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Investments in associates and joint ventures (Tables) | 12 Months Ended
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Jun. 30, 2019
Investments In Associates and Joint Ventures [Abstract] |
Schedule of Group's investments in joint ventures | Changes of the Group’s investments in associates and joint ventures for the fiscal years ended June 30, 2019 and 2018 were as follows:
|  | June 30, 2019 |  |  | June 30, 2018 |
Beginning of the year |  |  | 36,507 |  |  |  | 17,575 |
Adjustments of previous years (IFRS 9 and 15) |  |  | (107 | ) |  |  | - |
Increase in equity interest in associates and joint ventures |  |  | 488 |  |  |  | 658 |
Issuance of capital and contributions |  |  | 92 |  |  |  | 196 |
Capital reduction |  |  | (470 | ) |  |  | (513 | )
Decrease of interest in associate |  |  | (5,022 | ) |  |  | (526 | )
Share of loss |  |  | (4,889 | ) |  |  | (2,444 | )
Transfer to borrowings to associates (i) |  |  | - |  |  |  | (330 | )
Currency translation adjustment |  |  | (283 | ) |  |  | 2,111 |
Incorporation of deconsolidated subsidiary, net |  |  | - |  |  |  | 20,481 |
Dividends (ii) |  |  | (1,202 | ) |  |  | (529 | )
Distribution for associate liquidation |  |  | - |  |  |  | (112 | )
Reclassification to held-for-sale |  |  | - |  |  |  | (86 | )
Others |  |  | (79 | ) |  |  | 26 |
End of the year (iii) |  |  | 25,035 |  |  |  | 36,507 |
(i) | Corresponds to a reclassification made at the time of formalizing the loan repayment terms with the associate in the Operations Center in Israel.
(ii) | See Note 29.
(iii) | Includes Ps. (6,058) and Ps. (3,815) reflecting interests in companies with negative equity as of June 30, 2019 and 2018, respectively, which are disclosed in “Provisions” (see Note 18).
Schedule of additional information related to the Groups investment | Below is a detail of the investments and the values of the stake held by the Group in associates and joint ventures for the years ended as of June 30, 2019 and 2018, as well as the Group's share of the comprehensive results of these companies for the years ended on June 30, 2019, 2018 and 2017:
|  | % ownership interest |  |  | Value of Group's interest in equity |  |  | Group's interest in comprehensive income / (loss) |
Name of the entity |  | June 30, 2019 |  |  | June 30, 2018 |  |  | June 30, 2017 |  |  | June 30, 2019 |  |  | June 30, 2018 |  |  | June 30, 2019 |  |  | June 30, 2018 |  |  | June 30, 2017 |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Lipstick (1) |  |  | 49.96 | % |  |  | 49.90 | % |  |  | 49.90 | % |  |  | (6,058 | ) |  |  | (3,815 | ) |  |  | (2,238 | ) |  |  | (3,703 | ) |  |  | (4,794 | )
BHSA |  |  | 29.91 | % |  |  | 29.91 | % |  |  | 30.66 | % |  |  | 3,114 |  |  |  | 5,103 |  |  |  | (1,687 | ) |  |  | 291 |  |  |  | (885 | )
Condor |  |  | 18.89 | % |  |  | 28.10 | % |  |  | 28.72 | % |  |  | 974 |  |  |  | 1,083 |  |  |  | 27 |  |  |  | 417 |  |  |  | 907 |
PBEL |  |  | 45.40 | % |  |  | 45.40 | % |  |  | 45.40 | % |  |  | 1,385 |  |  |  | 1,632 |  |  |  | (82 | ) |  |  | 291 |  |  |  | 528 |
Shufersal |  |  | 26.02 | % |  |  | 33.56 | % |  |  | N/A |  |  |  | 16,102 |  |  |  | 19,856 |  |  |  | 208 |  |  |  | N/A |  |  |  | N/A |
Other associates |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 2,342 |  |  |  | 4,127 |  |  |  | (725 | ) |  |  | 188 |  |  |  | (1,009 | )
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quality |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 1,308 |  |  |  | 1,665 |  |  |  | (408 | ) |  |  | 613 |  |  |  | 1,090 |
La Rural SA |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 71 |  |  |  | 272 |  |  |  | 101 |  |  |  | (31 | ) |  |  | 28 |
Mehadrin |  |  | 45.41 | % |  |  | 45.41 | % |  |  | 45.41 | % |  |  | 3,390 |  |  |  | 3,535 |  |  |  | (78 | ) |  |  | 893 |  |  |  | 30 |
Other joint ventures |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 2,407 |  |  |  | 3,049 |  |  |  | (290 | ) |  |  | 708 |  |  |  | 1,199 |
Total associates and joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,035 |  |  |  | 36,507 |  |  |  | (5,172 | ) |  |  | (333 | ) |  |  | (2,906 | )
|  |  |  |  |  |  |  |  | Latest financial statements issued |
