cresud_20f.htm

美國

證券交易委員會

華盛頓特區20549

形式 20-F

☐ 根據1934年《證券交易所法》第12（b）或（g）條的登記聲明

或

☒ 根據1934年《證券交易所法》第13或15（d）條提交的年度報告

截至本財政年度止2024年6月30日

或

☐ 根據1934年《證券交易所法》第13或15（d）條提交的過渡報告

或

☐ 殼牌公司根據1934年《證券和交易所法》第13或15（d）節的報告

需要該空殼公司報告的事件日期_

委員會檔案編號 001-29190

CRESUD SOCIEDAD阿諾尼馬商業協會

印度金融和農業

（註冊人章程中規定的確切名稱）

克雷蘇德公司

（註冊人姓名的英文翻譯）

共和國阿根廷

(註冊成立或組織的司法管轄權)

Carlos M.德拉·保萊拉261, 9樓 (C1001 ADA),

布宜諾斯艾利斯市, 阿根廷

（主要行政辦公室地址）

馬蒂亞斯·伊萬·蓋茲斯基

首席財務和行政官

Tel +（5411) 4323-7449 – ir@cresud.com.ar

Carlos M.德拉·保萊拉261, 9樓, (C1001 ADA),

布宜諾斯艾利斯市, 阿根廷

(公司聯繫人姓名、電話、電子郵件和/或傳真號碼及地址)

根據該法第12(B)條登記或將登記的證券：

每個班級的標題

交易符號

各交易所名稱

在哪裏註冊

美國存托股票（ADS），每股代表十股普通股

令人難以置信的

納斯達克證券市場的納斯達克全國市場

普通股，每股面值1.00澳元

納斯達克納斯達克證券市場全國市場 *

*	不用於交易，而僅限於根據美國證券交易委員會的要求註冊美國存托股票。

根據該法第12(G)條登記或將登記的證券：無

根據該法第15(D)條負有報告義務的證券：無

註明截至年報所述期間結束時發行人所屬各類資本或普通股的流通股數量：596,355,320.

如果註冊人是《證券法》第405條中定義的知名經驗豐富的發行人，則通過勾選標記進行驗證：是 ☒ 沒有

如果本報告是年度報告或過渡報告，請勾選標記表明註冊人是否無需根據1934年證券交易法第13或15（d）條提交報告。☒ 是的否

注：勾選上述方框不會免除任何根據《1934年證券交易法》第13或15（a）條要求提交報告的註冊人在這些條款下的義務，無論註冊人（1）是否已在過去12個月內提交了《1934年證券交易法》第13或15（d）條要求提交的所有報告，勾選上述方框（或登記人被要求提交此類報告的較短期限內），並且（2）在過去90天內一直遵守此類提交要求。☒ 是的否

通過勾選來驗證註冊人是否已在過去12個月內（或在要求註冊人提交此類文件的較短期限內）以電子方式提交了根據S-t法規第405條（本章第232.405條）要求提交和發佈的所有互動數據文件。☒ 是的否

通過勾選標記來確定註冊人是大型加速備案人、加速備案人、非加速備案人還是新興成長型公司。請參閱《交易法》第120億.2條規則中「大型加速備案人」、「加速備案人」和「新興成長公司」的定義。：

大型加速文件管理器：

☐

加速文件管理器

☒

非加速文件服務器

☐

新興成長型公司

☐

如果一家新興成長型公司根據美國公認會計原則編制財務報表，請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13（a）條提供的任何新的或修訂的財務會計準則。☐

†「新的或修訂的財務會計準則」一詞是指財務會計準則委員會在2012年4月5日之後對其會計準則法典發佈的任何更新。

通過勾選標記檢查註冊人是否已提交報告並證明其管理層根據《薩班斯-奧克斯利法案》第404（b）條對其財務報告內部控制有效性的評估（15 U.S.C. 7262（b））由編制或發佈審計報告的註冊會計師事務所執行。 ☒

如果證券是根據該法第12(B)條登記的，應用複選標記表示登記人的財務報表是否反映了對以前發佈的財務報表的錯誤更正。☐

通過勾選標記來驗證這些錯誤更正是否是需要根據§240.10D-1（b）對註冊人的任何高管在相關期間收到的激勵性補償進行恢復分析的重述。☐

用複選標記表示註冊人在編制本文件所包括的財務報表時使用了哪種會計基礎：

美國公認會計原則

☐

國際財務報告準則國際會計準則委員會發布

☒

其他

☐

如果在回答前一個問題時勾選了「其他」，請用勾號表示登記人選擇遵循哪個財務報表項目。

項目17項目18

如果這是一份年度報告，請用複選標記表示註冊人是否爲空殼公司(如《交易法》第12b-2條所定義)。

☐ 是的否

(只適用於過去五年涉及破產程序的發行人)

在根據法院確認的計劃發行證券後，通過勾選標記檢查登記人是否已提交了1934年證券交易法第12、13或15（d）條要求提交的所有文件和報告。是的沒有預設

請發送來自

美國證券交易委員會將：

卡羅琳娜·張

Juan M.納韋拉

Zang Bergel & Viñes Iggados

Simpson Thacher & Bartlett LLP

佛羅里達州537，18樓

C1005 AAk阿根廷布宜諾斯艾利斯市。

列剋星敦大道425號

紐約州紐約市，郵編：10017

美利堅合衆國

		頁碼
詞彙表		i
關於前瞻性陳述的免責聲明		iii
可用信息		v
財務和某些其他信息的呈現		vi
第一部分		1
項目1. 董事、高級管理人員、顧問和核數師的身份		1
項目2. 報價統計數據和預計時間表		1
項目3. 密鑰信息		1
A. 保留		1
A.1.當地外匯市場和匯率		1
B. 資本化與負債		1
C. 提供和使用收益的原因		1
D. 危險因素		2
項目4. 公司信息		57
A. 公司歷史與發展		57
B. 業務概覽		65
C. 組織結構		125
D. 房及設備		126
項目4A。未解決的員工評論		130
項目5. 運營和財務回顧與展望		130
A. 經營業績		130
B. 流動資金及資本資源		171
C. 研究與開發、專利和許可等		182
D. 趨勢信息		183
E. 關鍵會計估計		187
項目6. 董事、高級管理人員和員工		188
A. 董事及高級管理層		188
B. 補償		194
C. 董事會常規		197
D. 員工		197
E. 股權		198
F. 披露註冊人追回錯誤賠償的行動		199
項目7. 大股東及關聯交易		199
A. 大股東		199
B. 關聯交易		200
C. 專家和法律顧問的利益		204
項目8. 財務資料		204
A. 合併報表和其他財務信息		204
B. 重大變化		213
項目9. 報價和列表		213
A. 報價和列表詳細信息		213
B. 分配計劃		214
C. 市場		214
D. 售股股東		217
E. 稀釋		217
F. 發行費用		217
項目10. 附加信息		217
A. 股本		217
B. 組織章程大綱及細則		217
C. 重大合約		225
D. 外匯管制		225
E. 稅務		240
F.股息和支付代理人		249
G.專家的發言		249
H.展出的文件		250
一、附屬信息		250
項目11.市場風險的定量和定性披露		250
項目12.股票證券以外的證券的描述		250
A.債務證券		250
B.認股權證和權利		250
C.其他證券		251
D.美國存托股份		251
第II部		252
項目13.應收賬款、股息拖欠和拖欠		252
項目14.對證券持有人權利和收益使用的重大修改		252
項目15.控制和程序		252
A.披露控制和程序		252
B.管理層關於財務報告內部控制的年度報告		252
C.註冊會計師事務所認證報告		253
D.財務報告內部控制的變化		253
項目16.保留		253
A.審計委員會財務專家		253
B.道德守則		253
C.首席會計師費用和服務		254
D.豁免審計委員會上市準則		255
E.發行人和關聯買家購買股票證券		255
F.註冊人認證會計師的變更		256
G.公司治理		256
H.礦山安全披露		259
I.有關阻止檢查的外國司法管轄區的披露		259
J.內幕交易政策		260
K.網絡安全		260
第三部分		262
項目17.財務報表		262
項目18.財務報表		262
項目19.展品		262

詞彙表

本年度報告中使用的某些術語術語表

除非上下文另有說明，否則以下術語的含義如下：

	·	「ADR」：代表美國存託憑證的美國存託憑證；
	·	「美國存托股份」或「美國存託憑證」：指根據吾等與美國存托股份託管銀行根據日期爲1997年3月18日的存託協議(「存託協議」)發行的每股相當於本公司普通股10股的美國存托股份；
	·	「美國存托股份存託憑證」：紐約銀行；
	·	「AFIP」：聯邦公共收入管理局(聯邦行政當局);
	·	「Agrofy」：Agrofy S.A.U；
	·	「AMAUTA」：Amauta Ago S.A.
	·	「ANSES」：全國社會保障局(國家社會行政當局);
	·	「年度報告」：本年度報告；
	·	「ARS、披索或披索」：阿根廷披索；
	·	「反洗錢法」：第25,246號法律，除其他外，隨後經第26,087、26,119、26,268、26,683、26,733、26,734號法律和第27/2018號法令修訂；
	·	「阿根廷政府」：阿根廷聯邦政府；
	·	「已審計合併財務報表」：截至2024年6月30日、2024年6月30日和2022年6月30日及2022年6月30日、2024年、2023年和2022年終了年度的已審計合併財務報表及其附註；
	·	「BACS」：Banco de Crédito y Securitiación S.A.
	·	「Banco Hipotecario」：Banco Hipotecario S.A.
	·	「基地」：布宜諾斯艾利斯證券交易所；
	·	「董事會」：Cresud的董事會；
	·	「ByMA」：阿根廷證券交易所和市場(阿根廷博爾薩斯公司);
	·	「卡巴」：布宜諾斯艾利斯自治城市(布宜諾斯艾利斯市)；
	·	「Caja de Valore」：受權依照資本市場法行事的託管機構((Caja de Valore S.A.);
	·	「CCI」：消費者信心指數；
	·	《中央銀行》：阿根廷央行(阿根廷中央銀行);
	·	「CML」：第26,831號資本市場法，除其他外，經27,440號法律修正；
	·	「國家競爭管理委員會」：國家競爭主管部門(Comisión National de Defensa de la Competencia);
	·	《CNV》：阿根廷國家證券委員會(Comisión National de Valore);
	·	「CNV規則」：由CNV發佈的規則；
	·	「CODM」：首席運營決策者；
	·	「消費者保護法」：阿根廷第24,240號法律；
	·	《企業刑事責任法》：《企業刑事責任法》第27,401號；
	·	「新冠肺炎」：冠狀病毒、起源於武漢的肺炎、中國；
	·	「COPREC」：消費者關係初步調解服務(Servicio de Conciliación Previa en las Relacones de Consumer o);
	·	《COSO報告》：特雷德韋委員會贊助組織委員會；
	·	「CPI」：居民消費價格指數;
	·	「CPF」：集體促進基金;
	·	「CRESUD」或「公司」：Cresud Sociedad Anónima Commercial、InMobiliaria、金融和農業;
	·	「CSJN」：最高法院 (Corte Suprema de Justicia de la Nación）;
	·	「CVCU」：Consultores Venture Capital Uruguary S.A.;
	·	「Dolphin b.V」：Dolphin Netherlands b. V;
	·	「EMAE」：經濟活動的月度估計;
	·	「EOH」：酒店空置率調查 (Encuesta de Ocupación Hotelera);
	·	「歐盟」：歐盟;
	·	《交易法》： 1934年美國證券交易法，經修訂;
	·	「高管計劃」：公司高管的激勵計劃;

	·	《反海外腐敗法》：1977年美國《反海外腐敗法》；
	·	「FPC」：建築管理費和集體促進費(Fondo de Promoción Colectiva);
	·	「FyO」：Futuros y Opciones.Com S.A.
	·	「GCBA」：布宜諾斯艾利斯自治區政府(布宜諾斯艾利斯市政廳);
	·	「GCDI」：GCDI S.A.
	·	「國內生產總值」：國內生產總值；
	·	「GDS」：根據IRSA和GDS託管機構之間的存款協議發行的、日期爲1994年5月24日、經修訂和重述、於2000年11月15日修訂和重述的全球存托股份，每股相當於IRSA普通股的10股；
	·	「GDS存託憑證」：紐約銀行；
	·	「GLA」：可出租總面積；
	·	「國際會計準則第29號」：惡性通貨膨脹經濟體的財務報告；
	·	「IASB」：國際會計準則理事會；
	·	「ICSID」：國際投資結算中心；
	·	《IFRS會計準則》：國際財務報告準則
	·	「IGJ」：布宜諾斯艾利斯市公共商業登記處(德賈斯蒂西亞監察長);
	·	「ILPA計劃」：長期股權激勵計劃；
	·	「貨幣基金組織」：國際貨幣基金組織；
	·	《所得稅法》：修正後的第20,628號法律；
	·	「INTRA」：巴西農業發展研究所（殖民地國家改革研究所);
	·	「INDEC」：國家統計和人口普查研究所（埃斯塔迪斯塔和森索斯國家學院);
	·	「投資公司法」：1940年投資公司法，經修訂;
	·	「IPC」：消費者價格指數（Infndice de Precios al Consuidor）;
	·	「IRS」：國稅局;
	·	「IRSA」：IRSA Inversiones y Representaciones SA;
	·	「IRSA CP」：IRSA Propiedades Comerciales SA;
	·	「公斤」或「公斤」：阿根廷標準體重單位，一公斤約等於2.2磅;
	·	「KPI」：關鍵績效指標;
	·	「LGS」：阿根廷總公司法第19，550號 (Ley社會將軍）;
	·	「MAE」：Mercado Abierto Electrónico SA;
	·	「南方共同市場」：南方共同市場;
	·	「MULC」：外匯市場（坎比奧斯自由市場);
	·	“m2，或「平方米」：阿根廷房地產市場面積的標準衡量標準是平方米;
	·	「納斯達克」：納斯達克證券市場的全國市場;
	·	「NIS」：以色列貨幣;
	·	「NYSE」：紐約證券交易所;
	·	《官方公報》：阿根廷官方公報（阿根廷共和國官方公報）;
	·	「巴黎俱樂部2014年和解協議」：阿根廷與巴黎俱樂部成員國於2014年5月29日達成的和解協議;
	·	「PEN」：阿根廷行政部門（波德·埃斯庫蒂沃·國家隊);
	·	「PFIC」：被動外國投資公司;
	·	「真實」、「Reais」、「RS」。或「BRL」：巴西雷亞爾，法定貨幣巴西;
	·	「房地產登記處」：阿根廷房地產登記處（Propiedad Inmueble登記處);
	·	「RWS」：負責任的羊毛標準;
	·	「SAF協議」：國際貨幣基金組織與阿根廷於2022年1月28日簽署的協議。
	·	「SEC」：美國證券交易委員會;
	·	「證券法」：1933年美國證券法，經修訂;
	·	「SEASA」：Servicio Nacional de Sanidad y Calidad Agroimentaria;
	·	「RTRS」：負責任大豆圓桌會議;

	·	「NAP」：個人資產稅;
	·	「噸」或「噸」：阿根廷標準重量單位，一公噸等於1，000公斤;
	·	「UIF」：金融信息股（金融信息聯盟）;
	·	「美國」：美利堅合衆國;
	·	「美元和/或美元」：美元;
	·	「VAM」：Vista al Muelle SA
	·	「增值稅」：增值稅;
	·	「WEO」：世界經濟展望，國際貨幣基金組織編寫;
	·	「YPF」：Yacimientos Petrolíferos Fiscales SA;
	·	「2BSvs」：生物質生物燃料可持續發展自願計劃。

關於前瞻性陳述的免責聲明

本年度報告包含構成估計的陳述和前瞻性陳述，並以參考方式併入其中。「相信」、「將」、「可能」、「可能有」、「將會」、「估計」、「繼續」、「預期」、「打算」、「應該」、「計劃」、「預期」、「預測」、「潛在」、「尋求」和類似的詞語或短語，或這些術語的否定或其他類似表述，旨在識別估計和前瞻性表述。其中一些聲明包括關於我們目前的意圖、信念或期望的聲明。雖然我們認爲這些預期和假設是合理的，但前瞻性陳述會受到各種風險和不確定性的影響，其中大多數風險和不確定性很難預測，而且許多風險和不確定性超出了我們的控制範圍。前瞻性陳述並不能保證未來的業績。實際結果可能與前瞻性陳述中描述的預期大不相同。因此，投資者不應過度依賴前瞻性陳述作爲對實際結果的預測。

我們的這些前瞻性陳述基於我們對未來事件的當前信念、期望和假設。雖然我們認爲這些預期和假設是合理的，但它們本質上受到重大風險和不確定性的影響，其中大多數難以預測，其中許多超出了我們的控制範圍。可能影響我們前瞻性陳述的風險和不確定性包括以下內容：

	·	阿根廷、巴西、拉丁美洲和其他發達和/或新興市場的總體經濟、金融、商業、政治、法律、社會或其他條件的變化；

	·	阿根廷新政府的政策，包括新政府促進經濟增長、執行有利於商業的政策和便利阿根廷公司獲得外國資本的能力；

	·	可能影響對阿根廷、巴西和拉丁美洲貸款或投資的政策或態度的資本市場變化，包括國內和國際金融市場的波動；

	·	通貨膨脹和利率；

	·	披索、巴西雷亞爾和美元對其他貨幣匯率的波動和下降，以及阿根廷現行利率的波動；

	·	融資成本增加或我們無法以有吸引力的條件獲得額外融資，這可能會限制我們爲現有業務和新活動提供資金的能力；

	·	現行和未來的規章以及法律或法院解釋方面的變化；

	·	農產品市場價格波動；

	·	政治、國內和武裝衝突；

	·	有關氣候變化的風險；

	·	包括新冠肺炎在內的傳染病的傳播和變異對我們業務的影響；

	·	不利的法律或法規糾紛或訴訟程序；

	·	阿根廷和巴西未償公共債務本金總額和阿根廷主權債務違約本金總額的波動；

iii

	·	對與國際貨幣基金組織的談判以及與國際貨幣基金組織和巴黎俱樂部重組阿根廷主權債務的影響；

	·	政府對私營部門和經濟的干預；

	·	對外幣轉讓的限制和其他外匯管制；

	·	購物中心、寫字樓或其他商業地產及相關行業的競爭加劇；

	·	我們留住高級管理層關鍵成員的能力，以及我們與員工的關係；

	·	我們購物中心、寫字樓或其他商業物業的重要租戶的潛在損失；

	·	我們有能力及時把握房地產市場的機遇；

	·	限制阿根廷市場的能源供應或公用事業價格的波動；

	·	我們履行債務義務的能力；

	·	消費者購買習慣和趨勢的轉變；

	·	技術變革和我們實施新技術的潛在能力；

	·	網絡安全漏洞的威脅；

	·	區域、國家或全球企業和經濟狀況惡化；

	·	任何收購的整合，以及未能實現預期的協同效應；

	·	增加和/或創造稅收；

	·	改變與城市和商業租賃有關的現行法規；

	·	影響我國房地產項目發展的政府腐敗事件；

	·	農產品市場價格的波動可能會對我們的財務狀況和經營業績產生不利影響；

	·	蟲害和疾病可能會對我們的作物產量和牛隻產量產生不利影響；

	·	我們的業務是季節性的，我們的收入可能會隨着增長週期的不同而大幅波動；

	·	出口稅的徵收可能會對我們的銷售和運營業績產生不利影響;和

	·	「風險因素」下討論的風險因素。

前瞻性陳述僅指本年度報告的日期，我們不承擔因新信息、未來事件或其他原因而更新或修改任何估計或前瞻性陳述的任何義務。影響我們業務的其他因素或事件可能會不時出現，我們無法預測所有這些因素或事件，也無法評估未來。

可用信息

我們向美國證券交易委員會（「SEC」）提交年度和當前報告以及其他信息。您可以通過SEC網站（Http://www.sec.gov）或在我們的網站（www.cresud.com.ar）。我們網站中包含的信息不構成本年度報告的一部分。

財務和某些其他信息的呈現

在本年度報告（「年度報告」）中，提及的「Cresud」、「公司」、「我們」、「我們」和「我們的」是指Cresud Sociedad Anónima Comercial、InMobiliaria、Financiera y Agrogeneraria及其合併子公司, 除非上下文另有要求，或者我們明確該術語僅指Cresud而不是其子公司。

所提及的「美國存托股份」是指根據我們、紐約銀行（作爲存託機構）（「美國存托股份」）與根據該協議不時發行的美國存托股份的所有者和持有人之間的存託協議發行的美國存托股份，每股代表我們普通股的10股，其中所提及的「美國存託憑證」是指代表美國存託憑證。

財務報表

我們以披索（定義見下文「-貨幣」部分）並根據IASB和CNV規則發佈的IFRS會計準則準備和維護我們的財務賬簿和記錄。我們的財年從每年7月1日開始，此後每年6月30日結束。

我們截至2024年6月30日和2023年6月30日以及截至2024年、2023年和2022年6月30日止年度的經審計合併財務報表及其附註（我們的「經審計合併財務報表」）載於本年度報告F-1至F-109頁。

我們的經審計合併財務報表已於2024年10月22日舉行的董事會會議決議批准，並已由Price Waterhouse & Co S. RL審計阿根廷，普華永道國際有限公司的成員，普華永道國際有限公司是一家獨立註冊會計師事務所，其報告包含在本文中。

功能貨幣和紙幣;通貨膨脹調整

我們的功能貨幣和列報貨幣是阿根廷披索，本年度報告中包含的經審計合併財務報表以阿根廷披索列報。

IAS 29要求功能貨幣爲惡性通貨膨脹經濟體之一的實體的財務報表應按照財務報表截止日的當前計量單位計量，無論其是基於歷史成本法還是當前成本法。這項要求還包括財務報表的比較信息。

爲了得出經濟體「惡性通貨膨脹」的結論，IAS 29概述了一系列因素，包括三年內累積通貨膨脹率接近或超過100%。截至2018年7月1日，阿根廷報告三年累計通脹率超過100%，因此自該日起發佈的財務信息應根據IAS 29進行通脹調整。因此，我們的經審計合併財務報表和本年度報告中包含的財務信息是按照報告年度結束時當前的計量單位進行說明的。欲了解更多信息，請參閱上文「財務報表」部分和我們的經審計合併財務報表附註2.1。

有關採用新準則的更多信息，請參閱經審計合併財務報表的註釋2.2。

貨幣

除非另有說明或上下文另有要求，否則本年度報告中提及的「披索」、「披索」、「披索」或「ARS」指阿根廷披索，提及的「美元」、「美元」或「美元」指美元，提及的「雷亞爾」、「盧比」。或「BRL」是指巴西雷亞爾，巴西法定貨幣。

爲了方便起見，我們已將本年度報告中包含的部分披索金額轉換爲美元。除非另有說明或上下文另有要求，否則用於將披索金額轉換爲美元的匯率是阿根廷銀行所報的賣方匯率，截至2024年6月30日，1美元兌912.00澳元。阿根廷納西翁銀行引用的2024年財政年度平均賣方匯率爲614.03里亞爾。截至2024年10月18日，阿根廷納西翁銀行報價的賣方匯率爲1美元兌984.50澳元。本年度報告中提供的美元等值信息僅爲方便讀者而提供，不應被解釋爲暗示披索金額代表或已經或可以按該匯率或任何其他匯率兌換成美元。請參閱“項目3.關鍵信息--A1.本地外匯市場及匯率「和」風險因素-與阿根廷有關的風險-持續的高通貨膨脹率可能對經濟和我們的業務、財務狀況和經營結果產生不利影響。”

某些測量

在阿根廷，房地產市場面積的標準衡量標準是平方米（「m2」或「squm」），而在美國和某些其他司法管轄區，面積的標準衡量標準是平方英尺（sq.英尺）。本年度報告中顯示的所有面積單位（例如，GLA）和未開發土地的面積）以平方米表示。1平方米約等於10.8平方英尺。一公頃約等於10，000平方米，約等於2.47英畝。

在阿根廷，標準重量單位是噸（「噸」或「Tns」）和公斤（「公斤」或「公斤」），而在美國和某些其他司法管轄區，標準重量單位是磅或蒲舍耳。一公噸等於1，000公斤。一公斤約等於2.2磅。一公噸小麥約等於36.74蒲式耳。一公噸玉米約等於39.37蒲式耳。一公噸大豆約等於36.74蒲式耳。1公斤牛活重約等於0.5至0.6公斤屍體（肉和骨頭）。

正如本年度報告中所使用的那樣，購物中心的GLA是指物業的總出租面積，無論我們在此類物業中的所有權權益如何（不包括公共區域和停車區以及超市、大超市、加油站和共有人佔用的空間，另有明確規定的除外）。

舍入調整

爲了易於列報，本年度報告（包括百分比金額）和財務報表中出現的某些數字已進行四捨五入調整。因此，本年度報告的不同表格或不同部分以及我們的財務報表中列出的同一類別的數字可能略有不同，並且某些表格中顯示爲總數的數字可能不是之前數字的算術彙總。

經濟、行業和市場數據

本年度報告中包含或引用的經濟、行業和市場數據以及其他統計信息基於我們從內部來源彙編的數據，並基於彭博社、國際購物中心理事會、阿根廷購物中心商會（Cámara Argentina de Shopping Centers）和INDEC等出版物。儘管我們相信這些來源是可靠的，但我們尚未獨立驗證這些信息，也無法保證其準確性或完整性。

vii

第一部分

項目1.董事、高級管理人員和顧問的身份

此項目不適用。

項目2.報價統計數據和預期時間表

此項目不適用。

項目3.關鍵信息

A.保留

A.1.當地外匯市場和匯率

阿根廷政府制定了一系列外匯管制措施，限制貨幣自由流動和資金向海外轉移。這些措施大大限制了個人和私營部門實體使用MULC的機會。這使得除其他外，必須獲得中央銀行的事先批准才能進行某些外匯交易，例如與阿根廷境外應付的特許權使用費、服務或費用有關的付款。有關兌換控制的更多信息，請參閱「第10項。其他信息-D。外匯管制」。

下表顯示了購買美元的每個適用時期的最高、最低、平均和收盤匯率。

	最大 ^{(1) (2)}		最低要求^{(1) (3)}		平均 ^{(1) (4)}		在收盤時 ⁽¹⁾
財年結束：
2022年6月30日		125.13		95.66		105.27		125.13
2023年6月30日		256.50		125.35		179.71		256.50
2024年6月30日		910.50		257.70		613.03		910.50
月結束：
2024年7月31日		931.00		912.50		922.14		930.50
2024年8月31日		952.00		931.50		941.30		952.00
2024年9月30日		969.00		951.50		960.31		969.00
2024年10月（至2024年10月18日）..		983.00		969.50		975.69		983.00

________________

來源：阿根廷國家銀行

(1)	報價匯率與投標匯率的平均值根據阿根廷國家銀行的外幣匯率計算。
(2)	如圖所示，表中出現的最高匯率是當年或更短時期內的最高月末匯率。
(3)	如圖所示，表中出現的最低匯率是當年或更短時期內的最低月底匯率。
(4)	月底平均匯率。

B.資本化和負債

本節不適用。

C.提供和使用收益的原因

本節不適用。

D.風險因素

風險因素摘要

以下總結了下面提供的部分（但不是全部）風險。請仔細考慮本項3.D中討論的所有信息。本年度報告中的「風險因素」更全面地描述這些和其他風險：

與阿根廷、巴西和我們運營的其他國家相關的風險

	·	我們取決於阿根廷的宏觀經濟和政治狀況。

	·	阿根廷的經濟和政治發展以及阿根廷新政府未來的政策可能會對阿根廷經濟和我們從事活動的部門產生不利影響。

	·	阿根廷新政府可能採取的某些措施，或政策、法律和法規的變化，可能會對阿根廷經濟產生不利影響，從而影響我們的業務、財務狀況和經營結果。

	·	持續高企的通貨膨脹率可能會對經濟和我們的業務、財務狀況和經營業績產生不利影響。

	·	阿根廷高水平的公共支出可能會對阿根廷經濟產生長期的不利影響。

	·	阿根廷在國際資本市場獲得融資的能力有限，這可能會削弱我們進入國際信貸市場爲我們在阿根廷的業務融資的能力。

	·	披索價值的波動可能會對阿根廷經濟以及我們的財務狀況和經營結果產生不利影響。

	·	由於國際商品價格下降，阿根廷的經濟和財政可能會受到不利影響。

	·	巴西政府已經並將繼續對巴西經濟施加重大影響，再加上巴西的政治和經濟狀況，可能會對我們產生不利影響。

與我們農業業務相關的風險

	·	我們的農產品市場價格波動可能會對我們的財務狀況和經營業績產生不利影響。

	·	我們產品的全球市場競爭可能會對我們的業務和運營業績產生不利影響。

	·	不可預測的天氣條件、害蟲侵擾和疾病可能會對我們的農作物產量和養牛業產生不利影響。

	·	由於農作物價格波動，我們可能會面臨重大損失，因爲我們的很大一部分產量未經對沖，並面臨農作物價格風險。

	·	我們的業務是季節性的，我們的收入可能會根據增長週期而出現顯着波動。

	·	我們的很大一部分資產是農田，這是一種流動性極低的資產。

	·	我們的債務水平可能會對我們的運營和到期償還債務的能力產生不利影響，而我們以優惠條件成功進入當地和國際市場的能力也會影響我們的融資成本。

與IRSA阿根廷業務相關的風險

	·	IRSA面臨購物中心運營固有的風險，可能影響我們的盈利能力。

	·	IRSA的業績受到與其物業和房地產行業相關的風險的影響。

	·	IRSA可能會因其投資價值下降而受到不利影響。

	·	IRSA的債務水平可能會對其運營及其到期償還債務的能力產生不利影響，而其以優惠條件成功進入當地和國際市場的能力也會影響其融資成本。

	·	IRSA的資產高度集中在某些地理區域，這些地區的經濟衰退可能會對其運營業績和財務狀況產生重大不利影響。

	·	租戶的流失可能會對IRSA的營業收入及其財產價值產生不利影響。

	·	IRSA可能面臨與收購房產相關的風險，IRSA未來的收購可能無法盈利，並且IRSA收購的房產可能承擔未知的負債。

與IRSA投資Banco Hipotecario相關的風險

	·	金融體系的穩定取決於包括希波特卡里奧銀行在內的金融機構維持和增強儲戶信心的能力。

	·	金融機構的資產質量受到非金融公共部門和央行債務的影響。

	·	由於資本市場和匯率的波動，希波特卡里奧銀行的投資組合可能會遭受損失，這可能會嚴重影響希波特卡里奧銀行的財務狀況和運營業績。

	·	Banco Hipotecario在高度監管的環境中運營，其運營受到多個監管機構採用的資本管制法規的約束。

與我們的美國存託憑證和普通股相關的風險

	·	符合出售條件的股份可能會對我們普通股和美國存託憑證的價格產生不利影響。

	·	如果我們未來發行額外的股權證券，您可能會遭受稀釋，並且我們股權證券的交易價格可能會下降。

	·	我們遵守與美國國內上市證券發行人不同的某些企業披露要求和會計準則。

	·	投資者可能無法在美國境內送達訴訟程序，從而限制了他們對任何外國判決的收回。

	·	根據阿根廷法律，股東權利的定義可能比其他司法管轄區更少或更不明確。

	·	對資本移出阿根廷的限制可能會損害您接受股息和股息以及出售美國存託憑證相關普通股收益的能力。

	·	我們的認購令可在有限情況下行使，並且將到期。

危險因素

在做出投資決定之前，除了本年度報告中包含的其他信息外，您還應仔細考慮以下風險。我們還可能面臨我們目前未知的額外風險和不確定性，或者截至本年度報告之日我們可能認爲不重大的風險和不確定性，這可能會對我們的業務產生不利影響。一般來說，當您投資新興市場（例如阿根廷）發行人的證券時，您比投資美國和某些其他市場發行人的證券時承擔的風險更大。您應該明白，投資我們的普通股和美國存託憑證涉及高度風險，包括您全部投資損失的可能性。

與阿根廷有關的風險

我們取決於阿根廷的宏觀經濟和政治狀況。

阿根廷經濟近幾十年來經歷了嚴重的波動，其特點是GDP增長緩慢或負、通脹水平高企和貨幣貶值。阿根廷的可持續經濟增長取決於多種因素，例如國際對阿根廷出口產品的需求、披索兌外幣的穩定性和競爭力、消費者和國內外投資者的信心、穩定的通脹率、國家就業水平以及阿根廷地區貿易伙伴的情況。

根據世界銀行的數據，由於持續的宏觀經濟失衡和嚴重乾旱導致農業產量下降26.0%，2023年阿根廷經濟下降了1.6%。世界銀行估計，由於阿根廷政府宣佈的措施，包括調整相對價格和消除財政和外部失衡，2024年阿根廷實際GDP將下降2.8%。2024年，阿根廷公共支出和通脹率有所下降，但通脹率仍然居高不下。世界銀行還估計，2025年阿根廷經濟將增長5.0%，主要是由於天氣條件改善、能源行業投資以及農業生產的恢復。然而，這些估計可能無法達到。

阿根廷經濟仍然脆弱且不穩定，因爲投資佔GDP的比例仍然很低，無法維持近幾十年的增長率，能源或天然氣的供應可能不足以滿足工業活動（從而限制工業發展）和消費的增長，失業率和非正規就業仍然居高不下。根據摩根士丹利資本國際公司（「MSCI」）2021年6月發佈的數據，阿根廷在2021年6月之前一直被視爲新興市場，當時阿根廷被歸類爲「獨立市場」。獨立市場被認爲存在額外的風險，例如可能限制投資的政府限制以及與政治發展相關的風險。此外，抗議或罷工可能會對政治、社會和經濟環境的穩定產生負面影響，並可能對全球金融市場對阿根廷經濟的信心產生負面影響。

2023年11月19日，阿根廷舉行總統決選，由「自由黨Avanza」候選人哈維爾·米萊和「愛國聯盟」候選人塞爾吉奧·馬薩組成，哈維爾·米萊以55.69%的得票率當選阿根廷總統。2023年選舉後，La Libertad Avanza在參議院72名代表中擁有7名，在衆議院257名代表中擁有41名。

阿根廷新政府面臨重大宏觀經濟挑戰，例如降低通脹率、實現商業和財政盈餘、積累儲備、支持披索、取消外匯管制、爲欠私人債權人的債務再融資以及提高阿根廷經濟的競爭力。阿根廷新政府上任以來，實施了大量旨在放鬆阿根廷經濟管制和限制政府對私營部門干預的措施，包括暫停公共工程招標、減少能源和交通補貼，預計未來將採取進一步措施。然而，其中一些措施正在國會受到質疑並提交司法程序。

如果政治和社會壓力阻礙阿根廷政府實施旨在控制通貨膨脹、促進增長和提高消費者和投資者信心的政策，或者阿根廷政府爲實現這些目標而實施的政策不成功，阿根廷經濟可能會受到影響。這些事態發展可能會對我們的財務狀況和運營結果產生重大影響。

我們無法向您保證，阿根廷經濟增長或政治狀況的下降不會對我們的業務、財務狀況或運營業績產生不利影響，並導致我們的美國存託憑證和普通股的市值下跌。

阿根廷的經濟和政治發展以及阿根廷新政府未來的政策可能會對阿根廷經濟和我們從事活動的部門產生不利影響。

阿根廷政府歷來對經濟施加重大影響，而我們公司一直在高度監管的環境中運營。近代歷史上，阿根廷政府直接干預經濟，包括實施徵收和國有化措施、價格管制和外匯管制。

在經濟、社會或政治危機時期，在阿根廷運營的公司可能面臨罷工、徵用、國有化、強制修改現有合同以及稅收政策變化（包括增稅和追溯性稅收索賠）的風險。由於我們的運營環境中，管轄法律和適用法規經常變化，部分原因是政府管理部門的變化，因此很難預測我們的活動是否以及如何受到此類變化的影響

這些措施或阿根廷政府和/或中央銀行未來可能實施的其他措施的成功受到不確定性的影響，阿根廷披索的任何進一步貶值、進一步通貨膨脹或我們無法獲取外幣可能會對我們的財務狀況和經營業績產生重大不利影響。我們無法預測這些措施的有效性。我們無法預測阿根廷披索兌美元或其他外幣是否會貶值或升值以及在多大程度上，以及這些不確定性將如何影響我們的業務。此外，

此外，無法保證未來不會實施額外的貨幣或外匯限制或控制。現有和未來的措施可能會對阿根廷的國際競爭力產生負面影響，阻礙外國投資者的外國投資和貸款，或增加外國資本外流，這可能對阿根廷的經濟活動產生不利影響，進而可能對我們的業務和經營業績產生不利影響。我們無法預測這些條件將如何影響我們償還以阿根廷披索以外貨幣計價的負債的能力。阿根廷政府對海外轉移資金實施的任何限制都可能會削弱我們向美國存託憑證支付股息或以美元支付未償債務（本金或利息）的能力，以及遵守任何其他以外幣計價的義務的能力。

詳情請參見 “第10項。其他信息- D.外匯管制”.

我們無法肯定阿根廷的經濟、監管、社會和政治框架或阿根廷政府採取或可能採取的政策或措施不會對我們的美國存託憑證的市場價值、我們的業務、財務狀況和/或運營結果產生不利影響。

阿根廷新政府可能採取的某些措施，或政策、法律和法規的變化，可能會對阿根廷經濟產生不利影響，從而影響我們的業務、財務狀況和經營結果。

阿根廷政府對經濟實施了實質性控制，包括通過監管市場條件和價格。

2023年12月27日，阿根廷新政府向國會提交了一項名爲“阿根廷自由黨的基地y Puntos de Partida para La Libertad de los Atlanos，”（《綜合法》）。《綜合法》是一項內容廣泛的法案，包括自由經濟措施和強有力的財政調整，旨在放鬆對阿根廷經濟的管制，通過減少阿根廷政府的部委和結構來實現政府組織結構現代化，放寬勞動法，並私有化國有公司。

2024年2月，阿根廷政府從阿根廷國會撤回了《總結法》的第一個法案。因此，開始了一項新的綜合性法律法案的工作，同時還進行了一項稅收改革。爲了確保《總結法》和稅制改革獲得批准，阿根廷政府對該法案進行了多次修改。與第一個法案不同，綜合法案的第二個法案從500多個章節減少到232個章節。2024年4月，阿根廷政府向阿根廷國會提交了新的總結法法案和稅制改革法案。2024年6月，阿根廷國會和參議院經過多次討論通過了這些法案。我們無法預測綜合法和稅制改革將如何影響我們的業務和我們的運營結果。有關總結法和稅制改革的更多信息，請參見「項目」。10--補充資料--D.外匯管制--第27,742號法律--「阿根廷自由法或總括法律」和「第27,743號法律--相關的財政和金融機構」。

2023年12月21日，阿根廷新政府發佈第70/2023號緊急法令，名爲“阿根廷經濟重建基礎.”第70/2023號法令宣佈經濟、金融、財政、行政、養老金、關稅、健康和社會事務等領域進入公共緊急狀態，直至2025年12月31日。截至本年度報告之日，該法令儘管於2023年12月29日生效，但仍在接受國會和司法審查。如果第70/2023號法令被廢除，則根據第26，122號法律，該法令將停止有效，但不損害其有效期內獲得的權利。

此外，阿根廷新政府宣佈打算實現阿根廷經濟美元化。從歷史上看，阿根廷政府在經濟方面的行動，包括利率、稅收、價格管制、工資上漲、提高工人福利、外匯管制以及外匯市場潛在變化的決定，對阿根廷經濟產生了重大不利影響。阿根廷新政府實施的措施可能會對阿根廷經濟產生負面影響，從而對我們的財務狀況或經營業績產生負面影響。

民間經濟學家普遍認爲，阿根廷政府通過徵收、價格管制、外匯管制和其他措施直接干預經濟，對阿根廷的投資水平、阿根廷公司進入國際資本市場以及阿根廷與其他國家的商業和外交關係產生了不利影響。如果阿根廷政府對經濟的干預水平繼續或增加，阿根廷經濟以及我們的業務、經營業績和財務狀況可能會受到不利影響。

持續高企的通貨膨脹率可能會對經濟和我們的業務、財務狀況和經營業績產生不利影響。

從歷史上看，通貨膨脹嚴重影響了阿根廷經濟和阿根廷政府創造穩定增長條件的能力。高通脹率還可能損害阿根廷在國際市場的競爭力，並對經濟活動和就業以及我們的業務、財務狀況和運營業績產生不利影響。

阿根廷面臨着通脹壓力，燃料、能源和食品價格大幅上漲等因素就證明了這一點。2023年CPI累計變化爲211.4%，2022年爲94.8%，2021年爲50.9%（截至每年12月31日）。此外，2024年1月、2月、3月、4月、5月、6月、7月和8月的CPI數據分別爲20.6%、13.2%、11.0%、8.8%、4.2%、4.6%、4.0%和4.2%。截至2024年9月30日，通脹率爲3.5%，2024年累計通脹率爲101.6%，同比通脹率爲209.0%。

2024年10月4日，央行發佈市場預期調查，報告稱2024年10月通脹率估計爲3.4%，2024年通脹率爲123.6%。哈維爾·米萊就任總統後，阿根廷披索貶值約50%，匯率從1美元兌換約400里亞爾升至1美元兌換約800里亞爾。這立即反映在價格上，2023年12月通脹率達到25.5%。阿根廷政府調整電力和天然氣關稅以及汽油價格上漲影響了價格，造成了額外的通脹壓力。如果阿根廷披索的價值無法通過財政和貨幣政策穩定，通脹率可能會上升。

高通脹率或惡性通脹過程會削弱披索貶值的影響，從而影響阿根廷的外國競爭力，對就業和經濟活動水平產生負面影響，並破壞人們對阿根廷銀行體系的信心，這可能會進一步限制公司獲得國內和國際信貸。此外，阿根廷的一部分債務仍然與與BER（一種與通脹密切相關的貨幣指數）相關。因此，通貨膨脹的任何顯着上升都將推動阿根廷外債增加，從而導致阿根廷金融義務增加，這可能會加劇阿根廷經濟的壓力。持續的通貨膨脹環境可能會損害我們的運營業績，對我們以優惠條款爲企業運營資金需求提供資金的能力和我們的運營業績產生不利影響，並導致我們美國存託憑證和普通股的市值下跌。

阿根廷政府爲維持通脹控制而實施的政策的有效性以及此類政策的潛在影響存在不確定性。我們無法保證通貨膨脹率未來不會上升，也無法保證阿根廷政府爲控制通貨膨脹而採取或即將採取的措施在長期內有效或成功。高通脹率繼續對阿根廷構成挑戰。

阿根廷高水平的公共支出可能會對阿根廷經濟產生長期的不利影響。

本屆阿根廷政府之前的阿根廷政府大幅增加了公共支出。2021年、2022年和2023年，阿根廷的基本赤字分別佔GDP的3%、2.4%和2.9%。2023年12月基本財政赤字爲199131610萬澳元（相當於GDP的1.05%），導致2023年基本赤字總額爲548330530萬澳元。

本屆政府已表示有意通過削減公共支出來減少財政赤字。爲實現這一目標而採取的措施包括：(1)使阿根廷披索兌美元貶值50%；(2)暫停公共工程；(3)減少對能源和交通服務的補貼；(4)停止官方廣告；(5)減少部委和秘書處的數量。2024年1月，財政盈餘51840800萬，其次是2024年2月33811200萬、2024年3月27663800萬、2024年4月1740900萬、2024年5月118357100萬、2024年6月23818900萬阿盾；2024年7月逆差60095700萬、2024年8月盈餘353100萬、9月盈餘46663100萬。因此，阿根廷公共部門自2008年以來首次連續6個月錄得財政盈餘，截至2024年9月30日的9個月期間，扣除利息後的年度迄今盈餘約相當於GDP的0.4%，基本盈餘約佔GDP的1.7%。

阿根廷政府無法進入資本市場爲其赤字融資或依賴其他融資來源可能會對經濟產生負面影響，也可能限制阿根廷公司進入資本市場的機會，這可能會對我們的業務、財務狀況和運營結果產生不利影響。

阿根廷在國際資本市場獲得融資的能力有限，這可能會削弱我們進入國際信貸市場爲我們在阿根廷的業務融資的能力。

阿根廷外債違約的歷史和與堅持債權人的曠日持久的訴訟可能會在未來重演，阻止像我們這樣的阿根廷公司進入國際資本市場，或者可能導致此類融資的更高成本和更繁瑣的條款，因此可能對我們的業務、經營結果、財務狀況、我們證券的價值和我們履行財務義務的能力產生負面影響。在2001年發生外債違約後，阿根廷在2005年和2010年兩次提出交換條件，試圖重組其未償債務。阿根廷約93%違約債務的持有者參與了交換，但一些債券持有人拒絕交換提議，並對阿根廷採取了法律行動。阿根廷政府與違約債券持有人達成了幾項協議，結束了長達15年的訴訟。此外，在2020年8月，阿根廷政府成功地談判了阿根廷債券的債務重組，這些債券價值約650億美元億，是欠幾個債券持有人的。

2022年1月28日，阿根廷與國際貨幣基金組織簽署了一項協議(《SAF協議》)，爲阿根廷最初於2018年與國際貨幣基金組織發生的超過400億美元的億債務進行再融資。阿根廷和國際貨幣基金組織就削減公共開支的某些措施達成一致。阿根廷國會和國際貨幣基金組織董事會批准了《蘇丹武裝部隊協定》。除其他事項外，阿根廷還制定了經濟和貨幣政策，國際貨幣基金組織將成爲董事的聯合執行者，對阿根廷的財政和經濟發展進行季度審計。2022年9月19日，貨幣基金組織工作人員和阿根廷當局就更新後的宏觀經濟框架和相關政策達成協議，以完成《SAF協定》下的第二次審查。2022年12月22日，國際貨幣基金組織董事會完成了對SAF協定的第三次審查，允許立即支付約60美元億。*2023年3月13日，國際貨幣基金組織批准了SAF協定的第四次修訂，並授權支付約53美元億。2023年8月23日，國際貨幣基金組織批准了對《SAF協定》的第五次和第六次修訂，從而產生了750美元的新支出萬。2023年10月31日，阿根廷政府向國際貨幣基金組織支付了約26億美元，相當於《2023年10月SAF協定》規定的到期日。在支付這些款項後，中央銀行的儲備爲218億美元。2023年12月，阿根廷與拉丁美洲和加勒比開發銀行批准了96000美元的萬過橋貸款，使阿根廷能夠繼續執行SAF協議。2024年2月和2024年6月，國際貨幣基金組織完成了對《SAF協定》的第七次和第八次審查，結果分別向阿根廷支付了約47美元億和80000美元萬。截至本年度報告之日，阿根廷已實現《南部非洲穩定框架協定》規定的2024年第一季度目標。根據「南部非洲安全部隊協定」進行的第九次審查正在進行中，這可能爲阿根廷帶來新的付款。

2020年3月13日，阿根廷經濟部長致信巴黎俱樂部成員，表示阿根廷決定根據2014年5月29日與巴黎俱樂部成員達成的和解協議的條款，將原定於2020年5月5日支付的210000美元萬付款推遲到2021年5月5日。2020年4月7日，經濟部長向巴黎俱樂部成員發送了一份修改巴黎俱樂部2014年和解協議現有條款的提案，主要尋求延長到期日和大幅降低利率。2021年6月22日，阿根廷經濟部長宣佈，阿根廷政府在巴黎俱樂部談判框架內獲得了一段時間橋，從而避免了違約。根據這些協議，阿根廷應該在2022年3月31日之前與巴黎俱樂部成員國達成重組協議。然而，2022年3月31日，這樣的協議被延長到2022年7月31日，2022年5月31日，它又被進一步延長到2024年9月30日。2022年10月28日，經濟部長宣佈了與巴黎俱樂部的一項新協議。該協議是巴黎俱樂部2014年和解協議的附錄，確認本金爲197100美元萬，延長了13個半年度分期付款的還款期，從2022年12月開始，最終將於2028年9月取消。根據這項新協議，利率在前三期從9%提高到3.9%，並逐步提高到4.5%。付款情況表明，平均每半年支付17000美元萬(包括本金和利息)。2024年期間，阿根廷將償還到期本金的40%。

2009年，阿根廷與中國簽署了價值700億元CNY幣（約合99億美元）的掉期協議（「掉期」），根據該協議，央行向中國人民銀行（「央行」）提供披索，中國人民銀行向央行提供人民幣。2024年6月，阿根廷政府與中華人民共和國達成互換再融資協議，央行將部分到期日延長至2025年和2026年。掉期預計將於2026年中期達到最終到期。

我們無法預測這些協議和基於這些協議制定的政策將如何影響阿根廷進入國際資本市場的能力（以及間接影響我們進入此類市場的能力）、阿根廷經濟或我們的經濟和金融狀況或我們延長債務到期日的能力或可能影響我們的業績和運營或業務的其他條件。

披索價值的波動可能會對阿根廷經濟以及我們的財務狀況和經營結果產生不利影響。

阿根廷披索過去曾對美元大幅貶值，未來可能會出現波動。我們無法預測披索的價值是否會以及在多大程度上對美元貶值或升值，或者這種波動會如何影響我們的業務。除了上述其他因素外，披索與其他貨幣的價值還取決於央行維持的國際儲備水平，近年來國際儲備水平也出現了顯着波動。截至2024年8月30日，央行國際儲備總額爲2671900萬美元。此外，截至本年度報告之日，2024年阿根廷披索兌美元已貶值約21.7%。

我們無法保證官方匯率未來不會大幅波動。披索價值的波動也可能對阿根廷經濟以及我們的產品、財務狀況和運營業績產生不利影響。阿根廷披索貶值可能會對某些阿根廷企業償還外幣債務的能力產生負面影響，導致高通脹，大幅降低實際工資，危及包括公用事業和金融業在內的依賴國內市場需求的企業的穩定，並對阿根廷政府履行外債的能力產生不利影響。

另一方面，阿根廷披索兌美元大幅升值也給阿根廷經濟帶來風險，包括出口可能減少（由於外部競爭力喪失）。任何此類增長也可能對經濟增長和就業產生負面影響，減少阿根廷公共部門的實際稅收收入，並對我們的業務、我們的經營業績、我們在各自到期日內償還債務的能力產生重大不利影響，並影響我們美國存託憑證的市場價值，因爲阿根廷經濟疲軟的整體影響。

此外，由於深化了貨幣管制，阿根廷的官方匯率(目前用於商業和金融交易)與由於外匯市場上某些常見操作而出現的其他非正式匯率之間存在差異，導致截至2023年12月31日，官方匯率與官方匯率之間的差距約爲21%，截至2024年10月18日，阿根廷官方匯率與官方匯率之間的差距約爲18%。阿根廷政府發生變化後，官方匯率已超過800雷亞爾，其中包括如果適用必須加上現行稅額的數額，從而超過了「MEP」美元、「CCL」美元和「藍色」美元匯率，從而縮小了這些匯率之間的差距。在這方面，阿根廷政府可以維持單一官方匯率或爲不同類型的交易創造多種匯率，大幅改變我們購買外幣以償還以外幣計價的債務的匯率。

由於國際商品價格下降，阿根廷的經濟和財政可能會受到不利影響。

大宗商品市場的特點是波動性。大宗商品出口爲阿根廷政府的收入做出了重大貢獻。隨後，阿根廷經濟仍然相對依賴其出口產品（主要是大豆）的價格。由於阿根廷對農業大宗商品的依賴，也容易受到天氣事件的影響。

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In 2023, Argentina faced another severe drought, which resulted in losses of USD 20.0 billion. The negative impact of the 2018 and 2023 droughts has been exacerbated by the historically low levels of the Paraná river (Argentina’s main river) and numerous fire outbreaks across several Argentine provinces in 2022. These environmental factors have further affected the agricultural sector in Argentine.

2023年9月，厄爾尼諾現象影響了阿根廷經濟。厄爾尼諾現象通常會增加降水的頻率和強度，但也會帶來更高的洪水、河流溢流和嚴重風暴的風險。厄爾尼諾現象對阿根廷的影響仍然難以預測。

截至2024年8月，由於價格下跌，與2024年5月相比，阿根廷大豆和玉米綜合體出口損失約15.5億美元外匯。2024年5月10日，大豆和玉米離岸價出口價格分別爲每噸445美元和每噸206美元，截至2024年8月，大豆和玉米離岸價出口價格分別降至每噸43美元和每噸181.25美元。這些下降是由全球大豆產量增加推動的，大豆產量從2023年的39500萬噸增加到2024年的42800萬噸。外匯損失可能會影響阿根廷政府通過清算農產品出口和主要是阿根廷主要出口商品大豆來增加美元流入的目標。

此外，俄羅斯和烏克蘭之間的衝突、以色列和哈馬斯在加沙地帶的衝突以及以色列和真主黨之間的衝突導致石油、天然氣和大宗商品（包括阿根廷生產的商品）的國際價格上漲。國際石油價格長期下跌將對阿根廷的石油和天然氣前景產生負面影響，並導致這些行業的外國投資減少。

阿根廷出口主要商品的國際價格持續下跌，或未來的任何氣候事件或條件可能會對農業部門產生不利影響，從而對阿根廷政府的收入及其償還公共債務的能力產生不利影響，最終產生隱性或通脹壓力。此外，這種情況可能對阿根廷政府的稅收收入和外匯供應產生負面影響。任何此類事態發展都可能對阿根廷的經濟產生不利影響，從而對我們的業務、經營業績和財務狀況產生不利影響。

阿根廷經濟指數發佈的中斷或計算方法的改變可能會影響公司的預測。

2014年，INDEC建立了一個新的消費者價格指數CPI，該指數反映了消費者價格的廣泛衡量標準，考慮了全國24個省分成6個地區的價格信息。面對CPI以及INDEC發佈的其他指數的可信度受到質疑，阿根廷政府於2016年1月8日宣佈國家統計系統和INDEC進入行政緊急狀態，理由是INDEC未能提供可靠的統計信息，特別是關於CPI、GDP、通貨膨脹和外貿數據以及貧困和失業率。在重組其技術和行政結構以恢復其提供可靠統計信息的能力之前，國家統計和經濟委員會暫時停止公佈某些統計數據。2017年，INDEC開始發佈全國CPI，這是基於INDEC和幾個省統計局在包括阿根廷每個省在內的39個城市地區進行的調查。

由於INDEC對GDP計算方法進行了變更，根據英國和威爾士法律發行的2035年到期的阿根廷債券的某些持有人提起訴訟，要求賠償這些變更造成的損失。2023年4月，倫敦高等法院法官西蒙·普盧（Simon Pleston）做出裁決，認定GDP計算方法的變化及其演變給債券持有人造成了損失，命令阿根廷分別支付64300萬歐元和133000萬歐元的損害賠償和賠償。阿根廷政府對這一決定提出上訴。但2024年10月，英國最高法院駁回了阿根廷政府的上訴請求。因此，阿根廷將不得不支付133000萬歐元以及適用的利息。

未來需要對INDEC指數進行的任何修正或重述都可能導致人們對阿根廷經濟的信心下降，這反過來可能會對我們進入國際資本市場爲我們的運營和增長提供資金的能力產生不利影響，反過來又可能對我們的運營結果和財務狀況產生不利影響，並導致我們的ADS和普通股的市值下跌。

對外幣轉移和阿根廷資本匯回的限制可能會損害我們支付股息和分配的能力，投資者收取與阿根廷公司發行的公司債券相關的資本和利息的能力可能會面臨限制。

在阿根廷國際收支出現嚴重失衡或有理由預計出現這種失衡的情況下，阿根廷政府可以對阿根廷貨幣兌換外幣以及將在阿根廷投資產生的資金匯回外國投資者施加限制。

2019年9月1日，通過第609/2019號緊急法令，由於經濟不穩定和不確定性、阿根廷披索貶值、通貨膨脹率上升，總裁·馬克裏政府和央行實施了一系列貨幣和外匯管制措施。這些措施包括對存放在金融機構的資金的可及性進行限制。以及未經中央銀行事先批准將資金轉移到國外。已經確定，貨物和服務出口的收益必須在中央銀行規定的條件和時限內以外幣帶入該國和/或在外匯市場上進行交易。此外，進入外匯市場購買外幣和貴金屬以及向國外轉移必須事先獲得中央銀行的批准，根據外匯市場現行條件的客觀指導方針，並區分個人和法人的情況。

通過頒佈《關於社會團結和生產性復興的第27，541號法》，延長了這些措施的期限，並引入了額外限制，其中包括對阿根廷個人和法人實體購買某些外幣徵收新稅。披索兌美元波動性加劇、升值或貶值，或者匯率干預導致央行儲備減少，可能會對阿根廷經濟、我們履行義務的能力以及我們股票的價值產生不利影響。

阿根廷的某些限制影響了公司進入MULC購買外幣以將資金轉移到海外、償還債務、在阿根廷境外付款和其他業務的能力，在某些情況下需要事先獲得中央銀行的批准。中央銀行通知「A」7953中規定的現行阿根廷外匯法規及其修正案對以下內容實施了某些外匯管制，例如中央銀行的事先批准：（i）股息支付;（ii）非居民進入外匯市場，但具體豁免除外;（iii）直接投資的匯回;和（iv）建立外國資產、匯款家庭援助以及爲居民個人提供與衍生品交易相關的擔保和運營付款。

2023年10月10日，CNV在《官方公報》上發佈了第981號一般決議，由於適用於進入MULC的限制性措施，暫時禁止向公司的GDS持有人支付股息。該法規通過限制每日操作量，（i）阻止了與BONY達成的存款協議中建立的機制的實施，以獲得向GDS持有人的外國帳戶支付股息所需的美元;（ii）阻礙了存款協議中建立的替代程序的實施;以及（iii）造成本地和外國持有人之間的不平等待遇（因爲本地股東在商定日期收到股息，而GDS持有人由於上述法規而尚未收到股息，並且尚不清楚他們何時能夠收到股息）。

公司向CNV提出豁免請求後，CNV於2023年11月30日發佈了第984號一般決議，放寬了規定，允許在國外付款。

我們無法保證未來不會實施央行和/或CNV發佈的新法規，從而阻止我們及時向GDS持有人支付股息。

2023年12月和4月，央行通過「A」7914號通知和「A」7746號通知實施了額外限制，該通知規定有義務披露對進入外匯市場的一方行使直接控制權並構成同一經濟集團一部分的個人或法律實體，該通知修改了進入MULC的時間範圍。這些措施可能會對阿根廷的全球競爭力產生不利影響，阻礙外國投資者的外國投資和貸款，或增加外國資本外流，這可能會對阿根廷的經濟活動產生不利影響，並可能對我們的業務和經營業績產生不利影響，或損害我們以美元支付股息的能力或阻止我們償還國際債務。

我們無法預測這些限制和/或其取消將如何演變，特別是關於向海外轉移資金的限制。儘管新政府逐步取消某些外匯限制，但阿根廷政府可能會對資本轉移實施新的外匯管制或限制，並採取其他可能限制或限制我們進入國際資本市場、支付本金和利息以及其他額外金額的能力的政策。境外（包括與我們的票據相關的付款），或進口我們用作投入的某些產品或商品。

由於阿根廷政府推動或採取某些措施以及工會部門的壓力，公司的運營成本可能會增加。

過去，阿根廷政府曾推動並通過法律和集體勞工協議，規定私營部門僱主有義務維持一定的工資水平併爲員工提供額外福利。此外，僱主還面臨來自員工和工會的強大壓力，要求他們加薪和其他福利。

我們無法確定阿根廷政府未來不會頒佈措施，導致僱主必須承擔的最低、重要和流動工資和/或福利、補償或其他勞動力成本增加。任何加薪和/或任何其他勞動力成本都可能導致成本上升和公司運營業績下降。

未能充分解決制度惡化和腐敗的實際和感知風險可能會對阿根廷的經濟和金融狀況產生不利影響。

缺乏與阿根廷政府及其機構簽訂合同的堅實和透明的制度框架，以及腐敗指控，已經並將繼續影響阿根廷。在透明國際2023年腐敗感知指數中，阿根廷在180個國家中排名98。

截至本年度報告之日，對洗錢和腐敗指控的多項調查正在進行中，這些指控對阿根廷經濟和政治環境產生了負面影響。根據這些調查的結果以及最終確定調查所需的時間，涉及的公司可能會面臨信用評級下降、投資者對其股票和債務證券提出索賠等後果，並且可能會進一步受到限制通過資本市場獲得融資，所有這些都可能會減少他們的收入。此外，如果針對公司的刑事案件繼續推進，他們可能會被限制提供服務，或者可能會因客戶的內部政策和程序而面臨新的限制。這些不利影響可能會限制這些公司開展運營活動和履行財務義務的能力。

阿根廷政府認識到不解決這些問題可能會增加政治不穩定的風險、扭曲決策過程並對阿根廷的國際聲譽和吸引外國投資的能力產生不利影響，因此宣佈了旨在加強阿根廷機構和減少腐敗的多項措施。

這些措施包括設立一個特別檢察官辦公室，負責調查涉及國家和省級官員與非法致富和資產增加有關的調查、以認罪協議換取與司法部門在腐敗調查中的合作、更大程度地獲取公共信息、沒收因腐敗而被起訴的官員的資產、擴大反腐敗辦公室的權力、以及頒佈新的公共道德法等。我們不能保證這些措施的實施會成功，也不能保證一旦實施就會達到預期的效果。

我們無法估計這些調查可能對阿根廷經濟產生的影響。同樣，無法預測腐敗調查的持續時間，也無法預測哪些公司可能會參與其中，或者這些調查的影響有多大，這可能會對阿根廷經濟產生負面影響。反過來，除其他問題外，上述任何問題導致的投資者信心下降可能會對阿根廷經濟的增長產生重大不利影響，這反過來又可能損害我們的業務、財務狀況和運營業績，並影響我們普通股和美國存託憑證的交易價格。

阿根廷的美元房地產價值可能會大幅下降。

以美元計算的房地產價值受到我們無法控制的多種因素的影響，例如由於宏觀經濟狀況惡化而導致房地產需求下降，或者房地產供應增加，這可能會對以美元計算的房地產價值產生不利影響。我們無法向您保證以美元計算的房產價值會增加或不會減少。我們擁有的大部分房產位於阿根廷。因此，由於我們的投資房地產是以美元計價的公平市場價值進行估值，阿根廷房產美元價值的減少可能會對我們的業務和財務報表產生重大影響。

Covid-19等大流行級別疾病或對公共衛生的威脅的出現和傳播可能會對阿根廷和全球經濟、我們的業務運營、財務狀況或運營業績產生重大不利影響。

全球公共衛生威脅，例如Covid-19、流感和其他高度傳染性疾病或病毒，世界各地不時爆發，可能會對我們的運營以及我們客戶的運營產生不利影響。

Covid-19的額外毒株，或另一種流行病、疾病或類似公共衛生威脅的爆發，可能會對全球經濟、金融和商業狀況產生重大不利影響，從而對我們的業務、財務狀況和經營業績產生不利影響。

如果上述任何事件或其他流行病再次發生，或者如果Covid-19或其他流行病的嚴重程度或持續時間增加，可能會對我們的業務、經營業績、現金流和財務狀況產生重大不利影響。

阿根廷經濟容易受到外部衝擊和政治事態發展的影響，而這些衝擊和政治事態發展可能由阿根廷貿易伙伴的重大經濟困難或更普遍的「傳染」效應引起。此類外部衝擊和「傳染」效應可能會對阿根廷的經濟增長產生重大不利影響，從而對我們的經營業績和財務狀況產生重大不利影響。

儘管各國的經濟狀況各不相同，但投資者對某些國家發生的事件的看法過去已經並可能繼續對其他國家（包括阿根廷）發行人證券的資本流入和投資產生了重大影響。無法保證阿根廷金融體系和證券市場不會受到外國政府或阿根廷政府未來可能採取的政策的不利影響。阿根廷還可能受到其他國家發生的負面經濟或金融事件的不利影響，隨後影響我們的運營和財務狀況，包括我們在到期日償還債務的能力。

阿根廷經濟容易受到外部衝擊的影響。例如，經濟放緩，特別是巴西等阿根廷主要貿易伙伴的經濟放緩，導致阿根廷過去幾年出口下降。具體來說，阿根廷出售的大宗商品價格波動以及披索兌美元大幅貶值可能會損害阿根廷的競爭力並影響其出口。此外，國際投資者對一個市場發生的事件的反應可能會導致「傳染」效應，從而導致整個地區或整個投資類別不受國際投資者青睞。

此外，即將舉行的美國總統選舉可能會帶來重大不確定性。政治過渡，包括領導層的更迭，可能會導致監管和財政政策、貿易協定和其他經濟因素的轉變。此外，選舉前後可能會導致金融市場波動、貨幣波動和整體經濟不穩定。美國外交或國內政策的任何重大變化，包括貿易協定、關稅或國際關係的變化，都可能影響全球經濟，包括阿根廷經濟。雖然選舉結果仍然不確定，但可能影響監管格局和經濟狀況的政策轉變的可能性帶來了可能對我們的財務業績和未來增長前景產生負面影響的風險。

此外，阿根廷的金融和證券市場還受到全球其他市場經濟和市場狀況的影響。

與此同時，近年來全球經濟狀況出現了嚴重不穩定，例如大宗商品價格高度波動，烏克蘭與俄羅斯之間的戰爭以及哈馬斯從加沙地帶對以色列的襲擊造成的全球經濟不確定性和金融市場狀況。

無法保證阿根廷金融體系和證券市場不會受到外國政府或阿根廷政府未來可能採取的政策，或發達國家經濟或其他新興市場發生的事件的不利影響。

最後，國際投資者對一個市場發生的事件的看法可能會產生「傳染」效應，導致整個地區或類別的投資不受國際投資者的青睞。阿根廷可能會受到其他新興國家和發達國家負面經濟或金融發展的不利影響，這反過來可能會對阿根廷經濟產生重大不利影響，並間接對我們的業務、財務狀況和運營業績以及我們的美國存託憑證和普通股的市值產生重大不利影響。

俄羅斯入侵烏克蘭 哈馬斯從加沙地帶對以色列的襲擊以及以色列對真主黨的襲擊可能會對全球經濟以及國際和當地證券市場產生不可預測的影響，並對我們的業務和經營業績產生不利影響。

隨着地緣政治緊張局勢升級、俄羅斯和烏克蘭之間軍事衝突的開始、哈馬斯從加沙地帶對以色列的襲擊以及以色列對黎巴嫩南部真主黨的襲擊，全球市場經歷了波動和混亂。

俄羅斯對烏克蘭的軍事幹預已經並可能導致美國、歐盟和其他國家對俄羅斯實施更多制裁，可能還包括直接或間接支持俄羅斯入侵的國家。這些制裁旨在增加俄羅斯政權的戰爭成本。俄羅斯的軍事入侵和隨之而來的制裁可能會對全球能源和金融市場產生不利影響，包括阿根廷的能源和金融市場，因此可能會影響我們的業務和我們客戶的業務，儘管我們與俄羅斯或鄰近地理地區沒有任何直接敞口。我們無法預測烏克蘭局勢的進展或結果，因爲衝突和政府反應正在迅速發展，超出了他們的控制。影響該地區的長期動亂、加強的軍事活動或更廣泛的制裁可能會對全球經濟產生實質性的不利影響，而這種影響又可能對我們的業務、財務狀況和業務結果產生實質性的不利影響。

2023年10月7日，哈馬斯武裝分子和其他恐怖組織成員從加沙地帶滲透到以色列南部邊境，對平民和軍事目標發動了一系列恐怖襲擊。此後，這些恐怖分子對以色列與加沙地帶邊境的以色列民衆和工業中心發動了大規模火箭襲擊。襲擊發生後不久，以色列安全內閣向哈馬斯宣戰。新政府公開表示相信以色列有權自衛。這場衝突的未來及其對國際貿易和阿根廷等新興市場經濟體的影響仍然不確定。以色列當前針對哈馬斯的戰爭的強度和持續時間很難預測，此類戰爭對公司業務和運營以及全球地緣政治不穩定的經濟影響也很難預測。

同樣，目前以色列和真主黨之間的武裝衝突，以及以色列和黎巴嫩邊境地區的直接衝突，加劇了中東的緊張局勢。暴力升級造成了全球不確定性，特別是影響金融市場和石油和天然氣等能源大宗商品價格。衝突可能蔓延到該地區其他地區以及國際行爲體的干預可能會加劇全球經濟不穩定，導致能源成本上升和全球供應鏈中斷。

俄羅斯對烏克蘭的持續入侵、哈馬斯從加沙地帶對以色列的襲擊、以色列和真主黨之間當前的武裝衝突直接或間接導致信貸市場的任何惡化都可能限制我們獲得外部融資來資助我們的運營和資本支出的能力，這可能會對我們的業務、運營結果和/或財務狀況產生重大不利影響。

我們的內部政策和程序可能不足以保證遵守反腐敗和反賄賂法律法規。

我們的業務受到各種反腐敗和反賄賂法律法規的約束，包括《企業刑事責任法》和《FCPA》。《企業刑事責任法》和《反海外腐敗法》都對直接或通過中間人賄賂阿根廷政府官員的公司規定了責任。反腐敗法一般禁止爲獲取或保留業務或獲取任何不當商業優勢而向阿根廷政府官員提供任何有價值的東西。作爲我們業務的一部分，我們可能會與員工被視爲政府官員的實體打交道。我們有一個合規計劃，旨在根據這些新的和現有的法律和監管要求管理開展業務的風險。

儘管我們制定了旨在確保遵守適用的反腐敗和反賄賂法律法規的內部政策和程序，但無法保證此類政策和程序足夠。違反反腐敗法律和制裁法規可能會導致我們受到經濟處罰、我們的活動受到限制、我們的授權和許可證被吊銷、我們的聲譽受損以及可能對我們的業務、經營業績和財務狀況產生重大不利影響的其他後果。此外，與涉嫌違反反腐敗法律和制裁法規有關的訴訟或調查可能成本高昂。

阿根廷面臨阿根廷公司外國股東和阿根廷違約債券持有人的訴訟，這已經並可能導致針對阿根廷資產的不利判決或禁令，並限制其財務資源。

向解決投資爭端國際中心提交了針對阿根廷政府的未決索賠，這可能會導致對阿根廷政府實施新的制裁，這反過來又可能對阿根廷政府實施改革和促進經濟增長的能力產生重大不利影響。我們無法向您保證阿根廷政府未來不會違反其義務。

針對阿根廷政府的訴訟以及ICIDS索賠已導致重大判決，並可能導致進一步的重大判決，並可能導致扣押或禁止阿根廷政府打算用於其他用途的阿根廷資產。因此，阿根廷政府可能沒有所有必要的財政資源來履行其義務、實施改革和促進增長，這可能會對阿根廷經濟產生重大不利影響，從而對我們的業務、財務狀況和運營業績產生重大不利影響。ICIDS針對阿根廷政府的索賠懸而未決，這可能會導致阿根廷受到進一步賠償，這反過來又可能對阿根廷政府實施改革和促進經濟增長的能力產生重大不利影響。

彼得森和伊頓公園資本管理公司最近提起的訴訟中的裁決，Eton Park Master Fund，LTD.和Eton Park Fund，LP提交了開場陳述，支持就YPF和阿根廷的責任和損害賠償索賠進行簡易判決的交叉動議。原告請求地方法院做出對他們有利的簡易判決，而每個被告都辯稱，他們沒有責任，不應該賠償原告，並請求地方法院做出對他們有利的簡易判決，並駁回針對他們的所有剩餘索賠。

2023年3月31日，地方法院批准了YPF的簡易判決動議，並駁回了原告對YPF的全部簡易判決動議。地方法院裁定YPF不承擔合同責任，也不因違反合同而向原告承擔損害賠償，因此駁回了原告對YPF的索賠。地方法院駁回了阿根廷的簡易判決動議，原告與阿根廷之間的訴訟將繼續進行，阿根廷被勒令支付160億美元。2023年10月，阿根廷對該裁決提出上訴，2023年11月，地方法院裁定阿根廷的請求，允許阿根廷不存入1600億美元，但命令其提供YPF股票等其他資產作爲抵押品，以防止扣押。

隨後，伯福德資本正式請求地方法院命令阿根廷將阿根廷國家持有的YPF D類股票交付給伯福德資本，部分遵守地方法院的判決。阿根廷反對這一動議。截至本年度報告之日，地方法院尚未發佈新裁決。我們無法保證不會對阿根廷提起新的訴訟，也無法保證這些案件不會影響阿根廷的經濟和我們的業務。

與巴西有關的風險

巴西政府已經並將繼續對巴西經濟施加重大影響，再加上巴西的政治和經濟狀況，可能會對我們產生不利影響。

我們可能會受到以下因素以及巴西聯邦政府對這些因素的反應的不利影響：

	·	經濟和社會不穩定；

	·	加息；

	·	外匯管制和對海外匯款的限制；

	·	對農產品出口的限制和徵稅；

	·	匯率波動；

	·	通貨膨脹；

	·	國內資本和信貸市場的波動性和流動性；

	·	巴西經濟的擴張或收縮，以國內生產總值增長率衡量；

	·	針對政黨、民選官員或其他公職人員的腐敗指控，包括與Lava Jato調查有關的指控;

	·	政府與我們界別有關的政策；以及

	·	財政或貨幣政策和稅收立法修正案；以及巴西國內或影響到的其他政治、外交、社會或經濟發展。

歷史上，巴西政府經常干預巴西經濟，偶爾也會對經濟政策和法規做出重大改變，包括制定新稅法、改變貨幣、財政和稅收政策、貨幣貶值、資本管制和進口限制等。

近年來，巴西經濟經歷了波動性增長和放緩。2021年，巴西經濟開始大幅增長。巴西GDP 2021年增長4.6%，2022年增長2.9%，2023年增長2.5%，2024年前六個月增長2.5%。

通貨膨脹和利率最近有所上升，巴西人真實相對於美元大幅疲軟。巴西不利的經濟狀況可能會對我們的業務、財務狀況和運營業績產生重大不利影響。

根據與 Lava Jato (Car華盛頓）在巴西的腐敗行動中，包括國會議員在內的一些高級政客和巴西某些主要國有公司的高管已辭職或被捕，而其他人則因不道德和非法行爲指控而接受調查。由於或與之相關的問題已經曝光並可能繼續曝光 Lava Jato 業務和其他類似業務對巴西經濟、市場和巴西發行人在不久的將來發行的證券的交易價格產生了不利影響，我們預計它們將繼續產生不利影響。

這些調查的最終結果尚不確定，但它們已經對涉案公司的形象和聲譽以及市場對巴西經濟、政治環境和巴西資本市場的普遍看法產生了不利影響。這些調查的進展已經並可能繼續對我們產生不利影響。我們無法預測這些調查是否會給巴西帶來進一步的政治或經濟不穩定，或者是否會對巴西聯邦政府高層成員提出新的指控。此外，我們無法預測這些調查的結果，也無法預測它們對巴西經濟的影響。

巴西持續的經濟不確定性和政治不穩定可能會對巴西經濟、我們的業務以及我們股票和美國存託憑證的市場價格產生不利影響。

巴西的政治環境歷史上影響並繼續影響該國經濟的表現。政治危機已經並將繼續影響投資者和公衆的信心，歷史上導致經濟減速和巴西公司發行的證券波動性加劇。

此外，巴西的聯邦預算自2014年以來一直處於赤字狀態。同樣，巴西各組成州的政府也面臨着財政擔憂，因爲它們的債務負擔沉重，收入下降，支出不靈活。雖然巴西國會批准了政府支出上限，將在至少10年內將基本公共支出增長限制在前一年的通貨膨脹率，但當地和外國投資者認爲，財政改革，特別是巴西國會於2019年批准的巴西養老金制度改革，將對巴西遵守支出上限至關重要。截至本年度報告之日，巴西國會關於財政改革的討論仍在進行中。對巴西政府預算狀況和財政立場的信心下降可能導致信用評級機構下調巴西主權債務評級，對巴西經濟產生負面影響，導致雷亞爾進一步貶值，通脹和利率上升，從而對我們的業務、經營業績和財務狀況產生不利影響。

巴西政府實施影響此類實施的政策或法規變化的不確定性可能會導致巴西經濟不穩定，並增加巴西公司在海外發行的證券（包括我們的證券）的波動性。上述任何因素都可能造成額外的政治不確定性，對巴西經濟、我們的業務、財務狀況、運營業績以及我們股票和美國存託憑證的市場價格產生不利影響。

通貨膨脹，加上巴西政府抗擊通貨膨脹的措施，可能會阻礙巴西經濟增長並提高利率，這可能會對我們產生重大不利影響。

巴西過去經歷過顯著的高通貨膨脹率。因此，巴西政府採取了貨幣政策，導致巴西的利率位居世界最高之列。中央銀行貨幣政策委員會根據巴西的經濟增長水平、通貨膨脹率和其他經濟指標，爲巴西金融系統制定了官方利率目標。SELIC比率隨着時間的推移有升有降，截至2024年6月30日，每年爲10.50%。2021年通貨膨脹率爲17.8%，2022年爲5.5%，2023年爲3.18%。通貨膨脹率由一般市場價格指數(IGP-m)衡量，並由瓦加斯基金會計算。按照同樣的指數計算，2024年前六個月的累計通脹率爲2.0%。2021年、2022年和2023年的通貨膨脹率分別爲10.1%、5.8%和4.62%，這是由巴西地質統計研究所(IBGE)計算的擴展國家消費者價格指數(IPCA)衡量的通貨膨脹率。按照同樣的指數計算，2024年前六個月的累計通脹率爲2.85%。

通貨膨脹和政府對抗通貨膨脹的措施已經並可能繼續對巴西經濟和我們的業務產生重大影響。此外，巴西政府控制通脹的措施往往包括維持高利率的緊縮貨幣政策，從而限制信貸的可用性並減緩經濟增長。另一方面，巴西政府貨幣政策的放鬆可能會引發通脹上升。如果通貨膨脹上升，我們可能無法調整每日費率以抵消通貨膨脹對我們成本結構的影響，這可能會對我們產生重大不利影響。

利率上升可能會對我們產生重大不利影響。此外，截至2024年6月30日，我們的部分貸款受到利率波動的影響，例如巴西長期利率（隆戈·普拉佐柔道分類，或TJLP)，以及同業存款利率(國際銀行文憑），或CDI。如果利率突然上升，我們履行財務義務的能力可能會受到重大不利影響。

稅法的變化或其解釋的變化可能會增加我們的稅收負擔，從而對我們的經營業績和財務狀況產生負面影響。

巴西政府定期對稅收制度實施變革，這可能會增加我們、我們的供應商和客戶的稅收負擔，這反過來可能會提高我們對銷售產品的收取價格，限制我們在現有市場開展業務的能力，因此對我們的經營業績和財務狀況產生重大不利影響。

這些變化包括修改稅率，以及有時頒佈臨時稅，臨時稅的收益指定用於指定的政府用途。過去，巴西政府曾提出過一些稅收改革提案，主要是爲了簡化巴西稅收體系，避免巴西各州和市內部和之間的內部糾紛，並重新分配稅收收入。稅收改革提案規定修改聯邦社會融合計劃規則（社會融合課程）或PIS，以及社會保障資金繳款（爲社會安全籌資捐款），或COFins、稅收、ICMS和某些其他稅收，例如工資稅和股息分配預扣稅的增加。

由於是否會實施任何改變的不確定性，這些擬議的稅收改革措施以及實施額外稅收改革可能導致的任何其他變化的影響尚未也無法量化。

巴西貨幣價值的波動真實與美元的關係可能會對我們產生不利影響。

外匯波動，尤其是巴西人的波動真實兌美元匯率可能會顯着影響我們的經營業績，因爲：（1）我們的產品和生產中使用的基本供應品在國際上進行交易;（2）大豆價格是根據芝加哥期貨交易所（CBOT）的普遍價格定義的;和（3）大多數市場由來自不同國家的多個供應商提供服務，鑑於巴西貨幣相對於美元升值，國外農產品的競爭力可能會相對於我們的競爭力有所增強。價值的波動真實與美元相關的風險可能會影響我們的出口收入、我們在巴西市場的美元銷售以及我們的財務費用和運營成本，這可能會對我們的業務、財務狀況和運營業績產生不利影響。

這個真實在過去十年中，美元和其他外幣經常貶值和升值。巴西政府過去曾採用不同的匯率制度，包括突然貶值、週期性小幅貶值（調整頻率從每天到每月不等）、外匯管制、雙重匯率市場和浮動匯率制度。自1999年以來，巴西實行浮動匯率制度，央行干預外匯買賣。巴西與巴西之間的匯率不時出現大幅波動真實以及美元和其他貨幣。最近一段時期的貶值導致匯率大幅波動真實兌美元和其他貨幣。

2021年，雷亞爾兌美元貶值7.4%，2021年12月31日，巴西雷亞爾兌美元匯率爲5.5799巴西雷亞爾。2022年，雷亞爾兌美元升值6.5%，2022年12月31日巴西雷亞爾兌美元匯率爲1.00美元兌換5.2177巴西雷亞爾。2023年，雷亞爾兌美元升值7.2%，2023年12月31日，雷亞爾兌美元匯率爲4.8413雷亞爾。2024年（至2024年9月30日），雷亞爾兌美元貶值12.5%，2024年9月30日巴西雷亞爾/美元匯率爲1.00美元兌換5.4481巴西雷亞爾。無法保證雷亞爾未來不會對美元貶值或升值。

我們還持有衍生金融工具以對沖與以外幣計價的出口收入和運營成本相關的風險。如果我們未能妥善管理這些工具，我們可能會受到這些風險的不利影響，這可能會對我們的財務狀況和經營業績產生重大不利影響。

對外國人在巴西收購農業財產實施限制可能會嚴重限制我們在巴西拉格羅投資的發展。

2010年8月，當時的巴西總統總裁批准了聯邦總檢察長辦公室的意見，確認了巴西第5709/71號法律的合憲性，該法律對外國人和外國人控制的巴西公司在巴西收購和租賃土地施加了重要限制。根據這項立法，由外國人持有多數股權的公司不得收購超過100個無限期勘探模塊或MEI(巴西農業發展研究所採用的衡量單位)。殖民地國家改革研究所這些公司在巴西不同地區收購面積從5公頃到100公頃不等的土地，未經巴西國會事先批准，而這類公司收購面積小於100兆瓦的土地則需要事先獲得國家土地管理協會的批准。此外，外國人或外國人控制的公司擁有的農業面積不得超過本市表面積的25%，其中40%以下的面積不得屬於外國人或同一國籍的外國人控制的公司，即屬於外國人或同一國籍的外國人控制的公司的農業面積總和不得超過有關市表面積的10%。此外，INCRA還被要求核實在這些地區開發的農業、養牛、工業或殖民項目是否事先得到了有關當局的批准。在進行分析後，INCRA將簽發證書，允許收購或農村租賃該房產。不符合上述要求的農業財產的購買和農村租賃需要得到巴西國會的授權。在這兩種情況下，都不可能確定覈准程序的估計時間範圍，因爲截至本年度報告之日，尚無已知的頒發這種證書的案例。

最近，巴西2020年4月7日第13，986號法律修訂了第5，709/91號法律，規定上述限制不適用於：（i）以房地產作爲抵押品的質押（包括房地產財產的受託轉讓）;和（ii）因執行房地產抵押品而產生的債務結算。這兩種例外都有利於外國人或外國實體控制的巴西公司。這兩種例外都有利於外國人或外國實體控制的巴西公司。

根據巴西的適用法規，並考慮到一些投資者通過持有巴西部分股份的投資基金或其他方式間接在巴西使用資源，巴西無法確定最終外國人受益人擁有的股本百分比。如果當局了解到，就第5，709/71號法律而言，Brasilagro應被視爲外國公司，則Brasilagro可能會面臨涉及公司在AGU-LA-2010意見批准後進行的收購和租賃的最終問題，以及第5號法律的可能適用，709/71可能會導致未來農村房產收購的嚴重延誤，並且我們無法獲得必要的批准。此外，違反現有限制進行的收購可能會被宣佈無效。

第5，709/71號法律的適用性正在最高聯邦法院（Supremo Tribunal Federation，或「STF」）第2，463號原始民事訴訟（ACO）和違反基本戒律訴訟（ADPF）第342號中討論。第一項行動（ACO No. 2，463）涉及聖保羅司法總審計長的第461/2012-E號意見（科雷格多里亞 聖保羅州傑拉爾德賈斯蒂薩），其中規定聖保羅州的公證員和房地產登記官員將免於遵守Lei第5，709/71號和第74，965/74號法令實施的限制。巴西農村協會於2015年4月16日提出了第二項行動（ADPF No. 342），該協會對第5，709/71號法律第1條第1款的適用性以及總檢察長辦公室（AGU）2010年發表的意見的適用性提出質疑。

巴西最高法院（STF）於2021年2月開始審理，特別報告員Justice投票表示，必須維持對被認爲由外國實體控制的公司的限制。第二位法官要求暫停訴訟程序以審查檔案，從而中斷了審判，審判直到2021年6月才恢復，當時法官提出了與特別報告員不同的投票，證實了限制的不適用性。

截至本年度報告之日，最終判決仍在等待中，我們無法提供最高法院發佈最終判決的時間表的估計。根據這些未決訴訟的最終決定，巴西拉格羅可能需要修改其業務戰略和預期實踐，以便能夠收購農業財產。

這可能會增加我們必須完成的交易數量，從而增加我們的交易成本。它還可能要求我們採取替代措施，以減少我們對擁有或租賃農村房產的公司的興趣，包括成立合資企業，這增加了與這些交易相關的複雜性和風險。

任何監管限制和限制都可能嚴重限制巴西拉格羅收購農業財產的能力，增加此類交易的投資、交易成本或複雜性，或使所需的監管程序複雜化，其中任何一種都可能對巴西拉格羅和我們以及我們成功實施業務戰略的能力產生重大不利影響。

我們受到巴西廣泛的環境法規的約束，這可能會顯着增加公司的費用。

我們在巴西的商業活動受到廣泛的聯邦、州和市政環保法律法規的約束，這些法規對我們施加了各種環境義務，例如環境許可要求、污水排放的最低標準、農用化學品的使用、固體廢物的管理、保護某些地區(法定保護區和永久保護區)，以及需要特別授權才能使用水等。不遵守此類法律和法規可能會對違規者處以行政罰款、強制中斷活動和刑事制裁，以及糾正損害和支付環境損害賠償和第三方損害賠償的義務，沒有任何上限。此外，巴西環境法對環境損害採取了連帶和嚴格的責任制度，即使在沒有疏忽的情況下，污染者也要承擔責任，並使我們對承包商或承購者的義務承擔連帶責任。如果我們承擔了環境責任，我們爲糾正可能的環境破壞而可能產生的任何成本都將導致我們的財務資源減少，否則，這些資金將留在我們目前或未來的戰略投資中，從而對我們的業務、財務狀況和運營結果造成不利影響。

隨着環境法及其執行變得越來越嚴格，我們未來遵守環境要求的費用可能會增加。此外，新法規的實施、現有法規的變化或其他措施的採取可能會導致我們用於環境保護的支出的金額和頻率與當前估計或歷史成本相比出現顯着差異。任何計劃外的未來費用都可能迫使我們減少或放棄戰略投資，因此可能對我們的業務、財務狀況和運營業績產生重大不利影響。

與我們運營的其他國家/地區相關的風險

我們的業務取決於我們經營或打算經營的國家/地區的經濟狀況。

我們已經在阿根廷、巴西、巴拉圭和玻利維亞的農田進行了投資，我們可能會在拉丁美洲和美國等國內外的其他國家進行投資。由於對牲畜和農產品的需求通常與當地市場的經濟狀況相關，而當地市場的經濟狀況又取決於市場所在國家的宏觀經濟狀況，因此我們的財務狀況和經營結果在相當程度上取決於我們開展業務的國家不時出現的政治和經濟狀況。拉丁美洲國家歷來經歷了經濟增長不均衡時期、經濟衰退時期、高通脹時期和經濟不穩定時期。某些國家已經經歷了嚴重的經濟危機，這可能仍會產生未來的影響。因此，各國政府可能沒有必要的財政資源來實施改革和促進增長。任何這些不利的經濟狀況都可能對我們的業務產生實質性的不利影響。

我們面臨着政治和經濟危機、不穩定、恐怖主義、內亂、徵用以及在新興市場開展業務的其他風險。

除了阿根廷和巴西外，我們還在巴拉圭和玻利維亞等其他拉丁美洲國家開展或打算開展業務。我們經營所在國家的經濟和政治發展，包括未來的經濟變化或危機（例如通貨膨脹或衰退）、政府僵局、政治不穩定、恐怖主義、內亂、法律法規變化、財產徵收或國有化以及外匯管制可能會對我們的業務、財務狀況和經營結果產生不利影響。

特別是，阿根廷和巴西的經濟波動以及這些國家政府採取的行動已經並可能繼續對在這些國家運營的公司（包括我們）產生重大影響。具體來說，我們已經並可能繼續受到通貨膨脹、利率上升、披索和巴西雷亞爾兌外幣價值波動、價格和外匯管制、監管政策、商業和稅收法規以及阿根廷和巴西以及其他可能影響阿根廷和巴西的政治、社會和經濟情況的影響。

儘管一個國家的經濟狀況可能與另一個國家的經濟狀況存在很大差異，但我們無法保證僅在一個國家發生的事件不會對我們的業務、普通股和/或ADS的市值或市場產生不利影響。

我們開展業務或打算開展業務的國家/地區的政府對其經濟產生重大影響。

新興市場政府，包括我們經營所在國家的政府，經常干預各自國家的經濟，偶爾會在貨幣、信貸、行業和其他政策法規方面做出重大變化。政府控制通脹的行動和其他政策和法規通常涉及價格管制、貨幣貶值、資本管制和進口限制等措施。我們的業務、財務狀況、經營業績和前景可能會受到政府政策或法規變化的不利影響，包括以下因素：

	·	匯率和外匯管制政策;

	·	通貨膨脹率;

	·	勞動法;

	·	經濟增長;

	·	貨幣波動；

	·	貨幣政策;

	·	金融體系的流動性和償付能力;

	·	外國人對農村土地所有權的限制;

	·	通過世界貿易組織或其他國際組織進行貿易談判的進展;

	·	環境法規;

	·	對投資匯回和資金轉移到國外的限制;

	·	沒收或國有化;

	·	進出口限制或影響對外貿易和投資的其他法律和政策;

	·	價格管制或價格固定規定;

	·	對土地收購或使用或農業商品生產的限制

	·	利率；

	·	關稅和通貨膨脹控制政策;

	·	信息技術設備的進口稅;

	·	國內資本和借貸市場的流動性；

	·	電力配給;

	·	稅收政策；

	·	武裝衝突或戰爭宣言;以及

	·	每個企業所在國或影響每個企業所在國的其他政治、社會和經濟發展，包括政治、社會或經濟不穩定。

政府未來是否會實施影響這些或其他因素的政策或監管變化的不確定性可能會導致經濟不確定性和證券市場波動加劇，這可能會對我們的業務、經營業績和財務狀況產生重大不利影響。此外，最終減少對我們開展業務的任何國家的外國投資可能會對該國的經濟產生負面影響，影響利率和公司進入金融市場的能力。

其他市場的發展可能會影響我們經營或打算經營的拉丁美洲國家，因此我們的財務狀況和經營業績可能會受到不利影響。

像我們這樣的公司的證券市值可能會在不同程度上受到其他全球市場經濟和市場狀況的影響。儘管各國的經濟狀況有所不同，但投資者對一個國家發生的事件的看法可能會極大地影響其他國家（包括拉丁美洲國家）的資本流入和發行人的證券。近年來，多個新興經濟體發生的政治和經濟事件對拉丁美洲各經濟體造成了不利影響。此外，拉丁美洲經濟體可能會受到作爲貿易伙伴或影響全球經濟並對我們的活動和運營結果產生不利影響的發達經濟體事件的影響。

拉丁美洲國家的土地可能會被沒收或佔領。

倡導土地改革和財產重新分配的社會運動在拉丁美洲非常活躍，特別是在巴西，有無地農村工人運動（Movimento dos Trabalhadores Rurais Sem Terra）和田園土地委員會（Comissão Pastoral da Terra）等運動，在玻利維亞，有玻利維亞文化間聯合會（Confederación de Interculturales de Bolivia）等運動。

大量人入侵和佔領農業用地是此類運動成員的常見做法，在某些地區，包括我們目前投資的地區，警察保護或驅逐程序等補救措施不足或不存在。因此，我們無法向您保證我們的農業財產不會受到任何社會運動的入侵或佔領。任何入侵或佔領都可能嚴重損害我們土地的使用，並對我們的業務、財務狀況和運營業績產生不利影響。

此外，環保社會運動經常促進和組織聚會和其他活動，以防止、推遲或減少合法森林砍伐，這可能會對我們的運營產生不利影響。因此，我們無法向您保證我們的運營不會受到環境社會運動的不利影響，這可能導致運營許可證被吊銷、延誤或修改，或者我們的財產不會受到入侵或佔領。土地入侵或佔領可能會嚴重影響我們財產的正常使用，或者對我們或我們普通股和美國存託憑證的價值產生重大不利影響。

交通和物流服務中斷或公共基礎設施投資不足可能會對我們的經營業績產生不利影響。

我們經營所在國家農業部門的主要缺點之一是關鍵增長地區遠離主要港口。因此，交通運輸和港口基礎設施的有效利用對於我們運營所在國家、特別是我們業務的整體農業增長至關重要。可能需要改善交通基礎設施，以使農業生產以有競爭力的價格進入出口碼頭。目前，我們經營所在國家的很大一部分農業生產是通過卡車運輸的，這種運輸方式比美國和其他國際生產商提供的鐵路運輸貴得多。我們對卡車運輸的依賴可能會影響我們作爲低成本生產商的地位，從而使我們在世界市場上的競爭能力可能會受到損害。

儘管巴西部分地區已考慮實施道路和鐵路改善項目，並在某些情況下實施了道路和鐵路改善項目，但道路和鐵路改善項目仍需要大量投資，而這些項目可能無法及時完成，甚至可能無法完成。開發基礎設施系統的任何延誤或失敗都可能會減少對我們產品的需求、阻礙我們產品的交付或給我們帶來額外成本。我們目前外包運營業務所需的運輸和物流服務。這些服務的任何中斷都可能導致我們的農場和加工設施出現供應問題，並損害我們及時向客戶交付產品的能力。

BrasilAgro的運營結果取決於BrasilAgro運營所在地巴拉圭的經濟狀況，經濟狀況的任何下降都可能會損害我們的運營結果或財務狀況。

截至2024年6月30日，BrasilAgro 29%的資產位於巴拉圭。巴拉圭有經濟和政治不穩定、外匯管制、監管政策頻繁變化、腐敗和司法安全薄弱的歷史。然而，2013年，巴拉圭的GDP增長率爲14%，位居拉丁美洲最高，位居世界第三。此後，2014年GDP增長4%，2015年增長3%，2016年增長3.8%，2017年增長4.3%，2018年增長3.6%，2019年增長0.2%，2020年下降6.0%，2021年增長4.1%，2022年增長0.08%，2023年下降0.5%。巴拉圭的國內生產總值與巴拉圭農業部門的表現密切相關，農業部門的表現可能不穩定，可能會對我們的業務、財務狀況和經營業績產生不利影響。

巴拉圭的匯率是自由浮動的，巴拉圭中央銀行積極參與外匯市場，以減少波動。2018年，巴拉圭貨幣兌美元升值6.7%，2019年升值8.26%，2020年升值6.7%，2021年貶值0.55%，2022年升值6.92%。2023年，巴拉圭貨幣兌美元升值1.08%。當地貨幣大幅貶值可能會對我們的業務、財務狀況和經營業績產生不利影響。然而，由於我們的大部分原材料和供應成本以美元計價，當地貨幣的大幅貶值可能會對我們的業務、財務狀況和運營業績產生不利影響，並影響其他費用，例如專業費用和維護成本。

此外，巴拉圭或其任何主要貿易伙伴（例如巴西或阿根廷）的經濟增長顯着惡化，可能會對巴拉圭的貿易平衡產生重大影響，並可能對其經濟增長產生不利影響，從而對我們的業務、財務狀況和經營業績產生不利影響。

BrasilAgro的運營結果取決於BrasilAgro運營所在地玻利維亞的經濟狀況，經濟狀況的任何下降都可能會損害我們的運營結果或財務狀況。

截至2024年6月30日，BrasilAgro 5%的資產位於玻利維亞。玻利維亞經常面臨經濟、社會和政治不穩定、外匯管制、監管框架政策頻繁變化、公民和罷工、高稅率以及國家官員、司法部門和私營部門腐敗的歷史。

玻利維亞面臨社會動盪的高風險，導致抗議者設置遊行和路障向政府施壓，增加了破壞風險。此外，針對環境問題的抗議活動通常與勞資糾紛嚴重重疊，這可能會升級爲破壞性的抗議形式，包括佔領工地。

反過來，玻利維亞經濟在拉丁美洲排名第14，嚴重依賴天然氣和礦產等出口商品。玻利維亞過去十年GDP增長率位居拉丁美洲前列，2015年增長4.9%，2016年增長4.3%，2017年增長4.2%，2018年增長4.2%，2019年增長2.2%，而2020年下降7.3%，2021年增長6.1%，2022年增長3.2%，2023年增長3.5%。在此背景下，過去30年來通貨膨脹一直相對較低並得到控制。2023年通脹率約爲3.6%。此外，玻利維亞正在成爲南方共同市場的積極合作伙伴，南方共同市場是一個旨在逐步整合巴西、阿根廷、烏拉圭、巴拉圭和玻利維亞之間的經濟活動的共同市場。

全球和國內宏觀經濟的嚴重惡化、玻利維亞的政治穩定或社會動盪，可能會對其經濟增長產生重大影響，從而對我們的業務、財務狀況和經營業績產生不利影響。

與我們農業業務相關的風險

我們的農產品市場價格波動可能會對我們的財務狀況和經營業績產生不利影響。

與其他大宗商品的價格一樣，農作物、油籽和副產品的價格歷來具有周期性，對國內外供需變化敏感，預計會大幅波動。此外，我們生產的農產品和副產品在大宗商品和期貨交易所交易，因此受到投機交易的影響，這可能會對我們造成不利影響。我們能夠獲得的農產品價格取決於許多我們無法控制的因素，包括：

	·	現行世界價格，歷史上，根據全球需求和供應，這些價格在相對短的時間內會發生重大波動;

	·	一些主要國家（主要是美國和歐盟國家）某些消費市場農業補貼水平和貿易壁壘的變化，以及政府採取的其他影響市場條件和行業價格的政策;

	·	原材料成本、燃料成本和保險費增加，特別是考慮到俄羅斯和烏克蘭之間以及以色列和哈馬斯之間持續的衝突;

	·	政府生物燃料政策的變化;

	·	在農業和農業企業部門經營的其他大公司採取的經營戰略；

	·	世界庫存水平，即逐年結轉的商品供應量;

	·	農產品種植地區的氣候條件和自然災害;

	·	我們競爭對手的生產能力;以及

	·	競爭商品和替代品的需求和供應。

我們產品的全球市場競爭可能會對我們的業務和運營業績產生不利影響。

在我們經營的每個市場以及我們的許多產品線上，我們都面臨着激烈的全球競爭。穀物、油籽和副產品市場競爭激烈，對行業產能、庫存和世界經濟的週期性變化也很敏感，其中任何一項都可能嚴重影響我們產品的銷售價格，從而影響我們的盈利能力。阿根廷在油籽市場上比在穀物市場上更具競爭力。由於我們的許多產品都是農產品，它們在國際市場上的競爭幾乎完全是以價格爲基礎的。大宗商品市場高度分散。小生產者也可能是重要的競爭對手，其中一些在非正規經濟中運營，能夠通過滿足較低的質量標準來提供較低的價格。來自其他生產商的競爭是擴大我們在國內外市場銷售的障礙。這些產品的許多其他生產商比我們更大，擁有更多的財政和其他資源。此外，許多其他生產商從各自的國家獲得補貼，而我們沒有從阿根廷政府獲得任何此類補貼。這些補貼可能允許其他國家的生產商以比我們更低的成本進行生產，和/或比我們更長時間地忍受低價和運營虧損。與我們的產品有關的任何競爭壓力的增加都可能對我們的財務狀況和經營結果產生實質性的不利影響。

不可預測的天氣條件、害蟲侵擾和疾病可能會對我們的農作物產量和養牛業產生不利影響。

嚴重不利天氣條件的發生，尤其是乾旱、冰雹或洪水，是不可預測的，可能會對我們的農作物生產以及較小程度上對我們的牛和羊毛生產產生潛在的破壞性影響，並且可能會對我們在業務中銷售和使用的農產品的供應和價格產生不利影響。嚴重不利天氣條件的發生可能會降低我們農田的產量，或要求我們增加投資水平以維持產量。此外，高於平均水平的氣溫和降雨量可能會導致害蟲和昆蟲的存在增加，從而可能對我們的農業生產產生不利影響。

據美國農業部USDA估計，阿根廷2024/2025年農作物產量（小麥、玉米和大豆）將達到12000萬噸。預計大豆產量將達到5100萬噸，小麥產量將達到1800萬噸，玉米產量將達到51億噸。

疾病和瘟疫的發生和影響可能是不可預測的，對農產品來說是毀滅性的，可能導致所有或很大一部分受影響的收成不適合銷售。我們的農產品也容易受到與過度潮溼條件相關的真菌和細菌的影響。即使只有一部分生產受到損害，我們的運營結果也可能受到不利影響，因爲所有或大部分生產成本已經產生。儘管有些疾病是可以治療的，但治療成本很高，我們無法向您保證未來的此類事件不會對我們的經營業績和財務狀況產生不利影響。此外，如果我們未能控制特定的瘟疫或疾病並且我們的生產受到威脅，我們可能無法向主要客戶供貨，這可能會影響我們的運營結果和財務狀況。

因此，我們無法向您保證當前和未來的惡劣天氣條件或害蟲侵擾不會對我們的經營業績和財務狀況產生不利影響。

我們的牛患有疾病，這可能會對牛生產的需求和銷售產生負面影響。

我們牛群中的疾病，例如乳腺炎、結核病、布魯桿菌病和口蹄疫，可能對肥育生產產生不利影響，使奶牛無法生產供人類消費的肉類。牛疾病的爆發還可能導致某些重要市場（例如美國）對我們的牛產品關閉。此外，任何這些或其他動物疾病的爆發或對爆發的擔憂可能會導致我們客戶的訂單被取消，特別是如果該疾病可能影響人類，或造成不利宣傳，從而對消費者對我們產品的需求產生不利的實質影響。

儘管我們遵守國家獸醫健康指南，其中包括實驗室分析和疫苗接種，以控制牛群中的疾病，特別是口蹄疫，但我們無法保證未來不會爆發牛疾病。未來我們的牛群爆發疾病可能會對我們的牛銷售產生不利影響，從而對我們的經營業績和財務狀況產生不利影響。

疾病的起源和傳播可能因許多我們無法控制的原因而發生，包括其他生產商未能遵守適用的健康和環境法規。新疾病的出現或現有疾病的突變或擴散可能會損害或完全摧毀我們的牛群，這將對我們的業務、財務狀況和運營業績產生重大不利影響。

由於農作物價格波動，我們可能會面臨重大損失，因爲我們的很大一部分產量未經對沖，並面臨農作物價格風險。

由於我們沒有對所有農作物進行對沖，我們無法保證所有生產的最低價格，因此面臨與農作物價格水平和波動相關的重大風險。我們受到農作物價格波動的影響，這可能導致我們的農作物價格低於我們的生產成本。鑑於我們的期貨和期權頭寸以美元計價，因此我們還面臨與對沖作物相關的匯率風險。

此外，如果惡劣天氣或任何其他災難導致農作物產量低於市場上已售出的頭寸，我們可能會在回購已售出合同時遭受重大損失。

徵收出口稅和/或市場干預可能會對我們的銷售和運營業績產生不利影響。

阿根廷政府維持現有的出口稅收制度，作爲控制通貨膨脹和匯率波動、增加財政收入、減少阿根廷財政赤字的機制。

我們生產出口產品，因此出口稅的增加可能會導致我們的產品價格下降，從而導致我們的銷售額下降。出口稅可能會對我們的銷售和經營業績產生重大不利影響。

此外，阿根廷政府此前已制定市場條件和行業價格，以防止基礎產品價格因通貨膨脹而大幅上漲。自2005年以來，阿根廷政府爲了增加國內牛肉供應並降低國內價格，採取了多項措施，包括提高營業稅和制定最低平均屠宰牲畜數量。我們無法確保阿根廷政府不會通過制定價格或監管其他市場條件來干預其他領域。因此，我們無法保證我們將來能夠自由談判所有產品的價格，或者阿根廷政府施加的任何價格或其他市場條件將允許我們自由談判產品的價格。

我們無法保證阿根廷政府未來將採取哪些措施，也無法保證這些措施不會對我們的財務狀況和經營業績產生負面影響。有關更多信息，請參閱「項目10。其他信息- D.外匯管制。」

我們依賴於我們主要出口市場的國際貿易、經濟和其他條件。

我們的產品在出口市場有效競爭的能力可能會受到許多我們無法控制的因素的不利影響，包括宏觀經濟狀況惡化、匯率波動、徵收關稅或其他貿易壁壘或這些市場中的其他因素，例如與農產品化學含量有關的法規以及安全和健康法規。

美國和中國之間貿易緊張局勢的升級，以及徵收關稅、報復性關稅或其他貿易限制，可能會導致我們主要出口市場的全球出口流量重新平衡，並加劇全球競爭，這反過來可能會對我們的業務、財務狀況和經營業績產生不利影響。

如果我們產品在一個或多個重要市場的競爭力受到其中任何一個事件的影響，我們可能無法以可比條款將我們的產品重新分配到其他市場，因此可能會對我們的業務、財務狀況和經營業績產生不利影響。

我們可能面臨與阿根廷土地徵用相關的風險。

土地掠奪是阿根廷一個長期存在的問題，多年來隨着每次經濟危機而升級。

兩個群體之間存在着衝突，一方面聲稱擁有體面住房的權利，另一方面聲稱擁有私有財產的權利應該受到尊重。阿根廷過去50年持續的週期性經濟危機也導致貧困率急劇上升，導致住房赤字。

因此，我們無法保證政府對此類干擾的反應將恢復投資者對阿根廷土地的信心，這可能會對土地價值、我們的財務狀況和運營業績產生不利影響。

對外國國民在我們經營所在國家收購農業財產實施限制可能會嚴重限制我們在這些國家的業務發展。

根據公司在阿根廷開展的資產和/或活動，可能會根據第26，737號法律對外國人的持股比例施加限制”Régimen de Protección al Dominio Nacional sobre la Propiedad，Posesión o Tencil de las Tierras Rurales“該法案規定了對外國人或外國人控制的公司的所有權和佔有的限制，無論其預期用途或生產目的地如何。

第70/2023號法令第154條廢除了第26,737號法律。在這一廢除之後，對阿根廷政府提起了集體訴訟，要求違憲並取消第70/2023號法令第154條，該條廢除了第26,737號法律。最初，這一訴訟被法院駁回。然而，2024年3月21日，拉普拉塔聯邦上訴法院推翻了這一裁決，宣佈第70/2023號法令第154條違憲。儘管拉普拉塔聯邦上訴法院的裁決不是最終裁決，但第70/2023號法令第154條違憲的宣佈暫時恢復了第26,737號法律規定的限制。因此，這些限制目前正在生效，等待最高法院的最終裁決。關於巴西，有關這一主題的更多信息，請見「與巴西有關的風險--對外國國民在巴西收購農業資產施加限制，可能會對我們在巴西農業公司的投資發展造成實質性限制。」

全球經濟衰退可能會減少對我們產品的需求或降低價格。

對我們銷售的產品的需求可能會受到我們無法控制的國際、國家和地方經濟狀況的影響。真實或感知的經濟氣候的不利變化，例如燃料價格上漲、利率上升、房地產和房地產市場的下跌和/或波動、限制性更強的信貸市場、更高的稅收和政府政策的變化，可能會降低需求水平或我們生產的產品的價格。我們無法預測這種放緩或經濟復甦的時間、持續時間、幅度或強度。如果經濟衰退持續很長一段時間或惡化，我們可能會經歷需求和價格長期下降的情況。此外，經濟衰退已經並可能對我們的供應商產生負面影響，這可能導致商品和服務中斷以及財務損失。

國際信貸危機可能會對我們的主要客戶產生負面影響，進而可能會對我們的經營業績和流動性產生重大不利影響。

2008年發生的國際信用危機可能會對世界各地的企業產生重大負面影響。儘管我們相信當前條件下可用的借貸能力和潛在農田出售產生的收益將爲我們提供充足的流動性，但危機對我們主要客戶的影響無法預測，並且可能相當嚴重。我們的重要客戶獲取流動性的能力中斷可能會導致他們的業務嚴重中斷或整體惡化，這可能導致他們未來對我們產品的訂單減少，以及他們無法或未能履行對我們的付款義務，其中任何一種情況都可能對我們的經營業績和流動性產生重大不利影響。

我們和我們的供應商使用的原材料交付延遲或失敗可能會對我們產生不利影響。

我們依賴供應商爲我們提供肥料、種子、其他原材料和機械服務。此類物品的交付可能會延遲我們的種植工作，直到我們能夠與其他供應商達成協議，或者可能會因機械交付延遲而推遲我們的收穫。因此，我們的供應商在交付原材料或投入物或向我們提供服務方面的任何延誤、故障或缺陷都可能對我們的業務和經營業績產生不利影響。

我們不爲所有農作物儲存設施提供保險;因此，如果火災或其他災難損壞了我們的部分或全部收成，我們將無法完全獲得保險。

一般來說，我們的生產面臨不同的風險和危害，包括惡劣的天氣條件、火災、疾病、害蟲侵擾和其他自然現象，以及穀物或化肥和用品的盜竊或其他意外損失。由於通常會出現價格季節性下跌，我們在收穫期間儲存了很大一部分糧食產量。目前，我們將很大一部分糧食生產儲存在塑料筒倉中。我們不爲塑料筒倉提供保險。儘管我們的塑料筒倉放置在幾個不同的位置，並且自然災害不太可能同時影響所有這些筒倉，但損壞儲存穀物的火災或其他自然災害，特別是如果此類事件發生在收穫後不久，可能會對我們的經營業績和財務狀況產生不利影響。

我們對BrasilAgro的投資可能會對我們產生重大不利影響。

我們與Brasilagro合併了我們的財務報表。巴西農業公司成立於2005年9月23日，目的是利用巴西農業部門的機會。Brasilago尋求收購和開發未來的資產，以生產各種農產品(可能包括甘蔗、穀物、棉花、林業產品和牲畜)。Brasilagro是一家自2006年以來一直在運營的公司。因此，它擁有不斷髮展的業務戰略和既定的記錄。Brasilago的商業戰略可能不會成功，如果不成功，Brasilago可能無法成功修改其戰略。Brasilago實施其擬議業務戰略的能力可能會受到許多已知和未知因素的實質性和不利影響。如果我們註銷我們在Brasilago的投資，這可能會對我們的業務產生實質性的不利影響。截至2024年6月30日，我們擁有Brasilago已發行普通股的35.22%(扣除庫藏股)。

事實和情況的變化可能會影響我們對BrasilAgro的會計合併。

截至2024年6月30日，我們擁有BrasilAgro已發行普通股中35.22%（扣除庫存股）。我們的結論是，在會計基礎上，我們根據以下內容對BrasilAgro行使「事實控制」：（i）我們投票權的百分比和集中度，以及擁有重大投票權的股東的缺席（ii）出席股東大會的記錄和其他股東投票的記錄;和（iii）我們通過董事會對指導BrasilAgro的相關活動行使有效控制，我們任命了九名董事會成員中的五名。然而，我們評估的事實模式變化可能會導致從會計角度來看的去綜合。

勞資關係可能會對我們產生負面影響。

截至2024年6月30日，阿根廷農業業務約36%的員工由工會根據集體協議代表。雖然我們目前與員工和工會保持着良好的關係，但我們無法保證這種良好的勞資關係將在未來繼續積極發展，也無法保證其最終惡化不會對我們產生重大或負面影響。

我們的內部流程和控制可能不足以遵守廣泛的環境法規，當前或未來的環境法規可能會阻止我們充分開發我們的土地儲備。

我們的活動受到一系列與環境保護有關的聯邦、州和地方法律法規的約束，這些法規規定了各種環境義務。義務包括強制維護我們物業中的某些保留區，管理殺蟲劑和相關的危險廢物，以及獲得用水許可證。我們擬議的業務可能涉及處理和使用可能導致某些受管制物質排放的危險材料。此外，我們產品的儲存和加工可能會造成危險條件。我們可能面臨刑事和行政處罰，除了有義務糾正我們的業務對環境的不利影響，並賠償第三方的損害，包括支付不遵守這些法律和法規的罰款。由於阿根廷的環境法及其執行越來越嚴格，我們的資本支出和環境合規費用未來可能會大幅增加。此外，由於未來監管或其他發展的可能性，與環境有關的資本支出和支出的數額和時間可能與目前預期的有很大不同。遵守環境法規的成本可能會導致其他戰略投資的減少，這可能會減少我們的利潤。任何不可預見的重大環境成本可能會對我們的業務、運營結果、財務狀況或前景產生重大不利影響。我們不能確保我們的內部流程和控制足以遵守廣泛的環境法規。

截至2024年6月30日，我們擁有超過331，214公頃的土地儲備，這些土地是以非常有吸引力的價格購買的。此外，我們還保留了超過132，000公頃的特許權供未來開發。我們相信，有技術工具可以提高這些農田的生產力，從而實現長期回報。然而，當前或未來的環境法規可能會阻止我們充分開發我們的土地儲備，因爲我們要求我們將部分土地保留爲天然林地，不得用於生產目的。

可能會對我們生產的含有轉基因生物的農產品和食品制定新的限制，從而對我們的業務產生潛在的不利影響。

我們的農產品含有轉基因生物，其比例根據年份和生產國家而不同。在食品中使用轉基因生物在我們運營的市場上得到了不同程度的接受。例如，阿根廷和巴西已批准在食品中使用轉基因生物，這些國家的轉基因生物和非轉基因生物穀物在穀物起源過程中經常生產和混合。在其他地方，有關轉基因食品的負面宣傳導致政府監管限制轉基因生物產品的銷售。我們的部分產品可能會對主要市場的轉基因生物產品實施新的限制，這可能會對我們的業務、股權和運營結果產生不利影響。

如果我們的產品受到污染，我們可能會面臨產品責任索賠、產品撤回和出口限制，這可能會對我們的業務產生不利影響。

雖然我們遵守嚴格的生產協議，但產品的銷售意味着對消費者造成傷害的風險。這些傷害可能是由於第三方操縱、生物恐怖主義、產品污染或變質造成的，包括生長階段、儲存、處理或運輸過程中引入的細菌、病原體、異物、物質、化學品、其他製劑或廢物的存在。

我們無法確定消費我們的產品不會在未來導致與健康相關的疾病，或者我們不會受到與此類問題相關的索賠或判斷的影響。即使產品責任索賠不成功或未完全實現，圍繞我們的產品導致疾病或傷害的任何索賠的負面宣傳也可能會對我們在當前和潛在客戶中的聲譽以及我們作爲公司的形象產生負面影響，我們還可能引發重大事件。此外，此類性質的索賠或責任可能不包括我們對他人可能擁有的任何補償或繳款權，這可能會對我們的業務、股權狀況和我們的運營結果產生重大不利影響。

我們持有阿根廷證券，其波動性可能比美國證券更大，違約風險更大。

我們目前和過去都對阿根廷政府債務證券、公司債務證券和股權證券進行了某些投資。特別是，我們持有IRSA的大量權益，IRSA是一家阿根廷公司，該公司遭受了重大損失，特別是在2001和2002財年。儘管我們持有的這些投資（IRSA除外）往往是短期的，但對此類證券的投資涉及某些風險，包括市場波動（高於通常與美國政府和公司證券相關的風險）以及本金損失。

我們已經投資和可能投資於未來的一些發行人，包括阿根廷政府，過去在償還債務方面經歷了巨大困難，導致某些債務的重組。我們無法保證我們已投資或可能投資的發行人未來不會遇到類似或其他困難，從而可能對我們對該發行人的投資價值產生不利影響。此外，此類發行人以及此類投資通常會面臨本節中針對我們描述的風險，因此價值可能很小或沒有價值。

與我們的業務相關的風險

我們的債務水平可能會對我們的運營和到期償還債務的能力產生不利影響，而我們以優惠條件成功進入當地和國際市場的能力也會影響我們的融資成本。

截至2024年6月30日，Cresud的合併財務總債務爲82253500萬澳元。我們無法向您保證我們將擁有足夠的現金流和足夠的財務能力來爲我們未來的業務提供資金。Cresud正在從其運營現金流中產生足夠的資金來履行我們的債務償還義務，並且其獲得新融資的能力也足夠，然而，考慮到阿根廷目前的貸款融資可用性，我們無法向您保證我們將擁有足夠的現金流和足夠的財務結構未來。

我們的槓桿率可能會影響我們爲現有債務再融資或借入額外資金以資助營運資金需求、收購和資本支出的能力。此外，阿根廷市場的宏觀經濟狀況可能會對我們爲現有債務再融資的能力以及未來信貸的可用性和成本產生不利影響。在這種情況下，獲得股權和債務融資選擇的機會可能會受到限制，並且可能不確定這些經濟狀況會持續多久。這需要我們分配很大一部分現金流來償還資本和利息，從而減少可用於投資運營的資金數量，包括收購和資本支出。此外，由於市場條件的變化、房地產行業的變化和/或未來經濟衰退，我們的槓桿率也可能影響我們的競爭力並限制我們償還債務的能力。

我們業務的成功和交易的可行性取決於房地產市場投資的連續性以及我們獲得資本和債務融資的能力。從長遠來看，對房地產投資缺乏信心和缺乏收購信貸可能會限制增長。

我們的信用評級是維持流動性的重要組成部分。信用評級的任何下調都可能會增加我們的借貸成本，或者根據降級的嚴重程度，大幅限制我們進入資本市場的機會，要求我們支付現金或提供抵押品，並允許交易對手終止某些重要合同。可能影響我們信用評級的因素包括債務水平、計劃的資產購買或出售以及近期和長期增長機會等。評級下調可能會對我們未來進入債務市場的能力產生不利影響，增加未來債務的成本，並可能要求我們就某些義務寄出信用證。

如果我們無法滿足債務償還要求，或者如果我們違約債務安排中的任何財務或其他契約，我們證券的貸方和/或持有人將能夠加速此類債務的到期或在其他債務安排下違約。我們償還債務或爲其再融資的能力將取決於我們未來的財務和運營業績，而這在一定程度上將受到我們無法控制的因素的影響，例如阿根廷的宏觀經濟狀況和監管變化。如果我們無法獲得未來融資，我們可能不得不推遲或放棄部分或全部計劃資本支出，這可能會對我們產生現金流和償還到期債務的能力產生不利影響。

有關詳細信息，請參閱“項目5.運營和財務審查和招股說明書-b。流動性和資本資源-負債”.

