Type of
stock
|
CAPITAL STATUS
|
|
Shares
authorized for Public Offering (2)
|
Subscribed,
issued and paid-up nominal value
(in
millions of Argentine
Pesos)
|
|
Common
stock with a face value of ARS 10 per share and entitled to 1 vote
each
|
736,822,824
|
7,368
|
Glossary
|
1
|
Unaudited Condensed Interim Consolidated Statement of Financial
Position
|
2
|
Unaudited Condensed Interim Consolidated Statement of Income and
Other Comprehensive Income
|
3
|
Unaudited Condensed Interim Consolidated Statement of Changes in
Shareholders’ Equity
|
4
|
Unaudited Condensed Interim Consolidated Statement of Cash
Flows
|
6
|
Notes to the Unaudited Condensed Interim Consolidated Financial
Statements:
|
|
Note 1 – The Group’s business and general
information
|
7
|
Note 2 – Summary of significant accounting
policies
|
8
|
Note 3 – Seasonal effects on operations
|
9
|
Note 4 – Acquisitions and disposals
|
9
|
Note 5 – Financial risk management and fair value
estimates
|
11
|
Note 6 – Segment information
|
11
|
Note 7 – Investments in associates and joint
ventures
|
13
|
Note 8 – Investment properties
|
15
|
Note 9 – Property, plant and equipment
|
18
|
Note 10 – Trading properties
|
18
|
Note 11 – Intangible assets
|
19
|
Note 12 – Right-of-use assets
|
19
|
Note 13 – Financial instruments by
category
|
20
|
Note 14 – Trade and other receivables
|
21
|
Note 15 – Cash flow and cash equivalent
information
|
22
|
Note 16 – Trade and other payables
|
23
|
Note 17 – Borrowings
|
23
|
Note 18 – Provisions
|
23
|
Note 19 – Taxes
|
24
|
Note 20 – Revenues
|
25
|
Note 21 – Expenses by nature
|
25
|
Note 22 – Costs
|
26
|
Note 23 – Other operating results, net
|
26
|
Note 24 – Financial results, net
|
26
|
Note 25 – Related party transactions
|
27
|
Note 26 – CNV General Resolution N°
622
|
29
|
Note 27 – Foreign currency assets and
liabilities
|
29
|
Note 28 – Other relevant events of the
period
|
30
|
Note 29 – Subsequent events
|
33
|
Terms
|
|
Definitions
|
Annual
Financial Statements
|
|
Consolidated
Financial Statements as of June 30, 2023
|
BACS
|
|
Banco
de Crédito y Securitización S.A.
|
BHSA
|
|
Banco
Hipotecario S.A.
|
CCL
|
|
Cash
settlement
|
Celap
|
|
Centro
de Entretenimientos La Plata S.A.
|
CNV
|
|
Securities
Exchange Commission (Argentina)
|
Condor
|
|
Condor
Hospitality Trust Inc.
|
CPF
|
|
Collective
Promotion Funds
|
CPI
|
|
Consumer
Price Index
|
Cresud
|
|
Cresud
S.A.C.I.F. y A.
|
Financial
Statements
|
|
Unaudited
Condensed Interim Consolidated Financial Statements
|
GCDI
|
|
GCDI
S.A.
|
IAS
|
|
International
Accounting Standards
|
IASB
|
|
International
Accounting Standards Board
|
IFRS
|
|
International
Financial Reporting Standards
|
INDEC
|
|
Argentine
Institute of Statistics and Census
|
IRSA,
The Company”, “Us”, “We”
|
|
IRSA
Inversiones y Representaciones Sociedad Anónima
|
IRSA
CP
|
|
IRSA
Propiedades Comerciales S.A.
|
MEP
|
|
Electronic
Payment Market
|
MPIT
|
|
Minimum
presumed income tax
|
New
Lipstick
|
|
New
Lipstick LLC
|
Puerto
Retiro
|
|
Puerto
Retiro S.A.
|
|
|
|
|
Note
|
12.31.2023
|
06.30.2023
|
ASSETS
|
|
|
|
Non-current assets
|
|
|
|
Investment
properties
|
8
|
1,285,849
|
1,178,019
|
Property,
plant and equipment
|
9
|
20,634
|
20,973
|
Trading
properties
|
10,
22
|
13,415
|
12,472
|
Intangible
assets
|
11
|
35,882
|
16,420
|
Right-of-use
assets
|
12
|
6,242
|
6,066
|
Investments
in associates and joint ventures
|
7
|
81,531
|
76,617
|
Deferred
income tax assets
|
19
|
3,590
|
1,777
|
Income
tax credit
|
|
23
|
43
|
Trade
and other receivables
|
13,
14
|
12,534
|
9,170
|
Investments
in financial assets
|
13
|
6,648
|
3,972
|
Total non-current assets
|
|
1,466,348
|
1,325,529
|
Current assets
|
|
|
|
Trading
properties
|
10,
22
|
371
|
298
|
Inventories
|
22
|
587
|
684
|
Income
tax credit
|
|
320
|
1,507
|
Trade
and other receivables
|
13,
14
|
65,241
|
53,475
|
Investments
in financial assets
|
13
|
102,292
|
71,118
|
Cash
and cash equivalents
|
13
|
16,035
|
18,052
|
Total current assets
|
|
184,846
|
145,134
|
TOTAL ASSETS
|
|
1,651,194
|
1,470,663
|
SHAREHOLDERS’ EQUITY
|
|
|
|
Shareholders'
equity attributable to equity holders of the parent (according to
corresponding statement)
|
|
788,455
|
748,240
|
Non-controlling
interest
|
|
49,267
|
46,151
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
837,722
|
794,391
|
LIABILITIES
|
|
|
|
Non-current liabilities
|
|
|
|
Borrowings
|
13,
17
|
202,927
|
139,136
|
Lease
liabilities
|
|
8,178
|
5,463
|
Deferred
income tax liabilities
|
19
|
393,115
|
342,431
|
Trade
and other payables
|
13,
16
|
25,787
|
20,332
|
Provisions
|
18
|
18,678
|
12,233
|
Salaries
and social security liabilities
|
|
100
|
186
|
Total non-current liabilities
|
|
648,785
|
519,781
|
Current liabilities
|
|
|
|
Borrowings
|
13,
17
|
113,427
|
83,942
|
Lease
liabilities
|
|
1,378
|
772
|
Trade
and other payables
|
13,
16
|
40,846
|
62,114
|
Income
tax liabilities
|
|
4,091
|
2,176
|
Provisions
|
18
|
1,588
|
1,744
|
Derivative
financial instruments
|
13
|
11
|
12
|
Salaries
and social security liabilities
|
|
3,346
|
5,731
|
Total current liabilities
|
|
164,687
|
156,491
|
TOTAL LIABILITIES
|
|
813,472
|
676,272
|
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
|
1,651,194
|
1,470,663
|
|
|
|
|
.
Eduardo S. Elsztain
President
|
|
|
Six months
|
Three months
|
||
|
Note
|
12.31.2023
|
12.31.2022
|
12.31.2023
|
12.31.2022
|
Revenues
|
20
|
101,457
|
96,193
|
54,359
|
53,574
|
Costs
|
21,
22
|
(32,756)
|
(32,632)
|
(17,430)
|
(17,056)
|
Gross profit
|
|
68,701
|
63,561
|
36,929
|
36,518
|
Net
gain / (loss) from fair value adjustment of investment
properties
|
8
|
137,822
|
(91,958)
|
(18,980)
|
(67,743)
|
General
and administrative expenses
|
21
|
(6,821)
|
(12,294)
|
(7,449)
|
(6,711)
|
Selling
expenses
|
21
|
(5,725)
|
(4,030)
|
(3,257)
|
(2,229)
|
Other
operating results, net
|
23
|
(698)
|
(9,532)
|
(63)
|
(10,225)
|
Profit / (loss) from operations
|
|
193,279
|
(54,253)
|
7,180
|
(50,390)
|
Share
of profit of associates and joint ventures
|
7
|
19,926
|
4,104
|
16,528
|
607
|
Profit / (loss) before financial results and income
tax
|
|
213,205
|
(50,149)
|
23,708
|
(49,783)
|
Finance
income
|
24
|
4,768
|
838
|
4,189
|
623
|
Finance
costs
|
24
|
(15,109)
|
(16,112)
|
(8,792)
|
(9,361)
|
Other
financial results
|
24
|
(33,873)
|
7,926
|
(30,257)
|
7,141
|
Inflation
adjustment
|
24
|
32,560
|
26,831
|
22,581
|
10,429
|
Financial results, net
|
|
(11,654)
|
19,483
|
(12,279)
|
8,832
|
Profit / (loss) before income tax
|
|
201,551
|
(30,666)
|
11,429
|
(40,951)
|
Income
tax expense
|
19
|
(54,958)
|
78,738
|
10,880
|
84,287
|
Profit for the period
|
|
146,593
|
48,072
|
22,309
|
43,336
|
Other comprehensive loss:
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
Currency
translation adjustment and other comprehensive loss from
subsidiaries (i)
|
|
(4,436)
|
(1,230)
|
(3,921)
|
(280)
|
Revaluation
deficit
|
|
-
|
(544)
|
-
|
(544)
|
Total other comprehensive loss for the period
|
|
(4,436)
|
(1,774)
|
(3,921)
|
(824)
|
Total comprehensive income for the period
|
|
142,157
|
46,298
|
18,388
|
42,512
|
|
|
|
|
|
|
Profit / (loss) for the period attributable to:
|
|
|
|
|
|
Equity
holders of the parent
|
|
141,519
|
46,992
|
23,422
|
42,749
|
Non-controlling
interest
|
|
5,074
|
1,080
|
(1,113)
|
587
|
|
|
|
|
|
|
Total comprehensive income / (loss) attributable to:
|
|
|
|
|
|
Equity
holders of the parent
|
|
136,611
|
45,210
|
19,014
|
41,862
|
Non-controlling
interest
|
|
5,546
|
1,088
|
(626)
|
650
|
|
|
|
|
|
|
Profit per share attributable to equity holders of the parent:
(ii)
|
|
|
|
|
|
Basic
|
|
189.45
|
62.66
|
31.35
|
57.00
|
Diluted
|
|
189.70
|
63.93
|
31.40
|
58.16
|
|
.
Eduardo S. Elsztain
President
|
|
Attributable to equity holders of the parent
|
|
|
|||||||||||
|
Share capital
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Outstanding shares
|
Shares to issue (iv)
|
Treasury shares
|
Inflation adjustment of share capital and treasury shares
(i)
|
Warrants (ii)
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special reserve Resolution CNV 609/12
|
Other reserves (v)
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total Shareholders’ equity
|
Balance as of June 30, 2023
|
799
|
6,553
|
12
|
178,219
|
12,949
|
264,576
|
1,037
|
20,741
|
103,170
|
24,315
|
135,869
|
748,240
|
46,151
|
794,391
|
Net
profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
141,519
|
141,519
|
5,074
|
146,593
|
Other
comprehensive (loss) / income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,908)
|
-
|
(4,908)
|
472
|
(4,436)
|
Total comprehensive (loss) / income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,908)
|
141,519
|
136,611
|
5,546
|
142,157
|
Assignment
of results according to Shareholders´ Meeting
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
5,926
|
-
|
22,014
|
(27,940)
|
-
|
-
|
-
|
Repurchase
of treasury shares (iii)
|
(168)
|
-
|
168
|
-
|
-
|
-
|
-
|
-
|
-
|
(5,879)
|
-
|
(5,879)
|
-
|
(5,879)
|
Warrants
exercise (ii)
|
4
|
-
|
-
|
-
|
(63)
|
135
|
-
|
-
|
-
|
-
|
-
|
76
|
-
|
76
|
Issuance
of shares
|
6,640
|
(6,553)
|
(87)
|
-
|
-
|
-
|
(3,850)
|
-
|
-
|
3,850
|
-
|
-
|
-
|
-
|
Capitalization
of irrevocable contributions
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
31
|
31
|
Dividend
distribution (iv)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(90,585)
|
(90,585)
|
(2,469)
|
(93,054)
|
Reserve
for share-based payments
|
1
|
-
|
(1)
|
-
|
-
|
-
|
(52)
|
-
|
-
|
52
|
-
|
-
|
-
|
-
|
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(8)
|
-
|
(8)
|
8
|
-
|
Balance as of December 31, 2023
|
7,276
|
-
|
92
|
178,219
|
12,886
|
264,711
|
(2,865)
|
26,667
|
103,170
|
39,436
|
158,863
|
788,455
|
49,267
|
837,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of treasury stock
|
Reserve for future dividends
|
Currency translation adjustment reserve
|
Special reserve
|
Other reserves (1)
|
Total Other reserves
|
Balance as of June 30, 2023
|
(6,870)
|
18,568
|
390
|
64,295
|
(52,068)
|
24,315
|
Other
comprehensive loss for the period
|
-
|
-
|
(4,908)
|
-
|
-
|
(4,908)
|
Total comprehensive loss for the period
|
-
|
-
|
(4,908)
|
-
|
-
|
(4,908)
|
Assignment
of results according to Shareholders´ Meeting
|
-
|
22,014
|
-
|
-
|
-
|
22,014
|
Repurchase
of treasury shares
|
(5,879)
|
-
|
-
|
-
|
-
|
(5,879)
|
Issuance
of shares
|
3,850
|
-
|
-
|
-
|
-
|
3,850
|
Reserve
for share-based payments
|
54
|
-
|
-
|
-
|
(2)
|
52
|
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
(8)
|
(8)
|
Balance as of December 31, 2023
|
(8,845)
|
40,582
|
(4,518)
|
64,295
|
(52,078)
|
39,436
|
|
Attributable to equity holders of the parent
|
|
|
||||||||||
|
Share capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares
|
Treasury shares
|
Inflation adjustment of share capital and treasury shares
(i)
|
Warrants
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special reserve Resolution CNV 609/12
|
Other reserves (ii)
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total Shareholders’ equity
|
Balance as of June 30, 2022
|
805
|
6
|
155,578
|
12,990
|
293,670
|
1,084
|
13,888
|
103,170
|
(27,860)
|
154,408
|
707,739
|
48,447
|
756,186
|
Net
profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
46,992
|
46,992
|
1,080
|
48,072
|
Other
comprehensive (loss) / income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,782)
|
-
|
(1,782)
|
8
|
(1,774)
|
Total comprehensive (loss) / income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,782)
|
46,992
|
45,210
|
1,088
|
46,298
|
Assignment
of results according to Shareholders´ Meeting
|
-
|
-
|
-
|
-
|
-
|
-
|
6,853
|
-
|
114,359
|
(121,212)
|
-
|
-
|
-
|
Repurchase
of treasury shares
|
(5)
|
5
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,512)
|
-
|
(2,512)
|
-
|
(2,512)
|
Warrants
exercise
|
-
|
-
|
-
|
(2)
|
9
|
-
|
-
|
-
|
-
|
-
|
7
|
-
|
7
|
Dividend
distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(19,336)
|
(19,336)
|
(473)
|
(19,809)
|
Reserve
for share-based payments
|
-
|
-
|
-
|
-
|
-
|
(9)
|
-
|
-
|
9
|
-
|
-
|
-
|
-
|
Other
changes in equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,350)
|
-
|
(1,350)
|
-
|
(1,350)
|
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(50)
|
-
|
(50)
|
50
|
-
|
Balance as of December 31, 2022
|
800
|
11
|
155,578
|
12,988
|
293,679
|
1,075
|
20,741
|
103,170
|
80,814
|
60,852
|
729,708
|
49,112
|
778,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of treasury stock
|
Reserve for future dividends
|
Currency translation adjustment reserve
|
Special reserve
|
Other reserves (1)
|
Total Other reserves
|
Balance as of June 30, 2022
|
(3,313)
|
18,568
|
2,246
|
5,963
|
(51,324)
|
(27,860)
|
Other
comprehensive loss for the period
|
-
|
-
|
(1,237)
|
-
|
(545)
|
(1,782)
|
Total comprehensive loss for the period
|
-
|
-
|
(1,237)
|
-
|
(545)
|
(1,782)
|
Assignment
of results according to Shareholders' Meeting
|
-
|
-
|
-
|
114,359
|
-
|
114,359
|
Repurchase
of treasury shares
|
(2,512)
|
-
|
-
|
-
|
-
|
(2,512)
|
Reserve
for share-based payments
|
13
|
-
|
-
|
-
|
(4)
|
9
|
Other
changes in equity
|
-
|
-
|
(1,350)
|
-
|
-
|
(1,350)
|
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
(50)
|
(50)
|
Balance as of December 31, 2022
|
(5,812)
|
18,568
|
(341)
|
120,322
|
(51,923)
|
80,814
|
|
.
Eduardo S. Elsztain
President
|
|
Note
|
12.31.2023
|
12.31.2022
|
Operating activities:
|
|
|
|
Net
cash generated from operating activities before income tax
paid
|
15
|
36,122
|
34,642
|
Income
tax paid
|
|
(2,577)
|
(1,507)
|
Net cash generated from operating activities
|
|
33,545
|
33,135
|
Investing activities:
|
|
|
|
Acquisition
and improvements of investment properties
|
|
(3,272)
|
(4,120)
|
Proceeds
from sales of investment properties
|
|
25,659
|
6,627
|
Acquisitions
and improvements of property, plant and equipment
|
|
(856)
|
(729)
|
Proceeds
from sales of property, plant and equipment
|
|
2
|
28
|
Acquisitions
of intangible assets
|
|
(156)
|
(125)
|
Dividends
collected from associates and joint ventures
|
|
245
|
660
|
Proceeds
from sales of interest held in associates and joint
ventures
|
|
13,015
|
-
|
Payments
of derivative financial instruments
|
|
-
|
(31)
|
Acquisitions
of investments in financial assets
|
|
(95,777)
|
(23,371)
|
Proceeds
from disposal of investments in financial assets
|
|
111,112
|
31,231
|
Interest
received from financial assets
|
|
1,126
|
328
|
Proceeds
from loans granted to related parties
|
|
622
|
-
|
Increase
of loans granted to related parties
|
|
(99)
|
-
|
Net cash generated from investing activities
|
|
51,621
|
10,498
|
Financing activities:
|
|
|
|
Borrowings,
issuance and new placement of non-convertible notes
|
|
4,424
|
1,386
|
Payment
of borrowings and non-convertible notes
|
|
(11,371)
|
(42,613)
|
Obtaining
/ (payments) of short term loans, net
|
|
28,249
|
(10,030)
|
Interests
paid
|
|
(17,661)
|
(14,760)
|
Capital
contributions from non-controlling interest in
subsidiaries
|
|
31
|
-
|
Payment
of borrowings to related parties
|
|
-
|
(56)
|
Borrowings
obtained from related parties
|
|
-
|
16
|
Dividends
paid
|
|
(88,003)
|
(13,415)
|
Warrants
exercise
|
|
76
|
6
|
Payment
of financial leases
|
|
(144)
|
(37)
|
Repurchase
of treasury shares
|
|
(5,879)
|
(2,512)
|
Net cash used in financing activities
|
|
(90,278)
|
(82,015)
|
Net
decrease in cash and cash equivalents
|
|
(5,112)
|
(38,382)
|
Cash and cash
equivalents at the beginning of the period
|
13
|
18,052
|
56,921
|
Inflation
adjustment
|
|
(4,458)
|
(707)
|
Foreign
exchange gain on cash and unrealized fair value result for cash
equivalents
|
|
7,553
|
(153)
|
Cash and cash equivalents at end of the period
|
13
|
16,035
|
17,679
|
|
|
|
|
.
