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v3.20.2

Borrowings | 12 Months Ended
--- | ---
Jun. 30, 2020
Borrowings [abstract] |
Borrowings |
22. | Borrowings
The breakdown and the fair value of the Group borrowings as of June 30, 2019 and 2018 was as follows:
|  | Book value |  |  | Fair value |
|  |  | 06.30.20 |  |  |  | 06.30.19 |  |  |  | 06.30.20 |  |  |  | 06.30.19 |
Non-convertible notes |  |  | 343,028 |  |  |  | 395,552 |  |  |  | 276,854 |  |  |  | 389,689 |
Bank loans and others |  |  | 69,884 |  |  |  | 74,140 |  |  |  | 58,954 |  |  |  | 72,638 |
Bank overdrafts |  |  | 4,283 |  |  |  | 1,431 |  |  |  | 3,233 |  |  |  | 1,431 |
Other borrowings (i) |  |  | 1,612 |  |  |  | 6,675 |  |  |  | 6,506 |  |  |  | 9,235 |
Total borrowings (ii) |  |  | 418,807 |  |  |  | 477,798 |  |  |  | 345,547 |  |  |  | 472,993 |
Non-current |  |  | 320,418 |  |  |  | 397,414 |  |  |  |  |  |  |  |  |
Current |  |  | 98,389 |  |  |  | 80,384 |  |  |  |  |  |  |  |  |
Total |  |  | 418,807 |  |  |  | 477,798 |  |  |  |  |  |  |  |  |
| (i) | Includes financial leases for Ps. 366 as of June 30, 2019.
| (ii) | Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel.
As of June 30, 2020 and 2019, total borrowings include collateralized liabilities (seller financing, leases and bank loans) of Ps. 14,920 and Ps. 19,831, respectively. These borrowings are mainly collateralized by investment properties and property, plant and equipment of the Group (Notes 9 and 10). Borrowings also include liabilities under finance leases where the Group is the lessee. Information regarding liabilities under finance leases is disclosed in Note 24. The terms of the loans include standard covenants for this type of financial operations. As of the date of these financial statements, the Group has complied with the covenants contemplated in its respective loan agreements, with the exception of an IDBG loan, which was reclassified to current loans, since it breached a term that determined the IDBD debt rating (company that guaranteed that loan). The amount thereof is NIS 153. The maturity of the Group’s borrowings (excluding obligations under finance leases) is as follows:
|  | 06.30.20 |  |  | 06.30.19 |
Principal: |  |  |  |  |  |
Less than one year |  |  | 96,414 |  |  |  | 75,709 |
Between 1 and 2 years |  |  | 64,197 |  |  |  | 64,202 |
Between 2 and 3 years |  |  | 110,333 |  |  |  | 48,517 |
Between 3 and 4 years |  |  | 35,896 |  |  |  | 109,928 |
Between 4 and 5 years |  |  | 32,328 |  |  |  | 41,489 |
More than 5 years |  |  | 77,375 |  |  |  | 132,823 |
|  |  | 416,543 |  |  |  | 472,668 |
Interest: |  |  |  |  |  |  |  |
Less than one year |  |  | 1,962 |  |  |  | 4,329 |
Between 1 and 2 years |  |  | 76 |  |  |  | 56 |
Between 2 and 3 years |  |  | 89 |  |  |  | 54 |
Between 3 and 4 years |  |  | 28 |  |  |  | 254 |
Between 4 and 5 years |  |  | 44 |  |  |  | 27 |
More than 5 years |  |  | 65 |  |  |  | 44 |
|  |  | 2,264 |  |  |  | 4,764 |
Finance lease obligations |  |  | - |  |  |  | 366 |
|  |  | 418,807 |  |  |  | 477,798 |
The following table shows a detail of evolution of borrowing during the years ended June 30, 2019 and 2018:
|  | 06.30.20 |  |  | 06.30.19 |
Balance at the beginning of the year |  |  | 477,798 |  |  |  | 488,156 |
Borrowings |  |  | 47,777 |  |  |  | 55,708 |
Payment of borrowings |  |  | (72,590 | ) |  |  | (54,274 | )
Collection / (Payment) of short term loans, net |  |  | (2,459 | ) |  |  | 2,248 |
Interests paid |  |  | (21,909 | ) |  |  | (20,059 | )
Accrued interests |  |  | 24,357 |  |  |  | 21,893 |
Cumulative translation adjustment and exchange differences, net |  |  | 74,853 |  |  |  | (1,433 | )
Deconsolidation |  |  | (95,443 | ) |  |  | 8,751 |
Changes in fair value of third-party loans |  |  | - |  |  |  | (27 | )
Repurchase of non-convertible notes |  |  | (13,644 | ) |  |  | (8,291 | )
Inflation adjustment |  |  | (997 | ) |  |  | (14,601 | )
Incorporation by business combination |  |  | 1,884 |  |  |  | - |
Transfer to / from assets available for sale |  |  | (820 | ) |  |  | - |
Reclassifications and other movements |  |  | - |  |  |  | (273 | )
Balance at the end of the year |  |  | 418,807 |  |  |  | 477,798 |
The following tables 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, 2020 and 2019.