我們依賴我們的董事長和高級管理層。

我們的成功在很大程度上取決於Eduardo S先生的繼續僱用。我們的主席Elsztain和Alejandro G. Elsztain，我們的首席執行官兼第二副董事長。出於任何原因失去他們的服務都可能對我們的業務產生重大不利影響。如果我們目前的主要股東失去對我們業務管理的影響力，我們的主要執行官可能會辭職或被免職。

我們未來的成功在一定程度上取決於我們吸引和留住其他高素質人才的能力。我們無法向您保證我們將成功僱用或留住合格的人員，或者我們的任何人員將繼續受僱於我們。

網絡安全事件可能會對我們的聲譽、財務狀況和運營結果產生負面影響。

我們依賴於平台、數據處理網絡、通信和基於互聯網的信息交換的高效且不間斷的運行。我們可以通過在線平台訪問大量信息並控制大量資產。因此，網絡安全漏洞對我們來說是一個重大風險。

儘管我們的運營並不完全依賴互聯網，但網絡安全仍然是公司的一個關鍵風險。我們依賴數字系統來管理財務、運營和行政信息。這些系統可能會受到網絡入侵、病毒、勒索軟件、拒絕服務攻擊、網絡釣魚、身份盜竊和其他可能影響我們的運營並對我們的聲譽造成財務損失或損害的中斷。

我們已實施強有力的安全措施，包括在環境中進行多因素身份驗證和持續的網絡安全監控，以保護信息和系統。我們還提高員工對網絡安全實踐的認識，以降低風險。儘管做出了這些努力，但我們無法保證我們的系統完全沒有漏洞。

如果發生重大網絡攻擊，我們可能會面臨運營中斷、欺詐或敏感信息被盜的情況，從而對我們的財務狀況和股東信心產生負面影響。此外，保險範圍可能不足以覆蓋所有潛在損失，這可能會對我們的業務產生負面影響。

儘管我們打算繼續實施和更新我們的安全技術設備和操作程序以防止網絡安全損害，但我們的系統可能並非沒有漏洞，並且這些安全對策可能會被擊敗。如果發生其中任何事件，我們的聲譽可能會受到損害，影響我們的業務以及我們的運營業績和財務狀況。

《投資公司法》可能會限制我們未來的活動。

根據《投資公司法》第3（a）（3）條，投資公司在相關部分的定義包括擁有或提議收購價值超過該公司未合併總資產40%的投資證券的任何公司（不包括美國政府證券和現金項目）。對關聯實體少數股權的投資以及本身爲投資公司的合併子公司的多數股權均包括在《投資公司法》規定的40%限額中的「投資證券」的定義中。

屬於《投資公司法》含義內的投資公司且不符合這些規定豁免的公司，必須向SEC註冊，並遵守有關資本結構、運營、與關聯公司的交易和其他事項的實質性法規。如果此類公司未根據《投資公司法》註冊，則除其他外，它們不得在美國公開發行其證券或在美國從事州際商業。此外，即使我們希望在美國證券交易委員會註冊爲投資公司，如果沒有美國證券交易委員會的命令，我們也無法這樣做，因爲我們是一家非美國公司，美國證券交易委員會不太可能發佈這樣的命令。

截至2024年6月30日，我們擁有IRSA約55.40%的股權(扣除庫存股)。雖然我們相信我們不是《投資公司法》所指的「投資公司」，但我們的信念存在很大的不確定性，我們不能向您保證我們不會被確定爲「投資公司法」所規定的「投資公司」。因此，根據《投資公司法》，有關我們地位的不確定性可能會對我們在美國或向美國人提供和銷售證券的能力產生不利影響。美國資本市場歷來是我們的重要資金來源，我們未來獲得融資的能力可能會因爲無法進入美國市場而受到不利影響。如果我們未來無法根據《投資公司法》獲得豁免，而我們希望進入美國資本市場，我們唯一的途徑將是向美國證券交易委員會提交申請，要求豁免《投資公司法》的規定，這是一個漫長且高度不確定的過程。

此外，如果我們在美國或向美國人提供和銷售證券，並且我們被視爲投資公司法下的投資公司，並且未豁免適用投資公司法，則我們違反投資公司法或其履行導致違反投資公司法而簽訂的合同，包括任何此類證券，可能無法對我們執行。

與IRSA阿根廷業務相關的風險

IRSA面臨購物中心運營固有的風險，可能影響我們的盈利能力。

IRSA的購物中心受到影響其發展、管理和盈利能力的各種因素的影響，包括：

	·	由於經濟狀況，租賃價格下降或租戶違約水平上升;

	·	利率上升和我們無法控制的其他因素;

	·	我們購物中心所在區域的可及性和吸引力;

	·	購物中心的內在吸引力;

	·	購物中心的人流和租賃單位的銷售水平;

	·	互聯網銷售的競爭日益激烈;

	·	向購物中心租戶收取的租金金額;

	·	消費者需求和消費信貸供應的變化，兩者對總體宏觀經濟狀況高度敏感;以及

	·	我們購物中心的入住率波動。

如果我們的租戶因費用增加而無法支付我們可能需要徵收的更高租金，我們運營成本的增加也可能對我們產生重大不利影響。此外，購物中心業務與消費者支出密切相關，並受到當前經濟狀況的影響。我們所有購物中心和商業物業均位於阿根廷，因此，這些業務可能會受到阿根廷經濟衰退或經濟不確定性的不利影響。經濟狀況持續不佳可能導致消費者支出下降，從而對購物中心收入產生重大不利影響。

IRSA的業績受到與其物業和房地產行業相關的風險的影響。

IRSA的經營業績及其房地產資產價值，以及因此其證券價值，面臨着其財產可能無法產生足夠的收入來支付其運營費用（包括債務償還和資本支出）的風險，其現金流需求及其償還債務的能力。超出其控制範圍、可能對其運營或財產價值產生不利影響的事件或情況包括：

	·	國家、區域和地方經濟低迷;

	·	消費支出和消費減少;

	·	來自其他購物中心和銷售點的競爭;

	·	當地房地產市場狀況，例如供應過剩或零售空間需求下降;

	·	利率和融資可用性的變化;

	·	我們的租戶行使提前終止租約的權利;

	·	空置、市場租金變化以及定期維修、翻新和重新租賃空間的需要;

	·	運營成本增加，包括保險費用、加薪、水電費、房地產稅、聯邦和地方稅以及更高的安全成本;

	·	內亂、罷工、自然災害、恐怖行爲或戰爭行爲造成損失的影響;

	·	與每個投資房產相關的重大固定支出，例如債務償還付款、房地產稅、保險和維護成本;

	·	我們租戶的財務狀況和我們收取到期租金的能力下降;

	·	我們或我們的租戶提供足夠維護和保險的能力發生變化，導致財產的使用壽命縮短;以及

	·	法律或政府法規的變化（例如管理使用、分區和不動產稅的法規）或交易所控制或政府行爲的變化（例如徵用）。

如果上述任何一個或多個條件影響IRSA的活動，可能會對我們的財務狀況和運營業績產生重大不利影響，從而對公司的業績產生重大不利影響。

IRSA可能會因其投資價值下降而受到不利影響。

IRSA的投資面臨着房地產行業普遍固有的風險，其中許多風險不在我們的控制之下。這些風險中的任何一項都可能對IRSA的業務、財務狀況和經營結果產生不利和實質性的影響。與房地產相關的資本支出的任何回報取決於銷售量和/或租賃收入以及發生的費用。此外，還有其他因素可能對財產的表現和價值產生不利影響，包括財產所在地區的當地經濟狀況、阿根廷和全球的宏觀經濟狀況、競爭、IRSA尋找承租人的能力及其履行租約的能力、立法和政府條例的變化(例如財產的使用、城市規劃和房地產稅)以及外匯管制(鑑於阿根廷的房地產市場依賴美元來確定估值)。利率的變化(包括利率上升的風險，減少了住宅開發地塊的銷售)以及第三方融資的可用性。此外，鑑於阿根廷房地產市場的流動性相對不足，我們可能無法有效地應對不利的市場狀況和/或被迫低價出售一處或多處房產。當出現減少投資收入、增加相對支出的情況時，一些重大支出，如償債、房地產稅和運營維護成本，不會下降。這些因素和事件可能會削弱IRSA應對投資回報不利變化的能力，進而可能對我們的財務狀況和IRSA的運營結果產生不利影響。

IRSA的債務水平可能會對其運營及其到期償還債務的能力產生不利影響，而其以優惠條件成功進入當地和國際市場的能力也會影響其融資成本。

截至2024年6月30日，IRSA的合併財務總債務爲36675400萬澳元。IRSA正在從其運營現金流中產生足夠的資金來履行其債務償還義務，並且獲得新融資的能力也足夠。考慮到阿根廷目前的貸款融資可用性，我們無法向您保證IRSA未來將擁有足夠的現金流和足夠的財務結構。有關更多信息，請參閱「項目10。其他信息-D。外匯管制。」

IRSA的槓桿率可能會影響IRSA爲現有債務再融資或借入額外資金爲營運資金需求、收購和資本支出提供資金的能力。獲得股權和債務融資選擇可能會受到限制，並且可能不確定這些經濟狀況會持續多久。這將需要IRSA分配很大一部分現金流來償還本金和利息，從而減少可用於投資運營的資金數量，包括收購和資本支出。

IRSA可能無法從運營中產生足夠的現金流來滿足IRSA的債務償還要求或獲得未來融資。如果IRSA無法滿足IRSA的債務償還要求，或者IRSA違約其債務安排中的任何財務或其他契約，IRSA證券的貸方和/或持有人將能夠加速此類債務的到期或在其他債務安排下違約。IRSA償還債務或爲其再融資的能力將取決於我們未來的財務和運營業績，這在一定程度上將受到其無法控制的因素的影響，例如阿根廷的宏觀經濟狀況和監管變化。如果IRSA無法獲得未來融資，IRSA可能不得不推遲或放棄部分或全部計劃資本支出，這可能會對IRSA產生現金流和償還到期債務的能力產生不利影響。

有關詳細信息，請參閱“項目5.運營和財務審查和招股說明書-b。流動性和資本資源-負債”.

IRSA的資產高度集中在某些地理區域，這些地區的經濟衰退可能會對我們的運營業績和財務狀況產生重大不利影響。

截至2024年6月30日，IRSA來自Shopping Malls部門提供的租賃和服務的大部分收入來自位於布宜諾斯艾利斯市和大布宜諾斯艾利斯都市區的物業。此外，IRSA的所有辦公樓均位於布宜諾斯艾利斯，IRSA的很大一部分收入來自此類物業。儘管IRSA擁有布宜諾斯艾利斯和大布宜諾斯艾利斯都會區以外的房產，並可能收購或開發其他房產，但IRSA可能會在很大程度上受到經濟狀況或其他可能影響這些人口稠密地區的影響。因此，這些地區的經濟衰退可能會導致我們的租金收入減少，並對其遵守IRSA債務償還和基金運營的能力產生不利影響。

租戶的流失可能會對IRSA的營業收入和我們物業的價值產生不利影響。

雖然在任何財政年度，沒有一個租戶佔IRSA收入的6.0%以上，但如果其零售或寫字樓物業的大量租戶遇到財務困難，包括破產、資不抵債或業務普遍下滑，或者如果IRSA未能留住他們，IRSA的業務可能會受到不利影響。此外，IRSA的購物中心通常有一個重要的「錨」租戶，如著名的百貨商店，在每個購物中心產生消費者流量。這些租戶決定停止在IRSA的任何購物中心物業運營，可能會對我們的財務狀況和運營結果產生實質性的不利影響。此外，關閉一個或多個吸引消費者流量的商店可能會促使其他租戶終止或不續約，尋求租金優惠和/或關閉他們的商店。此外，一個或多個物業的租戶可能會因合併、收購、合併、處置或破產而終止租約。如果IRSA不能成功釋放受影響的空間，破產和/或關閉多家門店可能會對涉及的物業的營業收入和潛在價值產生重大不利影響。

IRSA可能面臨與收購房產相關的風險。

作爲IRSA增長戰略的一部分，IRSA已經收購併打算在未來這樣做，包括大型房地產，這些房地產往往會擴大我們的業務規模並可能改變我們的資本結構。儘管IRSA認爲IRSA過去已完成收購，並且IRSA預計將增強IRSA的財務業績，但此類交易的成功受到許多不確定性的影響，包括以下風險：

	·	IRSA可能無法以優惠條件獲得收購融資;

	·	收購的房產可能無法達到預期的效果;

	·	重新定位或重新開發所收購房產的實際成本可能高於IRSA的估計;

	·	收購的房產可能位於新市場，IRSA對當地經濟的了解和理解可能有限，在該地區缺乏業務關係或不熟悉當地政府和許可程序;和

	·	IRSA可能無法有效地將收購的財產（特別是財產組合）整合到IRSA的組織中，並以能夠實現成本節約和協同效應的方式管理新財產。

IRSA未來的收購可能不會盈利。

IRSA尋求收購更多購物中心，前提是IRSA能夠以有利的條款和條件收購它們並且它們符合我們的投資標準。商業地產的收購會帶來與任何房地產投資相關的一般投資風險，包括：

	·	IRSA對使房產達到市場既定標準所需的改進成本的估計可能被證明是不準確的;

	·	IRSA收購的物業可能無法在我們預計的時間範圍內實現我們在做出收購決定時預期實現的入住率或租金率，這可能導致物業未能實現我們預計的回報;

	·	IRSA的收購前評估和每項新投資的物理狀況可能無法檢測到某些缺陷或識別必要的維修，這可能會顯着增加我們的總收購成本;和

	·	IRSA在收購前對房產或建築物進行的調查，以及IRSA可能從此類建築或物業的賣家那裏收到的任何陳述，可能無法揭示各種負債，這可能會減少房產的現金流或增加我們的收購成本。

如果IRSA收購一家企業，IRSA將被要求合併和整合所收購企業的運營、人員、會計和信息系統。此外，收購或投資公司可能會導致我們的運營中斷，並轉移管理層的注意力對日常運營的注意力，這可能會損害我們與當前租戶和員工的關係。

房地產公司不利的經濟環境和信貸危機可能會對IRSA的運營業績產生不利影響。

IRSA業務的成功及其業務的盈利能力取決於對房地產的持續投資和獲得長期融資。對房地產投資的長期信心危機和收購缺乏信用可能會限制IRSA的增長和維持我們目前的業務和運營。作爲我們戰略的一部分，IRSA打算通過以優惠的價格進行戰略性收購來增加我們的物業組合，IRSA相信它可以帶來必要的專業知識來提升物業價值。爲了進行收購，IRSA可能需要資本或債務融資。金融市場的混亂可能會對IRSA對現有債務進行再融資的能力以及未來的信貸供應和成本產生不利影響。出售現有物業或投資組合權益的任何代價，可能會被較低的物業價值所抵消。IRSA按計劃付款或爲其現有債務再融資的能力取決於IRSA的經營和財務業績，而這又取決於當前的經濟狀況。如果未來金融市場出現中斷或出現中斷，IRSA不能保證阿根廷政府對此類中斷的反應將恢復投資者信心。

2021年9月，中國最大的房地產公司之一恒大宣佈將無法履行債務義務。從那時起，市場就受到了該公告的負面影響。2023年8月，恒大集團申請破產，向香港高等法院和英屬維爾京群島東加勒比最高法院尋求承認外國重組程序。

2024年1月，香港高等法院下令恒大集團清算其在中國大陸的子公司，此前該公司試圖重組欠債權人的3000億美元，但失敗。清算人已開始採取法律行動，從包括前高管在內的多名被告處追回約60億美元。

中國房地產行業約佔中國經濟活動的30%，超過三分之二的家庭財富與房地產行業有關。

我們無法預測中國房地產危機的不確定性是否以及在多大程度上會影響我們的業務、穩定市場或增加流動性和信貸可用性。

IRSA的收入和利潤可能會受到阿根廷持續通脹和經濟活動的重大不利影響。

IRSA的業務主要由消費者支出驅動，因爲其購物中心部門的一部分收入直接來自租戶的銷售，而租戶的收入依賴於對消費者的銷售。因此，IRSA的收入和淨利潤在很大程度上受到阿根廷經濟狀況的影響，包括紡織行業和國內消費的發展。消費者支出受到IRSA無法控制的許多因素的影響，包括消費者對當前和未來經濟狀況的看法、通貨膨脹、政治不確定性、就業率、利率、稅收和貨幣匯率。任何持續的經濟放緩，無論是實際的還是感覺到的，都可能大幅減少阿根廷的國內消費者支出，從而對我們的業務、財務狀況和運營業績產生不利影響。

IRSA購買的一些土地並未分區用於開發，IRSA可能無法獲得必要的分區許可證和其他授權，或者可能在獲得方面面臨延誤。

IRSA擁有幾塊土地，這些土地並未被劃分爲我們預期的開發計劃。此外，IRSA尚未爲這些房產申請所需的土地使用、建築、佔用以及其他所需的政府許可和授權。我們無法向您保證IRSA將繼續成功重新分區土地並獲得所有必要的許可和授權，或者重新分區工作和許可請求不會被推遲或拒絕。此外，IRSA可能會受到建築暫停和反增長立法的影響。如果IRSA無法獲得我們按計劃開發當前和未來項目所需的政府許可和授權，IRSA可能會被迫對此類項目進行不必要的修改或完全放棄它們。

IRSA可能面臨與阿根廷土地徵用相關的風險。

土地掠奪是阿根廷一個長期存在的問題，多年來隨着每次經濟危機而升級。

土地徵用的蔓延在阿根廷重新引發了一場古老的爭論。兩個群體之間存在着衝突，一方面聲稱擁有體面住房的權利，另一方面聲稱擁有私人財產的權利應該得到尊重阿根廷過去50年持續的週期性經濟危機也導致貧困率急劇上升，因此更少的人可以上屋頂，導致住房短缺。

因此，我們無法保證阿根廷政府對此類干擾的反應將恢復投資者對阿根廷土地的信心，這可能會對我們的財務狀況和運營業績產生不利影響。

IRSA對租金收入的依賴可能會對IRSA履行IRSA債務義務的能力產生不利影響。

IRSA的很大一部分收入來自租金收入。因此，IRSA的業績取決於其向IRSA租戶收取租金的能力。如果IRSA的大量租戶或任何重要租戶發生以下行爲，IRSA的收入和利潤將受到負面影響：

	·	推遲租賃開始;

	·	租約到期後拒絕延長或續訂;

	·	未能在到期時支付租金;或

	·	關閉商店或宣佈破產。

任何這些行爲都可能導致租賃終止和相關租金收入的損失。此外，IRSA無法向您保證租約到期的任何租戶都會續簽租約，或者我們能夠以經濟上合理的條款重新出租該空間。我們的許多租戶的租金收入損失以及IRSA無法取代此類租戶可能會對我們的盈利能力及其履行債務償還義務的能力產生不利影響。這些因素在流行病或流行病等緊急情況下尤其具有破壞性，可能會對我們的業務造成重大不利影響。

快速買賣房地產可能很困難，並且轉讓限制可能適用於IRSA的部分房產組合。

房地產投資的流動性相對較差，這往往會限制我們根據經濟環境或其他條件改變IRSA投資組合的能力。此外，當一項投資產生的收入較低時，與每項投資相關的重大支出，如抵押貸款付款(如果有的話)、房地產稅和維護費用通常不會減少。如果物業收入下降，而支出保持不變，我們的經營業績將受到不利影響。某些財產是抵押的，如果我們無法履行基本的付款義務，我們可能會因爲這些抵押財產喪失抵押品贖回權而遭受損失。此外，如果我們被要求處置我們的一個或多個抵押財產，我們將無法在不支付相關債務的情況下獲得解除抵押貸款利息。喪失抵押品贖回權或無法出售房產可能會對我們的業務產生不利影響。在這種交易中，我們可能會同意在相當長的一段時間內不出售收購的物業，這可能會影響我們的運營結果。

如果IRSA無法獲得額外融資，IRSA的增長能力將受到限制。

儘管截至本年度報告之日，IRSA具有流動性，但IRSA必須保持流動性爲其流動資本提供資金、償還未償債務併爲投資機會融資。如果沒有足夠的流動性，IRSA可能會被迫縮減其業務，或者可能無法尋求新的商業機會。

IRSA的增長戰略重點是IRSA已擁有的物業的開發和重建以及收購額外物業進行開發。因此，IRSA可能不得不在很大程度上依賴於資本融資的可用性，即使有的話，資本融資也可能不會以優惠的條款提供。IRSA無法向您保證將以IRSA要求的金額或優惠條款提供額外融資、再融資或其他資本。IRSA進入債務或股權資本市場取決於多種因素，包括市場對IRSA增長潛力的看法、IRSA支付股息的能力、IRSA的財務狀況、IRSA的信用評級及其當前和潛在的未來收益。根據這些因素，我們在以令人滿意的條件或根本實施IRSA的增長戰略時可能會遇到延誤或困難。

自過去幾年以來，阿根廷的資本和信貸市場一直經歷着極端的波動和混亂。如果IRSA當前的資源無法滿足我們的流動性要求，IRSA可能不得不尋求額外的融資。融資的可用性將取決於多種因素，例如經濟和市場狀況、信貸的可用性和我們的信用評級，以及貸方可能對阿根廷、IRSA公司或整個行業的風險前景產生負面看法的可能性。IRSA可能無法以優惠條件成功獲得任何必要的額外融資，甚至根本無法獲得任何必要的額外融資。

IRSA信用評級下調可能會對我們獲得資本的成本和能力產生負面影響。

IRSA的信用評級是維持其流動性的重要組成部分。信用評級的任何下調都可能增加IRSA的借貸成本，或者根據降級的嚴重程度，大幅限制IRSA進入資本市場的機會，要求IRSA支付現金或提供抵押品，並允許交易對手終止某些重要合同。可能影響IRSA信用評級的因素包括債務水平、計劃的資產購買或出售以及近期和長期增長機會等。評級機構還考慮流動性、資產質量、成本結構、產品結構等因素。評級下調可能會對IRSA未來進入債務市場的能力產生不利影響，增加未來債務的成本，並可能要求IRSA就某些債務寄出信用證。

IRSA購物中心發生的不良事件可能會導致IRSA聲譽受損並導致顧客數量減少。

鑑於IRSA的購物中心向公衆開放，人員流動較多，因此無論我們採取何種預防措施，我們的設施都可能發生事故、盜竊、搶劫、公衆抗議、流行病影響和其他事件。如果發生此類事件或一系列事件，購物中心顧客和遊客可能會選擇前往他們認爲更安全的其他購物場所，這可能會導致我們購物中心的銷量和營業收入下降。

阿根廷租賃法施加了限制IRSA靈活性的限制。

阿根廷管理租約的法律施加了某些限制。2023年12月，阿根廷現任政府批准了第70/2023號法令，該法令修改了阿根廷租賃協議的某些方面，廢除了27551號法律，並修改了《阿根廷民商法》的某些條款。以下是通過第70/2023號法令修改的房地產租賃部門的主要方面：(1)取消了適用於租賃的法定最低條款，如果租賃協議中沒有規定條款，《阿根廷民商法》規定的默認期限爲兩年，對於有或沒有傢俱的永久住宅租賃，或對於其他用途和臨時租賃的三年；(2)租金可以披索或外幣設定，如果是外幣，承租人不能要求房東接受不同貨幣的付款；和(3)當事人可以自由商定付款頻率，不能少於一個月。

根據阿根廷管轄租賃的法律，IRSA面臨租戶行使撤銷權的風險，這可能會對我們的業務和經營業績產生重大不利影響。IRSA無法向您保證其租戶不會行使此類權利，特別是如果租金未來穩定或下降，或者經濟狀況繼續惡化。此外，IRSA目前無法預測第70/2023號法令可能會如何影響其業務、運營結果或財務狀況。

IRSA可能對IRSA建築物的某些缺陷負責。

《阿根廷民商事法典》規定，房地產開發商、建築商、技術項目經理和建築師對房產存在隱性缺陷負有責任，期限爲三年，自房產所有權提交給買家之日起，即使這些缺陷沒有造成重大財產損失。如果有任何缺陷影響結構可靠性或使房產不適合使用，責任期限爲十年。

在IRSA的房地產開發中，IRSA通常充當開發商和賣家，而施工通常由第三方承包商進行。由於沒有具體索賠，IRSA無法量化未來索賠可能產生的任何義務的潛在成本，並且IRSA也沒有在IRSA的財務報表中記錄與這些義務相關的撥備。如果IRSA被要求糾正已完成工程的任何缺陷，我們的財務狀況和運營業績可能會受到不利影響。

如果我們必須在阿根廷訴諸驅逐程序來收取未付租金，IRSA可能會遭受損失，因爲此類程序複雜且耗時。

儘管阿根廷法律允許提起行政訴訟以收取未付租金，並提起特別訴訟以驅逐租戶，但阿根廷的驅逐程序複雜且耗時。從歷史上看，法院的繁重工作量和所需的衆多程序步驟通常會推遲房東驅逐租戶的努力。驅逐程序從提起訴訟之日到實際驅逐時通常需要六個月到兩年的時間。

從歷史上看，IRSA曾試圖在最初幾個月不付款後與違約租戶談判終止租約，以避免法律訴訟。未來違約行爲可能會大幅增加，與租戶的此類談判可能不會像過去那樣成功。此外，阿根廷新的法律和法規可能會禁止或限制驅逐，在每種情況下，它們都可能對我們的財務狀況和經營業績產生重大不利影響。

氣候變化可能會對IRSA的業務產生不利影響。

我們、我們的客戶和我們運營所在的社區可能會受到氣候變化的物理風險的不利影響，包括氣溫上升、海平面上升以及火災、風暴、洪水和乾旱等不利氣候事件的頻率和嚴重程度。這些影響，無論是急性還是慢性，都可能通過擾亂業務和經濟活動或影響收入和資產價值來直接影響我們和我們的客戶。

氣候變化意味着可能對我們產生不利影響的金融風險的多重驅動因素：

	·	過渡風險：向低碳經濟的轉變，無論是在特殊層面還是系統層面--例如通過政策、監管和技術變化，以及商業和消費者偏好--可能會增加我們的支出，並影響我們的戰略。

	·	物理風險：此外，我們還面臨着一些突發事件，如洪水和野火，極端天氣影響以及氣候模式的長期變化，如極端高溫、海平面上升和更頻繁、更長時間的乾旱，這可能會導致財務損失，從而損害我們客戶的資產價值和信譽。此類事件可能會擾亂我們的運營，也可能擾亂我們所依賴和與之做生意的客戶或第三方的運營。

	·	責任風險：可能因氣候變化而蒙受損失的各方可以向國有實體、監管機構、投資者和貸款人等尋求賠償。

	·	信用風險：實際氣候變化可能導致信貸敞口增加，商業模式與向低碳經濟轉型不一致的公司可能面臨更高的風險，即由於新法規或市場變化而導致企業盈利減少和業務中斷。

	·	市場和流動性風險：碳最密集行業的市場和流動性變化可能會影響能源和大宗商品價格、公司債券、股票和某些衍生品合約。惡劣天氣事件越來越頻繁，可能會影響宏觀經濟狀況，削弱經濟增長、就業和通脹等基本因素。企業可能面臨來自現金外流的流動性風險，這些現金外流旨在提高它們在市場上的聲譽，或者解決與氣候相關的問題。

	·	運營風險：惡劣天氣事件可能會直接影響客戶和我們業務的業務連續性和運營。

	·	合規風險：監管合規風險增加的原因可能是要求在短時間內在多個司法管轄區實施的監管預期的速度、廣度和深度不斷增加，以及與氣候變化和相關環境可持續性問題有關的公共政策、法律和法規的變化。

	·	行爲風險：在有不同的和正在制定的標準或分類的地方，對「綠色」產品的需求增加。

	·	聲譽風險：我們的聲譽和客戶關係可能會因爲我們在氣候變化、社會和環境問題上的做法和決定，或者我們的客戶、供應商或供應商在與導致或加劇氣候變化相關的某些行業或項目中的做法或參與而受到損害。

緩解或應對氣候變化的舉措可能會影響市場和資產價格、經濟活動和客戶行爲，特別是在受這些變化影響的排放密集型行業部門和地區。上述任何情況或未能有效管理和披露這些風險可能會對我們的業務、前景、聲譽、財務業績或財務狀況產生不利影響。

信貸危機的重演可能會對IRSA的主要客戶產生負面影響，進而可能對IRSA的運營業績和流動性產生重大不利影響。

阿根廷正在經歷信貸危機，這可能會對IRSA租戶履行租賃義務的能力產生負面影響。未來信貸危機對IRSA主要租戶的影響無法預測，並且可能相當嚴重。IRSA重要租戶獲取流動性的能力中斷可能會造成嚴重中斷或其業務的整體惡化，這可能導致其產品未來訂單大幅減少，以及他們無法或未能遵守其義務，其中任何一種情況都可能對我們的運營業績和流動性產生重大不利影響。

IRSA面臨辦公樓運營固有的風險，可能影響IRSA的盈利能力。

辦公樓面臨各種可能影響其開發、管理和盈利能力的因素，包括以下因素：

	·	由於實行混合辦公和家庭辦公，對辦公空間的需求降低；

	·	我們租戶的財務狀況惡化，由於缺乏流動資金、獲得資本或其他原因而導致租約違約；

	·	續租或轉租空間出現困難或延遲；

	·	由於供應過剩，租金下降，特別是新的或重新開發的物業的租金；

	·	來自寫字樓物業和其他商業地產的開發商、業主和運營商的競爭，包括我們的租戶提供的轉租空間；

	·	爲保持我們辦公大樓的競爭力而產生的維護、維修和翻新費用；

	·	外匯管制可能會干擾他們支付通常與美元掛鉤的租金的能力；

	·	大流行、流行病或疾病暴發會導致辦公空間需求下降的後果；以及

	·	如果租戶因開支增加而無法支付更高的租金，由通脹或其他因素導致的經營成本上升，可能會對我們造成重大的不利影響。

IRSA對房地產開發和管理活動的投資利潤可能低於IRSA的預期。

IRSA通常通過第三方承包商從事用於辦公、住宅或商業目的、購物中心和住宅綜合體的開發和建設。與我們的開發、再轉換和建設活動相關的風險包括以下內容：

	·	放棄發展機遇和改造建議；

	·	建築成本可能會超過我們的估計，原因包括更高的利率或材料和勞動力成本的增加，使項目無利可圖；

	·	新落成物業的入住率和租金可能會因多項因素而波動，包括市場和經濟情況，導致租金收入低於預期，投資回報亦相應下降；

	·	施工前購房者可能會違約，或者新樓房的單位在建成後可能仍未售出；

	·	私人和公共債務市場缺乏負擔得起的融資選擇；

	·	住宅單位的銷售價格可能不足以支付開發成本；

	·	施工和租賃開工可能無法如期完成，導致償債費用和施工成本增加；

	·	未能或拖延獲得必要的分區、土地使用、建築、佔用和其他所需的政府許可和授權，或建築暫停和反增長立法；

	·	由於總體經濟的波動，項目從開工到完工有很長的時間間隔，使我們面臨更大的風險；

	·	施工可能因一些因素而延誤，包括天氣、罷工或延遲收到分區或其他監管批准，或人爲或自然災害，導致償債費用和建築費用增加；

	·	租戶對布宜諾斯艾利斯以外地區出租物業需求的變化；以及

IRSA可能會產生需要大量時間和精力的資本支出，並且由於政府限制或整體市場狀況而可能永遠無法完成。

此外，IRSA可能會因阿根廷執行勞動法而面臨索賠。許多公司從提供外包服務的第三方僱用人員，並在此類第三方員工出現勞工索賠時簽署賠償協議。然而，近年來，一些法院否認這些勞資關係中存在獨立性，並裁定兩家公司承擔共同和個別責任。

雖然IRSA有關擴建、翻新和開發活動的政策旨在限制與此類活動相關的一些風險，但IRSA仍面臨與房地產開發相關的風險，例如成本超支、設計變更和由於缺乏材料和勞動力可用性而產生的時間延遲、天氣條件和我們控制之外的其他因素，以及融資成本可能超出最初的估計，可能使相關投資無利可圖。任何延誤或意外費用都可能對這些開發項目的投資回報產生不利影響，並損害我們的經營業績。

建築成本的增幅超出預期可能會對IRSA新開發項目的盈利能力產生不利影響。

IRSA的業務活動包括房地產開發。與這項活動相關的主要風險之一與建築成本的潛在增加相對應，這可能是由購物中心和建築行業的需求增加和新開發項目推動的。高於原始預算的增幅可能會導致盈利能力低於預期。

房地產開發的盈利能力也可能受到未能以優惠條件獲得融資、施工延誤以及未能獲得必要的分區、土地使用、建築、佔用和其他所需的政府許可和授權的影響。

阿根廷競爭日益激烈的房地產行業可能會對IRSA租賃或出售辦公空間和其他房地產的能力產生不利影響，並可能影響IRSA場所的銷售和租賃價格。

IRSA的房地產活動高度集中在布宜諾斯艾利斯大都市區，由於熱門地點的物業稀缺以及當地和國際競爭對手數量的增加，該地區的市場競爭非常激烈。阿根廷房地產行業競爭激烈，分散，對新競爭對手的進入門檻不高。房地產開發業務的主要競爭因素包括土地的可獲得性和位置、價格、資金、設計、質量、聲譽和與開發商的合作伙伴關係。許多住宅和商業開發商以及房地產服務公司在尋找土地收購機會、吸引財政資源以及吸引潛在買家和租戶方面展開競爭。其他公司，包括外國和當地公司的合資企業，在市場上變得越來越活躍，進一步加劇了競爭。如果我們的一個或多個競爭對手能夠收購和開發理想的物業，因爲它可以獲得更多的財政資源，如果我們不能像我們的競爭對手一樣迅速地應對這些壓力，或者競爭加劇，我們的業務和財務狀況可能會受到不利影響。

IRSA的所有購物中心和商業辦公物業均位於阿根廷。我們每個物業的地理範圍內還有其他購物中心、獨立零售商店和住宅物業。特定地區競爭物業的數量可能會對我們租賃購物中心零售空間或銷售住宅區單元的能力以及我們能夠收取的租金或售價產生重大不利影響。IRSA無法向您保證其他購物中心運營商在不久的將來不會在阿根廷投資。如果購物中心領域出現更多競爭對手，此類競爭可能會對我們的運營業績產生重大不利影響。

IRSA的幾乎所有辦公室和其他非購物中心租賃物業都位於發達的城市地區。IRSA物業所在地區有許多辦公樓、購物中心、零售和住宅場所。這是一個高度分散的市場，我們附近豐富的可比物業可能會對我們租賃或銷售辦公空間和其他房地產的能力產生不利影響，並可能影響我們場所的銷售和租賃價格。未來，國內外公司都可能參與阿根廷的房地產開發市場，與我們爭奪商業機會。

未保險的損失或超過IRSA財產保單的損失可能會導致IRSA在這些財產上損失資本或收入。

目前有效的IRSA標準格式物業租約的條款規定，租戶須賠償因在物業上進行的活動而對處所內外的人或財產造成傷害的法律責任，並使IRSA不受損害，但因IRSA的代理人的疏忽或故意不當行爲而引起的索償除外。承租人通常被要求在租賃期內自費獲得並保持完全有效的責任保險單。IRSA不能保證其租戶能夠適當地維持他們的保險單或有能力支付免賠額。如果發生未投保的損失或超過保單綜合總限額的損失，或者如果發生了根據保單可獲得大量免賠額的損失，IRSA可能會損失我們在一個或多個物業上投資的全部或部分資本和預期收入，這可能會對IRSA的業務、財務狀況和運營結果產生重大不利影響。

一些潛在的損失不在保險範圍內，某些類型的保險範圍可能會變得貴得令人望而卻步。

IRSA目前已有保險單，涵蓋IRSA所有財產的潛在風險，如民事責任、所有運營風險(除其他外，包括火災、利潤損失、洪水、自然事件和我們資產的其他物質損失)和恐怖主義。雖然我們認爲這些保單的保單規格和保險限額是慣例，但某些類型的損失，如租賃和其他合同索賠和戰爭行爲，通常不在阿根廷提供的保險單範圍內。如果發生未投保的損失或超過保險限額的損失，IRSA可能會損失IRSA投資於物業的全部或部分資本，以及預期的未來收入。在這種情況下，IRSA可能仍然有義務償還與財產有關的任何抵押債務或其他財務義務。IRSA不能向您保證未來不會發生超過保險金額的重大損失。如果IRSA的任何財產遭受災難性損失，可能會嚴重擾亂我們的運營，推遲收入，並導致巨額維修或重建財產的費用。

IRSA不爲我們的員工購買人壽或喪失工作能力保險。如果我們的任何員工死亡或殘疾，IRSA可能會因我們的運營中斷而遭受損失，而保險不承保，這可能會對IRSA的財務狀況和運營業績產生重大不利影響。

此外，我們無法保證IRSA能夠以足夠的金額或合理的價格續保其保險範圍。保險公司可能不再爲某些類型的損失提供保險，或者，如果他們這樣做，這些類型的保險可能會貴得令人望而卻步。

對IRSA針對高收入消費者的優質房產的需求可能不夠。

IRSA專注於迎合富裕消費者的開發項目，IRSA已達成房地產易貨安排，根據該安排，IRSA將未開發的土地捐贈給與開發商的合資實體，開發商同意在優質開發地點交付單位，以換取IRSA的土地貢獻。當開發商將這些房產歸還給我們時，對優質住宅單位的需求可能會顯着下降。在這種情況下，IRSA將無法按估計價格或時間範圍出售這些住宅單位，這可能會對IRSA的財務狀況和運營業績產生不利影響。

消費者轉向通過進入門檻較低的互聯網購買商品，這可能會對IRSA購物中心的銷售產生負面影響。

近年來，阿根廷的互聯網零售額大幅增長，儘管此類銷售額的市場份額仍然不大。互聯網使製造商和零售商能夠直接向消費者銷售產品，削弱了零售店和購物中心等傳統分銷渠道的重要性。IRSA認爲，我們的目標消費者越來越多地使用互聯網，無論是在家裏、辦公室還是其他地方，以電子方式購買零售商品，這一趨勢可能會繼續下去。IRSA物業的零售商面臨來自在線銷售的日益激烈的競爭，這可能導致他們的租約終止或不續簽，或者他們的總銷售額減少，影響我們基於租金的收入百分比。如果電子商貿和網上零售額繼續增長，零售商和消費者對我們購物中心的依賴可能會大幅減少，對我們的財務狀況、經營業績和業務前景產生重大不利影響。

IRSA面臨影響酒店業的風險。

我們酒店運營的住宿行業的全方位服務部門競爭激烈。IRSA酒店的運營成功高度取決於我們在通道、位置、住宿質量、房價、優質餐飲設施以及其他服務和設施等領域的競爭能力。如果其他公司決定建造新酒店或改善現有酒店以增加吸引力，IRSA的酒店可能會面臨額外的競爭。

	·	此外，我們酒店的盈利能力取決於：

	·	我們有能力與國際和當地運營商建立成功的關係來運營我們的酒店;

	·	旅遊業和旅行趨勢的變化，包括季節性變化和大流行爆發導致的變化，例如甲型H1N1亞型流感和寨卡病毒、潛在的埃博拉疫情、Covid-19、猴痘等，或天氣現象或其他自然事件，例如分別於2011年6月和2015年4月普耶韋火山和卡爾布科火山的噴發;

	·	遊客的富裕程度，這可能會受到全球和當地經濟放緩的影響;以及

	·	影響工資、價格、利率、施工程序和成本的稅收和政府法規。

IRSA的業務受到廣泛的監管，未來可能會實施額外的監管。

IRSA的活動受阿根廷聯邦、州和市法律的約束，以及有關建築、分區、土壤使用、環境保護和歷史地標保護、消費者保護、反壟斷和其他要求所需的法規、授權和許可證，所有這些都影響IRSA獲得土地、建築物和購物中心、開發和建設項目以及與客戶談判的能力。此外，該行業的公司還面臨稅率提高、新稅種的引入和稅收制度的變化。IRSA需要獲得不同政府機構的許可才能實施我們的項目。維護IRSA的許可證和授權的成本可能很高。如果我們未能遵守此類法律、法規、許可和授權，IRSA可能會面臨罰款、項目關閉以及吊銷許可和撤銷授權。

阿根廷的反壟斷法可能會限制IRSA通過收購或合資企業擴大業務的能力。阿根廷反壟斷法包含的條款要求獲得這些國家反壟斷當局的授權才能收購具有相關市場份額的公司或與其簽訂合資協議。

此外，公共機構可能會發布新的、更嚴格的標準，或以更具限制性的方式執行或廢除現有法律和法規，這可能會迫使我們爲遵守而支出。開發活動還面臨可能延誤或無法獲得所有必要的分區、環境、土地使用、開發、建築、佔用和其他許可證和授權的風險。任何此類延誤或未能獲得此類政府批准都可能對IRSA的業務產生不利影響。

過去，阿根廷政府爲應對住房短缺、高通貨膨脹率和難以獲得信貸而頒佈了有關租賃的規定。這些規定限制或禁止提高租金價格，並禁止驅逐租戶，即使是拖欠房租的租戶也是如此。IRSA的大多數租約規定，租戶支付與其各自租賃區域相關的所有成本和稅收。如果此類成本和稅收大幅增加，阿根廷政府可能會通過管制這種做法來應對要求其干預的政治壓力，從而對IRSA的租金收入產生負面影響。IRSA不能向您保證阿根廷政府今後不會實施類似或其他法規。改變現行法律或頒佈管理阿根廷購物中心和寫字樓物業所有權、經營或租賃的新法律，可能會對房地產和租賃市場產生負面影響，並對IRSA的運營和財務狀況產生重大不利影響。

勞資關係可能會對IRSA產生負面影響。

截至2024年6月30日，IRSA 69.8%的員工由工會根據集體談判協議代表。儘管IRSA目前與IRSA的員工及其工會關係良好，但IRSA無法向您保證勞資關係將繼續保持積極，或者勞資關係的惡化不會對我們產生重大不利影響。

IRSA的經營業績包括投資物業的未實現重新估值調整，該調整可能會在財務期間大幅波動，並可能對IRSA的業務、經營業績和財務狀況產生重大不利影響。

截至2024年6月30日止年度，IRSA投資物業的公允價值損失爲35059100萬澳元。儘管向上或向下的重新估值調整反映了相關期間我們投資性房地產的未實現資本收益或損失，但這些調整並不反映我們投資性房地產銷售或租賃產生的實際現金流或損益。除非此類投資物業以類似的重新估值金額處置，否則IRSA將無法實現實際現金流。重新估值調整的金額已經並將繼續受到阿根廷當前房地產市場和宏觀經濟狀況的顯着影響，並將受到這些市場的市場波動的影響。

我們無法保證市場狀況的變化是否會增加、維持或減少我們投資物業的歷史平均公允價值收益，甚至根本不會。此外，我們投資房地產的公允價值可能與我們從投資房地產的任何實際銷售中收到的金額存在重大差異。如果未來我們的投資物業重新估值出現任何重大下調，或者如果我們的投資物業以遠低於其估值或評估價值的價格處置，我們的業務、經營業績和財務狀況可能會受到重大不利影響。

由於IRSA資產和負債之間的貨幣錯配，IRSA的貨幣風險敞口很高。

截至2024年6月30日，其大部分負債，如第XIV、XV、XVI、XVII、XVIII和XX系列票據，以美元計價，而公司收入主要以披索計價。考慮到我們的資產是以美元交易的，這種貨幣缺口主要影響我們支付美元計價債務利息的運營流程。此外，限制進入MULC以獲得支付我們以美元計價的債務所需的美元，或者未來可能制定不同的匯率(高於當前官方匯率)以將披索轉換爲美元的規定，使我們面臨波動風險。如果美元對披索升值，這可能會對我們的財務業績產生不利影響，並可能影響我們支付美元計價債務利息的能力。披索對美元的任何貶值都會增加IRSA以披索計價的債務的名義金額，這進一步對IRSA的運營和財務狀況產生不利影響，並可能增加IRSA從租戶和抵押貸款中收取租賃和其他應收款項的風險，這些收入大多產生披索計價的收入。

IRSA在當地和國際資本市場發行債務，作爲其主要資金來源之一，其以優惠條件成功進入當地和國際市場的能力會影響其資金成本。

IRSA以可接受的條款成功進入當地和國際資本市場的能力在很大程度上取決於阿根廷和國際資本市場的普遍狀況。IRSA無法控制資本市場狀況，資本市場狀況可能波動且不可預測。如果IRSA無法在當地和/或國際資本市場上以IRSA可接受的條款發行債務，無論是由於法規和外匯限制、資本市場狀況惡化還是其他原因，IRSA可能會被迫尋找融資替代方案，其中可能包括短期或更昂貴的融資來源。如果發生這種情況，IRSA可能無法以有競爭力的成本滿足我們的流動性需求，其業務運營結果和財務狀況可能會受到重大不利影響。

通過合資企業或被投資者擁有財產可能會限制我們僅爲我們的利益行事的能力。

當我們認爲情況需要使用此類結構時，我們與其他個人或實體在合資企業中開發和收購物業，或對實體進行少數股權投資。

截至2024年6月30日，IRSA擁有Puerto Retiro 50%的股權和Cyrsa SA 50%的股權在酒店部門，IRSA擁有Hotel Llao Llao 50%的股權，另外50%由Sutton Group擁有。在購物中心部門，IRSA擁有Nuevo Puerto Santa Fe SA 50%的股權，該公司是其建造並目前經營「La Ribera」購物中心的一棟建築的租戶。

此外，截至2024年6月30日，IRSA持有Banco Hipotecario約29.9%的股權，阿根廷政府是該銀行的控股股東。

IRSA可能會在一項投資中與其一個或多個合資夥伴或控股股東發生糾紛，這可能會影響其運營共同所有物業的能力。此外，其合資夥伴或投資的控股股東可能在任何時候具有與其目標不一致的商業、經濟或其他目標，包括與物業任何出售或再融資的時間和條款有關的目標。例如，在運營預算和再融資、扣押、擴建或出售任何此類物業方面，都需要得到其某些投資者的批准。在某些情況下，其合資夥伴或投資的控股股東可能在其市場上存在利益衝突，這可能會造成利益衝突。如果其合資夥伴或控股股東在一項投資中的目標與我們自己的目標不一致，IRSA將不能完全根據我們的利益行事。

如果其任何共同擁有的物業的一名或多名投資者遭遇財務困難，包括破產、資不抵債或業務普遍低迷，可能會對相關物業產生不利影響，進而對IRSA的財務表現產生不利影響。如果投資的合資企業合作伙伴或控股股東宣佈破產，IRSA可能對其合作伙伴在合資企業負債或投資工具負債中的普通股負責。

IRSA依賴其董事會、高級管理層和其他關鍵人員。

IRSA的成功在很大程度上取決於愛德華多·S的繼續僱用。Elsztain以及我們董事會的某些其他成員和高級管理人員，他們對我們的業務和行業擁有豐富的專業知識和知識。無論出於何種原因，他們的服務損失或中斷都可能對我們的業務和經營業績產生重大不利影響。我們未來的成功在一定程度上取決於我們吸引和留住其他高素質人才的能力。我們無法向您保證我們將成功僱用或留住合格的人員，或者我們的任何人員將繼續受僱於我們，這可能會對我們的財務狀況和運營業績產生重大不利影響。

IRSA可能面臨與我們的主要股東相關的潛在利益衝突。

IRSA的最大受益所有人是Eduardo S先生。根據Elsztain通過該公司間接持股的情況。截至2024年6月30日，該受益所有權包括公司持有的422，460，367股普通股。我們與關聯公司的管理層之間可能會因各自業務活動的表現而產生利益衝突。截至2024年6月30日，愛德華多·S·先生Elsztain還實際擁有IRSA約57.0%的普通股。IRSA無法向您保證，我們的主要股東和我們的附屬公司不會限制或導致我們放棄我們的附屬公司可能追求的商業機會，或者追求其他機會符合我們的利益。

與IRSA投資Banco Hipotecario相關的風險

金融體系的穩定取決於包括希波特卡里奧銀行在內的金融機構維持和增強儲戶信心的能力。

截至2024年6月30日，IRSA擁有Banco Hipotecario約29.9%的已發行股本。Banco Hipotecario截至該日的資產爲228194200萬里亞爾。Banco Hipotecario的所有業務、財產和客戶均位於阿根廷。因此，Banco Hipotecario貸款組合的質量、財務狀況和運營結果取決於阿根廷普遍的經濟、監管和政治狀況。這些條件包括增長率、通貨膨脹率、匯率、利率變化、政府政策變化、社會不穩定以及發生在阿根廷或以其他方式影響阿根廷的其他政治、經濟或國際事態發展。

如果儲戶未來無法自由地從銀行提款，可能會對包括Banco Hipotecario在內的金融機構開展業務的方式及其作爲金融中介的運營能力產生重大負面影響。對國際金融市場失去信心也可能對阿根廷儲戶對當地銀行的信心產生不利影響。

在經濟形勢不利的情況下，即使與金融體系無關，也可能引發儲戶從當地銀行大規模撤資，作爲保護其資產免受潛在危機影響的替代方案。任何大規模提取存款都可能導致金融部門的流動性問題，從而導致信貸供應收縮。

上述任何情況的發生可能會對Banco Hipotecario的費用和業務、運營業績和財務狀況產生重大不利影響。

金融機構的資產質量受到非金融公共部門和央行債務的影響。

金融機構持有阿根廷政府和省政府發行的大量債券組合以及向這些政府發放的貸款。根據央行發佈的銀行報告，截至2024年6月，公共部門貸款佔金融部門資產的36.9%。

此外，金融機構目前在其投資組合中持有央行發行的證券，這些證券通常是短期的。截至2024年6月30日，Banco Hipotecario對公共部門的總風險敞口爲123758900萬澳元，佔其截至該日資產的57.8%，央行發行的證券風險敞口總額爲18273400萬澳元，佔其截至2024年6月30日總資產的8.5%。

由於資本市場和匯率的波動，希波特卡里奧銀行的投資組合可能會遭受損失，這可能會嚴重影響希波特卡里奧銀行的財務狀況和運營業績。

由於市場價格變化、違約、市場利率和匯率波動、市場對公共部門工具和私人發行信用質量看法的變化或其他原因，Hipotecario銀行可能會遭受與其美元投資相關的損失。資本市場表現的下降可能導致Banco Hipotecario因其投資組合價值下降而錄得淨虧損，此外還有金融市場價格波動導致的交易頭寸損失，即使沒有普遍經濟低迷。任何這些損失都可能對Banco Hipotecario的財務狀況和運營業績產生重大不利影響。

消費者保護法和集體訴訟對Banco Hipotecario的潛在不利影響。

第24，240號法律（「消費者保護法」）及其修正案以及《信用卡法》和央行法規制定了旨在保護消費者（包括Banco Hipotecario的客戶）的規則。阿根廷民商事法典還包括有利於消費者的條款。當局和法院越來越多地執行這些法律可能會對Banco Hipotecario的收款能力產生負面影響，從而影響其運營業績。

此外，在阿根廷憲法和消費者保護法的支持下，針對金融機構的集體訴訟在阿根廷有所增加。儘管缺乏明確的程序規則，但法院承認了多起涉及金融機構的案件中的集體訴訟，例如利率索賠或產品收費索賠。如果這些主張成功，可能會對希波特卡里奧銀行和整個金融體系的盈利能力產生負面影響。

Banco Hipotecario在高度監管的環境中運營，其運營受到多個監管機構採用的資本管制法規的約束。

關於中央銀行和其他監管當局歷來確定的職能，金融機構受到許多規定的制約。如果發生任何違反適用規定的情況，中央銀行可對Hipotecario銀行及其董事、執行委員會成員和監督委員會成員進行處罰。對任何違反適用條例的潛在制裁可能從行政和/或紀律處罰到刑事處罰不等。同樣，負責授權證券發行和監管阿根廷資本市場的CNV有權對我們和Banco Hipotecario董事會違反資本市場法和CNV規則中確立的公司治理規定的行爲實施制裁。UIF管理與防止資產洗錢有關的事項，並有能力監督金融機構遵守任何此類規定，並最終實施制裁。

我們無法向您保證此類監管機構是否會對Banco Hipotecario、其股東、董事或其監事會啓動訴訟，或懲罰Banco Hipotecario。Banco Hipotecario已採用「了解您的客戶」和其他政策和程序，以遵守當前適用規則和法規規定的職責。

除了針對銀行業的特定法規外，Banco Hipotecario還受到一系列普遍適用於在阿根廷經營的企業的聯邦、省和市法規和監督，包括有關勞動、社會保障、公共衛生、消費者保護、環境、競爭和價格控制的法律和法規。我們無法向您保證現有或未來的立法和法規不會要求Banco Hipotecario進行重大支出，或對Banco Hipotecario的合併運營產生重大不利影響。

銀行業競爭和併購活動加劇可能會對Banco Hipotecario產生不利影響。

Banco Hipotecario預計銀行業的競爭將會加劇。如果利差下降的趨勢沒有被貸款量的增加所抵消，那麼隨之而來的損失可能會導致行業合併。這些合併可能會導致建立規模更大、更強大、擁有比我們更多資源的銀行。因此，儘管市場對金融產品和服務的需求持續增長，但競爭可能會對希波特卡里奧銀行的經營業績產生不利影響，導致利差和佣金萎縮。

未來的政府措施可能會對經濟和金融機構的運營產生不利影響。

我們無法向您保證，目前管理經濟或銀行業的法律和法規在未來將保持不變，或者任何此類變化不會對希波特卡里奧銀行的業務、財務狀況或運營業績以及希波特卡里奧銀行履行外幣債務的能力產生不利影響。

如果對現行法律進行全面修改，整個金融體系可能會受到重大不利影響。如果頒佈這些立法法案中的任何一項，或者如果以任何其他方式修改《金融機構法》，那麼隨後對該法規的修改對整個金融機構、Banco Hipotecario的業務、其財務狀況和運營結果的影響尚不確定。

債務人可以放棄以披索履行外幣義務的選擇仍在討論中。近年來，一些法院判決規定了當事人自由商定的以外幣支付的義務。我們無法確保任何當前或未來的法律法規（特別是《金融機構法》修正案和央行章程修正案）不會給希波特卡里奧銀行帶來重大成本，或者對希波特卡里奧銀行的運營產生不利影響。

Banco Hipotecario對個人借款人的風險敞口可能會導致逾期貸款、貸款損失備抵和沖銷水平上升。

Banco Hipotecario的貸款組合的很大一部分是向阿根廷中低收入群體個人客戶提供的貸款。Banco Hipotecario個人貸款組合的質量在很大程度上取決於阿根廷不時存在的經濟狀況。與企業和高收入個人相比，中低收入個人更有可能受到阿根廷經濟不利發展的影響。因此，向這些細分市場的貸款比向其他細分市場的貸款風險更高。因此，Banco Hipotecario可能會經歷更高的逾期金額，這可能導致貸款損失撥備增加。因此，無法保證逾期金額和後續沖銷的水平未來不會大幅上升。

欺詐或交易錯誤的增加可能會對Banco Hipotecario產生不利影響。

與其他金融機構一樣，Banco Hipotecario很容易受到員工或外部人員欺詐、員工未經授權的交易以及其他操作錯誤（包括文書或記錄保存錯誤以及計算機或電信系統故障導致的錯誤）的影響。鑑於金融機構可能發生的交易量很大，錯誤在被發現和補救之前可能會重複或複合。此外，我們的一些交易並未完全自動化，這可能會進一步增加人爲錯誤或員工篡改導致損失的風險，而損失可能難以快速或根本檢測。員工或外部人士的欺詐、員工未經授權的交易和其他運營錯誤造成的損失可能會對Banco Hipotecario的聲譽、業務、運營結果和財務狀況產生不利影響。

與我們的ADS和普通股相關的風險。

符合出售條件的股份可能會對我們普通股和美國存託憑證的價格產生不利影響。

我們的普通股和美國存托股份的市場價格可能會因爲我們的現有股東在市場上出售普通股或美國存託憑證而下跌，或者由於人們認爲這些出售可能發生。這些出售也可能使我們很難在未來以我們認爲合適的時間和價格出售股權證券。根據美國證券法，這些美國存託憑證可以自由轉讓，包括出售給我們關聯公司的普通股。截至2024年6月30日，Eduardo Elsztain是我們約38.7%的普通股(或約230,771,688股普通股)的實益擁有人(或約230,771,688股普通股，可交換總計23,077,168股美國存託憑證，詳情見「第6項董事、高級管理人員及僱員-E股所有權」)，可隨時酌情處置其任何或全部普通股或美國存託憑證。大量出售我們的普通股和/或美國存託憑證可能會對我們的普通股和美國存託憑證的市場價格產生不利影響。

如果我們未來發行額外的股權證券，您可能會遭受稀釋，並且我們股權證券的交易價格可能會下降。

我們可能會發行額外的普通股股份，爲未來收購或新項目融資或其他一般企業目的提供資金。任何此類發行可能會導致您的所有權股份稀釋和/或任何此類發行的看法可能會對美國存託憑證的市場價格產生不利影響。

我們遵守與美國國內上市證券發行人不同的某些企業披露要求和會計準則。

有關阿根廷證券交易所上市證券發行人的公開信息少於有關美國和某些其他國家上市證券國內發行人的公開信息。

儘管美國存託憑證在納斯達克全球市場上市，但作爲一家外國私人發行人，我們能夠依賴母國治理要求，而不是依賴納斯達克的公司治理要求。請參閱“16.G.公司治理--遵守納斯達克上市公司治理標準。以及(Iii)遵守交易法下的規則，該規則要求在發生指定的重大事件時，向美國證券交易委員會提交包含未經審計的財務和其他指定信息的Form 10-Q季度報告，或Form 8-k的當前報告。外國私人發行人也不受《公平披露條例》的約束，該條例旨在防止發行人選擇性地披露重大信息。由於上述原因，你可能得不到向非外國私人發行人的股東公司提供的同等保護。

投資者可能無法在美國境內送達訴訟程序，從而限制了他們對任何外國判決的收回。

我們是一家根據阿根廷法律組建的上市公司（sociedad anónima）。我們的大多數董事和高級管理人員都位於阿根廷。因此，投資者可能無法在美國境內向我們或此類人員送達訴訟程序，也無法在美國法院對我們或他們執行根據美國聯邦證券法民事責任條款在此類法院獲得的判決。我們的阿根廷律師Zang，Bergel & Viñes告訴我們，阿根廷法院是否會以與美國或外國法院相同的程度和及時的方式執行僅基於美國聯邦證券法或針對此類人員或我們的其他外國法規的民事責任條款的訴訟，存在疑問。

如果就美國聯邦所得稅而言，我們被視爲被動外國投資公司，我們普通股或美國存託憑證的美國持有者將遭受負面後果。

基於我們過去和預計的收入和資產構成，以及我們資產的估值，包括商譽，我們不認爲我們在截至2024年6月30日的納稅年度內是美國聯邦所得稅目的的被動外國投資公司(「PFIC」)，目前也不希望成爲PFIC，儘管在這方面不能得到保證。我們是否是PFIC的決定是每年一次的。因此，由於我們的資產或收入構成的變化，或者如果我們的預測不準確，我們可能在本納稅年度或任何未來納稅年度成爲PFIC。阿根廷經濟和金融系統的波動和不穩定可能會對我們的收入和資產構成以及我們預測的準確性產生重大影響。此外，這一決定是根據美國財政部關於租金收入的某些條例的解釋作出的，這些條例可能會受到不同的解釋。如果我們成爲PFIC，則美國持有者(定義見項目10.補充資料--E.稅務--美國稅務“)我們的普通股或美國存託憑證將受到某些美國聯邦所得稅規則的約束，這些規則對它們有負面影響，以及報告要求。請參閱“項目10.補充信息-E.稅務-美國稅務-被動外國投資公司以更詳細地討論如果我們被視爲PFIC的後果。您應該諮詢您自己的稅務顧問，了解如何將PFIC規則應用於您的特定情況。

阿根廷稅法的變化可能會影響我們普通股或美國存託憑證的稅務待遇。

第26，893號法律修訂了第20，628號法律（「所得稅法」），於2013年9月12日頒佈，並於2013年9月23日在《官方公報》上發佈。根據修訂案，阿根廷公司分配股息須按10.0%的稅率繳納所得稅，除非該股息分配給阿根廷公司實體。

股息稅已被2016年7月22日在《官方公報》上發佈的第27，260號法律廢除，因此，阿根廷和非阿根廷居民股東的股息分配不適用所得稅預扣稅，除非分配的股息大於根據所得稅法的適用確定的收入，在分配當年的前一財年累積。在這種情況下，阿根廷和非阿根廷居民股東的超額稅率均爲35%。這種處理方式仍然適用於隨時從2018年1月1日之前開始的上一財年結束之前累積的保留利潤中分配的股息。

然而，根據經第27，541號法律和第27，630號法律修訂的第27，430號法律，從2018年1月1日或之後開始的財年應計收益中分配的股息，以及《所得稅法》中提到的在阿根廷註冊成立的公司和其他實體以現金或實物形式支付的其他利潤（股票股息或配額股息除外），對於阿根廷居民個人、居民未分割遺產和外國受益人，須對2018年1月1日及以後的財年應計利潤按7%的稅率繳納所得稅。如果股息分配給阿根廷企業納稅人（一般來說，根據阿根廷法律組織或註冊的實體、某些貿易商和中介機構、外國實體的當地分支機構、獨資企業和在阿根廷開展某些商業活動的個人），則不適用股息稅。

此外，出售股份和其他證券（包括代表股份和存款憑證的證券）產生的資本收益須繳納資本收益稅。2018年1月1日生效的第27，430號法律規定，阿根廷居民個人從出售股份和美國存託憑證中獲得的資本收益在以下情況下免徵資本收益稅：（i）當股份通過CNV授權的公開發行發行時，（ii）當股份在CNV授權的股市交易時，在確保價格時間優先權和要約干擾的分部下，和/或（iii）當通過CNV授權的首次公開募股和/或交換股份進行股票銷售、交換或其他處置時。

該法律還規定，適用於2017年12月30日之前達成的交易的非居民資本利得稅仍然到期，儘管非居民不會就過去在CNV授權市場上交易的阿根廷股票或其他證券的銷售向其徵稅（例如ADS），只要不付款的原因是交易結束時缺乏規定徵稅機制的法規即可。AFIP第4，227號總決議於2018年4月26日生效，規定了向AFIP繳納所得稅的程序。適用於2017年12月30日之前達成的交易的資本利得稅應於2018年6月11日繳納。

此外，2019年12月6日政府公報公佈的第824/2019號法令引入了新的所得稅法綜合文本，維持對非居民出售股票或證券徵收15%的資本利得稅(按實際淨收益或相當於銷售價格90%的推定淨收益計算)。然而，在下列情況下，非居民可對出售阿根廷股票獲得的收益免徵資本利得稅：(I)通過國家證券交易所授權的公開募股配售股票，(Ii)股票在國家證券交易所授權的股票市場交易時，在確保價格-時間優先和要約干擾的部分下，和/或(Iii)通過首次公開募股和/或國家證券交易所授權的股票交換進行股票的出售、交換或其他處置；

如果豁免不適用，並且外國受益人既不在出於財政透明度目的被認爲不合作的司法管轄區居住，資金也來自該司法管轄區，則處置股份實現的收益將按毛價格的13.5%繳納阿根廷所得稅。如果此類外國受益人居住在出於財政透明度目的而被認爲不合作的司法管轄區或資金來自該司法管轄區，則應適用毛價格31.5%的有效稅率。

因此，鼓勵我們普通股（包括美國存託憑證形式）的持有者就其具體事實下的特定阿根廷所得稅後果諮詢其稅務顧問。

美國存託憑證持有人可能無法對其存託憑證相關普通股行使投票權。

作爲美國存托股份的持有者，我們不會將您視爲我們的股東之一，您也不會擁有股東權利。受託管理人將是您的美國存託憑證相關普通股的持有人，而持有人只能根據與美國存託憑證有關的存款協議，對該等美國存託憑證所代表的普通股行使投票權。根據阿根廷法律或我們的章程，沒有任何條款限制美國存托股份持有人通過託管機構對相關普通股行使投票權。然而，美國存托股份持有人行使投票權的能力受到實際限制，因爲與這些持有人的溝通涉及額外的程序步驟。相比之下，美國存托股份持有者不會直接收到我們的通知。相反，根據存管協議，我們將向美國存托股份託管機構提供通知。如果我們要求美國存托股份託管銀行這樣做，美國存托股份託管銀行將向美國存託憑證持有人郵寄會議通知和一份關於持有人發出指示的方式的聲明。爲了行使投票權，美國存托股份持有人必須指示美國存托股份託管機構對其美國存託憑證代表的普通股進行投票。根據存管協議，美國存托股份託管銀行不需要執行任何投票指示，除非它收到我們的法律意見，即所表決的事項不會違反我們的附例或阿根廷法律。我們不需要指示我們的法律顧問給出該意見。由於這些程序步驟涉及美國存托股份存託憑證，美國存托股份持有人行使投票權的過程可能比普通股持有人需要更長的時間，而且以美國存託憑證爲代表的普通股可能不會按您的意願進行投票。

我們在多個市場上交易，這可能會導致價格變化。此外，投資者可能無法輕鬆地在這些市場之間轉移股票進行交易。

美國存託憑證或我們的普通股將在這些市場上以不同的貨幣(納斯達克上的美元和披索)以及不同的時間(由於美國和阿根廷不同的時區、不同的交易日和不同的公共假日)進行交易。此外，在沒有向美國存托股份託管機構實施必要程序的情況下，美國存託憑證持有人將無法立即交出其美國存託憑證並提取相關普通股在另一市場交易。

根據阿根廷法律，股東權利的定義可能比其他司法管轄區更少或更不明確。

我們的公司事務受我們的章程和阿根廷公司法管轄，這與我們在美國註冊成立的司法管轄區(如特拉華州或紐約州)或阿根廷以外的其他司法管轄區所適用的法律原則不同。此外，與其他司法管轄區的法律相比，阿根廷公司法對您的權利或我們普通股持有人保護您或他們的利益的權利在阿根廷公司法中可能更少，也更不明確。儘管根據阿根廷法律，內幕交易和價格操縱是非法的，但阿根廷的證券市場沒有美國證券市場或其他一些司法管轄區的市場受到高度監管。此外，阿根廷反對自我交易和保護股東利益的規則和政策可能沒有美國那麼明確和執行，這使我們普通股和美國存託憑證的持有者處於潛在的不利地位。

對資本移出阿根廷的限制可能會損害您接受股息和股息以及出售美國存託憑證相關普通股收益的能力。

過去二十年來，阿根廷定期實施外匯管制和轉移限制，極大地限制了公司保留外幣或在海外付款的能力。自2019年以來，新法規大幅限制了個人和私營部門實體進入外匯市場的機會。

在這方面，阿根廷政府限制將阿根廷貨幣兌換成外幣，並限制外國投資者將其在阿根廷的投資收益匯給外國投資者。阿根廷法律目前允許阿根廷政府在阿根廷國際收支出現嚴重不平衡或有理由預見這種不平衡的情況下，暫時實施此類限制。我們不能向您保證，美國存託憑證的美國存托股份存託機構可能會將無法轉換的披索存入尚未付款的美國存托股份持有人的帳戶。不能保證在目前的外匯市場法規下，對非居民投資者的支付不會出現延誤，也不會受到任何額外的限制，例如將披索轉換爲美元的不同匯率可能高於當前的官方匯率。在這方面，我們建議與相應的託管銀行就適用的交易所規則進行磋商。有關更多信息，請參閱「項目10.附加信息-D交換控制」。和「項目3.關鍵信息--D.風險因素」。

阿根廷向少數股東提供的保護與美國不同，而且比美國更有限，而且執行起來可能更困難。

根據阿根廷法律，對少數股東的保護與美國和其他一些拉丁美洲國家的保護不同，而且比美國和其他一些拉丁美洲國家的保護要有限得多。例如，由於阿根廷處理此類索賠的歷史較短，而且成功的案例很少，阿根廷法律中有關股東糾紛（例如衍生訴訟和集體訴訟）的法律框架不如美國法律那麼發達。此外，提起此類股東訴訟還有不同的程序要求。因此，我們的少數股東對我們或我們的董事或控股股東行使權利可能比美國公司的股東更難。

我們可能不支付任何股息。

根據阿根廷公司法，我們可以從根據IFRS會計準則編制的經審計合併財務報表中規定的淨利潤和已實現利潤（如果有）中向股東支付股息。股息的批准、金額和支付須經股東在年度普通股東大會上批准。股息的批准需要出席會議的過半數有權投票的股東投贊成票。因此，我們無法向您保證我們將能夠產生足夠的淨利潤和已實現利潤來支付股息，或者我們的股東將決定支付股息。

我們支付股息的能力受到法律和章程的限制。

根據阿根廷公司法，我們可以從留存收益和/或其他準備金(如果有的話)中以披索支付股息，支付的程度取決於我們根據IFRS會計準則編制的經審計的綜合財務報表中規定的程度。我們的股東獲得現金股息的能力可能會受到美國存托股份託管機構將以披索支付的現金股息轉換爲美元的能力的限制。根據我們與美國存託憑證託管人的存款協議條款，只要託管人能夠在合理的基礎上將披索(或任何其他外幣)兌換成美元，並將由此產生的美元轉移到美國，託管人將在可行的情況下迅速將其從所存入的證券中收到的所有現金股息轉換爲美元。如果保管人認爲這種兌換不可能在合理的基礎上進行(包括由於適用的阿根廷法律、法規和批准要求)，保管人可以分發其收到的外幣，或酌情將其持有的未投資的外幣存入有權獲得該外幣的所有人各自的帳戶。因此，如果匯率在保管人無法兌換外幣期間大幅波動，你可能會損失部分或全部紅利分配的價值。

您可能無法對您的ADS相關普通股行使優先購買權或增值權。

根據阿根廷公司法，如果我們發行新的普通股作爲增資的一部分，我們的股東通常將有權認購一定比例的他們所持類別的普通股，以保持他們現有的所有權比例，這被稱爲優先購買權。此外，股東有權按比例認購其所持類別的未認購普通股或在優先認購權發售結束時仍未認購的其他類別的普通股，這稱爲增值權。根據存管協議，美國存托股份託管銀行不會代表您行使權利或向您提供權利，除非我們指示它這樣做，而我們並不需要發出該指示。此外，您可能無法行使與您的美國存託憑證相關的普通股的優先購買權或增值權，除非證券法下的登記聲明對這些權利有效，或者可以豁免證券法的登記要求。我們沒有義務就與這些優先購買權相關的普通股提交註冊聲明，並且我們不能向您保證我們將提交任何此類註冊聲明。除非我們提交登記聲明或獲得豁免登記，否則您可能只收到美國存托股份存託憑證出售您的優先購買權的淨收益，或者，如果無法出售優先購買權，它們將被允許失效。因此，普通股或美國存託憑證的美國持有者在未來增資時，他們在我們公司的權益可能會被稀釋。

我們的股東可能對其證券的某些投票權承擔責任。

我們的股東不對我們的義務負責。相反，股東通常只對支付他們所認購的股份負有責任。然而，與我們存在利益衝突且未棄權投票的股東可能會對我們的損害承擔責任，但前提是如果沒有這些股東的投票，交易就不會獲得批准。此外，故意或疏忽投票支持隨後因違反LGS或我們的章程而被法院宣佈無效的決議的股東可能對我們或其他第三方（包括其他股東）的損害承擔共同和個別責任。

我們的認購令可在有限情況下行使，並且將到期。

2021年3月10日，我們發行了總計90，000，000份認購權以購買90，000，000股普通股，並將於2026年3月10日到期。每份期權僅在與該期權相關的普通股權利或ADS權利已被行使的情況下才能行使，並且該期權將在發行後90天后在每年2月、5月、9月和11月的17日至25日（含）的九天期間內行使（前提是該日期是紐約市和阿根廷布宜諾斯艾利斯的工作日）。截至本年度報告日期，共有84，261，280份尚未發行的認購權。

項目4.關於公司的信息

A.公司的歷史和發展

一般信息

我們的法定名稱是Cresud Sociedad Anónima Comercial，InMobiliaria，Financiera y Agrogeneraria，我們的商業名稱是「Cresud」。我們於1936年12月31日根據阿根廷法律註冊成立並組建爲股份公司（阿諾尼馬社會）並於1937年2月19日在IGJ登記，登記在國家章程卷第45卷第2頁第26號下。根據我們的章程，我們的期限將於2082年6月6日到期。

我們的普通股在ByMA上市和交易，代表我們普通股的ADS在納斯達克上市。我們的總部位於Carlos m。Della Paolera 261，9樓（C1001 ADA），阿根廷布宜諾斯艾利斯市。我們的電話是+54（11）4814-7800，我們的網站是www.cresud.com.ar。我們網站中包含或可通過我們網站訪問的信息不屬於本年度報告的一部分。我們對這些網站上包含的信息不承擔任何責任。

我們在美國的存託代理是紐約梅隆銀行，地址爲240 Greenwich Street，New York，NY 10286，電話號碼爲+1-888-BNY-ADRS（+1-888-269-2377）S.美國境外電話爲+1-201-680-6825

歷史

我們於1936年成立，是Credit Foncier的子公司，該公司是一家比利時公司，從事阿根廷農村和城市貸款業務。我們成立的目的是管理被信貸豐西爾取消抵押品贖回權的房地產。Credit Foncier於1959年清算，作爲清算的一部分，我們的股份被分配給Credit Foncier的股東，並於1960年在Base上市。20世紀60年代和70年代，我們的業務轉向專門的農業活動。

1993年和1994年期間，Consultores Asset Management代表某些投資者收購了我們在布宜諾斯艾利斯證券交易所約22%的已發行股份。1994年底，由Consultores Asset Management領導的投資者集團（包括Dolphin Fund plc.，目前是海豚基金有限公司）購買了額外的股份，將其總持股量增加到我們已發行股份的約51.4%。1995年，我們通過配股和全球公開發行代表我們普通股的美國存託憑證來增加資本，並在納斯達克上市。我們開始了農業活動，管理了7個農田和20，000公頃土地。

2002年，我們收購了IRSA 19.85%的股份，IRSA是一家與Cresud某些股東相關的房地產公司，2009年，我們將IRSA的所有權比例提高至55.64%，IRSA成爲Cresud的直接主要子公司。截至2024年6月30日，我們擁有IRSA 55.40%的股權（扣除庫存股），我們的大部分董事也是IRSA的董事。IRSA是阿根廷最大的房地產公司之一，從事一系列多元化的房地產活動，包括住宅物業、辦公樓、購物中心和豪華酒店，以及住宅物業的銷售和開發，它擁有Banco Hipotecario 29.9%的權益，Banco Hipotecario是該國主要金融機構之一，並在阿根廷境外進行了精選的投資。IRSA的普通股在ByMA上市和交易，IRSA代表其普通股的GDS在紐約證券交易所上市。

2008年3月，我們在當地和國際市場上發行了最多18000萬股股票，並已全額認購，總金額爲28800萬美元。收益使我們能夠將國際業務擴大到巴拉圭和玻利維亞，目前我們通過BrasilAgro運營這些業務。

根據我們的國際擴張戰略，2005年9月，我們參與了Brasilago的創建，目的是在巴西複製我們的商業模式。我們與我們的合作伙伴--開普敦有限責任公司、Tarpon Invstientos S.A.、Tarpon AGRO LLC、AGRO Investments S.A.和AGROMANCES S.A.共同創建了Brasilago。2006年5月2日，Brasilago的股票在巴西證券交易所的Novo Mercado上市，代碼爲AGR03；2012年11月8日，Brasilago的美國存託憑證在紐約證券交易所上市，股票代碼爲LND。2021年2月，它對BRL 44000股萬股票進行了增資，我們認購了股份的資本化。此外，在2021年5月，我們行使了在首次公開募股時授予公司創始人的認股權證，當時公司尚未到期。由於我們的後續認購和認股權證的行使，我們將我們在Brasilago的股份(扣除庫存股)增加到39.4%。截至2024年6月30日，我們在Brasilago的權益爲35.22%(扣除庫藏股)。

此外，我們通過子公司爲農業社區提供最好的服務。我們通過FyO運營的諮詢、營銷和存儲服務來促進客戶的業務，FyO的主要業務是農作物交易（農作物經紀、期貨和期權、諮詢、物流和金融服務）以及自有投入和第三方產品的銷售和分銷。截至2024年6月30日，我們持有FyO 51.2%的股權。展望明年，該公司將繼續制定向該地區其他國家的擴張計劃。

我們是創建第一個在線農業市場Agrofy的先驅，該市場已在阿根廷、巴西和烏拉圭運營，並制定了區域擴張計劃。Agrofy今年繼續定位爲阿根廷、巴西和烏拉圭領先的農業在線商業平台，訪問量超過4000萬次。截至2024年6月30日，我們在Agrofy的權益分別爲BrasilAgro股本的18.6%和1.7%。

截至2024年6月30日，我們直接和通過子公司擁有27個農場，總面積爲599，744公頃，在截至2024年6月30日的財年內，使用了約613，192公頃（包括年內出售的面積）並分佈在阿根廷、巴西、玻利維亞和巴拉圭。此外，我們還有權持有約132，000公頃的特許土地，爲期35年，可再延長29年。

重大收購、處置和業務發展

農業經營

出售「洛斯波佐斯」農場的一部分

2023年10月5日，Cresud完成了位於薩爾塔省4，262公頃土地「Los Pozos」的一小部分的出售。成交價格爲230萬美元，其中我們收取了90萬美元。剩餘140萬美元將分兩期支付，最後一期於2025年9月23日支付，並有抵押擔保。

出售「El Tigre」農場的一部分

2023年12月14日，Cresud完成了位於阿根廷拉潘帕省特內爾省的「El Tigre」農場500公頃農業活動的一小部分的出售。總價爲380萬美元，其中我們收取了280萬美元。剩餘90萬美元將分兩期支付，最後一期於2025年12月12日支付，並有抵押擔保。截至本年度報告日期，公司擁有約7，860公頃「El Tigre」農場的所有權。

出售「查帕拉爾」農場的一部分

2024年3月26日，BrasilAgro完成了位於巴西巴伊亞州科倫蒂娜的12，335公頃（8，796生產公頃）「查帕拉爾」農場的一小部分的出售，該農場於2007年收購。截至本年度報告之日，剩餘面積爲24，885公頃。交易價格爲36450萬巴西雷亞爾，具體取決於大豆袋價格的變化，出售農場部分的賬面價值爲3400萬巴西雷亞爾。

城市房地產業務和投資

出售「楓樓」

2023年7月24日，IRSA簽署了一份契約，出售位於布宜諾斯艾利斯自治市Suipacha Street 652/664號的「Maple Building」的所有功能和補充單元。交易價格爲6.75億美元，其中3億美元現金，0.75美元通過交付布宜諾斯艾利斯自治市科爾多瓦大道637「Maple Building」單元買家擁有的一棟建築中的3個功能單元收取，並簽訂了爲期30個月的託管協議。剩餘餘額300萬美元將按以下方式收取：（i）250萬美元將分10期半年期、等量、連續分期收取，金額爲250萬美元，第一期於契約簽署後24個月到期，年利息爲5%;和（ii）50萬美元將通過買方提供的服務收取，該服務根據契約中商定的條件按CCL匯率估值。

「261德拉·保萊拉」 場內銷售

2023年8月9日，IRSA簽署了一份出售位於布宜諾斯艾利斯自治市加泰羅尼亞社區的「261 Della Paolera」大廈9層的契約，該大廈總面積1，184平方米、10個停車位和同一棟樓的2個補充單元。交易價格約爲630萬美元（歐洲貨幣），以澳大利亞貨幣支付。

2023年10月5日，簽署了一份轉讓契約，出售位於布宜諾斯艾利斯自治市加泰羅尼亞社區的「261 Della Paolera」大廈第25層和第26層，總面積2，395平方米，配有18個車庫單元和6個同一棟樓的配套單元。交易價格約爲1490萬美元（歐洲議會），以澳大利亞貨幣支付。

此次交易後，IRSA保留了該建築4層的房產，租賃面積約爲4，937平方米，此外還有停車位和其他配套空間。

出售Quality Investment SA.

2023年8月31日，IRSA出售並轉讓了其在Quality Invest SA的所有股份，佔該公司股本的50%。交易金額爲2290萬美元，其中2150萬美元已與股份轉讓一起收取，餘額140萬美元將在3年後收取，每年利息7%。

Vista al Muelle -划船信託交易

2023年10月31日，Vista al Muelle SA（「VAM」），Liveck L.t.D.的子公司，以680萬美元的價格將位於加那利內斯省（烏拉圭）的兩塊地塊出售給了划船信託基金。在同一筆交易中，該信託以500萬美元的價格將II號塔的單位出售給了VAm，VAm用這筆錢全額償還了與Chamyan家族的債務。此次交易產生利潤100萬美元。

Ezpeleta地塊易貨協議

2023年12月7日，IRSA簽署了易貨協議，根據該協議，我們轉讓了位於布宜諾斯艾利斯省奎爾梅斯區的46公頃「Ezpeleta地塊」，用於開發房地產項目。該項目由一個門禁社區組成，擁有330個單戶地塊和6個用於中等密度開發的大型地塊。交易價格爲1640萬美元，將通過交付該項目的125個單戶地塊以及該項目多戶地塊40%可建築平方米的方式支付給IRSA。此外，IRSA還收到了6230萬里亞爾現金作爲對價的一部分。

金額以交易日期的貨幣表示。

出售GCDI普通股

2023年11月至12月期間，IRSA出售了1，583，560股GCDI普通股，相當於GCDI股本的0.17%，總計2550萬澳元。

此外，2024年第一季度，IRSA出售了5，017，588股GCDI普通股，相當於GCDI股本的0.55%，總計16500萬澳元。

金額以交易日期的貨幣表示。

德爾普拉塔建築信託基金

2023年11月10日，IRSA以成本價簽訂了一份信託協議，用於住宅樓、商店（美食用途）和補充停車位的項目開發和建設，但須滿足某些先決條件。IRSA將作爲信託協議下的資金委託人、開發商和信託受益人，並將獲得約5，128平方米的可銷售平方米和32個停車位。信託公司（阿根廷）SA，具有受託目的但不是關聯方的公司將擔任受託人。

該信託協議涉及Banco Hipotecario擁有的一棟建築的捐款。該建築位於布宜諾斯艾利斯市Carlos Pellegrini、Presidente Perón、Sarmiento和Pasaje Carabelas街道旁的街區。該捐款於2023年12月28日完成。該信託已批准GCBA根據第6，508號法律發佈的Microcentro地區再轉換制度。2024年6月14日，GCBA發佈了第1078/MHFGC/24號聯合決議，暫停授予信託的稅收優惠的影響。2024年7月17日，該信託對該措施提出行政上訴，以撤銷該措施並恢復暫停的稅收優惠。上訴仍在審理中，尚未做出任何決定。

有關2024年6月30日之後重大收購、處置和業務發展的信息，請參閱「近期進展」。

最新發展動態

克雷蘇德的最近發展

普通股東大會和臨時股東大會

2024年9月11日，我們通知董事會已決定召開普通股東大會和臨時股東大會，將於2024年10月28日召開，議程如下：

1.任命兩名股東簽署會議記錄。

2.考慮批准截至2024年6月30日財年的第19，550號法律第234條第1款中設想的文件。

3.截至2024年6月30日財年的淨利潤分配爲70，798，841，928澳元，具體如下：（i）將3，539，942，096.42澳元分配至法定儲備金;（ii）以現金和/或實物形式分配應付股息，金額高達45，000，000里亞爾，000授權公司董事會確定以現金和/或實物支付的股息比例。(iii)自願儲備的餘額將用於特定目的（未來股息、股票回購和/或與公司業務計劃相關的項目），並將其申請和處置委託給公司董事會。

4.考慮批准截至2024年6月30日的現有自願儲備的重新分配，並將其申請和處置授權給我們的董事會。

5.考慮批准董事會截至2024年6月30日財年的業績。

6.考慮批准監事會截至2024年6月30日財年的業績。

7.考慮批准應付董事會的賠償金額爲373，231，135.93里亞爾。

8.考慮批准截至2024年6月30日財年應向監事會支付的賠償金16，876，719里亞爾。

9.根據章程第十二節，確定任期最長爲三個財年的正式董事和候補董事的人數和任命。

10.任命監事會常務委員和候補委員，任期一個財年。

11.任命截至2025年6月30日的財年認證會計師。

12.批准截至2024年6月30日的財年應支付給認證會計師的賠償。

13.通過撥回準備金批准於2024年5月2日進行的現金股息分配。

14.由於CNV 2021年2月8日第RSFC-2021-20969-2021號決議授權的增持期權所發行的股份數量調整，考慮批准發行和補充公開發行普通股的請求。授權董事會以最廣泛的權力實施。關於該項目，董事會提議請求授權除了2021年配股中授權的普通股之外，發行和公開發行普通股，以便如果所有未發行的認購權均被行使，必要的股份將獲得正式授權，以遵守2021年2月24日簽訂的期權合同。

15.授權在CNV、ByMA、Caja de Valores和IGJ面前進行與本次股東大會相關的登記程序。

農田部分銷售-洛斯波佐斯

2024年9月30日，該公司通知已出售位於阿根廷薩爾塔省的「Los Pozos」農場3，630公頃具有生產潛力的土地儲備，保留了約231，700公頃該房產的所有權。

交易總額爲223萬美元（美元/公頃614），截至本年度報告發布之日，我們已收取1.1美元。剩餘餘額113萬美元由房產抵押擔保，將於2025年9月一次性收取。

出售的部分的賬面價值爲5600萬澳元，交易收益約爲215000萬澳元，該收益將在公司2025財年第一季度的財務報表中確認。

認股權證的行使

2024年10月2日，我們報告稱，2024年9月17日至2024年9月25日期間，某些認購權持有人行使了收購公司額外股份的權利。因此，該公司共發行了2，283，822股普通股，面值爲1.00澳元，並向該公司支付了982，729美元。

該等期權行使後，公司股票數量和股本從596，355，320股增加至598，639，142股，未發行的期權數量從85，998，622股減少至84，261，280股。

同樣，認購權的行使是根據日期爲2021年2月12日的發行招股說明書以及有關公司要約90，000，000股普通簿記股和90，000，000份認購權的補充通知中確立的條款和條件進行的。

IRSA的最近發展

新的股票回購計劃

2024年7月11日，IRSA通知董事會批准了根據第26，831號法律第64條和CNV規則的規定回購IRSA發行的普通股的條款和條件，條款和條件如下：

	·	回購最高金額：1500000萬澳元;

	·	回購的最大股份數量：根據適用法規，IRSA股本的10%;

	·	市場交易每日限額：前90天IRSA股票和GDS市場平均每日交易量的25%;

	·	最高應付價格：每股1，550澳元，每股GDS 11.00美元;

回購將使用IRSA分配之前的已實現和流動收益進行。在批准這項回購計劃時，我們的董事會考慮了經濟和市場形勢，以及由獨立評估師確定的當前股價相對於資產公允價值的折扣。批准該回購計劃的目的是增強股票並減少市值波動，而市值波動並不反映資產的實際經濟價值。

2024年9月11日，IRSA完成了股票回購計劃，收購了11，541，885股普通股，約佔已批准計劃的99.93%和IRSA股本的1.56%。

阿爾託·阿維拉內達（Alto Avellaneda）相鄰房地產收購

2024年8月1日，IRSA收購了鄰近阿爾託阿韋拉內達購物中心的一處房產，該房產位於布宜諾斯艾利斯省阿韋拉內達將軍Güemes 861。該物業總面積86，861平方米，建築面積32，660平方米，未來有擴張潛力。

收購價格爲1220萬美元，其中920萬美元已支付，餘額300萬美元將隨着契約的轉讓而註銷，該契約仍在等待中。該交易包括將現有租賃協議轉讓給IRSA，以及與購物中心簽署爲期3年的新協議。

普通股東大會和臨時股東大會

2024年9月11日，IRSA通知其董事會已決定於2024年10月28日召開普通和臨時股東大會，議程如下：

1.任命兩名股東簽署會議記錄。

2.考慮批准截至2024年6月30日財年的第19，550號法律第234條第1款中設想的文件。

3.考慮批准截至2024年6月30日財年的財務業績，損失爲18，376，813，259.44里亞爾。考慮批准運用自願準備金吸收累計負面結果。考慮批准以現金和/或實物形式分配最多90，000，000，000澳元的股息，並附有自願儲備。授權IRSA董事會確定以現金和/或實物支付的股息比例。

4.考慮批准將剩餘自願儲備分配給特定目的（未來股息、股票回購和/或與IRSA業務計劃相關的項目），並將其申請和處置授權給IRSA董事會。

5.考慮批准IRSA董事會截至2024年6月30日財年的業績。

6.考慮批准IRSA監事會截至2024年6月30日財年的業績。

7.考慮批准截至2024年6月30日財年向董事會支付的賠償金額爲13，323，000，000里亞爾，該賠償根據CNV的規定記錄了可計算的稅收抵免。

8.考慮批准截至2024年6月30日財年應向監事會支付的賠償金16，876，719里亞爾。

9.根據章程第十二節，確定任期最長爲三個財年的正式董事和候補董事的人數和任命。

10.任命監事會常務委員和候補委員，任期一個財年。

11.任命截至2025年6月30日的財年的認證會計師。

12.批准截至2024年6月30日的財年應支付給認證會計師的賠償。

13.根據第26，831號法律第67條的規定，考慮批准根據股東持股比例向股東分配最多25，700，000股自有股份。

14.通過撥回準備金批准於2024年5月2日進行的現金股息分配。

15.考慮批准將庫存股份應用於IRSA管理層和董事實施最多1%已發行股份的激勵計劃。向CNV提交賠償計劃的授權。

16.由於CNV 2021年2月8日第RSFC-2021-20968-2021號決議授權的增持期權所發行的股份數量調整，考慮批准發行和補充公開發行普通股的請求。授權董事會以最廣泛的權力實施。關於該項目，董事會提議請求授權除了2021年配股中授權的普通股之外，發行和公開發行普通股，以便如果所有未發行的認購權均被行使，必要的股份將獲得正式授權，以遵守2021年4月29日簽訂的期權合同。

17.考慮通過吸收Centro de Atlantenimientos La Plata SA批准合併（「CESYS」）與IRSA簽署，並批准爲此目的編制的合併的單獨合併財務報表。考慮通過吸收批准先前的合併協議。授權、授權和任命代表以執行最終協議和其他程序。

18.授權在CNV、ByMA、Caja de Valores和IGJ面前進行與股東大會相關的登記程序。

認股權證的行使

2024年10月2日，IRSA通知，2024年9月17日至2024年9月25日期間，某些認購權持有人已行使收購額外股份的權利。因此，公司共發行了5，433，980股普通股，面值爲10.00里亞爾。由於這次演習，IRSA獲得了1，797，017美元。

該等期權行使後，公司股票數量從741，459，162股增加至746，893，142股，面值爲10.00澳元，新的未發行期權數量從75，668，184股減少至71，510，561股。

同樣，認購權的行使是根據日期爲2021年4月12日的招股說明書以及有關公司要約80，000，000股普通簿記股和80，000，000份認購普通股的期權的補充通知中制定的條款和條件進行的。

261 Della Paolera地板銷售

2024年10月15日，IRSA通知其已出售位於布宜諾斯艾利斯自治市加泰羅尼亞區的「261 Della Paolera」大廈的一層，總租賃面積約爲1，197平方米，大樓內設有8個停車場。

交易價格約爲710萬美元（歐洲保護區）（~ 6，000美元/平方米），其中600萬美元已支付，餘額110萬美元通過抵押貸款授予，將分24個月分期付款，年利率爲8%。

此次運營後，IRSA保留了該建築3層的所有權，租賃面積約爲3，670平方米，以及停車場和其他補充空間。

該業務的財務結果將在IRSA 2025財年第二季度的財務報表中確認。

地方債券發行-第XXII和XXIII系列票據

2024年10月21日，IRSA通過以下工具通報了當地市場上總金額爲6730萬美元的兩個系列票據的拍賣結果：

·第二十二系列：以美元命名爲1580萬美元，利率5.75%，每半年支付利息（第一筆付款將於2025年7月23日）。資本攤銷將於2027年10月23日到期時100%。發行價格爲100.0%。

·第XXIII系列：以美元命名爲5150萬美元，利率7.25%，每半年支付利息（第一筆付款將於2025年7月23日）。資本攤銷將於2029年10月23日到期時100%。發行價格爲100.0%。

這兩筆票據的結算預計將於2024年10月23日結算，資金將主要用於爲短期負債和/或流動資金進行再融資，如發行文件所定義。

B.業務概述

一般信息

我們是一家領先的拉丁美洲農業公司，從事基本農產品生產，通過對巴西利亞的投資，在阿根廷和巴西以及其他拉丁美洲國家的農業部門的業務不斷擴大。我們目前從事多種農業活動，包括穀物、甘蔗生產和養牛。我們的業務模式專注於收購、開發和利用具有吸引力的農業生產和/或價值增值前景的農業財產，以及選擇性地出售已實現增值的此類財產。此外，我們還向第三方租賃土地並提供代理和農用工業服務。我們的股票在納斯達克和ByMA上市。

我們還通過阿根廷領先的房地產公司之一IRSA及其子公司和合資企業直接和間接從事房地產業務。IRSA在阿根廷從事購物中心、高級辦公室和豪華酒店的開發、收購和運營。IRSA的股票在ByMA和紐約證券交易所上市。我們擁有IRSA 55.40%的已發行普通股。

在截至2024年6月30日和2023年6月30日的財年，我們的合併收入爲71137300萬澳元和70741200萬澳元，合併運營虧損（融資和稅前）分別爲10328300萬澳元和6988100萬澳元。截至2024年6月30日和2023年6月30日的財年，我們的合併資產總額從397296400萬澳元減少14.39%至347311100萬澳元，我們的合併股東權益從179457700萬澳元減少14.75%至156391000萬澳元。

分部信息根據產品和服務進行分析：（i）農業業務和（ii）城市房地產和投資業務。

農業經營

我們的農業業務還包括四個可報告部門：

●

「農業生產」部門包括種植、收穫和銷售小麥、玉米、大豆、棉花和向日葵等農作物;放養牛的繁殖、購買和/或肥育，出售給屠宰場和當地牲畜拍賣市場;將公司農場租賃給第三方;以及種植、收穫和銷售甘蔗。截至2024年6月30日和2023年6月30日，我們的農業生產部門的資產分別爲59335700萬澳元和62141700萬澳元，分別佔我們這兩個日期農業業務資產的81.31%和79.26%。截至2024年6月30日和2023年6月30日的財年，我們的農業生產部門的經營利潤分別爲333600萬澳元，運營虧損爲29，609萬澳元，分別佔該等年度農業業務綜合經營利潤的4.92%和（150.44%）。

「農業生產」分部彙總了農作物、牛、甘蔗以及農業租賃和服務活動：


	●	我們的「作物」活動包括種植、收穫和銷售小麥、玉米、大豆、棉花和向日葵等作物。該公司專注於土地的長期表現，並尋求通過輪作、技術和技術的使用來最大限度地利用土地。這樣，在每一次農業活動中，收穫的作物的類型和數量都會發生變化。截至2024年和2023年6月30日，我們的農作物業務資產分別爲40946800萬和39002800萬，分別佔我們農業業務資產的56.11%和49.75%。於截至2024年及2023年6月30日止財政年度，我們的農作物業務分別產生433900萬農業業務溢利及46.52億美元營運虧損，分別佔該等年度農業業務營運綜合溢利的6.39%及23.64%。

	●	我們的「牛」活動包括飼養、購買和/或育肥自由放養的牛，出售給肉類加工商和當地牲畜拍賣市場。截至2024年和2023年6月30日，我們的牛業務資產分別爲7816800萬和9726000萬，分別佔該日期我們農業業務資產的10.71%和12.40%。本公司於截至2024年及2023年6月30日止財政年度的經營虧損分別爲(5,148)百萬及(20,500)百萬，分別佔該等年度農業經營綜合盈利的7.59%及104.16%。

	●	我們的「甘蔗」活動包括甘蔗種植、甘蔗收穫和甘蔗銷售。截至2024年和2023年6月30日，我們的甘蔗業務的資產分別爲9022800萬里亞爾和13357200里亞爾萬，分別佔該日期我們農業業務資產的12.36%和17.04%。於截至2024年及2023年6月30日止財政年度，我們的甘蔗業務的營運利潤爲306600萬，營運虧損爲7,073,000,000港元，分別佔該等年度農業業務營運的綜合溢利的4.52%及35.94%。

	●	我們的「農業租賃和服務」活動包括農業服務(例如：灌溉)和將公司的農場出租給第三方。截至2024年和2023年6月30日，我們的農業租賃和服務業務的資產分別爲1549300雷亞爾萬和55700雷亞爾萬，分別佔該日期我們農業業務資產的2.12%和0.07%。於截至2024年及2023年6月30日止財政年度，我們的農業租賃及服務業務分別產生107900 ARS萬及ARS 261600萬的營運溢利，分別佔該等年度農業營運綜合溢利的1.59%及13.29%。

	●	我們的「土地轉型及出售」部分包括出售及發展農地活動的收益。截至2024年和2023年6月30日，我們的土地改造和銷售部門的資產分別爲6837800里亞爾萬和9975900里亞爾萬，分別佔該日期我們農業業務資產的9.37%和12.72%。於截至2024年及2023年6月30日止財政年度，我們的土地流轉及銷售業務分別產生5741400萬及3726100萬的營運溢利，分別佔該等年度農業業務營運綜合溢利的84.61%及189.32%。

	●	我們的「其他部門」主要包括飼養場養殖、屠宰和肉類冷藏廠的加工等。截至2024年和2023年6月30日，我們的其他部門的資產分別爲6800000雷亞爾萬和6287700雷亞爾萬，分別佔同期我們農業業務資產的9.32%和8.02%。在截至2024年和2023年6月30日的財政年度，我們的其他業務產生了1168900 ARS萬和ARS 1721600萬的運營利潤，分別佔我們這些年度農業業務運營的綜合利潤的17.23%和87.48%。「其他部分」彙總了農業、工業和其他方面的活動。

	●	「公司」部分主要包括與農業業務有關的公司費用。截至2024年6月30日及2023年6月30日止財政年度，我們的業務部門及業務產生的營業虧損分別爲(4,583)百萬及(5,187)百萬，分別佔該等年度農業業務營運綜合溢利的(6.75%)及(26.36%)。

城市房地產和投資業務

我們在阿根廷通過五個可報告分部運營業務，即「購物中心」、「辦公室」、「銷售和開發」、「酒店」和「其他」，詳情如下：

	●	我們的「購物中心」部分包括我們的購物中心組合的經營業績，主要包括租戶的租賃和服務收入。截至2024年和2023年6月30日，我們的購物中心部門的資產分別爲69341000里亞爾萬和69772100里亞爾萬，分別佔同期我們城市物業和投資業務運營資產的35.67%和29.58%。在截至2024年和2023年6月30日的財年中，我們的購物中心部門分別產生了12054500雷亞爾萬和8775900雷亞爾萬的營業利潤。

	●	我們的「寫字樓」部分包括來自寫字樓租賃收入、其他租賃空間和與辦公活動相關的其他服務收入的經營結果。截至2024年和2023年6月30日，我們的寫字樓部門的資產分別爲30460300里亞爾萬和44985600里亞爾萬，分別佔我們在該日期的城市房地產和投資業務運營資產的15.67%和19.07%。截至2024年6月30日和2023年6月30日的財年，我們的寫字樓部門分別產生了(56,829)百萬和(65，27)百萬的運營虧損。

	●	我們的「銷售和發展」部分包括未開發地塊和/或交易物業的開發、維護和銷售的經營結果。房地產銷售結果也包括在內。截至2024年和2023年6月30日，我們的銷售和開發部門的資產分別爲78296100里亞爾萬和106128900里亞爾萬，分別佔我們在該日期的城市物業和投資業務運營資產的40.27%和44.99%。在截至2024年6月30日和2023年6月30日的財年，我們的銷售和開發部門分別產生了(268,723)百萬和(136,065)百萬的運營虧損。

	●	我們的「酒店」部分包括我們酒店的經營業績，主要包括客房、餐飲和餐飲收入。截至2024年和2023年6月30日，我們酒店部門的資產分別爲3138100里亞爾萬和3503500里亞爾萬，分別佔我們城市房地產和投資業務運營資產的1.61%和1.49%。在截至2024年和2023年6月30日的財年中，我們的酒店部門分別產生了1795200里亞爾萬和1078200里亞爾萬的營業利潤。

	●	我們的「其他」主要包括通過La Arena S.A.(前ALG Golf Center S.A.)、La農村S.A.和布宜諾斯艾利斯會議中心(特許權)、We Are Appa、對GCDI等聯營公司的投資和通過Banco Hipotecario/BACS進行的金融活動，以及兩年來對聯營公司的其他投資。截至2024年和2023年6月30日，我們的其他部門的資產分別爲13175800里亞爾萬和11506700里亞爾萬，分別佔我們城市房地產和投資業務運營資產的6.78%和4.88%。我們的其他部門在截至2024年和2023年6月30日的財年分別產生了2493200萬里亞爾的利潤和29,459萬里亞爾的虧損。

農業經營

截至2024年6月30日，我們擁有27個農場，面積約599，744公頃，分佈在阿根廷、巴西、玻利維亞和巴拉圭，在截至2024年6月30日的財年內，使用了約613，192公頃（包括年內銷售面積）分佈在阿根廷、巴西、玻利維亞和巴拉圭，其中約109、773公頃土地用於農作物生產，約67，313公頃用於養牛，85，000公頃用於綿羊生產，約19，893公頃租賃給第三方用於農作物和養牛生產。

其餘331，214公頃土地儲備主要爲天然林地。此外，我們還有權持有約132，000公頃的特許土地，爲期35年，可再延長29年。其中，我們已將22，087公頃土地用於農作物生產，2，696公頃土地用於養牛，其中1，487公頃土地租賃給第三方，其餘105，730公頃土地儲備主要是天然林地。此外，在截至2024年6月30日的財年，我們向第三方租賃了100，612公頃土地用於農作物生產，並向第三方租賃了11，596公頃土地用於養牛生產。

下表列出了於所示日期每項生產活動使用的土地數量（包括自有和租賃土地以及特許經營土地）：

	2024⁽¹⁾		2023⁽¹⁾		2022⁽¹⁾		2021⁽¹⁾		2020⁽¹⁾
作物 ⁽²⁾		232,472		223,178		220,663		224,185		229,070
牛 ⁽³⁾		81,605		82,431		78,537		80,835		87,788
羊		85,000		85,000		85,000		85,000		85,000
土地儲備		445,145		464,858		457,711		466,421		463,372
將自己的農田出租給第三方		21,380		28,064		25,103		25,908		23,655
總		865,602		883,531		867,014		882,349		888,885

（1）包括巴西、巴拉圭、Agro-Uranga SA（34.86%）和特許經營權132，000公頃。

（2）包括小麥、玉米、向日葵、大豆、高粱等。

（3）繁殖和增肥。

我們的主要業務活動

在截至2024年6月30日的財年，我們通過子公司和/或通過附屬公司在27個自有農場和93個租賃農場開展了業務。我們擁有的一些農場同時致力於多項生產活動。

以下圖表顯示了截至2024年6月30日的財年，各業務線的運營面積（包括雙作物地表生產）以及作爲土地儲備持有的公頃數：

農業經營

土地改造和銷售

土地收購

我們尋求通過收購大面積具有高增值潛力的土地來增加我們的土地組合。我們還旨在通過應用最先進的技術來提高農業產量來提高土地的生產力。

我們通常與幾個重要的中間人合作，他們會讓我們注意到可供出售的農田。徵用農地的決定是基於對大量因素的評估。除了土地的位置外，我們通常還會對土壤和水進行分析，包括土壤的質量及其對我們的預期用途(農作物、牛或牛奶生產)的適宜性，對地塊的不同部分和農田的先前用途進行分類；分析財產的改善情況、任何地役權、通行權或與財產所有權有關的其他變量；檢查財產的衛星照片(有助於調查不同降雨週期的土壤排水特性)以及與鄰近農場(通常覆蓋50公里區域)的詳細比較數據。基於上述因素，我們根據土地的生產潛力和資本增值潛力對農地的銷售價格進行評估。我們認爲，收購農地的競爭，一般只限於小農爲取得較小地段而進行的競爭，而在取得較大地段方面的競爭則很少。

下表以實際價值列出了與截至6月30日的過去12個財年期間收購的油田相關的某些信息：

財年	收購農場數量		收購價值（百萬澳元）
2012 – 2016		–		–
2017		1		31,234
2018 – 2019		–		–
2020		1		6,234
2021 – 2022		–		–
2023		2		55,726
2024		–		–

賣地

有時，我們會出售估值已達到相當大的房產，以再投資於潛力更大的新領域。我們根據多種因素考慮農場的出售，包括農場的未來農業表現、農場的潛在增值、其他投資機會的可用性以及影響全球農場價值的週期性因素。

2023年10月5日，該公司出售了位於阿根廷薩爾塔省的「Los Pozos」農場4，262公頃具有生產潛力的土地儲備中的一小部分，保留了該房產約235，300公頃的所有權。成交價格爲230萬美元，其中我們收取了90萬美元。剩餘140萬美元的餘額由該房產抵押擔保，將分兩期收取，第一期27萬美元於2024年9月收取，第二期113萬美元於2025年9月收取。出售的部分的賬面價值爲11920萬里亞爾，該運營收益（在公司2024財年第二季度財務報表中確認）約爲72290萬里亞爾。

2023年12月14日，該公司出售了位於阿根廷拉潘帕省特雷內爾省的「El Tigre」農場500公頃農業活動的一小部分，保留了該土地約7，860公頃的所有權。交易價格爲380萬美元（每公頃7，500美元），其中我們收取了281萬美元。剩餘餘額90萬美元，由房產抵押擔保，將分兩期收取，第一期47萬美元於2024年12月13日收取，第二期4700萬美元於2025年12月12日收取。該運營收益已在2024財年第二季度的財務報表中確認，總額約爲277900萬里亞爾。

2024年3月26日，BrasilAgro完成了位於巴西巴伊亞州科倫蒂娜的「Chaparral」農場12，335公頃（8，796個生產公頃）的一小部分的出售。截至本年度報告之日，該農場剩餘的24，885公頃土地仍由BrasilAgro擁有。交易總額爲36450萬巴西雷亞爾，具體取決於大豆袋的價格變化，該農場的賬簿估值爲3400萬巴西雷亞爾。實現的美元內部回報率約爲7.8%。該運營收益已在截至2024年6月30日財年第四季度的財務報表中確認。

2024年9月30日，該公司通知已出售位於阿根廷薩爾塔省的「Los Pozos」農場3，630公頃具有生產潛力的土地儲備，並保留約231，700公頃該房產的所有權。交易總額爲223萬美元（美元/公頃614），截至本年度報告發布之日，我們已收取110萬美元。剩餘餘額113萬美元由房產抵押擔保，將於2025年9月一次性收取。出售的部分的賬面價值爲5600萬澳元，交易收益約爲215000萬澳元，該收益將在公司2025財年第一季度的財務報表中確認。請看“最近的發展- Cresud的最近的發展-農田部分出售-洛斯波佐斯”。

有關更多信息，請參閱：“重大收購、處置和業務發展-農業業務”.

土地生產潛力

我們相信，我們的農業用地具有巨大的生產力潛力，通過實施最佳農業實踐以及應用我們積累的知識和經驗，我們能夠提高農業用地的價值。

截至2024年6月30日，我們在該地區擁有超過331，214公頃的土地儲備，這些土地是以非常有吸引力的價格購買的。此外，我們還保留了105，730公頃的特許經營權。

在本財年，我們在該地區增加了4，916公頃生產性土地：阿根廷1，300公頃，巴西3，616公頃。

新區	2024財年		2023財年
	（公頃）
阿根廷		1,300		1,452
巴西		3,616		2,826
巴拉圭		–		2,784
總		4,916		7,062

結果

下表顯示了2024財年土地改造部門與上一財年相比的業績：

	2024財年			2023財年			YoY var
							2024年與2023年
	(in數百萬澳元）						%
收入		—			—			—
成本		(228	)		(275	)		(17.1	)
毛損		(228	)		(275	)		(17.1	)
投資物業公允價值變動的淨結果		(7,454	)		(8,804	)		(15.3	)
農田處置收益		52,612			55,825			(5.8	)
一般及行政開支		(63	)		(52	)		21.2
銷售費用		(1,189	)		(48	)		2,377.1
其他經營業績，淨值		13,736			(9,385	)		—
從運營中獲利		57,414			37,261			54.1
分部利潤		57,414			37,261			54.1

農業生產

生產

下表顯示了所示財年我們的產量（以噸計）：

生產量 ⁽¹⁾	2024財年		2023財年		2022財年		2021財年		2020財年
玉米		348,302		291,236		401,104		342,726		433,910
大豆		329,890		302,430		327,176		339,954		359,055
小麥		28,800		21,419		35,398		36,594		43,862
高粱		11,965		8,978		15,469		26,704		5,895
向日葵		971		9,617		3,493		4,846		2,573
棉花		18,038		12,343		7,157		8,781		3,519
其他		25,952		6,890		15,068		16,628		8,676
總農作物（噸）		763,918		652,913		804,865		776,233		857,490
甘蔗（噸）		1,488,530		1,640,394		2,187,134		2,364,535		2,360,965
牛（噸）		9,982		9,743		8,746		9,956		11,783

（1）包括巴西農業。Agro-Uranga SA不包括在內這個

農作物和甘蔗

我們的農作物生產主要以農作物、油料種子和甘蔗爲基礎。我們的主要農作物包括大豆、小麥、玉米和向日葵。高粱和花生等其他作物偶爾會播種，只佔總播種土地的一小部分。

以下是過去五個財年農業生產的地理分佈：

2024賽季	阿根廷		巴西		玻利維亞		巴拉圭		總
	(in噸）
玉米		233,024		111,200		2,377		1,701		348,302
大豆		118,197		203,334		—		8,359		329,890
小麥		28,800		—		—		—		28,800
高粱		9,242		2,578		—		145		11,965
向日葵		971		—		—		—		971
棉花		1,002		14,737		2,299		—		18,038
其他		10,612		15,263		77		—		25,952
總農作物及其他		401,848		347,112		4,753		10,205		763,918
甘蔗		—		1,329,888		—		158,642		1,488,530

2023賽季	阿根廷		巴西		玻利維亞		巴拉圭			總
	(in噸）
玉米		159,246		117,642		819		13,528			291,235
大豆		92,423		183,453		16,119		10,435			302,430
小麥		21,419		8,588		—		3,755			33,762
高粱		4,899		—		—		—			4,899
向日葵		8,710		4,091		—		(12	)		12,789
棉花		—		752		155		—			907
其他		6,890		—		—		—			6,890
總農作物及其他		293,587		314,526		17,093		27,706			652,912
甘蔗		—		1,523,387		117,007		—			1,640,394

2022賽季	阿根廷		巴西		玻利維亞		巴拉圭		總
	(in噸）
玉米		259,059		131,155		3,877		7,013		401,104
大豆		129,276		180,509		17,391		—		327,176
小麥		34,938		—		460		—		35,398
高粱		26,232		292		180		—		26,704
向日葵		3,493		—		—		—		3,493
棉花		—		7,157		—		—		7,157
其他		7,178		7,549		5		336		15,068
總農作物及其他		460,176		326,662		21,913		7,349		816,100
甘蔗		—		2,083,485		103,649		—		2,187,134

2021賽季	阿根廷		巴西		玻利維亞		巴拉圭		總
	(in噸）
玉米		233,900		99,441		7,127		2,258		342,726
大豆		151,808		168,747		15,907		3,492		339,954
小麥		36,594		—		—		—		36,594
高粱		26,232		292		180		—		26,704
向日葵		4,846		—		—		—		4,846
棉花		—		8,781		—		—		8,781
其他		4,120		7,207		—		5,301		16,628
總農作物及其他		457,500		284,468		23,214		11,051		776,233
甘蔗		—		2,196,119		168,416		—		2,364,535

2020賽季	阿根廷		巴西		玻利維亞		巴拉圭		總
	(in噸）
玉米		334,821		89,900		4,264		4,925		433,910
大豆		179,023		157,949		19,608		2,475		359,055
小麥		43,862		—		—		—		43,862
豆		—		4,371		—		—		4,371
高粱		5,895		—		—		—		5,895
向日葵		2,573		—		—		—		2,573
棉花		—		3,519		—		—		3,519
其他		4,133		172		—		—		4,305
總農作物及其他		570,307		255,911		23,872		7,400		857,490
甘蔗		—		2,217,714		143,251		—		2,360,965

銷售

以下是按地理區域細分的總銷量，以數千噸計：

銷售量⁽³⁾	2024財年			2023財年			2022財年			2021財年			2020財年
銷售量⁽³⁾	DM ⁽¹⁾	FM ⁽²⁾	總	DM ⁽¹⁾	FM ⁽²⁾	總	DM ⁽¹⁾	FM ⁽²⁾	總	DM ⁽¹⁾	FM ⁽²⁾	總	DM ⁽¹⁾	FM ⁽²⁾	總
玉米	241.4	110.1	351.49	184.5	97.6	282.1	295.2	72.5	367.7	286.6	70.0	356.6	325.4	64.1	389.5
大豆	150.2	119.9	270.12	163.9	114.7	278.6	255.0	128.0	383.0	229.3	56.1	285.4	310.2	110.2	420.4
小麥	31.1	—	31.14	16.9	—	16.9	34.1	—	34.1	31.6	3.1	34.7	43.8	—	43.8
高粱	4.2	—	4.17	15.5	—	15.5	30.0	—	30.0	3.4	—	3.4	0.8	—	0.8
向日葵	3.5	—	3.52	8.3	—	8.3	3.0	—	3.0	4.7	—	4.7	9.3	—	9.3
棉花	15.1	3.6	18.71	6.9	—	6.9	3.3	1.3	4.6	7.2	—	7.2	2.4	2.1	4.5
別人	18.2	—	18.15	9.5	—	9.5	9.8	1.4	11.2	6.4	1.0	7.4	5.0	—	5.0
總農作物（千噸）	463.7	233.6	697.3	405.5	212.3	617.7	630.4	203.2	833.6	569.2	130.2	699.4	696.9	176.4	873.3
甘蔗（數千噸）	1,488.5	—	1,488.5	1,640.4	—	1,640.4	1,997.3	—	1,997.3	2,169.9	—	2,169.9	2,226.2	—	2,226.2
牛（數千噸）	49.5	—	49.5	10.4	—	10.4	12.5	—	12.5	16.6	—	16.6	19.3	—	19.3

	(1)	國內市場銷量。

	(2)	國外市場銷售量。

	(3)	包括巴西農業。不包括Agro-Uranga。

下表顯示了以下財政年度指定用於農作物生產的播種面積，分爲自有、租賃、特許權和租賃給第三方，單位爲公頃：

	2024 ⁽¹⁾		2023 ⁽¹⁾		2022 ⁽¹⁾		2021 ⁽¹⁾		2020 ⁽¹⁾
自己人		114,674		113,720		113,452		109,576		105,799
根據租契		124,844		121,713		122,662		130,940		138,867
特許		22,087		22,314		22,121		22,771		26,409
出租予第三方		21,380		27,994		23,778		24,133		13,837
總		282,985		285,741		282,013		287,420		284,912

____________________

(1)

包括雙作物，阿根廷、玻利維亞、巴拉圭和巴西的所有農場，以及Agro-Uranga（關聯-34.86%）。

	賽季
農作物庫存	2024		2023		變異
	(in噸）				%
玉米		30,993		87,470		(64.6	)
大豆		122,491		61,593		98.9
向日葵		612		3,146		(80.5	)
高粱		6,680		759		780.1
小麥		2,159		4,979		(56.6	)
棉花		3,818		9,589		(60.2	)
豆		7,351		2,915		152.2
其他		3,755		8,665		(56.7	)
總		177,859		179,116		(0.7	)

我們尋求使我們的產品組合多樣化和我們農田的地理位置，以在與我們的活動有關的兩個主要風險之間實現適當的平衡：天氣條件和商品價格的波動。爲了降低這種風險，我們在阿根廷不同氣候條件的幾個地區擁有和租賃土地，使我們能夠種植多樣化的產品。我們租用的農作物用地主要位於潘帕斯地區，這是一個有利於作物生產的地區。租用的農場之前由技術人員研究，他們根據土地的歷史用途分析未來的生產預期。租賃協議的初始期限通常爲一到三個季節。農場生產農作物的租約一般包括租賃協議，以每公頃固定金額的披索付款，或按收穫作物的百分比或固定數量的作物或其等值的披索，以實物支付。租賃農場的主要好處是，租賃不要求我們投入大量資金收購土地，但允許我們在短期內擴大規模，降低惡劣天氣的風險。這種策略的缺點是，租賃成本可能會隨着時間的推移而增加，部分原因是對租賃土地的需求增加，提高了租賃土地的價格。

爲了提高產量，除了最先進的技術外，我們還使用勞動力控制方法，包括監督播種質量（密度、施肥、分佈和深度）、作物監測（確定自然損失和收割機造成的損失）和驗證袋裝作物質量。通過這種方式，我們與供應商共同合作，實現對投入物、水和土壤的最佳管理。

小麥播種時間爲六月至八月，收穫時間爲十二月至一月。玉米、大豆和向日葵於九月至十二月播種，二月至八月收穫。12月至6月收穫後，農作物可以作爲商品出售，我們通常會儲存部分產品，直到價格在收穫季節通常發生的下跌後回升。生產的大部分，尤其是大豆、小麥、玉米和高粱，根據協議出售並交付給買家，其中價格條件是參考我們確定的未來特定時間的市場價格確定的。其餘產品要麼以當前市場價格出售，要麼交付以涵蓋我們可能簽訂的任何期貨合同。

Agro-Uranga SA

截至2024年6月30日，我們在Agro-Uranga的持股比例爲34.86%。該公司優化生產流程，特別注重土壤保護、合理技術的應用和環境保護。

目前，在世界不斷增長的需求的推動下，在其外貿團隊的幫助下，它正在尋求開發新產品，以顯着增加出口量。

農田租賃

我們在擁有和租賃的土地上開展業務。租金付款增加了我們的生產成本，因爲作爲租金支付的金額被記爲運營費用。

我們的土地租賃政策旨在補充我們的擴張戰略，利用我們的流動性對我們的主要農業活動進行生產投資。另一方面，我們的租賃策略爲我們提供了每種產品在總生產中所佔份額的額外靈活性，從而實現了更大的多元化。

租賃協議的初始期限爲我們租賃的60%區域的一個農業季節，其餘40%區域的兩到三個農業季節，我們的目標是每年增加這一模式。

種植農作物的農場租賃包括租賃協議，根據每可耕地公頃固定數量的五分之一穀物付款，或分成耕種協議，根據所獲得的農作物的百分比或所獲得的固定數量的農作物噸或其等值的披索價值進行實物付款。用於養牛的農田租賃包括租賃協議，根據固定數量的公牛公斤加上可變金額進行固定付款，假設農場的淨利潤爲正。

2024財年，我們向第三方租賃了總計93個農場，佔地120，410公頃，其中通過BrasilAgro租賃了65，218公頃。在總租賃面積中，100，612公頃用於農業生產，包括雙作物，11，526公頃用於養牛。用於農業生產的房產主要是在收穫前以固定價格租賃的，只有一小部分是分成耕種協議。

下表列出了我們各項主要生產活動所使用的租賃土地公頃數的細目：

	2024		2023		2022		2021		2020
作物		100,612		99,183		100,470		107,013		111,001
牛		11,596		13,821		12,590		12,635		12,635

由於土地價格上漲，我們採取了不認可過高價格的政策，並在做出租賃決定時採用嚴格的標準，選擇那些具有確保適當利潤率的價值的土地。

結果

下表顯示了公司2024財年農作物和甘蔗活動與上一財年相比的業績：

作物

	2024財年			2023財年			YoY var 2024年與2023年
	(in數百萬澳元）						%
收入		185,493			202,744			(8.5	)
成本		(168,775	)		(178,594	)		(5.5	)
生物資產和農產品公允價值的初步確認和變化		8,513			15,965			(46.7	)
農產品可變現淨值變化		7,172			(9,394	)		—
毛利		32,403			30,721			5.5
一般及行政開支		(14,070	)		(11,937	)		17.9
銷售費用		(25,371	)		(21,779	)		16.4
其他經營業績，淨值		9,826			(1,040	)		—
運營利潤/（虧損）		2,788			(4,035	)		—
分佔聯營公司和合資企業利潤		1,551			(617	)		—
活動利潤/（損失）		4,339			(4,652	)		—

甘蔗

	2024財年			2023財年			YoY var 2024年與2023年
	(in數百萬澳元）						%
收入		47,363			45,241			4.7
成本		(42,128	)		(47,838	)		(11.9	)
生物資產和農產品公允價值的初步確認和變化		3,179			(1,393	)		—
毛利潤/（虧損）		8,414			(3,990	)		—
一般和行政費用		(2,975	)		(3,061	)		(2.8	)
銷售費用		(1,499	)		(1,724	)		(13.1	)
其他經營業績，淨值		(874	)		1,702			—
運營利潤/（虧損）		3,066			(7,073	)		—
活動利潤/（損失）		3,066			(7,073	)		—

牛

我們的養牛生產涉及我們自己的動物的繁殖和肥育。在某些情況下，如果市場條件有利，我們還會購買和養肥牛，然後出售給屠宰場和超市。截至2024年6月，我們的牛總數爲75，472頭，我們擁有總面積爲81，605公頃的自有和租賃土地用於這項業務活動。

截至2024年6月30日的財年，我們的產量爲9，982噸，同比增長2.5%。下表列出了以下財政年度的牛產量，以噸計：

		2024				2023				2022				2021				2020
肉牛生產⁽¹⁾			9,982				9,743				8,746				9,956				11,783

（1）產量以活重量噸計算。產量是我們擁有的每頭牛在一定時期內活重淨增加（或減少）的總和。

我們的養牛活動是通過育種奶牛和公牛進行的，我們的增肥活動適用於公牛、小母牛和小牛。種豬大約每年產一次牛，其生產壽命爲六至七年。出生六個月後，小牛斷奶並轉移到增肥牧場。收購的牛直接進行肥育過程。開始這一過程後，牛已經放牧了大約一年到一年半，以便進行肥育出售。公牛和小母牛的體重分別達到380-430公斤和280-295公斤時才會出售，具體取決於品種。

儘管天氣條件惡劣，妊娠水平多年來一直在提高，但仍顯示出令人滿意的效率水平。遺傳學和牛群管理預計將在未來幾年進一步提高懷孕水平。由於技術的實施，生殖指標得到了改善，其中包括處理技術和利用牛遺傳學對雌性進行人工授精，特別是爲從專業公司購買的優質精液加工公司購買的牲畜而選擇的牛。我們使用由領先的國家和國際實驗室生產的獸醫產品。獸醫諮詢委員會的工作是我們外部的，包括每月訪問每個機構以控制和商定任務。

目前，養牛場根據阿根廷現行的識別和可追溯性規則被正式登記爲出口農田。動物被單獨識別，從而允許在該地區發展特殊業務。

我們的牛群被組織起來進行繁殖和肥育活動。下表顯示了所示財年每項活動的牛頭數：

	2024		2023		2022		2021		2020
種畜		62,947		70,635		66,532		58,086		63,073
冬季放牧牲畜		12,525		5,357		4,798		4,972		10,539
總庫存（頭）		75,472		75,992		71,330		63,058		73,612

我們尋求通過先進的育種技術提高牛的產量和質量，以獲得更高的價格。我們將Indicus、British（安格斯和赫裏福德）和Continental品種雜交，以獲得更適合其放牧牧場特徵的牛群。爲了進一步提高牛群的質量，我們計劃通過對種子和肥料的永久投資、增加牧場可用的水槽以及購買圓形水斗來切割和碾壓草以供儲存目的來繼續改善牧場。

我們對提高牛群質量的重視還包括使用動物健康相關技術。我們遵守國家動物健康標準，包括實驗室分析和疫苗接種，旨在控制和預防牛群中的疾病，特別是口蹄疫或口蹄疫。

牛肉生產的直接成本主要包括用於餵養和膳食補充目的的作物、動物健康和工資成本等。

結果

下表顯示了2024財年與前一財年相比的養牛活動結果：

	2024財年			2023財年			YoY var 2024年與2023年
	(In數百萬澳元）						%
收入		25,495			19,881			28.2
成本		(20,404	)		(17,194	)		18.7
生物資產和農產品公允價值的初步確認和變化		(6,353	)		(20,200	)		(68.5	)
農產品收穫後可變現淨值變化		2			(37	)		—
毛利/(虧損)		(1,260	)		(17,550	)		(92.8	)
一般及行政開支		(1,920	)		(1,631	)		17.7
銷售費用		(1,594	)		(1,360	)		17.2
其他經營業績，淨值		(376	)		52			—
營業利潤/(虧損)		(5,150	)		(20,489	)		(74.9	)
合資企業利潤		2			(11	)		—
活動利潤/（損失）		(5,148	)		(20,500	)		(74.9	)

租賃和農業服務

我們將自己的農場出租給第三方用於農業。一方面，在聖路易斯省（聖巴巴拉和拉格拉米拉）的灌溉農場中，我們與種子公司簽訂了生產協議。鑑於土壤質量和該地區的天氣條件以及灌溉提供的均勻溼度，這些農場是獲得穩定生產水平的理想選擇。

另一方面，在市場條件有利的情況下，我們租賃農業發展後最近投產的農場。通過這種方式，我們設法降低生產風險，確保固定租金收入，直到新農場達到穩定的生產力水平。

結果

下表顯示了租賃和農業服務2024財年與上一財年相比的業績：

	2024財年			2023財年			YoY var 2024年與2023年
	(In數百萬澳元）						%
收入		10,031			10,507			(4.5	)
成本		(7,729	)		(6,316	)		22.4
毛利		2,302			4,191			(45.1	)
一般及行政開支		(676	)		(851	)		(20.6	)
銷售費用		(470	)		(635	)		(26.0	)
其他經營業績，淨值		(77	)		(89	)		(13.5	)
從運營中獲利		1,079			2,616			(58.8	)
活動利潤		1,079			2,616			(58.8	)

別人

我們將我們對FyO的投資的結果包含在「其他」中。

結果

下表顯示了2024財年其他活動與上一財年相比的業績：

	2024財年			2023財年			YoY var 2024年與2023年
	(In數百萬澳元）						%
收入		116,105			99,759			16.4
成本		(84,412	)		(63,584	)		32.8
毛利		31,693			36,175			(12.4	)
一般及行政開支		(9,391	)		(8,831	)		6.3
銷售費用		(13,645	)		(9,177	)		48.7
其他經營業績，淨值		5,669			2,274			149.3
從運營中獲利		14,326			20,441			(29.9	)
來自聯營公司的利潤		(2,637	)		(3,225	)		(18.2	)
分部利潤		11,689			17,216			(32.1	)

企業

該分部主要包括與農業業務相關的企業費用。

結果

下表顯示了「企業」部門2024財年與上一財年相比的業績：

	2023財年			2022財年			YoY var 2023年與2022年
	(In數百萬澳元）						%
收入		—			—			—
成本		—			—			—
毛利		—			—			—
一般及行政開支		(4,583	)		(5,187	)		(11.6	)
運營虧損		(4,583	)		(5,187	)		(11.6	)
線段損耗		(4,583	)		(5,187	)		(11.6	)

Futuros y Opciones.Com SA（FyO）

FyO是一家阿根廷公司，自25年以來一直是農業業務的領導者，提供高質量的服務，其使命是提供專業農產品，以負責任和可持續的方式養活世界，創造機會和增長，整合生產服務、流程、物流和特殊產品的營銷從農場到最終消費者。與頂級專家和供應商合作，確保整個商業鏈的可追溯性和質量，爲農業生產鏈增加價值。截至2024年6月30日，我們在FyO的權益爲51.2%。

FyO擁有Amauta Agro SA 96.37%的股份（AMAUTA），其目標是開展原材料和農產品的生產、進出口以及國內和國際採購和銷售活動，重點關注土壤營養，並擁有Fyo Acopio SA 96.37%的股份其目標是批發穀物和油籽，以及收集廠的儲存和調節服務以及農業投入的銷售。

2023年8月2日，FYOFODS SA成立的主要活動是商品、原材料、產品、副產品和/或農業開發衍生品的生產、配方、營銷、國內和/或國際買賣、寄售、收集、儲存、加工、出口和/或中介。截至2024年6月30日，FyO在FYOFODS SA的權益是100%。

此外，2023年12月7日，Amauta Agro Uruguary SA公司出售和Amauta Agro SA（巴拉圭）已進行，導致停止業務產生收益。

農業化

2024年，Agrofy專注於在經銷商、交易、Agrofy News和Agrofy Pay業務部門創造正利潤率的收入，優化和降低相關成本。儘管阿根廷經濟困難，反映在收入和成本較上一年有所下降，但由於實施的計劃，我們設法維持了網站的訪問量，並增加了註冊用戶數量。

Agrofy的主要目標是：

	·	繼續鞏固國內會員和交易業務;

	·	通過分析有效實現目標的資源需求，實現組織結構的有效性;

	·	通過Agrofy Pay鼓勵支付平台的發展，成爲行業內可靠的支付解決方案;以及

	·	開發「Clementina」，這是一個用人工智能開發的助手，可以幫助生產商在Marketplace目錄中搜索最符合其要求的產品。

農田投資組合

截至2024年6月30日，我們連同子公司擁有27個農場，總面積爲599，744公頃。

下表列出了截至2024年6月30日我們的農場投資組合：

截至2024年6月30日擁有和特許經營農場的潛在用途

局部性

省

收購日期

表面積（有）

主營業務

牛（有）⁽³⁾

羊（有）⁽³⁾

農業（有）⁽³⁾

牛 ⁽²⁾ （頭）

El Recreo

雷克雷格

卡塔馬卡

95年5月

12,395

天然林

洛斯波佐斯 ⁽⁴⁾

合資企業岡薩雷斯

薩爾塔

95年5月

235,377

牛/農業/天然林地

32,697

22,719

38,404

聖尼古拉斯 ⁽¹⁾

羅薩里奧

聖達菲

97年5月

1,396

農業

146

1,031

Las Playas ⁽¹⁾

Idiazabal

科爾多瓦

97年5月

1,497

農業

1,497

拉格拉米拉/聖巴巴拉

Merlo

聖路易斯

97年11月

7,072

農業灌溉

4,968

拉蘇伊薩

安吉拉別墅

查科

98年6月

26,371

農業/牛

18,100

1,269

11,137

猛虎組織

特雷內爾

拉潘帕

03年4月

7,860

農業

240

6,498

4,266

聖佩德羅

烏拉圭康塞普西翁

恩特雷里奧斯

05年9月

3,584

農業

1,355

1,890

774

8 De Julio/ Estancia Carmen

德塞阿多港

聖克魯斯

07年5月/

08年9月

100,911

羊

85,000

阿根廷仙人掌

梅賽德斯別墅

聖路易斯

97年12月

171

天然林

101

芬卡·門多薩

盧揚·德庫約

門多薩

3月11日

674

天然林

門多薩體育館

芬卡·拉瓦勒

門多薩

03年11月

天然林

Los Sauces

康赫洛

拉潘帕

6月23日

1,250

農業

1,200

Jatoba

賈博蘭迪/BA

巴西

07年3月

8,868

農業

7,006

阿爾託塔誇裏

阿爾託塔誇裏/蒙大拿州

巴西

07年8月

1,380

農業

696

Chaparral

科倫蒂娜/BA

巴西

07年11月

24,885

農業

17,336

新布里蒂

Januária/MG

巴西

07年12月

24,212

林業

肯西亞

巴雷拉斯/BA

巴西

08年9月

17,799

農業/天然林地

7,335

391

11,301

聖何塞

São Raimundo das Mangabeiras/MA

巴西

2月17日

17,566

農業

8,184

阿羅亞迪尼奧

賈博蘭迪/BA

巴西

1月20日

16,642

農業

3,184

5,622

2,588

里奧杜梅約

科倫蒂娜/BA

巴西

1月20日

5,750

農業

4,127

塞拉格蘭德

Baixa Grande do Ribeiro/PI

巴西

20年4月

4,489

農業

2,758

帕南比

奎倫西亞/蒙大拿州

巴西

9月22日

10,844

農業

5,379

馬蘭加圖/烏德拉

埃斯蒂加里比亞元帥

巴拉圭

09年2月

58,722

農業/天然林地

4,155

11,964

3,725

拉斯隆德拉斯

聖克魯斯

玻利維亞

08年11月

4,555

農業

4,102

聖拉斐爾

聖克魯斯

玻利維亞

08年11月

3,109

農業

2,814

La Primavera

聖克魯斯

玻利維亞

6月11日

2,356

農業

1,860

擁有的總計

599,744

67,313

85,000

113,311

72,195

安塔農作物股份有限公司

拉斯拉希塔斯

薩爾塔

132,000

2,696

22,087

—

特許權下的總計

132,000

2,696

22,087

—

總

731,744

70,009

85,000

135,398

72,195

	(1)	與我們在Agro-Uranga SA的34.86%權益成正比

	(2)	不包括出售或租用田地中的綿羊或牛。

	(3)	代表本財年農場的潛在用途。

	(4)	2024年9月30日，該公司通知已出售「Los Pozos」農場3，630公頃具有生產潛力的土地儲備。請參閱「最近的發展- Cresud的最近的發展-農田部分出售-洛斯波佐斯」。

有關我們農田的更多信息

阿根廷

El Recreo

「El Recreo」農場位於卡塔馬卡省布宜諾斯艾利斯西北970公里處，於1995年5月收購。氣候半乾旱，年降雨量不超過40000萬。這個農場被維持爲生產儲備。

洛斯波佐斯

「Los Pozos」農場位於薩爾塔省布宜諾斯艾利斯西北1，600公里處，於1995年5月收購。該房產位於半乾旱地區，年平均降雨量50000萬。該地區天然適合養牛和林業活動（杆子和柵欄柱），並且具有種植大豆、高粱和玉米等夏季作物的農業潛力。截至2024年6月30日的財年，我們使用了22，719公頃土地用於農業生產，4，800公頃土地租賃給第三方，該農場飼養了38，404頭牛。

2023年10月5日，我們出售了「Los Pozos」農場4，262公頃具有生產潛力的土地儲備中的一小部分，保留了該物業約235，300公頃的所有權。

2024年9月30日，該公司通知已出售「Los Pozos」農場3，630公頃具有生產潛力的土地儲備。更多信息請參閱 「最近的發展- Cresud的最近的發展-農田部分出售-洛斯波佐斯」.

