7Baggers

Irsa Inversiones y Rprsntcins SA
(NYSE:IRS) 

IRS stock logo

IRSA Inversiones y Representaciones Sociedad Annima engages in the diversified real estate activities in Argentina. It is involved in the acquisition, development, and operation of shopping malls, office buildings, and other non-shopping mall properties primarily for rental purposes. The company als...

Founded: 1943
Full Time Employees: 1,953
Sector: Real Estate
Industry: Real Estate-Development
Real Estate
Share this website to your friends
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2030-12-15 2023-06-30 2022-06-30 2022-05-16 2021-06-30 2021-04-09 2019-06-30 2016-10-31 2016-03-31 2012-12-31 2012-06-30 2012-03-31 2010-06-30 
                 
      consolidated statement of income and other comprehensive income
    		             
      revenues
    		   175,000,000  1,791,000,000    130,649,000 1,567,251,000 1,078,764,000  
      costs
    		   -67,000,000  -1,221,000,000    -36,524,000 -550,331,000 -382,014,000  
      gross profit
    		   108,000,000  570,000,000    94,125,000 1,016,920,000 696,750,000  
      yoy
    		     505.58%        
      qoq
    		         -90.74% 45.95%   
      loss from fair value adjustment of investment properties
    		   -100,000,000          
      general and administrative expenses
    		   -28,000,000  -717,000,000        
      selling expenses
    		   -12,000,000  -501,000,000    -7,520,000 -108,514,000 -70,324,000  
      impairment of associates and joint ventures
    		             
      other operating results
    		   1,000,000  -20,000,000        
      income from operations
    		   -31,000,000          
      yoy
    		             
      qoq
    		             
      share of loss of associates and joint ventures
    		   -7,000,000          
      loss before financial results and income tax
    		   -38,000,000          
      finance income
    		   3,000,000  62,000,000        
      finance costs
    		   -57,000,000          
      other financial results
    		   131,000,000  695,000,000        
      inflation adjustment
    		   11,000,000  -32,000,000        
      financial results
    		   88,000,000  -1,048,000,000    -160,878,000 -442,991,000 -286,798,000  
      profit before income tax
    		   50,000,000  25,266,000,000        
      income tax expense
    		   54,000,000  -8,859,000,000        
      profit for the period from continuing operations
    		   104,000,000          
      loss for the period from discontinued operations
    		             
      profit for the period
    		   104,000,000  9,287,000,000        
      profit from continued operations attributable to:
    		             
      equity holders of the parent
    		   112,000,000  3,245,000,000        
      non-controlling interest
    		   -8,000,000          
      profit for the period attributable to:
    		             
      profit per share from continuing operations attributable to equity holders of the parent:
    		             
      basic
    		   0.14          
      diluted
    		   0.13          
      profit per share attributable to equity holders of the parent:
    		             
      consolidated statement of other comprehensive income
    		             
      other comprehensive income loss:
    		             
      items that may be reclassified subsequently to profit or loss:
    		             
      currency translation adjustment
    		   -6  -6,494,000,000        
      revaluation reserve
    		     2,175,000,000        
      other comprehensive income for the period from continuing operations
    		   -6          
      other comprehensive loss for the period from discontinued operations
    		             
      total other comprehensive loss for the period
    		   -6          
      total comprehensive income for the period
    		   98  -369,000,000        
      total comprehensive income from continuing operations
    		   98  12,087,000,000        
      total comprehensive loss from discontinued operations
    		             
      total comprehensive income from continuing operations attributable to:
    		             
      total comprehensive income attributable to:
    		             
      net gain from changes in fair value of investment properties
    		     26,818,000,000        
      profit from operations
    		     26,150,000        
      share of profit of associates and joint ventures
    		     164,000,000        
      income before financial results and income tax
    		     26,314,000,000        
      finance cost
    		     -1,773,000,000        
      profit from continuing operations
    		     16,407,000,000        
      profit from discontinued operation
    		     -7,120,000,000        
      other comprehensive income:
    		             
      net change in fair value of hedging instruments
    		             
      items that may not be reclassified subsequently to profit or loss, net of income tax
    		             
      actuarial loss from defined benefit plans
    		             
      other comprehensive income from continuing operations
    		     -4,319,000,000        
      other comprehensive income from discontinued operations
    		     -5,337,000,000        
      total other comprehensive income for the period
    		     -9,656,000,000        
      total comprehensive income from discontinued operations
    		     -12,457,000,000        
      administrative expenses
    		         -34,868,000 -217,406,000 -158,607,000  
      subtotal
    		         -42,388,000 -325,920,000 -228,931,000  
      gain from recognition of inventories at net realizable value
    		         25,031,000 42,817,000 39,408,000  
      operating income
    		         76,768,000 734,390,000 507,227,000  
      amortization of negative goodwill
    		         1,039,000 18,145,000 14,267,000  
      financial results generated by assets:
    		             
      interest income
    		         10,848,000 25,876,000 18,164,000  
      foreign exchange gain
    		         13,641,000 47,456,000 50,908,000  
      other holding gain
    		         -7,626,000    
      financial results generated by liabilities:
    		             
      interest expense
    		         -107,136,000 -279,086,000 -210,722,000  
      foreign exchange loss
    		         -67,358,000 -213,673,000 -131,127,000  
      other financial expenses
    		         -3,247,000 -14,974,000 -8,806,000  
      gain on equity investees
    		         187,741,000 116,766,000 98,809,000  
      other incomes
    		         -7,015,000 -29,827,000 -12,281,000  
      net income before tax
    		         97,655,000    
      income tax
    		         35,397,000    
      net income for the period
    		         133,052,000  216,709,000  
      earnings per share
    		             
      basic net income per share
    		         0.23 0.484 0.374  
      diluted net income per share
    		         0.23 0.484 0.374  
      net gain from retained interest in securitized receivables
    		             
      gain from operations and holdings of real estate assets
    		          573,000   
      financial and holding results generated by assets:
    		             
