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Financial instruments by category | 12 Months Ended
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Jun. 30, 2025
Financial instruments by category |
Financial instruments by category | 16. Financial instruments by category According to IFRS 7, the following note presents the financial assets and financial liabilities by category and a reconciliation to the corresponding line in the Consolidated Statement of Financial Position, as appropriate. Since the line items “Trade and other receivables” and “Trade and other payables” contain both financial instruments and non-financial assets or liabilities (such as prepayments, trade receivables, trade payables in-kind and tax receivables and payables, among others), the reconciliation is shown in the columns headed “Non-financial assets” and “Non-financial liabilities”. Financial assets and liabilities measured at fair value are assigned based on their different levels in the fair value hierarchy IFRS 9 defines the fair value of a financial instrument as the amount for which an asset could be exchanged, or a financial liability settled, between knowledgeable, willing parties in an arm’s length transaction. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 7. This valuation hierarchy provides for three levels. In the case of Level 1, valuation is based on quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company can refer to at the date of valuation. In the case of Level 2, fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. If the financial instrument concerned has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no market data is available. The inputs used reflect the Group’s assumptions regarding the factors which market players would consider in their pricing. The Group’s Finance Division has a team in place in charge of estimating the valuation of financial assets required to be reported in the Consolidated Financial Statements, including the fair value of Level-3 instruments. The team directly reports to the Chief Financial Officer ("CFO"). The CFO and the valuation team discuss the valuation methods and results upon the acquisition of an asset and, as of the end of each reporting period. According to the Group’s policy, transfers among the several categories of valuation are recognized when occurred, or when there are changes in the prevailing circumstances requiring the transfer. Financial assets and financial liabilities as of June 30, 2025 are as follows:
|  | Financial assets at amortized cost |  |  | Financial assets at fair value through profit or loss |  |  | Subtotal financial assets |  |  | Non-financial assets |  |  | Total |
|  | Level 1 |  |  | Level 2 |  |  |  |  |  |  |  |  |  |  |
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets as per Statement of Financial Position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17) |  |  | 439,382 |  |  |  | 52,778 |  |  |  | - |  |  |  | 492,160 |  |  |  | 132,767 |  |  |  | 624,927 |
Investment in financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Public companies’ securities |  |  | - |  |  |  | 35,450 |  |  |  | - |  |  |  | 35,450 |  |  |  | - |  |  |  | 35,450 |
- Bonds |  |  | - |  |  |  | 58,737 |  |  |  | - |  |  |  | 58,737 |  |  |  | - |  |  |  | 58,737 |
- Mutual funds |  |  | - |  |  |  | 134,183 |  |  |  | - |  |  |  | 134,183 |  |  |  | - |  |  |  | 134,183 |
- Others |  |  | 5,619 |  |  |  | 6,286 |  |  |  | 13,770 |  |  |  | 25,675 |  |  |  | - |  |  |  | 25,675 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Commodities options contracts |  |  | - |  |  |  | 1,198 |  |  |  | - |  |  |  | 1,198 |  |  |  | - |  |  |  | 1,198 |
- Commodities futures contracts |  |  | - |  |  |  | 1,916 |  |  |  | - |  |  |  | 1,916 |  |  |  | - |  |  |  | 1,916 |
- Foreign-currency options contracts |  |  | - |  |  |  | 4,127 |  |  |  | - |  |  |  | 4,127 |  |  |  | - |  |  |  | 4,127 |
- Swaps |  |  | - |  |  |  | - |  |  |  | 1,912 |  |  |  | 1,912 |  |  |  | - |  |  |  | 1,912 |
- Others |  |  | - |  |  |  | 97 |  |  |  | - |  |  |  | 97 |  |  |  | - |  |  |  | 97 |