聖尼古拉斯

「San Nicolás」是一個佔地4，005公頃的農場，由Agro-Uranga SA擁有，位於聖達菲省，距離羅薩里奧港約45公里。截至2024年6月30日，種植了5，618公頃土地用於農業生產，包括雙熟作物，146公頃土地用於養牛。該農場擁有兩座筒倉工廠，儲存能力爲14，950噸。

Las Playas

「Las Playas」農場面積爲4，294公頃，歸Agro-Uranga SA所有它位於科爾多瓦省，用於農業目的。截至2024年6月30日，該農場種植面積（包括雙茬）爲6，509公頃。

拉格拉米拉和聖巴巴拉

這些農場面積爲7，072公頃，位於聖路易斯省的Valle de Conlara。與聖路易斯省的其他地區不同，這個山谷擁有高質量的地下含水層，這使得這些農場在投資開發土地、水井和灌溉設備後非常適合農業生產。2023/2024年作物季節，共播種6，157公頃，其中包括雙茬。其餘公頃被分配給土地儲備。

拉蘇伊薩

截至本財年末，「La Suiza」農場面積爲26，371公頃，位於查科省Villa Ángela。它用於農業和養牛。截至2024年6月30日，「La Suiza」擁有約11，137頭牛。在2023/2024年季節，我們使用了1，269公頃土地用於農業生產，18，100公頃土地用於畜牧生產。

猛虎組織

「El Tigre」農場於2003年4月30日收購，面積7，860公頃。它位於拉潘帕省特內爾。截至2024年6月30日，7，717公頃土地被分配用於農作物生產，包括雙熟作物。2023年12月14日，Cresud完成了該機構500公頃農業活動的一小部分的出售。更多信息請參閱 “第4項。有關公司的信息- A。公司的歷史和發展-重大收購、處置和業務發展-農業業務-出售「El Tigre」農場的一小部分。”

聖佩德羅

「聖佩德羅」農場於2005年9月1日購買。面積3，582公頃（其中1，355公頃用於飼養牲畜），位於布宜諾斯艾利斯以北305公里的恩特雷里奧斯省烏拉圭康塞普西翁德爾。2023/2024年作物季節，有2，635公頃土地用於農業生產，包括雙熟作物。截至2024年6月30日，該養殖場共有牛774頭。

8 de Julio和Estancia Carmen

「8 de Julio」農場於2007年5月15日收購，面積90，000公頃。它位於聖克魯斯省德塞多省。由於面積大，該農場爲綿羊生產提供了絕佳的潛力。此外，我們相信該土地具有未來旅遊和休閒活動的潛力，因爲農場的東南邊境，海岸綿延20多公里。「Estancia Carmen」於2008年9月5日收購，表面積10，911公頃。它位於聖克魯斯省，毗鄰我們的「8 de Julio」農場。

仙人掌

該房產面積爲171公頃。它位於聖路易斯省梅賽德斯別墅。由於靠近城市地區，具有城市發展潛力。

芬卡·門多薩

2011年3月，我們收購了位於盧漢德庫約省門多薩省的一個農場，面積爲674公頃，目前作爲生產性儲備。

Los Sauces

2023年6月30日，「Los Sauces」農場被收購，面積爲1，250公頃，位於拉潘帕省康赫洛省，用於農業。2023/2024年作物季節，有1，205公頃土地用於農業生產，包括雙熟作物。

門多薩體育館

該農場位於拉瓦勒省門多薩市北部。它佔地9公頃，目前未使用，被視爲土地儲備。

安塔農作物（特許經營權）

「Agrogeneraria Anta」農場位於薩爾塔省西部的安塔省。它距離拉斯拉希塔斯46公里，距離華金·V·岡薩雷斯87公里，這兩個州都屬於薩爾塔省。它相當於使用公共土地35年的許可證，將於2035年到期，可再延長29年。

在與國有公司Salta Forestal S.A.簽訂的將農村財產授予Cresud的合同框架內，薩爾塔省政府已通過第815/20、395/21、396/21、397/21、398/21、129/23、130/23、131/23、132/23、133/23、134/23和135/23號行政命令，駁回Cresud對Salta Forestal S.A.提出的分級上訴，並視活動情況，駁回農業部2013/2014、2014/2015年度的分級上訴，2016/2017、2017/2018、2018/2019、2019/2020和2021/2021年。在這方面，克雷蘇德對上述行政命令提起了司法訴訟，作爲回報，薩爾塔省提起了行政訴訟，並扣押了有爭議的數額。迄今爲止，已在726737/20號文件的框架內和關於第815/20號行政命令、在739946/21號文件框架內和關於第395/21號行政命令、在742573/21號文件的框架內和關於第396/21號行政命令、在739937/21號文件的框架內和關於第397/21號行政命令、關於28900 ARS萬的數額、在740034/21號文件的框架內和關於第398/21號行政命令的範圍內、關於第398/21號行政命令處理扣留，扣押數額爲21900萬、600萬和398/21號行政命令，在這方面，根據薩爾塔政府發佈的行政命令，並根據我們的外部諮詢律師報告的情況，應急費用估計爲26000萬，金額爲97800萬。

巴西（通過我們的子公司BrasilAgro）

亞託巴

賈託巴是巴西東北部地區的一個農場，總面積8，868公頃。Jatobá於2007年3月被收購。我們認爲該農場位於農作物運輸非常有利的位置，因爲它靠近巴伊亞州的坎代亞斯港。2023/2024年季節，有6，729公頃土地用於農業。

阿爾託塔誇裏

阿爾託塔誇裏位於馬託格羅索州阿爾託塔誇裏市轄區，總面積1，380公頃。該農場於2007年8月收購。在我們購買之前，這個農場已用於農業和養牛。改造後，它被用於甘蔗生產。

2024年10月22日，巴西拉格羅通知已完成Fazenda Alto Taquarí的第二階段出售。第二階段涉及出售1，157公頃可耕地。售價爲每可耕地公頃1，100袋大豆，總計約18940萬巴西雷亞爾（每可耕地公頃~ 163，755巴西雷亞爾），將於2025財年第二季度確認（截至今天更新的價值）。這一階段完成後，巴西拉格羅已轉讓所有權並停止在該地區的運營。第一階段於2021年10月完成，涉及出售1，537公頃耕地，總計3，723公頃（2，694公頃）。

此次出售後，Fazenda Alto Taquarí的所有高原地區均已出售，剩餘1，380公頃土地組合（包括上述兩個階段的銷售）。其餘區域與已出售的土地相鄰，但土壤和海拔特徵不同。雖然它們不是高原地區，但目前正在用於甘蔗種植。

Chaparral

查帕拉爾是一個佔地24，885公頃的農場，其中17，336公頃用於農業生產。它位於巴伊亞州科倫蒂娜市轄區。該農場於2007年11月收購。

新布里蒂

新布里蒂位於米納斯吉拉斯州賈努亞里亞市轄區，面積24，212公頃。Nova Buriti於2007年12月被收購。它位於巴西東南部地區，靠近大型鋼鐵工業。我們目前正在獲得必要的環境許可證以開始運營。

偏好

Fortência位於巴伊亞州巴雷拉斯市轄區。總表面積爲17，799公頃，其中畜牧活動面積爲7，335公頃。它於2008年9月被收購。該農場正在改造成牧場，稍後將開發用於農業目的。

聖何塞

位於馬拉尼昂州聖雷蒙多達斯曼加貝拉斯。總面積17，566公頃，可耕地面積8，184公頃。它於2017年2月被收購。

阿羅亞迪尼奧

位於巴伊亞州賈博蘭迪。總面積16，642公頃，其中可耕地面積5，622公頃，畜牧業面積3，184公頃。它於2020年1月被收購。

里奧杜梅約

位於巴伊亞州科倫蒂娜。總面積5，750公頃，其中4，127公頃用於農業活動。它於2020年1月被收購。

塞拉格蘭德

位於皮奧伊州貝薩格蘭德杜裏貝羅。總面積4，489公頃，其中農業用地2，758公頃。它於2020年5月被收購。

Panamby

2022年9月，我們收購了位於馬託格羅索州奎倫西亞市的帕納比農場。帕納比農場面積爲10，844公頃，其中4，564公頃爲農業公頃。

巴拉圭（通過BrasilAgro）

馬蘭加圖/烏德拉

我們通過BrasilAgro擁有「Marangatú/UPRA」農場，位於巴拉圭共和國巴拉圭查科博克龍省Mariscal José Félix Estigarribia，總面積58，722公頃，其中11，964公頃爲農業公頃，4，155公頃用於畜牧業。

玻利維亞（通過BrasilAgro）

2021年2月，該公司出售了其間接控制子公司Agrogenaria Acres del Sud SA的100%股份（「Acres del Sud」）、Ombu Agrogeneraria SA、Yatay Agrogeneraria SA、和Yuchan Agrogenaria SA從玻利維亞到巴西農業中心區擁有約9，900公頃農業公頃的所有者，總金額約爲3000萬美元。

拉斯隆德拉斯

2009年1月22日，「拉斯隆德拉斯」農場的購買票據被納入公共契約;該農場面積爲4，555公頃，位於玻利維亞共和國瓜拉約斯省。

Acres del Sud是聖克魯斯農業環境法院2室訴訟的原告，該訴訟尋求宣佈2021年11月25日第0504/2021號衛生最終決議--RASS第0504/2021號決議無效，根據該決議，國家農業改革研究所(I)裁定，南英畝(以前稱爲las Londras I、las Londras II和las Londras III)被疊加在瓜拉約斯森林保護區上，宣佈擁有南英畝土地是非法的，涉及面積4,435.1公頃的財產。以及(Ii)宣佈其爲不可用財政用地，在總共4,485.1公頃土地中只剩下50公頃。2023年9月13日，聖克魯斯農業環境法院第二審判室以毫無根據爲由駁回了這起訴訟，維持了2021年11月25日的衛生最終決議-RASS第0504/2021號。2024年1月15日，Acres del Sud提交憲法禁令，質疑農業環境法院發佈的裁決；2024年1月25日，第四憲法分庭發佈第04/24號判決，廢除農業環境法院2023年9月13日發佈的裁決。裁決決定，農業環境法院必須根據憲法法院提出的論點作出新的裁決。根據其在玻利維亞的外部法律顧問的評估，Acres del Sud認爲，農業環境法院很可能會發布有利的新裁決，這就是爲什麼Acres del Sud沒有就此事作出規定。如果不發佈成功和有利的新裁決，Acres del Sud將遭受大約1,300美元萬的不利影響。

聖拉斐爾

2008年11月19日，「聖拉斐爾」農場的購買票據被納入公共契約。該農場位於玻利維亞共和國瓜拉約斯省，面積3，109公頃，用於2023/2024年作物季節的農業生產。

La Primavera

2011年6月7日，我們收購了位於玻利維亞共和國瓜拉約斯省的「La Primavera」農場，面積約2，356公頃。2023/2024季節，該農場用於農業生產。

土地管理

與傳統的阿根廷家庭經營農場不同，我們將政策制定集中在執行委員會中，該委員會每週在布宜諾斯艾利斯舉行會議。個人農場管理委託給負責農場運營的農場經理。執行委員會根據銷售、市場預期和風險分配製定商業和生產規則。

我們在農業生產和養牛之間輪流使用牧場，其頻率取決於農田的位置和特徵。使用保鮮技術（包括免耕播種利用）經常使我們能夠提高農場表現。

收購物業後，我們進行技術投資，以提高生產力並增加物業的價值。情況可能是，在收購後，該房產的特定擴展沒有得到充分利用，或者基礎設施可能需要改進。我們投資了傳統圍欄、電動圍欄、牛群水槽、灌溉設備和機械等。

主要市場

作物

我們的農作物產品主要銷往國內市場。我們的農作物價格基於布宜諾斯艾利斯穀物交易所（Bolsa de Cereales de Buenos Aires）等阿根廷穀物交易所的市場價格，並參考國際穀物市場的價格。該產品的大部分出售給出口商，這些出口商將該產品提供並運往國際市場。報價與交貨月份和產品交付港口有關。不同的價格條件，例如儲存和運輸條件，由最終買家和我們之間協商。

牛

我們的牛產品在當地市場銷售。主要買家是屠宰場和超市。

阿根廷養牛市場的價格基本上由當地供需決定。Liniers市場（位於布宜諾斯艾利斯省郊區）爲國內其他市場提供了價格形成標準。在這個市場上，每天都會通過拍賣出售活體動物。在Liniers Market，價格按公斤活重協商，主要由當地供需決定。價格往往低於工業化國家。一些超市和肉類包裝商按加工肉類公斤確定價格;在這些情況下，最終價格受到加工產量的影響。

顧客

2024財年，我們的農業綜合企業部門銷售額（不包括農場銷售）約爲30名客戶。對我們十大客戶的銷售額約佔我們淨銷售額的55%至60%。其中一些客戶包括Cargill、FASA、Bunge Alimentos SA、ACA、GLENCOR、Quilmes、COFCO、Grorobocopatel、Molinos Río de la Plata、Booomalt和Viterra。我們已與一些最大的客戶簽署了不具約束力的意向書，使我們能夠估計某些產品的需求量並相應地計劃生產。我們通常簽訂期限不超過一年的短期協議。

營銷渠道和銷售方式

作物

我們通常與穀物經紀人和其他中介機構合作在交易所進行交易。我們通過期貨合同提前出售部分產量，並買賣期權以對沖價格下跌。約89%的期貨和期權合約通過布宜諾斯艾利斯穀物交易所平倉，11%在芝加哥期貨交易所平倉，用於對沖目的。

我們的存儲能力使我們能夠在沒有第三方參與的情況下調節和存儲農作物，從而利用商品價格的波動。此外，我們還將農作物儲存在筒倉袋中。另一方面，在巴西，我們的總儲存能力約爲52，000噸。

牛

我們有多個營銷渠道。我們直接向當地肉類加工商和超市以及市場和拍賣會銷售。我們的客戶包括Frigorífico Swift、Arre Beef SA、Colombo y Magliano SA，Frimsa SA和Frigorífico General Pico SA價格基於出口牛市場和當地類別。

我們通常負責向市場運輸的成本，並且一般來說，我們爲交易支付佣金。

輸入

我們目前生產農作物的直接成本因每種農作物而異，通常包括以下成本：耕作、種子、農用化學品和化肥。我們批量購買並儲存種子、農用化學品和化肥，以享受淡季銷售期間提供的折扣。

競爭

農業和畜牧業競爭激烈，生產者數量衆多。我們是阿根廷和該地區的領先生產商之一。然而，如果我們將我們的產量與全國總產量的百分比進行比較，我們的產量會顯得非常低，因爲農業市場高度原子化。我們的領先地位提高了我們與供應商和客戶的討價還價能力。一般來說，我們在原材料採購方面在該地區獲得折扣，並在銷售中獲得高價。

從歷史上看，很少有公司爲了從不同商業活動中的土地增值和產量優化中受益而競爭收購和租賃農田。然而，我們預計新公司（其中一些是國際公司）可能會成爲收購農田和租賃播種地的積極參與者，這將在未來幾年爲市場增加參與者。

季節性

與農產工業領域的任何公司一樣，我們的業務活動本質上具有季節性。農作物（玉米、大豆和向日葵）的收穫和銷售通常在二月至六月進行。小麥收割時間爲十二月至一月。就我們的國際市場而言，玻利維亞的氣候條件允許大豆、玉米和高粱生產雙季，因此，這些作物在四月和十月收穫，而小麥和向日葵分別在八月和九月收穫。我們活動的其他部分，例如我們的牛銷售和林業活動，往往更多地是連續性的，而不是季節性的。然而，第二季度牧場條件更加有利，牛肉產量普遍較高。因此，一個季度與另一個季度的業績可能存在顯着差異。

城市房地產和投資業務（通過我們的子公司IRSA）

截至2024年6月30日，我們對IRSA普通股的投資爲55.40%。

以下信息對應於從我們的子公司IRSA截至2024年6月30日的年度報告和財務報表中提取的分部數據。

概述

購物中心

截至2024年6月30日，IRSA擁有阿根廷15家購物中心的多數股權並經營其投資組合，其中6家位於布宜諾斯艾利斯市（Abasto Shopping、Alcorta Shopping、Alto Palermo Shopping、Patio Bullrich、Dot Baires Shopping和Distrito Arcos），其中兩家位於大布宜諾斯艾利斯地區（阿爾託阿維拉內達和Soleil Premium Outlet），其餘均位於阿根廷不同省份（薩爾塔市的阿爾託諾阿、羅薩里奧市的阿爾託羅薩里奧、門多薩市的門多薩廣場、科爾多瓦購物別墅卡布雷拉和科爾多瓦市的Patio Olmos（由第三方運營），聖達菲的La Ribera Shopping（通過合資企業）和內烏肯市的阿爾託科馬休。

截至2024年6月30日，IRSA投資組合的租賃面積總計爲336，545平方米的GLA（不包括大型超市佔用的某些空間，這些空間不是我們的租戶）。我們購物中心的實際租戶銷售額在2024財年達到226061400萬澳元，在2023財年達到23660606000萬澳元，按實際價值計算，低於2023年。我們購物中心的租戶銷售與我們的收入和盈利能力相關，因爲它們是決定我們可以向他們收取租金金額的因素之一。它們還影響租戶的總體入住成本佔其銷售額的百分比。

下表顯示了截至2024年6月30日IRSA購物中心的部分信息：

	日期					我們的
	收購/			數	入住率	所有權
購物中心	發展	位置	GLA ⁽¹⁾	門店	率⁽²⁾	利息⁽³⁾	租金收入
			（平方米）		(%)	(%)	(in數百萬澳元）
Alto Palermo	97年12月	布宜諾斯艾利斯市	20,733	140	99.4	100	27,470
Abasto購物 ⁽⁴⁾	99年11月	布宜諾斯艾利斯市	37,166	151	99.5	100	26,051
阿爾託·阿維拉內達	97年12月	布宜諾斯艾利斯省	39,784	119	93.7	100	17,731
阿爾科塔購物	97年6月	布宜諾斯艾利斯市	15,859	107	99.9	100	16,515
院子布利裏奇	98年10月	布宜諾斯艾利斯市	11,395	90	91.2	100	8,611
Dot Baires購物	5月-09	布宜諾斯艾利斯市	48,018	162	99.3	80	16,038
Soleil高級奧特萊斯	7月10日	布宜諾斯艾利斯省	15,675	73	100	100	9,073
阿科斯區	十二月十四日	布宜諾斯艾利斯市	14,508	63	100	90	13,412
阿爾託諾亞購物	95年3月	薩爾塔	19,427	83	99.4	100	5,399
阿爾託羅薩里奧購物	11月-04	聖達菲	34,858	130	93.7	100	17,532
門多薩廣場購物	94年12月	門多薩	41,511	118	98.6	100	7,907
科爾多瓦購物	06年12月	科爾多瓦	15,368	98	99.5	100	6,056
La Ribera購物	8月11日	聖達菲	10,542	67	91.7	50	1,623
阿爾託科馬休	Mar—15	諾伊庫恩	11,701	84	99.4	99.95	5,307
庭院奧爾莫斯 ⁽⁵⁾	9月7日	科爾多瓦
總			336,545	1,485	97.6		178,725

______________________

(1)	對應於每個酒店的GLA。不包括公共區域和停車位。
(2)	截至本財年最後一天的佔用平方米除以租賃面積計算。
(3)	IRSA在其每個業務部門中的實際權益。
(4)	不包括Abasto佔地3，732平方米的Niños博物館
(5)	不包括Patio Olmos的租金收入。IRSA擁有科爾多瓦省Patio Olmos購物中心所在的歷史建築。該房產由第三方管理。

租戶零售額

2024財年，IRSA購物中心租戶的銷售額達到226061400萬澳元，較上一財年下降4.5%。

位於布宜諾斯艾利斯市和大布宜諾斯艾利斯購物中心的租戶銷售額與上一財年相比下降了3.2%，從2024財年的165730700萬澳元降至160506900萬澳元，而位於該國內陸的購物中心銷售額與上一財年相比下降了7.5%，2024財年從70875300萬澳元增加到65554500萬澳元。

下表列出了IRSA購物中心租戶在所示財年的零售總額：

	截至6月30日的財年， ⁽¹⁾
	2024		2023		2022		2021		2020
	(in數百萬澳元）
Alto Palermo		293,534		310,288		255,735		95,873		168,407
Abasto購物		306,292		338,464		261,260		83,457		171,257
阿爾託·阿維拉內達		233,456		231,712		183,224		69,450		151,313
阿爾科塔購物		170,099		182,666		174,797		72,838		100,406
院子布利裏奇		94,123		101,168		92,574		46,902		68,298
Dot Baires購物		190,979		190,286		162,191		63,907		134,520
Soleil高級奧特萊斯		140,712		125,975		115,895		56,105		69,892
阿科斯區		175,874		176,748		150,395		81,599		78,924
阿爾託諾亞購物		90,271		96,847		92,381		68,402		68,176
阿爾託羅薩里奧購物		236,778		267,936		241,799		145,684		142,545
門多薩廣場購物		138,306		144,975		137,161		118,236		111,243
科爾多瓦購物別墅卡布雷拉		75,872		84,248		77,066		48,522		43,907
La Ribera購物 ⁽²⁾		36,788		42,496		36,748		17,963		29,091
阿爾託科馬休		77,530		72,251		58,230		26,561		41,663
總		2,260,614		2,366,060		2,039,456		995,499		1,379,642

__________________________

	(1)	零售銷售基於零售商和前任所有者向IRSA提供的信息。所顯示的金額反映了每個購物中心100%的零售額，儘管在某些情況下IRSA擁有此類購物中心不到100%的股份。包括展位銷售額，不包括用於特殊展覽的空間。

	(2)	由Nuevo Puerto Santa Fe SA擁有，其中IRSA是合資夥伴。

按業務類型劃分的租戶零售總額

下表列出了IRSA購物中心租戶在所示財年按業務類型劃分的零售額：

	截至6月30日的財年， ⁽¹⁾
	2024		2023		2022		2021		2020
	(in數百萬澳元）
服裝和鞋類		1,309,274		1,383,152		1,220,003		570,325		754,874
娛樂		60,112		67,648		48,682		7,386		42,369
家居與裝飾		54,982		58,182		55,183		29,852		28,184
家電		261,756		262,133		183,183		75,825		155,400
餐飲業		291,784		274,245		192,868		158,922		196,680
雜類		51,477		41,180		306,683		16,771		16,485
服務		230,433		279,520		32,854		112,261		112,180
百貨 ⁽²⁾		796		—		—		24,157		73,470
總		2,260,614		2,366,060		2,039,456		995,499		1,379,642

____________________________

	(1)	根據租戶提供的信息進行銷售。這些數字反映了每個購物中心100%的零售額，儘管在某些情況下IRSA擁有的購物中心比例不到100%。包括展位銷售額，不包括用於特殊展覽的空間。

	(2)	包括「Ronda」，這是一家位於Dot Baires的多功能商店，由70%的美食、25%的娛樂和5%的服裝組成。

入住率

下表列出了IRSA購物中心在所示財年的入住率，以佔每個購物中心GLA的百分比表示：

	截至6月30日，
	2024		2023		2022		2021		2020
	(%)
Alto Palermo		99.4		100.0		98.0		98.4		91.9
Abasto購物		99.5		99.5		98.9		99.7		94.9
阿爾託·阿維拉內達		93.7		92.5		81.4		64.8		97.4
阿爾科塔購物		99.9		96.1		99.7		90.6		97.3
院子布利裏奇		91.2		92.7		92.4		87.8		91.4
Dot Baires購物		99.3		98.6		83.5		80.7		74.6
Soleil高級奧特萊斯		100.0		100.0		100.0		90.3		97.1
阿科斯區		100.0		100.0		100.0		100.0		93.8
阿爾託諾亞購物		99.4		100.0		96.7		98.1		99.0
阿爾託羅薩里奧購物		93.7		93.8		96.3		95.4		97.2
門多薩廣場購物		98.6		99.1		91.1		97.3		97.8
科爾多瓦購物別墅卡布雷拉		99.5		97.7		100.0		91.4		95.4
La Ribera購物		91.7		96.8		97.1		96.2		99.0
阿爾託科馬休		99.4		96.7		97.4		92.4		96.2
總		97.6		97.4		93.1		89.9		93.2

租金價格

下表顯示了所示財年IRSA購物中心每平方米的年平均租金價格：

	截至以下財政年度 6月30日， ⁽¹⁾
	2024		2023		2022		2021		2020
	(in ARS）
Alto Palermo		980,948		1,021,881		815,515		347,514		701,017
Abasto購物		529,301		552,695		404,975		136,032		319,066
阿爾託·阿維拉內達		371,959		380,692		264,481		94,736		228,405
阿爾科塔購物		743,553		775,936		694,980		305,736		449,083
院子布利裏奇		555,156		579,326		398,960		169,224		352,192
Dot Baires購物		239,702		248,431		195,254		60,968		177,071
Soleil高級奧特萊斯		495,694		435,214		373,647		171,011		250,574
阿科斯區		725,806		727,719		581,165		336,011		494,313
阿爾託諾亞購物		241,571		241,546		213,997		139,758		160,646
阿爾託羅薩里奧購物		416,748		465,229		422,682		231,511		237,121
門多薩廣場購物		160,584		168,262		140,431		98,764		109,089
科爾多瓦購物別墅卡布雷拉		323,725		342,079		288,734		168,864		178,691
La Ribera購物		123,316		128,776		93,551		28,682		89,234
阿爾託科馬休		396,462		351,853		260,205		67,150		604,330

___________________

(1)	對應於合併年度累計租金價格除以總租賃平方米。不包括來自Patio Olmos的收入。

購物中心部門的收入

當分析2024年至2023年購物中心分部的收入構成時，我們可以觀察到租金收入有所回升，約佔該分部收入的44%，而取決於租戶銷售額的租金百分比約佔該分部收入的36%。

下表列出了IRSA在所列財年按收入類別劃分的累積租賃收入：

	截至6月30日的財年，
	2024		2023		2022		2021			2020
	(in數百萬澳元）
基本租金		77,241		70,873		47,281		32,327			61,704
租金百分比		62,294		72,508		67,080		18,952			29,016
租金總額		139,535		143,381		114,361		51,279			90,720
非傳統廣告		6,052		3,853		3,188		1,442			3,630
准入權收入		17,345		14,876		11,239		10,347			17,815
費		1,595		1,546		1,676		1,768			2,073
停車		8,367		7,780		4,614		490			5,840
佣金		5,634		4,261		3,292		2,363			3,061
其他		197		305		337		2,354			413
小計		178,725		176,002		138,707		70,043			123,552
其他收入⁽¹⁾		925		244		129		119			137
調整和抵消		—		—		—		(264	)		(6,632	)
總		179,650		176,246		138,836		69,898			117,057

__________________

(1)	截至2024年6月30日，其中包括歸屬於Patio Olmos的13920萬里亞爾和歸屬於製作贊助收入（BAF）的78990萬里亞爾。

租金收入

下表列出了IRSA每個購物中心在所示財年的總租金收入：

	截至6月30日的財年， ⁽¹⁾
	2024		2023		2022		2021			2020
	(in數百萬澳元）
Alto Palermo		27,470		27,790		22,147		10,366			19,661
Abasto購物		26,051		25,814		18,302		7,442			16,867
阿爾託·阿維拉內達		17,731		17,287		12,472		6,063			11,837
阿爾科塔購物		16,515		15,976		13,591		6,335			10,485
院子布利裏奇		8,611		8,805		6,153		2,779			6,063
Dot Baires購物		16,038		15,129		11,573		5,855			12,881
Soleil高級奧特萊斯		9,073		8,003		6,832		3,258			4,886
阿科斯區		13,412		13,000		10,421		5,454			9,050
阿爾託諾亞購物		5,399		5,250		4,622		3,165			3,645
阿爾託羅薩里奧購物		17,532		18,803		16,410		9,652			10,251
門多薩廣場購物		7,907		7,895		6,777		5,060			5,829
科爾多瓦購物別墅卡布雷拉		6,056		6,045		4,919		3,091			3,492
La Ribera購物 ⁽²⁾		1,623		1,598		1,115		416			1,163
阿爾託科馬休		5,307		4,607		3,373		1,107			7,442
小計		178,725		176,002		138,707		70,043			123,552
其他收入⁽³⁾		925		244		130		119			137
對賬調整		—		—		—		(264	)		(6,632	)
總		179,650		176,246		138,837		69,898			117,057

____________________

(1)	包括基本租金、百分比租金、入場權、費用、停車費、佣金、非傳統廣告收入等。不包括Patio Olmos。
(2)	通過IRSA的合資企業Nuevo Puerto Santa Fe SA
(3)	截至2024年6月30日，包括歸屬於Patio Olmos的13920萬里亞爾和歸屬於BAF製作贊助收入的78990萬里亞爾。

租賃費用

下表列出了IRSA購物中心截至2024年6月30日生效的租賃的估計租賃到期時間表，假設我們的租戶沒有在租賃到期前行使續訂或終止租賃的選擇權：

	截至2024年6月30日
協議期限（截至財年末）	數量協議 ⁽¹⁾		平方米即將到期		由於到期		總租賃付款 ⁽²⁾		協議
					(%)		(in數百萬澳元）		(%)
空置商店		33		8,079						0
有效期已過期		28		22,738		7.0		2,079		2.5
2025		432		87,463		26.6		16,050		19.5
2026		406		72,159		22.0		24,998		30.3
2027		360		84,852		25.8		25,323		30.7
2028年及以後年份		172		61,253		18.6		14,064		17.0
總 ⁽³⁾		1,398		328,465		100.0		82,514		100.0

______________________

(1)	包括截至2024年6月30日的空置商店。租約可能與一個或多個商店關聯。
(2)	該金額表示即將到期的協議截至2024年6月30日的年度基本租金。
(3)	不包括無人居住的商店。

新租賃和續訂

下表顯示了截至2024年6月30日IRSA租賃協議的某些信息：

							年平均預算
							每平方租金						每年一次
					每年一次						非人數		每平方米基本租金金額
	數量		每年一次		錄取		新的和		原		重新		未續訂
業務類型	續簽協議		基本租金		權利		重新		協議		協議⁽¹⁾		協議⁽¹⁾
			(in數百萬澳元）				(ARS/平方米）						(ARS/平方米）
服裝和鞋類		232		14,458		3,069		449,759		278,143		555		447,237
雜類⁽²⁾		67		3,915		831		783,696		398,786		148		550,568
餐廳		47		2,360		501		427,835		264,719		169		709,542
服務		28		1,464		311		349,103		170,509		30		285,921
家電		15		1,120		238		720,972		198,146		59		462,932
家居與裝飾		9		547		116		484,161		230,216		46		306,658
超市		1		89		19		28,942		30,310		2		35,646
娛樂		5		731		155		85,687		23,873		18		73,675
總 ⁽³⁾		404		24,684		5,240		569,870		282,161		1,027		486,906

_____________________

(1)	包括截至2024年6月30日的空置商店。有關此類空置商店的GLA包括在最後佔用此類商店的租戶的業務類型中。
(2)	其他包括錨店。
(3)	與續簽協議數量相關的每平方米平均年基本租金的加權平均值。

投資組合的五大租戶

截至2024年6月30日，我們投資組合中的五大租戶（按銷售額計算）約佔IRSA總租賃額的9.1%、年度基本租金的13.3%和截至該日的財年購物中心銷售額的16.8%。

下表描述了我們投資組合的五大租戶：

租客	業務類型	銷售	玻璃
		(%)	（平方米）	(%)
Zara	服裝和鞋類	5.7	10,771	3.1
Nike	服裝和鞋類	3.2	6,994	2.1
Puma	服裝和鞋類	2.9	3,261	1
阿迪達斯	服裝和鞋類	2.6	5,118	1.5
麥當勞	飯館	2.4	4,550	1.4
總		16.8	30,694	9.1

我們租賃的主要條款

根據阿根廷民商事法典，住宅租賃的租賃期限不得超過二十年，其他租賃的租賃期限不得超過五十年。

IRSA購物中心的租賃空間是通過與我們的全資子公司和房地產經紀人Fibesa SA的獨家安排進行營銷的，或「Fibesa」。IRSA爲我們購物中心的大多數租戶使用標準租賃協議，其條款和條件如下。然而，我們的最大或「錨定」租戶通常會爲其各自的租賃談判更好的條款。無法保證租賃條款將與標準租賃協議中規定的相同。

IRSA租賃中指定的租金金額通常爲（i）每月基本租金和（ii）租戶每月商店總銷售額的指定百分比中較高者，該百分比通常在租戶總銷售額的2%至12%之間。此外，根據大多數租賃合同中包含的租金調整條款，租戶的基本租金通常每月或每季度並根據CPI指數累計更新。

除了租金外，IRSA還向大多數租戶收取准入權，該權利必須在簽署租賃協議和續簽時支付。入學權通常以一次性或少量每月分期付款的方式支付。如果租戶分期支付此費用，如果租戶在租約到期前終止租約，則有責任支付任何未付金額的餘額。如果租戶單方面終止和/或解決違約問題，未經我們同意，租戶將不會被退還其入場費。

IRSA通過我們的全資子公司Fibesa租賃其購物中心的商店、自助終端和空間。IRSA向租戶收取經紀服務費用，通常相當於大約三個月的基本租金加上入場權。

購物中心的租戶提供電力、天然氣和供水服務，如果適用，取決於租戶的商業活動、電話總機、中央空調連接、與一般火災探測和滅火系統的連接，以及通過公共部門的發電機組提供緊急能源。每個租戶負責完成其單位內的所有必要安裝，並且還必須支付每個單位內這些服務產生的直接費用。直接費用通常包括電、水、煤氣、電話和空調。租戶還必須支付與公共區域維護相關的總成本和一般稅款的一定比例。IRSA根據不同因素確定該百分比或「轎跑」。公共區域費用包括行政、安全、運營、維護、清潔和稅收等。

IRSA開展促銷和營銷活動，將消費者流量吸引到其購物中心。這些活動的費用由租戶向我們管理的集體促進基金（「CPF」）繳納。租戶必須向CPF繳納15%的租金（基本租金加上百分比租金）。IRSA可能會提高租戶必須向CPF繳款的百分比，最多可提高相應租賃協議中規定的CPF繳款原始金額的25%。IRSA還可能要求租戶向CPF繳納額外捐款，以資助特別促銷和營銷活動或支付使所有租戶受益的特別促銷活動的費用。IRSA可能會要求租戶每年最多繳納四次這些非常繳款，但每次非常繳款不得超過租戶之前每月租賃付款的25%。

每個租戶將其租賃單元作爲一個空殼出租，沒有任何固定裝置，並負責其租賃單元的室內設計。對租賃單元的任何修改和添加都必須預先獲得IRSA的批准。IRSA可以選擇向租戶收取改造租賃單元以及在租賃到期時拆除租賃單元的任何附加內容所產生的所有費用。此外，租戶有責任爲其租賃單位購買足夠的保險，其中必須涵蓋火災、玻璃破碎、盜竊、洪水、民事責任和工人賠償造成的損害等。

控制系統

IRSA擁有計算機系統來監控其所有購物中心的租戶銷售情況。IRSA還對我們所有購物中心的租戶會計銷售記錄進行定期收入審計。IRSA使用計算機監控系統生成的信息來準備有關總銷售額、平均銷售額和高峰銷售時間等的統計數據，用於營銷目的，並作爲收入審計的參考。其大多數購物中心租賃協議要求租戶將其銷售點系統鏈接到我們的服務器。

競爭

就GLA和租賃物業數量而言，IRSA是阿根廷購物中心、辦公室和其他商業物業的最大所有者和運營商。鑑於我們的大部分購物中心都位於人口稠密地區，因此在我們房地產投資組合的目標區域內或附近存在相互競爭的購物中心，以及位於大街或街道上的商店。特定區域購物中心的數量可能會對購物中心租賃空間的能力以及我們能夠收取的租金產生重大影響。我們認爲，由於布宜諾斯艾利斯市大片土地的可用性有限和分區限制，其他公司很難通過開發新購物中心在該地區競爭。主要競爭對手是Cencosud SA該公司擁有並運營DeliverShopping和Jumbo連鎖超市等。

下表顯示了截至2024年6月30日阿根廷購物中心最重要所有者和運營商的某些信息：

實體	購物中心	位置	玻璃	市場份額（1）
			平方米	(%)
IRSA	Alto Palermo	布宜諾斯艾利斯市	20,733	1.56
	Abasto購物 ⁽²⁾	布宜諾斯艾利斯市	37,166	2.80
	阿爾託·阿維拉內達	布宜諾斯艾利斯省	39,784	3.00
	阿爾科塔購物	布宜諾斯艾利斯市	15,859	1.19
	院子布利裏奇	布宜諾斯艾利斯市	11,395	0.86
	Dot Baires購物 ⁽³⁾	布宜諾斯艾利斯市	48,018	3.62
	Soleil高級奧特萊斯	布宜諾斯艾利斯省	15,675	1.18
	阿科斯區	布宜諾斯艾利斯市	14,508	1.09
	阿爾託·諾亞	薩爾塔市	19,427	1.46
	阿爾託·羅薩里奧	羅薩里奧市	34,858	2.62
	門多薩廣場	門多薩市	41,511	3.13
	科爾多瓦購物	科爾多瓦市	15,368	1.16
	La Ribera購物 ⁽⁴⁾	聖達菲市	10,542	0.79
	阿爾託科馬休	內烏肯市	11,701	0.88
小計			336,545	25.34
森科蘇德股份有限公司			279,505	21.04
其他運營商			712,247	53.62
總			1,328,297	100.0

________________________

(1)	就總GLA而言，對應於GLA。市場份額的計算方法是將平方米除以總平方米。
(2)	不包括Niños博物館（Abasto 3，732平方米）。
(3)	我們對PAMPS的權益爲80%。
(4)	由Nuevo Puerto Santa Fe SA擁有，其中IRSA是合資夥伴。

資料來源：INDEC -全國購物中心調查。

季節性

IRSA業務直接受到季節性影響，影響租戶的銷售水平。在阿根廷暑假（一月和二月）期間，租戶的銷售通常達到最低水平，而在寒假（七月）和聖誕節（十二月）期間，租戶的銷售額達到最高水平。服裝零售商通常在春季和秋季更換系列，對我們購物中心的銷售產生積極影響。每個季末的折扣銷售也是影響我們業務的主要季節性因素之一。

資訊科技

IRSA繼續投資技術創新。社會的進步和消費者習慣的變化不斷挑戰我們，並激勵我們應用最新的技術趨勢來滿足遊客在購物中心的體驗並更多地了解我們的客戶。IRSA繼續推進公司數字化轉型，擴大使用基於雲的採購和拍賣平台進行成本優化、機器人流程自動化或RPA自動化。IRSA繼續更新其閉路電視系統，以提高安全性並實現未來的能力，例如使用人工智能。IRSA在車輛流量大的購物中心實施了新的引導停車系統和數字支付系統。IRSA開始使用人工智能來提高員工的工作效率。

今年，IRSA繼續開發APPA，這是一款促進消費者在購物中心體驗的應用程序，他們可以通過它支付停車費用、預訂活動和演出場地、兌換禮品卡、獲得折扣、福利和參與促銷活動。年內，á！的用戶平台上進行了超過280萬筆交易，包括商場消費、停車位使用、企業福利兌現等。

辦公室

辦公用房管理

IRSA通常擔任辦公物業的經理。IRSA通常擁有整個建築或建築中的大量樓層。IRSA擁有樓層的建築物通常根據公寓協議的條款進行管理，該協議通常規定根據自有面積由簡單多數利益控制。作爲建築經理，IRSA負責處理安全、維護和家政等服務，這些服務通常外包。服務成本將轉嫁給租戶並由租戶支付，除非我們尚未租賃的單位（如果有的話），我們承擔費用。IRSA通過委託經紀人或直接營銷其緊身褲區域。

屬性

下表列出了截至2024年6月30日有關IRSA辦公樓的某些信息，所有辦公樓均位於布宜諾斯艾利斯自治市：

					總租金
					收入
	日期收購/		入住率	所有權	財年
辦事處	發展	GLA ⁽¹⁾	率⁽²⁾	利息	2024年6月30日 ⁽⁴⁾
		（平方米）	(%)	(%)	(in萬
					的ARS）
AAA & A辦事處
班波士頓大廈 ⁽⁵⁾	12月14日				14
洲際廣場 ⁽³⁾	12月14日	2,979	100	100	754
點建築	11月6日	11,242	79.4	80	2,321
澤塔大廈	5月19日	32,173	100	80	9,958
261德拉·保萊拉 ⁽⁶⁾	12月20日	4,937	100	100	2,709
AAA & A辦事處總數		51,331	95.5		15,756
b辦公室
飛利浦大廈	6月17日	8,017	50.6	100	487
b辦事處總數		8,017	50.6		487
辦事處總數		59,348	89.4		16,243

____________________

(1)	對應於截至2024年6月30日每個房產的總繫帶表面積。不包括公共區域和停車位。
(2)	按佔用平方米除以相關物業截至2024年6月30日的總GLA計算。
(3)	我們擁有該建築13.2%的股份，該建築佔地面積爲22，535平方米，這意味着我們擁有2，979平方米的GLA。
(4)	對應於本期累計收入。
(5)	該公司擁有大樓內一個租賃零售空間的所有權。
(6)	IRSA擁有該建築14%的股份，該建築擁有35，872平方米的GLA。GLA包括與其他公共空間對應的平方米。作爲後續活動，2024年10月15日，IRSA通知其已出售「261 Della Paolera」的一層樓，總休息面積約爲1，197平方米，並設有8個位於該建築內的停車場。有關更多信息，請參閱“最近的發展- IRSA的最近-發展261 Della Paolera地板銷售”.

入住率

下表顯示了截至6月30日的財年末IRSA的辦公室佔用率：

	入住率 ⁽¹⁾
	截至6月30日，
	2024		2023		2022		2021		2020
	(%)
共和黨大廈 ⁽²⁾		—		—		—		66.9		86.9
班波士頓大廈 ⁽²⁾		—		—		—		—		96.4
洲際廣場		100.0		100.0		100.0		100.0		100.0
布沙爾710 ⁽²⁾		—		—		—		—		92.5
交通部大樓		79.4		51.6		92.6		84.9		84.9
澤塔大廈 ⁽³⁾		100.0		94.6		92.2		84.7		97.5
261德拉·保萊拉 ⁽⁴⁾		100.0		100.0		67.1		80.2		—
飛利浦大廈		50.6		41.9		81.4		93.1		82.7
Suipacha 652/664 ⁽²⁾		—		—		—		17.3		31.2
總		89.4		68.7		73.3		74.7		86.1

____________________

(1)	根據截至財年結束時有效的租賃協議租賃的平方米，超過同一財年辦公室的總面積。
(2)	辦公樓被賣掉了。
(3)	2022財年，815平方米的佔用率計算不包括在內，因爲它們正在建設中，用於開發「工作場所辦公室」項目。
(4)	作爲後續活動，2024年10月15日，IRSA通知其已出售「261 Della Paolera」的一層樓，總休息面積約爲1，197平方米，並設有8個位於該建築內的停車場。有關更多信息，請參閱“最近的發展- IRSA的最近-發展261 Della Paolera地板銷售”.

截至6月30日的財年結束時單位表面積的年平均收入：

	每平方米收入 ⁽¹⁾
	截至6月30日，
	2024		2023		2022		2021		2020
	(ARS/平方米）
共和黨大廈 ⁽²⁾		—		—		—		500,121		494,615
班波士頓大廈 ⁽²⁾		—		—		—		—		446,266
洲際廣場		253,018		243,353		394,030		624,669		267,674
布沙爾710 ⁽²⁾		—		—		—		—		528,181
交通部大樓		259,980		350,154		249,950		381,583		480,539
澤塔大廈		309,526		322,729		333,873		437,105		478,527
261德拉·保萊拉 ⁽³⁾		548,787		437,795		483,725		294,220		—
飛利浦大廈		120,181		210,228		214,927		245,072		220,696
Suipacha 652/664 ⁽²⁾		—		—		—		376,603		215,136

_______________________

(1)	根據截至6月30日我們在每個財政期內對每棟建築的權益，將年租金收入除以辦公室的GLA計算。
(2)	辦公樓被賣掉了。
(3)	該大樓於2020年12月投入運營，因此合同和相關收入與往年無法比較。作爲後續活動，2024年10月15日，IRSA通知其已出售「261 Della Paolera」的一層樓，總休息面積約爲1，197平方米，並設有8個位於該建築內的停車場。欲了解更多信息，請參閱「最近的發展- IRSA的最近-發展261 Della Paolera地板銷售」。

新協議和續簽

下表列出了截至2024年6月30日有關租賃協議的部分信息：

財產	數量租賃協議 ^{(1) (5)}		年度租賃價格⁽²⁾		租賃人均收入平方米（新並更新） ⁽³⁾		先前租賃人均收入平方米 ⁽³⁾		數量非重新租賃		非續租年基本租金量 ⁽⁴⁾
			(in數百萬澳元）		（ARS）		（ARS）				(in數百萬澳元）
點建築		5		725		9,903		8,928		1		7
飛利浦大廈		—		—		—		—		2		9
洲際廣場		—		—		—		—		—		—
261德拉·保萊拉		—		—		—		—		2		38
澤塔大廈		4		3,655		10,080		9,976		1		19
總 ⁽⁶⁾		9		4,390		10,050		9,800		6		73

____________________

(1)	包括2023財年執行的新租賃和續訂租賃。
(2)	美元租賃按協議第一個月的匯率乘以12個月兌換爲披索。
(3)	每月價值。
(4)	美元租賃按協議最後一個月的匯率乘以12個月兌換爲披索。
(5)	它不包括停車位、天線、露臺區域和工作場所（Zetta y Philips）的租賃。
(6)	每平方米（新的和更新的）總租金收入和每平方米之前的租金收入的加權平均值。

下表列出了截至2024年6月30日生效的IRSA辦公室和其他物業的估計租賃更新時間表。提供此數據的假設是IRSA的租戶在到期前沒有行使續訂或終止租約的選擇權（大多數租約都有續訂條款）：

租賃到期財年 ^{(1) (2)}	數量到期租賃到期		平方米的到期租賃到期		平方米到期租賃到期		年租金所得額由於到期		年租金所得額租賃的數量到期
			（平方米）		(%)		(in數百萬 ARS）		(%)
2025		9		3,779		8		552		4
2026		12		11,147		22		1,988		15
2027年及其後		12		35,456		70		10,723		81
總		33		50,382		100		13,263		100

______________________

(1)	包括截至2024年6月30日尚未續簽租約的辦公室。
(2)	它不包括空置平方米和合同：停車位、露臺、天線和工作場所（Zetta y Philips）。

洲際廣場

洲際廣場是一座現代化的24層建築，位於布宜諾斯艾利斯市中心歷史悠久的蒙塞拉特街區的洲際酒店旁邊。IRSA擁有該建築13.2%的權益，該建築平均擁有22，535平方米的GLA;這意味着IRSA在該建築中擁有2，979平方米的GLA。目前的主要租戶是Total Austral，作爲附加值Banco Supervielle（銀行分行）和星巴克咖啡爲大樓提供不同的服務。

點建築

IRSA的子公司Panamerican Mall SA在Dot Baires Shopping旁邊開發了一棟面積11，242平方米的GLA辦公樓。該建築於2010年7月落成，這意味着IRSA將進入北部地區日益增長的辦公室出租走廊。該建築的主要租戶包括Farmanet、Astrazeneca SA、開利和惠普等。

澤塔大廈

IRSA的子公司Panamerican Mall SA在布宜諾斯艾利斯市「Polo Dot」商業綜合體內建造了一棟面積32，173平方米、11層的辦公樓。該A+已獲得美國綠色建築委員會LEED Core & Shell標準認證，於2019年5月落成，繼續鞏固IRSA在北區出租辦公走廊的地位。截至2024年6月30日，該建築約91%由Mercado Libre佔據，並擁有Vacunar、MMS Publishment和DreamCo等其他租戶。在一樓，它目前正在運營第一個工作場所辦公空間，面積爲815平方米。該空間提供私人辦公室，設備齊全、傢俱齊全、運營全面，隨時可用。

德拉·保拉大廈261號

261 Della Paolera是一座高126米的三角形塔樓，擁有AAA級辦公室，面積55，000平方米，外加拉普拉塔河上70延米的帷幕，開發在加泰羅尼亞北部最後一塊空地上。261 Della Paolera位於阿根廷最負盛名的企業區，擁有約35，000平方米的GLA、318個停車位、更衣室、保安、美食服務，已成爲這座城市的標誌，注重可持續發展和高品質的設計。這座新的A+建築最近獲得了美國綠色建築委員會的LEED Core & Shell Gold標準認證。租賃過程取得了成功，優質租戶的入住率達到了100%。由於其特徵和當前合同，它目前是大公司收購樓層的一項高價值資產。

菲利普斯大廈

歷史悠久的飛利浦大廈毗鄰布宜諾斯艾利斯市Dot Baires購物中心，面向Avenida General Paz。擁有4層辦公樓，總建築面積約8，017平方米，剩餘建築容量約20，000平方米。在截至2024年6月30日的財年，IRSA運營着IRSA最大的Workplace IRSA總部，面積爲1，800平方米，該總部將在下一財年全面擴張，目標是增長至6，300平方米。

租賃

IRSA通常通過使用平均期限在三至十年之間的公司辦公室合同來租賃他們的辦公室。此外，IRSA還擁有兩個名爲「Workplace by IRSA」的空間，作爲聯合工作場所租賃，通過使用每半年和每年平均期限的服務合同，設備齊全且全包。

辦公樓和其他商業地產的租賃合同通常以美元計價。續租期的租金按市場價值協商。

競爭

除購物中心外，幾乎所有IRSA的辦公物業和其他商業物業都位於發達的城市地區。IRSA物業所在區域擁有大量辦公樓、購物中心、零售商店和住宅。這是一個高度分散的市場，附近大量的可比物業可能會對租賃或銷售辦公空間和其他物業的能力產生不利影響，並可能對物業的銷售和租賃價格產生不利影響。

未來，國內外公司都可能參與阿根廷的房地產市場，從而在商業機會方面與我們競爭。此外，未來IRSA可能會參與外國房地產市場的開發，我們很可能會找到成熟的競爭對手。

在高級辦公室領域，IRSA與其他相關市場參與者競爭，例如RAGHSA，RAGHSA與IRSA一起代表了兩個最重要的參與者。

酒店

受國內和國際旅遊業蓬勃發展的推動，截至2024年6月30日的財年，酒店活動的入住率和銷售額均達到高水平。IRSA在阿根廷南部巴里洛切市擁有的Llao Llao獨家度假村達到了最佳入住率，對高收入群體來說是一個巨大的吸引力。此外，我們位於布宜諾斯艾利斯市的Libertador和洲際酒店今年強勁復甦，房價和入住率均有所提高。

2024財年，IRSA保留了洲際酒店76.34%的權益、Libertador酒店100%的權益和Llao Llao 50.00%的權益。

下圖顯示了有關IRSA豪華酒店的某些信息：

酒店	收購日期	IRSA的興趣	房間數	佔用 ⁽¹⁾	每間客房平均價格⁽²⁾	截至6月30日的財年銷售額 (in數百萬澳元）
		(%)		(%)	阿爾斯		2024	2023	2022	2021	2020
洲際 ⁽³⁾	11/01/1997	76.34	313	63.9	106,764		17,227	15,300	6,401	1,720	14,215
Libertador ⁽⁴⁾	03/01/1998	100	200	59.4	68,749		6,880	6,071	2,367	565	4,975
Llao Llao ⁽⁵⁾	06/01/1997	50	205	69.3	268,722		37,462	34,225	25,673	9,812	20,687
總			718	64.2	146,902		61,569	55,596	34,441	12,097	39,877

_____________________

(1)	十二個月期間的累計平均值。
(2)	十二個月期間的累計平均值。
(3)	通過Nuevas Fronteras SA
(4)	通過Hoteles Atlantinos SA
(5)	通過Llao Llao Resorts SA和IRSA - Galerías Pacífico SA Ut（至2023年3月31日）。

布宜諾斯艾利斯市洲際酒店

1997年11月，IRSA收購了洲際酒店76.34%的股份。Hotel Intercontinental位於布宜諾斯艾利斯市中心的Montserrat社區，靠近洲際廣場辦公樓。美國公司洲際酒店公司目前擁有洲際酒店23.66%的股份。酒店的會議設施包括八個會議室、一個會議中心和一個可分割的588平方米宴會廳。其他設施包括餐廳、商務中心、桑拿浴室和帶游泳池的健身設施。酒店於1994年12月竣工，擁有313間客房。

布宜諾斯艾利斯市Libertador酒店

1998年3月，IRSA從Citicorp Equity Investment手中收購了Sheraton Libertador Hotel 100%的股份，總收購價爲2300萬美元。1999年3月，IRSA以470萬美元的價格將Sheraton Libertador Hotel 20%的權益出售給Hoteles Sheraton de Argentina。

2019財年，IRSA重新收購了HASAU 20%的股份，達到HASAU股本的100%，並開始直接以「Libertador」名義運營酒店。該酒店位於布宜諾斯艾利斯市中心。酒店擁有193間客房和7間套房、8間會議室、一間餐廳、一個商務中心、一個水療中心和帶游泳池的健身設施。

Hotel Llao Llao，聖卡洛斯德巴里洛切，里約內格羅省

1997年6月，IRSA從Llao Llao Holding S.A.手中收購了Llao Llao酒店，目前薩頓集團擁有50%的股份。Llao Llao酒店位於Llao Llao半島，距離聖卡洛斯·德巴里洛切市25公里，是阿根廷最重要的旅遊酒店之一。酒店四面環山，湖光山色，由著名建築師巴斯蒂略以傳統的阿爾卑斯山風格設計建造，1938年首次開業。酒店在1990至1993年間進行了翻新，總建築面積爲15,000平方米，原有客房158間。酒店度假村還包括一個18洞高爾夫球場、網球場、健身設施、水療中心、遊戲室和游泳池。該酒店是世界領先酒店有限公司的成員，該公司是一家享有盛譽的豪華酒店組織，代表着世界上430家最好的酒店、度假村和水療中心。2007年，酒店進行了擴建，酒店的套房數量增加到205個房間。2019年，酒店開始對巴斯蒂略翼進行改建，其中42間客房進行了現代化改造和價值評估。

巴里洛切地塊，「El Rancho」，內格羅省聖卡洛斯德巴里洛切（土地保護區）

2006年12月14日，通過IRSA的酒店運營商子公司Llao Llao Resorts SA，IRSA在里奧內格羅省聖卡洛斯德巴里洛切市收購了一片面積爲129，533平方米的土地。交易總價爲700萬美元。該土地位於古鐵雷斯湖（Lago Gutiérrez）邊境，靠近Llao Llao Hotel，自然環境優越，擁有一棟面積爲1，000平方米的大型小屋，由建築師Ezequiel Bustillo設計。

房地產和土地儲備的銷售和開發

住宅開發物業

收購和開發住宅公寓群和待售住宅社區是我們的核心活動之一。IRSA住宅公寓綜合體的開發包括新建高層塔樓或改造工廠或倉庫等現有結構。在開發住宅社區方面，IRSA經常收購空置土地，開發道路、公用事業和公共區域等基礎設施，並出售地塊用於建造單戶住宅。IRSA還可能爲其他人開發或出售部分土地，以開發補充設施，例如住宅開發項目內的購物區。

截至2024年6月30日的財年，房地產銷售和開發收入爲924600萬里亞爾，而截至2023年6月30日的財年爲1628000萬里亞爾。

IRSA住宅開發物業的建築和翻新工程在其監督下由通過招標程序選出的獨立阿根廷建築公司進行。IRSA與選定的公司簽訂了住宅開發物業建設的交鑰匙合同，根據該合同，選定的公司同意以固定價格和固定日期建造和交付開發項目。IRSA通常不負責基於交鑰匙合同的任何額外費用。施工的所有其他方面，包括建築設計，均由第三方進行。

住宅發展的另一種模式是以土地換取建築平方米。通過這種方式，IRSA交付未開發的土地，而另一家公司負責建設該項目。在這種情況下，IRSA將獲得成品平方米用於商業化，而不參與建築工程。

下表顯示了截至2024年6月30日IRSA土地儲備的信息：

	所有權權益		收購日期	陸面		可建造表面		GLA		可銷售表面		賬面價值
	(%)			（平方米）								(in數百萬澳元）
住宅-易貨協議
Coto Abasto領空-1號塔-布宜諾斯艾利斯市		100	97年9月		—		—		—		2,018		4,871
Coto Abasto領空-2號塔-布宜諾斯艾利斯市		100	97年9月		—		—		—		1,705		2,860
安孔（路易斯m.坎波斯）信託		100	2月21日		—		—		—		1,014		2,492
Av. Figueroa Alcorta 6464 Trust		100	2月21日		—		—		—		1,786		6,506
Libertador 7400（量子貝里尼）信託		100	2月21日		—		—		—		160		303
科爾多瓦購物鄰近地塊-住宅		100	5月15日		—		—		—		2,160		1,865
Caballito Ferro地塊1 -布宜諾斯艾利斯市		100	99年1月		—		—		—		2,908		7,595
Ezpeleta陰謀（Quilmes II）		100	4月22日		—		—		—		208,560		27,598
無形資產總額（住宅）					—		—		—		220,331		303

土地儲備：
拉姆米爾德爾普拉塔-布宜諾斯艾利斯市（原科斯塔厄巴納）		100	1997年7月		716,180		866,806		—		693,445		485,412
拉普拉塔-大布宜諾斯艾利斯		100	3月18日		47,834		81,341		—		—		15,769
Polo Dot混合用途擴建-布宜諾斯艾利斯市 ⁽⁶⁾		80	11月-06		—		15,940		—		—		14,984
Caballito Ferro地塊2、3和4 -布宜諾斯艾利斯市		100	99年1月		20,462		86,387		—		75,277		42,532
盧揚陰謀-布宜諾斯艾利斯 ⁽⁵⁾		100	5月-08		1,152,106		464,000		—		—		11,463
La Asit-布宜諾斯艾利斯		100	Aug-14		9,868,500		3,951,227		—		—		16,974
雷蒂羅港-布宜諾斯艾利斯市 ⁽⁴⁾		50	97年5月		82,051		246,153		—		—		—
混合用途細分					11,887,133		5,711,854		—		768,722		587,134
Caballito Block 35 -布宜諾斯艾利斯市 ⁽³⁾		100	98年10月		9,767		57,192		—		31,257		8,773
澤托爾-烏拉圭		90	Jun-09		—		—		—		70,370		4,975
維斯塔·穆勒-烏拉圭		90	Jun-09		—		—		—		43,347		3,693
內烏肯-住宅地塊-內烏肯 ⁽²⁾		100	1999年7月		13,000		57,000		—		—		6,514
住宅總價					22,767		114,192		—		144,974		23,955
拉普拉塔-大布宜諾斯艾利斯		100	3月18日		30,780		35,212		—				15,769
Beruti y Coronel Diaz大樓-布宜諾斯艾利斯市		100	6月22日		2,387		8,900		7,800		—		12,081
零售業總計					33,167		44,112		7,800		52,340		27,850
Polo Dot -2號和3號辦公室-布宜諾斯艾利斯市.		80	11月-06		12,800		—		38,400		—		27,456
Paseo Colón 245大樓-布宜諾斯艾利斯市.		100	5月23日		1,579		13,690		9,500		—		6,413
洲際廣場II -布宜諾斯艾利斯市..		100	98年2月		6,135		—		19,597		—		9,505
科爾多瓦購物鄰近地塊- 科爾多瓦 ⁽²⁾		100	5月15日		5,365		5,000		4,823		—		2,050
辦事處總計					25,879		18,690		72,320		—		45,424
未來總體發展					11,968,946		5,888,848		80,120		966,036		684,363
其他土地儲備 ⁽¹⁾					3,289,199		—		—		—		16,928
總土地儲備					15,258,145		5,888,848		80,120		966,036		701,291

_________________________

(1)	包括Zelaya 3102-3103、Chanta IV、Anchorena 665、Ocampo停車位、DOt毗鄰地塊。毗鄰地塊Mendoza Shopping、Pilar R8 Km 53、Conil land（地塊II）、Pontevedra、San Luis Land和Llao Llao Land。
(2)	這些土地被歸類爲待售房地產;因此，其價值按歷史成本基準維持，並經通貨膨脹調整。其餘土地被歸類爲投資房地產，按市場價值估值。
(3)	「Caballito Manzana 35」由3棟27、22和18層的住宅樓組成。
(4)	這片土地正在進行司法訴訟。
(5)	根據項目估計最大可建築面積，仍在等待最終批准。
(6)	適用於澤塔大廈擴建。

100

下表顯示了截至2024年6月30日IRSA流動資產擴張的信息：

擴張	所有權權益	表面	位置
	(%)	（平方米）
Alto Palermo	100	4,336	布宜諾斯艾利斯市
帕西奧·阿爾科爾塔	100	1,337	布宜諾斯艾利斯市
阿爾託·阿維拉內達	100	23,737	布宜諾斯艾利斯
阿爾託·諾亞	100	3,068	薩爾塔
Soleil高級奧特萊斯	100	17,718	布宜諾斯艾利斯
阿爾託科馬休	100	3,325	諾伊肯
購物中心總數		53,521
院子布利裏奇	100	15,000	布宜諾斯艾利斯市
Alto Palermo	100	14,119	布宜諾斯艾利斯市
科爾多瓦購物	100	7,000	科爾多瓦
阿爾託·羅薩里奧	100	15,000	羅薩里奧
飛利浦大廈	100	19,706	布宜諾斯艾利斯市
辦公室+住宅總計		70,825
總擴張		124,346

101

無形資產-根據易貨協議接收的單位

Coto Abasto領空-1號和2號塔-布宜諾斯艾利斯市

IRSA擁有一片空域，可在Coto大超市上方建造約23，000平方米的空間，該超市靠近布宜諾斯艾利斯市中心的Abasto購物中心。1997年9月24日，IRSA和Coto Centro Integral de Comercialización SA（Coto）授予了一份契約，該公司通過該契約獲得了接收功能停車單元的權利以及籌集位於Abasto社區Agüero、Lavalle、Guardia Vieja和Gallo街道之間的房產的權利。

2019年10月25日，IRSA將位於布宜諾斯艾利斯市Abasto社區的Coto超市空域一棟住宅樓（「1號塔」）的開發權轉讓給非關聯第三方。1號樓將擁有22層1至3間公寓，總面積8，400平方米。該運營總額設定爲450萬美元：100萬美元以現金支付，餘額在至少35個部門職能單位支付，保證至少1，982平方米。

2023年6月30日，根據與Abasto Twins SA達成的協議2016年6月，我們以300萬美元的價格簽署了一個停車單元的轉讓和Abasto 2號塔的建設權。截至本年度報告發布之日，IRSA收到了15，250美元現金作爲貨幣對價，並有權收到至少29個作爲未來塔樓一部分的功能單元作爲非現金對價。該非現金對價相當於GCBA批准的塔樓建設計劃平方米的20%，保證最低面積爲1，639平方米。

此外，截至2024年6月30日，1號塔施工已完成總工程80%以上，2號塔已開工建設。

信託：Ancon（Luis m. Campos 100和Ancón）、Figueroa Alcorta 6464和Libertador 7400（Quantum Bellini）

2021年2月9日，由於Manibil SA重組，IRSA參與了三個信託：

	·	安孔信託基金：原項目由一棟辦公樓組成，改爲住宅樓，其中1，014平方米和10個車庫單元將對應IRSA。截至本年度報告之日，已採取保護行動（安帕羅）與該項目相關，因此工作暫停;

	·	Figueroa Alcorta 6464 Trust：相當於1，786平方米的公寓和11個車庫單元。截至2024年6月30日，工作已啓動並完成30%以上;

	·	Libertador 7400（Quantum Bellini）Trust：相當於923平方米的公寓、5個車庫單元和儲藏單元。截至2024年6月30日，單位已售出，剩餘160平方米庫存。

科爾多瓦購物鄰近地塊-住宅

2022年8月18日，佔地3，240平方米的1號地塊與Proaco進行了易貨，預計將建造兩棟住宅樓。IRSA預計將在36至44個月內收到佔平方米16%（至少2，160平方米）的功能單元作爲對價，以及車庫單元，如果建成，還有存儲單元。掉期價值爲200萬美元。

截至2024年6月30日，由於科爾多瓦市政廳要求開發商在授予建築許可證之前獲得環境許可證，工程尚未開始。開發商要求科爾多瓦環境部澄清是否需要該許可證。2024年7月11日，環境與循環經濟部可持續發展秘書環境影響總指導表示，該項目不受《環境影響評價程序》的約束。因此，施工許可申請很快就會啓動。

102

Caballito Ferro地塊1 -布宜諾斯艾利斯市

有關詳細信息，請參閱“房地產和土地儲備的銷售和開發-混合用途- Caballito Ferro地塊2、3和4 -布宜諾斯艾利斯市”

Ezpeleta情節-布宜諾斯艾利斯奎爾梅斯

於2022年4月收購，作爲出售共和國大廈付款的一部分。該房產由四塊地塊組成，在B As -拉普拉塔高速公路上擁有851米的正面，在城市化地區一側，該房產在圖蓬加託和拉瓜爾達街道之間的Río Gualeguay Street上擁有695米的正面。總面積465，642平方米，可用面積242，151平方米，可建築面積521，399平方米。

2023年12月7日，與Nuevo Quilmes II Trust受託人進行了該房產交換，用於開發私人社區。截至2024年6月30日，工程已開始。

混合用途

Ramblas del Plata -原Costa Urbana - Costanera Sur，布宜諾斯艾利斯市

2021年12月21日，布宜諾斯艾利斯市議會批准該房產開發新分區法規的法律獲得通過併發布。該地塊佔地約70公頃，自1997年起由該公司擁有，原名「Costa Urbana」或「Solares de Santa María」，位於布宜諾斯艾利斯自治市南岸的拉普拉塔河沿岸，馬德羅港東南。發佈的法律授予了一個新分區區，指定爲：「U 73-公共公園和Costa Urbana城市化」，該區域實現了綜合用途開發、住宅、辦公樓、零售、服務、公共空間、教育和娛樂。

IRSA的建築容量約爲866，806平方米，將通過開發綜合用途項目來推動未來幾年的增長。

IRSA承諾向布宜諾斯艾利斯市提供50.8公頃指定用於公共用途的土地，約佔該房產總面積的71%，並額外提供三塊土地，其中兩塊用於可持續城市發展基金，一塊用於GCBA的創新信託、科學與技術，此外還有2600萬美元現金和3，000，000份主權債券（AL 35），也已繳納。

同樣，該公司將監督爲新城市街區服務的物業上的基礎設施和道路工程的落實，並將進行價值高達4000萬美元的公共空間工程，以及對指定的公共空間進行維護10年或直至1000萬美元的總金額完成。

2023年3月，測量獲得批准，並提出了街道和公共空間的細分、劃分、轉移提案。2023年11月15日，這3個地塊和公共公園地塊在公共記錄中登記，支持GCBA，並創建了61個IRSA地塊。2024年5月22日，IRSA收到了61個批次對應的包裹證書。

截至2024年6月30日，第一階段工程（包括公園第一階段，包括中央海灣部分）開始的基礎設施工程招標過程中已聘請了施工管理人員。截至本年度報告之日，第一階段的環境能力證書已獲得，第一階段的工作已開始。

「拉姆迪爾普拉塔」將改變布宜諾斯艾利斯市的景觀，爲未開發地區帶來活力，並且由於其規模、位置和連通性，將成爲一個出色的項目，爲布宜諾斯艾利斯市提供了擴大和恢復通往拉普拉塔河沿岸的通道的可能性，包括步行區、休閒區、綠地、公園和綜合用途。

103

拉普拉塔地塊

2018年3月22日，我們收購了布宜諾斯艾利斯省拉普拉塔鎮一塊麪積78，614平方米的土地的100%權益。該交易是通過購買擁有該房產61.85%股份的CESYS 100%股份並從不相關的第三方直接購買剩餘38.15%股份來完成的。

收購價格爲750萬美元，已全額支付。鑑於該房產具有在潛力較大的地區進行商業開發的特點，IRSA打算利用該房產開發一個綜合用途項目。

2019年1月21日，「尊敬的拉普拉塔議員」於2018年12月26日批准的第11，767號法令頒佈。該頒佈後，開發116，553平方米項目所需的用途和指標得到正式確認。

截至2024年6月30日，項目管理人員已聘請完畢，土木工程總承包商招標程序和外部天然氣工程招標程序已啓動。

截至本年度報告發布日，「購物拉普拉塔」項目的規劃和施工許可已獲得批准，水利工程已提交省水利部門。同樣，CESYS正在與IRSA合併。有關更多信息，請參閱“最新進展-普通股東大會和臨時股東大會.”

Polo Dot混搭使用擴展 – 布宜諾斯艾利斯市

在Zetta Building所在的地塊上，IRSA擁有15，940平方米的剩餘可建築面積，正在分析替代方案，以開發綜合用途項目。

Caballito Ferro地塊2、3和4 -布宜諾斯艾利斯市

Caballito是一處面積約20，462平方米的房產，位於布宜諾斯艾利斯市Caballito附近，是該市人口最稠密的地區之一，該公司於1997年11月購買了該房產。該地塊將用於開發帶有零售和公共空間的住宅，面積超過85，000平方米。該項目已獲得GCBA當局的批准。

2019年12月23日，IRSA轉讓了位於Av.位於布宜諾斯艾利斯市Caballito附近的Avellaneda和Olegario Andrade 367出售給不相關的第三方。

截至2024年6月30日，該開發正在等待向GCBA提出的上訴的解決。

盧漢地塊-盧漢，布宜諾斯艾利斯省

這片佔地115公頃的土地位於西高速公路62公里處，與5號公路交叉口，最初由CRESUD從Birafrifriends SA購買300萬美元。2012年5月，IRSA通過關聯方簽訂的買賣協議收購了該房產，從而成爲當前所有者。IRSA的目的是利用環境整合和地塊的戰略位置，實施一個綜合用途項目。截至2024年6月30日，分區參數的變更已完成，IRSA正在對地塊表面進行參數化，以推進項目。

La Asit-布宜諾斯艾利斯

2015年，IRSA收購了位於布宜諾斯艾利斯省盧漢區、面積約987公頃的「La Acuum」土地保護區，該保護區此前由CRESUD所有。鑑於其發展程度和與布宜諾斯艾利斯市的距離，IRSA打算開發一個新的房地產項目。

104

雷蒂羅港-布宜諾斯艾利斯市

目前，Puerto Retiro SA擁有一片8.2公頃的土地，該土地受到定義爲UP的分區法規的影響，該法規禁止將該房產用於嚴格港口活動以外的任何目的。

雷蒂羅港股份有限公司參與了阿根廷政府發起的破產延期司法訴訟，董事會與該訴訟完全無關。管理層和公司法律顧問認爲，有足夠的法律技術論據認爲法院將駁回破產延期請求。然而，考慮到目前的情況，解決方案尚不確定。

反過來，Tandanor根據《刑法》第173(7)條，對波多黎各Retiro S.A.和刑事案件中的其他被告提起民事訴訟，指控他們違反第174(5)條。這種行動尋求--根據批准涉及Dársena Norte財產的競標程序的法令的無效--歸還財產，並向Tandanor償還據稱因涉及出售財產的涉嫌欺詐性交易而造成的所有此類損失。雷蒂羅港就證據的是非曲直提出了指控，強調雷蒂羅港的現任股東沒有參與刑事案件中的任何涉嫌行爲，因爲他們購買了股份以供考慮，並在此過程中陳述事實數年後真誠地參與了這一行爲。同樣，有人強調，除了創辦人之外，雷蒂羅港公司對出售Tandanor股份的競標/私有化也是陌生的。

2018年9月7日，第五口頭聯邦刑事法院公佈了判決的執行部分，由此可見，雷蒂羅港提出的處方例外被允許。然而，在這起刑事案件中，雷蒂羅港不是當事人，除其他事項外，法院還下令沒收雷蒂羅港擁有的名爲Planta I的財產。法院於2018年11月11日宣讀了判決理由。從那時起，各方都可以提出上訴。面對這一事實，提出了特別上訴，但被駁回，因此提出了上訴被駁回的申訴，並獲得批准。在Puerto Retiro SA提出的上訴框架內，坦德米爾和國防部、總檢察長辦公室發表了相關意見。目前，阿根廷最高法院正在研究該上訴。

在刑事案件的框架中，申訴人譴責了Puerto Retiro SA的不遵守規定刑事法院頒佈的預防措施，包括禁止對民事訴訟對象的財產進行創新和合同。由於這一投訴，第五口頭聯邦刑事法院提起訴訟，並下令並執行關閉與Los Cipreses SA簽訂租賃合同的房產和Flight Express SA正在履行，以強制遵守上述措施。據了解，由於這種情況，訴訟程序轉向刑事分庭，指派法庭調查可能犯下的不服從罪。截至本年度報告發布之日，尚無有關此案進展的消息。

面對影響其法律案件的演變，並根據其法律顧問的報告，Puerto Retiro管理層決定在2019財年記錄相當於其投資性房產100%的損失，但在不妨礙在提起的訴訟中獲得有利判決的情況下逆轉同樣的損失。

住宅

Caballito Block 35 -布宜諾斯艾利斯市

2011年10月，我們收購了位於布宜諾斯艾利斯市Caballito附近Méndez de Andes街道的一塊土地。一個名爲「鄰里協會」 公民和自願協會SOS Caballito 獲得了初步禁令，暫停了在上述房產中進行的工程。2018年7月，最高法院發佈了有利的最終裁決，允許在該地塊上建造57，192平方米的公寓。

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截至2024年6月30日，第一座塔樓（「3號塔樓」）的混凝土結構工作已經完成，IRSA正在分析該項目的發展，聘請了工作和項目管理人員，並開始招標上述塔樓的磚石工程的完工。

澤托爾股份有限公司和Vista al Muelle SA - 加那利群島-烏拉圭

2009財年，IRSA收購了Liveck SA 100%的所有權權益，一家根據烏拉圭法律組建的公司。2009年6月，Liveck收購了VAm和Zetol SA 90%的股本，780萬美元。兩家公司剩餘10%的所有權均掌握在Banzey SA手中這些公司在烏拉圭首都蒙得維的亞附近的卡諾內斯擁有未開發的土地。

IRSA打算在這13個地塊上開發建築容量爲182，000平方米的城市項目，包括1，860套公寓的開發和商業化。該項目具有「城市可行性」地位，建設約180，000平方米，爲期10年，該項目得到了加那利群島省市長辦公室及其地方立法機構的批准。澤托爾股份有限公司VAm同意以800萬美元的價格進行基礎設施工程以及最低面積的房產。根據商定的條款和條件滿足這一承諾將使城市可行性狀態獲得額外的10年有效期。

Zetol SA的總購買價格爲700萬美元;其中已支付200萬美元。賣家可以選擇以現金或通過交付Zetol SA擁有的土地上即將建造的建築物中的單元來接收餘額相當於待建造可銷售電錶總數的12%。

此外，VAm自2008年9月以來擁有一塊以83萬美元購買的土地。然後，2010年2月，以100萬美元的價格收購了一些土地。2010年12月，VAm簽署了其他地塊的地契，總金額爲266萬美元，其中已支付30萬美元。餘額將通過交付2，334平方米的待建設單位和/或零售商店或現金償還。

由於CIC、Zetol SA之間及時簽署了地塊易貨協議2014年3月，VAm完成了包裹再分配交易。正如2013年執行的主協議修正案所規定的那樣，這一里程碑開啓了上述基礎設施和建築物建設投資的10年期限。13個地塊的建築容量爲18萬平方米。

2018年11月15日，目前正在建設第一座部門塔、別墅和單、雙人停車位的第一幅地塊的轉換契約簽署，總交換價格爲730萬美元，相當於第一座塔所有可銷售已建電錶的16%。其中12%被用於取消迄今爲止與Zetol SA於2009年6月收購的地塊賣家保持的部分價格餘額。

在2024財年，進行了與該房產相關的某些重大業務，例如VAm將兩塊地塊出售給Boating Trust。此外，通過交付Carrasco Boating綜合體1號和2號塔樓的單元，取消了與不相關第三方的債務，總計680萬美元。2024年7月12日，購買Zetol股票（相當於3號塔和4號塔）的分期付款完成，價值890萬美元，單位、車庫和信貸均以VAm和1號塔和2號塔的Zetol爲受益人。此外，與卡內洛內斯市政廳在簽署新計劃協議方面取得了進展，認證了450萬美元的賠償，並重新定義了基礎設施和城市駕駛。

內烏肯住宅地塊-內烏肯省內烏肯

通過Shopping Neuquén SA，IRSA擁有一塊麪積13，000平方米的地塊，預計建築容量爲57，000平方米的住宅物業，該地區增長潛力巨大。該地區靠近購物中心阿爾託科馬休（Alto Comahue）和目前運營的大超市。

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零售

迪亞茲上校和貝魯蒂大廈-布宜諾斯艾利斯市

2022年2月，IRSA通過公開拍賣的方式從GCBA手中購買了位於Beruti Street和Coronel Díaz Avenue交叉口拐角處的房產。該房產位於Alto Palermo Shopping前，這是IRSA旗下的購物中心，位於布宜諾斯艾利斯市主要商業走廊之一巴勒莫附近。

該物業面積約2，387平方米，包括一樓、六層樓上和地下室區域。此外，它的總佔地面積約爲8，137平方米，未來有擴張潛力。

收購價格爲215860萬里亞爾，由IRSA全額支付。

2022年6月14日，簽署了所有權轉讓契約。與此同時，IRSA還需要與GCBA簽署一份委託協議，後者根據拍賣中商定的條件免費持有該房產，期限最長爲30個月。

辦公室

Polo Dot辦事處2和3 -布宜諾斯艾利斯市

這兩個地塊面積6，400平方米，各建築面積38，400平方米，毗鄰Dot Baires Shopping的規劃擴建區域。由於重要進展，Av.帕斯將軍和泛美航空近年來經歷了巨大的增長。2018年4月，兩塊地塊被統一爲一個12，800平方米的地塊。

Paseo Colón 245大樓和Paseo Colón 275停車位-布宜諾斯艾利斯市

2022年12月28日，IRSA獲得了GCBA進行的兩次公開拍賣（2901和2902），涉及位於Paseo Colón 245的一處房產和Paseo Colón 275的12個停車位。該物業具有綜合用途潛力，擁有13層辦公樓，佔地面積約13，690平方米，以及一個帶停車位的地下室。收購價格爲143480萬里亞爾，已全額支付。

2023年5月29日，簽署了該契約，同時與GCBA簽署了一份委託協議合同，該合同將免費持有該房產18個月（根據租賃協議可以選擇額外延長6個月），根據拍賣中商定的條件。

洲際廣場II地塊-布宜諾斯艾利斯市

洲際廣場綜合體位於Monserrat社區的中心地帶，距離該市交通最繁忙的大道和金融中心僅幾米，由一座辦公樓和獨特的洲際酒店組成。在目前佔地6，135平方米的地塊中，可以建造一座佔地19，597平方米、25層的第二座辦公樓，以補充目前位於莫雷諾和塔誇裏街道交叉口的塔樓。

科爾多瓦購物鄰近地塊-住宅

根據科爾多瓦市第12，860號法令，IRSA在科爾多瓦購物中心的停車場擁有一塊土地，我們可以在上面建造一座面積達4，823平方米的辦公樓。

其他土地儲備

其他土地儲備- 包括Zelaya 3102和3103、Chanta IV、Anchorena 665、Mendoza Shopping毗鄰地塊、 Pilar 路線8公里53，Conil Plot II，蓬特維德拉 情節、聖路易斯陰謀和Llao Llao陰謀。

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IRSA在這裏將表面積很大的地塊進行了分組，這些地塊的開發由於其當前的城市和分區參數、法律地位或其直接環境缺乏整合，短期內不可行。該群體總面積約330萬平方米。

別人

抵押銀行

截至2024年6月30日，IRSA持有Banco Hipotecario 29.9%的股權。Banco Hipotecario由阿根廷政府於1886年成立，並於1999年私有化，歷來是阿根廷領先的抵押貸款機構、抵押貸款相關保險和抵押貸款服務的提供商。其所有業務均位於阿根廷，在阿根廷23個省和布宜諾斯艾利斯市運營着由62家分支機構組成的全國網絡。

Banco Hipotecario是一家提供萬能銀行服務的包容性商業銀行，提供各種銀行產品和活動，包括向個人、中小公司和大型公司提供廣泛的個人和企業貸款、存款、信用卡和借記卡以及相關金融服務。截至2024年6月，希波特卡里奧銀行在阿根廷金融體系中的總資產排名第十二，在貸款排名第十六。截至2024年6月30日，Banco Hipotecario的股東權益爲37204000萬澳元，合併資產爲228194879.9999999702萬澳元，截至2024年6月30日的三個月淨利潤爲1167200萬澳元。自1999年以來，Banco Hipotecario的股票一直在阿根廷的基礎上上市，並自2006年以來制定了一級ADR計劃。

Banco Hipotecario的業務戰略是繼續多元化其貸款組合。截至2019年12月31日，Banco Hipotecario向非金融私營部門提供的非抵押貸款名義價值爲3685100萬澳元，截至2020年12月31日爲4052280.0000000005萬澳元，截至2021年12月31日爲4876090萬澳元，截至2022年12月31日爲6135350萬澳元，截至2023年12月31日爲16372829.9999999981萬澳元，截至2024年6月30日爲21803400萬澳元。

此外，Banco Hipotecario通過發展其在當地和國際資本市場的影響力以及增加其存款基礎，實現了資金來源的多元化。截至2024年6月30日，其資本市場債務佔其融資總額的2.6%。

Banco Hipotecario的子公司包括BACS Banco de Crédito y Securiización SA、一家專注於投資銀行、資產證券化和資產管理的銀行，Banco Hipotecario直接持股62.3%，IRSA直接持股37.7%; BHN Vida SA，一家人壽保險公司;和BHN Seguros Generales S.A.，財產保險公司。

2024年3月27日，Banco Hipotecario通過普通和特別大會批准分期支付總額爲2650000萬里亞爾的股息。2024年5月3日，央行批准派發股息。截至本年度報告日期，股息已全部支付。

La Rural（會議中心和博覽會活動）和La Arena（體育場 讓步）

關於對La Rural SA的投資，其主要活動包括組織大會、博覽會、展覽和活動，由LRSA在巴勒莫博覽會和「布宜諾斯艾利斯自治市展覽中心和會議中心」通過臨時公司聯盟開展，該聯盟通過公開招標獲得了該房產爲期15年的特許權以及「埃斯特角城會展中心」。IRSA的間接參與率爲35%。

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2023年12月11日，奧格登SA與Sociedad Rural Argentina和La Rural de Palermo SA一起簽訂了合資協議和股東協議，該物業的特許經營期延長至2037年12月31日，並可選擇延長至2041年12月31日。對於La Rural SA下的用益權期限的延長，奧格登SA將分五年向Sociedad Rural Argentine支付1200萬美元。當該協議獲得Sociedad Rural Argentina股東大會批准時，第一期付款已支付。

奧格登阿根廷SA，由IRSA間接控制70%，持有「La Arena SA」82.85%的股份，一家開發和運營體育場的公司，原名「DirecTV Arena」，位於布宜諾斯艾利斯省託圖吉塔斯Pilar支線35.5公里處。

德爾普拉塔建築信託基金

2023年11月10日，IRSA以成本價簽訂了一份信託協議，用於35，120平方米可銷售面積的項目開發，包括建造住宅樓、商店（美食用途）和補充停車位，根據該協議，IRSA作爲信託的資金委託人和受益人。根據該協議，IRSA將獲得約5，128平方米的可銷售平方米和32個停車位，並將根據其在住宅房地產開發方面的專業知識履行開發商職能。信託公司（阿根廷）SA，具有受託目的但不是關聯方的公司擔任受託人。

上述信託協議涉及Banco Hipotecario擁有的一棟建築的出資。該建築位於布宜諾斯艾利斯市Carlos Pellegrini、Presidente Perón、Sarmiento和Pasaje Carabelas街道包圍的街區。2023年12月28日，Banco Hipotecario將上述財產的受託所有權轉讓給受託人，作爲對信託的貢獻。

根據GCBA發佈的第6508號法律，該信託基礎項目已獲得微中心再轉換制度的批准。2024年6月14日，GCBA發佈第1078/MHFGC/24號聯合決議，暫停授予信託的稅收優惠（即信託獲得的權利）的影響。爲了維護其權利，信託於2024年7月17日對該措施提出行政上訴，要求撤銷該措施並恢復暫停的稅收優惠的有效性。上訴仍在審理中，尚未就此事做出決定。

GCDI SA (前身爲TGLt SA）(房地產）

GCDI SA是一家在ByMA上市的建築公司，主要在阿根廷和烏拉圭從事第三方項目和住宅開發項目的建設。截至2024年6月30日，IRSA持有27.39%的權益。

我們是阿柏SA（原帕累託SA）

2018年10月8日，我們是appa SA成立，其社會目的是設計、編程和開發軟件、移動和網絡應用程序。截至2024年6月30日，我們是appa SA擁有56名員工，IRSA的「We are appa」份額達到98.67%。

「我們是阿帕」的使命是通過應用數據科學和人工智能，以獨特的體驗連接買家和賣家，最大限度地減少實體購物的摩擦。

通過其應用程序，pa！，「We are appa」爲購物中心和租戶提供100%數字客戶忠誠度系統，通過促進消費者體驗來促進福利和折扣。

在截至2024年6月30日的財年中，« appa！平台上進行了超過280萬筆交易，包括商場消費、停車位使用、企業福利兌現等。其中，IRSA購物中心發現了約270萬遊客交易，相當於575，000名用戶的消費超過1580000萬里亞爾。這些信息使購物中心的團隊能夠以更有效和更細分的方式管理他們的溝通和行動，從而提高購物中心提案對其訪客的忠誠度和吸引力。

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Avenida Inc.

截至2024年6月30日，IRSA間接擁有Avenida Inc. 2.71%的股份，一家致力於電子商務業務的公司。

比較家庭

Compara en casa是一家數字保險經紀公司，在一個地方比較主要保險公司的保單。他們在阿根廷、巴西、墨西哥、巴拉圭和烏拉圭開展業務。

截至2024年6月30日，IRSA間接擁有Comparaencasa S.A. 14.87%的股份

賽車城

截至2024年6月30日，公司間接擁有Rundel Global Ltd. 9.28%的股份，商業名稱爲Turismo City，是一家在阿根廷、巴西和智利與旅遊和旅行援助相關的不同業務中擁有權益的公司。

我國農業企業的監管和政府監管

農牧協議

與農業和畜牧業活動有關的協議受阿根廷法律、阿根廷民法典和商法、省級法律、地方法規和地方習俗的監管。

根據經第22，298號法律修訂的第13，246號法律，所有與農村財產和土地相關的租賃協議的期限至少爲3年，但根據第13，246號法律第39條指定爲「意外協議」的協議除外。佃農死亡後，該協議可以與其繼承人繼續執行。如果佃農濫用土地或拖欠租金，土地所有者可以啓動驅逐程序。

經第22，298號法律修訂的第13，246號法律還規範了分成耕種協議，根據該協議，一方向另一方提供動物或土地，以在雙方之間分享利益。這些協議的最低期限爲3年，儘管第13，246號法律第39條關於較小期限意外協議的規則也適用於這種情況。除非雙方明確同意，否則本協議在任何情況下均不得轉讓。當佃農死亡、殘疾或其他不可能發生時，協議可能會終止。

農作物和牛的質量控制

農作物的質量和適用於牛的健康措施由國家衛生局（「SEASA」）進行監管和控制，該機構是農業部長下屬的一個實體，負責監督農業和動物衛生活動。

阿根廷第22，939號法律規定，牛品牌應在每個省登記處註冊，同一省內不得有類似的牛品牌。

農業生產者登記

根據SEASA發佈的第423/2014號決議，農業生產者必須在阿根廷農業生產者登記處登記（國家農業生產衛生局).該登記冊涵蓋所有農業、畜牧和林業活動，旨在將生產者與他們種植的作物以及分配給每種產品的面積聯繫起來。這項措施旨在確保生產活動的適當控制和可追溯性。

牛的銷售和運輸

儘管阿根廷聯邦層面對牛的銷售沒有具體監管，但一般合同條款適用。此外，阿根廷每個省都有自己的農村法規，規範牛銷售的行政方面，包括可追溯性措施、稅收和關稅。

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阿根廷法律規定，只有在持有指定牛相關信息的相應證書時，牛的運輸才是合法的。證書所需的信息由不同的省級法規、省際條約和SEASA發佈的法規確定。

環境

我們農業綜合企業活動的發展受到一系列促進環境保護的國家、省、市法律法規的規範。

1994年修訂的阿根廷憲法第41條規定，所有阿根廷居民都有權享受適合人類發展的健康、平衡的環境，並有責任保護環境。環境損害首先產生適用法律規定的補救義務。當局應保護這項權利、合理利用自然資源、保護自然和文化遺產以及生物多樣性，並應提供環境信息和教育。阿根廷政府制定環境保護最低標準，省、市政府制定具體標準併發布適用法規。

2002年11月6日，阿根廷國會通過了第25，675號法律。該法律規定了實現可持續環境以及保存和保護生物多樣性的最低標準，並設定了環境政策目標。此外，第25，675號法律規定了須遵守環境影響評估程序的活動以及適用於其的某些要求。此外，該法律還規定了對環境的任何損害將引發的責任和義務，並規定有義務將環境恢復到原來的狀況，或者如果技術上不可行，則有義務支付賠償金。該法律還促進環境教育，並規定自然人和法人必須履行的某些最低義務。

2007年11月28日，阿根廷國會通過了一項名爲《森林法》的法律，該法律規定了保護土著森林的最低標準，並納入了促進保護、恢復、養護和可持續利用土著森林的最低省級支出。《森林法》禁止土地所有人，包括原生森林的所有人，在未經給予許可並要求編制、評估和批准環境影響報告的地方政府事先許可的情況下，砍伐森林或將林區轉變爲非林地用於其他商業用途。森林法還規定，每個省應在一年內通過自己的立法和區域規章圖。在省級實施之前，不得砍伐任何新的地區。此外，《森林法》還制定了可持續利用土著森林的國家政策，其中包括對土著社區的承認，旨在向居住在森林附近並在森林附近耕種的土著社區提供優惠使用權。如果項目影響到這些社區，有關省級當局不得在未經社區正式公開聽證和書面同意的情況下發放許可證。

由於不遵守RE規則，我們可能會受到刑事和行政處罰，包括採取行動扭轉我們的活動對環境的不利影響，並向第三方賠償因違反環境法律法規而造成的損害。根據阿根廷《刑法》，任何人(包括公司董事、高級管理人員和管理人員)犯有危害公共衛生的罪行，如投毒或危險地改變用於公共消費的水、食品或藥品，以及在沒有必要警告的情況下銷售危害健康的產品，可處以罰款、監禁或兩者兼而有之。一些法院執行了《阿根廷刑法》中的這些規定，以制裁對人類健康有害的物質的排放。在行政一級，處罰從警告和罰款到全部或部分暫停活動，其中可能包括撤銷或取消稅收優惠、取消或中斷國有銀行授予的信貸額度以及禁止與公共實體訂立合同。

阿根廷林業立法禁止破壞森林和林地以及不合理使用森林產品。土地所有者、租戶和天然林所有者必須獲得林業主管部門的授權才能耕種林地。該立法還促進用於農業和農業目的的產業中天然林的形成和保護。

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根據立法要求，我們已申請批准開發部分土地儲備，並獲准部分開發並保留其他地區作爲土地儲備。我們無法向您保證當前或未來的開發申請將獲得批准，如果是的話，我們將被允許在多大程度上開發我們的土地儲備。我們打算在農業活動中使用轉基因生物。在阿根廷，轉基因生物的開發受到特殊法律法規和特殊許可的約束。

2020年10月16日通過的第27,566號法律批准了阿根廷共和國簽署的「拉丁美洲和加勒比環境問題信息獲取、公衆參與和訴諸司法的區域協定」(「埃斯卡蘇協定」)。《埃斯卡蘇協定》旨在保障拉丁美洲和加勒比充分和有效地落實獲得環境信息、公衆參與環境決策進程和在環境問題上訴諸法律的權利，以及建立和加強能力與合作，以促進保護每個人、今世後代在健康環境中生活和實現可持續發展的權利。它是聯合國可持續發展會議(里約+20)產生的唯一具有約束力的協定，是拉丁美洲和加勒比地區第一個區域環境協定，也是世界上第一個就環境問題中的人權維護者作出具體規定的協定。

除現行立法外，CNV規則還規定，企業目的包括危害環境活動的上市公司應向股東、投資者和公衆報告其遵守適用環境法的情況以及此類活動固有的風險，以便能夠合理評估此類危害。

同樣，我們的子公司Brasilagro也受到以下監管事項的約束：

環境監管

巴西利亞農業綜合企業活動的發展取決於一系列與環境保護相關的聯邦、州和市法律法規。巴西拉格羅除了有義務恢復環境並賠償第三方因不遵守此類法律法規而可能造成的損害外，還可能受到刑事和行政處罰。

利用被視爲潛在污染物的環境資源或可能以任何方式導致環境退化的環境資源的活動需要環境許可。巴西的一些州、巴拉圭和玻利維亞要求農業和畜牧業活動必須獲得許可證。

環境許可程序包括授權改變土地用途、用水許可證、農業、畜牧活動和畜牧活動許可證等。所有這些許可證都保證活動的進行符合環境法，並且其可能的影響正在得到緩解或補償。

巴西拉格羅正在爲部分業務獲得環境許可證。截至本年度報告之日，巴西利亞擁有並管理70個環境許可證，包括用水許可證、運營許可證、控制燃燒和植被清理許可證。

保護區

法律要求巴西的所有農村財產保持合法保留區。合法保護區是指每個農村財產中不允許砍伐森林的區域，這是可持續利用自然資源、保護和恢復生態過程、保護生物多樣性和庇護所以及保護本地動植物所必需的。這些區域是永久需要的，在某些情況下，會在房地產登記處記錄在案。

在巴西，必須將位於亞馬遜Legal內弗洛雷斯塔生物群的農業財產至少80%作爲法定儲備，亞馬遜Legal內薩凡納地區的農業財產保留35%作爲法定儲備，以及位於巴西其他地區其他形式原生植被中的農業財產保留20%作爲法定儲備。在巴拉圭，森林地區必須至少保留25%以上的所有農業財產作爲法定保護區，並且每100公頃農業或畜牧業至少保留100米的原生植被走廊。

巴西和巴拉圭的巴西利亞地產擁有合法保護區，部分合法保護區目前正在向相關政府機構記錄。此外，適用的環境法要求保護某些其他區域，例如永久保護區。

永久保護區是指公共領域和私人領域中財產權行使受到限制的空間。永久保護區包括任何水流的邊緣、源頭和天然水庫的周圍以及傾斜度超過45 °的土地。只有通過事先獲得國家主管環境機構的授權才能修改這些區域。

除了這些區域外，還有環境補償區和生態走廊，保障植被碎片的相互聯繫，確保當地生物多樣性的保護。保護區不得被壓制，只能在符合適用法規規定的技術和科學標準的可持續森林管理制度下使用。

截至2024年6月30日，68，810.44公頃（約佔巴西利亞房產總面積的32%）爲保護區。

農村環境登記冊(CAR)

在巴西，法律要求所有農村財產（第12.651/12號法律和第12.651/12號法令）。7.830/2012和8.235/2014）向農村環境登記冊（「CAR」）登記。這種電子登記集成了有關財產、森林砍伐控制、森林和其他形式原生植被的監測和治理以及農村財產的環境和經濟規劃的環境信息。CAR收集每個房產的有關永久保護區、合法保護區、森林和原生植被殘留物、限制使用區、合併區等情況的環境信息。

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該登記冊要求農村所有者規範其環境狀況。這是獲得信貸的要求，但是，不會對那些沒有在CAR註冊的人實施制裁。

巴西利亞擁有的所有房產均已在CAR註冊或正在註冊。

外國人在巴西擁有農業土地

2010年8月，時任巴西的總裁批准了聯邦總檢察長辦公室的意見AGU-LA-2010。AGU-LA-2010意見修訂了1998年的GQ-181號和1994年的GQ-22號意見，根據1988年的《巴西聯邦憲法》接受了第5,709/1971號法律第1條第1款和第74,965/1974號法令(其中規定了第5,709/1971號法律)第1款，並認爲總部設在巴西的外資擁有多數股權的公司，其所有者有權影響大會的決議，選舉公司的大多數董事，指導公司的商業活動和指導公司的公司治理機構的運作，就第5709/1971號法律而言，作爲外國公司。因此，根據第5709/1971號法律和第74,965/1974號法令的規定，巴西公司被視爲外國公司，在巴西收購農村財產受到限制。根據聯邦第8,629/1993號法律第23條，同樣的限制也適用於外國人租賃農村財產。

1974年11月26日第74,965號法令第9條規定，希望獲得收購農村財產授權的利害關係方必須向INCRA提出申請，說明：(1)他們是否擁有其他農村財產；(2)考慮到新的收購，其財產在連續或不連續地區的總面積是否不超過相當於50個無限期開發模塊(MEI)的面積；(3)如果面積超過20梅伊，則以提交開採項目的方式使用財產的目的。第74,965/1974號法令第12條規定，尋求批准該項目的相關方必須將其提交主管機構，即：(1)INCRA，用於殖民；(2)蘇丹姆和蘇德涅，用於各自管轄地區內的農業和畜牧業項目；(3)工業和商業部，用於工業和旅遊項目，分別通過工業發展理事會和巴西旅遊公司。該項目必須附有文件，其中除其他事項外，必須顯示：(1)要購置的財產所在的市的總面積；(2)按民族分組以外國人的名義在該市登記的農村地區的總和。此外，外國人或由外國人持有多數股本的巴西公司的農業區不得超過該市表面積的25%，其中40%不得屬於外國人或由同一國籍的外國人持有多數股本的巴西公司，這意味着屬於外國人或由同一國籍的外國人持有多數股本的巴西公司的農業區總面積不得超過相關市政府表面積的10%。

自AGU-LA-2010意見獲得批准以來，INCMA尚未批准外國人持有多數股本的巴西公司的收購或租賃。

2020年4月7日第13，986號法律修訂了第5，709/91號法律，並規定上述限制不適用於：（i）房地產抵押品或真實擔保的構成（包括房地產受託所有權的轉讓）;和（ii）因執行房地產抵押品或真實擔保而產生的債務的結算。這兩種例外都有利於多數股本由同一國籍的外國人或外國實體持有的巴西公司，這創造了某些商業機會。

根據適用法規，我們無法確定外國最終受益人持有我們股本的百分比。如果巴西相關當局得出結論認爲，就第5，709/71號法律而言，我們應被視爲外國公司，則我們可能會面臨涉及公司在AGU-LA- 2010意見批准後進行的收購和租賃的挑戰，以及第5號法律的可能適用，709/71可能會導致我們未來收購農村房產的嚴重延誤，並且我們無法獲得必要的批准。此外，違反現有限制進行的收購可能會被宣佈無效。

原民事訴訟（Ação Cível Originária）第2，463號和違反憲法規定訴訟（Ação de Desumprimento de Preceito基礎）第342號，均在巴西最高法院（STF）審理。第一項訴訟（原始民事訴訟第2，463號）涉及聖保羅州司法總監察局第461/2012-E號意見（聖保羅科雷吉多利亞--S總統），其中規定聖保羅州的公證員和房地產登記官員將免於遵守第5，709/71號法律和第74，965/74號法令施加的限制。與第一起訴訟相關的第二起訴訟（違反憲法第342號規定訴訟）於2015年4月16日由巴西農村協會（巴西萊拉鄉村社會）質疑第5，709/71號法律第1條第1款的適用性，以及聯邦總檢察長辦公室（AGU）2010年發表的意見的適用性。

巴西最高法院（STF）於2021年2月開始審理，特別報告員Justice投票表示，必須維持對被認爲由外國實體控制的公司的限制。第二位法官要求暫停訴訟程序以審查檔案，從而中斷了審判，審判直到2021年6月才恢復，當時法官提出了與特別報告員不同的投票，證實了限制的不適用性。截至本年度報告之日，最終判決仍在等待中，Brasilagro無法提供對最高法院發佈最終判決的時間表的估計。根據這些未決訴訟的最終決定，巴西拉格羅可能需要修改其業務戰略和預期實踐，以便能夠收購農業和農村財產。

監管和阿根廷政府監督

管理房地產收購和轉讓的法律和法規以及市政分區條例適用於我們物業的開發和運營。目前，阿根廷法律沒有具體規範購物中心租賃。由於我們的購物中心租賃通常與普通商業租賃不同，因此我們制定了合同條款來規範與購物中心租戶的商業關係。

租賃

阿根廷法律對業主施加了某些限制，包括所有目的的最低租期爲兩年，但特殊情況除外，例如大使館、領事館或國際組織場所、帶旅遊傢俱的房間少於三個月、貨物的保管和託寄、展覽或提供商品在集市上或由於情況，租賃協議的主題是實現協議中規定的目的，並且需要更短的期限。第70/2023號法令規定，租戶可以隨時單方面終止合同，無需事先通知或最短期限，只需支付剩餘租金餘額的10%，具體來說，未付合同價值的10%，從通知之日起計算至合同終止之日。

第70/2023號法令須經國會批准，並可能面臨有關其合憲性的法律挑戰。儘管第70/2023號法令已於2023年12月29日生效，但仍在接受國會和司法審查。該法令只有被衆議院拒絕時才會失效。

其他

我們的大多數租約規定，租戶按照各自可出租面積的比例支付與物業相關的所有成本和稅款。儘管如此，根據阿根廷民商法第1209條的最新修正案，承租人不負責支付對財產徵收的費用和繳款或非常共同費用。如果此類成本和稅額大幅增加，阿根廷政府可能會通過監管這一做法來回應要求其干預的政治壓力，從而對我們的租金收入產生不利影響。考慮到第70/2023號法令廢除了阿根廷民商法第1209條，我們可以自由地與租戶就與物業相關的費用和稅收按相應租賃面積的比例支付的方法達成一致，而不受法律限制。雖然《阿根廷民商事訴訟法》允許房東在不支付租金的情況下通過執行程序收取租金，但有大量判例認爲，購物中心租賃協議不符合現行法律的要求，不能通過執行程序收取租金。在那些批准執行程序的情況下，債務人可用來防止喪失抵押品贖回權的抗辯較少，使這些程序比普通程序短得多。在執行程序中，不討論債務的來源；審判的重點是債務文書本身的手續。《法典》還允許以與普通程序相同的方式進行特別驅逐程序。阿根廷《民商法》要求向承租人發出通知，要求在驅逐前發生違約時支付到期金額，對住宅用途的租賃不少於十天，並規定對其他目的的租賃沒有限制或最低限度的通知。然而，從歷史上看，大量的法庭案卷和許多程序障礙導致驅逐程序的嚴重拖延，通常從提起訴訟之日到實際驅逐之時持續六個月至兩年。

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土地的開發和利用

布宜諾斯艾利斯城市法典。我們的房地產活動受多項市政分區、建築、佔用和環境法規的約束。絕大多數房地產所在的布宜諾斯艾利斯市有以下規定：

布宜諾斯艾利斯城市規劃法

布宜諾斯艾利斯城市守則（布宜諾斯艾利斯城城市海岸）通常限制房產的密度和使用，並規範房產改造的物理特徵，例如高度、設計、後退和懸垂，符合城市的城市規劃政策。負責《城市法典》的行政機構是布宜諾斯艾利斯市城市規劃部長（烏爾班諾飛機秘書）負責實施和執行《布宜諾斯艾利斯城市法典》。

布宜諾斯艾利斯建築規範。

布宜諾斯艾利斯建築規範（布宜諾斯艾利斯城的卡迪戈教育）補充了《布宜諾斯艾利斯城市規劃法》，並規範了布宜諾斯艾利斯市房地產的結構性使用和開發。《布宜諾斯艾利斯建築規範》要求建築商和開發商提交建築許可證申請，包括向工作和公共服務部長提交（普布利科斯歌劇和服務秘書）建築計劃以供審查，以確保符合要求。

銷售和所有權

建築法。《建築物法》第19，724號（Ley de Pre horizontalidad）已被2015年8月1日生效的新《阿根廷民商事法典》廢除。新法規規定，爲了執行有關建築單元或根據該建築物制度建造的單元的協議，業主必須爲潛在買家購買保險，以防止因任何原因而導致運營受挫的風險。違反這一義務將阻止所有者對買方行使任何權利，例如要求支付任何未付的到期分期付款-除非他/她完全履行其義務，但並不阻止買方對賣方行使其權利。

殘疾人保護法。1981年3月20日頒佈的第22，431號《殘疾人保護法》修訂後規定，在建築物的建造和翻新方面，必須消除通行障礙，以便殘疾人能夠通行。在建設公共建築時，必須爲行動不便的個人提供入口、交通通道和足夠的設施。

在《殘疾人保護法》實施之前建造的建築物必須進行改造，以便爲行動不便的個人提供通道、交通通道和足夠的設施。

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那些因建築設計而可能不適合行動不便的個人使用的現有建築物可免於滿足這些要求。

《殘疾人保障法》規定，住宅建築必須確保行動不便的個人使用電梯和過道。建築要求指的是小路、樓梯、坡道和停車場。

房地產分期付款銷售法。經第23，266號法律和第2015/85號法令修訂的《房地產分期付款銷售法》第14，005號，對細分房地產銷售合同提出了一系列要求，例如，分期支付的銷售價格和契約（在最終支付該價格之前不會轉讓）。該法的規定除其他外要求：

向與房產管轄區對應的房地產登記處登記出售細分地塊房產的意向。僅可就未受擔保財產進行登記。抵押財產只有在債權人同意按照細分地塊分割債務的情況下才能登記。然而，債權人可能會在司法上被迫同意分拆。

協議簽署後30天內向房地產登記處初步登記購買文書。

一旦財產登記，分期銷售不得以不符合《房地產分期銷售法》的方式進行，除非賣方向房地產登記處登記停止分期銷售的決定。如果買方與賣方的第三方債權人之間發生所有權糾紛，已向房地產登記處正式登記購買文書的分期付款買方將獲得該地塊的契約。此外，買家可以在支付至少25%的購買價格後要求所有權轉讓，儘管賣家可以要求抵押貸款以確保支付購買價格的餘額。

在支付購房款的25%或對房產進行至少相當於房產價值50%的裝修後，《房地產分期付款銷售法》禁止因購房者未能支付購房款餘額而解除銷售合同。然而，在這種情況下，賣方可以根據財產的任何抵押採取行動。

其他條例

消費者關係。消費者或最終用戶保護。阿根廷憲法第42條明確規定，商品和服務的消費者和使用者有權在消費者關係中獲得健康、安全和經濟利益的保護。修訂後的《消費者保護法》第24，240號規定了有關在消費者關係、合同安排和執行中保護消費者和最終用戶的幾個問題。

《消費者保護法》以及《阿根廷民商事法典》的適用部分旨在規範憲法賦予消費者關係中最弱一方的憲法權利，並防止在大衆市場經濟中因商品和服務供應商更強的討價還價地位而產生的潛在濫用行爲。標準形式合同普遍存在。

因此，《消費者保護法》和《阿根廷民商事法典》認爲與消費者或最終用戶簽訂的消費者合同中包含的某些合同條款無效且不可執行，包括：

	(1)	剝奪義務的性質或限制損害賠償責任;

	(2)	暗示消費者權利的放棄或限制以及賣家權利的延伸;以及

	(3)	將舉證責任轉嫁給消費者。

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此外，《消費者保護法》還規定了從警告到罰款100至5，000，000里亞爾不等的處罰、沒收商品、關閉企業最多30天、暫停國家供應商登記最多5年、沒收特許權、特權、稅收制度或受制裁方有權獲得的特殊抵免。這些處罰可以單獨或聯合實施。

《消費者保護法》和《阿根廷民商事法典》將消費者或最終用戶定義爲免費或以一定價格獲取或使用商品或服務以供自己或其家人或社會團體最終使用或利益的個人或法律實體。此外，這兩項法律都規定，儘管不是消費者關係的當事人，但出於對價或不對價而獲取或使用商品或服務，以供自己或其家庭或社會團體的最終使用，有權以與從事消費者關係的人類似的方式獲得此類保護權利。

此外，《消費者保護法》將商品和服務的供應商定義爲以專業方式生產、進口、分銷或商業化商品或向消費者或用戶提供服務的個人或法律實體，無論是公共還是私人。

《阿根廷民商事法典》將消費者協議定義爲消費者或最終用戶與專業或偶爾與製造商品或提供服務的私營或上市公司合作的個人或法律實體之間簽訂的協議，目的是購買、使用或享受消費者或用戶用於私人、家庭或社會用途的商品或服務。

法律爲消費者和最終用戶提供的保護涵蓋整個消費者關係過程（從提供產品或服務開始），並且不僅僅基於合同，包括其後果。

此外，《消費者權益保護法》還建立了共同責任制度，對於因物品或服務提供固有的缺陷或風險而對消費者造成的任何損害，生產者、製造商、進口商、分銷商、供應商、銷售者以及在物品或服務上使用其商標的任何人都應承擔責任。

《消費者保護法》不包括需要大學學位並在官方認可的專業組織或政府當局註冊的專業人士提供的服務。然而，該法對宣傳此類專業人員服務的廣告進行了規範。

《消費者保護法》規定，針對未確定的潛在消費者的要約中包含的信息在要約發生期間和公開撤銷之前對要約人具有約束力。此外，它確定廣告、公告、招股說明書、通知或其他媒體中包含的規範對要約人具有約束力，並被視爲消費者簽訂的合同的一部分。

根據向阿根廷經濟部彙報的技術協調秘書處發佈的第104/05號決議，南方共同市場發佈的第21/2004號決議通過了《消費者保護法》，該決議要求通過互聯網進行商務（電子商務）的人應以準確、明確的方式披露所提供的產品和/或服務的特徵以及銷售條款。不遵守要約條款將被視爲不合理的拒絕銷售並引發制裁。

2014年9月17日，阿根廷國會頒佈了一項新的消費者保護法--第26,993號法律。這部被稱爲「消費者關係衝突解決制度」的法律爲這一法律領域規定了新的行政和司法程序。它創建了一個由兩個實例組成的管理系統：(I)消費者關係初步調解服務(Previa de Conciliación Previa en las Relacones de Souo，(2)消費者關係審計，以及負責解決商品和服務消費者與生產者之間衝突的若干法院(國家司法委員會)。爲了提出索賠，索賠金額不應超過相當於55個可調整最低生活工資的固定數額，這是由阿根廷國家就業、生產力、最低生活和流動工資委員會勞動、就業和社會保障部長確定的。索賠要求向行政機關提出。當事人之間沒有達成協議的，請求人可以向法院提起訴訟。被稱爲COPREC的行政系統目前正在全面生效。然而，法院系統(國家司法機構)被轉移到布宜諾斯艾利斯市的範圍內。建立對布宜諾斯艾利斯市有爭議的行政、稅務和消費者關係的管轄權，頒佈第6407號法律，其中制定了現行有效的新的布宜諾斯艾利斯市消費者關係司法程序法典，將管轄權歸於布宜諾斯艾利斯市發生的所有消費者糾紛，而不考慮省範圍和布宜諾斯艾利斯市現有的行政索賠的不同實例的全部效力和效果，在與這一事項有關的潛在索賠也可以提出的情況下也可以提起訴訟。

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反壟斷法

第27,442號法律及其行政法規的目的是防止和懲罰反競爭行爲，因此，它要求對根據《反壟斷法》構成經濟集中的交易進行行政授權。根據該法，併購、商譽轉讓、收購財產或對股份、資本或其他可轉換證券的權利，或收購人控制公司或對公司產生重大影響的類似業務，被視爲經濟集中。反壟斷法規定，只要經濟集中涉及一家或多家公司，且受影響公司集團(包括收購集團、目標公司和受收購的受控公司、集團或資產，但不包括出售集團公司的業務量)的總業務量在阿根廷超過10000萬移動單位，根據2024年1月24日在官方公報上公佈的經濟部貿易秘書第48/2024號決議，該單位相當於ARS 5060萬的總和(因爲每個移動設備的調整價值是根據此類決議按ARS 506.19確定的)。然後，必須將各自的濃度提交國家預防控制中心進行分析和授權。「營業總額」是指受影響的公司在上一財政年度銷售產品、提供服務和直接獲得與其正常活動相對應的補貼的金額，扣除銷售折扣以及與營業額直接相關的增值稅和其他稅項。

