<SEC-DOCUMENT>0001654954-19-008993.txt : 20190920
<SEC-HEADER>0001654954-19-008993.hdr.sgml : 20190920
<ACCEPTANCE-DATETIME>20190807172459
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001654954-19-008993
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190807

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
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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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425 lexington avenue</font></div>
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new york, ny 10017-3954</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>
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<font style="font-family: Times New Roman; font-size: 13px">facsimile:
+1-212-455-2502</font></div>
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Direct Dial Number</font></div>
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(212) 455-3066</font></div>
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jmercado@stblaw.com</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">August
7, 2019</font>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Robert
F. Telewicz, Jr.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Branch
Chief</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Office
of Real Estate and Commodities</font></div>
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<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>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Re: IRSA INVESTMENTS &amp; REPRESENTATIONS INC.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font><font style="font-weight: bold; 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; Form 20-F for the fiscal year ended June
30, 2018</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0;&#xA0;</font> <font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Filed October 31, 2018</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font><font style="font-weight: bold; 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; File No. 001-13542</font></div>
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<font style="color: #000000; 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="color: #000000; font-family: Times New Roman; font-size: 13px">On
behalf of our client IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima (IRSA Investment &amp; Representations Inc.) (the
&#x201C;Company&#x201D;), we are writing to respond to comments
raised in the Staff&#x2019;s comment letter dated November 20, 2018
(the &#x201C;Comment Letter&#x201D;) relating to the above-referenced
annual report (the &#x201C;Annual Report&#x201D;) of the Company
filed on October 31, 2018, 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="color: #000000; 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; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Form 20-F for the fiscal year ended June 30, 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; color: #000000; 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; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Effects of Foreign Currency Fluctuations, page 148</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">1.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Given the significance of your investment properties to your
financial statements and the</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
significant judgments management must make to internally develop
inputs due to your operating environment unique to Argentina,
please expand your disclosure with respect to how you determine the
fair value of your shopping malls to provide clear disclosure of
how these inputs, including estimated WACC, are calculated along
with a discussion of any changes in these estimates from period to
period in response to changing economic conditions. Please enhance
your disclosure to provide greater transparency to users of the
financial statements about the methods and specific assumptions
utilized in your calculation of WACC, including any US-based
assumptions, adjustments for country risk premium, assumptions for
cost of debt and any other significant estimates or assumptions.
Refer to paragraph 91(b) of IFRS 13 and paragraph 125 of IAS
1.</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: 10px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Company acknowledges the Staff&#x2019;s comment and respectfully
advises the Staff that it will expand the relevant disclosure in
future filings, including its annual reports on Form 20-F under the
Securities Exchange Act of 1934, as amended. The contemplated
additional disclosures will address the methods and assumptions the
Company&#x2019;s management uses to calculate fair value of its
investment properties, including country risk premium, assumptions
used to calculate WACC and other relevant assumptions. These
additional disclosures will be in line with responses provided by
the Company to the Staff in prior comment response letters issued
by the Staff as well as direct communication with the Staff on
teleconference communications. In formulating the more robust
disclosure, the Company will take into account the guidance set
forth in paragraph 91(b) of IFRS 13 and paragraph 125 of IAS 1 as
suggested by the Staff.</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: 10px; text-indent: 48px">
<font style="color: #000000; 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: 384px; margin-right: 10px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Very
truly yours,</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 384px; margin-right: 10px; 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><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 384px; margin-right: 10px; text-indent: 0px">
<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="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">cc:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Matias
Gaivironsky</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 10px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Leonardo
Magliocco</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 10px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Eduardo
Loiacono</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 10px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Mariano
Tomatis</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 10px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">David
L. Williams</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 10px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Eric
McPhee</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 10px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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31711403v1</font></div>
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