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v3.23.3

Borrowings | 12 Months Ended
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Jun. 30, 2023
Borrowings | 20. Borrowings The breakdown and the fair value of the Group borrowings as of June 30, 2023 and 2022 was as follows:
|  | Book value |  |  | Fair value |
|  | 06.30.2023 |  |  | 06.30.2022 |  |  | 06.30.2023 |  |  | 06.30.2022 |
NCN |  |  | 96,599 |  |  |  | 142,749 |  |  |  | 97,277 |  |  |  | 134,546 |
Bank loans and others |  |  | 2,575 |  |  |  | 2,182 |  |  |  | 2,575 |  |  |  | 2,195 |
Bank overdrafts |  |  | 6,592 |  |  |  | 12,657 |  |  |  | 6,592 |  |  |  | 12,657 |
Other borrowings |  |  | 1,720 |  |  |  | 3,061 |  |  |  | 1,720 |  |  |  | 3,061 |
Loans with non-controlling interests |  |  | 455 |  |  |  | 463 |  |  |  | 455 |  |  |  | 463 |
Total borrowings |  |  | 107,941 |  |  |  | 161,112 |  |  |  | 108,619 |  |  |  | 152,922 |
Non-current |  |  | 67,324 |  |  |  | 28,138 |  |  |  |  |  |  |  |  |
Current |  |  | 40,617 |  |  |  | 132,974 |  |  |  |  |  |  |  |  |
Total |  |  | 107,941 |  |  |  | 161,112 |  |  |  |  |  |  |  |  |
As of June 30, 2023 and 2022, total borrowings include collateralized liabilities (seller financing, leases and bank loans) of ARS 1,634 and ARS 2,054, respectively. These borrowings are mainly collateralized by trading properties of the Group (Notes 11). 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:
|  | 06.30.2023 |  |  | 06.30.2022 |
Capital |  |  |  |  |  |
Less than 1 year |  |  | 39,029 |  |  |  | 129,796 |
Between 1 and 2 years |  |  | 27,146 |  |  |  | 22,572 |
Between 2 and 3 years |  |  | 20,794 |  |  |  | 4,499 |
Between 3 and 4 years |  |  | 7,025 |  |  |  | 229 |
Between 4 and 5 years |  |  | 12,042 |  |  |  | 545 |
|  |  | 106,036 |  |  |  | 157,641 |
Interest |  |  |  |  |  |  |  |
Less than 1 year |  |  | 1,588 |  |  |  | 3,178 |
Between 1 and 2 years |  |  | 203 |  |  |  | - |
Between 2 and 3 years |  |  | 114 |  |  |  | 136 |
Between 3 and 4 years |  |  | - |  |  |  | 19 |
Between 4 and 5 years |  |  | - |  |  |  | 138 |
|  |  | 1,905 |  |  |  | 3,471 |
|  |  | 107,941 |  |  |  | 161,112 |
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, 2023 and 2022.
|  | 06.30.2023 |
Rate per currency |  | Argentine Peso |  |  | US dollar |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 19,395 |  |  |  | - |  |  |  | 19,395 |
US Dollar |  |  | - |  |  |  | 86,205 |  |  |  | 86,205 |
Subtotal fixed-rate borrowings |  |  | 19,395 |  |  |  | 86,205 |  |  |  | 105,600 |
Floating rate: |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 2,341 |  |  |  | - |  |  |  | 2,341 |
Subtotal floating-rate borrowings |  |  | 2,341 |  |  |  | - |  |  |  | 2,341 |
Total borrowings as per analysis |  |  | 21,736 |  |  |  | 86,205 |  |  |  | 107,941 |
Total borrowings as per Statement of Financial Position |  |  | 21,736 |  |  |  | 86,205 |  |  |  | 107,941 |
|  | 06.30.2022 |
Rate per currency |  | Argentine Peso |  |  | US dollar |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 25,477 |  |  |  | - |  |  |  | 25,477 |
US Dollar |  |  | - |  |  |  | 134,197 |  |  |  | 134,197 |
Subtotal fixed-rate borrowings |  |  | 25,477 |  |  |  | 134,197 |  |  |  | 159,674 |
Floating rate: |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 901 |  |  |  | - |  |  |  | 901 |
US Dollar |  |  | - |  |  |  | 537 |  |  |  | 537 |
Subtotal floating-rate borrowings |  |  | 901 |  |  |  | 537 |  |  |  | 1,438 |
Total borrowings as per analysis |  |  | 26,378 |  |  |  | 134,734 |  |  |  | 161,112 |
Total borrowings as per Statement of Financial Position |  |  | 26,378 |  |  |  | 134,734 |  |  |  | 161,112 |
The following describes the debt issuances made by the Group for the years ended June 30, 2023 and 2022:
Entity | Series | Issuance / expansion date | Amount in original currency | Maturity date | Interest | Principal payment | Interest payment
rate
IRSA | Series XIII | aug-21 | USD 58.1 | 03/31/2024 | 3.90% n.a | Biannual | Quarterly
IRSA | Series XIV | jul-22 | USD 171.20 | 06/22/2028 | 8.75% n.a. | 17.5% in June 2024 – 17.5% in June 2025 – 17.5% in June 2026 – 17.5% in June 2027 - 30% in June 2028 | Biannual
IRSA | Series XV | jan-23 | USD 61.75 | 03/25/2025 | 8.00% n.a. | At expiration | Biannual
IRSA | Series XVI | jan-23 | USD 28.25 | 07/25/2025 | 7.00% n.a. | At expiration | Biannual
IRSA | Series XVII | jun-23 | USD 25 | 12/07/2025 | 5.00% n.a. | At expiration | 1° quarterly and then biannual
The following table shows a detail of evolution of borrowing during the years ended June 30, 2023 and 2022:
|  | 06.30.2023 |  |  | 06.30.2022 |
Balance at the beginning of the year |  |  | 161,112 |  |  |  | 219,648 |
Borrowings |  |  | 80,829 |  |  |  | 16,011 |
Payment of borrowings |  |  | (112,982 | ) |  |  | (25,512 | )
Payment of short term loans, net |  |  | (1,442 | ) |  |  | (2,154 | )
Interests paid |  |  | (13,331 | ) |  |  | (17,686 | )