|  | 06.30.20 |
|  | Argentine Peso |  |  | Brazilian Reais |  |  | Bolivian Peso |  |  | Uruguayan Peso |  |  | US Dollar |  |  | NIS |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 7,793 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,793 |
Brazilian Reais |  |  | - |  |  |  | 1,594 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,594 |
US Dollar |  |  | 86,26 |  |  |  | 110 |  |  |  | - |  |  |  | 517 |  |  |  | 146 |  |  |  | (1,162 | ) |  |  | 85,871 |
Bolivian pesos |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,424 |  |  |  | 1,424 |
NIS |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 176,617 |  |  |  | 176,617 |
Subtotal fixed-rate borrowings |  |  | 94,053 |  |  |  | 1,704 |  |  |  | - |  |  |  | 517 |  |  |  | 146 |  |  |  | 176,879 |  |  |  | 273,299 |
Floating rate: |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 1,934 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,934 |
Brazilian Reais |  |  | - |  |  |  | 4,877 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,877 |
US Dollar |  |  | 3,902 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,902 |
NIS |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 134,795 |  |  |  | 134,795 |
Subtotal floating rate borrowings |  |  | 5,836 |  |  |  | 4,877 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 134,795 |  |  |  | 145,508 |
Total borrowings as per analysis |  |  | 99,889 |  |  |  | 6,581 |  |  |  | - |  |  |  | 517 |  |  |  | 146 |  |  |  | 311,674 |  |  |  | 418,807 |
Finance lease obligations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total borrowings as per Statement of Financial Position |  |  | 99,889 |  |  |  | 6,581 |  |  |  | - |  |  |  | 517 |  |  |  | 146 |  |  |  | 311,674 |  |  |  | 418,807 |
|  | 06.30.19 |
|  | Argentine Peso |  |  | Brazilian Reais |  |  | Bolivian Peso |  |  | Uruguayan Peso |  |  | US Dollar |  |  | NIS |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 1,456 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,456 |
Brazilian Reais |  |  | - |  |  |  | 2,265 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,265 |
US Dollar |  |  | 71,803 |  |  |  | 6 |  |  |  | - |  |  |  | 449 |  |  |  | 121 |  |  |  | 11,896 |  |  |  | 84,275 |
Bolivian pesos |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4 |
NIS |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 225,582 |  |  |  | 225,582 |
Subtotal fixed-rate borrowings |  |  | 73,259 |  |  |  | 2,271 |  |  |  | 4 |  |  |  | 449 |  |  |  | 121 |  |  |  | 237,478 |  |  |  | 313,582 |
Floating rate: |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 1,086 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,086 |
Brazilian Reais |  |  | - |  |  |  | 2,600 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,600 |
US Dollar |  |  | 4,002 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,002 |
NIS |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 156,162 |  |  |  | 156,162 |
Subtotal floating rate borrowings |  |  | 5,088 |  |  |  | 2,6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 156,162 |  |  |  | 163,85 |
Total borrowings as per analysis |  |  | 78,347 |  |  |  | 4,871 |  |  |  | 4 |  |  |  | 449 |  |  |  | 121 |  |  |  | 393,64 |  |  |  | 477,432 |
Finance lease obligations |  |  | 366 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 366 |