Name of the entity |  | Place of business / Country of incorporation |  | Main activity |  | Common shares 1 vote |  |  | Share capital (nominal value) |  |  | Profit / (loss) for the year |  |  | Shareholders' equity |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Lipstick (1) |  | US |  | Real estate |  |  | N/A |  |  |  | - |  |  |  | (31 | ) |  |  | (210 | )
BHSA (2) |  | Argentina |  | Financial |  |  | 48,689,072 |  |  |  | (***)1,500 |  |  |  | (***)1,698 |  |  |  | (***)10,496 |
Condor (3) |  | US |  | Hotel |  |  | 2,198,225 |  |  |  | N/A |  |  |  | 4 |  |  |  | 107 |
PBEL |  | India |  | Real estate |  |  | 450 |  |  |  | (**)1 |  |  |  | (20 | ) |  |  | 512
Shufersal (6) |  | Israel |  | Retail |  |  | 79,282,087 |  |  |  | 242 |  |  |  | 254 |  |  |  | 1,859 |
Other associates |  |  |  |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quality (4) |  | Argentina |  | Real estate |  |  | 120,827,022 |  |  |  | 326 |  |  |  | (816 | ) |  |  | 2,571 |
La Rural S,A, |  | Argentina |  | Organization of events |  |  | 714,498 |  |  |  | 1 |  |  |  | 227 |  |  |  | 72 |
Mehadrin (5) |  | Israel |  | Agriculture |  |  | 1,509,889 |  |  |  | (**)3 |  |  |  | 32 |  |  |  | 611
Other joint ventures |  |  |  |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
(1) | On March 4, 2019, Metropolitan, a subsidiary of New Lipstick, has renegotiated its debt without recourse to IRSA and it has been reconfigured with a balance of US$ 11MM. Said debt must be canceled on April 30, 2021.
In June 2019, an Escrow Agreement was signed for the sum of US$ 5.1 million, through which an option was acquired to purchase the controlling stake on one of the lands on which the Lipstick building is built. This option expired on August 30, so the seller has the right to collect the deposit. The company will continue negotiations, trying to obtain funding sources that allow us to execute the purchase.
(2) | BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium businesses and large companies. The market price of the share is 17.15 pesos per share. The effect of the treasury shares in the BHSA portfolio is considered for the calculation.
(3) | Condor is an investment company focused on US hotels. The price of its shares as of June 30, 2019 is US$ 9.07 per share.
(4) | Quality is dedicated to the exploitation of the San Martín property (former property of Nobleza Piccardo S.A.I.C. and F.).
(5) | Mehadrin is a company dedicated to the production and export of citrus, fruits and vegetables. The Group has entered into a Joint - Venture agreement in relation to this company. The price of its shares as of June 30, 2019 is NIS 20.40 per share.
(6) | Shufersal is a company that has supermarkets and pharmacies in Israel, the market price of the share is NIS 2,385 as of June 30, 2019.
(*) | Amounts in millions of US Dollars under USGAAP. Condor's year-end falls on December 31, so the Group estimates their interest with a three-month lag, including material adjustments, if any.
(**) | Amounts in millions of NIS.
(***) | The balances as of June 30, 2019 correspond to the Financial Statements of BHSA prepared in accordance with BCRA standards.
Schedule of financial information of the joint ventures considered to be material | Set out below is summarized financial information of the associates and joint ventures considered to be material to the Group:
|  | Current Assets |  |  | Non-current Assets |  |  | Current Liabilities |  |  | Non-current Liabilities |  |  | Net assets |  |  | % of ownership interest held |  |  | Interest in associate and joint venture |  |  | Goodwill and others |  |  | Book value |
As of 06,30,19 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BHSA (iii) |  |  | 61,440 |  |  |  | 22,382 |  |  |  | 62,630 |  |  |  | 10,696 |  |  |  | 10,496 |  |  |  | 29.91 | % |  |  | 3,139 |  |  |  | 25 |  |  |  | 3,114 |
PBEL |  |  | 2,220 |  |  |  | 597 |  |  |  | 442 |  |  |  | 8,486 |  |  |  | (6,111 | ) |  |  | 45.00 | % |  |  | (2,750 | ) |  |  | 4,135 |  |  |  | 1,385 |
Shufersal |  |  | 36,202 |  |  |  | 62,604 |  |  |  | 38,278 |  |  |  | 38,338 |  |  |  | 22,190 |  |  |  | 26.02 | % |  |  | 5,774 |  |  |  | 10,328 |  |  |  | 16,102 |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quality Invest (ii) |  |  | 17 |  |  |  | 3,443 |  |  |  | 83 |  |  |  | 806 |  |  |  | 2,571 |  |  |  | 50.00 | % |  |  | 1,286 |  |  |  | 22 |  |  |  | 1,308 |
