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v3.24.3

Borrowings | 12 Months Ended
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Jun. 30, 2024
Borrowings | 20. Borrowings The breakdown and the fair value of the Group borrowings as of June 30, 2024 and 2023 was as follows:
|  | Book value |  |  | Fair value |
|  | 06.30.2024 |  |  | 06.30.2023 |  |  | 06.30.2024 |  |  | 06.30.2023 |
Non-convertible notes |  |  | 328,308 |  |  |  | 358,894 |  |  |  | 309,768 |  |  |  | 361,413 |
Bank loans and others |  |  | 6,568 |  |  |  | 9,565 |  |  |  | 6,568 |  |  |  | 9,565 |
Bank overdrafts |  |  | 25,696 |  |  |  | 24,491 |  |  |  | 25,696 |  |  |  | 24,491 |
Other borrowings |  |  | 4,316 |  |  |  | 6,393 |  |  |  | 4,316 |  |  |  | 6,393 |
Loans with non-controlling interests |  |  | 1,866 |  |  |  | 1,690 |  |  |  | 1,866 |  |  |  | 1,690 |
Total borrowings |  |  | 366,754 |  |  |  | 401,033 |  |  |  | 348,214 |  |  |  | 403,552 |
Non-current |  |  | 185,349 |  |  |  | 250,129 |  |  |  |  |  |  |  |  |
Current |  |  | 181,405 |  |  |  | 150,904 |  |  |  |  |  |  |  |  |
Total |  |  | 366,754 |  |  |  | 401,033 |  |  |  |  |  |  |  |  |
As of June 30, 2024 and 2023, total borrowings include collateralized liabilities (seller financing, leases and bank loans) of ARS 3,793 and ARS 6,071, 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:
|  | 06.30.2024 |  |  | 06.30.2023 |
Capital |  |  |  |  |  |
Less than 1 year |  |  | 172,974 |  |  |  | 145,003 |
Between 1 and 2 years |  |  | 114,319 |  |  |  | 100,855 |
Between 2 and 3 years |  |  | 25,588 |  |  |  | 77,256 |
Between 3 and 4 years |  |  | 45,001 |  |  |  | 26,100 |
Between 4 and 5 years |  |  | - |  |  |  | 44,740 |
|  |  | 357,882 |  |  |  | 393,954 |
Interest |  |  |  |  |  |  |  |
Less than 1 year |  |  | 8,431 |  |  |  | 5,901 |
Between 1 and 2 years |  |  | 5 |  |  |  | 754 |
Between 2 and 3 years |  |  | - |  |  |  | 424 |
Between 3 and 4 years |  |  | 436 |  |  |  | - |
|  |  | 8,872 |  |  |  | 7,079 |
|  |  | 366,754 |  |  |  | 401,033 |
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, 2024 and 2023.
|  | 06.30.2024 |
Rate per currency |  | Argentine Peso |  |  | US dollar |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 31,351 |  |  |  | - |  |  |  | 31,351 |
US Dollar |  |  | - |  |  |  | 290,000 |  |  |  | 290,000 |
Subtotal fixed-rate borrowings |  |  | 31,351 |  |  |  | 290,000 |  |  |  | 321,351 |
Floating rate: |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 45,403 |  |  |  | - |  |  |  | 45,403 |
Subtotal floating-rate borrowings |  |  | 45,403 |  |  |  | - |  |  |  | 45,403 |
Total borrowings as per analysis |  |  | 76,754 |  |  |  | 290,000 |  |  |  | 366,754 |
Total borrowings as per Statement of Financial Position |  |  | 76,754 |  |  |  | 290,000 |  |  |  | 366,754 |
|  | 06.30.2023 |
Rate per currency |  | Argentine Peso |  |  | US dollar |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 72,058 |  |  |  | - |  |  |  | 72,058 |
US Dollar |  |  | - |  |  |  | 320,277 |  |  |  | 320,277 |
Subtotal fixed-rate borrowings |  |  | 72,058 |  |  |  | 320,277 |  |  |  | 392,335 |
Floating rate: |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 8,698 |  |  |  | - |  |  |  | 8,698 |
Subtotal floating-rate borrowings |  |  | 8,698 |  |  |  | - |  |  |  | 8,698 |
Total borrowings as per analysis |  |  | 80,756 |  |  |  | 320,277 |  |  |  | 401,033 |
Total borrowings as per Statement of Financial Position |  |  | 80,756 |  |  |  | 320,277 |  |  |  | 401,033 |
The following describes the debt issuances made by the Group for the years ended June 30, 2024 and 2023:
Entity |  | Class |  | Issuance / expansion date |  | Amount in original currency |  | Maturity date |  | Interest rate |  | Principal payment |  | Interest payment
IRSA |  | Series XIV |  | jul-22 |  | USD 171.20 |  | 6/22/2028 |  | 8.75% |  | 17.5% in jun-24 - 17.5% in jun-25 - 17.5% in jun-26 - 17.5% in jun-27 - 30% in jun-28 |  | Semi-annually