Total borrowings as per Statement of Financial Position |  |  | 78,713 |  |  |  | 4,871 |  |  |  | 4 |  |  |  | 449 |  |  |  | 121 |  |  |  | 393,64 |  |  |  | 477,798 |
The following describes the debt issuances made by the Group for the years ended June 30, 2019, and 2018:
Entity |  | Class |  | Issuance / expansion date |  | Amount in original currency |  | Maturity date |  | Interest rate |  | Principal payment |  | Interest payment |  |
CRESUD |  | Class XXIII |  | feb-18 |  | USD 113 |  | 02/16/2023 |  | 6.50% n.a. |  | At expiration |  | biannual |  |
CRESUD |  | Class XXIV |  | nov-18 |  | USD 73.6 |  | 11/14/2020 |  | 9.00% n.a. |  | At expiration |  | quarterly |  |
CRESUD |  | Class XXV |  | jul-19 |  | USD 59.6 |  | 07/11/2021 |  | 9.00% n.a. |  | At expiration |  | biannual |  |
CRESUD |  | Class XXVI |  | jan-20 |  | ARS 1,095 |  | 01/30/2021 |  | Bladar +650pts |  | At expiration |  | quarterly |  |
CRESUD |  | Class XXVII |  | jan-20 |  | USD 5.7 |  | 07/30/2021 |  | 7.45% n.a. |  | At expiration |  | quarterly |  |
CRESUD |  | Class XXVIII |  | jan-20 |  | USD 27.5 |  | 04/30/2021 |  | 9% n.a. |  | At expiration |  | quarterly |  |
PBC |  | SERIE I |  | jul-18 |  | NIS 507 |  | 06/29/2029 |  | 3.95% n.a. |  | At expiration |  | Quarterly |  | (1)
PBC |  | SERIE j |  | may-19 |  | NIS 515 |  | 12/31/2029 |  | 4.15% n.a. |  | At expiration |  | Annual |  |
Gav - Yam |  | SERIE H |  | sep-17 |  | NIS 424 |  | 06/30/2034 |  | 2.55% n.a. |  | Annual payments since 2019 |  | biannual |  | (1)
Gav - Yam |  | SERIE A |  | jul-18 |  | NIS 320 |  | 10/31/2023 |  | 3.55% n.a. |  | Annual payments since 2021 |  | biannual |  | (1)
Gav - Yam |  | SERIE H |  | sep-18 |  | NIS 596 |  | 06/30/2024 |  | 2.55% n.a. |  | Annual payments since 2019 |  | annual |  | (1)
Gav - Yam |  | SERIE A |  | dic-18 |  | NIS 351 |  | 10/31/2023 |  | 3.55% n.a. |  | Annual payments since 2021 |  | biannual |  |
Cellcom |  | SERIE L |  | jan-18 |  | NIS 401 |  | 01/05/2028 |  | 2.5% n.a. |  | Annual payments since 2023 |  | annual |  | (1)
Cellcom |  | SERIE K |  | jul-18 |  | NIS 220 |  | 07/05/2026 |  | 3.55% n.a. |  | Annual payments since 2021 |  | annual |  | (1)
Cellcom |  | SERIE K |  | dic-18 |  | NIS 187 |  | 01/07/2026 |  | 3.55% n.a. |  | Annual payments since 2021 |  | annual |  |
Cellcom |  | SERIE L |  | dic-18 |  | NIS 213 |  | 01/15/2028 |  | 2.50% n.a. |  | Annual payments since 2023 |  | annual |  |
IRSA |  | Class I 2nd tranch |  | aug-19 |  | USD 85 |  | 11/15/2028 |  | 10.00% n.a. |  | At expiration |  | quarterly |  |
IRSA |  | Class II |  | aug-19 |  | CLP 31,503 |  | 08/06/2020 |  | 10.50% n.a. |  | At expiration |  | quarterly |  | (1)
IDBD |  | Serie 15 |  | nov-19 |  | NIS 237 |  | 06/30/2022 |  | 4.70% n.a |  | Two payments |  | quarterly |  |
IRSA |  | Class II |  | may-20 |  | ARS 354 |  | 02/19/2021 |  | Badlar.+ 0.6%n.a. |  | At expiration |  | quarterly |  | (1)
IRSA |  | Cass IV |  | may-20 |  | USD 51 |  | 05/19/2021 |  | 7% n.a. |  | At expiration |  | quarterly |  |
IRSA |  | Class V |  | may-20 |  | USD 9 |  | 05/19/2022 |  | 9% n.a. |  | At expiration |  | quarterly |  |
(1) | Corresponds to an expansion of the series.

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