Eduardo S. Elsztain
President
|
|
As of
December 31, 2023 (six months)
|
As of
December 31, 2023 (twelve months)
|
Price
variation
|
107%
|
211%
|
|
12.31.2023
|
||||
|
Total
|
Joint ventures (1)
|
Expenses and collective promotion funds
|
Elimination of inter-segment transactions and non-reportable assets
/ liabilities (2)
|
Total as per statement of income / statement of financial
position
|
Revenues
|
84,304
|
(457)
|
17,610
|
-
|
101,457
|
Costs
|
(14,828)
|
56
|
(17,984)
|
-
|
(32,756)
|
Gross profit / (loss)
|
69,476
|
(401)
|
(374)
|
-
|
68,701
|
Net
gain from fair value adjustment of investment
properties
|
138,962
|
(1,140)
|
-
|
-
|
137,822
|
General
and administrative expenses
|
(6,955)
|
54
|
-
|
80
|
(6,821)
|
Selling
expenses
|
(5,766)
|
41
|
-
|
-
|
(5,725)
|
Other
operating results, net
|
(758)
|
(7)
|
147
|
(80)
|
(698)
|
Profit / (loss) from operations
|
194,959
|
(1,453)
|
(227)
|
-
|
193,279
|
Share
of profit / (loss) of associates and joint ventures
|
18,970
|
956
|
-
|
-
|
19,926
|
Segment profit / (loss)
|
213,929
|
(497)
|
(227)
|
-
|
213,205
|
Reportable
assets
|
1,429,905
|
3,462
|
-
|
217,827
|
1,651,194
|
Reportable
liabilities (i)
|
-
|
-
|
-
|
(813,472)
|
(813,472)
|
Net reportable assets
|
1,429,905
|
3,462
|
-
|
(595,645)
|
837,722
|
|
|
|
|
|
|
|
12.31.2022
|
||||
|
Total
|
Joint ventures (1)
|
Expenses and collective promotion funds
|
Elimination of inter-segment transactions and non-reportable assets
/ liabilities (2)
|
Total as per statement of income / statement of financial
position
|
Revenues
|
77,591
|
(430)
|
19,032
|
-
|
96,193
|
Costs
|
(13,436)
|
196
|
(19,392)
|
-
|
(32,632)
|
Gross profit / (loss)
|
64,155
|
(234)
|
(360)
|
-
|
63,561
|
Net
loss from fair value adjustment of investment
properties
|
(94,114)
|
2,156
|
-
|
-
|
(91,958)
|
General
and administrative expenses
|
(12,407)
|
63
|
-
|
50
|
(12,294)
|
Selling
expenses
|
(4,057)
|
27
|
-
|
-
|
(4,030)
|
Other
operating results, net
|
(9,610)
|
(44)
|
172
|
(50)
|
(9,532)
|
Loss from operations
|
(56,033)
|
1,968
|
(188)
|
-
|
(54,253)
|
Share
of profit of associates and joint ventures
|
5,409
|
(1,305)
|
-
|
-
|
4,104
|
Segment (loss) / profit
|
(50,624)
|
663
|
(188)
|
-
|
(50,149)
|
Reportable
assets
|
1,359,479
|
(8,225)
|
-
|
172,252
|
1,523,506
|
Reportable
liabilities (i)
|
-
|
-
|
-
|
(744,691)
|
(744,691)
|
Net reportable assets
|
1,359,479
|
(8,225)
|
-
|
(572,439)
|
778,815
|
|
12.31.2023
|
|||||
|
Shopping Malls
|
Offices
|
Sales and developments
|
Hotels
|
Others (i)
|
Total
|
Revenues
|
56,210
|
3,512
|
4,527
|
18,871
|
1,184
|
84,304
|
Costs
|
(2,909)
|
(284)
|
(2,459)
|
(8,372)
|
(804)
|
(14,828)
|
Gross profit
|
53,301
|
3,228
|
2,068
|
10,499
|
380
|
69,476
|
Net
gain / (loss) from fair value adjustment of investment
properties
|
152,015
|
466
|
(13,889)
|
-
|
370
|
138,962
|
General
and administrative expenses
|
(6,475)
|
(533)
|
(2,572)
|
(2,734)
|
5,359
|
(6,955)
|
Selling
expenses
|
(2,466)
|
(115)
|
(1,705)
|
(1,286)
|
(194)
|
(5,766)
|
Other
operating results, net
|
(549)
|
(58)
|
(994)
|
(141)
|
984
|
(758)
|
Profit / (loss) from operations
|
195,826
|
2,988
|
(17,092)
|
6,338
|
6,899
|
194,959
|
Share
of profit of associates and joint ventures
|
-
|
-
|
-
|
-
|
18,970
|
18,970
|
Segment profit / (loss)
|
195,826
|
2,988
|
(17,092)
|
6,338
|
25,869
|
213,929
|
|
|
|
|
|
|
|
Investment
properties and trading properties
|
534,349
|
222,074
|
540,904
|
-
|
2,312
|
1,299,639
|
Investment
in associates and joint ventures
|
-
|
-
|
-
|
-
|
77,950
|
77,950
|
Other
operating assets
|
1,381
|
220
|
29,985
|
17,746
|
2,984
|
52,316
|
Reportable assets
|
535,730
|
222,294
|
570,889
|
17,746
|
83,246
|
1,429,905
|
|
12.31.2022
|
|||||
|
Shopping Malls
|
Offices
|
Sales and developments
|
Hotels
|
Others (i)
|
Total
|
Revenues
|
49,181
|
5,092
|
6,764
|
15,480
|
1,074
|
77,591
|
Costs
|
(3,179)
|
(395)
|
(1,554)
|
(7,449)
|
(859)
|
(13,436)
|
Gross profit
|
46,002
|
4,697
|
5,210
|
8,031
|
215
|
64,155
|
Net
loss from fair value adjustment of investment
properties
|
(18,364)
|
(24,707)
|
(50,890)
|
-
|
(153)
|
(94,114)
|
General
and administrative expenses
|
(6,048)
|
(710)
|
(2,242)
|
(2,236)
|
(1,171)
|
(12,407)
|
Selling
expenses
|
(2,283)
|
(65)
|
(436)
|
(1,158)
|
(115)
|
(4,057)
|
Other
operating results, net
|
358
|
(44)
|
(9)
|
(75)
|
(9,840)
|
(9,610)
|
Profit / (loss) from operations
|
19,665
|
(20,829)
|
(48,367)
|
4,562
|
(11,064)
|
(56,033)
|
Share
of profit of associates and joint ventures
|
-
|
-
|
-
|
-
|
5,409
|
5,409
|
Segment profit / (loss)
|
19,665
|
(20,829)
|
(48,367)
|
4,562
|
(5,655)
|
(50,624)
|
|
|
|
|
|
|
|
Investment
properties and trading properties
|
390,667
|
281,737
|
584,167
|
-
|
1,756
|
1,258,327
|
Investment
in associates and joint ventures
|
-
|
-
|
-
|
-
|
56,848
|
56,848
|
Other
operating assets
|
1,186
|
3,821
|
14,327
|
18,445
|
6,525
|
44,304
|
Reportable assets
|
391,853
|
285,558
|
598,494
|
18,445
|
65,129
|
1,359,479
|
|
|
|
|
|
|
|
|
12.31.2023
|
06.30.2023
|
Beginning of the period / year
|
76,615
|
71,848
|
Sale
of interest in associates and joint ventures (i)
|
(14,462)
|
-
|
Capital
contributions
|
-
|
114
|
Share
of profit
|
19,926
|
5,419
|
Currency
translation adjustment
|
(309)
|
(107)
|
Dividends
(Note 25)
|
(245)
|
(659)
|
End of the period / year (ii)
|
81,525
|
76,615
|
|
% ownership interest
|
Value of Group's interest in equity
|
Group's interest in comprehensive income / (loss)
|
|||
Name of the entity
|
12.31.2023
|
06.30.2023
|
12.31.2023
|
06.30.2023
|
12.31.2023
|
06.30.2023
|
Associates and joint ventures
|
|
|
|
|
|
|
New
Lipstick
|
49.96%
|
49.96%
|
945
|
502
|
327
|
6
|
BHSA
|
29.91%
|
29.91%
|
62,256
|
49,430
|
12,826
|
3,893
|
Quality
(1)
|
-
|
50.00%
|
-
|
14,440
|
-
|
(1,526)
|
La
Rural SA
|
50.00%
|
50.00%
|
8,595
|
2,509
|
6,085
|
1,585
|
GCDI
(2)
|
27.94%
|
27.82%
|
2,772
|
3,958
|
(1,165)
|
(44)
|
Other
joint ventures
|
N/A
|
N/A
|
6,957
|
5,776
|
1,544
|
258
|
Total associates and joint ventures
|
|
|
81,525
|
76,615
|
19,617
|
4,172
|
|
|
|
|
|
Latest financial statements issued
|
||||
Name of the entity
|
Place of business / Country of incorporation
|
Main activity
|
Common shares 1 vote
|
|
Share capital (nominal value)
|
|
(Loss) / profit for the period
|
|
Shareholders’ equity
|
Associates and joint ventures
|
|
|
|
|
|
|
|
|
|
New
Lipstick
|
USA
|
Real
estate
|
23,631,037
|
(*)
|
47
|
(*)
|
(1)
|
(*)
|
(46)
|
BHSA
|
Argentina
|
Financial
|
448,689,072
|
(**)
|
1,500
|
(**)
|
42,877
|
(**)
|
203,407
|
La
Rural SA
|
Argentina
|
Organization
of events
|
715
|
|
1
|
|
12,245
|
|
16,811
|
GCDI
(2)
|
Argentina
|
Real
estate
|
255,747,035
|
|
915
|
|
(1,637)
|
|
9,918
|
|
12.31.2023
|
06.30.2023
|
||
|
Level 2
|
Level 3
|
Level 2
|
Level 3
|
Fair value at the beginning of the period / year
|
812,416
|
365,603
|
929,193
|
377,524
|
Additions
|
1,264
|
2,356
|
6,855
|
5,603
|
Capitalized
leasing costs
|
3
|
41
|
29
|
105
|
Amortization
of capitalized leasing costs (i)
|
(40)
|
(60)
|
(37)
|
(35)
|
(Disposals)
/ Transfers
|
(33,850)
|
(2)
|
(41,439)
|
1,823
|
Currency
translation adjustment
|
296
|
-
|
(37)
|
-
|
Net
(loss) / gain from fair value adjustment (ii)
|
(10,729)
|
148,551
|
(82,148)
|
(19,417)
|
Fair value at the end of the period / year
|
769,360
|
516,489
|
812,416
|
365,603
|
|
|
|
|
|
|
12.31.2023
|
06.30.2023
|
Shopping
Malls (i)
|
534,344
|
383,498
|
Offices
and other rental properties
|
246,122
|
273,750
|
Undeveloped
parcels of land
|
503,680
|
519,532
|
Properties
under development
|
253
|
161
|
Others
|
1450
|
1078
|
Total
|
1,285,849
|
1,178,019
|
|
12.31.2023
|
12.31.2022
|
Revenues
(Note 20)
|
78,799
|
74,448
|
Direct
operating costs
|
(22,154)
|
(23,894)
|
Development
costs
|
(409)
|
(240)
|
Net
realized gain from fair value adjustment of investment properties
(i)
|
17,330
|
3,429
|
Net
unrealized gain / (loss) from fair value adjustment of investment
properties (ii)
|
120,492
|
(95,387)
|
|
|
|
|
Buildings and facilities
|
Machinery and equipment
|
Others (i)
|
12.31.2023
|
06.30.2023
|
Costs
|
46,973
|
19,197
|
4,364
|
70,534
|
82,481
|
Accumulated
depreciation
|
(27,978)
|
(18,174)
|
(3,409)
|
(49,561)
|
(46,883)
|
Net book amount at the beginning of the period / year
|
18,995
|
1,023
|
955
|
20,973
|
35,598
|
Additions
|
520
|
178
|
158
|
856
|
1,639
|
Disposals
|
-
|
(3)
|
-
|
(3)
|
(6,994)
|
Currency
translation adjustment
|
-
|
-
|
22
|
22
|
(6)
|
Transfers
|
-
|
6
|
-
|
6
|
(6,586)
|
Depreciation
charges (ii)
|
(905)
|
(220)
|
(95)
|
(1,220)
|
(2,678)
|
Balances at the end of the period / year
|
18,610
|
984
|
1,040
|
20,634
|
20,973
|
Costs
|
47,493
|
19,378
|
4,544
|
71,415
|
70,534
|
Accumulated
depreciation
|
(28,883)
|
(18,394)
|
(3,504)
|
(50,781)
|
(49,561)
|
Net book amount at the end of the period / year
|
18,610
|
984
|
1,040
|
20,634
|
20,973
|
|
|
|
|
|
|
|
Completed properties
|
Properties under development
|
Undeveloped properties
|
12.31.2023
|
06.30.2023
|
Beginning of the period / year
|
1,228
|
6,703
|
4,839
|
12,770
|
14,410
|
Additions
|
-
|
189
|
24
|
213
|
655
|
Currency
translation adjustment
|
-
|
2,378
|
-
|
2,378
|
30
|
Transfers
|
-
|
-
|
-
|
-
|
(893)
|
Disposals
|
(23)
|
(1,552)
|
-
|
(1,575)
|
(1,432)
|
End of the period / year
|
1,205
|
7,718
|
4,863
|
13,786
|
12,770
|
Non-current
|
|
|
|
13,415
|
12,472
|
Current
|
|
|
|
371
|
298
|
Total
|
|
|
|
13,786
|
12,770
|
|
|
|
|
|
|
|
Goodwill
|
Information systems and software
|
Future units to be received from barters and others
|
12.31.2023
|
06.30.2023
|
Costs
|
984
|
6,171
|
17,221
|
24,376
|
22,235
|
Accumulated
amortization
|
-
|
(5,654)
|
(2,302)
|
(7,956)
|
(7,181)
|
Net book amount at the beginning of the period / year
|
984
|
517
|
14,919
|
16,420
|
15,054
|
Additions
|
3
|
152
|
4,392
|
4,547
|
2,924
|
Disposals
|
-
|
-
|
(132)
|
(132)
|
(370)
|
Transfers
|
-
|
-
|
15,248
|
15,248
|
(413)
|
Currency
translation adjustment
|
3
|
-
|
-
|
3
|
-
|
Amortization
charges (i)
|
-
|
(195)
|
(9)
|
(204)
|
(775)
|
Balances at the end of the period / year
|
990
|
474
|
34,418
|
35,882
|
16,420
|
Costs
|
990
|
6,323
|
36,729
|
44,042
|
24,376
|
Accumulated
amortization
|
-
|
(5,849)
|
(2,311)
|
(8,160)
|
(7,956)
|
Net book amount at the end of the period / year
|
990
|
474
|
34,418
|
35,882
|
16,420
|
|
|
|
|
|
|
|
12.31.2023
|
06.30.2023
|
Offices,
shopping malls and other rental properties
|
1,278
|
945
|
Convention
center
|
4,964
|
5,121
|
Total Right-of-use assets
|
6,242
|
6,066
|
Non-current
|
6,242
|
6,066
|
Total
|
6,242
|
6,066
|
|
|
|
|
12.31.2023
|
12.31.2022
|
Offices,
shopping malls and other rental properties
|
122
|
66
|
Convention
center
|
155
|
105
|
Total depreciation of right-of-use assets (i)
|
277
|
171
|
|
|
|
|
Financial assets at amortized cost
|
Financial assets at fair value through profit or loss
|
Subtotal financial assets
|
Non-financial assets
|
Total
|
|
|
Level 1
|
|
|
|
December 31, 2023
|
|
|
|
|
|
Assets as per Statements of Financial Position
|
|
|
|
|
|
Trade
and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 14)
|
65,690
|
-
|
65,690
|
14,467
|
80,157
|
Investments
in financial assets:
|
|
|
|
|
|
-
Public companies’ securities
|
-
|
13,871
|
13,871
|
-
|
13,871
|
-
Mutual funds
|
-
|
52,214
|
52,214
|
-
|
52,214
|
-
Bonds
|
-
|
36,207
|
36,207
|
-
|
36,207
|
-
Others
|
2,605
|
4,043
|
6,648
|
-
|
6,648
|
Cash
and cash equivalents:
|
|
|
|
|
|
-
Cash at bank and on hand
|
13,605
|
-
|
13,605
|
-
|
13,605
|
-
Short-term investments
|
-
|
2,430
|
2,430
|
-
|
2,430
|
Total assets
|
81,900
|
108,765
|
190,665
|
14,467
|
205,132
|
|
|
|
|
|
|
|
Financial liabilities at amortized cost
|
Financial liabilities at fair value through profit or
loss
|
Subtotal financial liabilities
|
Non-financial liabilities
|
Total
|
|
|
Level 1
|
|
|
|
December 31, 2023
|
|
|
|
|
|
Liabilities as per Statements of Financial Position
|
|
|
|
|
|
Trade
and other payables (Note 16)
|
27,945
|
-
|
27,945
|
38,688
|
66,633
|
Borrowings
(Note 17)
|
316,354
|
-
|
316,354
|
-
|
316,354
|
Derivative
financial instruments:
|
|
|
|
|
|
-
Bond futures
|
-
|
11
|
11
|
-
|
11
|
Total liabilities
|
344,299
|
11
|
344,310
|
38,688
|
382,998
|
|
|
|
|
|
|
|
Financial assets at amortized cost
|
Financial assets at fair value through profit or loss
|
Subtotal financial assets
|
Non-financial assets
|
Total
|
|
|
Level 1
|
|
|
|
June 30, 2023
|
|
|
|
|
|
Assets as per Statements of Financial Position
|
|
|
|
|
|
Trade
and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 14)
|
49,914
|
-
|
49,914
|
15,199
|
65,113
|
Investments
in financial assets:
|
|
|
|
|
|
-
Public companies’ securities
|
-
|
10,428
|
10,428
|
-
|
10,428
|
-
Mutual funds
|
-
|
41,647
|
41,647
|
-
|
41,647
|
-
Bonds
|
-
|
19,044
|
19,044
|
-
|
19,044
|
-
Others
|
1,297
|
2,674
|
3,971
|
-
|
3,971
|
Cash
and cash equivalents:
|
|
|
|
|
|
-
Cash at bank and on hand
|
10,858
|
-
|
10,858
|
-
|
10,858
|
-
Short term investments
|
-
|
7,194
|
7,194
|
-
|
7,194
|
Total assets
|
62,069
|
80,987
|
143,056
|
15,199
|
158,255
|
|
|
|
|
|
|
|
Financial liabilities at amortized cost
|
Financial liabilities at fair value through profit or
loss
|
Subtotal financial liabilities
|
Non-financial liabilities
|
Total
|
|
|
Level 1
|
|
|
|
June 30, 2023
|
|
|
|
|
|
Liabilities as per Statements of Financial Position
|
|
|
|
|
|
Trade
and other payables (Note 16)
|
40,641
|
-
|
40,641
|
41,805
|
82,446
|
Borrowings
(Note 17)
|
223,078
|
-
|
223,078
|
-
|
223,078
|
Derivative
financial instruments:
|
|
|
|
|
|
-
Bond futures
|
-
|
12
|
12
|
-
|
12
|
Total liabilities
|
263,719
|
12
|
263,731
|
41,805
|
305,536
|
|
|
|
|
|
|
|
12.31.2023
|
06.30.2023
|
Sale,
leases and services receivables
|
32,161
|
30,833
|
Less:
Allowance for doubtful accounts
|
(2,382)
|
(2,468)
|
Total trade receivables
|
29,779
|
28,365
|
Borrowings,
deposits and others
|
28,912
|
19,352
|
Advances
to suppliers
|
5,308
|
4,813
|
Tax
receivables
|
2,856
|
3,059
|
Prepaid
expenses
|
1,690
|
1,259
|
Long-term
incentive plan
|
1
|
2
|
Others
|
9,229
|
5,795
|