授權請求可以在交易之前或交易完成後一週內提交。然而，在新的CNDC（尚未成立）成立一週年時，只能提前提交請求授權的文件。

提交批准請求時，CNDC可以（i）授權交易，（ii）將交易置於滿足某些條件的情況下，或（iii）拒絕授權。

《反壟斷法》規定了通知義務的例外情況，包括交易金額和在阿根廷吸收、收購、轉讓或控制的資產價值的經濟集中度在每種情況下不超過2000萬移動單位，根據經濟部貿易部長的決議，目前代表ARS 1012379.9999999999萬，此類交易豁免行政授權。儘管有上述規定，當相關公司在過去12個月期間進行的交易超過2000萬移動單位時（截至本文之日，1，105，000，800里亞爾）或過去36個月內6000萬移動單位，根據上述決議，目前相當於3037140萬里亞爾的總和，這些操作必須通知CNDC。

由於我們的合併年銷量和母公司的合併年銷量超過50，619，000里亞爾，如果我們作爲收購方發生集中，我們應向CNDC發出《反壟斷法》規定的任何集中通知，前提是不發生《反壟斷法》第11條通知義務的例外情況。

洗錢

有關洗錢的更多信息，請參閱「第10項。其他信息-D。外匯管制-洗錢。」

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環境法

我們的活動受多項國家、省和市環境規定的約束。

1994年修訂的阿根廷憲法第41條規定，所有阿根廷居民都有權享有適合人類發展的健康、平衡的環境，並有責任保護環境。環境損害首先應產生適用法律規定的恢復環境的義務。當局應控制這項權利的保護、自然資源的合理利用、自然和文化遺產以及生物多樣性的保護，並應提供環境信息和教育。阿根廷政府有權制定環境保護的最低標準，而阿根廷省和市政府有權制定具體標準和監管條款。

2002年11月6日，阿根廷國會通過了第25，675號法律，規定了實現可持續環境以及保存和保護生物多樣性的最低標準，並確定了環境政策目標。

第25，675號法律規定了須遵守環境影響評估程序的活動以及適用於其的某些要求。此外，該法還規定了環境損害引發的責任和義務，主要規定將環境恢復到原來的狀況，或者如果技術上不可行，則支付賠償金。該法律還促進環境教育，並規定自然實體和法律實體必須履行的某些最低報告義務。

2004年8月4日，阿根廷國會通過了第25，916號法律，制定了住宅、商業和工業廢物綜合管理的最低環境保護準則。該法將綜合管理視爲一系列相互依存和補充的活動，構成了家庭廢物（包括住宅、城市、商業和/或工業廢物等）管理的行動過程，以保護環境和人口的生活質量。該法規定，家庭垃圾的綜合管理包括以下階段：產生、初步處置、收集、轉移、運輸、處理和最終處置。主管當局由當地司法管轄區確定。

此外，CNV規則要求有義務向CNV報告嚴重阻礙或可能阻礙我們活動執行的任何性質的事件和偶然行爲，包括對環境產生或可能產生重大影響的任何事件，並詳細說明其後果。

《阿根廷民商事法典》承認集體權利，包括健康和平衡環境的權利。因此，阿根廷《民商事法典》明確規定，如果濫用個人權利的行使可能對環境和具有總體集體影響的權利產生不利影響，則法律不保護這種行使。

保險

我們爲我們的購物中心和其他建築投保一切險，包括火災、恐怖主義行爲、爆炸、煤氣泄漏、冰雹、風暴、地震、破壞、盜竊和商業中斷造成的財產損失。我們也有民事責任保險，承保因我們在整個阿根廷領土上的業務發展而對第三方或貨物造成的所有潛在損害。我們遵守與強制性保險有關的所有法律要求，包括《職業風險法》規定的法定保險範圍、集體談判協議要求的人壽保險以及法律和法令要求的其他保險。我們的物質損害歷史僅限於2006年3月因Alto Avellaneda購物中心火災而提出的一次索賠，其中損失已從我們的保險公司獲得實質性賠償。這些保單具有我們認爲足以應對我們在日常運營中暴露的風險的所有規格、限額和免賠額。我們還購買了民事責任保險，以承保董事和高級管理人員的責任。

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可持續性

可持續發展是我們組織的核心支柱。我們的政策基於聯合國可持續發展目標，我們在內部的團隊中和外部通過我們的價值鏈朝着這個方向努力，作爲社會和環境變革的推動者運營。我們尋求通過負責任地利用自然資源和最現代、最可持續的技術，在我們的領域應用最佳農業實踐，其使命是爲不斷增長的世界人口生產優質食品。

我們開展的農業活動使我們能夠與全國各地的社區互動，因爲我們擁有從薩爾塔到聖克魯斯的田地。我們每天都與大自然和每個地區給我們帶來的社會挑戰共存。我們傾聽社區的聲音，併爲每個人做出個人回應，以陪伴他們的發展。

我們與阿根廷各地的學校、社區中心和非政府組織合作。在位於薩爾塔、聖達菲和查科的八所農村學校中，我們重點實施以教育、健康和環境保護爲支柱的社會責任計劃，同時我們還對建築進行了改進。在我們位於阿根廷北部的「洛斯波佐斯」學校，擁有六所鄉村學校，許多學生已經通過衛星互聯網遠程就讀和高中畢業，我們計劃通過與民間組織合作提高教育水平。

我們推動該地區經濟活動的轉型，同時提供社會、醫療和教育服務以及住房和更好的基礎設施（包括通信技術）。我們的發展觀超越了業務盈利能力，並增加了與最廣泛意義上的生活質量相關的方面。該公司以自己的角色做出貢獻，但也旨在成爲創新、社會凝聚力和構建可能性的參與者。

環境管理

環境管理是CRESUD承擔的一項承諾，通過其環境政策宣佈，並體現在日常管理中。

	·	我們致力於保護環境。

	·	我們在利用最佳實踐開展活動方面進行創新。

	·	我們努力實現資源的有效利用和產量增長之間的平衡。

	·	我們關心與我們的員工和我們選擇工作的社區的關係，我們是其中的一部分。

	·	我們有長期規劃，尋求以可持續的方式發展，以便子孫後代也能享受我們的環境。

	·	我們致力於持續改進並遵守當前的立法和法規，包括我們自願訂閱的立法和法規。

	·	我們是文化變革過程的一部分，我們分享並擴展到與我們互動的人們。

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我們意識到我們開發的活動造成的影響，並努力預防和減輕它們。負責任地管理自然和人力資源以及保護環境是我們日常任務的一部分：

	·	我們遵守市、省和國家層面的適用和現行法規。

	·	我們評估運營的環境方面和影響，並採取預防和控制措施來減少和緩解它們：我們在跨學科團隊中合作解決影響和預防和控制措施。

	·	我們合理有效地利用自然資源，在我們的田地、家庭和辦公室中應用最佳實踐。

	·	我們通過減少、再利用和回收來促進差異化廢物管理

	·	我們領域的大門向社區、監管機構、客戶、供應商、員工和其他感興趣方敞開，分享我們的工作模式、技術創新和取得的成果。

環保認證

2BSvs計劃（生物質生物燃料可持續發展自願計劃）：

2BSvs認證是法國的一項計劃，適用於歐盟，旨在實現生物質的可持續生產。它與生產商相關，生產商爲生物燃料的使用制定了可持續性標準。原材料必須來自自2008年1月1日以來一直是農業的土地。歐洲生產的大豆和分銷的生物柴油之間必須有文件可追溯性。生物燃料必須證明與化石燃料相比，溫室氣體排放量可節省35%，以及與良好的農業、環境、社會和勞動實踐相關的其他方面。

在2023/2024年活動期間，我們根據該標準認證了7，600噸大豆。

RTRS（負責任大豆圓桌會議）：

RTRS標準在農業領域享有盛譽，受到國際市場的高度重視，認可了公司對遵守法律和良好商業實踐、提供良好的工作條件、尊重當地社區並與當地社區建立關係、愛護環境和良好農業實踐下的生產的承諾。

該標準保證大豆生產的零森林砍伐和零轉化，並以2009年爲原生森林的截止日期。負責任大豆生產RTRS認證有效期爲五年，並涉及強制性的年度跟蹤審計。

CRESUD於2023年在拉潘帕省El Tigre工廠開始對大豆地進行該標準認證，我們在那裏對4，157公頃大豆進行了認證。在2023/2024賽季，我們又增加了位於聖路易斯省的另一家機構「La Gramilla」，大豆和玉米認證面積總計達7，400公頃。

Triple S（可持續來源和供應）：

Triple S是由嘉吉和Aapresid提供的認證計劃，通過Aapresid認證實施，向海外客戶保證產品符合以下標準：

	1.	它們是用2008年1月之前生產的田地中種植的生物質生產的，遵守森林砍伐法規;

	2.	在整個價值鏈（包括生產、運輸和加工）中，溫室氣體減排與歐盟要求的減排量一致;以及

	3.	生物質生產商對農村工人及其工作條件做出承諾。

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在2023/2024賽季，我們根據該計劃銷售了4，600噸。

ProTerra計劃：

ProTerra標準基於2004年發佈的巴塞爾負責任大豆生產標準。它有四個基本目標：

	1.	推廣良好的農業實踐。

	2.	保證飼料和食品非轉基因成分的供應，可持續生產且具有完全可追溯性。

	3.	保護環境

	4.	鼓勵農村工人和社區受到尊嚴和尊重。

ProTerra產品的包裝密封是一種直接向消費者和相關方傳達其對可持續發展和非轉基因使用的承諾的手段。ProTerra印章向消費者保證該產品是以可持續和可追溯的方式生產的，並符合非轉基因要求。

在2023/2024年活動期間，我們在阿根廷種植了31，204公頃的非轉基因作物。

RWS（負責任羊毛標準）：

RWS是一項全球自願標準，旨在解決綿羊的福利和土地管理實踐，提供關鍵的差異化和完全的羊毛可追溯性。國際農業組織（OIA）是一家領先的認證公司，負責審核供應鏈的每個階段，以確保滿足所有計劃要求。

產品可能含有100%認證的羊毛或混合物，範圍從5%到99%認證的羊毛。只有含有100%認證羊毛的產品才能貼有RWS標誌。優勢是保護動物福利、維護土地健康和供應鏈的可追溯性。

我們位於聖克魯斯省的8 de Julio農場於2022年4月獲得了RWS剪切良好實踐認證。

技術創新

我們知道，對新技術的投資不僅有助於提高生產效率，而且有助於發展可持續、高效的資源利用活動。正因爲如此：

	·	我們努力實施良好的農業實踐，例如作物輪換、直播、害蟲綜合治理。

	·	我們有效地利用投入，以確保最大的回報並將環境影響最小。使用定向施用農用化學品以及通過調整種子和肥料數量進行可變種植等工具。

	·	通過配備遠程傳感器的無人機飛行，我們監測農作物並獲取植被指數，以更好地進行農藝診斷。

	·	使用衛星圖像、土壤圖和降雨圖，我們定義土地利用能力，並根據其適合性開展活動，無論是畜牧業還是農業。每年都會進行土壤分析，以評估其狀況，以及是否需要根據種植的作物進行任何修正。我們正在與INTA合作定義一個指標，可以幫助我們監測土壤狀況及其演變。

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	·	我們每年都要增加「覆膜作物」的面積。其目的是改善土壤肥力和水質，控制雜草和病蟲害，增加農業生態生產系統的生物多樣性(Lu等，2000年)。減少化肥和植物衛生產品的使用，更合理、更有效地利用雨水或灌溉用水。

	·	我們還開展病蟲害和雜草的綜合防治工作，開展持續監測和應用。在雜草的情況下，通過「WeedSeeker」技術，該技術只在發現雜草的地方應用植物檢疫產品。通過這種方式，我們減少了保護土壤、水、植物和當地動物的不必要的化學產品的使用。

	·	種植面積的很大一部分是使用可變種植技術進行的，確定每一塊土地內每一環境的潛力，目的是提高投入的使用，並對其進行優化分配，無論是種子還是化肥。在某些情況下，還採用了「精準種植」系統，以進一步提高種植質量。

	·	我們在所有任務中都進行質量控制，播種、收穫、噴灑、施肥等。此外，我們在工作前和工作期間對每臺機器進行檢查，以確保我們所有工作的最佳質量。

	·	在灌溉中，土壤溼度、預報和衛星圖像受到長期監測，以儘可能少地使用水。我們有地下滴灌，可以提高系統的效率，避免因蒸散而造成的資源損失。還對地下水進行監測，以確保沒有農用化學品殘留。

	·	所有農場都有氣象站，用於天氣監測和做出生產性決策的可能性。

	·	對自然資源的監測是通過測量能源消耗、水、動植物、生產性土壤和儲備土壤的質量來進行的。

IRSA基金會

IRSA基金會成立於1996年，旨在制定促進個人整體發展的項目和支持舉措，特別關注教育、人類福祉和社會包容性。我們支持民間社會組織，因爲我們相信網絡的力量，可以增強個性並促進可持續的關係。

IRSA基金會的工作圍繞四個行動領域組織，爲建立社區意識制定創新路徑。這些支柱是：

	·	教育：基金會促進培訓、文化學習和教育研究，以促進個人發展，支持在正規和非正規教育中提供新機會的項目。我們與其他社會組織一道，致力於承認身份的價值和尊重多樣性。自成立以來，我們一直資助「教育觀察站」，它根據證據和社會合作生成阿根廷教育的統計數據。

	·	人類福祉：了解人類福祉是包括個人身體、心理和社會需求的一個不可分割的方面，IRSA基金會側重於研究和援助，以幫助減少不平等現象，特別是在衛生部門。自2014年以來，我們投資於改善醫院設備，並向全國各地的醫院和健康中心提供最先進的設備和醫療用品。此外，通過Nutrir計劃，我們繼續支持購買肉類、蔬菜、水果和乳製品，以滿足社區廚房的食物需求，旨在使該計劃在服務不足的地區具有聯邦影響力，並確保獲得健康食品。

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	·	插入/包含：IRSA基金會特別關注兩個關鍵問題：就業能力和暴力。在就業能力方面，我們繼續支持公民對角協會的工作，該協會制定了各種計劃，爲45歲以上的人提供培訓、支持和對話空間，在具有挑戰性的背景下加強他們的就業機會。此外，基金會擴大了其承諾，成爲+45觀察站第一階段的唯一資助者，該觀察站旨在收集關於這一年齡段的就業和失業及其對個人影響的定性信息。關於暴力，基金會致力於研究和生成證據，以改進這一領域的公共政策。自2021年以來，我們一直是創建第一個解決虐待兒童問題早期做法觀察站的主要投資者。今年，我們加強了民間實體「Red Por la Infancia」，該實體爲私營部門編寫了幾份報告和指南，包括對供應鏈中沒有童工和販運的產品和服務的認證，以及關於在教育、娛樂和社區環境中預防和解決暴力侵害兒童和青少年情況的指南。它還爲提高認識和發現旅遊部門的販運和性剝削編寫了一份指南。

	·	強化：基金會通過合作和夥伴關係支持非營利組織的機構能力。我們陪伴全國各地的社會組織，讓他們能夠完成使命，成長和發展。此外，我們繼續執行內部計劃MultipliDAR，該計劃爲IRSA集團的所有員工提供機會，使他們對民間社會組織的個人和團體捐款成倍增加，捐款金額增加一倍或兩倍。

2024財年，IRSA基金會與80個民間社會組織合作，直接社會投資達471，302，599里亞爾。

在2025財年，基金會致力於強化其使命，重點傾聽社會需求，以最大限度地發揮其項目的影響力。它將通過投資加強幾個觀察站，包括暴力侵害兒童和青少年觀察站以及針對45歲以上成年人的就業能力觀察站，來重申其對研究的承諾。它的目標是成爲優質數據的生成者和優秀知識的保證者。

在教育領域，它將繼續投資教育觀察站以生成統計數據，並將加入與其他致力於改善我國教育的公司和基金會的集體工作。IRSA基金會將加入基金會和公司識字和中學教育倡導小組的主要治理機構，並將連續第十年爲60多名三級學生提供完成學業並進入醫療保健就業市場的機會，從而加強護理教育。

此外，它將繼續促進Nutrir計劃，留下裝機容量，使組織能夠履行對最需要幫助的人的團結承諾。它還將與聯邦一級的其他社區廚房以及專門從事該國新鮮食品回收的組織建立新的聯繫。

最後，它將堅持制定解決多樣性問題的舉措，重點是加強該國年輕人和成年人的就業安置和就業能力。

「Puerta 18」基金會

「Puerta 18」基金會是爲13至24歲年輕人提供藝術和技術創作的免費空間。通過非正規教育方法，鼓勵年輕人通過技術提供的多種資源發展技能、職業和才華。

成立16年來，已有5，000多名年輕人接受了免費培訓，如今已有290多人在該機構培訓相關領域找到了工作。兩年前，該基金會爲了追求「共同利益」目標，獲得了IGJ（司法總監察局）的認可，因此根據第81 c條，收到的捐款可以免稅，鼓勵更多公司加入並擴大影響。

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該基金會的方法是將年輕人置於提案的中心，圍繞他們的興趣和需求，由教育工作者充當促進者，利用技術作爲工具。我們合作的一些學科包括：平面設計、攝影、用戶體驗、編程、綜合視頻製作、3D建模和動畫、視頻遊戲、機器人技術等。

目前，該基金會平均每天爲80多名年輕人提供活動，其中包括13-18歲年齡段和18歲以上的年輕人，所有活動都集中在塞拉亞街總部。此外，他們與#Digmar和#Thommarte一起向60名年輕人頒發了獎學金，讓他們在其他機構繼續學習，擴大了他們的社會資本，加深了他們的知識，並顯着改善了他們的就業前景。

「Niños博物館」基金會

博物館de los Niños Abasto是一座互動博物館，旨在重現城市空間並增強其中兒童的活動。在這裏，兒童和成人通過玩社區中進行的日常活動來享受樂趣和學習。

該博物館提供了一個豐富的替代會議空間，將遊戲、運動、感知、理解和表達融爲一體，從變革性的角度鼓勵好奇心、學習興趣和想象力。

根據《兒童權利宣言》，它的目的是促進每個兒童發展自己的潛力：「邊做邊學」和「邊玩邊玩」。

該博物館致力於爲12歲以下的兒童、他們的家人、教育工作者，並通過他們爲社區服務。對於3歲以下的最小孩子，它有兩個專門爲刺激他們的活動而建造的軟室。此外，它還擁有一個展覽廳和一個禮堂，舉辦演出、電影放映、會議、圖書展示和各種活動。

此外，它還擁有一個展覽廳和一個禮堂，舉辦展覽、培訓課程、會議、圖書展示和各種活動。

按照慣例，該基金會繼續執行支持其自身或第三方項目的政策，並繼續推動與通訊、科學、文化、教育和人道主義援助相關的項目。

通過預定的活動，我們的目標是爲孩子們提供一系列學習體驗，通過遊戲、想象力和參與，促進團結和對整個社會的承諾。

考慮到這些點，我們接待了大約1，000，000名訪客，通過贊助提供支持的公司數量也有所增加。

與每年一樣，一年一度的寒假活動、不同公司和機構慶祝的家庭日以及預售門票的收入來源被證明是基金會的基本和定期經濟支持。

學校參觀和生日慶祝活動也有所增加。

124

Niños博物館已宣佈：

	·	阿根廷教育部根據第123號決議的教育興趣;

	·	阿根廷總統文化和傳播秘書處根據第1895號決議進行的文化興趣;

	·	GCBA文化秘書處的文化興趣;

	·	阿根廷總統府旅遊秘書處根據第281號決議進行的旅遊興趣;以及

	·	由GCBA教育秘書處根據第537號決議主辦。

C.組織結構

附屬公司及聯營公司

下表包括截至2024年6月30日我們的直接子公司和關聯公司的描述：

公司	有效所有權和投票權百分比(%)	物業/活動
聯屬

Agro-Uranga SA	34.86	農業-烏蘭加公司是一家農業公司，在聖達菲和科爾多巴州擁有兩塊農田(拉斯普拉亞斯和聖尼古拉S)，佔地8,299公頃。

烏蘭加貿易公司	34.86	Uranga Trading S.A.致力於促進和優化管理當地和國際上最高質量的穀物貿易。
附屬公司

巴西農業公司巴西農業公司	35.22 ⁽¹⁾⁽³⁾	巴西農業公司主要涉及四個領域：甘蔗、農作物和棉花、林業活動和畜牧業。

公司名稱：Futuros y Opciones.	51.21	一個領先的農業網站，通過互聯網提供有關市場的信息和經濟和金融諮詢服務。該公司已開始通過發展物資直銷、農作物經紀服務和養牛業務，擴大向農業部門提供的商業服務範圍。
Amauta Ago S.A.(前身爲FyO Trading S.A.)	98.57 ⁽²⁾	S的宗旨是以自己的名義、代表第三方或與第三方有關聯地從事與農產品和原材料生產、農產品進出口以及國內和國際農產品和原材料採購和銷售相關的活動。
FyO Acopio S.A.(前身爲Granos Oramarria S.A.)	98.57 ⁽²⁾	FyO Acopio S.A.主要從事穀物倉儲和穀物經紀業務。

Helmir S.A.	100	Helmir S.A.通過購買和出售債券、股票、債券和任何種類的證券和商業票據，參與在烏拉圭或國外組織的實體的投資，以及管理和管理其擁有的由其控制的公司的股本。
IRSA Inversiones y Representaciones Sociedad Anónima	55.40 ⁽¹⁾⁽³⁾	它是一家致力於房地產開發和管理的阿根廷領先公司。

(1)	不包括庫存股票的影響。
(2)	包括Futuros y Opciones.Com SA '的興趣。
(3)	包括赫爾米爾的興趣。

125

D.財產、廠房和設備

農業財產概覽

截至2024年6月30日，我們連同子公司擁有27處農田，總面積爲599，744公頃。

下表列出了我們物業的規模（以公頃爲單位）、主要當前用途和賬簿價值。農田距離布宜諾斯艾利斯越近，農田的市場價值通常越高：

設施

省

國家

毛尺寸

(in公頃）

收購日期

當前主要用途

淨資產（百萬澳元）（1）

El Recreo

卡塔馬卡

阿根廷

12,395

95年5月

天然林

420

洛斯波佐斯 ⁽⁴⁾

薩爾塔

阿根廷

235,377

95年5月

牛/農業/天然林地

45,676

3,4

聖尼古拉斯/拉斯普拉亞斯 ⁽²⁾

聖達菲/科爾多瓦

阿根廷

2,893

97年5月

農業/乳製品

5,055

拉格拉米拉/聖巴巴拉

聖路易斯

阿根廷

7,072

97年11月

農業灌溉

10,894

拉蘇伊薩

查科

阿根廷

26,371

98年6月

農業/牛

12,093

猛虎組織

拉潘帕

阿根廷

7,860

03年4月

農業/乳製品

11,418

聖佩德羅

恩特雷里奧斯

阿根廷

3,584

05年9月

農業

9,229

8 De Julio/ Estancia Carmen

聖克魯斯

阿根廷

100,911

07年5月/08年9月

羊

3,095

仙人掌管理

聖路易斯

阿根廷

171

97年12月

天然林

329

Los Sauces

拉潘帕

阿根廷

1,250

6月23日

農業

4,472

12,13,14

拉斯隆德拉斯/聖拉斐爾/拉普里馬維拉 ⁽³⁾

聖克魯斯

玻利維亞

10,020

11月8日/6月11日

農業

23,864

芬卡·門多薩

門多薩

阿根廷

674

3月11日

天然林

門多薩體育館

門多薩

阿根廷

03年11月

天然林

1,710

馬蘭加圖/烏德拉 ⁽³⁾

埃斯蒂加里比亞元帥

巴拉圭

58,722

09年2月

農業/天然林地

48,189

18/27

布拉西拉格羅 ⁽³⁾

巴西

132,435

農業/林業/牛

204,765

599,744

381,209

(1)	購置成本加上生產所需的改進和傢俱，減去折舊。
(2)	與我們在Agro-Uranga S.A. 34.86%權益的比例成比例
(3)	請參閱「巴西利亞房產概覽」部分。
(4)	2024年9月30日，該公司通知已出售「Los Pozos」農場3，630公頃具有生產潛力的土地儲備。請參閱「最近的發展- Cresud的最近的發展-農田部分出售-洛斯波佐斯」。

126

BrasilAgro房產概覽

截至2024年6月30日，我們與子公司共同擁有14處農田，總面積達201，177公頃，與該地區平均水平相比，收購價格非常便利，所有這些農田都具有巨大的增值潛力。

		總面積		賬面淨值
屬性	地方	(HA)	使用		(ARS百萬）	(USD百萬）
賈託巴農田	賈博蘭迪/BA	8,868	農業		29,648	33
阿爾託塔誇裏農場	阿爾託塔誇裏/蒙大拿州	1,380	農業		3,277	4
查帕拉爾農田	科倫蒂娜/BA	24,885	農業		25,768	28
新布里蒂農田	Januária/MG	24,212	林業		4,218	5
阿根廷農田	巴雷拉斯/BA	17,799	牛		6,370	7
聖何塞農場	馬拉尼昂/MA	17,566	農業		20,947	23
馬蘭加圖/烏德拉農田	巴拉圭博克龍	58,722	農業		48,189	53
阿羅賈迪尼奧農場	巴雷拉斯/BA	16,642	農業		27,193	30
里奧多梅約農場	科倫蒂娜/BA	5,750	農業		28,230	31
塞拉格蘭德農場	皮奧伊/BA	4,489	農業		7,518	8
拉斯隆德拉斯/聖拉斐爾/拉普里馬維拉	玻利維亞	10,020	農業		23,864	26
帕南比農場	馬託格羅索/BA	10,844	農業		51,596	57
		201,177			276,818	304

城市地產及投資業務概覽

在正常業務過程中，該公司根據經營租賃安排租賃物業或空間用於行政或商業用途。該協議包括多個條款，包括但不限於固定、可變或可調整付款。

127

下表列出了截至2024年6月30日有關我們用於城市地產和投資業務的物業的某些信息：

屬性⁽⁶⁾	收購日期	租賃/銷售m2 /房間（1）	位置	淨資產（以百萬澳元計） ⁽²⁾	使用	入住率（%）
班波士頓大廈 ⁽¹³⁾	8月-07	-	布宜諾斯艾利斯市	1,967	辦公室租金	不適用：
布沙爾551	07年3月	-	布宜諾斯艾利斯市	5,165	辦公室租金	不適用：
洲際廣場大廈	97年11月	2,979	布宜諾斯艾利斯市	13,422	辦公室租金	100.0
點建築	11月-06	11,242	布宜諾斯艾利斯市	52,613	辦公室租金	79.4
澤塔大廈	6月19日	32,173	布宜諾斯艾利斯市	159,256	辦公室租金	100.0
菲利普斯大廈	俊17	8,017	布宜諾斯艾利斯市	33,147	辦公室租金	50.6
其他屬性⁽⁵⁾	N/A	N/A	美國布宜諾斯艾利斯/底特律城市和省	31,718	其他租金	不適用：
Abasto購物	99年11月	37,166	阿根廷布宜諾斯艾利斯市	90,036	購物中心	99.5
阿爾託巴勒莫購物	97年12月	20,733	阿根廷布宜諾斯艾利斯市	108,434	購物中心	99.4
阿爾託·阿維拉內達	97年12月	39,784	阿根廷布宜諾斯艾利斯省	70,175	購物中心	93.7
阿爾科塔購物⁽¹⁶⁾	97年6月	15,859	阿根廷布宜諾斯艾利斯市	68,761	購物中心	99.9
院子布利裏奇	98年10月	11,395	阿根廷布宜諾斯艾利斯市	31,793	購物中心	91.2
阿爾託·諾亞	95年11月	19,427	阿根廷薩爾塔市	15,779	購物中心	99.4
門多薩廣場	94年12月	41,511	阿根廷門多薩	25,444	購物中心	98.6
阿爾託·羅薩里奧	12月-04	34,858	阿根廷聖菲	63,585	購物中心	93.7
科爾多瓦購物-卡布雷拉別墅 ⁽¹¹⁾	06年12月	15,368	阿根廷科爾多瓦市	19,494	購物中心	99.5
Dot Baires購物	5月-09	48,018	阿根廷布宜諾斯艾利斯市	76,185	購物中心	99.3
Soleil高級奧特萊斯	7月10日	15,675	阿根廷布宜諾斯艾利斯省	33,749	購物中心	100.0
La Ribera購物	8月11日	10,542	阿根廷聖菲	8,632	購物中心	91.7
阿科斯區	十二月十四日	14,508	阿根廷布宜諾斯艾利斯市	38,774	購物中心	100.0
阿爾託科馬休	Mar—15	11,701	阿根廷內烏肯	26,841	購物中心	99.4
庭院奧爾莫斯	97年9月	-	阿根廷科爾多瓦市	11,478	購物中心	不適用：
貝魯蒂停車位	N/A	-	Ciudad de Buenos Aires	5,455	購物中心	不適用：
卡巴利托地塊	97年11月	-	布宜諾斯艾利斯市	42,532	土地儲備	不適用：
拉姆米爾德爾普拉塔	Oct-97	716,180	布宜諾斯艾利斯市	485,412	其他租金	不適用：
Ezpeleta土地地塊	5月22日	-	阿根廷布宜諾斯艾利斯省	-	其他租金	不適用：
貝魯蒂和科羅內爾·迪亞茲大樓	6月22日	-	布宜諾斯艾利斯市	12,081	其他租金	不適用：
Paseo Colon大樓	5月23日	-	布宜諾斯艾利斯市	6,653	其他租金	不適用：
261德拉·保萊拉	5月10日	4,937	布宜諾斯艾利斯市	38,339	辦公室和其他租賃	100.0
盧漢地塊	5月-08	1,152,106	阿根廷布宜諾斯艾利斯省	11,463	混合用途	不適用：
其他土地儲備 ⁽⁴⁾	N/A	N/A	布宜諾斯艾利斯市和省	125,927	土地儲備	不適用：
其他事態發展 ⁽¹⁵⁾	N/A	N/A	布宜諾斯艾利斯市	466	發展中物業	不適用：
可創造的潛力 ⁽¹⁴⁾	N/A	N/A	布宜諾斯艾利斯市、科爾多瓦市和聖菲市	37,327	其他租金	不適用：
洲際酒店 ^{(7) (12)}	97年11月	313	布宜諾斯艾利斯市	43,543	酒店	63.9
解放者酒店 ^{(8) (12)}	98年3月	200	布宜諾斯艾利斯市	19,463	酒店	59.4
Llao Llao酒店 ^{(9)(10) (12)}	97年6月	205	部城市巴里諾謝	74,110	酒店	69.3
其他（3）	N/A	N/A	布宜諾斯艾利斯市和省	1,587	別人	不適用：

(1)	每處物業的可出租總面積。不包括公共區域和停車位。
(2)	購物中心、寫字樓和土地儲備按公允價值進行估值。我們酒店的估值是收購或開發成本加上改進，減去累計折舊，減去津貼。
(3)	包括EH Ut。
(4)	包括以下土地儲備：Pontevedra地塊、San Luis地塊、Pilar地塊和洲際地塊、Dot地塊、門多薩地塊、Casona Husdon地塊、門多薩東大街2.992號。Córdoba地塊、Neuquén地塊和La Plata地塊。
(5)	包括以下物業：安克雷納665號、安克雷納545號(昌塔四號)、塞拉亞3102至3103號、馬德羅1020號、阿巴斯托辦公室、蘇帕查664號、拉阿德拉、帕塞奧·德爾·索爾、自由鬥士498號、貝魯蒂3330/3336/3358號帕塞奧·德爾·索爾。
(6)	每處房產的佔有率。土地儲備是該公司在投資組合中保留的資產，用於未來的開發。
(7)	通過Nuevas Fronteras SA
(8)	通過Hoteles Atlantinos SA
(9)	通過Llao Llao Resorts S.A.
(10)	包括《Terreno Bariloche》。
(11)	位於Córdoba Shopping-Villa Cabrera的電影院大樓被包括在Investment Properties中，由於NAI Internacional II Inc.向Empalme提供貸款，該公司受到反基督權利的約束。
(12)	表示房間的數量。
(13)	在截至2021年6月30日的財年中，這些辦公室全部售出。
(14)	包括與以下購物中心相關的可建設潛力：帕蒂奧·布爾裏奇、阿爾託·巴勒莫、科爾多巴購物中心和阿爾託·羅薩里奧。
(15)	包括PH辦公園區。
(16)	包括「奧坎波停車位」。

128

保險

農業經營

我們爲我們認爲財務狀況良好的保險公司提供保險單。我們爲農業設施和工業財產投保多風險保險，涵蓋財產損失、疏忽責任、火災、墜落、倒塌、閃電和氣體爆炸、電氣和水損壞、盜竊和業務中斷。此類保險單有我們認爲慣例的規格、限額和免賠額。然而，它們並不涵蓋對我們農作物的損害。我們承保涵蓋管理層民事責任的董事和高級官員保險，以及法律強制保險，包括員工人身傷害。我們還爲員工提供人壽或殘疾保險作爲福利。

我們相信我們的保險單足以保護我們免受我們承保的風險。然而，一些潛在的損失並不屬於保險範圍，某些類型的保險範圍可能會變得過於昂貴。

我們使用的保險類型如下：

投保財產

涵蓋的風險

保險金額

(in數百萬澳元）

賬面價值

(in數百萬澳元）

建築物、機械、筒倉、裝置以及傢俱和設備

盜竊、火災和技術保險

45,326

124,659

車輛

盜竊、火災以及民事和第三方責任

2,404

1,443

城市房地產和投資業務

IRSA爲購物中心和其他建築提供全險保險，包括火災、恐怖主義行爲、爆炸、煤氣泄漏、冰雹、風暴和大風、地震、破壞、盜竊和商業中斷造成的財產損失。此外，IRSA提供責任保險，承保因我們在整個阿根廷領土上的業務發展而對第三方或貨物造成的所有潛在損害。我們遵守所有與強制性保險有關的法律要求，包括《職業風險法》規定的法定保險範圍、集體談判協議規定的人壽保險以及法律和行政命令規定的其他保險。IRSA的法令。我們的物質損害歷史僅限於2006年3月因Alto Avellaneda購物中心火災而提出的一次索賠，其中損失已從我們的保險公司獲得實質性賠償。這些保單具有我們認爲足以應對我們在日常運營中暴露的風險的所有規格、限額和免賠額。IRSA還購買了民事責任保險，以涵蓋我們董事和高級管理人員的責任。

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控制系統

項目4A。未解決的員工意見

此項目不適用。

項目5.業務和財務回顧及展望

A.經營業績

以下管理層對我們財務狀況和經營業績的討論和分析應與我們的經審計合併財務報表和本年度報告其他地方出現的相關注釋一起閱讀。對我們財務狀況和經營業績的討論和分析包含涉及風險、不確定性和假設的前瞻性陳述。這些前瞻性陳述包括「期望」、「預期」、「打算」、「相信」等詞語和類似語言。由於許多因素，包括但不限於本年度報告其他地方所述的因素，我們的實際結果可能與這些前瞻性陳述中的預期結果存在重大不利差異。請參閱第3項「關鍵信息- D」。風險因素”，更完整地討論與我們相關的經濟和全行業因素。

本管理層討論和分析部分的目標是描述我們截至2024年6月30日以及當時結束的財年的經濟和財務狀況。從這個意義上說，管理層討論和分析的目的是描述宏觀經濟或運營驅動因素對我們業務部門的影響，以解釋產生我們運營結果的原因或原因。

一般信息

我們按照IASB發佈的IFRS會計準則和CNV規則以披索編制經審計的合併財務報表。

我們確定，截至2018年7月1日，根據IAS 29的指導方針，阿根廷經濟符合惡性通貨膨脹經濟體的資格，因爲2018年7月1日之前36個月阿根廷的總累計通貨膨脹率超過100%。IAS 29要求通過應用一般價格指數調整以惡性通貨膨脹貨幣記錄的財務信息，並在報告期末以計量單位（惡性通貨膨脹貨幣）表示。因此，本年度報告中包含的經審計合併財務報表已通過應用一般價格指數進行調整，並以當前報告期末（2024年6月30日）的計量單位（惡性通貨膨脹貨幣）表示。見“風險因素-與阿根廷相關的風險-持續高通脹率可能對經濟和我們的業務、財務狀況和運營業績產生不利影響。”

收入確認

公司識別與客戶的合同並評估其中承諾的商品和服務，以確定履行義務及其在特定時間或隨着時間的推移履行的履行義務之間的分類。

當客戶取得對承諾資產或服務的控制權時，考慮到是否有收款權、客戶是否擁有實際佔有權、客戶是否擁有合法權利以及他們是否轉移了風險和利益，在特定時間履行履約義務所產生的收入將被確認。

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根據國際財務報告準則會計準則第15號，公司隨着時間的推移確認銷售房地產開發的收入，其中資產沒有替代用途，並且公司有權要求支付合同。當不滿足這些條件時，根據具體情況在交付或契約時確認收入，當風險轉移完成、收款得到合理保證並且價格已經確定時。

隨着時間的推移，房地產開發履行義務產生的收入在能夠可靠衡量的情況下，通過衡量履行義務的進展來確認。對於該計量，公司使用投入法，即實體消耗的努力，並根據總開發成本的估計確定進度百分比。

公司的收入按其將有權獲得的對價的可能價值確認，以換取將產品或服務轉讓給預計不會發生重大變化的客戶。

農業活動

我們農業活動的收入主要來自農產品和生物資產的銷售、提供與活動相關的服務以及農田租賃。

我們還向第三方提供與農業相關的（包括但不限於澆水和飼養場服務）和經紀服務。服務收入在有效提供服務時確認。

我們還根據經營租賃協議將土地出租給第三方。租賃收入在租賃期內按直線法確認。

·商品銷售

糧食和甘蔗銷售的收入在履行履行義務時確認，其中包括將貨物所有權的重大風險和收益轉移給買方，通常是在產品根據商定的銷售條款在確定地點交付給買方時。

就穀物而言，公司通常簽訂遠期合同，根據該合同，公司有權根據合同商定的配方確定截至交貨日期的全部或部分數量所銷售穀物的銷售價格。在某些情況下，用於確定銷售價格的公式以美元表示。

糧食交付後，根據爲每個客戶確定的價格確認收入，並考慮交付日的匯率（如適用）。穀物交付給客戶後，對質量和最終重量進行評估，並商定交易的最終價格，從而調整原始合同金額以及截至結算日的任何匯率變化。

·出售農場

銷售農場的收入在履行履行義務之前不會被確認，履行義務包括：（i）銷售完成，（ii）公司已確定買家可能付款，（iii）收入金額能夠可靠地衡量，以及（iv）公司已將所有風險和回報轉移給買家，並且沒有持續參與。根據合同條款，通常這與買家支付第一筆首付同時發生，即所有權轉讓完成的那一刻。農場銷售的結果在綜合收益及其他全面收益表中呈列爲「出售農田的收益」（扣除相關成本）。

肉牛銷售情況

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銷售肉牛的收入在履行履行義務時確認，其中包括將牛所有權的重大風險和利益轉移給買方，通常是在根據商定的銷售條款在指定地點將牛交付給買方時。

對於肉牛的銷售，公司的運營基本上是一個涉及斷奶後肉牛的生產和銷售（此過程稱爲飼養）的項目。然而，一些被證明不孕的動物可能會被出售給肉類包裝商屠宰。在巴拉圭的業務中，該項目包括對這些動物進行肥育和出售以進行屠宰。牛的銷售定價基於各自市場上飼養牛阿羅巴的市場價格（阿羅巴價格在交易日核實）、動物重量以及與該類別相關的溢價。巴西和巴拉圭業務的牛銷售反過來考慮了各自市場銷售日期的飼餵牛或小母牛/奶牛的阿羅巴價格，適用於屠體產量。

城市房地產和投資活動

租賃和服務-購物中心組合

我們購物中心發展的業務活動產生的收入主要包括經營租賃的租金收入、入場權、佣金以及向承租人提供的多項補充服務的收入。

阿根廷《民商事法典》第1221條規定，租戶可以在最初六個月內通過書面通知的方式撤銷商業租賃。如果在租賃第一年內使用選擇權，租戶應向出租人支付相當於一個半月租金的補償，如果租戶在該期限後使用選擇權，則支付相當於一個月租金的補償。鑑於該規則沒有規定提前通知，租賃協議包括一項條款，即承租人必須至少提前60天通知其終止租賃的意圖。提前終止可能會對我們產生重大不利影響。

我們已確定，在所有經營租賃中，出於會計目的，租賃期限與合同期限相匹配。我們的結論是，儘管根據法律可以取消租約，但如果租約在到期前終止，租戶將遭受重大的「經濟處罰」。我們認爲，這些經濟處罰的數額如此之大，以至於租戶在各自協議開始時似乎可以合理地確定租戶是否會繼續簽訂租賃合同。我們基於以下因素得出這個結論：(I)我們投資物業的策略性地理位置和方便客戶使用；(Ii)租戶的性質和租期(主要是著名的本地和國際零售連鎖店)；(Iii)我們投資物業所在地區相同的創收空間有限；(Iv)租戶的品牌形象和其他競爭因素；(V)租戶在翻新、維修和改善租賃空間以配合自己形象方面的巨額開支；(Vi)我們的大部分租戶只在有少數或沒有街頭商店的商場內設有店鋪。詳情見本公司經審計綜合財務報表附註24。

位於購物中心內的租賃空間的承租人通常需要支付以下兩者中的較高者：（i）基本每月租金（「基本租金」）和（ii）承租人記錄的每月銷售總額的特定百分比（「或有租金」），通常範圍在承租人銷售總額的2%至12%之間。此外，根據典型商業租賃的標準條款，基本租金通常根據阿根廷消費者價格指數（CPI）當時進行調整。

此外，一些租賃還包括根據特定銷售收入額和其他類型的比率規定可變租金的條款。

來自購物中心的租金收入、入場權和佣金在租賃期內以直線法在綜合利潤和其他全面收益表中確認。當授予租賃激勵時，它們被確認爲使用物業淨對價的組成部分，因此按相同的直線法確認。

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或有租金，即在租賃開始時不固定的租賃付款，在已知和可以確定的期間記錄爲收入。當租金上漲與租戶達成一致時，租金上漲即被承認。

我們購物中心的租戶在簽訂租賃合同或續簽現有合同時通常還被收取不可退款的入場權。入場權被視爲額外租金收入，並在各自租賃協議期限內以直線法在合併利潤和其他全面收益表中確認。

我們作爲自己的租賃代理，爲購物中心物業安排和終止租賃協議，並因此賺取出租費。租賃費由租戶在成功達成協議後支付。當雙方簽署相關租賃合同時，視爲交易成功完成。我們收到的出租費被視爲額外租金收入，並在租賃協議期限內以直線法在綜合利潤和其他全面收益表中確認。

我們的租賃合同還規定，商場的公共區域維護費和集體促銷資金通常由相應的承租人按比例承擔。這些公共區域維護費用包括各種目的所需的所有費用，包括但不限於購物中心的運營、維護、管理、安全、保存、維修、監督、保險和增強。出租人負責確定產生公共區域費用的需要和適合性。我們爲此類費用支付原始費用，然後由承租人報銷。我們認爲它在這些情況下充當委託人。服務費收入與物業運營費用分開呈列。物業運營費用於發生時支銷。

根據租賃條款，承租人還同意參與集體推廣基金（「CPF」），用於爲我們的購物中心做廣告和推廣。每個承租人的參與度通常等於根據每月應計租金價格計算的百分比。

由此產生的收入也包括在租金收入和服務項下，與廣告和促銷費用分開。此類費用在發生時計入收入。

另一方面，收入包括託管運營和停車位等其他服務的收入。這些收入在提供服務時按應計制確認。

租賃和服務-辦公室和其他租賃物業

辦公室及其他租賃物業的租金收入包括根據經營租賃出租辦公室的租金收入、服務收入以及租戶支付的費用收回。

辦公室和其他租賃物業的租金收入在租賃期內以直線法在綜合損益及其他綜合報表中確認。當授予租賃激勵時，它們被確認爲使用物業淨對價的組成部分，因此按相同的直線法確認。

我們的很大一部分租賃要求租戶償還我們很大一部分運營費用，通常是可分配運營費用的比例份額。該等物業運營費用包括物業運營、維修和保養、保安、看門、保險、景觀美化、租賃物業和其他行政費用等必要費用。我們管理自己的大部分租賃物業。我們爲這些費用支付原始費用，然後由承租人報銷。我們認爲我們在這些情況下充當委託人。我們將租戶的報銷計入適用支出發生期間的服務費收入，並與物業運營費用分開呈列。物業運營費用於發生時支銷。

銷售和開發活動

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房地產銷售及開發的收入主要包括物業銷售的業績。只有當財產已轉讓給買家時，房產銷售的結果才會得到承認。這通常在無條件交換合同時發生（除非預計在交換後付款或完成）。對於有條件交換，當滿足這些條件時確認銷售額。

IRSA還進行易貨交易，IRSA通常與第三方開發商交換未開發的土地，以換取在易貨土地上建造的未來房產，有時IRSA也會收到現金作爲交易的一部分。土地的合法所有權以及所有權的所有風險和回報在出售後轉讓給開發商。IRSA通常要求開發商提供遵守其義務的擔保。如果開發商沒有履行其義務，IRSA將通過罰款執行擔保。

IRSA確定其易貨貿易具有商業實質，並且在進行交換交易時滿足記錄轉讓地塊或土地所得收入的條件。收入按已交付貨物的公允價值入賬，並按收到的現金金額適當調整，並將根據交換資產所屬的特定類別在綜合收益表和其他全面收益表及其他全面收益表中確認。如果資產屬於投資物業類別，收入將在「投資物業公允價值調整淨收益」項下確認。然而，如果資產被歸類爲交易物業，收入將被確認爲出售交易物業的營業收入。作爲轉讓的地塊或土地的交換，IRSA通常會收到現金，並有權獲得未來的單位，這些單位是將在交換的地塊或土地上建造的項目的一部分。這項權利最初按成本(這是轉讓土地的公允價值)在以「易貨收到的未來單位」計價的財務狀況表中確認爲無形資產。除非該無形資產減值，否則該無形資產不會在以後年度進行調整。

一旦住宅公寓最終確定並從開發商手中轉讓，IRSA可能會將其出售給第三方購房者。在這些情況下，當控制權轉移給買方時確認收入。這通常會發生在所有權契約轉讓給購房者時。

然而，IRSA可以在施工期間或甚至在施工開始之前銷售住宅公寓。在這些情況下，購房者通常向IRSA交出首付，剩餘款項在開發商完成房產並將其轉讓給IRSA時支付，IRSA反過來將其轉移給買家或分期付款。在這些情況下，直到公寓完工併合法完成交易，即公寓轉讓給購房者並簽署所有權契約時，收入才會得到確認。這是因爲，如果住宅公寓沒有由開發商完成，因此沒有交付給購房者，IRSA根據合同有義務向購房者退還任何收到的首付款和罰款金額。然後，IRSA可以就開發商沒有履行協議規定的義務向其尋求法律補救。IRSA作出判斷，認爲與IRSA持有的資產(即接收公寓的權利)有關的最重大風險包括開發商未能履行義務(即完成公寓的建造)，但在收到首付後尚未轉移給購房者。

酒店收入

酒店運營的收入收入主要包括客房服務、美食和其他服務。銷售產品的收入在產品交付且所有權的重大風險和回報轉移給買家時確認。銷售服務的收入在提供服務時確認。

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全球宏觀經濟因素的影響

我們的大部分資產位於阿根廷，我們在那裏開展業務。因此，我們的財務狀況和運營結果在很大程度上取決於該國家的經濟狀況。

下表顯示了阿根廷在指定期間的GDP、通貨膨脹率、美元匯率、披索兌美元的升值（貶值）（跨年度信息--即所示日期之前的12個月期間--是爲了與我們的財年期間保持一致）。

	截至6月30日的財年，
	2024			2023			2022
	（年度數據）
GDP ⁽¹⁾		(1.7	)%		(4.9	)%		6.9	%
通貨膨脹（IPIM） ⁽²⁾		284.4	%		112.8	%		57.3	%
通貨膨脹（CPI）		271.5	%		115.6	%		64.0	%
披索兌美元貶值	(255.0%)			(105.0%)			(30.9%)
每1.00美元平均匯率 ⁽³⁾	ARS 910.50			ARS 256.50			ARS 125.13

_____________________

(1)	代表按不變價格計算的第二季度GDP的年度增長（2004年）。歷史數據將被維護，正如我們在之前的20-F中最初暴露的那樣。
(2)	IPIM（Delivndice de Precios Internos al por Mayor）是阿根廷財政部衡量的批發價格指數。
(3)	代表阿根廷國家銀行截至6月30日報價的賣出和買入匯率的平均值。截至2024年10月18日，匯率爲1美元兌983.00。

資料來源：INDEC和阿根廷國家銀行。

2024年第二季度，阿根廷國內生產總值每年下降1.7%，而2023年同期下降4.9%。在全國範圍內，與調查相關的2024年6月按當前價格計算的購物中心銷售額總計達到46376100萬，比2023年6月增長165.3%。與2023年同期相比，2024年前六個月的累計銷售額按現值計算增長了220.5%，按實際價值計算增長了0.7%。截至2024年6月30日的月度EMAE比2023年同月下降3.9%。截至2024年6月30日，失業率爲該國經濟活躍人口的7.6%，而截至2023年6月30日的失業率爲6.2%。另一方面，2024年第二季度的活動率爲48.5%，而去年同期爲47.6%。與2024年第二季度相比，就業率保持在44.8%的水平，而去年第二季度的就業率爲44.6%。

短期和長期利率、失業率和通貨膨脹率的變化可能會減少消費信貸的可用性和經常光顧購物中心的個人的購買力。這些因素，加上GDP低增長，可能會降低我們購物中心的總體消費率。由於我們的主要收入來源購物中心的大部分租賃協議都要求租戶支付總銷售額的一定比例作爲租金，因此消費的普遍減少可能會減少我們的收入。購物中心購物者數量的減少以及停車需求的減少也可能會減少我們提供服務的收入。

通貨膨脹的影響

以下是根據阿根廷財政部附屬實體INDEC發佈的信息得出的財年年通脹率。

	消費價格指數			批發價格指數
截至6月30日的財年，	（年度數據）
2022		64.0	%		57.3	%
2023		115.6	%		112.8	%
2024		271.5	%		284.4	%

IRSA針對購物中心租戶的租賃合同的當前結構通常包括規定支付可變租金的條款，可變租金是IRSA購物中心租戶銷售額的一定百分比。因此，這些購物中心的預計現金流通常與GDP增長和消費能力高度相關。

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對於購物中心的空間租賃，我們爲大多數租戶使用標準租賃協議，其條款和條件在本年度報告的其他地方進行了描述。然而，我們最大的租戶通常會爲其各自的租賃談判更好的條款。無法保證租賃條款將與標準租賃協議中規定的相同。

我們的租約中指定的租金通常是（i）每月基本租金和（ii）商店每月總銷售額的指定百分比（通常介於此類銷售額的2%至12%之間）中的較高者。此外，根據我們大多數租賃中的租金上漲條款，租戶的基本租金通常會根據IPC指數每月或季度以及累積增加。如果就這些調整條款提起訴訟，我們無法保證我們能夠執行租賃協議中包含的此類條款。請參閱「公司信息-業務概述-我們的購物中心-我們的租賃主要條款」。

通貨膨脹率的持續上升可能會對我們的業務產生不利影響。雖然阿根廷較高的通貨膨脹率可能會增加最低租賃付款，但考慮到租戶傾向於將他們支出的任何增加轉嫁給消費者，較高的通貨膨脹率可能會導致我們的租戶向消費者收取的產品和服務價格上升，這可能最終會減少他們的銷售量，從而減少我們根據租戶的總銷售額獲得的租金份額。此外，我們根據該等資產所產生的估計現金流來衡量我們購物中心的公平市價，該等現金流與消費者支出直接相關，因爲我們從租戶收取的租金中，有很大一部分與租戶實現的銷售額掛鉤(即佔租戶銷售額的一個百分比)。因此，阿根廷的宏觀經濟狀況對我們購物中心以披索衡量的公平市場價值有影響。具體地說，由於我們的租戶的產品已經進行了調整(增加)，以計入阿根廷披索的通脹，我們來自購物中心的預期現金流也同樣名義上增加了，因爲租金在很大程度上取決於我們的租戶以披索計算的銷售額。

季節性

由於其性質和週期，我們的農業業務具有高度季節性。農作物（玉米、大豆和向日葵）的收穫和銷售通常發生在二月至六月。小麥收割時間爲十二月至一月。我們的運營和銷售受到我們加工農作物的生長週期以及夏季我們養牛價格下降的影響。因此，我們的經營業績在不同時期差異很大，並且由於季節性因素，可能會繼續變化。

我們的城市業務直接受到季節性影響，影響租戶的銷售水平。在阿根廷暑假（一月和二月）期間，我們租戶的銷售通常達到最低水平，而在寒假（七月）和聖誕節（十二月）期間，他們達到最高水平。服裝零售商通常在春季和秋季更換系列，對我們購物中心的銷售產生積極影響。每個季末的折扣銷售也是影響我們業務的主要季節性因素之一。

利率波動的影響

我們的大部分以美元計價的債務都以固定利率計利息。利率上升將導致我們的融資成本大幅增加，並可能對我們的財務狀況或運營業績產生重大影響。

此外，利率大幅上升可能會惡化租戶從市場上的銀行和金融機構獲得融資的條款和條件。因此，如果他們遇到流動性問題，我們租賃合同的收回可能會受到拖欠水平上升的影響。

外幣波動的影響

我們的金融債務很大一部分以美元計價。因此，披索兌美元貶值或貶值將增加我們以披索計算的債務，並對我們的經營業績產生重大影響。阿根廷政府實施的外幣兌換限制可能會阻止或限制我們獲取美元，從而影響我們償還以美元計價債務的能力。

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此外，辦公樓租賃合同通常以美元列報，因此披索兌美元貶值或貶值將增加我們拖欠租賃應收賬款的風險。

如上所述，我們根據可比銷售交易計算辦公室物業的公平市場價值。阿根廷的房地產交易通常以美元進行。因此，披索兌美元貶值或貶值將增加我們以披索衡量的房地產的價值，而披索升值則會產生相反的效果。此外，阿根廷政府實施的外幣兌換限制可能會阻止或限制以美元收購阿根廷以美元計價和交易的房地產，這可能會影響我們出售或收購房地產的能力，並可能對房地產價格產生不利影響。

有關美元/披索匯率演變的更多信息，請參閱“A1.當地 外匯市場和匯率。”

我們投資物業的市值因重新估值而波動

目前，我們對投資性房地產的權益每季度重新估值。根據評估師編制的評估報告，我們投資物業公允價值的任何增加或減少都會記錄在我們重新評估發生的財年的綜合收益表和其他全面收益表中。因此，我們物業的重新估值可能會導致我們的運營業績出現重大波動。

房地產價值受以下因素影響：

a）購物中心，主要受使用的貼現率（WACC）、預計的GDP增長以及未來時期預計的通貨膨脹和阿根廷披索貶值的影響。

b）辦公樓、其他租賃物業、土地儲備和可建設潛力，主要受報告期可比物業的供需以及美元/披索匯率的影響，因爲辦公樓的公允價值通常以美元確定。

公司投資物業的價值根據「關鍵會計政策和估計」中進一步描述的方法以美元確定，然後以披索（公司功能和列報貨幣）確定。

過去，辦公樓的買賣通常以美元結算，然而，由於央行對外匯交易的限制，現在辦公樓和其他房產的買賣通常以阿根廷披索結算，使用高於官方匯率的隱性匯率（正如IRSA過去兩年開展的業務中的情況）。

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影響結果可比性的因素

信息的可比性

寫字樓

截至2020年6月30日止年度，我們將位於布宜諾斯艾利斯加泰羅尼亞區的「Della Paolera」大樓註冊爲投資物業。它由35，208平方米的GLA組成，覆蓋30個辦公樓層，包括4個地下室的316個停車位。在2024、2023和2022財年，我們出售和轉讓了該建築物的樓層，總面積分別約爲3，579平方米、9，500平方米和9，674平方米。截至2024年6月30日，IRSA保留該建築4層的權利，租賃面積約爲4，937平方米。作爲後續活動，2024年10月15日，IRSA通知其已出售「261 Della Paolera」的一層樓，總休息面積約爲1，197平方米，並設有8個位於該建築內的停車場。有關更多信息，請參閱“最近的發展- IRSA的最近-發展261 Della Paolera地板銷售”.

2022年4月19日，我們出售了位於布宜諾斯艾利斯市「Catalinas Norte」地區旁邊的「República」大樓的100%股份。該大樓擁有19，885平方米的GLA，擁有20個辦公樓層和178個停車位。

2023年7月24日，我們出售了位於布宜諾斯艾利斯自治市Microcentro區的「Suipacha 652/64」辦公樓。這座b級建築由IRSA於1991年收購，擁有7層辦公樓和62個停車場，總面積爲11，465平方米，交易時該建築空置。

購物中心

在截至2024年、2023年和2022年6月30日的財年，我們維持了相同的購物中心運營組合。

業務細分信息

IFRS會計準則8要求實體報告有關其可報告分部的財務和描述性信息，可報告分部是滿足指定標準的經營分部或經營分部的集合。經營分部是實體的組成部分，其擁有單獨的財務信息，並由Codm定期評估。根據國際財務報告準則第8號，COD代表制定戰略決策和分配資源的職能。Codm職能由公司總裁Eduardo S先生履行。埃爾斯坦。

分部信息從產品和服務的角度報告：（i）農業業務和（ii）城市房地產和投資業務。

以下是編制如下的分部信息：

農業企業

	·	農業生產：部門包括種植、收穫和銷售小麥、玉米、大豆、棉花和向日葵等農作物;銷售麪粉和油等穀物衍生品，飼養、購買和/或肥育散養牛以出售給肉類加工商和當地牲畜拍賣市場。;農業服務;將公司農場租賃給第三方;以及甘蔗的種植、收穫和銷售

	·	土地改造和出售：包括處置和開發農田活動的收益。

	·	企業：包括與農業業務相關的企業費用。

	·	其他細分市場：主要包括經紀活動等。

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城市房地產和投資業務

	·	購物中心：包括主要包括與公司購物中心商業空間和其他空間租賃相關的租賃和服務收入。

	·	辦公室：包括辦公室租賃收入、其他租賃空間以及與辦公室活動相關的其他服務收入的經營成果。

	·	銷售與發展：包括未開發地塊和/或交易物業的開發、維護和銷售的經營業績。房地產銷售結果也包括在內。

	·	酒店：包括主要由客房、餐飲和餐廳收入組成的經營業績。

	·	其他：包括通過ALG Golf Center SA進行的娛樂活動，La Rural SA和布宜諾斯艾利斯會議中心（特許經營權）、We Are Appa對GCDI（前TGLT）等聯營公司的投資以及通過Banco Hipotecario / BACS開展的金融活動，以及對聯營公司的其他投資。

CODx定期審查經營業績和某些資產類別，並根據由營業收入加上應占合資企業和聯營公司利潤/（虧損）組成的分部損益衡量指標評估經營分部的業績。編制此信息時使用的估值標準與編制經審計合併財務報表時使用的國際財務報告準則一致，但以下情況除外：

	o	採用比例合併的CODM法對合資企業的經營業績進行評價。根據這一方法，所產生的損益和資產在綜合收益表和其他綜合損益表中逐行報告，其基礎是合營企業所佔的百分比，而不是國際財務報告準則要求的單一項目。管理層認爲，比例合併方法爲理解業務回報提供了更多有用的信息。另一方面，對合資企業La農村股份有限公司的投資按權益法入賬，因爲這種方法被認爲在這種情況下提供了更準確的信息。

	o	購物中心及寫字樓分部的經營業績不包括與樓宇管理開支及財務控制有關的金額，以及收回的總成本，不論是開支或財務業績所包括的其他概念(例如違約利息及其他概念)。CODM審查這些項目的淨額(建築物管理費用與FPC和可回收費用之間的總盈餘或赤字)。

CODx審查的資產類別包括：投資房地產、不動產、廠房和設備、貿易房地產、庫存、易貨交易中接收單位的權利、對聯營公司的投資和聲譽。按業務分部分類的這些資產總和披露爲「可報告資產」。資產根據運營和/或其物理位置分配給每個部門。

經營分部的大部分收入均來自阿根廷，但位於美國的「其他」分部中的聯營公司的部分業績除外。

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每個報告分部的收入來自龐大且多樣化的客戶群，因此，任何特定分部都不存在收入集中的情況。

以下是截至2024年6月30日止年度業務線的總結分析：

	06.30.2024
	農業業務（一）			城市地產及投資業務（二）			總分部信息			合資企業（i）			調整（ii）			消除分部間交易和非報告資產/負債（iii）			收益表和其他全面收益/財務狀況總額
	（百萬ARS）
收入		384,487			270,550			655,037			(1,453	)		59,447			(1,658	)		711,373
費用		(323,676	)		(48,891	)		(372,567	)		161			(60,637	)		-			(433,043	)
生物資產和農產品收穫時公允價值的初步確認和變化		5,339			-			5,339			-			-			710			6,049
農產品收穫後可變現淨值變化		7,174			-			7,174			-			-			-			7,174
毛利/(虧損)		73,324			221,659			294,983			(1,292	)		(1,190	)		(948	)		291,553
投資性房地產公允價值調整淨損失		(7,454	)		(341,584	)		(349,038	)		364			-			-			(348,674	)
農田處置收益		52,612			-			52,612			-			-			-			52,612
一般及行政開支		(33,678	)		(51,453	)		(85,131	)		173			-			107			(84,851	)
銷售費用		(43,768	)		(17,491	)		(61,259	)		133			-			742			(60,384	)
其他經營業績，淨值		27,904			(7,014	)		20,890			(21	)		419			86			21,374
管理費		-			-			-			-			(7,866	)		-			(7,866	)
運營利潤/（虧損）		68,940			(195,883	)		(126,943	)		(643	)		(8,637	)		(13	)		(136,236	)
應占聯營公司和合資企業的（虧損）/利潤		(1,084	)		33,760			32,676			277			-			-			32,953
分部利潤/(虧損)		67,856			(162,123	)		(94,267	)		(366	)		(8,637	)		(13	)		(103,283	)

可報告資產		729,735			1,944,113			2,673,848			685			-			798,578			3,473,111
應報告負債（*）		-			-			-			-			-			(1,909,201	)		(1,909,201	)
淨可報告資產		729,735			1,944,113			2,673,848			685			-			(1,110,623	)		1,563,910

以下是截至2023年6月30日止年度業務線的總結分析：

	06.30.2023
	農業業務（一）			城市地產及投資業務（二）			總分部信息			合資企業（i）			調整（ii）			消除分部間交易和非報告資產/負債（iii）			收益表和其他全面收益/財務狀況總額
	（百萬ARS）
收入		378,132			268,627			646,759			(1,687	)		64,781			(2,441	)		707,412
費用		(313,801	)		(49,365	)		(363,166	)		736			(65,950	)		-			(428,380	)
生物資產和農產品收穫時公允價值的初步確認和變化		(5,628	)		-			(5,628	)		-			-			819			(4,809	)
農產品收穫後可變現淨值變化		(9,431	)		-			(9,431	)		-			-			-			(9,431	)
毛利/(虧損)		49,272			219,262			268,534			(951	)		(1,169	)		(1,622	)		264,792
投資性房地產公允價值調整淨損失		(8,804	)		(190,751	)		(199,555	)		7,559			-			-			(191,996	)
農田處置收益		55,825			-			55,825			-			-			-			55,825
一般及行政開支		(31,550	)		(72,549	)		(104,099	)		250			-			643			(103,206	)
銷售費用		(34,723	)		(16,860	)		(51,583	)		101			-			1,118			(50,364	)
其他經營業績，淨值		(6,486	)		(27,061	)		(33,547	)		(93	)		614			(92	)		(33,118	)
管理費		-			-			-			-			(17,683	)		-			(17,683	)
運營利潤/（虧損）		23,534			(87,959	)		(64,425	)		6,866			(18,238	)		47			(75,750	)
應占聯營公司和合資企業的（虧損）/利潤		(3,853	)		14,449			10,596			(4,722	)		-			(5	)		5,869
分部利潤/(虧損)		19,681			(73,510	)		(53,829	)		2,144			(18,238	)		42			(69,881	)

可報告資產		784,053			2,358,968			3,143,021			(13,050	)		-			842,993			3,972,964
應報告負債（*）		-			-			-			-			-			(2,178,387	)		(2,178,387	)
淨可報告資產		784,053			2,358,968			3,143,021			(13,050	)		-			(1,335,394	)		1,794,577

140

以下是截至2022年6月30日止年度業務線的總結分析：

	06.30.2022
	農業業務（一）			城市房地產及投資業務（二）			總分部信息			合資企業（i）			調整（ii）			消除分部間交易和非報告資產/負債（iii）			收益表和其他全面收益/財務狀況總額
	（百萬ARS）
收入		515,872			204,987			720,859			(1,860	)		53,349			(4,644	)		767,704
費用		(461,761	)		(42,851	)		(504,612	)		729			(55,055	)		-			(558,938	)
生物資產和農產品收穫時公允價值的初步確認和變化		145,804			-			145,804			-			-			1,535			147,339
農產品收穫後可變現淨值變化		(16,007	)		-			(16,007	)		-			-			-			(16,007	)
毛利/(虧損)		183,908			162,136			346,044			(1,131	)		(1,706	)		(3,109	)		340,098
投資物業公允價值調整淨收益/（損失）		19,707			102,522			122,229			10,588			-			-			132,817
農田處置收益		44,088			-			44,088			-			-			-			44,088
一般及行政開支		(30,340	)		(42,987	)		(73,327	)		214			-			650			(72,463	)
銷售費用		(43,895	)		(17,958	)		(61,853	)		43			-			3,016			(58,794	)
其他經營業績，淨值		(6,714	)		225			(6,489	)		-			447			(89	)		(6,131	)
管理費		-			-			-			-			(33,388	)		-			(33,388	)
運營利潤/（虧損）		166,754			203,938			370,692			9,714			(34,647	)		468			346,227
分佔聯營公司和合資企業利潤		1,294			3,732			5,026			(6,588	)		-			-			(1,562	)
分部利潤/（虧損）		168,048			207,670			375,718			3,126			(34,647	)		468			344,665

可報告資產		730,284			2,610,609			3,340,893			(11,830	)		-			909,751			4,238,814
應報告負債（*）		-			-			-			-			-			(2,582,553	)		(2,582,553	)
淨可報告資產		730,284			2,610,609			3,340,893			(11,830	)		-			(1,672,802	)		1,656,261

(i)	代表按分部按比例合併以供參考的合資企業的股權價值。
(ii)	包括截至2024年6月30日、2023年和2022年6月30日的費用和柔性預算分別對應的1，190萬澳元、1，169萬澳元和1，706萬澳元，以及截至2024年6月30日的管理費786600萬澳元、1768300萬澳元和3338800萬澳元，分別爲2023年和2022年。
(iii)	包括遞延所得稅資產、所得稅和MPIT抵免、貿易和其他應收賬款、金融資產投資、現金和現金等值物以及無形資產（根據易貨協議接收未來單位的權利除外），扣除對負資產聯營公司的投資，這些投資計入撥備金額爲1500萬澳元、400萬澳元和6300萬澳元，截至6月30日，分別爲2024年、2023年和2022年。
(*)	CODx的審查重點是可報告資產。

141

(I)

農業業務

下表列出了農業業務線的可報告分部：

	06.30.2024
	農業生產			土地改造和出售			企業			別人			農業業務總額
	（百萬ARS）
收入		268,382			-			-			116,105			384,487
費用		(239,036	)		(228	)		-			(84,412	)		(323,676	)
生物資產和農產品收穫時公允價值的初步確認和變化		5,339			-			-			-			5,339
農產品收穫後可變現淨值變化		7,174			-			-			-			7,174
毛利/(虧損)		41,859			(228	)		-			31,693			73,324
投資性房地產公允價值調整淨損失		-			(7,454	)		-			-			(7,454	)
農田處置收益		-			52,612			-			-			52,612
一般及行政開支		(19,641	)		(63	)		(4,583	)		(9,391	)		(33,678	)
銷售費用		(28,934	)		(1,189	)		-			(13,645	)		(43,768	)
其他經營業績，淨值		8,499			13,736			-			5,669			27,904
運營利潤/（虧損）		1,783			57,414			(4,583	)		14,326			68,940
應占聯營公司和合資企業利潤/（虧損）		1,553			-			-			(2,637	)		(1,084	)
分部利潤/(虧損)		3,336			57,414			(4,583	)		11,689			67,856

投資物業		-			64,521			-			-			64,521
房及設備		448,000			1,261			-			3,311			452,572
對聯營公司的投資		6,696			-			-			1,278			7,974
其他可報告資產		138,661			2,596			-			63,411			204,668
可報告資產		593,357			68,378			-			68,000			729,735

在與農業業務對應的所有收入中，22113900萬里亞爾來自阿根廷，16334800萬里亞爾來自其他國家，主要是巴西，16181000萬里亞爾。在農業業務相應分部包含的所有資產中，50724700萬阿曼里亞爾位於阿根廷，22248800萬阿曼里亞爾位於其他國家，主要是巴西。

	06.30.2023
	農業生產			土地改造和出售			企業			別人			農業業務總額
	（百萬ARS）
收入		278,373			-			-			99,759			378,132
費用		(249,942	)		(275	)		-			(63,584	)		(313,801	)
生物資產和農產品收穫時公允價值的初步確認和變化		(5,628	)		-			-			-			(5,628	)
農產品收穫後可變現淨值變化		(9,431	)		-			-			-			(9,431	)
毛利/(虧損)		13,372			(275	)		-			36,175			49,272
投資性房地產公允價值調整淨損失		-			(8,804	)		-			-			(8,804	)
農田處置收益		-			55,825			-			-			55,825
一般及行政開支		(17,480	)		(52	)		(5,187	)		(8,831	)		(31,550	)
銷售費用		(25,498	)		(48	)		-			(9,177	)		(34,723	)
其他經營業績，淨值		625			(9,385	)		-			2,274			(6,486	)
（虧損）/運營利潤		(28,981	)		37,261			(5,187	)		20,441			23,534
應占聯營公司和合資企業的虧損		(628	)		-			-			(3,225	)		(3,853	)
分部（虧損）/利潤		(29,609	)		37,261			(5,187	)		17,216			19,681

投資物業		-			97,556			-			-			97,556
房及設備		462,669			2,203			-			3,934			468,806
對聯營公司的投資		6,216			-			-			3,199			9,415
其他可報告資產		152,532			-			-			55,744			208,276
可報告資產		621,417			99,759			-			62,877			784,053

142

在與農業業務對應的所有收入中，20617700萬里亞爾來自阿根廷，17195500萬里亞爾來自其他國家，主要是巴西，15380600萬里亞爾。在農業業務相應分部包含的所有資產中，25273300萬里亞爾位於阿根廷，53132000萬里亞爾位於其他國家，主要是巴西。

	06.30.2022
	農業生產			土地改造和出售			企業			別人			農業業務總額
收入		409,042			-			-			106,830			515,872
費用		(383,436	)		(385	)		-			(77,940	)		(461,761	)
生物資產和農產品收穫時公允價值的初步確認和變化		145,804			-			-			-			145,804
農產品收穫後可變現淨值變化		(16,007	)		-			-			-			(16,007	)
毛利/(虧損)		155,403			(385	)		-			28,890			183,908
投資性房地產公允價值調整淨收益		-			19,707			-			-			19,707
農田處置收益		-			44,088			-			-			44,088
一般及行政開支		(18,134	)		(64	)		(5,919	)		(6,223	)		(30,340	)
銷售費用		(34,908	)		(1,514	)		-			(7,473	)		(43,895	)
其他經營業績，淨值		(16,798	)		8,578			-			1,506			(6,714	)
運營利潤/（虧損）		85,563			70,410			(5,919	)		16,700			166,754
分佔聯營公司和合資企業利潤		862			-			-			432			1,294
分部利潤/(虧損)		86,425			70,410			(5,919	)		17,132			168,048

投資物業		-			109,505			-			-			109,505
房及設備		373,369			2,211			-			1,698			377,278
對聯營公司的投資		8,003			-			-			5,993			13,996
其他可報告資產		172,356			-			-			57,149			229,505
可報告資產		553,728			111,716			-			64,840			730,284

在與農業業務對應的所有收入中，25863200萬里亞爾來自阿根廷，25724000萬里亞爾來自其他國家，主要是巴西，23760100萬里亞爾。在農業業務相應分部包含的所有資產中，24730200萬里亞爾位於阿根廷，48298200萬里亞爾位於其他國家，主要是巴西。

(II)

城市房地產和投資業務

以下是截至2024年、2023年和2022年6月30日財年城市房地產和投資業務線的總結分析：

	06.30.2024
	商場			辦事處			銷售和開發			酒店			別人			*總計
	（百萬ARS）
收入		179,650			16,243			9,246			61,569			3,842			270,550
成本		(10,714	)		(1,182	)		(5,344	)		(28,939	)		(2,712	)		(48,891	)
毛利		168,936			15,061			3,902			32,630			1,130			221,659
投資性房地產公允價值調整淨損失		(14,936	)		(69,585	)		(256,774	)		-			(289	)		(341,584	)
一般及行政開支		(21,608	)		(2,062	)		(8,810	)		(9,342	)		(9,631	)		(51,453	)
銷售費用		(9,007	)		(180	)		(3,236	)		(4,205	)		(863	)		(17,491	)
其他經營業績，淨值		(2,840	)		(63	)		(3,805	)		(1,131	)		825			(7,014	)
運營利潤/（虧損）		120,545			(56,829	)		(268,723	)		17,952			(8,828	)		(195,883	)
分佔聯營公司和合資企業利潤		-			-			-			-			33,760			33,760
分部利潤/(虧損)		120,545			(56,829	)		(268,723	)		17,952			24,932			(162,123	)

投資和交易房地產		690,300			303,571			747,859			-			2,261			1,743,991
房及設備		2,176			324			(18,987	)		30,701			3,001			17,215
對聯營公司和合資企業的投資		-			-			-			-			124,373			124,373
其他可報告資產		934			708			54,089			680			2,123			58,534
可報告資產		693,410			304,603			782,961			31,381			131,758			1,944,113

143

在所有收入中，26382600萬里亞爾來自阿根廷，672400萬里亞爾來自其他國家，主要是烏拉圭665100萬里亞爾，美國7300萬里亞爾。沒有外部客戶佔任何可報告分部收入的10%或以上。在與城市房地產和投資業務對應的所有資產中，193362200萬阿曼里亞爾位於阿根廷，1049100萬阿曼里亞爾位於其他國家，主要是美國爲175400萬阿曼里亞爾，烏拉圭爲866900萬阿曼里亞爾。

	06.30.2023
	商場			辦事處			銷售和開發			酒店			別人			*總計
	（百萬ARS）
收入		176,246			17,031			16,280			55,596			3,474			268,627
成本		(11,937	)		(1,408	)		(4,952	)		(28,296	)		(2,772	)		(49,365	)
毛利		164,309			15,623			11,328			27,300			702			219,262
投資性房地產公允價值調整淨損失		(41,496	)		(18,409	)		(130,426	)		-			(420	)		(190,751	)
一般及行政開支		(24,826	)		(3,102	)		(9,511	)		(12,168	)		(22,942	)		(72,549	)
銷售費用		(8,055	)		(383	)		(4,172	)		(3,819	)		(431	)		(16,860	)
其他經營業績，淨值		(2,173	)		(256	)		(3,284	)		(531	)		(20,817	)		(27,061	)
運營利潤/（虧損）		87,759			(6,527	)		(136,065	)		10,782			(43,908	)		(87,959	)
分佔聯營公司和合資企業利潤		-			-			-			-			14,449			14,449
分部利潤/(虧損)		87,759			(6,527	)		(136,065	)		10,782			(29,459	)		(73,510	)

投資和交易房地產		694,077			435,399			1,014,874			-			2,987			2,147,337
房及設備		2,173			13,186			19,074			34,296			3,258			71,987
對聯營公司和合資企業的投資		-			-			-			-			106,622			106,622
其他可報告資產		1,471			1,271			27,341			739			2,200			33,022
可報告資產		697,721			449,856			1,061,289			35,035			115,067			2,358,968

在與城市房地產和投資業務對應的部門中，25920000萬里亞爾來自阿根廷，942700萬里亞爾來自美國。沒有外部客戶佔任何可報告分部收入的10%或以上。在與城市房地產和投資業務對應的所有資產中，234488400萬阿曼里亞爾位於阿根廷，1408400萬阿曼里亞爾位於其他國家，主要是美國196100萬阿曼里亞爾，烏拉圭1205100萬阿曼里亞爾。

	06.30.2022
	商場			辦事處			銷售和開發			酒店			別人			*總計
	（百萬ARS）
收入		138,836			24,357			5,975			34,441			1,378			204,987
成本		(11,974	)		(2,347	)		(4,653	)		(19,808	)		(4,069	)		(42,851	)
毛利/(虧損)		126,862			22,010			1,322			14,633			(2,691	)		162,136
投資物業公允價值調整淨收益/（損失）		4,429			(42,162	)		139,774			-			481			102,522
一般及行政開支		(22,923	)		(3,052	)		(8,474	)		(5,847	)		(2,691	)		(42,987	)
銷售費用		(6,784	)		(625	)		(7,385	)		(2,723	)		(441	)		(17,958	)
其他經營業績，淨值		(1,137	)		(184	)		(384	)		(473	)		2,403			225
運營利潤/（虧損）		100,447			(24,013	)		124,853			5,590			(2,939	)		203,938
分佔聯營公司和合資企業利潤		-			-			-			-			3,732			3,732
分部利潤/(虧損)		100,447			(24,013	)		124,853			5,590			793			207,670

投資和交易房地產		735,027			535,512			1,115,773			-			3,444			2,389,756
房及設備		2,090			33,455			19,079			35,554			8,586			98,764
對聯營公司和合資企業的投資		-			-			-			-			92,733			92,733
其他可報告資產		1,490			1,274			23,900			481			2,211			29,356
可報告資產		738,607			570,241			1,158,752			36,035			106,974			2,610,609

在與城市房地產和投資業務對應的分部中，20487200萬里亞爾和11500萬里亞爾來自美國。沒有外部客戶佔任何可報告分部收入的10%或以上。在與城市房地產和投資業務對應的所有資產中，259510100萬阿曼里亞爾位於阿根廷，1550800萬阿曼里亞爾位於其他國家，主要是美國237000萬阿曼里亞爾和烏拉圭1305600萬阿曼里亞爾。

144

截至2024年6月30日和2023年6月30日的財年的經營業績

	農業企業						城市房地產和投資業務						總分部信息						合資企業（一）						調整（ii）						消除分部間交易和非報告資產/負債						利潤/財務狀況表總額
	06.30.24		06.30.23		變種		06.30.24		06.30.23		變種		06.30.24		06.30.23		變種		06.30.24		06.30.23		變種		06.30.24		06.30.23		變種		06.30.24		06.30.23		變種		06.30.24		06.30.23		變種
	(in百萬ARS）
收入		384,487		378,132		6,355		270,550		268,627		1,923		655,037		646,759		8,278		-1,453		-1,687		234		59,447		64,781		-5,334		-1,658		-2,441		783		711,373		707,412		3,961
成本		-323,676		-313,801		-9,875		-48,891		-49,365		474		-372,567		-363,166		-9,401		161		736		-575		-60,637		-65,950		5,313		-		-		-		-433,043		-428,380		-4,663
生物資產和農產品收穫時公允價值的初步確認和變化		5,339		-5,628		10,967		-		-		-		5,339		-5,628		10,967		-		-		-		-		-		-		710		819		-109		6,049		-4,809		10,858
農產品收穫後可變現淨值變化		7,174		-9,431		16,605		-		-		-		7,174		-9,431		16,605		-		-		-		-		-		-		-		-		-		7,174		-9,431		16,605
毛利潤/（虧損）		73,324		49,272		24,052		221,659		219,262		2,397		294,983		268,534		26,449		-1,292		-951		-341		-1,190		-1,169		-21		-948		-1,622		674		291,553		264,792		26,761
投資性房地產公允價值調整淨損失		-7,454		-8,804		1,350		-341,584		-190,751		-150,833		-349,038		-199,555		-149,483		364		7,559		-7,195		-		-		-		-		-		-		-348,674		-191,996		-156,678
農田處置收益		52,612		55,825		-3,213		-		-		-		52,612		55,825		-3,213		-		-		-		-		-		-		-		-		-		52,612		55,825		-3,213
一般及行政開支		-33,678		-31,550		-2,128		-51,453		-72,549		21,096		-85,131		-104,099		18,968		173		250		-77		-		-		-		107		643		-536		-84,851		-103,206		18,355
銷售費用		-43,768		-34,723		-9,045		-17,491		-16,860		-631		-61,259		-51,583		-9,676		133		101		32		-		-		-		742		1,118		-376		-60,384		-50,364		-10,020
其他經營業績，淨值		27,904		-6,486		34,390		-7,014		-27,061		20,047		20,890		-33,547		54,437		-21		-93		72		419		614		-195		86		-92		178		21,374		-33,118		54,492
管理費		-		-		-		-		-		-		-		-		-		-		-		-		-7,866		-17,683		9,817		-		-		-		-7,866		-17,683		9,817
運營利潤/（虧損）		68,940		23,534		45,406		-195,883		-87,959		-107,924		-126,943		-64,425		-62,518		-643		6,866		-7,509		-8,637		-18,238		9,601		-13		47		-60		-136,236		-75,750		-60,486
應占聯營公司和合資企業的（虧損）/利潤		-1,084		-3,853		2,769		33,760		14,449		19,311		32,676		10,596		22,080		277		-4,722		4,999		-		-		-		-		-5		5		32,953		5,869		27,084
分部利潤/(虧損)		67,856		19,681		48,175		-162,123		-73,510		-88,613		-94,267		-53,829		-40,438		-366		2,144		-2,510		-8,637		-18,238		9,601		-13		42		-55		-103,283		-69,881		-33,402

(i)	代表按分部按比例合併以供參考的合資企業的股權價值。
(ii)	包括截至2024年6月30日和2023年6月30日的毛利潤/（損失）分別爲建築管理費用和集體促進基金（MPC）的毛利潤/（損失）爲1，1.69億澳元。

農業經營

下表顯示了截至2024年6月30日和2023年6月30日財年農業業務線的摘要。

	農業生產									土地改造和出售									企業								別人									總
	06.30.24			06.30.23			變種			06.30.24			06.30.23			變種			06.30.24			06.30.23			變種		06.30.24			06.30.23			變種			06.30.24			06.30.23			變種
	(in百萬ARS）
收入		268,382			278,373			(9,991	)		-			-			-			-			-			-		116,105			99,759			16,346			384,487			378,132			6,355
成本		(239,036	)		(249,942	)		10,906			(228	)		(275	)		47			-			-			-		(84,412	)		(63,584	)		(20,828	)		(323,676	)		(313,801	)		(9,875	)
生物資產和農產品收穫時公允價值的初步確認和變化		5,339			(5,628	)		10,967			-			-			-			-			-			-		-			-			-			5,339			(5,628	)		10,967
農產品收穫後可變現淨值變化		7,174			(9,431	)		16,605			-			-			-			-			-			-		-			-			-			7,174			(9,431	)		16,605
毛利/(虧損)		41,859			13,372			28,487			(228	)		(275	)		47			-			-			-		31,693			36,175			(4,482	)		73,324			49,272			24,052
投資性房地產公允價值調整淨損失		-			-			-			(7,454	)		(8,804	)		1,350			-			-			-		-			-			-			(7,454	)		(8,804	)		1,350
農田處置收益		-			-			-			52,612			55,825			(3,213	)		-			-			-		-			-			-			52,612			55,825			(3,213	)
一般及行政開支		(19,641	)		(17,480	)		(2,161	)		(63	)		(52	)		(11	)		(4,583	)		(5,187	)		604		(9,391	)		(8,831	)		(560	)		(33,678	)		(31,550	)		(2,128	)
銷售費用		(28,934	)		(25,498	)		(3,436	)		(1,189	)		(48	)		(1,141	)		-			-			-		(13,645	)		(9,177	)		(4,468	)		(43,768	)		(34,723	)		(9,045	)
其他經營業績，淨值		8,499			625			7,874			13,736			(9,385	)		23,121			-			-			-		5,669			2,274			3,395			27,904			(6,486	)		34,390
運營利潤/（虧損）		1,783			(28,981	)		30,764			57,414			37,261			20,153			(4,583	)		(5,187	)		604		14,326			20,441			(6,115	)		68,940			23,534			45,406
應占聯營公司和合資企業利潤/（虧損）		1,553			(628	)		2,181			-			-			-			-			-			-		(2,637	)		(3,225	)		588			(1,084	)		(3,853	)		2,769
分部利潤/(虧損)		3,336			(29,609	)		32,945			57,414			37,261			20,153			(4,583	)		(5,187	)		604		11,689			17,216			(5,527	)		67,856			19,681			48,175

145

城市房地產和投資業務

下表顯示了截至2024年6月30日和2023年6月30日財年城市房地產和投資業務線的摘要。

	購物中心									辦公室									銷售和開發									酒店									別人									總
	06.30.24			06.30.23			變種			06.30.24			06.30.23			變種			06.30.24			06.30.23			變種			06.30.24			06.30.23			變種			06.30.24			06.30.23			變種			06.30.24			06.30.23			變種
	(in數百萬澳元）
收入		179,650			176,246			3,404			16,243			17,031			(788	)		9,246			16,280			(7,034	)		61,569			55,596			5,973			3,842			3,474			368			270,550			268,627			1,923
成本		(10,714	)		(11,937	)		1,223			(1,182	)		(1,408	)		226			(5,344	)		(4,952	)		(392	)		(28,939	)		(28,296	)		(643	)		(2,712	)		(2,772	)		60			(48,891	)		(49,365	)		474
毛利		168,936			164,309			4,627			15,061			15,623			(562	)		3,902			11,328			(7,426	)		32,630			27,300			5,330			1,130			702			428			221,659			219,262			2,397
投資性房地產公允價值調整淨損失		(14,936	)		(41,496	)		26,560			(69,585	)		(18,409	)		(51,176	)		(256,774	)		(130,426	)		(126,348	)		-			-			-			(289	)		(420	)		131			(341,584	)		(190,751	)		(150,833	)
一般及行政開支		(21,608	)		(24,826	)		3,218			(2,062	)		(3,102	)		1,040			(8,810	)		(9,511	)		701			(9,342	)		(12,168	)		2,826			(9,631	)		(22,942	)		13,311			(51,453	)		(72,549	)		21,096
銷售費用		(9,007	)		(8,055	)		(952	)		(180	)		(383	)		203			(3,236	)		(4,172	)		936			(4,205	)		(3,819	)		(386	)		(863	)		(431	)		(432	)		(17,491	)		(16,860	)		(631	)
其他經營業績，淨值		(2,840	)		(2,173	)		(667	)		(63	)		(256	)		193			(3,805	)		(3,284	)		(521	)		(1,131	)		(531	)		(600	)		825			(20,817	)		21,642			(7,014	)		(27,061	)		20,047
運營利潤/（虧損）		120,545			87,759			32,786			(56,829	)		(6,527	)		(50,302	)		(268,723	)		(136,065	)		(132,658	)		17,952			10,782			7,170			(8,828	)		(43,908	)		35,080			(195,883	)		(87,959	)		(107,924	)
分佔聯營公司和合資企業利潤		-			-			-			-			-			-			-			-			-			-			-			-			33,760			14,449			19,311			33,760			14,449			19,311
分部利潤/(虧損)		120,545			87,759			32,786			(56,829	)		(6,527	)		(50,302	)		(268,723	)		(136,065	)		(132,658	)		17,952			10,782			7,170			24,932			(29,459	)		54,391			(162,123	)		(73,510	)		(88,613	)

146

2024年與2023年的收入

農業經營

農業生產 農業生產部門的收入下降了3.6%，從截至2023年6月30日財年的27837300萬澳元降至截至2024年6月30日財年的26838200萬澳元。該減少主要歸因於：

	·	ARS 1725100萬作物銷售收入減少，原因是大豆銷售價格與上一年相比下降，這產生了所謂的「大豆美元」的影響，但被本財政年度玉米銷售量的增加部分抵消(45.0%)；

	·	ARS 47600萬租賃和服務收入減少，原因是向巴西第三方租賃產生的虧損，但被本財年阿根廷種子繁育服務業務量增加帶來的更高利潤部分抵消，因爲所用種子的產量更高(2024年6月30日：24,065TN/2023年6月30日：11,422 TN)。

	·	Ars 561400萬牛銷售收入增加，原因是平均銷售價格上漲(約3.0%)，同時銷售量增加(約25.0%)；

	·	由於價格下降，本財政年度的甘蔗銷售量比上一財政年度(+7.0%)增加了212200萬；

其他。其他部門的收入從截至2023年6月30日財年的9975900萬澳元增加了16.4%，至截至2024年6月30日財年的11610500萬澳元，主要是由於寄售、經紀佣金和其他收入增加16，346澳元，主要是由於投入品銷售利潤增加。

城市房地產和投資業務

購物中心。在截至2023年6月30日的財年中，購物中心部門的收入從17624600雷亞爾萬增長到17965000雷亞爾萬，增幅爲1.9%。儘管本財政年度的新租賃合同數量低於上一財政年度，但入場權增加了17%。這一增長是由於談判的變化，其中包括關鍵貨幣總價格中更高的最低保險固定值(VMA)，具體取決於購物中心。於本財政年度，收入增加主要是由於：(I)基本租金收入增加771900萬；(Ii)入場權增加247000萬；(Iii)預定租金平均上升的收入增加167300萬；(Iv)佣金增加130200萬；及(V)停車位收入增加58800萬，部分被以下因素抵銷：(Vi)因租戶實質收費減少而導致或有租金收入減少1027500萬。

合署辦公室部門的收入下降了4.6%，從截至2023年6月30日財年的1703100萬澳元降至截至2024年6月30日財年的1624300萬澳元。這一變化主要是由於租賃收入下降4.6%，從截至2023年6月30日財年的1695200萬澳元降至截至2024年6月30日財年的1617900萬澳元。「261 Della Paolera」塔樓（位於布宜諾斯艾利斯自治市加泰羅尼亞社區）的樓層出售導致緊身褲面積減少。

銷售和發展。 銷售和開發部門的收入下降了43.2%，從截至2023年6月30日財年的1628000萬澳元降至截至2024年6月30日財年的924600萬澳元。由於公司隨着時間的推移不會再次發生不同的銷售交易，該分部經常在不同時期差異很大。在本財年，Vam以680萬美元的價格將其位於Canelones省（烏拉圭）的兩處房產出售給Boating Trust。

酒店。 酒店部門的收入從截至2023年6月30日的財年的5559600萬澳元增長10.7%，至截至2024年6月30日的財年的6156900萬澳元，主要是由於以美元計算的費率有所改善，入住率保持在良好水平;然而，上季度國際旅遊業出現下降。

其他。 其他部門的收入從截至2023年6月30日的財年的347400萬澳元增長10.6%，至截至2024年6月30日的財年的384200萬澳元，主要是由於布宜諾斯艾利斯會議中心（La Rural SA）舉辦的大會和博覽會數量增加- OFC SRL - 奧格登股份有限公司-Atlantenimiento Universal股份有限公司- Unión transitoria -（布宜諾斯艾利斯市會議展覽中心管理員）以及We Are APPA就APPA申請購物中心促銷和活動的服務收取的費用。

147

2024年與2023年的成本

農業經營

農業生產 農業生產部門的成本下降了4.4%，從截至2023年6月30日財年的24994200萬澳元降至截至2024年6月30日財年的23903600萬澳元，主要是由於：

	·	農作物銷售成本下降981900萬，主要是由於本財年大豆銷售價格與截至2023年6月30日的財年相比下降，這產生了所謂的「大豆美元」的影響;

	·	甘蔗銷售成本下降571000萬澳元，主要是由於乙醇（甘蔗製成的燃料成分）價格下降7.0%。

	·	由於與截至2023年6月30日的財年相比，本財年的公斤銷量增加（約25.0%），導致牛銷售成本增加321000萬澳元;以及

	·	租賃和服務成本增加141300萬里亞爾，主要是由於巴西租賃成本增加。

農業生產部門的成本（以該部門收入的百分比計算）從截至2023年6月30日財年的89.8%下降至截至2024年6月30日財年的89.1%。

土地改造和出售。 土地改造和銷售部門的成本下降了17.1%，從截至2023年6月30日財年的27500萬澳元降至截至2024年6月30日財年的22800萬澳元。考慮到截至2024年6月30日的財年，出售的公頃數低於截至2023年6月30日的財年，這一變化主要是由於兩個財年發生的農田銷售造成的。

其他。其他部門的成本增加了32.8%，從截至2023年6月30日財年的635.84億澳元增加到截至2024年6月30日財年的8441200萬澳元。這一增長主要與本財年計入的工資、社會保障費用和其他人員費用以及本財年第一季度獎金（在上一財年結束時未撥備）產生的影響有關。其他部門的成本（以該部門收入的百分比計算）從截至2023年6月30日的財年的63.7%增加到截至2024年6月30日的財年的72.7%。

城市房地產和投資業務

購物中心。與購物中心部門相關的成本下降了10.2%，從截至2023年6月30日財年的1193700萬澳元下降至截至2024年6月30日財年的1071400萬澳元，主要原因是：（i）租賃和費用減少152600萬里亞爾，原因是截至6月30日的財年內，由於入住率增加，可用商業空間的成本減少，2024年;（ii）稅收、稅率和繳款減少23100萬里亞爾;部分被：（iii）服務費用和補償增加48200萬里亞爾所抵消。與購物中心分部相關的成本（以該分部收入的百分比計算）從截至2023年6月30日財年的6.8%下降至截至2024年6月30日財年的6.0%。

辦公室.與辦公室部門相關的成本下降了16.1%，從截至2023年6月30日財年的140800萬澳元下降至截至2024年6月30日財年的118200萬澳元，主要原因是（i）租賃和費用減少24800萬澳元;（ii）攤銷和折舊費用減少14900萬澳元;（iii）工資、社會保障費用和其他人事管理費用減少4，000萬里亞爾;（iv）維護、安全、清潔、維修和其他費用減少2，500萬里亞爾;（v）稅收、稅率和繳款減少2，4000萬里亞爾;部分抵消：（vi）服務費用和補償增加2，5300萬里亞爾。與辦公室部門相關的成本（以該部門收入的百分比計算）從截至2023年6月30日的財年的8.3%下降至截至2024年6月30日的財年的7.3%。

148

銷售與發展.與我們的銷售和開發部門相關的成本增加了7.9%，從截至2023年6月30日財年的495200萬澳元增加到截至2024年6月30日財年的534400萬澳元，主要原因是：（i）商品和服務銷售成本增加54500萬里亞爾，原因是VAm出售了兩塊土地（烏拉圭卡內洛內斯）;（ii）維護、安全、清潔、維修和其他費用增加16000萬里亞爾;（iii）費用和補償服務增加10800萬里亞爾;（iv）租賃和費用增加4500萬里亞爾;部分被以下因素抵消：（v）稅收、稅率和繳款減少46100萬里亞爾。銷售和開發部門的成本（以該部門收入的百分比計算）從截至2023年6月30日的財年的30.4%增加到截至2024年6月30日的財年的57.8%。

酒店。 酒店部門的成本增加了2.3%，從截至2023年6月30日的財年的2829600萬澳元增加到截至2024年6月30日的財年的2893900萬澳元，主要是由於：（i）維護、安全、清潔、維修和其他費用增加64300萬澳元;（ii）食品、飲料和其他酒店費用增加13800萬里亞爾;（iii）費用和補償服務增加7900萬里亞爾;部分被：（iv）工資、社會保障和其他人員費用減少21500萬里亞爾所抵消。酒店部門的成本（以該部門收入的百分比計算）從截至2023年6月30日的財年的50.9%下降至截至2024年6月30日的財年的47.0%。

其他。 其他部門的成本下降了2.2%，從截至2023年6月30日的財年的277200萬澳元降至截至2024年6月30日的財年的271200萬澳元，主要是由於（i）工資、社會保障和其他人員費用成本減少44700萬澳元;（ii）稅收、稅率和繳款減少3，400萬里亞爾;（iii）費用和補償服務減少3，300萬里亞爾;部分抵消了：（iv）維護、安全、清潔、維修和其他費用增加3，2800萬里亞爾;（v）其他費用增加13，800萬里亞爾。其他部門的成本（以該部門收入的百分比計算）從截至2023年6月30日的財年的79.8%下降至截至2024年6月30日的財年的70.6%。

2024年與2023年收穫時生物資產和農產品的初始確認和公允價值變化

根據分部信息（考慮到我們合資企業的運營結果，不包括與建築管理費用和集體促進基金以及業務部門間交易相關的結果），生物資產和農產品收穫時的初始確認總額和公允價值變化的結果增加了1096700萬里亞爾（194.9%），從截至2023年6月30日財年的虧損562800萬澳元升至截至2024年6月30日財年的盈利533900萬澳元。

這種變化主要是由於：

	·	1384700萬的生產和養牛損失減少，這是因爲與上一財政年度相比，價格在通貨膨脹方面的表現有所改善，同時產量增加(9.0%)；

	·	745200萬作物生產利潤下降，主要原因是與截至2023年6月30日的財年相比，巴西收穫時大豆和玉米價格下降，與大豆產量下降相比，大豆產量下降，但阿根廷的利潤增長主要被阿根廷的收益所抵消，這是因爲從黃色玉米和棉花獲得了更多噸，同時生產產量更高，平均可變現價值高於預期，直接成本更高，包括租賃(《安踏正典》剩餘部分)和由於產量增加而產生的收穫費用。加上23-24運動的生產結果利潤增加，利潤率較高，這是受乾旱影響的小麥和大豆作物產量高於上一季的結果；和

	·	457200萬甘蔗生產利潤增加，主要是由於本財政年度的甘蔗種植面積較上一財政年度增加(6.0%)，這是由於產量增加，同時由於價格下跌7.0%(甘蔗製成的燃料成分乙醇的價格較低)，成本降低(3.0%)。

149

2024年與2023年農產品收穫後可變現淨值變化

根據分部信息，農產品收穫後可變現淨值總變化結果增加了1660500萬澳元（176.1%），從截至2023年6月30日的財年虧損943100萬澳元增加到截至2024年6月30日的財年利潤717400萬澳元。

這種變化是由於更好的價格表現，這主要是由巴西解釋的。玉米和棉花的銷售量有所增加。

2024年毛利潤/（虧損）與2023年

農業經營

農業生產 該部門的毛利潤增長了213.0%，從截至2023年6月30日財年的利潤1337200萬澳元增至截至2024年6月30日財年的利潤4185900萬澳元。

土地改造和銷售。 該部門的虧損利潤下降了17.1%，從截至2023年6月30日財年的虧損27500萬澳元降至截至2024年6月30日財年的虧損22800萬澳元。

其他。該部門的毛利潤下降了12.4%，從截至2023年6月30日財年的利潤3617500萬澳元降至截至2024年6月30日財年的利潤3169300萬澳元。

城市房地產和投資業務

購物中心.購物中心部門的毛利潤增長了2.8%，從截至2023年6月30日的財年的利潤16430900萬澳元增加到截至2024年6月30日的財年的利潤16893600萬澳元，主要是由於前面提到的收入增長。購物中心分部的毛利潤（以該分部收入的百分比計算）從截至2023年6月30日的財年的93.2%增長至截至2024年6月30日的財年的94.0%。

辦公室.辦公室部門的毛利潤下降了3.6%，從截至2023年6月30日的財年的利潤1562300萬澳元降至截至2024年6月30日的財年的利潤1506100萬澳元。辦公部門的毛利潤（以該部門收入的百分比計算）從截至2023年6月30日的財年的91.7%增長到截至2024年6月30日的財年的92.7%。

銷售和開發.銷售和開發部門的毛利潤下降了65.6%，從截至2023年6月30日的財年的利潤1132800萬澳元下降到截至2024年6月30日的財年的390200萬澳元。銷售與開發分部的毛利潤（以該分部收入的百分比計算）從截至2023年6月30日的財年的69.6%下降至截至2024年6月30日的財年的42.2%。

酒店.酒店部門的毛利潤增長了19.5%，從截至2023年6月30日的財年的利潤2730000萬澳元增加到截至2024年6月30日的財年的利潤3263000萬澳元。酒店分部的毛利潤（以該分部收入的百分比計算）從截至2023年6月30日的財年的49.1%增長到截至2024年6月30日的財年的53.0%。

別人.其他部門的毛利潤增長了61.0%，從截至2023年6月30日財年的利潤70200萬澳元增加到截至2024年6月30日財年的利潤113000萬澳元。其他分部的毛利潤（以該分部收入的百分比計算）從截至2023年6月30日的財年的20.2%增長到截至2024年6月30日的財年的29.4%。

本節中描述的變化與前面提到的對收入和成本的影響有關。

投資性房地產公允價值變動淨損失 2024年與2023年

農業經營

根據分部信息（考慮到我們所有的合資企業和分部間對銷），投資性房地產公允價值變動的結果增加了135000萬里亞爾（15.3%），從截至2023年6月30日財年的淨虧損880400萬澳元降至截至2024年6月30日財年的淨虧損745400萬澳元，主要是由於與大豆價格下降有關的公頃價值減少。這一影響被出租給第三方的公頃面積較小所抵消：截至2023年6月30日，租賃公頃爲13，501公頃，而截至2024年6月30日，租賃公頃爲11，674公頃。這兩個因素的總和解釋了較低的損失。

150

城市房地產和投資業務

根據利潤表，投資性房地產公允價值調整的綜合淨虧損總額減少了15802800萬澳元，從截至2023年6月30日財年的淨虧損18319200萬澳元減少到截至2024年6月30日財年的淨虧損34122000萬澳元。

根據分部信息，投資性房地產公允價值調整淨虧損由虧損19075100萬澳元（其中4149600萬澳元虧損來自我們的購物中心部門; 1840900萬澳元虧損來自我們的辦公室部門;截至2023年6月30日的財年，銷售和開發部門虧損13042600萬澳元，其他部門虧損42000萬澳元），截至6月30日的財年，虧損34158400萬澳元，2024年（其中購物中心部門損失1493600萬澳元;辦公室部門損失6958500萬澳元;銷售和開發部門損失25677400萬澳元，其他部門損失28900萬澳元）。

我們購物中心披索價值的淨影響主要是由於：（i）與預測實際匯率和通脹相關的更有利的宏觀經濟預測;按實際價值計算，用於衡量這些屬性的官方匯率的變化比通貨膨脹率低17個百分點，及（ii）這被部分購物中心的預期增長率放緩所抵消。

阿根廷的寫字樓、土地儲備和其他物業市場是一個流動性市場，有大量交易對手參與進行買賣交易。這種情況導致了顯著的、具有代表性的買賣價格。這種情況允許觀察市場上相關的和有代表性的買入-賣出價格。在這方面，採用了「市場法」技術(可比市場價值)來確定寫字樓和其他部分的公允價值，每平方米價格是最具代表性的衡量標準。在我們的寫字樓部門和銷售與開發部門，價值主要受到截至2024年6月30日的財政年度披索兌「MEP美元」升值的影響，因爲按實際價值計算，用於衡量這些物業的MEP匯率的變化比通脹低93個百分點。此外，在本財政年度的寫字樓部分，我們出售了「261 Della Paolera」大樓的三層樓，並完成了楓葉大廈的銷售。此外，在2024財年，我們出售了在Quality Invest S.A.的權益。

2024年與2023年農田處置的收益

根據利潤表和按分部分類的信息（考慮到我們所有的合資企業和分部間沖銷），出售農田的總收益減少了321300萬澳元（5.8%），從截至2023年6月30日的財年的5582500萬澳元減少到截至2024年6月30日的財年的5261200萬澳元。

截至2024年6月30日的財年

	·	2023年10月5日，克雷蘇德簽署了一份所有權轉讓契約，用於出售薩爾塔省名爲「Los Pozos」的機構的一小部分田地，稱爲註冊5421，總面積爲4262公頃。總價爲230美元萬，其中140美元萬尚待收到，將分兩期支付，最後一次付款日期爲2025年9月23日，並對所述餘額提供抵押擔保。

	·	2023年12月14日，Cresud簽署了一份所有權轉讓契約，出售其位於阿根廷拉潘帕省特雷內爾省的「El Tigre」農場500公頃的一小部分農業活動。總價爲380美元萬，其中90美元萬尚待收到，將分兩次支付，最後一次付款日期爲2025年12月12日，並對所述餘額提供抵押擔保。此次交易後，公司保留了約7860公頃「El Tigre」農場的所有權。

	·	2024年3月26日，巴西農業公司出售了2007年收購的位於巴西巴伊亞州科倫蒂納的「Chaparral」農場12,335公頃(8,796公頃)的一小部分。此次交易後，該農場剩餘的24,885公頃土地仍歸Brasilago所有。根據大豆袋子價格的變化，經營的總金額定爲36450萬，出售的農場部分在賬面上的估值爲3400萬。

151

截至2023年6月30日的財年

	·	2022年10月6日，巴西農業公司完成了位於巴拉圭博克隆州的「Morotí」農場的一小部分863公頃(498公頃)的出售。成交金額爲150美元萬，買方首期付款爲74.85美元萬。剩餘的款項將分三次按年平均支付。這部分油田在BRL85.3萬的賬面上得到了估值。在這次行動之後，剩餘的58,722公頃的土地仍然掌握在Brasilago手中。

	·	2022年11月8日，巴西農業公司簽署了出售里約熱內盧農場1,965公頃(1,423公頃)的合同，這是一處位於科倫蒂納-巴伊亞市的農村財產。待支付的價值被設定爲291袋大豆，相當於交易當天的BRL6240萬。買方首次付款爲BRL1770萬。該合同確定了所有權轉移的時間表，收入分四個階段確認。第一個於2022年11月14日完成，確認收入爲BRL 2000萬。其他階段定於每年7月舉行，直至2025年。這部分油田在BRL1780萬的賬面上得到了估值。這次行動後，所述農場的5750公頃殘留物仍掌握在Brasilagro手中。

	·	2023年3月，巴西農業公司簽署了兩份合同，出售其位於巴西蓋亞州S米奈羅斯市的阿勞卡里亞農場剩餘土地5,517公頃(4,011公頃)。

		第一筆交易於2023年3月28日進行，以每公頃790袋大豆的價格出售了5,185公頃(3,796公頃)大豆，相當於交易當天的40930 BRL萬。這筆款項將分7次支付，第一次是在2023年7月30日，第二次是在2023年8月16日，其餘的計劃在每年的3月1日支付，直到2028年。域名轉移是在2023年6月15日進行的。

		第二筆交易發生在2023年3月29日，其中332公頃(215公頃可耕地)以每公頃297袋大豆的價值出售，相當於交易日的BRL850萬。這筆款項將分5次支付，第一次是在2023年4月14日收取的，其餘的計劃在每年的3月30日支付，直到2027年。域名轉移是在2023年5月31日進行的。

	·	2023年6月29日，巴西農業公司完成了位於哈博蘭迪-巴伊亞市的4,408公頃(3,202公頃可耕種土地)☐Jatobávii☐Form的銷售。銷售價值爲12160萬BRL(相當於952,815袋大豆)。付款將以BRL支付，分7年分期付款，使簽署合同時的第一次付款。剩餘的分期付款計劃在每年的7月31日進行，直到2029年。

2024年與2023年的一般和行政費用

農業經營

農業生產 與農業生產部門相關的一般和行政費用增加了12.4%，從截至2023年6月30日財年的1748000萬澳元增加到截至2024年6月30日財年的1964100萬澳元，主要是由於與作物經營相關的費用增加了213300萬澳元;與甘蔗運營相關的費用減少了8600萬澳元;與養牛活動相關的費用增加了28900萬澳元;與農業租賃和服務業務相關的費用減少了17500萬澳元。農業生產部門的一般和行政費用（以該部門收入的百分比計算）從截至2023年6月30日的財年的6.3%增加到截至2024年6月30日的財年的7.3%。

土地改造和銷售。 與土地改造和銷售部門相關的一般和行政費用增加了21.2%，從截至2023年6月30日財年的5200萬澳元增加到截至2024年6月30日財年的6300萬澳元。

企業。 與企業部門相關的一般和行政費用下降了11.6%，從截至2023年6月30日財年的518700萬澳元下降到截至2024年6月30日財年的458300萬澳元。

其他。 與其他部門相關的一般和行政費用增加了6.3%，從截至2023年6月30日財年的883100萬澳元增加到截至2024年6月30日財年的939100萬澳元。其他部門的一般和行政費用（以該部門收入的百分比計算）從截至2023年6月30日的財年的8.9%下降至截至2024年6月30日的財年的8.1%。

152

城市房地產和投資業務

購物中心。購物中心的一般和行政費用下降了13.0%，從截至2023年6月30日的財年的2482600雷亞爾萬降至截至2024年6月30日的財年的2160800雷亞爾萬，主要是由於：(1)支付給董事的費用減少224500雷亞爾；(2)工資、社會保障費用和其他人事行政費用減少63500雷亞爾；(3)攤銷和折舊費用減少40000雷亞爾；(4)租金和費用減少16200雷亞爾萬；部分抵銷的是：(5)維護、安保、清潔、維修和相關費用增加，所需費用爲21600萬。購物中心的一般和行政費用，以這一部門收入的百分比衡量，從截至2023年6月30日的財年的14.1%下降到截至2024年6月30日的財年的12.0%。這一差異主要是由於支付給員工的獎金相關支出減少所致。此外，支付給董事的費用也較低。

合署我們辦公室部門的一般和行政費用下降了33.5%，從截至2023年6月30日財年的310200萬澳元降至截至2024年6月30日財年的206200萬澳元，主要是由於：（i）應付董事的費用減少39600萬澳元;（ii）工資、社會保障費用和其他人事管理費用減少32100萬澳元;（iii）攤銷和折舊費用減少14300萬澳元;（iv）服務費用和補償減少6600萬澳元。一般和行政費用（以同一部門收入的百分比計算）從截至2023年6月30日財年的18.2%下降至截至2024年6月30日財年的12.7%。這一變化主要是由於與向員工支付獎金相關的費用減少。此外，支付給董事的費用也較低。

銷售與發展.與我們的銷售和開發部門相關的一般和行政費用下降了7.4%，從截至2023年6月30日財年的951100萬澳元下降到截至2024年6月30日財年的881000萬澳元。一般和行政費用（以同一部門收入的百分比計算）從截至2023年6月30日的財年的58.4%增加到截至2024年6月30日的財年的95.3%。

酒店.與我們酒店部門相關的一般和行政費用下降了23.2%，從截至2023年6月30日財年的1216800萬澳元下降至截至2024年6月30日財年的934200萬澳元，主要是由於：（i）應付董事的費用減少315100萬澳元;部分抵消：（ii）稅收、稅率和繳款增加18700萬澳元;（iii）工資、社會保障費用和其他人事管理費用增加3600萬澳元;（iv）旅行、交通和文具增加2900萬澳元;（v）攤銷和折舊費用增加2000萬澳元;和（vi）維護、安全、清潔、維修和相關費用增加1600萬澳元。與酒店分部相關的一般和行政費用（以該分部收入的百分比計算）從截至2023年6月30日財年的21.9%下降至截至2024年6月30日財年的15.2%。

別人。與我們其他部門相關的一般和行政費用減少了58.0%，從截至2023年6月30日的財政年度的2294200萬下降到截至2024年6月30日的財政年度的963100萬，主要是由於：(1)支付給董事的費用減少了1383200萬；(2)服務的費用和補償減少了15500萬；(3)稅收、費率和繳費減少了4,200萬；部分被以下因素抵消：(4)工資、社會保障費用和其他人事管理費用增加了58600萬；(V)維護、維修和服務增加3,500雷亞爾萬；(6)攤銷和折舊費用增加3,300雷亞爾；(7)差旅、運輸和文具增加2,600雷亞爾；(8)銀行費用增加800雷亞爾(萬)。與其他部門相關的一般和行政費用，以這一部門收入的百分比衡量，從截至2023年6月30日的財年的660.4%下降到截至2024年6月30日的財年的250.7%。

153

2024年與2023年銷售費用

農業經營

農業生產.農業生產部門的銷售費用增加了13.5%，從截至2023年6月30日財年的2549800萬澳元增至截至2024年6月30日財年的2893400萬澳元，主要是由於與農作物運營相關的銷售費用增加了359200萬澳元，甘蔗運營費用減少22500萬澳元，牛銷售費用增加23400萬澳元，與租賃和農業服務相關的銷售費用減少16500萬澳元。農業生產部門的銷售費用（以該部門收入的百分比計算）從截至2023年6月30日財年的9.2%增加到截至2024年6月30日財年的10.8%。

土地流轉與出讓.土地改造和銷售部門的銷售費用增加了2，377.1%，從截至2023年6月30日財年的4800萬澳元增加到截至2024年6月30日財年的118900萬澳元。這一增長是由於本財年發生的農田銷售造成的。儘管出售的公頃面積相對較少，但本財年與銷售相關的費用大幅增加，主要是由於出售了巴西查帕拉爾農田。

別人.其他部門的銷售費用從截至2023年6月30日財年的917700萬澳元增加了48.7%，至截至2024年6月30日財年的1364500萬澳元，主要是由於與其他部門相關的銷售費用增加了446800萬澳元。其他部門的銷售費用（以該部門收入的百分比計算）從截至2023年6月30日財年的9.2%增加到截至2024年6月30日財年的11.8%。

城市房地產和投資業務

購物中心。購物中心部門的銷售費用增加了11.8%，從截至2023年6月30日財年的805500萬澳元增加到截至2024年6月30日財年的900700萬澳元，主要是由於：（i）由於活動組織和商業結算費用增加，宣傳、廣告和其他商業費用增加59200萬里亞爾;（ii）攤銷和折舊費用增加29400萬澳元;（iii）可疑帳戶增加19500萬澳元（收費和回收，淨額）;（iv）工資、社會保障費用和其他人事管理費用增加9400萬里亞爾;部分被以下因素抵消：（v）稅收、稅率和繳款減少20900萬澳元;（vi）服務費用和補償減少1400萬澳元。銷售費用（以購物中心部門收入的百分比計算）從截至2023年6月30日財年的4.6%增加到截至2024年6月30日財年的5.0%。

合署與辦公室部門相關的銷售費用下降了53.0%，從截至2023年6月30日財年的38300萬澳元下降到截至2024年6月30日財年的18000萬澳元。這種差異主要是由於：（i）由於費率談判改善，服務費用和補償減少了24300萬里亞爾;（ii）稅收、費率和繳款減少了4900萬里亞爾;（iii）工資、社會保障費用和其他人事管理費用減少了1500萬里亞爾;（iv）宣傳、廣告和其他商業費用減少800萬澳元;部分被：（v）可疑帳戶增加11300萬澳元（費用和回收，淨額）所抵消。與辦公室部門相關的銷售費用（以該部門收入的百分比計算）從截至2023年6月30日財年的2.2%下降至截至2024年6月30日財年的1.1%。

銷售和發展。這一差異的主要原因是與上一財年相比，由於銷售額減少，與房地產銷售相關的費用減少。其中最顯著的變化是：(I)服務費和補償減少了168700非洲法郎；部分被(Ii)稅收、差餉和繳費增加了66900非洲法郎所抵消；(Iii)工資、社會保障費用和其他人員行政費用增加了6,600非洲法郎；(Iv)宣傳、廣告和其他商業費用增加了700非洲法郎；以及(V)壞賬(費用和回收，淨額)增加了500非洲法郎。與我們的銷售和開發部門相關的銷售費用，以該部門收入的百分比衡量，從截至2023年6月30日的財年的25.6%增加到截至2024年6月30日的財年的35.0%。

酒店。 與我們酒店部門相關的銷售費用增加了10.1%，從截至2023年6月30日財年的381900萬澳元增加到截至2024年6月30日財年的420500萬澳元，主要是由於：（i）服務費用和補償增加23400萬澳元;（ii）宣傳、廣告和其他商業費用增加8600萬澳元;（iii）稅收、稅率和繳款增加7000萬澳元;（iv）可疑帳戶增加1800萬澳元（收費和回收，淨額）;部分被（v）工資、社會保障費用和其他人事管理費用減少2700萬澳元抵消。與酒店部門相關的銷售費用（以該部門收入的百分比計算）從截至2023年6月30日財年的6.9%下降至截至2024年6月30日財年的6.8%。

154

其他。 與我們其他部門相關的銷售費用增加了100.2%，從截至2023年6月30日財年的43100萬澳元增加到截至2024年6月30日財年的86300萬澳元。與我們其他部門相關的銷售費用（以該部門收入的百分比計算）從截至2023年6月30日的財年的12.4%增加到截至2024年6月30日的財年的22.5%。這一增長主要是由於We are Appa開展的商業活動增加。與我們其他部門相關的銷售費用（以該部門收入的百分比計算）從截至2023年6月30日的財年的12.4%增加到截至2024年6月30日的財年的22.5%。

其他經營業績，淨2024年與2023年

農業經營

農業生產.與我們農業生產部門相關的其他淨經營業績增加了787400萬澳元，從截至2023年6月30日財年的利潤62500萬澳元增加到截至2024年6月30日財年的利潤849900萬澳元。這一增長的原因是大宗商品衍生金融工具的業績收益，因爲以高於市場價格的平均價格出售了噸大豆。

土地流轉與出讓.該部門的其他淨經營業績從截至2023年6月30日財年的虧損938500萬澳元增加2312100萬澳元，至截至2024年6月30日財年的利潤1373600萬澳元。這一增長的原因是本財年應收賬款的估值，因爲以美元出售大豆袋農田，同時巴西雷亞爾/美元匯率上漲，收益溢價上漲，但被大豆價格下跌所抵消。

別人.與其他部門相關的其他淨經營業績增加了339500萬澳元，從截至2023年6月30日財年的利潤227400萬澳元增加到截至2024年6月30日財年的利潤566900萬澳元。這一增加是由於與逾期支付貿易應收賬款利息相關的經營資產產生的利息收入增加。

城市房地產和投資業務

購物中心。與我們的購物中心部門相關的其他經營業績淨下降了30.7%，從截至2023年6月30日財年的淨虧損217300萬澳元降至截至2024年6月30日財年的淨虧損284000萬澳元，主要是由於：（i）訴訟損失增加32800萬澳元;部分抵消了以下因素：（ii）由於收款期改善，運營資產產生的利息減少了54900萬澳元，導致利息減少;（iii）捐款減少了43800萬澳元;（iv）管理費減少了2200萬澳元。該分部的其他淨經營業績佔該分部收入的百分比從截至2023年6月30日的財年的負1.2%增加到截至2024年6月30日的財年的負1.6%。

合署與辦公室部門相關的其他經營業績淨增長了75.4%，從截至2023年6月30日財年的淨虧損25600萬澳元增加到截至2024年6月30日財年的淨虧損6300萬澳元，主要是由於：（i）運營信貸產生的利息和津貼減少15600萬澳元;和（ii）訴訟費用減少3700萬澳元。該分部的其他淨經營業績佔該分部收入的百分比從截至2023年6月30日財年的負1.5%下降至截至2024年6月30日財年的負0.4%。

銷售和發展。 與我們的銷售和開發部門相關的其他經營業績淨增長了39.6%，從截至2023年6月30日財年的淨虧損328400萬阿曼里亞爾增加到截至2024年6月30日財年的淨虧損198300萬阿曼里亞爾，主要是由於出售房產的損失，與出售「261 Della Paolera」大廈9層（位於布宜諾斯艾利斯自治市加泰羅尼亞社區）相應的工廠和設備。該分部的其他淨經營業績佔該分部收入的百分比從截至2023年6月30日財年的負20.2%增加到截至2024年6月30日財年的負41.2%。

酒店. 與酒店部門相關的其他淨經營業績下降了113.0%，從截至2023年6月30日財年的淨虧損53100萬澳元降至截至2024年6月30日財年的淨虧損113100萬澳元，主要是由於訴訟費用增加67700萬澳元。該分部的其他淨經營業績佔該分部收入的百分比從截至2023年6月30日的財年的負1.0%增加到截至2024年6月30日的財年的負1.8%。

155

其他。與其他分部相關的其他經營業績淨增長104.0%，從截至2023年6月30日財年的淨虧損2081700萬澳元增至截至2024年6月30日財年的淨利潤82500萬澳元，主要原因是：（i）訴訟和其他意外開支減少2207000萬澳元，因爲上一財年已確認IDBD訴訟撥備;（ii）其他經營業績產生的利潤增加124500萬澳元;部分被（iii）利潤減少138900萬澳元所抵消，主要由於Condor、Real Estate Investment Group VII LP和Jiwin SA的清算上一財年;（iv）管理費增加21400萬里亞爾;（v）捐款費用增加8100萬里亞爾。該分部的其他淨經營業績佔該分部收入的百分比從截至2023年6月30日財年的負599.2%下降至截至2024年6月30日財年的正21.5%。

2024年與2023年的管理費

該公司與Consultores Asset Management S.A.簽訂管理協議，其中規定支付相當於我們單獨利潤表利潤10%的費用，用於就與業務和投資相關的任何事項（例如農業、房地產、金融、酒店等）提供諮詢服務。截至2024年6月30日和2023年6月30日的財年，管理費分別爲786600萬澳元和1768300萬澳元。

2024年與2023年的經營業績

農業經營

農業生產.農業生產部門的經營業績增加了3076400萬澳元，從截至2023年6月30日財年的虧損2898100萬澳元增加到截至2024年6月30日財年的利潤178300萬澳元。

土地流轉與出讓.土地改造和銷售部門的經營業績增加了2015300萬澳元，從截至2023年6月30日財年的利潤3726100萬澳元增加到截至2024年6月30日財年的利潤5741400萬澳元。

企業.該企業部門的經營業績從截至2023年6月30日財年的虧損518700萬澳元增加到截至2024年6月30日財年的虧損458300萬澳元，增加了60400萬澳元。

其他。其他部門的經營業績從截至2023年6月30日財年的利潤2044100萬澳元減少611500萬澳元至截至2024年6月30日財年的利潤1432600萬澳元。

城市房地產和投資業務

商場與購物中心部門相關的運營業績增長了37.4%，從截至2023年6月30日財年的淨利潤8775900萬澳元增至截至2024年6月30日財年的淨利潤12054500萬澳元。購物中心部門的經營業績佔該部門收入的百分比從截至2023年6月30日的財年的49.8%增加到截至2024年6月30日的財年的67.1%。

