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Investments in associates and joint ventures (Tables)

12 Months Ended

Jun. 30, 2020

Investments In Associates and Joint Ventures [Abstract]

Schedule of Group's investments in joint ventures

		June 30, 2020				June 30, 2019
Beginning of the year			35,780				52,177
Adjustment as of previous periods (IFRS 9 and IAS 28)			(1,979	)			(153	)
Increase in equity interest in associates and joint ventures			3,342				697
Capital contributions			2,702				131
Capital reduction			(106	)			(672	)
Decrease of interest in associate			-				(7,178	)
Deconsolidation (i)			29,176				-
Share of profit / (loss)			8,667				(7,200	)
Currency translation adjustment			53				(404	)
Dividends			(1,820	)			(1,718	)
Other comprehensive income			(1,244	)			-
Reclassification to held-for-sale			(2,070	)			-
Others			(3	)			(112	)
Incorporation by business combination			1,879				212
End of the year (ii)			74,377				35,780

(i)

See Note 4.

(ii)

Includes Ps. (17) and Ps. (8,659) reflecting interests in companies with negative equity as of June 30, 2020 and 2019, respectively, which are disclosed in "Provisions" (see Note 19).

Schedule of additional information related to the Groups investment

		% ownership interest												Value of Group’s interest in equity								Group’s interest in comprehensive income / (loss)
Name of the entity		June 30, 2020				June 30, 2019				June 30, 2018				June 30, 2020				June 30, 2019				June 30, 2020				June 30, 2019				June 30, 2018
Associates
New Lipstick			49.96	%			49.96	%			49.90	%			467				(8,659	)			7,633				(3,199	)			(5,292	)
BHSA (1)			29.91	%			29.91	%			29.91	%			4,073				4,451				(380	)			(2,411	)			416
Condor (2)			18.89	%			18.89	%			28.10	%			1,481				1,392				120				39				596
PBEL			45.00	%			45.40	%			45.40	%			-				1,979				-				(117	)			416
Shufersal (4)			26.02	%			26.02	%			33.56	%			28,111				23,013				5,215				297				-
Mehadrin			N/A				45.41	%			45.41	%			-				4,845				-				(111	)			1,276
Gav-Yam			34.90	%			N/A				N/A				27,277				0,00	%			(786	)			-				-
Quality (3)			50.00	%			50.00	%			50.00	%			2,101				1,869				185				(583	)			876
La Rural SA			50.00	%			50.00	%			50.00	%			203				101				102				144				(44	)
TGLT			30.50	%			N/A				N/A				2,059				-				(116	)			-				-
Other associates and joint ventures			N/A				N/A				N/A				8,605				6,789				(3,253	)			(1,663	)			1,281
Total associates and joint ventures															74,377				35,780				8,720				(7,604	)			(475	)

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 period

Shareholders’ equity

Associates

New Lipstick

U.S.

Real estate

N/A

-

(*) 179

(*) (31)

BHSA (1)

Argentina

Financial

448,689,072

(***) 1,500

(***) (1,272)

(***) 13,186

Condor (2)

EE.UU.

Hotel

2,245,100

(*) 232

(*) (9)

(*) 86

PBEL

India

Real estate

(**) 1

(**) (2)

(**) -

(**) (2)

Shufersal (4)

Israel

Retail

123,917,650

(**) 1,399

(**) 310

(**) 1,930

Mehadrin

Israel

Agropecuaria

N/A

N/A

N/A

N/A

Gav-Yam

Israel

Inmobiliaria

639,727

(**) 1,356

(**) 411

(**) 3,496

Quality (3)

Argentina

Real estate

163,039,244

326

370

4,140

La Rural SA

Argentina

Organization of events

714,498

1

224

327

TGLT

Argentina

Real estate

279,502,813

925

(311)

6,004

Other associates and joint ventures

-

N/A

N/A

N/A

(1)

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.

(2)	Condor is an investment company focused on US hotels. The price of its shares as of June 30, 2020 is US$ 4.10 per share.

(3)	Quality is dedicated to the exploitation of the San Martín property (former property of Nobleza Piccardo S.A.I.C. and F.).

(4)	Shufersal is a company that has supermarkets and pharmacies in Israel, the market price of the share is NIS 22,59 as of June 30, 2020.

(*)	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, 2020 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

		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 06.30.20
Associates
BHSA			76,869				43,610				102,290				4,629				13,560				29.91	%			4,056				17				4,073
Gav-Yam			41,963				165,878				19,791				117,752				70,298				34.90	%			24,534				2,743				27,277
Shufersal			73,348				187,032				91,899				129,224				39,257				26.02	%			10,213				17,898				28,111
Joint ventures
Quality Invest (ii)			4				5,525				87				1,302				4,140				50.00	%			2,070				31				2,101
As of 06.30.19
Associates
BHSA			87,189				30,774				89,514				15,288				13,161				29.91	%			3,936				515				4,451
PBEL			3,173				853				632				12,128				(8,734	)			45.00	%			(3,930	)			5,909				1,979
Shufersal			51,741				89,475				54,708				54,794				31,714				26.02	%			8,252				14,761				23,013
Joint ventures
Quality Invest (ii)			25				4,922				119				1,153				3,675				50.00	%			1,838				31				1,869
Mehadrin			11,890				15,318				13,067				3,719				10,422				45.41	%			4,733				112				4,845

		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
As of 06.30.20 (i)
Associates
BHSA			13,033				(1,272	)			(1,272	)			-				4,656				37				(3,465	)			1,228
Gav-Yam			11,551				6,765				5,456				3,587				5,086				(5,723	)			15,869				15,232
Shufersal			218,000				5,046				4,500				1,435				21,874				(2,709	)			(13,793	)			5,372
Joint ventures
Quality Invest (ii)			18				370				370				-				(89	)			-				89				-
As of 06.30.19 (i)
Associates
BHSA			17,451				879				879				286				167				(70	)			(1,922	)			(1,825	)
PBEL			13				(260	)			(319	)			-				57				239				(306	)			(10	)
Shufersal			165,639				3,164				3,147				2,448				4,458				(11,530	)			1,396				(5,676	)
Joint ventures
Quality Invest (ii)			36				(1,167	)			(1,167	)			-				(124	)			-				124				-
Mehadrin			17,329				775				819				-				672				(277	)			(1,262	)			(867	)

(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.