreno Pontevedra, Isla Sirgadero, Terreno San Luis, Mariano Acosta, Merlo and Intercontinental Plaza II through IRSA, Zetol and Vista al Muelle through Liveck and C.Gardel 3134 (fully sold), C.Gardel 3128 (fully sold), Aguero 596 (fully sold), República Arabe Siria (fully sold), Terreno Mendoza (fully sold), Zelaya 3102, Conil, Soleil air space and Other APSA (Through APSA)
|
|||||||||||||||||||||||||
(12) Includes the following properties: Puerto Madero Dock XIII (fully sold). It also includes income from termination and income due to the reimbursement of common maintenance expenses, stamp tax and associated fees.
|
|||||||||||||||||||||||||
(13) Corresponds to the “Development and sale of properties” business unit mentioned in Note 3 to the Consolidated Financial Statements.
|
|||||||||||||||||||||||||
(14) Owned by CYRSA S.A.
|
|||||||||||||||||||||||||
(15) Corresponds to swap receivables disclosed as “Inventories” in the Consolidated Financial Statements for parcels “G” and “H”.
The degree of physical progress of parcel “G” at June 30, 2011 is 100% and of parcel “H” is 84%.
|
|||||||||||||||||||||||||
(16) 63% of the area was sold under deed.
|
|||||||||||||||||||||||||
(17) Gains derived from 99.4% of sales have been recognized as Net Realizable Value.
|
|||||||||||||||||||||||||
(18) 42% of the area was sold under deed.
|
(i)
|
USD 4.25 million in cash and
|
(ii)
|
through the delivery of certain units of the building to be constructed in the land owned by Rummaala in the amount of USD 16.92 million, within a 4-year term as from the later of the approval date of the plans by the competent authorities or the date on which the property is vacated.
|
(i)
|
USD 0.5 million in cash;
|
(ii)
|
through the delivery of certain units of buildings Cruceros I and II in the amount of USD 1.25 million and
|
(iii)
|
trough the delivery of certain units of the building to be constructed in the land acquired for a total purchase price of USD 13.25 million, within a 40-month term as from the later of the approval date of the plans by the competent authorities or the date on which the property is vacated.
|
Hotels
|
Date of Acquisition
|
IRSA’s Effective Interest
|
Number of rooms
|
Average Occupancy (1)
|
Average price per room (ARS) (2)
|
Accumulated sales as of June 30, (ARS 000)
|
Book Value (ARS 000)
|
||||
2012
|
2011
|
2010
|
|||||||||
Intercontinental (3)
|
11/01/97
|
76.34%
|
309
|
75%
|
695
|
85,977
|
78,841
|
64,092
|
52,476
|
||
Sheraton Libertador (4)
|
03/01/98
|
80.00%
|
200
|
85%
|
614
|
55,642
|
43,786
|
36,996
|
37,795
|
||
Llao Llao (5)
|
06/01/97
|
50.00%
|
201
|
21%
|
1,071
|
28,393
|
70,256
|
58,806
|
70,430
|
||
Terrenos Bariloche (5)
|
12/01/06
|
50.00%
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
21,900
|
||
Total
|
-
|
-
|
710
|
63%
|
701
|
170,013
|
192,883
|
159,894
|
182,601
|
Notes:
|
|||||||||||
(1) Accumulated average in the twelve-month period.
|
|||||||||||
(2) Accumulated average in the twelve-month period.
|
|||||||||||
(3) Indirectly owned through Nuevas Fronteras S.A. (Subsidiary of IRSA).
|
|||||||||||
(4) Indirectly owned through Hoteles Argentinos S.A.
|
|||||||||||
(5) Indirectly owned through Llao Llao Resorts S.A.
|
Company
|
Shopping Center
|
Location(1)
|
Gross Leaseable Area
|
Shops
|
National gross leaseable area(2)
|
Shops(2)
|
||||||||||||
(sqm)
|
(%)
|
(%)
|
||||||||||||||||
APSA
|
|
|||||||||||||||||
Abasto de Buenos Aires
|
CABA
|
41,464 | 174 | 2.41 | % | 2.84 | % | |||||||||||
Alto Palermo Shopping
|
CABA
|
18,617 | 143 | 1.08 | % | 2.34 | % | |||||||||||
Buenos Aires Design(3)
|
CABA
|
13,777 | 62 | 0.80 | % | 1.01 | % | |||||||||||
Dot Baires Shopping
|
CABA
|
49,527 | 152 | 2.88 | % | 2.48 | % | |||||||||||
Paseo Alcorta(4)
|
CABA
|
52,736 | 111 | 3.07 | % | 1.81 | % | |||||||||||
Patio Bullrich
|
CABA
|
11,742 | 83 | 0.68 | % | 1.36 | % | |||||||||||
Córdoba Shopping(4)
|
Córdoba
|
22,175 | 107 | 1.29 | % | 1.75 | % | |||||||||||
Alto Avellaneda(4)
|
GBA
|
67,914 | 140 | 3.95 | % | 2.29 | % | |||||||||||
Soleil
|
GBA
|
24,512 | 69 | 1.43 | % | 1.13 | % | |||||||||||
Mendoza Plaza Shopping(4)
|
Mendoza
|
40,673 | 148 | 2.37 | % | 2.42 | % | |||||||||||
Alto Rosario (4)
|
Rosario
|
40,906 | 146 | 2.38 | % | 2.39 | % | |||||||||||
Alto Noa(4)
|
Salta
|
19,001 | 92 | 1.11 | % | 1.50 | % | |||||||||||
La Ribera Shopping
|
Santa Fe
|
7,719 | 49 | 0.45 | % | 0.80 | % | |||||||||||
Subtotal
|
410,763 | 1,476 | 23.90 | % | 24.12 | % | ||||||||||||
Cencosud S.A.
|
||||||||||||||||||
Portal de Palermo(4)
|
CABA
|
32,252 | 36 | 1.88 | % | 0.59 | % | |||||||||||
Portal de Madryn
|
Chubut
|
4,100 | 26 | 0.24 | % | 0.43 | % | |||||||||||
Factory Parque Brown(4)
|
GBA
|
31,468 | 91 | 1.83 | % | 1.49 | % | |||||||||||
Factory Quilmes(4)
|
GBA
|
43,405 | 47 | 2.53 | % | 0.77 | % | |||||||||||
Factory San Martín(4)
|
GBA
|
35,672 | 31 | 2.08 | % | 0.51 | % | |||||||||||
Las Palmas del Pilar Shopping(4)
|
GBA
|
50,906 | 131 | 2.96 | % | 2.14 | % | |||||||||||
Plaza Oeste Shopping(4)
|
GBA
|
41,120 | 146 | 2.39 | % | 2.39 | % | |||||||||||
Portal Canning(4)
|
GBA
|
15,114 | 21 | 0.88 | % | 0.34 | % | |||||||||||
Portal de Escobar(4)
|
GBA
|
31,995 | 31 | 1.86 | % | 0.51 | % | |||||||||||
Portal Lomas(4)
|
GBA
|
32,883 | 50 | 1.91 | % | 0.82 | % | |||||||||||
Unicenter Shopping(4)
|
GBA
|
94,279 | 287 | 5.49 | % | 4.69 | % | |||||||||||
Portal de los Andes (4)
|
Mendoza
|
33,154 | 45 | 1.93 | % | 0.74 | % | |||||||||||
Portal de la Patagonia(4)
|
Neuquén
|
38,468 | 94 | 2.24 | % | 1.54 | % | |||||||||||
Portal de Rosario(4)
|
Rosario
|
66,361 | 182 | 3.86 | % | 2.98 | % | |||||||||||
Portal de Tucumán(4)
|
Tucumán
|
21,301 | 94 | 1.24 | % | 1.54 | % | |||||||||||
Portal de Trelew (4)
|
Chubut
|
21,812 | 69 | 1.27 | % | 1.13 | % | |||||||||||
Subtotal
|
594,290 | 1,381 | 34.59 | % | 22.61 | % | ||||||||||||
Other Operators
|
712,895 | 3,260 | 41.51 | % | 53.29 | % | ||||||||||||
Total
|
1,717,948 | 6,117 | 100 | % | 100 | % |
(1)
|
“GBA” means Greater Buenos Aires, the Buenos Aires metropolitan area, and “CABA” means the Autonomous City of Buenos Aires.
|
(2)
|
Percentage over total shopping centers in Argentina. Figures may not sum due to rounding.
|
(3)
|
The effective interest held by Alto Palermo S.A., the company that operates the concession of this building, is 53.684% in ERSA.
|
(4)
|
Includes total leaseable area occupied by supermarkets and hypermarkets.
|
Schedule of Maturities or Amortization
|
||||||||
Currency
|
Less than 1 year
(1)
|
More than 1 year and up to 2 years
|
More than 2 years and up to 3 years
|
More than 3 years and up to 4 years
|
More than 4 years
|
Total
(2)
|
Annual Average Interest Rate
|
|
(in million Pesos, constant currency as of June 30, 2012) (3)
|
||||||||
Bank and Other debt
|
||||||||
Bank loans (4)
|
ARS
|
269.0
|
-
|
-
|
-
|
-
|
269.0
|
|
Bank loans (4)
|
USD
|
211.0
|
9.9
|
5.3
|
44.0
|
-
|
270.2
|
|
Bank loans (3) (4)
|
BRL
|
71.9
|
23.6
|
6.0
|
-
|
-
|
101.5
|
|
Secured bank loans (3)
|
USD
|
2.8
|
-
|
-
|
-
|
-
|
2.8
|
|
Secured bank loans (3)
|
BRL
|
24.5
|
29.0
|
23.4
|
32.9
|
-
|
109.8
|
|
Cresud’s Series IV Notes (3) (5)
|
USD
|
18.6
|
-
|
-
|
-
|
-
|
18.6
|
7.75
|
Cresud’s Series V Notes (5)
|
ARS
|
69.6
|
-
|
-
|
-
|
-
|
69.6
|
variable (Badlar + 375 bps)
|
Cresud’s Series VI Notes (3) (5)
|
USD
|
107.5
|
-
|
-
|
-
|
-
|
107.5
|
7.50
|
Cresud’s Series VII Notes (3) (5)
|
USD
|
9.3
|
-
|
-
|
-
|
-
|
9.3
|
variable (4.00% + upside soybean)
|
Cresud’s Series VIII Notes (3) (5)
|
USD
|
6.4
|
269.9
|
-
|
-
|
-
|
276.3
|
7,50
|
Cresud’s Series IX Notes (5)
|
ARS
|
50.3
|
100.5
|
-
|
-
|
-
|
150.8
|
variable (Badlar + 300 bps)
|
Cresud’s Series X Notes (3) (5)
|
USD
|
0.3
|
138.4
|
-
|
-
|
-
|
138.7
|
7.75
|
Cresud’s Series XI Notes (3) (5)
|
USD
|
0.2
|
19.6
|
39.3
|
-
|
-
|
59.1
|
variable (Badlar + 375 bps)
|
APSA’s Series I Notes (3) (5) (6)
|
USD
|
4.6
|
(0.5)
|
(0.9)
|
(9.2)
|
482.4
|
476.4
|
8.00
|
IRSA’s Series I Notes (3) (5) (7)
|
USD
|
23.2
|
(0.7)
|
(0.7)
|
(11.3)
|
678.0
|
688.5
|
8.80
|
IRSA’s Series II Notes (3) (5)
|
USD
|
34.0
|
(0.9)
|
(0.9)
|
(0.9)
|
663.8
|
695.1
|
11.50
|
IRSA’s Series III Notes (5)
|
ARS
|
102.9
|
(0.6)
|
(0.6)
|
(0.6)
|
52.8
|
153.9
|
Badlar+249 bps
|
IRSA’s Series IV Notes (3) (5)
|
USD
|
38.3
|
(2.0)
|
(2.0)
|
(2.0)
|
120.6
|
152.9
|
7.45
|
Seller financing (3)
|
USD
|
17.7
|
1.5
|
-
|
-
|
-
|
19.2
|
|
Secured seller financing (3)
|
USD
|
32.1
|
21.5
|
4.1
|
4.1
|
50.5
|
112.3
|
|
Unsecured debt for purchase of establishments (8)
|
USD
|
18.7
|
-
|
-
|
-
|
-
|
18.7
|
|
Secured debt for purchase of establishments (3) (8)
|
BRL
|
91.5
|
-
|
-
|
-
|
-
|
91.5
|
|
Financial leases (3)
|
USD
|
1.1
|
0.1
|
0.2
|
0.1
|
0.1
|
1.6
|
|
Total bank and other debt
|
1,205.5
|
609.3
|
73.2
|
57.1
|
2,048.2
|
3,993.3
|
|
(1) Includes accrued interest.
|
|
(2) Figures may not sum due to rounding.
|
|
(3) Exchange rate as of June 30, 2012 USD 1.00 = ARS 4.527 and BRL = ARS 2.239
|
|
(4) Includes bank overdrafts.
|
|
(5) Includes issuance expenses (under Argentine GAAP, expenses incurred in connection with the issuance of debt are classified as short or long term debt, as applicable).
|
|
(6) Includes (9.2) of higher values.
|
|
(7) Includes (10.6) of higher values.
|
|
(8) Included under Trade account payables in the consolidated balance sheet.
|
(i)
|
USD 5.0 million will be deposited in an escrow account within two business days following the execution of the deed of covenant; and
|
(ii)
|
the balance will be transferred upon execution of the final agreement, scheduled for October 23, 2012.
|
·
|
a 5.6% decrease in total production volumes, from 408,404 tons in fiscal year 2011 to 385,739 tons in fiscal year 2012, mainly due to a decrease in volumes of soybean (30.4%) and sorghum (35.61%) harvested, partially offset by an increase in volumes of sunflower (4.42%) and corn (1.03%) harvested from year to year; and
|
·
|
a 3.8% decrease in average prices of grain production.
|
Fiscal year ended June 30,
|
||||||||
2012
|
2011
|
|||||||
ARS
|
ARS
|
|||||||
Wheat
|
740 | 770 | ||||||
Sunflower
|
1,600 | 1,300 | ||||||
Corn
|
690 | 670 | ||||||
Soybean
|
1,645 | 1,272 |
·
|
a 1,261.4% increase in total production volume from 58,506 tons in fiscal year 2011 to 796,510 tons in fiscal year 2012, mainly due to an increase in volumes of soybean (237.6%), corn (440.8%), sorghum (56.4%), sunflower (50.3%) and sugarcane (100%) harvested (in the last case, mainly because of the effect of BrasilAgro’s consolidation effective July 1, 2011);
|
·
|
slightly offset by a 32.3% year-on-year decrease in volumes of wheat harvested; and
|
·
|
a 61.7% decrease in the average price of grain production.
|
·
|
a 12.5% increase in the average price of kilogram of cattle produced, from ARS 7.1 in fiscal year 2011 to ARS 8.0 in fiscal year 2012;
|
·
|
a 38.1% increase in beef production volume, from 6,519 tons during fiscal year 2011 to 9,000 tons in fiscal year 2012, mainly due to a higher beef production volume in farms (24.3%) and feedlot (163.3%) in fiscal year 2012 compared to fiscal year 2011; and
|
·
|
a 44.5% increase in births during fiscal year 2012 compared to fiscal year 2011.
|
·
|
a 15.5% reduction in milk production volumes, from 19.6 million liters in fiscal year 2011 to 16.6 million liters in this fiscal year. This decrease in production volume was mainly due to a lower average number of milking cows per day (from 2,816 in fiscal 2011 to 2,112 in fiscal 2012) as a result of the sale of “La Juanita” dairy farm by mid-fiscal year 2011, partially offset by a 12.6% increase in the efficiency level of average daily milk production per cow, from 19.1 liters in fiscal year 2011 to 21.5 liters in fiscal year 2012;
|
·
|
partially offset by a 14.6% increase in average prices of milk, from ARS 1.45 per liter in fiscal year 2011 to ARS 1.66 per liter in fiscal year 2012.
|
·
|
a 11.3% increase in direct costs of production during fiscal year 2012 compared to fiscal year 2011, primarily as a result of higher prices of leases and supplies used (agrochemicals and seeds);
|
·
|
partially offset by lower production volumes in fiscal year 2012 compared to fiscal year 2011; and
|
·
|
a smaller number of hectares in operation in farms leased from third parties in fiscal year 2012 compared to fiscal year 2011.
|
·
|
higher production volumes in fiscal year 2012 compared to fiscal year 2011;
|
·
|
a larger number of hectares in operation in fiscal year 2012 compared to fiscal year 2011;
|
·
|
a significant increase in direct costs of production during fiscal year 2012 compared to fiscal year 2011, primarily as a result of higher prices of supplies used (agrochemicals and seeds); and
|
·
|
the effect of the consolidation of BrasilAgro effective July 1, 2011.
|
·
|
higher production volumes in fiscal year 2012 compared to fiscal year 2011; and
|
·
|
higher feed costs due to the increase of animals fattened in feedlots.
|
·
|
a 13.7% increase in average prices of crops sold, from ARS 889 per ton in fiscal year 2011 to ARS 1,011 per ton in fiscal year 2012;
|
·
|
partially offset by a slight decrease of 163 tons in crops sold in fiscal year 2012 compared to the previous fiscal year; and
|
·
|
a 5.6% decrease in production volume, from 408,404 tons in fiscal year 2011 to 385,739 tons in fiscal year 2012.
|
·
|
During fiscal year 2012, due to larger stocks at the beginning of the year, smaller purchases and lower production volumes, there was a lower volume of crops at year-end.
|
Crops Inventories (in tons) (1)
|
||||||||||||
Fiscal year ended June 30,
|
||||||||||||
2012
|
2011
|
Change
|
||||||||||
Inventories at the beginning of the fiscal year
|
113,175 | 90,299 | 22,876 | |||||||||
Purchases
|
10,203 | 33,970 | (23,767 | ) | ||||||||
Production
|
282,206 | 317,072 | (34,866 | ) | ||||||||
Sales
|
(304,809 | ) | (304,972 | ) | 163 | |||||||
Transfer of unharvested crops to expenses
|
(21,815 | ) | (23,194 | ) | 1,379 | |||||||
Inventories at the end of the fiscal year
|
78,960 | 113,175 | (34,215 | ) |
·
|
a significant increase in sales volume, from 52,179 tons in fiscal year 2011 to 872,527 tons in fiscal year 2012, mainly due to a higher production volume of crops in this fiscal year and the effect of the consolidation of BrasilAgro effective July 1, 2011;
|
·
|
slightly offset by a 17.4% reduction in the average price per ton sold, from ARS 624 in fiscal year 2011 to ARS 516 in fiscal year 2012.
|
Crops Inventory (in tons)
|
||||||||||||
Fiscal Year ended June 30,
|
||||||||||||
2012
|
2011
|
Variation
|
||||||||||
Inventories at the beginning of the fiscal year
|
195,586 | 4 | 195,582 | |||||||||
Purchases
|
311 | - | 311 | |||||||||
Effect of BrasilAgro’s consolidation
|
- | 189,889 | (189,889 | ) | ||||||||
Production
|
796,510 | 58,496 | 738,014 | |||||||||
Sales
|
(872,527 | ) | (52,179 | ) | (820,348 | ) | ||||||
Transfer of unharvested crops to expenses
|
(225 | ) | (624 | ) | 399 | |||||||
Inventories at the end of the fiscal year
|
119,655 | 195,586 | (75,931 | ) |
·
|
a 45.7% increase in the average price per kilogram sold, from ARS 6.00 in fiscal year 2011 to ARS 8.74 in fiscal year 2012; and
|
·
|
an 81.9% increase in beef sales volume, from 8,485 tons in fiscal year 2011 to 15,437 tons in fiscal year 2012.
|
·
|
a 14.2% increase in the average price of milk, from ARS 1.48 per liter in fiscal year 2011 to ARS 1.69 per liter in fiscal year 2012;
|
·
|
a 12.6% increase in production efficiency levels;
|
·
|
partially offset by a 15.5% reduction in milk production volumes, mainly due to a lower average number of milking cows.
|
·
|
On September 28, 2011, BrasilAgro sold the Sao Pedro farm, a rural property located in the Municipality of Chapadão do Céu – GO with a total surface area of 2,447 hectares. The transaction price was BRL 23.3 million (equivalent to ARS 59.8 million and 580,000 bags of soybean seeds). The purchaser made an advance payment of BRL 2,250 (equivalent to ARS 5,030 and 50,000 tons of soybean) and on March 31, 2012 it paid the first installment of BRL 7,519 (equivalent to ARS 16,836 and 160,000 tons of soybean). The remaining balance is payable in four annual installments due on March 30 of each year, for an amount of 92,500 bags of soybean each.
|
·
|
On March 2, 2012, the sale of 1,194 additional hectares in La Fon Fon farm, located in the Province of Obispo Santiesteban, Republic of Bolivia, was agreed upon for ARS 18.3 million (USD 4.8 million), USD 1.1 million of which have been collected. The balance is payable in seven semi-annual consecutive installments, beginning on November 30, 2012. Possession was surrendered on June 30, 2012.
|
·
|
On May 22, 2012, the Company sold, assigned and conveyed to APSA a 115-hectare plot of land that forms part of the property “Puerta de Luján” located in the District of Luján, Province of Buenos Aires, for a total amount of ARS 15.5 million, which has been fully collected.
|
·
|
On September 3, 2010, we signed the title deed of sale of the “La Juanita” farm (4,302 hectares), located in the District of Trenque Lauquen, Province of Buenos Aires. The transaction was agreed for a total price of ARS 71.1 million (USD 18.0 million), which have been fully collected. Possession was surrendered on January 10, 2012.
|
·
|
On March 2, 2011, we agreed upon the sale of 910 hectares of “La Fon Fon” farm located in the Province of Obispo Santiesteban, Republic of Bolivia. The purchase price was USD 3.6 million. USD 2.0 million has been already collected, while the balance is payable in three semi-annual consecutive installments, with the next payment falling due in December 2012 and the last one in December 2013.
|
·
|
an ARS 8.8 million increase in commodity brokerage services;
|
·
|
an ARS 8.7 million increase in leases;
|
·
|
an ARS 3.9 million increase in irrigation services;
|
·
|
partially offset by an ARS 2.0 million reduction for services to third parties, resale of raw materials, and others.
|
·
|
a 30.52% reduction in the occupancy rate, from 74,539 heads in fiscal year 2011 to 51,791 heads in fiscal year 2012;
|
·
|
partially offset by a 21.9% increase in the average revenues per head, from ARS 226 in fiscal year 2011 to ARS 275 in fiscal year 2012.
|
·
|
a 7.3% year-on-year increase in the average cost per ton sold, from ARS 791 in fiscal year 2011 to ARS 849 in fiscal year 2012, mainly as a result of the higher average market prices of crops;
|
·
|
slightly offset by a 0.1% reduction in the volume of tons sold compared to the previous fiscal year.
|
·
|
an increase of 820,349 tons (1,572.2%) in the volume of sales of crops in fiscal year 2012 compared to the previous fiscal year, largely explained by the 815,583 tons sold by BrasilAgro, added as a result of the consolidation of such company effective July 1, 2011;
|
·
|
slightly offset by a 60.6% reduction in the average cost per ton of crops as compared to the previous fiscal year, from ARS 1,234 in fiscal year 2011 to ARS 486 in fiscal year 2012, largely due to a 17.4% decrease in the average price per ton sold, from ARS 624 in fiscal year 2011 to ARS 516 in fiscal year 2012.
|
·
|
a 19.6% increase in the average cost per kilogram sold, from ARS 6.8 in fiscal year 2011 to ARS 8.2 fiscal year 2012, mainly due to the increase in the average price per kilogram sold, from ARS 6.0 in fiscal year 2011 to ARS 8.74 in fiscal year 2012; and
|
·
|
an 81.9% increase in beef sales volumes in fiscal year 2012 compared to fiscal year 2011.
|
·
|
a 15.2% reduction in the sales volume of milk;
|
·
|
partially offset by a 14.2% increase in the level of prices of milk which had an impact on the cost of sales.
|
·
|
the cost of sale of 2,447 hectares of “Sao Pedro” farm was ARS 32.1 million;
|
·
|
the cost of sale of 1,194 hectares of “La Fon Fon” farm was ARS 11.7 million;
|
·
|
the cost of sale of 115 hectares of “Puerta de Luján” farm was ARS 4.3 million.
|
·
|
the cost of sale of 4,302 hectares of “La Juanita” farm was ARS 21.6 million;
|
·
|
the cost of sale of 910 hectares of “La Fon Fon” farm was ARS 8.3 million.
|
·
|
a 30.52% reduction in the occupancy rate;
|
·
|
an increase of 23.4% in costs per head during this fiscal year, from ARS 222 in fiscal year 2011 to ARS 274 in fiscal year 2012;
|
·
|
a significant increase in the price of calves that affected the purchase-sale ratio as it impacted directly on costs due to the scarce supply of calves resulting from the breeders’ decision to rebreed and sell heavier cattle; and
|
·
|
the end of the compensations granted to feedlot facilities.
|
·
|
the high prices of cattle, their main raw material, due to the scarce supply.
|
·
|
a 8.1% increase in our Agriculture and cattle raising business, from an ARS 228.1 million profit in fiscal year 2011 to an ARS 246.5 million profit in fiscal year 2012;
|
·
|
a 21.8% increase in our Real estate business, from a profit of ARS 822.1 million in fiscal year 2011 to a profit of ARS 1,001.4 million in fiscal year 2012;
|
·
|
partially offset by a reduction of ARS 19.8 million in our Feedlot/meat packing business in fiscal year 2012, from a profit of ARS 3.8 million in fiscal year 2011 to a loss of ARS 15.9 million in fiscal year 2012.
|
·
|
an increase in Salaries and wages and social security contributions;
|
·
|
higher Fees and compensation from services; and
|
·
|
higher office and administration expenses.
|
·
|
an increase in Salaries and wages and social security contributions;
|
·
|
higher Fees and compensation from services; and
|
·
|
higher office and administration expenses.
|
·
|
a higher loss of ARS 79.9 million in net financial interest recorded in fiscal year 2012;
|
·
|
a higher gain of ARS 27.5 million generated by the results from financial and other transactions in fiscal year 2012;
|
·
|
a higher loss of ARS 158.9 million generated by net exchange differences in fiscal year 2012.
|
·
|
a reduction of ARS 21.7 million in fiscal year 2012 in income from related companies in our Real estate business;
|
·
|
we did not record income from our investment in BrasilAgro due to the consolidation of this company effective July 1, 2011. During fiscal year 2011 we had recorded a gain of ARS 9.5 million for the full period;
|
·
|
a lower loss of ARS 1.9 million from the result of our investment in Cactus Argentina S.A. as a result of the consolidation of such company effective January 1, 2011. During fiscal year 2011 we had recorded a loss of ARS 12.4 million for the six-month period ended December 31, 2010;
|
·
|
a lower loss of ARS 4.1 million in fiscal year 2012 as a result of the amortization of higher values generated by the combination of businesses, from a loss of ARS 10.6 million in fiscal year 2011 to a loss of ARS 6.5 million for fiscal year 2012; and
|
·
|
an increase of ARS 1.0 million in fiscal year 2012 as a result of our equity interest in Agro Uranga S.A. The result from our investment in such company was an ARS 4.7 million gain in fiscal year 2011, compared to an ARS 5.7 million gain in fiscal year 2012.
|
Director(1)
|
Date of Birth
|
Position in Cresud
|
Term Expires (2)
|
Date of Current Appointment
|
Current Position Held Since
|
Eduardo S. Elsztain
|
01/26/1960
|
Chairman
|
06/30/14
|
10/31/11
|
1994
|
Saúl Zang
|
12/30/1945
|
First Vice-Chairman
|
06/30/14
|
10/31/11
|
1994
|
Alejandro G. Elsztain
|
03/31/1966
|
Second Vice-Chairman and CEO
|
06/30/13
|
10/29/10
|
1994
|
Gabriel A.G. Reznik
|
11/18/1958
|
Regular Director
|
06/30/12
|
10/29/09
|
2003
|
Jorge O. Fernández
|
01/08/1939
|
Regular Director
|
06/30/12
|
10/29/09
|
2003
|
Fernando A. Elsztain
|
01/04/1961
|
Regular Director
|
06/30/13
|
10/29/10
|
2004
|
David A. Perednik
|
11/15/1957
|
Regular Director and Chief Administrative Officer
|
06/30/13
|
10/29/10
|
2004
|
Pedro D. Labaqui Palacio
|
02/22/1943
|
Regular Director
|
06/30/12
|
10/29/09
|
2006
|
Daniel E. Mellincovsky
|
01/17/1948
|
Regular Director
|
06/30/14
|
10/31/11
|
2008
|
Alejandro G. Casaretto
|
10/15/1952
|
Regular Director
|
06/30/14
|
10/31/11
|
2008
|
Salvador D. Bergel
|
04/17/1932
|
Alternate Director
|
06/30/14
|
10/31/11
|
1996
|
Gastón A. Lernoud
|
06/04/1968
|
Alternate Director
|
06/30/14
|
10/31/11
|
1999
|
Enrique Antonini
|
03/16/1950
|
Alternate Director
|
06/30/13
|
10/29/10
|
2007
|
Eduardo Kalpakian
|
03/03/1964
|
Alternate Director
|
06/30/13
|
10/29/10
|
2007
|
(1)
|
The business address of our management is Cresud S.A.C.I.F.I. y A., Moreno 877, 23rd Floor, (C1091AAQ) Buenos Aires, Argentina.
|
(2)
|
Term expires at the annual ordinary shareholders’ meeting.
