XML 41 R24.htm IDEA: XBRL DOCUMENT
v3.19.3

Borrowings | 12 Months Ended
--- | ---
Jun. 30, 2019
Borrowings [abstract] |
Borrowings |
| 19. | Borrowings
The breakdown and the fair value of the Group borrowings as of June 30, 2019 and 2018 was as follows:
|  | Total as of June 30, 2019 |  |  | Total as of June 30, 2018 |  |  | Fair value as of June 30, 2019 |  |  | Fair value as of June 30, 2018 |
NCN |  |  | 267,031 |  |  |  | 266,251 |  |  |  | 263,471 |  |  |  | 285,224 |
Bank loans |  |  | 40,807 |  |  |  | 48,607 |  |  |  | 39,006 |  |  |  | 49,530 |
Bank overdrafts |  |  | 281 |  |  |  | 1,042 |  |  |  | 281 |  |  |  | 1,042 |
Other borrowings (i) |  |  | 4,409 |  |  |  | 5,563 |  |  |  | 6,202 |  |  |  | 7,407 |
Total borrowings |  |  | 312,528 |  |  |  | 321,463 |  |  |  | 308,960 |  |  |  | 343,203 |
Non-current |  |  | 267,024 |  |  |  | 281,659 |  |  |  |  |  |  |  |  |
Current |  |  | 45,504 |  |  |  | 39,804 |  |  |  |  |  |  |  |  |
Total (ii) |  |  | 312,528 |  |  |  | 321,463 |  |  |  |  |  |  |  |  |
| (i) | Includes financial leases for Ps. 16 and Ps. 25 as of June 30, 2019 and 2018.
| (ii) | Includes Ps. 275,422 and Ps. 281,293 as of June 30, 2019 and 2018, respectively, corresponding to the Operations Center in Israel.
As of June 30, 2019 and 2018, total borrowings include collateralized liabilities (seller financing, leases and bank loans) of Ps. 10,754 and Ps. 50,236, respectively. These borrowings are mainly collateralized by investment properties and property, plant and equipment of the Group (Notes 9 and 10). Borrowings also include liabilities under finance leases where the Group is the lessee and which therefore have to be measured in accordance with IAS 17 "Leases". Information regarding liabilities under finance leases is disclosed in Note 21. The terms of the loans include standard covenants for this type of financial operations. As of the date of these financial statements, the Group has complied with the covenants contemplated in its respective loan agreements, with the exception of an IDBG loan, which was reclassified to current loans, since it breached a term that determined the IDBD debt rating (company that guaranteed that loan). The amount thereof is NIS 153. The maturity of the Group's borrowings (excluding obligations under finance leases) is as follows:
|  | June 30, 2019 |  |  | June 30, 2018 |
Share capital |  |  |  |  |  |
Less than 1 year |  |  | 42,799 |  |  |  | 37,139 |
Between 1 and 2 years |  |  | 39,878 |  |  |  | 40,004 |
Between 2 and 3 years |  |  | 32,727 |  |  |  | 35,359 |
Between 3 and 4 years |  |  | 71,950 |  |  |  | 29,383 |
Between 4 and 5 years |  |  | 28,801 |  |  |  | 73,969 |
Later than 5 years |  |  | 93,487 |  |  |  | 102,762 |
|  |  | 309,642 |  |  |  | 318,616 |
Interest |  |  |  |  |  |  |  |
Less than 1 year |  |  | 2,705 |  |  |  | 2,665 |
Between 1 and 2 years |  |  | - |  |  |  | 47 |
Between 2 and 3 years |  |  | - |  |  |  | 51 |
Between 3 and 4 years |  |  | 140 |  |  |  | 8 |
Between 4 and 5 years |  |  | - |  |  |  | - |
Later than 5 years |  |  | 25 |  |  |  | 51 |
|  |  | 2,870 |  |  |  | 2,822 |
Leases |  |  | 16 |  |  |  | 25 |
|  |  | 312,528 |  |  |  | 321,463 |
The following tables shows a breakdown of Group's borrowing by type of fixed-rate and floating-rate, per currency denomination and per functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2019 and 2018.
