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v3.22.2.2

Borrowings | 12 Months Ended
--- | ---
Jun. 30, 2022
Borrowings |
20. Borrowings | 20. Borrowings The breakdown and the fair value of the Group borrowings as of June 30, 2022 and 2021 was as follows:
|  | Total as of June 30, 2022 |  |  | Total as of June 30, 2021 |  |  | Fair value as of June 30, 2022 |  |  | Fair value as of June 30, 2021 |
NCN |  |  | 66,216 |  |  |  | 85,081 |  |  |  | 62,411 |  |  |  | 79,987 |
Bank loans |  |  | 1,012 |  |  |  | 5,110 |  |  |  | 1,018 |  |  |  | 5,131 |
Bank overdrafts |  |  | 5,871 |  |  |  | 8,665 |  |  |  | 5,871 |  |  |  | 8,665 |
Other borrowings |  |  | 1,015 |  |  |  | 2,267 |  |  |  | 1,015 |  |  |  | 2,267 |
AABE Debt |  |  | 405 |  |  |  | 423 |  |  |  | 405 |  |  |  | 423 |
Loans with non-controlling interests |  |  | 215 |  |  |  | 341 |  |  |  | 215 |  |  |  | 341 |
Total borrowings |  |  | 74,734 |  |  |  | 101,887 |  |  |  | 70,935 |  |  |  | 96,814 |
Non-current |  |  | 13,052 |  |  |  | 76,619 |  |  |  |  |  |  |  |  |
Current |  |  | 61,682 |  |  |  | 25,268 |  |  |  |  |  |  |  |  |
Total |  |  | 74,734 |  |  |  | 101,887 |  |  |  |  |  |  |  |  |
As of June 30, 2022 and 2021, total borrowings include collateralized liabilities (seller financing, leases and bank loans) of ARS 953 and ARS 1,169, respectively. These borrowings are mainly collateralized by investment properties and property, plant and equipment of the Group (Notes 9 and 10). The terms of the loans include standard covenants for this type of financial operations. As of the date of these Consolidated Financial Statements, the Group has complied with the covenants contemplated in its respective loan agreements. The maturity of the Group's borrowings is as follows:
|  | June 30, 2022 |  |  | June 30, 2021 |
Capital |  |  |  |  |  |
Less than 1 year (i) |  |  | 60,208 |  |  |  | 23,234 |
Between 1 and 2 years |  |  | 10,470 |  |  |  | 66,542 |
Between 2 and 3 years |  |  | 2,087 |  |  |  | 9,317 |
Between 3 and 4 years |  |  | 106 |  |  |  | 272 |
Between 4 and 5 years |  |  | 253 |  |  |  | 97 |
Later than 5 years |  |  | - |  |  |  | 142 |
|  |  | 73,124 |  |  |  | 99,604 |
Interest |  |  |  |  |  |  |  |
Less than 1 year (i) |  |  | 1,474 |  |  |  | 2,034 |
Between 1 and 2 years |  |  | - |  |  |  | 89 |
Between 2 and 3 years |  |  | 63 |  |  |  | 21 |
Between 3 and 4 years |  |  | 9 |  |  |  | 74 |
Between 4 and 5 years |  |  | 64 |  |  |  | 10 |
Later than 5 years |  |  | - |  |  |  | 55 |
|  |  | 1,610 |  |  |  | 2,283 |
|  |  | 74,734 |  |  |  | 101,887 |
(i) | On July 6, 2022, the Company completed the exchange of the Series II Notes, for which it canceled and/or extended the amount of USD 239 million of said class. See Note 34 to these Consolidated Financial Statements.
The following table 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, 2022 and 2021.