IRSA |  | Series XV |  | jan-23 |  | USD 61.75 |  | 3/25/2025 |  | 8.00% |  | At expiration |  | Semi-annually
IRSA |  | Series XVI |  | jan-23 |  | USD 28.25 |  | 7/25/2025 |  | 7.00% |  | At expiration |  | Semi-annually
IRSA |  | Series XVII |  | jun-23 |  | USD 25.00 |  | 12/7/2025 |  | 5.00% |  | At expiration |  | First one Quarterly and next Semi-annually
IRSA |  | Series XVIII |  | feb-24 |  | USD 21.41 |  | 2/28/2027 |  | 7.00% |  | At expiration |  | Semi-annually
IRSA |  | Series XIX |  | feb-24 |  | ARS 26,203.85 |  | 2/28/2025 |  | Badlar + 0.99% |  | At expiration |  | Quarterly
IRSA |  | Series XX |  | jun-24 |  | USD 23.02 |  | 6/10/2026 |  | 6.00% |  | At expiration |  | Semi-annually
IRSA |  | Series XXI |  | jun-24 |  | ARS 17,012.71 |  | 6/10/2025 |  | Badlar + 4.50% |  | At expiration |  | Quarterly
The following table shows a detail of evolution of borrowing during the years ended June 30, 2024 and 2023:
|  | 06.30.2024 |  |  | 06.30.2023 |
Balance at the beginning of the year |  |  | 401,033 |  |  |  | 598,579 |
Borrowings |  |  | 123,728 |  |  |  | 300,304 |
Payment of borrowings |  |  | (115,435 | ) |  |  | (419,762 | )
Collection / (payment) of short term loans, net |  |  | 38,626 |  |  |  | (5,357 | )
Interests paid |  |  | (61,327 | ) |  |  | (49,529 | )
Accrued interests |  |  | 37,578 |  |  |  | 27,779 |
Cumulative translation adjustment and exchange differences, net |  |  | 163,804 |  |  |  | 270,373 |
Inflation adjustment |  |  | (222,041 | ) |  |  | (319,950 | )
Reclassifications and other movements |  |  | 788 |  |  |  | (1,404 | )
Balance at the end of the year |  |  | 366,754 |  |  |  | 401,033 |
Series XII Notes Redemption On December 28, 2023, IRSA notified the holders of Series XII Notes of the early redemption of all of them for a principal amount of UVA 53,784,674 (equivalent to ARS 25,314 million at the time of redemption), which were outstanding and in circulation with maturity on March 31, 2024, in accordance with the terms and conditions detailed in the Offering Memorandum dated March 26, 2021. The redemption and payment were carried out on January 5, 2024. The redemption price was 100% of the face value of the Series XII Notes, plus accrued and unpaid interest, as of the date set for redemption. Series XVIII and XIX Notes On February 28, 2024, IRSA issued Series XVIII and XIX Notes in the local market for a total amount of USD 52.6 million. Below are the main characteristics of the issuance:
| · | Series XVIII: Denominated in dollars for USD 21.4 million at a fixed rate of 7.0%, with semi-annual payments. The principal will be paid at maturity on February 28, 2027. The price of issuance was 100.0% of the nominal value.
| · | Series XIX: Denominated and payable in Argentina pesos for ARS 26,204 million at a variable interest rate BADLAR plus 0.99% spread, with quarterly payments. The principal will be paid at maturity on February 28, 2025. The price of issuance was 100.0% of the nominal value.
The funds will be used as defined in the issuance documents. Series XX and XXI Notes On June 10, 2024, IRSA issued Series XX and XXI Notes in the local market for a total amount of USD 42.0 million. Below are the main characteristics of the issuance:
| · | Series XX: Denominated in dollars for USD 23.0 million at a fixed rate of 6.0%, with semi-annual payments. The principal will be paid at maturity on June 10, 2026. The price of issuance was 100.0% of the nominal value.
| · | Series XXI: Denominated and payable in Argentina pesos for ARS 17,012.7 million at a variable interest rate BADLAR plus 4.50% spread, with quarterly payments. The principal will be paid at maturity on June 10, 2025. The price of issuance was 100.0% of the nominal value.
The funds will be used as defined in the issuance documents.

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- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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