合署與我們辦公部門相關的運營業績下降了770.7%，從截至2023年6月30日財年的淨虧損652700萬澳元降至截至2024年6月30日財年的淨虧損5682900萬澳元。此類變化主要是由於投資性房地產公允價值調整損失減少5117600萬澳元。與辦公室部門相關的運營業績佔該部門收入的百分比從截至2023年6月30日的財年的負38.3%增加到截至2024年6月30日的財年的負349.9%。

銷售和發展。 與我們的銷售和開發部門相關的運營業績下降了97.5%，從截至2023年6月30日財年的淨虧損13606500萬澳元下降到截至2024年6月30日財年的淨虧損26872300萬澳元。該減少主要是由於投資物業公允價值調整的虧損。與銷售和開發分部相關的運營業績佔該分部收入的百分比從截至2023年6月30日的財年的負835.8%增加到截至2024年6月30日的財年的負2，906.4%。

156

酒店。 與酒店部門相關的運營業績增長了66.5%，從截至2023年6月30日財年的淨利潤1078200萬澳元增至截至2024年6月30日財年的淨利潤1795200萬澳元。這一增長主要是由於入住率上升導致收入增加，大部分達到大流行前的入住率水平。與酒店分部相關的運營業績佔該分部收入的百分比從截至2023年6月30日的財年的19.4%增加到截至2024年6月30日的財年的29.2%。

其他。 與其他部門相關的運營業績從截至2023年6月30日財年的淨虧損4390800萬澳元增加到截至2024年6月30日財年的淨虧損882800萬澳元。該減少主要是由於行政費用減少以及其他經營業績淨增長所致。與其他分部相關的運營業績佔該分部收入的百分比，從截至2023年6月30日財年的負1，263.9%到截至2024年6月30日財年的正229.8%不等。

2024年與2023年應占聯營公司和合資企業的（虧損）/利潤

農業經營

根據分部信息（考慮到我們所有的合資企業和分部間對銷），應占聯營公司和合資企業的（虧損）/利潤總額增加了276900萬里亞爾（71.9%），從截至2023年6月30日財年的虧損385300萬澳元降至截至2024年6月30日財年的虧損108400萬澳元。

農業生產.農業生產部門的聯營公司和合資企業的利潤/（損失）份額增加了347.3%，從截至2023年6月30日財年的虧損62800萬澳元增至截至2024年6月30日財年的利潤155300萬澳元。

別人.其他部門的聯營公司和合資企業的股份損失增加了18.2%，從截至2023年6月30日財年的虧損322500萬澳元增至截至2024年6月30日財年的虧損263700萬澳元。

城市房地產和投資業務

利潤表顯示，分佔聯營公司和合資企業的利潤增長了249.4%，從截至2023年6月30日財年的淨利潤974200萬澳元增至截至2024年6月30日財年的淨利潤3403700萬澳元，主要是由於其他部門的積極業績。

此外，主要來自Nuevo Puerto Santa Fe SA的合資企業利潤/（虧損）淨份額（購物中心部門），Quality Invest SA（辦公室部門）和Cyrsa SA和Puerto Retiro SA（銷售和開發部門）增長了105.9%，從截至2023年6月30日的財年虧損470900萬澳元增至截至2024年6月30日的財年利潤27700萬澳元，主要是由於新聖達菲港投資的結果，主要解釋爲通貨膨脹對其財產公允價值的影響，反過來，由於Quality Invest SA的出售，截至2023年6月30日，這項投資已產生514200萬里亞爾的損失。

商場在按分部分類的信息中，分佔合資企業Nuevo Puerto Santa Fe SA的利潤/（虧損）在該分部中逐行合併記錄。

合署該分部並未顯示分佔聯營公司及合資企業利潤/（虧損）的業績。

銷售和發展。 合資企業Quality Invest SA的利潤/（損失）份額，Cyrsa SA Puerto Retiro SA逐行合併記錄。鑑於我們出售了在Quality Invest SA的權益在本財年，它僅在截至2023年6月30日的財年產生了業績。

酒店。 該分部並未顯示分佔聯營公司及合資企業利潤/（虧損）的業績。

其他。 其他部門應占的聯營公司利潤/（損失）增加了133.6%，從截至2023年6月30日財年的淨利潤1444900萬澳元增加到截至2024年6月30日財年的淨利潤3376000萬澳元，主要是由於我們對Banco Hipotecario的投資差異17澳元，797和La Rural SA由ARS 494300萬陽性。

157

財務業績，淨2024年與2023年

該公司財務業績淨變動爲4523200萬澳元，從截至2023年6月30日財年的利潤9015900萬澳元增至截至2024年6月30日財年的利潤13539100萬澳元。這一增加主要是由於賺取利息的積極結果以及按公允價值計入損益的金融資產和負債的公允價值調整產生的收益，這主要是由於阿根廷的宏觀經濟狀況導致的，導致債券價值波動，部分被匯率差異損失和通貨膨脹風險產生的積極結果較低所抵消。

2024年與2023年所得稅

公司採用遞延所得稅法計算報告期的所得稅，將暫時性差異確認爲稅收資產和負債。本年度所得稅費用從截至2023年6月30日財年的利潤27018000萬澳元增至截至2024年6月30日財年的利潤6187200萬澳元，其中1804800萬阿曼里亞爾的利潤來自農業業務，4382400萬阿曼里亞爾的利潤來自城市財產和投資。在截至2024年6月30日的財年，受投資物業公允價值變化的影響，觀察到了正的遞延所得稅結果，但部分被當前所得稅的負結果所抵消。此外，在上一財年，還轉回了上一財年的所得稅撥備，請參閱2023財年的所得稅部分。

2024年淨利潤與2023年

由於上述因素，我們本年度淨利潤減少了19647800萬澳元，從截至2023年6月30日財年的淨利潤29045800萬澳元降至截至2024年6月30日財年的淨利潤9398000萬澳元，其中12283200萬澳元的利潤來自農業業務，2885200萬澳元的虧損來自城市房地產和投資業務。

158

截至2023年6月30日和2022年6月30日的財年的經營業績

	農業企業									城市房地產和投資業務									總分部信息									合資企業（i）									調整（ii）									消除分部間交易									利潤表總額
	06.30.23			06.30.22			變種			06.30.23			06.30.22			變種			06.30.23			06.30.22			變種			06.30.23			06.30.22			變種			06.30.23			06.30.22			變種			06.30.23			06.30.22			變種			06.30.23			06.30.22			變種
(in百萬ARS）
收入		378,132			515,872			(137,740	)		268,627			204,987			63,640			646,759			720,859			(74,100	)		(1,687	)		(1,860	)		173			64,781			53,349			11,432			(2,441	)		(4,644	)		2,203			707,412			767,704			(60,292	)
成本		(313,801	)		(461,761	)		147,960			(49,365	)		(42,851	)		(6,514	)		(363,166	)		(504,612	)		141,446			736			729			7			(65,950	)		(55,055	)		(10,895	)		-			-			-			(428,380	)		(558,938	)		130,558
生物資產和農產品收穫時公允價值的初步確認和變化		(5,628	)		145,804			(151,432	)		-			-			-			(5,628	)		145,804			(151,432	)		-			-			-			-			-			-			819			1,535			(716	)		(4,809	)		147,339			(152,148	)
農產品收穫後可變現淨值變化		(9,431	)		(16,007	)		6,576			-			-			-			(9,431	)		(16,007	)		6,576			-			-			-			-			-			-			-			-			-			(9,431	)		(16,007	)		6,576
毛利/(虧損)		49,272			183,908			(134,636	)		219,262			162,136			57,126			268,534			346,044			(77,510	)		(951	)		(1,131	)		180			(1,169	)		(1,706	)		537			(1,622	)		(3,109	)		1,487			264,792			340,098			(75,306	)
投資物業公允價值調整淨（損失）/收益		(8,804	)		19,707			(28,511	)		(190,751	)		102,522			(293,273	)		(199,555	)		122,229			(321,784	)		7,559			10,588			(3,029	)		-			-			-			-			-			-			(191,996	)		132,817			(324,813	)
農田處置收益		55,825			44,088			11,737			-			-			-			55,825			44,088			11,737			-			-			-			-			-			-			-			-			-			55,825			44,088			11,737
一般及行政開支		(31,550	)		(30,340	)		(1,210	)		(72,549	)		(42,987	)		(29,562	)		(104,099	)		(73,327	)		(30,772	)		250			214			36			-			-			-			643			650			(7	)		(103,206	)		(72,463	)		(30,743	)
銷售費用		(34,723	)		(43,895	)		9,172			(16,860	)		(17,958	)		1,098			(51,583	)		(61,853	)		10,270			101			43			58			-			-			-			1,118			3,016			(1,898	)		(50,364	)		(58,794	)		8,430
其他經營業績，淨值		(6,486	)		(6,714	)		228			(27,061	)		225			(27,286	)		(33,547	)		(6,489	)		(27,058	)		(93	)		-			(93	)		614			447			167			(92	)		(89	)		(3	)		(33,118	)		(6,131	)		(26,987	)
管理費		-			-			-			-			-			-			-			-			-			-			-			-			(17,683	)		(33,388	)		15,705			-			-			-			(17,683	)		(33,388	)		15,705
運營利潤/（虧損）		23,534			166,754			(143,220	)		(87,959	)		203,938			(291,897	)		(64,425	)		370,692			(435,117	)		6,866			9,714			(2,848	)		(18,238	)		(34,647	)		16,409			47			468			(421	)		(75,750	)		346,227			(421,977	)
應占聯營公司和合資企業的（虧損）/利潤		(3,853	)		1,294			(5,147	)		14,449			3,732			10,717			10,596			5,026			5,570			(4,722	)		(6,588	)		1,866			-			-			-			(5	)		-			(5	)		5,869			(1,562	)		7,431
分部利潤/(虧損)		19,681			168,048			(148,367	)		(73,510	)		207,670			(281,180	)		(53,829	)		375,718			(429,547	)		2,144			3,126			(982	)		(18,238	)		(34,647	)		16,409			42			468			(426	)		(69,881	)		344,665			(414,546	)

(i)	代表按分部按比例合併以供參考的合資企業的股權價值。
(ii)	包括截至2023年6月30日和2022年6月30日的毛利潤/（損失）分別爲建築管理費用和集體促進基金（MPC）的毛利潤/（損失）爲1，169億澳元和1，706億澳元。

農業經營

下表顯示了截至2023年6月30日和2022年6月30日財年農業業務線的摘要。

	農業生產									土地改造和出售									企業								別人									總
	06.30.23			06.30.22			變種			06.30.23			06.30.22			變種			06.30.23			06.30.22			變種		06.30.23			06.30.22			變種			06.30.23			06.30.22			變種
	(in百萬ARS）
收入		278,373			409,042			(130,669	)		-			-			-			-			-			-		99,759			106,830			(7,071	)		378,132			515,872			(137,740	)
成本		(249,942	)		(383,436	)		133,494			(275	)		(385	)		110			-			-			-		(63,584	)		(77,940	)		14,356			(313,801	)		(461,761	)		147,960
生物資產和農產品收穫時公允價值的初步確認和變化		(5,628	)		145,804			(151,432	)		-			-			-			-			-			-		-			-			-			(5,628	)		145,804			(151,432	)
農產品收穫後可變現淨值變化		(9,431	)		(16,007	)		6,576			-			-			-			-			-			-		-			-			-			(9,431	)		(16,007	)		6,576
毛利/(虧損)		13,372			155,403			(142,031	)		(275	)		(385	)		110			-			-			-		36,175			28,890			7,285			49,272			183,908			(134,636	)
投資物業公允價值調整淨（損失）/收益		-			-			-			(8,804	)		19,707			(28,511	)		-			-			-		-			-			-			(8,804	)		19,707			(28,511	)
農田處置收益		-			-			-			55,825			44,088			11,737			-			-			-		-			-			-			55,825			44,088			11,737
一般及行政開支		(17,480	)		(18,134	)		654			(52	)		(64	)		12			(5,187	)		(5,919	)		732		(8,831	)		(6,223	)		(2,608	)		(31,550	)		(30,340	)		(1,210	)
銷售費用		(25,498	)		(34,908	)		9,410			(48	)		(1,514	)		1,466			-			-			-		(9,177	)		(7,473	)		(1,704	)		(34,723	)		(43,895	)		9,172
其他經營業績，淨值		625			(16,798	)		17,423			(9,385	)		8,578			(17,963	)		-			-			-		2,274			1,506			768			(6,486	)		(6,714	)		228
（虧損）/運營利潤		(28,981	)		85,563			(114,544	)		37,261			70,410			(33,149	)		(5,187	)		(5,919	)		732		20,441			16,700			3,741			23,534			166,754			(143,220	)
應占聯營公司和合資企業的（虧損）/利潤		(628	)		862			(1,490	)		-			-			-			-			-			-		(3,225	)		432			(3,657	)		(3,853	)		1,294			(5,147	)
分部（虧損）/利潤		(29,609	)		86,425			(116,034	)		37,261			70,410			(33,149	)		(5,187	)		(5,919	)		732		17,216			17,132			84			19,681			168,048			(148,367	)

159

城市房地產和投資業務

下表顯示了截至2023年6月30日和2022年6月30日財年城市房地產和投資業務線的摘要。

	購物中心									辦公室									銷售和開發									酒店									別人									總
	06.30.23			06.30.22			變種			06.30.23			06.30.22			變種			06.30.23			06.30.22			變種			06.30.23			06.30.22			變種			06.30.23			06.30.22			變種			06.30.23			06.30.22			變種
	(in數百萬澳元）
收入		176,246			138,836			37,410			17,031			24,357			(7,326	)		16,280			5,975			10,305			55,596			34,441			21,155			3,474			1,378			2,096			268,627			204,987			63,640
成本		(11,937	)		(11,974	)		37			(1,408	)		(2,347	)		939			(4,952	)		(4,653	)		(299	)		(28,296	)		(19,808	)		(8,488	)		(2,772	)		(4,069	)		1,297			(49,365	)		(42,851	)		(6,514	)
毛利/(虧損)		164,309			126,862			37,447			15,623			22,010			(6,387	)		11,328			1,322			10,006			27,300			14,633			12,667			702			(2,691	)		3,393			219,262			162,136			57,126
投資物業公允價值調整淨（損失）/收益		(41,496	)		4,429			(45,925	)		(18,409	)		(42,162	)		23,753			(130,426	)		139,774			(270,200	)		-			-			-			(420	)		481			(901	)		(190,751	)		102,522			(293,273	)
一般及行政開支		(24,826	)		(22,923	)		(1,903	)		(3,102	)		(3,052	)		(50	)		(9,511	)		(8,474	)		(1,037	)		(12,168	)		(5,847	)		(6,321	)		(22,942	)		(2,691	)		(20,251	)		(72,549	)		(42,987	)		(29,562	)
銷售費用		(8,055	)		(6,784	)		(1,271	)		(383	)		(625	)		242			(4,172	)		(7,385	)		3,213			(3,819	)		(2,723	)		(1,096	)		(431	)		(441	)		10			(16,860	)		(17,958	)		1,098
其他經營業績，淨值		(2,173	)		(1,137	)		(1,036	)		(256	)		(184	)		(72	)		(3,284	)		(384	)		(2,900	)		(531	)		(473	)		(58	)		(20,817	)		2,403			(23,220	)		(27,061	)		225			(27,286	)
運營利潤/（虧損）		87,759			100,447			(12,688	)		(6,527	)		(24,013	)		17,486			(136,065	)		124,853			(260,918	)		10,782			5,590			5,192			(43,908	)		(2,939	)		(40,969	)		(87,959	)		203,938			(291,897	)
分佔聯營公司和合資企業利潤		-			-			-			-			-			-			-			-			-			-			-			-			14,449			3,732			10,717			14,449			3,732			10,717
分部利潤/(虧損)		87,759			100,447			(12,688	)		(6,527	)		(24,013	)		17,486			(136,065	)		124,853			(260,918	)		10,782			5,590			5,192			(29,459	)		793			(30,252	)		(73,510	)		207,670			(281,180	)

160

2023年與2022年的收入

農業經營

農業生產 農業生產部門的收入下降了31.9%，從截至2022年6月30日財年的40904200萬澳元降至截至2023年6月30日財年的27837300萬澳元。該減少主要歸因於：

	·	8031700萬作物銷售收入減少，原因是乾旱影響導致產量下降，同時作物銷售量減少(截至2022年6月30日的財政年度爲833,600噸，而截至2023年6月30日的財政年度爲617,730噸)，玉米和大豆脫穎而出；

	·	3849000萬甘蔗銷售收入減少，原因是在截至2023年6月30日的財政年度，由於原油價格下降導致對乙醇的需求下降，以及高溫導致甘蔗種植園被焚燒，導致價格下降，導致甘蔗銷售收入下降；

	·	Ars 992200萬牛銷售收入減少，主要原因是與2022年6月30日結束的財政年度相比，出售的牛噸減少，價格下降，而價格相對於通脹表現更好；以及

	·	ARS 194000萬由於農業種子繁育服務量減少，租賃和服務收入減少，但被租賃給第三方的收入增加部分抵消。

其他。其他部門的收入從截至2022年6月30日財年的10683000萬澳元下降6.6%至截至2023年6月30日財年的9975900萬澳元，主要是由於化肥和投入品交易量下降導致寄售、經紀和其他銷售收入減少。

城市房地產和投資業務

購物中心。購物中心部門的收入增長了26.9%，從截至2022年6月30日的財年的13883600萬澳元增至截至2023年6月30日的財年的17624600萬澳元。這一增長是由於在截至2022年6月30日的財年內，儘管購物中心開放，但所有購物中心都維持了對租戶的支持政策。此外，2022財年職位空缺增多、開放時間減少、公衆出席人數減少。截至2023年6月30日的財年，租金收入的增加主要是由於：（i）基本租金收入增加2189700萬澳元;（ii）或有租金收入增加555200萬澳元;（iii）入場權增加363600萬澳元;（iv）停車收入增加316500萬澳元;和（v）平均計劃租金上漲使收入增加225000萬里亞爾。

合署辦公室部門的收入從截至2022年6月30日財年的2435700萬澳元下降30.1%，至截至2023年6月30日財年的1703100萬澳元。這一變化主要是由於租賃收入下降28.8%，從截至2022年6月30日財年的2381800萬澳元降至截至6月30日財年的1695200萬澳元，2023年主要是由於2022年4月出售República大樓和出售「261 Della Paolera」塔樓樓層導致租金收入下降（位於布宜諾斯艾利斯自治市的加泰羅尼亞社區）。由於通貨膨脹率高於匯率變化，實際匯率也有所下降。

銷售和發展。 銷售和開發部門的收入增長了172.5%，從截至2022年6月30日的財年的597500萬澳元增至截至2023年6月30日的財年的1628000萬澳元。由於公司隨着時間的推移不會再次發生不同的銷售交易，該分部經常在不同時期差異很大。截至2023年6月30日的財年的增長主要是由於Vam出售了Canelones（烏拉圭）的兩處房產以及出售Carrasco Boating 1號塔的兩套公寓。

酒店。 我們酒店部門的收入從截至2022年6月30日的財年的3444100萬澳元增長了61.4%，至截至2023年6月30日的財年的5559600萬澳元，主要是由於入住率增加，收入隨之增加。Hotel Llao Llao和Libertador在2023財年達到了疫情前的入住率水平。

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其他。 其他部門的收入從截至2022年6月30日財年的137800萬澳元增長152.1%，至截至2023年6月30日財年的347400萬澳元，主要是由於布宜諾斯艾利斯會議中心（LA Rural SA）舉辦的大會和博覽會數量增加- OFC SRL - 奧格登股份有限公司-Atlantenimiento Universal股份有限公司- Unión transitoria -（布宜諾斯艾利斯市會議展覽中心管理員）以及We Are APPA就APPA申請購物中心促銷和活動的服務收取的費用。

2023年與2022年的成本

農業經營

農業生產 農業生產部門的成本下降了34.8%，從截至2022年6月30日財年的38343600萬澳元降至截至2023年6月30日財年的24994200萬澳元，主要是由於：

	·	Ars 9794900萬作物銷售成本下降，主要原因是乾旱影響導致作物銷售量減少，同時與2022年6月30日結束的財政年度相比，2023年6月30日結束的財政年度的直接化肥、服務和勞動力成本更高；

	·	2949300萬甘蔗銷售成本下降，主要原因是與截至2022年6月30日的財年相比，甘蔗銷售量減少。這一點的證據是，由於原油價格下降，對乙醇的需求減少，以及高溫導致甘蔗種植園被燒燬，生產和銷售量減少，從而導致價格下降；

	·	與2022年6月30日結束的財政年度相比，2023年6月30日終了的財政年度的牛銷售成本下降778700萬，主要是由於乾旱的影響導致出售的牛噸減少；以及

	·	ARS 173500萬租賃和服務費用增加，主要原因是租賃費用和種子採購增加以及飼養場服務費用減少。

農業生產部門的成本（以該部門收入的百分比計算）從截至2022年6月30日財年的93.7%下降至截至2023年6月30日財年的89.8%。

土地改造和出售。 土地改造和銷售部門的成本下降了28.6%，從截至2022年6月30日財年的38500萬澳元降至截至2023年6月30日財年的27500萬澳元。

其他。其他部門的成本下降了18.4%，從截至2022年6月30日財年的7794000萬澳元降至截至2023年6月30日財年的6358400萬澳元。其他部門的成本（以該部門收入的百分比計算）從截至2022年6月30日財年的73.0%下降至截至2023年6月30日財年的63.7%。

城市房地產和投資業務

購物中心。與購物中心部門相關的成本下降了0.3%，從截至2022年6月30日財年的1197400萬澳元降至截至2023年6月30日財年的1193700萬澳元，主要原因是：（i）租賃和費用減少178500萬澳元;部分被以下因素抵消：（ii）維護、安全、清潔、維修和其他費用增加102300萬里亞爾;（iii）工資、社會保障費用和其他人事管理費用增加63100萬里亞爾。與購物中心分部相關的成本（以該分部收入的百分比計算）從截至2022年6月30日的財年的8.6%下降至截至2023年6月30日的財年的6.8%。

辦公室.與辦公室部門相關的成本下降了40.0%，從截至2022年6月30日的財年的234700萬澳元降至截至2023年6月30日的財年的140800萬澳元，主要是由於（i）租賃和費用減少43500萬澳元;（ii）攤銷和折舊費用減少29300萬澳元;和（iii）稅收、稅率和繳款減少22900萬里亞爾。與辦公室部門相關的成本（以該部門收入的百分比計算）從截至2022年6月30日的財年的9.6%下降至截至2023年6月30日的財年的8.3%。

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銷售與發展.與我們的銷售和開發部門相關的成本增長了6.4%，從截至2022年6月30日的財年的465300萬澳元增加到截至6月30日的財年的495200萬澳元，2023年主要由於（i）與「第16號地塊」易貨協議相對應的商品和服務銷售成本增加66100萬里亞爾位於科爾多瓦省（阿根廷），Carrasco Boating（烏拉圭蒙得維的亞）1號塔的2個單元出售，Zetol SA出售一幅土地（烏拉圭Canelones），並與ABASTO TSYS SA達成易貨協議（阿根廷布宜諾斯艾利斯）;部分抵消：（ii）費用和補償服務減少17100萬澳元;和（iii）租賃和費用減少15100萬澳元。銷售和開發部門的成本（以該部門收入的百分比計算）從截至2022年6月30日財年的77.9%下降至截至2023年6月30日財年的30.4%。

酒店。 酒店部門的成本增加了42.9%，從截至2022年6月30日的財年的1980800萬澳元增加到截至2023年6月30日的財年的2829600萬澳元，主要是由於（i）工資、社會保障和其他人員費用成本增加577800萬澳元;（ii）食品、飲料和其他酒店費用增加194300萬澳元;（iii）旅行、交通和文具費用增加68300萬澳元。酒店部門的成本（以該部門收入的百分比計算）從截至2022年6月30日的財年的57.5%下降至截至2023年6月30日的財年的50.9%。

其他。 其他部門的成本下降了31.9%，從截至2022年6月30日的財年的406900萬澳元降至截至2023年6月30日的財年的277200萬澳元，主要是由於（i）工資、社會保障和其他人員費用的成本減少105100萬澳元;（ii）服務費用和補償減少42500萬澳元;（iii）稅收、稅率和繳款減少8500萬澳元;部分被：（iv）攤銷和折舊費用增加29600萬澳元所抵消。

2023年與2022年收穫時生物資產和農產品的初始確認和公允價值變化

根據分部信息（考慮到我們合資企業的運營（虧損）/利潤，不包括與建築管理費用和集體推廣基金以及業務部門間交易相關的），（損失）/生物資產和農產品收穫時公允價值變動總額的初始確認利潤減少了15143200萬里亞爾（103.9%），從截至2022年6月30日財年的利潤14580400萬澳元降至截至2023年6月30日財年的虧損562800萬澳元。

這種變化主要是由於：

	·	來自阿根廷和巴西的8147800萬ARS作物生產利潤下降，這表明玉米產量和利潤率下降，主要是由於成本上升(化肥、服務和勞動力，主要與截至2022年6月30日的財政年度汽油價格上漲有關)，而產量和種植面積略有增加，豆類由於種植面積、產量和價格下降而增加；

	·	5174000萬的甘蔗生產利潤下降，主要原因是價格下降以及高溫燒燬甘蔗種植園導致產銷量減少；以及

	·	1821400萬的生產和養牛利潤下降，主要是由於阿根廷的結果，在截至2023年6月30日的財政年度，該國的牛價格有下降的趨勢，這一趨勢因通貨膨脹效應而加劇，同時由於天氣狀況導致產量下降。

2023年與2022年農產品收穫後可變現淨值變化

根據分部信息，農產品收穫後可變現淨值總變化損失增加了657600萬澳元（41.1%），從截至2022年6月30日財年的損失1600700萬澳元增加到截至2023年6月30日財年的損失943100萬澳元。

這種變化主要是由阿根廷造成的，因爲在庫存水平最高的月份，價格表現好於通貨膨脹，主要是玉米。

163

2023年毛利潤與2022年

農業經營

農業生產 該部門的毛利潤下降了91.4%，從截至2022年6月30日財年的利潤15540300萬澳元降至截至2023年6月30日財年的利潤1337200萬澳元。

土地改造和銷售。 該部門的虧損利潤增加了28.6%，從截至2022年6月30日財年的虧損38500萬澳元增加到截至2023年6月30日財年的虧損27500萬澳元。

其他。該部門的毛利潤增長了25.2%，從截至2022年6月30日財年的利潤2889000萬澳元增至截至2023年6月30日財年的利潤3617500萬澳元。

城市房地產和投資業務

購物中心.購物中心部門的毛利潤增長了29.5%，從截至2022年6月30日財年的利潤12686200萬澳元增加到截至2023年6月30日財年的利潤16430900萬澳元，主要是由於收入增加和購物中心公衆上座率增加。購物中心部門的毛利潤（以該部門收入的百分比計算）從截至2022年6月30日的財年的91.4%增長到截至2023年6月30日的財年的93.2%。

辦公室.辦公室部門的毛利潤下降了29.0%，從截至2022年6月30日的財年的利潤2201000萬澳元降至截至2023年6月30日的財年的利潤1562300萬澳元。辦公部門的毛利潤（以該部門收入的百分比計算）從截至2022年6月30日的財年的90.4%增長到截至2023年6月30日的財年的91.7%。

銷售和開發.銷售和開發部門的毛利潤增長了756.9%，從截至2022年6月30日財年的利潤132200萬澳元增加到截至2023年6月30日財年的利潤1132800萬澳元。銷售與開發部門的毛利潤（以該部門收入的百分比計算）從截至2022年6月30日的財年的22.1%增長到截至2023年6月30日的財年的69.6%。

酒店.酒店部門的毛利潤增長了86.6%，從截至2022年6月30日的財年的利潤1463300萬澳元增加到截至2023年6月30日的財年的利潤2730000萬澳元。酒店部門的毛利潤（以該部門收入的百分比計算）從截至2022年6月30日的財年的42.5%增長到截至2023年6月30日的財年的49.1%。

別人.其他部門的毛利潤/（虧損）增長了126.1%，從截至2022年6月30日財年的虧損269100萬澳元增加到截至2023年6月30日財年的利潤70200萬澳元。其他分部的毛利潤/（虧損）（以該分部收入的百分比計算）從截至2022年6月30日的財年的負195.3%增加到截至2023年6月30日的財年的正20.2%。

本節中描述的變化與前面提到的對收入和成本的影響有關。

投資物業公允價值變動淨（損失）/收益 2023年與2022年

農業經營

根據分部信息（考慮到我們所有的合資企業和分部間對銷），投資物業公允價值變動淨（損失）/收益總額減少了2851100萬里亞爾（144.7%），從截至2022年6月30日財年的淨利潤1970700萬澳元到截至2023年6月30日財年的淨虧損880400萬澳元，主要是由於大宗商品價格下跌導致BrasilAgro的農田估值較低。

城市房地產和投資業務

根據利潤表，投資性房地產公允價值調整的合併淨（損失）/收益總額減少了29630200萬澳元，從截至2022年6月30日財年的淨收益11311000萬澳元減少到截至2023年6月30日財年的淨虧損18319200萬澳元。

根據分部信息，投資性房地產公允價值調整的淨（損失）/收益從收益10252200萬澳元變爲（其中442900萬澳元收益來自購物中心部門; 4216200萬澳元虧損來自辦公室部門;截至2022年6月30日的財年，銷售和開發部門的收益爲13977400萬澳元，其他部門的收益爲48100萬澳元），截至6月30日的財年，虧損爲19075100萬澳元，2023年（其中4149600萬澳元虧損來自購物中心部門; 1840900萬澳元虧損來自辦公室部門; 13042600萬澳元虧損來自銷售和開發部門，42000萬澳元虧損來自其他部門）。

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我們購物中心披索價值的淨影響主要是由於：（i）永久美元貼現率估計的改善，以及（ii）相對於預測實際匯率更有利的宏觀經濟預測，（iii）這被一些購物中心的預期增長率放緩部分抵消。

阿根廷辦公室、土地儲備和其他房產市場是一個流動性市場，大量交易對手參與其中進行買賣交易。這種情況導致了重要且有代表性的銷售購買價格。這種情況允許觀察市場中相關且有代表性的買賣價格。就此而言，採用「市場法」技術（可比市場價值）來確定辦公室及其他分部的公允價值，其中每平方米價格是最具代表性的指標。

在我們的銷售和開發部門，截至2023年6月30日的財年，投資物業公允價值變動的淨結果下降，主要是由於「261 Della Paolera」塔樓的樓層銷售，與截至2022年6月30日的財年不同，當時它的增長主要是由於Ramblas del Plata（前「Costa Urbana」）的價值和Repubblica Building的出售。

2023年與2022年農田處置的收益

根據利潤表和按分部分類的信息（考慮到我們所有的合資企業和分部間沖銷），出售農田的總收益增加了1173700萬澳元（26.6%），從截至2022年6月30日的財年的4408800萬澳元增加到截至2023年6月30日的財年的5582500萬澳元。

截至2023年6月30日的財年

	·	2022年10月6日，巴西農業公司完成了位於巴拉圭博克隆州的「Morotí」農場的一小部分863公頃(498公頃)的出售。成交金額爲150美元萬，買方首期付款爲74.85美元萬。剩餘的款項將分三次按年平均支付。這部分油田在BRL85.3萬的賬面上得到了估值。在這次行動之後，剩餘的58,722公頃的土地仍然掌握在Brasilago手中。

	·	2022年11月8日，巴西農業公司簽署了出售里約熱內盧農場1,965公頃(1,423公頃)的合同，這是一處位於科倫蒂納-巴伊亞市的農村財產。待支付的價值被設定爲291袋大豆，相當於交易當天的BRL6240萬。買方首次付款爲BRL1770萬。該合同確定了所有權轉移的時間表，收入分四個階段確認。第一個於2022年11月14日完成，確認收入爲BRL 2000萬。其他階段定於每年7月舉行，直至2025年。這部分油田在BRL1780萬的賬面上得到了估值。這次行動後，所述農場的5750公頃殘留物仍掌握在Brasilagro手中。

	·	2023年3月，巴西農業公司簽署了兩份合同，出售其位於巴西蓋亞州S米奈羅斯市的阿勞卡里亞農場剩餘土地5,517公頃(4,011公頃)。

		第一筆交易於2023年3月28日進行，以每公頃790袋大豆的價格出售了5,185公頃(3,796公頃)大豆，相當於交易當天的40930 BRL萬。這筆款項將分7次支付，第一次是在2023年7月30日，第二次是在2023年8月16日，其餘的計劃在每年的3月1日支付，直到2028年。域名轉移是在2023年6月15日進行的。

		第二筆交易發生在2023年3月29日，其中332公頃(215公頃可耕地)以每公頃297袋大豆的價值出售，相當於交易日的BRL850萬。這筆款項將分5次支付，第一次是在2023年4月14日收取的，其餘的計劃在每年的3月30日支付，直到2027年。域名轉移是在2023年5月31日進行的。

	·	2023年6月29日，BrasilAgro完成了位於賈博蘭迪-巴伊亞市的4，408公頃（3，202公頃）的「Jatobá VII」形式的出售。銷售價值爲12160萬巴西雷亞爾（相當於952，815袋大豆）。付款將以巴西雷亞爾（BRL）形式進行，每年分7次付款，在簽署合同時是第一次付款。其餘分期付款定於每年7月31日進行，直至2029年。

165

截至2022年6月30日的財年

	·	2021年12月29日，巴西農業公司出售了4573公頃(2859公頃)的里約梅奧農場，這是科倫蒂納市的一處農村財產。2021年9月1日簽署的協議將該地區的大豆價格定爲714,835袋大豆，相當於交易當天的BRL 13000萬。付款分爲13筆，第一筆以預付款形式支付，其餘12筆每半年支付一次，6月和10月到期，最後一筆分期付款於2027年10月10日到期。出售確認的收益爲5800 BRL萬。

	·	2021年10月8日，巴西農業公司出售了位於馬託格羅索州阿爾託塔誇裏市的農村財產阿爾託·塔誇裏農場的3723公頃(2694公頃可種植公頃)面積。銷售總額爲每公頃1,100袋大豆或58900萬(218,641 BRL/耕地公頃)。這些地區的所有權移交和銷售收入的確認將分兩個階段進行。2021年10月爲2,566公頃(1,537公頃)，大約爲33600萬；2024年9月爲1,157公頃，大約爲25300萬。巴西農業公司將繼續運營這些地區，直到政權移交。在截至2022年6月30日的財政年度內，與第一階段對應的部分被確認爲收益

2023年與2022年的一般和行政費用

農業經營

農業生產 與農業生產部門相關的一般和行政費用下降了3.6%，從截至2022年6月30日財年的1813400萬澳元降至截至2023年6月30日財年的1748000萬澳元，主要是由於與作物運營相關的費用增加了93200萬澳元;與甘蔗運營相關的費用增加了2500萬澳元;與養牛活動相關的費用減少了300萬澳元;與農業租賃和服務業務相關的費用減少了160800萬澳元。農業生產部門的一般和行政費用（以該部門收入的百分比計算）從截至2022年6月30日的財年的4.4%增加到截至2023年6月30日的財年的6.3%。

土地改造和銷售。 與土地改造和銷售部門相關的一般和行政費用下降了18.8%，從截至2022年6月30日財年的6400萬澳元降至截至2023年6月30日財年的5200萬澳元。

企業。 與企業部門相關的一般和行政費用下降了12.4%，從截至2022年6月30日的財年的591900萬澳元下降到截至2023年6月30日的財年的518700萬澳元。

其他。 與其他部門相關的一般和行政費用增加了41.9%，從截至2022年6月30日財年的622300萬澳元增加到截至2023年6月30日財年的883100萬澳元。其他部門的一般和行政費用（以該部門收入的百分比計算）從截至2022年6月30日的財年的5.8%增加到截至2023年6月30日的財年的8.9%。

城市房地產和投資業務

購物中心。購物中心的一般和行政費用增加了8.3%，從截至2022年6月30日的財政年度的2292300雷亞爾萬增加到截至2023年6月30日的財政年度的2482600雷亞爾萬，主要是由於：(I)工資、社會保障費用和其他人員行政費用增加了140300雷亞爾；(Ii)支付給董事的費用增加了92700雷亞爾；(Iii)銀行費用增加了10100雷亞爾；部分抵消了：(Iv)維護、安全、清潔、維修和其他費用減少了24800雷亞爾萬；(5)旅行、運輸和文具費用減少，12400萬里亞爾減少；(6)10500萬里亞爾攤銷和折舊費用減少。購物中心的一般和行政費用，以這一部門收入的百分比衡量，從截至2022年6月30日的財年的16.5%下降到截至2023年6月30日的財年的14.1%。這一差異主要是由薪資增長造成的。與前幾年不同的是，2023年6月向員工發放了工資更新，這也對提供的獎金產生了影響。

166

合署我們辦公室部門的一般和行政費用增加了1.6%，從截至2022年6月30日財年的305200萬澳元增加到截至2023年6月30日財年的310200萬澳元，主要是由於：（i）工資、社會保障費用和其他人事管理費用增加19500萬澳元;（ii）應付袍金用增加12500萬澳元;部分被：（iii）攤銷和折舊費用減少26800萬澳元所抵消。一般和行政費用（以同一部門收入的百分比計算）從截至2022年6月30日的財年的12.5%增加到截至2023年6月30日的財年的18.2%。這種變化主要是由工資的增長造成的。與往年不同的是，2023年6月向員工更新了薪資，這也對提供的獎金產生了影響。

銷售與發展.與我們的銷售和開發部門相關的一般和行政費用增加了12.2%，從截至2022年6月30日財年的847400萬澳元增加到截至2023年6月30日財年的951100萬澳元。一般和行政費用（以同一部門收入的百分比計算）從截至2022年6月30日財年的141.8%下降至截至2023年6月30日財年的58.4%。

酒店.與酒店部門相關的一般和行政費用增加了108.1%，從截至2022年6月30日財年的584700萬澳元增加到截至2023年6月30日財年的1216800萬澳元，主要是由於：（i）應付董事的費用增加了315100萬澳元;（ii）服務費用和補償增加142700萬澳元;（iii）稅收、稅率和繳款增加88100萬澳元;（iv）工資、社會保障費用和其他人事行政費用增加55800萬澳元;（v）維護、安全、清潔、維修和其他費用增加22600萬澳元。與酒店分部相關的一般和行政費用（以該分部收入的百分比計算）從截至2022年6月30日的財年的17.0%增加到截至2023年6月30日的財年的21.9%。

別人.與我們其他部門相關的一般和行政費用增加了752.5%，從截至2022年6月30日財年的269100萬澳元增加到截至2023年6月30日財年的2294200萬澳元，主要是由於（i）應付董事增加1853900萬澳元;（ii）工資、社會保障費用和其他人事管理費用增加193900萬澳元;（iii）維護、安全、清潔、維修和其他費用增加25300萬澳元;部分抵消：（iv）稅收、稅率和繳款減少42100萬澳元。

2023年與2022年銷售費用

農業經營

農業生產.農業生產部門的銷售費用下降了27.0%，從截至2022年6月30日財年的3490800萬澳元降至截至2023年6月30日財年的2549800萬澳元，主要是由於與農作物運營相關的銷售費用減少了859500萬澳元，甘蔗運營費用增加19400萬澳元，牛銷售費用減少21000萬澳元，與租賃和農業服務相關的銷售費用減少79900萬澳元。農業生產部門的銷售費用（以該部門收入的百分比計算）從截至2022年6月30日財年的8.5%增加到截至2023年6月30日財年的9.2%。

土地流轉與出讓.土地改造和銷售部門的銷售費用下降了96.8%，從截至2022年6月30日財年的151400萬澳元下降到截至2023年6月30日財年的4800萬澳元。

別人.其他部門的銷售費用從截至2022年6月30日財年的747300萬澳元增加了22.8%至截至2023年6月30日財年的917700萬澳元，主要是由於與其他部門相關的銷售費用增加了170400萬澳元。其他部門的銷售費用（以該部門收入的百分比計算）從截至2022年6月30日的財年的7.0%增加到截至2023年6月30日的財年的9.2%。

167

城市房地產和投資業務

購物中心。購物中心部門的銷售費用增加了18.7%，從截至2022年6月30日的財年的678400萬澳元增加到截至2023年6月30日的財年的805500萬澳元，主要是由於：（i）稅款、稅率和繳款增加82600萬澳元; ii）工資、社會保障費用和其他人事管理費用增加69300萬澳元;（iii）可疑帳戶費用增加57500萬澳元;部分被：（iv）宣傳、廣告和其他商業費用減少84800萬澳元所抵消。銷售費用（以購物中心部門收入的百分比計算）從截至2022年6月30日財年的4.9%下降至截至2023年6月30日財年的4.6%。

合署與辦公室部門相關的銷售費用下降了38.7%，從截至2022年6月30日財年的62500萬澳元下降到截至2023年6月30日財年的38300萬澳元。此類變化主要是由於：（i）稅款、稅率和繳款減少25600萬澳元;（ii）宣傳、廣告和其他商業費用減少8800萬澳元;部分被以下因素抵消：（iii）工資增加7800萬里亞爾，社會保障和其他人事行政費用;（iv）可疑帳戶費用減少3700萬里亞爾。與辦公室部門相關的銷售費用（以該部門收入的百分比計算）從截至2022年6月30日財年的2.6%下降至截至2023年6月30日財年的2.2%。

銷售和發展。 與我們的銷售和開發部門相關的銷售費用下降了43.5%，從截至2022年6月30日財年的738500萬澳元下降到截至2023年6月30日財年的417200萬澳元。這種變化主要是由於：（i）稅費、稅率和繳款減少了224500萬里亞爾;（ii）服務費用和補償減少了97600萬里亞爾。與我們的銷售和開發部門相關的銷售費用（以該部門收入的百分比計算）從截至2022年6月30日財年的123.6%下降至截至2023年6月30日財年的25.6%。

酒店。 與我們酒店部門相關的銷售費用增加了40.2%，從截至2022年6月30日財年的272300萬澳元增加到截至2023年6月30日財年的381900萬澳元，主要是由於：（i）服務費用和補償增加39400萬澳元;（ii）工資、社會保障和其他人事行政費用增加30800萬澳元;（iii）稅收、稅率和繳款增加29000萬澳元;（iv）宣傳、廣告和其他商業費用增加4500萬澳元。與酒店部門相關的銷售費用（以該部門收入的百分比計算）從截至2022年6月30日財年的7.9%下降至截至2023年6月30日財年的6.9%。

其他。 與我們其他部門相關的銷售費用下降了2.3%，從截至2022年6月30日財年的44100萬澳元下降到截至2023年6月30日財年的43100萬澳元。與我們其他部門相關的銷售費用（以該部門收入的百分比計算）從截至2022年6月30日財年的32.0%下降至截至2023年6月30日財年的12.4%。

其他經營業績，淨2023年與2022年

農業經營

農業生產.與我們農業生產部門相關的其他淨經營業績增加了1742300萬澳元，從截至2022年6月30日財年的虧損1679800萬澳元增加到截至2023年6月30日財年的利潤62500萬澳元。

土地流轉與出讓.該部門的其他淨經營業績減少了1796300萬澳元，從截至2022年6月30日財年的利潤857800萬澳元降至截至2023年6月30日財年的虧損938500萬澳元。

別人.與其他部門相關的其他淨經營業績增加了76800萬澳元，從截至2022年6月30日財年的利潤150600萬澳元增加到截至2023年6月30日財年的利潤227400萬澳元。

168

城市房地產和投資業務

購物中心。與我們的購物中心部門相關的其他經營業績淨下降了91.1%，從截至2022年6月30日財年的淨虧損113700萬澳元降至截至2023年6月30日財年的淨虧損217300萬澳元，主要是由於：（i）訴訟損失增加201200萬澳元;（ii）捐款增加21300萬里亞爾，部分抵消;（iii）運營信貸產生的利息和津貼增加127200萬里亞爾。該分部的其他淨經營業績佔該分部收入的百分比從截至2022年6月30日的財年的負0.8%增加到截至2023年6月30日的財年的負1.2%。

合署與我們辦公室部門相關的其他經營業績淨下降了39.1%，從截至2022年6月30日財年的淨虧損18400萬澳元下降到截至2023年6月30日財年的淨虧損25600萬澳元，主要是由於（i）訴訟損失增加10600萬澳元;部分抵消：（ii）捐款減少1800萬里亞爾。該分部的其他淨經營業績佔該分部收入的百分比從截至2022年6月30日的財年的負0.8%增加到截至2023年6月30日的財年的負1.5%。

銷售和發展。與我們的銷售和開發部門相關的其他經營業績淨下降了755.2%，從截至2022年6月30日的財年的淨虧損38400萬澳元下降到截至2023年6月30日的財年的淨虧損328400萬澳元，主要是由於（i）處置財產的損失，工廠和設備價值254300萬阿曼里亞爾，相當於IRSA佔據的塔樓「261 Della Paolera」（位於布宜諾斯艾利斯自治市加泰羅尼亞附近）8層的出售;和（ii）與菲德爾COMISO ESQUINA GUEMES達成的易貨協議中的逾期付款罰款抵免51300萬阿曼里亞爾。該分部的其他淨經營業績佔該分部收入的百分比從截至2022年6月30日財年的負6.4%增加到截至2023年6月30日財年的負20.2%。

酒店.與酒店部門相關的其他淨經營業績下降12.3%，從截至2022年6月30日財年的淨虧損47300萬澳元降至截至2023年6月30日財年的淨虧損53100萬澳元，主要是由於其他營業收入收入減少6700萬澳元。該分部的其他淨經營業績佔該分部收入的百分比從截至2022年6月30日財年的負1.4%下降至截至2023年6月30日財年的負1.0%。

他人與其他部門相關的其他經營業績淨下降966.3%，從截至2022年6月30日財年的淨利潤240300萬澳元下降至截至2023年6月30日財年的淨虧損2081700萬澳元，主要是由於（i）由於IDBD訴訟條款的制定，訴訟損失增加2347400萬澳元;和（ii）與La Rural SA相應的特許權使用費收入較低;部分被（iii）因Condor、Real Estate Investment Group VII LP和Jiwin SA清算而實現貨幣兌換調整所抵消生成158800萬ARS的正結果。該分部的其他淨經營業績佔該分部收入的百分比從截至2022年6月30日的財年的174.4%增加到截至2023年6月30日的財年的599.2%。

2023年與2022年的管理費

該公司與Consultores Asset Management S.A.簽訂管理協議，其中規定支付相當於我們單獨利潤表利潤10%的費用，用於就與業務和投資相關的任何事項（例如農業、房地產、金融、酒店等）提供諮詢服務。截至2023年6月30日和2022年6月30日的財年，管理費分別爲1768300萬澳元和3338800萬澳元。

2023年與2022年的經營業績

農業經營

農業生產.農業生產部門的經營業績減少了11454400萬澳元，從截至2022年6月30日財年的利潤8556300萬澳元降至截至2023年6月30日財年的虧損2898100萬澳元。

土地流轉與出讓.土地改造和銷售部門的經營業績減少了3314900萬澳元，從截至2022年6月30日財年的利潤7041000萬澳元降至截至2023年6月30日財年的利潤3726100萬澳元。

企業.該企業部門的經營業績從截至2022年6月30日的財年的虧損591900萬澳元增加到截至2023年6月30日的財年的虧損518700萬澳元，增加了73200萬澳元。

其他。其他部門的經營業績從截至2022年6月30日財年的1670000萬澳元增加了374100萬澳元，至截至2023年6月30日財年的2044100萬澳元。

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城市房地產和投資業務

商場與購物中心部門相關的經營業績下降了12.6%，從截至2022年6月30日財年的淨利潤10044700萬澳元降至截至2023年6月30日財年的淨利潤8775900萬澳元。

合署與辦公室部門相關的經營業績增長了72.8%，從截至2022年6月30日的財年淨虧損2401300萬澳元增加到截至2023年6月30日的財年淨虧損652700萬澳元。此類變化主要是由於投資性房地產公允價值調整損失減少2628900萬澳元。與辦公室部門相關的經營業績佔此類部門收入的百分比從截至2022年6月30日的財年的負98.6%下降至截至2023年6月30日的財年的負38.3%。

銷售和發展。 與我們的銷售和開發部門相關的經營業績下降了209.0%，從截至2022年6月30日財年的淨利潤12485300萬澳元下降到截至2023年6月30日財年的淨虧損13606500萬澳元。該減少主要是由於投資物業公允價值調整的（虧損）/收益。與銷售和開發分部相關的經營業績佔該分部收入的百分比從截至2022年6月30日的財年的2，089.6%下降至截至2023年6月30日的財年的835.8%。

酒店。 與酒店部門相關的經營業績增長了92.9%，從截至2022年6月30日財年的淨利潤559000萬澳元增加到截至2023年6月30日財年的淨利潤1078200萬澳元。該增長主要是由於入住率上升，收入隨之增加，大部分達到大流行前的入住率水平。與酒店部門相關的經營業績佔該部門收入的百分比從截至2022年6月30日的財年的16.2%增加到截至2023年6月30日的財年的19.4%。

其他。 與其他部門相關的經營業績從截至2022年6月30日財年的淨虧損293900萬澳元下降至截至2023年6月30日財年的淨虧損4390800萬澳元。該減少主要是由於行政費用增加以及其他經營業績淨額爲負

2023年與2022年應占聯營公司和合資企業的利潤/（虧損）

農業經營

根據分部信息（考慮到我們所有的合資企業和分部間對銷），應占聯營公司和合資企業的（虧損）/利潤總額減少了514700萬里亞爾（397.8%），從截至2022年6月30日財年的利潤129400萬澳元降至截至2023年6月30日財年的虧損385300萬澳元。

農業生產.農業生產部門的聯營公司和合資企業的（虧損）/利潤份額下降了172.9%，從截至2022年6月30日財年的利潤86200萬澳元降至截至2023年6月30日財年的虧損62800萬澳元。

別人.其他部門的聯營公司和合資企業的份額（虧損）/利潤從截至2022年6月30日財年的利潤43200萬澳元下降846.5%至截至2023年6月30日財年的虧損322500萬澳元。

城市房地產和投資業務

根據利潤表，應占聯營公司和合資企業的利潤/（損失）增加了443.0%，從截至2022年6月30日財年的淨虧損284000萬澳元增加到截至2023年6月30日財年的淨利潤974200萬澳元，主要是由於其他部門的積極業績。

此外，主要來自Nuevo Puerto Santa Fe SA的合資企業虧損淨份額（購物中心部門），Quality Invest SA和Cyrsa SA和Puerto Retiro SA（銷售和開發部門）增長了28.3%，從截至2022年6月30日的財年虧損657200萬澳元增至截至2023年6月30日的財年虧損470900萬澳元，主要由於合資企業Quality Invest SA的業績，主要歸因於投資物業公允價值調整的（虧損）/收益。

商場在按分部分類的信息中，分佔合資企業Nuevo Puerto Santa Fe SA的利潤/（虧損）在該分部中逐行合併記錄。

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合署該分部並未顯示分佔聯營公司及合資企業利潤/（虧損）的業績。

銷售和發展。 合資企業Quality Invest SA的利潤/（損失）份額，Cyrsa SA Puerto Retiro SA逐行合併記錄。

酒店。 該分部並未顯示分佔聯營公司及合資企業利潤/（虧損）的業績。

其他的。 其他分部的聯營公司利潤份額增加了287.2%，從截至2022年6月30日財年的淨利潤373200萬澳元增加到截至2023年6月30日財年的淨利潤1444900萬澳元，主要是由於我們對GCDI的投資變動爲622100萬澳元，Banco Hipotecario的4，457澳元正增長，部分被我們對Condor的311600萬澳元負增長所抵消。

財務業績，淨2023年與2022年

該公司財務業績淨變動爲8559500萬澳元，從截至2022年6月30日財年的利潤17575400萬澳元增至截至2023年6月30日財年的利潤9015900萬澳元。這主要是由於：（i）由於披索兌美元實際升值，與截至2022年6月30日財年的貶值相比，農業業務和城市房地產和投資業務淨匯率下降16128400萬里亞爾，從利潤23586800萬里亞爾降至利潤7458400萬里亞爾;部分抵消：（ii）與通貨膨脹調整相對應的利潤4152600萬澳元。

2023年與2022年所得稅

公司採用遞延所得稅法計算報告期的所得稅，將暫時性差異確認爲稅收資產和負債。本年度所得稅費用從截至2022年6月30日財年的虧損1583300萬阿曼里亞爾增至截至2023年6月30日財年的利潤27018000萬阿曼里亞爾，其中3015700萬澳元的收益來自農業業務，24002300萬澳元的利潤來自城市物業和投資。在截至2023年6月30日的財年，IRSA確定沖銷截至2022年6月30日登記的所得稅撥備是適當的。此外，截至2023年6月30日的年度，IRSA應用了系統性和整體性通脹調整標準作爲其累計損失的重述。更多信息請參閱截至2023年6月30日的合併財務報表附註23。

2023年淨利潤與2022年

由於上述因素，我們本年度淨利潤（包括已終止業務的影響）減少了21412800萬澳元，從截至2022年6月30日財年的淨利潤50458600萬澳元降至截至2023年6月30日財年的淨利潤29045800萬澳元，其中7993000萬澳元的利潤來自農業業務，21052800萬澳元的利潤來自城市房地產和投資業務。

B.流動資金及資本資源

流動性

我們的主要流動性來源歷來是：

	·	運營產生的現金;

	·	發行普通股和不可轉換票據產生的現金;

	·	借款（包括銀行貸款和透支的現金）和融資安排（包括行使期權產生的現金）的現金收益;和

	·	出售投資和交易財產以及不動產、廠房和設備的現金收益（包括出售農田的現金收益）。

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我們的主要現金需求或用途（與我們的經營活動有關的除外）歷來是：

	·	收購子公司和子公司的非控股權益;

	·	收購聯營公司和合資企業的權益;

	·	對聯營公司和合資企業的注資;

	·	不動產、廠房和設備（包括收購農田）以及投資和交易不動產的資本支出;

	·	短期和長期債務的支付以及相關利息費用的支付;以及

	·	支付股息。

我們的流動性和資本資源包括我們的現金和現金等值物、經營活動所得款項、投資性房地產銷售、交易性房地產和農場、獲得的銀行借款、產生的長期債務和資本融資。

我們對已知合同義務和其他義務的重大現金需求主要包括借款義務。截至2024年6月30日，我們預計借款總額爲82253500萬澳元，其中一年內到期的34694400萬澳元，一至四年內到期的45362000萬澳元，四至五年內到期的728300萬澳元，五年以上到期的1468800萬澳元。

現金流信息

下表顯示了截至2024年、2023年和2022年6月30日財年的現金流：

	(in數百萬澳元）
	06.30.2024			06.30.2023			06.30.2022
經營活動產生的現金淨額		68,610			133,654			174,664
投資活動產生的現金淨額		92,572			55,417			103,270
融資活動所用現金淨額		(208,529	)		(337,137	)		(296,477	)
現金和現金等價物淨減少		(47,347	)		(148,066	)		(18,543	)

截至2024年6月30日，我們的正運營資本爲4879500萬澳元（按截至該日期的流動資產減去流動負債計算）。

截至2024年6月30日，在我們的農業業務中，我們的正運營資本爲9479300萬澳元（按截至該日期的流動資產減去流動負債計算）。

截至2024年6月30日，我們的城市房地產和投資業務的運營資本爲負4599800萬澳元（按截至該日期的流動資產減去流動負債計算）。

同一天，我們的農業業務擁有現金及現金等值物8633800萬阿曼里亞爾，我們的城市房地產和投資業務擁有現金及現金等值物2829700萬阿曼里亞爾。

經營活動

截至2024年6月30日的財年

截至2024年6月30日的財年，我們的經營活動產生了淨現金流入6861000萬澳元，主要是由於（i）營業收入11758400萬澳元，（ii）貿易和其他應收賬款減少10019100萬澳元，（iii）生物資產減少6570100萬澳元，部分抵消了以下因素：（iv）貿易和其他應付賬款減少16786800萬澳元，（v）庫存增加2405500萬澳元，（vi）工資和社會保障負債減少964600萬澳元，（VII）繳納的所得稅846900萬澳元。

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截至2023年6月30日的財年

截至2023年6月30日的財年，我們的經營活動產生了淨現金流入13395400萬澳元，主要由於（i）營業收入17720500萬澳元，（ii）生物資產減少8337900萬澳元，（iii）貿易及其他應收賬款減少4246200萬澳元，部分被（iv）貿易及其他應付賬款減少12740900萬澳元部分抵消，（v）支付的所得稅2148600萬澳元，（vi）租賃負債減少1370900萬澳元，及（vi）庫存增加899100萬澳元。

截至2022年6月30日的財年

截至2022年6月30日的財年，我們的經營活動產生了淨現金流入17466400萬澳元，主要是由於（i）生物資產減少18644100萬澳元，（ii）貿易和其他應收賬款減少3666600萬澳元，（iii）營業收入爲2804800萬澳元，部分被（iv）貿易和其他應付賬款減少5304700萬澳元，（v）租賃負債減少1525900萬澳元，及（vi）繳納的所得稅982700萬里亞爾。

投資活動

截至2024年6月30日的財年

截至2024年6月30日的財年，我們的投資活動導致淨現金流入9257200萬澳元，主要是由於（i）出售金融資產投資的收益56601500萬澳元，（ii）出售不動產、廠房和設備的收益7806400萬澳元，（iii）3580900萬澳元來自出售投資房地產的收益，（iv）2378100萬澳元來自出售合資企業的收益，（v）1950300萬澳元來自從金融資產收到的利息，部分被（vi）用於收購金融資產投資的55367100萬阿曼里亞爾和（vi）用於收購和改進不動產、廠房和設備的7838200萬阿曼里亞爾抵消。

截至2023年6月30日的財年

我們的投資活動導致截至2023年6月30日的財年淨現金流入爲5541700萬澳元，主要是由於（i）處置金融資產投資的收益19417300萬澳元，（ii）8412900萬澳元來自投資性房地產銷售的收益，（iii）6629200萬澳元來自出售房產的收益，廠房和設備，部分被（iv）用於收購金融資產投資的20592800萬澳元，（v）用於收購和改善不動產、廠房和設備的6761400萬澳元，以及（vi）收購和改善投資性房地產2193500萬澳元。

截至2022年6月30日的財年

截至2022年6月30日的財年，我們的投資活動導致淨現金流入10327000萬澳元，主要由於（i）出售投資性房地產所得收益20806000萬澳元，（ii）出售金融資產投資所得收益14488200萬澳元，（iii）從聯營公司和合資企業收取的股息爲2931400萬澳元，（iv）來自銷售不動產、廠房和設備的收益的2302000萬澳元，部分抵消：（v）用於收購金融資產投資的21774600萬澳元，（vi）用於收購和改善投資性房地產的4913100萬澳元和（vi）用於收購和改善房地產的3221500萬澳元，工廠和設備。

融資活動

截至2024年6月30日的財年

我們截至2024年6月30日財年的融資活動導致淨現金流出20852900萬澳元，主要由於（i）支付借款和不可轉換票據28776600萬澳元，（ii）支付利息12624100萬澳元，（iii）支付股息12358700萬澳元，部分被（iv）借款、發行和新放置不可轉換票據30386800萬澳元，以及（vi）獲得短期貸款，淨額3254900萬澳元所抵消。

173

截至2023年6月30日的財年

我們截至2023年6月30日財年的融資活動導致淨現金流出33713700萬澳元，主要由於（i）支付借款和不可轉換票據40948100萬澳元，（ii）支付股息16295200萬澳元，（iii）支付利息12731600萬澳元，（iv）回購庫藏股2556300萬澳元，部分被（v）借款、發行和新放置不可轉換票據37209600萬澳元所抵消，以及（vi）獲得短期貸款，淨額1554100萬澳元。

截至2022年6月30日的財年

我們截至2022年6月30日財年的融資活動導致淨現金流出29647700萬澳元，主要由於（i）支付借款和不可轉換票據33752800萬澳元，（ii）支付利息12984200萬澳元，（iii）支付股息6658800萬澳元，（iv）爲839300萬澳元支付的租賃負債，部分被（v）爲22649500萬澳元發行借款和新放置不可轉換票據，以及（vi）獲得短期貸款，淨額爲1857300萬澳元。

資本支出

截至2024年、2023年和2022年6月30日的財年，我們的資本支出分別爲6223000萬澳元、11826600萬澳元和10792500萬澳元，包括在業務合併中收購的其他商品和設備。

我們的資本支出包括購買房地產和農場、收購和改善生產性農業資產、建設房地產和收購土地儲備。

截至2024年6月30日的財年

在截至2024年6月30日的財年，我們對城市房地產和投資業務的投資爲1691000萬里亞爾，具體如下：（a）收購和改善不動產、廠房和設備332700萬阿曼里亞爾，主要是（i）建築物和設施49300萬阿曼里亞爾，（ii）機械和設備及其他108200萬里亞爾，以及（iii）我們的Libertador酒店、Llao Llao酒店和Intercontinental酒店的改善（分別爲6400萬澳元、73600萬澳元和95200萬澳元）;（b）改善我們的租賃物業，價值999100萬澳元;（c）開發物業，價值359200萬澳元。

截至2024年6月30日的財年，我們投資農業業務4532000萬澳元，主要原因是（a）收購和開發業主佔用農田2402400萬澳元（子公司Brasilagro 2098500萬阿曼里亞爾）;（b）無水工廠1298100萬阿曼里亞爾;（c）其他建築物和設施421100萬阿曼里亞爾;（d）機器和設備231700萬阿曼里亞爾;（e）車輛137900萬里亞爾，（f）傢俱和用品40800萬里亞爾。

截至2023年6月30日的財年

在截至2023年6月30日的財年，我們投資了城市房地產和投資業務2558400萬里亞爾，具體如下：（a）收購和改善不動產、廠房和設備294600萬阿曼里亞爾，主要是（i）建築物和設施4100萬阿曼里亞爾，（ii）機械和設備及其他112600萬里亞爾，以及（iii）我們的Libertador酒店、Llao Llao酒店和Intercontinental酒店的改善（分別爲4800萬澳元、160500萬澳元和12600萬澳元）;（b）改善我們的租賃物業，金額爲1303300萬澳元;（c）開發物業，金額爲960500萬澳元。

截至2023年6月30日的財年，我們投資農業業務9268200萬澳元，主要原因是（a）收購和開發業主佔用的農田7743400萬澳元（子公司Brasilagro 7306900萬阿曼里亞爾）;（b）無水工廠685100萬阿曼里亞爾;（c）其他建築物和設施490800萬阿曼里亞爾;（d）機械和設備286900萬阿曼里亞爾;（e）車輛33800萬里亞爾，（f）傢俱和用品28200萬里亞爾。

174

截至2022年6月30日的財年

在截至2022年6月30日的財年，我們對城市房地產和投資業務的投資爲7843700萬里亞爾，具體如下：（a）收購和改善不動產、廠房和設備268300萬阿曼里亞爾，主要是（i）建築物和設施8900萬阿曼里亞爾，（ii）機械和設備及其他42400萬里亞爾，以及（iii）我們的Libertador酒店、Llao Llao酒店和洲際酒店的改善（分別爲8900萬澳元、202500萬澳元和5600萬澳元）;（b）改善我們的租賃物業，金額爲2267400萬澳元;（c）開發物業，金額爲5308000萬澳元。

截至2022年6月30日的財年，我們投資農業業務2948800萬里亞爾，主要原因是（a）收購和開發業主佔用農田1692300萬里亞爾（子公司Brasilagro 1670000萬阿曼里亞爾）;（b）無產工廠494100萬阿曼里亞爾;（c）其他建築物和設施325100萬阿曼里亞爾;（d）324400萬阿曼里亞爾機械和設備;（e）車輛99200萬里亞爾，（f）傢俱和用品13700萬里亞爾。

負債

截至2024年6月30日，我們的貸款總額爲82253500萬里亞爾。下表列出了我們未償債務的預定到期日：

資本	農業經營		城市房地產和投資		*總計
	（百萬ARS）
少於1年		153,306		172,974		326,280
超過1年且最多2年		127,314		114,319		241,633
超過2年且最多3年		108,528		25,588		134,116
超過3年且最多4年		32,687		44,745		77,432
超過4年且最多5年		7,283		-		7,283
5年以上		14,688		-		14,688
		443,806		357,626		801,432
興趣
少於1年		12,233		8,431		20,664
超過1年且最多2年		-		3		3
超過2年且最多3年		-		-		-
超過3年且最多4年		-		436		436
超過4年且最多5年		-		-		-
5年以上		-		-		-
		12,233		8,870		21,103
		456,039		366,496		822,535

	農業經營		城市房地產和投資		*總計
	（百萬ARS）
不可換股票據		408,352		328,050		736,402
銀行貸款和其他		36,187		6,568		42,755
銀行透支		7,457		25,696		33,153
別人		4,043		6,182		10,225
		456,039		366,496		822,535

175

截至2024年6月30日和2023年6月30日，貸款的組成和公允價值如下：

	賬面價值				公平值
	06.30.2024		06.30.2023		06.30.2024		06.30.2023
	（百萬ARS）
不可換股票據		736,402		779,654		713,830		794,980
銀行貸款		42,755		102,158		42,755		102,158
銀行透支		33,153		73,472		33,153		73,472
其他借款		10,225		18,317		10,225		18,317
借款總額		822,535		973,601		799,963		988,927

非流動		475,591		592,035
電流		346,944		381,566
總		822,535		973,601

下表描述了截至2024年6月30日我們的總債務：

農業經營

農業企業	貨幣	全年平均利率	面值	賬面價值
			(in百萬）	(in百萬澳元）
克雷蘇德系列第XXXIII筆記	美元	6.99%	6	6,025
克雷蘇德系列第XXIV筆記	美元	6.99%	12	11,470
克雷蘇德系列第XXXV筆記（1）	美元	3.50%	21	18,174
克雷蘇德系列XX十六筆記	美元	2.00%	41	32,981
克雷蘇德系列第XXVII筆記	美元	5.50%	24	22,229
克雷蘇德系列XXXVIII筆記	美元	8.00%	71	66,402
克雷蘇德系列筆記	美元	0.00%	38	34,823
Cresud的系列XX二十一筆記	阿爾斯	Badlar +1.00%	4,147	5,231
克雷蘇德系列XXXXII筆記	美元	0.00%	30	27,380
克雷蘇德系列XXXXIII筆記	阿爾斯	Badlar +3.00%	19,886	23,717
克雷蘇德系列XXXXIV筆記	美元	6.00%	40	36,869
Cresud的系列XXXXV筆記	美元	6.00%	10	9,352
銀行透支	阿爾斯	浮子	-	7,446
巴西利亞-筆記	BRL	106.50% e 110.00% e Pré 5.37 + TIP 100%	473	81,788
巴西拉格羅-銀行貸款	BRL	3.24%至6.34% + CDI至100%	124	21,405
巴西拉格羅-銀行貸款	BRL	3.50%	30	5,132
巴西拉格羅-銀行貸款	BRL	Pré 6.34%至7.64%	26	4,453
巴西拉格羅-銀行貸款	BRL	3.76%至6.76%	14	2,351
巴西拉格羅-銀行貸款	美元	7.00%至9.50%	16	2,846
FyO -註釋	美元	0.00%	35	31,911
FyO -銀行透支	美元	浮子	-	11
FyO -其他	美元	0.00%	4	4,043
				456,039

(1)截至2024年6月30日，已按本金的50%支付攤銷付款。

城市房地產和投資業務

城市房地產和投資業務	貨幣	全年平均利率	面值	賬面價值
			(in百萬）	(in百萬澳元）
IRSA 2024年筆記-系列XIII（1）	美元	3.90%	15	13,688
IRSA 2028年筆記-系列十四（2）	美元	8.75%	132	121,254
IRSA 2025年筆記-系列XV	美元	8.00%	62	58,124
IRSA 2025年筆記-系列十六	美元	7.00%	28	26,482
IRSA 2025年筆記-系列十七	美元	5.00%	25	22,826
IRSA 2027年筆記-系列XVIII	美元	7.00%	21	19,519
IRSA 2025年筆記-系列XIX	阿爾斯	巴德拉+0.99%	26,204	28,148
IRSA 2026年筆記-系列XX	美元	6.00%	23	20,775
IRSA的2025年筆記-第二十一系列	阿爾斯	巴德拉+4.50%	17,013	17,234
非控股權益貸款	美元	5.00%	1	1,866
關聯方	阿爾斯	巴德拉爾	5	21
關聯方	美元	Libor +2.25%	-	251
關聯方	美元	1.00%	-	251
銀行貸款	阿爾斯	25.00%	4,000	4,112
銀行貸款	阿爾斯	35.67%	2,402	2,456
其他	美元	3.50%	3	3,793
銀行透支	阿爾斯	浮子	-	25,696
				366,496

(1)	截至2024年6月30日，已按本金的50%支付攤銷付款。
(2)	截至2024年6月30日，攤銷付款爲本金的17.5%。

176

農業經營

第XXXIII和XXIV系列註釋

根據央行制定的法規，發行了第XXXIII和XXXIII系列票據，以便爲面值5960萬美元的XXV系列票據進行再融資。就此而言，XXV票據的到期和註銷已於2021年7月12日進行。

交換後，發行了第XXIV系列票據，具體描述如下：

系列XX十四：以美元計價並支付，金額爲3570萬美元，固定利率爲6.99%，每半年支付一次利息。本金付款分三期支付：33%於2022年6月30日支付，33%於2023年6月30日支付，34%於2024年6月30日支付。發行價爲100%。2024年6月30日，第XX十四系列票據在到期時完全取消。

2021年7月6日，我們完成了第XXV系列票據的兌換操作。交易所提交和接受的第XXV系列票據的面值約爲1880萬美元。此次發行的主要特點如下：

第XXXIII系列票據：以美元計價並支付，金額爲1880萬美元，固定利率爲6.99%，每半年支付一次利息。本金付款分三期支付：33%於2022年7月6日支付，33%於2023年7月6日支付，34%於2024年7月6日支付。發行價爲100%。2024年7月6日，第XXXIII系列票據在到期時完全取消。

第XXXV系列筆記

2021年9月13日，我們在當地市場發行了以美元計價、以披索支付的第XXXV系列票據，按適用匯率4190萬美元、固定利率3.5%，每半年支付利息。本金付款分三期支付：25%於2023年9月13日支付; 25%於2024年3月13日支付，50%於2024年9月13日支付。發行價格爲面值的100.0%。2024年9月13日，第XXXV系列票據在到期時完全取消。

所得款項主要用於爲短期負債和營運資金再融資。

第三十六系列筆記

2022年2月18日，我們在當地發行了以美元計價、以披索支付的第XXVI系列票據，按適用匯率4060萬美元、固定利率2.0%，每半年支付利息。本金將於2025年2月18日分期付款。發行價格爲面值的100.0%。

收益已用於爲短期負債和營運資金再融資。

177

第XXVII系列註釋

2022年6月15日，我們在當地市場發行了以美元計價和應付的第XXVII系列票據，金額爲2440萬美元，固定利率爲5.5%，每半年支付利息（最後一期除外，該期將於上一個利息期後三個月到期）。本金將於2025年3月15日分期付款。發行價格爲面值的100.0%。

收益已用於爲短期負債和營運資金再融資。

第XXXVIII系列註釋

根據央行制定的法規，我們於2022年7月6日完成了第XXIII系列票據的兌換，本金總額爲11320萬美元，於2023年2月16日到期。2022年7月6日，交換要約到期公告，9840萬美元的第XXIII系列票據有效投標並接受，佔接受率的86.98%。7月8日，交換報價結算，發行第XXXVIII系列票據，金額爲7060萬美元，第XXIII系列票據部分取消，因此未償金額爲1470萬美元，並於2023年2月16日，第XXIII系列票據被完全取消。

交換報價提供了兩種選擇：

	--	選項A：在第XXXVIII系列票據中，現金支付高達參與交易總額的30%，差額用於完成交易的面值。每發行1美元，持有人將收到0.6913美元加上剩餘金額，以完成向交易所提交的第XXIII系列票據中每1美元1美元的1美元的1美元。在選項A下，參與交易所的票據中有43.40%被接受。

	--	選項B：對於提交併接受的第XXIII系列票據中每1美元，債券持有人將收到1，03美元的第XXXVIII系列票據。在選項b下，參與交易所的票據中有56.60%被接受。

在這兩種選擇中，截至結算日應計的利息均已支付。

第XXXVIII系列票據將於2026年3月3日到期，按固定利率8.00%計利息，從2023年至2026年，每半年支付一次利息，利息爲1月3日和7月3日，到期時支付。本金將於2026年3月3日一次性攤銷。發行價爲100%。

XL系列註釋

2022年12月21日，我們在當地市場發行了XL系列票據，以美元計價和支付，金額爲3820萬美元，固定利率爲0.0%，因此不會分期付息。資本付款分爲三期：33%於2025年12月21日支付; 33%於2026年6月21日支付，34%於2026年12月21日支付，到期時。發行價格爲面值的100.0%。

這些資金主要用於爲短期負債和流動資金再融資。

XLI和XLII系列筆記

2022年12月21日，我們通過XLI和XLII系列票據在當地市場發行了總額爲5000萬美元的債券，發行的主要特徵如下：

	·	XLI系列票據：發行面值爲414730萬澳元，自結算後18個月（即2024年10月4日）到期。它們採用可變利率（私人Badlar加上1.0%的按金），每季度支付一次，並將在到期時攤銷其資本。發行價爲100%。2024年10月4日，系列XLI票據在到期時完全取消。

	·	系列XLII註釋：發行面值爲3000萬美元，自結算日起37個月（即2026年5月4日）到期;固定利率爲0.0%，因此不會分期付息，並將在到期時償還其資本。發行價爲100%。

178

XLIII和XLIV系列註釋

2024年1月17日，我們通過第XLIII和XLIV系列票據在當地市場發行了總額爲6420萬美元的票據，發行的主要特徵如下：

	·	Series XLIII Notes: issued for a nominal value of ARS 19,886.0 million, maturing 12 months from the settlement, that is, January 17, 2025. They have a variable rate (private Badlar plus a margin of 0.0%), payable quarterly and will amortize its capital at maturity. The issue price was 100%.

	·	Series XLIV Notes: issued for a nominal value of USD 39.8 million, maturing 36 months from the settlement, that is, January 17, 2027; at a fixed rate of 6.0%, with semi-annual interest payments, and will repay its capital at maturity. The issue price was 100%.

Series XLV Notes

On April 22, 2024, we issued Series XLV Notes in the local market, denominated and payable in U.S. dollars for USD 10.2 million at a fixed rate of 6.0%, with semi-annual interest payments (except for the last installment, which will be due four months after the previous interest period), and will repay its capital at maturity on August 22, 2026. The issue price was 100.0% of the face value.

Series XLVI Notes

On July 18, 2024, we issued Series XLVI Notes in the local market, denominated in U.S. dollars and payable in Pesos at the applicable exchange rate for USD 28.6 million at a fixed rate of 1.5%, with semi-annual interest payments, and will repay its capital at maturity on July 18, 2027. The issue price was 100.0% of the face value.

Issuance of BrasilAgro Non-Convertible Notes

On May 5, 2021, BrasilAgro issued Non-convertible Notes, unique series, for a nominal value of BRL 240 million. They will accrue interest at a variable rate made up for IPCA (Consumer Price Index) plus 5.3658% nominal per year, payable annually and will amortize their capital in two payments on April 13, 2027 and April 12, 2028.

On November 16, 2023, BrasilAgro issued non-convertible Notes totaling BRL 165 million. It will pay interest at an annual rate of 12.16%, payable annually. The principal will be amortized in seven installments from 2027 to 2030.

Series II Notes (issued by FyO)

On July 25, 2022, FyO issued Series II Notes in the local market for an amount of USD 15.0 million. The note is dollar denominated and payable in Pesos at the applicable exchange rate, with an annual fixed rate of 0.0%, for which reason it will not have interest installments, and maturity on July 25, 2025. The issue price was 100.0% of the nominal value.

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The proceeds have been used mainly to attend working capital needs.

Series III Notes (issued by FyO)

On April 25, 2023, FyO issued Series III Notes in the local market for an amount of USD 20.0 million. The note is dollar denominated and payable in Pesos at the applicable exchange rate, with an annual fixed rate of 0.0%, for which reason it will not have interest installments, and maturity on Abril 25, 2026. The issue price was 100.0% of the nominal value.

Urban Properties and Investments Business

Series XIII (issued by IRSA)

On August 26, 2021, IRSA issued in the local market a total amount of USD 58.1 million through the following Notes:

Series XIII: denominated in U.S. dollars and payable in Pesos at the applicable exchange rate for USD 58.1 million at a fixed rate of 3.9%, with semi-annual payments. The principal payment was set in three installments: 25% which was paid on August 26, 2023; 25% to pay on February 26, 2024; and 50% to pay on August 26, 2024. The price of issuance was 100.0% of the face value. On August 26, 2024, Series XIII Notes were fully canceled at maturity.

The proceeds were used to refinance short-term liabilities.

Series XIV Notes (issued by IRSA)

As a consequence of the regulations established by the Central Bank, on July 6, 2022, IRSA completed the exchange of its Series II Notes, originally issued by IRSA Commercial Properties S.A., in an aggregate principal amount of USD 360 million, maturing on March 23, 2023. On July 6, 2022, the expiration of the exchange was announced, USD 238,985,000 of Series II Notes were validly tendered and accepted, representing an acceptance of 66.38%. On July 8, the exchange offer was settled, the new Series XIV Notes were issued for an amount of USD 171.2 million and the Series II Notes were partially canceled, the outstanding principal amount is USD 121,015,000. On February 3, 2023, we announced the full redemption of the Series II notes, which was effective on February 8, 2023, and the Series II notes were fully canceled.

The exchange offered two alternatives:

- Option A: Cash payment for up to 30% of the total amount of participation in the exchange, and the difference to complete the exchanged face value, in Series XIV Notes with a premium of 1,015 times. For each USD 1,000 tendered, the bondholder received USD 493.18 in cash and USD 514.42 in Series XIV Notes. Under Option A, 60.83% of the notes which participated in the exchange were accepted.

- Option B: For each USD 1,000 of Series II Notes the bondholder received 1,030 of Series XIV Notes. Under Option B, 39.17% of the notes which participated in the exchange were accepted.

In both options, the interest accrued as of settlement date was paid.

Series XIV Notes were issued under New York Law, will mature on June 22, 2028 and will accrue interest at a fixed rate of 8.75%, with interest payable semi-annually on June 22 and December 22 of each year, until expiration. Amortization will be in annual installments payable on June 22 of each year, each for 17.5% from 2024 to 2027 and the remaining 30% on June 22, 2028. The issue price was 100%. On June 22, 2024, Series XIV Notes were paid for 17.5% of their nominal value, corresponding to the first capital installment.

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Series XIV Notes due 2028 are subject to certain covenants, events of default and limitations, such as the limitation on incurrence of additional indebtedness, limitation on restricted payments, limitation on transactions with affiliates, and limitation on merger, consolidation and sale of all or substantially all assets.

To incur additional indebtedness, IRSA is required to meet a minimum 2.00 to 1.00 Consolidated Interest Coverage Ratio. The Consolidated Interest Coverage Ratio is defined as Consolidated EBITDA divided by consolidated net interest expense. Consolidated EBITDA is defined as operating income plus depreciation and amortization and other consolidated non-cash charges.

The Series XIV Notes contain financial covenants limiting IRSA’s ability to declare or pay dividends in cash or in kind, unless the following conditions are met at the time of payment:

	(a)	no Event of Default shall have occurred and be continuing;

	(b)	IRSA may incur at least USD 1.00 worth of additional debt pursuant to the “Restriction on Additional Indebtedness”;

	(c)	and the aggregate amount of such dividend exceeds the sum of:

	(i)	100% of cumulative EBITDA for the period (treated as one accounting period) from July 1, 2020 through the last day of the last fiscal quarter ended prior to the date of such Restricted Payment minus an amount equal to 150% of consolidated interest expense for such period; and

	(ii)	any reductions of Indebtedness of IRSA on a consolidated basis after the Issue Date any reductions of Indebtedness of after the Issue Date exchanged for to Capital Stock of IRSA or its Subsidiaries.

Series XV and XVI Notes (issued by IRSA)

On January 31, 2023, IRSA issued in the local market a total amount of USD 90 million through the following Notes:

• Series XV Notes: denominated and payable in U.S. dollars for a total of USD 61.7 million at a fixed rate of 8.0%, with semi-annual payments. The principal payment will be in one installment at maturity on March 25, 2025. The issue price was 100.0% of the face value.

• Series XVI Notes: denominated and payable in U.S. dollars for a total of USD 28.2 million at a fixed rate of 7.0%, with semi-annual payments. The principal payment will be in one installment at maturity on July 25, 2025. The issue price was 100.0% of the face value.

The proceeds were used mainly to refinance short-term liabilities and working capital.

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Series XVII Notes (issued by IRSA)

On June 7, 2023, IRSA issued in the local market a total amount of USD 25 million, the main characteristics of the issuance are detailed below:

• Series XVII Notes: denominated and payable in U.S. dollars for a total of USD 25 million at a fixed rate of 5.0%, with semi-annual payments (except for the first interest payment, which will be nine months from the settlement). The capital payment will be done in one installment at maturity on December 7, 2025. The issue price was 100.0% of the face value.

The proceeds will mainly be used to refinance short-term liabilities and working capital.

Series XVIII and XIX Notes (issued by IRSA)

On February 28, 2024, IRSA issued in the local market a total amount of USD 52.6 million through the following Notes:

• Series XVIII Notes: denominated and payable in U.S. dollars for a total of USD 21.4 million at a fixed rate of 7.0%, with semi-annual payments. The principal payment will be in one installment at maturity on February 28, 2027. The issue price was 100.0% of the face value.

• Series XIX Notes: denominated and payable in Pesos for a total of ARS 26,203.8 million, maturing on February 28, 2025. These notes have a variable rate (private Badlar plus a margin of 0.99%), payable quarterly and will amortize its capital at maturity. The issue price was 100%.

Series XX and XXI Notes (issued by IRSA)

On June 10, 2024, IRSA issued in the local market a total amount of USD 42.0 million through the following Notes:

• Series XX Notes: denominated and payable in U.S. dollars for a total of USD 23.0 million at a fixed rate of 6.0%, with semi-annual payments. The principal payment will be in one installment at maturity on June 10, 2026. The issue price was 100.0% of the face value.

• Series XXI Notes: denominated and payable in Pesos for a total of ARS 17,012.7 million, maturing on June 10, 2025. These notes have a variable rate (private Badlar plus a margin of 4.50%), payable quarterly and will amortize its capital at maturity. The issue price was 100%.

C. Research and Developments, Patents and Licenses

Investments in technology, in our agricultural business, amounted to ARS 63 million, ARS 576 million and ARS 279 million for fiscal years 2024, 2023 and 2022 respectively. Our total technology investments aimed to increase the productivity of purchased land have amounted to ARS 44,673 million since fiscal year 1995.

We reach our objectives within this area through the implementation of domestic and international technological development projects focusing mainly on:

	·	Quality and productivity improvement.

	·	Increase in appreciation value of land through the development of marginal areas.

	·	Increase in the quality of food in order to achieve global food safety standards. We aim to implement and perform according to official and private quality protocols that allow us to comply with the requirements of our present and future clients. Regarding official regulations, in 2003 we implemented the Servicio Nacional de Sanidad y Calidad Agroalimentaria law on animal identification for livestock in six farms. Simultaneously, in 2004 we implemented Global GAP Protocols (formerly EurepGap) with the objective of complying with European Union food safety standards and as a mean for continuous improvement of the internal management and system production of our farms. Our challenge is to achieve global quality standards.

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	·	Certification of suitable quality standards, since in recent years worldwide agriculture has evolved towards more efficient and sustainable schemes in terms of environmental and financial standpoints, where the innocuousness and quality of the production systems is becoming increasingly important. In this context, Good Agricultural Practices (GAP) have emerged, as a set of practices seeking to ensure the innocuousness of agricultural products, the protection of the environment, the workers’ safety and well-being, and agricultural health, with a view to improving conventional production methods. Certification of such standards allows to demonstrate the application of Good Agricultural Practices to production systems and ensures product traceability, allowing to impose stricter controls to verify the enforcement of the applicable laws.

	·	The implementation of a system of control and assessment of agricultural tasks for analyzing and improving efficiency in the use of agricultural machinery hired. For each of the tasks, a minimum standard to be fulfilled by contractors was set, which has led to do an improvement in the plant stand upon sowing, a better use of supplies and lower harvesting losses.

We have several trademarks registered with the Instituto Nacional de la Propiedad Industrial, the Argentine institute for industrial property. We do not own any patents nor benefit from licenses from third parties.

D. Trend Information

International Macroeconomic Outlook

As reported in the IMF’s WEO, worldwide GDP is expected to grow 3.2% in 2024 and 3.3% 2025, according to the July 2024 WEO projections. Services price inflation is holding up progress on disinflation, which is complicating monetary policy normalization. Upside risks to inflation have thus increased, raising the prospect of higher-for-even-longer interest rates, in the context of escalating trade tensions and increased policy uncertainty. However, global inflation is already close to prepandemic levels for the median emerging market and developing economy

Global inflation is expected to decrease from 6.7% in 2023 to 5.9% in 2024 and to 4.4% in 2025, according to IMF’s WEO. The momentum on global disinflation is slowing, signaling bumps along the path. In advanced economies, the revised forecast is for the pace of disinflation to slow in 2024 and 2025. That is because inflation in prices for services is expected to be more persistent and commodity prices higher, although the gradual cooling of labor markets, together with an expected decline in energy prices, is expected to bring inflation back to target by the end of 2025. Inflation is expected to remain higher in emerging market and developing economies (and to drop more slowly) than in advanced economies.

The increase in inflation in the United States during the first quarter of 2024 has delayed policy normalization. At the same time, a number of central banks in emerging market economies remain cautious in regard to cutting rates owing to external risks triggered by changes in interest rate differentials and associated depreciation of those economies’ currencies against the U.S. dollar.

The escalation of trade tensions could further raise near-term inflation by increasing the cost of imported goods along the supply chain.

Trade tariffs, alongside a scaling up of industrial policies worldwide, can generate damaging cross‐border spillovers, as well as trigger retaliation. By contrast, policies that promote multilateralism and a faster implementation of macrostructural reforms could increase supply gains, productivity, and growth, with positive spillovers worldwide.

Argentine macroeconomic context

The accumulated CPI, as of September 30, 2024, inflation was recorded at 3.5%, bringing the cumulative inflation between July 1, 2024 and September 30, 2024, reached 12.1%.

Shopping malls sales reached a total ARS 463,761 million in June 2024, which represents a 165.3% increase as compared to June 2023. Accumulated sales for the first six months, represent a 220.5% in current terms and 0.7% increase in real terms as compared to the same period of 2023.

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The INDEC reported that, for the seven months ended July 31, 2024, industrial activity in Argentina decreased by 5.4% compared to the same period in 2023. The textile industry accumulated a 15.2% decreases during the first seven months of 2024 as compared to the same period last year. Moreover, the EMAE as of July 31, 2024, decreased by 1.3% compared to the same month in 2023.

Regarding the balance of payments, in the second quarter of 2024 the current account surplus reached USD 3,580 million, with USD 6,016 million allocated to the goods and services trade balance, and USD 3,243 million to the net primary deficit, and a surplus of USD 716 million to net secondary income.

During the second quarter of 2024, the financial account recorded a net capital surplus of USD 2,720 million, which was the result of a net increase in external financial assets held by residents of USD 2,222 million and a net decrease in external liabilities of USD 498 million. This represents an increase in the net capital inflow of USD 1,561 million in relation to with what was estimated for the same quarter of the previous year.

As of June 30, 2024, international reserves reached USD 29,022 million, which implied an accounting increase of USD 1,895 million compared to the previous quarter. This effect is mainly explained by balance of payments transactions for USD 1,694 million, and by a decreased of USD 201 million, driven by the changes in currencies parities.

In local financial markets, the Private Badlar rate in Pesos ranged from 93.31% to 36.06% in the period from July 2023 to June 2024, averaging 33.43% in June 2024 compared to 92.45% in June 2023. As of June 30, 2024, the seller exchange rate quoted by Banco de la Nación Argentina was ARS 912 per USD 1.00. As of June 30, 2024, Argentina’s country risk decreased by 606 basis points in year-on-year terms. The debt premium paid by Argentina was 1,455 basis points in June 2024, compared to 230 basis points paid by Brazil and 319 basis points paid by Mexico.

As of October 17, 2024, the Private Badlar rate in Pesos peaked at 40.625%. As of October 18, 2024, the seller exchange rate quoted by Banco de la Nación Argentina was ARS 984.50 per USD 1.00. Additionally, as a result of deepened currency controls, there is a difference between the official exchange rate in Argentina (which is currently used for both commercial and financial transactions) and other informal exchange rates that emerged due to certain commonly performed operations in the foreign exchange market, leading to a gap of approximately 18% above the official exchange rate as of October, 18, 2024. As of October 17, 2024, Argentina’s country risk decreased by 1,276 basis points in year-on-year terms. The debt premium paid by Argentina was at 1,100 basis points as of October 17, 2024, compared to 197 basis points paid by Brazil and 306 basis points paid by Mexico as of that same date.

Likewise, in the national and international framework described above, the Company periodically analyzes alternatives to appreciate its shares value. In that sense, the Board of Directors of the Company will continue focusing on the evaluation of financial, economic and / or corporate tools that allow the Company to improve its position in the market in which it operates and have the necessary liquidity to meet its obligations. Within the framework of this analysis, the indicated tools may be linked to corporate reorganization processes (merger, spin-off or a combination of both), disposal of assets in public and / or private form that may include real estate as well as negotiable securities owned by the Company, incorporation of shareholders through capital increases through the public offering of shares to attract new capital, repurchase of shares and instruments similar to those described that are useful to the proposed objectives.

Agriculture and Cattle Raising Sector in Argentina

Agriculture

Argentina has positioned itself over the years as one of the world’s leading food producers and exporters. It is the second largest country in South America after Brazil and has particularly favorable natural conditions for diversified agricultural production: vast extensions of fertile land and varied soil and weather patterns.

During the decade of the nineties, the Argentine agriculture and cattle raising industry experienced sweeping changes, such as a significant increase in production and yield (thanks to a sustained agricultural modernization process), relocation of production (crops vs. livestock) and a significant restructuring process within the industry, as well as increased land concentration. Taking advantage of a favorable international context, the agriculture and cattle raising sector has been one of the major drivers of the Argentine recovery after the economic and financial crisis of 2002.

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According to the World Agricultural Supply and Demand Estimates Repro published by the United States Department of Agriculture on September 12, 2024, world soybean production for the season 2024/2025 is expected to be about 429.20 million tons, an increase of 8.7% as compared to the season 2023/2024. Argentina, is one of the major exporters of Soybean together with Brazil, Paraguay and Uruguay. Argentina’s soybean production and soybean exports for the season 2024/2025 are expected to be about 51.00 million tons and 4.50 million tons, respectively. This means a 6.0% increase in Argentina’s soybean production, and a 13.5% decrease on its soybean exports; compared with the season 2023/2024.

World corn production is expected to be about 1,218.57 million tons for season 2024/2025, 0.5% more than in the previous season. Argentina is the world’s fourth largest corn exporter after China, United States and Brazil, and followed by Ukraine, Russia and South Africa. For the season 2024/2025 Argentina’s corn production and exports are expected to be about 51.0 million tons and 36 million tons, respectively. That means a 2% increase in Argentinia’s corn production, and a 2.9% increase on its corn exports; compared with the season 2023/2024.

World wheat production is expected to be about 796.88 million tons for season 2024/2025, a decrease of 0.8% as compared to the season 2023/2024. Argentina’s wheat production and wheat exports for the season 2024/2025 are expected to be about 18 million tons and 11.50 million tons, respectively. This means a 13.6% increase in Argentina’s wheat production, and a 40.2% increase on its wheat exports; compared with the season 2023/2024.

Cattle

According to the Ministry of Agriculture, Livestock and Fisheries (“MAGyP”) and the Ministry of Economy (“MECON”), in June 2024, beef represented 43.6% of the total average per capita consumption of meat, followed by poultry with 41.1% and pigs with 15.2%.

In the accumulated of the first eight months of 2024, production (in terms of bone-beef) of beef fell 1.6%, while pork grew 4.0%; compared against the same period of the previous year.

According to the Rosario Stock Exchange, in the first half of 2024, beef exports grew by 10% in volume year-on-year terms, although due to the drop in prices the value of these exports remained practically with no changes in dollars, only 0.1% above the previous year and in line with the average of last five years. Poultry meat exports grew in volume by 21% compared to the previous year; and although this balance exceeds that of the first half of the previous year by 18% measured in dollars, it is still 28% below the average of the last five years. On the other hand, pork exports were 3% below last year and 47% behind the average of the last five years in terms of volume.

In the first eight months of 2024, 8.6% fewer bovine animals were slaughtered compared to the same period of the previous year. Meanwhile, the slaughter of swine animals was 2.9% more in comparison to the first eight months of 2024 compared to the same period of the previous year.

Urban Properties and Investment Business

Evolution of Shopping Malls in Argentina

In September 2024, the CCI showed a 5.9% decrease compared to August 2024, and a 10.1% decrease compared to September 2023. Shopping mall sales increased 186% in the fiscal 2024 compared to fiscal 2023. Accumulated sales for the first six months, represent a 220.5% in current terms and 0.7% increase in real terms as compared to the same period of 2023.

Evolution of Office Properties in Argentina

The corporate activity carried out remotely or virtual work that characterized this stage of confinement by Covid-19 brought with it a combination of lower demand, increased vacancies, and a slight decrease in the rental prices of category A + and A office buildings in Buenos Aires.

According to Colliers, the second quarter of 2024 closes with a vacancy in the order of 16.82% regarding the premium market of the City of Buenos Aires, stable when compared to the previous quarter.

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Category A+ properties have an average Rental price of 22.4 USD/sqm and class A properties of 19.5 USD/sqm during the second quarter of the year 2024. Regarding the average price per submarket, Norte CABA, Puerto Madero, Plaza Roma and Catalinas reflect the highest with 26.85 USD/sqm, 24.66 USD/sqm, 24.14 USD/sqm and 24.12 USD/sqm respectively.

Evolution of the Hotel industry in Argentina

According to the EOH prepared by INDEC, in June 2024, overnight stays at hotel and para-hotel establishments were estimated at 2.8 million, 18.2% less than the same month the previous year. Overnight stays by resident and nonresident travelers decreased by 18.8% and 15.8%, respectively. Total travelers who stayed at hotels during June 2024 were 1.2 million, a 19.3% decrease compared to the same month the previous year. The number of resident and nonresident travelers decreased by 19.0% and 20.7%, respectively. The Room Occupancy Rate in June 2024 was 35.5%, compared to a 44.1% of the same month the previous year. Moreover, the Bed Occupancy Rate for the same period was 27.2%, compared to a 33.0% of the same month the previous year.

Evolution of the Entertainment industry in Argentina

The first half of the fiscal year ended June 30, 2024 was characterized by volatility and uncertainty which are typically related to electoral processes, and the second half of the fiscal year ended June 30, 2024 was characterized by acceleration of inflation and an impact on economic activity. Both factors have affected the fair and entertainment business. Congress and convention activity has not yet recovered pre-pandemic levels, but there are prospects that Argentina will host important international conferences in the coming years.

The beginning of the fiscal year 2025 shows a slight recovery in the level of activity and a good flow of visitors, which enforce well perspectives for the entertainment segment as economic activity, directly related to the sector, begins to recover. We will continue working on the reduction and efficiency of the cost structure to sustain the profitability of the business and on a long-term strategic plan to cover more segments of the industry.

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E. Critical Accounting Estimates

Not all of these significant accounting policies require management to make subjective or complex judgments or estimates. The following is intended to provide an understanding of the policies that management considers critical because of the level of complexity, judgment or estimations involved in their application and their impact on the Consolidated Financial Statements. These judgments involve assumptions or estimates in respect of future events. Actual results may differ from these estimates.

Estimation	Main assumptions	Potential implications	Main references ⁽¹⁾
Recoverable amounts of cash-generating units (even those including goodwill), associates and assets.	The discount rate and the expected growth rate before taxes in connection with cash-generating units. The discount rate and the expected growth rate after taxes in connection with associates. Cash flows are determined based on past experiences with the asset or with similar assets and in accordance with the Company’s best factual assumption relative to the economic conditions expected to prevail. Business continuity of cash-generating units. Appraisals made by external appraisers and valuators with relation to the assets’ fair value, net of realization costs (including real estate assets).	Should any of the assumptions made be inaccurate; this could lead to differences in the recoverable values of cash-generating units.	Note 8 - Investments in associates and joint ventures Note 10 – Property, plant and equipment Note 12 – Intangible assets
Control, joint control or significant influence	Judgment relative to the determination that the Company holds an interest in the shares of investees (considering the existence and influence of significant potential voting rights), its right to designate members in the executive management of such companies (usually the Board of directors) based on the investees’ bylaws; the composition and the rights of other shareholders of such investees and their capacity to establish operating and financial policies for investees or to take part in the establishment thereof.	Accounting treatment of investments as subsidiaries (consolidation) or associates (equity method)	Note 2.3 – Scope of consolidation; “de facto control”
Estimated useful life of intangible assets and property, plant and equipment	Estimated useful life of assets based on their conditions.	Recognition of accelerated or decelerated depreciation by comparison against final actual earnings (losses).	Note 10 – Property, plant and equipment Note 12 – Intangible assets
Fair value valuation of investment properties	Fair value valuation made by external appraisers and valuators. See Note 9	Incorrect valuation of investment property values	Note 9 – Investment properties
Income tax	The Company estimates the income tax amount payable for transactions where the Treasury’s Claim cannot be clearly determined. Additionally, the Company evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable.	Upon the improper determination of the provision for income tax, the Company will be bound to pay additional taxes, including fines and compensatory and punitive interest.	Note 23 – Taxes
Allowance for doubtful accounts	A periodic review is conducted of receivables risks in the Company’s clients’ portfolios. Bad debts based on the expiration of account receivables and account receivables’ specific conditions.	Improper recognition of charges / reimbursements of the allowance for bad debt.	Note 17 – Trade and other receivables
Level 2 and 3 financial instruments	Main assumptions used by the Company are: · Discounted projected income by interest rate · Values determined in accordance with the shares in equity funds on the basis of its Financial Statements, based on fair value or investment assessments. · Comparable market multiple (EV/GMV ratio). · Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve).	Incorrect recognition of a charge to income / (loss).	Note 16 – Financial instruments by category
Probability estimate of contingent liabilities.	Whether more economic resources may be spent in relation to litigation against the Company, such estimate is based on legal advisors’ opinions.	Charge / reversal of provision in relation to a claim.	Note 21 – Provisions
Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms	The entire set of characteristics of the exchanged debt instruments, and the economic parameters represented therein: Average lifetime of the exchanged liabilities; Extent of effects of the debt terms (linkage to index; foreign currency; variable interest) on the cash flows from the instruments.	Classification of a debt instrument in a manner whereby it will not reflect the change in the debt terms, which will affect the method of accounting recording.	Note 16 – Financial instruments by category (Financial liabilities)
Biological assets	Main assumptions used in valuation are yields, production costs, selling expenses, forwards of sales prices, discount rates.	Wrong recognition/valuation of biological assets. See sensitivities modeled on these parameters in Note 13.	Note 14 – Biological assets

(1)	Reference to notes to our Audited Consolidated Financial Statements.

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Item 6. Directors, Senior Management and Employees

A. Directors and Senior Management

Under the Argentine General Corporation Law, corporations are managed by a board of directors elected at a shareholders’ meeting. Pursuant to section 59 of the Argentine General Corporation Law, directors have the obligation to perform their duties with the loyalty and the diligence of a prudent business person. Directors are jointly and severally liable to the company, the shareholders and third parties for the improper performance of their duties, for violating the law, the company’s by-laws or regulations, if any, and for any damage caused to these parties by fraud, abuse of authority or negligence, as provided for in Section 274 of the Argentine General Corporation Law. The following concepts are considered an integral part of a director’s duty of loyalty: (i) the prohibition to use the company’s assets and confidential information for private purposes; (ii) the prohibition to take advantage of, or allow others to take advantage, by action or omission, of the company’s business opportunities; (iii) the obligation to exercise their powers only for the purposes set forth by law, the bylaws of the company, or the resolutions of the shareholders or the board of directors; (iv) the obligation to act diligently in the preparation and disclosure of the information provided to the market and to ensure the independence of the company’s external auditors; and (v) the obligation to look after the company’s best interests, so that the actions of the board of directors are not contrary, directly or indirectly, to those interests. In accordance with the Argentine General Corporation Law, specific functions may be assigned to a director by statute or a resolution of the general shareholders’ meeting. In such cases, the attribution of responsibility will be based on individual performance, provided that the assignment of specific functions had been registered in the Public Registry. Under the Argentine General Corporation Law, directors cannot perform activities in competition with the company without the express authorization of the shareholders’ meeting. Directors must inform the board and the supervisory committee about any conflict of interest they may have regarding a proposed transaction and must abstain from voting on such matters.

A director shall not be responsible for the decisions taken in a board of directors’ meeting as long as he or she states his or her opposition in writing and informs the supervisory committee before any claim arises. Except in the event of a mandatory liquidation or bankruptcy, a director’s performance approved by the company’s shareholders releases such director of any liability for his performance, unless shareholders representing 5% or more of the Company’s capital stock object to that approval, or the decision is taken in violation of the applicable laws or the company’s by-laws. The company is entitled to file judicial actions against a director if a majority of the company’s shareholders at a shareholders’ meeting requests that action. If the company does not initiate a legal claim within three (3) months since the shareholders resolution was approved, any shareholder will be entitled to file the claim on the company’s behalf.

Under the Argentine General Corporation Law, the board of directors is in charge of the management of the company and, therefore, makes any and all decisions in connection therewith, as well as those decisions expressly provided for in the Argentine General Corporation Law, our by-laws and other applicable regulations. Furthermore, our board of directors is generally responsible for the execution of the resolutions passed by shareholders’ meetings and for the performance of any particular task expressly delegated by the shareholders. Under the Argentine General Corporation Law, the duties and responsibilities of an alternate director, when acting in the place of a director on a temporary or permanent basis, are the same as those discussed above for directors, and they have no other duties or responsibilities as alternate directors.

We are managed by a board of directors. Our bylaws provide that our Board of Directors shall consist of a minimum of three and a maximum of fifteen regular directors and the same or less numbers of alternate directors. Currently, our board is composed by twelve regular directors and six alternate directors. The directors will renew their positions at the rate of one third of the total number each year. For this purpose, once the amendment to the Company’s by-laws is approved, the first ordinary shareholders meeting will decide for the first time the duration of the Directors that are elected to comply with the above provisions. Notwithstanding the foregoing, each annual shareholders’ meeting will decide in each case the increase or decrease in the number of directors, their election and also, the duration in their positions, being established that in the hypothetical case that the Board of Directors is integrated with a number less than nine members, it may not be renewed in a partial or staggered manner, if the exercise of the cumulative vote is prevented in this way. The directors and alternate directors may be re-elected indefinitely.

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Alternate directors will be summoned to exercise their functions in case of absence, vacancy or death of a regular director or until a new director is appointed.

The table below shows information about our regular directors and alternate directors:

Directors (1)	Date of Birth	Position in Cresud	Term Expires ⁽²⁾	Date appointed to the current office	Current position held since
Eduardo S. Elsztain	01/26/1960	Chairman	06/30/26	10/05/23	1994
Saúl Zang	12/30/1945	First Vice-Chairman	06/30/26	10/05/23	1994
Alejandro G. Elsztain	03/31/1966	Second Vice-Chairman and CEO	06/30/25	28/10/22	1994
Jorge O. Fernández	01/08/1939	Regular Director	06/30/24	10/21/21	2003
Fernando A. Elsztain	01/04/1961	Regular Director	06/30/25	10/28/22	2004
Mariana Renata Carmona	02/11/1961	Regular Director	06/30/26	10/05/23	2020
Alejandro G. Casaretto	10/15/1952	Regular Director	06/30/26	10/05/23	2008
Liliana Glikin	03/29/1953	Regular Director	06/30/24	10/28/22	2019
Alejandro Bartolome	12/09/1954	Regular Director	06/30/25	10/28/22	2019
Gabriela Macagni	01/13/1964	Regular Director	06/30/25	10/28/22	2020
Nicolás Bendersky	04/21/1983	Regular Director	06/30/24	10/28/22	2022
Enrique Antonini	03/16/1950	Regular Director	06/30/24	10/28/22	2022
Eduardo Kalpakian	03/03/1964	Alternate Director	06/30/26	10/05/23	2007
Ilan Elsztain	01/08/1992	Alternate Director	06/30/25	10/28/22	2020
Iair Elsztain	03/05/1995	Alternate Director	06/30/25	10/28/22	2020
Gabriel A.G. Reznik	11/18/1958	Alternate Director	06/30/24	10/21/21	2021
Pedro D. Labaqui Palacio	02/22/1943	Alternate Director	06/30/24	10/21/21	2021

_______________________

	(1)	The business address of our management is Carlos Della Paolera 261, 9th Floor, (C1001ADA) Buenos Aires, Argentina. With the exception of Eduardo S. Elsztain and Saúl Zang, whose business address is Bolivar 108, 1^st Floor, (C1066AAD) Buenos Aires, Argentina
	(2)	Term expires at the annual ordinary shareholders’ meeting.

Liliana Glikin, Alejandro Bartolome, Graciela Macagni and Enrique Antonini, qualify as independent, in accordance with the CNV Rules.

Our Chairman Eduardo S. Elsztain is the husband of our regular director Mariana R. Carmona, and they are both parents to alternate directors Ilan and Iair Elsztain. Eduardo S. Elsztain is also the brother of Second Vice-Chairman and CEO Alejandro G. Elsztain and cousin of the regular director Fernando A. Elsztain.

The following is a brief biographical description of each member of our board of directors:

Eduardo S. Elsztain. Mr. Eduardo S. Elsztain has been engaged in the real estate business for more than thirty years. He is the Chairman of the Board of Directors of IRSA, Banco Hipotecario, BACS Banco de Crédito & Securitización S.A., Futuros y Opciones.Com S.A., BrasilAgro Companhia Brasileira de Propriedades Agrícolas Ltda., Austral Gold Ltd. and Consultores Asset Management S.A., among other companies. He also Chairs Fundación IRSA, is a member of the World Economic Forum, the Council of the Americas, the Group of Fifty and the Argentine Business Association (AEA), among others. He is co-founder of Endeavor Argentina and serves as Vice President of the World Jewish Congress.

Saúl Zang. Mr. Zang holds a law degree from the Universidad de Buenos Aires. He is a member of the International Bar Association and of the Interamerican Federation of Lawyers. He is a founding partner of Zang, Bergel & Viñes Law Firm. Mr. Zang is Vice-Chairman I of IRSA, Consultores Asset Management S.A. and Fibesa S.A.U., among other companies, and he is Chairman at Puerto Retiro S.A. He is also director of Banco Hipotecario, BrasilAgro Companhia Brasileira de Propriedades Agrícolas Ltda., BACS Banco de Crédito & Securitización S.A., Nuevas Fronteras S.A. and Palermo Invest S.A., among other companies.

Alejandro Gustavo Elsztain. Mr. Alejandro Gustavo Elsztain holds an agricultural engineer degree from the Universidad de Buenos Aires. He completed the Advanced Management Program at Harvard Business School. He is currently serving as Vice-President II of IRSA, President of Fibesa S.A.U. and Vice President of Futuros y Opciones.Com S.A. and Hoteles Argentinos S.A.U. He is also director of BrasilAgro, a Brazilian agricultural company, and Agrofy.

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Jorge Oscar Fernández. Mr. Fernández obtained a degree in Economic Sciences from Universidad de Buenos Aires. He has performed professional activities at several banks, financial corporations, insurance firms and other companies related to financial services. He is also involved in many industrial and commercial institutions and associations.

Fernando Adrián Elsztain. Mr. Fernando Adrián Elsztain studied architecture at the Universidad de Buenos Aires. He has been engaged in the real estate business as a consultant and as managing officer of a real estate company. He is Chairman of the Board of Directors of Hoteles Argentinos S.A.U. and Nuevas Fronteras S.A. He is also a director of IRSA, Puerto Retiro S.A. and Llao Llao Resorts S.A.

Mariana R. Carmona. Ms. Carmona has a degree on Psychology from the Universidad de Buenos Aires. She is a founder and director of the Fundación Museo de los Niños and member of IWF Argentina. She is also the Vice President I of Consultores Asset Management S.A.

Alejandro Gustavo Casaretto. Mr. Casaretto obtained a degree in agricultural engineering from Universidad de Buenos Aires. He has served as our technical manager, farm manager, and technical coordinator since 1979. He joined as a member of the board of directors from 2008.

Liliana Irene Glikin. Ms. Glikin has obtained a law degree from the Universidad de Buenos Aires and a journalist degree from the Journalism School of the “Circulo de la Prensa”. She has been law professor at the Universidad de Buenos Aires. She is partner and legal advisor in “Stolkiner y Asociados” firm, and she is also partner of the law firm Glikin-Rapoport.

Alejandro Mario Bartolome. Mr. Bartolomé has a degree in agronomy from the Universidad de Buenos Aires and also has a Master of Science from the Reading University, England. He is an entrepreneur and producer of commodities, as well as grapes and wine producer in Mendoza, Argentina. He is co-founder and former director of GDM, former Don Mario, a leader company focus on vegetable genetics in the world. He has worked as production manager and CEO of the Company.

Gabriela Macagni. Ms. Macagni has a degree in chemical engineering from the Technological Institute of Buenos Aires (ITBA) and postgraduate degrees in business from the Harvard Business School and the Stanford Business School. She started her career in 1987 as a consultant at Accenture. She worked at Citibank since 1990, developing in the investment banking area, where he was responsible for structuring operations for more than USD 2,000 million, in the local and international capital markets. As a senior manager in commercial banking, she led the Media and Telecommunications unit. After the 2002 crisis, she was responsible for the Corporate Restructuring area and in 2005 she was appointed member of the executive board, in charge of Strategic Planning. In 2001 she was appointed as executive manager of Endeavor. From 2015 to 2019, she served as an independent director of Grupo Supervielle (NYSE: SUPV) where she was a member of the Audit, Human Resources, Compliance and Corporate Governance. She led the launch and operation of the Superville Corporate Venture Fund until March 2020. She is currently an independent director of HSBC Argentina, a member of the ITBA board of directors and a trustee of the San Andrés Civil Educational Association.

Nicolás Bendersky. Mr. Bendersky has a degree in Economics and a Master’s Degree in Finance from CEMA University. He began his career in 2001 in the Corporate Finance area of IRSA and CRESUD and between 2004 and 2014, he held various positions at Consultores Asset Management S.A. where he currently works as CIO. Between 2015 and 2021, he was part of the boards of numerous leading public and private companies in Israel and is currently a regular member of the Board of Banco Hipotecario, BACS and IRSA.

Enrique Antonini. Mr. Antonini is a lawyer, graduated with honors from the Law School of the University of Buenos Aires. He works as Director of Banco Mariva S.A. from 1991 to date. He is a Regular Director of the Buenos Aires Stock Exchange.

Eduardo Kalpakian. Mr. Kalpakian holds a degree in business from the Universidad de Belgrano. He has also an MBA from Universidad del CEMA. He has been director for 36 years of Kalpakian Hnos. S.A.C.I., a leading carpet manufacturer and flooring distributor in Argentina. Currently he is vice-chairman of such company’s board and CEO. He is also vice-chairman of the board of La Dormida S.A.A.C.E I.

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Ilan Elsztain. Mr. Elsztain obtained a Bachelor’s degree in Economics from the University of Buenos Aires. For 5 years he worked in different group companies such as Avenida and Fibesa S.A. He is currently alternate director of Consultores Asset Management S.A., where he carries out research work. He is also director of BHN Seguros and BHN Sociedad de Inversión.

Iair Elsztain. Mr. Elsztain is currently working independently on real estate projects. Over the past two years, he has worked at various startups. He is a member of the Board of Directors and founder of Israel Startup Experience (ISE) (Israel Startup Experience), an experience for young people during 8 months in Israel and he is also alternate director in IRSA.

Gabriel A. G. Reznik. Mr. Reznik obtained a degree in Civil Engineering from Universidad de Buenos Aires. He worked for IRSA since 1992 until May 2005 at which time he resigned. He had formerly worked for an independent construction company in Argentina. He is an alternate director of IRSA.

Pedro Damaso Labaqui Palacio. Mr. Labaqui obtained a law degree from Universidad de Buenos Aires. Previously, he was a member of the Board of Directors of Bapro Medios de Pago S.A. and REM Sociedad de Bolsa S.A.

Employment contracts with certain members of our board of directors

We do not have written contracts with our directors. However, Eduardo S. Elsztain, Saul Zang, Alejandro G. Elsztain and Fernando A. Elsztain are employed by us under the Labor Contract Law No. 20,744.

Law No. 20,744 governs certain conditions of the labor relationship, including remuneration, protection of wages, hours of work, holidays, paid leave, maternity protection, minimum age requirements, protection of young workers and suspension and termination of the contract.

Senior Management

Senior management performs its duties in accordance with the instructions of our board of directors. There are no arrangements by which a person is selected as a member of our senior management.

The following table shows information about our current senior management of the Operations Center in Argentina (designated by the board of directors meeting):

Name	Date of Birth	Position	Current Position Held Since
Alejandro G. Elsztain	03/31/1966	CEO	1994
Matías I. Gaivironsky	02/23/1976	Chief Financial and Administrative Officer	2011
Diego Chillado Biaus	09/15/1978	CEO of Operations in Argentina	2022

The following is a biographical description of each of our senior managers who are not directors:

Matías Iván Gaivironsky. Mr. Matías Gaivironsky holds a degree in business administration from Universidad de Buenos Aires and a master’s degree in finance from Universidad del CEMA. Since 1997 he has served in various positions at IRSA Commercial Properties, IRSA, CRESUD and in 2009 he was appointed CFO of Tarshop. Since 2011, he serves as Chief Administrative and Financial Officer of IRSA and CRESUD. Mr. Gaivironsky is also director of Banco Hipotecario and BrasilAgro.

Diego Chillado Biaus. Mr. Diego Chillado Biaus obtained a degree in Administration and Agricultural Economics from Universidad de Buenos Aires. He has a master’s degree in Agribusiness from Universidad Austral. He joined the company in 2005 and has served in several positions in the commercial area. Since 2019, he has served as the Commercial Manager of the Company and is a member of the Board of Directors of Futuros y Opciones.Com S.A.

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Executive Committee

Pursuant to our by-laws, our day-to-day business is managed by an executive committee consisting of a minimum of four and a maximum of seven directors and one alternate member, among which there should be the Chairman, First Vice-Chairman and Second Vice-Chairman of the board of directors. The current members of the Executive Committee are Messrs. Eduardo S. Elsztain, Saúl Zang, Alejandro Elsztain and Fernando A. Elsztain.

The executive committee is responsible for the management of our business pursuant to the authority delegated by our board of directors in accordance with applicable law and our bylaws. Pursuant to Section 269 of the Argentine General Corporation Law, the executive committee is only responsible for the management of the day-to-day business. Our bylaws authorize the executive committee to: designate the managers of our Company and establish the duties and compensation of such managers; grant and revoke powers of attorney on behalf of our Company; hire, discipline and fire personnel and determine wages, salaries and compensation of personnel; enter into contracts related to our business; manage our assets; enter into loan agreements for our business and establish liens to secure our obligations; and perform any other acts necessary to manage our day-to-day business.

Supervisory Committee

LGS and the Argentine Capital Market Law require any corporation that has made a public offering in Argentina, such as us, to have a supervisory committee (comisión fiscalizadora). Pursuant to Law No. 19,950, only lawyers and accountants admitted to practice in Argentina or civil partnerships composed of such persons may serve as statutory auditors in an Argentine sociedad anónima.

The primary responsibilities of the supervisory committee are to monitor the management’s compliance with the LGS, the applicable bylaws, regulations, if any, and the shareholders’ resolutions, and to perform other functions, including, but not limited to: (i) supervise and inspect the corporate books and records whenever necessary, but at least quarterly; (ii) attend meetings of the directors, executive committee, audit committee and shareholders; (iii) prepare an annual report concerning our financial condition and submit it to our shareholders at the ordinary annual meeting; (iv) provide certain information regarding the company, in response to the request of shareholders representing at least 2% of the capital stock; (v) call an extraordinary shareholders’ meeting when necessary, on its own initiative or at the request of the shareholders, or an ordinary one when our boards of directors fails to do so; (vi) supervise and monitor compliance with laws and regulations, the applicable bylaws and the shareholders’ resolutions; and (vii) investigate written complaints made by shareholders representing at least 2% of the capital stock.

In performing these functions, our supervisory committees do not control our operations or assess the merits of the decisions made by the directors. The duties and responsibilities of an alternate statutory auditor, when acting in the place of a statutory auditor on a temporary or permanent basis, are the same as those discussed above for statutory auditors. They have no other duties or responsibilities as alternate statutory auditors.

Our supervisory committee (comisión fiscalizadora) is responsible for reviewing and supervising our administration and affairs and verifying compliance with our bylaws and resolutions adopted at the shareholders’ meetings. The members of our supervisory committee are appointed at our annual general ordinary shareholders’ meeting for a one-fiscal year term. Our supervisory committee is composed of three regular members and three alternate members and pursuant to Section 294 of LGS must meet at least every three months.

The following table shows information about the members of our Supervisory Committee, who were elected in the annual general ordinary shareholders’ meeting which was held on October 5, 2023:

Name	Date of Birth	Position	Term Expiration	Position Held Since
José D. Abelovich	07/20/1956	Member	2024	1992
Marcelo H. Fuxman	11/30/1955	Member	2024	1992
Noemí I. Cohn	05/20/1959	Member	2024	2010
Roberto D. Murmis	04/07/1959	Alternate Member	2024	2005
Paula Sotelo	10/08/1971	Alternate Member	2024	2020
Cynthia Deokmellian	08/06/1976	Alternate Member	2024	2020

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All members of the supervisory committee qualify as independent, in accordance with CNV Resolution No. 400/2002 Rules.

Set forth below is a brief biographical description of each member of our Supervisory Committee:

José Daniel Abelovich. Mr. Abelovich holds an accounting degree from the Universidad de Buenos Aires. He is a founding member and partner of NEXIA Abelovich, Polano & Asociados S.R.L., firm of Accountants member of Nexia International, a global network of accounting and consulting firms. Mr. Abelovich participates, among others, in the Supervisory Committees of IRSA, Pampa Energía S.A., and Banco Hipotecario.

Marcelo Héctor Fuxman. Mr. Fuxman holds an accounting degree from the Universidad de Buenos Aires. He is a partner of NEXIA Abelovich, Polano & Asociados S.R.L., firm of Accountants member of Nexia International, a global network of accounting and consulting firms. He is also a member of the Supervisory Committees of IRSA, Inversora Bolívar S.A. and Banco Hipotecario, among other companies.

Noemí Ivonne Cohn. Ms. Cohn holds an accounting degree from the Universidad de Buenos Aires. She is a partner at NEXIA Abelovich, Polano & Asociados S.R.L., firm of Accountants member of Nexia International, a global network of accounting and consulting firms. Ms. Cohn worked in the audit area of Harteneck, Lopez y Cía., Coopers & Lybrand in Argentina and Los Angeles, California. She is also a member of the Supervisory Committees of IRSA, Futuros y Opciones.com S.A. and Panamerican Mall S.A., among other companies.

Roberto Daniel Murmis. Mr. Murmis holds accounting and law degrees from the Universidad de Buenos Aires. He is a partner at NEXIA Abelovich, Polano & Asociados S.R.L., a member firm of Nexia International. He is a member of the Tax Affairs Commission and of the General Council of the Argentine Chamber of Commerce. He formerly served as an advisor to the Secretariat of Public Revenue (Secretaría de Ingresos Públicos) of the Argentine Ministry of Economy. Mr. Murmis also is alternate member of the supervisory committees of IRSA, Futuros y Opciones.com S.A. and Arcos del Gourmet S.A., among other companies.

Cynthia Deokmelian. Mrs Deokmellian obtained a degree in accounting from Universidad de Buenos Aires. She is partner at NEXIA Abelovich, Polano y Asociados S.R.L., an accounting firm from Argentina that is a member of Nexia International, a global network of accounting and consulting firms. Previously, he was Senior Manager in the audit department of KPMG in Argentina. Furthermore, she is a member of the Supervisory Committees of IRSA, Futuros y Opciones.Com and FyO Acopio S.A., among other companies.

Paula Sotelo. Ms. Sotelo holds an accounting degree from Universidad de Buenos Aires. She is partner of NEXIA Abelovich, Polano y Asociados S.R.L., an accounting firm from Argentina that is a member of Nexia International, a global network of accounting and consulting firms. Previously, she was Senior Manager in the audit area of KPMG Argentina and also worked in the professional practice department at KPMG New York. She is a member of the Supervisory Committees of IRSA, Hoteles Argentinos S.A.U, Futuros y Opciones.Com S.A. and FyO Acopio S.A., among others.

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Internal Control

Management uses the Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO Report”) to assess effectiveness of internal control over financial reporting.

The COSO Report sets forth that internal control is a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of the entity’s objectives in the following categories:

	·	effectiveness and efficiency of operations;

	·	reliability of financial reporting;

	·	compliance with applicable laws and regulations Based on the above, the Company’s internal control system involves all levels of the company actively involved in exercising control;

	·	the board of directors, by establishing the objectives, principles and values, setting the tone at the top and making the overall assessment of results;

	·	the management of each area is responsible for internal control in relation to objectives and activities of the relevant area, i.e. the implementation of policies and procedures to achieve the results of the area and, therefore, those of the entity as a whole; and

	·	the other personnel plays a role in exercising control, by generating information used in the control system or taking action to ensure control.

