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Investments in associates and joint ventures
 12 Months Ended
Jun. 30, 2025
Significant judgments key assumptions and estimates  
Investments in associates and joint ventures

8.            Investments in associates and joint ventures

 

Changes of the Group’s investments in associates and joint ventures for the fiscal years ended June 30, 2025 and 2024 were as follows:

 

 

 

 06.30.2025

 

 

 06.30.2024

 

Beginning of year

 

 

191,823

 

 

 

205,533

 

Share capital increase and contributions (Note 32)

 

 

35

 

 

 

-

 

Sale of interest in associates and joint ventures

 

 

(3,737)

 

 

(36,522)

Share of profit

 

 

26,890

 

 

 

45,943

 

Other comprehensive (loss) / income

 

 

(478)

 

 

917

 

Dividends (Note 32)

 

 

(27,357)

 

 

(24,048)

Transfers to/from financial assets (ii)

 

 

349

 

 

 

-

 

Decrease of interest (iii)

 

 

(148)

 

 

-

 

End of the year (i)

 

 

187,377

 

 

 

191,823

 

 

 

(i)

Includes ARS (162) and ARS (22) reflecting interests in companies with negative equity as of June 30, 2025 and 2024, respectively, which are disclosed in “Provisions” (see Note 21).

 

(ii) 

Corresponds to the shares of GCDI S.A. and Challenger Gold Limited.

 

(iii)

Relates to the reduction of interest due to the liquidation of Cyrsa S.A.

        

Below is a detail of the investments and the values of the stake held by the Group in associates and joint ventures for the years ended as of June 30, 2025 and 2024, as well as the Group's share of the comprehensive results of these companies for the years ended on June 30, 2025, 2024 and 2023:

 

Name of the entity

 

% ownership interest

 

 

Value of Group's interest in equity

 

 

Group's interest in comprehensive income

 

06.30.2025

 

06.30.2024

 

 

06.30.2023

 

 

06.30.2025

 

 

06.30.2024

 

 

06.30.2025

 

 

06.30.2024

 

 

06.30.2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Lipstick

 

 

49.96%

 

 

49.96%

 

 

49.96%

 

 

1,472

 

 

 

1,506

 

 

 

(34)

 

 

(43)

 

 

(342)

BHSA (1)

 

 

29.12%

 

 

29.89%

 

 

29.91%

 

 

133,840

 

 

 

144,704

 

 

 

13,639

 

 

 

40,782

 

 

 

15,969

 

BACS

 

 

37.72%

 

 

37.72%

 

 

37.72%

 

 

11,044

 

 

 

10,594

 

 

 

450

 

 

 

3,307

 

 

 

(608)

Nuevo Puerto Santa Fe S.A.

 

 

50.00%

 

 

50.00%

 

 

50.00%

 

 

8,503

 

 

 

6,205

 

 

 

2,686

 

 

 

407

 

 

 

590

 

Quality (2)

 

 

-

 

 

 

-

 

 

 

50.00%

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7,169)

GCDI

 

 

-

 

 

 

27.39%

 

 

27.82%

 

 

-

 

 

 

1,793

 

 

 

519

 

 

 

(7,918)

 

 

841

 

La Rural S.A.

 

 

50.00%

 

 

50.00%

 

 

50.00%

 

 

21,019

 

 

 

14,804

 

 

 

11,175

 

 

 

10,543

 

 

 

3,652

 

Agrouranga S.A.

 

 

34.86%

 

 

34.86%

 

 

34.86%

 

 

7,337

 

 

 

7,418

 

 

 

533

 

 

 

2,015

 

 

 

(1,087)

Other associates and joint ventures

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

 

 

4,162

 

 

 

4,799

 

 

 

(2,556)

 

 

(2,233)

 

 

(3,403)

Total associates and joint ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

187,377

 

 

 

191,823

 

 

 

26,412

 

 

 

46,860

 

 

 

8,443

 

 

The following is additional information about the Group's investments in associates and joint ventures:

 

Name of the entity

Location of business / Country of incorporation

Main activity

Common shares 1 vote

Last financial statement issued

 

 

 

 

Share capital (nominal value)

 

 

(Loss)/ profit for the period

 

 

Shareholders' equity

New Lipstick

U.S.

Real estate

23,631,037

(*)

47

(*)

(3)

(*)

(50)

BHSA (1)

Argentina

Financing

436,780,922

(**)

1,500

(**)

46,554

(**)

447,483

BACS

Argentina

Financing

33,125,751

(**)

88

(**)

1,193

(**)

29,276

Nuevo Puerto Santa Fe S.A.

Argentina

Real estate

138,750

28

5,373

16,429

La Rural S.A.

Argentina

Organization of events

714,998

(**)

1

(**)

22,676

(**)

41,882

Agrouranga S.A.

Argentina

Agriculture

2,532,206

7

1,529

3,811

 

(1)

BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium business and large companies. The market price of the share is 343.50 argentine pesos per share.

 

 

(2)

The interest held in Quality was sold on August 31, 2023.

 

 

(*)

Amounts presented in millions of US dollars.

 

 

(**)

Amounts as of June 30, 2025, prepared in accordance with IFRS regulations.

La Rural S.A.

 

On December 2012, the National Executive Power annulled a 1991 decree that had approved the sale of the Palermo Fairgrounds to Sociedad Rural Argentina (SRA) and revoked the purchase agreement. SRA filed a precautionary measure to suspend the execution of this annulment, which was granted and remains in force after various judicial proceedings.

 

IRSA has not been notified and is not a party to these judicial actions initiated by SRA. In the event that the annulment of the sale is declared unconstitutional, it would not legally impact IRSA’s acquisition in the company related to the property. However, if the nullity of the sale is declared, it could affect the assets related to the property.

 

The judicial process continues in the evidentiary stage, and there are currently no elements indicating that La Rural S.A. could see the usufruct it holds over the property affected. The Company will continue monitoring the progress of the process due to the legal uncertainty.

 

Set out below is summarized financial information of the associates and joint ventures considered material to the Group:

 

 

 

Current assets

 

 

Non-current assets

 

 

Current liabilities

 

 

Non-current liabilities

 

 

Net assets

 

 

% of ownership interest held

 

 

Interest in associates / joint ventures

 

 

Goodwill and others

 

 

Book value

 

 

 

As of June 30, 2025

 

Associates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BHSA

 

 

1,766,165

 

 

 

1,698,791

 

 

 

2,989,440

 

 

 

10,594

 

 

 

464,922

 

 

 

29.12%

 

 

135,385

 

 

 

(1,545)

 

 

133,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuevo Puerto Santa Fe S.A.

 

 

4,562

 

 

 

20,101

 

 

 

1,350

 

 

 

6,883

 

 

 

16,430

 

 

 

50.00%

 

 

8,215

 

 

 

288

 

 

 

8,503

 

 

 

As of June 30, 2024

Associates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BHSA

 

 

2,277,728

 

 

 

860,495

 

 

 

2,588,620

 

 

 

59,334

 

 

 

490,269

 

 

 

29.89%

 

 

146,541

 

 

 

(1,837)

 

 

144,704

 

GCDI

 

 

39,052

 

 

 

124,995

 

 

 

92,175

 

 

 

65,197

 

 

 

6,675

 

 

 

27.39%

 

 

1,828

 

 

 

(35)

 

 

1,793

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuevo Puerto Santa Fe S.A.

 

 

2,994

 

 

 

14,966

 

 

 

1,009

 

 

 

5,121

 

 

 

11,830

 

 

 

50.00%

 

 

5,915

 

 

 

290

 

 

 

6,205

 

 

 

 

Revenues

 

 

Net income/(loss)

 

 

Total comprehensive income/(loss)

 

 

Dividends distributed to non-controlling shareholders

 

 

Cash of operating activities

 

 

Cash of investment activities

 

 

Cash of financial activities

 

 

Net increase/(decrease) in cash and cash equivalents

 

 

 

As of June 30, 2025

Associates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BHSA

 

 

985,517

 

 

 

46,554

 

 

 

46,554

 

 

 

(71,360)

 

 

144,466

 

 

 

(2,662)

 

 

64,445

 

 

 

206,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuevo Puerto Santa Fe S.A.

 

 

6,295

 

 

 

5,373

 

 

 

5,373

 

 

 

(774)

 

 

3,027

 

 

 

(1,693)

 

 

(799)

 

 

535

 

 

 

As of June 30, 2024

Associates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BHSA

 

 

2,446,515

 

 

 

136,357

 

 

 

136,357

 

 

 

402,351

 

 

 

342,658

 

 

 

(3,352)

 

 

(65,939)

 

 

273,367

 

GCDI

 

 

51,855

 

 

 

(16,870)

 

 

(11,010)

 

 

-

 

 

 

(1,195)

 

 

1,351

 

 

 

(954)

 

 

(798)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuevo Puerto Santa Fe S.A.

 

 

5,694

 

 

 

815

 

 

 

815

 

 

 

(1,232)

 

 

1,203

 

 

 

191

 

 

 

(1,634)

 

 

(240)

Puerto Retiro (joint venture)

 

The Company owns a plot of land of 8.3 hectares, whose U.P. zoning restricts its use to port activities. It faces: (i) a request for extension of bankruptcy initiated by the National Government, and (ii) a civil action filed by Tandanor and the Ministry of Defense regarding the bidding of the Dársena Norte property.

 

On September 7, 2018, the Federal Criminal Oral Court (“TOFC”) No. 5 upheld the statute of limitations defense raised by Puerto Retiro; however, in the criminal case, where Puerto Retiro is not a party, the confiscation of the “Planta I” property was ordered.

 

During fiscal year 2019, Puerto Retiro recorded a provision equivalent to 100% of the carrying value of its investment property, subject to reversal if a favorable judgment is obtained.

 

On November 26, 2024, the Supreme Court of Justice of the Nation annulled the cassation judgment regarding the statute of limitations of the civil action, ordered a new ruling to be issued, and confirmed the confiscation, ordering its restitution to Tandanor.

 

On June 24, 2025, Chamber IV of the Federal Court of Cassation annulled the parts of TOFC No. 5 related to the statute of limitations and the destination of the confiscation and remitted the proceedings to said court for a new resolution.

 

It is worth noting that the civil action is directed exclusively against Puerto Retiro and not against IRSA; the facts on which the civil action in criminal jurisdiction is based occurred prior to IRSA’s acquisition of the shares of Puerto Retiro.

 

As of the issuance date of these financial statements, the resolution regarding the statute of limitations of the civil action and the destination of the property remains pending.

 

Given the procedural stage, the final outcome is uncertain.