Total other receivables
|
47,996
|
34,280
|
Total trade and other receivables
|
77,775
|
62,645
|
Non-current
|
12,534
|
9,170
|
Current
|
65,241
|
53,475
|
Total
|
77,775
|
62,645
|
|
12.31.2023
|
06.30.2023
|
Beginning of the period / year
|
2,468
|
3,803
|
Additions
(i)
|
167
|
434
|
Recovery
(i)
|
(116)
|
(250)
|
Exchange
rate differences
|
1,499
|
767
|
Inflation
adjustment
|
(1,636)
|
(2,286)
|
End of the period / year
|
2,382
|
2,468
|
|
|
|
|
Note
|
12.31.2023
|
12.31.2022
|
Profit
for the period
|
|
146,593
|
48,072
|
Adjustments
for:
|
|
|
|
Income
tax
|
19
|
54,958
|
(78,738)
|
Amortization
and depreciation
|
21
|
1,801
|
2,162
|
Loss
from disposal of property, plant and equipment
|
|
1
|
-
|
Net
(gain) / loss from fair value adjustment of investment
properties
|
8
|
(137,822)
|
91,958
|
Loss
from disposal of intangible assets
|
|
132
|
-
|
Loss
from disposal of joint ventures
|
|
865
|
-
|
Realization
of currency translation adjustment
|
|
-
|
(875)
|
Gain
from disposal of trading properties
|
|
(2,222)
|
(5,266)
|
Financial
results, net
|
|
11,025
|
(28,750)
|
Provisions
and allowances
|
|
(1,871)
|
14,140
|
Share
of profit of associates and joint ventures
|
7
|
(19,926)
|
(4,104)
|
Changes in operating assets and liabilities:
|
|
|
|
Decrease
/ (increase) in inventories
|
|
97
|
(65)
|
(Increase)
/ decrease in trading properties
|
|
(117)
|
293
|
Increase
in trade and other receivables
|
|
(3,399)
|
(2,276)
|
Decrease
in trade and other payables
|
|
(11,319)
|
(934)
|
Decrease
in salaries and social security liabilities
|
|
(2,465)
|
(897)
|
Decrease
in provisions
|
|
(209)
|
(78)
|
Net cash generated by operating activities before income tax
paid
|
|
36,122
|
34,642
|
|
|
|
|
12.31.2023
|
12.31.2022
|
Issuance
of non-convertible notes
|
-
|
81,978
|
Increase
in investment properties through an increase in trade and other
payables
|
-
|
134
|
Currency
translation adjustment
|
4,436
|
1,774
|
Decrease
in investment properties through an increase in property, plant and
equipment
|
6
|
31
|
Decrease
in property, plant and equipment through an increase in investment
properties
|
-
|
6,627
|
Decrease
in property, plant and equipment through an increase in revaluation
surplus
|
-
|
544
|
Decrease
in investments in financial assets through a decrease in trade and
other payables
|
-
|
760
|
Decrease
in dividends receivables through an increase in investments in
financial assets
|
-
|
22
|
Decrease
in Shareholders’ Equity through a decrease in trade and other
receivables
|
2,316
|
-
|
Decrease
in investment properties through a decrease in investments in
financial assets
|
-
|
162
|
Decrease
in Shareholders’ Equity through a decrease in investments in
financial assets
|
-
|
6,393
|
Increase
in right-of-use assets through a decrease in lease
liabilities
|
455
|
-
|
Decrease
in Shareholders’ Equity through an increase in trade and
other payables
|
2,735
|
-
|
Decrease
in trading properties through a decrease in borrowings
|
1,263
|
-
|
Increase
in intangible assets through a decrease in trading
properties
|
-
|
1,037
|
Barter
transactions of investment properties
|
392
|
-
|
Decrease
in investment properties through an increase in trade and other
receivables
|
1,567
|
-
|
Decrease
in investments in associates and joint ventures through an increase
in trade and other receivables
|
748
|
-
|
Increase
in intangible assets through a decrease in investment
properties
|
15,248
|
-
|
Increase
in intangible assets through trade and other payables
|
4,391
|
-
|
Increase
of investments in financial assets through an increase in
borrowings
|
276
|
-
|
|
12.31.2023
|
06.30.2023
|
Customers´
advances (*)
|
17,774
|
18,784
|
Trade
payables
|
4,173
|
5,840
|
Accrued
invoices
|
4,593
|
5,067
|
Admission
fees (*)
|
16,294
|
16,885
|
Other
income to be accrued
|
282
|
300
|
Tenant
deposits
|
454
|
291
|
Total trade payables
|
43,570
|
47,167
|
Taxes
payable
|
4,322
|
5,834
|
Other
payables
|
18,741
|
29,445
|
Total other payables
|
23,063
|
35,279
|
Total trade and other payables
|
66,633
|
82,446
|
Non-current
|
25,787
|
20,332
|
Current
|
40,846
|
62,114
|
Total
|
66,633
|
82,446
|
|
|
|
|
Book value
|
Fair value
|
||
|
12.31.2023
|
06.30.2023
|
12.31.2023
|
06.30.2023
|
Non-convertible
notes
|
275,062
|
199,638
|
269,605
|
201,039
|
Bank
loans and others
|
4,523
|
5,322
|
4,523
|
5,322
|
Bank
overdrafts
|
31,560
|
13,623
|
31,560
|
13,623
|
Other
borrowings
|
3,765
|
3,555
|
3,765
|
3,555
|
Loans
with non-controlling interests
|
1,444
|
940
|
1,444
|
940
|
Total borrowings
|
316,354
|
223,078
|
310,897
|
224,479
|
Non-current
|
202,927
|
139,136
|
|
|
Current
|
113,427
|
83,942
|
|
|
Total
|
316,354
|
223,078
|
|
|
|
|
|
|
|
|
Legal claims (iii)
|
Investments in associates and joint ventures (ii)
|
12.31.2023
|
06.30.2023
|
Beginning of the period / year
|
13,975
|
2
|
13,977
|
1,756
|
Additions
(i)
|
1,724
|
-
|
1,724
|
15,864
|
Share
of loss of associates
|
-
|
4
|
4
|
(33)
|
Recovery
(i)
|
(41)
|
-
|
(41)
|
(463)
|
Used
during the period / year
|
(209)
|
-
|
(209)
|
(138)
|
Inflation
adjustment
|
4,811
|
-
|
4,811
|
(3,009)
|
End of the period / year
|
20,260
|
6
|
20,266
|
13,977
|
Non-current
|
|
|
18,678
|
12,233
|
Current
|
|
|
1,588
|
1,744
|
Total
|
|
|
20,266
|
13,977
|
|
|
|
|
|
|
12.31.2023
|
12.31.2022
|
Current
income tax
|
(6,087)
|
41,682
|
Deferred
income tax
|
(48,871)
|
37,056
|
Income tax
|
(54,958)
|
78,738
|
|
|
|
|
12.31.2023
|
12.31.2022
|
Profit for the period at tax rate applicable in the respective
countries
|
(62,245)
|
(3,348)
|
Permanent differences:
|
|
|
Share
of profit of associates and joint ventures
|
5,076
|
1,794
|
Provision
of tax loss carry forwards
|
(446)
|
(32,589)
|
Inflation
adjustment permanent difference
|
2,319
|
26,974
|
Difference
between provision and tax return
|
3,123
|
35,226
|
Non-taxable
profit, non-deductible expenses and others
|
4,792
|
57,485
|
Tax
inflation adjustment
|
(7,577)
|
(6,804)
|
Income tax
|
(54,958)
|
78,738
|
|
|
|
|
12.31.2023
|
06.30.2023
|
Beginning of period / year
|
(340,654)
|
(438,911)
|
Deferred
income tax charge
|
(48,871)
|
98,257
|
End of period / year
|
(389,525)
|
(340,654)
|
Deferred
income tax assets
|
3,590
|
1,777
|
Deferred
income tax liabilities
|
(393,115)
|
(342,431)
|
Deferred income tax liabilities, net
|
(389,525)
|
(340,654)
|
|
|
|
|
12.31.2023
|
12.31.2022
|
Base
rent
|
28,588
|
25,188
|
Contingent
rent
|
23,770
|
22,194
|
Admission
rights
|
4,623
|
3,847
|
Parking
fees
|
2,622
|
2,020
|
Commissions
|
750
|
994
|
Property
management fees
|
474
|
472
|
Others
|
519
|
457
|
Averaging
of scheduled rent escalation
|
(158)
|
241
|
Rentals and services income
|
61,188
|
55,413
|
Revenue
from hotels operation and tourism services
|
18,862
|
15,478
|
Sale
of trading properties
|
3,796
|
6,267
|
Total revenues from sales, rentals and services
|
83,846
|
77,158
|
Expenses
and collective promotion fund
|
17,611
|
19,035
|
Total revenues from expenses and collective promotion
funds
|
17,611
|
19,035
|
Total Group’s revenues
|
101,457
|
96,193
|
|
Costs
|
General and administrative expenses
|
Selling expenses
|
12.31.2023
|
12.31.2022
|
Cost
of sale of goods and services
|
3,202
|
-
|
-
|
3,202
|
2,130
|
Salaries,
social security costs and other personnel expenses
|
10,903
|
5,675
|
754
|
17,332
|
16,270
|
Depreciation
and amortization
|
1,329
|
394
|
78
|
1,801
|
2,162
|
Fees
and payments for services
|
678
|
2,080
|
984
|
3,742
|
2,790
|
Maintenance,
security, cleaning, repairs and others
|
9,048
|
929
|
15
|
9,992
|
9,763
|
Advertising
and other selling expenses
|
4,802
|
24
|
620
|
5,446
|
7,039
|
Taxes,
rates and contributions
|
1,733
|
590
|
3,186
|
5,509
|
4,830
|
Director´s
fees (Note 25) (i)
|
-
|
(3,605)
|
-
|
(3,605)
|
2,430
|
Leases
and service charges
|
310
|
107
|
8
|
425
|
592
|
Allowance
for doubtful accounts, net
|
-
|
-
|
51
|
51
|
(9)
|
Other
expenses
|
751
|
627
|
29
|
1,407
|
959
|
Total as of December 31, 2023
|
32,756
|
6,821
|
5,725
|
45,302
|
-
|
Total as of December 31, 2022
|
32,632
|
12,294
|
4,030
|
-
|
48,956
|
|
|
|
|
|
|
|
12.31.2023
|
12.31.2022
|
Inventories
at the beginning of the period
|
13,454
|
14,966
|
Purchases
and expenses
|
32,872
|
33,227
|
Currency
translation adjustment
|
2,378
|
(134)
|
Disposals
|
(1,575)
|
(962)
|
Inventories
at the end of the period
|
(14,373)
|
(14,465)
|
Total costs
|
32,756
|
32,632
|
|
|
|
|
12.31.2023
|
06.30.2023
|
Real
estate
|
13,786
|
12,770
|
Others
|
587
|
684
|
Total inventories at the end of the period (*)
|
14,373
|
13,454
|
|
|
|
|
12.31.2023
|
12.31.2022
|
Realization
of currency translation adjustment (*)
|
-
|
888
|
Donations
|
(188)
|
(187)
|
Loss
from disposal of joint ventures
|
(865)
|
-
|
Lawsuits
and other contingencies
|
(1,683)
|
(11,719)
|
Administration
fees
|
95
|
120
|
Interest
and allowances generated by operating assets
|
666
|
645
|
Loss
from disposal of property, plant and equipment
|
(1)
|
-
|
Others
|
1,278
|
721
|
Total other operating results, net
|
(698)
|
(9,532)
|
|
|
|
|
12.31.2023
|
12.31.2022
|
Finance
income:
|
|
|
-
Interest income
|
4,768
|
838
|
Total finance income
|
4,768
|
838
|
Finance
costs:
|
|
|
-
Interest expenses
|
(12,593)
|
(14,882)
|
-
Other finance costs
|
(2,516)
|
(1,230)
|
Total finance costs
|
(15,109)
|
(16,112)
|
Other
financial results:
|
|
|
-
Fair value gain of financial assets and liabilities at fair value
through profit or loss, net
|
57,001
|
2,656
|
-
Exchange rate differences, net
|
(94,551)
|
5,798
|
-
(Loss) / gain from repurchase of non-convertible notes
|
(101)
|
251
|
-
(Loss) / gain from derivative financial instruments,
net
|
(895)
|
71
|
-
Other financial results
|
4,673
|
(850)
|
Total other financial results
|
(33,873)
|
7,926
|
- Inflation
adjustment
|
32,560
|
26,831
|
Total financial results, net
|
(11,654)
|
19,483
|
|
|
|
Item
|
12.31.2023
|
06.30.2023
|
Trade
and other receivables
|
21,823
|
16,138
|
Investments
in financial assets
|
4,305
|
3,558
|
Borrowings
|
(1,162)
|
(637)
|
Trade
and other payables
|
(14,330)
|
(27,317)
|
Total
|
10,636
|
(8,258)
|
|
|
|
Related party
|
12.31.2023
|
06.30.2023
|
Description of transaction
|
Item
|
New
Lipstick LLC
|
196
|
128
|
Reimbursement
of expenses receivable
|
Trade
and other receivable
|
Comparaencasa
Ltd.
|
1,757
|
1,155
|
Other
investments
|
Investments
in financial assets
|
|
170
|
-
|
Loans
granted
|
Trade
and other receivable
|
Galerias
Pacifico
|
2,863
|
3,245
|
Others
|
Trade
and other receivable
|
La
Rural S.A.
|
1,483
|
1,645
|
Loans
granted
|
Trade
and other receivable
|
|
(17)
|
(283)
|
Others
|
Trade
and other payables
|
|
22
|
4
|
Others
|
Trade
and other receivable
|
Other
associates and joint ventures
|
-
|
2
|
Reimbursement
of expenses receivable
|
Trade
and other receivable
|
|
(463)
|
(178)
|
Loans
obtained
|
Borrowings
|
|
35
|
24
|
Leases
and/or rights of use receivable
|
Trade
and other receivable
|
|
-
|
93
|
Irrevocable
contributions pending subscription
|
Trade
and other receivable
|
|
21
|
56
|
Management
Fee
|
Trade
and other receivable
|
|
(423)
|
(277)
|
Non-convertible
notes
|
Borrowings
|
|
(52)
|
(145)
|
Others
|
Trade
and other payables
|
|
16
|
37
|
Others
|
Trade
and other receivable
|
|
1
|
2
|
Share
based payments
|
Trade
and other payables
|
|
10
|
-
|
Loans
granted
|
Trade
and other receivable
|
Total associates and joint ventures
|
5,619
|
5,508
|
|
|
Cresud
|
740
|
-
|
Reimbursement
of expenses receivable
|
Trade
and other receivable
|
|
(476)
|
(1,620)
|
Corporate
services receivable
|
Trade
and other payables
|
|
744
|
882
|
Non-convertible
notes
|
Investments
in financial assets
|
|
(354)
|
(521)
|
Others
|
Trade
and other payables
|
|
(3)
|
(6)
|
Share
based payments
|
Trade
and other payables
|
Total parent company
|
651
|
(1,265)
|
|
|
Futuros
y Opciones S.A.
|
-
|
2
|
Others
|
Trade
and other receivable
|
Helmir
S.A.
|
(276)
|
(182)
|
Non-convertible
notes
|
Borrowings
|
Total subsidiaries of parent company
|
(276)
|
(180)
|
|
|
Directors
|
(3,154)
|
(24,465)
|
Fees
for services received
|
Trade
and other payables
|
Rundel
Global LTD
|
1,804
|
1,521
|
Other
investments
|
Investments
in financial assets
|
Yad
Levim LTD
|
15,261
|
9,794
|
Loans
granted
|
Trade
and other receivable
|
Others
(1)
|
(21)
|
(19)
|
Leases
and/or rights of use receivable
|
Trade
and other payables
|
|
998
|
1,056
|
Others
|
Trade
and other receivable
|
|
(10,254)
|
(260)
|
Others
|
Trade
and other payables
|
|
8
|
52
|
Reimbursement
of expenses receivable
|
Trade
and other receivable
|
Total directors and others
|
4,642
|
(12,321)
|
|
|
Total at the end of the period / year
|
10,636
|
(8,258)
|
|
|
|
|
|
|
|
Related party
|
12.31.2023
|
12.31.2022
|
Description of transaction
|
Condor
|
-
|
6
|
Financial
operations
|
BHN
Vida S.A
|
(115)
|
(6)
|
Leases
and/or rights of use
|
BHN
Seguros Generales S.A.
|
(39)
|
-
|
Leases
and/or rights of use
|
Comparaencasa
Ltd.
|
1,027
|
22
|
Financial
operations
|
Otras
asociadas y negocios conjuntos
|
(82)
|
131
|
Financial
operations
|
|
20
|
(56)
|
Leases
and/or rights of use
|
|
78
|
100
|
Corporate
services
|
Total associates and joint ventures
|
889
|
197
|
|
Cresud
|
22
|
109
|
Leases
and/or rights of use
|
|
(2,868)
|
(2,054)
|
Corporate
services
|
|
106
|
2,924
|
Financial
operations
|
Total parent company
|
(2,740)
|
979
|
|
Helmir
|
(167)
|
(16)
|
Financial
operations
|
Total subsidiaries of parent company
|
(167)
|
(16)
|
|
Directors
(1)
|
3,605
|
(2,429)
|
Fees
and remunerations
|
Senior
Management
|
(213)
|
(61)
|
Fees
and remunerations
|
Rundel
Global LTD
|
1,683
|
-
|
Financial
operations
|
Yad
Leviim LTD
|
242
|
224
|
Financial
operations
|
Others
(2)
|
16
|
19
|
Corporate
services
|
|
(33)
|
9
|
Leases
and/or rights of use
|
|
1,305
|
184
|
Financial
operations
|
|
(113)
|
(156)
|
Donations
|
|
(305)
|
(69)
|
Fees
and remuneration
|
|
(165)
|
(109)
|
Legal
services
|
Total others
|
6,022
|
(2,388)
|
|
Total at the end of the period
|
4,004
|
(1,228)
|
|
|
|
|
|
Related party
|
12.31.2023
|
12.31.2022
|
Description of the operation
|
GCDI
S.A.
