EX-8.1 4 exhibit81-listofsubsidiar.htm LIST OF SUBSIDIARIES
Exhibit 8.1
LIST OF SUBSIDIARIES
The following table lists our subsidiaries and their jurisdiction of incorporation as of June 30, 2019:

Name of the entity | Country | Main activity | Stake at 06.30.2018
IRSA's direct interest: |  |  |
IRSA CP (1) | Argentina | Real estate | 86.34%
E-Commerce Latina S.A. | Argentina | Investment | 100.00%
Efanur S.A. | Uruguay | Investment | 100.00%
Hoteles Argentinos S.A. | Argentina | Hotel | 80.00%
Inversora Bol’var S.A. | Argentina | Investment | 100.00%
Llao Llao Resorts S.A. (2) | Argentina | Hotel | 50.00%
Nuevas Fronteras S.A. | Argentina | Hotel | 76.34%
Palermo Invest S.A. | Argentina | Investment | 100.00%
Ritelco S.A. | Uruguay | Investment | 100.00%
Tyrus S.A. | Uruguay | Investment | 100.00%
U.T. IRSA and Galer’as Pac’fico (6) | Argentina | Investment | 50.00%
IRSA CP's direct interest: |  |  |
Arcos del Gourmet S.A. | Argentina | Real estate | 90.00%
Emprendimiento Recoleta S.A. | Argentina | Real estate | 53.68%
Fibesa S.A. (3) | Argentina | Real estate | 100.00%
Panamerican Mall S.A. | Argentina | Real estate | 80.00%
Shopping Neuquén S.A. | Argentina | Real estate | 99.92%
Torodur S.A. | Uruguay | Investment | 100.00%
EHSA | Argentina | Investment | 70.00%
Centro de Entretenimiento La Plata (6) | Argentina | Real estate | 100.00%
Tyrus S.A.'s direct interest: |  |  |
DFL (4) | Bermudas | Investment | 91.57%
IRSA International LLC | USAs | Investment | 100.00%
Jiwin S.A. | Uruguay | Investment | 100.00%
Liveck S.A. | Uruguay | Investment | 100.00%
Real Estate Investment Group V LP | Bermudas | Investment | 100.00%
Real Estate Strategies LLC | USA | Investment | 100.00%
Efanur S.A.'s direct interest: |  |  |
Real Estate Investment Group VII LP (REIG VII) | Bermudas | Investment | 100.00%
DFL's direct interest: |  |  |
IDB Development Corporation Ltd. | Israel | Investment | 100.00%
Dolphin IL Investment Ltd. | Israel | Investment | 100.00%
DIL's direct interest: |  |  |
Discount Investment Corporation Ltd. (4) | Israel | Investment | 76.57%
IDBD's direct interest: |  |  |
IDB Tourism (2009) Ltd. | Israel | Tourism services | 100.00%
IDB Group Investment Inc. | Israel | Investment | 100.00%
DIC's direct interest: |  |  |
Property & Building Corporation Ltd. | Israel | Investment | 64.44%
Shufersal Ltd. (7) | Israel | Investment | -
Cellcom Israel Ltd. (5) | Israel | Investment | 43.14%
Elron Electronic Industries Ltd. | Israel | Investment | 50.32%
Bartan Holdings and Investments Ltd. | Israel | Investment | 55.68%
Epsilon Investment House Ltd. | Israel | Investment | 68.75%

(1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A..
(2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galer’as Pac’fico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process.
(3) Includes interest held through Ritelco S.A. and Torodur S.A..
(4) Includes Tyrus's equity interest. Until the present financial year, the participation was through Tyrus S.A. and IDBD.
(5) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-à-vis other shareholders, been the stake a 46.16%, also taking into account the historic voting performance in the Shareholders’ Meetings, as well as the evaluation of the holdings of the remaining shareholders, which is highly atomized.
(6) Corresponds to acquisitions and constitutions of new entities considered not material as a whole.
(7) Control was lost in June 30, 2018. See Note 4.G.
Except from the above mention items the percentage of votes does not differ from the stake.