|
Name
|
Date of Birth
|
Position
|
Current Position Held Since
|
Alejandro G. Elsztain
|
03/31/1966
|
CEO
|
1994
|
Carlos Blousson
|
09/21/1963
|
Chief Executive Officer for Argentina, Bolivia and Paraguay Operations
|
2008
|
David A. Perednik
|
11/15/1957
|
Chief Administrative Officer
|
1997
|
Matías I. Gaivironsky
|
02/23/1976
|
Chief Financial Officer
|
2011
|
·
|
designate the managers and establish the duties and compensation of such managers;
|
·
|
grant and revoke powers of attorney to attorneys-at-law on behalf of us;
|
·
|
hire, discipline and fire personnel and determine wages, salaries and compensation of personnel;
|
·
|
enter into contracts related to our business;
|
·
|
manage our assets;
|
·
|
enter into loan agreements for our business and set up liens to secure our obligations; and
|
·
|
perform any other acts necessary to manage our day-to-day business.
|
Member
|
Date of Birth
|
Position
|
José Daniel Abelovich
|
07/20/1956
|
Member
|
Marcelo Héctor Fuxman
|
11/30/1955
|
Member
|
Noemí Cohn
|
05/20/1959
|
Member
|
Alicia Rigueira
|
12/02/1951
|
Alternate Member
|
Roberto Murmis
|
04/07/1959
|
Alternate member
|
Sergio L. Kolaczyk
|
11/28/1964
|
Alternate member
|
·
|
Effectiveness and efficiency of operations
|
·
|
Reliability of financial reporting
|
·
|
Compliance with applicable laws and regulations
|
·
|
the board of directors, by establishing the objectives, principles and values, setting the tone at the top and making the overall assessment of results;
|
·
|
the management of each area is responsible for internal control in relation to objectives and activities of the relevant area, i.e. the implementation of policies and procedures to achieve the results of the area and, therefore, those of the entity as a whole;
|
·
|
the other personnel plays a role in exercising control, by generating information used in the control system or taking action to ensure control.
|
§
|
ordinary retirement as prescribed by labor law
|
§
|
total or permanent disability, and
|
§
|
death.
|
·
|
if an employee resigns or is dismissed for no cause, he or she will be entitled to the benefit only if 5 years have elapsed from the moment of each contribution
|
·
|
retirement
|
·
|
total or permanent disability
|
·
|
death
|
·
|
5% of such net profits is allocated to our legal reserve, until such reserve amounts to 20% of our capital stock;
|
·
|
a certain amount determined at a shareholders’ meeting is allocated to compensation of our directors and the members of our supervisory committee; and
|
·
|
additional amounts are allocated for the payment of dividends or to optional reserve funds, or to establish reserves for whatever other purpose our shareholders determine.
|
Year
|
Total Dividend
|
Dividend per Common Share (1)
|
||||||
(ARS MM)
|
(ARS)
|
|||||||
1996
|
— | — | ||||||
1997
|
— | — | ||||||
1998
|
3.8 | 0.099 | ||||||
1999
|
11.0 | 0.092 | ||||||
2000
|
1.3 | 0.011 | ||||||
2001
|
8.0 | 0.030 | ||||||
2002
|
— | — | ||||||
2003
|
1.5 | 0.012 | ||||||
2004
|
3.0 | 0.020 | ||||||
2005
|
10.0 | 0.059 | ||||||
2006
|
5.5 | 0.024 | ||||||
2007
|
8.3 | 0.026 | ||||||
2008
|
20.0 | 0.040 | ||||||
2009
|
60.0 | 0.121 | ||||||
2010
|
— | — | ||||||
2011
|
69.0 | 0.138 | ||||||
2012
|
63.8 | 0.149 |
(1)
|
Corresponds to per share payments. To calculate the dividend paid per ADS, the payment per share should be multiplied by ten. Amounts in Pesos are presented in historical Pesos as of the respective payment date. See “Exchange Controls”.
|
·
|
Before attribution: 0.33333333
|
·
|
After attribution: 0.35100598
|
·
|
Before attribution: USD 1.6800
|
·
|
After attribution: USD 1.5954
|
Buenos Aires Stock Exchange
|
NASDAQ
|
||||||
Price Per Share (ARS)
|
USD per ADR
|
||||||
Share Volume
|
High
|
Low
|
ADS Volume
|
High
|
Low
|
||
Fiscal Year 2008
|
|||||||
1st Quarter
|
3,129,519
|
6.87
|
5.43
|
8,713,926
|
21.71
|
16.25
|
|
2nd Quarter
|
4,255,009
|
7.45
|
5.43
|
8,618,274
|
23.76
|
17.14
|
|
3rd Quarter
|
11,565,947
|
5.84
|
4.53
|
12,236,895
|
18.84
|
13.99
|
|
4th Quarter
|
8,008,908
|
5.43
|
4.71
|
11,790,596
|
16.98
|
14.48
|
|
Annual
|
26,959,383
|
7.45
|
4.53
|
41,359,691
|
23.76
|
13.99
|
|
Fiscal Year 2009
|
|||||||
1st Quarter
|
3,832,884
|
4.66
|
3.25
|
9,269,938
|
14.8
|
10.50
|
|
2nd Quarter
|
4,532,498
|
3.41
|
1.73
|
16,198,697
|
10.69
|
4.67
|
|
3rd Quarter
|
1,378,325
|
3.25
|
2.40
|
8,122,339
|
9.11
|
6.38
|
|
4th Quarter
|
3,117,046
|
4.30
|
2.68
|
8,690,362
|
11.03
|
7.16
|
|
Annual
|
12,860,753
|
4.66
|
1.73
|
42,281,336
|
14.80
|
4.67
|
|
Fiscal Year 2010
|
|||||||
1st Quarter
|
2,369,556
|
5.12
|
3.41
|
15,517,433
|
13.49
|
8.82
|
|
2nd Quarter
|
1,497,135
|
5.54
|
4.65
|
5,371,047
|
15.89
|
11.17
|
|
3rd Quarter
|
3,059,016
|
6.00
|
4.42
|
11,335,218
|
15.89
|
11.17
|
|
4th Quarter
|
1,621,468
|
5.64
|
4.44
|
3,741,122
|
14.50
|
11.28
|
|
Annual
|
8,547,175
|
6.00
|
3.41
|
35,964,820
|
15.89
|
8.82
|
|
Fiscal Year 2011
|
|||||||
1st Quarter
|
3,281,751
|
6.55
|
6.55
|
6,069,472
|
16.58
|
11.55
|
|
2nd Quarter
|
3,070,201
|
7.87
|
6.56
|
8,671,782
|
19.93
|
16.04
|
|
3rd Quarter
|
1,534,934
|
7.90
|
7.00
|
5,729,814
|
19.17
|
16.83
|
|
4th Quarter
|
827,430
|
7.69
|
6.45
|
4,243,179
|
18.28
|
14.68
|
|
Annual
|
8,717,443
|
7.90
|
4.70
|
24,964,491
|
19.93
|
11.55
|
|
Fiscal Year 2012
|
|||||||
1st Quarter
|
812,635
|
7.03
|
5.30
|
5,037,399
|
16.68
|
10.82
|
|
2nd Quarter
|
644,629
|
5.95
|
4.68
|
5,890,807
|
12.32
|
10.27
|
|
3rd Quarter
|
609,305
|
6.90
|
5.33
|
10,708,801
|
13.53
|
11.33
|
|
4th Quarter
|
1,328,881
|
6.45
|
4.45
|
15,006,469
|
12.20
|
6.94
|
|
Annual
|
3,395,450
|
7.03
|
4.45
|
36,643,476
|
16.68
|
6.94
|
|
June 2012
|
475,377
|
5.10
|
4.45
|
3,841,762
|
7.71
|
6.94
|
|
July 2012
|
413,072
|
5.87
|
4.83
|
2,819,765
|
8.72
|
7.43
|
|
August 2012*
|
100,805
|
5.84
|
5.50
|
743,634
|
8.90
|
8.38
|
1)
|
These companies are publicly traded companies; and
|
2)
|
companies that apply for authorization to offer their securities to the public.
|
a)
|
On an annual basis, the companies shall:
|
(i)
|
report whether it observes all the principles and recommendations included in the Corporate Governance Code, and how it does so; or
|
(ii)
|
explain the reasons why it observes only in part or fails to observe such principles and recommendations and report whether in the future the Issuer plans to include those aspects which are not currently adopted.
|
b)
|
Every three months:
|
|
- Of the by-laws:
|
February 19th, 1937
|
|
- Of the latest amendment:
|
July 28th, 2008
|
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 |
June 30, 2012
(Notes 1 and 2)
|
June 30, 2011
(Notes 1 and 2)
|
|
June 30, 2012
(Notes 1 and 2)
|
June 30, 2011
(Notes 1 and 2)
|
|||||||||||||
ASSETS
|
LIABILITIES
|
||||||||||||||||
CURRENT ASSETS
|
CURRENT LIABILITIES
|
||||||||||||||||
Cash and banks (Note 4.a.)
|
338,054 | 193,949 |
Trade accounts payable (Note 4.i.)
|
369,677 | 473,229 | ||||||||||||
Investments (Note 4.b.)
|
248,548 | 575,061 |
Short-term debt (Note 4.j.)
|
1,095,235 | 1,316,232 | ||||||||||||
Trade accounts receivable net (Note 4.c.)
|
558,633 | 452,771 |
Salaries and social security payable (Note 4.k.)
|
105,152 | 82,877 | ||||||||||||
Other receivables (Note 4.d.)
|
233,727 | 291,846 |
Taxes payable (Note 4.l.)
|
180,242 | 135,804 | ||||||||||||
Inventories (Note 4.e.)
|
543,267 | 751,961 |
Customers advances (Note 4.m.)
|
239,041 | 269,555 | ||||||||||||
Total Current Assets
|
1,922,229 | 2,265,588 |
Other liabilities (Note 4.n.)
|
107,073 | 81,880 | ||||||||||||
Provisions for lawsuits and contingencies (Note 4.o.)
|
3,936 | 4,615 | |||||||||||||||
Total Current Liabilities
|
2,100,356 | 2,364,192 | |||||||||||||||
NON-CURRENT LIABILITIES
|
|||||||||||||||||
Trade accounts payable (Note 4.i.)
|
4 | 12,145 | |||||||||||||||
NON-CURRENT ASSETS
|
Long-term debt (Note 4.j.)
|
2,787,945 | 2,086,305 | ||||||||||||||
Trade accounts receivable (Note 4.c.)
|
78,248 | 32,699 |
Salaries and social security payable (Note 4.k.)
|
784 | 635 | ||||||||||||
Other receivables (Note 4.d.)
|
410,207 | 314,486 |
Taxes payable (Note 4.l.)
|
617,123 | 762,385 | ||||||||||||
Inventories (Note 4.e.)
|
336,823 | 357,607 |
Customers advances (Note 4.m.)
|
111,032 | 94,244 | ||||||||||||
Long-term investments (Note 4.b.)
|
2,398,355 | 2,076,960 |
Other liabilities (Note 4.n.)
|
61,343 | 21,624 | ||||||||||||
Other investments (Note 4.b.)
|
11,480 | 1,682 |
Provisions for lawsuits and contingencies (Note 4.o.)
|
22,566 | 14,952 | ||||||||||||
Property and Equipment, net (Note 4.f.)
|
5,147,362 | 5,333,109 |
Total Non-Current Liabilities
|
3,600,797 | 2,992,290 | ||||||||||||
Intangible assets, net (Note 4.g.)
|
93,228 | 79,945 |
Total Liabilities
|
5,701,153 | 5,356,482 | ||||||||||||
Subtotal Non-Current Assets
|
8,475,703 | 8,196,488 | |||||||||||||||
Goodwill, net (Note 4.h.)
|
(642,720 | ) | (741,056 | ) |
Minority interest
|
1,990,778 | 2,262,857 | ||||||||||
Total Non-Current Assets
|
7,832,983 | 7,455,432 |
SHAREHOLDERS’ EQUITY
|
2,063,281 | 2,101,681 | ||||||||||||
Total Assets
|
9,755,212 | 9,721,020 |
Total Liabilities and Shareholders’ Equity
|
9,755,212 | 9,721,020 |
|
||||
Alejandro G. Elsztain
Vicepresident II
acting as a President
|
June 30, 2012
|
June 30, 2011
|
|||||||
Agricultural production income (Note 5)
|
700,396 | 406,481 | ||||||
Cost of agricultural production (Note 5)
|
(613,279 | ) | (280,078 | ) | ||||
Production gain – Agricultural
|
87,117 | 126,403 | ||||||
Sales - crops, beef cattle, milk and others (Note 5)
|
997,056 | 480,347 | ||||||
Sales of farms (Note 5)
|
93,690 | 84,507 | ||||||
Cost of sales - crops, beef cattle, milk and others (Note 5)
|
(883,177 | ) | (433,300 | ) | ||||
Costs of sales of farm (Note 5)
|
(48,200 | ) | (29,906 | ) | ||||
Sales profit - Agricultural business
|
159,369 | 101,648 | ||||||
Sales of slaughtering and feed lot (Note 5)
|
100,208 | 127,086 | ||||||
Cost of slaughtering and feed lot (Note 5)
|
(116,146 | ) | (123,271 | ) | ||||
Sales profit – Slaughtering and feed lot business
|
(15,938 | ) | 3,815 | |||||
Sales and development of properties (Note 5)
|
328,404 | 341,074 | ||||||
Income from lease and service of offices, shopping centers, hotels, consumer financing and others (Note 5)
|
1,238,061 | 1,100,813 | ||||||
Cost of sales and development of properties (Note 5)
|
(223,206 | ) | (252,894 | ) | ||||
Costs of lease and service of offices, shopping centers, hotels, consumer financing and others (Note 5)
|
(341,870 | ) | (366,845 | ) | ||||
Sales profit - Real estate business
|
1,001,389 | 822,148 | ||||||
Gross profit - Agricultural business
|
246,486 | 228,051 | ||||||
Gross profit - Slaughtering and Feed lot Business
|
(15,938 | ) | 3,815 | |||||
Gross profit - Real estate business
|
1,001,389 | 822,148 | ||||||
Gross profit
|
1,231,937 | 1,054,014 | ||||||
Selling expenses (Note 5)
|
(242,983 | ) | (176,207 | ) | ||||
Administrative expenses (Note 5)
|
(360,504 | ) | (256,016 | ) | ||||
Gain from recognition of inventories at net realizable value (Note 5)
|
42,817 | 45,442 | ||||||
Unrealized gain (Note 4.p.)
|
(16,778 | ) | 55,188 | |||||
Net gain from retained interest in consumer finance trusts (Note 5)
|
- | 4,707 | ||||||
Operating gain
|
654,489 | 727,128 | ||||||
Amortization of goodwill
|
56,880 | 65,954 | ||||||
Financial results:
|
||||||||
Generated by assets:
|
||||||||
Exchange gain
|
73,569 | 25,586 | ||||||
Interest income (Note 4.q.)
|
44,460 | 19,006 | ||||||
Other unrealized gain (loss) (Note 4.q.)
|
14,469 | (16,851 | ) | |||||
Subtotal
|
132,498 | 27,741 | ||||||
Generated by liabilities:
|
||||||||
Exchange loss
|
(298,581 | ) | (91,649 | ) | ||||
Loans and convertible notes
|
(396,221 | ) | (290,854 | ) | ||||
Other unrealized loss (Note 4.q.)
|
(18,062 | ) | (14,230 | ) | ||||
Subtotal
|
(712,864 | ) | (396,733 | ) | ||||
Total Financial results
|
(580,366 | ) | (368,992 | ) | ||||
Gain on participation in equity investees
|
105,061 | 129,364 | ||||||
Other income and expenses, net (Note 4.r.)
|
(41,320 | ) | (22,817 | ) | ||||
Management fee
|
(8,696 | ) | (23,618 | ) | ||||
Net income before income tax and minority interest
|
186,048 | 507,019 | ||||||
Income tax and minimum presumed income tax
|
(13,419 | ) | (110,066 | ) | ||||
Minority interest
|
(94,366 | ) | (175,020 | ) | ||||
Net income for the fiscal year
|
78,263 | 221,933 | ||||||
Earnings per share:
|
||||||||
Basic net gain per share (Note 9 to the basic financial statements)
|
0.16 | 0.45 | ||||||
Diluted net gain per share (Note 9 to the basic financial statements)
|
0.14 | 0.40 |
|
The accompanying notes are an integral part of the consolidated financial statements.
|
|
||||
Alejandro G. Elsztain
Vicepresident II
acting as a President
|
June 30, 2012
|
June 30, 2011
|
|||||||
Changes in cash and cash equivalents
|
||||||||
Cash and cash equivalents at the beginning of the fiscal year
|
705,544 | 175,653 | ||||||
Cash and cash equivalents at the end of the fiscal year (1)
|
549,831 | 705,544 | ||||||
(Decrease) increase net in cash and cash equivalents
|
(155,713 | ) | 529,891 | |||||
Causes of changes in cash and cash equivalents
|
||||||||
Operating activities
|
||||||||
Income for the year
|
78,263 | 221,933 | ||||||
Income tax
|
13,419 | 110,066 | ||||||
Accrued interest in the year
|
324,475 | 247,226 | ||||||
Non-capitalized contributions
|
2,799 | - | ||||||
Adjustments made to reach net cash flow from operating activities
|
||||||||
Gain on equity investees
|
(105,061 | ) | (129,364 | ) | ||||
Minority interest
|
94,366 | 175,020 | ||||||
Increase in allowances and provisions
|
73,594 | 64,486 | ||||||
Depreciation and amortization
|
238,847 | 194,518 | ||||||
Unrealized gain (loss) on Inventories
|
16,778 | (55,188 | ) | |||||
Financial results
|
290,084 | 102,695 | ||||||
Loss from sales of fixed assets
|
32,722 | 33,197 | ||||||
Adjustment valuation to net realizable value in other assets
|
(42,817 | ) | (45,442 | ) | ||||
Amortization of goodwill
|
(56,880 | ) | (65,954 | ) | ||||
Reserve long-term incentive program
|
3,468 | - | ||||||
Gain from sales of intangible assets
|
(536 | ) | - | |||||
Additions of intangible assets
|
(1,127 | ) | (3,117 | ) | ||||
Changes in operating assets and liabilities
|
||||||||
Increase in trade accounts receivable, leases and services
|
(151,579 | ) | (156,883 | ) | ||||
Decrease (increase) in other receivables
|
166,944 | (46,251 | ) | |||||
Decrease (increase) in inventories
|
279,930 | (58,549 | ) | |||||
Decrease in trade accounts payable
|
(51,317 | ) | 8,963 | |||||
Decrease in social security payables, taxes payable and customers advances
|
(151,896 | ) | (62,647 | ) | ||||
(Decrease) increase in other liabilities
|
(197,438 | ) | 18,528 | |||||
Cash flows provided by operating activities
|
857,038 | 553,237 | ||||||
Investing activities
|
||||||||
Dividends collected
|
15,620 | 14,116 | ||||||
(Increase) decrease in investments
|
(81,736 | ) | 77,530 | |||||
Increase in interest on equity investees
|
(361,809 | ) | (354,539 | ) | ||||
Payment for subsidiary acquired, net of cash acquired
|
(7,120 | ) | (346,599 | ) | ||||
Advances for purchases of shares
|
- | (1,798 | ) | |||||
Collection of loans granted of Subsidiaries, related companies Law 19,550 Section 33 and related parties
|
- | 25,827 | ||||||
Loans granted to related companies Law No. 19,550 Section 33 and related parties
|
(39,279 | ) | (35,013 | ) | ||||
Collection of loans granted
|
- | (1,217 | ) | |||||
Acquisition and upgrading of fixed assets
|
(241,683 | ) | (169,634 | ) | ||||
Purchase of undeveloped parcels of lands
|
(754 | ) | (185 | ) | ||||
Additions of intangible assets
|
(3,388 | ) | - | |||||
Sale of other fixed assets
|
1,372 | - | ||||||
Contributions to the risk fund of the reciprocal guarantee company
|
(10,000 | ) | - | |||||
Cash flows applied to investing activities
|
(728,777 | ) | (791,512 | ) |
(1)
|
Include conversion differences.
|
|
||||
Alejandro G. Elsztain
Vicepresident II
acting as a President
|
June 30, 2012
|
June 30, 2011
|
|||||||
Financing activities
|
||||||||
Issuance of non-convertible notes
|
913,772 | 965,453 | ||||||
Repurchase of non-convertible notes
|
- | (163,330 | ) | |||||
Payment of convertible notes
|
(209,739 | ) | (35,251 | ) | ||||
Proceeds from sale of Negotiable Obligations, net of expenses
|
- | 302,252 | ||||||
Increase in loans
|
272,906 | 357,644 | ||||||
Decrease in loans
|
(768,297 | ) | (250,721 | ) | ||||
Loans from related companies
|
11,703 | - | ||||||
Payment of loans from related companies
|
(7,161 | ) | - | |||||
Payment of financial interest
|
(335,471 | ) | (186,757 | ) | ||||
Cash Dividends paid
|
(141,066 | ) | (190,406 | ) | ||||
Reimbursement of dividends
|
6,937 | - | ||||||
Contributions from minority shareholders
|
74,079 | 808 | ||||||
Canceling financed purchases
|
(101,637 | ) | (31,539 | ) | ||||
Exercise of options
|
- | 13 | ||||||
Cash flows (applied to) provided by financing activities
|
(283,974 | ) | 768,166 | |||||
Net (decrease) increase in cash and cash equivalents
|
(155,713 | ) | 529,891 |
|
The accompanying notes are an integral part of the consolidated financial statements
|
June 30, 2012
|
June 30, 2011
|
|||||||
Items not involving changes in cash and cash equivalents
|
||||||||
Inventory transferred to property and equipment
|
891 | 10,925 | ||||||
Property and equipment transferred to Inventory
|
29,581 | - | ||||||
Undeveloped parcels of land transferred to inventories
|
- | 3,030 | ||||||
Transitory conversion differences subsidiaries
|
181,736 | 107,643 | ||||||
Increase in inventories through an increase in customer advances
|
2,602 | - | ||||||
Increase in inventories through a decrease in fixed assets
|
- | 2,947 | ||||||
Decrease in inventories through a decrease in trade accounts payable
|
17,416 | - | ||||||
Decrease in inventories through a decrease in customer advances
|
- | 1,920 | ||||||
Decrease in inventories through an increase in investments
|
- | 14,451 | ||||||
Increase in other receivables through an increase in taxes payable
|
3,340 | - | ||||||
Decrease in other receivables through a decrease in shareholders’ equity
|
22,550 | - | ||||||
Increase in investments through a decrease in inventories
|
- | 64,150 | ||||||
Increase in investments through an increase in other payables
|
- | 16,004 | ||||||
Decrease in permanent investments through an increase in other receivables
|
819 | - | ||||||
Increase in fixed assets through an increase in trade accounts payable
|
8,965 | 28,895 | ||||||
Increase in fixed assets through an increase in loans
|
1,421 | - | ||||||
Decrease in fixed assets through an increase in intangible assets
|
985 | - | ||||||
Decrease in intangible assets through a decrease in trade accounts payable
|
1,153 | - | ||||||
Increase in intangible assets through a decrease in other receivables
|
3,222 | - | ||||||
Decrease in long-term debts through an increase in shareholders´ equity
|
38 | 61,240 | ||||||
Decrease in other payables through an increase in minority interest
|
- | 20,557 | ||||||
Increase in permanent investments through a decrease in other receivables
|
- | 70,620 | ||||||
Increase in other payables through a decrease in shareholder’s equity
|
40,846 | - | ||||||
Decrease in other payables through a decrease in permanent investments
|
45,665 | - | ||||||
Capital increase through a decrease by the conversion of debt into equity
|
1,000 | - | ||||||
Long-term incentive program reserve and non-capitalized contributions
|
2,749 | - | ||||||
Increase in trade accounts receivable through a decrease in fixed assets
|
64,277 | - | ||||||
Reimbursement of expired dividends
|
2,301 | - | ||||||
Decrease in trade accounts receivable
|
646 | - | ||||||
Decrease in permanent investments
|
16,004 | - | ||||||
Decrease in trade accounts payable
|
7,345 | - | ||||||
Decrease in other liabilities
|
17,330 | - | ||||||
Decrease in other receivable
|
8,025 | - | ||||||
Complementary information
|
||||||||
Income tax paid
|
142,740 | 82,231 |
|
||||
Alejandro G. Elsztain
Vicepresident II
acting as a President
|
June 30, 2012
|
June 30, 2011
|
|||||||
Acquisition of subsidiaries companies
|
||||||||
Current investments
|
- | (75,717 | ) | |||||
Trade Accounts Receivables, Net
|
(1,825 | ) | (160,514 | ) | ||||
Other receivables
|
(2,415 | ) | 153,435 | |||||
Inventories
|
(1,096 | ) | 309,970 | |||||
Property and equipment, net
|
(41,718 | ) | 2,035,825 | |||||
Intangible assets
|
(16,304 | ) | 6,877 | |||||
Trade accounts payable
|
2,063 | (27,338 | ) | |||||
Advances for customers
|
803 | (15,557 | ) | |||||
Financial loans
|
- | (147,516 | ) | |||||
Salaries and social security payable
|
101 | (6,690 | ) | |||||
Taxes payable
|
6,965 | (321,428 | ) | |||||
Other liabilities
|
10,958 | (19,109 | ) | |||||
Provisions for lawsuits
|
- | (2,766 | ) | |||||
Minority interest
|
- | (16,862 | ) | |||||
Acquired / sold assets that do not affect cash, net value
|
(42,468 | ) | 1,712,610 | |||||
Acquired funds
|
(266 | ) | 361,384 | |||||
Net value of assets acquired / sold
|
(42,734 | ) | 2,073,994 | |||||
Minority interest
|
(1,434 | ) | (550,432 | ) | ||||
Equity method before of consolidation
|
- | (384,679 | ) | |||||
Goodwill generated by the purchase
|
(5,730 | ) | (411,248 | ) | ||||
Result of sale
|
- | 15,327 | ||||||
Remaining investment
|
- | 28,967 | ||||||
Purchase value of subsidiaries companies
|
(49,898 | ) | 771,929 | |||||
Acquired funds
|
266 | (361,384 | ) | |||||
Advanced amount
|
1,538 | (30,543 | ) | |||||
Amount founded by sellers
|
40,974 | (33,403 | ) | |||||
Income/loss from sale/acquisition of companies, net of cash transferred/acquired
|
(7,120 | ) | 346,599 |
|
||||
Alejandro G. Elsztain
Vicepresident II
acting as a President
|
Item
|
Published Consolidated Financial Statements of Cresud
as of June 30, 2011
(in pesos)
|
Tarshop S.A.
as of June 30, 2011
|
Brasilagro
as of June 30, 2011
|
Financial Statements in
the event of deconsolidation/ consolidation
as of June 30, 2011
(in pesos)
|
||||||||||||
Production profit – Agricultural
|
126,403 | - | 55,693 | 182,096 | ||||||||||||
Sales profit - Agricultural business
|
101,648 | - | 27,638 | 129,286 | ||||||||||||
Sales profit - Real estate business
|
822,148 | (35,855 | ) | - | 786,293 | |||||||||||
Income from the sale of cold store business and feed lot
|
3,815 | - | - | 3,815 | ||||||||||||
Gross profit
|
1,054,014 | (35,855 | ) | 83,331 | 1,101,490 | |||||||||||
Operating result
|
727,128 | (17,644 | ) | 13,333 | 722,817 | |||||||||||
Net income for the fiscal year
|
221,933 | - | - | 221,933 |
Item
|
Consolidated Financial Statements
as of June 30, 2011
(in pesos)
|
Tarshop S.A.
as of June 30, 2011
|
Brasilagro
as of June 30, 2011
|
Financial Statements
the event of deconsolidation/ consolidation
as of June 30, 2011
(in pesos)
|
||||||||||||
Net Cash flows provided by operating activities
|
553,237 | 22,002 | (40,110 | ) | 535,129 | |||||||||||
Net Cash flows used in investing activities
|
(791,512 | ) | 101 | (179,020 | ) | (970,431 | ) | |||||||||
Net Cash flows provided by financing activities
|
768,166 | (28,553 | ) | 33,302 | 772,915 |
Consolidated direct and indirect percentage of voting shares owned
|
||||||||
Company
|
06/30/2012
|
06/30/2011
|
||||||
IRSA
|
64.20 | 57.70 | (3) | |||||
FyO.Com
|
65.85 | 65.85 | ||||||
FyO Trading
|
65.66 | (1) | 67.09 | (1) | ||||
Agrology S.A. (“Agrology”) (5)
|
- | 100.00 | ||||||
Agrotech
|
100.00 | 100.00 | (4) | |||||
Pluriagro
|
100.00 | 100.00 | (4) | |||||
Northagro
|
100.00 | 100.00 | (4) | |||||
Cactus
|
100.00 | (7) | 80.00 | |||||
Exportaciones Agroindustriales Argentinas S.A. (“EAASA”)
|
100.00 | (2) | 79.98 | |||||
Helmir
|
100.00 | 100.00 | ||||||
Acres
|
100.00 | (6) | 100.00 | |||||
Ombú
|
100.00 | (6) | 100.00 | |||||
Yatay
|
100.00 | (6) | 100.00 | |||||
Yuchán
|
100.00 | (6) | 100.00 | |||||
Brasilagro
|
39.64 | 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)
|
Merged with Cresud as of 07/01/2011. See Note 14 of the Basic Financial Statements.
|
(6)
|
Includes interests of 4.88% of Northagro and Pluriagro.
|
(7)
|
Includes interests of 5.45% of Helmir.
|
|
b.