|
(22)
|
-
|
Sale
of shares
|
Quality
Invest S.A.
|
(14,440)
|
-
|
Sale
of shares
|
Total sale of shares
|
(14,462)
|
-
|
|
Condor
|
-
|
215
|
Dividends
received
|
Nuevo
Puerto Santa Fe
|
245
|
445
|
Dividends
received
|
Total dividends received
|
245
|
660
|
|
|
|
|
|
Exhibit
A - Property, plant and equipment
|
Note 8
Investment properties and Note 9 Property, plant and
equipment
|
Exhibit
B - Intangible assets
|
Note 11
Intangible assets
|
Exhibit
C - Investment in associates
|
Note 7
Investments in associates and joint ventures
|
Exhibit
D - Other investments
|
Note 13
Financial instruments by category
|
Exhibit
E - Provisions and allowances
|
Note 14
Trade and other receivables and Note 18 Provisions
|
Exhibit
F - Cost of sales and services provided
|
Note 22
Costs
|
Exhibit
G - Foreign currency assets and liabilities
|
Note 27
Foreign currency assets and liabilities
|
Item / Currency (1)
|
Amount (2)
|
Peso exchange rate (3)
|
12.31.2023
|
06.30.2023
|
Assets
|
|
|
|
|
Trade and other receivables
|
|
|
|
|
US
Dollar
|
27.62
|
805.45
|
22,243
|
13,551
|
Euros
|
0.08
|
889.38
|
71
|
48
|
Receivables with related parties:
|
|
|
|
|
US
Dollar
|
19.47
|
808.45
|
15,743
|
10,776
|
Total trade and other receivables
|
|
|
38,057
|
24,375
|
Investments in financial assets
|
|
|
|
|
US
Dollar
|
82.57
|
805.45
|
66,508
|
37,849
|
Pounds
|
0.63
|
1,026.63
|
647
|
490
|
New
Israel Shekel
|
4.35
|
223.54
|
973
|
721
|
Investments with related parties:
|
|
|
|
|
US
Dollar
|
5.05
|
808.45
|
4,079
|
3,112
|
Total investments in financial assets
|
|
|
72,207
|
42,172
|
Cash and cash equivalents
|
|
|
|
|
US
Dollar
|
12.29
|
805.45
|
9,895
|
9,009
|
Uruguayan
pesos
|
0.05
|
20.77
|
1
|
-
|
Pounds
|
-
|
1,026.63
|
2
|
-
|
Euros
|
-
|
889.38
|
4
|
4
|
New
Israel Shekel
|
0.50
|
223.54
|
112
|
54
|
Total cash and cash equivalents
|
|
|
10,014
|
9,067
|
Total Assets
|
|
|
120,278
|
75,614
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Trade and other payables
|
|
|
|
|
US
Dollar
|
14.13
|
808.45
|
11,424
|
8,668
|
Uruguayan
pesos
|
1.06
|
20.77
|
22
|
19
|
Payables to related parties:
|
|
|
|
|
US
Dollar
|
12.53
|
808.45
|
10,126
|
25
|
Total Trade and other payables
|
|
|
21,572
|
8,712
|
Borrowings
|
|
|
|
|
US
Dollar
|
319.76
|
808.45
|
258,506
|
179,360
|
Borrowings with related parties
|
|
|
|
|
US
Dollar
|
1.41
|
808.45
|
1,142
|
601
|
Total Borrowings
|
|
|
259,648
|
179,961
|
Derivative financial instruments
|
|
|
|
|
US
Dollar
|
0.01
|
808.45
|
11
|
12
|
Total derivative financial instruments
|
|
|
11
|
12
|
Lease liabilities
|
|
|
|
|
US
Dollar
|
11.69
|
808.45
|
9,452
|
6,014
|
Total lease liabilities
|
|
|
9,452
|
6,014
|
Provisions
|
|
|
|
|
New
Israel Shekel
|
81.63
|
223.54
|
18,249
|
11,441
|
Total Provisions
|
|
|
18,249
|
11,441
|
Total Liabilities
|
|
|
308,932
|
206,140
|
PRICE
WATERHOUSE & CO. S.R.L.
(Partner)
|
|
ABELOVICH,
POLANO & ASOCIADOS S.R.L.
(Partner)
|
Carlos Brondo
Public Accountant
|
|
Noemí
I. Cohn
Public Accountant
|
|
Note
|
12.31.2023
|
06.30.2023
|
ASSETS
|
|
|
|
Non-current assets
|
|
|
|
Investment
properties
|
7
|
971,878
|
897,959
|
Property,
plant and equipment
|
8
|
2,680
|
2,710
|
Trading
properties
|
9
|
6,069
|
6,024
|
Intangible
assets
|
10
|
30,141
|
15,006
|
Right
of use assets
|
11
|
1,152
|
797
|
Investments
in subsidiaries, associates and joint ventures
|
6
|
379,266
|
325,554
|
Trade
and other receivables
|
13
|
33,335
|
21,965
|
Total non-current assets
|
|
1,424,521
|
1,270,015
|
Current assets
|
|
|
|
Trading
properties
|
9
|
-
|
44
|
Inventories
|
|
195
|
233
|
Income
tax credit
|
|
231
|
1,394
|
Trade
and other receivables
|
13
|
31,807
|
27,665
|
Investments
in financial assets
|
12
|
64,508
|
48,440
|
Cash
and cash equivalents
|
12
|
3,927
|
7,106
|
Total current assets
|
|
100,668
|
84,882
|
TOTAL ASSETS
|
|
1,525,189
|
1,354,897
|
SHAREHOLDERS’ EQUITY
|
|
|
|
Shareholders'
equity (according to corresponding statements)
|
|
789,632
|
749,417
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
789,632
|
749,417
|
LIABILITIES
|
|
|
|
Non-current liabilities
|
|
|
|
Trade
and other payables
|
15
|
12,434
|
13,916
|
Borrowings
|
16
|
208,638
|
145,711
|
Deferred
income tax liabilities
|
17
|
308,584
|
272,769
|
Provisions
|
18
|
2,582
|
891
|
Lease
liabilities
|
|
1,552
|
686
|
Total non-current liabilities
|
|
533,790
|
433,973
|
Current liabilities
|
|
|
|
Trade
and other payables
|
15
|
26,088
|
50,346
|
Salaries
and social security liabilities
|
|
1,575
|
3,285
|
Borrowings
|
16
|
172,756
|
116,460
|
Provisions
|
18
|
1,050
|
1,298
|
Lease
liabilities
|
|
298
|
118
|
Total current liabilities
|
|
201,767
|
171,507
|
TOTAL LIABILITIES
|
|
735,557
|
605,480
|
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
|
1,525,189
|
1,354,897
|
|
.
Eduardo S. Elsztain
President
|
|
|
Six
months
|
Three
months
|
||
|
Note
|
12.31.2023
|
12.31.2022
|
12.31.2023
|
12.31.2022
|
Revenues
|
19
|
63,010
|
59,385
|
33,183
|
31,819
|
Costs
|
20
|
(17,907)
|
(20,305)
|
(9,179)
|
(10,571)
|
Gross profit
|
|
45,103
|
39,080
|
24,004
|
21,248
|
Net
gain / (loss) from fair value adjustment of investment
properties
|
7
|
104,546
|
(70,078)
|
(8,836)
|
(52,121)
|
General
and administrative expenses
|
20
|
(2,526)
|
(8,681)
|
(5,152)
|
(4,719)
|
Selling
expenses
|
20
|
(3,948)
|
(2,431)
|
(2,383)
|
(1,408)
|
Other
operating results, net
|
21
|
(819)
|
863
|
23
|
862
|
Profit / (loss) from operations
|
|
142,356
|
(41,247)
|
7,656
|
(36,138)
|
Share
of profit / (loss) of subsidiaries, associates and joint
ventures
|
6
|
76,913
|
(6,074)
|
47,569
|
(5,859)
|
Profit / (loss) before financial results and income
tax
|
|
219,269
|
(47,321)
|
55,225
|
(41,997)
|
Finance
income
|
22
|
3,687
|
151
|
3,524
|
56
|
Finance
costs
|
22
|
(12,876)
|
(13,537)
|
(6,934)
|
(6,874)
|
Other
financial results
|
22
|
(59,146)
|
4,865
|
(57,742)
|
1,591
|
Inflation
adjustment
|
22
|
26,400
|
26,531
|
18,444
|
11,840
|
Financial results, net
|
|
(41,935)
|
18,010
|
(42,708)
|
6,613
|
Profit / (loss) before income tax
|
|
177,334
|
(29,311)
|
12,517
|
(35,384)
|
Income
tax
|
17
|
(35,815)
|
76,303
|
10,906
|
78,130
|
Profit for the period
|
|
141,519
|
46,992
|
23,423
|
42,746
|
|
|
|
|
|
|
Other comprehensive loss:
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
Currency
translation adjustment and other comprehensive results of
subsidiaries, associates and joint ventures
|
|
(4,908)
|
(1,782)
|
(4,409)
|
(885)
|
Total other comprehensive loss for the period (i)
|
|
(4,908)
|
(1,782)
|
(4,409)
|
(885)
|
Total comprehensive income for the period
|
|
136,611
|
45,210
|
19,014
|
41,861
|
|
|
|
|
|
|
Profit per share for the period (ii)
|
|
|
|
|
|
Basic
|
|
189.45
|
62.66
|
31.36
|
56.99
|
Diluted
|
|
189.70
|
63.93
|
31.40
|
58.16
|
|
.
Eduardo S. Elsztain
President
|
|
Share capital
|
|
|
|
|
|
|
|
|
|
||
|
Outstanding shares
|
Shares to issue (iii)
|
Treasury shares
|
Inflation adjustment of share capital and treasury shares
(i)
|
Warrants (ii)
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special Reserve Resolution CNV 609/12
|
Other reserves (iv)
|
Retained earnings
|
Total Shareholders’ equity
|
Balance as of June 30, 2023
|
799
|
6,553
|
12
|
178,219
|
12,949
|
264,576
|
1,037
|
20,741
|
103,201
|
42,805
|
118,525
|
749,417
|
Profit
for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
141,519
|
141,519
|
Other
comprehensive loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,908)
|
-
|
(4,908)
|
Total comprehensive (loss) / income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,908)
|
141,519
|
136,611
|
Assignment
of results according to Shareholders´ Meeting
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
5,926
|
-
|
22,014
|
(27,940)
|
-
|
Repurchase
of treasury shares (ii)
|
(168)
|
-
|
168
|
-
|
-
|
-
|
-
|
-
|
-
|
(5,879)
|
-
|
(5,879)
|
Exercise
of warrants (ii)
|
4
|
-
|
-
|
-
|
(63)
|
135
|
-
|
-
|
-
|
-
|
-
|
76
|
Dividends
distribution (ii)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(90,585)
|
(90,585)
|
Issuance
of shares (iii)
|
6,640
|
(6,553)
|
(87)
|
-
|
-
|
-
|
(3,850)
|
-
|
-
|
3,850
|
-
|
-
|
Reserve
for share-based payments
|
1
|
-
|
(1)
|
-
|
-
|
-
|
(52)
|
-
|
-
|
52
|
-
|
-
|
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(8)
|
-
|
(8)
|
Balance as of December 31, 2023
|
7,276
|
-
|
92
|
178,219
|
12,886
|
264,711
|
(2,865)
|
26,667
|
103,201
|
57,926
|
141,519
|
789,632
|
|
Cost of treasury shares
|
Reserve for future dividends
|
Reserve for currency translation adjustment
|
Special reserve
|
Other reserves (i)
|
Total other reserves
|
Balance as of June 30, 2023
|
(6,870)
|
18,568
|
390
|
64,295
|
(33,578)
|
42,805
|
Other
comprehensive loss for the period
|
-
|
-
|
(4,908)
|
-
|
-
|
(4,908)
|
Total comprehensive loss for the period
|
-
|
-
|
(4,908)
|
-
|
-
|
(4,908)
|
Assignment
of results according to Shareholders´ Meeting
|
-
|
22,014
|
-
|
-
|
-
|
22,014
|
Repurchase
of treasury shares
|
(5,879)
|
-
|
-
|
-
|
-
|
(5,879)
|
Issuance
of shares
|
3,850
|
-
|
-
|
-
|
-
|
3,850
|
Reserve
for share-based payments
|
54
|
-
|
-
|
-
|
(2)
|
52
|
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
(8)
|
(8)
|
Balance as of December 31, 2023
|
(8,845)
|
40,582
|
(4,518)
|
64,295
|
(33,588)
|
57,926
|
|
.
Eduardo S. Elsztain
President
|
|
Share capital
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares
|
Treasury shares
|
Inflation adjustment of share capital and treasury shares
(i)
|
Warrants
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special Reserve Resolution CNV 609/12
|
Other reserves (ii)
|
Retained earnings
|
Total Shareholders’ equity
|
Balance as of June 30, 2022
|
805
|
6
|
155,578
|
12,990
|
293,670
|
1,084
|
13,888
|
103,201
|
(9,516)
|
137,063
|
708,769
|
Profit
for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
46,992
|
46,992
|
Other
comprehensive loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,782)
|
-
|
(1,782)
|
Total comprehensive (loss) / income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,782)
|
46,992
|
45,210
|
Assignment
of results according to Shareholders´ Meeting
|
-
|
-
|
-
|
-
|
-
|
-
|
6,853
|
-
|
114,359
|
(121,212)
|
-
|
Repurchase
of treasury shares
|
(5)
|
5
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,512)
|
-
|
(2,512)
|
Exercise
of warrants
|
-
|
-
|
-
|
(2)
|
9
|
-
|
-
|
-
|
-
|
-
|
7
|
Dividends
distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(19,336)
|
(19,336)
|
Reserve
for share-based payments
|
-
|
-
|
-
|
-
|
-
|
(9)
|
-
|
-
|
9
|
-
|
-
|
Other
changes in equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,350)
|
-
|
(1,350)
|
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(50)
|
-
|
(50)
|
Balance as of December 31, 2022
|
800
|
11
|
155,578
|
12,988
|
293,679
|
1,075
|
20,741
|
103,201
|
99,158
|
43,507
|
730,738
|
|
Cost of treasury shares
|
Reserve for future dividends
|
Reserve for currency translation adjustment
|
Special reserve
|
Other reserves (i)
|
Total other reserves
|
Balance as of June 30, 2022
|
(3,313)
|
18,568
|
2,246
|
5,963
|
(32,980)
|
(9,516)
|
Other
comprehensive loss for the period
|
-
|
-
|
(1,237)
|
-
|
(545)
|
(1,782)
|
Total comprehensive loss for the period
|
-
|
-
|
(1,237)
|
-
|
(545)
|
(1,782)
|
Assignment
of results according to Shareholders´ Meeting
|
-
|
-
|
-
|
114,359
|
-
|
114,359
|
Repurchase
of treasury shares
|
(2,512)
|
-
|
-
|
-
|
-
|
(2,512)
|
Reserve
for share-based payments
|
13
|
-
|
-
|
-
|
(4)
|
9
|
Other
changes in equity
|
-
|
-
|
(1,350)
|
-
|
-
|
(1,350)
|
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
(50)
|
(50)
|
Balance as of December 31, 2022
|
(5,812)
|
18,568
|
(341)
|
120,322
|
(33,579)
|
99,158
|
|
.
Eduardo S. Elsztain
President
|
|
Note
|
12.31.2023
|
12.31.2022
|
Operating
activities:
|
|
|
|
Net cash generated
from operations before income tax paid
|
14
|
22,776
|
25,839
|
Income tax
paid
|
|
(311)
|
(56)
|
Net
cash flow generated from operating activities
|
|
22,465
|
25,783
|
Investing activities:
|
|
|
|
Capital
contributions to subsidiaries, associates and joint
ventures
|
6
|
-
|
(258)
|
Acquisition
of investment properties
|
7
|
(2,876)
|
(3,288)
|
Acquisition
of property, plant and equipment
|
8
|
(275)
|
(156)
|
Acquisition
of intangible assets
|
10
|
(71)
|
(3)
|
Increase
of investments in financial assets
|
|
(74,064)
|
(20,871)
|
Proceeds
from sale of investment properties
|
|
25,639
|
6,627
|
Proceeds
from sale of property, plant and equipment
|
|
2
|
28
|
Proceeds
from sales of interest held in associates and joint
ventures
|
|
13,015
|
-
|
Derivative
financial instruments, net
|
|
-
|
(6)
|
Increase
of loans granted to related parties
|
|
(362)
|
(399)
|
Proceeds
from sale of investments in financial assets
|
|
96,885
|
26,700
|
Capital
contributions to subsidiaries, associates and joint ventures
pending subscription
|
|
-
|
(3)
|
Proceeds
from loans granted to related parties
|
|
1
|
3
|
Interest
collected
|
|
21
|
268
|
Dividends
received
|
|
1,921
|
3,198
|
Net cash flow generated from investing activities
|
|
59,836
|
11,840
|
Financing activities:
|
|
|
|
Obtaining
/ (Payment) of short-term loans, net
|
|
27,922
|
(10,236)
|
Interests
paid
|
|
(17,962)
|
(15,144)
|
Borrowings
obtained from subsidiaries, associates and joint
ventures
|
|
3,922
|
2,214
|
Payment
of borrowings from subsidiaries, associates and joint
ventures
|
|
-
|
(69)
|
Payment
of lease liabilities
|
|
(122)
|
(6)
|
Repurchase
of treasury shares
|
|
(5,879)
|
(2,512)
|
Exercise
of warrants
|
|
76
|
7
|
Payment
of borrowings and non-convertible notes
|
|
(11,371)
|
(40,552)
|
Borrowings,
issuance and new placement of non-convertible notes
|
|
4,180
|
-
|
Dividends
paid
|
|
(87,850)
|
(12,942)
|
Net cash flow used in financing activities
|
|
(87,084)
|
(79,240)
|
Net decrease in cash and cash equivalents, net
|
|
(4,783)
|
(41,617)
|
Cash
and cash equivalents at the beginning of the period
|
|
7,106
|
46,724
|
Foreign
exchange gain in cash and changes in fair value of cash
equivalents
|
|
2,129
|
97
|
Result
from exposure to inflation on cash and cash
equivalents
|
|
(525)
|
(330)
|
Cash and cash equivalents at the end of the period
|
12
|
3,927
|
4,874
|
|
.
