<SEC-DOCUMENT>0001654954-18-009182.txt : 20190920
<SEC-HEADER>0001654954-18-009182.hdr.sgml : 20190920
<ACCEPTANCE-DATETIME>20180815094728
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001654954-18-009182
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IRSA INVESTMENTS & REPRESENTATIONS INC
		CENTRAL INDEX KEY:			0000933267
		STANDARD INDUSTRIAL CLASSIFICATION:	LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
		BUSINESS PHONE:		00541143237449

	MAIL ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<font style="font-family: Times New Roman; font-size: 16px"><font style="color: #493728">
Simpson Thacher &amp; Bartlett</font> <font style="font-variant: small-caps; color: #493728">llp</font></font></div>
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<font style="font-variant: small-caps; color: #493728; font-family: Times New Roman; font-size: 13px">
425 lexington avenue</font></div>
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<font style="font-variant: small-caps; color: #493728; font-family: Times New Roman; font-size: 13px">
new york, ny 10017-3954</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-variant: small-caps; font-family: Times New Roman; font-size: 13px">
<font style="color: #65656A">telephone:</font> <a name="OfficePhone"><!--anchor--></a><font style="color: #65656A">+1-212-455-2000</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-variant: small-caps; font-family: Times New Roman; font-size: 13px">
<font style="color: #65656A">facsimile:</font> <font style="color: #65656A">+1-212-455-2502</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Direct
Dial Number</font></div>
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(212) 455-3066</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">E-mail
Address</font></div>
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<font style="color: #493728; font-family: Times New Roman; font-size: 13px">
jmercado@stblaw.com</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">August
14, 2018</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Robert
F. Telewicz, Jr.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Branch
Chief</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Office
of Real Estate and Commodities</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securities
and Exchange Commission</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Division
of Corporation Finance</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">100 F
Street, NE</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Washington,
D.C. 20549</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 48px">
<div style="display: table-row"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Re: <font style="font-family: Times New Roman; font-size: 10"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">IRSA
Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></font></div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Form 20-F for the fiscal year ended June 30, 2017</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;
&#xA0; &#xA0; &#xA0; &#xA0; Filed October 31,
2017</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">File
No. 001-13542</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dear
Mr. Telewicz:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On
behalf of our client IRSA <font style="color: #000000">Inversiones
y Representaciones Sociedad An&#xF3;nima</font><font style="text-decoration: underline; color: #000000">&#xA0;</font>(the
&#x201C;Company&#x201D;), we are writing to respond to comments
raised in the Staff&#x2019;s comment letter dated July 23, 2018 (the
&#x201C;Comment Letter&#x201D;) relating to the above-referenced
annual report (the &#x201C;Annual Report&#x201D;) of the Company
<font style="color: #000000">filed</font> on October 31, 2017
<font style="color: #000000">and its interim report on Form 6-K
filed on February 27, 2018, in each case,</font> pursuant to the
Securities Exchange Act of 1934, as amended.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We are
providing the following responses to the comments communicated by
the Staff in the Comment Letter. For convenient reference, we have
reproduced below in bold the text of the comments from the Staff.
The responses and information described below are based upon
information provided to us by the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Form 20-F for the fiscal year ended June 30, 2017</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 5. Operating and Financial Review and Prospects</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Critical Accounting Policies and Estimates, page 141</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Effects of foreign currency fluctuations, page 145</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">
</font>1.&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Please
address the following with respect to your response to our prior
comment 1:</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Please
tell us why the most significant fair value increases have related
to your shopping mall properties. In your response, tell us what
portion of the increases in fair value for all periods presented is
due to a change in the peso/USD exchange rate versus other factors
(i.e. changes in discount rates).</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">In
your MD&amp;A you indicate that changes in the peso/USD exchange
rates were a significant cause for the changes in fair value of
your investment properties. As such, please clarify why your office
and other properties did not experience a rate of increase in value
similar to the increase experienced in your shopping mall
properties.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Please
address the impact that translation of your projected cash flows to
US dollars and then back, for purposes of the discounted cash flows
analysis, has on your valuation.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Please
tell us what US dollar-denominated long-term interest rate is
utilized in your calculation, and please provide an analysis of the
year-over-year differences in this discount rate, the reasons for
these changes, and the impact on your calculation.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Finally,
please expand your disclosure in future filings to more fully
describe your valuation methodology, including:</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">o</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Your
policy of translating peso denominated cash flow estimates into USD
for purposes of performing your discounted cash flow analysis and
the rationale for this policy.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">o</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">An
indication of which assumptions are applied to peso denominated
cash flow estimates and which assumptions are applied to USD
denominated cash flow estimates.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">As
discussed in the Company&#x2019;s response dated June 11, 2018, to
the Staff&#x2019;s comment letter dated May 14, 2018, due to
economic conditions prevailing in Argentina &#x2013; which has been
determined to be hyperinflationary as of July 1, 2018 under IFRS
&#x2013; there is no observable data available to estimate a
long-term peso-denominated interest rate with which to discount the
projected future cash flows of the Company&#x2019;s assets, which
are calculated using future inflation rates. Accordingly, the
Company translates projected peso-denominated future cash flows
into US dollars using a projected US dollar-peso exchange rate.
Once the US dollar-equivalent projected cash flows are determined,
they are discounted using a US dollar-denominated long-term
interest rate.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Certain
information responsive to this comment has been omitted from this
letter and filed separately with the SEC.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Company advises the Staff that in future filings it will expand its
disclosure to more fully describe its valuation methodology,
including (i) the policy of translating peso-denominated cash flow
estimates into US dollars in its calculation of discounted cash
flows and the rationale for this policy, and (ii) an indication of
which assumptions are applied to peso-denominated cash flow
estimates and which assumptions are applied to US
dollar-denominated cash flow estimates.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Form 6-K filed May 24, 2018</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Investment properties, page 19</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">
</font>2.&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
We note your response to our prior comment 5. Please confirm that
your disclosure in future filings (including interim reports) will
include disclosure of all unobservable inputs used in the valuation
process. Additionally, please confirm that your future disclosure
will include a discussion of the reasons for any material changes
in the value of your investment properties from period to
period.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-family: Times New Roman; font-size: 13px">In
response to the Staff&#x2019;s comment, the Company advises the
Staff that, in future filings (including interim reports), it will
include disclosure of all unobservable inputs used in the valuation
process as well as a discussion of the reasons for any material
changes in the value of its investment properties from period to
period.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">* *
*</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Please
do not hesitate to contact me (212 455-3066) with any questions you
may have regarding the above responses.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Very
truly yours,</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">By:</font> <font style="text-decoration: underline; color: #000000">/s/ Jaime
Mercado</font></font></div>
<div style="text-align: left; margin-left: 288px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Jaime
Mercado</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 288px; margin-right: 0px; text-indent: -288px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">cc:&#xA0;
Mat&#xED;as Gaivironsky</font></div>
<div style="display: table; margin-left: 24px">
<div style="display: table-row">
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leonardo
Magliocco</font></div>
</div>
</div>
<div style="display: table; margin-left: 24px">
<div style="display: table-row">
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Eduardo
Loiacono</font></div>
</div>
</div>
<div style="display: table; margin-left: 24px">
<div style="display: table-row">
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Mariano
Tomatis</font></div>
</div>
</div>
<div style="display: table; margin-left: 24px">
<div style="display: table-row">
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L. Williams</font></div>
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