|
Non-current investments
|
|
Risk Fund of the reciprocal guarantee company
|
c.
|
Property and equipment, net
|
Assets
|
Useful life indicated in years
|
|||
Leasehold improvements
|
On contract basis
|
|||
Furniture and fixtures
|
10 | |||
Vehicles
|
5 | |||
Machinery and equipment
|
10 | |||
Computer systems
|
3 |
d.
|
Intangible assets
|
e.
|
Issuance of debt expenses
|
f.
|
Customer advances payments
|
g.
|
Provisions:
|
h.
|
Liabilities in kind related to barter transactions
|
i.
|
Financial leasings
|
j.
|
Revenue recognition:
|
|
1)
|
Revenue recognition of IRSA
|
·
|
The sale has been consummated.
|
·
|
There is sufficient evidence to 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 APSA
|
NOTE 3:
|
(Continued)
|
NOTE 3:
|
(Continued)
|
k.
|
Employee Benefits
|
·
|
Agricultural business
|
NOTE 4:
|
DETAILS OF CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF INCOME ACCOUNTS
|
a.
|
Cash and banks
|
June 30,
2012
|
June 30,
2011
|
|||||||
Cash
|
8,541 | 2,136 | ||||||
Banks
|
329,513 | 191,663 | ||||||
Checks to be deposited
|
- | 150 | ||||||
338,054 | 193,949 |
b.
|
Investments
|
June 30,
2012
|
June 30,
2011
|
|||||||
Current
|
||||||||
Temporary investments
|
||||||||
Mutual Funds (2)
|
132,298 | 337,963 | ||||||
Time deposits
|
104,077 | 233,697 | ||||||
Mortgage Bonds (1)
|
496 | 477 | ||||||
Public shares (1)
|
11,668 | 2,912 | ||||||
Other investments (1)
|
9 | 12 | ||||||
248,548 | 575,061 |
(1)
|
Not considered as cash equivalents in Cash Flow Statements.
|
(2)
|
As of June 30, 2012 includes Ps. 77,427 and Ps. 60,065 respectively, related to mutual funds not considered as cash equivalents in Cash Flow Statement.
|
NOTE 4:
|
(Continued)
|
June 30,
2012
|
June 30,
2011
|
|||||||
Non-current
|
||||||||
Investments on Equity Investees:
|
||||||||
Agro – Uranga S.A.
|
||||||||
Shares
|
14,085 | 11,665 | ||||||
Higher property value
|
11,179 | 11,179 | ||||||
25,264 | 22,844 |
Agro Managers S.A.
|
||||||||
Shares
|
1,100 | - | ||||||
Goodwill
|
798 | - | ||||||
1,898 | - |
Brasilagro
|
||||||||
Warrants
|
29,904 | 27,199 | ||||||
29,904 | 27,199 |
Banco Hipotecario S.A.
|
||||||||
Shares
|
1,049,240 | 939,553 | ||||||
Lower/ Higher values (1)
|
(1,164 | ) | 6,658 | |||||
Goodwill
|
(29,135 | ) | (27,762 | ) | ||||
1,018,941 | 918,449 |
Banco Crédito & Securitización S.A.
|
||||||||
Shares
|
8,792 | 6,117 | ||||||
8,792 | 6,117 |
Manibil S.A.
|
||||||||
Shares
|
28,717 | 27,671 | ||||||
Goodwill
|
10 | 10 | ||||||
28,727 | 27,681 |
|
(1)
|
Corresponds to Ps. 199 of higher value intangible assets, Ps. 3,987 of lower value trade account payables, Ps. (9,077) of higher value trade account receivable which belongs to the business combinations of Cresud and Agrology (currently merged into Cresud) and Ps. 3,727 of IRSA.
|
NOTE 4:
|
(Continued)
|
June 30,
2012
|
June 30,
2011
|
|||||||
Hersha Hospitality Trust
|
||||||||
Shares / Options
|
300,666 | 277,248 | ||||||
300,666 | 277,248 |
Tarshop S.A.
|
||||||||
Shares
|
44,092 | 49,779 | ||||||
44,092 | 49,779 |
RIGBY 183 LLC
|
||||||||
Shares
|
88,736 | 91,136 | ||||||
88,736 | 91,136 |
Bitania 26 S.A.
|
||||||||
Shares
|
10,536 | - | ||||||
Higher values
|
8,983 | - | ||||||
Goodwill
|
1,736 | - | ||||||
21,255 | - |
TGLT S.A.
|
||||||||
Shares
|
59,031 | 56,382 | ||||||
59,031 | 56,382 |
Supertel Hospitality Inc.
|
||||||||
Shares / warrants (5)
|
135,922 | - | ||||||
135,922 | - |
New Lipstick
|
||||||||
Shares
|
124,233 | 115,946 | ||||||
124,233 | 115,946 |
Advances for shares purchases
|
- | 1,797 | ||||||
- | 1,797 |
NOTE 4:
|
(Continued)
|
June 30,
2012
|
June 30,
2011
|
|||||||
Undeveloped parcels of lands:
|
||||||||
- Santa María del Plata
|
223,079 | 222,578 | ||||||
- Soleil Factory construction right
|
6,676 | 6,676 | ||||||
- Puerto Retiro (1)
|
66,221 | 66,321 | ||||||
- Plot of land Caballito
|
49,699 | 49,699 | ||||||
- Patio Olmos (2)
|
33,744 | 33,744 | ||||||
- Coto air space (4)
|
17,594 | 17,594 | ||||||
- Zetol plot of land (3)
|
36,070 | 32,207 | ||||||
- Canteras Natal Crespo
|
6,731 | 6,539 | ||||||
- Pilar
|
4,066 | 4,066 | ||||||
- Plot of land Luján
|
22,421 | - | ||||||
- Vista al Muelle plot of land (3)
|
25,374 | 21,654 | ||||||
- Other undeveloped parcels of lands
|
19,219 | 21,304 | ||||||
510,894 | 482,382 | |||||||
2,398,355 | 2,076,960 |
(1)
|
Note 7 B.1.a. to the consolidated financial statements.
|
(2)
|
Note 9 B.2.a. to the consolidated financial statements.
|
(3)
|
Note 8 B.1.e. to the consolidated financial statements.
|
(4)
|
Note 9 B.2.d. to the consolidated financial statements.
|
(5)
|
Upon acquisition, such instruments were recorded at acquisition cost. The price paid at acquisition of US$ 30 million was allocated based on the estimated relative fair value of both instruments, which arises to US$ 26 million to preferred shares and US$ 4 million to warrants.
|
June 30,
2012
|
June 30,
2011
|
|||||||
MAT
|
90 | 90 | ||||||
Coprolán
|
21 | 21 | ||||||
Other investments
|
1,369 | 1,571 | ||||||
Risk fund in a reciprocal guarantee company
|
10,000 | - | ||||||
11,480 | 1,682 |
c.
|
Trade Account Receivable
|
June 30,
2012
|
June 30,
2011
|
|||||||
Current
|
||||||||
Debtors from consumer financing
|
11,128 | 70,248 | ||||||
Leases, services and real estate receivables
|
118,915 | 97,025 | ||||||
Checks to be deposited
|
137,849 | 104,083 | ||||||
Debtors from expenses and collective promotion fund
|
26,834 | 18,953 | ||||||
Leases, services and real estate receivables under legal proceedings
|
46,650 | 49,549 | ||||||
Trade accounts receivable – agricultural business
|
220,788 | 184,088 | ||||||
Trade accounts receivable – real estate agricultural business
|
28,702 | 11,859 | ||||||
Trade accounts receivable – real estate business
|
- | 4,034 | ||||||
Debtors from hotel activities
|
14,106 | 9,954 | ||||||
Documents receivable
|
8,317 | 5,987 | ||||||
Debtors from consumer financing – collection agents
|
4,864 | 4,869 | ||||||
Credit cards receivable
|
636 | 497 | ||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
9,979 | 9,189 | ||||||
Less:
|
||||||||
Allowance for doubtful accounts
|
(70,135 | ) | (117,564 | ) | ||||
558,633 | 452,771 |
Non-current
|
||||||||
Leases, services and real estate receivables
|
35,478 | 14,300 | ||||||
Documents receivable
|
1,183 | - | ||||||
Trade accounts receivable – agricultural business
|
- | 3,519 | ||||||
Trade accounts receivable – real estate agricultural business
|
41,587 | 14,880 | ||||||
78,248 | 32,699 |
d.
|
Other receivables
|
June 30,
2012
|
June 30,
2011
|
|||||||
Current
|
||||||||
VAT receivables, net
|
39,725 | 56,566 | ||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
29,422 | 29,151 | ||||||
Prepaid expenses
|
54,357 | 49,300 | ||||||
Income tax advances and tax credit (net of provision for income tax)
|
23,898 | 15,133 | ||||||
Loans granted
|
11,165 | 644 | ||||||
Gross sales tax credit and others
|
16,049 | 10,895 | ||||||
Guarantee deposits
|
9,789 | 633 | ||||||
Minimum presumed income tax
|
843 | 1,824 | ||||||
Premiums collected
|
876 | 2,919 | ||||||
Operations to liquidate
|
692 | 14,180 | ||||||
Other tax credits
|
8,763 | 59,323 | ||||||
Prepaid leases
|
2,138 | 11,044 | ||||||
VAT withholdings
|
1,756 | 1,709 | ||||||
Transfer VAT debtors
|
- | 61 | ||||||
Withholding income tax
|
12,329 | 7,764 | ||||||
Financial derivates instruments
|
959 | 1,867 | ||||||
VAT export refunds
|
786 | 424 | ||||||
Expenses to be recovered
|
2,642 | 7,707 | ||||||
Allowance for doubtful accounts
|
(92 | ) | (92 | ) | ||||
Others
|
17,630 | 20,794 | ||||||
233,727 | 291,846 |
June 30,
2012
|
June 30,
2011
|
|||||||
Non-current
|
||||||||
Deferred tax
|
77,819 | 20,313 | ||||||
Minimum presumed income tax
|
158,415 | 129,958 | ||||||
VAT receivables, net
|
43,292 | 55,914 | ||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
19,847 | 29,772 | ||||||
Prepaid expenses
|
2,982 | 3,114 | ||||||
Mortgages receivables under legal proceeding
|
2,208 | 2,208 | ||||||
Allowance for doubtful accounts
|
(2,208 | ) | (2,208 | ) | ||||
Guarantee deposits
|
51,950 | 55,975 | ||||||
Other tax credits
|
51,059 | 12,131 | ||||||
Gross sales tax credit and others
|
1,346 | 1,067 | ||||||
Others
|
3,497 | 6,242 | ||||||
410,207 | 314,486 |
e.
|
Inventories
|
June 30,
2012
|
June 30,
2011
|
|||||||
Current
|
||||||||
Agricultural Business
|
||||||||
Crops
|
155,143 | 232,009 | ||||||
Materials and others
|
74,136 | 115,140 | ||||||
Beef cattle
|
37,041 | 45,131 | ||||||
Unharvested crops
|
54,447 | 69,724 | ||||||
Seeds and fodder
|
13,347 | 8,009 | ||||||
Slaughtered stock
|
- | 5,898 | ||||||
Suppliers advances
|
70,674 | 8,697 | ||||||
Other inventories
|
2,416 | - | ||||||
Real Estate Business
|
||||||||
Caballito Nuevo
|
2,369 | 5,860 | ||||||
Abril
|
1,144 | 1,145 | ||||||
Inventories (hotel business)
|
4,792 | 3,575 | ||||||
El Encuentro
|
2,038 | 5,660 | ||||||
Horizons
|
115,921 | 212,211 | ||||||
Credit from barter transaction of Terreno Rosario
|
- | 25,607 | ||||||
San Martín de Tours
|
180 | 424 | ||||||
Torres Jardin
|
32 | 32 | ||||||
Torres Rosario
|
6,001 | 9,320 | ||||||
Other inventories
|
3,586 | 3,519 | ||||||
543,267 | 751,961 |
June 30,
2012
|
June 30,
2011
|
|||||||
Non-current
|
||||||||
Agricultural Business
|
||||||||
Beef cattle
|
179,002 | 184,527 | ||||||
Unharvested crops
|
59,692 | 83,227 | ||||||
Real Estate Business
|
||||||||
Units be receive Caballito (Note 4.s.)
|
52,205 | 51,999 | ||||||
El Encuentro
|
2,491 | 1,898 | ||||||
Units to receive (Note 4.s.)
|
23,608 | 23,309 | ||||||
Abril
|
776 | - | ||||||
Lands to receive Peraiola
|
8,200 | 8,200 | ||||||
Torres Rosario
|
10,417 | 4,388 | ||||||
Other inventories
|
432 | 59 | ||||||
336,823 | 357,607 |
f.
|
Property and equipment, net
|
June 30,
2012
|
June 30,
2011
|
|||||||
Agricultural business
|
1,710,981 | 1,797,953 | ||||||
Real Estate Business
|
||||||||
Shopping centers (Note 4.s)
|
2,087,772 | 2,226,543 | ||||||
Office buildings
|
945,715 | 966,320 | ||||||
Hotel operations
|
195,537 | 203,716 | ||||||
Other fixed assets
|
207,357 | 138,577 | ||||||
5,147,362 | 5,333,109 |
g.
|
Intangible assets
|
June 30,
2012
|
June 30,
2011
|
|||||||
Agricultural Business
|
26,365 | 28,290 | ||||||
Real Estate Business
|
66,863 | 51,655 | ||||||
93,228 | 79,945 |
h.
|
Goodwill
|
June 30,
2012
|
June 30,
2011
|
|||||||
Goodwill
|
||||||||
IRSA
|
24,171 | 14,330 | ||||||
Brasilagro
|
6,965 | 6,965 | ||||||
Quality Invest S.A.
|
176 | - | ||||||
APSA
|
9,411 | 12,431 | ||||||
Torre BankBoston
|
4,674 | 4,873 | ||||||
Della Paolera 265 y Museo Renault
|
- | 2,620 | ||||||
Conil S.A.
|
343 | 344 | ||||||
Arcos del Gourmet S.A.
|
5,730 | - | ||||||
Nuevo Puerto Santa Fe S.A.
|
843 | - | ||||||
Cactus goodwill
|
15,504 | 4,978 | ||||||
Goodwill allowance
|
(15,504 | ) | (4,978 | ) | ||||
Other goodwill
|
140 | - | ||||||
Jaborandi
|
12,531 | - | ||||||
Negative goodwill
|
||||||||
IRSA
|
(299,578 | ) | (324,774 | ) | ||||
Brasilagro-Companhia
|
(47,147 | ) | (73,947 | ) | ||||
APSA
|
(322,821 | ) | (342,604 | ) | ||||
Palermo Invest S.A.
|
(21,223 | ) | (23,498 | ) | ||||
Empalme S.A.I.C.F.A. y G
|
(2,352 | ) | (2,684 | ) | ||||
Mendoza Plaza Shopping S.A.
|
(2,011 | ) | (2,115 | ) | ||||
Emprendimiento Recoleta S.A.
|
(4 | ) | (25 | ) | ||||
Unicity S.A.
|
(3,601 | ) | (3,601 | ) | ||||
Soleil Factory
|
(8,967 | ) | (9,371 | ) | ||||
(642,720 | ) | (741,056 | ) |
i.
|
Trade accounts payable
|
June 30,
2012
|
June 30,
2011
|
|||||||
Current
|
||||||||
Suppliers
|
137,141 | 118,146 | ||||||
Provisions for inputs and other expenses
|
92,691 | 114,355 | ||||||
Debt related to purchase of farms
|
110,220 | 180,325 | ||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
2,571 | 10,054 | ||||||
Liabilities in kind “Horizons”
|
19,027 | 36,443 | ||||||
Provision for harvest expenses
|
5,347 | 4,245 | ||||||
Checks deferred
|
160 | 6,111 | ||||||
Others
|
2,520 | 3,550 | ||||||
369,677 | 473,229 |
Non-current
|
||||||||
Suppliers
|
4 | 47 | ||||||
Debt related to purchase of farms
|
- | 12,098 | ||||||
4 | 12,145 |
j.
|
Short-term debts
|
June 30,
2012
|
June 30,
2011
|
|||||||
Current
|
||||||||
Bank loans
|
353,444 | 331,779 | ||||||
Financial leasing payable
|
1,095 | - | ||||||
Bank Overdrafts
|
225,875 | 684,215 | ||||||
Foreign financial entities
|
- | 3,473 | ||||||
Seller- financed debt
|
49,774 | 50,191 | ||||||
Non-convertible Notes - IRSA 2017 Class I
|
23,175 | 20,960 | ||||||
Non-convertible Notes Class III
|
- | 36,314 | ||||||
Non-convertible Notes Class IV
|
18,635 | 55,503 | ||||||
Non-convertible Notes Class V
|
69,612 | 36,177 | ||||||
Non-convertible Notes Class VI
|
107,495 | 33,427 | ||||||
Non-convertible Notes Class VII
|
9,261 | 21 | ||||||
Non-convertible Notes Class VIII
|
6,394 | - | ||||||
Non-convertible Notes Class IX
|
50,243 | - | ||||||
Non-convertible Notes Class X
|
273 | - | ||||||
Non-convertible Notes Class XI
|
233 | - | ||||||
Non-convertible Notes - IRSA 2020 Class II
|
34,003 | 30,800 | ||||||
Non-convertible Notes - APSA US$ 120 M.
|
4,555 | 4,490 | ||||||
Convertible Notes – APSA 2014 US$ 50 M.
|
2 | 3 | ||||||
Non-convertible Notes - IRSA 2013 Class III
|
102,888 | - | ||||||
Non-convertible Notes - IRSA 2014 Class IV
|
38,278 | - | ||||||
Non-convertible Notes – APSA 2012 Ps. 154 M.
|
- | 28,879 | ||||||
1,095,235 | 1,316,232 |
June 30,
2012
|
June 30,
2011
|
|||||||
Non-current
|
||||||||
Bank loans
|
174,012 | 173,527 | ||||||
Foreign financial entities
|
- | 10,355 | ||||||
Non-convertible Notes Class IV
|
- | 18,314 | ||||||
Non-convertible Notes Class V
|
- | 70,927 | ||||||
Non-convertible Notes Class VI
|
- | 99,286 | ||||||
Non-convertible Notes Class VII
|
- | 8,509 | ||||||
Non-convertible Notes Class VIII
|
269,922 | - | ||||||
Non-convertible Notes Class IX
|
100,606 | - | ||||||
Non-convertible Notes Class X
|
138,474 | - | ||||||
Non-convertible Notes Class XI
|
58,909 | - | ||||||
Non-convertible Notes - IRSA 2017 Class I
|
665,257 | 599,565 | ||||||
Non-convertible Notes - APSA US$ 120 M.
|
471,749 | 421,498 | ||||||
Non-convertible Notes - IRSA 2020 Class II
|
661,078 | 598,116 | ||||||
Convertible Notes – APSA 2014 US$ 50 M.
|
37 | 4,640 | ||||||
Non-convertible Notes - IRSA 2013 Class III
|
51,032 | - | ||||||
Non-convertible Notes - IRSA 2014 Class IV
|
114,665 | - | ||||||
Financial leases payable
|
479 | - | ||||||
Seller - financed debt
|
81,725 | 81,568 | ||||||
2,787,945 | 2,086,305 |
k.
|
Remunerations and social security contributions
|
June 30,
2012
|
June 30,
2011
|
|||||||
Current
|
||||||||
Provisions for vacation and bonuses
|
88,692 | 67,011 | ||||||
Social security payable
|
12,517 | 12,827 | ||||||
Salaries payable
|
2,804 | 1,369 | ||||||
Facilities for payment plan social security
|
222 | 209 | ||||||
Others
|
917 | 1,461 | ||||||
105,152 | 82,877 |
June 30,
2012
|
June 30,
2011
|
|||||||
Non-current
|
||||||||
Facilities for payment plan social security
|
414 | 635 | ||||||
Others
|
370 | - | ||||||
784 | 635 |
l.
|
Taxes payable
|
June 30,
2012
|
June 30,
2011
|
|||||||
Current
|
||||||||
VAT payable, net
|
24,986 | 21,642 | ||||||
Minimum presumed income tax
|
12,939 | 7,636 | ||||||
Income tax provision, net
|
106,040 | 72,606 | ||||||
Tax on shareholders´ personal assets
|
3,815 | 4,276 | ||||||
Provisions – Gross sales tax payable
|
5,076 | 2,325 | ||||||
Tax moratorium – ABL
|
2,182 | 1,464 | ||||||
Tax payment facilities plan for income tax
|
1,960 | 1,879 | ||||||
Tax withholdings
|
12,646 | 17,826 | ||||||
Gross revenue tax moratorium
|
481 | 564 | ||||||
Other taxes Brasilagro
|
3,811 | 454 | ||||||
Others
|
6,306 | 5,132 | ||||||
180,242 | 135,804 |
Non-current
|
||||||||
Deferred tax
|
595,752 | 738,950 | ||||||
Income tax payable moratorium
|
15,438 | 17,386 | ||||||
Tax on shareholders´ personal assets moratorium
|
1,781 | 2,086 | ||||||
Other taxes moratorium
|
584 | 1,672 | ||||||
Minimum presumed income tax
|
272 | - | ||||||
Tax moratorium – ABL
|
3,291 | 1,927 | ||||||
Others
|
5 | 364 | ||||||
617,123 | 762,385 |
June 30,
2012
|
June 30,
2011
|
|||||||
Current
|
||||||||
Admission rights
|
78,172 | 60,822 | ||||||
Advanced payments from customers
|
111,008 | 173,712 | ||||||
Leases and service advances
|
46,567 | 35,021 | ||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
3,294 | - | ||||||
239,041 | 269,555 |
Non-current
|
||||||||
Admission rights
|
85,281 | 66,885 | ||||||
Leases and service advances
|
25,751 | 27,359 | ||||||
111,032 | 94,244 |
n.
|
Other liabilities
|
June 30,
2012
|
June 30,
2011
|
|||||||
Current
|
||||||||
Litigation National Park Administration
|
- | 1,100 | ||||||
Debt to purchase of investments
|
- | 316 | ||||||
Other debts
|
- | 16,004 | ||||||
Advances on assignment of right
|
4,789 | - | ||||||
Guarantee deposits
|
9,085 | 4,128 | ||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
30,406 | 37,326 | ||||||
Premiums collected
|
59 | 672 | ||||||
Provision for contract management (Note 4.s.)
|
2,984 | 7,868 | ||||||
Derivates financial instruments
|
18,497 | 7,681 | ||||||
Profits to be made and improvements made by others to earn
|
266 | 332 | ||||||
Dividends payable
|
34,724 | 5 | ||||||
Management and reserve fund
|
- | 2,975 | ||||||
Others
|
6,263 | 3,473 | ||||||
107,073 | 81,880 |
June 30,
2012
|
June 30,
2011
|
|||||||
Non-current
|
||||||||
Derivates financial instruments
|
22,859 | - | ||||||
Loan with shareholders of related parties
|
- | 252 | ||||||
Profits to be made and improvements made by others to earn
|
8,903 | 9,170 | ||||||
Guarantee deposits
|
10,074 | 6,207 | ||||||
Advances on assignment of right
|
- | 3,344 | ||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 4.s.)
|
18,793 | 20 | ||||||
Others
|
714 | 2,631 | ||||||
61,343 | 21,624 |
o.
|
Provisions for lawsuits and contingencies
|
June 30,
2012
|
June 30,
2011
|
|||||||
Current
|
||||||||
Lawsuits and contingencies
|
3,936 | 4,615 | ||||||
3,936 | 4,615 |
Non-current
|
||||||||
Lawsuits and contingencies
|
22,566 | 14,952 | ||||||
22,566 | 14,952 |
p.
|
Unrealized gain
|
June 30,
2012
|
June 30,
2011
|
|||||||
Unrealized gain on inventories - Beef cattle
|
19,584 | 69,752 | ||||||
Unrealized loss on inventories - Crops, raw materials and MAT
|
(36,936 | ) | (15,704 | ) | ||||
Operative gain and unrealized gain on real estate assets
|
574 | 1,140 | ||||||
Total unrealized (loss) gain
|
(16,778 | ) | 55,188 |
q.
|
Financial results, net
|
June 30,
2012
|
June 30,
2011
|
|||||||
Generated by assets:
|
||||||||
Income Interest:
|
||||||||
Income interest
|
46,060 | 18,959 | ||||||
Current value of assets
|
(1,600 | ) | 47 | |||||
Sub-total
|
44,460 | 19,006 | ||||||
Other Unrealized gain:
|
||||||||
Conversion differences
|
8,340 | (4,543 | ) | |||||
Gain on hedging operations
|
1,037 | 2,850 | ||||||
Tax on bank account operations
|
(7,751 | ) | (10,310 | ) | ||||
Gain (Loss) on financial operations
|
20,361 | (1,435 | ) | |||||
Other
|
(7,518 | ) | (3,413 | ) | ||||
Sub-total
|
14,469 | (16,851 | ) |
Generated by liabilities:
|
||||||||
Other Unrealized gain:
|
||||||||
Loss on financed derivate instruments operation
|
(2,001 | ) | - | |||||
Interests - Bank loans
|
- | (7,204 | ) | |||||
Other
|
(16,061 | ) | (7,026 | ) | ||||
Sub-total
|
(18,062 | ) | (14,230 | ) |
r.
|
Other income and expenses, net
|
June 30,
2012
|
June 30,
2011
|
|||||||
Other incomes:
|
||||||||
Recovery of allowances
|
2,447 | - | ||||||
Lawsuits and contingencies
|
- | 87 | ||||||
Sale of consumer relationships and transfer of portfolio of Apasamedia S.A.
|
- | 10,019 | ||||||
Gains on the sales of other fixed assets
|
113 | 35 | ||||||
Management fee
|
811 | 735 | ||||||
Others
|
6,472 | 2,219 | ||||||
Sub-total Other Incomes
|
9,843 | 13,095 |
June 30,
2012
|
June 30,
2011
|
|||||||
Other Expenses:
|
||||||||
Tax on shareholders´ personal assets
|
(13,641 | ) | (13,269 | ) | ||||
Lawsuits and contingencies
|
(6,178 | ) | (3,487 | ) | ||||
Unrecoverable VAT receivable
|
(2,222 | ) | (3,347 | ) | ||||
Donations
|
(18,202 | ) | (7,020 | ) | ||||
Gains on the sales of other fixed assets
|
(11 | ) | - | |||||
Capital issue expenses
|
(4,822 | ) | - | |||||
Others
|
(6,087 | ) | (8,789 | ) | ||||
Sub-total Other Expenses
|
(51,163 | ) | (35,912 | ) | ||||
Total Other income and expenses, net
|
(41,320 | ) | (22,817 | ) |
|
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
|
Inventory/ Fixed assets non-current Barter Caballito and Beruti plot of land
|
Advanced payments from customers
|
Current Trade account
payable
|
Current
Other liabilities
|
Non-current Other liabilities
|
|||||||||||||||||||||||||
Agro –Uranga S.A. (2)
|
1,843 | 45 | - | - | - | - | - | - | ||||||||||||||||||||||||
Agromanagers S.A. (2)
|
- | 20 | - | - | - | - | - | - | ||||||||||||||||||||||||
Banco Hipotecario S.A. (2)
|
298 | - | - | - | - | (75 | ) | - | - | |||||||||||||||||||||||
Baicom Networks S.A. (4)
|
- | 32 | 455 | - | - | - | - | - | ||||||||||||||||||||||||
Canteras Natal Crespo S.A. (4)
|
465 | 50 | - | - | - | - | - | - | ||||||||||||||||||||||||
Consorcio Libertador (3)
|
103 | 18 | - | - | - | (3 | ) | - | - | |||||||||||||||||||||||
Consorcio Torre Boston (3)
|
99 | 231 | - | - | - | (924 | ) | - | - | |||||||||||||||||||||||
Consultores Asset Management S.A. (3)
|
2,250 | 111 | - | - | - | (17 | ) | (2,991 | ) | - | ||||||||||||||||||||||
Museo de los niños S.A. (3)
|
1,454 | - | - | - | - | (19 | ) | - | - | |||||||||||||||||||||||
Cresca S.A. (4)
|
- | 215 | 19,392 | - | - | - | (14 | ) | - | |||||||||||||||||||||||
Cyrsa S.A. (4)
|
24 | 589 | - | - | - | (37 | ) | (115 | ) | - | ||||||||||||||||||||||
Directors (3)
|
1 | 218 | - | - | - | (41 | ) | (24,005 | ) | (20 | ) | |||||||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | 743 | - | - | - | (1,362 | ) | (1,068 | ) | - | ||||||||||||||||||||||
Fundación IRSA (3)
|
45 | 1 | - | - | - | (1 | ) | (1,073 | ) | - | ||||||||||||||||||||||
Inversiones Financieras del Sur S.A. (1)
|
- | 12,755 | - | - | - | - | (3,974 | ) | - | |||||||||||||||||||||||
Hersha Hospitality Trust (2)
|
- | 3,447 | - | - | - | - | - | - | ||||||||||||||||||||||||
New Lipstick LLC (2)
|
- | 1,269 | - | - | - | - | - | - | ||||||||||||||||||||||||
Nuevo Puerto Santa Fe S.A. (4)
|
314 | - | - | - | - | (70 | ) | (28 | ) | - | ||||||||||||||||||||||
Lipstick Management LLC (2)
|
- | 426 | - | - | - | - | - | - | ||||||||||||||||||||||||
Loans to employees
|
90 | 5,394 | - | - | - | (21 | ) | - | - | |||||||||||||||||||||||
Puerta de Segura S.A. (3)
|
- | - | - | - | - | - | - | (18,773 | ) | |||||||||||||||||||||||
Puerto Retiro S.A. (4)
|
74 | 1,104 | - | - | - | - | - | - | ||||||||||||||||||||||||
Tarshop S.A. (2)
|
525 | 1,201 | - | - | (781 | ) | (1 | ) | (59 | ) | - | |||||||||||||||||||||
Quality Invest S.A. (4)
|
39 | 1 | - | - | - | - | - | - | ||||||||||||||||||||||||
Supertel Hospitality Inc.