Eduardo S. Elsztain
President
|
|
12.31.2023
|
06.30.2023
|
Beginning of period / year
|
325,144
|
354,416
|
Share
of profit / (loss)
|
76,913
|
(9,858)
|
Other
comprehensive loss
|
(4,908)
|
(2,704)
|
Capital
contributions (Note 23)
|
28
|
599
|
Sale
/ acquisition of interest (i)
|
(14,462)
|
168
|
Dividends
(Note 23)
|
(5,721)
|
(7,490)
|
Decrease
in participation (ii)
|
-
|
(10,233)
|
Other
changes in subsidiaries’ equity
|
-
|
300
|
Changes
in non-controlling interest
|
(8)
|
(54)
|
End of the period / year (iii)
|
376,986
|
325,144
|
Name of the entity
|
% ownership interest
|
Company's interest in equity
|
Company’s interest in comprehensive income /
(loss)
|
|||
|
12.31.2023
|
06.30.2023
|
12.31.2023
|
06.30.2023
|
12.31.2023
|
12.31.2022
|
Subsidiaries
|
|
|
|
|
|
|
Tyrus
S.A.
|
100.00%
|
100.00%
|
26,200
|
17,866
|
8,358
|
(8,169)
|
Efanur
S.A. (*)
|
-
|
-
|
-
|
-
|
-
|
(437)
|
Ritelco
S.A.
|
100.00%
|
100.00%
|
9,834
|
7,785
|
2,033
|
662
|
Inversora
Bolívar S.A.
|
96.57%
|
96.57%
|
9,800
|
7,738
|
2,062
|
662
|
ECLASA
|
98.93%
|
98.93%
|
14,602
|
11,178
|
3,883
|
519
|
Palermo
Invest S.A.
|
97.34%
|
97.34%
|
11,589
|
9,437
|
2,151
|
650
|
Nuevas
Fronteras S.A.
|
76.34%
|
76.34%
|
4,523
|
3,484
|
1,039
|
345
|
Llao
Llao Resorts S.A.
|
50.00%
|
50.00%
|
5,178
|
3,237
|
1,940
|
16
|
Hoteles
Argentinos S.A.U.
|
100.00%
|
100.00%
|
2,357
|
2,058
|
299
|
19
|
Liveck
S.A.
|
9.30%
|
9.30%
|
1,147
|
798
|
321
|
109
|
Panamerican
Mall S.A.
|
80.00%
|
80.00%
|
152,552
|
141,576
|
11,589
|
(6,401)
|
Torodur
S.A.
|
100.00%
|
100.00%
|
69,839
|
44,999
|
24,840
|
414
|
Arcos
del Gourmet S.A.
|
90.00%
|
90.00%
|
25,682
|
17,848
|
7,835
|
1,844
|
Shopping
Neuquén S.A.
|
99.95%
|
99.95%
|
19,960
|
16,452
|
3,508
|
594
|
Centro
de Entretenimientos La Plata S.A. (5) (6)
|
95.40%
|
95.40%
|
4,491
|
4,116
|
375
|
(231)
|
We
Are Appa S.A. (4)
|
98.67%
|
98.67%
|
(2,106)
|
(409)
|
(1,698)
|
(687)
|
Entertainment
Holdings S.A.
|
70.00%
|
70.00%
|
1,324
|
1,621
|
(297)
|
1,069
|
Emprendimiento
Recoleta S.A. (3)
|
53.68%
|
53.68%
|
425
|
269
|
157
|
(2)
|
Entretenimiento
Universal S.A. (4)
|
3.75%
|
3.75%
|
(7)
|
(1)
|
(6)
|
3
|
Fibesa
S.A.U. (4)
|
100.00%
|
100.00%
|
(167)
|
197
|
1,725
|
875
|
IRSA
- Galerías Pacífico S.A. - U.T. (9)
|
50.00%
|
50.00%
|
-
|
2,810
|
(494)
|
1,699
|
Associates
|
|
|
|
|
|
|
Banco
Hipotecario S.A. (1) (2)
|
4.93%
|
4.93%
|
10,027
|
7,913
|
2,114
|
641
|
Banco
de Crédito y Securitización S.A. (2)
|
37.72%
|
37.72%
|
3,383
|
2,907
|
475
|
(114)
|
GCDI
S.A. (Ex TGLT S.A.) (7)
|
27.94%
|
27.82%
|
2,772
|
3,958
|
(1,165)
|
(44)
|
Joint ventures
|
|
|
|
|
|
|
Cyrsa
S.A. (3)
|
50.00%
|
50.00%
|
443
|
308
|
136
|
(15)
|
Quality
Invest S.A. (8)
|
-
|
50.00%
|
-
|
14,440
|
-
|
(1,524)
|
Nuevo
Puerto Santa Fe S.A. (6)
|
50.00%
|
50.00%
|
3,138
|
2,559
|
825
|
192
|
Total subsidiaries, associates and joint ventures
|
|
|
376,986
|
325,144
|
72,005
|
(7,311)
|
|
|
|
|
Latest financial information issued
|
||
Name of the entity
|
Location of business / Country of incorporation
|
Main activity
|
Common shares 1 vote
|
Share capital (nominal value)
|
Profit / (Loss) for the period
|
Shareholders’ equity
|
Subsidiaries
|
|
|
|
|
|
|
Tyrus
S.A.
|
Uruguay
|
Investment
|
21,365,969,546
|
12,213
|
12,586
|
26,121
|
Ritelco
S.A.
|
Uruguay
|
Investment
|
453,321,176
|
94
|
2,291
|
9,837
|
Inversora
Bolívar S.A.
|
Argentina
|
Investment
|
1,726,178,768
|
1,788
|
2,135
|
10,148
|
ECLASA
|
Argentina
|
Investment
|
1,710,302,484
|
1,729
|
3,925
|
14,738
|
Palermo
Invest S.A.
|
Argentina
|
Investment
|
1,327,155,303
|
1,363
|
2,210
|
10,490
|
Nuevas
Fronteras S.A.
|
Argentina
|
Hotel
|
38,068,363
|
50
|
1,287
|
7,007
|
Llao
Llao Resorts S.A.
|
Argentina
|
Hotel
|
73,580,206
|
147
|
3,881
|
10,356
|
Hoteles
Argentinos S.A.U.
|
Argentina
|
Hotel
|
685,978,099
|
686
|
299
|
2,463
|
Liveck
S.A.
|
Islas
Vírgenes Británicas
|
Investment
|
56,604,500
|
903
|
319
|
9,799
|
Panamerican
Mall S.A.
|
Argentina
|
Real
estate
|
397,661,435
|
497
|
14,486
|
190,690
|
Torodur
S.A.
|
Uruguay
|
Investment
|
581,675,948
|
1,884
|
24,845
|
69,788
|
Arcos
del Gourmet S.A.
|
Argentina
|
Real
estate
|
72,973,903
|
81
|
8,705
|
28,536
|
Shopping
Neuquén S.A.
|
Argentina
|
Real
estate
|
53,511,353
|
54
|
3,510
|
19,971
|
Centro
de Entretenimientos La Plata S.A. (5) (6)
|
Argentina
|
Real
estate
|
905,428
|
95
|
(443)
|
1,113
|
We
Are Appa S.A. (4)
|
Argentina
|
Developer
|
510,946,719
|
518
|
(1,721)
|
(3,056)
|
Entertainment
Holdings S.A.
|
Argentina
|
Investment
|
32,503,379
|
46
|
(579)
|
3,061
|
Emprendimiento
Recoleta S.A. (3)
|
Argentina
|
Real
estate
|
13,449,990
|
25
|
292
|
792
|
Entretenimiento
Universal S.A. (4)
|
Argentina
|
Event
organization and others
|
825
|
-
|
(154)
|
(191)
|
Fibesa
S.A.U. (4)
|
Argentina
|
Real
estate
|
(i)
|
2
|
894
|
1,314
|
IRSA
- Galerías Pacífico S.A. - U.T. (9)
|
Argentina
|
Hotel
|
500,000
|
1
|
(988)
|
-
|
Associates
|
|
|
|
|
|
|
Banco
Hipotecario S.A. (1) (2)
|
Argentina
|
Financial
|
73,939,835
|
1,500
|
42,877
|
203,407
|
Banco
de Crédito y Securitización S.A. (2)
|
Argentina
|
Financial
|
33,125,751
|
88
|
1,260
|
8,968
|
GCDI
S.A. (Ex TGLT S.A.) (7)
|
Argentina
|
Real
estate
|
255,747,035
|
915
|
(1,637)
|
9,918
|
Joint ventures
|
|
|
|
|
|
|
Cyrsa
S.A. (3)
|
Argentina
|
Real
estate
|
8,748,269
|
17
|
270
|
887
|
Nuevo
Puerto Santa Fe S.A. (6)
|
Argentina
|
Real
estate
|
138,750
|
28
|
1,651
|
6,046
|
|
12.31.2023
|
06.30.2023
|
||
|
Level 2
|
Level 3
|
Level 2
|
Level 3
|
Fair value at the beginning of the period / year
|
608,853
|
289,106
|
713,235
|
289,575
|
Additions
|
1,130
|
2,101
|
5,711
|
5,035
|
Disposals
/ Transfers
|
(33,830)
|
(2)
|
(48,934)
|
1,822
|
Net
(loss) / gain from fair value adjustment
|
(11,682)
|
116,228
|
(61,148)
|
(7,369)
|
Additions
of capitalized leasing costs
|
-
|
37
|
16
|
75
|
Amortization
of capitalized lease costs (i)
|
(11)
|
(52)
|
(27)
|
(32)
|
Fair value at the end of the period / year
|
564,460
|
407,418
|
608,853
|
289,106
|
|
12.31.2023
|
06.30.2023
|
Offices
and other rental properties
|
87,829
|
115,551
|
Land
reserve
|
458,775
|
475,401
|
Shopping
malls (i)
|
425,274
|
307,007
|
Total
|
971,878
|
897,959
|
|
12.31.2023
|
12.31.2022
|
Revenues
(Note 19)
|
62,914
|
58,310
|
Direct
operating costs (Note 20)
|
(17,283)
|
(19,930)
|
Development
costs (Note 20)
|
(378)
|
(216)
|
Net
unrealized gain / (loss) from fair value adjustment on investment
properties (ii)
|
87,216
|
(73,507)
|
Net
realized gain from fair value adjustment on investment properties
(i)
|
17,330
|
3,429
|
|
12.31.2023
|
06.30.2023
|
|||||
|
Buildings and facilities
|
Furniture and fixtures
|
Machinery and equipment
|
Vehicles
|
Others
|
Total
|
Total
|
Costs
|
7,025
|
3,170
|
17,142
|
223
|
11
|
27,571
|
33,316
|
Accumulated
depreciation
|
(5,769)
|
(2,594)
|
(16,275)
|
(223)
|
-
|
(24,861)
|
(24,030)
|
Net book amount at the beginning of the period / year
|
1,256
|
576
|
867
|
-
|
11
|
2,710
|
9,286
|
Additions
|
27
|
160
|
88
|
-
|
-
|
275
|
562
|
Disposals
|
-
|
-
|
(3)
|
-
|
-
|
(3)
|
(6,356)
|
Transfers
|
-
|
-
|
6
|
-
|
-
|
6
|
49
|
Depreciation
(Note 20)
|
(71)
|
(52)
|
(185)
|
-
|
-
|
(308)
|
(831)
|
Balances at the end of the period / year
|
1,212
|
684
|
773
|
-
|
11
|
2,680
|
2,710
|
Costs
|
7,052
|
3,330
|
17,233
|
223
|
11
|
27,849
|
27,571
|
Accumulated
depreciation
|
(5,840)
|
(2,646)
|
(16,460)
|
(223)
|
-
|
(25,169)
|
(24,861)
|
Net book amount at the end of the period / year
|
1,212
|
684
|
773
|
-
|
11
|
2,680
|
2,710
|
|
12.31.2023
|
06.30.2023
|
||
|
Completed properties
|
Undeveloped properties
|
Total
|
Total
|
Beginning of the period / year
|
1,230
|
4,838
|
6,068
|
6,278
|
Additions
|
-
|
24
|
24
|
358
|
Disposals
|
(23)
|
-
|
(23)
|
(549)
|
Transfers
|
-
|
-
|
-
|
(19)
|
End of the period / year
|
1,207
|
4,862
|
6,069
|
6,068
|
Non-current
|
|
|
6,069
|
6,024
|
Current
|
|
|
-
|
44
|
Total
|
|
|
6,069
|
6,068
|
|
12.31.2023
|
06.30.2023
|
||
|
Computer software
|
Future units to be received from barters
|
Total
|
Total
|
Costs
|
5,497
|
14,868
|
20,365
|
18,408
|
Accumulated
amortization
|
(5,359)
|
-
|
(5,359)
|
(4,900)
|
Net book amount at the beginning of the period / year
|
138
|
14,868
|
15,006
|
13,508
|
Additions
|
70
|
1
|
71
|
2,670
|
Disposals
|
-
|
(132)
|
(132)
|
(300)
|
Transfers
|
-
|
15,248
|
15,248
|
(413)
|
Amortization
(Note 20)
|
(52)
|
-
|
(52)
|
(459)
|
Balances at the end of the period / year
|
156
|
29,985
|
30,141
|
15,006
|
Costs
|
5,567
|
29,985
|
35,552
|
20,365
|
Accumulated
amortization
|
(5,411)
|
-
|
(5,411)
|
(5,359)
|
Net book amount at the end of the period / year
|
156
|
29,985
|
30,141
|
15,006
|
|
12.31.2023
|
06.30.2023
|
Offices
and shopping malls
|
1,152
|
797
|
Total right of use assets
|
1,152
|
797
|
Non-current
|
1,152
|
797
|
Total
|
1,152
|
797
|
|
12.31.2023
|
12.31.2022
|
Offices
and shopping malls
|
115
|
1,382
|
Machinery
and equipment
|
-
|
9
|
Total depreciation of right of use assets (Note 20)
|
115
|
1,391
|
|
Financial assets at amortized cost
|
Financial assets at fair value through profit or loss
|
Subtotal financial assets
|
Non-financial assets
|
Total
|
|
|
Level 1
|
|
|
|
December 31, 2023
|
|
|
|
|
|
Assets as per Statement of Financial Position
|
|
|
|
|
|
Trade
and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 13)
|
58,585
|
-
|
58,585
|
8,623
|
67,208
|
Investments
in financial assets:
|
|
|
|
|
|
-
Public companies’ securities
|
-
|
1,919
|
1,919
|
-
|
1,919
|
-
Mutual funds
|
-
|
40,596
|
40,596
|
-
|
40,596
|
-
Bonds
|
-
|
21,993
|
21,993
|
-
|
21,993
|
Cash
and cash equivalents:
|
|
|
|
|
|
-
Cash at bank and on hand
|
3,765
|
-
|
3,765
|
-
|
3,765
|
-
Short- term investments
|
-
|
162
|
162
|
-
|
162
|
Total
|
62,350
|
64,670
|
127,020
|
8,623
|
135,643
|
|
Financial liabilities at amortized cost
|
Non-financial liabilities
|
Total
|
|
|
|
|
December 31, 2023
|
|
|
|
Liabilities as per Statement of Financial Position
|
|
|
|
Trade
and other payables (Note 15)
|
10,954
|
27,568
|
38,522
|
Borrowings
(Note 16)
|
381,394
|
-
|
381,394
|
Total
|
392,348
|
27,568
|
419,916
|
|
Financial assets at amortized cost
|
Financial assets at fair value through profit or loss
|
Subtotal financial assets
|
Non-financial assets
|
Total
|
|
|
Level 1
|
|
|
|
June 30, 2023
|
|
|
|
|
|
Assets as per Statement of Financial Position
|
|
|
|
|
|
Trade
and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 13)
|
43,767
|
-
|
43,767
|
8,013
|
51,780
|
Investments
in financial assets:
|
|
|
|
|
|
-
Public companies’ securities
|
-
|
1,249
|
1,249
|
-
|
1,249
|
-
Mutual funds
|
-
|
35,265
|
35,265
|
-
|
35,265
|
-
Bonds
|
-
|
11,926
|
11,926
|
-
|
11,926
|
Cash
and cash equivalents:
|
|
|
|
|
|
-
Cash at bank and on hand
|
2,851
|
-
|
2,851
|
-
|
2,851
|
-
Short-term investments
|
-
|
4,255
|
4,255
|
-
|
4,255
|
Total
|
46,618
|
52,695
|
99,313
|
8,013
|
107,326
|
|
Financial liabilities at amortized cost
|
Non-financial liabilities
|
Total
|
|
|
|
|
June 30, 2023
|
|
|
|
Liabilities as per Statement of Financial Position
|
|
|
|
Trade
and other payables (Note 15)
|
33,781
|
30,481
|
64,262
|
Borrowings
(Note 16)
|
262,171
|
-
|
262,171
|
Total
|
295,952
|
30,481
|
326,433
|
|
12.31.2023
|
06.30.2023
|
Sales,
leases and services receivables
|
21,310
|
20,494
|
Less:
Allowance for doubtful accounts
|
(2,066)
|
(2,150)
|
Total trade receivables
|
19,244
|
18,344
|
Borrowings
granted, deposits and others
|
35,860
|
23,124
|
Advanced
payments
|
4,789
|
4,404
|
Tax
credits
|
1,358
|
1,783
|
Prepaid
expenses
|
1,467
|
969
|
Long-term
incentive plan
|
16
|
32
|
Dividends
|
324
|
-
|
Others
|
2,084
|
974
|
Total other receivables
|
45,898
|
31,286
|
Total trade and other receivables
|
65,142
|
49,630
|
Non-current
|
33,335
|
21,965
|
Current
|
31,807
|
27,665
|
Total
|
65,142
|
49,630
|
|
12.31.2023
|
06.30.2023
|
Beginning of period / year
|
2,150
|
3,352
|
Additions
|
142
|
379
|
Recoveries
|
(112)
|
(239)
|
Exchange
rate differences
|
1,309
|
663
|
Inflation
adjustment
|
(1,423)
|
(2,005)
|
End of the period / year
|
2,066
|
2,150
|
|
Note
|
12.31.2023
|
12.31.2022
|
Operating activities
|
|
|
|
Profit
for the period
|
|
141,519
|
46,992
|
Adjustments:
|
|
|
|
Income
tax
|
17
|
35,815
|
(76,303)
|
Amortization
and depreciation
|
20
|
538
|
2,298
|
Gain
from disposal of trading properties
|
|
(73)
|
(992)
|
Financial
results, net
|
|
53,915
|
(17,538)
|
Decrease
/ (Increase) in trading properties
|
|
72
|
(255)
|
Net
(gain) / loss from fair value adjustment of investment
properties
|
7
|
(104,546)
|
70,078
|
Share
of (profit) / loss of subsidiaries, associates and joint
ventures
|
6
|
(76,913)
|
6,074
|
Loss
from disposal of properties, plant and equipment
|
|
1
|
-
|
Loss
from disposal of joint ventures
|
|
865
|
-
|
Loss
from disposal of Intangible assets
|
|
132
|
-
|
Provisions
and allowances
|
|
(2,805)
|
2,496
|
Changes in operating assets and liabilities:
|
|
|
|
Decrease
/ (Increase) in inventories
|
|
38
|
(16)
|
Decrease
in salaries and social security liabilities
|
|
(1,710)
|
(888)
|
Decrease
in trade and other receivables
|
|
533
|
856
|
Use
of provisions
|
|
(87)
|
(72)
|
Decrease
in trade and other payables
|
|
(24,518)
|
(6,891)
|
Net
cash flow generated from operating activities before income tax
paid
|
|
22,776
|
25,839
|
Operations not affecting cash flows
|
12.31.2023
|
12.31.2022
|
Currency
translation adjustment and other comprehensive results of
subsidiaries, associates and joint ventures
|
4,908
|
1,782
|
Other
changes in subsidiaries` equity
|
8
|
1,400
|
Increase
in non-convertible notes through a decrease in non-convertible
notes
|
-
|
81,978
|
Increase
in intangible assets through a decrease in trading
properties
|
-
|
1,037
|
Increase
in rights of use assets through an increase in lease
liabilities
|
455
|
137
|
Decrease
in investments in associates and joint ventures through an increase
in trade and other receivables
|
1,207
|
14,963
|
Decrease
in trade and other receivables through an increase in investment in
financial assets
|
-
|
22
|
Decrease
in investments in associates and joint ventures through a decrease
in provisions
|
1,870
|
146
|
Decrease
in investments in financial assets through a decrease in trade and
other payables
|
-
|
760
|
Increase
in investments in associates and joint ventures through a decrease
in trade and other receivables
|
-
|
224
|
Decrease
in investment properties through an increase in property, plant and
equipment
|
6
|
31
|
Barter
transactions of investment properties
|
392
|
-
|
Decrease
in investment properties through an increase in trade and other