      other holding results
    		          -8,590,000 -5,215,000  
      financial and holding results generated by liabilities:
    		             
      income before taxes and minority interest
    		          396,483,000 321,224,000  
      income tax and minimum presumed income tax
    		          -102,683,000 -90,838,000  
      minority interest
    		          -13,719,000 -13,677,000  
      net income for the year
    		          280,081,000   
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-12-09 2025-03-10 2022-06-30 2022-05-16 2022-03-31 2021-06-30 2021-04-09 2021-01-04 2020-09-30 2020-06-30 2020-03-12 2019-09-30 2019-06-30 2018-10-31 2018-06-30 2017-10-31 2017-06-30 2016-06-30 2016-03-31 2015-11-17 2015-03-16 2014-06-30 2013-10-30 2013-06-30 2012-12-12 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2010-06-30 
                                    
        non-current assets
      		                  6,619,932,000            
        investment properties
      		1,972,000,000 1,810,000,000  2,115,000,000 2,115,000,000 1,916,000,000  3,216,000,000 2,185,000,000 3,234,000,000 169,956,000,000 197,192,000,000 5,496 5,640 5,640 6,010,000,000 6,010,000,000   384,031,000 1,098,990,000 402,016,000 741,004,000 741,004,000 3,246,662,000 3,246,662,000     
        property, plant and equipment
      		41,000,000 44,000,000  61,000,000 61,000,000 43,000,000  533,000,000 31,000,000 536,000,000 26,674,000,000 26,954,000,000  465 465 1,630,000,000 1,630,000,000   26,753,000  27,052,000 39,472,000 39,472,000 226,687,000 226,687,000     
        trading properties
      		102,000,000 21,000,000  22,000,000 22,000,000 17,000,000  69,000,000 17,000,000 69,000,000 4,336,000,000 6,559,000,000 129 209 209 273,000,000 273,000,000   14,096,000  16,065,000 33,115,000 33,115,000 167,168,000 167,168,000     
        intangible assets
      		14,000,000 62,000,000  28,000,000 28,000,000 25,000,000  393,000,000 16,000,000 395,000,000 23,462,000,000 22,783,000,000 422 426 426 745,000,000 745,000,000   14,019,000  15,257,000 14,783,000 14,783,000 28,831,000 28,831,000 76,425,000 48,578,000 50,570,000 54,397,000 
        investment in associates and joint ventures
      		133,000,000 173,000,000  120,000,000 120,000,000 127,000,000  1,051,000,000 167,000,000 1,057,000,000   732 854 854 474,000,000 474,000,000   280,694,000  277,979,000 264,279,000 264,279,000       
        deferred income tax assets
      		5,000,000 6,000,000  7,000,000 7,000,000 5,000,000  9,000,000 2,000,000 9,000,000 397,000,000 398,000,000 9 13 13 17,000,000 17,000,000   5,811,000  45,327,000 15,820,000 15,820,000 33,843,000 33,843,000     
        income tax credit
      		 -24,000,000  1,000,000 1,000,000 2,000,000  4,000,000 1,000,000 4,000,000   9   20,000,000 20,000,000   2,092,000           
        right-of-use assets
      		9,000,000 6,000,000  10,000,000 10,000,000 8,000,000  281,000,000 8,000,000 282,000,000  13,281,000,000                   
        trade and other receivables
      		32,000,000 32,000,000  37,000,000 37,000,000 30,000,000  327,000,000 25,000,000 329,000,000 16,954,000,000 17,043,000,000 291 282 282 299,000,000 299,000,000   12,670,000 17,990,000 11,358,000 15,799,000 15,799,000 225,905,000 225,905,000     
        investments in financial assets
      		27,000,000 7,000,000  9,000,000 9,000,000 13,000,000  50,000,000 7,000,000 50,000,000 3,965,000,000 3,915,000,000 68 59 59 107,000,000 107,000,000   77,300,000  33,778,000 49,639,000 49,639,000       
        total non-current assets
      		2,335,000,000 2,161,000,000  2,409,000,000 2,409,000,000 2,184,000,000  5,956,000,000 2,458,000,000 5,990,000,000 323,322,000,000 354,224,000,000 7,851 8,310 8,310 9,967,000,000 9,967,000,000   850,028,000  842,380,000 1,204,011,000 1,204,011,000 6,000,517,000 6,000,517,000  5,550,124,000 5,354,975,000 4,443,109,000 
        current assets
      		                  336,065,000            
        inventories
      		1,000,000 1,000,000  1,000,000 1,000,000 1,000,000  66,000,000 1,000,000 67,000,000 1,303,000,000 1,147,000,000 27 22 22 256,000,000 256,000,000   2,506,000  2,086,000 3,029,000 3,029,000 17,728,000 17,728,000  184,769,000 229,593,000 259,569,000 
        derivative financial instruments
      		1,000,000 -1,000,000    1,000,000  2,000,000  2,000,000 83,000,000 99,000,000 2 3 3 2,000,000 2,000,000 7,000,000  22,712,000 299,000 1,582,000 3,936,000 3,936,000 21,421,000 21,421,000     
        cash and cash equivalents
      		67,000,000 36,000,000  51,000,000 51,000,000 20,000,000  1,277,000,000 58,000,000 1,284,000,000 64,753,000,000 62,669,000,000 1,424 1,293 1,293 1,495,000,000 1,495,000,000 922,000,000  41,283,000  74,992,000 147,903,000 147,903,000 281,342,000 281,342,000     
        total current assets
      		435,000,000 263,000,000  221,000,000 221,000,000 146,000,000  2,907,000,000 173,000,000 2,924,000,000 178,207,000,000 164,070,000,000 3,327 3,328 3,328 3,938,000,000 3,938,000,000 2,843,000,000  209,542,000  363,830,000 341,373,000 341,373,000 1,063,544,000 1,063,544,000  1,023,546,000 1,067,046,000 1,190,332,000 
        total assets
      		2,770,000,000 2,424,000,000  2,630,000,000 2,630,000,000 2,330,000,000  8,863,000,000 2,631,000,000 8,914,000,000 501,529,000,000 518,294,000,000 11,178 11,639 11,639 13,905,000,000 13,905,000,000 10,572,000,000 6,955,997,000 1,059,570,000  1,206,210,000 1,545,384,000 1,545,384,000 7,064,061,000 7,064,061,000  6,573,670,000 6,422,021,000  
        shareholders’ equity
      		                             2,403,046,000 
        shareholders' equity attributable to equity holders of the parent
      		          34,340,000,000 37,674,000,000                   
        share capital
      		6,000,000 7,000,000  7,000,000 7,000,000 7,000,000  8,000,000 8,000,000 8,000,000   14 20 20 35,000,000 35,000,000 38,000,000  63,210,000  70,549,000 107,401,000 107,401,000 578,676,000 578,676,000     
        treasury stock
      		 -93,000,000                  465,000  603,000     54,149,000    
        inflation adjustment of share capital and treasury stock
      		352,000,000 384,000,000  262,000,000 262,000,000 216,000,000  192,000,000 192,000,000 192,000,000   219   7,000,000 7,000,000   13,571,000  15,164,000         
        warrants
      		17,000,000 24,000,000  22,000,000 22,000,000                          
        share premium
      		526,000,000 567,000,000  507,000,000 507,000,000 252,000,000  205,000,000 205,000,000 207,000,000   240 27 27 48,000,000 48,000,000 53,000,000  87,271,000  97,519,000 147,202,000 147,202,000 793,123,000 793,123,000     
        additional paid-in capital from treasury stock
      		-49,000,000 -54,000,000  2,000,000 2,000,000 2,000,000  1,000,000 1,000,000 1,000,000   1   1,000,000 1,000,000   796,000           
        legal reserve
      		51,000,000 56,000,000  24,000,000 24,000,000 17,000,000  7,000,000 7,000,000 7,000,000   8 5 5 9,000,000 9,000,000 8,000,000  12,857,000  14,366,000 15,802,000 15,802,000 71,136,000 71,136,000     
        special reserve
      		199,000,000 218,000,000  178,000,000 178,000,000 148,000,000  133,000,000 133,000,000 134,000,000   155 95 95 165,000,000 165,000,000   421,000  46,168,000 73,357,000 73,357,000       
        other reserves
      		-72,000,000 -79,000,000  -54,000,000 -54,000,000 285,000,000  83,000,000 113,000,000 84,000,000   1,121 73 73 130,000,000 130,000,000 48,000,000       419,783,000 419,783,000     
        retained earnings
      		295,000,000 -2,000,000  113,000,000 113,000,000 -299,000,000  179,000,000 265,000,000 179,000,000   -1,003 1,071 1,071 1,160,000,000 1,160,000,000   -4,447,000  -96,504,000 44,419,000 44,419,000 551,995,000 551,995,000 256,816,000    
        total capital and reserves attributable to equity holders of the parent
      		1,325,000,000 1,121,000,000  1,061,000,000 1,061,000,000 647,000,000  807,000,000 924,000,000 812,000,000   755 1,297 1,297 1,555,000,000 1,555,000,000              
        non-controlling interest
      		77,000,000 77,000,000  76,000,000 76,000,000 218,000,000  926,000,000 307,000,000 931,000,000 47,055,000,000 45,756,000,000 1,266 1,287 1,287 1,291,000,000 1,291,000,000 824,000,000  41,444,000  67,423,000 71,483,000 71,483,000 391,659,000 391,659,000 61,635,000    
        total shareholders’ equity
      		1,402,000,000 1,198,000,000  1,137,000,000 1,137,000,000 865,000,000  1,733,000,000 1,230,000,000 1,743,000,000 81,395,000,000 83,430,000,000 2,021 2,584 2,584 2,846,000,000 2,846,000,000 898,000,000       3,093,966,000 3,093,966,000     
        liabilities
      		                              