|
- | 1,495 | - | - | - | - | - | - | ||||||||||||||||||||||||
TGLT S.A. (2)
|
2,355 | - | - | 85,077 | (2,513 | ) | - | - | - | |||||||||||||||||||||||
IRSA Developments LP (2)
|
- | 8 | - | - | - | - | (5 | ) | - | |||||||||||||||||||||||
Elsztain Realty Partners Master Fund LP (3)
|
- | - | - | - | - | - | (2 | ) | - | |||||||||||||||||||||||
Real Estate Strategies LP (2)
|
- | 49 | - | - | - | - | (5 | ) | - | |||||||||||||||||||||||
Elsztain Managing Partner Lim (3)
|
- | - | - | - | - | - | (51 | ) | - | |||||||||||||||||||||||
Total
|
9,979 | 29,422 | 19,847 | 85,077 | (3,294 | ) | (2,571 | ) | (33,390 | ) | (18,793 | ) |
(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
|
Non-current Inventories/ fixed assets Barter Caballito and Beruti plot of land
|
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. (4)
|
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 | - | - | - | - | - | |||||||||||||||||||||
Loans to employees (3)
|
77 | 4,044 | - | - | (153 | ) | (1,000 | ) | - | |||||||||||||||||||
Puerto Retiro S.A. (4)
|
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. (2)
|
658 | 1,680 | - | 84,572 | - | - | - | |||||||||||||||||||||
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 | 84,572 | (10,054 | ) | (45,194 | ) | (20 | ) |
(1)
|
Shareholder
|
(2)
|
Related companies
|
(3)
|
Related parties
|
(4)
|
Direct or Indirect common control
|
Gain from
leases
|
Selling Expenses / Agricultural business
|
Fees
|
Interest income (loss)
|
Other
|
Administration services
|
Sales and fees
for
shared services
|
Donations
|
|||||||||||||||||||||||||
Agro – Uranga S.A. (2)
|
- | 3,479 | - | - | 238 | - | - | - | ||||||||||||||||||||||||
Canteras Natal Crespo S.A. (4)
|
- | - | - | 5 | - | - | 48 | - | ||||||||||||||||||||||||
Consorcio Libertador (3)
|
13 | - | - | - | - | (431 | ) | - | - | |||||||||||||||||||||||
Consorcio de Propietarios Torre Boston (3)
|
- | - | - | - | - | (285 | ) | - | - | |||||||||||||||||||||||
Consultores Asset Management S.A. (3)
|
- | - | (7,458 | ) | - | 23 | - | - | - | |||||||||||||||||||||||
Cresca S.A. (4)
|
- | - | - | 1 | - | 810 | - | - | ||||||||||||||||||||||||
Cyrsa S.A. (4)
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Directors (3)
|
- | - | (56,351 | ) | (1 | ) | - | - | - | - | ||||||||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | - | (3,445 | ) | - | - | - | - | - | |||||||||||||||||||||||
Fundación IRSA (3)
|
- | - | - | - | - | - | - | (1,876 | ) | |||||||||||||||||||||||
Inversiones Financieras del Sur S.A. (1)
|
- | - | - | 836 | - | - | - | - | ||||||||||||||||||||||||
Loans to employees
|
- | - | - | 11 | - | - | - | - | ||||||||||||||||||||||||
Tarshop S.A. (2)
|
2,436 | - | - | 2,148 | (885 | ) | - | 379 | - | |||||||||||||||||||||||
Total
|
2,449 | 3,479 | (67,254 | ) | 3,000 | (624 | ) | 94 | 427 | (1,876 | ) |
(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 and current tax on shareholders´ personal assets
|
Administration
services
|
Sales and fees
for
shared services
|
Donations
|
|||||||||||||||||||||||||
Agro – Uranga S.A. (2)
|
- | - | - | - | 1,567 | - | - | - | ||||||||||||||||||||||||
Cactus (2)
|
- | (1,304 | ) | - | - | 28 | 48 | - | - | |||||||||||||||||||||||
Canteras Natal Crespo S.A. (4)
|
- | - | - | 4 | - | - | 48 | - | ||||||||||||||||||||||||
Consorcio Libertador S.A. (3)
|
12 | - | - | - | - | - | 123 | - | ||||||||||||||||||||||||
Consorcio Dock del Plata S.A. (3)
|
- | - | - | - | - | - | 78 | - | ||||||||||||||||||||||||
Consultores Asset Management S.A. (3)
|
99 | - | (23,618 | ) | - | - | - | - | - | |||||||||||||||||||||||
Cresca S.A. (4)
|
- | - | - | 33 | - | 686 | - | - | ||||||||||||||||||||||||
Cyrsa S.A. (4)
|
4 | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Directors (3)
|
- | - | (52,862 | ) | (4 | ) | - | - | - | - | ||||||||||||||||||||||
EAASA (2)
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | - | (7,708 | ) | - | - | - | 226 | - | |||||||||||||||||||||||
Fundación IRSA (3)
|
- | - | - | - | - | - | - | (3,134 | ) | |||||||||||||||||||||||
Inversiones Financieras del Sur S.A. (1)
|
- | - | - | 2,566 | - | - | - | - | ||||||||||||||||||||||||
Parque Arauco S.A. (3)
|
- | - | - | (315 | ) | - | - | - | - | |||||||||||||||||||||||
Loans to employees (3)
|
- | - | - | 380 | - | - | - | - | ||||||||||||||||||||||||
Tarshop S.A. (2)
|
3,954 | - | - | 80 | 12,596 | - | 85 | - | ||||||||||||||||||||||||
Total
|
4,069 | (1,304 | ) | (84,188 | ) | 2,744 | 14,191 | 734 | 560 | (3,134 | ) |
(1)
|
Shareholder
|
(2)
|
Related companies
|
(3)
|
Related parties
|
(4)
|
Direct or Indirect common control
|
Description
|
Agricultural
|
Feed lot
Slaughtering /Feed lot
|
Real estate
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crops |
Beef cattle
|
Milk
|
Sale of farms
|
Other
|
Non
Operating
|
Subtotal
Agricultural business
|
Development and sale of properties
|
Office
Other
|
Shopping Center
|
Hotel operations
|
Consumer financing
|
Financial operations and others
|
Subtotal real estate business
|
Total
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local
|
International
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production income
|
235,550 | 361,471 | 72,314 | 31,061 | - | - | - | 700,396 | - | - | - | - | - | - | - | - | 700,396 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of production
|
(211,856 | ) | (339,611 | ) | (34,345 | ) | (27,467 | ) | - | - | - | (613,279 | ) | - | - | - | - | - | - | - | - | (613,279 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Production profit
|
23,694 | 21,860 | 37,969 | 3,594 | - | - | - | 87,117 | - | - | - | - | - | - | - | - | 87,117 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sales
|
307,221 | 449,821 | 134,965 | 27,482 | 93,690 | 77,567 | - | 1,090,746 | 100,208 | 328,404 | 191,481 | 871,732 | 170,012 | 4,836 | - | 1,566,465 | 2,757,419 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales
|
(258,634 | ) | (423,996 | ) | (126,302 | ) | (27,482 | ) | (48,200 | ) | (46,763 | ) | - | (931,377 | ) | (116,146 | ) | (223,206 | ) | (37,352 | ) | (185,637 | ) | (117,277 | ) | (1,604 | ) | - | (565,076 | ) | (1,612,599 | ) | ||||||||||||||||||||||||||||||||||||
Sales profit
|
48,587 | 25,825 | 8,663 | - | 45,490 | 30,804 | - | 159,369 | (15,938 | ) | 105,198 | 154,129 | 686,095 | 52,735 | 3,232 | - | 1,001,389 | 1,144,820 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit
|
72,281 | 47,685 | 46,632 | 3,594 | 45,490 | 30,804 | - | 246,486 | (15,938 | ) | 105,198 | 154,129 | 686,095 | 52,735 | 3,232 | - | 1,001,389 | 1,231,937 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Selling expenses
|
(67,738 | ) | (37,646 | ) | (12,495 | ) | (979,000 | ) | (220,000 | ) | (8,070 | ) | - | (127,148 | ) | (7,321 | ) | (22,528 | ) | (10,337 | ) | (52,776 | ) | (22,577 | ) | (296,000 | ) | - | (108,514 | ) | (242,983 | ) | ||||||||||||||||||||||||||||||||||||
Administrative expenses
|
(22,685 | ) | (74,602 | ) | (24,786 | ) | (1,639 | ) | (6,790 | ) | (6,216 | ) | - | (136,718 | ) | (7,166 | ) | (39,732 | ) | (43,312 | ) | (88,456 | ) | (44,853 | ) | (267,000 | ) | - | (216,620 | ) | (360,504 | ) | ||||||||||||||||||||||||||||||||||||
Gain from recognition of inventories at net realizable value
|
- | - | - | - | - | - | - | - | - | 42,817 | - | - | - | - | - | 42,817 | 42,817 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on inventories
|
13,801 | (51,001 | ) | 19,584 | - | - | 213,000 | - | (17,403 | ) | 52,000 | 12,000 | 561,000 | - | - | - | - | 573,000 | (16,778 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gain from retained interest in consumer finance trusts
|
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operative result
|
(4,341 | ) | (115,564 | ) | 28,935 | 976,000 | 38,480 | 16,731 | - | (34,783 | ) | (30,373 | ) | 85,767 | 101,041 | 544,863 | (14,695 | ) | 2,669 | - | 719,645 | 654,489 | ||||||||||||||||||||||||||||||||||||||||||||||
Assets
|
427,873 | 1,751,070 | 363,444 | 65,994 | 70,289 | 79,099 | 481,411 | 3,239,180 | 39,211 | 776,156 | 1,380,509 | 2,154,067 | 726,408 | 52,749 | 1,386,932 | 6,476,821 | 9,755,212 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities
|
396,518 | 413,554 | 330,312 | 60,084 | - | 40,620 | 602,432 | 1,843,520 | 26,621 | 524,611 | 591,586 | 2,203,014 | 312,673 | 7,596 | 191,532 | 3,831,012 | 5,701,153 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current investments in other companies(1)
|
24,506 | 29,904 | 38,000 | 720,000 | - | - | 1,897 | 57,065 | - | 87,758 | 212,968 | - | 457,844 | 44,093 | 1,027,733 | 1,830,396 | 1,887,461 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Increases and transfers of property and equipment
|
138,948 | 3,385 | 23,789 | 1,277 | - | 2,747 | 1,136 | 171,282 | 912,000 | - | 13,631 | 114,612 | 5,396 | - | - | 133,639 | 305,833 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and depreciation
|
4,674 | 40,476 | 2,117 | 885,000 | - | 1,040 | 1,441 | 50,633 | 1,492 | 82,000 | 29,509 | 143,536 | 13,578 | 17,000 | - | 186,722 | 238,847 |
(1)
|
The balance corresponds to equity interest of the Company in Agro – Uranga S.A., Banco Hipotecario S.A., Banco Crédito and Securitización S.A., Manibil S.A., Tarshop S.A. and Hersha Hospitality Trust, Rigby 183 LLC, New Lipstick y TGLT S.A., Bitania 26 S.A., Agro Managers S.A. and Supertel Hospitality Inc..
|
NOTE 5:
|
(Continued)
|
Agricultural
|
Real estate
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crops
|
Beef cattle
|
Milk
|
Sale of farms
|
Other
|
Non
|
Sub-total
|
Slaughtering /Feed lot
|
Development and sale of properties
|
Office
|
Shopping Center
|
Hotel operations
|
Consumer financing
|
Financial operations and others
|
Subtotal real estate business
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating
|
Agricultural business
|
Other
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description
|
Local
|
International
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production income
|
259,215 | 69,415 | 46,574 | 31,277 | - | - | - | 406,481 | - | - | - | - | - | - | - | - | 406,481 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of production
|
(190,431 | ) | (40,695 | ) | (24,987 | ) | (23,965 | ) | - | - | - | (280,078 | ) | - | - | - | - | - | - | - | - | (280,078 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Production profit
|
68,784 | 28,720 | 21,587 | 7,312 | - | - | - | 126,403 | - | - | - | - | - | - | - | - | 126,403 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sales
|
270,979 | 72,030 | 50,909 | 28,381 | 84,507 | 58,048 | - | 564,854 | 127,086 | 341,074 | 164,035 | 675,319 | 192,883 | 68,576 | - | 1,441,887 | 2,133,827 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales
|
(241,093 | ) | (64,409 | ) | (58,034 | ) | (28,381 | ) | (29,906 | ) | (41,383 | ) | - | (463,206 | ) | (123,271 | ) | (252,894 | ) | (36,940 | ) | (187,652 | ) | (119,765 | ) | (22,488 | ) | - | (619,739 | ) | (1,206,216 | ) | ||||||||||||||||||||||||||||||||||||
Sales profit
|
29,886 | 7,621 | (7,125 | ) | - | 54,601 | 16,665 | - | 101,648 | 3,815 | 88,180 | 127,095 | 487,667 | 73,118 | 46,088 | - | 822,148 | 927,611 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit
|
98,670 | 36,341 | 14,462 | 7,312 | 54,601 | 16,665 | - | 228,051 | 3,815 | 88,180 | 127,095 | 487,667 | 73,118 | 46,088 | - | 822,148 | 1,054,014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling expenses
|
(45,837 | ) | (7,054 | ) | (2,461 | ) | (1,405 | ) | - | (4,717 | ) | - | (61,474 | ) | (8,029 | ) | (15,396 | ) | (5,283 | ) | (40,229 | ) | (20,923 | ) | (24,873 | ) | - | (106,704 | ) | (176,207 | ) | |||||||||||||||||||||||||||||||||||||
Administrative expenses
|
(23,837 | ) | (5,250 | ) | (14,192 | ) | (1,739 | ) | (3,542 | ) | (3,273 | ) | - | (51,833 | ) | (4,530 | ) | (41,425 | ) | (43,029 | ) | (67,935 | ) | (40,318 | ) | (6,946 | ) | - | (199,653 | ) | (256,016 | ) | ||||||||||||||||||||||||||||||||||||
Gain from recognition of inventories at net realizable value
|
- | - | - | - | - | - | - | - | - | 45,442 | - | - | - | - | - | 45,442 | 45,442 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on inventories
|
(17,756 | ) | 1,297 | 69,752 | - | - | 217,000 | - | 53,510 | 538,000 | 128,000 | 1,012 | - | - | - | - | 1,140 | 55,188 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain from retained interest in consumer finance trusts
|
- | - | - | - | - | - | - | - | - | - | - | - | - | 4,707 | - | 4,707 | 4,707 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating result
|
11,240 | 25,334 | 67,561 | 4,168 | 51,059 | 8,892 | - | 168,254 | (8,206 | ) | 76,929 | 79,795 | 379,503 | 11,877 | 18,976 | - | 567,080 | 727,128 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets
|
445,753 | 2,016,016 | 317,413 | 66,330 | 18,765 | 36,803 | 543,704 | 3,444,784 | 59,790 | 757,002 | 1,430,999 | 2,122,707 | 506,853 | 37,710 | 1,361,175 | 6,216,446 | 9,721,020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities
|
379,445 | 563,816 | 208,869 | 42,472 | - | 13,649 | 412,886 | 1,621,137 | 41,793 | 495,388 | 575,585 | 2,059,447 | 251,280 | 31,112 | 280,740 | 3,693,552 | 5,356,482 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current investments in other companies(1)
|
19,751 | 27,199 | 155,000 | 2,938 | - | - | - | 50,043 | - | 84,063 | 207,082 | - | 277,248 | 49,779 | 924,566 | 1,542,738 | 1,592,781 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Increases and transfers of property and equipment
|
82,900 | 1,261,663 | 14,837 | 705,000 | - | 239,000 | 7,522 | 1,367,866 | 22,576 | 76,000 | 38,424 | 751,044 | 8,145 | 3,003 | - | 800,692 | 2,191,134 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and depreciation
|
3,680 | 671,000 | 1,732 | 1,078 | - | 554,000 | 1,217 | 8,932 | - | 180,000 | 29,696 | 138,771 | 14,663 | 2,276 | - | 185,586 | 194,518 |
(1)
|
The balance corresponds to equity interest of the Company in Agro – Uranga S.A., Banco Hipotecario S.A., Banco Crédito and Securitización S.A., Manibil S.A., Tarshop S.A. and Hersha Hospitality Trust, Rigby 183 LLC, New Lipstick y TGLT S.A.
|
|
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.
|
|
NOTE 7:
|
(Continued)
|
b.
|
Mortgage guaranteed loan Hoteles Argentinos S.A.
|
|
NOTE 7:
|
(Continued)
|
c.
|
IRSA and its subsidiaries has mortgaged on the following properties:
|
Property
|
Book value as of June 30, 2012
|
|||
República Building
|
210,932 | |||
Predio San Martín
|
69,791 | |||
Soleil Factory
|
74,474 | |||
Zetol plot of land
|
36,070 | |||
Vista al Muelle plot of land
|
25,374 |
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.
|
IRSA 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.
|
|
NOTE 7:
|
(Continued)
|
2.
|
APSA
|
a.
|
On June 15, 2011, APSA granted in favor of Banco Hipotecario S.A. a pledge of the Series I Non-Convertible Notes issued on May 11, 2007, for a face value of US$ 1.2 million. On October 11, 2011 Banco Hipotecario released 50% of the pledged Non-Convertible Notes and the remaining 50% will be released after two years as from the date appearing on the Memorandum of closure has been fulfilled.
|
b.
|
On August 3, 2011, a mortgage was constituted on Soleil Factory.
|
c.
|
As mentioned in Note 12 B.1.c.i., to secure the fulfillment of the concession agreement with Administration of railway infrastructure (“ADIF”), Arcos del Gourmet S.A. committed itself to hire a surety bond for Ps. 4,460, to make a deposit in cash of Ps. 400 and to hire another surety bond in favor of ADIF as collateral to the execution of the works agreed in due time and proper form for Ps. 14,950. These surety 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 of June 30, 2012 amounts to Ps. 49,699 (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
|
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
|
|
NOTE 8:
|
(Continued)
|
k.
|
Purchase of TGLT S.A.´s shares
|
l.
|
Sale of interest stake in Quality
|
m.
|
Acquisition of facilities located in San Martín
|
n.
|
Purchase of BACS shares
|
|
NOTE 8:
|
(Continued)
|
o.
|
Acquisition of shares of Banco Hipotecario S.A.
|
p.
|
Exchange agreement on a piece of land in Caballito (TGLT S.A.)
|
|
NOTE 8:
|
(Continued)
|
q.
|
Acquisition of companies’ shares in the Oriental Republic of Uruguay
|
r.
|
Purchase and sale of APSA´s Notes
|
s.
|
Acquisition of shares of Bitania 26 S.A.
|
|
NOTE 8:
|
(Continued)
|
t.
|
Acquisition of shares and warrants of Supertel Hospitality Inc. (“S.H.I.”)
|
|
NOTE 8:
|
(Continued)
|
u.
|
Acquisition of APSA´s shares
|
|
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
|
f.
|
Contribution to the Risk Fund of Don Mario S.G.R.
|
g.
|
Acquisition of shares of Quality Invest S.A.
|
|
NOTE 8:
|
(Continued)
|
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
|
B.
|
Real Estate Business
|
1.
|
IRSA
|
2.
|
APSA
|
a.
|
Acquisition of the building known as Ex- Escuela Gobernador Vicente de Olmos (City of Córdoba)
|
b.
|
Barter with Condominios del Alto S.A.
|
Lots
|
Agreed price
(in thousands of US$)
|
Collected amount as of 06.30.2012
(in thousands of US$)
|
2H
|
2,663
|
1,902
|
c.
|
Barter transaction– Beruti plot of land
|
d.
|
Barter with Cyrsa S.A.
|
e.
|
Plot of land Paraná:
|
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.
|
|
NOTE 9:
|
(Continued)
|
f.
|
Plot of land Rosario
|
Lots
|
Offer
acceptance
|
Agreed price
(in thousands of US$)
|
Collected amount as of
06.30.12
(in thousands of US$)
|
Title deed’s date
|
2 A
|
04/14/2010
|
4,200
|
4,200
|
05/26/11
|
2 E
|
05/03/2010
|
1,430
|
1,430
|
09/29/10
|
2 F
|
11/10/2010
|
1,931
|
1,931
|
07/06/11
|
2 B
|
12/03/2010
|
1,507
|
1,507
|
08/11/11
|
2 C
|
12/03/2010
|
1,507
|
1,507
|
08/11/11
|
2 D
|
12/03/2010
|
1,539
|
1,539
|
03/20/11
|
Lots
|
Agreed price
(in thousands of US$)
|
Collected amount as of June 30, 2012
(in thousands of US$)
|
2H
|
1,703
|
942
|
g.
|
Acquisition of Nuevo Puerto Santa Fe S.A.´s shares
|
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 24 months after the issuing date, to be subscribed and paid in Argentine Pesos at the applicable exchange rate, to be amortized in 4 equal and consecutive payments within 15, 18, 21 and 24 months, and interest 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 2007
|
|
NOTE 11:
|
(Continued)
|
c.
|
Issuance of non-convertible notes 2009
|
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
|
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
|
d.
|
Ordinary and Extraordinary Shareholders Meeting held on October 31, 2011
|
·
|
The allocation of up to 1% of IRSA’s shareholders’ equity, to buyback own shares, in order to implement a long-term incentive plan.
|
·
|
Delegation upon the Board of Directors of the powers to create a new Global Corporate Notes Issue Program for the issuance of simple, Non-Convertible Notes for an amount of outstanding notes which at any time should not to exceed US$ 300 million.
|
·
|
Renew powers delegated on the Board of Directors to create a VCP Program through the issuance of simple, Non-Convertible Notes for an outstanding amount which at any time should not exceed US$ 50 million.
|
e.
|
Ordinary and Extraordinary Shareholders Meeting held on May 23, 2012
|
·
|
Partial release of the balances as of June 30, 2011 of “Reserves for new projects” up to Ps. 27.9 million and “Retained Earnings” up to Ps. 71.1 million.
|
·
|
The payment of a cash dividend for a total amount of up to Ps. 99 million.
|
2.
|
APSA
|
a.
|
Neuquén Project
|
b.
|
Acquisition of shares of APSAMEDIA S.A.
|
c.
|
Arcos del Gourmet
|
d.
|
Shareholders´ Meeting held on May 23, 2012
|
·
|
Approval of the proposal put forward by the Board to pay a cash dividend in the amount of Ps. 177 million as interim dividend for the fiscal year ended June 30 2012; the dividend was computed based on the quarterly financial statements for the period ended December 31, 2011 which was approved by this Shareholders’ Meeting. On June 29, 2012, the dividend was made available to the shareholders as per the resolution adopted by the Board of Directors on June 21, 2012. The dividend represents 140.488880413% of the capital stock, and amounts to Ps. 0.140488880413 per share of Ps. 0.10 nominal value, and Ps. 5.619555216522 per ADR.
|
·
|
Renewal of the term granted to the Board to exercise delegated powers to implement the capital increase approved by the Shareholders’ Meeting held on May 26, 2011 as per the provisions of section 188 of Law No. 19,550.
|
·
|
Empower the Board of Directors to carry out the capital increase and issue of shares, up to the amount of Ps. 9,070, as duly approved, to be allocated to the Management Incentive Plan approved by the Shareholders’ Meeting held in October 31, 2011 pursuant to the terms and conditions of section 69 of Law. No. 17.811 and implemented by Executive Order 677/01.
|
|
NOTE 13: SALES OF BUILDINGS
|
a.
|
IRSA
|
Date
|
08/11/10
|
|||
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 June 30, 2012
|
Ps. 4,778
|
Number of outstanding shares
|
Average price during fiscal year
|
|||||||
As of June 30, 2012
|
370,007 | 6.16 |
1.
|
APSA
|
NOTE 17:
|
EXTENSION OF THE SHUTDOWN, PRESENTATION OF THE CRISIS PREVENTIVE PROCEEDINGS, SEVERANCE PROPOSALS AND MANDATORY SETTLEMENT IN EAASA
|
July 1, 2011
|
June 30, 2012
|
||||||||
Shareholders’ equity under Argentine GAAP attributable to Cresud
|
2,101,681 | 2,063,281 | |||||||
Revenue recognition – “scheduled rent increases”
|
(a)
|
51,991 | 78,479 | ||||||
Revenue recognition – “letting fees
|
(b)
|
(35,447 | ) | (44,446 | ) | ||||
Biological assets and agriculture produce at the point of harvest
|
(c)
|
58,727 | 38,517 | ||||||
Inventories
|
(d)
|
(6,745 | ) | (5,378 | ) | ||||
Trading properties
|
(e)
|
(29,315 | ) | (18,946 | ) | ||||
Pre-operating and organization expenses
|
(f)
|
(22,771 | ) | (22,767 | ) | ||||
Goodwill
|
(g)
|
770,752 | 709,368 | ||||||
Non-current investments – financial assets
|
(h)
|
151,411 | 138,204 | ||||||
Initial direct costs on operating leases
|
(i)
|
698 | 946 | ||||||
Tenant deposits
|
(j)
|
114 | 329 | ||||||
Commodity linked debt
|
(k)
|
97 | 72 | ||||||
Impairment of financial assets
|
(l)
|
(2,088 | ) | (519 | ) | ||||
Present value accounting – tax credits
|
(m)
|
14,644 | 10,931 | ||||||
Investments in associates
|
(n)
|
(56,224 | ) | (151,873 | ) | ||||
Investments in joint ventures
|
(o)
|
(16,496 | ) | (11,271 | ) | ||||
Acquisition of non-controlling interest
|
(p)
|
- | (46,320 | ) | |||||
Amortization of transaction costs on borrowings
|
(r)
|
110 | 384 | ||||||
Settlement of BrasilAgro warrants
|
(s)
|
- | (2,706 | ) | |||||
Deferred income tax
|
(u)
|
(33,917 | ) | (35,550 | ) | ||||
Non-controlling interest on adjustment above
|
(v)
|
(217,523 | ) | (141,872 | ) | ||||
Shareholders’ equity under IFRS attributable to Cresud
|
2,729,699 | 2,558,863 | |||||||
Non-controlling interest
|
2,480,379 | 2,132,649 | |||||||
Total Shareholders’ equity under IFRS
|
5,210,078 | 4,691,511 |
Ref.
|
June 30, 2012
|
||||
Net income under Argentine GAAP attributable to Cresud
|
78,263 | ||||
Revenue recognition – “scheduled rent increases”
|
(a)
|
26,488 | |||
Revenue recognition – “letting fees”
|
(b)
|
(8,999 | ) | ||
Biological assets and agriculture produce at the point of harvest
|
(c)
|
(17,001 | ) | ||
Inventories
|
(d)
|
1,367 | |||
Trading properties
|
(e)
|
10,369 | |||
Pre-operating and organization expenses
|
(f)
|
4 | |||
Goodwill
|
(g)
|
(60,428 | ) | ||
Non-current investments – financial assets
|
(h)
|
(13,207 | ) | ||
Initial direct costs on operating leases
|
(i)
|
248 | |||
Tenant deposits
|
(j)
|
215 | |||
Commodity linked debt
|
(k)
|
(25 | ) | ||
Impairment of financial assets
|
(l)
|
1,569 | |||
Present value accounting – tax credits
|
(m)
|
(3,713 | ) | ||
Investments in associates
|
(n)
|
(89,567 | ) | ||
Investments in joint ventures
|
(o)
|
5,225 | |||
Acquisition of non-controlling interest
|
(p)
|
(26,383 | ) | ||
Disposition of non-controlling interest
|
(q)
|
2,690 | |||
Amortization of transaction costs on borrowings
|
(r)
|
274 | |||
Foreign currency translation
|
(t)
|
32,518 | |||
Deferred income tax
|
(u)
|
(2,178 | ) | ||
Non-controlling interest on adjustment above
|
(v)
|
40,941 | |||
Net income under IFRS attributable to Cresud
|
(21,330 | ) | |||
Non-controlling interest
|
53,425 | ||||
Total Net income under IFRS
|
32,095 |
June 30, 2012
|
|||||
Other comprehensive income under Argentine
GAAP attributable to Cresud
|
(58,692 | ) | |||
Biological assets and agriculture produce at the point of harvest
|
(c)
|
(3,209 | ) | ||
Goodwill
|
(g)
|
(956 | ) | ||
Investments in associates
|
(n)
|
(6,082 | ) | ||
Foreign currency translation
|
(t)
|
(32,518 | ) | ||
Deferred income tax
|
(u)
|
544 | |||
Non-controlling interest on adjustments above
|
(v)
|
18,974 | |||
Other comprehensive income under IFRS attributable to Cresud
|
(81,939 | ) | |||
Non-controlling interest
|
(141,581 | ) | |||
Total other comprehensive income under IFRS
|
(223,520 | ) |
3.4.
|
Reconciliation of cash flows for the fiscal year ended June 30, 2012
|
Cash generated from operating activities under Argentine GAAP
|
857,038 | |||
Proceeds from sale of property, plant and equipment
|
(146,706 | ) | ||
Deconsolidation of joint ventures
|
(21,554 | ) | ||
Cash generated from operating activities under IFRS (1)
|
688,778 |
(1)
|
It includes the effect of the exchange rate variations in cash and cash equivalents.