receivables
|
1,567
|
-
|
Decrease
in borrowings through a decrease in trade and other
receivables
|
36
|
-
|
Decrease
in equity through an increase in trade and other
payables
|
2,735
|
-
|
Increase
in investments in financial assets through a decrease in
investments in associates and joint ventures
|
1,026
|
-
|
Increase
in rights of use assets through an increase in trade and other
receivables
|
15
|
-
|
Decrease
in investments in associates and joint ventures through a decrease
in borrowings
|
2,316
|
1,320
|
Increase
in investments in financial assets through an increase in
borrowings
|
276
|
-
|
Increase
in intangible assets through a decrease in investment
properties
|
15,248
|
-
|
Increase
in investments in associates and joint ventures through an increase
in borrowings
|
28
|
-
|
Decrease
in equity through a decrease in investments in financial
assets
|
-
|
6,394
|
Decrease
in investments in associates and joint ventures through an increase
in investments in financial assets
|
-
|
779
|
Decrease
in investment properties through a decrease in investments in
financial assets
|
-
|
162
|
|
12.31.2023
|
06.30.2023
|
Customers´
advances (*)
|
9,450
|
10,894
|
Trade
payables
|
2,558
|
3,797
|
Accrued
invoices
|
3,638
|
3,826
|
Admission
rights
|
14,245
|
14,704
|
Other
income to be accrued
|
282
|
300
|
Tenant
deposits
|
249
|
148
|
Total trade payables
|
30,422
|
33,669
|
Dividends
(i)
|
607
|
318
|
Director´s
fees
|
3,154
|
24,448
|
Long-term
incentive plan
|
3
|
6
|
Tax
amnesty plans
|
21
|
66
|
Other
tax payables
|
3,570
|
4,516
|
Other
payables
|
745
|
1,239
|
Total other payables
|
8,100
|
30,593
|
Total trade and other payables
|
38,522
|
64,262
|
Non-current
|
12,434
|
13,916
|
Current
|
26,088
|
50,346
|
Total
|
38,522
|
64,262
|
|
Book value as of 12.31.2023
|
Book value as of 06.30.2023
|
Fair value as of 12.31.2023
|
Fair value as of 06.30.2023
|
Non-convertible
notes
|
274,363
|
199,179
|
268,920
|
200,576
|
Bank
loans
|
4,523
|
5,321
|
4,523
|
5,321
|
Related
parties (Note 23)
|
71,154
|
44,381
|
70,981
|
44,428
|
Bank
overdrafts
|
31,354
|
13,290
|
31,354
|
13,290
|
Total borrowings
|
381,394
|
262,171
|
375,778
|
263,615
|
Non-current
|
208,638
|
145,711
|
|
|
Current
|
172,756
|
116,460
|
|
|
Total
|
381,394
|
262,171
|
|
|
|
12.31.2023
|
12.31.2022
|
Deferred
income tax
|
(35,815)
|
30,994
|
Current
income tax
|
-
|
45,309
|
Income tax
|
(35,815)
|
76,303
|
|
12.31.2023
|
12.31.2022
|
(Profit) / loss at
tax rate (i)
|
(62,067)
|
10,259
|
Permanent differences:
|
|
|
Share
of profit / (loss) of subsidiaries, associates and joint
ventures
|
26,920
|
(2,127)
|
Difference
between provision and tax return
|
2,837
|
35,223
|
Recovery
of tax loss carry forwards
|
-
|
(32,330)
|
Tax
inflation adjustment
|
(25,652)
|
(15,969)
|
Inflation
adjustment permanent difference
|
21,274
|
35,918
|
Non-deductible
expenses and others
|
873
|
45,329
|
Income tax
|
(35,815)
|
76,303
|
|
12.31.2023
|
06.30.2023
|
Beginning of the period / year
|
(272,769)
|
(362,204)
|
Income
tax charge
|
(35,815)
|
89,435
|
End of the period / year
|
(308,584)
|
(272,769)
|
|
12.31.2023
|
06.30.2023
|
||
|
Investments in associates and joint ventures
|
Labor, legal and other claims
|
Total
|
Total
|
Beginning of period / year
|
410
|
1,779
|
2,189
|
1,495
|
Additions
(i)
|
-
|
795
|
795
|
2,007
|
Decreases
(i)
|
-
|
(2)
|
(2)
|
(331)
|
Used
during the period / year
|
-
|
(87)
|
(87)
|
(76)
|
Inflation
adjustment
|
-
|
(1,133)
|
(1,133)
|
(940)
|
Share
of loss
|
1,870
|
-
|
1,870
|
34
|
End of period / year
|
2,280
|
1,352
|
3,632
|
2,189
|
Non-current
|
|
|
2,582
|
891
|
Current
|
|
|
1,050
|
1,298
|
Total
|
|
|
3,632
|
2,189
|
|
12.31.2023
|
12.31.2022
|
Base
rent
|
21,939
|
18,891
|
Contingent
rent
|
19,730
|
18,573
|
Admission
rights
|
3,964
|
3,341
|
Parking
fees
|
1,786
|
1,513
|
Property
management fees
|
392
|
388
|
Others
|
75
|
66
|
Averaging
of scheduled rent escalation
|
297
|
(209)
|
Rentals and services income
|
48,183
|
42,563
|
Sale
of trading properties
|
96
|
1,075
|
Total revenues from sales, rentals and services
|
48,279
|
43,638
|
Expenses
and collective promotion funds
|
14,731
|
15,747
|
Total revenues from expenses and collective promotion
funds
|
14,731
|
15,747
|
Total revenues
|
63,010
|
59,385
|
|
Costs (i)
|
General and administrative expenses
|
Selling expenses
|
12.31.2023
|
12.31.2022
|
Salaries,
social security costs and other personnel expenses
|
5,026
|
4,060
|
520
|
9,606
|
9,048
|
Maintenance,
security, cleaning, repairs and others
|
6,407
|
360
|
10
|
6,777
|
6,418
|
Taxes,
rates and contributions
|
1,364
|
5
|
2,233
|
3,602
|
3,066
|
Advertising
and other selling expenses
|
4,062
|
-
|
422
|
4,484
|
5,829
|
Director´s
fees (Note 23) (ii)
|
-
|
(3,628)
|
-
|
(3,628)
|
2,402
|
Amortization
and depreciation
|
276
|
184
|
78
|
538
|
2,298
|
Fees
and payments for services
|
120
|
1,116
|
629
|
1,865
|
1,224
|
Leases
and services’ charges
|
306
|
83
|
8
|
397
|
644
|
Traveling,
transportation and stationery expenses
|
146
|
194
|
18
|
358
|
229
|
Cost
of sales of trading properties
|
155
|
-
|
-
|
155
|
83
|
Allowance
for doubtful accounts (charge and recovery, net) (Note
13)
|
-
|
-
|
30
|
30
|
(21)
|
Bank
expenses
|
27
|
151
|
-
|
178
|
131
|
Freight
expenses
|
7
|
1
|
-
|
8
|
6
|
Others
|
11
|
-
|
-
|
11
|
60
|
Total expenses by nature as of 12.31.2023
|
17,907
|
2,526
|
3,948
|
24,381
|
-
|
Total expenses by nature as of 12.31.2022
|
20,305
|
8,681
|
2,431
|
-
|
31,417
|
|
12.31.2023
|
12.31.2022
|
Lawsuits
and other contingencies (i)
|
(793)
|
(115)
|
Donations
|
(144)
|
(167)
|
Loss
from disposal of joint ventures
|
(865)
|
-
|
Administration
fees
|
466
|
639
|
Loss
from disposal of property, plant and equipment
|
(1)
|
-
|
Interest
and allowances generated by operating assets
|
600
|
530
|
Others
|
(82)
|
(24)
|
Total other operating results, net
|
(819)
|
863
|
|
12.31.2023
|
12.31.2022
|
Interest
income
|
3,687
|
151
|
Total finance income
|
3,687
|
151
|
Interest
expense
|
(11,015)
|
(12,643)
|
Other
finance costs
|
(1,861)
|
(894)
|
Subtotal finance costs
|
(12,876)
|
(13,537)
|
Exchange
rate differences, net
|
(102,920)
|
4,682
|
Fair
value net gain from financial assets and liabilities at fair value
through profit or loss, net
|
39,992
|
1,039
|
Loss
from derivative financial instruments, net
|
(890)
|
(8)
|
Gain
from repurchase of non-convertible notes
|
-
|
2
|
Other
financial results
|
4,672
|
(850)
|
Total other financial results
|
(59,146)
|
4,865
|
Inflation
adjustment
|
26,400
|
26,531
|
Total financial results, net
|
(41,935)
|
18,010
|
Item
|
12.31.2023
|
06.30.2023
|
Right
of use assets
|
11
|
-
|
Trade
and other receivables
|
37,427
|
24,086
|
Investments
in financial assets
|
517
|
437
|
Trade
and other payables
|
(4,504)
|
(27,488)
|
Borrowings
|
(71,154)
|
(44,381)
|
Total
|
(37,703)
|
(47,346)
|
Related parties
|
12.31.2023
|
06.30.2023
|
Operation description
|
Item
|
Cresud
|
739
|
-
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
517
|
437
|
Bonds
|
Investments
in financial assets
|
|
(476)
|
(1,620)
|
Corporate
services payable
|
Trade
and other payables
|
|
(3)
|
(6)
|
Long-term
incentive plan payable
|
Trade
and other payables
|
|
(353)
|
(521)
|
Other
liabilities
|
Trade
and other payables
|
Total parent company
|
424
|
(1,710)
|
|
|
Tyrus
S.A.
|
26
|
47
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
26,340
|
17,119
|
Borrowings
granted
|
Trade
and other receivables
|
|
(12)
|
(7)
|
Leases
and services received
|
Trade
and other payables
|
|
(4,914)
|
(4,145)
|
Non-Convertible
Notes
|
Borrowings
|
|
(2,814)
|
(252)
|
Borrowings
|
Borrowings
|
ECLASA
|
(4,502)
|
(2,974)
|
Borrowings
|
Borrowings
|
|
324
|
-
|
Dividends
to receive
|
Trade
and other receivables
|
Panamerican
Mall S.A.
|
97
|
121
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
1
|
3
|
Long-term
incentive plan
|
Trade
and other receivables
|
|
(47)
|
(102)
|
Other
payables
|
Trade
and other payables
|
Arcos
del Gourmet S.A.
|
94
|
132
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
(9)
|
(51)
|
Leases
and services received
|
Trade
and other payables
|
|
(24)
|
(79)
|
Other
payables
|
Trade
and other payables
|
Fibesa
S.A.U.
|
1
|
3
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
30
|
19
|
Borrowings
granted
|
Trade
and other receivables
|
|
13
|
26
|
Long-term
incentive plan
|
Trade
and other receivables
|
|
(26)
|
(16)
|
Other
payables
|
Trade
and other payables
|
Shopping
Neuquén S.A.
|
11
|
-
|
Rights
of use assets
|
Right
of use assets
|
|
2
|
19
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
643
|
533
|
Borrowings
granted
|
Trade
and other receivables
|
Torodur
S.A.
|
(36)
|
(23)
|
Leases
and services received
|
Trade
and other payables
|
|
(3)
|
(6)
|
Other
payables
|
Trade
and other payables
|
|
(3,150)
|
(2,067)
|
Non-Convertible
Notes
|
Borrowings
|
|
(49,189)
|
(30,435)
|
Borrowings
|
Borrowings
|
Ritelco
S.A.
|
8
|
43
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
(295)
|
(192)
|
Borrowings
|
Borrowings
|
Entretenimiento
Universal S.A.
|
410
|
267
|
Borrowings
granted
|
Trade
and other receivables
|
We
Are Appa S.A.
|
4
|
2
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
(2)
|
-
|
Invoices
to receive
|
Trade
and other payables
|
|
3,201
|
1,715
|
Borrowings
granted
|
Trade
and other receivables
|
Emprendimiento
Recoleta S.A.
|
18
|
23
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
1
|
1
|
Long-term
incentive plan
|
Trade
and other receivables
|
Centro
de Entretenimiento La Plata S.A.
|
40
|
26
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
606
|
398
|
Capital
contributions pending integration
|
Trade
and other receivables
|
|
(9)
|
-
|
Leases
and services received
|
Trade
and other payables
|
Banco
Hipotecario S.A.
|
35
|
26
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
(1)
|
(52)
|
Leases
and services received
|
Trade
and other payables
|
CYRSA
S.A.
|
(241)
|
(178)
|
Borrowings
|
Borrowings
|
GCDI
S.A. (Ex TGLT S.A.)
|
-
|
1
|
Advance
to suppliers
|
Trade
and other receivables
|
Hoteles
Argentinos S.A.U.
|
9
|
3
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
1
|
-
|
Advance
to suppliers
|
Trade
and other receivables
|
|
-
|
(1)
|
Other
payables
|
Trade
and other payables
|
Nuevas
Fronteras S.A.
|
1
|
248
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
(38)
|
(99)
|
Borrowings
|
Borrowings
|
Llao
Llao Resorts S.A.
|
4
|
2
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
-
|
(2)
|
Invoices
to receive
|
Trade
and other payables
|
|
(1)
|
-
|
Leases
and services received
|
Trade
and other payables
|
|
(4,064)
|
(516)
|
Borrowings
|
Borrowings
|
Nuevo
Puerto Santa Fe S.A.
|
20
|
55
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
1
|
1
|
Long-term
incentive plan
|
Trade
and other receivables
|
|
(222)
|
-
|
Borrowings
|
Borrowings
|
|
(7)
|
(12)
|
Other
payables
|
Trade
and other payables
|
IRSA
- Galerías Pacífico S.A. U.T.
|
-
|
2
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
(1)
|
-
|
Invoices
to receive
|
Trade
and other payables
|
|
-
|
(292)
|
Other
payables
|
Trade
and other payables
|
|
-
|
(2,405)
|
Borrowings
|
Borrowings
|
Quality
Invest S.A.
|
-
|
2
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
-
|
93
|
Capital
contributions pending integration
|
Trade
and other receivables
|
|
(3)
|
(8)
|
Leases
and services received
|
Trade
and other payables
|
Total subsidiaries, associates and joint
ventures
|
(37,669)
|
(22,984)
|
|
|
Related parties
|
12.31.2023
|
06.30.2023
|
Operation description
|
Item
|
Directors
|
(3,154)
|
(24,448)
|
Directors'
fees provision
|
Trade
and other payables
|
Total directors
|
(3,154)
|
(24,448)
|
|
|
Futuros
y Opciones S.A.
|
-
|
2
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
BHN
Vida S.A.
|
(21)
|
(14)
|
Tenant
deposits
|
Trade
and other payables
|
|
(316)
|
(207)
|
Non-Convertible
Notes
|
Borrowings
|
BHN
Seguros Generales S.A.
|
(107)
|
(70)
|
Non-Convertible
Notes
|
Borrowings
|
Consultores
Asset Management S.A.
|
8
|
30
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
Estudio
Zang, Bergel & Viñes
|
(15)
|
(13)
|
Invoices
to receive
|
Trade
and other payables
|
Austral
Gold
|
4
|
7
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
Fundación
Museo de los Niños
|
-
|
19
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
(4)
|
(11)
|
Leases
and services received
|
Trade
and other payables
|
|
(2)
|
-
|
Advances
received
|
Trade
and other payables
|
Real
Estate Strategies LLC
|
1,442
|
937
|
Borrowings
granted
|
Trade
and other receivables
|
IRSA
International LLC
|
(243)
|
(161)
|
Other
payables
|
Trade
and other payables
|
|
(1,026)
|
(660)
|
Borrowings
|
Borrowings
|
La
Rural S.A.
|
20
|
2
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
(16)
|
(25)
|
Leases
and services received
|
Trade
and other payables
|
Ogden
Argentina S.A.
|
18
|
22
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
|
3,071
|
1,999
|
Borrowings
granted
|
Trade
and other receivables
|
La
Arena S.A.
|
-
|
3
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
Boulevard
Norte S.A.
|
(36)
|
(18)
|
Other
payables
|
Trade
and other payables
|
New
Lipstick
|
195
|
128
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
Agrofy
S.A.
|
-
|
7
|
Debtors
for sales, rentals and services
|
Trade
and other receivables
|
Helmir
S.A.
|
(276)
|
(181)
|
Non-Convertible
Notes
|
Borrowings
|
Total others
|
2,696
|
1,796
|
|
|
Total
|
(37,703)
|
(47,346)
|
|
|
Related parties
|
12.31.2023
|
12.31.2022
|
Operation description
|
Cresud
|
22
|
109
|
Leases
and/or right of use assets
|
|
172
|
3,238
|
Financial
operations
|
|
(2,868)
|
(2,054)
|
Corporate
services
|
Total parent company
|
(2,674)
|
1,293
|
|
Arcos
del Gourmet S.A.
|
(32)
|
(52)
|
Leases
and/or right of use assets
|
|
131
|
151
|
Fees
|
Fibesa
S.A.U.
|
-
|
(1)
|
Leases
and/or right of use assets
|
|
2
|
4
|
Fees
|
|
10
|
(7)
|
Financial
operations
|
Ritelco
S.A.
|
(103)
|
-
|
Financial
operations
|
Torodur
S.A.
|
(19,512)
|
(108)
|
Financial
operations
|
Efanur
S.A.
|
-
|
91
|
Financial
operations
|
Tyrus
S.A.
|
5,782
|
(23)
|
Financial
operations
|
Shopping
Neuquén S.A.
|
286
|
(174)
|
Financial
operations
|
|
(3)
|
(1,382)
|
Leases
and/or right of use assets
|
Entretenimiento
Universal S.A.
|
143
|
2
|
Financial
operations
|
ECLASA
|
(1,572)
|
4
|
Financial
operations
|
Panamerican
Mall S.A.
|
263
|
291
|
Fees
|
|
(69)
|
(99)
|
Leases
and/or right of use assets
|
Emprendimiento
Recoleta S.A.
|
1
|
3
|
Fees
|
CYRSA
S.A.
|
(75)
|
13
|
Financial
operations
|
Centro
de Entretenimientos La Plata S.A.