        non-current liabilities
      		                  3,502,426,000            
        borrowings
      		425,000,000 217,000,000  460,000,000 460,000,000 489,000,000  4,209,000,000 420,000,000 4,233,000,000 253,502,000,000 275,818,000,000 6,288 6,275 6,275 6,584,000,000 6,584,000,000 6,029,000,000  411,095,000  461,823,000 542,435,000 542,435,000 2,018,394,000 2,018,394,000     
        lease liabilities
      		2,000,000 3,000,000  9,000,000 9,000,000 9,000,000  189,000,000 8,000,000 190,000,000 9,972,000,000 10,160,000,000                   
        deferred income tax liabilities
      		614,000,000 566,000,000  760,000,000 760,000,000 718,000,000  622,000,000 553,000,000 626,000,000 33,737,000,000 33,336,000,000 867 908 908 1,384,000,000 1,384,000,000 503,000,000  5,660,000  42,494,000 73,485,000 73,485,000 380,737,000 380,737,000     
        trade and other payables
      		49,000,000 47,000,000  21,000,000 21,000,000 15,000,000  30,000,000 23,000,000 30,000,000 1,780,000,000 2,056,000,000 41 121 121 183,000,000 183,000,000 101,000,000  28,018,000  24,917,000 39,183,000 39,183,000 194,525,000 194,525,000     
        income tax liabilities
      		17,000,000 50,000,000                    7,952,000 14,674,000 14,674,000 61,850,000 61,850,000     
        provisions
      		32,000,000 25,000,000  16,000,000 16,000,000 1,000,000  43,000,000 2,000,000 44,000,000 11,451,000,000 10,995,000,000 189 123 123 57,000,000 57,000,000 88,000,000  41,166,000  25,234,000 10,716,000 10,716,000 18,312,000 18,312,000    2,890,000 
        salaries and social security liabilities
      		 -119,000,000  1,000,000 1,000,000 1,000,000  3,000,000 3,000,000 3,000,000 151,000,000 151,000,000 3 2 2 8,000,000 8,000,000 1,000,000  13,491,000           
        total non-current liabilities
      		1,139,000,000 858,000,000  1,267,000,000 1,267,000,000 1,233,000,000  5,104,000,000 1,006,000,000 5,133,000,000 310,864,000,000 333,290,000,000 7,415 7,434 7,434 8,267,000,000 8,267,000,000 6,775,000,000  515,349,000  594,379,000 666,406,000 666,406,000 2,673,818,000 2,673,818,000    1,325,668,000 
        current liabilities
      		                  979,318,000            
        total current liabilities
      		229,000,000 368,000,000  226,000,000 226,000,000 232,000,000  2,026,000,000 394,000,000 2,038,000,000 109,270,000,000 101,574,000,000 1,742 1,621 1,621 2,792,000,000 2,792,000,000 2,899,000,000  295,722,000  297,482,000 297,930,000 297,930,000 1,296,277,000 1,296,277,000    1,341,620,000 
        total liabilities
      		1,368,000,000 1,226,000,000  1,493,000,000 1,493,000,000 1,465,000,000  7,130,000,000 1,400,000,000 7,171,000,000 420,134,000,000 434,864,000,000 9,157 9,055 9,055 11,059,000,000 11,059,000,000 9,674,000,000 4,481,744,000 811,071,000  891,861,000 964,336,000 964,336,000 3,970,095,000 3,970,095,000 11,968,278,000   2,667,288,000 
        total shareholders’ equity and liabilities
      		2,770,000,000 2,424,000,000  2,630,000,000 2,630,000,000 2,330,000,000  8,863,000,000 2,631,000,000 8,914,000,000 501,529,000,000 518,294,000,000 11,178 11,639 11,639 13,905,000,000 13,905,000,000 10,572,000,000       7,064,061,000 7,064,061,000     
        assets
      		                              