|  | June 30, 2019 |
Rate per currency |  | Argentine Peso |  |  | US dollar |  |  | Uruguayan Peso |  |  | New Israel Shekel |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 407 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 407 |
New Israel Shekel |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 157,835 |  |  |  | 157,835 |
US Dollar |  |  | 34,099 |  |  |  | 85 |  |  |  | 315 |  |  |  | 8,323 |  |  |  | 42,822 |
Subtotal fixed-rate borrowings |  |  | 34,506 |  |  |  | 85 |  |  |  | 315 |  |  |  | 166,158 |  |  |  | 201,064 |
Floating rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 623 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 623 |
New Israel Shekel |  |  |  |  |  |  | - |  |  |  | - |  |  |  | 109,263 |  |  |  | 109,263 |
US Dollar |  |  | 1,562 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,562 |
Subtotal floating-rate borrowings |  |  | 2,185 |  |  |  | - |  |  |  | - |  |  |  | 109,263 |  |  |  | 111,448 |
Total borrowings as per analysis |  |  | 36,691 |  |  |  | 85 |  |  |  | 315 |  |  |  | 275,421 |  |  |  | 312,512 |
Finance leases obligations |  |  | 16 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16 |
Total borrowings as per Statement of Financial Position |  |  | 36,707 |  |  |  | 85 |  |  |  | 315 |  |  |  | 275,421 |  |  |  | 312,528 |
|  | June 30, 2018 |
Rate per currency |  | Argentine Peso |  |  | Uruguayan Peso |  |  | New Israel Shekel |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 1,632 |  |  |  | - |  |  |  | - |  |  |  | 1,632 |
New Israel Shekel |  |  | - |  |  |  | - |  |  |  | 125,524 |  |  |  | 125,524 |
US Dollar |  |  | 36,136 |  |  |  | 579 |  |  |  | 19,093 |  |  |  | 55,808 |
Subtotal fixed-rate borrowings |  |  | 37,768 |  |  |  | 579 |  |  |  | 144,617 |  |  |  | 182,964 |
Floating rate: |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Argentine Peso |  |  | 1,795 |  |  |  | - |  |  |  | - |  |  |  | 1,795 |
New Israel Shekel |  |  | - |  |  |  | - |  |  |  | 134,124 |  |  |  | 134,124 |
US Dollar |  |  | - |  |  |  | - |  |  |  | 2,555 |  |  |  | 2,555 |
Subtotal floating-rate borrowings |  |  | 1,795 |  |  |  | - |  |  |  | 136,679 |  |  |  | 138,474 |
Total borrowings as per analysis |  |  | 39,563 |  |  |  | 579 |  |  |  | 281,296 |  |  |  | 321,438 |
Finance leases obligations |  |  | 25 |  |  |  | - |  |  |  | - |  |  |  | 25 |
Total borrowings as per Statement of Financial Position |  |  | 39,588 |  |  |  | 579 |  |  |  | 281,296 |  |  |  | 321,463 |
The following describes the debt issuances made by the Group for the years ended June 30, 2019, and 2018:
Entity |  | Class |  | Issuance / expansion date |  | Amount in original currency |  | Maturity date |  | Interest rate |  | Principal payment |  | Interest payment |  |
IRSA CP |  | Clase IV |  | sep-17 |  | US$140 |  | 09/14/20 |  | 5% n.a. |  | At expiration |  | quarterly |  |
IRSA |  | Clase IX "I" |  | may-19 |  | US$ 96 |  | 11/15/20 |  | 10% e.a. |  | At expiration |  | quarterly |  |
IDBD |  | SERIE N |  | jul-17 |  | NIS 642.1 |  | 12/30/22 |  | 5.3% e.a |  | At expiration |  | quarterly |  | (1)
IDBD |  | SERIE N |  | nov-17 |  | NIS 357 |  | 12/30/22 |  | 5.3% e.a |  | At expiration |  | quarterly |  | (1) (2)
DIC |  | SERIE J |  | dec-17 |  | NIS 762 |  | 12/30/26 |  | 4.8% e.a. |  | Annual payments since 2021 |  | biannual |  | (2)
PBC |  | SERIE I |  | oct-17 |  | NIS 497 |  | 06/29/29 |  | 3.95% e.a. |  | At expiration |  | quarterly |  |
PBC |  | SERIE I |  | dec-17 |  | NIS 496 |  | 06/29/29 |  | 3.95% e.a. |  | At expiration |  | quarterly |  | (2)