Cash and cash equivalents (excluding bank overdrafts): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Cash on hand and at bank |  |  | 193,178 |  |  |  | - |  |  |  | - |  |  |  | 193,178 |  |  |  | - |  |  |  | 193,178 |
- Short-term investments |  |  | - |  |  |  | 57,677 |  |  |  | - |  |  |  | 57,677 |  |  |  | - |  |  |  | 57,677 |
Total assets |  |  | 638,179 |  |  |  | 352,449 |  |  |  | 15,682 |  |  |  | 1,006,310 |  |  |  | 132,767 |  |  |  | 1,139,077 |
|  | Financial liabilities at amortized cost |  |  | Financial liabilities at fair value through profit or loss |  |  | Subtotal financial liabilities |  |  | Non-financial liabilities |  |  | Total |
|  | Level 1 |  |  |  |  |  |  |  |  |
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities as per Statement of Financial Position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables (Note 20) |  |  | 253,890 |  |  |  | - |  |  |  | 253,890 |  |  |  | 154,004 |  |  |  | 407,894 |
Borrowings (Note 22) |  |  | 1,343,112 |  |  |  | - |  |  |  | 1,343,112 |  |  |  | - |  |  |  | 1,343,112 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Commodities options contracts |  |  | - |  |  |  | 2 |  |  |  | 2 |  |  |  | - |  |  |  | 2 |
- Commodities futures contracts |  |  | - |  |  |  | 2,616 |  |  |  | 2,616 |  |  |  | - |  |  |  | 2,616 |
- Foreign-currency options contracts |  |  | - |  |  |  | 162 |  |  |  | 162 |  |  |  | - |  |  |  | 162 |
- Foreign-currency future contracts |  |  | - |  |  |  | 404 |  |  |  | 404 |  |  |  | - |  |  |  | 404 |
- Swaps |  |  | - |  |  |  | 4,366 |  |  |  | 4,366 |  |  |  | - |  |  |  | 4,366 |
Lease liabilities (Note 13) |  |  | 120,306 |  |  |  | - |  |  |  | 120,306 |  |  |  | - |  |  |  | 120,306 |
Total liabilities |  |  | 1,717,308 |  |  |  | 7,550 |  |  |  | 1,724,858 |  |  |  | 154,004 |  |  |  | 1,878,862 |
Financial assets and financial liabilities as of June 30, 2024 were as follows:
|  | Financial assets at amortized cost |  |  | Financial assets at fair value through profit or loss |  |  | Subtotal financial assets |  |  | Non-financial assets |  |  | Total |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  |  |  |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets as per Statement of Financial Position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17) |  |  | 381,205 |  |  |  | 60,137 |  |  |  | - |  |  |  | - |  |  |  | 441,342 |  |  |  | 126,969 |  |  |  | 568,311 |
Investment in financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Public companies’ securities |  |  | 123 |  |  |  | 24,484 |  |  |  | - |  |  |  | - |  |  |  | 24,607 |  |  |  | - |  |  |  | 24,607 |
- Bonds |  |  | - |  |  |  | 75,391 |  |  |  | - |  |  |  | - |  |  |  | 75,391 |  |  |  | - |  |  |  | 75,391 |
- Mutual funds |  |  | - |  |  |  | 90,897 |  |  |  | 387 |  |  |  | - |  |  |  | 91,284 |  |  |  | - |  |  |  | 91,284 |
- Others |  |  | 7,689 |  |  |  | 19,058 |  |  |  | - |  |  |  | 35 |  |  |  | 26,782 |  |  |  | - |  |  |  | 26,782 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Commodities options contracts |  |  | - |  |  |  | 4,927 |  |  |  | - |  |  |  | - |  |  |  | 4,927 |  |  |  | - |  |  |  | 4,927 |
- Commodities futures contracts |  |  | - |  |  |  | 2,118 |  |  |  | - |  |  |  | - |  |  |  | 2,118 |  |  |  | - |  |  |  | 2,118 |
- Foreign-currency options contracts |  |  | - |  |  |  | 288 |  |  |  | - |  |  |  | - |  |  |  | 288 |  |  |  | - |  |  |  | 288 |
- Foreign-currency future contracts |  |  | - |  |  |  | 268 |  |  |  | - |  |  |  | - |  |  |  | 268 |  |  |  | - |  |  |  | 268 |
- Swaps |  |  | - |  |  |  | - |  |  |  | 1,452 |  |  |  | - |  |  |  | 1,452 |  |  |  | - |  |  |  | 1,452 |
- Options on companies |  |  | 78 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 78 |  |  |  | - |  |  |  | 78 |
- Others |  |  | - |  |  |  | 1,953 |  |  |  | - |  |  |  | - |  |  |  | 1,953 |  |  |  | - |  |  |  | 1,953 |
Restricted assets (i) |  |  | 3,792 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,792 |  |  |  | - |  |  |  | 3,792 |