        ias
      		                              
        iasb
      		                              
        ifrs
      		                              
        irsa, the company”, “us”, “we”
      		                              
        irsa cp
      		                              
        gcdi
      		                              
        mpit
      		                              
        ncn
      		                              
        new lipstick
      		                              
        puerto retiro
      		                              
        tglt
      		                              
        income tax and minimum presumed income tax credit
      		            4       11,941,000           
        income tax and minimum presumed income tax ("mpit") liabilities
      		   43,000,000 43,000,000        8                  
        consolidated statement of financial position data
      		                              
        other assets
      		          33,000,000 33,000,000 1 7 7                
        restricted assets
      		       26,000,000  27,000,000 679,000,000 2,816,000,000 73 71 71 27,000,000 27,000,000   1,037,000 163,501,000  2,019,000 2,019,000       
        employee benefits
      		          182,000,000 166,000,000 3 4 4   46,000,000             
        financial assets and other assets held for sale
      		            98   374,000,000 374,000,000              
        group of assets held for sale
      		       589,000,000  592,000,000 36,488,000,000 15,850,000,000 189 180 180 161,000,000 161,000,000              
        shareholders’ equity attributable to equity holders of the parent
      		                              
        warrant
      		     19,000,000                         
        income tax and minimum presumed income tax “mpit”) liabilities
      		                              
        group of liabilities held for sale
      		       69,000,000 2,000,000 316,000,000 19,726,000,000 11,445,000,000 134 112 112 112,000,000 112,000,000              
        income tax and minimum presumed income tax (“mpit”) liabilities
      		     10,000,000  9,000,000  9,000,000        41,000,000             
        other financial data
      		                              
        basic net income per common share from continuing operations
      		      -10,000                        
        diluted net income per common share from continuing operations
      		      -10,000                        
        basic net income per gds from continuing operations
      		      -120,000                        
        diluted net income per gds from continuing operations
      		      -120,000                        
        basic net income per common share
      		      100,000                        
        diluted net income per common share
      		      100,000                        
        basic net income per gds
      		      1,050,000                        
        diluted net income per gds
      		      1,040,000                        
        diluted weighted – average number of common shares
      		      578,676,471,000,000                        
        depreciation and amortization
      		      3,000,000                        
        capital expenditures
      		      21,000,000                        
        working capital
      		      -121,000,000                        
        ratio of current assets to current liabilities
      		      10,000                        
        ratio of shareholders’ equity to total liabilities
      		      10,000                        
        ratio of non current assets to total assets
      		      10,000                        
        dividend paid
      		      25,000,000                        
        dividends per common share
      		      40,000                        
        dividends per gds
      		      430,000                        
        number of common shares outstanding
      		      576,453,601,000,000                        
        capital stock
      		      575,000,000                        
        consolidated statement of financial position
      		                              
        hasa
      		                              
        idbt
      		                              
        idbd
      		                              
        ifisa
      		                              
        ispro
      		                              
        israir
      		                              
        lrsa
      		                              
        metropolitan
      		                              
        nfsa
      		                              
        nis
      		                              
        pbc
      		                              
        pbel
      		                              
        quality
      		                              
        shufersal
      		                              
        tarshop
      		                              
        tyrus
      		                              
        note
      		          12,310,000                    
        rights of use
      		          13,181,000,000                    
        investments in associates and joint ventures
      		          63,588,000,000 63,004,000,000             1,437,316,000 1,437,316,000     
        income tax and mpit credit
      		          14,000,000 147,000,000  14 14                
        financial assets held for sale
      		          7,337,000,000 14,675,000,000  270 270                
        income tax and mpit liabilities
      		          426,000,000 6,000,000  18 18                
        property, plant and equipmen
      		            526                  
        shareholders´ equity
      		                              
        consolidated statements of financial position
      		                              
        capital and reserves attributable to the equity holders of the parent
      		                              
        treasury shares
      		                              
        inflation adjustment of share capital and treasury shares
      		             4 4   8,000,000             
        additional paid-in capital from treasury shares
      		             1 1   1,000,000             
        income tax and minimum presumed income tax (“mpit”) credit
      		               9,000,000 9,000,000              
        capital and reserves attributable to equity holders of the parent
      		                              