PBC |  | SERIE I |  | jul-18 |  | NIS 507 |  | 06/29/29 |  | 3.95% e.a. |  | At expiration |  | quarterly |  | (2)
PBC |  | Series I |  | may-19 |  | NIS 515 |  | 12/31/29 |  | 4.15% e.a. |  | At expiration |  | annual |  |
Gav - Yam |  | SERIE H |  | sep-17 |  | NIS 424 |  | 06/30/34 |  | 2.55% e.a. |  | Annual payments since 2019 |  | biannual |  |
Gav - Yam |  | SERIE A |  | jul-18 |  | NIS 320 |  | 10/31/23 |  | 3.55% e.a. |  | Annual payments since 2021 |  | biannual |  |
Gav - Yam |  | SERIE H |  | sep-18 |  | NIS 596 |  | 06/30/34 |  | 2.55% e.a. |  | At expiration |  | annual |  | (2)
Gav - Yam |  | SERIE A |  | dec-18 |  | NIS 351 |  | 10/31/23 |  | 3.55% e.a. |  | Annual payments since 2021 |  | biannual |  |
Cellcom |  | SERIE L |  | jan-18 |  | NIS 401 |  | 01/05/28 |  | 2.5% e.a. |  | Annual payments since 2023 |  | annual |  |
Cellcom |  | SERIE K |  | jul-18 |  | NIS 220 |  | 07/05/26 |  | 3.55% e.a. |  | Annual payments since 2021 |  | annual |  | (2)
Cellcom |  | SERIE K |  | dec-18 |  | NIS 187 |  | 07/05/26 |  | 3.55% e.a. |  | Annual payments since 2021 |  | annual |  |
Cellcom |  | SERIE L |  | dec-18 |  | NIS 213 |  | 01/05/28 |  | 2.50% e.a. |  | Annual payments since 2023 |  | annual |  |
| (1) | IDBD has the right to make an early repayment, totally or partially. As a guarantee for the full compliance of all the commitments IDBD has pledged approximately 99.3 million shares of DIC under a single fixed charge of first line and in guarantee of by means of the lien (which represent 70.02% of its capital), in an unlimited amount, in favor of the trustee for the holders of the debentures.
| (2) | Corresponds to an expansion of the series.
DIC: On September 28, 2017 DIC offered the holders of Series F NCN to swap their notes for Series J NCN. Series J NCN terms and conditions differ substantially from those of Series F. Therefore, DIC recorded the payment of Series F NCN and recognized a new financial commitment at fair value for Series J NCN. As a result of the swap, DIC recorded a loss resulting from the difference between the Series F NCN cancellation value and the new debt value in the amount of approximately NIS 461 (equal to approximately Ps. 4,297), which was accounted for under "Finance costs" (Note 23). The following table shows a detail of evolution of borrowing during the years ended June 30, 2019 and 2018:
|  | June 30, 2019 |  |  | June 30, 2018 |
Balance at the beginning of the year |  |  | 321,463 |  |  |  | 260,661 |
Borrowings |  |  | 47,233 |  |  |  | 34,649 |
Payment of borrowings |  |  | (40,141 | ) |  |  | (32,092 | )
Collection / (Payment) of short term loans, net |  |  | (709 | ) |  |  | 587 |
Interests paid |  |  | (15,189 | ) |  |  | (12,423 | )
Deconsolidation (see Note 4.I.) |  |  | - |  |  |  | (33,153 | )
Accrued interests |  |  | 15,549 |  |  |  | 13,645 |
Changes in fair value of third-party loans |  |  | (19 | ) |  |  | 177 |
Loans received from associates and joint ventures, net |  |  | 45 |  |  |  | 6 |
Cumulative translation adjustment and exchange differences, net |  |  | (14,480 | ) |  |  | 89,750 |
Inflation adjustment |  |  | (1,224 | ) |  |  | (344 | )
Balance at the end of the year |  |  | 312,528 |  |  |  | 321,463 |

X
- References No definition available. + Details
Name: | ifrs-full_BorrowingsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_10_e&doctype=Standard -URIDate 2019-03-27 + Details
Name: | ifrs-full_DisclosureOfBorrowingsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration