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Financial instruments by category

12 Months Ended

Jun. 30, 2025

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.