        mpit liabilities
      		               48,000,000 48,000,000              
        accumulated deficit
      		                 -83,000,000             
        total capital and reserves attributable to equity holders
      		                 74,000,000             
        liabilities held for sale
      		                     99,178,000         
        shareholders' equity
      		                  2,474,253,000            
        beginning of the period / year
      		                  2,732,180,000            
        capital contribution
      		                  38,099,000            
        acquisition of non-controlling interest
      		                  -7,026,000            
        merger–spin-off
      		                  -165,379,000            
        share of profit
      		                  -202,827,000            
        translation adjustment
      		                  35,210,000            
        dividends distribution
      		                              
        capital reduction
      		                              
        reimbursement of expired dividends
      		                              
        intergroup transactions from transfer of assets
      		                              
        end of the period / year
      		                  2,430,257,000            
        assets held for sale
      		                     166,958,000         
        cost of treasury stock
      		                   -3,711,000  -4,661,000         
        changes in non-controlling interest
      		                   -623,000           
        cumulative translation adjustment
      		                   30,223,000  49,051,000 9,424,000 9,424,000 24,992,000 24,992,000     
        reserve for share-based compensation
      		                   7,023,000     4,263,000 4,263,000     
        reserve for new developments
      		                     50,806,000 91,396,000 91,396,000       
        equity attributable to equity holders of the parent
      		                   207,055,000  246,926,000 509,565,000 509,565,000 2,702,307,000 2,702,307,000     
        total shareholders´ equity
      		                   248,499,000  314,349,000 581,048,000 581,048,000       
        payroll and social security liabilities
      		                   244,000  461,000 586,000 586,000 35,765,000 35,765,000     
        income tax and minimum presumed income tax liabilities
      		                   14,897,000           
        total shareholders equity and liabilities
      		                   1,059,570,000  1,206,210,000 1,545,384,000 1,545,384,000       
        intangible assets – goodwill
      		                    77,086,000          
        total
      		                    1,357,866,000          
        audited condensed consolidated statements of financial position
      		                              
        income tax receivables
      		                     13,548,000 24,144,000 24,144,000       
        acquisition of additional interest in subsidiaries
      		                     -2,681,000 -3,857,000 -3,857,000       
        equity-settled compensation
      		                     6,546,000 1,533,000 1,533,000       
        audited consolidated statements of financial position
      		                              
        inflation adjustment of share capital
      		                      22,890,000 22,890,000 274,387,000 274,387,000     
        investment in financial assets
      		                        612,684,000 612,684,000     
        financial assets at fair value through profits or loss
      		                        219,161,000 219,161,000     
        other equity adjustments
      		                        -16,048,000 -16,048,000     
        cash and due from banks
      		                              
        banks and correspondents
      		                          1,135,926,000    
        government and corporate securities
      		                          2,071,656,000    
        loans
      		                              
        mortgage loans
      		                          1,696,956,000    
        other loans
      		                          6,882,332,000    
        plus: accrued interest receivable
      		                          68,456,000    
        less: allowance for loan losses
      		                          -236,512,000    
        other receivables from financial transactions
      		                              
        collateral receivable under repurchase agreements
      		                          161,281,000    
        amounts receivable under derivative financial instruments
      		                          382,085,000    
        loans in trust pending securitization
      		                          21,481,000    
        amounts receivable under reverse repurchase agreements of government and corporate securities
      		                          627,880,000    
        other
      		                          1,483,022,000    
        less: allowance for other receivables from financial transactions
      		                          -92,291,000    
        assets under financial leases
      		                          712,000    
        investments in other companies
      		                          4,066,000    
        miscellaneous receivables
      		                          679,187,000    
        bank premises and equipment
      		                          110,755,000    
        miscellaneous assets
      		                          37,224,000    
        items pending allocation
      		                          371,000    
        liabilities and shareholders' equity
      		                              
        deposits
      		                              
        checking accounts
      		                              
        saving accounts
      		                          524,120,000    
        time deposits
      		                          4,172,884,000    
        other deposit accounts
      		                          79,756,000    
        plus: accrued interest payable
      		                          137,098,000    
        other liabilities from financial transactions
      		                              
        other banks and international entities
      		                          550,865,000    
        bonds
      		                          1,983,959,000    
        argentine central bank
      		                          6,905,000    
        amounts payable under derivative financial instruments
      		                          388,595,000    
        borrowings under repurchase agreements collateralized by government securities
      		                          97,948,000    
        obligation to return securities acquired under reverse repurchase agreements of government and corporate securities
      		                          654,882,000    
        miscellaneous liabilities
      		                              
        taxes
      		                          68,212,000    
        sundry creditors
      		                          385,587,000    
        reserve for contingencies
      		                          172,080,000    
        common stock
      		                          1,463,365,000    
        paid in capital
      		                          834,000    
        inflation adjustment on common stock
      		                          699,601,000    
        reserves
      		                          894,429,000    
        total shareholders' equity
      		                          3,369,194,000    
        total liabilities and shareholders' equity
      		                              
        cash and banks
      		                           200,878,000 217,951,000  
        investments
      		                           209,368,000 170,330,000 259,168,000 
        accounts receivable
      		                           272,094,000 302,544,000 359,529,000 
        other receivables
      		                           156,437,000 146,628,000  
        fixed assets
      		                           3,346,228,000 3,372,045,000 2,692,637,000 
        subtotal non-current assets
      		                           5,912,489,000 5,723,011,000 4,512,232,000 
        negative goodwill
      		                           -362,365,000 -368,036,000 -69,123,000 
        other receivables and prepaid expenses
      		                             240,891,000 
        trade accounts payable
      		                             23,368,000 
        mortgages payable
      		                              
        advances from customers
      		                             210,102,000 
        short-term debt
      		                             609,190,000 
        salaries and social security payable
      		                             37,375,000 
        taxes payable
      		                             101,111,000 
        other liabilities
      		                             65,338,000 
        long-term debt
      		                             1,031,528,000 
        minority interest
      		                             563,107,000 
        total liabilities and shareholders’ equity
      		                              