Audit Committee

In accordance with the CML and the CNV Rules, our board of directors has established an audit committee which focus on assisting the board in exercising its duty of care, compliance with disclosure requirements, supervise the operation of the internal control systems and the administrative-accounting system, supervise the application of the policies regarding information on the company’s risk management, ethical conduct of our businesses, monitoring the sufficiency of our financial statements, our compliance with the laws, independence and capacity of independent auditors and performance of audit duties both by our internal audit and our external auditors and issue a well-founded opinion regarding transactions with related parties in the cases established by this law. These responsibilities are meant to comply with the duties assigned by Law 26.831, the Technical CNV Rules, and other applicable laws.

On March 11, 2020 our board of directors appointed Liliana Glikin, María Gabriela Macagni and Alejandro Mario Bartolome, all of them independent members, as members of the audit committee. The board of directors named María Gabriela Macagni as the financial expert in accordance with the relevant SEC rules. We have a fully independent audit committee as per the standards provided in Rule 10(A)-3(b)(1).

B. Compensation

Compensation of directors

Under the Argentine General Corporation Law, if the compensation of the members of the Board of Directors and the Supervisory Committee is not established in the bylaws of the Company, it should be determined by the shareholders’ meeting. The maximum amount of total compensation to the members of the Board of Directors and the Supervisory Committee, including compensation for technical or administrative permanent activities, cannot exceed 25% of the earnings of the company. That amount should be limited to 5% when there is no distribution of dividends to shareholders and will be increased in proportion to the distribution up to such limit if all earnings are distributed. For purposes of applying this provision, the reduction in the distribution of dividends derived from reducing the Board of Directors’ and Supervisory Committee’s fees will not be considered.

When one or more directors perform special commissions or technical or administrative activities, and there are no earnings to distribute, or they are reduced, the shareholders meeting may approve compensation in excess of the above mentioned limits. The compensation of our directors for each fiscal year is determined pursuant to the Argentine Corporation Law and taking into consideration whether the directors performed technical or administrative activities and our fiscal year’s results. Once the amounts are determined, they are considered at the shareholders’ meeting.

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At our shareholders’ meeting held on October 5, 2023, a compensation for an aggregate amount of ARS 129,1 million was approved for all of our directors for the fiscal year ended June 30, 2023.

This compensation approved by the annual ordinary shareholders’ meeting pertains to the Company’s individual board and does not consider inflation adjustment. For accounting purposes, the consolidated compensation for the Board of Directors accrued during the fiscal year ended June 30, 2024 and 2023 was ARS 16,427 million and ARS 38,090 million, respectively.

For more information, please see “Recent Developments - General Ordinary and Extraordinary Shareholders’ Meeting”.

Compensation of Supervisory Committee

Our shareholders’ meeting held on October 5, 2023 further approved by majority vote a compensation for an aggregate amount of ARS 8.5 million to our Supervisory Committee for the fiscal year ended June 30, 2023.

For more information, please see “Recent Developments - General Ordinary and Extraordinary Shareholders’ Meeting”.

Compensation of Senior Management

Our senior management is paid a fixed amount established by taking into consideration their background, capacity and experience and an annual bonus which varies according to their individual performance and our results.

The total and aggregate compensation paid to our senior management of the urban properties and investment business and the Agricultural Business for the fiscal year ended June 30, 2024, was ARS 190.4 million.

Compensation of the Audit Committee

The members of our Audit Committee do not receive any additional compensation other than that received for their services as members of our board of directors.

Compensation Plan for Executive Management

Since 2006, we have developed a capitalization program through contributions made by employees and the Company. The participation and contributions to the plan are voluntary. Once the beneficiary has accepted, they can make monthly contributions of up to 2.5% of their salary, and the Company’s contribution will be equivalent to the amount contributed by the beneficiary. Employee contributions are transferred to a mutual fund and Company’s contributions are held in a trust. Individual participants may direct the trustee to invest their accounts in authorized investment alternatives.

Participants will have access to 100% of the plan benefits (including the Company’s contributions) in the following cases:

	1.	ordinary retirement in accordance with applicable labor regulations;

	2.	total or permanent incapacity or disability; or

	3.	death.

In the case of resignation or unjustified dismissal, the beneficiary will obtain the amounts resulting from the Company’s contributions only if they have participated in the plan for at least five years, subject to certain conditions. In the case that the conditions are not met, the contributed funds remain at the participant’s disposal.

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Contribution expense was ARS 1,949 million and ARS 1,639 million for the fiscal years ended June 30, 2024 and 2023, respectively.

On July 1, 2023, a new incentive program came into effect aimed for key leadership positions. This program includes an extraordinary monetary sum to be paid three years from the start of the plan, , subject to the fulfillment of pre-established operational and business growth goals.

Incentive Program

The Company developed a stock incentive plan between 2011 and 2014, which was approved by the CNV in accordance with the new Capital Markets Law. The beneficiaries under the Executive Plan were invited to participate by our Board of Directors, and their decision access the plan was voluntary. The Company’s share-based contributions were calculated based on their annual bonus for those years.

In the future, participants will have access to 100% of the benefit (the CRESUD shares contributed by the Company) in the following cases:

	·	if an employee resigns or is dismissed without cause, will be entitled to the benefit only if 5 years have elapsed since the moment of each contribution;

	·	total or permanent disability; or

	·	death.

While participants are part of the program and until the aforementioned conditions are met to receive the shares corresponding to the contributions based on the 2011 to 2013 bonus, participants will receive the economic rights corresponding to the shares assigned to them. In case that the conditions are not met, the contributed funds remain at the participant’s disposal.

Additionally, the Company has decided to grant a bonus in shares to all the personnel with more than two years of service and who do not participate in the program described above. This bonus consisted of a number of shares equivalent to their compensation for June 2014.

The shares allocated to the Executive Plan by the Company are shares acquired in 2009, which the Shareholders’ Meeting held on October 31, 2011, has specifically decided to allocate to this program.

For more information see “Recent Developments – General Ordinary and Extraordinary Shareholders’ Meeting.”

Employee long-term incentive - Brasilagro

On October 2, 2017, the General Shareholders’ Meeting approved the creation of the Long-Term Share-Based Incentive Plan (“ILPA Plan”), a compensation program in which participants are entitled to receive a number of issued shares by the company if the objectives defined in the agreement are achieved. The ILPA Plan was divided into 3 programs and requires beneficiaries to remain with the Company for a specified period (consolidation period), in addition to having cumulative key performance indicators (“KPls”) that can define, increase or decrease the number of actions, classifying the result according to the 3 categories that make up the plan. The first compensation program (“ILPA 1”) was approved by the Board of Directors on June 18, 2018, and ended during the year June 30, 2021. The accumulated expenses of the plan reached ARS 431 million with compensation and ARS 301 million in charges.

On May 6, 2021, the Board of Directors approved the terms of the second share-based compensation program (“ILPA 2”), giving continuity to the ILPA Plan, establishing the characteristics and general rules of the new plan, such as a maximum number of shares and the list of eligible employees, appointed by a designated committee and approved by the Board. The structure of the 2nd program is maintained in accordance with the basic guidelines of the ILPA Plan, which basically include the permanence of employees during the accrual period and the achievement of KPIs accumulated between 1 July 2020 and June 30, 2024 (consolidation period).

As of June 30, 2024, ILPA 2 expenses totaled ARS 311 million.

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C. Board Practices

For information about the date of expiration of the current term of office and the period during which each director has served in such office see “Item 6. Directors, Senior Management and Employees – A. Directors and Senior Management.”

Benefits upon Termination of Employment

There are no contracts providing for benefits to directors upon termination of employment, other than those described under the following sections: (i) “Item 6 Directors, Senior Management and Employees – B. Compensation – Capitalization Plan” and (ii) “Item 6 Directors, Senior Management and Employees – B. Compensation – Long Term Incentive Program”.

D. Employees

As of June 30, 2024, we had 2,867 employees.

As of such date, we had 693 employees in our Agricultural Business in Argentina, including Cresud employees and FyO but not those of Agro-Uranga S.A. Approximately 25% are under collective labor agreements.

We employ 460 people in our International Agricultural businesses, composed of 412 employees of BrasilAgro, 32 employees in the companies located in Paraguay and 16 employees in the companies located in Bolivia.

Our Shopping Malls, Offices, Sales and Developments and Other businesses had 693 employees with 270 represented by the Union of Commerce Employees (Sindicato de Empleados de Comercio). Our Hotels segment had 708 employees with 584 represented by the Tourism, Hotels and Gastronomy Union from the Argentine Republic (Unión de Trabajadores del Turismo, Hoteleros y Gastronómicos de la República Argentina) (UTHGRA).

The following table shows the number of employees in the Company’s various businesses as of the dates mentioned below:

			Urban Business
	Agricultural Business⁽¹⁾		Shopping Malls, Offices, Sales and Developments and Other Business		Hotels⁽²⁾		Shared Service Center		Corporate Areas		Total
June 30, 2022		1,053		656		750		212		84		2,706
June 30, 2023		1,152		667		622		235		84		2,760
June 30, 2024		1,153		693		708		229		84		2,867

_______________________

(1)	Agricultural Business includes CRESUD, FyO, BrasilAgro, Acres and Palmeiras.
(2)	Includes Hotel Intercontinental, Libertador Hotel and Llao Llao.

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E. Share Ownership

The following table sets forth the amount and percentage of our shares beneficially owned by our directors, Supervisory Committee and senior management as of June 30, 2024:

Name	Position	Number of Shares ⁽²⁾	Percentage	Number of Warrants ⁽³⁾	Percentage Fully Diluted
Directors			%		%
Eduardo Sergio Elsztain ⁽¹⁾	Chairman	230,771,688	38.7	35,138,100	39
Saúl Zang	First vice-chairman	7,216,892	1.2	2,092,830	1.4
Alejandro Gustavo Elsztain	Second vice- chairman / Chief Executive Officer	13,861,870	2.3	3,468,205	2.6
Jorge Oscar Fernández	Director	282,677	0	—	0
Fernando Adrián Elsztain	Director	367,741	0,1	606,061	0.2
Mariana Carmona	Director	—	—	—	—
Alejandro Gustavo Casaretto	Director	344,397	0.1	49,874	0.1
Liliana Rene Glikin	Director	—	—	—	—
Alejandro Mario Bartolome	Director	—	—	—	—
Gabriela Macagni	Director	—	—	—	—
Nicolas Bendersky	Director	192,798	0	28,410	0
Enrique Antonini	Director	—	—	—	—
Eduardo Ohan Kalpakian	Alternate Director	—	—	—	—
Ilan Elsztain	Alternate Director	14,610	0	7,388	0
Iair Elsztain	Alternate Director	10,412	0	2,098	0
Gabriel A. G. Reznik	Alternate Director	—	—	—	—
Pedro Damaso Labaqui Palacio	Alternate Director	—	—	—	—

Senior Management
Matias Gaivironsky	Chief Financial and Administrative Officer	342,123	0.1	226,632	0.1
Diego Chillado Biaus	General Manager of Argentina’s Operations	72,069	0	101,497	0

Supervisory Committee
José Daniel Abelovich	Member	—	—	—	—
Marcelo Héctor Fuxman	Member	—	—	—	—
Noemí Ivonne Cohn	Member	—	—	—	—
Roberto Daniel Murmis	Alternate member	—	—	—	—
Cynthia Deokmelian	Alternate member	—	—	—	—
Paula Sotelo	Alternate member	—	—	—	—

__________________

(1)	Includes (i) 141,979,750 shares beneficially owned by Inversiones Financieras del Sur S.A., for which Mr. Eduardo S. Elsztain may be deemed beneficial owner, (ii) 1,131 common shares owned by Consultores Venture Capital Uruguay S.A. for which Mr. Eduardo S. Elsztain may be deemed beneficial owner, (iii) 6 common shares owned by Consultores Asset Management S.A. for which Mr. Eduardo S. Elsztain may be deemed beneficial owner, and (iv) 88,790,801 common shares directly owned by Mr. Eduardo S. Elsztain.
(2)	As of June 30, 2024, the outstanding shares were 596,355,320 and we own 1,964,563 shares in treasury. To calculate the percentage, the effect of treasury shares was not considered.
(3)	In March 2021, 90 million options were issued that will entitle the holders through their exercise to acquire additional new shares. As of June 30, 2024, the outstanding warrants were 85,998,622, and as a subsequent event, on October 2, 2024, we reported that certain warrants holders have exercised their right to acquire additional shares, therefore the new number of outstanding warrants decreased to 84,261,280, for more information, see “Recent Developments – Exercise of Warrants”. On May 15, 2024, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend and shares distributed to the shareholders on May 14, 2024, being the current Ratio of 1.3146 shares per option and a price of USD 0.4303 per share.

Option Ownership

No options to purchase shares have been granted to our Directors, Senior Managers, members of the Supervisory Committee, or Audit Committee.

Employees’ Participation in our share Capital

There are no arrangements for involving our employees in our capital stock or related to the issuance of options, common shares or securities other than those described under the following sections: (i) “Item 6 - Directors, Senior Management and Employees – B. Compensation – Capitalization Program for our executive staff” and (ii) “Item 6 - Directors, Senior Management and Employees – B. Compensation – Long Term Incentive Program”.

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F. Disclosure of Registrant’s Action to Recover Erroneously Awarded Compensation

Not applicable.

Item 7. Major shareholders and related party transactions

A. Major Shareholders

Information about Major Shareholders Share Ownership

The following table sets forth information regarding ownership of our capital stock by each person known to us to beneficially own at least 5% of our common shares, ANSES (The Argentine Social Security National Agency) and all our directors and officers as a group.

	Share Ownership as of June 30, 2024
Shareholder	Number of Shares		Percentage ⁽⁴⁾		Number of Warrants		Percentage Fully Diluted ⁽⁵⁾
			%				%
Eduardo Sergio Elsztain ⁽¹⁾⁽²⁾		230,771,688		38.7		35,138,100		39.0
Directors and officers ⁽³⁾		22,705,589		3.8		6,582,995		4.4
ANSES		24,124,873		4.0		3,617,316		4.1
Others		318,753,170		53.5		40,660,211		52.5
Total		596,355,320		100.0		85,998,622		100.0

____________________

(1)	Eduardo S. Elsztain is the Chairman of the board of directors of IFIS Limited, a corporation organized under the laws of Bermuda and Inversiones Financieras del Sur S.A., a corporation organized under the laws of Uruguay. Mr. Elsztain holds (through companies controlled by him and proxies) most of the voting power in IFIS Ltd., which owns 100% of IFISA.
(2)	As a result, Mr. Elsztain may be deemed beneficial owner of 38.7% of our total shares, which includes (i) 141,979,750 shares beneficially owned by Inversiones Financieras del Sur S.A., for which Mr. Eduardo S. Elsztain may be deemed beneficial owner, (ii) 1,131 common shares owned by Consultores Venture Capital Uruguay S.A. for which Mr. Eduardo S. Elsztain may be deemed beneficial owner, (iii) 6 common shares owned by Consultores Asset Management S.A. for which Mr. Eduardo S. Elsztain may be deemed beneficial owner, and (iv) 88,790,801 common shares directly owned by Mr. Eduardo S. Elsztain.
(3)	Includes only direct ownership of our Directors and Senior Management, other than Mr. Eduardo S. Elsztain.
(4)	As of June 30, 2024, the outstanding shares were 596,355,320 and we own 1,964,563 shares in treasury. To calculate the percentage, the effect of treasury shares was not considered.
(5)	In March 2021, 90 million options were issued that will entitle the holders through their exercise to acquire additional new shares. As of June 30, 2024, the outstanding warrants were 85,998,622, and as a subsequent event, on October 2, 2024, we reported that certain warrants holders have exercised their right to acquire additional shares, therefore the new number of outstanding warrants decreased to 84,261,280, for more information, see “Recent Developments – Exercise of Warrants”. On May 15, 2024, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend and shares distributed to the shareholders on May 14, 2024, being the current Ratio of 1.3146 shares per option and a price of USD 0.4303 per share.

	As of June 30,
	2024		2023		2022		2021		2020
	% ⁽⁴⁾
Eduardo S. Elsztain⁽¹⁾⁽²⁾		38.7		38.5		36.6		36.5		36.9
Directors and officers⁽³⁾		3.8		3.8		3.7		3.4		3.2
ANSES		4.0		4.0		4.0		4.0		3.8
Others		53.5		53.7		55.7		56.1		56.1
Total		100.0		100.0		100.0		100.0		100.0

(1)	Eduardo S. Elsztain is the Chairman of the board of directors of IFIS Limited, a corporation organized under the laws of Bermuda and Inversiones Financieras del Sur S.A., a corporation organized under the laws of Uruguay. Mr. Elsztain holds (through companies controlled by him and proxies) most of the voting power in IFIS Ltd., which owns 100% of IFISA.
(2)	As a result, Mr. Elsztain may be deemed beneficial owner of 38.7% of our total shares, which includes (i) 141,979,750 shares beneficially owned by Inversiones Financieras del Sur S.A., for which Mr. Eduardo S. Elsztain may be deemed beneficial owner, (ii) 1,131 common shares owned by Consultores Venture Capital Uruguay S.A. for which Mr. Eduardo S. Elsztain may be deemed beneficial owner, (iii) 6 common shares owned by Consultores Asset Management S.A. for which Mr. Eduardo S. Elsztain may be deemed beneficial owner, and (iv) 88,790,801 common shares directly owned by Mr. Eduardo S. Elsztain.
(3)	Includes only direct ownership of our Directors and Senior Management, other than Mr. Eduardo S. Elsztain.
(4)	As of June 30, 2024, the outstanding shares were 596,355,320 and we own 1,964,563 shares in treasury. To calculate the percentage, the effect of treasury shares was not considered.

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Difference in Voting Rights

Our major shareholders do not have different voting rights.

Arrangements for change in control

There are no arrangements that may at a subsequent date result in a change in control.

Securities held in the host country

As of June 30, 2024, our total issued and outstanding capital stock outstanding consisted of 596,355,320 common shares. As of June 30, 2024, there were approximately 46,683,023 American Depositary Shares (representing 466,830,230 of our common shares, or 78.3% of all our outstanding shares held) in the United States by approximately 36 registered holders of American Depositary Shares.

As of June 30, 2024, our directors and senior officers controlled, directly or indirectly, approximately 42.5% of our common shares. As a result, these shareholders have, and will continue to have, significant influence on the election of our directors and the outcome of any action requiring shareholder approval.

Additionally, in March 2021, 90 million options were issued that will entitle the holders through their exercise to acquire additional new shares. The warrants may be exercised quarterly from the 90th day of their issuance on the 17th to the 25th (inclusive) of the months of February, May, September, and November of each year (provided that dates are business days in the city of New York and in the City of Buenos Aires) until their expiration 5 years from the date of issue. The warrants are available for trading on NASDAQ and ByMA under the tickers CRESW and CRE3W, respectively.

On May 15, 2024, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend and shares distributed to the shareholders on May 14, 2024, being the current Ratio of 1.3146 shares per option and a price of USD 0.4303 per share.

B. Related Party Transactions

A related party transaction is any transaction entered into directly or indirectly by us or any of our subsidiaries that is material based on the value of the transaction to: (a) us or any director, officer or member of our management or shareholders; (b) any entity in which any person described in clause (a) is interested; or (c) any person who is connected or related to any person described in clause (a).

Offices and Shopping Mall Leases

We rented office space for our executive offices located at the Della Paolera tower at Della Paolera 261, floor 9th, City of Buenos Aires, Argentine which IRSA has owned, and which was sold to a non-related party. We also rented an office space that IRSA owns at the Abasto Shopping Mall.

The offices of Eduardo S. Elsztain, the Chairman of our Board of Directors and our controlling shareholder, are located at Bolivar 108, City of Buenos Aires, Argentina. This property has been rented to a company controlled by family members of Mr. Elsztain and to a company controlled by Fernando A. Elsztain, one of our directors and the cousin of Mr. Eduardo S. Elsztain, and members of his family.

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Furthermore, IRSA also leases various stores, stands, storage space or advertising spaces in its shopping malls to third parties and related parties such as Banco Hipotecario.

Lease agreements entered into with affiliates have included similar provisions and amounts to those included in agreements with unaffiliated third parties.

Agreement for the Exchange of Corporate Services with IRSA

Considering that each of IRSA and us have operations that overlap to a certain extent, our Board of Directors deemed it advisable to implement alternatives designed to reduce certain fixed costs of our combined activities and mitigate their impact on our operating results while seizing and optimizing the individual efficiencies of each of them in the different areas comprising the management of operations.

To such end, on June 30, 2004, we and IRSA entered into a Master Agreement for the Exchange of Corporate Services, or the “Framework Agreement,” which has been amended several times in line with evolving operating requirements. The Framework Agreement had an initial term of 24 months and is renewable automatically for additional 24-month terms, unless terminated by any of the parties upon prior notice.

Annually, a review of the criteria used in the determination of pricing for corporate services, as well as the bases of cost distribution and supporting documentation used in the aforementioned process. The risk management and audit area coordinate the review, which, in turn, periodically delegated the review to an external consultant.

The operations described above allow IRSA and us to keep our strategic and commercial decisions fully independent, with cost and profit apportionment allocated on the basis of operating efficiency and equity, applying when appropriate the terms of the shared services contract, to ensure that any one company benefiting at the expense of the others.

Hospitality Services

We and our related parties hire, on certain occasions, hotel services and lease conference rooms for events to Nuevas Fronteras S.A., Hoteles Argentinos S.A.U. and Llao Llao Resorts S.A., subsidiaries of IRSA, all on arm’s-length terms and conditions.

Financial and Service Operations

We work with several financial entities in Argentina for operations including, but not limited to, credit, investment, other financial services, purchase and sale of securities and financial derivatives. Such entities include Banco Hipotecario and its subsidiaries and FyO. Furthermore, Banco Hipotecario and BACS usually act as underwriters in capital market transactions we undertake. In addition, we invest from time to time our cash in mutual funds managed by BACS Administradora de Activos S.A. S.G.F.C.I., which is a subsidiary of Banco Hipotecario, among other entities.

Del Plata Building Trust

On November 10, 2023, IRSA entered into a trust agreement at cost for a project development and construction of a residential building, stores (gastronomic use) and complementary parking spaces. For more information, see “ITEM 4. Information on the Company — B. Business Overview — Others — Del Plata Building Trust.” TMF Trust Company (Argentina) S.A. acts as trustee under the trust agreement.

Cresud, a company indirectly controlled by Eduardo Sergio Elsztain and chairman of Cresud and IRSA, acts as money trustor. In addition, Cresud, IRSA and Banco Hipotecario act as beneficiaries of the trust. The trust agreement involves the contribution of a building owned by Banco Hipotecario.

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The execution of this trust agreement has been approved by the Board of Directors of the Company, with no objections from the Audit Committee under Section 72 and following of CML.

Donations to Fundación IRSA and Fundación Museo de los Niños

Fundación IRSA is a non-profit charity that seeks to support and generate initiatives concerning education, the promotion of corporate social responsibility and the entrepreneurial spirit of young adults. It carries out corporate volunteer programs and fosters donations from our employees. The main members of Fundación IRSA’s Board of Directors are: Eduardo S. Elsztain (President); Saúl Zang (Vice President I); Alejandro Elsztain (Vice President II); Mariana C. de Elsztain (Secretary); Oscar Marcos Barylka (Director) and Marcos Slipakoff (Treasurer). It finances its activities with donations from us, IRSA, and other related companies.

On October 31, 1997, IRSA entered into an agreement with Fundación IRSA, whereby 3,800 square meters of the developed area at Abasto Shopping Mall was granted under a gratuitous bailment agreement for a term of 30 years. Subsequently, on October 29, 1999, Fundación IRSA assigned free cost all the rights of use over such space and its respective obligations to Fundación Museo de los Niños.

On November 29, 2005, IRSA signed another agreement with Fundación Museo de los Niños granting under gratuitous bailment 2,670 square meters of the developed area at Alto Rosario shopping mall for a term of 30 years.

Fundación Museo de los Niños is a non-profit institution created by the founders of Fundación IRSA and its members are the same as those of Fundación IRSA.

Fundación Museo de los Niños has used these spaces to set up “Museo de los Niños, Abasto” and “Museo de los Niños, Rosario”, two interactive learning centers intended for children and adults. The agreements described above establish that the payment of common charges and direct expenses related to the services performed by these spaces must be borne by Fundación Museo de los Niños.

Borrowings

In the ordinary course of our business, we enter into loan agreements or credit facilities with related companies. The loans under these loan agreements and credit facilities accrue interest at prevailing market rates.

Operations with IFISA

On November 10, 2021, we inform that the Board of Directors has approved the extension for a term of one year and consecutive extensions of the loan granted by Cresud to IFISA, a company controlled by Mr. Eduardo Sergio Elsztain, president of the Company, for the amount of 3,235,000 IRSA GDSs at a rate of 1%. Cresud maintains the economic and political rights on IRSA’s GDSs.

On March 23, 2023, we informed that the Board of Directors has approved a loan granted by Cresud to IFISA, a company controlled by Mr. Eduardo Sergio Elsztain, president of the Company, for the amount of 1,500,000 IRSA GDSs at a rate of 1% of the IRSA GDS price on the last business day of the immediately preceding month. The loan has been guaranteed by Inversiones Financieras del Sur S.A. with shares of equivalent value.

In January 2024, the loan agreements were fully cancelled.

The Audit Committee was consulted under the terms of Chapter III of the CNV Rules, as well as articles 72 and 110 inc. h) of Section IV of CML, and after analyzing the feasibility of the transactions, has issued a favorable opinion in this regard.

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Purchase of financial assets

We usually invest excess cash in instruments that may include those issued by related companies, acquired at issuance, or from unrelated third parties in secondary market transactions.

Investment in Dolphin Real Assets Fund SPC Ltd.

On August 31, 2021, Torodur S.A., an Uruguayan company wholly owned by IRSA, entered into a subscription agreement with Dolphin Fund Ltd., an investment fund, incorporated under the laws of Bermuda, controlled through equity shares by Tyrus S.A., an Uruguayan company wholly owned by IRSA and whose administrator is Consultores Venture Capital Uruguay S.A., an Uruguayan company indirectly controlled by Mr. Eduardo Elsztain, through the subscription of Class C Participating Shares of face value USD 0.01. Subsequently, on October 3, 2022, Dolphin Fund Ltd.’s investors, including Torodur S.A., contributed their holdings in said fund to Dolphin Real Assets Fund SPC Ltd., a fund established under the laws of British Virgin Islands in March 2022, whose administrator is Dolphin Manager Corp., a corporation also constituted under the laws of British Virgin Islands, which is controlled by Messrs. Eduardo Sergio Elsztain and Saúl Zang (85% and 15%, respectively), subscribing 164,478 participating shares issued by the portfolio named Argentina MMXXII, belonging to the mentioned fund which also has another portfolios.

Legal Services

We receive legal services from ZBV Abogados, a law firm composed of partners who were part of Estudio Zang, Bergel & Viñes, of which Saúl Zang was a founding partner. Mr. Zang is a member of our Board of Directors and those of certain related companies. See “Item 6. Directors, Senior Management and Employees—Directors and Senior Management—Board of Directors.”

Purchases and sales of properties and hiring or provision of services

In the ordinary course of our business, we may acquire from or sell to our related parties certain real estate properties used for rental purposes or otherwise or contract or provide services from related parties, subject to our Audit Committee’s approval. Our Audit Committee must render an opinion as to whether the terms of these transactions can reasonably be expected to have been obtained by us in a comparable transaction on an arm’s-length basis with unrelated parties. In addition, if our Audit Committee so requires, valuation reports by independent specialist third parties must be obtained or quotes from other service providers.

Farmland Lease Agreement San Bernardo

We lease as tenants 10,896 hectares of farmland located in the Province of Córdoba, owned by San Bernardo de Córdoba S.A., pursuant to a lease agreement effective from July 1, 2023 until June 30, 2025, with a (1) one year lease extension.

The rent to be paid is an amount of Pesos equal to 1.25kg. of beef per hectare per year. The beef price will be set, considering the price per kilo of beef determined by the Indice Mercado Agroganadero (INMAG) according to the agreed calculation methodology. In addition, the parties have agreed on a variable price increase up to 50% of the net margin of the farmland production, deducted the fixed price previously paid.

Consulting Agreement

Pursuant to the terms of the Consulting Agreement with Consultores Asset Management effective as of November 7, 1994, as amended from time to time and by the last amendment dated September 6, 2017 in which certain adjustments were implemented to the purpose of the agreement by virtue of the broadness of Cresud’s business, Consultores Asset Management provides us advisory services on matters related to capital investments in all aspects of the agricultural, real estate, financing and hotels business, among others. One of our shareholders and the Chairman of our board of directors is the owner of 85% of the capital stock of Consultores Asset Management and our First Vice Chairman of the board of directors holds the remaining 15% of its capital stock. On the same date above mentioned, CAM assigned, with the conformity of Cresud, certain rights and obligations derived from the Consulting Agreement to Consultores Venture Capital Uruguay S.A. (“CVCU”), an Uruguayan company controlled 100% by CAM, therefore and currently the assessment to Cresud is partially provided by CVCU directly.

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Pursuant to the terms of the Consulting Agreement, Consultores Asset Management provides us with the following services:

	·	advises with respect to the investment of our capital in all aspects of operations in agricultural, real estate, financing, hotels, etc, matters and business proposals;

	·	acts on our behalf in such transactions, negotiating the prices, conditions, and other terms of each operation; and

	·	gives advice regarding securities investments with respect to such operations.

Under the Consulting Agreement, we pay Consultores Asset Management for its services, an annual fee equal to 10% of our annual after-tax net income. During the fiscal years 2024, 2023 and 2022 were recognized ARS 7,866 million, ARS 17,683 million and ARS 33,388 million, respectively.

The Consulting Agreement is subject to termination by either party upon not less than 60 days prior written notice. If we terminate the Consulting Agreement without cause, we will be liable to Consultores Asset Management and/or CVCU for twice the average of the amounts of the management fee paid to Consultores Asset Management for the two fiscal years prior to such termination.

Loan between Tyrus S.A. and Yad Leviim Ltd.

On May 3, 2024, an extension was reported for a period of 3 years, of a loan granted by Tyrus S.A., a company wholly owned by IRSA, to Yad Leviim Ltd., in a principal amount of USD 16,2 million at a rate interest of 7% per year from March 23, 2024. Yad Leviim Ltd. is a company controlled by Eduardo Elsztain.

For further information regarding related party transactions see Note 32 to our Audited Consolidated Financial Statements.

C. Interests of Experts and Counsel

This section is not applicable.

Item 8. Financial Information

A. Audited Consolidated Statements and Other Financial Information

See Item 18 for our Audited Consolidated Financial Statements.

Legal or arbitration proceedings

We are not engaged in any material litigation or arbitration and no material litigation or claim is known to us to be pending or threatened against us, other than those described below.

Litigation with Exagrind S.A.

Exagrind S.A. filed a lawsuit against Inversiones Ganaderas S.A. (IGSA) (a former subsidiary merged with the Company ) and Tali Sumaj on claims for damages and losses produced by a fire in one of the Company’s farms, “San Rafael” farm, which is close to Exagrind’s property, Tali Sumaj, in the Province of Catamarca, Argentina. The fire took place on September 6, 2000. There is a lien on the property and Exagrind S.A. requested that the measure be extended with an attachment of bank accounts. This ruling has been challenged and to date the accounts have not been attached. Moreover there is another judicial filed labeled “Exagrind S.A. Estancia San Rafael c/ Inversiones Ganaderas S.A. s/ Incidente de extension de responsabilidad” (147/11) wherein Exagrid S.A. requested an injunction against Cresud, which has not been implemented. Notwithstanding the foregoing, this measure was appealed by Cresud and to date the accounts have not been attached.

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In December 2017, the first instance judgment was rendered, pursuant to which, Cresud was sentenced to pay damages to the plaintiff. Notwithstanding, the amount of the damages will be determined at the time of execution of such ruling. On April 4, 2018, the court granted us an appeal. In June 2020 the appeal filed by the company was rejected and from which the following grounds arise 1. That the damaging event was caused by the risk or vice of the thing in light by virtue of the provisions of Section 113 of the previous CC, considering that the risky activity was proven as the creator of the damage, understanding that the risk itself determines the responsibility and with it the danger of generating fire in the field that in his opinion was proven and originated in Tai Sumaj. 2. That the determination of the amount of damage requires an evidentiary point of view, therefore, it is understood that it must be determined at the execution stage, rejecting the appeal of the opponent in this regard. 3. Granted de appeal of the plaintiff in relation to the active rate for the use of justice from the date of the harmful event to the effective payment, being that the judge of 1st instance had set from the date of the sentence to the effective payment.

According to the judgment of December 2017, an expert witness was proposed. The expert witness report prepared by engineer Sergio Germán Pereyra has been presented, thus complying with the provisions of final judgment of December 2017. From the aforementioned report accompanied by the expert, the first instance judge decided to consider the amount of the judicial claim in the sum of ARS 52,893,850, this amount includes both the loss of profit of ARS 37,703,850, as well as the emergent damage of ARS 15,190,000, plus accrued interest until payment. Plus, in accordance with what was resolved by the Final Judgment of the Chamber of Appeals in Civil, Commercial, Labor and Family Matters of the 2nd Nomination, by means of Final Judgment No. 4, dated June 26 of the year 2020. We carried out an analysis of the alleged damages, estimating the sum of ARS 25,000,000. Likewise, the expertise of the professional engineer Sergio Germán Pereyra was challenged and an appeal for revocation was filed with an appeal in subsidy of the amounts determined as lost profits and consequential damages.

In addition, the Company is involved in several legal proceedings, including tax, labor, civil, administrative and other matters for which the Company has not established provisions based on the information assessed to date. In the opinion of management, the ultimate disposition of any threatened or pending matters, either individually or collectively, will not have a material adverse effect on the consolidated financial position, liquidity and results of operations of the Company. For ease of presentation, the Company has categorized these matters between those arising out of our agricultural and agro-industrial activities and those arising out of our investment and development properties business activities.

Trial and Preventive Seizure - Province of Salta

Cresud has entered into certain agreements with the state-owned company Salta Forestal S.A. Within the framework of these agreements, Cresud was granted a permit to use public land. In relation to these agreements, the Governor of the Province of Salta issued decrees 815/20, 395/21, 396/21, 397/21 and 398/21 to reject appeals filed by Cresud against the amount of fees established by Salta Forestal S.A. and by the Department of Agriculture Affairs for the 2013/2014, 2014/2015, 2015/2016, 2016/2017, 2017/2018, 2018/2019 and 2019/2020 campaigns of corn, soybeans and or sorghum. In this context, Cresud has initiated the judicial actions against these decrees and the province of Salta in return has initiated an executive and seizure lawsuit against Cresud for the amounts of the challenged fees.

To date, the corresponding courts ordered seizures of Cresud’s bank accounts (i) in proceedings N°726737/20 for ARS 42.5 million (ii) in proceedings N°739946/21 for ARS 44.7 million and (iii) in proceedings N°742573/21 for ARS 45.5 million. (iv) in proceedings N°739937/21 for ARS 69.2 million (v) in proceedings N°740034/21 for ARS 58.4 million.

Considering the decrees issued by the Government of Salta and according to the information provided by our external legal counsel, a contingency in the amount of ARS 284.5 million is estimated at year-end.

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IRSA’s legal or arbitration proceedings

Set- forth below is a description of certain material legal proceedings to which we are a party. We are not a party to any significant litigation or arbitration and we are not aware of any significant litigation or claim that is pending or imminent against us outside of what is described below.

Urban Business

Set forth below is a description of certain material legal proceedings to which we are a party. We are not engaged in any other material litigation or arbitration and no other material litigation or claim is known to us to be pending or threatened against us or our subsidiaries. Nevertheless, we may be involved in other litigation from time to time in the ordinary course of business.

Puerto Retiro

In 1991, Indarsa had purchased 90% of Tandanor, a former government-owned company, which owned a piece of land near Puerto Madero of approximately 8 hectares. Indarsa failed to pay to the Argentine Government the price for its purchase of the stock of Tandanor, and as a result the Argentine Ministry of Defense requested the bankruptcy of Indarsa. Since the only asset of Indarsa was its holding in Tandanor, the Argentine Government is seeking to extend Indarsa’s bankruptcy to other companies or individuals which, according to its view, acted as a single economic group. In particular, the Argentine Government has requested the extension of Indarsa’s bankruptcy to Puerto Retiro which acquired Planta 1 from Tandanor.

In 1999, we, through Inversora Bolívar, increased our interest in Puerto Retiro to 50.0% of its capital stock.

The deadline for producing evidence in relation to these legal proceedings has expired. The parties have submitted their closing arguments and are awaiting a final judgment. We cannot give you any assurance that we will prevail in this proceeding.

Currently Puerto Retiro S.A., has a plot of 8.3 hectares, which is affected by a zoning regulation defined as U.P. that prevents the property from being used for any purpose other than strictly port activities. The Company was involved in a bankruptcy extension lawsuit initiated by the Argentine Government, to which the Board is totally alien.

Tandanor has filed a civil action against Puerto Retiro and the people charged in the referred criminal case looking forward to being reimbursed from all the losses which have arisen upon the fraud committed. On March 7, 2015 Puerto Retiro responded by filing certain preliminary objections, such as limitation, lack of information to respond to the lawsuit, lack of legitimacy (active and passive). On July 12, 2016 Puerto Retiro was legally notified of the decision adopted by the Tribunal Oral Federal No. 5 related to the preliminary objections mentioned above. Two of them were rejected –lack of information and lack of legitimacy (passive). We filed an appeal with regard to this decision, which was rejected. The other two objections would be considered in the verdict.

On September 7, 2018, the Court read its verdict, according to which the preliminary objection of limitation filed by Puerto Retiro was successful. Nevertheless, in the criminal procedure –where Puerto Retiro is not a party- Court ordered the seizure confiscation (“decomiso”) of the land known as “Planta 1.” This Court’s verdict is not final, as it is subject to further appeals Puerto Retiro filed an appeal with regard to the confiscation of Planta I. This appeal has not yet been decided.

On December 27, 2018, an action for cancellation was filed against the judgment that ordered the confiscation of the property named “Planta 1.” On March 1, 2019 we were notified of the “in limine” rejection of the action for cancellation filed. Subsequently, on March 8, 2019, a motion for restitution was filed against said resolution. On March 19, 2019, we were notified of the Court’s decision that rejected the replacement and declared the appeal filed in a subsidiary inadmissible. On March 22, 2019, a complaint was filed for appeal denied (before the Federal Criminal Cassation Chamber), the caul was granted, which is why the appeal filed is currently pending. In that sense, in April the appeal was maintained and subsequently, its foundations were expanded.

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On February 21, 2020, an electronic document was received from the Federal Court of Criminal notifying the decision rejecting the appeals brought by Puerto Retiro against the verdict of the Federal Oral Court 5 that provided for the confiscation of the property Plant I and the distribution of costs in the order caused as regards the exception for the limitation of civil action brought by Puerto Retiro to which the Oral Court took place. Against that decision of appeal, Puerto Retiro was brought in a timely form of Federal Extraordinary Appeal. In addition, the Federal Criminal Cassation Chamber upheld the above limitation period by rejecting, to that effect, the appeal brought by the National State and Tandanor. Notwithstanding the fact that it is not possible to ensure with certainty the result of the denied federal extraordinary appeal, filed before the CSJN by Tandanor and the National State, against the Cassation decision that resolved to confirm the statute of limitations exception of the related civil action With the claim for damages filed by both subjects against Puerto Retiro S.A., it is estimated that the possibility that the aforementioned complaint resource prospers and, consequently, the CSJN revokes the exception of prescription of the civil action for damages, it is low.

Within the framework of the criminal case, the plaintiff denounced the non-compliance by Puerto Retiro S.A. of the precautionary measure decreed in the criminal court consisting of the prohibition to innovate and contract with respect to the premises subject of the civil action. As a result of such complaint, Federal Oral Court No. 5 filed an incident and ordered and executed the closure of the premises where the lease agreements with Los Cipreses S.A. and Flight Express S.A. were being performed, in order to enforce the compliance with the aforementioned measure. As a result of said circumstance, it was learned that the proceedings were transferred to the Criminal Court for the assignment of a court to investigate the possible commission of the crime of disobedience. As of the date of issuance of these Annual Report, there have been no further developments in this case.

In the face of the evolution of the legal cases affecting it and based on the reports of its legal advisors, the Management of Puerto Retiro has decided to record an impairment equivalent to 100% of the book value of its investment property, without prejudice to the reversal of the same in the event that a favorable judgment is obtained in the actions brought.

La Rural S.A.

In December 2012, the Argentine Government issued Decree No. 2552/12, which annulled a decree from 1991 that approved the sale of the Predio Ferial de Palermo to the Sociedad Rural Argentina (“SRA”) and revoked the corresponding sale agreement. On March 21, 2012, the Argentine Government notified the SRA of the new decree and instructed that the property be returned to the Argentine Government within 30 calendar days.

The Federal Civil and Commercial Court, upon request of the SRA, issued a precautionary measure suspending the enforcement of Decree No. 2552/12, as well as all actions taken in its consequence, including the Administración de Bienes del Estado (“AABE’s”) demand to deliver possession of the property.

On June 1, 2015, the first instance ruling in case No. 4573/2012 “SOCIEDAD RURAL ARGENTINA v. NATIONAL STATE - EXECUTIVE BRANCH on DECLARATORY ACTION” ordered the lifting of the precautionary measure that suspended the effects of Decree No. 2552/12. The SRA filed an appeal against this ruling. The Chamber II of the National Court of Appeals in Civil and Commercial Matters overturned the appealed ruling, thereby reinstating the precautionary measure ordered on January 4, 2013, which remains in effect to this day.

On March 11, 2016, La Rural S.A. was summoned as a third party in the aforementioned case, and responded to this summons on April 6, 2016. On April 21, 2016, the Argentine Government appeared in the case. At its request, a precautionary measure was issued to record the ongoing litigation regarding the properties identified in the proceeding. IRSA has not been formally notified nor is it involved in the judicial actions initiated by the SRA.

Following several procedural developments, on October 5, 2017, the Federal Criminal Court No. 2 requested the submission of records in the context of the case: “Menem, Carlos Saúl and others on charges under Section 261, first paragraph of the Criminal Code.” On March 27, 2018, the Oral Court sentenced various officials, including former President Carlos S. Menem and former Minister Domingo F. Cavallo, as necessary accomplices to the crime of embezzlement. Additionally, it acquitted the indicted officials of the SRA and rejected the AABE’s request for the restitution of the property, leaving the decision on that matter to the intervening Civil and Commercial Federal Court.

On May 11, 2022, once the case returned to the Federal Civil and Commercial Court, the evidentiary phase was initiated. As of June 30, 2024, the case remains in the evidentiary stage.

Given the characteristics of the conflict, as publicly disclosed, we estimate that if Decree No. 2552/12 was declared unconstitutional, such a decree would have no legal effect on EHSA or on IRSA’s acquisition of its stake in Entratainment Holding S.A. (“EHSA”) However, if the contrary were to happen, i.e., the judicial annulment of Decree No. 2699/91, this could have a tangible impact on the acquired assets. In this scenario, the judicial decision could result in the nullification of the sale of the property by the SRA and the nullification of all acts carried out by the SRA concerning the property, including the right of use currently held by the entity in which EHSA presently holds, indirectly, an equity interest through vehicles.

As of the date of issuance of this Annual Report, there is no evidence or information suggesting that the Company would have to return the property currently operated by La Rural S.A., and it continues its business operations as usual. However, this estimate could change depending on the legal proceedings’ progress, which the Company will continue to monitor.

Arcos del Gourmet

IRSA has been named as a party in a case titled “Federación de Comercio e Industria de la Ciudad de Buenos Aires y Otros c/ Gobierno de la Ciudad Autónoma de Buenos Aires s/ Amparo.” The plaintiff filed a petition for injunctive relief against the local government claiming that the Arcos del Gourmet project lacked the necessary environmental approvals and did not meet zoning requirements. On August 29, 2014, the lower court rendered a decision dismissing the case. This resolution was appealed but affirmed in December 2014. Therefore, on December 18, 2014, the “Arcos” Project was opened to the public, and is currently operating normally. Notwithstanding, the plaintiff appealed before the Superior Court of the City of Buenos Aires to request the review of the case based on constitutional matters allegedly at issue. On July 4, 2017, the Superior Court ordered the Appeals Court to review the case on certain grounds. The Appeals Court rendered a new sentence on February 14, 2019. This new sentence rules that Arcos del Gourmet has to yield a portion of land to build a green park. Arcos del Gourmet filed an appeal before the Superior Court. This appeal has been decided and Arcos del Gourmet filed an appeal for appeal denied. On April 22, 2022, IRSA was notified of the ruling issued by the Superior Court of Justice of the City of Buenos Aires (TSJ) in the case “Arcos del Gourmet SA s/ complaint for appeal of unconstitutionality denied in the Federation of Commerce and Industry of the City of Buenos Aires (FECOBA) and others c/GCBA and others s/ amparo” (QTS 16501/2019-0) by which it was resolved to partially uphold the appeal of unconstitutionality filed by Arcos del Gourmet S.A. against the judgment issued by the Court of Appeals in the CAyTRC Chamber III (the “Chamber”) issued on February 14, 2019, action 11587856/2018. Through its ruling, the TSJ ruled that the demolition of the works carried out on the Property where the “Arcos District” Shopping Center is currently located was not appropriate, and instead the Company should assign to the City a portion of land, in accordance with the provisions of Section 3.1.2 of the CPU, to be reserved for public use and utility, with unrestricted access and destined ‘specially and preferably to the generation of new landscaped green spaces. This area may come totally or partially from the property in which the shopping center is in operation or, where appropriate, from land surrounding the area. In the event that the company could not allocate the entire fraction of land, it should pay, after obtaining an expert opinion, an amount of money to allow the GCBA to obtain a property destined for said public use. Our legal advisors are analyzing the procedural steps to follow.

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On May 18, 2015, we were notified that the AABE revoked the concession agreement entered into with IRSA’s subsidiary Arcos del Gourmet S.A., through Resolution No. 170/2014. On June 2, 2015, IRSA’s former subsidiary, IRSA CP, filed before the AABE a request to declare the notification void, as certain formal proceedings required under Argentine law were not complied with by the AABE. Furthermore, Arcos del Gourmet S.A. filed an administrative appeal requesting the dismissal of the revocation of the concession agreement and a complaint before the Federal Contentious Administrative Courts located in the City of Buenos Aires seeking to declare Resolution No. 170/2014 void. The trial court rejected Arcos del Gourmet S.A.’s claim. As a consequence, Arcos del Gourmet S.A. launched an appeal against the Trial Court decision, which was rejected by the Court of Appeals – Chamber V on September 19, 2023. On October 4, 2023, Arcos del Gourmet S.A. filed a certiorari equivalent remedy (Recurso Extraordinario Federal) in order to have the lower courts’ decision reversed by the Supreme Court of Justice on several constitutional grounds. The case is still pending final resolution.

Arcos del Gourmet S.A. also filed a lawsuit in order to judicially pay the monthly rental fees of the property. As of the date of this Annual Report, the “Distrito Arcos” shopping mall continues to operate normally.

In addition, we note that Playas Ferroviarias de Buenos Aires S.A. (a government owned corporation to which the property of the land in which the shopping center was transferred) filed an eviction proceeding against Arcos del Gourmet S.A. before the Federal Contentious Administrative Courts located in the City of Buenos Aires. On May 11, 2022, the Trial Court decided the eviction of Arcos del Gourmet S.A. from the property where the shopping mall operates and, in turn, ordered Playas Ferroviarias de Buenos Aires S.A. to take steps to guarantee the continuity of the commercial activities of the occupants (tenants). This decision was appealed but on September 19, 2023, the Court of Appeals – Chamber V confirmed it. Subsequently, on October 4, 2023, Arcos del Gourmet S.A. filed a certiorari equivalent remedy (Recurso Extraordinario Federal) in order to have the lower courts’ decision reversed by the Supreme Court of Justice on several constitutional grounds. Following the rejection of the appeal by the Chamber, on March 22, 2024, a petition for review was filed directly with the Supreme Court of Justice of Argentina due to the denial of the federal extraordinary appeal. The case is still pending final resolution.

Caballito

On December 23, 2019, IRSA CP, IRSA’s former subsidiary, transferred to an unrelated third-party Parcel 1 of the land reserve located at Av. Avellaneda y Olegario Andrade 367 in the neighborhood of Caballito in the City of Buenos Aires.

The consideration is guaranteed by a mortgage on plot 1 and building 1 and the buyer has the option to acquire plot 2 of the same property until August 31, 2020 and plots 3 and 4 until March 31, 2021, subject to certain conditions precedent. On July 20, 2020 IRSA CP, IRSA’s former subsidiary, was notified of the filing of a protection action (amparo) that is processed before the Administrative and Tax Litigation Jurisdiction of the City of Buenos Aires, Court 24, Secretariat 47 where the plaintiff has requested the nullity of: 1) Administrative act that grants the certificate of environmental aptitude and 2) Administrative act that registered the plans of the work called –Caballito Chico– located on Avellaneda 1400, City of Buenos Aires, because it is understood that they contain defects in their essential elements, for being violative of the provisions contained in the Urban Planning Code and of the complementary regulations in force at the time of initiating the process and for causing irreparable damage to the environment and rights of collective incidence. The transfer was answered by the precautionary measure and by the substantive action. The transfer of said presentation was answered. On August 13, 2020, the following precautionary measure was decreed that orders: a) the suspension of the effects of the administrative acts granted by the CCA (DI-2018-1865-DGEVA and that registered the plans and; b) the stoppage of construction work carried out on the property located at Avellaneda 1400, City of Buenos Aires. The issuance of said precautionary measure was appealed. On October 1, 2020, the Court of Appeal confirmed the precautionary measure. The GCBA appealed the measure by filing a Constitutional Challenge that was denied, filling a complaint appeal, in October 2021. Regarding the main proceeding, it is in process of trial. As of the date hereof, the file is in the evidentiary stage.

Ramblas del Plata – formerly Costa Urbana – Costanera Sur – Convenio Urbanístico.

On October 29, 2021, a notification was received in relation to a collective legal protection action, requesting the convening of a public hearing prescribed by art. 63 of the Constitution of the City of Buenos Aires and the suspension of the processing of Bill 1831 - J 2021 (Trial Court of Administrative and Tax Law No. 10, Sec. 19 – Cause “Civil Association Observatory of the Right to City and others against GCBA and others on Protection Action (Amparo) – Others” - EXP J-01-00166469-3/2021-0). The Company proceeded to answer the lawsuit on November 12, 2021, requesting its rejection and on March 10, 2022, the court issued a ruling partially upholding the protection action (amparo). On March 15, 2022, IRSA as well as the GCBA -codefendant in the case- appealed the ruling. On March 17, 2022, the court granted the appeals with suspensive effect of the contested sentence (in accordance with the provisions of Law No. 2145). On March 7, 2023, Section IV of the Court of Appeals on Contentious-Administrative, Tax and Consumer Relations matters ruled in favor of IRSA and the GCBA completely dismissing the complaint.

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On October 18, 2023, IRSA received a new notice of another collective protection action (amparo) related to the property identified as Ex Ciudad Deportiva Boca (Costa Urbana), seeking the cancellation of the public hearing prescribed by Section 63 of the Constitution of the City of Buenos Aires in relation to the consideration of Bill 1831 - J 2021. The complaint was duly answered. On February 26, 2024, a first-instance judgment was issued, fully dismissing the complaint, which became final as it was not appealed by the plaintiffs.

Central Bank Proceeding

The proceeding initiated by the Central Bank against IRSA and its directors is essentially based on the view that IRSA carried out a sale transaction of securities settled in foreign currency (commonly known as a Dollar Cable purchase). IRSA and its directors presented their defense to the Central Bank on September 6, 2023, arguing that the proceeding lacked legal grounds since the transaction was a purchase (and not a sale) with settlement in foreign currency, a type of transaction not included in the sworn statement submitted by IRSA to access the MULC in accordance with applicable regulations. On June 25, 2024, through RESOL-2024-168-E-GDEBCRA-SAFYC#BCRA, the Central Bank dismissed the charges against IRSA and its directors.

Legal proceedings in Israel

On September 25, 2020 the Court decreed the insolvency and liquidation of IDBD and appointed a trustee for its shares along with a custodian over DIC and Clal shares. After this decision, the Board of Directors of IDBD was removed, therefore, IRSA lost control on that date.

Therefore, on November 23, 2020 all officers that were appointed by Dolphin B.V. resigned from their positions in DIC and its subsidiaries.

As of June 30, 2024, IRSA no longer owns any capital stock of IDBD while we have an investment in DIC that amounts to 1.2 million of shares.

Litigation filed by IDBD against Dolphin B.V. and IRSA

On September 21, 2020, a claim was filed by IDBD against Dolphin Netherlands B.V. (“Dolphin BV”) and IRSA to the District Court in Tel- Aviv Jaffa (civil case no. 29694-09-20). The amount claimed by IDBD is NIS 70 million, claiming that Dolphin BV and IRSA breached a purported legally binding commitment to transfer to IDBD in an installment of NIS 140 million on September 2, 2020.

On December 24, 2020, and upon the insolvency’s court approval, IDBD’s trustee filed a motion to strike the claim, while keeping the right, as IDBD’s trustee, to file a new claim, inter alia,in the same matter, after conducting an inquiry concerning the reasons for IDBD’s insolvency.

On December 24, 2020, the court issued a judgment to strike the claim as requested.

On October 31, 2021, the Insolvency Commissioner notified that he did not oppose the motion, and on that same date, the court affirmed the motion initiated by the trustee of IDBD.

On December 26, 2021 IDBD filed the lawsuit against Dolphin BV and IRSA for the sum of NIS 140 million. According to purported claim, the defendants allegedly breached their legally binding commitment given to IDBD on August 29, 2019 to transfer to IDBD a total amount of 210 million NIS in 3 equal installments of NIS 70 million each: the first installment, on September 2, 2019; the second installment, on September 2, 2020 and the third installment, on September 2, 2021. The claim regard to the second and third installments. The claim also includes a sum of 3,299,433 NIS for the interest and linkage differences since the date of the alleged breach until the date the claim was filed, and a request to add to the total sum of the claim interest and linkage differences until the day of the verdict. In addition, the claim includes a request to charge the defendants with the legal fees and costs of the claimant.

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On January 30, 2023, and on February 7, 2023, the court issued a ruling allowing IDBD to serve the claim to the defendants out of jurisdiction and allowed Dolphin BV and IRSA to challenge the service and jurisdiction of the Israeli court by May 9, 2023. Therefore, Dolphin BV and IRSA submitted a motion to challenge the service, the jurisdiction of the Israeli Court, and the applicable law.

On July 3, 2023, after a hearing held in the matter, the court ruled that the Israeli court has jurisdiction over IRSA and Dolphin, and ordered Dolphin B.V. and IRSA to submit their defense statements by October 1, 2023.

Appeals filed by IRSA with the district court and to the supreme court, regarding the aspects concerning Israeli jurisdiction over IRSA and service to IRSA, were dismissed.

On September 14, 2023, IDBD filed a motion for a “Mareva” type interim injunction limited to the sum of 144M NIS (“the Interim Injunction”). The respondents submitted their response to the Interim Injunction on October 24, 2023, and IDBD submitted their response on December 10, 2023. A hearing in the matter was held on December 19, 2023. According to the court’s recommendation during the hearing, the parties reached understandings that will dismiss the Interim Injunction if IRSA provides a commitment to have a minimal surplus of assets or cash, at any time, in net worth of NIS 80 million (free from any third-party rights), as long as the claim against IRSA is ongoing. Such a commitment was given by IRSA and received the court’s approval on January 17, 2024. Therefore, the Interim Injunction was dismissed.

The defendants (IRSA and Dolphin BV) submitted their defense statement on December 29, 2023, which includes several defense arguments. Inter alia, the defendants argue that Dolphin’s BV commitment includes unequivocal and clear, terminating condition stating that the obligation of Dolphin BV will automatically expire with respect to all payments that have not yet been transferred to IDBD at the time the terminating condition is met. The undisputed sequence of events necessitates the conclusion that termination condition was met in relation to the second and third payment. In any case, there is no cause of action against IRSA, in the absence of direct rivalry between IRSA and IDBD. IDBD filed its reply to the statement of defense by January 28, 2024.

A pre-trial hearing was held on June 16, 2024, during which the court ordered the parties to complete the preliminary discovery proceedings. As of the date of this Annual Report, the parties are currently conducting preliminary discovery proceedings.

Class action against IDBD, Dolphin IL and Eduardo Elsztain regarding the sale of DIC

On October 3, 2018, a motion was initiated by an applicant alleging to hold shares in DIC, against IDBD, Dolphin IL, and Mr. Eduardo Elsztain seeking an injunction to annul the sale of shares of DIC to Dolphin and to appoint a trustee to hold those shares while the action is pending. The applicant claims that the sale was not in compliance with the provisions of the Concentration Law and the applicant is seeking an order for payment of monetary damages to the shareholders of DIC of between NIS 58 and 73 million. In addition, and following its liquidation process, IDBD was removed from the claim by the applicant.

Since the motion was initiated, and as of the date of this Annual Report, the following milestones of the proceedings have taken place:

On March 3, 2019, a response to the motion initiated by the applicant was submitted by the respondents.

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On March 4, 2019, the court decided to grant the Attorney General a 45 day in which to decide whether he would be taking part of the proceedings.

On June 26, 2019, the Attorney General’s stance was submitted, announcing that he will be taking part in the proceedings. In addition, the Attorney General noted that due to the threshold arguments awaiting a ruling from the court, at this stage, he will not be his position on the proceedings.

On July 2, 2019, the court ruled that, in the event that the Attorney General chooses to submit his position to the court, he must do so in writing and no later than August 8, 2019.

On July 17, 2019, the applicant submitted an evidential disclosure request.

On September 23, 2019, the respondents submitted a motion deemed “resistance to the evidential disclosure request”, and on December 15, 2019, the applicant submitted his response to the Respondent’s motion.

On December 31, 2019, the court decided that, in order to rule on the evidential disclosure request, it must first rule on existing threshold arguments request. Therefore, the court set a schedule in which the Parties must submit their stance regarding the threshold arguments.

On January 20, 2020, the respondents submitted a notice regarding their threshold arguments, and on February 10, 2020, the applicant submitted his stance regarding the respondents notice.

On March 18, 2020, the Attorney General submitted a notice pursuant to which he informed that he will not be taking a stance regarding the threshold arguments.

On May 12, 2020, the respondents submitted their response to the applicant’s response to their notice regarding the threshold arguments.

On August 10, 2020, the court held a hearing with the Parties regarding the threshold arguments.

On November 30, 2020, the court ruled that the motion should not be dismissed, and that all claims of the Parties are maintained. In addition, the court further ruled that as long as the controversial matter concerns the violation of the Concentration Law, the respondents are correct in claiming that the applicant, who holds Second Layer Company shares, is not eligible to file a motion under the Concentration Law.

On January 19, 2021, the applicant filed an amended evidential disclosure request (the “Amended Request”). On February 11, 2021, the respondents submitted a response to the Amended Request denying the applicant’s claims, and, on February 18, 2021, the applicant submitted his response. On April 9, 2021, the court denied the Amended Request ruling that the applicant must pay the respondents’ request expenses in the amount of NIS 6,500.

On November 4 and 24, 2021, two evidence hearings were held pursuant to cross-examining the expert appointed on behalf of the applicant and the applicant himself.

On May 29, 2022, a third evidence hearing was held on the motion pursuant to which the witnesses, on behalf of the respondents, were cross-examined.

On June 14, 2022, the court approved the settlement agreed by the Parties, pursuant to which the applicant would be submitting his closing arguments no later than November 1, 2022, with the respondents submitting their closing arguments no later than February 28, 2023. The applicant submitted his response to our closing arguments on September 5, 2023. As of the date of this Annual Report request for filing a class action was rejected with each party bearing its own costs.

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Class action against DIC and Mr. Eduardo Elsztain and other directors of IRSA regarding exit of the DIC’s share from indexes

On October 2, 2018, DIC was served with an action and a motion to approve that action as class action, which had been filed with the District Court of Tel Aviv-Yafo against the DIC, Mr. Eduardo Elsztain, and against additional directors and officers serving in DIC, in connection with the exit of DIC’s share on February 1, 2018 from the TA90 and TA 125 indexes of the TASE, whereon it had been traded on the Tel Aviv Stock Exchange Ltd. up to that date alleging to have held DIC’s shares prior to February 1, 2018 and thereafter. The Court is requested, inter alia, to approve the action as a class action and to charge the respondents with compensating the members of the Company according to the damage caused estimated at approximately NIS 17.6 million.

On April 10, 2021, a preliminary hearing was held on the applicant’s request to receive documents of the independent committee of IDBD that was established as part of the centralization transaction. The disclosure of these documents was approved by the court in the past, but the documents were not given to the applicant after a trustee was appointed for IDBD and the documents were not in the control of the respondents (and they could not hand them to the applicant). IDBD’s trustee attended the preliminary hearing and claimed that he cannot hand over the documents until his investigation in connection with the centralization transaction is completed.

Therefore, the court ruled that IDBD’s trustee shall hand over the documents to the applicant and the respondents by September 2022, assuming that the investigation will be concluded by then. As to the date of this Annual Report, the documents have not been delivered to the applicant.

In addition, and notwithstanding the above, two evidence hearings are scheduled to be held during December 2022.

On December 20, 2023, the parties submitted a joint request for the applicant's withdrawal from the proceeding (the "Withdrawal Request"). As part of the Withdrawal Request, the court was asked to approve the parties' agreement that the applicant would withdraw from the proceeding, that the request for certification of the case as a class action would be dismissed, that the applicant's personal claim would be rejected, and that he would commit not to file any further proceedings on the matter. As part of the request, the parties agreed to recommend that the court approve reimbursement of expenses to the applicant in the amount of 150,000 ILS. The Withdrawal Request emphasized that the respondents were willing to pay this amount to cover the applicant's expenses to avoid the legal costs involved in continuing the proceedings, despite their assessment that the request for approval of a class action would be denied, and that the Withdrawal Request does not admit to any of the applicant's claims or allegations.

After receiving the stance of the professional bodies in the Ministry of Justice and the Israel Securities Authority regarding the Withdrawal Request, on June 23, 2024, Judge S. Yaakobi issued a ruling approving the Withdrawal Request. The ruling stated that, based on the submissions and evidence presented, the applicant would not have been able to prove his claims in the proceeding, and therefore there is no concern that the withdrawal is based on irrelevant considerations. Furthermore, the court approved the reimbursement of the applicant's expenses in the proceeding in the amount of only 92,000 New Israeli Shekel.

Dividend policy

Pursuant to Argentine law, the distribution and payment of dividends to shareholders is valid only if they result from net and realized earnings of the company pursuant to annual audited financial statements approved by the shareholders. The approval, amount and payment of dividends are subject to the approval by our shareholders at our annual ordinary shareholders meeting. The approval of dividends requires the affirmative vote of a majority of the shares entitled to vote at the meeting.

In accordance with Argentine law and our by-laws, net and realized profits for each fiscal year are allocated as follows:

	·	5% of such net profits is allocated to our legal reserve, until such reserve amounts to 20% of our capital stock;

	·	a certain amount determined at a shareholders’ meeting is allocated to compensation of our directors and the members of our supervisory committee; and

	·	additional amounts are allocated for the payment of dividends or to optional reserve funds, or to establish reserves for whatever other purpose our shareholders determine.

According to the CNV Rules, cash dividends must be paid to shareholders within 30 days of the resolution approving their distribution. In the case of stock dividends, the shares must be delivered to shareholders within three months of the annual ordinary shareholders’ meeting that approved them.

The following table sets forth the total and per share amounts paid as dividends on each fully paid‑in share for the fiscal years mentioned. The amounts stated in Pesos correspond to nominal Pesos on their respective dates of payment and refers to our unconsolidated dividends. See “Item 3. Key Information—A1. Local Exchange Market and Exchange Rates.”

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Fiscal year	Dividend Paid stated in terms of the measuring unit current as of June, 30, 2024		Dividend per share paid stated in terms of the measuring unit current as of June 30, 2024		Dividend paid stated in terms of the measuring unit current as of the date of the each corresponding Shareholders’ meeting ⁽¹⁾		Dividend per share paid stated in terms of the measuring unit current as of the date of the each corresponding Shareholders’ meeting ⁽¹⁾
	(in million of ARS )		(ARS )		(in million of ARS )		(ARS )
2019		—		—		—		—
2020		—		—		—		—
2021		—		—		—		—
2022		—		—		—		—
2023 ⁽²⁾		64,045		110.71		12,600		21.81
2024 ^{(3) (4)}		96,196		163.10		52,000		87.98

_______________________

(1)	The decisions made on the basis of years’ results prior to the application of IAS 29, are not subject to revision.
(2)	Includes cash dividends paid on: (i) November 11, 2022, for a total amount of ARS 3,100 million or ARS 5.29 per share, and (ii) May 8, 2023, for a total amount of ARS 9,500 million or ARS 16.52 per share (stated in terms of the measuring unit current as of the date of the each corresponding Shareholders’ meeting).
(3)	Includes cash dividends paid on: (i) October 12, 2023, for a total amount of ARS 22,000 million or ARS 37.44 per share, and (ii) May 14, 2024, for a total amount of ARS 30,000 million or ARS 50.55 per share (stated in terms of the measuring unit current as of the date of the each corresponding Shareholders’ meeting).
(4)	Additionally, a dividend in kind paid in IRSA shares. Dividend per share: 0.03759065836 IRSA shares per CRESUD share.

For more information see: “Recent Developments—General Ordinary and Extraordinary Shareholders’ Meeting”.

B. Significant changes

For information about significant changes see, “Recent Developments- General Ordinary and Extraordinary Shareholders’ Meeting”.

Item 9. The Offer and Listing

A. Offer and Listing Details

The following summary provides information concerning our share capital.

Stock Exchanges in which our securities are listed

Our common shares are listed on the ByMA and our ADSs in the NASDAQ.

The following description of the material terms of our capital stock is subject to our certificate of incorporation and bylaws, which are included as exhibits to this Form 20-F, and the provisions of applicable Argentine Law.

On February 17, 2021, we announced the launch of our public offering of shares for up to 90 million shares (or its equivalent 9 million ADS) and 90,000,000 warrants to subscribe for new common shares, to registered holders as of February 19, 2021. Each right corresponding to one share (or ADS) allowed its holder to subscribe 0.1794105273 new common shares and receive free of charge an option with the right to subscribe 1 additional ordinary share in the future. The final subscription price for the new shares was ARS 70.31 or USD 0.472 and for the new ADS it was USD 4.72. The new shares, registered, of ARS 1.00 of par value each and with the right to one vote per share gives the right to receive dividends under the same conditions as the current shares in circulation.

On March 5, 2021, having finished the preemptive rights subscription period, the Company’s shareholders have subscribed the amount of 87,264,898 new additional shares, that is 97% of the shares offered, and have requested through the accretion right 26,017,220 additional new shares, for which 2,735,102 new shares will be issued, completing the total issuance of 90,000,000 new shares (or their equivalent in ADSs) offered. Likewise, 90,000,000 options will be issued that will entitle the holders through their exercise to acquire up to 90,000,000 additional new shares.

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The exercise price of the warrants was USD 0.566. The warrants may be exercised quarterly from the 90th day of their issuance on the 17th to the 25th (inclusive) of the months of February, May, September, and November of each year (provided that dates are business days in the city of New York and in the City of Buenos Aires) until their expiration 5 years from the date of issue. The warrants are available for trading on NASDAQ and ByMA under the tickers CRESW and CRE3W, respectively. On May 15, 2024, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend and shares distributed to the shareholders on May 14, 2024, being the current Ratio of 1.3146 shares per option and a price of USD 0.4303 per share.

As of June 30, 2024, the capital stock of the Company was 596,355,320 common shares and the outstanding warrants were 85,998,622. On October 2, 2024, we informed that between September 17, 2024, and September 25, 2024, certain holders of warrants had exercised their right to acquire additional shares of the Company. As a result, 1,737,342 options were exercised, which resulted in 2,283,822 common shares of the Company being issued. After the exercise of these warrants, the number of shares and the capital stock of the Company increased from 596,355,320 to 598,639,142, and the number of outstanding warrants decreased from 85,998,622 to 84,261,280. For more information see “Recent Developments – Exercise of Warrants.”

As of that date of this Annual Report: (1) we had no other shares of any class or series issued and outstanding; and (2) there are no outstanding convertible notes to acquire our shares. Our common shares have one vote per share. All outstanding shares are validly issued, fully paid and non-assessable. As of June 30, 2024, there were approximately 64,489 holders of our common shares.

Price history of our stock in the ByMA and NASDAQ

Our common shares are traded in Argentina on the ByMA under the trading symbol “CRES.” Since March 1997, our ADRs, each presenting 10 common shares, have been listed on the NASDAQ under the trading symbol “CRESY.” The Bank of New York is the depositary with respect to the ADRs.

The following chart shows, for the period indicated, the maximum and minimum closing listed prices of our common shares on the ByMA and of our ADS on the NASDAQ.

B. Plan of Distribution

This item is not applicable.

C. Markets

Argentine Securities Markets

In December 2012, the Argentine Government enacted the CML, which sets out the rules governing capital markets, its participants, and the rules by which securities traded therein are subject to regulation and monitoring by the CNV. In September 2013, the CNV issued General Resolution No. 622/2013 (the “CNV Rules”) a new set of rules further implementing and administering the requirements of the CML. On May 9, 2018, the Argentine Chamber of Deputies approved Law No. 27,440 called “Ley de Financiamiento Productivo”, which creates a new financing regime for MiPyMEs and modifies the CML, Investment Funds Law No. 24,083 and Law No. 23,576, among others, as well as certain related tax provisions, and establishes regulations for derivative instruments, all with the aim of achieving a modern and transparent financial regulatory framework that contributes to the development of the Argentine economy. On May 21, 2018, the Argentine Government issued Decree No. 471/2018, which regulates certain aspects of the CML as amended by Law No. 27,440.

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The CML, as currently in effect, sets forth, the following key goals and principles:

	·	promoting the participation of small investors, employee unions, industry groups and trade associations, professional associations and all public savings entities in the capital markets, promoting mechanisms designed to promote domestic savings and channel such funds toward the development of production;

	·	strengthening mechanisms to prevent abuses and protect small investors;

	·	promoting access to the capital market by small and medium-sized companies;

	·	using state-of-the-art technology to foster creation of an integrated capital market through mechanisms designed to achieve interconnection of computer systems among trading markets;

	·	encouraging simpler trading procedures available to users to increase liquidity and competitiveness to develop favorable conditions for transaction execution;

	·	reducing systemic risk in the Argentine capital markets through actions and resolutions aimed at implementing international best practices;

	·	promoting the integrity and transparency of the Argentine capital markets; and

	·	promoting financial inclusion.

The CNV is a self-administered agency of the Argentine Government with jurisdiction covering the territory of Argentina, governed by the provisions of the CML, and the CNV Rules among other related statutory regulations. The relationship of the CNV and the PEN is maintained through the Argentine Ministry of Economy, which hears any appeals filed against decisions made by the CNV, notwithstanding any other legal actions and remedies contemplated in the CML.

The CNV supervises and regulates the authorized markets in which the securities and the collective investment products are traded, the corporations authorized in the public offer regime, and all the other players authorized to operate in the public offer regime, as the registered agents, the trading agents, the financial advisors, the underwriters and distributors, the brokers, the settlement and clearing agents, the managers of collective investment products, the custodians of collective investment products, the collective depositories, and the risk rating agencies, among others. Argentine institutional investors and insurance companies are regulated by separate government agencies, whereas financial institutions are regulated mainly by the Central Bank.

Before offering securities to the public in Argentina, an issuer must meet certain requirements established by the CNV with regard to its assets, operating history and management. Only securities offerings approved by the CNV may be listed on a stock exchange. However, CNV approval does not imply certification as to the quality of the securities or the solvency of the issuers of listed securities are required to file unaudited quarterly financial statements and audited annual financial statements prepared in accordance with IFRS Accounting Standards, as issued by the IASB (excluding financial institutions under the supervision of the Central Bank, insurance companies under the supervision of the Insurance Superintendence and medium and small enterprises) and various other periodic reports with the CNV and the stock exchange on which their securities are listed. In addition, issuers must report to the CNV and the relevant stock exchange any event related to the issuer and its shareholders that may affect materially the value of the securities traded.

On September 19, 2024, the CNV enacted new rules governing private offerings of securities, within the framework established by Section 82 of the CML establishing a safe harbor regime provided that certain requirements of mechanisms of dissemination, offering, and distribution, as well as the number and type of investors to whom the offering is targeted are met.

In Argentina, debt and equity securities traded on an exchange must, unless otherwise instructed by their shareholders, be deposited with a Central Securities Depository based in Argentina. Currently the only depositary authorized to act in accordance with the CML and CNV Rules is Caja de Valores, a corporation owned by ByMA which provides central depositary facilities, as well as acting as a clearinghouse for securities trading and as a transfer and paying agent for securities transactions.

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Law No. 27,440 streamlines the regulation of mutual funds, public offerings of securities, of negotiable obligations and regulation of intermediaries and securities markets, while incorporating a long-awaited regulation for derivative instruments and the margins and guarantees that cover them. Below is a summary of the main amendments to the CML introduced by Law No. 27,440:

	·	Eliminates the CNV’s power to appoint supervisors with veto power over resolutions adopted by an issuer’s Board of Directors without a judicial order.

	·	Grants the CNV the power to issue regulations to mitigate situations of systemic risk, set maximum fees to be received by securities exchanges, create or modify categories of agents, encourage the simplification of the negotiation of securities and promote the transparency and integrity of the capital markets, while prohibiting the CNV from denying an issuer’s public offer authorization request solely because of opportunity, merit or convenience.

	·	Empowers the CNV to regulate private offerings of securities.

	·	Grants federal commercial courts jurisdiction to review resolutions or sanctions issued by the CNV.

	·	Strengthens due process guarantees in favor of persons on entities sanctioned by the CNV and increases the amount of the fines, between ARS 100,000 and ARS 100 million, which can be increased up to five times the benefits perceived with the infraction.

	·	Returns functions such as supervision, inspection and control of agents and operations, to the stock exchanges and clearing houses without this implying delegation of the powers of the CNV.

	·	Allows the CNV to regulate and set ownership limits of authorized markets to restrict control concentration. Preemptive rights may be exercised through the placement procedure determined in a public offering prospectus, instead of the procedure set forth in the LGS. Preemptive right holders have the right to subscribe for newly issued shares in proportion to their shareholding prior to the capital increase. The subscription price for the newly issued shares may not be less than the public offering price. In order to use the public offering regime for a preemptive rights offering the issuer must (i) have an express provision in its bylaws adopting this regime in lieu of the regime set forth in the LGS; and (ii) the issuer’s shareholders must approve any issuance of equity securities or convertible debt securities.

	·	Eliminates share accretion rights, unless expressly provided for in a listed company’s bylaws.

	·	Allows foreign entities to participate in all shareholder meetings through authorized agents.

	·	Establishes guidelines to set the offer price in a mandatory tender offer.

	·	Allows the offeror to freely set the offer price in a voluntary tender offer.

Information regarding the ByMA

	As of June 30, ⁽¹⁾
	2024		2023

Market capitalization (in billions of ARS)		64,665		18,530
Shares average daily trading volume ⁽²⁾(in millions of ARS)		51,233		9,555
Number of listed companies ⁽³⁾		81		81

_______________

(1)	Reflects Merval historical data.
(2)	During the month of June.
(3)	Includes companies that received authorization for listing.

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Although companies may list all of their capital stock on the ByMA, in many cases a controlling block is retained by the listed company’s shareholders, resulting in a relatively small percentage of many companies’ stock being available for active trading by the public.

As of June 30, 2024, approximately 81 companies had equity securities listed on, or being transitioned to the ByMA. The Argentine securities markets generally have substantially more volatility than securities markets in the United States and certain developed countries. The S&P Merval index experienced a 63% increase in 2021, a 142% increase in 2022 and a 360% increase in 2023. In order to avoid large fluctuations in securities prices of traded securities, the ByMA operates a system pursuant to which the negotiation of a particular security is suspended for 15 minutes when the price of the security registers a variation between 10% and 15% and between 15% and 20%, during any trading session. Any additional 5% variation in the price of the security results in additional 10 minutes successive suspension periods.

NASDAQ Stock Market

Our ADRs are listed and traded in the NASDAQ Global Market under the trading symbol “CRESY”.

D. Selling Shareholders

This item is not applicable.

E. Dilution

This item is not applicable.

F. Expenses of The Issue

This item is not applicable.

Item 10. Additional Information

A. Share Capital

This item is not applicable.

B. Memorandum and Articles of Association

Our Corporate Purpose

Our legal name is Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria. We were incorporated under the laws of Argentina on December 31, 1936 as a sociedad anónima (Stock Corporation) and were registered with Public Registry on February 19, 1937 under number 26, on page 2, book 45 of National by-laws Volume. Pursuant to our by-laws, our term of duration expires on June 6, 2082.

Pursuant to article 4 of our by-laws our purpose is to perform the following activities:

	·	commercial activities with respect to cattle and products pertaining to farming and animal husbandry;

	·	real estate activities with respect to urban and rural properties;

	·	financial activities, except for those regulated by Law No. 21,526 of financial entities;

	·	farming and animal husbandry activities, for properties owned by us or by third parties; and

	·	agency and advice activities for which there is not required a specific qualifying title.

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Limited Liability

Shareholders’ liability for losses is limited to their equity interest in us. Notwithstanding the foregoing, under the LGS, shareholders who voted in favor of a resolution that is subsequently declared void by a court as contrary to Argentine law or a company’s by-laws (or regulation, if any) may be held jointly and severally liable for damages to such company, other shareholders or third parties resulting from such resolution. In addition, a shareholder who votes on a business transaction in which the shareholder’s interest conflicts with that of the company may be liable for damages under the Argentine Corporation Law, but only if the transaction would not have been validly approved without such shareholder’s vote.

Capitalization

We may increase our share capital upon authorization by our shareholders at an ordinary shareholders’ meeting. Capital increases must be registered with the Public Registry, and published in the Official Gazette (Boletín Oficial). Capital reductions may be voluntary or mandatory and must be approved by the shareholders at an extraordinary shareholders’ meeting (Asamblea Extraordinaria). Reductions in capital are mandatory when losses have depleted reserves and exceeded 50% of capital. As of June 30, 2024, our share capital consisted of 596,355,320 common shares.

Our bylaws provide that preferred stock may be issued when authorized by the shareholders at an extraordinary shareholders’ meeting (Asamblea Extraordinaria) and in accordance with applicable regulations. Such preferred stock may have a fixed cumulative dividend, with or without additional participation in our profits, resolved by the shareholders’ meetings. We currently do not have outstanding preferred stock.

Preemptive Rights and Increases of Share Capital

Pursuant to our by-laws and the CML (Section 62 bis), in case of capital increase of shares or convertible notes offer through public offering and subject to the two conditions indicated as follows, the preemptive right as set out in Section 194 of the LGS and Section 11 of Negotiable Obligations Law No. 23,576 shall be exercised exclusively through the placement’s proceeding determined in the public offering prospect. The owners of the shares and the convertible notes, beneficiaries of the preemptive right, shall have priority in the adjudication up to the amount of the shares that correspond to them according to their ownership. The referred two conditions are: (i) the inclusion of the disposition in the bylaws of the company and (ii) the approval of the shareholders’ meeting that approves the issuance of the shares and the convertible bonds. The accretion right corresponding to any shares of a class not preempted by any holder of that class, allows the remaining holders of the call to accretion rights based on the number of shares they purchased when they exercised their own preemptive rights, shall be exercised simultaneously to the preemptive rights and for the same term.

Additionally, the LGS permits shareholders at an extraordinary shareholders’ meeting (Asamblea Extraordinaria) to suspend or limit the preemptive rights relating to the issuance of new shares in specific and exceptional cases in which the interest of the Company requires such action and, additionally, under the following specific conditions:

	·	the issuance is expressly included in the list of matters to be addressed at the shareholders’ meeting; and

	·	the shares to be issued are to be paid in-kind or in exchange for payment under pre-existing obligations.

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Furthermore, Section 12 of the Negotiable Obligations Law No. 23,576 permits shareholders at an extraordinary shareholders’ meeting (Asamblea Extraordinaria) to suspend preemptive subscription rights for the subscription of convertible notes under the above-mentioned conditions. Preemptive rights may also be eliminated, so long as a resolution providing so has been approved by at least 50% of the outstanding capital stock with a right to decide such matters and so long as the opposition to such resolution does not surpass 5% of the share capital. Accretion rights may be eliminated and reduce the term for the exercise of the preemptive rights to no less than 10 days, when the company executes a underwriting agreement with an intermediary agent for its subsequent distribution to the public.

Shareholders’ Meetings and Voting Rights

Our bylaws provide that shareholders’ meetings may be called by our board of directors or by our Supervisory Committee or at the request of the holders of shares representing no less than 5% of the common shares. Any meetings called at the request of shareholders must be held within 30 days after the request is made. Any shareholder may appoint any person as its duly authorized representative at a shareholders meeting, by granting a proxy. Co-owners of shares must have single representation.

In general, the following matters can be considered only at an extraordinary shareholders’ meeting (Asamblea Extraordinaria):

	·	matters that may not be approved at an ordinary shareholders’ meeting;

	·	the amendment of our bylaws;

	·	reductions in our share capital;

	·	redemption, reimbursement and amortization of our shares;

	·	mergers, and other corporate changes, including dissolution and winding-up;

	·	limitations or suspensions to preemptive rights to the subscription of the new shares; and

	·	issuance of debentures, convertible negotiable obligations and bonds that do not qualify as notes (obligaciones negociables).

In accordance with our by-laws, ordinary and special shareholders’ meetings (Asamblea Extraordinaria) are subject to a first and second quorum call, the second to occur upon the failure of the first. The first and second notice of ordinary shareholders’ meetings may be made simultaneously. In the event that both are made on the same day, the second must occur at least one hour after the first. If simultaneous notice was not given, the second notice must be given within 30 days after the failure to reach quorum at the first. Such notices must be given in compliance with applicable regulations. In the case of special shareholders’ meetings the second call must be made within 30 days after the failure to reach the quorum of the first by giving appropriate notice according to applicable regulations.

Quorum for an ordinary shareholders’ meeting on the first call requires the presence of a number of shareholders holding a majority of the shares entitled to vote and, on the second call, the quorum consists of the number of shareholders present, whatever that number. Decisions at ordinary shareholders’ meetings must be approved by a majority of the votes validly exercised by the shareholders.

A quorum for an special shareholders’ meeting (Asamblea Extraordinaria) on the first call requires the presence of persons holding 60% of the shares entitled to vote and, on the second call, the quorum consists of the number of shareholders present, whatever that number. Decisions at special shareholders’ meeting (Asamblea Extraordinaria) generally must be approved by a majority of the votes validly exercised.

However, pursuant to the LGS, all shareholders’ meetings, whether convened on a first or second quorum call, require the affirmative vote of the majority of shares with right to vote in order to approve the following decisions:

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	·	advanced winding-up of the company;

	·	transfer of the domicile of the company outside of Argentina;

	·	fundamental change to the purpose of the company;

	·	total or partial mandatory repayment by the shareholders of the paid-in capital; and

	·	a merger or a spin-off, when our company will not be the surviving company.

Holders of common shares are entitled to one vote per share. Owners of common shares represented by ADRs exercise their voting rights through the ADR Depositary, who acts upon instructions received from such shareholders and, in the absence of instructions, votes in the same manner as our majority of the shareholders present in the shareholders’ meeting.

The holders of preferred stock may not be entitled to voting rights. However, in the event that no dividends are paid to such holders for their preferred stock, the holders of preferred stock are entitled to voting rights. Holders of preferred stock are also entitled to vote on certain special matters, such as a transformation of the corporate type, early dissolution, change to a foreign domicile, fundamental change in the corporate purposes, total or partial replacement of capital losses, mergers in which our company is not the surviving entity, and spin-offs. The same exemption will apply in the event the preferred stock is traded on any stock exchange and such trading is suspended or canceled. Note that the Company has not outstanding preferred stock.

Dividends and Liquidation Rights

The LGS establishes that the distribution and payment of dividends to shareholders is valid only if they result from realized and net earnings of the company pursuant to an annual balance sheet approved by the shareholders. Our board of directors submits our financial statements for the previous fiscal year, together with the reports of our Supervisory Committee, to the Annual Ordinary Shareholders’ Meeting. This meeting must be held on or before October 31 of each year to approve the financial statements and decide on the allocation of our net income for the year under review. The distribution, amount and payment of dividends, if any, must be approved by the affirmative vote of the majority of the present votes with right to vote at the meeting.

The shareholders’ meeting may authorize payment of dividends on a quarterly basis provided no applicable regulations are violated. In that case, all and each of the members of the board of directors and the supervisory committee will be jointly and severally unlimitedly liable for the refund of those dividends if, as of the end of the respective fiscal year, the realized and net earnings of the company are not sufficient to allow the payment of dividends.

When we declare and pay dividends on the common shares, the holders of our ADRs, each representing the right to receive ten common shares, outstanding on the corresponding registration date, are entitled to receive the dividends due on the common shares underlying the ADRs, subject to the terms of the Deposit Agreement dated March 18, 1997 executed by and between us, The Bank of New York, as depositary and the eventual holders of ADRs. The cash dividends are to be paid in Pesos and, except under certain circumstances, are to be converted by the Depositary into U.S. dollars at the exchange rate prevailing at the conversion date and are to be paid to the holders of the ADRs net of any applicable fee on the dividend distribution, costs and conversion expenses, taxes and public charges.

Dividends may be lawfully paid only out of our retained earnings determined by reference to the financial statements prepared in accordance with Argentine GAAP. In accordance with the LGS, net income is allocated in the following order: (i) 5% is retained in a legal reserve until the amount of such reserve equals 20% of the company’s outstanding capital; (ii) dividends on preferred stock or common shares or other amounts may be retained as a voluntary reserve, contingency reserve or new account, or (iii) for any other purpose as determined by the company’s shareholders at an ordinary shareholders’ meeting.

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Our legal reserve is not available for distribution. Under the applicable regulations of the CNV Rules, dividends are distributed pro rata in accordance with the number of shares held by each holder within 30 days of being declared by the shareholders for cash dividends and within 90 days of approval in the case of dividends distributed as shares. The right to receive payment of dividends expires five years after the date on which they were made available to shareholders. The shareholders’ meeting may authorize payment of dividends on a quarterly basis provided no applicable regulations are violated. In such case, all and each of the members of the board of directors and the supervisory committee will be jointly and severally liable for the refund of those dividends if, atthe end of the respective fiscal year, the realized and net earnings of the company are not sufficient to allow for the payment of dividends.

Regardless of the term for dividend’s payment established by CNV, regulations enacted by the BASE set forth that cash dividends must be paid within 10 days after their approval by a shareholders’ meeting.

Approval of Financial Statements

Our fiscal year ends on June 30 of each year, after which we prepare an annual report which is presented to our board of directors and Supervisory Committee. The board of directors submits our financial statements for the previous fiscal year, together with the reports of our Supervisory Committee, to the annual ordinary shareholders’ meeting, which must be held within 120 days of the close of our fiscal year, in order to approve our financial statements and determine our allocation of net income for such year. At least 20 days before the ordinary shareholders’ meeting, our annual report must be available for inspection at our principal office.

Right of Dissenting Shareholders to Exercise Their Appraisal Right

Whenever certain actions are approved at an extraordinary shareholders’ meeting (Asamblea Extraordinaria) (such as the approval of a merger, a spin-off (except when the shares of the acquired company are publicly traded), a fundamental change of corporate purpose, a transformation from one type of corporation to another, a transfer of the domicile of our company outside of Argentina or, as a result of the action approved, the shares cease to be publicly traded) any shareholder dissenting from the adoption of any such resolution may withdraw from our company and receive the book value per share determined on the basis of our latest financial statements, whether completed or to be completed, provided that the shareholder exercises its appraisal rights within ten days following the shareholders’ meeting at which the resolution was adopted.

In addition, to have appraisal rights, a shareholder must have voted against such resolution or act within 15 days following the shareholders’ meeting if the shareholder was absent and can prove that he was a shareholder of record on the day of the shareholders meeting. Appraisal rights are extinguished with respect to a given resolution if such resolution is subsequently overturned at another shareholders’ meeting held within 75 days of the previous meeting at which the original resolution was adopted. Payment on the appraisal rights must be made within one year of the date of the shareholders’ meeting at which the resolution was adopted, except where the resolution involved a decision that our stock ceases to be publicly traded, in which case the payment period is reduced to 60 days from the date of the resolution.

Ownership Restrictions

The CNV Rules require that transactions that cause a person’s holdings of capital stock of a registered Argentine company, to hold 5% or more of the voting power, should be immediately notified to the CNV. Thereafter, every change in the holdings that represents a multiple of 5% of the voting power should also be notified.

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Directors, senior managers, executive officers, members of the supervisory committee, and controlling shareholders of an Argentine company whose securities are publicly listed, should notify the CNV on a monthly basis, of their beneficial ownership of shares, debt securities, and call and put options related to securities of such companies and their controlling, controlled or affiliated companies.

Holders of more than 50% of the common shares of a company or who otherwise have voting control of a company, as well as directors, officers and members of the supervisory committee, must provide the CNV with annual reports setting forth their holdings in the capital stock of such companies and monthly reports of any change in their holdings.

Public acquisition offer

The main characteristics of the public acquisition offer regime established in the CML, as well as in the CNV Rules and in the Company’s Bylaws are detailed below. We recommend the investing public to read the CML, the CNV Rules and the Company’s Bylaws, in order to obtain an exhaustive knowledge of the regime and procedure of public acquisition offer applicable to the Company in particular.

According to the CML, any public offer to acquire shares with voting rights of a company whose shares are admitted to the public offering regime, whether voluntary or mandatory, must be carried out under the terms of the CML and CNV Rules, with transparency rules and principles of protection for the investing public in the public offering regime.

In accordance with the CNV Rules, it is considered a public offer for the acquisition and/or exchange of securities for the market operation by which a human or legal entity, acting individually or in agreement with other person/s, offers acquire and/or exchange shares with the right to vote of a company admitted to the regime of public offering of shares, for a pre-fixed time, and subject to a special procedure of control of the terms and conditions of the offer.

Public acquisition offers shall (i) also include the holders of subscription rights or stock options, convertible debt securities or other similar securities that, directly or indirectly, may entitle the subscription, acquisition or conversion into shares with the right to vote; and (ii) be made for all of the shares with voting rights and other securities issued that give right to shares with the right to vote, and may not be subject to any condition.

CNV’s rules (as amended by General Resolution 779/2018) regulated the regime of “public acquisition offers”, with the objective, among others, of:

	·	Define the minimum content of the explanatory prospectuses of the public acquisition offer and/or exchange of securities.

	·	Regulate the types of reports related to the fair price to be presented for the cases of public offers by takeovers and other mandatory public offers.

	·	Specify the independence requirements that evaluators must meet and the minimum contents of the reports they issue.

	·	Introduce the possibility of presenting guarantees on the offer by a foreign financial entity, with a branch or permanent representation in the Argentine Republic, and an insurance entity audited by the Argentine Insurance Superintendence, in the latter case, upon agreement of the superintendence.

	·	Establish the applicable terms for the publication of the announcement, the presentation of the authorization request to the CNV, the launching and liquidation of the public acquisition offer and the publication of the prospectus and information of results, in order to specify and limit the terms in the different stages of the process, in order to significantly reduce the time of its processing, for the benefit of investors.

	·	Regulate the procedure to be followed in case of objection to the price, the consequences of non-compliance with the obligation to make a public offer of acquisition, and concerning the competing offers and assumptions of unnecessary launching of public procurement offers.

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Voluntary public acquisition offer

CNV Rules establish that voluntary public acquisition offers may be made for the acquisition and/or exchange of shares of a company admitted to the regime of public offering of shares, for a number of securities equal to or less than the total, provided that the offeror is not in a situation that fits into a case of mandatory takeover bid. Voluntary public acquisition offer and/or exchange will be subject to the provisions established for mandatory offers, with the exception of the fair price. The price of the offer will be freely determined by the offeror, and the guidelines and criteria applied for its determination must be disseminated and, if applicable, the valuation report that has been taken into account must be published.

Mandatory takeover bid according to the CML

The CML establishes that it will be obliged to lunch a public offer of acquisition at an equitable price who, individually or through concerted action, has effectively reached a controlling stake in a company whose shares are admitted to the regime of the public offer.

For the CML, concerted action is the coordinated action of two or more persons, according to a formal or informal agreement or understanding, to actively cooperate in the acquisition, holding or disposition of shares or other securities or rights convertible into shares of stock. An entity whose negotiable securities are admitted to the public offering, acting through any of said persons, through any society or other associative form in general, or through other persons related to them, related to or under its control, or that they are holders of voting rights on behalf of them.

According to the CML, it is understood that a person has, individually or in concert with other persons a “control participation” when:

	i.	reach, directly or indirectly, a percentage of voting rights equal to or greater than fifty percent (50%) of the company, excluding from the calculation base the shares that, directly or indirectly, belong to the affected company ; or

	ii.	has reached an interest of less than fifty percent (50%) of voting rights of a company but acts as controlling party, in accordance with the term defined in this law.

The offer will be submitted to the CNV as soon as possible and at the most within one month after the close of the control participation.

Regime of residual shares Public acquisition offer by “almost-total” control

According to the CML, when a limited company is subject to “almost-total” control:

	a)	Any minority shareholder may, at any time, intimate the controlling party so that the latter makes an offer to purchase all of the minority shareholders at an equitable price;

	b)	Within a period of six (6) months from the date in which it has been under “almost-total” control of another person, the latter may issue a unilateral declaration of will to acquire all of the remaining social capital held by third parties.

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It is understood that almost any company is under total control over which another person or legal entity, either directly or through another or other companies in turn controlled by it, is the owner of ninety-five percent (95%) or more of the subscribed capital.

Holders of shares of any type or class, as well as holders of all other securities convertible into shares that are not of the controlling person or persons, are defined as minority shareholders.

This minority shareholders’ right only corresponds to those who prove ownership of their shares or other securities at the date when the company was subject to “almost-total” control; the legitimation is only transmitted to the successors.

The controlling company or person and the controlled company must notify the CNV and the market in which the controlled company lists its shares, the fact that it is in a situation of “almost-total” control, within the timeframe and conditions set out in the regulations. The existence of “almost-total” control can be verified by the CNV at the request of the minority shareholders. If this situation is verified, the CNV will notify the minority shareholders by the means it deems appropriate, and these will remain thereafter, authorized to intimate the controlling party so that it makes a purchase offer to all the minority shareholders.

These mechanisms are also applicable to the exercise of “almost-total” control shared or arranged between two or more entities, or between an entity and other person or legal entity, even though they are not part of the same group or are related to each other, provided that the exercise of that common control has characteristics of stability and so it is declared, assuming joint responsibility among all of them.

Voluntary withdrawal of the public offer regime

When a company, whose shares are admitted to the public offering regime, agrees to voluntarily withdraw it, it must follow the procedure established by the CNV and, likewise, must compulsorily lunch a public offer to acquire its shares, subscription rights, convertible notes or stock options.

The acquisition of own shares must be made with realized and liquid gains or with free reserves, when they are fully integrated, and for their amortization or disposal within the term of Section 221 of the Corporation Law, the company must accredit before the CNV that it has the necessary liquidity and that the payment of the shares does not affect its solvency. If these points are not proved, and in the cases of corporate control, the obligation set forth herein will be the responsibility of the controlling company, which must prove the same points.

In turn, it must be subject to the following conditions:

	a)	It must be extended to all convertible notes into shares and other negotiable securities that give right to its subscription or acquisition.

	b)	It will not be necessary to extend the offer to those who have voted in favor of the retirement in the shareholders’ meeting, who must immobilize their values until the acceptance period determined by the regulations has elapsed.

	c)	The explanatory prospectus of the public takeover bid will clearly express this circumstance and will identify the tradable securities that have been immobilized, as well as the identity of their holders.

	d)	Comply with the rules of determination, information and objection and other provisions of the equitable price in accordance with the CML.

Registrations and Transfers

Our common shares are held in registered, book-entry form. The registry for our shares is maintained by Caja de Valores at its executive offices located at 25 de Mayo 362, (C1002ABH) Buenos Aires, Argentina. Only those persons whose names appear on such share registry are recognized as owners of our common shares. Transfers, encumbrances and liens on our shares must be registered in our share registry and are only enforceable against us and third parties from the moment registration takes place.

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Amendment to the by-laws.

On the shareholders’ meeting held on October 10, 2007, our shareholders decided to amend the following sections of the by-laws: (i) Section Thirteen in order to adapt the performance bonds granted by directors to current rules and regulations, and (ii) Section Sixteen in order to incorporate the possibility of holding remote board meetings pursuant the provisions of section 65 of Executive Branch Decree 677/01.

On the shareholders’ meeting held on October 31, 2012, our shareholders decided to amend the Section XVII of the by-laws in order to modify the quorum and majorities of the remote board meetings.

On the shareholders’ meeting held on October 31, 2014, our shareholders decided to amend the following sections of the by-laws: (i) Section First in order to comply with the CML and (ii) Section Twenty-Four in order to incorporate the regulation of the shareholders’ meeting held with shareholders present or communicated through teleconference technologies.

On the shareholders’ meeting held on October 29, 2018 our shareholders decided to amend the following sections of the by-laws in order to adapt them to certain new legal provisions: (i) Section Eighth, establishing that if there is an Issuance of Shares, the shareholders’ preemptive right will be exercised as established in the prospect of the issuance; (ii) Section Eleventh, establishing the issuance of Negotiable Obligations may be decided by the Board of Directors; and (iii) Section Twenty-Second describing the duties of the Audit Committee as well as authorizing the Audit Committee to hold meeting via conference, teleconference of any other electronic means.

On the shareholders meeting held on October 28, 2022, it was informed that the CNV issued Resolution No. 939/2022, which records as antecedent General Resolution No. 830/2020, incorporating to the CNV Rules the possibility of holding meetings remotely by entities registered in the public offering regime, effective as from January 1, 2023. Within this framework, and without prejudice to the authorization of remote meetings currently provided for in the Company’s bylaws, both for board meetings and assemblies, certain adjustments and regulations are required regarding the signing of corporate books in those cases of remote meetings as well as the authorization for the remote meeting modality to be authorized to the Supervisory Committee and the Audit and Executive Committees also provided for in the bylaws. In view of the aforementioned background, the amendment of articles Sixteenth (Board of Directors meetings), Twenty-second (committees) and Twenty-third (Supervisory Committee) of the Company’s Bylaws was approved.

C. Material Contracts

We do not have any material contract entered into outside the ordinary course of business other than some of the operations previously described under the sections Related Party Transactions, Recent Developments and Our Indebtedness.

D. Exchange Control

The following is a description of the main Central Bank regulations concerning inflows and outflows of funds in Argentina. For further information regarding the full scope of current foreign exchange restrictions and control regulations, investors should seek advice from their legal advisors and refer to the applicable rules mentioned elsewhere in this offering memorandum and in the Annual Report, which are available at the website of the Argentine Ministry of Economy: https://www.argentina.gob.ar/economia, or the website of the Central Bank: www.bcra.gov.ar. None of the information contained on either website is deemed to be incorporated by reference into this offering memorandum.

On September 1, 2019, the Argentine Government issued Decree No. 609/2019, imposing temporary exchange controls until December 31, 2019. On December 27, 2019, the Argentine government enacted Decree No. 91/2019, which permanently extended the exchange controls initially set to expire on December 31, 2019. The Consolidated Text of the Rules on Foreign Exchange and Changes is currently outlined in Communication “A” 8035 (hereinafter referred to as the “Consolidated Text”), issued by the Central Bank. Below is a brief summary of the exchange control rules currently in effect.

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Exports of goods

As of September 2, 2019, goods exporters must enter and settle in Pesos the proceeds from exports through the MULC, with different deadlines depending on certain factors, including type of exported products and relationship between exporter and importer. Regardless of the maximum deadlines established in each case, export collections must be entered and settled in the MULC within five business days from the collection date.

In certain cases (for example, those holding a certificate of increased exports or those with projects falling under the Export Promotion Regime established by Decree No. 234/21), exchange regulations allow exporters greater access to the MULC to transfer funds abroad (for example, to transfer dividends or pay services related to foreign financial indebtedness).

Following the swearing-in of President Javier Milei, on December 13, 2023, the Decree No. 28/2023 was published in the Official Gazette, establishing that the counterpart of the export of services performed in Argentina, whose effective use or exploitation takes place abroad, must be entered into the country in foreign currency and/or traded, 80% through the MULC, with the exporter having to carry out buying and selling transactions for the remaining 20%, acquiring negotiable securities with settlement in foreign currency and selling with settlement in local currency.

Sale of non-financial non-produced assets

The consideration received by residents for the sale of non-financial non-produced assets to non-residents

must be entered in foreign currency and settled in the MULC within five business days from the date of fund receipt in Argentina or abroad, or its accreditation in foreign accounts. With regard to funds received or credited to accounts abroad, compliance with the entry and settlement requirement may be considered fulfilled for the amount equivalent to the usual expenses debited by foreign financial institutions for the transfer of funds to the country.

Exports of Services

Payments for the provision of services by residents to non-residents must be entered and settled in the MULC within a maximum period of five business days from the date of their perception abroad or in the country, or their accreditation in foreign accounts. There are exceptions to the obligation to settle in the MULC the foreign currency entered as a counterpart for certain exports of certain services expressly contemplated in point 2.2.2. of the Consolidated Text, subject to compliance with various requirements provided therein by both individuals and legal entities.

The application of service export payments to the repayment of capital and interest on foreign financial indebtedness or public debt securities in the country denominated in foreign currency and whose services are payable in foreign currency in the country is allowed; provided that the requirements set forth in point 7.9 of the Consolidated Text are met.

Likewise, to the extent that certain requirements set forth in points 3.11.3. and 7.9.5 of the Consolidated Text are met, it is allowed for service export payments to be accumulated in accounts opened in local or foreign financial entities, for the amounts due in debt contracts, in order to guarantee the cancellation of the capital and interest services of foreign financial indebtedness and/or issuances of public debt securities in the country denominated in foreign currency and whose services are payable in foreign currency in the country. The increment export program is also applicable for the exports of services.

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Increment Export Program

Through Decree No. 576/2022 dated April 9, 2022, the Extraordinary and Transitory Increment Export Program (the “Export Program”) was created, which included measures related to the exports of soybean manufactures and the settlement of foreign currency in the MULC. Notwithstanding the above, according to the Consolidated Text, legal entities that sold goods under Decree No. 576/2022 to those who export them directly or as a result of a production process carried out in the country cannot enter into various operations with securities contemplated in sections 3.16.3.1. and 3.16.3.2. of the Consolidated Text.

The Export Program was reinstated by Decree No. 787/2022 and later by Decree No. 194/2023, which expanded the Export Program to include Regional Economies.

On July 23, 2023, Decree No. 378/2023 was issued, establishing that those who, within the framework of joining the Export Program, settle until August 31, 2023, inclusive, the foreign currency corresponding to the goods whose tariff positions are included in Decree No. 194/2023, including cases of pre-financing and/or post-financing of exports from abroad or an advance settlement, do so at a transitory exceptional counterpart of Ps. 340 per U.S. Dollar, including corn and exports of regional economies.

On September 30, 2023, Decree No. 492/2023 was issued, extending the application of the Export Program until October 25, 2023, as well as the extraordinary and transitory expansion of the Export Program for those subjects who have exported, at any time during the 18 immediate months prior to October 2, 2023, the goods included in the Common Nomenclature of MERCOSUR as determined by the Ministry of Economy. It also established that the date for settling foreign currency and paying the sums in advance of export duties should be made until October 20, 2023.

On the other hand, Decree No. 492/2023 established that 75% of the counterpart of the goods’ export should be entered into the country in foreign currency and traded through the MULC, with the exporter, for the remaining 25%, conducting buying and selling operations with negotiable securities acquired with settlement in foreign currency and sold with settlement in local currency.

On October 23, 2023, Decree No. 549/2023, a modification of Decree 492/2023, was issued, establishing until November 17, 2023, that the counterpart of the export of services, whose effective use or exploitation takes place abroad, and the export of goods included in the Common Nomenclature of MERCOSUR, including cases of pre-financing and/or post-financing of exports from abroad or an advance settlement, must be entered into the country in foreign currency and/or traded, 70% through the MULC with the exporter having to conduct buying and selling operations for the remaining 30% with negotiable securities acquired with settlement in foreign currency and sold with settlement in local currency.

As of December 13, 2023, the Decree No. 28/2023 establishes that the counterpart of the export of services performed in the country, whose effective use or exploitation takes place abroad, must be entered into the country in foreign currency and/or traded, 80% through the MULC, with the exporter for the remaining 20%, conducting buying and selling operations for negotiable securities acquired with settlement in foreign currency and sold with settlement in local currency.

Import of Goods and Services

On December 13, 2023, the Central Bank issued Communication “A” 7917, establishing a release of imports and a new access system to the MULC, stating that, starting from December 13, 2023:

For the payment of imports of goods: (i) it will not be necessary to have a declaration made through the Argentine Republic Import System (SIRA) in “exit” status as an MULC access requirement, nor to validate operations in the “Single Foreign Trade Current Account” system; and (ii) pursuant to Communication “A” 8074 entities may grant MULC access without prior approval of the Central Bank for deferred payments for the FOB value of new imports formalized from August 1, 2024, corresponding to the goods included in section 10.10.1.4. of the Argentine foreign exchange regulations (i.e. rest of items other than fuel and energy, pharmaceutical products and automobiles and items of certain Harmonized Tariff Schedule (HTS) codes), may be carried out, once 30 (thirty) calendar days have elapsed as from the customs entry registration of the goods and up to 50% of the FOB value, while the remaining 50% of the FOB value may be carried out once 60 (sixty) calendar days have elapsed as from the same moment.

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Additionally, access to the foreign exchange market to process deferred payments for the FOB value of imports formalized from August 1, 2024, corresponding to goods included in point 10.10.1.3 of the Argentine foreign exchange regulations (automobiles and certain goods included in section 12.1 of the foreign exchange regulations), may be carried out once 90 (ninety) calendar days have elapsed from the customs entry registration of the goods. For the payment of services provided by non-residents: (i) it will not be necessary to have a sworn statement made through the Argentine Republic Import and Payment of Services System (SIRASE) in “approved” status, nor to validate the operation in the “Single Foreign Trade Current Account” system; and (ii) entities may grant MULC access without prior approval of the Central Bank to make payments for services provided by non-residents, payments for new imports of services provided or accrued from December 13, 2023, when, in addition to other applicable regulatory requirements, the payment falls within certain situations. Regarding services provided by non-residents performed and/or accrued until December 12, 2023, prior approval of the Central Bank will be required, except for some exceptions.

Through Resolution 5466/2023, published in the Official Gazette on December 26, 2023, the advance information regimes SIRA and SIRASE were repealed, creating the new regime “Statistical System of Imports” (SEDI), which establishes that: (i) importers defined in section 1 of Article 91 of the Customs Code must provide advance information regarding their import destinations for consumption, in the form of an affidavit; (ii) the declaration is valid for 360 calendar days from the exit status; (iii) prior to formalization, the AFIP will analyze the tax situation and the “Financial Economic Capacity System” (CEF System); (iv) state agencies must issue their opinions within a maximum period of 30 days, after which, if no opinion is issued, the declaration will automatically move to exit status; and (v) within the regime, neither information nor approval is required regarding the date of access to the MULC (which is processed before the Central Bank). Additionally, the “Register of Commercial Debt for Imports with Foreign Suppliers” is created, in which those with commercial debt for imports of goods formalized before December 13, 2023, and/or debt for services provided before that date, must register.

On January 11, 2024, the Central Bank issued Communication “A” 7945, through which it decided to incorporate, as point 3.x of Communication “A” 7917, among the exceptions to what is provided in points 1.3. and 1.4. of such Communication, those payments for imports of goods made by a natural or legal person for the supply of a critical medicine whose customs entry registration is made through a particular request.

Furthermore, section 10.10.3 of the Consolidated Text allows entities to grant access to the MLC to customers, for the payment of debts for imports of goods and services; provided that certain regulatory requirements are met and it is verified that:

	·	The transaction is declared, if applicable, in the last overdue submission of the Survey of External Assets and Liabilities.

	·	Payment of the FOB value corresponding to the import of goods registered as from April 15, 2024 by individuals or legal entities that classify as “MiPyMe” in accordance with the provisions of the rules of “Determination of the status of micro, small and medium-sized companies” (to the extent that they do not correspond to goods included in Section 10.10.1.3 of the restated text of the Consolidated Text) is allowed after 30 calendar days of the import.

	·	As from April 15, 2024, entities may provide access to the MULC to make payments for imports of goods with deferred customs entry registration for up to 20% of the FOB value of capital goods when these imports are carried by individuals or legal entities that classify as “MiPyMe” in accordance with the provisions of the rules of “Determination of the status of micro, small and medium-sized companies” (to the extent that they do not correspond to goods included in Section 10.10.1.3 of the Consolidated Text).

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Additionally, Communication “A” 7952 states that importers of goods and services who have acquired Bonds for the Reconstruction of a Free Argentina (“BOPREAL”) in a primary subscription may sell securities with settlement against cable to a third-party account abroad, starting from April 1, 2024, under the following conditions:

(a) The market value of the transactions does not exceed the difference between the value obtained by selling with settlement in foreign currency abroad of the BOPREAL acquired in the primary subscription and their nominal value, if the former is lower.

(b) The accounts to be credited are not located in countries or territories where the recommendations of the Financial Action Task Force are not applied or not sufficiently applied.

External Assets

Generally, prior approval from the Central Bank is required for the formation of foreign assets (e.g., foreign currency purchase, among others) and for derivative transactions by legal entities that are not entities authorized to operate in foreign exchange, local governments, mutual funds, trusts, and other Argentine entities. Individuals must request prior approval when the value of such assets exceeds USD 200 or USD 100 (in the case of cash purchases) in any calendar month.

External Financial Indebtedness

Borrowers must enter and settle in MULC the financially disbursed debts from September 1, 2019, as a condition, among others, to access MULC to meet their capital and interest service requirements. Subject to compliance with the established regulations, access to MULC will be granted for the prepayment of capital and interest up to 3 (three) business days before the due date of the capital or interest service payment. Clients recording settlements of new financial debts with foreign entities and holding an income certification issued by an entity may access MULC for the following purposes: (i) payments for the importation of goods without the prior approval required by the complementary provisions established in the Consolidated Text; (ii) payments for services to related counterparts without the prior approval of the Central Bank, to the extent that it is a payment from the maturity of an obligation for a service provided at least 180 consecutive days before access or derived from a contract signed with a similar lead time; or (iii) payments of capital in advance of the maturity of commercial debts for the importation of goods and services; provided that the average life of the new indebtedness is at least 2 (two) years longer than the remaining average life of the pre-canceled debt.

Access to MULC before maturity will typically require prior approval from the Central Bank unless: (i) there are foreign currency financings by local entities for foreign currency expenses through credit or purchase cards and/or

(ii) there are foreign currency financings by local financial entities canceled with the entry of indebtedness from abroad, in accordance with the provisions of Communication “A” 7532.

Debt among residents

Accessing MULC for the settlement of debts and other financial obligations in foreign currency, entered into from September 1, 2019, is generally prohibited, except for specific cases (such as payments related to credit cards).

Profits and Dividends

For remitting foreign currency abroad as profits and/or dividends to non-resident shareholders, obtaining prior approval from the Central Bank is mandatory, subject to certain exceptions.

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Non-residents

Non-residents are required to secure prior approval from the Central Bank to access MULC for acquiring foreign currency, with only a few exceptions allowed.

Information System

In all cases, and upon meeting the remaining requirements applicable to each case, access to MULC will be granted for the payment of financial or commercial debts and for paying profits or dividends; provided that such debts are reported through the information system of the Central Bank established by Communication “A” 6795.

Outflows

The Consolidated Text requires prior approval from the Central Bank to transfer funds abroad, unless the interested party submits various affidavits, stating that:

- They did not possess Argentine deposit certificates representing foreign shares (“CEDEARs”), and/or available external liquid assets exceeding the equivalent of USD 100,000 at the beginning of the day on which they request access to the market, and all their foreign currency holdings in the country are deposited in accounts at financial institutions.

- They commit to settle in the MULC, within five business days of its availability, the funds received abroad originating from the collection of loans granted to third parties, the collection of a term deposit, or the sale of any type of asset, when the asset was acquired, the deposit constituted, or the loan granted after May 28, 2020. However, this requirement will not be necessary for certain outgoing transactions specified by the Consolidated Text.

An affidavit from the client regarding transactions with securities and other assets must also be submitted, unless they have a sworn statement that: Indeed, for access to MULC, a sworn statement is required, among other things, stating that:

(a) no sales of securities have been made through the settlement of foreign currency;

(b) there have been no exchanges of securities issued by residents for external assets;

(d) no securities issued by non-residents with settlement in Pesos have been acquired in the country;

(e) no Argentine deposit certificates representing foreign shares have been acquired;

(f) no securities representing private debt issued in foreign jurisdictions have been acquired;

(g) no funds in local currency or other local assets (except funds in foreign currency deposited in local financial institutions) have been delivered to any individual or legal entity, resident or non-resident, linked or not, receiving as a prior or subsequent consideration, directly or indirectly, by itself or through a linked, controlled, or controlling entity, external assets, crypto assets, or securities deposited abroad during the 180 (one hundred and eighty) consecutive days prior to accessing MULC;

(h) no funds in local currency or other local assets (except funds in foreign currency deposited in local financial institutions) have been delivered to any individual or legal entity, exercising a direct control relationship over it, or to other companies within the same economic group, except those directly associated with routine transactions between residents for the acquisition of goods and/or services, during the following 180 (one hundred and eighty) consecutive days; and

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(i) the applicants also commit not to carry out such operations during the following 180 (one hundred and eighty) consecutive days.

Regarding the aforementioned deadlines, the period to be considered will be 90 (ninety) consecutive days, if they involve securities issued under Argentine law, and 180 (one hundred and eighty) consecutive days, and always concerning securities issued under foreign law.

Moreover, for cases where the client is a legal entity, for the operation not to be subject to the prior approval requirement, the entity must have a sworn statement detailing: (i) individuals or legal entities exercising a direct control relationship over the client; and (ii) other legal entities with which it forms the same economic group.

Companies that share a control relationship as defined in points 1.2.1.1 and 1.2.2.1 of the Consolidated Text, within the “Large Exposures to Credit Risk” regulations, should be considered members of the same economic group. Similarly, to determine the existence of a direct control relationship, the types of relationships specified in point 1.2.2.1 of the aforementioned “Large Exposures to Credit Risk” regulations must be considered.

Additionally, the aforementioned conditions can be considered fulfilled by the entity if the client submits a sworn statement stating that, within the detailed periods, they did not deliver funds in local currency or other liquid local assets to any individual or legal entity in the country, except those directly associated with routine operations in the course of their business activities. For cases where the client does not submit the mentioned sworn statement, they can present a sworn statement declaring that they have not delivered funds in local currency or other liquid local assets to any individual or legal entity in the country (including direct controllers and members of the economic group), stating (i) that within the specified period in the Consolidated Text, they have not concluded or will conclude the envisaged transactions; and (ii) that in the preceding 180 (one hundred and eighty) consecutive days, they have not received funds in local currency or other liquid assets in the country, except for those associated with routine operations originating from the client or from any of the individuals or legal entities, direct controllers, and members of the economic group informed, to whom funds have been received; or alternatively, they can submit the sworn statements of individuals, whether human or legal, direct controllers, or members of the economic group, who received funds.

According to the Consolidated Text, in which it established that, in the preparation of sworn statements provided for in points 3.16.3.1 and 3.16.3.2, sales of securities settled in foreign currency in the country or abroad should not be taken into account when the total funds obtained from such settlements have been or will be used within 10 (ten) consecutive days for the following operations:

(a) payments from the maturity of principal or interest on new financial borrowings from abroad disbursed from October 2, 2023, and which include, at a minimum, a 1 (one) year grace period for the payment of principal;

(b) repatriations of capital and income associated with direct investments by non-residents, received from October 2, 2023; provided that repatriation occurs, at a minimum, 1 (one) year after the capital contribution is made and compliance with the legal mechanisms provided for in such cases;

(c) payments from the maturity of principal and interest on debt securities issued from October 2, 2023, with public registration in the country, denominated and subscribed in foreign currency, whose services are payable in the country and include a minimum of 2 (two) years of grace period for the payment of principal;

(d) payments from the maturity of principal or interest on financial borrowings from abroad that do not generate disbursements as they are refinancing of capital and/or interest of operations covered in points (i) and (iii); provided that refinancing does not anticipate the maturity of the original debt; and

(e) payments from the maturity of principal or interest on debt securities issued with public registration in the country, denominated in foreign currency, and whose services are payable in the country, which do not generate disbursements as they are refinancing of capital and/or interest of operations covered in the preceding point (iii), to the extent that refinancing does not anticipate the maturity of the original debt.

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In all the aforementioned cases, the client must submit a sworn statement stating that the funds received from operations in points (i) to (iii) were used to make payments in the country related to the realization of investments in Argentina.

Furthermore, situations allowing the entity to accept the sworn statement of a client with liquid external assets and/or CEDEARs exceeding the limit set in point 3.16.2.1 of the Consolidated Text (USD 100,000) may also include funds deposited in foreign bank accounts resulting from the sale of securities settled in foreign currency.

In addition, the sale of BOPREAL bonds against a payment in foreign currency and the transfer thereof to foreign depositaries, up to an amount equal to the amounts subscribed by the importer, is excluded from the aforementioned restrictions.

It should be noted that, as a rule, prior approval from the Central Bank is required if the client is a natural or legal person included by the Federal Administration of Public Revenue (“AFIP”) in the list of invoices or equivalent documents classified as apocryphal. The list of individuals or legal entities included in this registry by the AFIP is available at the following website: https://servicioscf.afip.gob.ar/Facturacion/facturasApocrifas/default.aspx.

Additionally, if the individuals or legal entities are considered obligated subjects to comply with the Registry of Exchange Information for Exporters and Importers of Goods whose registration process is listed as not registered, an affidavit must be submitted.

Securities Transactions

The Consolidated Text establishes that transactions of securities entered into abroad cannot be settled in Argentine Pesos in the country. Operations settled in foreign currency can only be settled in Argentine Pesos in the country if they are conducted within the country. It also specifies that purchase and sale transactions of securities settled in foreign currency must be paid through one of the following mechanisms:

(a) By transferring funds to and from accounts in the client’s name in local financial institutions.

(b) Against a cable on bank accounts in the client’s name in a foreign entity not incorporated in countries or territories where the Recommendations of the Financial Action Task Force are not applied or not sufficiently applied.

Against cable on a third-party accounts in a foreign entity not incorporated in countries or territories where the Recommendations of the Financial Action Task Force are not applied or not sufficiently applied, in the case of the sale of BOPREAL acquired by the seller in a primary subscription

Other sales of securities executed on or after April 1, 2024, may also be settled under these conditions to the extent that the market value of these transactions does not exceed the difference between the value obtained from the sale with settlement in foreign currency abroad of the BOPREAL bonds acquired by the seller in a primary subscription for debts of imports of goods and services and their nominal value, if the former is lower. Under no circumstances is the settlement of these operations allowed through payment in foreign currency banknotes or through their deposit in custody accounts or third-party accounts.

Despite this, it is understood that the acquisition of securities settled in Argentine Pesos in the country with funds from abroad would not be prevented, as long as the transaction is not documented abroad. Similarly, the transfer of securities from abroad to commissary accounts in Argentina for subsequent sale settled in Argetine Pesos in the country is not restricted; provided that the operation is arranged within the country.

On December 13, 2023, through Resolution No. 988, the CNV standardized the minimum holding periods for negotiable securities within a portfolio. It stipulated that, to execute the sale of negotiable securities with settlement in foreign currency, regardless of the law of issuance and jurisdiction, a minimum holding period of one (1) business day from accreditation in the Central Depository Agent for Negotiable Securities must be observed. This rule does not extend to the purchase of negotiable securities with settlement in foreign currency and any jurisdiction.

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Additionally, Resolution No. 988 established that Clearing Agents and Trading Agents cannot process or settle sales of negotiable securities with settlement in foreign currency, both locally and internationally, for client orders maintaining long positions in repos and/or overnight operations, irrespective of the settlement currency.

In line with the new regulations issued by the SEC, which shortened the standard settlement cycle for most broker-dealer securities transactions from two business days after the trade date (T+2) to one business day (T+1), the CNV, through Resolution No. 1000/2024 issued in May 2024, adjusted its regulatory framework regarding settlement periods for cash transactions.

Finally, on February 5, 2024, the CNV released General Resolution No. 990/2024, stating that, for the sale of negotiable securities with settlement in foreign currency, regardless of the law of issuance and jurisdiction, a minimum holding period of one (1) business day from accreditation in the Central Depository Agent for Negotiable Securities must be observed. This does not apply to the purchase of negotiable securities with settlement in foreign currency and any jurisdiction. As part of this, it is established that, to proceed with transfers to foreign depositary entities of negotiable securities acquired with settlement in national currency, regardless of the law of issuance, a minimum holding period in the portfolio of one (1) business day must be observed, counted from its accreditation in the Central Depository Agent for Negotiable Securities. This rule has exceptions in cases where accreditation in the mentioned agent: (i) results from the primary placement of negotiable securities issued by the Argentine Treasury or the Central Bank, in accordance with the provisions of Communication “A” 7918, its amendments, and/or related regulations; or (ii) involves CEDEARs traded on markets regulated by the CNV.

Moreover, through Resolutions No. 990/2024 and 995/2024, the CNV unified the conditions and daily maximum amounts for operations, raising the limit to 200 million daily for operations and transfers of negotiable securities abroad. BOPREAL are exempt from the limits and prior information requirements for issuing transfers to foreign depositary entities, as well as for arranging their sale in the country with transfers to foreign depositary entities, with settlement in foreign currency. This exemption applies as long as such negotiable securities have been acquired through a primary placement or bidding process, and up to the total nominal value subscribed for that security. Such exemption also applies to transactions of certain negotiable securities with settlement in foreign currency, complementary to the BOPREAL issued by the Central Bank for the payment to foreign suppliers. As from April 1, the amendments set forth in Resolution No. 995/2024 exempt such transactions, as well as the BOPREALs, from the minimum holding period and from the limits and prior information regime required both to make transfers to foreign depositaries and to arrange their sale with settlement in foreign currency abroad.