Cash and cash equivalents (excluding bank overdrafts): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Cash on hand and at bank |  |  | 70,872 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 70,872 |  |  |  | - |  |  |  | 70,872 |
- Short-term investments |  |  | - |  |  |  | 88,953 |  |  |  | - |  |  |  | - |  |  |  | 88,953 |  |  |  | - |  |  |  | 88,953 |
Total assets |  |  | 463,759 |  |  |  | 368,474 |  |  |  | 1,839 |  |  |  | 35 |  |  |  | 834,107 |  |  |  | 126,969 |  |  |  | 961,076 |
|  | Financial liabilities at amortized cost |  |  | Financial liabilities at fair value through profit or loss |  |  | Subtotal financial liabilities |  |  | Non-financial liabilities |  |  | Total |
|  | Level 1 |  |  |  |  |  |  |  |  |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities as per Statement of Financial Position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables (Note 20) |  |  | 269,698 |  |  |  | - |  |  |  | 269,698 |  |  |  | 149,442 |  |  |  | 419,140 |
Borrowings (Note 22) |  |  | 1,146,779 |  |  |  | - |  |  |  | 1,146,779 |  |  |  | - |  |  |  | 1,146,779 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Commodities options contracts |  |  | - |  |  |  | 933 |  |  |  | 933 |  |  |  | - |  |  |  | 933 |
- Commodities futures contracts |  |  | - |  |  |  | 1,890 |  |  |  | 1,890 |  |  |  | - |  |  |  | 1,890 |
- Foreign-currency options contracts |  |  | - |  |  |  | 10,948 |  |  |  | 10,948 |  |  |  | - |  |  |  | 10,948 |
- Foreign-currency future contracts |  |  | - |  |  |  | 5,180 |  |  |  | 5,180 |  |  |  | - |  |  |  | 5,180 |
- Swaps |  |  | - |  |  |  | 2,302 |  |  |  | 2,302 |  |  |  | - |  |  |  | 2,302 |
Lease liabilities (Note 13) |  |  | 111,226 |  |  |  | - |  |  |  | 111,226 |  |  |  | - |  |  |  | 111,226 |
Total liabilities |  |  | 1,527,703 |  |  |  | 21,253 |  |  |  | 1,548,956 |  |  |  | 149,442 |  |  |  | 1,698,398 |
(i) Corresponds to deposits in guarantee and escrows mainly for the payment of loans.. The following are details of the book value of financial instruments recognized, which were offset in the Consolidated Statement of Financial Position:
|  | 06.30.2025 |  |  | 06.30.2024 |
|  | Gross amounts recognized |  |  | Gross amounts offset |  |  | Net amount presented |  |  | Gross amounts recognized |  |  | Gross amounts offset |  |  | Net amount presented |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) |  |  | 535,005 |  |  |  | (42,845 | ) |  |  | 492,160 |  |  |  | 454,069 |  |  |  | (12,727 | ) |  |  | 441,342 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables |  |  | 296,735 |  |  |  | (42,845 | ) |  |  | 253,890 |  |  |  | 282,425 |  |  |  | (12,727 | ) |  |  | 269,698 |
Income, expense, gains and losses on financial instruments can be assigned to the following categories:
|  | Financial assets and liabilities at amortized cost |  |  | Financial assets and liabilities at fair value through profit or loss |  |  | Total |
June 30, 2025 |  |  |  |  |  |  |  |  |
Interest income |  |  | 9,406 |  |  |  | - |  |  |  | 9,406 |
Other finance income |  |  | 13 |  |  |  | - |  |  |  | 13 |
Interest and allowances generated by operating assets |  |  | 7,431 |  |  |  | - |  |  |  | 7,431 |
Interest expenses |  |  | (69,861 | ) |  |  | - |  |  |  | (69,861 | )
Lease liabilities interest |  |  | (1,778 | ) |  |  | - |  |  |  | (1,778 | )
Foreign exchange, net |  |  | 28,073 |  |  |  | - |  |  |  | 28,073 |
Fair value gain on financial assets at fair value through profit or gain |  |  | - |  |  |  | 99,072 |  |  |  | 99,072 |
Gain from repurchase of Non-convertible Notes |  |  | 731 |  |  |  | - |  |  |  | 731 |
Gain on financial instruments derived from commodities |  |  | - |  |  |  | 10,994 |  |  |  | 10,994 |
Loss from derivative financial instruments (except commodities) |  |  | - |  |  |  | (14,403 | ) |  |  | (14,403 | )
Other financial costs |  |  | (15,112 | ) |  |  | - |  |  |  | (15,112 | )
Net result (i) |  |  | (41,097 | ) |  |  | 95,663 |  |  |  | 54,566 |
|  | Financial assets and liabilities at amortized cost |  |  | Financial assets and liabilities at fair value through profit or loss |  |  | Total |
June 30, 2024 |  |  |  |  |  |  |  |  |
