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Borrowings

12 Months Ended

Jun. 30, 2024

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

US Dollar

290,000

Subtotal fixed-rate borrowings

31,351

290,000

321,351

Floating rate:

Argentine Peso

45,403

Subtotal floating-rate borrowings

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

US Dollar

320,277

Subtotal fixed-rate borrowings

72,058

320,277

392,335

Floating rate:

Argentine Peso

8,698

Subtotal floating-rate borrowings

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.