|
Cash used in investing activities under Argentine GAAP
|
(728,777 | ) | ||
Acquisition of non-controlling interest in subsidiaries
|
202,449 | |||
Proceeds from sale of property, plant and equipment
|
146,706 | |||
Deconsolidation of joint ventures
|
1,027 | |||
Cash used in investing activities under IFRS
|
(378,595 | ) |
Cash used in financing activities under Argentine GAAP
|
(283,974 | ) | ||
Acquisition of non-controlling interest in subsidiaries
|
(202,449 | ) | ||
Deconsolidation of joint ventures
|
7,482 | |||
Cash used in financing activities under IFRS
|
(478,941 | ) |
Net decrease in cash and cash equivalents under Argentine GAAP
|
(155,713 | ) | ||
Deconsolidation of joint ventures
|
(13,045 | ) | ||
Net decrease in cash and cash equivalents under IFRS
|
(168,758 | ) |
3.4.5.
|
Disclosure reclassifications that affect the statement of cash flows for the fiscal year ended on June 30, 2012
|
(a)
|
Revenue recognition – “scheduled rent increases”
|
(b)
|
Revenue recognition – “letting fees”
|
(c)
|
Biological assets and agriculture produce at the point of harvest
|
(d)
|
Inventories
|
(e)
|
Trading properties
|
(f)
|
Pre-operating and organization expenses
|
(g)
|
Goodwill
|
(h)
|
Non-current investments – financial assets
|
(i)
|
Initial direct costs on operating leases
|
(j)
|
Tenant deposits
|
(k)
|
Commodity linked debt
|
(l)
|
Impairment of financial assets
|
(m)
|
Present value accounting – tax credits
|
(n)
|
Impact of IFRS adjustments on investment in associates
|
-
|
Under Argentine GAAP, revenues from life and disability insurance and loan origination fees are recognized on an up-front basis. Under IFRS, these revenues are recognized on a straight line basis over the term of the respective underlying receivables.
|
-
|
Under Argentine GAAP, the allowance for loan losses are recognized based on specific criteria as set forth by the Central Bank for financial and banking institutions. Under IFRS, the associate applied the impairment provisions in IFRS 9.
|
-
|
Under Argentine GAAP, receivables transferred to trusts in securitization programs are treated as sales and a gain or loss is recognized on the sale. Usually the transferor retains an interest in the trust and maintains a cash reserve which serves as collateral for payments of amounts due under the debt securities issued by the trust. Under IFRS, following the provisions of IFRS 9, the associate is not able to derecognize financial assets with these characteristics. As a result, the associate continues recognizing the receivables and a liability for the consideration received upon transfer. The receivables recognized are then tested for impairment following the IFRS 9 criteria.
|
-
|
Under Argentine GAAP, the calculation of the insurance technical reserves is recognized following the regulations issued by the National Insurance Superintendence. Under IFRS, following the guidance of IFRS 4 “Insurance contracts”, the associate measured the insurance technical reserve in accordance with the “best estimation” approach.
|
-
|
Under Argentine GAAP, revenue from non-cancelable leases subject to scheduled rent escalation clauses is recognized when the escalated payments are due. Therefore, revenue does not include an averaging of rental income. Rent-free periods, reduced rent or other tenant incentives, if any, are recognized in the period in which these incentives are provided. Under IFRS, lease income from operating leases with scheduled rent increases is recognized on a straight-line basis over the term of the leases. All tenant incentives, if any, are treated as a reduction of rental income on a straight-line basis over the lease terms.
|
-
|
Under Argentine GAAP, lease expense where the entity is the lessee under an operating ground lease agreement subject to escalation clauses is recognized when the escalated payments are due. Therefore, lease expense is not straight-lined. Under IFRS, lease payments for operating leases with scheduled rent increases are recognized on a straight-line basis over the term of the leases.
|
(o)
|
Impact of IFRS adjustments on investment in joint ventures
|
(p)
|
Acquisition of non-controlling interest
|
(q)
|
Disposal of non-controlling interest
|
(r)
|
Amortization of transaction costs on borrowings
|
(s)
|
Settlement of BrasilAgro warrants
|
(t)
|
Foreign currency translation
|
(u)
|
Deferred income tax
|
(v)
|
Non-controlling interest
|
·
|
a commitment to provide a subsidy of at least Ps. 1.2 for each employee who earns less than Ps. 10 per month,
|
·
|
the commitment of the Government of the Province of La Pampa to grant Cresud a credit facility, via a bank designated for such purpose, in the amount of Ps. 20,000 at a subsidized rate for a term of 5 years, which proceeds should be applied to financing part of the operations of EAASA, and
|
·
|
approval by the Government of the Province of La Pampa of the option to hire up to 70 employees under the first-job regime applicable in La Pampa.
|
1.
|
IRSA
|
a.
|
Acquisition of equity interest in Rigby 183
|
b.
|
Acquisition of shares of APSA
|
c.
|
Partial payment of debt with Quality
|
d.
|
Purchase of corporate notes by IRSA
|
e.
|
Sale of Hersha’s shares
|
f.
|
Transactions with related parties – Credit Facility with CYRSA
|
g.
|
Sale of units in the building identified as Libertador 498
|
2.
|
APSA
|
June 30, 2012 (Notes 1 and 2)
|
June 30, 2011
(Notes 1 and 2)
|
June 30, 2012 (Notes 1 and 2)
|
June 30, 2011
(Notes 1 and 2)
|
||||||||||||||
ASSETS
|
LIABILITIES
|
||||||||||||||||
CURRENT ASSETS
|
CURRENT LIABILITIES
|
||||||||||||||||
Cash and Banks (Note 8.a.)
|
8,137 | 3,616 |
Trade accounts payable (Note 8.f.)
|
50,052 | 140,216 | ||||||||||||
Investments (Note 8.b.)
|
938 | 19,092 |
Short-term debt (Note 8.g.)
|
404,731 | 541,720 | ||||||||||||
Trade accounts receivable, net (Note8.c.)
|
58,918 | 91,280 |
Salaries and social security payable (Note 8.h.)
|
38,782 | 28,393 | ||||||||||||
Other receivables (Note 8.d.)
|
159,076 | 158,108 |
Taxes payable (Note 8.i.)
|
6,180 | 6,287 | ||||||||||||
Inventories (Note 8.e.)
|
194,623 | 230,803 |
Customer advances (Note 8.j.)
|
163 | - | ||||||||||||
Total Current Assets
|
421,692 | 502,899 |
Other liabilities (Note 8.k.)
|
43,909 | 29,540 | ||||||||||||
Total Current Liabilities
|
543,817 | 746,156 | |||||||||||||||
NON-CURRENT LIABILITIES
|
|||||||||||||||||
NON-CURRENT ASSETS
|
Long-term debt (Note 8.g.)
|
649,409 | 204,742 | ||||||||||||||
Other receivables (Note 8.d.)
|
154,251 | 58,194 |
Taxes payable (Note 8.i.)
|
63,075 | 108,811 | ||||||||||||
Inventories (Note 8.e.)
|
179,002 | 184,527 |
Other liabilities (Note 8.k.)
|
125 | 14,501 | ||||||||||||
Investments on equity investees (Note 8.b.)
|
2,163,290 | 2,065,506 |
Provisions for pending lawsuits (Schedule E)
|
1,576 | 1,681 | ||||||||||||
Other Investments (Note 8.b.)
|
21 | 21 |
Total Non-Current Liabilities
|
714,185 | 329,735 | ||||||||||||
Property and equipment, net (Schedule A)
|
382,525 | 345,085 |
Total Liabilities
|
1,258,002 | 1,075,891 | ||||||||||||
Intangible assets, net (Schedule B)
|
20,502 | 21,340 | |||||||||||||||
Total Non-Current Assets
|
2,899,591 | 2,674,673 |
SHAREHOLDERS’ EQUITY
|
2,063,281 | 2,101,681 | ||||||||||||
Total Assets
|
3,321,283 | 3,177,572 |
Total Liabilities and Shareholders’ Equity
|
3,321,283 | 3,177,572 |
|
|
Alejandro G. Elsztain
Vicepresident II
acting as a President
|
June 30, 2012
|
June 30, 2011
|
|||||||
Production income
|
||||||||
Crops
|
235,550 | 259,215 | ||||||
Beef Cattle
|
70,745 | 44,657 | ||||||
Milk
|
31,061 | 31,277 | ||||||
Total production income
|
337,356 | 335,149 | ||||||
Cost of production (Schedule F.2):
|
||||||||
Crops
|
(211,664 | ) | (191,240 | ) | ||||
Beef Cattle
|
(44,991 | ) | (24,620 | ) | ||||
Milk
|
(27,467 | ) | (23,965 | ) | ||||
Total cost of production
|
(284,122 | ) | (239,825 | ) | ||||
Production gain (loss)
|
53,234 | 95,324 | ||||||
Sales
|
||||||||
Crops
|
308,061 | 270,979 | ||||||
Beef Cattle
|
132,178 | 53,528 | ||||||
Milk
|
27,482 | 28,381 | ||||||
Establishments
|
40,051 | 71,096 | ||||||
Others
|
26,448 | 15,487 | ||||||
Total sales
|
534,220 | 439,471 | ||||||
Cost of sales
|
||||||||
Crops (Schedule F.1)
|
(258,634 | ) | (241,093 | ) | ||||
Beef Cattle (Schedule F.1)
|
(123,133 | ) | (51,709 | ) | ||||
Milk (Schedule F.1)
|
(27,482 | ) | (28,381 | ) | ||||
Establishments
|
(11,234 | ) | (21,652 | ) | ||||
Other (Schedule F.1)
|
(3,082 | ) | (5,474 | ) | ||||
Total cost of sales
|
(423,565 | ) | (348,309 | ) | ||||
Sales profit
|
110,655 | 91,162 | ||||||
Gross Profit
|
163,889 | 186,486 | ||||||
Selling expenses (Schedule H)
|
(84,548 | ) | (51,718 | ) | ||||
Administrative expenses (Schedule H)
|
(49,875 | ) | (43,783 | ) | ||||
Unrealized gain on inventories-beef cattle (Schedules F.1 y F.2)
|
19,683 | 69,950 | ||||||
Unrealized loss on inventories-crops, raw materials and MAT
|
13,535 | (18,084 | ) | |||||
Operating gain
|
62,684 | 142,851 | ||||||
Financial results:
|
||||||||
Generated by assets:
|
||||||||
Exchange gains
|
13,158 | 7,358 | ||||||
Interest income (Note 8.l.)
|
7,783 | 10,458 | ||||||
Other unrealized gain (Note 8.l.)
|
(6,560 | ) | (1,566 | ) | ||||
14,381 | 16,250 | |||||||
Generated by liabilities:
|
||||||||
Exchange loss
|
(68,929 | ) | (15,944 | ) | ||||
Interest loss (Note 8.l.)
|
(93,598 | ) | (55,023 | ) | ||||
Other Unrealized loss (loss)
|
(6,738 | ) | (4,789 | ) | ||||
(169,265 | ) | (75,756 | ) | |||||
Other income and expenses, net
|
||||||||
Donations
|
(924 | ) | - | |||||
Shareholders’ Personal asset tax
|
(10,263 | ) | (9,282 | ) | ||||
Others
|
1,367 | 1,474 | ||||||
(9,820 | ) | (7,808 | ) | |||||
Gain on equity investees (Note 8.m.)
|
147,474 | 190,310 | ||||||
Management agreement fees (Note 5)
|
(8,696 | ) | (23,618 | ) | ||||
Net income before income tax
|
36,758 | 242,229 | ||||||
Income tax (Note 6)
|
41,505 | (20,296 | ) | |||||
Net income for the year
|
78,263 | 221,933 | ||||||
Earnings per share:
|
||||||||
Basic (Note 9)
|
0.16 | 0.45 | ||||||
Diluted (Note 9)
|
0.14 | 0.40 |
|
The accompanying notes and schedules are an integral part of the financial statements.
|
|
||||
Alejandro G. Elsztain
Vicepresident II
acting as a President
|
Shareholders’ contributions
|
Retained earnings
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Capital (Note 3)
|
Inflation adjustment
|
Paid-in capital (1)
|
Subtotal
|
Legal reserve
|
Reserve
for new developments
|
|||||||||||||||||||||||||||||||||||||||||||||||
Common stock
|
Treasury stock
|
Common stock
|
Treasury stock
|
Non - capitalized contributions
(2)
|
Long-term incentive program
reserve (3)
|
Translation differences
|
Retained earnings
|
Total
|
||||||||||||||||||||||||||||||||||||||||||||
Balances as of June 30, 2010
|
496,560 | 5,001 | 164,561 | 1,657 | 879,331 | 1,547,110 | - | 23,023 | 143,928 | - | 66,449 | 187,683 | 1,968,193 | |||||||||||||||||||||||||||||||||||||||
Account for the adjustments of income from prior fiscal years (Note 2. r)
|
- | - | - | - | - | - | - | - | - | - | - | (121,224 | ) | (121,224 | ) | |||||||||||||||||||||||||||||||||||||
Balances as of June 30,2010 adjusted
|
496,560 | 5,001 | 164,561 | 1,657 | 879,331 | 1,547,110 | - | 23,023 | 143,928 | - | 66,449 | 66,459 | 1,846,969 | |||||||||||||||||||||||||||||||||||||||
Exercise of options (Note 16)
|
2 | - | - | - | 11 | 13 | - | - | - | - | - | - | 13 | |||||||||||||||||||||||||||||||||||||||
Non-capitalized contributions
|
- | - | - | - | - | - | 1,012 | - | - | - | - | - | 1,012 | |||||||||||||||||||||||||||||||||||||||
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 12.9.2010
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends
|
- | - | - | - | - | - | - | - | (69,000 | ) | - | - | - | (69,000 | ) | |||||||||||||||||||||||||||||||||||||
Shareholders meeting held on 03.11.11
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of Cash Dividends as Interim Dividend for fiscalyear 2011
|
- | - | - | - | - | - | - | - | 69,000 | - | (69,000 | ) | - | |||||||||||||||||||||||||||||||||||||||
Transitory conversion differences for the year
|
- | - | - | - | - | - | - | - | - | - | 100,754 | - | 100,754 | |||||||||||||||||||||||||||||||||||||||
Net income for the year
|
- | - | - | - | - | - | - | - | - | - | - | 221,933 | 221,933 | |||||||||||||||||||||||||||||||||||||||
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 | - | 167,203 | 33,986 | 2,101,681 | |||||||||||||||||||||||||||||||||||||||
Long-term incentive program reserve (3)
|
- | - | - | - | - | - | - | - | - | 2,419 | - | - | 2,419 | |||||||||||||||||||||||||||||||||||||||
Non-capitalized contributions
|
- | - | - | - | - | - | 1,109 | - | - | - | - | - | 1,109 | |||||||||||||||||||||||||||||||||||||||
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 (4)
|
- | - | - | - | - | - | - | - | - | - | - | 2,301 | 2,301 | |||||||||||||||||||||||||||||||||||||||
Cash dividends
|
- | - | - | - | - | - | - | - | - | - | - | (63,800 | ) | (63,800 | ) | |||||||||||||||||||||||||||||||||||||
Transitory conversion differences
|
- | - | - | - | - | - | - | - | - | - | (58,692 | ) | - | (58,692 | ) | |||||||||||||||||||||||||||||||||||||
Net income for the year
|
- | - | - | - | - | - | - | - | - | - | - | 78,263 | 78,263 | |||||||||||||||||||||||||||||||||||||||
Balances as of June 30, 2012
|
496,562 | 5,001 | (5) | 164,561 | (5) | 1,657 | 879,342 | 1,547,123 | 2,121 | 42,922 | 389,202 | 2,419 | 108,511 | (5) | (29,017 | ) | 2,063,281 |
|
||||
Alejandro G. Elsztain
Vicepresident II
acting as a President
|
June 30, 2012
|
June 30, 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 year
|
8,194 | 22,708 | ||||||
Net (Decrease) Increase in cash and cash equivalents
|
(14,514 | ) | 4,344 | |||||
Causes of changes in cash and cash equivalents
|
||||||||
Operating activities
|
||||||||
Net income for the fiscal year
|
78,263 | 221,933 | ||||||
Income tax
|
(41,505 | ) | 20,296 | |||||
Accrued interest during the year
|
85,815 | 45,530 | ||||||
Adjustments made to reach net cash flow from operating activities:
|
||||||||
Gain on equity investees
|
(147,474 | ) | (190,310 | ) | ||||
Increase in Allowances and Provisions
|
6,564 | 14,835 | ||||||
Depreciations of Property and Equipment
|
8,429 | 6,957 | ||||||
Depreciations of Intangible Assets
|
753 | 753 | ||||||
Unrealized loss on Inventories and MAT
|
(33,218 | ) | (51,866 | ) | ||||
Financial results
|
63,467 | 2,212 | ||||||
Decrease of fixed assets
|
11,234 | 20,722 | ||||||
Long-term incentive program reserve
|
779 | - | ||||||
Changes in operating assets and liabilities:
|
||||||||
Decrease (Increase) in trade accounts receivable
|
32,507 | (182 | ) | |||||
Increase in other receivables
|
(45,475 | ) | (23,164 | ) | ||||
Decrease (Increase) in inventories
|
74,032 | (108,662 | ) | |||||
Increase in intangible assets
|
(215 | ) | - | |||||
(Decrease) Increase in trade accounts payable
|
(94,076 | ) | 43,762 | |||||
Increase in social security payable and taxes payable and customer advances
|
5,010 | 4,572 | ||||||
Increase in other debts
|
7,286 | 11,071 | ||||||
Cash flows provided by operating activities
|
12,176 | 18,459 | ||||||
Investing activities
|
||||||||
Dividends collected
|
137,061 | 114,317 | ||||||
Increase in interest on equity investees
|
(203,764 | ) | (326,524 | ) | ||||
(Increase) Decrease in investments
|
(881 | ) | 168,321 | |||||
Increase in loans granted to related companies
|
(52,538 | ) | (69,239 | ) | ||||
Collection of loans from related companies
|
583 | 8,019 | ||||||
Acquisition and upgrading of fixed assets
|
(57,249 | ) | (43,494 | ) | ||||
Decrease in fixed assets
|
1,037 | - | ||||||
Cash incorporated by merger
|
2,271 | 579 | ||||||
Cash flows applied to investing activities
|
(173,480 | ) | (148,021 | ) | ||||
Financing activities
|
||||||||
Increase in financial loans
|
55,136 | 123.593 | ||||||
Decrease in financial loans
|
(263,484 | ) | (158,270 | ) | ||||
Interest paid
|
(83,145 | ) | (51,699 | ) | ||||
Loans granted to controlled companies
|
127,327 | - | ||||||
Payments of loans granted to controlled companies
|
(74,013 | ) | (33,484 | ) | ||||
Issuance of Non-convertible Notes (Note 19)
|
618,742 | 358,004 | ||||||
Cancellation of Non-convertible Notes
|
(169,973 | ) | (35,251 | ) | ||||
Dividends paid
|
(63,800 | ) | (69,000 | ) | ||||
Exercise of options
|
- | 13 | ||||||
Cash flows provided by financing activities
|
146,790 | 133,906 | ||||||
Net (Decrease) Increase in cash and cash equivalents
|
(14,514 | ) | 4,344 |
|
The accompanying notes and schedules are an integral part of the financial statements.
|
|
||||
Alejandro G. Elsztain
Vicepresident II
acting as a President
|
|
and ended June 30, 2012 and 2011
|
|
(In thousands of pesos)
|
|
Free translation from the original prepared in Spanish for publication in Argentina
|
June 30, 2012
|
June 30, 2011
|
|||||||
Operations not involving changes in cash and cash equivalents
|
||||||||
Inventories transferred to property and equipment
|
891 | 1,661 | ||||||
Decrease (Increase) in related companies by transitory conversion differences
|
58,692 | (100,754 | ) | |||||
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
|
(57,097 | ) | - | |||||
Long-term incentive program reserve subsidiaries and non-capitalized contributions
|
2,749 | - | ||||||
Reimbursement of expired dividends
|
2,301 | - | ||||||
Decrease in other liabilities through a decrease on other receivables (offsetting of dividends to collect)
|
56,487 | - | ||||||
Decrease in related companies interest by an increase in other receivables
|
27,205 | - |
June 30, 2012
|
June 30, 2011
|
|||||||
Complementary information
|
||||||||
Income tax paid
|
8,987 | 6,505 |
June 30, 2012
|
June 30, 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 | ) |
|
||||
Alejandro G. Elsztain
Vicepresident II
acting as a President
|
NOTE 1:
|
ACCOUNTING STANDARDS
|
NOTE 1:
|
(Continued)
|
NOTE 1:
|
(Continued)
|
NOTE 2:
|
MORE RELEVANT ACCOUNTING STANDARDS
|
NOTE 2:
|
(Continued)
|
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 year-end.
|
|
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 year-end.
|
NOTE 2:
|
(Continued)
|
|
3.
|
Biological Assets (finished): Cattle: have been measured at their net realization value (NRV) represented by the respective quotations as of each fiscal 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, represented by the respective quotations as of each fiscal 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 fiscal year-end, which does not exceed the net realization value.
|
|
6.
|
The remaining inventories were valued at their replacement cost.
|
NOTE 2:
|
(Continued)
|
|
j.
|
Long term investments in other companies:
|
NOTE 2:
|
(Continued)
|
Direct percentage of voting shares owned
|
||||||||
Subsidiaries and affiliates
|
06/30/12
|
06/30/11
|
||||||
IRSA (Note 13.2.c)
|
64.20 | 50.60 | ||||||
FyO.Com (Note 13.2.e) (1)
|
65.85 | 65.85 | ||||||
FyO Trading
|
2.2 | 3.63 | ||||||
Agrology (4)
|
- | 100.00 | ||||||
Agrotech (Note 13.2.d)
|
100.00 | 97.00 | ||||||
Pluriagro (Note 13.2.d)
|
100.00 | 97.00 | ||||||
Northagro (Note 13.2.d)
|
100.00 | 97.00 | ||||||
Cactus (Note 13.2.b) (2)
|
94.55 | 80.00 | ||||||
EAASA
|
0.01 | 0.01 | ||||||
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 | ||||||
Brasilagro (Note 13.1.a)
|
39.64 | 35.75 | ||||||
Agro Managers S.A. (Note 13.2.a)
|
46.84 | - |
-
|
Goodwill
|
NOTE 2:
|
(Continued)
|
-
|
Negative goodwill
|
NOTE 2:
|
(Continued)
|
m.
|
Intangible assets
|
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.
|
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.
|
NOTE 2:
|
(Continued)
|
|
-
|
Integrated companies
|
NOTE 2:
|
(Continued)
|
|
NOTE 2:
|
(Continued)
|
r.
|
Income tax:
|
|
NOTE 2:
|
(Continued)
|
Items
|
Effect on retained earnings as of 06.30.2012
|
Effect on Net income for the fiscal year ended June 30,2012
(Gain)
|
Effect on retained earnings as of 06.30.2011
|
Effect on Net income for the fiscal year ended June 30, 2011
(Gain)
|
Effect on retained earnings as of 06.30.2010
|
|||||||||||||||
Ps.
|
||||||||||||||||||||
Permanent investments
(Deferred tax effect)
|
(88,567 | ) | 11,006 | (99,573 | ) | 7,357 | (106,930 | ) | ||||||||||||
Deferred liabilities
|
(12,226 | ) | 57 | (12,283 | ) | 2,011 | (14,294 | ) | ||||||||||||
Total
|
(100,793 | ) | 11,063 | (111,856 | ) | 9,368 | (121,224 | ) |
s.
|
Minimum presumed income tax
|
t.
|
Issuance of debt expenses
|
NOTE 3:
|
COMMON AND TREASURY STOCK
|
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 June 30, 2012 (1)
|
501,562,534 | 501,562,534 | 501,562,534 |
|
(1)
|
As of June 30, 2012, there are 5,000,754 own treasury shares that were acquired during the fiscal year 2009.
|
Crops/SWAP
|
Tons
|
Margins
|
Premium paid or (collected)
|
Premium at fair value
|
Gain /(loss)
for valuation
at fiscal year-end
at fair value
|
|||||||||||||||
Futures
|
||||||||||||||||||||
Sell
|
||||||||||||||||||||
Corn
|
1,100 | 39 | - | - | 132 | |||||||||||||||
Soybean
|
11,600 | 625 | - | - | (210 | ) | ||||||||||||||
Wheat
|
2,100 | 75 | - | - | (53 | ) | ||||||||||||||
Options
|
||||||||||||||||||||
Sell Put
|
||||||||||||||||||||
Corn
|
2,540 | - | (76 | ) | (59 | ) | 17 | |||||||||||||
Purchase Put
|
||||||||||||||||||||
Corn
|
2,540 | - | 160 | 126 | (34 | ) | ||||||||||||||
Soybean
|
6,800 | - | 583 | 336 | (247 | ) | ||||||||||||||
Swap
|
||||||||||||||||||||
Interest rate
|
- | - | - | - |
(a) 959
|
|||||||||||||||
Total
|
26,680 | 739 | 667 | 403 | 564 |
|
(a)
|
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 June 30, 2012 is included under “Financial Results” in the Statement of Income.
|
|
NOTE 4:
|
(Continued)
|
Crops/SWAP
|
Tons
|
Margins
|
Premium paid or (collected)
|
Premium at fair value
|
Gain (loss) for valuation at fiscal year-end at fair value
|
|||||||||||||||
Futures
|
||||||||||||||||||||
Purchase
|
||||||||||||||||||||
Rice
|
720 | - | - | - | 125 | |||||||||||||||
Sell
|
||||||||||||||||||||
Corn
|
1,000 | 32 | - | - | 92 | |||||||||||||||
Soybean
|
10,800 | 601 | - | - | 129 | |||||||||||||||
Options
|
||||||||||||||||||||
Sell Put
|
||||||||||||||||||||
Corn
|
27,940 | - | (723 | ) | (672 | ) | 51 | |||||||||||||
Purchase Put
|
||||||||||||||||||||
Corn
|
29,591 | - | 2,303 | 2,919 | 616 | |||||||||||||||
Swap
|
||||||||||||||||||||
Interest rate
|
- | - | - | - |
(a) 1.867
|
|||||||||||||||
Total
|
70,051 | 633 | 1,580 | 2,247 | 2,880 |
|
(a)
|
Corresponds to: an interest rate swap for a notional amount of Ps. 106.9 million structured as follows: (i) 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) 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) 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 and (iv) Ps. 26.9 million entered into with Banco Itaú due on December 10, 2012 whereby the Company agrees to pay a fixed rate of 14.45% and the counterparty the Badlar variable rate.
|
NOTE 4:
|
(Continued)
|
NOTE 5:
|
MANAGEMENT AGREEMENT
|
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 | - | (80,235 | ) | (56,653 | ) | 8,293 | (106,725 | ) | ||||||||||||||||||
Incorporated by merger
|
3,821 | - | - | - | - | - | 3,821 | |||||||||||||||||||||
Gain (loss) recognized
|
18,560 | (682 | ) | 6,101 | 11,078 | 5,286 | 1,272 | 41,615 | ||||||||||||||||||||
Balance as of June 30, 2012
|
42,925 | 644 | 6,101 | (69,157 | ) | (51,367 | ) | 9,565 | (61,289 | ) |
Cumulative tax loss carry-forwards
|
Cash in foreign currency
|
Fixed Assets
|
Inventories
|
Provisions
|
Total
|
|||||||||||||||||||
Balance as of June 30, 2010
|
13,365 | (38 | ) | (63,385 | ) | (42,214 | ) | 4,548 | (87,724 | ) | ||||||||||||||
Incorporated by merger
|
638 | 496 | 161 | - | - | 1,295 | ||||||||||||||||||
Gain (loss) recognized
|
6,541 | 868 | (17,011 | ) | (14,439 | ) | 3,745 | (20,296 | ) | |||||||||||||||
Balance as of June 30, 2011
|
20,544 | 1,326 | (80,235 | ) | (56,653 | ) | 8,293 | (106,725 | ) |
Origination year
|
Amount
|
Expiration year
|
||||||
2012
|
122,643 | 2017 |
NOTE 6:
|
(Continued)
|
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
|
9,333 | 2022 |
Description
|
June 30, 2012
|
June 30, 2011
|
||||||
Net income before income tax
|
36,758 | 242,229 | ||||||
Tax rate
|
35 | % | 35 | % | ||||
Net income at tax rate
|
12,865 | 84,780 | ||||||
Permanent differences at tax rate:
|
||||||||
Donations
|
323 | 132 | ||||||
Results from equity investees
|
(57,804 | ) | (68,089 | ) | ||||
Tax on shareholders´ personal assets
|
3,592 | 3,249 | ||||||
Shares sale
|
2,201 | - | ||||||
Miscellaneous permanent differences
|
(2,716 | ) | 224 | |||||
Fines
|
34 | - | ||||||
Income tax expense
|
(41,505 | ) | 20,296 |
NOTE 6:
|
(Continued)
|
Description
|
June 30, 2012
|
June 30, 2011
|
||||||
Total income tax expense
|
(41,505 | ) | 20,296 | |||||
Transitory differences
|
||||||||
- Additions
|
||||||||
Cumulative tax loss carry-forwards
|
18,560 | 6,541 | ||||||
Others
|
6,614 | - | ||||||
Cash in foreign currency
|
(1,195 | ) | 868 | |||||
Fixed assets
|
11,078 | (17,011 | ) | |||||
Inventories
|
5,286 | (14,439 | ) | |||||
Provisions
|
1,272 | 3,745 | ||||||
Last year provision defect
|
(110 | ) | - | |||||
Total income tax determined for fiscal purposes
|
- | - |
NOTE 7:
|
BALANCES AND RESULTS WITH SUBSIDIARIES, RELATED COMPANIES LAW No. 19,550 SECTION 33 AND RELATED PARTIES:
|
|
a.