|  | June 30, 2022 |
Rate per currency |  | Argentine Peso |  |  | US dollar |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 11,818 |  |  |  | - |  |  |  | 11,818 |
US Dollar |  |  | - |  |  |  | 62,249 |  |  |  | 62,249 |
Subtotal fixed-rate borrowings |  |  | 11,818 |  |  |  | 62,249 |  |  |  | 74,067 |
Floating rate: |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 418 |  |  |  | - |  |  |  | 418 |
US Dollar |  |  | - |  |  |  | 249 |  |  |  | 249 |
Subtotal floating-rate borrowings |  |  | 418 |  |  |  | 249 |  |  |  | 667 |
Total borrowings as per analysis |  |  | 12,236 |  |  |  | 62,498 |  |  |  | 74,734 |
Total borrowings as per Statement of Financial Position |  |  | 12,236 |  |  |  | 62,498 |  |  |  | 74,734 |
|  | June 30, 2021 |
Rate per currency |  | Argentine Peso |  |  | US dollar |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 16,605 |  |  |  | - |  |  |  | 16,605 |
US Dollar |  |  | - |  |  |  | 81,573 |  |  |  | 81,573 |
Subtotal fixed-rate borrowings |  |  | 16,605 |  |  |  | 81,573 |  |  |  | 98,178 |
Floating rate: |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 444 |  |  |  | - |  |  |  | 444 |
US Dollar |  |  | - |  |  |  | 3,265 |  |  |  | 3,265 |
Subtotal floating-rate borrowings |  |  | 444 |  |  |  | 3,265 |  |  |  | 3,709 |
Total borrowings as per analysis |  |  | 17,049 |  |  |  | 84,838 |  |  |  | 101,887 |
Total borrowings as per Statement of Financial Position |  |  | 17,049 |  |  |  | 84,838 |  |  |  | 101,887 |
The following describes the debt issuances made by the Group for the years ended June 30, 2022 and 2021:
Entity | Series | Issuance / expansion date | Amount in original currency | Maturity date | Interest | Principal payment | Interest payment
rate
IRSA | Series I | nov-20 | USD 3.1 | 3/1/2023 | 10.00% n.a. | At expiration | Quarterly
IRSA | Series VIII | nov-20 | USD 31.7 | 11/12/2023 | 10.00% n.a. | 33% in November 21, 33% in November 22, 34% in November 23 | Quarterly
IRSA | Series IX | nov-20 | USD 80.7 | 3/1/2023 | 10.00% n.a. | At expiration | Quarterly
IRSA | Series XI | mar-21 | USD 15.81 | 3/1/2024 | 5.00% n.a. | At expiration | Biannual
IRSA | Series XII | mar-21 | UVAs 53.78 | 03/31/2024 | 4.00% n.a. | At expiration | Biannual
IRSA | Series XIII | aug-21 | USD 58.1 | 08/26/2024 | 3.90% n.a | Biannual | Quarterly
The following table shows a detail of evolution of borrowing during the years ended June 30, 2022 and 2021:
|  | June 30, 2022 |  |  | June 30, 2021 |
Balance at the beginning of the year |  |  | 101,887 |  |  |  | 926,487 |
Borrowings |  |  | 7,427 |  |  |  | 43,119 |
Payment of borrowings |  |  | (11,834 | ) |  |  | (96,340 | )
(Payment) / Collection of short term loans, net |  |  | (999 | ) |  |  | 6,605 |
Interests paid |  |  | (8,204 | ) |  |  | (23,535 | )
Deconsolidation |  |  | - |  |  |  | (697,452 | )
Accrued interests |  |  | 7,722 |  |  |  | 19,465 |
Cumulative translation adjustment and exchange differences, net |  |  | 22,656 |  |  |  | (71,995 | )
Inflation adjustment |  |  | (42,666 | ) |  |  | (4,455 | )
Reclassifications and other movements |  |  | (1,255 | ) |  |  | (12 | )
Balance at the end of the year |  |  | 74,734 |  |  |  | 101,887 |
Issuance of IRSA Non-convertible Notes On August 26, 2021, the Company issued USD 58.1 Non-convertible Notes in the local market. The main characteristics of the issue are detailed below:
| · | Series XIII: denominated in USD and payable in ARS at the applicable exchange rate for USD 58.1 at a fixed rate of 3.9%, with semiannual payments plus. The principal will be paid in three installments, counted from the date of issue: the first one - equal to 25% of the par value of the notes - payable on the date that is 12 (twelve) months after the Issue, on August 26, 2023; the second one - equal to 25% of the par value of the notes - payable on the date that is 30 (thirty) months after the Issue, on February 26, 2024 and the third one - equal to 50% of the par value of the notes - payable on the relevant due date, i.e. August 26, 2024. Price of issuance was 100.0% of the nominal value.
The funds have been used to refinance short-term liabilities. IRSA´s Series VII Non-convertible Notes Redemption The Company resolved to early redeem the Series VII Notes maturing last January 21, 2022. The redemption took place on November 25, 2021, in accordance with the terms and conditions detailed in the Prospectus Supplement for Series VII Notes. The redemption price was 100% of the face value of the Series VII Notes, plus accrued and unpaid interest, as of the date set for redemption.

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