Finally, through Resolution No. 1004/2024, the CNV established that sales of negotiable securities with settlement in foreign currency locally carried out by resident individuals or legal entities with funds from UVA mortgage loans, up to the amount of such loans and to the extent that the proceeds of such sales are applied to the purchase of real estate, are exempt from: (i) compliance with the minimum holding period required for the execution of such transactions, (ii) the prior information regime required, and (iii) the restrictions for client orders maintaining long positions in repos and/or overnight operations.

BOPREAL

The BOPREAL are securities issued by the Central Bank in USD for importers of goods and services with outstanding payment obligations for imports of goods with customs registration and/or services effectively rendered until December 12, 2023.

On December 22, 2023, Decree 72/2023 was published in the Official Gazette, establishing the possibility that bonds or securities issued by the Central Bank, for those who have debts for imports of goods with customs entry registration and/or importation of services effectively provided until December 12, 2023, can be used as a form of payment for the cancellation of tax and customs obligations, plus their interests, fines, and accessories, except for certain exceptions. These bonds or securities are those issued from the effective date of the Decree December 12, 2023, until March 31, 2024, can be freely transferred by their holders, and their use will be limited to a total value of USD 3,500,000, to be used according to a specific schedule.

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On January 11, 2024, the Central Bank issued Communication “A” 7940, allowing the sale of BOPREAL with settlement against a foreign account under specific conditions. This includes the requirement that the seller acquired the securities in a primary subscription, and the receiving accounts are not in countries or territories lacking or inadequately applying the recommendations of the International Financial Action Task Force.

Likewise, through Communication “A” 7941, the Central Bank established that importers of goods and services who subscribe to BOPREAL may access the foreign exchange market to pay commercial debts for the import of goods and services prior to December 13, 2023, for which the subscription of the title was not requested; provided that certain requirements are met.

Additionally, importers of goods and services who subscribe to BOPREAL for the longest period offered by the Central Bank before January 31, 2024, and for an amount equal to or greater than 25% of the total outstanding amount for their eligible debts under points 1 and 2 of Communication “A” 7925, may access the foreign exchange market since February 1, 2024, to pay such commercial debts for the import of goods and services prior to December 13, 2023, for which the subscription of the aforementioned title was not requested; provided that the payment does not exceed 50% of the amount liquidated simultaneously as advanced export proceeds for goods to be canceled with shipments for which payments were to be entered beginning March 1, 2025, at a maximum monthly rate of 10% of the total amount of advances fitting into this mechanism.

In this regard, along with other applicable regulatory requirements, the entity must have: (i) an affidavit from the importer stating that prior approval from the Central Bank will be required to cancel these advanced export proceeds before the stipulated deadlines; and (ii) an affidavit from the client indicating the subscribed amount of the BOPREAL of longest term and the amounts of commercial debts for goods and services from transactions prior to December 13, 2023, that are eligible.

Moreover, certain adjustments to the foreign exchange regulations applicable to the payment of profits and dividends were made, including, among others, the following: (i) resident companies are allowed to subscribe BOPREAL for up to the amount in local currency of the profits and dividends which payment is pending to non-resident shareholders, according to the distribution determined by the shareholders’ meeting; (ii) access to the

MULC is granted to pay profits and dividends, as long as the applicable requirements are met, by performing a swap and/or arbitrage with the funds deposited in a local account and originated in foreign currency collections of principal and interest from the BOPREAL; (iii) non-residents are allowed to subscribe BOPREALs for up to the amount in local currency of the profits and dividends payments received in the country since September 1, 2019, and that have not been remitted abroad, adjusted by the latest Consumer Price Index available at the date of subscription; and (iv) access the MULC is allowed to repatriate portfolio investments of non-residents generated in collections in the country of profits and dividends by subscription of BOPREAL, as long as they meet the applicable requirements, by performing a swap and/or arbitrage with the funds deposited in a local account and originated in foreign currency collections of principal and interest from BOPREALs.

Reporting Regime of the Central Bank

In accordance with the provisions of the new exchange regulations, in certain cases, compliance with the “Survey of External Assets and Liabilities” regime established by the Central Bank through Communication “A” 6401, later amended by Communication “A” 6795, is required for access to the MULC.

This regime specifies that information on External Assets and Liabilities will be provided based on the following classification: “Shares and other equity interests,” “Non-negotiable debt instruments,” “Negotiable debt instruments,” “Financial derivatives,” and “Land, structures, and real estate.”

The regulations set forth that, starting from data for the first quarter of 2020, the declaration of the Survey of External Assets and Liabilities is governed by the following guidelines: (i) all legal entities or individuals with external liabilities at the end of any calendar quarter, or who have settled them during that quarter, must declare the Survey of External Assets and Liabilities; and (ii) those declarants for whom the balance of external assets and liabilities at the end of each year reaches or exceeds the equivalent of USD 50 million must make an annual submission (which will allow supplementing, confirming, and/or correcting quarterly submissions), and this can be optionally submitted by any legal entity or individual.

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Regarding the deadlines for submitting declarations, it is regulated that the maximum deadlines for submitting and validating the declarations will be as follows: (i) 45 (forty-five) calendar days from the close of the reference calendar quarter for quarterly declarations, and (ii) 180 (one hundred and eighty) calendar days from the close of the reference calendar year for annual submissions. The data loading and validation for this regime must be carried out through an electronic form available for download from the AFIP website.

Law No. 27,742 - “Ley De Bases y Puntos De Partida para la Libertad de los Argentinos”

On June 28, 2024, the Argentine Congress passed Law No. 27,742 “Ley Bases y Puntos De Partida para la libertad de los Argentinos”, which was enacted by the PEN on July 8, 2024. Law No. 27,742 encompasses several major reforms aimed at overhauling the country's economic and administrative structures. Among other provisions, Law No. 27,742 includes:

	-	The declaration of public emergency in administrative, economic, financial, and energy matters for a period of one year;

	-	Broad deregulation measures to reduce government intervention in the economy. This includes simplifying business regulations and reducing bureaucratic hurdles for businesses. In this sense, it includes, without limitation, amendments and repeals of regulations in the following areas: (i) public administration organization; (ii) administrative procedure; (iii) conflict resolution with the Argentine Government; (iv) regulations applicable to commercial companies; (v) financial administration regime; (vi) obligations and contracts regime aimed at strengthening the autonomy of the parties’ will; and (vii) promotion and incentives for large investments;

	-	Authorization for the total or partial privatization of certain companies wholly or majority owned by the Argentine Government;

	-	An Incentive Regime for Large Investments (“RIGI”, as per its acronym in Spanish), which establishes benefits for national and foreign companies that invest in projects “conducive to the prosperity of the country” involving investments equal to or exceeding USD 200 million. On August 23, the Argentine Government published Decree 749/2024 approving the implementation of the RIGI within the framework of Law No. 27,742;

Law No. 27,743 - “Medidas Fiscales Paliativas y Relevantes”

	-	Law No. 27,743 “Medidas Fiscales Paleativas y Relevantes” (the “Fiscal Measures Law”) was approved by the Argentine Congress on June 28, 2024 and published in the Official Gazette on July 8, 2024. The most relevant points of this law are the following:

	-	Regime for exceptional regularization of tax, customs and social security obligations: Taxpayers and persons liable for tax, customs and certain social security obligations due as of March 31, 2024, may adhere –up to 150 calendar days as from the date this regime comes into effect– to an installment plan (which will range from 36 to 84 monthly payments) or to a cash payment plan for obligations and offenses.

	-	Adherence to the regime will generate the remission of a percentage of the compensatory and punitive interest accrued for late payment from 70% to 20% depending on the time at which it is formalized. Likewise, the fines and penalties applied will be remitted. The total cancellation of the debt under the conditions set forth in this regime –in cash or by means of a payment facilities plan– will extinguish the criminal action, to the extent that there is no final judgment as of the date of cancellation. Criminal action will also be extinguished with respect to those obligations that have been cancelled prior to the effective date of the regime to the extent that there is no final judgment as of such date.

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	-	Asset regularization regime - laundering of assets: Individuals, undivided estates and subjects included in Section 53 of the Income Tax Law who are tax residents, as well as those who are not tax residents for their assets located in Argentina or for the income they have obtained from Argentine sources, may adhere to this regime until April 30, 2025 (with the possibility of the Argentine Federal Government extending it until July 31, 2025).The assets covered by this regime may be assets located in Argentina or abroad that are owned or were in their possession or custody as of December 31, 2023.

	-	Subjects that adhere to the regime must pay a special tax in U.S. dollars which applicable rate on the goods that are externalized will be 0% when their value is less than USD 100,000. Once this value is exceeded, a progressive tax rate of 5%, 10% and 15% will be applied depending on the moment in which the adherence to the plan becomes effective. Subjects will be exempt from paying this special tax if the funds subject to this regime remain deposited in the corresponding account until December 31, 2025.

	-	During the term in which the funds are deposited in the special account for regularization of assets, they may be invested exclusively in the financial instruments indicated permitted by the applicable regulations. The proceeds from the sale of regularized securities will be treated similarly if they are transferred to a special account.

	-	Those who adhere to the regime will be released from any civil action and for tax, exchange, customs and administrative offenses that may be applicable due to non-compliance with the obligations related to or originating from the goods, credits and holdings declared under this regime.

	-	Tax on the Transfer of Real Estate of Individuals and Undivided Estates: Effective from July 8, 2024, this tax was repealed.

	-	Modification to simplified regime for small taxpayers: The amounts of the categories applicable as from January 1, 2024 are increased.

	-	Tax Transparency Regime for Consumers: Includes the obligation of discriminating the VAT from the final price, with the main goal of informing the final customers of the taxes included in the price of goods, leases and services.

Money Laundering

The Anti‑Money Laundering Law, categorizes money laundering as a crime, which is defined as the exchange, transfer, management, sale or any other use of money or other assets obtained through a crime, by a person who did not take part in such original crime, with the potential result that such original assets (or new assets resulting from such original assets) have the appearance of having been obtained through legitimate means. In spite of the fact that there is a specific amount for the money laundering category of the amount of 150 minimum wages, the crimes committed for a lower amount are also punished, but the prison sentence is reduced.

After the enactment of Law No. 26,683, money laundering was included in the Penal Code as an independent crime against economic and financial order and it was split from the title “Concealment” as originally disposed. Therefore, money laundering is a crime which may be prosecuted independently. The Anti‑Money Laundering Law created the Financial Information Unit, or “UIF,” which is responsible for the analysis, treatment and procurement of information to prevent money laundering originating from, among others:

	·	Crimes related to the traffic and illegal commercialization of drugs (Law No. 23,737);

	·	Crimes related to arms traffic (Law No. 22,415);

	·	Crimes related to illegal association or terrorist association;

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	·	Crimes committed by illegal associations organized to commit crimes for political or racial purposes;

	·	Crimes against Public Administration;

	·	Crimes of minor’s prostitution and child pornography; and

	·	Crimes related to terrorism financing.

The UIF analyzes the information received from entities that have the obligation to report suspicious activities or operations and, as the case may be, inform the Public Ministry to carry out the investigations that may be considered relevant or necessary.

The UIF analyzes the information it receives and informs the Public Prosecutor as to whether it should carry out any investigations. Once the information is received, the UIF may request additional information and undertake any action it deems useful for the fulfillment of its functions. In the context of the analysis, respondents may not rely on bank, tax, stock or professional secrecy, or contractual confidentiality commitments to oppose a request for information from the UIF. Once the analysis is completed, the UIF is empowered to (i) receive voluntary declarations, which in no case may be anonymous, (ii) require the collaboration of all State information services, which are required to provide it in the terms of the current procedural regulations, (iii) request the Public Prosecutor’s Office to require the competent judge to resolve the suspension of execution of any transaction, (iv) request the Public Prosecutor’s Office to require search warrants it deems useful for the investigation, (v) request the Public Ministry to manage all the legal means necessary to obtain information from any source or origin, and (vi) apply sanctions.

The anti-money laundering framework in Argentina also assigns information and control duties to certain private sector entities, such as banks, non‑profit organizations, stock exchanges, and insurance companies, including the Central Bank. These regulations apply to many Argentine companies, including us. These obligations consist mainly of: (i) maintaining internal policies and procedures for money laundering prevention and financing of terrorism, including “know your client” procedures, as appropriate; (ii) reporting suspicious activity; and (iii) acting according to the Anti‑Money Laundering Law with respect to the confidentiality of the information obtained from the clients. For that purpose, each entity involved must appoint an officer responsible for the monitoring and control under the Anti‑Money Laundering Law.

As part of a more comprehensive modification of the rules that govern the scope of supervision of CNV, derived from the enactment of the revised CML and the CNV Rules, which established a new regime for the public offer of securities, CNV issued a revision of its rules to incorporate a new chapter of Anti‑Money Laundering Laws including provisions related to the fulfillment of duties to be complied by “Agentes de Negociación,” “Agentes de Liquidación y Compensación,” “Agentes de Distribución y Colocación” and “Agentes de Administración de Productos de Inversión Colectiva,” each of which is considered mandatory under the terms of sections 4, 5 and 22 of Section 20 of Law No. 25,246. Such agents are required to comply with Law No. 25,246 and its amendments, regulations enacted by UIF, including executive orders with reference to the decisions adopted by the United Nations Security Council in the fight against terrorism and to comply with the resolutions issued by the Ministry of Foreign Affairs, International Trade and Religion. Furthermore, “Agentes de Custodia de Productos de Inversión Colectiva (Sociedades Depositarias de Fondos Comunes de Inversión),” “Agentes de corretaje,” “Agentes de depósito colectivo” and listed companies with respect to contribution, irrevocable contributions or indebtedness made by a shareholder or a third person to become a shareholder in the future, are also reached by the resolution.

Each of these entities must send by internet (through the online application of CNV) their tax identification number. Additionally, in case of companies, the personal data of the “Compliance Officer” (both regular and alternate) must also be disclosed.

The CNV Rules provide that entities it regulates may only take action relating to public offerings of securities, stipulated, future or optional contracts of any nature and other instruments and financial products with registered, domiciled or domestic counterparties known to CNV or foreign counterparties in jurisdictions included on the list of cooperating countries provided in Section 2º, subsection b) of Decree No. 589/2013.

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Where a counterparty is not included in the referred list and is from a jurisdiction where it is regulated by an entity similar to CNV, validity of the transactions will be granted if the foreign regulator has signed a memorandum of understanding, cooperation and exchange of information with the CNV.

With the purpose of strengthening the requirements applicable to the grant of authorization to operate in the capital markets, additional requirements were established in connection with: (i) competence and capacity; (ii) moral integrity and honesty and (iii) solvency. Such requirements are subject to the appraisal of CNV and must be fulfilled by managers, directors, auditors and any other individual who performs duties or activities within the company.

Pursuant to Decree 360/2016 dated February 16, 2016, the Argentine Government created the Argentine Coordination Program for Combating Money Laundering and Terrorist Financing within the purview of the Ministry of Justice and Human Rights. Its purpose is to rearrange, coordinate and strengthen the anti‑money laundering and anti‑terrorist financing system at the national level, in light of the actual risks that could impact Argentina territory and the global requirements to be met under the scope of the obligations and international recommendations of the United Nations and the Financial Action Task Force standards.

Moreover, Law No. 27,260, which introduced certain tax modifications and a new regime for residents to disclose undeclared assets, established that the UIF would now be within the purview of the Argentine Ministry of Economy and Finances. Nowadays, as a result of the reorganization of said ministry, the UIF depends on the Argentine Ministry of Economy. For its part, the UIF issued Resolution No. 4/2017, which requires certain specific due diligence procedures (commonly called “know your client”) to be performed when a national or foreign depositor opens a bank account for the purpose of investment.

On March 5, 2018, the UIF Resolution No. 21/2018 on guidelines for the management of risks of money laundering and financing of terrorism and on the minimum compliance to be adopted for the prevention of laundering was published in the Official Gazette. In line with UIF Resolution No. 30-E/17 addressed to the financial sector, UIF Resolution No. 21/2018 also moves from a formalistic compliance approach to a risk-based approach, in order to ensure that the measures implemented are commensurate with the risks identified. In this way, the obligated subjects must identify and evaluate their risks and, depending on this, adopt management and mitigation measures. In this framework, they are enabled to implement accredited technological platforms that allow carrying out procedures at a distance, without personal display of the documentation, without this conditioning the fulfillment of due diligence duties.

Likewise, it is reported that in August 2018, in accordance with Resolution No. 97/2018 of the UIF, the regulation of the Central Bank’s duty of cooperation with the UIF was approved to adapt said regulation to Resolution No. 30-E/2017.

On November 19, 2019, the UIF issued Resolution No. 117/2019, updating certain thresholds established in past Resolutions with the purpose of achieving an effective prevention of money laundering and terrorism financing and from a risk-based approach, all of it in accordance with the international standards promoted by the Financial Action Task Force. Such update was incorporated into Argentine legislation by Law No. 25,246, which was in turn the basis of the update of thresholds established in UIF Resolutions No. 21/2011, 28/2011, 30/2011, 30/2011, 65/2011, 70/2011, 199/2011, 199/2011, 11/2012, 16/2012, 17/2012, 18/2012, 22/2012, 23/2012, 32/2012, 66/2012, 140/2012, 50/2013, 30/2017, 21/2018 and 28/2018. Furthermore, on April 13, 2022, the thresholds established in Resolution No. 117/2019 were updated by the publication of Resolution No. 50/2022.

On October 19, 2021, UIF Resolution No. 112/2021 established certain measures and procedures that all regulated entities must observe pursuant to identifying the Beneficial Owner and, pursuant to the new changes, it incorporated a new definition of Beneficial Owner, indicating that these shall be any “human person/s who own/s at least 10% of the capital or voting rights of a legal person, a trust, an investment fund, an affectation patrimony and/or of any other legal structure; and/or to the human person/s who by other means exercise/s the final control of such entity.”

On January 13, 2022, UIF Resolution No. 6/2022 amended UIF Resolutions No. 30/2017, 21/2018 and 28/2018, which are applicable to entities regulated by the Central Bank, the CNV and/or the Superintendence of Insurance of Argentina, respectively.

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On February 1, 2023, Resolution No. 14/2023 was published in the Official Gazette, which aims to establish the minimum requirements for the identification, assessment, monitoring, management and mitigation of money laundering and terrorist financing risks that the obligated subjects included in Section 20 sections 1 and 2 of Law No. 25,246 must adopt and apply, in accordance with their policies, procedures and controls, in order to avoid the risk of being used by third parties with criminal objectives of money laundering and terrorist financing. Such resolution repealed Resolution No. 30E/2017 of the UIF without effect.

On May 10, 2023, Resolution No. 78/2023 was published in the Official Gazette, which amended the regulatory framework issued with respect to the obligated subjects included in Section 20 sections 4 and 5 and those of section 22 that have the role of Financial Fiduciaries of Law No. 25,246 in order to adapt the obligations that they must comply with to manage and mitigate money laundering and terrorism financing risks, in accordance with the standards, good practices, guides and international guidelines currently in force, pursuant to the Recommendations issued by the Financial Action Task Force. This resolution repealed Resolution No. 21/2018 of the UIF.

On May 17, 2023, Resolution No. 84/2023 was published in the Official Gazette, which updates the thresholds established for the different regulated sectors in order to improve the effectiveness of the anti-money laundering and terrorist financing prevention system and update the regulations applicable to each sector. Therefore, an automatic updating mechanism of the thresholds was established, adopting as parameter the minimum salary set by the “Secretaría de Trabajo, Empleo y Seguridad Social, Consejo Nacional del Empleo, la Productividad y el Salario Mínimo, Vital y Móvil”, in force as of December 31 of the previous calendar year and as of June 30 of the current calendar year, as applicable.

On January 8, 2024, UIF Resolution No. 1/2023 was published in the Official Gazette. Its purpose is to establish the minimum requirements for the identification, evaluation, monitoring, management, and mitigation of money laundering and terrorist financing risks that financial institutions must adopt and apply in accordance with their policies, procedures, and controls to avoid the risk of being used by third parties for criminal purposes of money laundering and terrorist financing.

These regulations, which will imply increased controls by financial institutions and may eventually require additional information from their clients, came into effect on March 1, 2024.

On March 18, 2024, UIF Resolution No. 42/2024 was published in the Official Gazette. Through this resolution, the UIF establishes the minimum requirements for the identification, evaluation, monitoring, management, and mitigation of money laundering and terrorist financing risks that registered professionals, whose activities are regulated by the Professional Councils of Economic Sciences, must adopt and apply in accordance with their policies, procedures, and controls to avoid the risk of being used by third parties for criminal purposes of money laundering and terrorist financing. Consequently, the current regulatory framework is modified to establish and/or adjust the obligations that Public Accountants must fulfill when conducting Specific Activities as set forth in Recommendation 22, with the scope indicated, to manage and mitigate the risks of money laundering and terrorist financing, in line with international standards, best practices, guides, and guidelines currently in force, according to the Recommendations issued by the Financial Action Task Force.

Additionally, on March 18, 2024, UIF Resolution No. 43/2024 was published in the Official Gazette. This resolution establishes the minimum requirements for the identification, evaluation, monitoring, management, and mitigation of money laundering and terrorist financing risks that registered real estate agents and brokers, as well as any type of company engaged in real estate brokerage, integrated and/or managed exclusively by registered real estate agents or brokers, must adopt and apply in accordance with their policies, procedures, and controls to avoid the risk of being used by third parties for criminal purposes of money laundering and terrorist financing. This resolution proposes a segmentation of clients based on the risk assigned to each, also distinguishing the due diligence measures to be applied according to their respective risk ratings.

On March 19, 2024, UIF Resolution No. 47/2024 was published in the Official Gazette. This resolution introduces amendments to UIF Resolution No. 50/2011, concerning the Reporting System for Transactions. In this regard, it incorporates among the registration requirements for Obligated Entities, the certification issued by the Argentine Registry of Recidivism regarding the criminal records of the members of the board of directors and the ultimate beneficial owners, and additionally includes a procedure for deregistration as an obligated entity.

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On March 25, 2024, UIF Resolution No. 48/2024 was published in the Official Gazette. Through this resolution, the UIF establishes the minimum requirements for the identification, evaluation, monitoring, management, and mitigation of the risks of money laundering, terrorist financing, and the proliferation of weapons of mass destruction, that lawyers must adopt and apply when, on behalf of and/or for their clients, they prepare or conduct transactions in the following activities:

(i) purchase and/or sale of real estate, where the amount involved exceeds 700 minimum wages; (ii) management of assets and/or other assets where the amount involved exceeds 150 minimum wages; (iii) management of bank accounts, savings, and/or securities where the amount involved exceeds 50 minimum wages; (iv) organization of contributions for the creation, operation, or administration of legal entities or other legal structures; and (v) creation, operation, or administration of legal entities or other legal structures, and the purchase and sale of businesses and/or interests in legal entities or other legal structures.

On March 25, 2024, UIF Resolution No. 49/2024 was also published in the Official Gazette. This resolution establishes the minimum requirements for the identification, evaluation, monitoring, management, and mitigation of the risks of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction that virtual asset service providers must adopt and apply to manage, in accordance with their policies, procedures, and controls, the risk of being used by third parties for criminal purposes of money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.

On March 26, 2024, Resolution No. 56/2024 was published in the Official Gazette, replacing the definition of “Suspicious Transactions” with “Suspicious Facts or Transactions" and revising the definition of “Unusual Transactions.” In this context, “Suspicious Facts or Transactions” will be understood as “those attempted or carried out that cause suspicion or reasonable grounds to suspect that the assets involved come from or are linked to a criminal offense, or are related to terrorist financing, or the financing of the proliferation of weapons of mass destruction, or that, having previously been identified as unusual, after analysis and evaluation by the obligated entity, their unusual nature cannot be justified.” “Unusual Transactions” will be understood as those “transactions, attempted or carried out, whether isolated or repeated, regardless of the amount, that lack economic and/or legal justification, and/or do not align with the client’s risk level or transactional profile, and/or that, due to their frequency, regularity, amount, complexity, nature, and/or other particular characteristics, deviate from market practices.”

Finally, on July 19, 2024, Resolution No. 110/2024 was published in the Official Gazette, establishing the duty for obligated entities to implement a risk management system to detect suspicious transactions of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction linked to the aforementioned regime, carried out by their clients under the “Asset Regularization Regime” established in Title II of Law No. 27,743. In this sense, the suspicious transaction report must be “duly substantiated and contain a description of the circumstances under which the transaction is considered suspicious, within the framework of the Asset Regularization Regime, and reflect an adequate analysis of the client's operations and transactional profile.”

E. Taxation

United States Taxation

The following summary describes the material United States federal income tax consequences of the ownership and disposition of our common shares and ADSs. The discussion set forth below is applicable only to U.S. Holders (as defined below) that hold the common shares or ADSs as capital assets. This summary does not represent a detailed description of the United States federal income tax consequences applicable to you if you are subject to special treatment under the United States federal income tax laws, including if you are:

	·	a bank or other financial institution;

	·	a dealer in securities or currencies;

	·	a regulated investment company;

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	·	a real estate investment trust;

	·	an insurance company;

	·	a tax-exempt organization;

	·	a person holding the common shares or ADSs as part of a hedging, integrated or conversion transaction, constructive sale or straddle;

	·	a trader in securities that has elected the mark-to-market method of accounting for your securities;

	·	a person liable for alternative minimum tax;

	·	a person who owns or is deemed to own 10% or more of our stock (by vote or value);

	·	a person required to accelerate the recognition of any item of gross income with respect to the common shares or ADSs as a result of such income being recognized on an applicable financial statement;

	·	a partnership or other pass–through entity for United States federal income tax purposes; or

	·	a person whose “functional currency” is not the U.S. dollar.

Furthermore, the discussion below is based upon the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and regulations, rulings and judicial decisions thereunder as of the date hereof, and such authorities may be repealed, revoked or modified (possibly on a retroactive basis) so as to result in United States federal income tax consequences different from those discussed below. This summary does not contain a detailed description of all the United States federal income tax consequences to you in light of your particular circumstances and does not address the Medicare tax on net investment income, United States federal estate and gift taxes or the effects of any state, local or non-United States tax laws. In addition, this summary assumes that the deposit agreement governing the ADSs, and all other related agreements, will be performed in accordance with their terms.

As used herein, the term “U.S. Holder” means a beneficial owner of common shares or ADSs that is for United States federal income tax purposes:

	·	an individual who is a citizen or resident of the United States;

	·	a corporation created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

	·	an estate the income of which is subject to United States federal income taxation regardless of its source; or

	·	a trust if it (1) is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) holds the common shares or ADSs, the tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. If you are a partner of a partnership holding the common shares or ADSs, you should consult your tax advisors.

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YOU SHOULD CONSULT YOUR OWN TAX ADVISORS CONCERNING THE UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO YOU OF THE OWNERSHIP AND DISPOSITION OF COMMON SHARES OR ADSs AS WELL AS ANY CONSEQUENCES ARISING UNDER OTHER UNITED STATES FEDERAL TAX LAWS AND THE LAWS OF ANY OTHER TAXING JURISDICTION.

ADSs

If you hold ADSs, for United States federal income tax purposes, you generally will be treated as the owner of the underlying common shares that are represented by such ADSs. Accordingly, deposits or withdrawals of common shares for ADSs by U.S. Holders will not be subject to United States federal income tax.

Distributions on Common Shares or ADSs

Subject to the discussion under “—Passive Foreign Investment Company” below, the gross amount of distributions on our common shares or ADSs (including amounts withheld to reflect Argentine withholding taxes, if any) will be taxable as dividends to the extent paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles. Such dividends will be includable in your gross income as ordinary income on the day actually or constructively received by you, in the case of our common shares, or by the ADS Depositary, in the case of our ADSs. Such dividends will not be eligible for the dividends received deduction generally allowed to corporations under the Code.

Subject to applicable limitations (including a minimum holding period requirement), dividends received by non-corporate U.S. Holders from a qualified foreign corporation may be treated as “qualified dividend income” that is subject to reduced rates of taxation. A foreign corporation generally is treated as a qualified foreign corporation with respect to dividends paid by that corporation on common shares (or ADSs representing such common shares) that are readily tradable on an established securities market in the United States. United States Treasury Department guidance indicates that our ADSs (which are listed on the NASDAQ) are readily tradable on an established securities market in the United States. Thus, we believe that dividends that we pay on our ADSs to U.S. Holders will be potentially eligible for these reduced tax rates. However, since our common shares are not listed on an established securities market in the United States, we do not believe that dividends that we pay on our common shares that are not represented by ADSs currently meet the conditions required for these reduced tax rates. There also can be no assurance that our ADSs will be considered readily tradable on an established securities market in the United States in later years. In addition, non-corporate U.S. Holders will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC in the taxable year in which such dividends are paid or in the preceding taxable year (as discussed under “—Passive Foreign Investment Company” below). Non-corporate U.S. Holders should consult their own tax advisors regarding the application of these rules given their particular circumstances.

The amount of any dividend paid in Pesos will equal the U.S. dollar value of the Pesos received calculated by reference to the exchange rate in effect on the date the dividend is actually or constructively received by you, in the case of our common shares, or by the ADS Depositary, in the case of our ADSs, regardless of whether the Pesos are converted into U.S. dollars. If the Pesos received as a dividend are not converted into U.S. dollars on the date of receipt, you will have a tax basis in the Pesos equal to their U.S. dollar value on the date of receipt. Any gain or loss realized on a subsequent conversion or other disposition of the Pesos will be treated as United States source ordinary income or loss.

Subject to certain complex conditions and limitations (including a minimum holding period requirement), Argentine withholding taxes on dividends, if any, may be treated as foreign taxes eligible for credit against your United States federal income tax liability. For purposes of calculating the foreign tax credit, dividends paid on our common shares or ADSs will be treated as income from sources outside the United States and will generally constitute passive category income. However, United States Treasury regulations addressing foreign tax credits (the “Foreign Tax Credit Regulations”) impose additional requirements for foreign taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. The Department of the Treasury and the Internal Revenue Service (“IRS”) are considering proposing amendments to the Foreign Tax Credit Regulations. In addition, recent notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirements to apply many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax Credit Regulations) for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). Instead of claiming a foreign tax credit, you may be able to deduct Argentine withholding taxes on dividends, if any, in computing your taxable income, subject to generally applicable limitations under United States law (including that a U.S. Holder is not eligible for a deduction for otherwise creditable foreign income taxes paid or accrued in a taxable year if such U.S. Holder claims a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year). The rules governing the foreign tax credit and deductions for foreign taxes are complex. You are urged to consult your tax advisors regarding the availability of the foreign tax credit or a deduction under your particular circumstances.

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To the extent that the amount of any distribution (including amounts withheld to reflect Argentine withholding taxes, if any) exceeds our current and accumulated earnings and profits for a taxable year, as determined under United States federal income tax principles, the distribution will first be treated as a tax-free return of capital, causing a reduction in the adjusted basis of our common shares or ADSs, and thereafter as capital gain recognized on a sale or exchange (as discussed below under “—Taxation of Capital Gains”). However, we do not expect to keep earnings and profits in accordance with United States federal income tax principles. Therefore, you should expect that a distribution will generally be reported as a dividend (as discussed above).

Distributions of our common shares or ADSs that are received as part of a pro rata distribution to all of our shareholders generally will not be subject to United States federal income taxes.

Passive Foreign Investment Company

Based on the past and projected composition of our income and assets and the valuation of our assets, including goodwill, we do not believe we were a PFIC for United States federal income tax purposes for the taxable year ending June 30, 2024, and we do not currently expect to become a PFIC, although there can be no assurance in this regard. The determination of whether we are a PFIC is made annually. Accordingly, it is possible that we may be a PFIC in the current or any future taxable year due to changes in our asset or income composition or if our projections are not accurate. The volatility and instability of Argentina’s economic and financial system may substantially affect the composition of our income and assets and the accuracy of our projections. In addition, this determination is based on the interpretation of certain United States Treasury regulations relating to rental income, which regulations are potentially subject to different interpretation.

In general, we will be a PFIC for any taxable year in which:

	·	at least 75% of our gross income is passive income; or

	·	at least 50% of the value (generally determined based on a quarterly average) of our assets is attributable to assets that produce or are held for the production of passive income.

For this purpose, cash is generally a passive asset and passive income generally includes dividends, interest, royalties and rents (other than royalties and rents derived in the active conduct of a trade or business and not derived from a related person), annuities and gains from assets that produce passive income. If we own at least 25% by value of the stock of another corporation, we will be treated, for purposes of the PFIC tests, as owning our proportionate share of that other corporation’s assets and receiving our proportionate share of its income. If we are a PFIC for any taxable year during which you hold our common shares or ADSs, unless you make the mark-to-market election discussed below, you will be subject to special tax rules discussed below.

If we are a PFIC for any taxable year during which you hold our common shares or ADSs, you will be subject to special tax rules with respect to any “excess distributions” received and any gain realized from a sale or other disposition, including a pledge, of such common shares or ADSs. Distributions received in a taxable year that are greater than 125% of the average annual distributions received during the shorter of the three preceding taxable years or your holding period for the common shares or ADSs will be treated as excess distributions. Under these special tax rules:

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	·	the excess distribution or gain will be allocated ratably over your holding period for the common shares or ADSs;

	·	the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we become a PFIC, will be treated as ordinary income; and

	·	the amount allocated to each other year will be subject to tax at the highest tax rate in effect for that year for individuals or corporations, as applicable, and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

If we are a PFIC for any taxable year during which you hold our common shares or ADSs and any of our non-United States subsidiaries is also a PFIC, you would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. You are urged to consult your tax advisors about the application of the PFIC rules to any of our subsidiaries.

In addition, non-corporate U.S. Holders will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC in the taxable year in which such dividends are paid or in the preceding taxable year. You will generally be required to file IRS Form 8621 if you hold our common shares or ADSs in any year in which we are classified as a PFIC.

In certain circumstances, in lieu of being subject to the rules discussed above with respect to excess distributions and realized gains, you may make an election to include gain on the stock of a PFIC as ordinary income under a mark-to-market method, provided that such stock is regularly traded on a qualified exchange. Under current law, the mark-to-market election is only available for stock traded on certain designated United States exchanges and foreign exchanges which meet certain trading, listing, financial disclosure and other requirements to be treated as a qualified exchange under applicable United States Treasury regulations. Our common shares are listed on the ByMA, which must meet the trading, listing, financial disclosure and other requirements under applicable United States Treasury regulations for purposes of the mark-to-market election, and no assurance can be given that the common shares are or will be “regularly traded” for purposes of the mark-to-market election. Our ADSs are currently listed on the NASDAQ, which constitutes a qualified exchange under the United States Treasury regulations, although there can be no assurance that the ADSs are or will be “regularly traded.”

If you make an effective mark-to-market election, you will include in ordinary income each year that we are a PFIC the excess, if any, of the fair market value of our common shares or ADSs at the end of the year over your adjusted tax basis in our common shares or ADSs. You will be entitled to deduct as an ordinary loss in each such year the excess, if any, of your adjusted tax basis in our common shares or ADSs over their fair market value at the end of the year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. Any gain or loss on the sale or other disposition of the common shares or ADSs in a year that we are a PFIC will be ordinary income or loss, except that such loss will be ordinary loss only to the extent of the previously included net mark-to-market gain.

Your adjusted tax basis in our common shares or ADSs will be increased by the amount of any income inclusion and decreased by the amount of any deductions under the mark-to-market rules. If you make a mark-to market election, it will be effective for the taxable year for which the election is made and all subsequent taxable years unless our common shares or ADSs are no longer regularly traded on a qualified exchange or the IRS consents to the revocation of the election. Mark-to-market inclusions and deductions will be suspended during taxable years in which we are not a PFIC, but would resume if we subsequently become a PFIC. You are urged to consult your tax advisors about the availability of the mark-to-market election, and whether making the election would be advisable in your particular circumstances. However, because a mark-to-market election cannot be made for any lower-tier PFICs that we may own (as discussed above), you will generally continue to be subject to the special tax rules discussed above with respect your indirect interest in any such lower-tier PFIC.

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In some cases, holders of common shares or ADSs in a PFIC may be able to avoid the rules described above by electing to treat the PFIC as a “qualified electing fund” under Section 1295 of the Code. This option will not be available to you because we do not intend to comply with certain calculation and reporting requirements necessary to permit you to make this election.

You are urged to consult your tax advisors concerning the United States federal income tax consequences of holding our common shares or ADSs if we are considered a PFIC in any taxable year.

Taxation of Capital Gains

Subject to the discussion under “—Passive Foreign Investment Company” above, for United States federal income tax purposes, you will generally recognize capital gain or loss on any sale, exchange or other taxable disposition of our common shares or ADSs in an amount equal to the difference between the U.S. dollar value of the amount realized for the common shares or ADSs and your tax basis in the common shares or ADSs determined in U.S. dollars. Capital gains of non-corporate U.S. Holders derived with respect to capital assets held for more than one year are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations under the Code.

Any gain or loss recognized by you will generally be treated as United States source gain or loss for United States foreign tax credit purposes. Consequently, in the case of gain from the disposition of common shares or ADSs that is subject to Argentine income tax, you may not be able to benefit from a foreign tax credit for that Argentine income tax (i.e., because the gain from the disposition would be United States source), unless you can apply the credit (subject to applicable limitations) against United States federal income tax payable on other income from foreign sources. However, pursuant to the Foreign Tax Credit Regulations, any such Argentine income tax would generally not be a foreign income tax eligible for a foreign tax credit (regardless of any other income that you may have that is derived from foreign sources). In such case, the non-creditable Argentine income tax may reduce the amount realized on the sale, exchange or other taxable disposition of the common shares or ADSs. As discussed above, however, recent notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirements to apply many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax Credit Regulations) for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). If any Argentine income tax is imposed upon the disposition of common shares or ADSs and you apply such temporary relief, such tax may be eligible for a foreign tax credit or deduction, subject to the applicable conditions and limitations. You are urged to consult your tax advisors regarding the tax consequences if Argentine income tax is imposed on a disposition of common shares or ADSs, including the availability of the foreign tax credit or a deduction under your particular circumstances.

Argentine Personal Assets Tax

Amounts paid on account of the Argentine TAP, if any, will not be eligible as a credit against your United States federal income tax liability, but may be deductible subject to applicable limitations in the Code.

Information Reporting and Backup Withholding

In general, information reporting will apply to dividends in respect of our common shares or ADSs and the proceeds from the sale, exchange or other disposition of our common shares or ADSs that are paid to you within the United States (and in certain cases, outside the United States), unless you establish that you are an exempt recipient. A backup withholding tax may apply to such payments if you fail to provide a correct taxpayer identification number and a certification that you are not subject to backup withholding or if you fail to report in full dividend and interest income.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against your United States federal income tax liability provided the required information is timely furnished to the IRS.

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Argentine Taxation

The following discussion is a summary of certain Argentine tax considerations associated with an investment in, ownership or disposition of, the common shares or the ADSs by (i) an individual holder that is resident in Argentina, (ii) an individual holder that is neither domiciled nor resident in Argentina, (iii) a legal entity organized under the laws of Argentina, (iv) a permanent establishment in Argentina of a foreign entity and (v) a legal entity that is not organized under the laws of Argentina, that does not have a permanent establishment in Argentina and is not otherwise doing business in Argentina on a regular basis. The discussion is for general information only and is based on current Argentine tax laws. Moreover, while this summary is considered to be a correct interpretation of existing laws in force as of the date of this filing, no assurance can be given that the courts or administrative authorities responsible for the administration of such laws will agree with this interpretation or that changes in such laws or interpretations will not occur.

PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISOR REGARDING THE PARTICULAR TAX CONSEQUENCES ARISING UNDER ANY TAXING JURISDICTION.

Income Tax

Law No. 27,430, enacted on December 27, 2017 and published in the Official Gazette on December 29, 2017, had introduced several amendments to Income Tax Law No. 20,628, among others, a corporate tax rate reduction in two phases. For fiscal years beginning on or after January 1, 2018 until December 31, 2019, there had been a reduction of the tax rate from 35% to 30%. Beginning on or after January 1, 2020 the tax rate would have been further reduced to 25%. Additionally, a withholding of 7% or 13% had been established for the fiscal years mentioned above, on the dividends distributed by local entities in favor of their shareholders provided they are resident individuals or undivided estates, or are foreign beneficiaries.

On June 16, 2021, Law 27,630 was enacted and published in the Official Gazette. This law increases corporate income tax rates for tax years beginning January 1, 2021 and onwards. The new law increases tax rates by replacing the fixed tax rate with a progressive tax scale. It also extends the 7% withholding tax rate currently in force to dividends from profits accrued in tax years beginning January 1, 2021, and thereafter.

Taxation of Dividends

Pursuant to Law No. 27,430, amended by Law No. 27,541, published in the Official Gazette on December 23, 2019, dividends and other profits paid in cash or in non-cash assets —except for stock dividends—by companies and other entities incorporated in Argentina referred to in the Argentine Income Tax Law Sections 73 (a)(1), (2), (3), (6), (7) and (8), and Section 73(b) out of retained earnings accumulated in fiscal years starting on or after January 1, 2018, would be subject to withholding tax at a 7% rate (on profits accrued during fiscal years starting January 1, 2018 to December 31, 2020), and at a 13% rate (on profits accrued in fiscal years starting January 1, 2021 and onwards), provided that they are distributed to Argentine resident individuals and foreign shareholders. On June 16, 2021, Law No. 27,630 was published in the Official Gazette, whereby amendments were introduced to the corporate income tax. Pursuant to this law, dividends will be taxed at 7%, also on profits accrued in fiscal years starting January 1, 2021, and onwards.

No dividend withholding tax applies if dividends are distributed to the Argentine corporate entities required to assess the dividend withholding tax.

Certain tax treaties contemplate the application of a ceiling tax rate on dividends (i.e. 10% on gross dividends).

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Taxation of Capital Gains

Resident individuals

Capital gains obtained by resident individuals or undivided estates situated in Argentina from the sale or disposition of common shares and other securities are subject to income tax at a 15% rate on net income, unless such securities were traded in stock exchange under the supervision of the CNV, in which case an exemption applies.

Losses arising from the sale, exchange or other disposition of common shares or ADSs can be applied only to offset such capital gains arising from the sale, exchange or other disposition of these securities, for a five‑year carryover period.

Foreign beneficiaries

Capital gains of Argentine source (as it is the case of both Cresud’s ADSs and shares) obtained by non-Argentine individuals or non-Argentine entities from the sale, exchange or other disposition of shares are subject to income tax at a 15% rate on the net capital gain or at a 13.5% rate on the gross price at the seller’s election. Notwithstanding, Law No. 27,430 established an exemption for foreign beneficiaries participating in the sale of publicly traded shares traded in stock exchanges under the supervision of the CNV. Said Law also established an exemption for capital gains derived from the sale, exchange or other disposition of share certificates issued abroad that represent shares issued by Argentine companies (i.e. ADRs). The exemptions will apply only if the foreign beneficiaries do not reside in, and the funds do not arise from, “non-cooperating” jurisdictions for tax transparency purposes.

The sale of an equity interest in a foreign entity could represent a taxable indirect transfer of Argentine assets (including shares), if (i) the value of the Argentine assets exceed 30% of the transaction’s overall value, and (ii) the equity interest sold (in the foreign entity) exceeds 10%. The tax will also be due if any of these thresholds were met during the twelve month period prior to the sale.

Non-residents are subject to capital gains tax on the disposal of Argentine equities at a 13.5% effective tax rate on gross proceeds or, alternatively, a 15% income tax on the actual capital gain if the seller’s tax cost basis can be duly documented for Argentine tax purposes.

The indirect transfer of Argentine assets within the same economic group would also not trigger taxation, provided the requirements set by regulations have been met.

Argentine entities

Capital gains obtained in tax years beginning from January 1, 2022 by Argentine entities (in general entities organized or incorporated under Argentine law, certain traders and intermediaries, local branches of non-Argentine entities, sole proprietorships and individuals carrying on certain commercial activities in Argentina) derived from the sale, exchange or other disposition of shares or ADSs are subject to the following tiered structure of corporate income tax rates for different brackets of earnings (for the fiscal years beginning from January 1, 2024 to December 31, 2024):

Annual taxable income (ARS)		Will pay ARS	Marginal rate on the excess of the lower limit (%)	On the ARS surplus
Over	To
0.00	34,703,523.08	0.00	25	0.00
34,703,523.08	347,035,230.79	8,675,880.77	30	34,703,523.08
347,035,230.79	forward	102,375,393.08	35	347,035,230.79

Losses arising from the sale, exchange or other disposition of shares or ADSs can be applied only to offset such capital gains arising from the sale, exchange or other disposition of these securities, for a five-year carryover period.

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WE RECOMMEND PROSPECTIVE INVESTORS TO CONSULT THEIR OWN TAX ADVISOR REGARDING THE PARTICULAR TAX CONSEQUENCES CONCERNING THE SALE OR OTHER DISPOSITIONS OF SHARES AND ADSs.

Value Added Tax

The sale, exchange, disposition, or transfer of common shares or ADSs is not subject to VAT. Dividend distributions are not levied with VAT either.

Tax on Personal Assets

Argentine entities, such as us, have to pay the TAP corresponding to Argentine and foreign individuals and foreign entities for the holding of our shares at December 31 of each year. The applicable tax rate is 0.50% for fiscal years starting in 2019, inclusive. Notwithstanding the foregoing, the tax shall not be paid if it is equal to or less than ARS 255.75. The tax is levied on the proportional net worth value (“valor patrimonial proporcional” in Spanish), or the book value, of the shares arising from the last balance sheet of the Argentine entity calculated under Argentine GAAP. Pursuant to the TAP Law, the Argentine company is entitled to seek reimbursement of such paid tax from the applicable Argentine domiciled individuals and/or foreign domiciled shareholders.

Turnover Tax

The gross turnover tax is a local tax; therefore, the rules of the relevant provincial jurisdiction should be considered, which may levy this tax on the purchase and sale, exchange or other disposition of common shares or ADSs, and/or the collection of dividends. The applicable rates depend on each jurisdiction, in a range that usually goes up to 5%, and vary according to certain groups or categories of taxpayers, such as the risk category assigned and the degree of formal and material compliance with tax obligations, unless an exemption is applicable. The tax base is the gross revenue obtained as a result of the business activities transacted in the jurisdiction.

Moreover, any transaction involving common shares and/or the collection of dividends and revaluations is exempt from this tax.

To date, there is no withholding regime provided for foreign holders of common shares and ADSs.

To the extent that the activities are carried out in more than one jurisdiction, there is a Multilateral Agreement that establishes the way to distribute the taxable income among those jurisdictions.

Stamp Tax

Stamp taxes may apply in the City of Buenos Aires and in certain Argentine provinces in case transfer of common shares or ADSs is performed or executed in such jurisdictions by means of written agreements.

Other Taxes

There are no Argentine federal inheritance or succession taxes applicable to the ownership, transfer or disposition of our common shares or ADSs. The province of Buenos Aires established a tax on free transmission of assets, including inheritance, legacies, donations, etc. Free transmission of our shares could be subject to this tax at rates that vary from 1.6% to 9.5%, depending on the value of the transferred assets and the relationship between the transferor and the transferee.

This gift tax requires the payment of a fixed amount and the application of rates that range progressively from 1.603% to 9.513% on amounts exceeding certain thresholds depending on the degree of kinship and the relevant taxable base. Regarding the existence of gift tax in the remaining provincial jurisdictions, the analysis must be conducted taking into consideration the legislation of each province in particular.

In the case of litigation regarding the shares before a court of the City of Buenos Aires, a 3% court fee would be charged, calculated on the basis of the claim.

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Tax treaties

Argentina has signed tax treaties for the avoidance of double taxation currently in force with Australia, Belgium, Bolivia, Brazil, Canada, Chile, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Qatar, Russia, Spain, Sweden, Switzerland, the United Kingdom, United Arab Emirates and Uruguay. There is currently no tax treaty or convention in effect between Argentina and the United States. It is not clear when, if ever, a treaty will be ratified or entered into effect. As a result, the Argentine tax consequences described in this section will apply, without modification, to a holder of our common shares or ADSs that is a United States resident. Foreign shareholders located in certain jurisdictions with a tax treaty in force with Argentina may be (i) exempted from the payment of the personal assets tax and (ii) entitled to apply for reduced withholding tax rates on payments to be made by Argentine parties.

PAIS Tax (“Impuesto para una Argentina inclusiva y solidaria”).

On December 23, 2019, the Argentine Government enacted Law 27,541. Among the changes implemented, this tax reform law established a new tax on certain purchases of foreign currency (“Impuesto PAIS” in Spanish), including (i) purchases of foreign currency without a specific purpose by Argentine residents, (ii) purchases of goods or services from abroad or purchases by Argentine residents abroad through credit or debit cards, and (iii) purchases made online through portals or virtual websites in foreign currency.

Under those rules, both Argentine individuals and entities performing taxable purchases were subject to the tax at a 30% rate, except for the purchase of digital services, which were taxed at an 8% rate.

Decree No. 377/2023 extends the application of PAIS tax to the acquisition of foreign currency in accordance with the following rules: (i) services acquired from abroad or services rendered by foreign residents in Argentina included in Appendix II of the Decree (technical, legal, accounting, managerial services in general, charges for the use of intellectual property, advertising, engineering, audiovisual services, among others) will be subject to a 25% tax rate; (ii) freight and other transportation services for import and export of goods will be subject to a 7.5% tax rate; and (iii) imported goods will be subject to a 7.5% tax rate, with some exceptions.

The acquirer is responsible for paying the tax, but entities authorized by the Central Bank to operate in the foreign exchange market shall act as collection and liquidation agents.

Decrees No. 671/2023 and 749/2024 modify the application of PAIS tax regarding imports, as the payment of the tax on the purchase of foreign currency - including traveler’s checks - for hoarding or without a specific purpose related to the payment of obligations, under the current exchange market regulations, is hereby suspended for residents in the country.

Decree No. 777/2024, published in the Official Gazette on February 9, 2024, reduced the rates set forth in subsections (d) and (e) of the first paragraph of Section 13 bis of Title III of Decree No. 99 dated December 27, 2019, as amended, to 7.5%. This reduction is part of a series of measures aimed at stabilizing prices. Accordingly, the tax rate under the PAIS tax applicable to foreign currency purchases made by residents in the country for the payment of obligations related to the importation of certain goods, as well as for the acquisition of freight and other transportation services related to foreign trade operations, has been lowered.

F. Dividends and Paying Agents

This section is not applicable

G. Statement by Experts

This section is not applicable.

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H. Documents on Display

We file annual and current reports and other information with the SEC. You may read and copy any document we file with the SEC at the SEC’s public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. The SEC maintains a website at http://www.sec.gov that contains reports and other information regarding issuers that file electronically with the SEC.

Our website is www.cresud.com.ar. The information contained in our website does not form part of this Annual Report. Any such request or a copy of these filings at no cost, should be directed to us at our principal office at Carlos M. Della Paolera 261, 9th Floor (C1001ADA), City of Buenos Aires, Argentina, or by e-mail at ir@cresud.com.ar.

We are also required periodically to furnish certain information in Spanish with the CNV, the ByMA and the MAE such as quarterly and annual reports and notices of material events (hechos relevantes). All such reports and notices are available at the website of the CNV (http://www.argentina. gob.ar/cnv), at ByMA through the website of the Bolsa de Comercio de Buenos Aires (http://www.bolsar.info) and the website of the MAE (http://www.mae.com.ar). The documents filed with the CNV, the ByMA and the MAE are not a part of this Annual Report and are not incorporated by reference herein.

I. Subsidiary Information

This section is not applicable.

Item 11. Quantitative and Qualitative Disclosures about Market Risk

In the normal course of business, we are exposed to foreign exchange risk, interest rate risks and other price risk, primarily related to changes in exchange rates and interest rates. We manage our exposure to these risks through the use of various financial instruments, none of which are entered into for trading purposes. We have established policies and procedures governing the use of financial instruments, specifically as they relate to the type and volume of such financial instruments. For further information on our market risks, please see Note 5 to our Audited Consolidated Financial Statements.

Item 12. Description of Securities Other than Equity Securities

A. Debt Securities

This item is not applicable

B. Warrants and Rights

On March 10, 2021, we issued an aggregate of 90,000,000 warrants to purchase 90,000,000 of our common shares and will expire on March 10, 2026. Each warrant will be exercisable only if the common share rights or ADS rights to which such warrant relates have been exercised, and such warrant will be exercisable after 90 days following its issuance during the nine-day period from and including the 17th through the 25th day of each February, May, September and November (to the extent such dates are business days in New York City and Buenos Aires, Argentina).

The exercise price and number of common shares issuable upon exercise of the warrants are subject to adjustment upon the occurrence of certain events, including for stock splits, stock dividends, reclassifications and combinations, among others.

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Each warrant entitled its holder to purchase one common share and the exercise price of the warrants was USD 0.566. On November 16, 2022, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend distributed to the shareholders on November 11, 2022, being the Ratio of 1.0322 shares per option and a price of USD 0.548 per share. On May 11, 2023, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend and shares distributed to the shareholders on May 8, 2023, being the Ratio of 1.1232 shares per option and a price of USD 0.5036 per share. On May 15, 2024, we informed that the terms and conditions of the outstanding warrants for common shares of the Company, have been modified as a result of the payment of the cash dividend and shares distributed to the shareholders on May 14, 2024, being the current Ratio of 1.3146 shares per option and a price of USD 0.4303 per share.

The warrants are available for trading on NASDAQ and ByMA under the tickers CRESW and CRE3W, respectively.

As of the date of this Annual Report, there are 84,261,280 warrants outstanding.

C. Other Securities

This item is not applicable

D. American Depositary Shares

The Bank of New York Mellon, as depositary for the ADSs (the “ADS Depositary”) collects its fees for delivery directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal. The Depositary also collects taxes and governmental charges from the holders of ADSs. The Depositary collects these fees and charges by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees (after attempting by reasonable means to notify the holder prior to such sale).

The Depositary has agreed to reimburse or pay on our behalf, certain reasonable expenses related to our ADS program and incurred by us in connection with the program (such as NASDAQ listing fees, legal and accounting fees incurred with preparation of Form 20-F and ongoing SEC compliance and listing requirements, distribution of proxy materials, investor relations expenses, etc).

The amounts the Depositary reimbursed or paid are not perforce related to the fees collected by the depositary from ADS holders.

We agree to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any registrar only in accordance with agreements in writing entered into between the Depositary and the Company from time to time. The Depositary shall present its statement for such charges and expenses to the Company once every three months. The charges and expenses of the custodian are for the sole account of the Depositary.

The following charges shall be incurred by any party depositing or withdrawing shares or by any party surrendering receipts or to whom receipts are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by us or an exchange regarding the receipts or deposited securities or a distribution of receipts), whichever applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of shares generally on the share register of the Company or foreign registrar and applicable to transfers of shares to the name of the Depositary or its nominee or the custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable, telex and fax transmission expenses as are expressly provided in the deposit agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency (5) a fee of USD 5.00 or less per 100 ADS (or portion there of), (6) a fee of USD 0.02 or less per ADS (or portion) for any cash distribution made pursuant to the deposit agreement including, but not limited to, and (7) a fee for the distribution of securities, such fee being in an amount equal to the fee for the execution and delivery of ADS referred to above which would have been charged as a result of the deposit of such securities, but which securities are instead distributed by the Depositary to owners.

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PART II

Item 13. Defaults, Dividend Arrearages and Delinquencies

This section is not applicable.

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds

A. This section is not applicable.

B. This section is not applicable.

C. This section is not applicable.

D. This section is not applicable.

E. This section is not applicable.

Item 15. Controls and Procedures

A. Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial and Administrative Officer, to allow our management to make timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective. In connection with the preparation of this Annual Report on Form 20-F, we carried out an evaluation under the supervision and with the participation of members of our management team, including our Chief Executive Officer and Chief Financial and Administrative Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2024. Based upon this evaluation our Chief Executive Officer and Chief Financial and Administrative Officer concluded that our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 20-F were effective at the reasonable assurance level.

B. Management’s Annual Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate Internal Control over Financial Reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Our Internal Control over Financial Reporting includes a series of procedures designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Consolidated Financial Statements for external purposes, in accordance with International Financial Reporting Standards and includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Consolidated Financial Statements in accordance with International Financial Reporting Standards and that a company’s receipts and expenditures are being made only in accordance with authorizations of our management and directors, and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our Consolidated Financial Statements.

Because of its inherent limitations, Internal Control over Financial Reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.

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Management assessed the effectiveness of our Internal Control over Financial Reporting as of June 30, 2024. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control–Integrated Framework (2013). Based on this evaluation, management concluded that our Internal Control over Financial Reporting was effective as of June 30, 2024.

C. Attestation Report of the Registered Public Accounting Firm

The effectiveness of the Company’s internal control over financial reporting as of June 30, 2024 has been audited by Price Waterhouse & Co S.R.L, Buenos Aires Argentina (PCAOB ID 1349)- member firm of PricewaterhouseCoopers International Limited, an independent registered public accounting firm, as stated in their report which appears herein.

D. Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the fiscal year ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 16. Reserved

A. Audit Committee Financial Expert

In our annual ordinary shareholders’ meeting held on October 31, 2003, the audit committee was unanimously approved. Pursuant to this plan, the board of directors had to appoint the members of the audit committee who hold expertise in corporate administration, finance and accounting.

Our board of directors established an audit committee which would assist the Board in exercising its duty of care on disclosure requirements, the enforcement of accounting policies, management of our business risks, the management of our internal control systems, ethical conduct of our businesses, monitoring the sufficiency of our financial statements, our compliance with laws, independence and capacity of independent auditors and performance of our internal audit and our external auditors. Also, according to the applicable regulations, we may request to our audit committee to render its opinion in certain transactions, and its conditions, as is the case of related party transactions, as may be reasonably considered adequate according to normal market conditions.

As from March 11, 2020 our board of directors appointed Liliana Glikin, María Gabriela Macagni and Alejandro Mario Bartolome, all of them independent members, as members of the audit committee. The board of directors named María Gabriela Macagni as the financial expert in accordance with the relevant SEC rules. We have a fully independent audit committee as per the standards provided in Rule 10(A)-3(b)(1).

B. Code of Ethics

We have adopted a code of ethics that applies to our directors, officers and employees. Our code of ethics is posted on our website www.cresud.com.ar. In 2005, our Code of Ethics was amended by our Board of Directors. The amendment was reported in a report on Form 6-K in August 2005.

If we make any substantive amendment to the code of ethics or grant any waivers, including any implicit waiver to any of its provisions, we will disclose the nature of such amendment or waiver in a report on Form 6-K or in our next Annual Report and we will post it on our website.

In 2023, we adopted our incentive compensation clawback policy. For more information, see Exhibit 97 to this Annual Report.

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C. Principal Accountant Fees and Service

Audit Fees

For the fiscal years ended June 30, 2024 and 2023, we were billed a total consolidated amount of ARS 954.5 million and ARS 240.6 million respectively, for professional services rendered by our principal accountants for the audit of our annual Audited Consolidated Financial Statements, performance of the audit of internal controls over financial reporting of the company and other services normally provided in connection with regulatory filings or engagements.

Audit-Related Fees

For the fiscal year ended June 30, 2024 and 2023 we were billed a total consolidated amount of ARS 0.0 million and ARS 13.5 million for professional services rendered by the principal accountant and not included under the prior category, mainly in connection with assurance services over non-financial information.

Tax Fees

For the fiscal years ended June 30, 2024 and 2023, we were billed a total consolidated amount of ARS 24.6 million and ARS 11.5 million, respectively, for professional services rendered by our principal accountants for tax compliance and tax advisory services.

All Other Fees

For the fiscal year ended June 30, 2024 and June 30, 2023 no fees related to services other than Audit Fees, Audit-Related Fees and Tax Fees were billed by our principal accountants.

Audit Committee Pre-Approval Policies and Procedures

Audit Committee pre-approves all services and fees provided by the external auditors to ensure auditors’ independence. One of the main tasks of the Audit Committee is to give it opinion in relation to the appointment of the external auditors, proposed by the Board of Directors to the General Shareholder’s Meeting. In order to accomplish such task, the Audit Committee shall:

Require any additional and complementary documentation related to this analysis.

Verify the independence of the external auditors;

Consider the professional experience and the adequacy of the external auditors’ work to international standards and the criteria they adopt to ensure their independence from the Company.

During the fiscal year, the Audit Committee carries out the following:

	·	Analyzes the professional services that the external auditor would provide to the Company, evaluating the type of service and the corresponding fees, to maintain the independence principle of the external auditor with the company. According to the result of the analysis, the services are pre-approved by the Audit Committee.

	·	Reports the fees invoiced by the external auditor during the year, separating them for accounting audit services and for other special services not included in the former.

	·	Analyze and supervise the working plan of the external auditors considering the business’ reality and the estimated risks;

	·	Propose adjustments (if necessary) to such working plan;

	·	Hold meetings with the external auditors in order to: (a) analyze the difficulties, results and conclusions of the proposed working plan; (b) analyze eventual possible conflicts of interests, related party transactions, compliance with the legal framework and information transparency; and

	·	Evaluate the performance of external auditors and their opinion regarding our Financial Statements.

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D. Exemption from the Listing Standards for Audit Committees

This section is not applicable.

E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers

On July 22, 2022, our Board of Directors decided to establish the terms and conditions for the acquisition of the common shares issued by the Company (the “2022 Plan”), under the terms of Section 64 of the CML and the rules of the CNV, for a maximum amount of the investment up to ARS 1,000 million. Such repurchases were made with realized and liquid earnings pending of distribution of the Company and/or freely available reserves and/or facultative reserves.

As of September 21, 2022, we finalized the 2022 Plan having repurchased a total of 5,676,603 common shares, representing approximately 99.0% of the approved program and 0.96% of the share capital.

Period	Total Number of Common Shares Purchased(1)		Average Price Paid per Share		Total Number of ADS’s Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of the Publicly Announced Plan (2)		Maximum amount that may yet be purchased under the plan
			(ARS)				(USD)				(In million of ARS)
07/25/2022 – 07/31/2022		1,110,286		170.37		—		—		1,110,286		810.8
08/01/2022 – 08/23/2022		4,566,317		175.38		—		—		4,566,317		10.0
Total		5,676,603				—				5,676,603

__________________

(1)	As of the settlement date of transaction.
(2)	Correspond to the sum of common shares and ADS’s purchased. Each ADS represents 10 common shares.

On November 17, 2022, our Board of Directors decided to establish the terms and conditions for the acquisition of the common shares issued by the Company (the “2022 Plan II”), under the terms of Section 64 of the CML and the rules of the CNV, for a maximum amount of the investment up to ARS 4,000 million. Such repurchases were made with realized and liquid earnings pending of distribution of the Company and/or freely available reserves and/or facultative reserves.

As of January 17, 2024, we finalized the 2022 Plan II having repurchased a total of 13,474,104 common shares for the 2022 Plan II, representing approximately 99.94% of the approved program and 2.3% of the share capital.

Period	Total Number of Common Shares Purchased(1)		Average Price Paid per Share		Total Number of ADS’s Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of the Publicly Announced Plan (2)		Maximum amount that may yet be purchased under the plan
			(ARS)				(USD)				(In million of ARS)
11/17/2022 – 11/30/2022		862,151		182.53		—		—		862,151		3,842.6
12/01/2022 – 12/31/2022		2,554,578		195.86		—		—		2,554,578		3,342.3
01/01/2023 – 01/31/2023		2,408,630		254.61		—		—		2,408,630		2,729.0
01/02/2023 – 02/28/2023		1,988,045		262.85		—		—		1,988,045		2,206.5
01/03/2023 – 03/31/2023		4,857,108		277.30		—		—		4,857,108		859.6
01/01/2024 – 01/17/2024		803,592		1,066.88		—		—		803,592		2.3
Total		13,474,104		296.70		—		—		13,474,104

___________________

(1)	As of the settlement date of transaction.
(2)	Correspond to the sum of common shares and ADS’s purchased. Each ADS represents 10 common shares.

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In April 2023, our Board of Directors, in accordance with the resolutions of the Shareholders’ Meeting dated April 27, 2023, decided the distribution among the shareholders, on a pro rata basis, of 12,670,512 common shares repurchased.

In addition, our Board of Directors, in accordance with the resolutions of the Shareholders’ Meeting dated October 5, 2023, decided the distribution among the shareholders, on a pro rata basis, of 5,791,355 common shares repurchased.

As of June 30, 2024, we own our shares in an amount equal to 0.3% of our capital stock, and as of October 21, 2024 we own our shares in an amount equal to 0.3% of our capital stock.

F. Change In Registrant’s Certifying Accountant

This section is not applicable.

G. Corporate Governance

Compliance with NASDAQ listing standards on corporate governance

Significant differences between our corporate governance practices and U.S. companies’ practices under NASDAQ Rules:

Our corporate governance practices are governed by the applicable Argentine law; particularly, the Argentine Corporations Law, the CML and the rules of the CNV, as well as by our by-laws.

We have securities that are registered with the SEC and are listed on the NASDAQ, and are therefore subject to corporate governance requirements applicable to NASDAQ-listed non-US companies (a “NASDAQ-listed” company).

Pursuant to NASDAQ Rule 5615(a)(3), NASDAQ -listed non-U.S. companies that are categorized as “Foreign Private Issuers” may follow home country corporate governance practices in lieu of certain of the corporate governance requirements provided in NASDAQ Rules, provided that the foreign private issuer complies with certain mandatory sections of NASDAQ Rules, discloses each requirement that it does not follow and describes the home country practice followed in lieu of such requirement. The requirements of the NASDAQ Rules and the Argentine corporate governance practices that we follow in lieu thereof are described below:

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NASDAQ Standards for U.S. companies		Cresud’s Corporate Practices
Rule 5250(d) - Distribution of Annual and Interim Reports.		In lieu of the requirements of Rule 5250(d), we follow Argentine law, which requires that companies issue publicly a Spanish language annual report, including annual Audited Consolidated Financial Statements prepared in accordance with generally accepted accounting principles in Argentina, by filing such annual report with the CNV and the stock exchange in which the securities are listed, within 70 calendar days following the close of our fiscal year. Interim reports must be filed with the CNV and the stock exchange in which the securities are listed within 42 calendar days following the close of each fiscal quarter. We provide our shareholders a copy of the annual and interim financial reports upon request. English language translations of our annual reports and interim reports are filed with the SEC on Form 20-F and Form 6-K, respectively. We also send the English language translation of our annual report and quarterly press releases on its website. Furthermore, under the terms of the Deposit Agreement, dated as of March 18, 1997, among us, The Bank of New York Mellon, as depositary, and owners of ADSs issued thereunder, we are required to furnish The Bank of New York Mellon with, among other things, English language translations of their annual reports. Annual reports are available for inspection by ADR holders at the offices of The Bank of New York located at, 240 Greenwich Street, New York, NY 10286, New York, New York. Finally, Argentine law requires that 20 calendar days before the date of a shareholders’ meeting, the board of directors must provide to our shareholders, at our executive office or through electronic means, all information relevant to the shareholders’ meeting, including copies of any documents to be considered by the shareholders (which includes the annual report).
Rule 5605(b)(1) - Majority of Independent Directors.		In lieu of the requirements of Rule 5605(b)(1), we follow Argentine law which does not require that a majority of the board of directors be comprised of independent directors. Argentine law instead requires that public companies in Argentina, such as, us must have a sufficient number of independent directors to be able to form an audit committee of at least three members, the majority of which must be independent pursuant to the criteria established by the CNV.
Rule 5605(b)(2) - Executive Sessions of the Board of Directors.		In lieu of the requirements of Rule 5605(b)(2), we follow Argentine law which does not require independent directors to hold regularly scheduled meetings at which only such independent directors are present (i.e., executive sessions). Our board of directors as a whole is responsible for monitoring our affairs. In addition, under Argentine law, the board of directors may approve the delegation of specific responsibilities to designated directors or non-director managers of the Company. Also, it is mandatory for public companies to form a supervisory committee (composed of “syndics”) which is responsible for monitoring our legal compliance under Argentine law and compliance with our by-laws. Finally, our audit committee has regularly scheduled meetings and, as such, such meetings will serve a substantially similar purpose as executive sessions.
Rule 5605(d)(B) - Compensation of Officers.		In lieu of the requirements of Rule 5605(d)(B), we follow Argentine law which does not require companies to form a compensation committee comprised solely of independent directors. For the determination of the compensation of the chief executive officer and all other executive officers no decision of a majority of independent directors or a compensation committee comprised solely of independent directors is required under Argentine law. Under Argentine law, the board of directors is the corporate body responsible for determining the compensation of the chief executive officer and all other executive officers, so long as they are not directors. In addition, under Argentine law, the audit committee shall give its opinion about the reasonableness of management’s proposals on fees and option plans for our directors or managers.
Rule 5605(e) - Nomination of Directors.		In lieu of the requirements of Rule 5605(e), we follow Argentine law which requires that directors be nominated directly by the shareholders at the shareholders’ meeting and that they be selected and recommended by the shareholders themselves. Under Argentine law, it is the responsibility of the ordinary shareholders’ meeting to appoint and remove directors and to set their compensation.

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NASDAQ Standards for U.S. companies		Cresud’s Corporate Practices
Rule 5605(c)(1) - Audit Committee Charter.		In lieu of the requirements of Rule 5605(c)(1), we follow Argentine law which requires that audit committees have a charter but does not require that companies certify as to the adoption of the charter nor does it require an annual review and assessment thereof. Argentine law instead requires that companies prepare a proposed plan or course of action with respect to those matters which are the responsibility of our audit committee. Such plan or course of action could, at the discretion of our audit committee, include a review and assessment of the audit committee charter. We believe that we are in compliance with the requirements for audit committee charters provided for in the Sarbanes Oxley Act.
Rule 5605(c)(2) - Audit Committee Composition.		Argentine law does not require that companies have an audit committee comprised solely of independent directors and it is equally not customary business practice in Argentina to have such a committee. Argentine law instead requires that companies establish an audit committee with at least three members comprised of a majority of independent directors as defined by Argentine law. Nonetheless, although not required by Argentine law, we have a three member audit committee comprised of entirely independent directors in accordance with Rule 10(A)-3(b)(1) of the General rules and regulations promulgated under the Securities Exchange Act of 1934, as independence is defined in Rule 10(A)-3(b)(1). Further, Argentine law does not require companies to identify or designate a financial expert. As such, Although all the members of the audit committee have large corporate experience, as of the date of this Annual Report, the Board of Directors have not named designated a financial expert in accordance with the relevant SEC rules on the audit committee. Although it is noted that all members of the audit committee have had significant corporate experience. In addition, we have a supervisory committee (“comisión fiscalizadora”) composed of three ‘syndics’ which are in charge of monitoring the legality, under Argentine law, of the actions of our board of directors and the conformity of such actions with our by-laws.
Rule 5620(c) - Quorum.		In lieu of the requirements of Rule 4350(f), we follow Argentine law and our bylaws, which distinguish between ordinary meetings and extraordinary meetings and both of them can be celebrated using teleconference technology, as long as the regulations related to accreditation, registration and quorum are complied with and the simultaneity of the shareholders and immediately of the process of verbal communication and issuance of votes is guaranteed. The supervisory committee shall state the regularity of the resolutions adopted. The board of directors shall establish the rules and technical matters related to remote participation pursuant to the current rules and in conformity with the Argentine Exchange Commission regulations. Shareholders physically present at the time and those using teleconference technologies will be taken into consideration for the quorum. In connection with ordinary meetings, a quorum consists of a majority of stocks entitled to vote. If no quorum is present at the first meeting, a second meeting may be called, in which the shareholders present or communicated through teleconference technologies, regardless of their number, constitute a quorum. Resolutions may be adopted by an absolute majority of the votes present or communicated through teleconference technologies. Argentine law, and our bylaws, requires in connection with extraordinary meetings, that a quorum consist of 60% of the stock entitled to vote. However, if such quorum is not present at the first meeting, our bylaws provide that a second meeting may be called and maybe held with the number of shareholders present or communicated through teleconference technologies. In both ordinary and extraordinary meetings, decisions are adopted by an absolute majority of votes present at the meeting or communicated through teleconference technologies, except for certain fundamental matters (such as mergers and spin-offs (when we are not the surviving entity and the surviving entity is not listed on any stock exchange), anticipated liquidation, change in its domicile outside of Argentina, total or partial recapitalization of its statutory capital following a loss, any transformation in our corporate legal form or a substantial change in our corporate purpose, or the issue of bonds) which require an approval by vote of the majority of all the stock entitled to vote (all stock being entitled to only one vote).

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NASDAQ Standards for U.S. companies

Cresud’s Corporate Practices

Rule 5620(b) -- Solicitation of Proxies.

In lieu of the requirements of Rule 5620(b), we follow Argentine law which requires that notices of shareholders’ meetings be published, for five consecutive days, in the Official Gazette and in a widely published newspaper in Argentina no earlier than 45 calendar days prior to the meeting and at least 20 calendar days prior to such meeting. In order to attend a meeting and be listed on the meeting registry, shareholders are required to submit evidence of their book-entry share account held at Caja de Valores up to three business days prior to the scheduled meeting date. If entitled to attend the meeting, a shareholder may be represented by proxy (properly executed and delivered with a certified signature) granted to any other person, with the exception of a director, syndic, member of the Supervisory Committee, manager or employee of the issuer, which are prohibited by Argentine law from acting as proxies. In addition, our ADS holders receive, prior to the shareholders’ meeting, a notice listing the matters on the agenda, a copy of the annual report and a voting card.

Rule 5630(s) -- Conflicts of Interest

In lieu of the requirements of Rule 5630(a), we follow Argentine law which requires that related party transactions be approved by the audit committee when the transaction exceeds one percent (1%) of the corporation’s net worth, measured pursuant to the last audited balance sheet. Directors can contract with the corporation only on an arm’s length basis. If the contract is not in accordance with prevailing market terms, such transaction must be pre-approved by the board of directors (excluding the interested director). In addition, under Argentine law, a shareholder is required to abstain from voting on a business transaction in which its interests may be in conflict with the interests of the company. In the event such shareholder votes on such business transaction and such business transaction would not have been approved without such shareholder’s vote, such shareholder may be liable to the company for damages and the resolution may be declared void.

H. Mine Safety Disclosures

This section is not applicable.

I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

This section is not applicable.

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J. Insider Trading Policies

Our code of ethics contains insider trading policies and procedures governing the purchase, sale, and other dispositions of our securities by directors, senior management and other employees that are reasonably designed to promote compliance with applicable insider trading laws, rules, and regulations, and any listing standards applicable to us, such as periods of prohibition for the purchase or sale of equity securities or their options, and procedures to reduce the risk of insider trading. Our code of ethics is attached as Exhibit 11.1 to this Annual Report.

K. Cybersecurity

Governance

Cybersecurity is one of our strategic priorities. Our information security team defines the strategy, policies, practices, procedures, and organizational structure which we use to identify, analyze, evaluate, measure, mitigate, and monitor cybersecurity risks. We work together with various teams of our organization to conduct continuous analysis of potential failures, and vulnerabilities or risks that may affect our processes and assets.

We believe that information security and critical data governance are important to us. As a result, we have an information security management team led by our Information Security Manager, who has over 20 years of experience in the cybersecurity sector. He has deep knowledge in telecommunications, security awareness, access control, and technological risks. He has participated in information security training programs such as CISM (Certified Information Security Manager) and CISSP (Certified Information Systems Security Professional) and is responsible for evaluating and managing cybersecurity risks. Our information security management team is independent of our IT management and is integrated into our compliance management. This information security management has an individual annual budget, and a strategy which is based on two principles: (i) the continuous review and improvement of our information security model; and (ii) a cybersecurity framework based on the National Institute of Standards and Technology (NIST).

This strategy allows us to identify, protect, detect, respond to, and recover our systems and data from potential threats, and it is under constant evaluation. This strategy also ensures the proper integration of security into business processes, minimizing risks and impacts that could materially affect us or our subsidiaries.

Within this corporate governance model, there are preventive controls and processes that allow us to supervise and monitor our corporate information security strategy and carry out investments and initiatives that enable us to achieve our business objectives.

Cybersecurity

In response to the evolving cyber threats, we have undertaken several projects to improve our security systems. During 2023 and 2024, we carried out actions that allowed us to enhance the maturity level of our control systems based on internationally recognized cybersecurity best practices. Additionally, we identified residual risks, deepened cybersecurity awareness among our employees, implemented security measures on our employees’ user accounts, and established mechanisms for users to report cybersecurity incidents. These actions have enabled better incident management, increased protection against threats, and built an adequate cybersecurity environment for the organization.

In response to the evolution of cyber threats, we have external advisors with over 24 years of experience in the cybersecurity field who provide us with vulnerability assessment services, customized training, and protection recommendations against cyber threats. Additionally, we work with business partners who provide us with advanced tools for early threat detection, allowing us to identify potential cybersecurity risks.

Our main Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems have the levels of protection and contingency recovery that allow us to be prepared for the constant evolution of cyberattacks. During 2023 and 2024, we have carried out the following actions: (i) we conducted a risk analysis that allows us to identify residual risks to be treated or accepted; (ii) we deepened cybersecurity training for our employees with the aim of distributing simulations, tips, best practices, and knowledge about cybersecurity threats; (iii) we implemented the use of two-factor authentication on our employees’ user accounts to minimize the risk of identity theft and information theft; (iv) we established mechanisms for employees to report cybersecurity incidents for identification, management, containment, and analysis by the incident response team. These actions deepen our commitment to cybersecurity management, increase protection against threats, and build an adequate environment for the organization.

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In recent years, the average number of cybersecurity incidents has increased significantly worldwide. Therefore, we focus on using advanced threat detection and blocking tools that allow us to prevent the most frequent cyberattacks, which are related to ransomware (hacking of virtual files), malware, spam, phishing, and executive impersonation (BEC - Business Email Compromise), among others.

Our Information Security Manager provides quarterly reports on cybersecurity to our Audit Committee, which assumes the responsibility for the strategy and oversight of cybersecurity issues. This allows involving senior management, providing knowledge of the status of each action taken, and adjusting the strategy based on the needs and direction of the business.

We have a cybersecurity incident response process to report to our Executive Committee, Audit Committee, and the SEC information about cybersecurity incidents that have had a significant impact on the Company. Our Information Security Manager is responsible for managing and resolving cybersecurity incidents that affect the Company. His main responsibilities include supervising the security detection and alert system, notifying relevant parties about detected incidents, conducting initial assessments of incidents, isolating compromised systems, coordinating recovery efforts with our IT management, investigating cybersecurity incidents, managing internal communication about incidents, and reviewing the effectiveness of implemented corrective and preventive measures.

We also have a Crisis Committee whose responsibilities include managing unforeseen situations that can negatively affect the Company’s operations and assets, coordinating a quick and effective response to a cybersecurity crisis, managing internal and external communication during the crisis, making critical real-time decisions, constantly evaluating the impact of the situation, adjusting decisions, and ensuring compliance with applicable laws and regulations.

Also, our Compliance Manager is responsible for ensuring that the Company complies with all laws, regulations, and standards related to the management of cybersecurity incidents applicable to it, cooperating with regulatory entities, promoting the review and updating of policies and procedures, acting as a spokesperson for the Executive Committee, and keeping the Executive Committee and the Audit Committee informed about the status of the Company’s regulatory and legal compliance.

Additionally, our legal management receives reports on cybersecurity incidents, cooperates in determining the materiality of such incidents, evaluates the severity and scope of such incidents from a legal perspective, reviews contracts with suppliers, evaluates the possibility of potential litigation, and provides legal guidance to the Executive Committee. Similarly, our fraud prevention management participates in the analysis of cybersecurity incidents to identify possible fraudulent activity, collects evidence for legal purposes, monitors suspicious transactions, and cooperates in reporting incidents.

Also, as part of our processes in contracts with suppliers, our company establishes specific contractual provisions to ensure that these partners comply with adequate data protection standards and security measures.

In 2023 and 2024, we have not recorded any significant Information Security events that have materially affected or are reasonably likely to materially affect us, our business strategy, results of operations, or financial condition. We are aware of the constant cybersecurity risks and continue to implement protective measures that allow us to minimize potential negative impacts on our business. However, these protective measures may be insufficient to fully protect against cybersecurity risks. For more information about these risks, see “Item 3. Key Information — D. Risk Factors - Risks Relating to Our Business -Cybersecurity events could negatively affect our reputation, our financial condition and our results of operations.

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PART III

Item 17. Financial Statements

We have responded to Item 18 in lieu of responding to this Item.

Item 18. Financial Statements

Reference is made to pages F-1 through F-109

Index to Financial Statements (see page F-1).

Item 19. Exhibits

Exhibit No.		Description of Exhibit
1.1⁽²⁰⁾		Amended and reinstated By-laws “Estatutos” of the registrant, which serve as the registrant’s articles of incorporation and by-laws, and an English translation thereof.
2.6⁽¹⁵⁾		Warrant Agent Agreement dated as of February 24, 2021, between Cresud S.A.C.I.F. y A. y Representaciones Sociedad Anónima, and Computershare, Inc. and Computershare Trust Company N.A., collectively as warrant agent.
4.1⁽¹⁾		Consulting Agreement among Cresud S.A.C.I.F. y A. and Dolphin Fund Management S.A. dated October 25, 1994.
4.1.1⁽¹²⁾		(English Summary) Amendment to the Consulting Agreement by and among Cresud and Consultores Asset Management S.A., dated September 8, 2017.
4.2⁽²⁾		Agreement for the exchange of Corporate Service between we, IRSA and IRSA CP, dated June 30, 2004.
4.3⁽⁴⁾		English translation of the Amendment to the Agreement for the exchange of Corporate Service among, IRSA and IRSA CP and us, dated August 23, 2007.
4.4⁽⁵⁾		English translation of the Third Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement, dated November 27, 2009.
4.5⁽⁶⁾		Amendment to the Agreement for the exchange of Corporate Service between we, IRSA and IRSA CP, dated March 12, 2010.
4.6⁽⁷⁾		English translation of the Forth Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement, dated July 11, 2011.
4.7⁽⁸⁾		English translation of the Fifth Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement, dated October 15, 2012.
4.8⁽⁹⁾		English translation of the Sixth Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated November 12, 2013.
4.9⁽⁹⁾		English translation of the Second Amendment to the Exchange of Operating Services Agreement between the Company, Cresud and IRSA CP dated February 24, 2014.
4.10⁽¹⁰⁾		English translation of the Seventh Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated February 18, 2015.
4.11⁽¹¹⁾		English translation of the Eighth Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated November 12, 2015.
4.12⁽¹²⁾		English translation of the Ninth Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated May 5, 2017
4.13⁽¹³⁾		English translation of the Tenth Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated June 29, 2018.
4.14⁽¹⁶⁾		English translation of the Eleventh Agreement for the Implementation of the Amendment to the Corporate Services Master Agreement dated June 28, 2019.
4.15⁽¹⁷⁾		English translation of the Twelfth Agreement for the Implementation of the Amendment to the Agreement for the Exchange of Corporate Services between us, IRSA and IRSA CP, dated June 30, 2020.

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Exhibit No.		Description of Exhibit
4.16⁽¹⁸⁾		English translation of the Thirteenth Agreement for the Implementation of the Amendment to the Agreement for the Exchange of Corporate Services between us, IRSA and IRSA CP, dated June 30, 2021.
4.17⁽¹⁹⁾		English translation of the Fourteenth Agreement for the Implementation of the Amendment to the Agreement for the Exchange of Corporate Services between IRSA and Cresud, dated July 12, 2022.
4.18⁽²⁰⁾		English translation of the Fifteenth Agreement for the Implementation of the Amendment to the Agreement for the Exchange of Corporate Services between IRSA and Cresud, dated July 14, 2023.
4.19		English translation of the Sixteenth Agreement for the Implementation of the Amendment to the Agreement for the Exchange of Corporate Services between IRSA and CRESUD, dated August 20, 2024.
8.1		List of Subsidiaries.
11.1⁽³⁾		Code of Ethics.
12.1		Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Chief Executive Officer.
12.2		Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Chief Financial Officer.
13.1		Certification pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Chief Executive Officer.
13.2		Certification pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Chief Financial Officer.
97		Incentive Compensation Clawback Policy.
99.1		Summary of investment properties by type as of June 30, 2024 (in accordance with Regulation S-X 12-28 (1)).

__________________________

(1)	Incorporated herein by reference to the exhibit to the registrant’s registration statement on Form F-1 (File No. 333-06548) filed with the SEC on March 3, 1997.
(2)	Incorporated herein by reference to the report statement on Form 6-K (File No. 333-06548) filed with the SEC on July 1, 2004.
(3)	Incorporated herein by reference to the registrant’s report on Form 6-K (File No. 333-06548) filed with the SEC on August 1, 2005.
(4)	Incorporated herein by reference to the annual report on Form 20-F (File No. 333-06548) filed with the SEC on December 27, 2007.
(5)	Incorporated herein reference to the annual report on Form 20-F (File No. 001-29190) filed with the SEC on December 30, 2009.
(6)	Incorporated herein reference to the annual report on Form 20-F (File No. 001-29190) filed with the SEC on December 30, 2010.
(7)	Incorporated herein reference to the annual report on Form 20-F (File No. 001-29190) filed with the SEC on December 28, 2011.
(8)	Incorporated herein reference to the annual report on Form 20-F (File No. 001-29190) filed with the SEC on October 30, 2012.
(9)	Incorporated herein reference to the annual report on Form 20-F (File No. 001-29190) filed with the SEC on October 31, 2014.
(10)	Incorporated herein reference to the annual report on Form 20-F (File No. 001-29190) filed with the SEC on November 17, 2015.
(11)	Incorporated herein by reference to the annual report on Form 20-F (File No. 001-29190) filed with the SEC on November 1, 2016.
(12)	Incorporated herein by reference to the annual report on Form 20-F (File No. 001-29190) filed with the SEC on October 31, 2017.
(13)	Incorporated herein by reference to the annual report on Form 20-F (File No. 001-29190) filed with the SEC on October 31, 2018.
(14)	Incorporated herein by reference to the annual report on Form 20-F (File No. 001-29190) filed with the SEC on October 31, 2019.
(15)	Incorporated by reference to the registrant’s registration statement on Form 8-A filed on June 22, 2021.
(16)	Incorporated herein by reference to the Annual Report on Form 20-F (File No. 001-29190) filed with the SEC on October 31, 2019.
(17)	Incorporated herein by reference to the Annual Report on Form 20-F (File No. 001-29190) filed with the SEC on November 16, 2020.
(18)	Incorporated herein by reference to the Annual Report on Form 20-F (File No. 001-29190) filed with the SEC on November 1, 2021.
(19)	Incorporated herein by reference to the Annual Report on Form 20-F (File No. 001-29190) filed with the SEC on October 28, 2022.
(20)	Incorporated herein by reference to the Annual Report on Form 20-F (File No. 001-29190) filed with the SEC on October 20, 2023.

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SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

	Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria

Date: October 22, 2024	By:	/s/ Matias I. Gavirionsky
		Name: Matias I. Gavirionsky
		Title: Chief Financial and Administrative Officer

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INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS

Glossary of terms	F-5
Consolidated Statement of Financial Position	F-6
Consolidated Statement of Income and Other Comprehensive Income	F-7
Consolidated Statement of Changes in Shareholders' Equity	F-8
Consolidated Statement of Cash Flows	F-11
Notes to the Consolidated Financial Statements:
Note 1 - The Group's business and general information	F-12
Note 2 - Summary of significant accounting policies	F-13
Note 3 - Significant judgments, key assumptions and estimates	F-35
Note 4 - Acquisitions and disposals	F-36
Note 5 - Financial risk management and fair value estimates	F-38
Note 6 - Segment information	F-46
Note 7 - Information about the main subsidiaries	F-54
Note 8 - Investments in associates and joint ventures	F-56
Note 9 - Investment properties	F-59
Note 10 - Property, plant and equipment	F-64
Note 11 - Trading properties	F-64
Note 12 - Intangible assets	F-65
Note 13 - Right-of-use assets and lease liabilities	F-65
Note 14 - Biological assets	F-67
Note 15 - Inventories	F-69
Note 16 - Financial instruments by category	F-69
Note 17 - Trade and other receivables	F-72
Note 18 – Cash flow information	F-74
Note 19 - Shareholders’ Equity	F-75
Note 20 - Trade and other payables	F-78
Note 21 – Provisions	F-78
Note 22 - Borrowings	F-79
Note 23 - Income tax	F-82
Note 24 – Leases	F-87
Note 25 – Revenues	F-88
Note 26 – Costs	F-88
Note 27 - Expenses by nature	F-89
Note 28 - Other operating results, net	F-90
Note 29 - Financial results, net	F-90
Note 30 - Earnings per share	F-90
Note 31 - Employee benefits and share-based payments	F-91
Note 32 - Related party transactions	F-92
Note 33 - Cost of sales and services provided	F-98
Note 34 - Foreign currency assets and liabilities	F-99
Note 35 - CNV General Resolution N° 622	F-100
Note 36 - Relevant events of the year	F-100
Note 37 - Subsequent events	F-108

F-1

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated statements of financial position of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria and its subsidiaries (the “Company”) as of June 30, 2024 and2023, and the related consolidated statements of income and other comprehensive income, changes in shareholders’ equity and cash flows for each of the three years in the period ended June 30, 2024, including the related notes and the summary of investment properties by type as of June 30, 2024 listed in the index appearing under Item 19 (Exhibit No 99.1) (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of June 30, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 30, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2024 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting appearing under Item 15. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

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Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Level 3 Investment Properties Valued Using Discounted Cash Flows

As described in Note 9 to the consolidated financial statements, the Company used a discounted cash flow model to value its Level 3 investment properties, which account for approximately 37,8% of the Company’s AR$ 1,750,304 million in investment properties at June 30, 2024. These properties are valued using assumptions that management believes a hypothetical market participant would use to determine a current transaction price. The significant assumptions used by management to value these investment properties included determining Weighted Average Cost of Capital “(WACC)” discount rates and future projected income based on estimates of macroeconomic variables such as inflation, exchange rates and gross domestic product. These valuation techniques require management to make estimates and judgments regarding the future behavior of multiple interrelated variables and changes in these assumptions could have a significant impact on the determination of the fair value of these properties.

F-3

Table of Contents

The principal consideration for our determination that performing procedures relating to the Level 3 investment properties valued using a discounted cash flows method is a critical audit matter is the significant judgment by management to determine the fair value of these properties due to the use of a valuation model that included significant assumptions related to the determination WACC discount rates and future projected income based on estimates of macroeconomic variables such as inflation, exchange rates and gross domestic product; this in turn led to a high degree of auditor subjectivity and judgment to evaluate the audit evidence obtained related to the valuation, and this audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of Level 3 investment properties valued using a discounted cash flows method, including controls over the Company’s methods, significant assumptions used and data. These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in developing an independent range of values for all significant assumptions and comparison of management’s estimate to the independently developed ranges. Developing the independent estimate involved testing the completeness and accuracy of data provided by management and evaluating management’s assumptions related to future behavior of certain macroeconomic variables, such as inflation, exchange rates and gross domestic product, and independently developing the WACC discount rate assumption.

/s/ PRICE WATERHOUSE & Co. S.R.L

(Partner)

/s/ Carlos Javier Brondo

Buenos Aires, Argentina

October 22, 2024

We have served as the Company’s auditor since 1995.

F-4

Table of Contents

Glossary of terms

The following are not technical definitions, but help the reader to understand certain terms used in the wording of the notes to the Group´s Consolidated Financial Statements.

Terms		Definitions
BACS		Banco de Crédito y Securitización S.A.
BASE		Buenos Aires Stock Exchange
BCRA		Central Bank of the Argentine Republic
BHSA		Banco Hipotecario S.A.
Brasilagro		Brasilagro-Companhia Brasileira de Propriedades Agrícolas
BYMA		Buenos Aires Stock Exchange
CAMSA		Consultores Assets Management S.A.
CNV		National Securities Commission
CODM		Chief Operating Decision Maker
Condor		Condor Hospitality Trust Inc.
CPCCN		Civil and Commercial Procedural Code of Argentina
CPI		Consumer Price Index
Cresud, “the Company”, “us”		Cresud S.A.C.I.F. y A.
DFL		Dolphin Fund Ltd.
DN BV .		Dolphin Netherlands B.V
Dolphin		Dolphin Fund Ltd. and Dolphin Netherlands B.V.
EHSA		Entertainment Holdings S.A.
ECLASA		E-Commerce Latina S.A.
GCBA		Autonomous City of Buenos Aires Government
GCDI		GCDI S.A. (Former TGLT S.A.)
IAS		International Accounting Standards
IDBD		IDB Development Corporation Ltd.
IFISA		Inversiones Financieras del Sur S.A.
IFRS		International Financial Reporting Standards
IRSA		IRSA Inversiones y Representaciones S.A.
IRSA CP		IRSA Propiedades Comerciales S.A.
LipStick		LipStick Management LLC
NASDAQ		National Association of Securities Dealers Automated Quotation
New LipStick		New LipStick LLC
NFSA		Nuevas Fronteras S.A.
NIS		New Israeli Shekel
NYSE		New York Stock Exchange
Puerto Retiro		Puerto Retiro S.A.
Quality		Quality Invest S.A.
USA		United States of America
UVA		Units of purchasing power

F-5

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Consolidated Statement of Financial Position

as of June 30, 2024 and 2023

(All amounts in millions of Argentine Pesos, except otherwise indicated)

	Note		06.30.2024		06.30.2023
ASSETS
Non-current assets
Investment properties		9		1,750,304		2,178,340
Property, plant and equipment		10		510,482		540,773
Trading properties		11		19,533		22,422
Intangible assets		12		72,483		37,031
Group of assets held for sale				2,596		-
Right-of-use assets		13		79,985		69,622
Biological assets		14		28,025		34,570
Investment in associates and joint ventures		8		137,602		147,424
Deferred income tax assets		23		9,753		5,306
Income tax credit				14		82
Restricted assets		16		2,720		4,466
Trade and other receivables		17		141,683		125,244
Investment in financial assets		16		10,305		7,671
Derivative financial instruments		16		1,226		1,455
Total non-current assets				2,766,711		3,174,406
Current assets
Trading properties		11		411		535
Biological assets		14		58,285		69,454
Inventories		15		116,280		104,831
Income tax credit				2,299		4,250
Trade and other receivables		17		261,663		289,127
Investment in financial assets		16		146,103		162,808
Derivative financial instruments		16		6,724		22,893
Cash and cash equivalents		16		114,635		144,660
Total current assets				706,400		798,558
TOTAL ASSETS				3,473,111		3,972,964
SHAREHOLDERS’ EQUITY
Shareholders' equity (according to corresponding statement)				696,243		778,999
Non-controlling interest				867,667		1,015,578
TOTAL SHAREHOLDERS' EQUITY				1,563,910		1,794,577
LIABILITIES
Non-current liabilities
Trade and other payables		20		50,585		45,532
Borrowings		22		475,591		592,035
Deferred income tax liabilities		23		638,166		724,553
Provisions		21		21,581		24,020
Payroll and social security liabilities				1,338		1,259
Lease liabilities		13		61,242		66,263
Derivative financial instruments		16		3,093		172
Total non-current liabilities				1,251,596		1,453,834
Current liabilities
Trade and other payables		20		248,494		282,108
Borrowings		22		346,944		381,566
Provisions		21		4,593		3,217
Payroll and social security liabilities				20,186		25,241
Income tax liabilities				6,701		6,138
Lease liabilities		13		18,536		21,653
Derivative financial instruments		16		12,151		4,630
Total Current liabilities				657,605		724,553
TOTAL LIABILITIES				1,909,201		2,178,387
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES				3,473,111		3,972,964

The accompanying notes are an integral part of these Consolidated Financial Statements.

Eduardo S. Elsztain

President

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Consolidated Statement of Income and Other Comprehensive Income

for the fiscal years ended June 30, 2024, 2023 and 2022

(All amounts in millions of Argentine Pesos, except otherwise indicated)

	Note		06.30.2024			06.30.2023			06.30.2022
Revenues		25		711,373			707,412			767,704
Costs		26		(433,043	)		(428,380	)		(558,938	)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest				6,049			(4,809	)		147,339
Changes in the net realizable value of agricultural products after harvest				7,174			(9,431	)		(16,007	)
Gross profit				291,553			264,792			340,098
Net (loss) / gain from fair value adjustment of investment properties		9		(348,674	)		(191,996	)		132,817
Gain from disposal of farmlands				52,612			55,825			44,088
General and administrative expenses		27		(84,851	)		(103,206	)		(72,463	)
Selling expenses		27		(60,384	)		(50,364	)		(58,794	)
Other operating results, net		28		21,374			(33,118	)		(6,131	)
Management fees				(7,866	)		(17,683	)		(33,388	)
(Loss) / Profit from operations				(136,236	)		(75,750	)		346,227
Share of profit / (loss) of associates and joint ventures		8		32,953			5,869			(1,562	)
(Loss) / Profit before financial results and income tax				(103,283	)		(69,881	)		344,665
Finance income		29		65,328			8,169			10,472
Finance cost		29		(73,493	)		(88,095	)		(124,744	)
Other financial results		29		186,101			128,559			286,824
Inflation adjustment		29		(42,545	)		41,526			3,202
Financial results, net		29		135,391			90,159			175,754
Profit before income tax				32,108			20,278			520,419
Income tax		23		61,872			270,180			(15,833	)
Profit for the year				93,980			290,458			504,586

Other comprehensive (loss) / income:
*Items that may be reclassified subsequently to profit or loss:*
Currency translation adjustment and other comprehensive results from subsidiaries and associates (i)				(80,791	)		31,695			(173,495	)
Revaluation surplus				3,826			1,905			4,773
Total other comprehensive (loss) / income for the year				(76,965	)		33,600			(168,722	)
Total comprehensive income for the year				17,015			324,058			335,864
*Profit for the year attributable to:*
Equity holders of the parent				78,460			162,990			297,052
Non-controlling interest				15,520			127,468			207,534
*Total comprehensive income / (loss) attributable to:*
Equity holders of the parent				52,175			176,746			229,634
Non-controlling interest				(35,160	)		147,312			106,230
*Profit for the year per share attributable to equity holders of the parent (ii):*
Basic				132.44			270.75			487.77
Diluted				111.80			237.94			437.48

(i)	The components of other comprehensive income/ (loss) do not generate an impact on income tax.
(ii)	See note 30 to these Consolidated Financial Statements.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Eduardo S. Elsztain

President

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Consolidated Statement of Changes in Shareholders’ Equity

for the fiscal years ended June 30, 2024, 2023 and 2022

(All amounts in millions of Argentine Pesos, except otherwise indicated)

	Attributable to equity holders of the parent
	Share capital
	Outstanding shares			Treasury shares			Inflation adjustment of share capital and treasury shares (i)		Warrants (ii)			Share premium		Additional paid-in capital from treasury shares			Legal reserve		Other reserves (iii)			Retained earnings			Subtotal			Non-controlling interest			Total Shareholders' equity
Balance as of June 30, 2023		586			7			203,681		18,970			252,185		(14,237	)		19,500		167,348			130,959			778,999			1,015,578			1,794,577
Profit for the year		-			-			-		-			-		-			-		-			78,460			78,460			15,520			93,980
Other comprehensive loss for the year		-			-			-		-			-		-			-		(26,285	)		-			(26,285	)		(50,680	)		(76,965	)
Total comprehensive (loss) / income for the year		-			-			-		-			-		-			-		(26,285	)		78,460			52,175			(35,160	)		17,015
Assignment of results - Shareholders’ meeting		-			-			-		-			-		-			7,957		58,968			(66,925	)		-			-			-
Repurchase of treasury shares		(1	)		1			-		-			-		-			-		(1,280	)		-			(1,280	)		(11,912	)		(13,192	)
Reserve for share - based payments		-			-			-		-			-		(558	)		-		212			-			(346	)		(541	)		(887	)
Dividends distribution		-			-			-		-			-		-			-		(31,373	)		(92,222	)		(123,595	)		(145,405	)		(269,000	)
Exercise of warrants (ii)		3			-			36		(493	)		16,154		-			-		-			-			15,700			728			16,428
Issuance of shares		6			(6	)		-		-			-		(7,558	)		-		7,558			-			-			-			-
Changes in non-controlling interest		-			-			-		-			-		-			-		(26,015	)		-			(26,015	)		40,533			14,518
Other changes in shareholders' equity		-			-			-		-			-		-			-		5,078			(4,473	)		605			445			1,050
Capitalization of irrevocable contributions		-			-			-		-			-		-			-		-			-			-			96			96
Integration of irrevocable contributions		-			-			-		-			-		-			-		-			-			-			3,305			3,305
Balance as of June 30, 2024		594			2			203,717		18,477			268,339		(22,353	)		27,457		154,211			45,799			696,243			867,667			1,563,910

(i)	Includes ARS 20 of inflation adjustment of Treasury shares. See Note 19 to these Consolidated Financial Statements.
(ii)	As of June 30, 2024, the remaining warrants to exercise amount to 85,998,622. See Notes 19 and 36 to these Consolidated Financial Statements.
(iii)	Group’s other reserves for the year ended June 30, 2024 were as follows:

	Cost of treasury shares			Reserve for currency translation adjustment			Reserve for future dividends			Reserve for the acquisition of securities issued by the Company		Special reserve		Other reserves (i)			Total other reserves
Balance as of June 30, 2023		(9,617	)		22,104			-			1,962		127,174		25,725			167,348
Other comprehensive (loss) / income for the year		-			(29,475	)		-			-		-		3,190			(26,285	)
Total comprehensive (loss) / income for the year		-			(29,475	)		-			-		-		3,190			(26,285	)
Assignment of results - Shareholders’ meeting		-			-			58,968			-		-		-			58,968
Repurchase of treasury shares		(1,280	)		-			-			-		-		-			(1,280	)
Issuance of shares		7,558			-			-			-		-		-			7,558
Dividends distribution		-			-			(31,373	)		-		-		-			(31,373	)
Changes in non-controlling interest		-			-			-			-		-		(26,015	)		(26,015	)
Reserve for share-based payments		565			-			-			-		-		(353	)		212
Other changes in shareholders' equity		-			30			-			-		4,473		575			5,078
Balance as of June 30, 2024		(2,774	)		(7,341	)		27,595			1,962		131,647		3,122			154,211

(i)	Includes revaluation surplus.

The Company does not hold any preferred shares, therefore there are no unpaid dividends on such shares.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Eduardo S. Elsztain

President

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Consolidated Statement of Changes in Shareholders’ Equity

for the fiscal years ended June 30, 2024, 2023 and 2022

(All amounts in millions of Argentine Pesos, except otherwise indicated)

	Attributable to equity holders of the parent
	Share capital
	Outstanding shares			Treasury shares			Inflation adjustment of share capital and treasury shares (i)		Warrants			Share premium		Additional paid-in capital from treasury shares			Legal reserve		Other reserves (ii)			Retained earnings			Subtotal			Non-controlling interest			Total Shareholders' equity
Balance as of June 30, 2022		590			2			203,665		19,240			250,050		1,821			9,200		5,142			169,488			659,198			997,063			1,656,261
Profit for the year		-			-			-		-			-		-			-		-			162,990			162,990			127,468			290,458
Other comprehensive income for the year		-			-			-		-			-		-			-		13,756			-			13,756			19,844			33,600
Total comprehensive income for the year		-			-			-		-			-		-			-		13,756			162,990			176,746			147,312			324,058
Assignment of results - Shareholders’ meeting		-			-			-		-			-		-			10,300		170,863			(181,163	)		-			-			-
Issuance of shares		13			(13	)		-		-			-		(16,075	)		-		16,075			-			-			-			-
Repurchase of treasury shares		(18	)		18			-		-			-		-			-		(22,771	)		-			(22,771	)		(2,792	)		(25,563	)
Reserve for share-based payments		-			-			-		-			-		17			-		293			-			310			672			982
Exercise of warrants		1			-			16		(270	)		2,135		-			-		-			-			1,882			46			1,928
Changes in non-controlling interest		-			-			-		-			-		-			-		27,250			-			27,250			(29,664	)		(2,414	)
Dividends distribution		-			-			-		-			-		-			-		(43,689	)		(20,356	)		(64,045	)		(97,422	)		(161,467	)
Other changes in shareholders' equity		-			-			-		-			-		-			-		429			-			429			251			680
Capitalization of irrevocable contributions		-			-			-		-			-		-			-		-			-			-			6			6
Incorporation by business combination		-			-			-		-			-		-			-		-			-			-			106			106
Balance as of June 30, 2023		586			7			203,681		18,970			252,185		(14,237	)		19,500		167,348			130,959			778,999			1,015,578			1,794,577

(i)	Includes ARS 8 of inflation adjustment of Treasury shares. See Note 19 to these Consolidated Financial Statements.
(ii)	Group’s other reserves for the year ended June 30, 2023 were as follows:

	Cost of treasury shares			Reserve for currency translation adjustment		Reserve for the acquisition of securities issued by the Company		Special reserve			Other reserves (i)			Total other reserves
Balance as of June 30, 2022		(2,921	)		9,808		1,962		-			(3,707	)		5,142
Other comprehensive income for the year		-			11,719		-		-			2,037			13,756
Total comprehensive income for the year		-			11,719		-		-			2,037			13,756
Assignment of results - Shareholders’ meeting		-			-		-		170,863			-			170,863
Repurchase of treasury shares		(22,771	)		-		-		-			-			(22,771	)
Issuance of shares		16,075			-		-		-			-			16,075
Changes in non-controlling interest		-			-		-		-			27,250			27,250
Dividends distribution		-			-		-		(43,689	)		-			(43,689	)
Reserve for share-based payments		-			-		-		-			293			293
Other changes in shareholders' equity		-			577		-		-			(148	)		429
Balance as of June 30, 2023		(9,617	)		22,104		1,962		127,174			25,725			167,348

(i)	Includes revaluation surplus.

The Company does not hold any preferred shares, therefore there are no unpaid dividends on such shares.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Eduardo S. Elsztain

President

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Consolidated Statement of Changes in Shareholders’ Equity

for the fiscal years ended June 30, 2024, 2023 and 2022

(All amounts in millions of Argentine Pesos, except otherwise indicated)

	Attributable to equity holders of the parent
	Share capital
	Outstanding shares		Treasury shares		Inflation adjustment of share capital and treasury shares (i)		Warrants			Share premium		Additional paid-in capital from treasury shares		Legal reserve		Special reserve Resolution CNV 609/12			Other reserves (ii)			Accumulated deficit			Subtotal			Non-controlling interest			Total Shareholders' equity
Balance as of June 30, 2021		589		2		203,659		19,351			249,273		1,785		9,200		15,182			53,803			(126,693	)		426,151			964,658			1,390,809
Profit for the year		-		-		-		-			-		-		-		-			-			297,052			297,052			207,534			504,586
Other comprehensive loss for the year		-		-		-		-			-		-		-		-			(67,418	)		-			(67,418	)		(101,304	)		(168,722	)
Total comprehensive (loss) / income for the year		-		-		-		-			-		-		-		-			(67,418	)		297,052			229,634			106,230			335,864
Assignment of results - Shareholders’ meeting		-		-		-		-			-		-		-		(29,331	)		-			29,331			-			-			-
Exercise of warrants		1		-		6		(111	)		777		-		-		-			-			-			673			50			723
Repurchase of treasury shares		-		-		-		-			-		-		-		-			-			-			-			(1,198	)		(1,198	)
Reserve for share-based payments		-		-		-		-			-		36		-		-			116			-			152			407			559
Changes in non-controlling interest		-		-		-		-			-		-		-		-			16,109			-			16,109			(283	)		15,826
Dividend distribution		-		-		-		-			-		-		-		-			-			-			-			(69,481	)		(69,481	)
Other changes in shareholders' equity		-		-		-		-			-		-		-		14,149			2,532			(30,202	)		(13,521	)		(3,666	)		(17,187	)
Capitalization of irrevocable contributions		-		-		-		-			-		-		-		-			-			-			-			346			346
Balance as of June 30, 2022		590		2		203,665		19,240			250,050		1,821		9,200		-			5,142			169,488			659,198			997,063			1,656,261

(i)	Includes ARS 11 of inflation adjustment of Treasury shares.
(ii)	Group’s other reserves for the year ended June 30, 2022 were as follows:

	Cost of treasury shares			Reserve for currency translation adjustment			Reserve for the acquisition of securities issued by the Company		Other reserves (i)			Total other reserves
Balance as of June 30, 2021		(2,921	)		77,925			1,962		(23,163	)		53,803
Other comprehensive (loss) / income for the year		-			(70,857	)		-		3,439			(67,418	)
Total omprehensive (loss / income for the year		-			(70,857	)		-		3,439			(67,418	)
Reserve for share-based payments		-			-			-		116			116
Changes in non-controlling interest		-			-			-		16,109			16,109
Other changes in equity		-			2,740			-		(208	)		2,532
Balance as of June 30, 2022		(2,921	)		9,808			1,962		(3,707	)		5,142

(i)	Includes revaluation surplus.

The Company does not hold any preferred shares, therefore there are no unpaid dividends on such shares.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Eduardo S. Elsztain

President

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Consolidated Statement of Cash Flows

for the fiscal years ended June 30, 2024, 2023 and 2022

(All amounts in millions of Argentine Pesos, except otherwise indicated)

	Note		06.30.2024			06.30.2023			06.30.2022
Operating activities:
Net cash generated from operating activities before income tax paid		18		77,079			155,140			184,491
Income tax paid				(8,469	)		(21,486	)		(9,827	)
Net cash generated from operating activities				68,610			133,654			174,664
Investing activities:
Proceeds from the sale of participation in joint ventures				23,781			-			-
Capital contributions to associates and joint ventures				-			(89	)		(4,997	)
Proceeds from sales of intangible assets				-			-			48
Contributions to associates and joint ventures pending subscription				-			(167	)		(457	)
Acquisition and improvement of investment properties				(12,863	)		(21,935	)		(49,131	)
Proceeds from sales of investment properties				35,809			84,129			208,060
Acquisitions and improvements of property, plant and equipment				(78,382	)		(67,614	)		(32,215	)
Acquisition of intangible assets				(2,154	)		(1,371	)		(921	)
Proceeds from sales of property, plant and equipment				78,064			66,292			23,020
Dividends collected from associates and joint ventures				12,409			2,400			29,314
Proceeds from loans granted				1,662			2,021			3,630
Acquisitions of investments in financial assets				(553,671	)		(205,928	)		(217,746	)
Proceeds from disposal of investments in financial assets				566,015			194,173			144,882
Interest received from financial assets				19,503			445			719
Payments of derivative financial instruments				2,399			3,061			(936	)
Net cash generated from investing activities				92,572			55,417			103,270
Financing activities:
Borrowings, issuance and new placement of non-convertible notes				303,868			372,096			226,495
Payment of borrowings and non-convertible notes				(287,766	)		(409,481	)		(337,528	)
Obtaining of short term loans, net				32,549			15,541			18,573
Interest paid				(126,241	)		(127,316	)		(129,842	)
Capital contributions from non-controlling interest in subsidiaries				96			-			-
Lease liabilities paid				(2,737	)		(1,390	)		(8,393	)
Repurchase of treasury shares				(13,192	)		(25,563	)		(1,198	)
Dividends paid				(123,587	)		(162,952	)		(66,588	)
Exercise of warrants				16,428			1,928			673
Share capital increase in subsidiaries of non-controlling interest				-			-			346
Capital contributions received				-			-			985
Repurchase of non-convertible notes				(7,947	)		-			-
Net cash used in financing activities				(208,529	)		(337,137	)		(296,477	)
Net decrease in cash and cash equivalents				(47,347	)		(148,066	)		(18,543	)
Cash and cash equivalents at the beginning of the year		16		144,660			279,617			361,569
Foreign exchange gain on cash and unrealized fair value result for cash and cash equivalents				36,698			26,609			-
Inflation adjustment of cash and cash equivalents				(19,376	)		(13,500	)		(63,409	)
Cash and cash equivalents at the end of the year		16		114,635			144,660			279,617

The accompanying notes are an integral part of these Consolidated Financial Statements.

Eduardo S. Elsztain

President

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to Consolidated Financial Statements

(Amounts in millions, except otherwise indicated)

1. The Group’s business and general information

Cresud was founded in 1936 as a subsidiary of Credit Foncier, a Belgian company primarily engaged in providing rural and urban loans in Argentina and administering real estate holdings foreclosed by Credit Foncier. Credit Foncier was liquidated in 1959, and as part of such liquidation, the shares of Cresud were distributed to Credit Foncier’s shareholders. From the 1960s through the end of the 1970s, the business of Cresud shifted exclusively to agricultural activities.

In 2002, Cresud acquired a 19.85% interest in IRSA, a real estate company related to certain shareholders of Cresud. In 2009, Cresud increased its ownership percentage in IRSA to 55.64% and IRSA became Cresud’s direct principal subsidiary.

Cresud and its subsidiaries are collectively referred to hereinafter as the Group.

Main shareholders´ of the Company are jointly Inversiones Financieras del Sur S.A., Agroinvestment S.A and Consultores Venture Capital Uruguay S.A.. These entities are companies incorporated in Uruguay and belong to the same controlling group and the ultimate beneficiary is Eduardo S. Elsztain.

The Board of Directors has approved these Financial Statements for issuance on October 22, 2024.

As of June 30, 2024, the Group operates in two major lines of business: (i) agricultural business and (ii) urban properties and investments business.

Agricultural Business

Within the agricultural business, the Group, through Cresud, engaged in the operation of crop production, cattle feeding, raising, fattening and slaughtering, milk production, sugarcane production, brokerage activities and sale of supplies. The Group currently has agricultural operations and investments in Argentina, Brazil, Paraguay and Bolivia.

Cresud's shares are listed on the BYMA (BYMA: CRES) and the NASDAQ (NASDAQ: CRESY). The shares of our subsidiary Brasilagro are listed and traded on both the Novo Mercado del BOVESPA (SAO: AGRO3) and the NYSE (NYSE: LND).

Urban Properties and Investments Business

The activities of the urban properties and investments business are carried out mainly through IRSA. Through IRSA, the Group manages, develops and owns 14 shopping malls in Argentina, 5 office buildings, 3 hotels and an extensive land reserve for future mixed-use developments, and since 2009 it entered the real estate market of the US, mainly through the acquisition of non-controlling interests in office buildings and hotels. Indistinctly through IRSA, the Group also develops residential properties for sale. The Group uses the term “real estate” interchangeably in these consolidated financial statements to denote investment activities, development and/or sale of properties.

The activities of the “Others” segment of the Group are carried out mainly through BHSA, in which IRSA holds, directly and indirectly, a 29.89% stake (See note 8). BHSA is a commercial bank that offers a wide range of banking activities and related financial services to individuals, small, medium and large companies, including the granting of mortgage loans. BHSA's shares are listed on BYMA (Merval: BHIP).

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

2. Summary of significant accounting policies

2.1. Basis of preparation of the Consolidated Financial Statement

(a) Basis of preparation

The CNV, through General Resolutions No. 562/09 and 576/10, has established the application of Technical Resolutions No. 26 and 29 of the FACPCE, which adopt the IFRS Accounting Standards issued by the IASB, for entities included in the public offering regime, either by their capital or their negotiable obligations, or those that have requested authorization to be included in the aforementioned regime.

The application of these standards is mandatory for the Company, starting from the fiscal year beginning on July 1, 2012.

These Consolidated Financial Statements have been prepared in accordance with Technical Resolution No. 26 “Professional Accounting Standards: Adoption of the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB).” The financial statements have been prepared in accordance with the accounting policies based on the IFRS Accounting Standards as issued by IASB and the CNV rules applicable as of June 30, 2024.

Additionally, some additional matters required by the General Companies Law and/or CNV regulations were included, among them, the supplementary information provided in the last paragraph of article 1, chapter III, title IV, of CNV General Resolution No. 622/13. This information is included in notes to these financial statements, as permitted by IFRS Accounting Standards.

IAS 29 "Financial Reporting in Hyperinflationary Economies" requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting fiscal year, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the financial statements.

In order to conclude on whether an economy is categorized as hyper-inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that is approximate or exceeds 100%. Accumulated inflation in Argentina in the last three years is over 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018.

In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to financial statements, as to which the provisions of Section 62 of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the financial statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the CNV ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the financial statements in terms of the measuring unit current at the end of the reporting period set forth in IAS 29 in their annual, interim and special financial statements closed on or after December 31, 2018. Thus, these Consolidated Financial Statements have been reported in terms of the measuring unit current as of June 30, 2024 according to IAS 29.

Pursuant to IAS 29, the Financial Statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the date of the Financial Statements. All the amounts included in the Consolidated Statement of Financial Position which are not stated in terms of the measuring unit current as of the date of the Financial Statements should be restated applying the general price index. All items in the Consolidated Statement of Income and Other Comprehensive Income should be stated in terms of the measuring unit current as of the date of the Financial Statements, applying the changes in the general price index occurred from the date on which the revenues and expenses were originally recognized in the Financial Statements.

Adjustment for inflation in the initial balances has been calculated considering the indexes reported by the FACPCE based on the price indexes published by the Argentine Institute of Statistics and Census (INDEC).

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

The principal inflation adjustment procedures are the following:

	-	Monetary assets and liabilities that are already recorded at the measuring unit as of the balance sheet’s closing date are not restated because they are already stated in terms of the measuring unit current as of the date of the financial statements.
	-	Non-monetary assets, and liabilities and equity component are recorded at restated cost as of the balance sheet date.
	-	All items in the Consolidated Statement of Income and Other Comprehensive Income are restated applying the relevant conversion factors.
	-	The effect of inflation in the Group’s net monetary position is included in the Consolidated Statement of Income and Other Comprehensive Income under Financial results, net, in the item “Inflation adjustment”.
	-	Comparative figures have been adjusted for inflation following the procedure explained in the previous paragraphs.

Upon initially applying inflation adjustment, the equity accounts were restated as follows:

	-	Capital was restated as from the date of subscription or the date of the most recent inflation adjustment for accounting purposes, whichever is later. The resulting amount was included in the “Inflation adjustment of share capital and treasury shares” account.
	-	The currency translation was restated in real terms.
	-	Other comprehensive income/ (loss) was restated as from each accounting allocation.
	-	The other reserves were restated from the initial application.

In relation to the inflation index to be used and in accordance with the FACPCE Resolution No. 539/18, it will be determined based on the Wholesale Price Index (IPIM) until 2016, considering for the months of November and December 2015 the average variation of Consumer Price Index (CPI) of the Autonomous City of Buenos Aires, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) will be considered. The table below show the evolution of these indexes in the last two fiscal years and as of June 30, 2024 according to official statistics (INDEC) following the guidelines described in Resolution 539/18:

Price variation		June 30, 2022				June 30, 2023				June 30, 2024				Cumulative as of June 30,2024 (3 years)
Annual			64	%			116	%			272	%			1.213	%

As a consequence of the aforementioned, these financial statements as of June 30, 2024 were restated in accordance with IAS 29.

(b) Current and non-current classification

The Group presents current and non-current assets, and current and non-current liabilities, as separate classifications in its Consolidated Statement of Financial Position according to the operating cycle of each activity. Current assets and current liabilities include the assets and liabilities that are either realized or settled within 12 months from the end of the fiscal year.

All other assets and liabilities are classified as non-current. Current and deferred tax assets and liabilities (income tax liabilities) are presented separately from each other and from other assets and liabilities, classified as current and non-current, respectively.

(c) Presentation currency

The Consolidated Financial Statements are presented in millions of Argentine Pesos. Unless otherwise stated or the context otherwise requires, references to ‘Peso amounts’ or ‘ARS’, are millions of Argentine Pesos, references to ‘USD’ or ‘US Dollars’ are millions of US Dollars, and references to "NIS" are millions of New Israeli Shekel.

(d) Fiscal year-end

The fiscal year begins on July 1st and ends on June 30 of each year.

(e) Accounting criteria

See Notes 2.2 through 2.27 with the accounting policies of each item.

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

(f) Reporting cash flows

The Group reports operating activities cash flows using the indirect method. Interest paid is presented within financing activities. Interest received for financing of operating activities is presented within operating activities whereas the rest is presented within investing activities. The acquisitions and disposals of investment properties are disclosed within investing activities as this most appropriately reflects the Group’s business activities. Cash flows in respect to trading properties are disclosed within operating activities because these items are sold in the ordinary course of business.

(g) Use of estimates

The preparation of Financial Statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the year. Actual results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Financial Statements. The most significant judgments made by Management in applying the Group’s accounting policies and the major estimations and significant judgments are described in Note 3.

2.2 New accounting standards and amendments

The following standards and amendments have been issued by the IASB. Below we outline the standards and amendments that may potentially have an impact on the Group at the time of application.

Standards and amendments adopted by the Group

Standards and amendments

Description

Date of application by the Group

IFRS 17 Insurance Contracts

IFRS 17 was issued in May 2017 as replacement for IFRS 4 Insurance Contracts. It requires a current measurement model where estimates are remeasured in each reporting period. Contracts are measured using the building blocks of:

• discounted probability-weighted cash flows

• an explicit risk adjustment, and

• a contractual service margin (CSM) representing the unearned profit of the contract which is recognised as revenue over the coverage period.

The standard allows a choice between recognising changes in discount rates either in the statement of profit or loss or directly in other comprehensive income. The choice is likely to reflect how insurers account for their financial assets under IFRS 9.

An optional, simplified premium allocation approach is permitted for the liability for the remaining coverage for short duration contracts, which are often written by non-life insurers.

There is a modification of the general measurement model called the ‘variable fee approach’ for certain contracts written by life insurers where policyholders share in the returns from underlying items. When applying the variable fee approach, the entity’s share of the fair value changes of the underlying items is included in the CSM. The results of insurers using this model are therefore likely to be less volatile than under the general model.

The new rules will affect the financial statements and key performance indicators of all entities that issue insurance contracts or investment contracts with discretionary participation features.

Targeted amendments made in July 2020 aimed to ease the implementation of the standard by reducing implementation costs and making it easier for entities to explain the results from applying IFRS 17 to investors and others. The amendments also deferred the application date of IFRS 17 to 1 January 2023.