Interest income |  |  | 91,081 |  |  |  | - |  |  |  | 91,081 |
Interest and allowances generated by operating assets |  |  | 28,295 |  |  |  | - |  |  |  | 28,295 |
Interest expenses |  |  | (82,200 | ) |  |  | - |  |  |  | (82,200 | )
Lease liabilities interest |  |  | (2,713 | ) |  |  | - |  |  |  | (2,713 | )
Foreign exchange, net |  |  | 82,416 |  |  |  | - |  |  |  | 82,416 |
Fair value gain on financial assets at fair value through profit or gain |  |  | - |  |  |  | 248,402 |  |  |  | 248,402 |
Gain from repurchase of Non-convertible Notes |  |  | 341 |  |  |  | - |  |  |  | 341 |
Gain from commodity derivative financial instruments |  |  | - |  |  |  | 15,532 |  |  |  | 15,532 |
Loss from derivative financial instruments (except commodities) |  |  | - |  |  |  | (67,247 | ) |  |  | (67,247 | )
Other financial costs |  |  | (22,001 | ) |  |  | - |  |  |  | (22,001 | )
Net result (i) |  |  | 95,219 |  |  |  | 196,687 |  |  |  | 291,906 |
|  | Financial assets and liabilities at amortized cost |  |  | Financial assets and liabilities at fair value through profit or loss |  |  | Total |
June 30, 2023 |  |  |  |  |  |  |  |  |
Interest income |  |  | 11,390 |  |  |  | - |  |  |  | 11,390 |
Interest and allowances generated by operating assets |  |  | (7,626 | ) |  |  | - |  |  |  | (7,626 | )
Interest expenses |  |  | (105,357 | ) |  |  | - |  |  |  | (105,357 | )
Lease liabilities interest |  |  | (3,373 | ) |  |  | - |  |  |  | (3,373 | )
Foreign exchange, net |  |  | 103,985 |  |  |  | - |  |  |  | 103,985 |
Fair value gain on financial assets at fair value through profit or gain |  |  | - |  |  |  | 44,898 |  |  |  | 44,898 |
Gain from repurchase of Non-convertible Notes |  |  | 18,213 |  |  |  | - |  |  |  | 18,213 |
Gain from commodity derivative financial instruments |  |  | - |  |  |  | 4,711 |  |  |  | 4,711 |
Gain from derivative financial instruments (except commodities) |  |  | - |  |  |  | 15,332 |  |  |  | 15,332 |
Other financial costs |  |  | (17,283 | ) |  |  | - |  |  |  | (17,283 | )
Net result (i) |  |  | (51 | ) |  |  | 64,941 |  |  |  | 64,890 |
(i) Included within “Financial results, net” in the Consolidated Statement of Income and Other Comprehensive Income, with the exception of Interest and discount generated by operating assets, which are included in ”Other operating results, net”. The following table presents the changes in Level 3 financial instruments as of June 30, 2025 and 2024:
|  | Investments in financial assets - Others |  |  | Total |
Balances at June 30, 2023 |  |  | - |  |  |  | - |
Additions and acquisitions |  |  | 35 |  |  |  | 35 |
Balances at June 30, 2024 |  |  | 35 |  |  |  | 35 |
Gain for the year (i) |  |  | (35 | ) |  |  | (35 | )
Balances at June 30, 2025 |  |  | - |  |  |  | - |
(i) Included within “Financial results, net” in the Consolidated Statement of Income and Other Comprehensive Income During the fiscal years ended June 30, 2025 and 2024, there were no transfers between levels. When there are no quoted prices available in an active market, fair values (especially derivative instruments) are based on recognized valuation methods. The Group uses a range of valuation models for the measurement of Level 2 and Level 3 instruments, details of which may be obtained from the following table.
Description |  | Pricing model / method |  | Parameters |  | Fair value hierarchy |  | Range
Derivative financial instruments – Swaps |  | Theoretical price |  | Underlying asset price and volatility |  | Level 2 |  | -
Purchase option – Warrant (Others) |  | Black & Scholes with dilution |  | Underlying asset price and volatility |  | Level 3 |  | -
As of June 30, 2025, there have been no changes to the economic or business circumstances affecting the fair value of the financial assets and liabilities of the group that were not considered in the fair value estimation. As of June 30, 2025, the carrying amount of assets and liabilities measured at amortized cost does not differ significantly from their fair value, except for loans, whose fair value is disclosed in Note 22.

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