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2030-12-15 2020-03-31 2020-03-12 2019-06-05 2018-11-27 2018-05-24 2016-03-31 2012-12-12 
                
          non-current assets
        		6,620,000,000        
          current assets
        		336,000,000        
          total assets
        		6,956,000,000        
          shareholders' equity
        		2,474,000,000        
          non-current liabilities
        		3,503,000,000        
          current liabilities
        		979,000,000        
          total liabilities
        		4,482,000,000        
          cash flow data
        		        
          net cash generated from operating activities
        		       246,108,000 
          net cash generated from investing activities
        		        
          net cash from financing activities
        		       -153,759,000 
          cash and cash equivalents at beginning of period
        		        
          cash and cash equivalents at end of period
        		       281,342,000 
          net increase / (decrease) in cash and cash equivalents
        		        
          net cash flow generated from operating activities
        		        
          net cash flow generated from / (used in) investing activities
        		        
          net cash flow generated from financing activities
        		        
          net (decrease) / increase in cash and cash equivalents
        		        
          profit for the period
        		 -4,187,000,000 4,857,000,000 -9,065,000,000 11,084,000,000 11,290,000,000   
          profit from discontinued operations
        		 -17,180,000,000 -16,639,000,000  46,000,000    
          interest income
        		 -655,000,000 -443,000,000 -949,000,000 -239,000,000    
          interest expense
        		 15,488,000,000 9,997,000,000 11,578,000,000 3,261,000,000 7,945,000,000   
          income tax
        		 2,142,000,000 2,365,000,000 -1,615,000,000 1,832,000,000    
          depreciation and amortization
        		 11,604,000,000 6,912,000,000 5,321,000,000 1,144,000,000 4,085,000,000   
          ebitda
        		 7,212,000,000 7,049,000,000 4,961,000,000 17,128,000,000 22,355,000,000   
          unrealized net gain from fair value adjustment of investment properties
        		 275,000,000 -3,721,000,000 5,195,000,000 -16,012,000,000    
          share of profit of associates and joint ventures
        		 -1,115,000,000 1,671,000,000 1,213,000,000 -436,000,000    
          dividends earned
        		 -122,000,000 -75,000,000 -50,000,000 -35,000,000    
          foreign exchange differences net
        		 -4,950,000,000 -4,427,000,000 2,090,000,000 9,346,000,000 2,398,000,000   
          loss from derivative financial instruments
        		 355,000,000 185,000,000  -245,000,000    
          fair value gains of financial assets and liabilities at fair value through profit or loss
        		 9,778,000,000 2,978,000,000 328,000,000 -6,813,000,000    
          inflation adjustment
        		 -339,000,000 -206,000,000 560,000,000     
          other financial costs/income
        		 7,790,000,000 6,820,000,000 -58,000,000     
          devaluation of associates and joint ventures
        		 2,344,000,000 1,621,000,000      
          barter agreements result
        		 -235,000,000 -239,000,000      
          adjusted ebitda
        		 20,993,000,000 11,656,000,000 13,830,000,000 3,048,000,000 10,116,000,000   
          adjusted ebitda margin
        		 30,200,000 27,240,000 28,710,000 28,150,000 15,400,000   
          net cash flow (used in) / generated from financing activities
        		        
          net increase/ (decrease) in cash and cash equivalents
        		        
          loss from discontinued operations
        		   -309,000,000     
          gain from derivative financial instruments
        		   -409,000,000     
          other financial costs
        		    115,000,000 491,000,000   
          consolidated statement of income and other comprehensive income
        		        
          revenues
        		      532,779,000  
          costs
        		      -79,119,000  
          gross profit
        		      453,660,000  
          net gain from fair value adjustment of investment properties
        		        
          general and administrative expenses
        		      -37,399,000  
          selling expenses
        		      -31,813,000  
          other operating results
        		      -6,554,000  
          profit from operations
        		      377,894,000  
          share of profit / (loss) of associates and joint ventures
        		        
          profit from operations before financial results and income tax
        		        
          finance income
        		        
          finance costs
        		        
          other financial results
        		        
          financial results
        		        
          profit before income tax
        		        
          profit from continuing operations
        		        
          total profit for the year
        		        
          other comprehensive income /
        		        
          items that may be subsequently reclassified to profit or loss:
        		        
          currency translation adjustment
        		        
          share of other comprehensive income / (loss) of associates and joint ventures
        		        
          revaluation reserve
        		        
          net change in fair value of hedging instruments
        		        
          items that may not be subsequently reclassified to profit or loss, net of income tax
        		        
          actuarial income from defined benefit plans
        		        
          other comprehensive income / (loss) from continuing operations
        		        
          other comprehensive income / (loss) from discontinued operations
        		        
          total other comprehensive income / (loss) for the year
        		        
          total comprehensive income for the year
        		        
          total comprehensive income from continuing operations
        		        
          total comprehensive income from discontinued operations
        		        
          total profit for the year attributable to:
        		        
          equity holders of the parent
        		        
          non-controlling interest
        		        
          profit from continuing operations attributable to:
        		        
          total comprehensive income for the year attributable to:
        		        
          total comprehensive income from continuing operations attributable to:
        		        
          total profit for the year per common share attributable to equity holders of the parent:
        		        
          basic
        		        
          diluted
        		        
          profit per common share from continuing operations attributable to equity holders of the parent:
        		        
          net cash generated by operating activities
        		        
          net cash (used in) / generated by investing activities
        		        
          net cash generated by / (used in) financing activities
        		        
          consolidated statements of financial position
        		        
          assets
        		        
          investment properties
        		      2,332,514,000  
          property, plant and equipment
        		      48,570,000  
          trading properties
        		        