Mehadrin |  |  | 8,319 |  |  |  | 10,718 |  |  |  | 9,143 |  |  |  | 2,602 |  |  |  | 7,292 |  |  |  | 45.41 | % |  |  | 3,311 |  |  |  | 79 |  |  |  | 3,390 |
As of 06,30,18 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BHSA |  |  | 56,183 |  |  |  | 24,827 |  |  |  | 44,697 |  |  |  | 28,560 |  |  |  | 7,753 |  |  |  | 29.91 | % |  |  | 2,319 |  |  |  | 2,784 |  |  |  | 5,103 |
PBEL |  |  | 3,057 |  |  |  | 650 |  |  |  | 909 |  |  |  | 8,506 |  |  |  | (5,708 | ) |  |  | 45.00 | % |  |  | (2,569 | ) |  |  | 4,201 |  |  |  | 1,632 |
Shufersal |  |  | 34,198 |  |  |  | 60,060 |  |  |  | 37,450 |  |  |  | 34,381 |  |  |  | 22,427 |  |  |  | 33.56 | % |  |  | 7,527 |  |  |  | 12,329 |  |  |  | 19,856 |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quality Invest (ii) |  |  | 7 |  |  |  | 4,387 |  |  |  | 100 |  |  |  | 1,008 |  |  |  | 3,286 |  |  |  | 50.00 | % |  |  | 1,643 |  |  |  | 22 |  |  |  | 1,665 |
Mehadrin |  |  | 9,905 |  |  |  | 8,813 |  |  |  | 7,561 |  |  |  | 3,855 |  |  |  | 7,302 |  |  |  | 45.41 | % |  |  | 3,317 |  |  |  | 218 |  |  |  | 3,535 |
|  | Revenues |  |  | Net income / (loss) |  |  | Total comprehensive income / (loss) |  |  | Dividend distribution |  |  | Cash of operating activities |  |  | Cash of investing activities |  |  | Cash of financing activities |  |  | Changes in cash and cash equivalents |
Year ended 06,30,19 (i) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BHSA (iii) |  |  | 17,006 |  |  |  | 1,698 |  |  |  | 1,698 |  |  |  | 250 |  |  |  | 7,940 |  |  |  | (2,041 | ) |  |  | (5,044 | ) |  |  | 1,689 |
PBEL |  |  | 9 |  |  |  | (182 | ) |  |  | (223 | ) |  |  | - |  |  |  | 40 |  |  |  | 167 |  |  |  | (214 | ) |  |  | (7 | )
Shufersal |  |  | 115,894 |  |  |  | 2,214 |  |  |  | 2,202 |  |  |  | 1,713 |  |  |  | 3,119 |  |  |  | (8,067 | ) |  |  | 977 |  |  |  | (3,971 | )
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quality Invest (ii) |  |  | 25 |  |  |  | (816 | ) |  |  | (816 | ) |  |  | - |  |  |  | (87 | ) |  |  | - |  |  |  | 87 |  |  |  | - |
Mehadrin |  |  | 12,125 |  |  |  | 542 |  |  |  | 573 |  |  |  | - |  |  |  | 470 |  |  |  | (194 | ) |  |  | (883 | ) |  |  | (607 | )
Year ended 06,30,18 (i) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BHSA |  |  | 12,300 |  |  |  | 2,054 |  |  |  | 2,054 |  |  |  | 200 |  |  |  | 2,602 |  |  |  | (79 | ) |  |  | (821 | ) |  |  | 1,702 |
PBEL |  |  | 8 |  |  |  | (552 | ) |  |  | (548 | ) |  |  | - |  |  |  | (76 | ) |  |  | 397 |  |  |  | (345 | ) |  |  | (24 | )
Shufersal |  |  | 94,100 |  |  |  | 1,847 |  |  |  | (118 | ) |  |  | 708 |  |  |  | 5,906 |  |  |  | (7,587 | ) |  |  | 4,569 |  |  |  | 2,888 |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quality Invest (ii) |  |  | 22 |  |  |  | 1,227 |  |  |  | 1,227 |  |  |  | - |  |  |  | (138 | ) |  |  | - |  |  |  | 138 |  |  |  | - |
Mehadrin |  |  | 11,277 |  |  |  | 534 |  |  |  | 541 |  |  |  | - |  |  |  | 615 |  |  |  | 40 |  |  |  | (110 | ) |  |  | 545 |
(i) | Information under GAAP applicable in the associate and joint ventures´ jurisdiction.
(ii) | In March 2011, Quality acquired an industrial plant located in San Martín, Province of Buenos Aires. The facilities are suitable for multiple uses. On January 20, 2015, Quality agreed with the Municipality of San Martin on certain re zoning and other urban planning matters ("the Agreement") to surrender a non-significant portion of the land and a monetary consideration of Ps. 40 million, payable in two installments of Ps. 20 each, the first of which was actually paid on June 30, 2015. In July 2017, the Agreement was amended as follows: 1) a revised zoning plan must be submitted within 120 days as from the amendment date, and 2) the second installment of the monetary considerations was increased to Ps. 71 million payables in 18 equal monthly installments. On March 8, 2018, it was agreed with the well-known Gehl Study (Denmark) - Urban Quality Consultant - the elaboration of a Master Plan, generating a modern concept of New Urban District of Mixed Uses.
(iii) | Information under BCRA Standards except for the book value of the interest in the associate, goodwill and others.

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