Accrued interests |  |  | 7,477 |  |  |  | 16,647 |
Cumulative translation adjustment and exchange differences, net |  |  | 72,773 |  |  |  | 48,842 |
Inflation adjustment |  |  | (86,117 | ) |  |  | (91,978 | )
Reclassifications and other movements |  |  | (378 | ) |  |  | (2,706 | )
Balance at the end of the year |  |  | 107,941 |  |  |  | 161,112 |
Series XIV Notes As a consequence of the regulations established by the BCRA, on July 6, 2022, the company completed the exchange of its Series II Notes in an aggregate principal amount of USD 360 million, maturing on March 23, 2023. On July 6, 2022, the expiration of the exchange was announced, USD 239 million of Series II Notes were validly tendered and accepted, representing an acceptance of 66.38%. On July 8, the exchange offer was settled, the new Series XIV Notes were issued for an amount of USD 171.2 million. Series XIV Notes were issued under New York Law, will mature on June 22, 2028 and will accrue interest at a fixed rate of 8.75%, with interest payable semi-annually on June 22 and December 22 of each year, until expiration. Amortization will be in annual installments payable on June 22 of each year, each for 17.5% from 2024 to 2027 and the remaining 30% on June 22, 2028. The issue price was 100%. On the exchange settlement date, the Series II Notes were partially cancelled, leaving an outstanding amount of USD 121 million. On February 8, 2023, the Series II Notes were redeemed and paid (see “Series II Notes Redemption - IRSA”). Series XV and XVI Notes On January 31, 2023, IRSA issued new Notes for a total amount of USD 90.0 million.
| · | Series XV: for USD 61.7 million at a fixed rate of 8.0%, with semi-annual payments. The principal will be paid at maturity on March 25, 2025. The price of issuance was 100.0% of the nominal value.
| · | Series XVI: for USD 28.2 million at a fixed rate of 7.0%, with semi-annual payments. The principal will be paid at maturity on July 25, 2025. The price of issuance was 100.0% of the nominal value. USD 5.1 million were subscribed in cash and USD 23.1 million in kind with Series IX Notes (Nominal Value USD 22.5 million with maturity date on March 1, 2023, which were subsequently cancelled) (see “Series IX Notes Redemption).
Series II Notes Redemption On February 3, 2023, the Company notified the holders of Series II Notes of the redemption in accordance with the terms and conditions of the Series II Notes and the provisions of the Trust Agreement entered into on March 23, 2016 and its addendum May 16, 2022 between the Company, The Bank of New York Mellon (formerly The Bank of New York), as trustee, co-registrar agent, principal paying agent and transfer agent (the “Trustee”) and Banco Santander Argentina S.A., as representative of the Trustee in Argentina (“Trust Agreement”), under which the Series II Notes are issued for a current and outstanding amount of USD 121 million. The redemption was carried out on February 8, 2023. The redemption price was 100% of the face value of each current and outstanding Series II Notes, plus accrued and unpaid interest, prior settlement in the exchange market of funds received from the issuance of Series XV and XVI Notes (see " Series XV and XVI Notes - IRSA"). Series IX Notes Partial Cancellation On February 6, 2023, and regarding the issuance of Series XVI Notes, which were partially subscribed with Series IX Notes, the Company announced the partial cancellation of the Notes detailed below:
| · | Series IX Notes:
| - | Issuance Date: November 12, 2020
| - | Maturity Date: March 1, 2023
| - | Nominal Value originally issued: USD 81 million
| - | Nominal Value to be cancelled: USD 22.5 million
| - | Nominal Value under circulation: USD 58 million
Series IX Notes Redemption On February 10, 2023, the Company informed the holders of Series IX Notes of the redemption in accordance with the terms and conditions detailed in the Offering Memorandum dated October 22, 2020, for an outstanding amount in circulation of USD 58 million (see " Series IX Notes Partial Cancellation "). The redemption was carried out on February 17, 2023. The redemption price was 100% of the face value of the Series IX Notes, plus accrued and unpaid interest, as of the date set for redemption, subject to settlement in the foreign exchange market of funds received from the issuance of Series XV and XVI Notes (see " Series XV and XVI Notes "). Series XVII Notes On June 7, 2023, IRSA issued new Notes for a total amount of USD 25 million.
| · | Series XVII: for USD 25 million at a fixed rate of 5.0%, with semi-annual payments except for the first and second interest payments that will be made at 9 and 12 months, respectively, from the Issue and Settlement Date. The principal will be paid at maturity on December 7, 2025. The price of issuance was 100.0% of the nominal value.

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