|
Balances as of June 30, 2012 and 2011 with subsidiaries, related companies and related parties are as follows:
|
Current Trade
account
receivable
|
Current Other receivables
|
Non-current
Other receivables
|
Current Trade accounts payable
|
Short-term debts
|
Long-term debts
|
Current Other
liabilities
|
||||||||||||||||||||||
Acres (1)
|
- | 1,948 | 12,019 | - | - | - | ||||||||||||||||||||||
Agrotech (1)
|
- | 56 | - | - | - | - | ||||||||||||||||||||||
Agromanagers S.A. (3)
|
- | 20 | - | - | - | - | - | |||||||||||||||||||||
Agro-Uranga (2)
|
534 | 46 | - | - | - | - | ||||||||||||||||||||||
APSA (1)
|
- | 38,266 | - | - | - | - | (12,556 | ) | ||||||||||||||||||||
Brasilagro (1)
|
- | 104 | - | - | - | - | (9 | ) | ||||||||||||||||||||
Cactus (1)
|
- | 1,753 | - | (84 | ) | - | - | (469 | ) | |||||||||||||||||||
Consultores Asset Management S.A. (3)
|
- | 86 | - | - | - | - | (2,991 | ) | ||||||||||||||||||||
Cresca (4)
|
- | 430 | - | - | - | - | (28 | ) | ||||||||||||||||||||
Cyrsa S.A. (4)
|
- | 743 | - | - | - | - | (46 | ) | ||||||||||||||||||||
Directors (3)
|
- | 62 | - | - | - | - | (476 | ) | ||||||||||||||||||||
EAASA (1)
|
4 | 8 | - | - | - | - | - | |||||||||||||||||||||
Emprendimiento Recoleta S.A. (1)
|
- | - | - | (1 | ) | (6,786 | ) | (12,678 | ) | (6 | ) | |||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | 694 | - | - | - | - | (1,033 | ) | ||||||||||||||||||||
Fibesa S.A. (1)
|
- | - | - | - | - | - | (10 | ) | ||||||||||||||||||||
Fundación IRSA (3)
|
- | - | - | - | - | - | (1,073 | ) | ||||||||||||||||||||
FyO.Com (1)
|
4,877 | - | - | (134 | ) | - | - | (4 | ) | |||||||||||||||||||
FyO Trading S.A. (1)
|
- | 6 | - | - | - | - | - | |||||||||||||||||||||
Helmir (1)
|
- | 27,628 | 32,606 | - | - | - | - | |||||||||||||||||||||
Inversiones Financieras del Sur S.A. (3)
|
- | 12,755 | - | - | - | - | (3,974 | ) | ||||||||||||||||||||
IRSA (1)
|
- | 22,743 | - | - | - | - | (8,983 | ) | ||||||||||||||||||||
IRSA Internacional LLC (1)
|
- | 416 | - | - | - | - | - | |||||||||||||||||||||
Northagro (1)
|
- | 472 | - | - | - | - | - | |||||||||||||||||||||
Nuevas Fronteras S.A. (1)
|
- | - | - | - | - | - | (30 | ) | ||||||||||||||||||||
Ombú (1)
|
- | 353 | 22,595 | - | - | - | - | |||||||||||||||||||||
Panamerican Mall (1)
|
- | - | - | - | (1,994 | ) | (17,280 | ) | (62 | ) | ||||||||||||||||||
Pluriagro (1)
|
- | 472 | - | - | - | - | - | |||||||||||||||||||||
Credit to employees (3)
|
- | 1,711 | - | - | - | - | - | |||||||||||||||||||||
Tarshop S.A. (2)
|
- | 98 | - | - | - | - | (59 | ) | ||||||||||||||||||||
Yatay (1)
|
- | 353 | 10,693 | - | - | - | - | |||||||||||||||||||||
Yuchán (1)
|
- | 353 | 12,091 | - | - | - | - | |||||||||||||||||||||
Total
|
5,415 | 111,576 | 90,004 | (219 | ) | (8,780 | ) | (29,958 | ) | (31,809 | ) |
NOTE 7:
|
(Continued)
|
Current Trade account
receivable
|
Current Other
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 S.A. (1)
|
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 S.A. (1)
|
- | 18,641 | - | - | - | - | ||||||||||||||||||
IRSA (1)
|
- | 4,906 | - | - | - | (7,614 | ) | |||||||||||||||||
IRSA Internacional (1)
|
- | 4 | (5 | ) | - | - | - | |||||||||||||||||
Northagro S.A. (1)
|
- | 366 | - | - | - | - | ||||||||||||||||||
Nuevas Fronteras S.A. (1)
|
- | - | - | - | - | (13 | ) | |||||||||||||||||
Ombú (1)
|
- | 18,474 | - | - | - | - | ||||||||||||||||||
Panamerican Mall (1)
|
- | - | (1 | ) | - | - | (5 | ) | ||||||||||||||||
Pluriagro S.A. (1)
|
- | 366 | - | - | - | - | ||||||||||||||||||
Credits to employees (3)
|
- | 1,379 | - | - | - | - | ||||||||||||||||||
Tarshop S.A. (2)
|
- | 148 | - | - | - | - | ||||||||||||||||||
Yatay (1)
|
- | 8,743 | - | - | - | - | ||||||||||||||||||
Yuchán (1)
|
- | 9,885 | - | - | - | - | ||||||||||||||||||
Total
|
39,979 | 101,550 | (26,014 | ) | (46 | ) | (10,275 | ) | (28,814 | ) |
NOTE 7:
|
(Continued)
|
|
b.
|
Gain and losses provided by subsidiaries, related companies and related parties corresponding to the fiscal year ended June 30, 2012 and 2011 are as follows:
|
Sales and fees for shared services
|
Fees
|
Agricultural business
Sale/ (Cost)
|
Interest gain (loss)
|
Administration services
|
Others
|
|||||||||||||||||||
Acres (1)
|
- | - | - | 1,277 | 1,058 | - | ||||||||||||||||||
Agro-Uranga S.A. (2)
|
- | - | 3,479 | - | - | - | ||||||||||||||||||
Agrotech S.A. (1)
|
- | - | - | 574 | - | |||||||||||||||||||
APSA (1)
|
47,969 | - | - | - | - | - | ||||||||||||||||||
Cactus (1)
|
720 | - | (12,142 | ) | 910 | 96 | - | |||||||||||||||||
Consultores Asset Management (3)
|
- | (7,458 | ) | - | - | - | 23 | |||||||||||||||||
Cresca (4)
|
- | - | - | 1 | 1,620 | - | ||||||||||||||||||
Directors (3)
|
- | (3,271 | ) | - | - | - | - | |||||||||||||||||
EAASA (1)
|
- | - | 1,808 | - | - | - | ||||||||||||||||||
Emprendimiento Recoleta S.A. (1)
|
- | - | - | (833 | ) | - | - | |||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | (727 | ) | - | - | - | - | |||||||||||||||||
FyO.Com (1)
|
- | - | (507 | ) | - | - | - | |||||||||||||||||
Helmir (1)
|
- | - | - | 792 | - | - | ||||||||||||||||||
Inversiones Financieras del Sur (3)
|
- | - | - | 836 | - | - | ||||||||||||||||||
IRSA (1)
|
22,834 | - | - | (1,898 | ) | - | (786 | ) | ||||||||||||||||
Ombú (1)
|
- | 353 | - | 2,394 | - | - | ||||||||||||||||||
Panamerican Mall S.A. (1)
|
- | - | - | (74 | ) | - | - | |||||||||||||||||
Personal loans (3)
|
- | - | - | 11 | - | - | ||||||||||||||||||
Tarshop S.A. (2)
|
150 | - | - | - | - | - | ||||||||||||||||||
Yatay (1)
|
- | 353 | - | 1,135 | - | - | ||||||||||||||||||
Yuchán (1)
|
- | 353 | - | 1,287 | - | - | ||||||||||||||||||
Total
|
71,673 | (10,397 | ) | (7,362 | ) | 6,412 | 2,774 | (763 | ) |
|
NOTE 7:
|
(Continued)
|
Sales and fees for shared services
|
Fees
|
Agricultural business Sale/ (Cost)
|
Interest gain (loss)
|
Administration services
|
Others
|
|||||||||||||||||||
Acres (1)
|
- | - | - | 251 | 802 | - | ||||||||||||||||||
Agro-Uranga S.A. (2)
|
- | - | 1,491 | - | - | - | ||||||||||||||||||
Agrology S.A. (1)
|
- | - | - | 39 | - | - | ||||||||||||||||||
APSA (1)
|
39,275 | - | - | 1,252 | - | (289 | ) | |||||||||||||||||
Cactus (1)
|
- | - | (2,750 | ) | 241 | 98 | 16 | |||||||||||||||||
Consultores Asset Management S.A. (3)
|
- | (23,618 | ) | - | - | - | - | |||||||||||||||||
Cresca S.A. (4)
|
- | - | - | - | 1,372 | - | ||||||||||||||||||
EAASA (1)
|
- | - | 3,539 | - | - | - | ||||||||||||||||||
Emprendimiento Recoleta S.A. (3)
|
- | - | - | (235 | ) | - | - | |||||||||||||||||
Estudio Zang, Bergel & Viñes (3)
|
- | (1,664 | ) | - | - | - | - | |||||||||||||||||
FyO.Com (1)
|
- | - | - | 51 | - | 3,295 | ||||||||||||||||||
Helmir S.A. (1)
|
- | - | - | 139 | - | - | ||||||||||||||||||
Inversiones Financieras del Sur (3)
|
- | - | - | 93 | - | - | ||||||||||||||||||
IRSA (1)
|
17,721 | - | - | 4,759 | - | (705 | ) | |||||||||||||||||
Ombú (1)
|
- | - | - | 1,415 | - | - | ||||||||||||||||||
Personal loans (3)
|
- | - | - | 171 | - | - | ||||||||||||||||||
Tarshop S.A. (2)
|
(9 | ) | - | - | - | - | - | |||||||||||||||||
Yatay (1)
|
- | - | - | 690 | - | - | ||||||||||||||||||
Yuchán (1)
|
- | - | - | 798 | - | - | ||||||||||||||||||
Total
|
56,987 | (25,282 | ) | 2,280 | 9,664 | 2,272 | 2,317 |
June 30, 2012
|
June 30, 2011
|
|||||||
Cash in local currency
|
114 | 198 | ||||||
Cash in foreign currency (Schedule G)
|
63 | 29 | ||||||
Local currency checking account
|
6,291 | 2,794 | ||||||
Foreign currency checking account (Schedule G)
|
1,669 | 595 | ||||||
8,137 | 3,616 |
June 30, 2012
|
June 30, 2011
|
|||||||
Temporary investments
|
||||||||
Temporary investments (Schedules C and G)
|
938 | 19,092 | ||||||
938 | 19,092 |
Long term investments in other companies:
|
||||||||
Investments on investees (Note 13 and Schedule C)
|
2,163,290 | 2,065,506 | ||||||
2,163,290 | 2,065,506 |
Other investments
|
||||||||
Other investments (Schedule C)
|
21 | 21 | ||||||
21 | 21 |
June 30, 2012
|
June 30, 2011
|
|||||||
Current
|
||||||||
Trade accounts receivable (Schedule G)
|
45,672 | 46,669 | ||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 7 and Schedule G)
|
5,415 | 39,979 | ||||||
Trade accounts receivable under legal proceedings
|
322 | 322 | ||||||
Checks to be deposited
|
7,983 | 4,929 | ||||||
Less:
|
||||||||
Allowance for doubtful accounts (Schedule E)
|
(474 | ) | (619 | ) | ||||
58,918 | 91,280 |
June 30, 2012
|
June 30, 2011
|
|||||||
Current
|
||||||||
VAT receivables, net
|
5,901 | 9,036 | ||||||
Income tax credit and advances
|
17,939 | 10,885 | ||||||
Prepaid leases
|
2,138 | 11,044 | ||||||
Prepaid expenses
|
4,301 | 5,641 | ||||||
Expenses to be recovered
|
2,159 | 7,235 | ||||||
Guarantee deposits (Note 4 and Schedule G)
|
739 | 633 | ||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 7 and Schedule G)
|
111,576 | 101,550 | ||||||
Gross sales tax credit and others
|
9,511 | 3,448 | ||||||
Premiums paid (Note 4 and Schedule G)
|
462 | 2,919 | ||||||
Derivative financial instruments (Note 4)
|
959 | 1,867 | ||||||
Others
|
3,391 | 3,850 | ||||||
159,076 | 158,108 |
June 30, 2012
|
June 30, 2011
|
|||||||
Non-current
|
||||||||
Minimum presumed income tax
|
53,072 | 41,795 | ||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 7 and Schedule G)
|
90,004 | - | ||||||
VAT receivables, net
|
11,175 | 16,399 | ||||||
154,251 | 58,194 |
June 30, 2012
|
June 30, 2011
|
|||||||
Current
|
||||||||
Unharvested crops
|
35,509 | 30,897 | ||||||
Materials and others
|
35,025 | 54,044 | ||||||
Beef cattle
|
36,966 | 42,352 | ||||||
Crops
|
73,776 | 95,501 | ||||||
Seeds and fodder
|
13,347 | 8,009 | ||||||
194,623 | 230,803 |
Non-current
|
||||||||
Beef cattle
|
179,002 | 184,527 | ||||||
179,002 | 184,527 |
June 30, 2012
|
June 30, 2011
|
|||||||
Current
|
||||||||
Suppliers (Schedule G)
|
26,852 | 63,348 | ||||||
Provisions for inputs and other expenses (Schedule G)
|
17,914 | 46,609 | ||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 7 and Schedule G)
|
219 | 26,014 | ||||||
Provisions for harvest expenses
|
5,067 | 4,245 | ||||||
50,052 | 140,216 |
June 30, 2012
|
June 30, 2011
|
|||||||
Current
|
||||||||
Bank loans (Schedule G)
|
118,756 | 115,191 | ||||||
Interests payable - Bank loans (Schedule G)
|
2,032 | 180 | ||||||
Bank overdrafts
|
13,008 | 262,180 | ||||||
Interests payable – Bank overdrafts
|
9 | 112 | ||||||
Non-convertible Notes Class III (Note 19)
|
- | 35,650 | ||||||
Non-convertible Notes Class IV (Note 19 and Schedule G)
|
18,676 | 54,998 | ||||||
Non-convertible Notes Class V (Note 19)
|
70,324 | 35,625 | ||||||
Non-convertible Notes Class VI (Notes 7, 19 and Schedule G)
|
114,832 | 35,806 | ||||||
Non-convertible Notes Class VII (Note 19 and Schedule G)
|
9,413 | - | ||||||
Non-convertible Notes Class IX (Notes 7 and 19)
|
53,656 | - | ||||||
Interest payable-Non-convertible Notes (Notes 7, 19 and Schedule G)
|
8,892 | 3,847 | ||||||
Expenses of Non-convertible Notes issuance (Note 19)
|
(4,867 | ) | (1,869 | ) | ||||
404,731 | 541,720 |
Non-current
|
||||||||
Bank loans (Schedule G)
|
51,540 | - | ||||||
Non-convertible Notes Class IV (Note 19 and Schedule G)
|
- | 18,333 | ||||||
Non-convertible Notes Class V (Note 19)
|
- | 71,250 | ||||||
Non-convertible Notes Class VI (Notes 7, 19 and Schedule G)
|
- | 107,419 | ||||||
Non-convertible Notes Class VII (Note 19 and Schedule G)
|
- | 8,546 | ||||||
Non-convertible Notes Class VIII (Note 19 and Schedule G)
|
271,620 | - | ||||||
Non-convertible Notes Class IX (Notes 7 and 19)
|
107,313 | - | ||||||
Non-convertible Notes Class X (Notes 7, 19 and Schedule G)
|
142,712 | - | ||||||
Non-convertible Notes Class XI (Notes 7, 19 and Schedule G)
|
80,502 | - | ||||||
Expenses of Non-convertible Notes issuance (Note 19)
|
(4,278 | ) | (806 | ) | ||||
649,409 | 204,742 |
June 30, 2012
|
June 30, 2011
|
|||||||
Provisions for vacation and bonuses
|
33,826 | 23,868 | ||||||
Social security payable
|
3,850 | 3,375 | ||||||
Salaries payable
|
- | 349 | ||||||
Health care payables
|
1,106 | 801 | ||||||
38,782 | 28,393 |
June 30, 2012
|
June 30, 2011
|
|||||||
Current
|
||||||||
Minimum presumed income tax, net (Note 2.s.)
|
4,196 | 4,854 | ||||||
Gross sales tax payable
|
599 | 435 | ||||||
Taxes withheld for income tax
|
936 | 671 | ||||||
Tax on shareholders´ personal assets
|
305 | 305 | ||||||
Others
|
144 | 22 | ||||||
6,180 | 6,287 |
Non-current
|
||||||||
Deferred income tax (Note 6)
|
61,289 | 106,725 | ||||||
Moratorium- Tax on personal shareholder´s assets
|
1,781 | 2,086 | ||||||
Others
|
5 | - | ||||||
63,075 | 108,811 |
June 30, 2012
|
June 30, 2011
|
|||||||
Customer advances
|
163 | - | ||||||
163 | - |
June 30, 2012
|
June 30, 2011
|
|||||||
Current
|
||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties (Note 7 and Schedule G)
|
28,825 | 20,946 | ||||||
Management fee provision (Notes 5 and 7)
|
2,984 | 7,868 | ||||||
Premiums collected (Note 4 and Schedule G)
|
59 | 672 | ||||||
Advances for concession rights (Note 13.1.a. and Schedule G)
|
4,789 | - | ||||||
Guarantee deposits received
|
6,995 | - | ||||||
Others
|
257 | 54 | ||||||
43,909 | 29,540 |
Non-current
|
||||||||
Advances for concession rights (Note 13.1.a. and Schedule G)
|
- | 3,344 | ||||||
Equity interest in related companies (Schedule C)
|
- | 11,026 | ||||||
Others
|
125 | 131 | ||||||
125 | 14,501 |
June 30, 2012
|
June 30, 2011
|
|||||||
Gain /(loss)
|
Gain /(loss)
|
|||||||
Generated by assets:
|
||||||||
Income Interest
|
||||||||
Income Interest
|
9,383 | 10,420 | ||||||
Current value of assets
|
(1,600 | ) | 38 | |||||
7,783 | 10,458 |
Other Unrealized gain
|
||||||||
Gain on hedging
|
1,037 | 2,850 | ||||||
Financial result of IRSA´s and APSA´s non-convertible notes
|
- | 4,187 | ||||||
Tax on bank account operations
|
(7,751 | ) | (8,624 | ) | ||||
Unrealized gain and results of securities operations
|
154 | 21 | ||||||
(6,560 | ) | (1,566 | ) |
Generated by liabilities:
|
||||||||
Interest loss
|
||||||||
Interest of bank loans and other liabilities
|
(38,127 | ) | (35,987 | ) | ||||
Interest of non-convertible notes
|
(55,471 | ) | (19,036 | ) | ||||
(93,598 | ) | (55,023 | ) |
June 30, 2012
Gain / (loss)
|
June 30, 2011 Gain / (Loss)
|
|||||||
IRSA
|
||||||||
- Result equity method
|
159,998 | 149,161 | ||||||
- Amortization of negative goodwill
|
26,947 | 34,135 | ||||||
- Elimination of amortization of IRSA´s and APSA´s non- convertible notes issuance expenses (1)
|
- | 1,419 | ||||||
- Accrued financial results of IRSA´s and APSA´s non-convertible notes (1)
|
- | (4,117 | ) | |||||
- Elimination of exchange difference of IRSA´s and APSA´s non-convertible notes (1)
|
- | 188 | ||||||
- Amortization of higher values
|
(16,258 | ) | (19,904 | ) | ||||
Brasilagro
|
||||||||
- Result equity method
|
(9,251 | ) | 10,978 | |||||
- Amortization of negative goodwill
|
13,653 | 12,264 | ||||||
- Amortization of higher values
|
(4,011 | ) | (105 | ) | ||||
Cactus
|
||||||||
- Result equity method
|
(22,778 | ) | (26,755 | ) | ||||
- Impairment of goodwill
|
(10,525 | ) | - | |||||
Agro–Uranga S.A.
|
||||||||
- Result equity method
|
5,720 | 4,741 | ||||||
FyO.Com
|
||||||||
-Result equity method
|
742 | 932 | ||||||
Agrology S.A. (2)
|
||||||||
-Result equity method
|
- | 27,052 | ||||||
-Amortization of pre-operative expenses
|
- | (303 | ) | |||||
EAASA
|
||||||||
-Result equity method
|
(1 | ) | (4 | ) | ||||
Acres
|
||||||||
-Result equity method
|
(5,095 | ) | (57 | ) | ||||
-Amortization of pre-operative expenses
|
(157 | ) | - | |||||
Ombú
|
||||||||
-Result equity method
|
377 | (15 | ) | |||||
Yatay
|
||||||||
-Result equity method
|
1,658 | (9 | ) | |||||
Yuchán
|
||||||||
-Result equity method
|
(209 | ) | (12 | ) | ||||
Agrotech
|
||||||||
-Result equity method
|
(8,474 | ) | (33 | ) | ||||
-Amortization of pre-operative expenses
|
(142 | ) | - | |||||
Northagro
|
||||||||
-Result equity method
|
(150 | ) | 377 | |||||
Pluriagro
|
||||||||
-Result equity method
|
(150 | ) | 377 | |||||
Helmir
|
||||||||
- Result equity method
|
15,937 | - | ||||||
Agromanagers S.A.
|
||||||||
- Result equity method
|
(355 | ) | - | |||||
FyO Trading
|
||||||||
- Result equity method
|
(2 | ) | - | |||||
147,474 | 190,310 |
(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).
|
June 30, 2012
|
June 30, 2011
|
|||||||
Weight average of outstanding shares of common stock
|
496,561,780 | 496,560,206 | ||||||
Diluted weighted average of shares of common stock
|
558,916,948 | 558,915,374 |
June 30, 2012
|
June 30, 2011
|
|||||||
Earnings for the calculation of basic earnings per share
|
78,263 | 221,933 | ||||||
Earnings for the calculation of diluted earnings per share
|
78,263 | 221,933 |
Earnings per share
BASIC
|
June 30, 2012
|
June 30, 2011
|
||||||
Earnings
|
78,263 | 221,933 | ||||||
Number of shares
|
496,561,780 | 496,560,206 | ||||||
Earnings per share
|
0.16 | 0.45 |
Earnings per share
DILUTED
|
June 30, 2012
|
June 30, 2011
|
||||||
Earnings
|
78,263 | 221,933 | ||||||
Number of shares
|
558,916,948 | 558,915,374 | ||||||
Earnings per share
|
0.14 | 0.40 |
Current Investments
Non-Current Investments
|
Trade account
receivable
|
Others
Receivables
|
||||||||||||||||||||||
Estimated collection term
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
||||||||||||||||||
1st quarter 2012/2011
|
- | 19,092 | - | 90,958 | - | 90,542 | ||||||||||||||||||
2nd quarter 2012/2011
|
- | - | - | - | - | 32,504 | ||||||||||||||||||
3rd quarter 2012/2011
|
- | - | - | - | - | 23,972 | ||||||||||||||||||
4th quarter 2012/2011
|
- | - | - | - | - | - | ||||||||||||||||||
1st quarter 2013/2012
|
938 | - | 58,596 | - | 97,612 | - | ||||||||||||||||||
2nd quarter 2013/2012
|
- | - | - | - | 59,281 | - | ||||||||||||||||||
3rd quarter 2013/2012
|
- | - | - | - | - | - | ||||||||||||||||||
4th quarter 2013/2012
|
- | - | - | - | - | - | ||||||||||||||||||
4th quarter 2014/2015
|
- | - | - | - | 32,606 | - | ||||||||||||||||||
2nd quarter 2015/2014
|
- | - | - | - | 57,398 | - | ||||||||||||||||||
4th quarter 2017/2016
|
- | - | - | - | - | - | ||||||||||||||||||
With no stated current term
|
- | - | 322 | 322 | 2,183 | 11,090 | ||||||||||||||||||
With no stated non-current term
|
21 | 21 | - | - | 64,247 | 58,194 | ||||||||||||||||||
Total
|
959 | 19,113 | 58,918 | 91,280 | 313,327 | 216,302 |
Current Investments
Non-Current Investments
|
Trade account
receivable
|
Others
receivables
|
||||||||||||||||||||||
Interest rate that they accrue
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
||||||||||||||||||
At fixed interest rate
|
- | - | - | - | 73,436 | 19,800 | ||||||||||||||||||
At variable interest rate
|
938 | 19,092 | - | - | 55,353 | 42,127 | ||||||||||||||||||
Non-interest bearing
|
21 | 21 | 58,918 | 91,280 | 184,538 | 154,375 | ||||||||||||||||||
Total
|
959 | 19,113 | 58,918 | 91,280 | 313,327 | 216,302 |
Trade account
Payable
|
Short-term /
long-term debts
|
Salaries
and social security payable
|
Taxes
payable
|
Customer
Advances
|
Other
Liabilities
|
Provisions
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated payment term
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||
4th quarter 2011/2010
|
- | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||
1st quarter 2012/2011
|
- | 140,216 | 23,780 | 25,743 | - | 1,205 | - | - | - | 28,439 | - | - | ||||||||||||||||||||||||||||||||||||||||||||
2nd quarter 2012/2011
|
- | - | 44,857 | - | - | 4,930 | - | - | - | 1,087 | - | - | ||||||||||||||||||||||||||||||||||||||||||||
3rd quarter 2012/2011
|
- | - | 44,857 | 2,650 | - | 76 | - | - | - | 14 | - | - | ||||||||||||||||||||||||||||||||||||||||||||
4th quarter 2012/2011
|
- | - | 165,934 | - | - | 76 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||
1st quarter 2013/2012
|
50,052 | - | 164,234 | 89,441 | 34,029 | - | 1,984 | - | 163 | - | 39,055 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
2nd quarter 2013/2012
|
- | - | 127,757 | 71,128 | - | - | 4,196 | - | - | - | 65 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
3rd quarter 2013/2012
|
- | - | 46,067 | 44,173 | 4,753 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
4th quarter 2013/2012
|
- | - | 53,656 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
1st quarter 2014/2013
|
- | - | 53,303 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
2nd quarter 2014/2013
|
- | - | 100,447 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
3rd quarter 2014/2013
|
- | - | 52,871 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
4th quarter 2014/2013
|
- | - | 73,780 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
1st quarter 2015/2014
|
- | - | 269,922 | - | - | - | 5 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Over 2 years
|
- | - | 99,086 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
With no stated current term
|
- | - | 13,017 | 262,292 | - | - | - | - | - | - | 4,789 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
With no stated non-current term
|
- | - | - | - | - | - | 63,070 | 108,811 | - | - | 125 | 14,501 | 1,576 | 1,681 | ||||||||||||||||||||||||||||||||||||||||||
Total
|
50,052 | 140,216 | 1,054,140 | 746,462 | 38,782 | 28,393 | 69,255 | 115,098 | 163 | - | 44,034 | 44,041 | 1,576 | 1,681 |
Trade account
Payable
|
Short-term /
long-term debts
|
Salaries
and social security payable
|
Taxes
payable
|
Customer
Advances
|
Other
Liabilities
|
Provisions
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate that they accrue
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||
At fixed interest rate
|
- | - | 680,465 | 564,126 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
At variable interest rate
|
- | - | 284,865 | 178,197 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing
|
50,052 | 140,216 | 88,810 | 4,139 | 38,782 | 28,393 | 69,255 | 115,098 | 163 | - | 44,034 | 44,041 | 1,576 | 1,681 | ||||||||||||||||||||||||||||||||||||||||||
Total
|
50,052 | 140,216 | 1,054,140 | 746,462 | 38,782 | 28,393 | 69,255 | 115,098 | 163 | - | 44,034 | 44,041 | 1,576 | 1,681 |
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.
|
c.
|
On May 22, 2012, the Company has sold, assigned and transferred to APSA a plot of land of 115 hectares in Luján, Province of Buenos Aires in an amount of US$ 8.9 million, which has been fully collected as of the financial statements date.
|
|
1.
|
Cresud – International
|
|
NOTE 13:
|
(Continued)
|
NOTE 13:
|
(Continued)
|
-
|
23,160,450 shares equal to 39.64% of Brasilagros’ outstanding shares as of June 30, 2012 (including the assignment of rights indicated above), and
|
-
|
136,672 first issue warrants from Brasilagro and 130,351 second issue warrants from Brasilagro. As of June 30, 2012 the Company registered an asset of Ps. 13,491 for the acquisition of these warrants (Schedule C).
|
c.
|
Republic of Bolivia
|
NOTE 13:
|
(Continued)
|
d.
|
Oriental Republic of Uruguay
|
e.
|
Republic of Paraguay
|
NOTE 13:
|
(Continued)
|
|
2.
|
Cresud – Local
|
a.
|
Purchase of Agro Managers S.A.’s shares
|
NOTE 13:
|
(Continued)
|
|
d.
|
Northagro S.A., Agrotech S.A. and Pluriagro S.A.
|
|
e.
|
FyO.Com
|
1.
|
Cresud’s merger with Agrology S.A. ("Agrology")
|
2.
