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Information about the main subsidiaries

12 Months Ended

Jun. 30, 2023

Information about the main subsidiaries

7. Information about the main subsidiaries

7. Information about the main subsidiaries

The Group conducts its business through several operating subsidiaries and holdings. The Group considers that the subsidiaries below are the ones with non-controlling interests material to the Group.

		Direct interest of non-controlling interest % (1)				Current assets				Non-current assets				Current liabilities				Non-current liabilities				Net assets				Book value of non-controlling interests
		Year ended June 30, 2023
Subsidiaries with direct participation of Cresud
IRSA			43.07	%			70,226				641,386				75,722				251,507				384,383				165,554
Subsidiaries with indirect participation of Cresud
Brasilagro			62.12	%			75,036				155,209				35,197				48,560				146,488				90,998
		Year ended June 30, 2022
Subsidiaries with direct participation of Cresud
IRSA			46.06	%			91,446				712,221				186,322				251,445				365,900				168,534
Subsidiaries with indirect participation of Cresud
Brasilagro			60.44	%			81,586				128,303				24,833				46,007				139,049				84,041

		Revenues				Net income				Total comprehensive loss				Total comprehensive income/ (loss) attributable to non-controlling interest				Cash of operating activities				Cash of investing activities				Cash of financial activities				Net Increase/ (decrease) in cash and cash equivalents				Dividends distribution to non-controlling shareholders
		Year ended June 30, 2023
Subsidiaries with direct participation of Cresud
IRSA			89,285				58,094				(1,286	)			743				36,494				26,442				(81,124	)			(18,188	)			(1,928	)
Subsidiaries with indirect participation of Cresud
Brasilagro			46,282				10,430				19,834				11,988				4,532				6,172				(12,805	)			(2,101	)			-
		Year ended June 30, 2022
Subsidiaries with direct participation of Cresud
IRSA			69,168				75,222				(379	)			735				27,329				24,134				(29,455	)			22,008				(381	)
Subsidiaries with indirect participation of Cresud
Brasilagro			69,238				32,268				(12,588	)			(7,623	)			5,562				(453	)			(25,507	)			(20,398	)			-

(1)	Corresponds to the direct interest from the Group.

IDBD

As indicated in Note 1. to these financial statements, the Group lost control of IDBD on September 25, 2020.

On September 21, 2020, IDBD filed a lawsuit against Dolphin Netherlands B.V. (“Dolphin BV”) and IRSA before the Tel-Aviv Jaffa District Court (civil case no. 29694-09-20). The amount claimed by IDBD is NIS 140 million, alleging that Dolphin BV and IRSA breached an alleged legally binding commitment to transfer to IDBD 2 installments of NIS 70 million. On December 24, 2020, and following approval by the insolvency court, the IDBD trustee filed a motion to dismiss the claim, maintaining the right as IDBD trustee, to file a new inter alia claim in the same matter, after conduct an investigation into the reasons for IDBD's insolvency. On December 24, 2020, the court entered a judgment to dismiss the claim as requested. On October 31, 2021, the Insolvency Commissioner notified that he did not oppose the motion, and on that same date, the court affirmed the motion initiated by the trustee of IDBD.

On December 26, 2021 IDBD filed the lawsuit against Dolphin BV and IRSA for the sum of NIS 140 million.

On January 30, 2023, a copy of the lawsuit was sent to us and we evaluated the legal defense alternatives for the company's interests.

On May 9, 2023, two filings were made by Dolphin BV and IRSA for the purpose of reversing the decision of the Tel-Aviv Jaffa District Court regarding the manner in which the lawsuits were made, the law and the jurisdiction applicable. The following day, the Court granted a period of 20 days for IDBD to respond to the presentations made by Dolphin BV and IRSA and set a hearing for June 29, 2023.

On May 30, 2023, IDBD made a presentation to answer the arguments raised by IRSA and Dolphin BV in their briefs.

On June 29, 2023, the hearing set by the Court took place, where the parties had the opportunity to explain the arguments raised in their briefs. The Court would be in a position to issue a verdict regarding the statements made on the way in which the notification of the lawsuits was made, the law and applicable jurisdiction.

Based on the review of the commitments and the analysis of the Company's lawyers, the sum of NIS 80 million, equivalent to ARS 5,536 million, are provisioned in these consolidated financial statements.