          intangible assets
        		        
          other assets
        		        
          investment in associates and joint ventures
        		        
          deferred income tax assets
        		        
          income tax and mpit credit
        		        
          restricted assets
        		        
          trade and other receivables
        		        
          employee benefits
        		        
          investments in financial assets
        		        
          financial assets held for sale
        		        
          derivative financial instruments
        		        
          total non-current assets
        		        
          inventories
        		      15,537,000  
          group of assets held for sale
        		        
          cash and cash equivalents
        		        
          total current assets
        		        
          shareholders’ equity
        		        
          capital and reserves attributable to the equity holders of the parent
        		        
          share capital
        		        
          treasury shares
        		        
          inflation adjustment of share capital and treasury shares
        		        
          share premium
        		        
          additional paid-in capital from treasury shares
        		        
          legal reserve
        		        
          special reserve
        		        
          other reserves
        		        
          retained earnings
        		        
          total capital and reserves attributable to equity holders of the parent
        		        
          total shareholders’ equity
        		        
          liabilities
        		        
          borrowings
        		        
          deferred income tax liabilities
        		        
          trade and other payables
        		        
          provisions
        		        
          salaries and social security liabilities
        		        
          total non-current liabilities
        		        
          group of liabilities held for sale
        		        
          income tax and mpit liabilities
        		        
          total current liabilities
        		        
          total shareholders’ equity and liabilities
        		        
          income tax expense
        		        
          unrealized gain from fair value of investment properties
        		        
          (gain) from derivative financial instruments
        		     14,000,000   
          income tax and minimum presumed income tax (“mpit”) credit
        		        
          gain from disposal of investment properties
        		        
          segment profit
        		      377,894,000  
          goodwill
        		      6,804,000  
          right to receive future units under barter agreements
        		        
          investments in associates and joint ventures
        		      -19,353,000  
          operating assets
        		      2,403,425,000  
          cash flows from operating activities:
        		        
          net income
        		        
          adjustments to reconcile net income to net cash from cash flows from operating activities:
        		        
          provision for loan losses and for contingencies and miscellaneous receivables, net of reversals
        		        
          net gain on investment government securities
        		        
          gain on derivative financial instruments
        		        
          net gain on sale of premises and equipment and miscellaneous assets
        		        
          net indexing (cer and cvs) and interest of loans and deposits incurred but not paid
        		        
          net change in trading securities
        		        
          net change in other assets
        		        
          net change in other liabilities
        		        
          net cash from operating activities
        		        
          capital expenditures
        		        
          free cash flows
        		        
          cash flows from investing activities:
        		        
          decrease in loans
        		        
          proceeds from securitization of consumer loans
        		        
          proceeds from maturities of available for sale securities
        		        
          purchases of investments in other companies
        		        
          proceeds from sales, net of payments for purchases, of available for sale securities
        		        
          proceeds from sale of premises and equipment
        		        
          purchases of premises and equipment, miscellaneous and intangible assets
        		        
          net cash from investing activities
        		       -72,077,000 
          cash flows from financing activities:
        		        
          increase in deposits
        		        
          principal payments on bonds, notes, and other debts
        		        
          proceeds from issuance of bonds, notes and other debts
        		        
          payments of debt issuance cost
        		        
          distribution of dividends
        		        
          increase in borrowings
        		        
          net increase in cash and cash equivalents
        		       20,272,000 
          cash and cash equivalents at the beginning of the period
        		        
          effect of foreign exchange changes on cash and cash equivalents
        		        
          cash and cash equivalents at the end of the period
        		        
          supplemental disclosure of cash flow information:
        		        
          cash paid for interest
        		        
          cash paid for presumptive minimum income tax and income tax.
        		        
          non-cash transactions involving securitizations
        		        
          consolidated statements of income
        		        
          income from sales, rents and services
        		        
          income from common maintenance expenses collected and collective promotion fund
        		        
          share of (loss) /profit of associates and joint ventures
        		        
          profit before financial results and income tax
        		        
          finance cost
        		        
          profit/ (loss) before income tax
        		        
          total profit/ (loss) for the year
        		        
          attributable to:
        		        
          profit per common share attributable to equity holders of the parent:
        		        
          consolidated statements of comprehensive income profit/ (loss) for the year
        		        
          other comprehensive income:
        		        
          items that may be reclassified subsequently to profit or loss:
        		        
          other comprehensive income for the year
        		        
          total other comprehensive income for the year
        		        
          income tax and minimum presumed income tax credit
        		        
          income tax credit
        		        
          assets held for sale
        		        
          shareholders´ equity
        		        
          treasury stock
        		        
          inflation adjustment of share capital and treasury stock
        		        
          additional paid-in capital from treasury stock
        		        
          cost of treasury stock
        		        
          changes in non-controlling interest
        		        
          cumulative translation adjustment
        		        
          reserve for share-based compensation
        		        
          reserve for new developments
        		        
          equity attributable to equity holders of the parent
        		        
          total shareholders´ equity
        		        
          payroll and social security liabilities
        		        
          income tax and minimum presumed income tax liabilities
        		        
          liabilities held for sale
        		        
          total shareholders equity and liabilities
        		        
          cash generated from operations
        		       272,039,000 
          income tax paid
        		       -25,931,000 
          capital contributions in associates and joint ventures
        		        
          purchases of associates and joint ventures
        		       -7,570,000 
          purchases of investment properties
        		       -36,767,000 
          proceeds from sale of investment properties
        		       53,299,000 
          purchases of property, plant and equipment
        		       -5,832,000 
          purchases of intangible assets
        		       -253,000 
          purchases in financial assets at fair value through profit or loss
        		       -102,855,000 
          proceeds from sale of financial assets at fair value through profit or loss
        		       46,433,000 
          advanced payments for purchases of associates
        		       -23,485,000 
          loans granted to associates and joint ventures
        		        
          dividends received
        		       4,953,000 
          proceeds from borrowings
        		       24,624,000 
          repayments of borrowings
        		       -80,266,000 
          payment of seller financing
        		       -2,000,000 
          acquisition of non-controlling interest in subsidiaries
        		        
          dividends paid
        		       -48,899,000 
          capital contribution of non-controlling interest
        		       1,717,000 
          interest paid
        		       -96,116,000 
          loans from associates and joint ventures
        		       47,181,000 
          cash and cash equivalents at beginning of period .
        		       259,169,000 
          foreign exchange gain on cash and cash equivalents
        		       1,901,000 
          changes in cash and cash equivalents
        		        