|
49
|
(7)
|
Leases
and/or right of use assets
|
|
(158)
|
-
|
Financial
operations
|
IRSA
- Galerías Pacífico S.A. U.T.
|
(6)
|
(105)
|
Financial
operations
|
|
-
|
6
|
Fees
|
Llao
Llao Resorts S.A.
|
8
|
1
|
Fees
|
|
(1,491)
|
-
|
Financial
operations
|
Hoteles
Argentinos S.A.U.
|
9
|
4
|
Fees
|
Nuevas
Fronteras S.A.
|
(61)
|
39
|
Fees
|
|
(4)
|
24
|
Financial
operations
|
We
Are Appa S.A.
|
14
|
17
|
Fees
|
|
1,123
|
20
|
Financial
operations
|
|
6
|
-
|
Leases
and/or right of use assets
|
Nuevo
Puerto Santa Fe S.A.
|
(7)
|
1
|
Leases
and/or right of use assets
|
|
55
|
-
|
Financial
operations
|
|
75
|
89
|
Fees
|
Quality
Invest S.A.
|
3
|
14
|
Fees
|
|
-
|
6
|
Financial
operations
|
|
-
|
(37)
|
Leases
and/or right of use assets
|
Total subsidiaries, associates and joint ventures
|
(15,133)
|
(1,215)
|
|
Related parties
|
12.31.2023
|
12.31.2022
|
Operation description
|
Directors
(1)
|
3,628
|
(2,402)
|
Fees
|
Senior
Management
|
(213)
|
(61)
|
Fees
|
Total Directors and Senior Management
|
3,415
|
(2,463)
|
|
BHN
Seguros Generales S.A.
|
(39)
|
(2)
|
Financial
operations
|
BHN
Vida S.A.
|
(115)
|
(7)
|
Financial
operations
|
Austral
Gold S.A.
|
6
|
6
|
Fees
|
Consultores
Asset Management S.A.
|
5
|
5
|
Fees
|
Hamonet
S.A.
|
(9)
|
(10)
|
Leases
and/or right of use assets
|
Helmir
S.A.
|
(168)
|
(14)
|
Financial
operations
|
Isaac
Elsztain e Hijos S.C.A.
|
(21)
|
(23)
|
Leases
and/or right of use assets
|
Estudio
Zang, Bergel & Viñes
|
(138)
|
(82)
|
Fees
|
Fundación
IRSA
|
(82)
|
(119)
|
Donations
|
Fundación
Museo de los Niños
|
(25)
|
19
|
Leases
and/or right of use assets
|
Fundación
Puerta 18
|
(30)
|
(28)
|
Donations
|
Ogden
Argentina S.A.
|
1,072
|
20
|
Financial
operations
|
UT
La Rural S.A. - OFC S.R.L - Ogden y Enusa
|
3
|
3
|
Fees
|
Real
Estate Strategies LLC
|
8
|
3
|
Financial
operations
|
La
Rural S.A.
|
48
|
2
|
Leases
and/or right of use assets
|
IRSA
International LLC
|
(15)
|
(13)
|
Financial
operations
|
Espacio
Digital S.A.
|
4
|
4
|
Fees
|
Other subsidiaries, associates and joint ventures
|
504
|
(236)
|
|
Total at the end of the period
|
(13,888)
|
(2,621)
|
|
Related parties
|
12.31.2023
|
12.31.2022
|
Operation description
|
Quality
Invest S.A.
|
(14,440)
|
-
|
Sale
of shares
|
GCDI
S.A. (Ex TGLT S.A.)
|
(22)
|
-
|
Sale
of shares
|
Total sale of shares
|
(14,462)
|
-
|
|
Fibesa
S.A.U.
|
2,088
|
1,025
|
Dividends
received
|
Arcos
del Gourmet S.A.
|
-
|
1,046
|
Dividends
received
|
Panamerican
Mall S.A.
|
613
|
1,461
|
Dividends
received
|
E-Commerce
Latina S.A.
|
459
|
-
|
Dividends
received
|
Nuevo
Puerto Santa Fe S.A.
|
245
|
445
|
Dividends
received
|
IRSA
- Galerías Pacífico S.A. - U.T.
|
2,316
|
-
|
Dividends
received
|
Total dividends received
|
5,721
|
3,977
|
|
Palermo
Invest S.A.
|
-
|
(6)
|
Irrevocable
contributions
|
Liveck
S.A.
|
(28)
|
-
|
Irrevocable
contributions
|
Inversora
Bolívar S.A.
|
-
|
(3)
|
Irrevocable
contributions
|
Centro
de Entretenimientos La Plata S.A.
|
-
|
(473)
|
Irrevocable
contributions
|
Total irrevocable contributions to subsidiaries
|
(28)
|
(482)
|
|
Item (1)
|
Amount
|
Foreign exchange rate (2)
|
Total as of 12.31.2023
|
Total as of 06.30.2023
|
Assets
|
|
|
|
|
Trade and other receivables
|
|
|
|
|
US
Dollar
|
10.94
|
805.45
|
8,814
|
3,466
|
Euros
|
0.08
|
889.38
|
71
|
45
|
Receivables
with related parties
|
|
|
|
|
US
Dollar
|
43.75
|
808.45
|
35,371
|
22,454
|
Total
Trade and other receivables
|
|
|
44,256
|
25,965
|
Investments in financial assets
|
|
|
|
|
US
Dollar
|
47.17
|
805.45
|
37,995
|
20,776
|
Investment in financial assets with related parties
|
|
|
|
|
US
Dollar
|
0.64
|
808.45
|
517
|
438
|
Total Investments in financial assets
|
|
|
38,512
|
21,214
|
Cash and cash equivalents
|
|
|
|
|
US
Dollar
|
4.49
|
805.45
|
3,614
|
2,792
|
Euros
|
0.002
|
889.38
|
2
|
-
|
Pounds
|
0.002
|
1,026.63
|
2
|
-
|
Total Cash and cash equivalents
|
|
|
3,618
|
2,792
|
Total Assets
|
|
|
86,386
|
49,971
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Trade and other payables
|
|
|
|
|
US
Dollar
|
4.12
|
808.45
|
3,331
|
2,707
|
Payables with related parties
|
|
|
|
|
US
Dollar
|
0.42
|
808.45
|
343
|
225
|
Uruguayan
pesos
|
0.14
|
20.77
|
3
|
-
|
Total Trade and other payables
|
|
|
3,677
|
2,932
|
Lease liabilities
|
|
|
|
|
US
Dollar
|
2.29
|
808.45
|
1,850
|
804
|
Total Lease liabilities
|
|
|
1,850
|
804
|
Borrowings
|
|
|
|
|
US
Dollar
|
313.88
|
808.45
|
253,760
|
175,042
|
Borrowings with related parties
|
|
|
|
|
US
Dollar
|
87.94
|
808.45
|
71,096
|
44,247
|
Total Borrowings
|
|
|
324,856
|
219,289
|
Total Liabilities
|
|
|
330,383
|
223,025
|
Exhibit A - Property, plant and equipment
|
Note 7 Investment properties and Note 8 Property, plant and
equipment
|
Exhibit B - Intangible assets
|
Note 10 Intangible assets
|
Exhibit C - Equity investments
|
Note 6 Information about the main subsidiaries, associates and
joint ventures
|
Exhibit D - Other investments
|
Note 12 Financial instruments by category
|
Exhibit E - Provisions and allowances
|
Note 13 Trade and other receivables and Note 18
Provisions
|
Exhibit F - Cost of sales and services provided
|
Note 9 Trading properties and Note 20 Expenses by
nature
|
Exhibit G - Foreign currency assets and liabilities
|
Note 24 Foreign currency assets and liabilities
|
Storage of documentation responsible
|
|
Location
|
Iron Mountain Argentina S.A.
|
|
Av. Amancio Alcorta 2482, Autonomous City of Buenos
Aires
|
|
San Miguel de Tucumán 601, Carlos Spegazzini.
|
|
|
Torcuato Di Tella 1800, Carlos Spegazzini.
|
|
|
Puente del Inca 2540, Carlos Spegazzini
|
PRICE
WATERHOUSE & CO. S.R.L.
(Partner)
|
|
ABELOVICH,
POLANO & ASOCIADOS S.R.L.
(Partner)
|
Carlos Brondo
Public
Accountant
|
|
Noemí
I. Cohn
Public Accountant
|
(in millions of ARS)
|
IIQ 24
|
IIQ 23
|
YoY Var
|
6M 24
|
6M 23
|
YoY Var
|
Revenues
|
54,359
|
53,574
|
1.5%
|
101,457
|
96,193
|
5.5%
|
Result
from fair value adjustment of investment properties
|
(18,980)
|
(67,743)
|
(72.0)%
|
137,822
|
(91,958)
|
-
|
Result from operations
|
7,180
|
(50,390)
|
-
|
193,279
|
(54,253)
|
-
|
Depreciation
and amortization
|
920
|
1,365
|
(32.6)%
|
1,801
|
2,162
|
(16.7)%
|
EBITDA (1)
|
8,100
|
(49,025)
|
-
|
195,080
|
(52,091)
|
-
|
Adjusted EBITDA (1)
|
40,407
|
18,834
|
114.5%
|
66,940
|
43,296
|
54.6%
|
Result for the period
|
22,309
|
43,336
|
(48.5)%
|
146,593
|
48,072
|
204.9%
|
Attributable
to equity holders of the parent
|
23,422
|
42,749
|
(45.2)%
|
141,519
|
46,992
|
201.2%
|
Attributable
to non-controlling interest
|
(1,113)
|
587
|
(289.6)%
|
5,074
|
1,080
|
369.8%
|
|
IIQ 24
|
IQ 24
|
IVQ 23
|
IIIQ 23
|
IIQ 23
|
Gross
leasable area (sqm)
|
334,845
|
334,737
|
335,826
|
335,893
|
336,240
|
Tenants’
sales (3 months cumulative in current currency)
|
400,969
|
343,631
|
349,713
|
282,974
|
371,298
|
Occupancy
|
98.0%
|
98.0%
|
97.4%
|
96.8%
|
93.9%
|
(in millions of ARS)
|
IIQ 24
|
IIQ 23
|
YoY Var
|
6M 24
|
6M 23
|
YoY Var
|
Revenues
from sales, leases, and services
|
29,921
|
27,130
|
10.3%
|
56,210
|
49,181
|
14.3%
|
Net
result from fair value adjustment on investment
properties
|
155,833
|
334
|
46556.6%
|
152,015
|
(18,364)
|
-
|
Result from operations
|
179,459
|
21,886
|
720.0%
|
195,826
|
19,665
|
895.8%
|
Depreciation
and amortization
|
272
|
411
|
(33.8)%
|
507
|
645
|
(21.4)%
|
EBITDA (1)
|
179,731
|
22,297
|
706.1%
|
196,333
|
20,310
|
866.7%
|
Adjusted EBITDA (1)
|
23,898
|
21,963
|
8.8%
|
44,318
|
38,674
|
14.6%
|
|
Date of acquisition
|
Location
|
Gross Leasable Area (sqm)(1)
|
Stores
|
Occupancy (2)
|
IRSA Interest (3)
|
Alto
Palermo
|
Dec-97
|
City
of Buenos Aires
|
20,629
|
141
|
99.9%
|
100%
|
Abasto Shopping(4)
|
Nov-99
|
City
of Buenos Aires
|
37,167
|
156
|
99.1%
|
100%
|
Alto
Avellaneda
|
Dec-97
|
Province
of Buenos Aires
|
38,369
|
121
|
94.8%
|
100%
|
Alcorta
Shopping
|
Jun-97
|
City
of Buenos Aires
|
15,842
|
107
|
99.9%
|
100%
|
Patio
Bullrich
|
Oct-98
|
City
of Buenos Aires
|
11,396
|
90
|
92.4%
|
100%
|
Dot
Baires Shopping
|
May-09
|
City
of Buenos Aires
|
47,903
|
162
|
99.1%
|
80%
|
Soleil
|
Jul-10
|
Province
of Buenos Aires
|
15,673
|
74
|
100.0%
|
100%
|
Distrito
Arcos
|
Dec-14
|
City
of Buenos Aires
|
14,458
|
63
|
100.0%
|
90.0%
|
Alto
Noa Shopping
|
Mar-95
|
Salta
|
19,427
|
83
|
100.0%
|
100%
|
Alto
Rosario Shopping
|
Nov-04
|
Santa
Fe
|
34,859
|
132
|
93.7%
|
100%
|
Mendoza
Plaza Shopping
|
Dec-94
|
Mendoza
|
41,511
|
119
|
98.4%
|
100%
|
Córdoba
Shopping
|
Dec-06
|
Córdoba
|
15,368
|
99
|
100.0%
|
100%
|
La
Ribera Shopping
|
Aug-11
|
Santa
Fe
|
10,541
|
67
|
97.5%
|
50%
|
Alto
Comahue
|
Mar-15
|
Neuquén
|
11,702
|
86
|
99.7%
|
99.95%
|
Patio Olmos(5)
|
Sep-07
|
Córdoba
|
-
|
-
|
-
|
|
Total
|
|
|
334,845
|
1,500
|
98.0%
|
|
(ARS million)
|
IIQ 24
|
IIQ 23
|
YoY Var
|
Alto
Palermo
|
54,587
|
50,697
|
7.7%
|
Abasto
Shopping
|
54,031
|
52,312
|
3.3%
|
Alto
Avellaneda
|
41,509
|
37,664
|
10.2%
|
Alcorta
Shopping
|
33,389
|
30,731
|
8.6%
|
Patio
Bullrich
|
17,719
|
16,089
|
10.1%
|
Dot
Baires Shopping
|
34,166
|
29,652
|
15.2%
|
Soleil
|
22,388
|
19,143
|
17.0%
|
Distrito
Arcos
|
32,198
|
27,452
|
17.3%
|
Alto
Noa Shopping
|
15,394
|
14,314
|
7.5%
|
Alto
Rosario Shopping
|
41,764
|
43,237
|
(3.4)%
|
Mendoza
Plaza Shopping
|
21,463
|
19,943
|
7.6%
|
Córdoba
Shopping
|
14,166
|
13,599
|
4.2%
|
La Ribera Shopping(1)
|
5,992
|
6,250
|
(4.1)%
|
Alto
Comahue
|
12,203
|
10,215
|
19.5%
|
Total sales
|
400,969
|
371,298
|
8.0%
|
(ARS million)
|
6M 24
|
6M 23
|
YoY Var
|
6M 22
|
6M 21
|
6M 20'
|
Alto
Palermo
|
101,340
|
90,767
|
11.6%
|
69,462
|
23,019
|
71,536
|
Abasto
Shopping
|
102,675
|
98,015
|
4.8%
|
67,339
|
19,806
|
71,333
|
Alto
Avellaneda
|
74,961
|
67,383
|
11.2%
|
49,787
|
14,925
|
63,747
|
Alcorta
Shopping
|
59,104
|
53,419
|
10.6%
|
50,709
|
18,043
|
42,262
|
Patio
Bullrich
|
32,225
|
29,681
|
8.6%
|
25,387
|
13,279
|
27,863
|
Dot
Baires Shopping
|
61,474
|
53,583
|
14.7%
|
44,396
|
16,587
|
55,639
|
Soleil
|
41,971
|
36,190
|
16.0%
|
33,400
|
13,675
|
29,729
|
Distrito
Arcos
|
60,383
|
52,016
|
16.1%
|
41,741
|
20,992
|
33,410
|
Alto
Noa Shopping
|
29,238
|
27,793
|
5.2%
|
25,080
|
17,494
|
23,305
|
Alto
Rosario Shopping
|
77,555
|
79,156
|
-2.0%
|
67,363
|
38,522
|
56,470
|
Mendoza
Plaza Shopping
|
42,776
|
39,557
|
8.1%
|
36,752
|
32,243
|
41,043
|
Córdoba
Shopping
|
25,360
|
24,151
|
5.0%
|
22,409
|
13,479
|
17,743
|
La Ribera Shopping(1)
|
12,018
|
12,155
|
-1.1%
|
9,923
|
4,398
|
11,753
|
Alto
Comahue
|
23,520
|
19,587
|
20.1%
|
15,336
|
5,281
|
17,388
|
Total sales
|
744,600
|
683,453
|
8.9%
|
559,084
|
251,743
|
563,221
|
(ARS million)
|
IIQ 24
|
IIQ 23
|
YoY Var
|
Department
Store
|
-
|
-
|
-
|
Clothes
and footwear
|
245,531
|
229,207
|
7.1%
|
Entertainment
|
7,002
|
6,162
|
13.6%
|
Home
and decoration
|
8,770
|
7,764
|
13.0%
|
Restaurants
|
38,020
|
34,470
|
10.3%
|
Miscellaneous
|
54,258
|
46,418
|
16.9%
|
Services
|
8,493
|
5,841
|
45.4%
|
Home
Appliances
|
38,895
|
41,436
|
-6.1%
|
Total
|
400,969
|
371,298
|
8.0%
|
(in millions of ARS)
|
6M 24
|
6M 23
|
YoY Var
|
6M 22
|
6M 21
|
6M 20
|
Department
Store
|
-
|
-
|
-
|
-
|
8,955
|
30,144
|
Clothes
and footwear
|
438,973
|
407,084
|
7.8%
|
342,641
|
149,013
|
317,637
|
Entertainment
|
18,757
|
18,127
|
3.5%
|
11,792
|
460
|
16,743
|
Home
and decoration
|
17,569
|
15,296
|
14.9%
|
14,552
|
6,601
|
11,437
|
Restaurants
|
80,990
|
70,622
|
14.7%
|
48,707
|
15,310
|
60,405
|
Miscellaneous
|
95,312
|
82,974
|
14.9%
|
85,343
|
40,724
|
75,374
|
Services
|
15,853
|
11,342
|
39.8%
|
8,642
|
2,273
|
6,145
|
Home
Appliances
|
77,146
|
78,008
|
(1.1)%
|
47,407
|
28,407
|
45,336
|
Total
|
744,600
|
683,453
|
8.9%
|
559,084
|
251,743
|
563,221
|
(ARS million)
|
IIQ 24
|
IIQ 23
|
YoY Var
|
Base
rent
|
10,984
|
9,890
|
11.1%
|
Percentage
rent
|
13,765
|
12,662
|
8.7%
|
Total rent
|
24,749
|
22,552
|
9.7%
|
Non-traditional
advertising
|
936
|
570
|
64.2%
|
Revenues
from admission rights
|
2,357
|
2,049
|
15.0%
|
Fees
|
225
|
215
|
4.7%
|
Parking
|
1,204
|
1,084
|
11.1%
|
Commissions
|
406
|
626
|
(35.1)%
|
Other
|
44
|
34
|
29.4%
|
Subtotal
|
29,921
|
27,130
|
10.3%
|
Expenses
and Collective Promotion Fund
|
(7,807)
|
9,844
|
(179.3)%
|
Total
|
22,114
|
36,974
|
(40.2)%
|
(ARS million)
|
6M 24
|
6M 23
|
YoY Var
|
6M 22
|
6M 21
|
6M 20
|
Base rent(1)
|
21,730
|
18,401
|
18.1%
|
11,239
|
8,122
|
21,008
|
Percentage
rent
|
23,896
|
22,337
|
7.0%
|
18,990
|
4,241
|
13,213
|
Total rent
|
45,626
|
40,738
|
12.0%
|
30,229
|
12,363
|
34,221
|
Non-traditional
advertising
|
1,712
|
1,105
|
54.9%
|
760
|
383
|
819
|
Revenues
from admission rights
|
4,653
|
3,861
|
20.5%
|
2,834
|
2,996
|
5,671
|
Fees
|
437
|
424
|
3.1%
|
473
|
504
|
589
|
Parking
|
2,622
|
2,021
|
29.7%
|
1,193
|
72
|
2,367