|
Cresud’s merger with Inversiones Ganaderas SA (“IGSA”) and Agropecuaria Anta S.A. (“ANTA”)
|
-
|
The number of shares to be issued per option is, as a ratio previous to assignment 0.33333333 and as ratio resolved after assignment (current) 0.35100598.
|
-
|
The prices to call shares to be issued are: price previous to assignment US$ 1.68, while the current price after assignment US$ 1.5954.
|
NOTE 17:
|
EXAGRIND S.A. LAWSUIT – SAN RAFAEL AGAINST TALI SUMAJ AND OTHER DAMAGES AND LOSSES
|
NOTE 18:
|
(Continued)
|
NOTE 19:
|
GLOBAL PROGRAM FOR THE ISSUANCE OF NON-CONVERTIBLE NOTES
|
NOTE 19:
|
(Continued)
|
1.
|
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 in the amount of Ps. 1.3 million and US$ 0.3 million, respectively, for the period July 21, and October 19, 2010.
|
-
|
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. 1.3 million and US$ 0.3 million, respectively, for the period 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. 1.3 million and US$ 0.3 million, respectively, for the period between January 17, and April 18, 2011.
|
NOTE 19:
|
(Continued)
|
-
|
On July 18, 2011, the fourth interest installments of Class III and Class IV Non-Convertible notes in the amounts of Ps. 1.4 million and US$ 0.3 million, respectively, for the period between April 18, and July 18, 2011 were paid.
|
-
|
On October 17, 2011, the company made the payment of the fifth interest installment of Class III and Class IV Non-Convertible notes in the amounts of Ps. 1.5 million and US$ 0.3 million, respectively, for the period 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, the sixth interest installment of Class III and IV Non-Convertible notes in the amounts of Ps. 1.4 million and US$ 0.3 million, respectively, for the period between October 17, 2011 and January 15, 2012 were paid. 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.
|
-
|
On April 16, 2012, the seventh interest and the third capital installment on Class IV Non-Convertible notes in the amounts of US$ 0.2 million and US$ 4.5 million respectively, related to the period between January 16, 2012 and April 16, 2012 were paid.
|
-
|
On April 23, 2012, the Company made the payment of the seventh interest and the third capital installment on Class III Non-Convertible notes in the amounts of Ps. 0.6 million and Ps. 11.9 million, respectively, related to the period between January 16, 2012 and April 23, 2012. With this payment, Class IV of Non-Convertible Notes are completely cancelled.
|
NOTE 19:
|
(Continued)
|
2.
|
Issuance of Non-Convertible notes - Class V, VI y VII
|
-
|
On June 8, 2011, the first interest installment of Class V, Class VI and Class VII Non-Convertible Notes for Ps. 3.9 million, US$ 0.6 million and US$ 0.021 million, respectively, related to the period between March 10, 2011 and June 8, 2011 were paid.
|
|
NOTE 19: (Continued)
|
-
|
On September 6, 2011, the second interest installment was paid for Class V, Class VI and Class VII Non-Convertible Notes for Ps. 4.1 million, US$ 0.6 million and US$ 0.021 million, respectively, corresponding to the period between June 8, 2011 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. 5.3 million, US$ 0.6 million and US$ 0.021 million, respectively, corresponding to the period between September 6, 2011 and December 2, 2011.
|
-
|
On March 05, 2012, the fourth interest installment of Class V, Class VI and Class VII Non-Convertible Notes for Ps. 5.5 million, US$ 0.7 million and US$ 0.021 million, respectively, related to the period between December 5, 2011 and March 5, 2012 were paid.
|
-
|
On June 11, 2012, the fifth interest installment of Class V, Class VI and Class VII Non-Convertible Notes for Ps. 4.6 million, U$S 0.7 million and US$ 0.022 million, respectively, related to the period March 5, 2012 and June 11, 2012 were paid. Likewise, on that date, Ps. 35.6 million and US$ 8.7 million were paid for the first amortization of Non-convertible Notes Class V and Class IV, respectively.
|
3.
|
Issuance of Non-Convertible notes - Class VIII
|
NOTE 19:
|
(Continued)
|
4.
|
Issuance on Non-Convertible notes Class IX and X and XI
|
NOTE 19:
|
(Continued)
|
NOTE 21:
|
CAPITALIZATION PROGRAM FOR EXECUTIVE MANAGEMENT AND LONG-TERM INCENTIVE PROGRAM
|
|
NOTE 21: (Continued)
|
§
|
ordinary retirement in line with the applicable working regulations
|
§
|
total or permanent disability or inability
|
§
|
death
|
|
NOTE 21: (Continued)
|
·
|
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
|
-
|
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 since 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).
|
NOTE 26:
|
FINANCIAL LOAN FROM BANCO CIUDAD
|
NOTE 27:
|
COMPLIANCE WITH CURRENTLY APPLICABLE ENVIRONMENTAL RULES AND REGULATION
|
NOTE 28:
|
RECLASSIFICATION OF THE DEFERRED TAX LIABILITY DERIVED FROM THE ADJUSTMENT FOR INFLATION
|
Item
|
Figures as of 06.30.12 resulting from the Statement of Changes in Shareholders’ Equity
|
Reclassification proposed pursuant to ruling 592 of the CNV
|
Figures subject to reclassification to be approved by the Shareholders’ Meeting
|
|||||||||
Capital stock
|
496,562 | - | 496,562 | |||||||||
Treasury stock
|
5,001 | - | 5,001 | |||||||||
Inflation adjustment of common stock
|
164,561 | (99,788 | ) | 64,773 | ||||||||
Integral shares adjustment
|
1,657 | (1,005 | ) | 652 | ||||||||
Additional paid-in capital
|
879,342 | - | 879,342 | |||||||||
Sub-total
|
1,547,123 | (100,793 | ) | 1,446,330 | ||||||||
Non-capitalized contribution
|
2,121 | - | 2,121 | |||||||||
Legal reserve
|
42,922 | - | 42,922 | |||||||||
Reserve for new developments
|
389,202 | - | 389,202 | |||||||||
Long-term incentive program Reserve
|
2,419 | - | 2,419 | |||||||||
Transitory conversion differences
|
108,511 | - | 108,511 | |||||||||
Retained earnings
|
(29,017 | ) | 100,793 | 71,776 | ||||||||
Total as of 06/30/12
|
2,063,281 | - | 2,063,281 |
July 1, 2011
|
June 30, 2012
|
||||||||
Shareholders’ equity under Argentine GAAP
|
2,101,681 | 2,063,281 | |||||||
Biological assets and agriculture produce at the point of harvest
|
(a)
|
30,411 | 1,506 | ||||||
Inventories
|
(b)
|
(6,313 | ) | (5,233 | ) | ||||
Pre-operating and organization expenses
|
(c)
|
(769 | ) | (684 | ) | ||||
Goodwill
|
(d)
|
335,498 | 319,255 | ||||||
Commodity linked debt
|
(e)
|
97 | 72 | ||||||
Present value accounting – tax credits
|
(f)
|
3,414 | 5,014 | ||||||
Investments in subsidiaries
|
(g)
|
275,319 | 167,943 | ||||||
Investments in associates and joint ventures
|
(h)
|
220 | 511 | ||||||
Acquisition of non controlling interest
|
(i)
|
- | 9,379 | ||||||
Amortization of transaction costs on borrowings
|
(j)
|
- | 261 | ||||||
Settlement of BrasilAgro warrants
|
(k)
|
- | (2,706 | ) | |||||
Deferred income tax
|
(l)
|
(9,859 | ) | 264 | |||||
Shareholders’ equity under RT 26
|
2,729,699 | 2,558,863 |
June 30, 2012
|
|||||
Net income under Argentine GAAP
|
78,263 | ||||
Biological assets and agriculture produce at the point of harvest
|
(a)
|
(28,905 | ) | ||
Inventories
|
(b)
|
1,080 | |||
Pre-operating and organization expenses
|
(c)
|
85 | |||
Goodwill
|
(d)
|
(15,202 | ) | ||
Commodity linked debt
|
(e)
|
(25 | ) | ||
Present value accounting – tax credits
|
(f)
|
1,600 | |||
Investments in subsidiaries
|
(g)
|
(68,900 | ) | ||
Investments in associates and joint ventures
|
(h)
|
291 | |||
Amortization of transaction costs on borrowings
|
(j)
|
261 | |||
Deferred income tax
|
(l)
|
10,123 | |||
Net income under RT 26
|
(21,329 | ) |
|
NOTE 29:(Continued)
|
1.3.
|
Reconciliation of other comprehensive income for the fiscal year ended June 30, 2012
|
June 30, 2012
|
|||||
Other comprehensive income under Argentine GAAP
|
(58,692 | ) | |||
Goodwill
|
(d)
|
(1,041 | ) | ||
Investments in subsidiaries
|
(g)
|
(22,206 | ) | ||
Other comprehensive income under RT 26
|
(81,939 | ) |
1.4.
|
Reconciliation of cash flows for the fiscal year ended June 30, 2012
|
1.4.1
|
Operating activities
|
Cash generated from operating activities under Argentine GAAP
|
12,176 | |||
Proceeds from sale of property, plant and equipment
|
(40,051 | ) | ||
Cash used in operating activities under RT 26 (1)
|
(27,875 | ) |
1.4.2
|
Investing activities
|
Cash used in investing activities under Argentine GAAP
|
(173,480 | ) | ||
Proceeds from sale of property, plant and equipment
|
40,051 | |||
Cash used in investing activities under RT 26
|
(133,429 | ) |
1.4.3
|
Disclosure reclassifications that affect the Statement of cash flows for the fiscal year ended on June 30, 2012
|
|
NOTE 29: (Continued)
|
2
|
Explanation of the transition to RT 26
|
|
NOTE 29:(Continued)
|
|
NOTE 29:(Continued)
|
|
NOTE 29:(Continued)
|
NOTE 30:
|
SUBSEQUENT EVENTS
|
|
NOTE 30: (Continued)
|
Principal Account
|
Value at
the beginning of the year
|
Additions
and/or Transfers
|
Deductions
and/or
Transfers
|
Value at the end of the fiscal year
|
Depreciation
|
Net
carrying value
as of
June
30, 2012
|
Net
carrying value
as of
June 30
2011
|
|||||
Rate
%
|
Accumulated at the beginning of the fiscal year
|
Additions
|
Decreases
|
Current
year
(1)
|
Accumulated At the end of the fiscal year
|
|||||||
Real estate
|
218,151
|
13,191
|
10,956
|
220,386
|
-
|
-
|
-
|
-
|
-
|
-
|
220,386
|
218,151
|
Wire fences
|
13,317
|
252
|
47
|
13,522
|
3
|
1,629
|
-
|
3
|
401
|
2,027
|
11,495
|
11,688
|
Watering troughs
|
13,623
|
510
|
-
|
14,133
|
5
|
1,968
|
-
|
-
|
673
|
2,641
|
11,492
|
11,655
|
Alfalfa fields and meadows
|
7,150
|
-
|
1,205
|
5,945
|
12-25-50
|
4,033
|
-
|
1,036
|
1,000
|
3,997
|
1,948
|
3,117
|
Buildings and constructions
|
47,896
|
3,418
|
235
|
51,079
|
2
|
7,302
|
-
|
9
|
757
|
8,050
|
43,029
|
40,594
|
Machinery
|
13,997
|
1,475
|
5
|
15,467
|
10
|
9,279
|
-
|
4
|
772
|
10,047
|
5,420
|
4,718
|
Vehicles
|
4,151
|
3,740
|
1,353
|
6,538
|
20
|
2,202
|
-
|
521
|
848
|
2,529
|
4,009
|
1,949
|
Tools
|
289
|
27
|
2
|
314
|
10
|
191
|
-
|
-
|
38
|
229
|
85
|
98
|
Furniture and equipment
|
1,039
|
151
|
3
|
1,187
|
10
|
944
|
-
|
-
|
52
|
996
|
191
|
95
|
Feeder and drinking troughs
|
228
|
-
|
18
|
210
|
20
|
17
|
-
|
-
|
11
|
28
|
182
|
211
|
Corral and leading lanes
|
2,331
|
1,067
|
-
|
3,398
|
3
|
232
|
-
|
-
|
102
|
334
|
3,064
|
2,099
|
Roads
|
2,635
|
270
|
-
|
2,905
|
10
|
1,476
|
-
|
-
|
277
|
1,753
|
1,152
|
1,159
|
Facilities
|
20,498
|
3,288
|
32
|
23,754
|
10-20-33
|
10,747
|
-
|
12
|
1,367
|
12,102
|
11,652
|
9,751
|
Computer equipment
|
2,838
|
504
|
-
|
3,342
|
20
|
2,266
|
-
|
-
|
274
|
2,540
|
802
|
572
|
Silo plants
|
1,342
|
-
|
-
|
1,342
|
5
|
691
|
-
|
-
|
75
|
766
|
576
|
651
|
Constructions in progress
|
1,741
|
17,167
|
1,799
|
17,109
|
-
|
-
|
-
|
-
|
-
|
-
|
17,109
|
1,741
|
Advances to suppliers
|
1,298
|
-
|
862
|
436
|
-
|
-
|
-
|
-
|
-
|
-
|
436
|
1,298
|
Improvement in third´s real estate
|
34,124
|
15,741
|
-
|
49,865
|
3
|
2,330
|
-
|
-
|
1,638
|
3,968
|
45,897
|
31,794
|
Tree plantations (wood)
|
4,320
|
-
|
-
|
4,320
|
3
|
576
|
-
|
-
|
144
|
720
|
3,600
|
3,744
|
Total as of June 30, 2012
|
390,968
|
60,801
|
16,517
|
435,252
|
45,883
|
-
|
1,585
|
8,429
|
52,727
|
382,525
|
-
|
|
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
|
|
Schedule B
|
Principal Account
|
Values at
beginning of the fiscal year
|
Additions and / or transfers
|
Values at
the end of the fiscal year
|
Depreciation
|
Net
carrying value
as of June
30, 2012
|
Net
carrying value as of
June 30, 2011
|
||||
Rate
%
|
Accumulated at the beginning of the fiscal year
|
Additions
|
Amount (1)
|
Accumulated
at the end of the fiscal year
|
||||||
Pre-operating expenses (Bolivia)
|
842
|
-
|
842
|
20
|
420
|
-
|
168
|
588
|
254
|
422
|
Pre-operating expenses (Paraguay)
|
671
|
-
|
671
|
20
|
324
|
-
|
132
|
456
|
215
|
347
|
Other pre-operating expenses
|
-
|
215
|
215
|
20
|
-
|
-
|
-
|
-
|
215
|
|
Concession rights
|
23,582
|
-
|
23,582
|
3
|
3,011
|
-
|
753
|
3,764
|
19,818
|
20,571
|
Totals as of June 30, 2012
|
25,095
|
215
|
25,310
|
-
|
3,755
|
-
|
1,053
|
4,808
|
20,502
|
-
|
Totals as of June 30, 2011
|
1,513
|
23,582
|
25,095
|
-
|
442
|
2,258
|
1,055
|
3,755
|
-
|
21,340
|
(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.
|
|
INFORMATION ON THE ISSUER | |||||||||||||||||||||||||||||
According to the latest balance sheet
|
||||||||||||||||||||||||||||||
Securities
|
Amount
|
% of participation on the capital
|
Value as of
June 30, 2012
|
Value as of
June 30, 2011
|
Market value
as of
June 30, 2012
|
Main activity
|
Capital
|
Income (loss) of the year | Shareholders´ equity | |||||||||||||||||||||
CURRENT ASSETS
Current Investments
|
||||||||||||||||||||||||||||||
Mutual Funds:
|
||||||||||||||||||||||||||||||
Fondo Bony Hamilton (US$)
|
896,123 | 19 | 27 | |||||||||||||||||||||||||||
Deutsche Managed Dollar Fund (US$)
|
1,937,418 | 38 | 19,065 | |||||||||||||||||||||||||||
Rj Delta 169 (1)
|
354,086 | 881 | - | |||||||||||||||||||||||||||
Total current investments
|
938 | 19,092 | ||||||||||||||||||||||||||||
NON-CURRENT ASSETS
Investments on controlled and related companies
|
||||||||||||||||||||||||||||||
Agro – Uranga S.A.
|
Unlisted
|
Agricultural livestock
|
2,500 | 6,805 | 40,150 | |||||||||||||||||||||||||
Shares
|
893,069 | 35.72 | 14,085 | 11,665 | ||||||||||||||||||||||||||
Higher value of property
|
11,179 | 11,179 | ||||||||||||||||||||||||||||
25,264 | 22,844 | |||||||||||||||||||||||||||||
Cactus
|
11,745,190 | 94.55 | 8,055 |
Unlisted
|
Exploitation and administration of
|
|||||||||||||||||||||||||
Shares and contributions (2)
|
- | (11,026 | ) |
agriculture products and raising cattle
|
20,630 | (25,575 | ) | 11,711 | ||||||||||||||||||||||
8,055 | (11,026 | ) | ||||||||||||||||||||||||||||
FyO.Com
|
Unlisted
|
Gives information about markets
|
||||||||||||||||||||||||||||
Shares
|
987,426 | 65.85 | 8,703 | 7,962 |
through internet, Brokerage e
|
1,500 | 1,126 | 13,217 | ||||||||||||||||||||||
8,703 | 7,962 |
intermediation on
|
||||||||||||||||||||||||||||
spot and future markets
|
||||||||||||||||||||||||||||||
INFORMATION ON THE ISSUER
|
|||||||||
According to the latest balance sheet
|
|||||||||
Securities
|
Amount
|
% of participation on the capital
|
Value as of
June 30, 2012
|
Value as of
June 30, 2011
|
Market value
as of
June 30, 2012
|
Main activity
|
Capital
|
Income (loss) of the year
|
Shareholders´ equity
|
Agrology (7)
|
Unlisted
|
Investing
|
-
|
-
|
-
|
||||
Shares
|
268,559,946
|
100.00
|
-
|
301,143
|
-
|
-
|
-
|
||
Irrevocable contributions
|
-
|
-
|
-
|
-
|
-
|
||||
-
|
301,143
|
||||||||
FyO Trading
|
Unlisted
|
Brokerage
|
220
|
(75.89)
|
144
|
||||
Shares and contributions
|
4,832
|
2.20
|
3
|
1
|
|||||
3
|
1
|
||||||||
EAASA
|
Unlisted
|
Meat packing industry
|
21,183
|
(23,170)
|
5,710
|
||||
Shares
|
2,507
|
0.01
|
1
|
1
|
|||||
1
|
1
|
||||||||
IRSA
|
5.00
|
Real estate
|
578,676
|
280,081
|
2,335,279
|
||||
Shares
|
371,517,967
|
64.20
|
1,481,599
|
1,170,729
|
|||||
Higher values (3)
|
154,961
|
158,244
|
|||||||
1,636,560
|
1,328,973
|
||||||||
Brasilagro
|
(4) 7.85
|
Agricultural and Real Estate
|
875,381
|
(23,336)
|
1,255,908
|
||||
Shares
|
23,160,450
|
39.64
|
497,885
|
609,397
|
|||||
Higher values (5)
|
118,964
|
122,974
|
|||||||
Warrants
|
260,702
|
13,491
|
10,786
|
||||||
630,340
|
743,157
|
||||||||
Agrotech S.A.
|
|||||||||
Shares
|
28,388,957
|
100.00
|
17,088
|
15
|
Unlisted
|
Investing
|
28,689
|
(8,474)
|
18,477
|
17,088
|
15
|
||||||||
Pluriagro
|
|||||||||
Shares
|
50,000
|
100.00
|
483
|
517
|
Unlisted
|
Investing
|
50
|
(150)
|
483
|
483
|
517
|
||||||||
Northagro
|
Unlisted
|
Investing
|
50
|
(150)
|
483
|
||||
Shares
|
50,000
|
100.00
|
483
|
517
|
|||||
483
|
517
|
||||||||
|
(In thousands of pesos)
|
|
Free translation from the original prepared in Spanish for publication in Argentina
|
INFORMATION ON THE ISSUER
|
|||||||||
According to the latest balance sheet
|
|||||||||
Securities
|
Amount
|
% of participation
on the capital
|
Value as of
June 30, 2012
|
Value as of
June 30, 2011
|
Market value
as of
June 30, 2012
|
Main activity
|
Capital
|
Income (loss) of the year
|
Shareholders´ equity
|
Agropecuaria Acres del Sud S.A.
|
Unlisted
|
Agricultural
|
|||||||
Shares
|
368,541
|
95.12
|
7,151
|
-
|
21,328
|
(5,356)
|
7,518
|
||
7,151
|
-
|
||||||||
Ombú Agropecuaria S.A.
|
Unlisted
|
Agricultural
|
|||||||
Shares
|
162,763
|
95.12
|
11,870
|
-
|
9,397
|
396
|
12,479
|
||
11,870
|
-
|
||||||||
Yuchán Agropecuaria S.A.
|
Unlisted
|
Agricultural
|
|||||||
Shares
|
25,137
|
95.12
|
7,906
|
-
|
1,446
|
(220)
|
8,312
|
||
7,906
|
-
|
||||||||
Yatay Agropecuaria S.A.
|
Unlisted
|
Agricultural
|
|||||||
Shares
|
63,363
|
95.12
|
6,225
|
-
|
3,655
|
1,743
|
6,545
|
||
6,225
|
-
|
||||||||
Helmir S.A.
|
Unlisted
|
Investing
|
|||||||
Shares
|
504,899,770
|
100
|
116,849
|
-
|
83,310
|
15,937
|
116,849
|
||
116,849
|
-
|
||||||||
Agro Managers S.A.