          · cash and cash equivalents as of the beginning of the year
        		        
          · cash and cash equivalents as of the end of the period
        		        
          · net increase in cash and cash equivalents
        		        
          causes of changes in cash and cash equivalents
        		        
          cash flows from operating activities
        		        
          · net income for the period
        		        
          - adjustments to reconcile net income to cash flows from operating activities:
        		        
          · income tax and mpit
        		        
          · gain on equity investees
        		        
          · amortization of negative goodwill
        		        
          · minority interest
        		        
          · gain from recognition of inventories at net realizable value
        		        
          · allowances and provisions
        		        
          · depreciation and amortization
        		        
          · accrued interest
        		        
          · financial results
        		        
          · long-term incentive program reserve
        		        
          · gain for fixed assets retired
        		        
          · net income from the derecognition of intangible assets
        		        
          · gain from inventory barter transactions
        		        
          · additions of intangible assets
        		        
          · net income from sales of real estate property
        		        
          changes in certain assets and liabilities net of non-cash transactions and effects of acquisitions:
        		        
          · increase in account receivable,net
        		        
          · increase in other receivables
        		        
          · decrease in inventories
        		        
          · increase in trade accounts payable
        		        
          · decrease in taxes payable, salaries and social security payable
        		        
          · increase in customer advances
        		        
          · decrease in other liabilities
        		        
          · advance payments for the acquisition of shares
        		        
          · increase in current investments
        		        
          · share-holding increase in equity investees
        		        
          · decrease in minority interest
        		        
          · acquisition of undeveloped parcels of land
        		        
          · acquisitions and improvements of fixed assets
        		        
          · (outflows) inflows for the acquisition / sale of subsidiaries
        		        
          · collection of dividends
        		        
          · collection of equity investees credits
        		        
          · loans granted to related parties
        		        
          · proceeds in short-term and long- term debt
        		        
          · payments in short-term debt and long-term debt, and mortgages payables
        		        
          · loans from related parties
        		        
          · bank overdrafts
        		        
          · capital contribution by minority shareholders
        		        
          · proceeds from issuance of non-convertible notes, net of expenses
        		        
          · interest paid
        		        
          · dividends paid
        		        
          · payments for the acquisition of shares in related companies
        		        
          · reimbursement of dividends
        		        
          · payment of non convertible notes
        		        
          net cash (used in) generated by financing activities:
        		        
          cash and cash equivalents as of the beginning of the year
        		        
          cash and cash equivalents as of the end of the period
        		        
          net income for the period
        		        
          adjustments to reconcile net income to cash flows from operating activities:
        		        
          income tax and mpit
        		        
          gain on equity investees
        		        
          amortization of negative goodwill
        		        
          minority interest
        		        
          gain from recognition of inventories at net realizable value
        		        
          allowances and provisions
        		        
          accrued interest
        		        
          long-term incentive program reserve
        		        
          net carrying value of fixed assets sold
        		        
          net income from the derecognition of intangible assets
        		        
          gain from inventory barter transactions
        		        
          net income from sales of real estate property
        		        
          additions of intangible assets
        		        
          increase in accounts receivable
        		        
          decrease (increase) in other receivables
        		        
          decrease in inventories
        		        
          (increase) in intangible assets
        		        
          increase in trade accounts payable
        		        
          (decrease) in taxes payable, salaries and social security payable
        		        
          increase in customer advances
        		        
          decrease in other liabilities
        		        
          net loans collections
        		        
          advance payments for the acquisition of shares
        		        
          increase in current investments
        		        
          share-holding increase in equity investees
        		        
          increase in minority interest
        		        
          acquisition of undeveloped parcels of land
        		        
          acquisition and improvements of fixed assets
        		        
          (outflows) inflows for the acquisition / sale of subsidiaries
        		        
          collection of dividends
        		        
          loans granted to related parties
        		        
          proceeds (payments) in short-term and long-term debt
        		        
          loans from related parties
        		        
          bank overdrafts
        		        
          capital contribution by minority owners in related parties
        		        
          proceeds from issuance of non-convertible notes, net of expenses
        		        
          payments for the acquisition of shares in related companies
        		        
          reimbursement of dividends
        		        
          payment of non convertible notes
        		        
          ·
        		        
          2.3.
        		        
          net income for the year
        		        
          adjustments to reconcile net income to net cash flows from operating activities:
        		        
          allowances and other provisions
        		        
          (gain) loss on equity investees
        		        
          gain from operations and holdings of real estate assets
        		        
          gain from sale of inventories
        		        
          gain from sale of undeveloped plot of land
        		        
          changes in certain assets and liabilities, net of non-cash transactions and the effects of acquisitions:
        		        
          increase in other receivables and prepaid expenses
        		        
          increase in inventories
        		        
          increase in intangible assets
        		        
          increase in advances from customers, salaries and social security payable and taxes payable
        		        
          increase in other liabilities
        		        
          increase in accrued interest
        		        
          decrease (increase) in investments
        		        
          acquisition of businesses and assets net of cash acquired
        		        
          payment for acquisition of tarshop’s minority interest
        		        
          acquisitions and improvements of fixed assets
        		        
          increase in equity investees and other investments
        		        
          cash collected from insurance claims
        		        
          advance received from sale of interest in tarshop
        		        
          collection from sale of undeveloped parcels of land
        		        
          payment for non compete agreement with the former minority shareholder of tarshop
        		        
          increase in short-term and long-term debt
        		        
          seller financing
        		        
          payments of short-term and long term debt
        		        
          exercise of warrants
        		        
          dividends paid by subsidiaries to minority shareholders
        		        
          decrease in mortgages payable
        		        
          re purchase of debt
        		        
          cash from minority shareholders’ capital contributions to subsidiaries
        		        
          proceeds from issuance of negotiable obligations, net of expenses
        		        
          proceeds from issuance of short-term negotiable values
        		        
          net decrease in cash and cash equivalents
        		        
          cash and cash equivalents as of the end of the year