|
Commissions
|
740
|
959
|
(22.8)%
|
754
|
641
|
1,146
|
Other
|
420
|
73
|
475.3%
|
93
|
831
|
249
|
Subtotal(2)
|
56,210
|
49,181
|
14.3%
|
36,336
|
17,790
|
45,062
|
Expenses
and Collective Promotion Fund
|
394
|
18,242
|
(97.8)%
|
14,035
|
9,348
|
17,738
|
Total
|
56,604
|
67,423
|
(16.0)%
|
50,371
|
27,138
|
62,800
|
|
IIQ 24
|
IQ 24
|
IVQ 23
|
IIIQ 23
|
IIQ 23
|
Gross
Leasable area
|
59,348
|
61,742
|
74,392
|
74,392
|
82,708
|
Total
Occupancy
|
84.8%
|
83.0%
|
68.7%
|
68.4%
|
68.6%
|
Class
A+ & A Occupancy
|
92.8%
|
88.5%
|
86.9%
|
86.9%
|
83.7%
|
Class
B Occupancy
|
33.8%
|
46.4%
|
17.2%
|
16.1%
|
19.6%
|
Rent
USD/sqm
|
24.9
|
25.2
|
25.5
|
25.6
|
24.8
|
(in ARS
million)
|
IIQ 24
|
IIQ 23
|
YoY Var
|
6M 24
|
6M 23
|
YoY Var
|
Revenues
from sales, leases and services
|
1,084
|
2,586
|
(58.1)%
|
3,512
|
5,092
|
(31.0)%
|
Net
result from fair value adjustment on investment properties,
PP&E e inventories
|
(48,859)
|
(22,837)
|
113.9%
|
466
|
(24,707)
|
-
|
Profit from operations
|
(48,273)
|
(20,877)
|
131.2%
|
2,988
|
(20,829)
|
-
|
Depreciation
and amortization
|
52
|
123
|
(57.7)%
|
81
|
258
|
(68.6)%
|
EBITDA(1)
|
(48,221)
|
(20,754)
|
132.3%
|
3,069
|
(20,571)
|
-
|
Adjusted EBITDA (1)
|
638
|
2,083
|
(69.4)%
|
2,603
|
4,136
|
(37.1)%
|
Offices & Others
|
Date of Acquisition
|
Gross Leasable Area (sqm)(1)
|
Occupancy (2)
|
Actual Interest
|
6M 24 - Rental revenues (ARS million) (4)
|
AAA & A Offices
|
|
|
|
|
|
Boston Tower(6)
|
Dec-14
|
|
|
|
5
|
Intercontinental Plaza (3)
|
Dec-14
|
2,979
|
100.0%
|
100%
|
169
|
Dot
Building
|
Nov-06
|
11,242
|
79.4%
|
80%
|
607
|
Zetta
|
May-19
|
32,173
|
95.7%
|
80%
|
1,659
|
261 Della Paolera –
Catalinas(5)
|
Dec-20
|
4,937
|
100%
|
100%
|
921
|
Total AAA & A Offices
|
|
51,331
|
92.8%
|
|
3,361
|
|
|
|
|
|
|
B Offices
|
|
|
|
|
|
Philips
|
Jun-17
|
8,017
|
33.8%
|
100%
|
151
|
Total B Buildings
|
|
8,017
|
33.8%
|
100%
|
151
|
Subtotal Offices
|
|
59,348
|
84.8%
|
|
3,512
|
(in ARS
million)
|
IIQ 24
|
IIQ 23
|
YoY Var
|
6M 24
|
6M 23
|
YoY Var
|
Revenues
|
9,694
|
8,164
|
18.7%
|
18,871
|
15,480
|
21.9%
|
Profit from operations
|
3,523
|
2,403
|
46.6%
|
6,338
|
4,562
|
38.9%
|
Depreciation
and amortization
|
425
|
559
|
(24.0)%
|
843
|
807
|
4.5%
|
EBITDA
|
3,948
|
2,962
|
33.3%
|
7,181
|
5,369
|
33.7%
|
Hotels
|
Date of Acquisition
|
IRSA’s Interest
|
Number of rooms
|
Occupancy(4)
|
Intercontinental (1)
|
11/01/1997
|
76,34%
|
313
|
72.0%
|
Sheraton Libertador (2)
|
03/01/1998
|
100,00%
|
200
|
73.6%
|
Llao Llao (3)
|
06/01/1997
|
50,00%
|
205
|
69.0%
|
Total
|
-
|
-
|
718
|
71.6%
|
|
IIQ 24
|
IQ 24
|
IVQ 23
|
IIIQ 23
|
IIQ 23
|
Average
Occupancy
|
71.6%
|
66.4%
|
64.5%
|
68.6%
|
71.4%
|
Average
Rate per Room (USD/night)
|
240
|
267
|
201
|
231
|
208
|
(in ARS million)
|
IIQ 24
|
IIQ 23
|
YoY Var
|
6M 24
|
6M 23
|
YoY Var
|
Revenues
|
4,125
|
5,080
|
(18.8)%
|
4,527
|
6,764
|
(33.1)%
|
Net
result from fair value adjustment on investment
properties
|
(125,338)
|
(47,018)
|
166.6%
|
(13,889)
|
(50,890)
|
(72.7)%
|
Result from operations
|
(126,139)
|
(44,042)
|
186.4%
|
(17,092)
|
(48,367)
|
(64.7)%
|
Depreciation
and amortization
|
25
|
113
|
(77.9)%
|
54
|
153
|
(64.7)%
|
Realized
Net result from fair value adjustment on investment
properties
|
13,327
|
116
|
11388.8%
|
17,330
|
3,429
|
405.4%
|
EBITDA (1)
|
(126,114)
|
(43,929)
|
187.1%
|
(17,038)
|
(48,214)
|
(64.7)%
|
Adjusted EBITDA (1)
|
12,551
|
3,205
|
291.6%
|
14,181
|
6,105
|
132.3%
|
(in millions of ARS)
|
IIQ 24
|
IIQ 23
|
YoY Var
|
6M 24
|
6M 23
|
YoY Var
|
Revenues
|
695
|
610
|
13.9%
|
1,184
|
1,074
|
10.2%
|
Net
result from fair value adjustment on investment
properties
|
537
|
(73)
|
-
|
370
|
(153)
|
-
|
Result from operations
|
58
|
(11,367)
|
-
|
6,899
|
(11,064)
|
-
|
Depreciation
and amortization
|
156
|
169
|
(7.7)%
|
339
|
316
|
7.3%
|
Recovery
of provision
|
|
|
|
7,648
|
-
|
-
|
EBITDA
|
214
|
(11,198)
|
-
|
7,238
|
(10,748)
|
-
|
Adjusted EBITDA
|
(323)
|
(11,125)
|
(97.1)%
|
(780)
|
(10,595)
|
(92.6)%
|
6M 24
|
Shopping Malls
|
Offices
|
Sales and Developments
|
Hotels
|
Others
|
Total
|
Result from operations
|
195,826
|
2,988
|
(17,092)
|
6,338
|
6,899
|
194,959
|
Depreciation
and amortization
|
507
|
81
|
54
|
843
|
339
|
1,824
|
EBITDA
|
196,333
|
3,069
|
(17,038)
|
7,181
|
7,238
|
196,783
|
6M 23
|
Shopping Malls
|
Offices
|
Sales and Developments
|
Hotels
|
Others
|
Total
|
Result from operations
|
19,665
|
(20,829)
|
(48,367)
|
4,562
|
(11,064)
|
(56,033)
|
Depreciation
and amortization
|
645
|
258
|
153
|
807
|
316
|
2,179
|
EBITDA
|
20,310
|
(20,571)
|
(48,214)
|
5,369
|
(10,748)
|
(53,854)
|
EBITDA Var
|
866.7%
|
-
|
(64.7)%
|
33.7%
|
-
|
-
|
|
Total as per segment
|
Joint ventures*
|
Expenses and CPF
|
Elimination of inter-segment transactions
|
Total as per Statements of Income
|
Revenues
|
84,304
|
(457)
|
17,610
|
-
|
101,457
|
Costs
|
(14,828)
|
56
|
(17,984)
|
-
|
(32,756)
|
Gross result
|
69,476
|
(401)
|
(374)
|
-
|
68,701
|
Result
from sales of investment properties
|
138,962
|
(1,140)
|
-
|
-
|
137,822
|
General
and administrative expenses
|
(6,955)
|
54
|
-
|
80
|
(6,821)
|
Selling
expenses
|
(5,766)
|
41
|
-
|
-
|
(5,725)
|
Other
operating results, net
|
(758)
|
(7)
|
147
|
-80
|
(698)
|
Result from operations
|
194,959
|
(1,453)
|
(227)
|
-
|
193,279
|
Share
of loss of associates and joint ventures
|
18,970
|
956
|
-
|
-
|
19,926
|
Result before financial results and income tax
|
213,929
|
(497)
|
(227)
|
-
|
213,205
|
Description
|
Currency
|
Amount (USD MM) (1)
|
Interest Rate
|
Maturity
|
Bank
overdrafts
|
ARS
|
41.6
|
Floating
|
<
360 days
|
Series
XI
|
USD
|
12.8
|
5.0%
|
Mar-24
|
Series XII
(3)
|
ARS
|
26.1
|
Floating
|
Mar-24
|
Series
XIII
|
USD
|
22.2
|
3.9%
|
Aug-24
|
Series
XV
|
USD
|
61.7
|
8.0%
|
Mar-25
|
Series
XVI
|
USD
|
28.3
|
7.0%
|
Jul-25
|
Series
XVII
|
USD
|
25.0
|
5.0%
|
Dic-25
|
Series
XIV
|
USD
|
159.1
|
8.75%
|
Jun-28
|
IRSA’s Total Debt
|
USD
|
376.8
|
|
|
Cash & Cash Equivalents + Investments
(2)
|
USD
|
137.1
|
|
|
IRSA’s Net Debt
|
USD
|
239.7
|
|
|
(in ARS
million)
|
12.31.2023
|
12.31.2022
|
12.31.2021
|
12.31.2020
|
12.31.2019
|
Non-current
assets
|
1,466,348
|
1,379,003
|
1,618,364
|
1,720,530
|
4,030,278
|
Current
assets
|
184,846
|
144,502
|
130,558
|
111,879
|
2,221,389
|
Total assets
|
1,651,194
|
1,523,505
|
1,748,922
|
1,832,409
|
6,251,667
|
Capital
and reserves attributable to the equity holders of the
parent
|
788,455
|
729,709
|
708,278
|
641,908
|
428,055
|
Non-controlling
interest
|
49,267
|
49,106
|
48,203
|
203,032
|
586,552
|
Total shareholders’ equity
|
837,722
|
778,815
|
756,481
|
844,940
|
1,014,607
|
Non-current
liabilities
|
648,785
|
569,278
|
876,472
|
782,454
|
3,874,985
|
Current
liabilities
|
164,687
|
175,412
|
115,969
|
205,015
|
1,362,075
|
Total liabilities
|
813,472
|
744,690
|
992,441
|
987,469
|
5,237,060
|
Total liabilities and shareholders’ equity
|
1,651,194
|
1,523,505
|
1,748,922
|
1,832,409
|
6,251,667
|
(in ARS
million)
|
12.31.2023
|
12.31.2022
|
12.31.2021
|
12.31.2020
|
12.31.2019
|
Profit from operations
|
193,279
|
(54,253)
|
160,817
|
84,591
|
90,224
|
Share
of profit of associates and joint ventures
|
19,926
|
4,104
|
(729)
|
(4,142)
|
(13,855)
|
Result from operations before financing and taxation
|
213,205
|
(50,149)
|
160,088
|
80,449
|
76,369
|
Financial
income
|
4,768
|
838
|
956
|
626
|
1,355
|
Financial
cost
|
(15,109)
|
(16,112)
|
(23,396)
|
(29,001)
|
(35,818)
|
Other
financial results
|
(33,873)
|
7,926
|
46,443
|
28,970
|
(52,821)
|
Inflation
adjustment
|
32,560
|
26,831
|
2,606
|
10,155
|
3,030
|
Financial results, net
|
(11,654)
|
19,483
|
26,609
|
10,750
|
(84,254)
|
Results before income tax
|
201,551
|
(30,666)
|
186,697
|
91,199
|
(7,885)
|
Income
tax
|
(54,958)
|
78,738
|
(31,891)
|
(36,662)
|
(24,903)
|
Result for the period from continued operations
|
146,593
|
48,072
|
154,806
|
54,537
|
(32,788)
|
Result
for the period from discontinued operations after
taxes
|
-
|
-
|
-
|
(65,196)
|
93,320
|
Result of the period
|
146,593
|
48,072
|
154,806
|
(10,659)
|
60,532
|
Other
comprehensive results for the period
|
(4,436)
|
(1,774)
|
(2,631)
|
(74,570)
|
92,111
|
Total comprehensive result for the period
|
142,157
|
46,298
|
152,175
|
(85,229)
|
152,643
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
Equity
holders of the parent
|
136,611
|
45,210
|
153,477
|
(30,730)
|
(48,654)
|
Non-controlling
interest
|
5,546
|
1,088
|
(1,302)
|
(54,499)
|
201,297
|
(in ARS
million)
|
12.31.2023
|
12.31.2022
|
12.31.2021
|
12.31.2020
|
12.31.2019
|
Net
cash generated from operating activities
|
33,545
|
33,135
|
28,463
|
40,309
|
209,163
|
Net
cash generated from investing activities
|
51,621
|
10,498
|
38,633
|
467,379
|
172,274
|
Net
cash used in financing activities
|
(90,278)
|
(82,015)
|
(36,961)
|
(357,269)
|
(570,757)
|
Net (decrease) / increase in cash and cash equivalents
|
(5,112)
|
(38,382)
|
30,135
|
150,419
|
(189,320)
|
Cash
and cash equivalents at beginning of year
|
18,052
|
56,921
|
14,110
|
991,556
|
948,576
|
Cash
and cash equivalents reclassified to held for sale
|
-
|
-
|
-
|
-
|
(6,512)
|
Inflation
adjustment
|
(4,458)
|
(707)
|
(286)
|
(19)
|
(1,548)
|
Deconsolidation
of subsidiaries
|
-
|
-
|
-
|
(1,061,768)
|
-
|
Foreign
exchange (loss) / gain on cash and changes in fair value for cash
equivalents
|
7,553
|
(153)
|
108
|
(65,477)
|
55,963
|
Cash and cash equivalents at period-end
|
16,035
|
17,679
|
44,067
|
14,711
|
807,159
|
(in ARS
million)
|
12.31.2023
|
|
12.31.2022
|
|
12.31.2021
|
|
12.31.2020
|
|
12.31.2019
|
|
Liquidity
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
184,846
|
1.12
|
144,502
|
0.82
|
130,558
|
1.13
|
111,879
|
0.55
|
2,221,389
|
1.63
|
CURRENT
LIABILITIES
|
164,687
|
|
175,412
|
|
115,969
|
|
205,015
|
|
1,362,075
|
|
Solvency
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY
|
837,722
|
1.03
|
778,815
|
1.05
|
756,481
|
0.76
|
844,940
|
0.86
|
1,014,607
|
0.19
|
TOTAL
LIABILITIES
|
813,472
|
|
744,690
|
|
992,441
|
|
987,469
|
|
5,237,060
|
|
Capital Assets
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS
|
1,466,348
|
0.89
|
1,379,003
|
0.91
|
1,618,364
|
0.93
|
1,720,530
|
0.94
|
4,030,278
|
0.64
|
TOTAL
ASSETS
|
1,651,194
|
|
1,523,505
|
|
1,748,922
|
|
1,832,409
|
|
6,251,667
|
|
For the six-month period ended December 31 (in ARS
million)
|
||
|
2023
|
2022
|
Profit
for the period
|
146,593
|
48,072
|
Interest
income
|
(4,768)
|
(838)
|
Interest
expense
|
12,593
|
14,882
|
Income
tax
|
54,958
|
(78,738)
|
Depreciation
and amortization
|
1,801
|
2,162
|
EBITDA (unaudited)
|
211,177
|
(14,460)
|
Net
gain / (loss) from fair value adjustment of investment
properties
|
(137,822)
|
91,958
|
Realized
net gain from fair value adjustment of investment
properties
|
17,330
|
3,429
|
Recovery
of provision
|
(7,648)
|
-
|
Share
of profit of associates and joint ventures
|
(19,926)
|
(4,104)
|
Foreign
exchange differences net
|
94,551
|
(5,798)
|
Result
from derivative financial instruments
|
895
|
(71)
|
Fair
value gains of financial assets and liabilities at fair value
through profit or loss
|
(57,001)
|
(2,656)
|
Inflation
adjustment
|
(32,560)
|
(26,831)
|
Other
financial costs/income
|
(2,056)
|
1,829
|
Adjusted EBITDA (unaudited)
|
66,940
|
43,296
|
Adjusted EBITDA Margin (unaudited) (1)
|
79.84%
|
56.11%
|
For the six-month period ended December 31 (in ARS
million)
|
||
|
2023
|
2022
|
Gross
profit
|
68,701
|
63,561
|
Selling
expenses
|
(5,725)
|
(4,030)
|
Depreciation
and amortization
|
1,801
|
2,162
|
Realized
result from fair value of investment properties
|
17,330
|
3,429
|
NOI (unaudited)
|
82,107
|
65,122
|
For the six-month period ended December 31 (in ARS
million)
|
||
|
2023
|
2023
|
Result
for the period
|
146,593
|
48,072
|
Result
from fair value adjustments of investment properties
|
(137,822)
|
91,958
|
Result
from fair value adjustments of investment properties,
realized
|
17,330
|
3,429
|
Recovery
of provision
|
(7,648)
|
-
|
Depreciation
and amortization
|
1,801
|
2,162
|
Foreign
exchange, net
|
94,551
|
(5,798)
|
Other
financial results
|
(4,673)
|
850
|
Results
from derivative financial instruments
|
895
|
(71)
|
Results
of financial assets and liabilities at fair value through profit or
loss
|
(57,001)
|
(2,656)
|
Other
financial costs
|
2,516
|
1,230
|
Income
tax current / deferred
|
48,871
|
(82,366)
|
Non-controlling
interest
|
(5,074)
|
(1,080)
|
Non-controlling
interest related to PAMSA’s fair value
|
3,364
|
(3,997)
|
Results
of associates and joint ventures
|
(19,926)
|
(4,104)
|
Inflation
adjustment
|
(32,560)
|
(26,831)
|
Repurchase
of non-convertible notes
|
101
|
(251)
|
Adjusted FFO
|
51,318
|
20,547
|