|
|||||||||
Shares
|
981,029
|
46.84
|
1,100
|
-
|
Unlisted
|
Investing
|
2,094
|
(757)
|
2,349
|
1,100
|
-
|
||||||||
2,478,081
|
2,394,104
|
Securities
|
Amount
|
% of participation
on the capital
|
Value as of
June 30, 2012
|
Value as of
June 30, 2011
|
Market value
as of
June 30, 2012
|
INFORMATION ON THE ISSUER
|
|||
Main activity
|
According to the latest balance sheet
|
||||||||
Capital
|
Income (loss) of the year
|
Shareholders’ equity
|
|||||||
Brasilagro negative goodwill
|
(47,147)
|
(73,947)
|
|||||||
Brasilagro goodwill
|
6,965
|
23,889
|
|
||||||
IRSA negative goodwill (7)
|
(299,578)
|
(296,278)
|
|||||||
IRSA Goodwill
|
24,171
|
6,712
|
|||||||
Agro Managers Goodwill
|
798
|
-
|
|||||||
Cactus goodwill
|
15,504
|
4,978
|
|||||||
Allowance for impairment of goodwill Cactus
|
(15,504)
|
(4,978)
|
|||||||
(314,791)
|
(339,624)
|
||||||||
Subtotal
|
2,163,290
|
2,054,480
|
|||||||
Other investment
|
|||||||||
Coprolán
|
21
|
21
|
Unlisted
|
||||||
Subtotal
|
21
|
21
|
|||||||
Total Non-current investments
|
2,163,311
|
2,054,501
|
Item
|
Balances at beginning of the fiscal year
|
Increases
|
Decreases/ Applications
|
Value as of
June 30, 2012
|
Value as of
June 30, 2011
|
Deducted from assets
|
|||||
For Doubtful accounts
|
619
|
(1) 192
|
(337)
|
474
|
619
|
Included in liabilities
|
|||||
For pending lawsuits
|
1,681
|
(2) 165
|
(2) (270)
|
1,576
|
1,681
|
Total as of June 30, 2012
|
2,300
|
357
|
(607)
|
2,050
|
-
|
Total as of June 30, 2011
|
2,398
|
52
|
(150)
|
-
|
2,300
|
Crops
|
Beef Cattle
|
Milk
|
Other
|
Total
|
||||||||||||||||||||||||||||||||||||
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 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
|
- | - | 14,669 | 60,752 | - | - | - | - | 14,669 | 60,752 | ||||||||||||||||||||||||||||||
Unrealized gain on inventories – Crops and
raw materials
|
10,535 | (3,118 | ) | - | - | - | - | 641 | 131 | 11,176 | (2,987 | ) | ||||||||||||||||||||||||||||
Production
|
224,066 | 251,535 | 70,745 | 44,657 | 27,788 | 28,800 | - | - | 322,599 | 324,992 | ||||||||||||||||||||||||||||||
Transfer of inventories sold
|
- | - | 2,445 | 10,346 | - | - | - | - | 2,445 | 10,346 | ||||||||||||||||||||||||||||||
Transfer of inventories to property and equipment
|
- | - | - | - | - | (664 | ) | (939 | ) | (664 | ) | (939 | ) | |||||||||||||||||||||||||||
Transfer of inventories to expenses
|
(7,651 | ) | (12,518 | ) | (635 | ) | (412 | ) | (306 | ) | (419 | ) | (8,303 | ) | (5,102 | ) | (16,895 | ) | (18,451 | ) | ||||||||||||||||||||
Incorporated by merger with ANTA
|
- | 10,073 | - | - | - | - | - | 84 | - | 10,157 | ||||||||||||||||||||||||||||||
Purchases
|
10,397 | 49,280 | 19,542 | 3,728 | - | - | 9,711 | 6,613 | 39,650 | 59,621 | ||||||||||||||||||||||||||||||
Operating Expenses - Schedule H
|
- | - | - | - | - | - | 3,075 | 5,777 | 3,075 | 5,777 | ||||||||||||||||||||||||||||||
Inventories at the end of the year:
|
||||||||||||||||||||||||||||||||||||||||
Beef Cattle
|
- | - | (189,981 | ) | (206,745 | ) | - | - | - | - | (189,981 | ) | (206,745 | ) | ||||||||||||||||||||||||||
Crops
|
(73,776 | ) | (95,501 | ) | - | - | - | - | - | - | (73,776 | ) | (95,501 | ) | ||||||||||||||||||||||||||
Seeds and fodder
|
(1,420 | ) | (982 | ) | - | - | - | - | - | - | (1,420 | ) | (982 | ) | ||||||||||||||||||||||||||
Materials and others
|
- | - | (436 | ) | (38 | ) | - | - | (3,340 | ) | (1,963 | ) | (3,776 | ) | (2,001 | ) | ||||||||||||||||||||||||
Cost of sales
|
258,634 | 241,093 | 123,133 | 51,709 | 27,482 | 28,381 | 3,082 | 5,474 | 412,331 | 326,657 |
Crops
|
Beef Cattle
|
Milk
|
Total
|
|||||||||||||||||||||||||||||
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 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
|
- | - | - | - | 5,014 | 9,198 | 5,014 | 9,198 | ||||||||||||||||||||||||
Unrealized gain on inventories – Crops and
raw materials
|
8,449 | 8,418 | (172 | ) | (215 | ) | 406 | 361 | 8,683 | 8,564 | ||||||||||||||||||||||
Production
|
- | - | 11,484 | 7,680 | 3,273 | 2,477 | 14,757 | 10,157 | ||||||||||||||||||||||||
Transfer of inventories sold
|
- | - | - | - | (2,445 | ) | (10,346 | ) | (2,445 | ) | (10,346 | ) | ||||||||||||||||||||
Transfer of inventories to property and equipment
|
(227 | ) | (722 | ) | - | - | - | - | (227 | ) | (722 | ) | ||||||||||||||||||||
Transfer of inventories to expenses of Materials and others
|
(164,267 | ) | (60,244 | ) | (9,526 | ) | (5,413 | ) | (10,701 | ) | (8,445 | ) | (184,494 | ) | (74,102 | ) | ||||||||||||||||
Incorporated by merger with ANTA
|
- | 4,252 | - | - | - | - | - | 4,252 | ||||||||||||||||||||||||
Purchases / increase in Unharvested crops by consume
|
140,011 | 96,772 | 3,226 | 1,905 | 10,746 | 8,503 | 153,983 | 107,180 | ||||||||||||||||||||||||
Operating Expenses – Schedule H
|
210,965 | 187,948 | 44,990 | 24,526 | 27,467 | 23,833 | 283,422 | 236,307 | ||||||||||||||||||||||||
Inventories at the end of the year:
|
||||||||||||||||||||||||||||||||
Beef Cattle
|
- | - | - | - | (25,987 | ) | (20,134 | ) | (25,987 | ) | (20,134 | ) | ||||||||||||||||||||
Unharvested crops and other unharvested
|
(35,509 | ) | (30,897 | ) | - | - | - | - | (35,509 | ) | (30,897 | ) | ||||||||||||||||||||
Seeds and fodder
|
- | - | (10,715 | ) | (6,072 | ) | (1,212 | ) | (955 | ) | (11,927 | ) | (7,027 | ) | ||||||||||||||||||
Materials and others
|
(29,585 | ) | (50,930 | ) | (1,225 | ) | (857 | ) | (439 | ) | (256 | ) | (31,249 | ) | (52,043 | ) | ||||||||||||||||
Cost of Production
|
211,664 | 191,240 | 44,991 | 24,620 | 27,467 | 23,965 | 284,122 | 239,825 |
June 30, 2012
|
June 30, 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
|
||||||||||||||||||||
CURRENT ASSETS
|
||||||||||||||||||||||||||
CASH AND BANKS
|
||||||||||||||||||||||||||
Cash and banks in dollars
|
US$
|
378 | 4.5 | 1,695 |
US$
|
136 | 4.070 | 552 | ||||||||||||||||||
Cash and banks in brazilian reais
|
Rs
|
2 | 2.030 | 5 |
Rs
|
6 | 2.51 | 16 | ||||||||||||||||||
Cash and banks in euros
|
€ | 5 | 5.7 | 28 | € | 9 | 5.906 | 52 | ||||||||||||||||||
Cash and banks in yens
|
JPY
|
71 | 0.06 | 4 |
JPY
|
79 | 0.050 | 4 | ||||||||||||||||||
INVESTMENTS
|
||||||||||||||||||||||||||
Mutual Funds
|
US$
|
13 | 4.5 | 57 |
US$
|
4,691 | 4.070 | 19,092 | ||||||||||||||||||
TRADE ACCOUNTS RECEIVABLES
|
||||||||||||||||||||||||||
Trade Accounts Receivables
|
US$
|
4,084 | 4.5 | 18,323 |
US$
|
8,057 | 4.070 | 32,794 | ||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
- | - | - |
US$
|
8,191 | 4.110 | 33,347 | ||||||||||||||||||
OTHER RECEIVABLES
|
||||||||||||||||||||||||||
Guarantee deposits
|
US$
|
165 | 4.5 | 739 |
US$
|
156 | 4.070 | 633 | ||||||||||||||||||
Premiums paid
|
US$
|
103 | 4.5 | 462 |
US$
|
717 | 4.070 | 2,919 | ||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
10,819 | 4.5 | 48,977 |
US$
|
14,801 | 4.110 | 60,830 | ||||||||||||||||||
NON-CURRENT ASSETS
|
||||||||||||||||||||||||||
OTHER RECEIVABLES
|
||||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
19,882 | - | 90,004 |
US$
|
- | - | - | ||||||||||||||||||
Total US$
|
US$
|
35,444 | 160,257 |
US$
|
36,749 | 150,167 | ||||||||||||||||||||
Total Rs
|
Rs
|
2 | 5 |
Rs
|
6 | 16 | ||||||||||||||||||||
Total €
|
€ | 5 | 28 | € | 9 | 52 | ||||||||||||||||||||
Total JPY
|
JPY
|
71 | 4 |
JPY
|
79 | 4 | ||||||||||||||||||||
TOTAL ASSETS
|
35,522 | 160,294 | 36,843 | 150,239 |
June 30, 2012
|
June 30, 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
|
||||||||||||||||||||||||||
CURRENT LIABILITIES
|
||||||||||||||||||||||||||||||||
TRADE ACCOUNTS PAYABLE
|
||||||||||||||||||||||||||||||||
Suppliers
|
US$
|
3,042 | 4.5 | 13,771 |
US$
|
7,357 | 4.110 | 30,239 | ||||||||||||||||||||||||
Accrual for inputs and other expenses
|
US$
|
579 | 4.5 | 2,623 |
US$
|
33 | 4.110 | 137 | ||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
11 | 4.5 | 51 |
US$
|
6,009 | 4.110 | 24,787 | ||||||||||||||||||||||||
LOANS
|
||||||||||||||||||||||||||||||||
Bank Loans
|
US$
|
26,233 | 4.5 | 118,756 |
US$
|
28,027 | 4.110 | 115,191 | ||||||||||||||||||||||||
Interest payable Bank Loans
|
US$
|
449 | 4.5 | 2,032 |
US$
|
44 | 4.110 | 180 | ||||||||||||||||||||||||
Non-convertible notes Class IV
|
US$
|
4,125 | 4.5 | 18,676 |
US$
|
13,382 | 4.110 | 54,998 | ||||||||||||||||||||||||
Non-convertible notes Class VI
|
US$
|
25,366 | 4.5 | 114,832 |
US$
|
8,712 | 4.110 | 35,806 | ||||||||||||||||||||||||
Non-convertible notes Class VII
|
US$
|
2,079 | 4.5 | 9,413 | - | - | - | - | ||||||||||||||||||||||||
Interest payable – Non-convertible notes
|
US$
|
1,706 | 4.5 | 7,723 |
US$
|
439 | 4.110 | 1,805 | ||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
1,251 | 4.5 | 5,664 | - | - | - | - | ||||||||||||||||||||||||
OTHER LIABILITIES
|
||||||||||||||||||||||||||||||||
Premiums collected
|
- | 13 | 4.5 | 59 |
US$
|
164 | 4.110 | 672 | ||||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
3 | - | 16 |
US$
|
44 | 4.110 | 179 | ||||||||||||||||||||||||
Advances for concession of rights
|
US$
|
1,058 | 4.5 | 4,789 | - | - | - | |||||||||||||||||||||||||
NON-CURRENT LIABILITIES
|
||||||||||||||||||||||||||||||||
LONG SHORT DEBTS
|
||||||||||||||||||||||||||||||||
Bank Loans
|
US$
|
11,385 | 4.5 | 51,540 | - | - | - | - | ||||||||||||||||||||||||
Non-convertible notes Class IV
|
US$
|
- | - |
US$
|
4,461 | 4.110 | 18,333 | |||||||||||||||||||||||||
Non-convertible notes Class VI
|
US$
|
- | - |
US$
|
24,261 | 4.110 | 99,712 | |||||||||||||||||||||||||
Non-convertible notes Class VII
|
US$
|
- | - |
US$
|
2,079 | 4.110 | 8,546 | |||||||||||||||||||||||||
Non-convertible notes Class VIII
|
US$
|
60,000 | 4.5 | 271,620 | - | - | - | |||||||||||||||||||||||||
Non-convertible notes Class X
|
US$
|
31,525 | 4.5 | 142,712 | - | - | - | - | ||||||||||||||||||||||||
Non-convertible notes Class XI
|
US$
|
17,783 | 4.5 | 80,502 | - | - | - | - | ||||||||||||||||||||||||
Non-convertible notes issue expenses
|
US$
|
(570 | ) | 4.5 | (2,580 | ) | - | - | - | - | ||||||||||||||||||||||
Subsidiaries, related companies Law No. 19,550 Section 33 and related parties
|
US$
|
654 | 4.5 | 2,958 |
US$
|
1,875 | 4.110 | 7,707 | ||||||||||||||||||||||||
OTHER LIABILITIES
|
||||||||||||||||||||||||||||||||
Advances for concession of rights
|
US$
|
- | - | - |
US$
|
813 | 4.110 | 3,344 | ||||||||||||||||||||||||
TOTAL LIABILITIES
|
US$
|
186,692 | - | 845,157 |
US$
|
97,700 | 401,636 |
|
(In thousands of pesos)
|
|
Free translation from the original prepared in Spanish for publication in Argentina
|
Operating Expenses
|
||||||||||||||||||||||||||||||||||||
Item
|
Crops
|
Beef Cattle
|
Milk
|
Other
|
Total
|
Selling Expenses
|
Administrative Expenses
|
Total as of
June
30, 2012
|
Total as of
June
30, 2011
|
|||||||||||||||||||||||||||
Directors’ fees
|
- | - | - | - | - | - | 3,271 | 3,271 | 2,070 | |||||||||||||||||||||||||||
Fees and payments for services
|
- | - | - | - | - | 416 | 6,339 | 6,755 | 4,154 | |||||||||||||||||||||||||||
Salaries, annual bonus and social security
|
10,003 | 7,821 | 4,519 | 324 | 22,667 | 4,223 | 26,474 | 53,364 | 42,689 | |||||||||||||||||||||||||||
Taxes, rates and contributions
|
2,954 | 1,230 | 193 | 59 | 4,436 | 7 | 943 | 5,386 | 3,846 | |||||||||||||||||||||||||||
Gross sales taxes
|
- | - | - | - | - | 11,618 | - | 11,618 | 10,046 | |||||||||||||||||||||||||||
Doubtful accounts
|
- | - | - | - | - | 192 | - | 192 | 8 | |||||||||||||||||||||||||||
Recovery of doubtful accounts
|
- | - | - | - | - | (135 | ) | - | (135 | ) | - | |||||||||||||||||||||||||
Office and administrative expenses
|
- | - | - | - | - | 562 | 5,879 | 6,441 | 6,755 | |||||||||||||||||||||||||||
Bank commissions and expenses
|
- | - | - | - | - | - | 1,732 | 1,732 | 1,068 | |||||||||||||||||||||||||||
Depreciation of Property and equipment
|
3,826 | 2,181 | 885 | 1,061 | 7,953 | 39 | 437 | 8,429 | 6,957 | |||||||||||||||||||||||||||
Depreciations of Intangible Assets
|
- | - | - | - | - | - | 753 | 753 | 753 | |||||||||||||||||||||||||||
Vehicle and traveling expenses
|
1,286 | 709 | 159 | 4 | 2,158 | 304 | 1,720 | 4,182 | 3,778 | |||||||||||||||||||||||||||
Spare parts and repairs
|
1,277 | 1,424 | 1,445 | 745 | 4,891 | 31 | 75 | 4,997 | 3,923 | |||||||||||||||||||||||||||
Insurance
|
524 | 192 | 100 | 6 | 822 | 28 | 428 | 1,278 | 1,340 | |||||||||||||||||||||||||||
Benefits to Employees
|
901 | 1,247 | 493 | 3 | 2,644 | 167 | 1,769 | 4,580 | 2,944 | |||||||||||||||||||||||||||
Livestock expenses (1)
|
- | 27,970 | - | - | 27,970 | 6,942 | - | 34,912 | 13,192 | |||||||||||||||||||||||||||
Dairy farm expenses (2)
|
- | - | 19,061 | - | 19,061 | 155 | - | 19,216 | 16,375 | |||||||||||||||||||||||||||
Agricultural expenses (3)
|
187,026 | - | - | - | 187,026 | 59,969 | - | 246,995 | 211,593 | |||||||||||||||||||||||||||
Other expenses
|
- | - | - | 476 | 476 | 30 | - | 506 | - | |||||||||||||||||||||||||||
General expenses
|
2,682 | 2,140 | 602 | 397 | 5,821 | - | - | 5,821 | 5,373 | |||||||||||||||||||||||||||
Health and safety costs
|
486 | 76 | 10 | - | 572 | - | 55 | 627 | 721 | |||||||||||||||||||||||||||
Total as of June 30, 2012
|
210,965 | 44,990 | 27,467 | 3,075 | 286,497 | 84,548 | 49,875 | 420,920 | - | |||||||||||||||||||||||||||
Total as of June 30, 2011
|
187,948 | 24,526 | 23,833 | 5,777 | 242,084 | 51,718 | 43,783 | - | 337,585 |
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
receivables
|
Other
receivables
|
|||||||||||
Current
|
322 | 2,137 | 46 | |||||||||
Non-current
|
- | 64,247 | - |
Law No. 19,550 Section 33
|
||||||||||||||||||||||||||||||||||||||||||||||
Maturity
|
FyO.Com
|
Cactus
|
Acres
|
Cresca S.A.
|
EAASA
|
Agro-Uranga S.A.
|
Ombú
|
Yuchán
|
Yatay
|
Brasilagro
|
||||||||||||||||||||||||||||||||||||
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
|
||||||||||||||||||||||||||||||||||||
09.30.12 | 53,181 | 4,877 | - | - | - | 4 | 534 | - | - | - | - |
Law No. 19,550 Section 33
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ombú
|
Yuchan
|
Yatay
|
Acres
|
IRSA
|
APSA
|
Cresca
|
IRSA Internacional
|
Northagro
|
Pluriagro
|
Agrotech
|
EAASA
|
Tarshop
|
FyO
Trading S.A.
|
Brasilagro
|
Cactus
|
Helmir S.A.
|
Agromanagers
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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
|
Other
receivables
|
Other
receivables
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09.30.12 | 29,760 | 353 | 353 | 353 | 1,948 | 22,743 | 38,266 | 430 | 416 | 472 | 472 | 56 | 8 | 98 | 7 | 104 | 1,753 | - | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.31.12 | 31,653 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 27,628 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03.31.13 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06.30.13 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06.30.14 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 32,606 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09.30.14 | - | 22,595 | 12,091 | 10,693 | 12,019 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
4.
|
CLASSIFICATION OF DEBTS ACCORDING TO THEIR MATURITY
|
|
a.
|
There are no past due debts as of June 30, 2012.
|
|
b.
|
Debts without a due date as of June 30, 2012.
|
Trade accounts payable
|
Short-term debt
|
Taxes
payable
|
Other
liabilities
|
Provisions
|
|
Current
|
-
|
13,017
|
-
|
4,789
|
-
|
Non-current
|
-
|
-
|
63,070
|
125
|
1,576
|
|
c.
|
Debts to fall due as of June 30, 2012.
|
Law No. 19,550 Section 33
|
||||||||||||||||||
FyO.Com
|
Cactus
|
Emprendimiento Recoleta S.A.
|
||||||||||||||||
Maturity
|
Trade accounts payable
|
Trade accounts payable
|
Trade accounts payable
|
Trade accounts payable
|
||||||||||||||
06.30.12 | 49,833 | 134 | 84 | 1 |
4.
|
(Continued)
|
Law No. 19,550 Section 33
|
Law No. 19,550 Section 33
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity
|
Short-term debts
|
Emprendimiento Recoleta S.A.
|
Salaries
and social security payable
|
Taxes payable
|
Other
liabilities
|
IRSA
|
APSA
|
Nuevas Fronteras S.A.
|
Panamerican Mall S.A.
|
Cyrsa
S.A.
|
Cactus
|
Cresca
|
Emprendimiento Recoleta S.A.
|
FIBESA
|
FyO.Com
S.A.
|
Tarshop
S.A.
|
BrasilAgro
S.A.
|
Customer advances
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt
|
Other liabilities
|
Other liabilities
|
Other
liabilities
|
Other
liabilities
|
Other
liabilities
|
Other
liabilities
|
Other liabilities
|
Other
liabilities
|
Other
liabilities
|
Other
liabilities
|
Other
liabilities
|
Other
liabilities
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09.30.12 | 162,342 | 1,892 | 34,029 | 1,984 | 16,793 | 8,983 | 12,556 | 30 | 62 | 46 | 469 | 28 | 6 | 10 | 4 | 59 | 9 | 163 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.31.12 | 125,871 | 1,886 | - | 4,196 | 65 | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03.31.13 | 44,181 | 1,886 | 4,753 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06.30.13 | 53,656 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09.30.13 | 53,303 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.31.13 | 99,461 | 986 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03.31.14 | 51,885 | 986 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06.30.14 | 72,794 | 986 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09.30.14 | 269,922 | - | - | 5 | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.31.14 | 26,636 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03.31.15 | 45,813 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06.30.15 | 26,637 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
|
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
|
35,180 | 4,877 | - | - | - | - | - | 534 | 4 | - | - | |||||||||||||||||||||||||||||||||
In US Dollars
|
18,323 | - | - | - | - | - | - | - | - | - | - |
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
Trading S.A.
|
Agromanagers
S.A.
|
Cresca
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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
|
Other
receivables
|
Other
receivables
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Pesos
|
113,841 | - | - | - | 1,948 | - | - | - | 38,266 | 15,672 | 472 | 472 | 1,753 | 56 | 8 | 98 | 104 | 7 | 20 | 430 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In US Dollars
|
13,956 | 46 | 416 | 22,948 | 12,019 | 60,234 | 12,444 | 11,046 | - | 7,071 | - | - | - | - | - | - | - | - | - | - |
|
b.
|
All Trade Accounts receivable and Other receivables are not subject to adjustment clauses.
|
|
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
|
53,503 | 4,877 | - | - | - | - | 534 | - | - | - | 4 |
Law No. 19,550 Section 33
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IRSA Internacional
|
Ombú
|
Agro-Uranga
|
Acres
|
Yuchan
|
Yatay
|
APSA
|
IRSA
|
Northagro
|
Pluriagro
|
Agrotech
|
Cactus
|
EAASA
|
FyO
Trading S..A
|
Tarshop
|
BrasilAgro
|
Cresca
|
Agromanagers
|
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
|
Other
receivables
|
Other
receivables
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balances accruing interests
|
15,172 | - | 21,348 | - | 11,159 | 11,599 | 10,288 | - | - | - | - | - | - | - | - | - | - | - | - | 59,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balances not accruing interests
|
112,625 | 416 | 1,600 | 46 | 2,808 | 845 | 758 | 38,266 | 22,743 | 472 | 472 | 56 | 1,753 | 8 | 7 | 98 | 104 | 430 | 20 | 1,011 |
6.
|
CLASSIFICATION OF DEBTS ACCORDING TO THEIR FINANCIAL EFFECTS
|
Law No. 19,550 Section 33
|
||||||||||||||||
FyO.Com
|
Cactus
|
Emprendimiento
Recoleta S.A.
|
||||||||||||||
Trade accounts
Payable
|
Trade accounts
Payable
|
Trade accounts
Payable
|
Trade accounts
Payable
|
|||||||||||||
In Pesos
|
33,439 | 82 | 84 | 1 | ||||||||||||
In US Dollars
|
16,394 | 52 | - | - |
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
|
FyO.Com
|
Tarshop
S.A.
|
BrasilAgro
S.A.
|
APSA
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt
|
Short-term debt
|
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
|
Other
liabilities
|
Other
liabilities
|
Provisions
|
Customer advances
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Pesos
|
238,914 | - | 38,782 | 69,255 | 16,924 | 8,983 | 30 | 62 | 469 | 46 | 28 | - | 10 | 4 | 59 | - | 12,556 | 1,576 | 163 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In US Dollars
|
806,603 | 8,623 | - | - | 4,848 | - | - | - | - | - | - | 6 | - | - | - | 9 | - | - | - |
b.
|
All outstanding debts are not subject to adjustment clauses.
|
Law No. 19,550 Section 33
|
||||||||||||||||
Trade account
Payable
|
FyO.Com
|
Cactus
|
Emprendimiento Recoleta S.A.
|
|||||||||||||
Trade accounts payable
|
Trade accounts payable
|
Trade accounts payable
|
||||||||||||||
Outstanding balances accruing interests
|
- | - | - | - | ||||||||||||
Outstanding balances not accruing interests
|
49,833 | 134 | 84 | 1 |
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.
|
FyO.Com
|
Emprendimiento Recoleta S.A.
|
Fibesa
|
APSA
|
Tarshop
|
BrasilAgro
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt
|
Short-term debt
|
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
|
Other
liabilities
|
Other
liabilities
|
Provisions
|
Customer advances
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balances accruing interests
|
959,671 | 5,659 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balances not accruing interests
|
85,846 | 2,964 | 38,782 | 69,255 | 21,772 | 8,983 | 469 | 30 | 46 | 28 | 62 | 4 | 6 | 10 | 12,556 | 59 | 9 | 1,576 | 163 |
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 year end.
|
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 | 50,018 | ||||||
Vehicles
|
Third parties, theft, fire and civil liability
|
4,985 | 4,009 |
16.
|
CONTINGENCIES
|
|
17.
|
IRREVOCABLE CONTRIBUTIONS TO CAPITAL ON ACCOUNT OF FUTURE SUBSCRIPTIONS
|
|
18.
|
DIVIDENDS ON PREFERED STOCK
|
|
19.
|
LIMITATIONS OF PROFIT DISTRIBUTIONS
|
As of June 30, 2012
|
As of June 30, 2011
|
As of June 30, 2010 (1)
|
As of June 30, 2009 (1)
|
As of June 30, 2008 (1)
|
||||||||||||||||
Current Assets
|
1,922,229 | 2,265,588 | 1,453,381 | 1,157,655 | 736,865 | |||||||||||||||
Non-current Assets
|
7,832,983 | 7,467,830 | 5,384,507 | 4,818,401 | 1,332,895 | |||||||||||||||
9,755,212 | 9,733,418 | 6,837,888 | 5,976,056 | 2,069,760 | ||||||||||||||||
Current Liabilities
|
2,100,356 | 2,364,192 | 1,928,717 | 1,313,912 | 262,348 | |||||||||||||||
Non-current Liabilities
|
3,600,797 | 2,809,241 | 1,315,970 | 1,413,278 | 43,914 | |||||||||||||||
5,701,153 | 5,173,433 | 3,244,687 | 2,727,190 | 306,262 | ||||||||||||||||
Minority Interest
|
1,990,778 | 2,346,448 | 1,625,008 | 1,435,982 | 1,160 | |||||||||||||||
Shareholders' Equity
|
2,063,281 | 2,213,537 | 1,968,193 | 1,812,884 | 1,762,338 | |||||||||||||||
9,755,212 | 9,733,418 | 6,837,888 | 5,976,056 | 2,069,760 |
(1)
|
They have not been revised to account for the adjustments of income from prior fiscal years following the recognition of deferred income taxes, as indicated in Note 2.r. to the Basic Financial Statements.
|
As of June 30, 2012
|
As of June 30, 2011
|
As of June 30, 2010 (1)
|
As of June 30, 2009 (1)
|
As of June 30, 2008 (1)
|
||||||||||||||||
Operating income (loss)
|
654,489 | 727,128 | 586,970 | 215,403 | 43,612 | |||||||||||||||
Financial and holding results
|
(580,366 | ) | (368,992 | ) | (201,342 | ) | 44,656 | (52,268 | ) | |||||||||||
Other income and expenses, net and gain equity investees
|
120,621 | 172,501 | 151,175 | 65,090 | 34,325 | |||||||||||||||
Management agreement fees
|
(8,696 | ) | (23,618 | ) | (20,601 | ) | (13,641 | ) | (2,171 | ) | ||||||||||
Operating Net income
|
186,048 | 507,019 | 516,202 | 311,508 | 23,498 | |||||||||||||||
Income tax payable
|
(13,419 | ) | (110,066 | ) | (145,952 | ) | (92,682 | ) | (284 | ) | ||||||||||
Minority interest
|
(94,366 | ) | (175,020 | ) | (184,844 | ) | (94,210 | ) | (266 | ) | ||||||||||
Net income
|
78,263 | 221,933 | 185,406 | 124,616 | 22,948 |
(1)
|
They have not been revised to account for the adjustments of income from prior fiscal years following the recognition of deferred income taxes, as indicated in Note 2.r. to the Basic Financial Statements.
|
Three-month period June 30, 2012
|
Accumulated
July 1, 2011 to June 30, 2012
|
Three-month period June 30, 2011
|
Accumulated
July 1, 2010 to June 30, 2011
|
Three-month period
June 30, 2010
|
Accumulated
July 1, 2009 to June 30, 2010
|
Three-month period June, 30 2009
|
Accumulated
July 1, 2008 to June 30, 2009
|
Three-month period June 30, 2008
|
Accumulated
July 1, 2007 to June 30, 2008
|
|||||||||||||||||||||||||||||||
Beef Cattle (in Kgs.)
|
1,715,784 | 8,999,988 | 1,350,874 | 6,518,971 | 1,355,420 | 5,658,985 | 1,644,089 | 7,111,659 | 1,733,240 | 8,786,290 | ||||||||||||||||||||||||||||||
Butyraceous
(in Kgs.)
|
160,361 | 693,669 | 160,679 | 778,256 | 219,743 | 829,046 | 286,056 | 864,328 | 190,753 | 755,461 | ||||||||||||||||||||||||||||||
Crops
(in quintals)
|
3,196,346 | 11,822,491 | 2,725,363 | 4,081,254 | 2,419,010 | 3,226,160 | 1,343,206 | 2,158,577 | 1,375,953 | 1,981,463 |
Three-month period June 30, 2012
|
Accumulated
July 1, 2011 to June 30, 2012
|
Three-month period June 30, 2011
|
Accumulated
July 1, 2010 to June 30, 2011
|
Three-month period
June 30, 2010
|
Accumulated
July 1, 2009 to June 30, 2010
|
Three-month period June, 30 2009
|
Accumulated
July 1, 2008 to June 30, 2009
|
Three-month period June 30, 2008
|
Accumulated
July 1, 2007 to June 30, 2008
|
|||||||||||||||||||||||||||||||
Beef Cattle (in Kgs.)
|
4,014,367 | 15,465,120 | 2,230 | 8,472 | 3,277,287 | 8,803,464 | 2,402,306 | 6,348,262 | 4,370,151 | 11,754,343 | ||||||||||||||||||||||||||||||
Butyraceous
(in Kgs.)
|
160,361 | 693,669 | 160,079 | 778,256 | 219,743 | 829,046 | 286,056 | 864,328 | 190,753 | 755,461 | ||||||||||||||||||||||||||||||
Crops
(in quintals)
|
2,269,359 | 11,773,364 | 1,948,913 | 3,571,503 | 1,503,303 | 2,741,050 | 1,306,873 | 2,635,152 | 605,171 | 1,567,184 |
Three-month period June 30, 2012
|
Accumulated
July 1, 2011 to June 30, 2012
|
Three-month period June 30, 2011
|
Accumulated
July 1, 2010 to June 30, 2011
|
Three-month period
June 30, 2010
|
Accumulated
July 1, 2009 to June 30, 2010
|
Three-month period June, 30 2009
|
Accumulated
July 1, 2008 to June 30, 2009
|
Three-month period June 30, 2008
|
Accumulated
July 1, 2007 to June 30, 2008
|
|||||||||||||||||||||||||||||||
Beef Cattle (in Kgs.)
|
4,014,367 | 15,465,120 | 2,230 | 8,472 | 3,277,287 | 8,803,464 | 2,402,306 | 6,348,262 | 4,370,151 | 11,754,343 | ||||||||||||||||||||||||||||||
Butyraceous
(in Kgs.)
|
160,361 | 693,669 | 160,079 | 778,256 | 219,743 | 829,046 | 286,056 | 864,328 | 190,753 | 755,461 | ||||||||||||||||||||||||||||||
Crops
(in quintals)
|
2,175,859 | 11,521,464 | 1,948,913 | 3,571,503 | 1,503,303 | 2,741,050 | 1,306,873 | 2,635,152 | 605,171 | 1,567,184 |
Three-month period June 30, 2012
|
Accumulated
July 1, 2011 to June 30, 2012
|
Three-month period June 30, 2011
|
Accumulated
July 1, 2010 to June 30, 2011
|
Three-month period
June 30, 2010
|
Accumulated
July 1, 2009 to June 30, 2010
|
Three-month period June, 30 2009
|
Accumulated
July 1, 2008 to June 30, 2009
|
Three-month period June 30, 2008
|
Accumulated
July 1, 2007 to June 30, 2008
|
|||||||||||||||||||||||||||||||
Beef Cattle (in Kgs.)
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Butyraceous
(in Kgs.)
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Crops
(in quintals)
|
93,500 | 251,900 | - | - | - | - | - | - | - | - |
|
As of June 30, 2012
|
As of June 30, 2011
|
As of June 30, 2010
|
As of June 30, 2009
|
As of June 30, 2008
|
|||||||||||||||
Liquidity
|
0.92 | 0.96 | 0.75 | 0.88 | 2.809 | |||||||||||||||
Solvency
|
0.36 | 0.43 | 0.61 | 0.66 | 5.754 | |||||||||||||||
Non-current assets to assets
|
0.80 | 0.77 | 0.79 | 0.81 | 0.644 | |||||||||||||||
Return on Equity (1)
|
0.04 | 0.10 | 0.10 | 0.07 | 0.018 |
1.
|
We have audited the accompanying balance sheets of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria at June 30, 2012, and the related statements of income, of changes in shareholders’ equity and of cash flows for the year then ended and the complementary notes 1 to 30 and exhibits A, B, C, E, F.1, F.2, G and H. Furthermore, we have audited the consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria and its subsidiaries for the year ended on June 30, 2012 and the notes 1 to 19, which are presented as complementary information. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.
|
2.
|
We conducted our audit in accordance with auditing standards in force in Argentina. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and to form an opinion on the reasonableness of relevant information contained in the financial statements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We consider that our audits provide a reasonable basis for our opinion.
|
3.
|
As mentioned in notes 18 to the consolidated financial statement and 29 to the basic financial statements attached, the items and figures reconciled in those notes are subject to changes and may only be considered final upon preparation of the annual financial standards for the year on which the International Financial Reporting Standards are applied for the first time.
|
4.
|
In our opinion:
|
|
a)
|
the financial statements of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria set out in point 1. present fairly, in all material respects, its financial position at June 30, 2012 and the results of its operations, the changes in its shareholders’ equity and its cash flows for the year then ended, in conformity with accounting principles generally accepted in Argentina approved by the Professional Council of Economic Sciences of the Autonomous City of Buenos Aires.
|
|
b)
|
the consolidated financial statements of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria and its subsidiaries set out in point 1. present fairly, in all material respects, their consolidated financial position at June 30, 2012 and the consolidated results of their operations and their cash flows for the year then ended, in conformity with accounting principles generally accepted in Argentina approved by the Professional Council of Economic Sciences of the Autonomous City of Buenos Aires.
|
5.
|
On September 8, 2011 we issued our unqualified report on the balances at June 30, 2011, which are presented for comparative purposes. The figures corresponding to such fiscal year have been adjusted taking into account the criterion adopted in this fiscal year leading to the effects described in Note 2.r. to the basic financial statements attached. We share that criterion since it matches the professional accounting standards in force in the Autonomous City of Buenos Aires.
|
6.
|
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 have been transcribed to the “Inventory and Balance Sheet Book” and comply, as regards those matters that are within 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 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; except for the information as of June 30, 2010, 2009 and 2008 of the business highlights, which is not in accordance with the adjustments of income from prior fiscal years arising from the deferred tax registration as indicated in Note 2.r. to the basic financial statements attached.
|
|
d)
|
at June 30, 2012, the debt accrued in favor of the Integrated Pension and Survivors’ Benefit System according to the accounting records and to the calculations performed by the Company amounted to Ps. 3.123.957, which was not claimable at that date.
|
|
e)
|
we have applied money laundering abatement and anti-terrorist financing procedures foreseen in the professional standards issued by the Professional Council in Economic Sciences of the City of Buenos Aires.
|
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 (UBA)
C.P.C.E.C.A.B.A.
Tomo 167 – Folio 179
|
Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | |||
By: | /S/ Saúl Zang | ||
Name: Saúl Zang | |||
Title: Responsible for Relationships with the Markets |