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Information about the main subsidiaries

12 Months Ended

Jun. 30, 2020

Information About Main Subsidiaries [Abstract]

Information about the main subsidiaries

7.	Information about the main subsidiaries

The Group conducts its business through several operating and holding subsidiaries. The Group considers that the subsidiaries below are the ones with significant non-controlling interests to the Group.

		Direct interest of non-controlling interest % (1)				Current Assets				Non-current Assets				Current Liabilities				Non-current Liabilities				Net assets				Book value of non-controlling interests
		June 30, 2020
Elron			38.94	%			3,377				3,966				509				142				6,692				4,149
PBC			27.60	%			79,327				112,404				26,138				118,789				46,804				19,263
Cellcom (2)			53.80	%			54,777				79,796				31,386				74,691				28,496				17,920
Mehadrin			56.25	%			13,038				17,839				13,954				3,336				13,587				8,136
IRSA CP			19.35	%			14,925				129,578				16,423				52,507				75,573				4,089
June 30, 2019
Elron			38.94	%			4,521				3,770				529				69				7,693				4,624
PBC			31.20	%			63,904				236,440				25,708				208,515				66,121				47,766
Cellcom (2)			55.90	%			45,957				59,076				27,278				57,524				20,231				12,777
IRSA CP			16.20	%			24,563				91,204				5,797				51,924				58,046				3,113

		Revenues				Net income / (loss)				Total comprehensive income / (loss)				Total comprehensive profit / (loss) attributable to non-controlling interest				Cash of Operating activities				Cash of investing activities				Cash of financial activities				Net Increase / (decrease) in cash and cash equivalents				Dividends distribution to non-controlling shareholders
		June 30, 2020
Elron			-				(1,774	)			(1,864	)			5,540				(776	)			350				874				448				-
PBC			12,310				12,648				12,165				19,586				6,328				23,872				(20,243	)			9,957				1,684
Cellcom (2)			56,076				(2,068	)			(2,100	)			534				14,914				(7,425	)			(6,323	)			1,166				-
Mehadrin			1,952				106				123				251				246				(70	)			(246	)			(70	)			17
IRSA CP			8,563				18,153				18,405				1,064				4,890				(2,879	)			(3,561	)			(1,550	)			663
June 30, 2019
Elron			-				(1,056	)			(909	)			2,122				(1,012	)			207				1,338				533				-
PBC			18,061				6,953				7,575				5,230				9,081				1,072				2,926				13,079				2,337
Cellcom (2)			47,535				(1,524	)			(1,538	)			(1,352	)			10,025				(8,614	)			1,666				3,077				-
IRSA CP			10,826				(25,923	)			(25,923	)			(150	)			5,588				(4,958	)			(2,631	)			(2,001	)			870

(1) Corresponds to the direct interest from the Group.

(2) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders' Meetings.

Restrictions, commitments and other relevant issues

Analysis of the impact of the Concentration Law

On December 2013, was published in the Official Gazette of Israel the Promotion of Competition and Reduction of Concentration Law N°, 5774-13 ('the Concentration Law') which has material implications for IDBD, DIC and its investors, including the disposal of the controlling interest in Clal. In accordance with the provisions of the law, the structures of companies that make public offer of their securities are restricted to two layers of public companies.

In November 2017, Dolphin IL, a subsidiary of Dolphin Netherlands B.V. acquired all the shares owned by IDBD in DIC (See note 4). Thus, the section required by the aforementioned law for the year 2017 is completed.

Prior to December 31, 2019 the Group lost control over Gav-Yam and in March 2020 it acquired control over Mehadrin, thus complying with the above-mentioned law.

Dolphin arbitration process

There is an arbitration process going on between Dolphin and ETH (previous shareholder of IDBD) in relation to certain issues connected to the control obtainment of IDBD (mainly regarding who had the right of purchase and the price of the acquisition). In the arbitration process the parties have agreed to designate Eyal Rosovshy and Giora Erdinas to promote a mediation. On August 17, 2017, a mediation hearing was held and the parties failed to reach an agreement. On January 31, 2018, the parties agreed to follow the process in court. As of the date of presentation of these Consolidated Financial Statements, there have been no other developments in the process and it is still pending resolution. Management, based on the opinion of its legal advisors, considers that the resolution of the present litigation will not have an adverse effect for Dolphin.