Further amendments made in December 2021 added a transition option that permits an entity to apply an optional classification overlay in the comparative period(s) presented on initial application of IFRS 17. The classification overlay applies to all financial assets, including those held in respect of activities not connected to contracts within the scope of IFRS 17. It allows those assets to be classified in the comparative period(s) in a way that aligns with how the entity expects those assets to be classified on initial application of IFRS 9. The classification can be applied on an instrument-by-instrument basis.

06-30-2024

Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2

The IASB amended IAS 1 Presentation of Financial Statements to require entities to disclose their material rather than their significant accounting policies. The amendments define what is ‘material accounting policy information’ (being information that, when considered together with other information included in an entity’s financial statements, can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements) and explain how to identify when accounting policy information is material. They further clarify that immaterial accounting policy information does not need to be disclosed. If it is disclosed, it should not obscure material accounting information.

To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on how to apply the concept of materiality to accounting policy disclosures.

06-30-2024

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Comercial, Inmobiliaria, Financiera y Agropecuaria

Definition of accounting estimates - Amendments to IAS 8.

The amendment to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” clarifies how entities should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in accounting policies are generally applied retrospectively to past transactions and other past events, as well as to the current exercise.

06-30-2024

Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12

The amendments to IAS 12 Income Taxes require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. They will typically apply to transactions such as leases of lessees and decommissioning obligations and will require the recognition of additional deferred tax assets and liabilities.

06-30-2024

Global implementation of Pillar Two model

In December 2021, the Organization for Economic Cooperation and Development (OECD) published the Pillar Two model, with the objective of carrying out certain tax reforms applicable to companies.

The rules are designed to ensure that large multinational companies within the scope of the rules pay a minimum level of tax. Generally, the rules apply a supplementary tax system that raises the total amount of taxes paid on an entity's excess profits in a jurisdiction up to the minimum rate of 15%.

** The amendments must be applied immediately, subject to any local endorsement process, and retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. However, the disclosures about the known or reasonably estimable exposure to Pillar Two income taxes are only required for annual reporting periods beginning on or after 1 January 2023 and do not need to be made in interim financial reports for interim periods ending on or before 31 December 2023.

Immediately, except for certain disclosures as noted on the left **

The adoption of this amendment has not had a material impact for the Group.

Standards and amendments not yet adopted by the Group

Standards and amendment

Description

Date of mandatory adoption for the Group in the year ended on

Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants – Amendments to IAS 1

Amendments made to IAS 1 Presentation of Financial Statements in 2020 and 2022 clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the entity’s expectations or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant). Covenants of loan arrangements will not affect classification of a liability as current or non-current at the reporting date if the entity must only comply with the covenants after the reporting date. However, if the entity must comply with a covenant either before or at the reporting date, this will affect the classification as current or non-current even if the covenant is only tested for compliance after the reporting date.

The amendments must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Special transitional rules apply if an entity had early adopted the 2020 amendments regarding the classification of liabilities as current or non-current.

Annual periods beginning on or after 1st January 2024.

Lease Liability in a Sale and Leaseback – Amendments to IFRS 16

In September 2022, the IASB finalised narrow-scope amendments to the requirements for sale and leaseback transactions in IFRS 16 Leases which explain how an entity accounts for a sale and leaseback after the date of the transaction.

The amendments specify that, in measuring the lease liability subsequent to the sale and leaseback, the seller-lessee determines ‘lease payments’ and ‘revised lease payments’ in a way that does not result in the seller-lessee recognising any amount of the gain or loss that relates to the right of use that it retains. This could particularly impact sale and leaseback transactions where the lease payments include variable payments that do not depend on an index or a rate.

Annual periods beginning on or after 1st January 2024.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

Supplier finance arrangements amendments – amendments to IAS 7 and IFRS 7

The amendments were prepared to respond to requests from investors regarding the need to have more information regarding financing agreements with suppliers, in order to be able to evaluate how these agreements affect liabilities, cash flows and the liquidity risk of an entity. New disclosures must be included in the financial statements, such as the terms and conditions of said agreements, as well as the recorded values of the liabilities, and ranges of payment due dates applicable to the liabilities that are under the Payment Agreement scheme. financing with suppliers, as well as for comparable commercial accounts that are not part of such agreements.

Annual periods beginning on or after 1st January 2024.

Sale or contribution of assets between an investor and its associate or joint venture - Amendments to IFRS 10 and

IAS 28

The IASB has made limited scope amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures.

The amendments clarify the accounting treatment for sales or contribution of assets between an investor and their associates or joint ventures. They confirm that the accounting treatment depends on whether the non-monetary assets sold or contributed to an associate or joint venture constitute a ‘business’ (as defined in IFRS 3 Business Combinations').

Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor only to the extent of the other investor’s interests in the associate or joint venture. The amendments apply prospectively.

In December 2015, the IASB decided to defer the application date of this amendment until such time as the IASB has finalized its research project on the equity method

Amendments to IAS 21 - Lack of Exchangeability

The amendments to IAS 21, issued in August 2023, have been prepared to respond to concerns about diversity in practice when accounting for the lack of interchangeability between currencies. The amendments will assist businesses and investors by addressing an issue that was not previously covered in the accounting requirements for the effects of changes in exchange rates.

An entity shall apply such amendments for annual reporting periods beginning on or after January 1, 2025. Early application is permitted, although it has not been approved by the CNV as of the date of issuance of these Financial Statements. If an entity applies the modifications for a prior period, it shall disclose that fact.

IFRS 18 Presentation and Disclosure in Financial Statements

This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:

● the structure of the statement of profit or loss;

● required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and

● enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

Annual periods beginning on or after 1st January 2027

IFRS 19 Subsidiaries without Public Accountability: Disclosures

This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. IFRS 19’s reduced disclosure requirements balance the information needs of the users of eligible subsidiaries’ financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries.

A subsidiary is eligible if:

● it does not have public accountability; and

● it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.

Annual periods beginning on or after 1st January 2027. Early application is allowed, although it has not been approved by the CNV as of the date of issuance of these Financial Statements.

Management is studying the impact that these new regulations and modifications will have for the Group.

At the date of issuance of these consolidated financial statements, there are no other standards or amendments issued by the IASB that are not yet effective and are expected to have a significant effect on the Group.

2.3 Scope of consolidation

(a) Subsidiaries

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity, but does have capacity to define its relevant activities because of de-facto control.

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The Group uses the acquisition method of accounting for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s net assets. The Group chooses the method to be used on a case-by-case basis.

The excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the Consolidated Statement of Income and Other Comprehensive Income as “Bargain purchase gains”.

The Group conducts its business through several operating and investment companies, the principal are listed below:

Agricultural Business

			% of ownership interest held by the Group
Name of the entity	Country	Principal activity	06.30.2024			06.30.2023			06.30.2022
Cresud's direct equity interest in:
Brasilagro (1) (2)	Brazil	Agricultural		35.22	%		37.88	%		39.56	%
Futuros y Opciones.Com S.A. (5)	Argentina	Brokerage		51.21	%		49.55	%		50.10	%
Helmir S.A.	Uruguay	Investment		100.00	%		100.00	%		100.00	%
IRSA (2)	Argentina	Real estate		55.40	%		56.93	%		53.94	%
Brasilagro's direct equity interest in:
Araucária Ltda.	Brazil	Agricultural		100.00	%		100.00	%		100.00	%
Cajueiro Ltda.	Brazil	Agricultural		100.00	%		100.00	%		100.00	%
Ceibo Ltda.	Brazil	Agricultural		100.00	%		100.00	%		100.00	%
Cremaq Ltda.	Brazil	Agricultural		100.00	%		100.00	%		100.00	%
Engenho de Maracajú Ltda. (3)	Brazil	Agricultural		-			-			100.00	%
Flamboyant Ltda.	Brazil	Agricultural		100.00	%		100.00	%		100.00	%
Jaborandi Ltda.	Brazil	Agricultural		100.00	%		100.00	%		100.00	%
Mogno Ltda.	Brazil	Agricultural		100.00	%		100.00	%		100.00	%
Palmeiras S.A.	Paraguay	Agricultural		100.00	%		100.00	%		100.00	%
Agropecuaria Morotí S.A.	Paraguay	Agricultural		100.00	%		100.00	%		100.00	%
Agrifirma Ltda.	Brazil	Agricultural		100.00	%		100.00	%		100.00	%
Agropecuaria Acres del Sud S.A. (2) (4)	Bolivia	Agricultural		100.00	%		100.00	%		100.00	%
Ombú Agropecuaria S.A. (4)	Bolivia	Agricultural		100.00	%		100.00	%		100.00	%
Yatay Agropecuaria S.A. (4)	Bolivia	Agricultural		100.00	%		100.00	%		100.00	%
Yuchán Agropecuaria S.A. (2) (4)	Bolivia	Agricultural		100.00	%		100.00	%		100.00	%
Futuros y Opciones.Com. S.A.'s direct equity interest in:
Amauta Agro S.A. (5)	Argentina	Agricultural		98.57	%		98.57	%		98.57	%
FyO Acopio S.A. (5)	Argentina	Warehousing and brokerage		98.57	%		98.57	%		98.57	%
FyO Chile SPA	Chile	Brokerage		100.00	%		100.00	%		100.00	%
Helmir S.A.'s direct equity interest in:
FyO Holding S.A.	Uruguay	Investment		50.10	%		50.10	%		50.10	%

(1)	The Group exercises “de facto control” over Brasilagro as a result of (i) the percentage and concentration of voting rights of the Group, and the absence of other shareholders with significant voting rights, (ii) the absence of a voting agreement among the other shareholders to vote together as a group, and (iii) the record of attendance to Shareholders’ Meetings and the record of votes casted by the other shareholders; the Group’s effective control to direct Brasilagro’s relevant activities has been exercised through its seat in the Board of Directors. See Note 7 for further information regarding to Brasilagro.
(2)	Includes interest indirectly held through Helmir.
(3)	Liquidated during the fiscal year ended June 30, 2022.
(4)	Includes indirect participation of Cresud through Brasilagro.
(5)	As of June 30, 2024 and 2023, the Group owns 51.75% and 50.10% of the common shares of Futuros y Opciones S.A (FyO), respectively. The preferred options held by FyO management have only economic rights, the voting rights are held by common shareholders.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

Urban Properties and Investments Business

			% of ownership interest held by the Group
Name of the entity	Country	Principal activity	06.30.2024			06.30.2023			06.30.2022
IRSA's direct equity interest:
ECLASA	Argentina	Investment		100.00	%		100.00	%		100.00	%
Efanur S.A. (4)	Uruguay	Investment		-			-			100.00	%
Hoteles Argentinos S.A.U.	Argentina	Hotel		100.00	%		100.00	%		100.00	%
Inversora Bolívar S.A.	Argentina	Investment		100.00	%		100.00	%		100.00	%
Llao Llao Resorts S.A. (1)	Argentina	Hotel		50.00	%		50.00	%		50.00	%
Nuevas Fronteras S.A.	Argentina	Hotel		76.34	%		76.34	%		76.34	%
Palermo Invest S.A.	Argentina	Investment		100.00	%		100.00	%		100.00	%
Ritelco S.A.	Uruguay	Investment		100.00	%		100.00	%		100.00	%
Tyrus S.A.	Uruguay	Investment		100.00	%		100.00	%		100.00	%
U.T. IRSA y Galerias Pacifico (1) (2)	Argentina	Investment		-			50.00	%		50.00	%
Arcos del Gourmet S.A.	Argentina	Real estate		90.00	%		90.00	%		90.00	%
Emprendimiento Recoleta S.A. (in liquidation)	Argentina	Real estate		53.68	%		53.68	%		53.68	%
Fibesa S.A.U.	Argentina	Real estate		100.00	%		100.00	%		100.00	%
Panamerican Mall S.A.	Argentina	Real estate		80.00	%		80.00	%		80.00	%
Shopping Neuquén S.A.	Argentina	Real estate		99.95	%		99.95	%		99.95	%
Torodur S.A.	Uruguay	Investment		100.00	%		100.00	%		100.00	%
EHSA	Argentina	Investment		70.00	%		70.00	%		70.00	%
Centro de Entretenimiento La Plata	Argentina	Real estate		100.00	%		100.00	%		100.00	%
We Are Appa S.A.	Argentina	Design and software development		98.67	%		98.67	%		93.63	%
Shefa Fiduciaria S.A.U.	Argentina	Trustee Company		100.00	%		-			-
Fideicomiso Shefa V.C.	Argentina	Investment		100.00	%		-			-
Tyrus S.A.'s direct equity interest in:
DFL y DN B.V.	Bermudas/ Netherlands	Investment		99.63	%		99.59	%		99.50	%
Real Estate Development LLC	United States	Investment		100.00	%		-			-
IRSA International LLC	United States	Investment		100.00	%		100.00	%		100.00	%
Jiwin S.A. (4)	Uruguay	Investment		-			-			100.00	%
Liveck Ltd. (3)	British Virgin Islands	Investment		100.00	%		100.00	%		100.00	%
Real Estate Strategies LLC	United States	Investment		100.00	%		100.00	%		100.00	%
Efanur S.A.'s direct equity interest in:
Real Estate Investment Group VII LP (REIG VII) (4)	Bermudas	Investment		-			-			100.00	%
DFL's direct equity interest in:
Dolphin IL Investment Ltd.	Israel	Investment		100.00	%		100.00	%		100.00	%

(1)	The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholders agreement that confers its majority of votes in the decision making process.
(2)	Liquidated in September 2023.
(3)	Includes Tyrus’ and IRSA’s equity interests.
(4)	Liquidated in October 2022.

Except for the aforementioned items, the percentage of votes does not differ from the stake.

The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in subsidiaries are considered significant. Quantitatively, the Group considers significant those entities that individually represent at least 20% of the equity attributable to the total non-controlling interest at the end of each year. Likewise, within the qualitative aspects, the specific risks to which each individual entity is exposed, its performance and the importance that each entity has within the Group are taken into account, among other factors.

(b) Changes in ownership interests in subsidiaries without change of control

Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – i.e., as transactions with the owners in their capacity as owners. The recorded value corresponds to the difference between the fair value of the consideration paid and/or received and the relevant share acquired and/or transferred of the carrying value of the net assets of the subsidiary.

(c) Disposal of subsidiaries with loss of control

When the Group ceases to have control over a subsidiary, any retained interest in the entity is re-measured at its fair value at the date when control is lost, with changes in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.

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(d) Associates and joint arrangements

Associates are all entities over which the Group has significant influence but not control, usually representing an interest between 20% and less than 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, except as otherwise indicated as explained below. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investment in associates includes goodwill identified on acquisition. Joint arrangements are arrangements of which the Group and another party or parties have joint control bound by a contractual arrangement. Under IFRS 11, investments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures.

Investments in associates and joint ventures are accounted for under the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized in the Consolidated Statement of Financial Position at cost and adjusted thereafter to recognize the Group’s share of post-acquisition profits or losses and other comprehensive income in the Consolidated Statement of Income and Other Comprehensive Income.

The Group determines at each reporting date whether there is any objective evidence that the investment in associates and joint ventures is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and it’s carrying value and recognizes such difference in "Share of profit / (loss) of associates and joint ventures" in the Consolidated Statement of Income and Other Comprehensive Income.

Profit and losses resulting from transactions between the Group and the associate are recognized in the Group's financial statements only to the extent of the interests in the associates of the unrelated investor. Unrealized losses are eliminated unless the transaction reflects signs of impairment of the value of the asset transferred. The accounting policies of associates are modified to ensure uniformity within Group policies.

The Group takes into account quantitative and qualitative aspects to determine which investments in associates are considered significant.

Note 8 includes summary financial information and other information of the Group's associates.

2.4 Segment information

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Maker (“CODM”), responsible for allocating resources and assessing performance. The operating segments are described in Note 6.

2.5 Foreign currency translation

(a) Functional and presentation currency

Items included in the Financial Statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The Consolidated Financial Statements are presented in Argentine Pesos, which is the Group’s presentation currency.

(b) Transactions and balances in foreign currency

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities nominated in foreign currencies are recognized in the profit or loss for the year.

Foreign exchange gains and losses are presented in the Consolidated Statement of Income and Other Comprehensive Income within other financial income, as appropriate, unless they have been capitalized.

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(c) Group companies

The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

	(a)	assets, liabilities and goodwill for each Consolidated Statement of Financial Position presented are translated at the closing rate at the date of that financial position;
	(b)	income and expenses for each Statement of Comprehensive Income and Other Comprehensive Income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and
	(c)	all resulting exchange differences are recognized in the Consolidated Statement of Comprehensive Income and Other Comprehensive Income.

The accounting policy of the Group consists in accounting for the translation difference of its subsidiaries by the “step-by-step” method according to IAS 21.

2.6 Investment properties

Investment properties are those properties owned by the Group that are held either to earn long-term rental income or for capital appreciation, or both, and that are not occupied by the Group for its own operations. Investment properties also includes properties that are being constructed or developed for future use as investment property. The Group also classifies as investment properties land whose future use has not been determined yet. The Group’s investment properties primarily comprise the Group’s portfolio of shopping malls and offices, certain property under development and undeveloped land.

Additionally, the Group reflects the value of economically “buildable potentials” in those properties that meet the following requirements: a) have buildable potential that are legally viable based on the application of approved Planning Codes and / or specific Ordinances. and b) have a commercial viability either due to their realization market or their constructive feasibility (see Note 9). If due to regulatory or legal regulations and commercial and/or economic aspects, the buildable potential can only be made by the Group and it has not been built yet, the asset value is not recognized.

When a property is partially owner-occupied, with the rest being held for rental income or capital appreciation, the Group accounts for the portions separately. The portion that is owner-occupied is accounted for as property, plant and equipment under IAS 16 “Property, Plant and Equipment” and the portion that is held for rental income or capital appreciation, or both, is treated as investment property under IAS 40 “Investment Property”.

Investment properties are measured initially at cost. Cost comprises the purchase price and directly attributable expenditures, such as legal fees, certain direct taxes, commissions and in the case of properties under construction, the capitalization of financial costs.

For properties under development, capitalization of costs includes not only financial costs, but also all costs directly attributable to works in process, from commencement of construction until it is completed and property is in condition to start operating.

Direct expenses related to lease contract negotiation (as well as payment to third parties for services rendered and certain specific taxes related to execution of such contracts) are capitalized as part of the book value of the relevant investment properties and amortized over the term of the lease.

Borrowing costs associated with properties under development or undergoing major refurbishment are capitalized. The finance cost capitalized is calculated using the Group’s weighted average cost of borrowings after adjusting for borrowings associated with specific developments. Where borrowings are associated with specific developments, the amount capitalized is the gross interest incurred on those borrowings less any investment income arising on their temporary investment. Finance cost is capitalized from the commencement of the development work until the date of practical completion. The capitalization of finance costs is suspended if there are prolonged periods when development activity is interrupted. Finance cost is also capitalized on the purchase cost of land or property acquired specifically for redevelopment in the short term but only when activities necessary to prepare the asset for redevelopment are in progress.

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After initial recognition, investment properties are carried at fair value. Investment properties that are being redeveloped for continuing use as investment properties or for which the market has become less active, continues to be measured at fair value. Investment properties under construction are measured at fair value if the fair value is considered to be reliably determinable. Investment properties under construction for which the fair value cannot be determined reliably, but for which the Group expects that the fair value of the property will be reliably determinable when construction is completed, are measured at cost less impairment until the fair value becomes reliably determinable or construction is completed, whichever is earlier.

Fair values are determined differently depending on the type of property being measured.

Generally, fair value of farmlands, office buildings and land reserves is based on comparable active market prices, adjusted, if necessary, for differences in the nature, location or condition of the specific asset (Level 2). If this information is not available, the Group uses alternative valuation methods, such as recent prices in less active markets or discounted cash flow projections.

The fair value of the Group’s portfolio of Shopping Malls is based on discounted cash flow projections. This method of valuation is commonly used in the shopping mall industry in the region where the Group conducts its operations (Level 3).

As required by Resolution 576/10 of the CNV, valuations are performed as of the financial position date by accredited professional appraisers who have recognized and relevant professional qualifications and have recent experience in the location and category of the investment property being valued. These valuations form the basis for the carrying amounts in the consolidated Financial Statements. The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.

Subsequent expenditure is capitalized to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the asset can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognized.

Changes in fair values are recognized in the Consolidated Statement of Comprehensive Income and Other Comprehensive Income under the line item “Net gain from fair value adjustment of investment properties”.

Asset transfers, including assets classified as investments properties which are reclassified under other items or vice-versa, may only be carried out when there is a change of use evidenced by: a) commencement of occupation of real property by the Group, where investment property is transferred to property, plant and equipment; b) commencement of development activities for sale purposes, where investment property is transferred to property for sale; c) the end of Group occupation, where it is transferred from property, plant and equipment to investment properties; or d) commencement of an operating lease transaction with a third party, where properties for sale are transferred to investment property. The transfer of investment properties to other items is carried out at the fair value of the asset on the date of change of use and said fair value is the cost of the property for the purposes of subsequent accounting according to the applicable standard. If an owner-occupied property is converted to investment property, the Group values the property at the corresponding carrying amount prior to transfer and classifies it as investment property at fair value on the date of change of use. The Group will treat any difference, as of that date, between the determined carrying amount of the property and the fair value, in the same way in which it would record a revaluation applying IAS 16. A transfer from inventories to Investment properties, will be accounted for by recognizing the result between its previous book value and its fair value and any difference between the fair value of the property at that date and its previous carrying amount will be recognized in the result of the fiscal year.

The Group may sell an investment property when it considers it is not core to its ongoing rental business activities. Where the Group disposes of a property at fair value in an arm’s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the Statement of Comprehensive Income and Other Comprehensive Income in the line “Net (loss) / gain from fair value adjustments of investment properties”.

Investment properties are derecognized when they are disposed of or when they are permanently withdrawn from use and no future economic benefits are expected to arise from their disposal. The disposal of properties is recognized when the significant risks and rewards have been transferred to the buyer. As for unconditional agreements, proceeds are recognized when legal title to property passes to the buyer and the buyer intends to make the respective payment therefor. In the context of conditional agreements, disposals are recognized only after the conditions to which the agreements are subject have been satisfied. Where consideration receivable for the sale of the properties is deferred, it is discounted to present value.

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The difference between the discounted amount and the amount receivable is treated as interest income and recognized over the period using the effective interest method. Direct expenses related to the sale are recognized in the line "other operating results, net" in the Consolidated Statement of Comprehensive Income and Other Comprehensive Income at the time they are incurred.

2.7 Property, plant and equipment

This category primarily comprises buildings or portions of a building used for administrative purposes, machines, computers, and other equipment, motor vehicles, furniture, fixtures and fittings and improvements to the Group’s corporate offices.

The Group also has some hotel properties. Based on the respective contractual arrangements with hotel managers and / or given their direct operators nature, the Group considers it retains significant exposure to the variations in the cash flows of the hotel operations, and accordingly, hotels are treated as owner-occupied properties and classified under "Property, plant and equipment".

All property, plant and equipment (“PPE”) is stated at acquisition cost less accumulated depreciation and impairment, if any. The acquisition cost includes expenditures, which are directly attributable to the acquisition of the items. For properties under development, capitalization of costs includes not only financial costs, but also all costs directly attributable to works in process, from commencement of construction until it is completed and the property is in conditions to start operating.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Such costs may include the cost of improvements and replacement of parts as they meet the conditions to be capitalized. The carrying amount of those parts that are replaced is derecognized. Repairs and maintenance are charged as incurred in the Consolidated Statement of Income and Other Comprehensive Income. Depreciation, based on a component approach, is calculated using the straight-line method to allocate the cost over the assets’ estimated useful lives.

The remaining useful life as of June 30, 2024 is as follows:

	Buildings and facilities	Between 5 and 50 years
	Machinery and equipment	Between 3 and 24 years
	Others	Between 3 and 25 years

As of each fiscal year-end, an evaluation is performed to determine the existence of indicators of any decrease in recoverable value or useful life of assets. If there are any indicators, the recoverable amount and/or residual useful life of impaired asset(s) is estimated, and an impairment adjustment is made, if applicable. As of each fiscal year-end, the residual useful life of assets is estimated and adjusted, if necessary. The book amount of an asset is reduced to its recoverable value if the book value is greater than its estimated recoverable value.

Gains and losses from the sale of these assets are recognized when control is transferred to the buyer. This will normally take place on unconditional exchange, generally when legal title passes to the buyer and it is probable that the buyer will pay. For conditional exchanges, sales are recognized when these conditions are satisfied.

Gains and losses on disposals are determined by comparing the proceeds, net of direct expenses related to such sales, with the carrying amount. Gains and losses from the disposal of farmlands are disclosed within “Gains from disposal of farmlands” in the Consolidated Statement of Income and Other Comprehensive Income. All other gains and losses from the disposal of property, plant and equipment items are recognized within “Other operating results, net” in the Consolidated Statement of Comprehensive Income and Other Comprehensive Income.

When assets of property, plant and equipment are transferred to investment property, the difference between the value at cost transferred and the fair value of the investment property is allocated to a reserve within equity.

Group's sugarcane fields are recognized as bearer plants under the definition included in IAS 41. For this reason, they are accounted as property, plant and equipment and are valued at amortized cost.

2.8 Leases

Leases are recorded pursuant to IFRS 16. The Group recognizes an asset for the right of use and a liability at present value with respect to those contracts that meet the definition of a lease in accordance with the standard. For the prior periods’ leases were classified at their inception as either operating or finance leases based on the economic substance of the agreement.

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A Group company is the lessor

Properties leased out to tenants under operating leases are included in “Investment properties” in the Consolidated Statement of Financial Position. See Note 2.23 for the recognition of rental income.

A Group company is the lessee

The Group has entered into some operating lease agreements, mainly related to agribusiness activities. By virtue of these contracts, the Group leases land open for agricultural exploitation during one or more crop seasons. The lease price is generally set at a fixed amount in dollars or at a certain number of quintals of soybeans (or equivalent measurement unit) during the entire lease term. Lease payments can be made in installments or in advance at the beginning of the lease. The lease costs are recognized in the Consolidated Statement of Income and Other Comprehensive Income in relation to the degree of ripeness of the harvest since the Group considers that this systematic base is more representative of the time pattern of the leases’ benefits.

Additionally, the Group maintains other operating leases not related to agricultural activity, mainly associated with the leasing of offices. Payments, including prepayments, made under operating leases (net of any incentives received from the lessor) are charged to the Consolidated Statement of Income and Other Comprehensive Income on a straight-line basis over the period of the lease.

The Group acquires certain specific assets (especially machinery, computer equipment and real property exploitation concessions) under leases pursuant to IFRS 16. Assets so acquired are recorded as an asset at the present value of the minimum future lease payments (the rate used by the Group is between 10.61% and 52.94%). Capitalized lease assets are depreciated over the shorter of the estimated useful life of the assets and the lease term. The finance charges are charged over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Leases falling within the IFRS 16 exemption, where the Group acts as lessee are charged to results at the time they accrue. They mainly include contracts for less than one year and/or for non-material items.

2.9 Intangible assets

(a) Goodwill

Goodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognized by the Group on an acquisition. Goodwill is initially measured as the difference between the fair value of the consideration transferred, plus the amount of non-controlling interest in the acquisition and, in business combinations achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquisition; and the net fair value of the identifiable assets and liabilities assumed on the acquisition date.

Goodwill is not amortized but tested for impairment at each fiscal year-end, or more frequently if there is an indication of impairment.

For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, referred to as cash-generating units (“CGU”). In order to determine whether any impairment loss should be recognized, the book value of CGU or CGU Groups is compared against its recoverable value. Net book value of CGU and CGU Groups include goodwill and assets with limited useful life (such as, investment properties, property, plant and equipment, intangible assets and working capital).

If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognized for goodwill are recorded in the Consolidated Statement of Income and Other Comprehensive Income and are not reversed in a subsequent period.

The recoverable amount of a CGU is the higher of the fair value less costs-to-sell and the value-in-use. The fair value is the amount at which a CGU may be sold in a current transaction between unrelated, willing and duly informed parties. Value-in-use is the present value of all estimated future cash flows expected to be derived from CGU or CGU Groups.

Goodwill is assigned to the Group's cash generating units on the basis of operating segments. The recoverable amount of a cash-generating unit is determined based on fair value calculations. These calculations use the price of the CGU assets, they are compared with the book values, plus the goodwill assigned to each cash-generating unit.

No material impairment was recorded as a result of the analysis performed (Note 12).

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(b) Computer software

Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: (i) it is technically feasible to complete the software product so that it will be available for use; (ii) management intends to complete the software product and use or sell it; (iii) there is an ability to use or sell the software product; (iv) it can be demonstrated how the software product will generate probable future economic benefits; (v) adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and (vi) the expenditure attributable to the software product during its development can be reliably measured.

Directly attributable costs that are capitalized as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.

Other development expenditures that do not meet these criteria are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period.

Computer software development costs recognized as assets are amortized over their estimated useful lives, which does not exceed 3 years.

(c) Right to receive future units under barter agreements

The Group also enters into barter transactions where it normally exchanges undeveloped parcels of land or other assets with third-party developers for future property to be constructed on the bartered land. The Group generally receives monetary assets as part of the transactions and/or a right to receive future units to be constructed by developers. Such rights are initially recognized at cost (which is the fair value of the land assigned) and are not adjusted later, unless there is any sign of impairment.

At each year-end, the Group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any of such signs exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. For intangible assets with indefinite useful lives, the Group annually reviews the existence of an impairment, or more frequently if signs of impairment are identified.

2.10 Trading properties

Trading properties comprises those properties intended either for sale or in the process of construction for subsequent sale. Trading properties are carried at the lower of cost and net realizable value. Where there is a change in use of investment properties evidenced by the commencement of development with a view to sale, the properties are reclassified as trading properties at cost, which is the carrying value at the date of change in use. They are subsequently carried at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the trading properties to their present location and condition.

2.11 Inventories

Inventories include assets held for sale in the ordinary course of the Group’s business activities, assets in production or construction process for sale purposes, and materials, supplies or other assets held for consumption in the process of producing sales and/or services.

Supplies used in the Group's agricultural activities comprise fertilizers, agrochemicals, vaccines, seeds, feed for livestock and other items, while the harvested agricultural produce comprise harvested grains and cropped sugar cane.

For the Group’s operations in Argentina and Brazil, harvested crops are perpetually measured at net realizable value until the point of sale because there is an active market for such products, there is a negligible risk that the produce will not be sold and there is a well-established practice in the industry of measuring the inventories at net realizable value. Changes in net realizable value are recognized in the Consolidated Statement of Income and Other Comprehensive Income in the year in which they arise under the line item “Changes in net realizable value of agricultural produce after harvest”.

Net realizable value is the estimated selling price in the ordinary course of business less selling expenses. It is determined on an ongoing basis, taking into account the product type and aging, based on the accumulated prior experience with the useful life of the product. The Group periodically reviews the inventory and its aging and books an allowance for impairment, as necessary.

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The cost of consumable supplies, materials and other assets is determined using the weighted average cost method, the cost of inventories of mobile phones, related accessories and spare parts is priced under the moving average method, and the cost of the remaining inventories is priced under the first in, first out (FIFO) method.

Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Inventories are recorded at the cash cost and the difference between that and the actual amount paid is treated as finance cost.

Inventories are measured at the lower of cost or net realizable value.

2.12 Biological assets and agriculture produce at the point of harvest

Biological assets comprise unharvested crops (mainly corn, wheat, soybeans and sunflower), sugarcane, livestock (breeding and dairy cattle and cattle held for sale) and other less significant biological assets such as sheep and tree plantations.

The Group distinguishes between consumable and bearer biological assets. Consumable biological assets are those assets that may be harvested as agricultural produce or sold as biological assets, for example livestock held for sale. Bearer biological assets are those assets capable of producing more than one harvest, for example sugarcane, dairy cattle and breeding cattle. Consumable biological assets are generally classified as current while bearer biological assets are generally classified as non-current.

Expenses relating to the agricultural activity include items such as planting, harvesting, irrigation, agrochemicals, fertilizers, veterinary services and others. The Group elected to capitalize all costs as part of the biological assets.

The line item “Cost of sales and services from agricultural business” within “Costs” in the Consolidated Statement of Income and Other Comprehensive Income represents the recognition as an expense of agricultural produce held in inventory, valued at either cost or net realizable value, as applicable, or biological assets valued at fair value less costs to sell.

Either the fair value of a biological asset in its present location and condition is determined based on the present value of expected net cash flows from the biological asset discounted at a current market-determined pre-tax rate or the current quoted market price in the most relevant market.

Biological assets are measured at fair value less costs to sell on initial recognition and at each Consolidated Statement of Financial Position date, except where fair value cannot be reliably measured. Cost approximates fair value when little or no biological transformation has taken place since the costs were originally incurred or the impact of biological transformation on price is not expected to be material. Costs to sell include all incremental costs directly attributable to the sale of the biological assets, excluding finance costs and income taxes.

Additionally, the Group’s costs of planting the sugarcane are accounted for as property, plant and equipment and are valued at amortized cost. The growing agricultural product of sugarcane is classified as a biological asset and valued at fair value less costs to sell.

The gain or loss arising from initial recognition of a) agricultural produce and b) biological assets at fair value less costs to sell and from a change in fair value less costs to sell of a biological asset is recognized in profit or loss in the year in which occur within the line item “Initial recognition and changes in fair value of biological assets and agricultural produce at the point of harvest”.

2.13 Financial instruments

The Group classifies financial assets in the following categories: those to be measured subsequently at fair value, and those to be measured at amortized cost. This classification depends on whether the financial asset is an equity investment or a debt investment.

Debt investments

A debt investment is classified at amortized cost only if both of the following criteria are met: (i) the objective of the Group’s business model is to hold the asset to collect the contractual cash flows; and (ii) the contractual terms give rise on specified dates to cash derived solely from payments of principal and interest due on the principal outstanding. The nature of any derivatives embedded in the debt investment are considered in determining whether the cash derives solely from payment of principal and interest due on the principal outstanding and are not accounted for separately.

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If either of the two criteria mentioned in the previous paragraph is not met, the debt instrument is classified as an asset at fair value through profit or loss. The Group has not designated any debt investment as measured at fair value through profit or loss to eliminate or significantly reduce an accounting mismatch. Changes in fair values and gains from disposal of financial assets at fair value through profit or loss are recorded within “Financial results, net” in the Consolidated Statement of Income and Other Comprehensive Income.

Equity investments

All equity investments, which are neither subsidiaries nor associate companies nor joint ventures of the Group, are measured at fair value. Equity investments that are held for trading are measured at fair value through profit or loss. For all other equity investments, the Group can make an irrevocable election at initial recognition to recognize changes in fair value through other comprehensive income rather than profit or loss. The Group decided to recognize changes in fair value of equity investments through changes in profit or loss.

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value though profit or loss are expensed in the Consolidated Statement of Income and Other Comprehensive Income.

In general, the Group uses the transaction price to ascertain the fair value of a financial instrument on initial recognition. In the other cases, the Group records a gain or loss on initial recognition only if the fair value of the financial instrument can be supported by other comparable transactions observable in the market for the same type of instrument or if based on a technical valuation that only inputs observable market data. Unrecognized gains or losses on initial recognition of a financial asset are recognized later on, only to the extent they arise from a change in factors (including time) that market participants would consider upon setting the price.

Gains/losses on debt instruments measured at amortized cost and not identified for hedging purposes are charged to income where the financial assets are derecognized or an impairment loss is recognized, and during the amortization process under the effective interest method. The Group is required to reclassify all affected debt investments when and only when its business model for managing those assets changes.

The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets measured at amortized cost is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) can be reliably estimated. The amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate.

Financial assets and liabilities are offset, and the net amount reported in the Consolidated Statement of Financial Position, when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

2.14 Derivative financial instruments and hedging activities and options

Derivative financial instruments are initially recognized at fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

The Group manages exposures to various risks using hedging instruments that provide coverage. The Group does not use derivative financial instruments for speculative purposes. To date, the Group has used put and call options, foreign currency future and forward contracts and interest rate swaps, as appropriate.

The Group’s policy is to apply hedge accounting where it is permissible under IFRS 9, practical to do so and its application reduces volatility, but transactions that may be effective hedges in economic terms may not always qualify for hedge accounting under IFRS 9.

Trading derivatives are classified as a current asset or liability on the Consolidated Statement of Financial Position. Gains and losses on derivatives are classified according to their nature. Gains and losses on commodity derivatives are classified within the line item “Other operating income, net”. Gain and losses on all other derivatives are classified in the Consolidated Statement of Income and Other Comprehensive Income where the results of the items covered are recognized.

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The fair values of financial instruments that are traded in active markets are computed by reference to market prices. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end as each reporting year.

2.15 Groups of assets and liabilities held for sale

Groups of assets and liabilities are classified as held for sale when the Group is expected to recover their value by means of a sale transaction (rather than through use) and where such sale is highly probable. Groups of assets and liabilities held for sale are valued at the lower of their net book value and fair value less selling costs.

2.16 Trade and other receivables

Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

An allowance for doubtful accounts is recorded based on the expected loss of the receivables portfolio. Indicators of doubtful accounts include significant financial distress of the debtor, the debtor potentially filing a petition for reorganization or bankruptcy, or any event of default or past due account.

For significant non-homogeneous receivables, the Group generally measures impairment based on an individual analysis. When they are evaluated individually, the Group recognizes the provision for impairment as the difference between the book value of the receivable and the present value of future cash flows, taking into account the existing guarantees, if applicable. This allowance for doubtful accounts considers the financial situation of the debtor, their resources, the payment history and, if applicable, the value of the guarantees provided.

For non-significant homogeneous receivables, the Group assesses the impairment by grouping these receivables based on characteristics of similar risks, considering the type of asset, the delinquency condition and other relevant factors. The Group considers different factors to calculate the amount of the allowance for impairment, which, in its opinion, represents the expected losses over the life of the receivables. When determining the allowance for doubtful accounts, the Group considers, among other factors: (i) the delinquency of the receivables, (ii) the history of losses and the general behavior of the clients, (iii) the trends in volumes and terms of the receivables, (iv) the Group's experience in credit management, (v) national and local economic trends, (vi) credit concentrations by individual size and type of credit, and (vii) the effect of other external factors.

The amount of the allowance is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use of a separate account, and the amount of the loss is recognized in the Consolidated Statement of Income and Other Comprehensive Income within “Selling expenses”. Subsequent recoveries of amounts previously written off are credited against “Selling expenses” in the Consolidated Statement of Income and Other Comprehensive Income.

2.17 Trade and other payables

Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method.

2.18 Borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized as finance cost over the period of the borrowings using the effective interest method.

2.19 Provisions

Provisions are recognized when: (i) the Group has a present (legal or constructive) obligation as a result of past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are not recognized for future operating losses.

The Group bases its accruals on up-to-date developments, estimates of the outcomes of the matters and legal counsel´s experience in contesting, litigating and settling matters. As the scope of the liabilities becomes better defined or more information is available, the Group may be required to change its estimates of future costs, which could have a material adverse effect on its results of operations and financial condition or liquidity.

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Provisions are measured at the present value of the cash flows expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provisions due to passage of time is recognized in the Consolidated Statement of Income and Other Comprehensive Income.

2.20 Employee benefits

(a) Defined contribution plans

The Group operates a defined contribution plan, which is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current year or prior periods. The contributions are recognized as employee benefit expenses in the Consolidated Statement of Income and Other Comprehensive Income in the fiscal year they are due.

(b) Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or as a result of an offer made to encourage voluntary termination as a result of redundancy.

(c) Bonus plans

The Group recognizes a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the Company’s shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.

(d) Defined benefit plans

The Group’s net obligation concerning defined benefit plans are calculated on an individual basis for each plan, estimating the future benefits employees have gained in exchange for their services in the current and prior periods. The benefit is disclosed at its present value, net of the fair value of the plan assets. Calculations are made on an annual basis by a qualified actuary.

(e) Share-based payments

The fair value of share-based payments is measured at the date of grant. The Group measures the fair value using the valuation technique that it considers to be the most appropriate to value each class of award. Methods used may include Black-Scholes calculations or other models as appropriate. The valuations take into account factors such as non-transferability, exercise restrictions and behavioral considerations.

The fair value of the share-based payment is expensed and charged to income under the straight-line method over the vesting period, during which the right to the equity instrument becomes irreversible. This valuation is determined based on the most accurate estimate available for the expected quantity of equity instruments likely to vest. If subsequent information becomes available, indicating a variance from the initial estimates in terms of the number of equity instruments expected to vest, these estimates are subject to revision.

2.21 Current income tax, deferred income tax and minimum presumed income tax

Tax expense for the year comprises the charge for tax currently payable and deferred income. Income tax is recognized in the Consolidated Statement of Income and Other Comprehensive Income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

Current income tax expense is calculated on the basis of the tax laws enacted or substantially enacted at the date of the Consolidated Statement of Financial Position in the countries where the Company and its subsidiaries operate and generate taxable income. The Group periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Group establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

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Deferred income tax is recognized, using the deferred tax liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the date of the Consolidated Statement of Financial Position and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available, against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

2.22 Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term liquid investments with original maturities of three months or less. Bank overdrafts are not included.

2.23 Revenue recognition

The group identifies contracts with customers and evaluates the goods and services committed therein to determine performance obligations and their classification between performance obligations that are satisfied at a given time or over time.

Revenue from satisfaction of performance obligations at a given time is recognized when the client obtains control of the committed asset or service considering whether there is a right to collection, if the client has the physical possession, if the client has the legal right and if they have transferred the risks and benefits.

In accordance with IFRS 15, the Group recognizes revenues over time from the sales of real estate developments in which there is no alternative use for the asset and the Group has the right to demand payment of the contract. When these conditions are not met, the income is recognized at the time of delivery or deed, depending on the case, when the risk transfers are completed, the collection is reasonably assured and there is a price already determined.

Revenue from satisfaction of performance obligations over time for real estate developments is recognized by measuring progress towards compliance with the obligation when it can be measured reliably. For this measurement, the Group uses the input method, that is, the effort consumed by the entity and determines the percentage of progress based on the estimate of the total development costs.

The Group's revenue is recognized at the probable value of the consideration to which it will be entitled in exchange for transferring the products or services to the customer which is not expected to suffer significant changes.

Agricultural activities

Revenue from Group’s agricultural activities comes primarily from sales of agricultural produce and biological assets, from provision of services related to the activity and from leases of farmlands.

The Group also provides agricultural-related (including but not limited to watering and feedlot services) and brokerage services to third parties. Revenue from services are recognized when services are effective rendered.

The Group also leases land to third parties under operating lease agreements. Lease income is recognized on a straight-line basis over the period of the lease.

Sale of goods

Revenue from sales of grains and sugarcane sales is recognized when performance obligations are met, which consists of transforming the significant risks and benefits of ownership of the goods are transferred to the purchaser, usually when the products are delivered to the purchaser at the determined location, according to the agreed sales terms.

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In the case of grains, the Group normally enters into forward contracts under which the Group is entitled to determine the sale price for the total or partial volume of grains sold, through the delivery date, based on formulas contractually agreed upon. In some cases, the formulas used to determine the sales price are stated in U.S. Dollars.

Upon the delivery of grains, revenue is recognized based on the price determined for each client considering the foreign exchange rate on the delivery date when applicable. After the grains are delivered to the client, the quality and final weight are assessed, and the final price of the transaction is agreed upon, which result in adjusting the original contractual amounts, and any foreign exchange rate variation through the settlement date.

Sale of farms

Revenue from sale of farms is not recognized until performance obligations are met, which consists of: (i) the sale be in completed, (ii) the Group has determined that it is probable the buyer will pay, (iii) the amount of revenue can be measured reliably, and (iv) the Group has transferred all risks and rewards to the buyer and does not have a continuing involvement. Usually this coincides with the buyer making the first down payment, moment when the transfer of possession is completed, according to the contractual terms. The result from sales of farms is presented in the Consolidated Statement of Income and Other Comprehensive Income as “Gain from disposal of farmlands” net of the related cost.

Sales of beef cattle

Revenue from the sale of beef cattle is recognized when performance obligations are met, which consists of transferring the material risks and the benefits of cattle ownership to the buyer, usually when the cattle is delivered to the buyer at the specified place, in accordance with the terms of the sale agreed upon.

As for the sale of beef cattle, the Group’s operation consists basically of a project involving the production and sale of beef calves after weaning (this process is called rearing). However, some animals that prove to be infertile may be sold to meat packers for slaughtering. At Paraguay operations, the project consists in fattening and selling these animals for slaughtering. The pricing for sale of cattle is based on the market price of the arroba of fed cattle in the respective market (the arroba price is verified on the transaction date), the animal weight, plus the premium related to the category. The sale of cattle in Brazil and Paraguay operations, in turn, considers the price of the arroba of fed cattle or heifer/cow on the date of sale in the respective market, applied to carcass yields.

Urban properties and investments activities

Rental and services - Shopping malls portfolio

Revenues derived from business activities developed in the Group’s shopping malls mainly include rental income under operating leases, admission rights, commissions and revenue from several complementary services provided to the Group’s lessees.

The Group has determined that, in all operating leases, the lease term for accounting purposes matches the term of the contract. The Group concluded that, even though a lease is cancellable under law, tenants would incur significant “economic penalties” if the leases are terminated prior to expiry. The Group considered that these economic penalties are of such amount that continuation of the lease contracts by tenants appears to be reasonably certain at the inception of the respective agreements. The Group reached this conclusion based on factors such as: (i) the strategic geographical location and accessibility to customers of the Group’s investment properties; (ii) the nature and tenure of tenants (mostly well-known local and international retail chains); (iii) limited availability of identical revenue-producing space in the areas where the Group’s investment properties are located; (iv) the tenants’ brand image and other competitive considerations; (v) tenants’ significant expenses incurred in renovation, maintenance and improvements on the leased space to fit their own image; (vi) the majority of the Group’s tenants only have stores in shopping malls with a few or none street stores. See details in Note 24.

Lessees of rental space located within shopping malls are generally required to pay the higher of: (i) a base monthly rent (the “Base Rent”) and (ii) a specific percentage of gross monthly sales recorded by the Lessee (the “Contingent Rent”), which generally ranges between 2% and 12% of the lessees’ gross sales. In addition, in accordance with the standard terms of the typical commercial lease, the Base Rent is adjusted at that time by the Consumer Price Index (CPI) in Argentina.

In addition, some leases include provisions that set forth variable rent based on specific volumes of sales revenue and other types of ratios.

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Rental income from shopping malls, admission rights and commissions, are recognized in the Consolidated Statement of Income and Other Comprehensive Income on a straight-line basis over the term of the leases. When lease incentives are granted, they are recognized as an integral part of the net consideration for the use of the property and are therefore recognized on the same straight-line basis.

Contingent rents, i.e. lease payments that are not fixed at the inception of a lease, are recorded as income in the periods in which they are known and can be determined. Rent increases are recognized when such increases have been agreed with tenants.

The Group’s lease contracts also provide that common area maintenance charges and collective promotion funds of the Group’s shopping malls are borne by the corresponding lessees, generally on a proportional basis. These common area maintenance charges include all expenses necessary for various purposes including, but not limited to, the operation, maintenance, management, safety, preservation, repair, supervision, insurance and enhancement of the shopping malls. The lessor is responsible for determining the need and suitability of incurring a common area expense. The Group makes the original payment for such expenses, which are then reimbursed by the lessees. The Group considers that it acts as a principal in these cases. Service charge income is presented separately from property operating expenses. Property operating expenses are expensed as incurred.

Under the terms of the leases, lessees also agree to participate in collective promotion funds (“CPF”) to be used in advertising and promoting the Group’s shopping malls. Each lessee’s participation generally equals a percentage calculated based on the monthly accrued rental prices. Revenue so derived is also included under rental income and services segregated from advertising and promotion expenses. Such expenses are charged to income when incurred.

On the other hand, revenue includes income from managed operations and other services such as car parking spaces. Those revenues are recognized on an accrual basis as services are provided.

Rental and services - Offices and other rental properties

Rental income from offices and other rental properties include rental income from offices leased out under operating leases, income from services and expenses recovery paid by tenants.

Rental income from offices and other rental properties is recognized in the Consolidated Statement of Income and Other Comprehensive Income on a straight-line basis over the term of the leases. When lease incentives are granted, they are recognized as an integral part of the net consideration for the use of the property and are therefore recognized on the same straight-line basis.

A substantial portion of the Group’s leases requires the tenant to reimburse the Group for a substantial portion of operating expenses, usually a proportionate share of the allocable operating expenses. Such property operating expenses include necessary expenses such as property operating, repairs and maintenance, security, janitorial, insurance, landscaping, leased properties and other administrative expenses, among others. The Group manages its own rental properties. The Group makes the original payment for these expenses, which are then reimbursed by the lessees. The Group considers that it acts as a principal in these cases. The Group accrues reimbursements from tenants as service charge revenue in the period the applicable expenditures are incurred and is presented separately from property operating expenses. Property operating expenses are expensed as incurred.

Sales and Development activities

Revenue from sale and developments of real estate properties primarily comprises the results from the sale of trading properties. Results from the sale of properties are recognized only when the control has been transferred to the buyer. This normally takes place on unconditional exchange of contracts (except where payment or completion is expected to occur significantly after exchange). For conditional exchanges, sales are recognized when these conditions are satisfied.

The Group also enters into barter transactions where the Group normally exchanges undeveloped parcels of land with third-party developers for future property to be constructed on the bartered land and on occasion, the Group also receives cash as part of the transactions. Legal title to the land together with all risks and rewards of ownership are transferred to the developer upon sale. The Group generally requires the developer to issue insurances or to mortgage the land in favor of the Group as performance guarantee. In the event the developer does not fulfill its obligations, the Group forecloses on the land through the execution of the mortgage or the surety insurances, together with a cash penalty.

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The Group determines that its barters have commercial substance and that the conditions for recording the income from the transfer of parcels or land are met at the time the swap operation is carried out. Revenues are recorded at the fair value of the goods delivered, adjusted as appropriate by the amount of cash received, and it will be recognized in the Consolidated Statement of Income and Other Comprehensive Income and other comprehensive income depending on the specific category in which the exchanged asset is classified. If the asset falls under the Investment properties category, the revenue will be recognized under the line 'Net gain from fair value adjustment of investment properties.' However, if the asset is classified as Trading properties, the revenue will be recognized as operating income from the sale of trading properties. In exchange for the parcels or land transferred, the Group generally receives cash and / or a right to receive future units that are part of the projects to be built on the parcels or land exchanged. This right is initially recognized at cost (this being the fair value of the land transferred) as an intangible asset in the statement of financial position denominated “Future units to be received from barters”. Said intangible asset is not adjusted in subsequent years unless it is impaired.

The Group may sell the residential apartments to third-party homebuyers once they are finalized and transferred from the developer. In these circumstances, revenue is recognized when the control is transferred to the buyer. This will normally take place when the deeds of title are transferred to the homebuyer.

However, the Group may market residential apartments during construction or even before construction commences. In these situations, buyers generally surrender a down payment to the Group with the remaining amount being paid when the developer completes the property and transfers it to the Group, and the Group in turn transfers it to the buyer. In these cases, revenue is not recognized until the apartments are completed and the transaction is legally completed, that is when the apartments are transferred to the homebuyers and deeds of title are executed. This is because in the event the residential apartments are not completed by the developer and consequently not delivered to the homebuyer, the Group is contractually obligated to return to the homebuyer any down payment received plus a penalty amount. The Group may then seek legal remedy against the developer for non-performance of its obligations under the agreement. The Group exercised judgment and considers that the most significant risk associated with the asset the Group holds (i.e. the right to receive the apartments) consisting of the non-fulfillment of the developer's obligations (i.e. to complete the construction of the apartments) has not been transferred to the homebuyers upon reception of the down payment.

Revenue from hotels

Revenue income from hotel operations mainly includes room services, gastronomy and other services. Revenue from the sale of products is recognized when the product is delivered and the significant risks and rewards of ownership are transferred to the buyer. Revenue from the sale of services is recognized when the service is provided.

2.24 Cost of sales

Cost of sale of urban property business and investments:

The cost of sales includes the cost of selling the operation and management of shopping centers maintained by the Group as part of its real estate investments.

Cost of sales of agricultural business:

The line " Cost of sales and services from agricultural business" within the Group's costs in the Consolidated Statement of Income and Other Comprehensive Income represents the cost of sales of agricultural products included in inventories, valued at cost or net realizable value, as appropriate, or biological assets valued at fair value less costs to sell.

See Notes 2.11 and 26 to these financial statements for more information about Costs.

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2.25 Cost of borrowings and capitalization

The costs for general and specific loans that are directly attributable to the acquisition, construction or production of suitable assets for which a prolonged period is required to place them in the conditions required for their use or sale, are capitalized as part of the cost of those assets until the assets are substantially ready for use or sale. The general loan costs are capitalized according to the average debt rate of the Group. Foreign exchange differences for loans in foreign currency are capitalized if they are considered an adjustment to interest costs. The interest earned on the temporary investments of a specific loan for the acquisition of qualifying assets are deducted from the eligible costs to be capitalized. The rest of the costs from loans are recognized as expenses in the period in which they are incurred.

2.26 Share capital

Common shares are classified as equity. Incremental costs directly attributable to the issue of new common shares or options are shown in equity as a deduction, net of tax, from the proceeds.

When any Group’s subsidiary purchases the Company’s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company’s equity holders until the shares are cancelled or reissued. When such common shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and related income tax effects, is included in equity.

Instruments issued by the Group that will be settled by the Company delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash or another financial asset are classified as equity.

2.27 Comparability of information

The balances as of June 30, 2023 and 2022 that are disclosed for comparative purposes were restated in accordance with IAS 29, see Note 2.1.

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3. Significant judgments, key assumptions and estimates

Estimation	Main assumptions	Potential implications	Main references
Recoverable amounts of cash-generating units (even those including goodwill), associates and assets.	The discount rate and the expected growth rate before taxes in connection with cash-generating units. The discount rate and the expected growth rate after taxes in connection with associates. Cash flows are determined based on past experiences with the asset or with similar assets and in accordance with the Group’s best factual assumption relative to the economic conditions expected to prevail. Business continuity of cash-generating units. Appraisals made by external appraisers and valuators with relation to the assets’ fair value, net of realization costs (including real estate assets).	Should any of the assumptions made be inaccurate; this could lead to differences in the recoverable values of cash-generating units.	Note 8 - Investments in associates and joint ventures Note 10 – Property, plant and equipment Note 12 – Intangible assets
Control, joint control or significant influence	Judgment relative to the determination that the Group holds an interest in the shares of investees (considering the existence and influence of significant potential voting rights), its right to designate members in the executive management of such companies (usually the Board of directors) based on the investees’ bylaws; the composition and the rights of other shareholders of such investees and their capacity to establish operating and financial policies for investees or to take part in the establishment thereof.	Accounting treatment of investments as subsidiaries (consolidation) or associates (equity method)	Note 2.3 – Scope of consolidation; “de facto control”
Estimated useful life of intangible assets and property, plant and equipment	Estimated useful life of assets based on their conditions.	Recognition of accelerated or decelerated depreciation by comparison against final actual earnings (losses).	Note 10 – Property, plant and equipment Note 12 – Intangible assets
Fair value valuation of investment properties	Fair value valuation made by external appraisers and valuators. See Note 9.	Incorrect valuation of investment property values	Note 9 – Investment properties
Income tax	The Group estimates the income tax amount payable for transactions where the Treasury’s Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable.	Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest.	Note 23 – Taxes
Allowance for doubtful accounts	A periodic review is conducted of receivables risks in the Group’s clients’ portfolios. Bad debts based on the expiration of account receivables and account receivables’ specific conditions.	Improper recognition of charges / reimbursements of the allowance for bad debt.	Note 17 – Trade and other receivables
Level 2 and 3 financial instruments	Main assumptions used by the Group are: · Discounted projected income by interest rate · Values determined in accordance with the shares in equity funds on the basis of its Financial Statements, based on fair value or investment assessments. · Comparable market multiple (EV/GMV ratio). · Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve).	Incorrect recognition of a charge to income / (loss).	Note 16 – Financial instruments by category
Probability estimate of contingent liabilities.	Whether more economic resources may be spent in relation to litigation against the Group, such estimate is based on legal advisors’ opinions.	Charge / reversal of provision in relation to a claim.	Note 21 – Provisions
Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms	The entire set of characteristics of the exchanged debt instruments, and the economic parameters represented therein: Average lifetime of the exchanged liabilities; Extent of effects of the debt terms (linkage to index; foreign currency; variable interest) on the cash flows from the instruments.	Classification of a debt instrument in a manner whereby it will not reflect the change in the debt terms, which will affect the method of accounting recording.	Note 16 – Financial instruments by category (Financial liabilities)
Biological assets	Main assumptions used in valuation are yields, production costs, selling expenses, forwards of sales prices, discount rates.	Wrong recognition/valuation of biological assets. See sensitivities modeled on these parameters in Note 13.	Note 14 – Biological assets

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4. Acquisitions and disposals

Significant acquisitions and disposals for the for the fiscal year ended June 30, 2024 are detailed below. Significant acquisitions and disposals for the fiscal year ended June 30, 2023, are detailed in Note 4 to the Annual Financial Statements as of June 30, 2023.

Agricultural business

Sale of fraction of “Los Pozos” farm

On October 5, 2023, Cresud signed a transfer deed of ownership for the sale of a fraction of field land known as Registration 5,421 of the establishment called “Los Pozos” located in the province of Salta, with a total area of 4,262 hectares. The total price was USD 2.3 million, of which USD 1.4 million remains to be received, which will be paid in two installments, the last of which is dated September 23, 2025, with a mortgage guarantee for said balance.

Sale of fraction of “El Tigre” farm

On December 14, 2023, Cresud signed a transfer deed of ownership for the sale of a fraction of 500 hectares of agricultural activity from its “El Tigre” farm, located in the department of Trenel, province of La Pampa, Argentina. The total price was USD 3.8 million, of which USD 0.9 million remains to be received, which will be paid in two installments, the last of which is dated December 12, 2025, with a mortgage guarantee for said balance. After this transaction, the Company keeps the ownership of approximately 7,860 hectares of “El Tigre” farm.

Sale of fraction of “Chaparral” farm

On March 26, 2024, BrasilAgro sold a fraction of 12,335 hectares (8,796 productive hectares) of the “Chaparral” farm located in Correntina, State of Bahia, Brazil, that was acquired in 2007. After this operation, a remaining surface of 24,847 hectares of this farm is still owned by BrasilAgro. The total amount of the operation was set at BRL 364.5 million, subject to variations in the soybean bag price, and the portion of the farm that was sold was valued on the books at BRL 34.0 million. The result of the sale has been recognized in the current fiscal year.

Urban property business and investments

“Maple Building" sale

On July 24, 2023, IRSA signed the deed for the sale of all the functional and complementary units of the “Maple Building” located at 652/664 Suipacha Street in the Autonomous City of Buenos Aires. The price of the operation was USD 6.75 million, of which USD 3 million has been collected in cash, USD 0.75 million through the delivery of 3 functional units in a building owned by the buyer at Avenida Córdoba 637 in the Autonomous City of Buenos Aires, with a bailment agreement for 30 months and the remaining balance of USD 3 million will be paid as follows:

- USD 2.5 million in 10 semiannual, equal and consecutive installments of USD 0.25 million, the first due 24 months from the signing of the deed, with an annual interest of 5%;

- USD 0.5 million through the provision of services by the buyer, which were valued at the CCL exchange rate according to the conditions agreed in the contract.

“261 Della Paolera” floor sale

On August 9, 2023, IRSA signed the deed for the sale of the 9th floor of the "261 Della Paolera" tower located in the Catalinas neighborhood of the Autonomous City of Buenos Aires with a total of 1,184 square meters, 10 parking spaces, and 2 complementary units of the same building. The transaction price was approximate USD (MEP) (see note 9) 6.3 million, which had already been paid in ARS.

On October 5, 2023, the transfer deed was signed for the sale of the 25th and 26th floors of the “261 Della Paolera” tower located in the Catalinas neighborhood of the Autonomous City of Buenos Aires for a total of 2,395 square meters, 18 units of garages and 6 complementary units of the same building. The transaction price was approximately USD (MEP) (see note 9) 14.9 million, all of which were paid in full in ARS.

After this transaction, IRSA keeps the property of 4 floors of the building with an approximate leasable area of 4,937 square meters, in addition to parking spaces and other complementary spaces.

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Vista al Muelle – Boating Trust transaction

On October 31, 2023, Vista al Muelle S.A. (VAM), a subsidiary of Liveck L.T.D., sold two of its plots in the department of Canelones (Uruguay) to the Boating Trust for USD 6.8 million. In the same transaction, the trust sold units in Tower II to VAM for USD 5 million, which VAM used to fully settle its debt with the Chamyan family. The operation resulted in a profit of USD 1 million.

Sale of Quality Investment S.A.

On August 31, 2023, IRSA sold and transferred 100% of its participation in Quality Invest S.A. representing 50% of the share capital. The amount of the transaction amounted to USD 22.9 million, of which USD 21.5 million has been collected together with the transfer of the shares and the balance of USD 1.4 million will be collected after 3 years, accruing an interest of 7% per year.

Ezpeleta land plot Barter Agreement

On December 7, 2023, IRSA signed a barter agreement transferring the “Ezpeleta land plot” of 46 hectares, located in the district of Quilmes, Buenos Aires province.

The real estate project to be developed on the property consists of a gated community with 330 single-family lots and 6 macro lots for medium-density developments.

The transaction price was set at USD 16.4 million and will be paid to IRSA through the delivery of 125 single-family lots of the project and also 40% of the buildable square meters of the multifamily lots of said project.

Additionally, IRSA received the sum of ARS 62.3 million in cash as part of the consideration.

The amounts are expressed in the currency of the transaction date.

Sale of GCDI common-shares

During the months of November and December 2023, IRSA sold 1,583,560 common-shares of GCDI, equivalent to 0.17% of the capital share, for a total of ARS 25.5 million.

Additionally, during the first quarter of 2024, IRSA sold 5,017,588 common-shares of GCDI, equivalent to 0.55% of the capital share, for a total of ARS 165 million.

The amounts are expressed in the currency of the transaction date.

Del Plata Building Trust

On November 10, 2023, IRSA executed a Trust Administration Contract at cost for a project development and construction of a residential building, stores (gastronomic use), and complementary parking spaces, which is subject to fulfillment of certain suspensive conditions detailed below, and in which the Company will have the character of money trustor and developer. Likewise, and as beneficiary of the trust, IRSA will receive approximately 5,128 salable square meters and 32 parking spaces. TMF Trust Company (Argentina) S.A., a company with a fiduciary purpose that is not a related party, will act as trustee.

The aforementioned trust contract involves the contribution of a building owned by Banco Hipotecario S.A. (“BHSA”), an entity in which the Company holds a significant interest. The building is located in the block embraced by the streets Carlos Pellegrini, Presidente Perón, Sarmiento and Pasaje Carabelas, in the City of Buenos Aires. The contribution was made on December 28, 2023.

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The trust underlying project has approval for the Microcentro district reconversion regime issued by the Government of the City of Buenos Aires (Law 6508). On June 14, 2024, the GCBA issued Joint Resolution No. 1078/MHFGC/24 which suspended the effects of the tax benefits granted to the Trust, which are vested rights of the Trust. In order to preserve its rights, on July 17, 2024, the Trust filed an administrative appeal against such measure in order to have it revoked and restore the suspended tax benefits. The appeal is still pending, and no decision has yet been rendered.

5. Financial risk management and fair value estimates

The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, interest rate risk, indexing risk due to specific clauses and other price risks), credit risk, liquidity risk and capital risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date.

The general risk management policies of the Group seek both to minimize adverse potential effects on the financial performance of the Group and to manage and control the financial risks effectively. The Group uses financial instruments to hedge certain risk exposures when deemed appropriate based on its internal management risk policies, as explained below.

Given the diversity of characteristics in the activities conducted under its business and operations center, the Group has decentralized the risk management policies based on two significant line of business: (i) agricultural business and (ii) urban properties and investments business, which is divided into two: (a) Argentina and (b) Israel, in order to identify and properly analyze the various types of risks to which each of the subsidiaries is exposed.

The Group’s main financial instruments in the agricultural business and urban properties and investments business of the Operation Center in Argentina comprise cash and cash equivalents, receivables, payables, interest bearing assets and liabilities, other financial liabilities, other investments and derivative financial instruments. The Group manages its exposure to key financial risks in accordance with the Group’s risk management policies.

The Group’s management framework includes policies, procedures, limits and allowed types of derivative financial instruments. The Group has established a Risk Committee, comprising members of senior management and a member of the Audit Committee, which reviews and oversees management’s compliance with these policies, procedures and limits and has overall accountability for the identification and management of risk across the Group.

This section provides a description of the principal risks that could have a material adverse effect on the Group’s strategy, performance, results of operations and financial condition. The risks facing the businesses, set out below, do not appear in any particular order of potential materiality or probability of occurrence.

This sensitivity analysis provides only a limited, point-in-time view. The actual impact on the Group’s financial instruments may differ significantly from the impact shown in the sensitivity analysis.

(a) Market risk management

Market risk is the risk that the market prices, the fair value or the future cash flows of financial instrument instruments with which the Group operates will fluctuate due to changes in market prices. The Group’s market risks arise from open positions in foreign currencies, interest-bearing assets and liabilities, commodity price risks and equity securities of certain companies, to the extent that these are exposed to market value movements. The Group sets limits on the exposure to these risks that may be accepted, which are monitored on a regular basis.

Foreign Exchange risk and associated derivative financial instruments

The Group publishes its Consolidated Financial Statements in Argentine pesos but conducts operations and holds positions in other currencies. As a result, the Group is exposed to foreign currency exchange risk through exchange rate movements, which affect the value of the Group’s foreign currency positions. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity’s functional currency.

The Group's activities are carried out as follows:

	1)	Agricultural business: The commercial and/or agro-industrial activities of the Group's subsidiaries are primarily developed in Argentina and have as functional currency the Argentine Peso. The agricultural activities of the Group’s subsidiaries are primarily developed in Argentina, Brazil and Bolivia, where the functional currencies are the respective local currencies.

	2)	Urban properties and investments business: The real estate, commercial and/or financial activities of the Group’s subsidiaries have the Argentine Peso as functional currency. An important part of the business activities of these subsidiaries is conducted in that currency, thus not exposing the Group to foreign exchange risk. Other Group's subsidiaries have other functional currencies, principally US Dollar. In the ordinary course of business, the Group, through its subsidiaries, transacts in currencies other than the respective functional currencies of the subsidiaries. These transactions are primarily denominated in US Dollars

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An important part of the business activities of these subsidiaries is conducted in above-mentioned local currencies, thus not exposing the Group to foreign exchange risk. Net financial position exposure to the functional currencies is managed on a case-by-case basis, partly by entering into foreign currency derivative instruments and/or by borrowings in foreign currencies, or other methods, considered adequate by the Management, according to circumstances.

Financial instruments are considered sensitive to foreign exchange rates only when they are not in the functional currency of the entity that holds them. Shown below the net carrying amounts of the Company’s financial instruments nominated in USD, broken down by the functional currencies in which the Company operates for the years ended June 30, 2024 and 2023. The amounts are presented in Argentine Pesos, the presentation currency of the Group:

Agricultural business

As of June 30, 2024 and 2023, the book value net liability of the Group's instruments denominated in foreign currency is equivalent to the sum of ARS 243,836 and ARS 291,190, respectively. The Group estimates that, other factors being constant, a 10% appreciation in real terms of the US dollar against the respective functional currencies at year-end would result in a lower gain before income tax for the years ended June 30, 2024 and 2023 for an amount of ARS 24,384 (loss) and ARS 29,119 (loss), respectively. A 10% depreciation in real terms of the US dollar against the functional currencies would have an equal and opposite effect on the Consolidated Statement of Income and Other Comprehensive Income.

On the other hand, the Group also uses derivative instruments, such as future foreign exchange contracts to manage its exposure to foreign exchange risk. As of June 30, 2024, the Group has future exchange contracts pending for an amount of ARS 191 (asset) and ARS 3,712 (liability). As of June 30, 2023, the Group had future exchange contracts pending for an amount of ARS 6,587 (asset) and ARS 448 (liability).

Urban properties and investments business

As of June 30, 2024 and 2023, the book value net liability of the Group's instruments denominated in foreign currency is equivalent to the sum of ARS 198,984 and ARS 234,650, respectively. The Group estimates that, other factors being constant, a 10% appreciation in real terms of the US Dollar against the respective functional currencies at year-end would result in a net additional loss before income tax for the years ended June 30, 2024 and 2023 for an amount of ARS 19,898 (loss) and ARS 23,465 (loss), respectively. A 10% depreciation in real terms of the US Dollar against the functional currencies would have an equal and opposite effect on the Consolidated Statement of Income and Other Comprehensive Income.

On the other hand, the Group also uses derivatives, such as future exchange contracts, to manage its exposure to foreign currency risk. As of June 30, 2024 and 2023, the Group has future exchange contracts pending for an amount of ARS 4 (liability) and ARS 22 (liability), respectively.

Interest rate risk

The Group is exposed to interest rate risk on its investments in debt instruments, short-term and long-term borrowings and derivative financial instruments.

The primary objective of the Group’s investment activities is to preserve principal while at the same time maximizing yields without significantly increasing risk. To achieve this objective, the Group diversifies its portfolio in accordance with the limits set by the Group. The Group maintains a portfolio of cash equivalents and short-term investments in a variety of securities, including both government and corporate obligations and money market funds.

The Group’s interest rate risk principally arises from long-term borrowings (Note 22). Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk.

As of June 30, 2024 and 2023, 80.5% and 88.4% of long-term financial borrowings have a fixed interest rate, so the Group is not significantly exposed to the risks of rate fluctuations of interest.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

The Group manages this risk by maintaining an appropriate combination of liabilities that generate interest at fixed and variable rates. These activities are regularly monitored to confirm that the Group is not exposed to interest rate movements that could negatively affect the ability to fulfill the financial obligations and the restrictions of the different borrowing agreements.

The Group manages its cash flow interest rate risk exposure by different hedging instruments, including but not limited to interest rate swap, depending on each particular case. For example, interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates or vice versa.

The interest rate risk policy is approved by the Board of Directors. Management analyses the Group’s interest rate exposure on a dynamic basis. Various scenarios are simulated, taking into consideration refinancing, renewal of existing positions and alternative financing sources. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate shift. The scenarios are run only for liabilities that represent the major interest-bearing positions. Trade payables are normally interest-free and have settlement dates within one year. The simulation is done on a regular basis to verify that the maximum potential loss is within the limits set by management.

Note 22 shows a breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2024 and 2023.

Agricultural business

The Group estimates that, other factors being constant, a 1% increase in real terms in floating rates at year-end would increase net loss before income tax for the years ended June 30, 2024 and 2023 in the amount of ARS 1,152 and ARS 1,044, respectively. A 1% decrease in real terms in floating rates would have an equal and opposite effect on the Consolidated Statement of Income and Other Comprehensive Income.

Urban properties and investments business

The Group estimates that, other factors being constant, a 1% increase in real terms in floating rates at year-end would increase net loss before income tax for the years ended June 30, 2024 and 2023 in the amount of ARS 454 and ARS 87, respectively. A 1% decrease in real terms in floating rates would have an equal and opposite effect on the Consolidated Statement of Income and Other Comprehensive Income.

Commodity price risk and associated derivative financial instruments

The Group’s agricultural activities expose it to specific financial risks related to commodity prices. Prices for commodities have historically been cyclical, reflecting overall economic conditions and changes in capacity within the industry, which affect the profitability of entities engaged in the agricultural industry.

Generally, the Group uses derivative instruments to hedge risks arising out of its agricultural business operations. The Group uses a variety of commodity-based derivative instruments to manage exposure to price volatility stemming from its integrated crop production activities. These instruments consist mainly of crop forwards, future contracts and put and call option contracts. Contract positions are designed to ensure that the Group will receive a defined minimum price for certain quantities of its production. The Group combines option contracts with future contracts only as a means of reducing the exposure towards the decrease in commodity prices, as being a producer means that the price is uncertain until the time the products are harvested and sold. The Group manages maximum and minimum prices for each commodity and the idea is to choose the best spot price at which to sell.

The Group generally covers up the majority of its crop production in order to finance its operating costs. The hedge consists of taking positions on purchased puts or sold futures and calls that assure a fixed exit price. In the past, the Group has never kept a short position greater than its crop inventories and does not intend to. On the other hand, it is not the Group’s current intention to be exposed in a long derivative position in excess of its actual production.

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

The following tables show the outstanding positions for each type of derivative contract for the years ended June 30, 2024 and 2023:


	06.30.2024
Type of derivative contract	Tons		Premium paid or (collected)			Derivatives at fair value			Gain/ (loss) for valuation at fair value at year-end
Forward:
Sales
Corn		115,150		-			(247	)		(43	)
Soybeans		286,054		-			(496	)		8,577
Wheat		12,100		-			-			360
Livestock		6,600		-			-			(1	)
Cotton		16,163,700		-			(509	)		449
Ethanol		16,920		-			331			150
Sugarcane		1,500,000		-			33			(567	)
Purchase
Corn		24,766		-			-			(455	)
Soybeans		13,407		-			-			(270	)
Wheat		10,828		-			-			(197	)
Options:
Sale put
Corn		900		4			-			-
Soybeans		37,800		252			-			(4	)
Wheat		8,800		72			-			(97	)
Purchase put
Corn		15,956		(49	)		(208	)		(167	)
Soybeans		57,976		(19	)		(1,798	)		(323	)
Wheat		4,000		-			16			16
Cotton		-		-			-			128
Sale call
Corn		34,200		169			-			-
Soybeans		51,520		303			-			(24	)
Wheat		5,100		28			-			-
Purchase call
Wheat		8,756		-			16			167
Soybeans		113,152		(31	)		483			336
Ethanol		9,000		-			520			-
Wheat		2,900		(20	)		-			-
Cotton		7,450,000		-			170			146
Total		25,949,585		709			(1,689	)		8,181

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

	06.30.2023
Type of derivative contract	Tons		Premium paid or (collected)			Derivatives at fair value			(Loss)/ gain for valuation at fair value at year-end
Forward:
Sales
Corn		204,724		-			(178	)		8,107
Soybeans		229,585		-			2,107			(1,364	)
Wheat		35,900		-			-			877
Livestock		-		-			-			379
Cotton		703,948		-			(494	)		(141	)
Ethanol		159		-			(149	)		2,058
Sugarcane		1,487,190		-			461			-
Purchase
Corn		800		-			-			(15	)
Soybeans		3,460		-			-			89
Wheat		700		-			-			(7	)
Options:
Sale put
Corn		22,600		26			-			-
Soybeans		834		661			762			-
Wheat		-		342			-			-
Purchase put
Corn		3,213		(197	)		186			-
Soybeans		5,300		(680	)		37			(56	)
Wheat		4,800		(394	)		89			89
Sale call
Corn		5,100		245			-			-
Soybeans		18,100		803			-			-
Wheat		9,200		416			-			-
Purchase call
Corn		-		(316	)		-			268
Soybeans		8,700		(646	)		-			1,014
Ethanol		159		-			45			-
Wheat		-		(227	)		-			-
Total		2,744,472		33			2,866			11,298

As of June 30, 2024 and 2023, no derivative margins are recorded.

Crops future contracts fair values are computed with reference to quoted market prices on future exchanges.

Other price risks

The Group is exposed to equity securities price risk or derivative financial instruments because of investments held in entities that are publicly traded, which were classified on the Consolidated Statement of Financial Position at “fair value through profit or loss”. The Group regularly reviews the prices evolution of these equity securities in order to identify significant movements.

As of June 30, 2024 and 2023 the total value of Group’s investments in shares and derivative financial instruments of public companies amounts to ARS 17,650 and ARS 18,747, respectively.

The Group estimates that, other factors being constant, a 10% decrease in quoted prices of equity securities and in derivative financial instruments portfolio at year-end would generate a loss before income tax for the year ended June 30, 2024 and 2023 of ARS 1,765 and ARS 1,875, respectively. A 10% increase in these prices would have an equal and opposite effect on the Consolidated Statement of Income and Other Comprehensive Income.

(b) Credit risk management

The credit risk arises from the potential non-performance of contractual obligations by the parties, with a resulting financial loss for the Group. Credit limits have been established to ensure that the Group deals only with approved counterparties and that counterparty concentration risk is addressed and the risk of loss is mitigated. Counterparty exposure is measured as the aggregate of all obligations of any single legal entity or economic entity to the Group.

The Group is subject to credit risk arising from deposits with banks and financial institutions, investments of surplus cash balances, the use of derivative financial instruments and from outstanding receivables. The credit risk is managed on a country-by-country basis. Each local entity is responsible for managing and analyzing the credit risk.

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

The Group’s policy in each operations center is to manage credit exposure from deposits, short-term investments and other financial instruments by maintaining diversified funding sources in various financial institutions. All the institutions that operate with the Group are well known because of their experience in the market and high credit quality. The Group places its cash and cash equivalents, investments, and other financial instruments with various high credit quality financial institutions, thus mitigating the amount of credit exposure to any one institution. The maximum exposure to credit risk is represented by the carrying amount of cash and cash equivalents and short-term investments in the Consolidated Statement of Financial Position.

Agricultural business

The Group’s primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk and commodities prices. The Group generally enters into derivative transactions with high-credit-quality counterparties and, by policy, limits the amount of credit exposure to each counter party. The amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which counterparty’s obligations exceed the obligations that the Group has with that counterparty. The credit risk associated with derivative financial instruments is representing by the carrying value of the assets positions of these instruments.

The Group’s policy is to manage credit risks associated with trade and other receivables within defined trading limits. All Group’s significant counterparties have internal trading limits. The Group’s customers are distinguished between those customers arising out of the investment and development properties activities of the Group from those arising out of its agricultural and agro-industrial operations. These two Groups of customers are monitored separately due to their distinct characteristics.

Trade receivables from agriculture and agro-industrial activities are primarily derived from the sale of commodities, raw milk, cattle, and sugarcane; receivables from feedlot operations and raw meat products; receivables from the lease of farmland properties; receivables from the sale of farmland properties; and other receivables from ancillary activities. Trade receivables from agriculture and agro-industrial activities represent 11.2% and 12.9% of the Group’s total trade receivables as of June 30, 2024 and 2023, respectively. In contrast with the investment and development properties activities of the Group, the Group’s agribusiness is conducted through several international subsidiaries. The Group has subsidiaries in Argentina, Brazil, Bolivia and Paraguay. However, Argentina and Brazil together concentrate the 100% of the Group’s grain production.

Generally, the entire grain production is sold in the domestic market to well-known multinational exporters. The Group performs credit evaluations of its customers and generally does not require collateral. Although sales are highly concentrated, the Group does not believe that significant credit risk exists at the reporting period due to the high credit rating of these customers.

The Group concentrates its cattle production in Argentina where it is entirely sold in the domestic market. The main buyers are slaughterhouses and supermarkets and are well dispersed. Prices in the cattle market in Argentina are basically fixed by local supply and demand. The principal market is the Liniers Market in Buenos Aires, which provides a standard in price formation for the rest of the domestic markets. Live animals are sold by auction on a daily basis in the market, whereas prices are negotiated by kilogram of live weight and are mainly determined by local supply and demand. Some supermarkets and meat packers establish their prices by kilogram of processed meat. In these cases, processing yields influences the final price.

The Group’s sugarcane production is based in Brazil and to a lesser extent in Bolivia. Brazil concentrates the 100% of the Group's total sugarcane production as of June 30, 2024 and 2023, respectively. Currently, the group has two supply agreements of sugarcane. One of them is with Atvos S.A. and the other one Aparecería IV with Agroserra - Agro Pecuária e Industria, in the municipality of São Raimundo das Mangabeiras. Although sales are agreed, the Group do not believe that there is a significant collection risk as of the date of year fiscal year, considering the rating of Atvos and Agroserra.

The Company does not expect any significant losses resulting from the non-performance of the counterparties in any of the business lines.

The maximum exposure to Group’s credit risk is represented by the carrying amount of each financial asset in the Consolidated Statement of Financial Position after deducting any impairment allowance. The Group’s overall exposure of credit risk arising from trade receivables is set out in Note 17.

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Urban properties and investments business

Trade receivables related to leases and services provided by the Group represent a diversified tenant base and account for 94.66% and 98.83% of the Group’s total trade receivables of the operations Group as of June 30, 2024 and 2023, respectively. The Group has specific policies to ensure that rental contracts are transacted with counterparties with appropriate credit quality. The majority of the Group’s shopping mall, offices and other rental properties’ tenants are well recognized retailers, diversified companies, professional organizations, and others. Owing to the long-term nature and diversity of its tenancy arrangements, the credit risk of this type of trade receivables is considered to be low. Generally, the Group has not experienced any significant losses resulting from the non-performance of any counterpart to the lease contracts and, as a result, the allowance for doubtful accounts balance is low. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Group. If there is no independent rating, risk control assesses the credit quality of the customer, taking into account its past experience, financial position, actual experience and other factors. Based on the Group’s analysis, the Group determines the size of the deposit that is required from the tenant at inception. Management does not expect any material losses from non-performance by these counterparties (see details on Note 17).

On the other hand, property receivables related to the sale of trading properties represent 5.34% and 1.17% of the Group’s total trade receivables as of June 30, 2024 and 2023, respectively. Payments on these receivables have generally been received when due. These receivables are generally secured by mortgages on the properties. Therefore, the credit risk on outstanding amounts is considered very low.

(c) Liquidity risk management

The Group is exposed to liquidity risks, including risks associated with refinancing borrowings as they mature the risk that borrowing facilities are not available to meet cash requirements, and the risk that financial assets cannot readily be converted to cash without loss of value. Failure to manage liquidity risks could have a material impact on the Group’s cash flow and Consolidated Statement of Financial Position. Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding its existing and prospective debt requirements by maintaining diversified funding sources.

Each business monitors its current and projected financial position using several key internally generated reports: cash flow; debt maturity; and interest rate exposure. The Group also undertakes sensitivity analysis to assess the impact of proposed transactions, movements in interest rates and changes in property values on the key profitability, liquidity and balance sheet ratios.

The debt of each operation center and the derivative positions are continually reviewed to meet current and expected debt requirements. Each operation center maintains a balance between longer-term and shorter-term financings. Short-term financing is principally raised through bank facilities and overdraft positions. Medium- to longer-term financing comprises public and private bond issues, including private placements. Financing risk is spread by using a variety of types of debt. The maturity profile is managed in accordance with each operation center needs, by spreading the repayment dates and extending facilities, as appropriate.

The tables below show financial liabilities, including each operation center derivative financial liabilities groupings based on the remaining period at the Consolidated Statement of Financial Position to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows and as a result, they do not reconcile to the amounts disclosed on the Consolidated Statement of Financial Position. However, undiscounted cash flows in respect of balances due within 12 months generally equal their carrying amounts in the Consolidated Statement of Financial Position, as the impact of discounting is not significant. The tables include both interest and principal flows.

Where the interest payable is not fixed, the amount disclosed has been determined by reference to the existing conditions at the reporting date.

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Agricultural business

	06.30.2024
	Less than 1 year		Between 1 and 2 years		Between 2 and 3 years		Between 3 and 4 years		More than 4 years		Total
Trade and other payables		149,329		8,542		-		-		-		157,871
Borrowings		165,663		127,726		108,583		32,525		21,971		456,468
Finance lease obligations		19,742		14,910		10,651		8,325		23,250		76,878
Derivative financial instruments		12,147		3,093		-		-		-		15,240
Total		346,881		154,271		119,234		40,850		45,221		706,457



	06.30.2023
	Less than 1 year		Between 1 and 2 years		Between 2 and 3 years		Between 3 and 4 years		More than 4 years		Total
Trade and other payables		145,088		8,504		643		-		-		154,235
Borrowings		231,724		124,084		184,016		17,432		17,195		574,451
Finance lease obligations		19,884		21,140		323		16,522		26,308		84,177
Derivative financial instruments		4,608		172		-		-		-		4,780
Total		401,304		153,900		184,982		33,954		43,503		817,643

Urban properties and investments business

	06.30.2024
	Less than 1 year		Between 1 and 2 years		Between 2 and 3 years		Between 3 and 4 years		More than 4 years		Total
Trade and other payables		33,542		466		11		-		-		34,019
Borrowings		181,281		113,910		25,533		45,343		-		366,067
Finance lease obligations		1,234		1,300		1,366		1,433		13,663		18,996
Derivative financial instruments		4		-		-		-		-		4
Total		216,061		115,676		26,910		46,776		13,663		419,086



	06.30.2023
	Less than 1 year		Between 1 and 2 years		Between 2 and 3 years		Between 3 and 4 years		More than 4 years		Total
Trade and other payables		53,292		1,616		1,330		992		1,338		58,568
Borrowings		149,842		101,379		77,245		26,041		44,643		399,150
Finance lease obligations		955		1,081		1,226		1,178		15,381		19,821
Derivative financial instruments		22		-		-		-		-		22
Total		204,111		104,076		79,801		28,211		61,362		477,561

See Note 22 for a description of the commitments and restrictions related to loans and the ongoing renegotiations.

(d) Capital risk management

The capital structure of the Group consists of shareholders’ equity and net borrowings. The type and maturity of the Group’s borrowings are analyzed further in Note 22. The Group’s equity is analyzed into its various components in the Statement of Changes in Equity.

Capital is managed so as to promote the long-term success of the business and to maintain sustainable returns for shareholders.

The Group seeks to manage its capital requirements to maximize value through the mix of debt and equity funding, while ensuring that Group entities continue to operate as going concerns, comply with applicable capital requirements and maintain strong credit ratings.

The Group assesses the adequacy of its capital requirements, cost of capital and gearing (i.e., debt/equity mix) as part of its broader strategic plan. The Group continuously reviews its capital structure to ensure that (i) sufficient funds and financing facilities are available to implement the Group’s property development and business acquisition strategies, (ii) adequate financing facilities for unforeseen contingencies are maintained, and (iii) distributions to shareholders are maintained within the Group’s dividend distribution policy. The Group also protects its equity in assets by obtaining appropriate insurance.

The Group’s strategy is to maintain key financing metrics (net debt to total equity ratio or gearing and debt ratio) in order to ensure that asset level performance is translated into enhanced returns for shareholders whilst maintaining an appropriate risk reward balance to accommodate changing financial and operating market cycles.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

The following tables details the Group’s key metrics in relation to managing its capital structure. The ratios are within the ranges previously established by the Group’s strategy.

Agricultural business

	06.30.2024			06.30.2023
Gearing ratio (i)		39.60	%		42.64	%
Debt ratio (ii)		37.62	%		42.89	%

	(i)	Calculated as total borrowings over total borrowings plus equity attributable to shareholders of the controlling company.

	(ii)	Calculated as total borrowings over total properties (properties, plant and equipment and investment properties) plus equity attributable to shareholders of the controlling company.

Urban properties and investments business

	06.30.2024			06.30.2023
Gearing ratio (i)		25.37	%		22.83	%
Debt ratio (ii)		20.23	%		18.19	%

	(i)	Calculated as total of borrowings over total borrowings plus equity attributable equity holders of the parent company.

	(ii)	Calculated as total borrowings over total properties (including trading properties, property, plant and equipment, investment properties and rights to receive units under barter agreements).

(e) Other non-financial risks

Nature risks

The Group’s revenue arising from agricultural activities depends significantly on the ability to manage biological assets and agricultural produce. The ability to manage biological assets and agricultural produce may be affected by unfavorable local weather conditions and natural disasters. Weather conditions such as floods, droughts, hail, windstorms and natural disasters such as fire, disease, insect infestation and pests are examples of such unpredictable events. The Group manages this risk by locating its farmlands in different geographical areas. The Group has not taken out insurance for this kind of risks. The occurrence of severe weather conditions or natural disasters may affect the growth of our biological assets, which in turn may have a material adverse effect on the Group’s ability to harvest agricultural produce in sufficient quantities and in a timely way.

6. Segment information

IFRS 8 requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the CODM. According to IFRS 8, the CODM represents a function whereby strategic decisions are made and resources are assigned. The CODM function is carried out by the President of the Group, Mr. Eduardo S. Elsztain.

Segment information is reported from the perspective of products and services: (i) agricultural business and (ii) urban properties and investment business.

Below is the segment information prepared as follows:

Agricultural business

	·	Agricultural production: segment consists of planting, harvesting and sale of crops as wheat, corn, soybeans, cotton and sunflowers; the sale of grain derivatives, such as flour and oil, breeding, purchasing and/or fattening of free-range cattle for sale to meat processors and local livestock auction markets.; agricultural services; leasing of the Group's farms to third parties; and planting, harvesting and sale of sugarcane
	·	Land transformation and sales: comprises gains from the disposal and development of farmlands activities.
	·	Corporate: includes corporate expenses related to agricultural business.
	·	Other segments: includes, principally, brokerage activities, among others.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

Urban properties and investments business

	·	Shopping Malls: includes results principally comprised of lease and service revenues related to rental of commercial space and other spaces in the shopping malls of the Group.
	·	Offices: includes the operating results from lease revenues of offices, other rental spaces and other service revenues related to the office activities.
	·	Sales and developments: includes the operating results of the development, maintenance and sales of undeveloped parcels of land and/or trading properties. Real estate sales results are also included.
	·	Hotels: includes the operating results mainly comprised of room, catering and restaurant revenues.
	·	Others: includes the entertainment activity through ALG Golf Center S.A., La Rural S.A. and Buenos Aires Convention Center (Concession), We Are Appa, investments in associates such as GCDI (former TGLT) and the financial activities carried out through BHSA / BACS, as well as other investments in associates.

The CODM periodically reviews the operating results and certain asset categories and assesses performance of operating segments based on a measure of profit or loss of the segment composed by the operating income plus the share of profit / (loss) of joint ventures and associates. The valuation criteria used in preparing this information are consistent with IFRS standards used for the preparation of the Consolidated Financial Statements, except for the following:

	·	Operating results from joint ventures are evaluated by the CODM applying proportional consolidation method. Under this method, the profit/loss generated and assets are reported in the Consolidated Statement of Income and Other Comprehensive Income line-by-line based on the percentage held in joint ventures rather than in a single item as required by IFRS. Management believes that the proportional consolidation method provides more useful information to understand the business return. On the other hand, the investment in the joint venture La Rural S.A. is accounted for under the equity method since this method is considered to provide more accurate information in this case.

	·	Operating results from Shopping Malls and Offices segments do not include the amounts pertaining to building administration expenses and collective promotion funds (“FPC”, as per its Spanish acronym) as well as total recovered costs, whether by way of expenses or other concepts included under financial results (for example default interest and other concepts). The CODM examines the net amount from these items (total surplus or deficit between building administration expenses and FPC and recoverable expenses).

The asset categories reviewed by the CODM are: investment properties, property, plant and equipment, trading properties, inventories, rights to receive units under barter transactions, investments in associates and goodwill. The sum of these assets, classified by business segment, is disclosed as “reportable assets”. Assets are assigned to each segment based on operations and/or their physical location.

Most of the revenues from the operating segments are generated and the assets are physically located in Argentina, with the exception of part of the results of associates included in the "Other" segment located in the United States.

Revenues for each reporting segment derive from a large and diverse client base and, therefore, there is no revenue concentration in any particular segment.

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2024:

	06.30.2024
	Agricultural business (I)			Urban Properties and Investment business (II)			Total segment information			Joint ventures (i)			Adjustments (ii)			Elimination of inter-segment transactions and non-reportable assets / liabilities (iii)			Total Statement of Income and Other Comprehensive Income/ Financial Position
Revenues		384,487			270,550			655,037			(1,453	)		59,447			(1,658	)		711,373
Costs		(323,676	)		(48,891	)		(372,567	)		161			(60,637	)		-			(433,043	)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest		5,339			-			5,339			-			-			710			6,049
Changes in the net realizable value of agricultural products after harvest		7,174			-			7,174			-			-			-			7,174
Gross profit / (loss)		73,324			221,659			294,983			(1,292	)		(1,190	)		(948	)		291,553
Net loss from fair value adjustment of investment properties		(7,454	)		(341,584	)		(349,038	)		364			-			-			(348,674	)
Gain from disposal of farmlands		52,612			-			52,612			-			-			-			52,612
General and administrative expenses		(33,678	)		(51,453	)		(85,131	)		173			-			107			(84,851	)
Selling expenses		(43,768	)		(17,491	)		(61,259	)		133			-			742			(60,384	)
Other operating results, net		27,904			(7,014	)		20,890			(21	)		419			86			21,374
Management fees		-			-			-			-			(7,866	)		-			(7,866	)
Profit / (loss) from operations		68,940			(195,883	)		(126,943	)		(643	)		(8,637	)		(13	)		(136,236	)
Share of (loss) / profit of associates and joint ventures		(1,084	)		33,760			32,676			277			-			-			32,953
Segment profit / (loss)		67,856			(162,123	)		(94,267	)		(366	)		(8,637	)		(13	)		(103,283	)

Reportable assets		729,735			1,944,113			2,673,848			685			-			798,578			3,473,111
Reportable liabilities (*)		-			-			-			-			-			(1,909,201	)		(1,909,201	)
Net reportable assets		729,735			1,944,113			2,673,848			685			-			(1,110,623	)		1,563,910

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2023:

	06.30.2023
	Agricultural business (I)			Urban Properties and Investment business (II)			Total segment information			Joint ventures (i)			Adjustments (ii)			Elimination of inter-segment transactions and non-reportable assets / liabilities (iii)			Total Statement of Income and Other Comprehensive Income/ Financial Position
Revenues		378,132			268,627			646,759			(1,687	)		64,781			(2,441	)		707,412
Costs		(313,801	)		(49,365	)		(363,166	)		736			(65,950	)		-			(428,380	)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest		(5,628	)		-			(5,628	)		-			-			819			(4,809	)
Changes in the net realizable value of agricultural products after harvest		(9,431	)		-			(9,431	)		-			-			-			(9,431	)
Gross profit / (loss)		49,272			219,262			268,534			(951	)		(1,169	)		(1,622	)		264,792
Net loss from fair value adjustment of investment properties		(8,804	)		(190,751	)		(199,555	)		7,559			-			-			(191,996	)
Gain from disposal of farmlands		55,825			-			55,825			-			-			-			55,825
General and administrative expenses		(31,550	)		(72,549	)		(104,099	)		250			-			643			(103,206	)
Selling expenses		(34,723	)		(16,860	)		(51,583	)		101			-			1,118			(50,364	)
Other operating results, net		(6,486	)		(27,061	)		(33,547	)		(93	)		614			(92	)		(33,118	)
Management fees		-			-			-			-			(17,683	)		-			(17,683	)
Profit / (loss) from operations		23,534			(87,959	)		(64,425	)		6,866			(18,238	)		47			(75,750	)
Share of (loss) / profit of associates and joint ventures		(3,853	)		14,449			10,596			(4,722	)		-			(5	)		5,869
Segment profit / (loss)		19,681			(73,510	)		(53,829	)		2,144			(18,238	)		42			(69,881	)

Reportable assets		784,053			2,358,968			3,143,021			(13,050	)		-			842,993			3,972,964
Reportable liabilities (*)		-			-			-			-			-			(2,178,387	)		(2,178,387	)
Net reportable assets		784,053			2,358,968			3,143,021			(13,050	)		-			(1,335,394	)		1,794,577

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2022:

	06.30.2022
	Agricultural business (I)			Urban property and investment business (II)			Total segment information			Joint ventures (i)			Adjustments (ii)			Elimination of inter-segment transactions and non-reportable assets / liabilities (iii)			Total Statement of Income and Other Comprehensive Income / Financial Position
Revenues		515,872			204,987			720,859			(1,860	)		53,349			(4,644	)		767,704
Costs		(461,761	)		(42,851	)		(504,612	)		729			(55,055	)		-			(558,938	)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest		145,804			-			145,804			-			-			1,535			147,339
Changes in the net realizable value of agricultural products after harvest		(16,007	)		-			(16,007	)		-			-			-			(16,007	)
Gross profit / (loss)		183,908			162,136			346,044			(1,131	)		(1,706	)		(3,109	)		340,098
Net gain/ (loss) from fair value adjustment of investment properties		19,707			102,522			122,229			10,588			-			-			132,817
Gain from disposal of farmlands		44,088			-			44,088			-			-			-			44,088
General and administrative expenses		(30,340	)		(42,987	)		(73,327	)		214			-			650			(72,463	)
Selling expenses		(43,895	)		(17,958	)		(61,853	)		43			-			3,016			(58,794	)
Other operating results, net		(6,714	)		225			(6,489	)		-			447			(89	)		(6,131	)
Management fees		-			-			-			-			(33,388	)		-			(33,388	)
Profit/ (loss) from operations		166,754			203,938			370,692			9,714			(34,647	)		468			346,227
Share of profit of associates and joint ventures		1,294			3,732			5,026			(6,588	)		-			-			(1,562	)
Segment profit/ (loss)		168,048			207,670			375,718			3,126			(34,647	)		468			344,665

Reportable assets		730,284			2,610,609			3,340,893			(11,830	)		-			909,751			4,238,814
Reportable liabilities (*)		-			-			-			-			-			(2,582,553	)		(2,582,553	)
Net reportable assets		730,284			2,610,609			3,340,893			(11,830	)		-			(1,672,802	)		1,656,261

(i)	Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes.
(ii)	Includes ARS (1,190), ARS (1,169) and ARS (1,706) corresponding to Expenses and FPC as of June 30, 2024, 2023 and 2022, respectively, and ARS 7,866, ARS 17,683 and ARS 33,388 to management fees, as of June 30, 2024, 2023 and 2022, respectively.
(iii)	Includes deferred income tax assets, income tax and MPIT credits, trade and other receivables, investment in financial assets, cash and cash equivalents and intangible assets except for rights to receive future units under barter agreements, net of investments in associates with negative equity which are included in provisions in the amount of ARS 15, ARS 4 and ARS 63, as of June 30, 2024, 2023 and 2022, respectively.
(*)	The CODM focuses its review on reportable assets.

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

(i)

Agriculture line of business

The following tables present the reportable segments of the agriculture line of business:

	06.30.2024
	Agricultural production			Land transformation and sales			Corporate			Others			Total Agricultural business
Revenues		268,382			-			-			116,105			384,487
Costs		(239,036	)		(228	)		-			(84,412	)		(323,676	)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest		5,339			-			-			-			5,339
Changes in the net realizable value of agricultural products after harvest		7,174			-			-			-			7,174
Gross profit / (loss)		41,859			(228	)		-			31,693			73,324
Net loss from fair value adjustment of investment properties		-			(7,454	)		-			-			(7,454	)
Gain from disposal of farmlands		-			52,612			-			-			52,612
General and administrative expenses		(19,641	)		(63	)		(4,583	)		(9,391	)		(33,678	)
Selling expenses		(28,934	)		(1,189	)		-			(13,645	)		(43,768	)
Other operating results, net		8,499			13,736			-			5,669			27,904
Profit / (loss) from operations		1,783			57,414			(4,583	)		14,326			68,940
Share of profit / (loss) of associates and joint ventures		1,553			-			-			(2,637	)		(1,084	)
Segment profit / (loss)		3,336			57,414			(4,583	)		11,689			67,856

Investment properties		-			64,521			-			-			64,521
Property, plant and equipment		448,000			1,261			-			3,311			452,572
Investments in associates		6,696			-			-			1,278			7,974
Other reportable assets		138,661			2,596			-			63,411			204,668
Reportable assets		593,357			68,378			-			68,000			729,735

From all of the Group’s revenues corresponding to Agricultural Business, ARS 221,139 are originated in Argentina and ARS 163,348 in other countries, principally in Brazil for ARS 161,810. From all of the Group’s assets included in the segment corresponding to Agricultural Business, ARS 507,247 are located in Argentina and ARS 222,488 in other countries, principally in Brazil.

	06.30.2023
	Agricultural production			Land transformation and sales			Corporate			Others			Total Agricultural business
Revenues		278,373			-			-			99,759			378,132
Costs		(249,942	)		(275	)		-			(63,584	)		(313,801	)

Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest		(5,628	)		-			-			-			(5,628	)
Changes in the net realizable value of agricultural products after harvest		(9,431	)		-			-			-			(9,431	)
Gross profit / (loss)		13,372			(275	)		-			36,175			49,272
Net loss from fair value adjustment of investment properties		-			(8,804	)		-			-			(8,804	)
Gain from disposal of farmlands		-			55,825			-			-			55,825
General and administrative expenses		(17,480	)		(52	)		(5,187	)		(8,831	)		(31,550	)
Selling expenses		(25,498	)		(48	)		-			(9,177	)		(34,723	)
Other operating results, net		625			(9,385	)		-			2,274			(6,486	)
(Loss) / profit from operations		(28,981	)		37,261			(5,187	)		20,441			23,534
Share of loss of associates and joint ventures		(628	)		-			-			(3,225	)		(3,853	)
Segment (loss) / profit		(29,609	)		37,261			(5,187	)		17,216			19,681

Investment properties		-			97,556			-			-			97,556
Property, plant and equipment		462,669			2,203			-			3,934			468,806
Investments in associates		6,216			-			-			3,199			9,415
Other reportable assets		152,532			-			-			55,744			208,276
Reportable assets		621,417			99,759			-			62,877			784,053

From all of the Group’s revenues corresponding to Agricultural Business, ARS 206,177 are originated in Argentina and ARS 171,955 in other countries, principally in Brazil for ARS 153,806. From all of the Group’s assets included in the segment corresponding to Agricultural Business, ARS 252,733 are located in Argentina and ARS 531,320 in other countries, principally in Brazil.

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

	06.30.2022
	Agricultural production			Land transformation and sales			Corporate			Others			Total Agricultural business
Revenues		409,042			-			-			106,830			515,872
Costs		(383,436	)		(385	)		-			(77,940	)		(461,761	)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest		145,804			-			-			-			145,804
Changes in the net realizable value of agricultural products after harvest		(16,007	)		-			-			-			(16,007	)
Gross profit / (loss)		155,403			(385	)		-			28,890			183,908
Net gain from fair value adjustment of investment properties		-			19,707			-			-			19,707
Gain from disposal of farmlands		-			44,088			-			-			44,088
General and administrative expenses		(18,134	)		(64	)		(5,919	)		(6,223	)		(30,340	)
Selling expenses		(34,908	)		(1,514	)		-			(7,473	)		(43,895	)
Other operating results, net		(16,798	)		8,578			-			1,506			(6,714	)
Profit / (loss) from operations		85,563			70,410			(5,919	)		16,700			166,754
Share of profit of associates and joint ventures		862			-			-			432			1,294
Segment profit / (loss)		86,425			70,410			(5,919	)		17,132			168,048

Investment properties		-			109,505			-			-			109,505
Property, plant and equipment		373,369			2,211			-			1,698			377,278
Investments in associates		8,003			-			-			5,993			13,996
Other reportable assets		172,356			-			-			57,149			229,505
Reportable assets		553,728			111,716			-			64,840			730,284

From all of the Group’s revenues corresponding to Agricultural Business, ARS 258,632 are originated in Argentina and ARS 257,240 in other countries, principally in Brazil for ARS 237,601. From all of the Group’s assets included in the segment corresponding to Agricultural Business, ARS 247,302 are located in Argentina and ARS 482,982 in other countries, principally in Brazil.

(ii)

Urban properties and investments line of business

Below is a summarized analysis of the urban properties and investments line of business for the fiscal years ended June 30, 2024, 2023 and 2022:

	06.30.2024
	Shopping Malls			Offices			Sales and developments			Hotels			Others			Total
Revenues		179,650			16,243			9,246			61,569			3,842			270,550
Costs		(10,714	)		(1,182	)		(5,344	)		(28,939	)		(2,712	)		(48,891	)
Gross profit		168,936			15,061			3,902			32,630			1,130			221,659
Net loss from fair value adjustment of investment properties		(14,936	)		(69,585	)		(256,774	)		-			(289	)		(341,584	)
General and administrative expenses		(21,608	)		(2,062	)		(8,810	)		(9,342	)		(9,631	)		(51,453	)
Selling expenses		(9,007	)		(180	)		(3,236	)		(4,205	)		(863	)		(17,491	)
Other operating results, net		(2,840	)		(63	)		(3,805	)		(1,131	)		825			(7,014	)
Profit / (Loss) from operations		120,545			(56,829	)		(268,723	)		17,952			(8,828	)		(195,883	)
Share of profit of associates and joint ventures		-			-			-			-			33,760			33,760
Segment profit / (loss)		120,545			(56,829	)		(268,723	)		17,952			24,932			(162,123	)

Investment and trading properties		690,300			303,571			747,859			-			2,261			1,743,991
Property, plant and equipment		2,176			324			(18,987	)		30,701			3,001			17,215
Investment in associates and joint ventures		-			-			-			-			124,373			124,373
Other reportable assets		934			708			54,089			680			2,123			58,534
Reportable assets		693,410			304,603			782,961			31,381			131,758			1,944,113

From all the revenues, ARS 263,826 originated in Argentina, and ARS 6,724 in other countries, principally in Uruguay for ARS 6,651 and USA for ARS 73. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the business of urban properties and investments ARS 1,933,622 are located in Argentina and ARS 10,491 in other countries, principally in the USA for ARS 1,754 and Uruguay for ARS 8,669.

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

	06.30.2023
	Shopping Malls			Offices			Sales and developments			Hotels			Others			Total
Revenues		176,246			17,031			16,280			55,596			3,474			268,627
Costs		(11,937	)		(1,408	)		(4,952	)		(28,296	)		(2,772	)		(49,365	)
Gross profit		164,309			15,623			11,328			27,300			702			219,262
Net loss from fair value adjustment of investment properties		(41,496	)		(18,409	)		(130,426	)		-			(420	)		(190,751	)
General and administrative expenses		(24,826	)		(3,102	)		(9,511	)		(12,168	)		(22,942	)		(72,549	)
Selling expenses		(8,055	)		(383	)		(4,172	)		(3,819	)		(431	)		(16,860	)
Other operating results, net		(2,173	)		(256	)		(3,284	)		(531	)		(20,817	)		(27,061	)
Profit / (Loss) from operations		87,759			(6,527	)		(136,065	)		10,782			(43,908	)		(87,959	)
Share of profit of associates and joint ventures		-			-			-			-			14,449			14,449
Segment profit / (loss)		87,759			(6,527	)		(136,065	)		10,782			(29,459	)		(73,510	)

Investment and trading properties		694,077			435,399			1,014,874			-			2,987			2,147,337
Property, plant and equipment		2,173			13,186			19,074			34,296			3,258			71,987
Investment in associates and joint ventures		-			-			-			-			106,622			106,622
Other reportable assets		1,471			1,271			27,341			739			2,200			33,022
Reportable assets		697,721			449,856			1,061,289			35,035			115,067			2,358,968

From all the revenues, included in the segments corresponding to the business of urban properties and investments ARS 259,200 originated in Argentina and ARS 9,427 originated in the USA. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the business of urban properties and investments ARS 2,344,884 are located in Argentina and ARS 14,084 in other countries, principally in the USA for ARS 1,961 and Uruguay for ARS 12,051.

	06.30.2022
	Shopping Malls			Offices			Sales and developments			Hotels			Others			Total
Revenues		138,836			24,357			5,975			34,441			1,378			204,987
Costs		(11,974	)		(2,347	)		(4,653	)		(19,808	)		(4,069	)		(42,851	)
Gross profit / (loss)		126,862			22,010			1,322			14,633			(2,691	)		162,136
Net gain / (loss) from fair value adjustment of investment properties		4,429			(42,162	)		139,774			-			481			102,522
General and administrative expenses		(22,923	)		(3,052	)		(8,474	)		(5,847	)		(2,691	)		(42,987	)
Selling expenses		(6,784	)		(625	)		(7,385	)		(2,723	)		(441	)		(17,958	)
Other operating results, net		(1,137	)		(184	)		(384	)		(473	)		2,403			225
Profit / (Loss) from operations		100,447			(24,013	)		124,853			5,590			(2,939	)		203,938
Share of profit of associates and joint ventures		-			-			-			-			3,732			3,732
Segment profit / (loss)		100,447			(24,013	)		124,853			5,590			793			207,670

Investment and trading properties		735,027			535,512			1,115,773			-			3,444			2,389,756
Property, plant and equipment		2,090			33,455			19,079			35,554			8,586			98,764
Investment in associates and joint ventures		-			-			-			-			92,733			92,733
Other reportable assets		1,490			1,274			23,900			481			2,211			29,356
Reportable assets		738,607			570,241			1,158,752			36,035			106,974			2,610,609

From all the revenues included in the segments corresponding to the business of urban properties and investments ARS 204,872 and ARS 115 originated in the USA. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the business of urban properties and investments ARS 2,595,101 are located in Argentina and ARS 15,508 in other countries, principally in the USA for ARS 2,370 and Uruguay for ARS 13,056.

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Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

7. Information about the main subsidiaries

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

	Direct interest of non-controlling interest % (1)			Current assets		Non-current assets		Current liabilities		Non-current liabilities		Net assets		Book value of non-controlling interests
	Year ended June 30, 2024
Subsidiaries with direct participation of Cresud
IRSA		44.60	%		227,724		2,014,041		274,913		814,415		1,152,437		513,987
Subsidiaries with indirect participation of Cresud
Brasilagro		64.78	%		194,573		529,298		91,226		179,420		453,225		293,599

	Year ended June 30, 2023
Subsidiaries with direct participation of Cresud
IRSA		43.07	%		260,910		2,382,939		264,792		940,213		1,438,844		619,710
Subsidiaries with indirect participation of Cresud
Brasilagro		62.12	%		278,781		576,647		130,767		180,415		544,246		338,086

	Revenues		Net income			Total comprehensive loss			Total comprehensive income/ (loss) attributable to non-controlling interest			Cash of operating activities		Cash of investing activities		Cash of financial activities			Net decrease in cash and cash equivalents			Dividends distribution to non-controlling shareholders
	Year ended June 30, 2024
Subsidiaries with direct participation of Cresud
IRSA		328,546		(33,803	)		(3,816	)		(4,677	)		103,505		83,250		(190,938	)		(4,183	)		(98,282	)
Subsidiaries with indirect participation of Cresud
Brasilagro		161,810		42,318			(33,092	)		(20,557	)		8,947		976		(51,327	)		(41,404	)		-

	Year ended June 30, 2023
Subsidiaries with direct participation of Cresud
IRSA		331,721		226,586			(4,776	)		2,761			135,586		98,240		(301,401	)		(67,575	)		(55,651	)
Subsidiaries with indirect participation of Cresud
Brasilagro		171,951		38,751			73,689			44,539			16,838		22,930		(47,574	)		(7,806	)		-

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

IDBD

The Group lost control of IDBD on September 25, 2020.

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

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

On January 30, 2023, a copy of the lawsuit was sent to us and we evaluated the legal defense alternatives for the company's interests. During the fiscal year 2023 and to date, the process has followed its natural course and the Company has responded to all the requirements that have been made.

On January 17, 2024, the Court rejected the request for inhibition of assets and seizure of IRSA requested by IDBD. A hearing date has been set on the file dealing with the appeal of jurisdiction and notification of the lawsuit. A hearing date has also been set for the main claim file, which is in the evidentiary stage.

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On April 9, 2024, the Court rejected the appeal filed by IRSA regarding the applicable jurisdiction and the form of notification of the claim, ordering that IRSA and Dolphin pay IDBD the sum of NIS 25,000 as expenses. The Court's decision was appealed to the Supreme Court on June 16, 2024 and on June 18, 2024, the Supreme Court refused to address the issue raised.

September 15, 2024 has been set as the deadline for IDBD, IRSA and Dolphin to report to the Court the status of the documentation exchange process. In this process, the parties show each other the requested documentation as part of the evidentiary stage. In a preliminary hearing the parties discussed document requests and agreed to attempt to reach a consensus on the facts of the case. In that hearing, the parties were given until October to present witnesses.

The company is discussing the origin of the claim in terms of its passive legitimacy and, subsidiarily, refuting the substantive arguments raised by IDBD. Notwithstanding this, based on the analysis of the Company's lawyers based on the actions carried out to date, an accounting provision related to this claim has been recorded under the applicable accounting standards. As of the date of issuance of these financial statements, the process is still in progress.

Arcos del Gourmet S.A. (“Arcos o AGSA”)

ARCOS DEL GOURMET SA AND ANOTHER V. EN-AABE KNOWLEDGE PROCESS (CAF 030002/2015)

(i): This process was initiated on June 18, 2015, by AGSA to raise the nullity of the revocation of the contract for the readjustment of the use and exploitation concession, established by Resolution No. 170/2014 by the Agencia de Administración de Bienes del Estado (State Assets Administration Office, or AABE in Spanish). Evidence was produced, and arguments were presented.

On August 24, 2022, the Court rejected the lawsuit filed by Arcos del Gourmet SA, with costs. On August 26, 2022, Arcos del Gourmet S.A. appealed the final judgment issued in the case. On September 19, 2023, Chamber V of the Federal Administrative Litigation Court issued a judgment rejecting the appeal filed by Arcos del Gourmet SA.

The judgment of the Court was appealed to the Supreme Court of Justice of the Nation through an extraordinary federal appeal filed on October 17, 2023. The federal extraordinary appeal was denied by the Chamber on March 14, 2024. AGSA filed an appeal in fact within the terms of articles 282 and 285 CPCCN before the Supreme Court of Justice of the Nation. The legal advisors of the Company believe that this appeal has reasonable prospects of success, as there is federal subject matter to enable the intervention of the Supreme Court.

ARCOS DEL GOURMET SA V. ADMINISTRACION DE INFRAESTRUCTURAS FERROVIARIAS SOC DEL ESTADO (ADIF) CONSIGNMENT LAWSUIT (CCF 001461/2015)

On April 8, 2015, AGSA initiated this lawsuit since AGSA was not allowed to pay the March 2015 canon corresponding to the Readjustment Contract of Use and Exploitation that Arcos agreed with ADIF. To date, all the canons that have been accrued to date have been judicially deposited - and those amounts invested in fixed-term deposits. On November 17, 2017, ADIF answered the lawsuit. The trial opened for evidence on March 21, 2019, which was produced, and arguments were presented in December 2022. Subsequently, at the time of requesting the issuance of a judgment, the court - as a measure to better provide - ordered the issuance of various letters rogatory to courts where issues related to the concession contract are being litigated, which were responded. Since these issues are still unresolved, the issuance of the final judgment was deferred.

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PLAYAS FERROVIARIAS DE BUENOS AIRES SA V. ARCOS DEL GOURMET SA EVICTION LAW 17.091 (CAF 047454/2018)

On June 14, 2018, Playas Ferroviarias de Buenos Aires S.A. initiated an eviction process against AGSA. On February 13, 2019, it was decided to accumulate the eviction process with the nullity action promoted by AGSA (referred to in the preceding 1.A). As a consequence of the precautionary measure obtained on June 28, 2019, the eviction process remained suspended. On May 11, 2022, the Court ruled to decree the immediate eviction of AGSA and/or occupants and/or intruders of the properties. At the same time, it ordered Playas Ferroviarias de Buenos Aires S.A. to make arrangements to ensure the continuity of the commercial activities of the sub-lessees and the employment sources they employ and, for at least 6 months, the values agreed upon with the current concessionaire must be maintained. The next day, AGSA appealed. Finally, on July 13, 2022, the Prosecutor published the opinion. As a result of the opinion, Chamber V ordered the transfer of the case to judgment. Chamber V issued its judgment on September 19, 2023, rejecting the appeal filed by AGSA and confirming the judgment of the lower court. Against this judgment, AGSA filed an extraordinary federal appeal. The federal extraordinary appeal was denied by the Chamber on March 14, 2024. AGSA lodged a factual appeal under the terms of articles 282 and 285 of the CPCCN to the Supreme Court of Justice of the Nation. The legal advisors of the Company believe that this appeal has reasonable prospects of success, as there is federal subject matter to enable the intervention of the Supreme Court.

FEDERACION DE COMERCIO E INDUSTRIA DE LA CIUDAD DE BUENOS AIRES (FECOBA) and others V. GCBA and others on protective petition (CAYT 68795/2013-0)

Federación de Comercio e Industria de la Ciudad de Buenos Aires (Federation of Commerce and Industry of the City of Buenos Aires, or FECOBA in Spanish) argued that the project executed in DISTRICT ARCOS did not have the necessary environmental approvals and did not comply with zoning guidelines. It also requested a precautionary measure, which was admitted and caused the opening to the public to be delayed until December 18, 2014, which now operates normally. In the main process, after the filing of several procedural appeals, Chamber III of the Appeals Court issued a judgment on February 14, 2019, as follows: AGSA and GCBA were convicted, with AGSA being required to allocate at least 23,319.41 square meters for public use and utility with unrestricted access and special and preferential allocation to the generation of new park-like green spaces - located wholly or partially on the property subject to the lawsuit (Distrito Arcos) or adjacent lands. In case the company cannot allocate the entire land fraction to the City of Buenos Aires, then it must pay, after a valuation, the necessary amount of money so that the Administration proceeds to search for a property to fulfill the purpose established during the term of the concession contract. If none of the mentioned alternatives are carried out by AGSA, the demolition of the necessary works on the property to comply with the stipulated in the Urban Planning Code (art. 3.1.2) would be ordered. Subsequently, within the framework of the appeal for constitutional review denied filed by AGSA against the aforementioned judgment, the Superior Court of Justice ruled that the demolition of the works carried out on the property where the "Distrito Arcos" Shopping Center is currently located, as ordered by the Chamber, is not appropriate, confirming the rest of the sentence. Our legal advisors are analyzing the procedural steps to follow.

Based on the detailed mentions above and based on the opinion of our internal and external legal advisors, we conclude that no provision should be registered for these situations.

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, 2024 and 2023 were as follows:

	06.30.2024			06.30.2023
Beginning of the year		147,420			143,448
Share capital increase and contributions (Note 32)		-			203
Sale of interest in joint ventures (Note 32)		(26,195	)		-
Share of profit		32,953			5,869
Other comprehensive income		658			187
Dividends (Note 32)		(17,249	)		(2,370	)
Others		-			83
End of the year (i)		137,587			147,420

(i)	Includes ARS (15) and ARS (4) reflecting interests in companies with negative equity as of June 30, 2024 and 2023, respectively, which are disclosed in “Provisions” (see Note 21).

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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, 2024 and 2023, as well as the Group's share of the comprehensive results of these companies for the years ended on June 30, 2024, 2023 and 2022:

Name of the entity	% ownership interest									Value of Group's interest in equity				Group's interest in comprehensive income / (loss)
	06.30.2024			06.30.2023			06.30.2022			06.30.2024		06.30.2023		06.30.2024			06.30.2023			06.30.2022

New Lipstick		49.96	%		49.96	%		49.96	%		1,080		903		(31	)		(245	)		554
BHSA (1)		29.89	%		29.91	%		29.91	%		103,790		88,862		29,251			11,454			6,992
BACS (2)		56.34	%		56.35	%		56.35	%		7,598		5,227		2,372			(436	)		(665	)
Nuevo Puerto Santa Fe S.A.		50.00	%		50.00	%		50.00	%		4,450		4,600		292			423			1,449
Quality (3)		-			50.00	%		50.00	%		-		25,961		-			(5,142	)		(7,869	)
GCDI (4)		27.39	%		27.82	%		27.82	%		1,286		7,116		(5,679	)		603			(5,792	)
La Rural S.A.		50.00	%		50.00	%		50.00	%		10,618		4,510		7,562			2,619			(338	)
Agrouranga S.A.		34.86	%		34.86	%		34.86	%		5,321		4,822		1,445			(780	)		735
Other associates and joint ventures		N/A			N/A			N/A			3,444		5,419		(1,601	)		(2,440	)		(1,802	)
Total associates and joint ventures											137,587		147,420		33,611			6,056			(6,736	)

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

Name of the entity

Location of business /

Last financial statement issued

Country of

incorporation

Main

activity

Common

shares 1 vote

Share capital (nominal value)

(Loss)/ profit

for the year

Shareholders'

equity

New Lipstick

U.S.

Real estate

23,631,037

(*) 47

(*) (3)

(*) (47)

BHSA (1)

Argentina

Financing

448,345,794

(**) 1,500

(**) 97,803

(**) 338,752

BACS (2)

Argentina

Financing

33,125,751

(**) 88

(**) 6,288

(**) 20,143

Nuevo Puerto Santa Fe S.A.

Argentina

Real estate

138,750

585

8,486

GCDI (4)

Argentina

Real estate

250,729,447

915

(20,057

)

4,788

La Rural S.A.

Argentina

Organization of events

714,998

15,591

20,891

Agrouranga S.A.

Argentina

Agriculture

2,532,579

4,145

2,897

(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 419.11 argentine pesos per share. The effect of the treasury shares in the BHSA portfolio is considered for the calculation.

(2)	BHSA owns a 62.28% stake in BACS.

(3)	The interest held in Quality was sol don August 31, 2023. See Note 4 to these Financial Statements.

(4)	See Note 4 to these Financial Statements.

(*) Amounts presented in millions of US dollars under USGAAP.

(**) Amounts as of June 30, 2024, prepared in accordance with IFRS regulations.

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, 2024
Associates
BHSA		1,633,715		617,196		1,856,705		42,558		351,648		29.89	%		105,108		(1,318	)		103,790
GCDI		28,010		89,654		66,113		46,763		4,788		27.39	%		1,312		(26	)		1,286

Joint ventures
Nuevo Puerto Santa Fe S.A.		2,148		10,735		724		3,673		8,486		50.00	%		4,243		207			4,450

	As of June 30, 2023
Associates
BHSA		1,932,586		517,340		2,128,200		24,495		297,231		29.91	%		88,902		(40	)		88,862
GCDI		55,350		99,378		66,768		62,380		25,580		27.82	%		7,116		-			7,116

Joint ventures
Nuevo Puerto Santa Fe S.A.		2,166		11,600		1,152		3,830		8,784		50.00	%		4,392		208			4,600

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	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, 2024
Associates
BHSA		1,427		97,803			97,803			(47,640	)		216,033			(2,319	)		(17,640	)		196,074
GCDI		37,193		(12,100	)		(7,897	)		-			(857	)		969			(684	)		(572	)

Joint ventures
Nuevo Puerto Santa Fe S.A.		4,084		585			585			(884	)		785			215			(1,172	)		(172	)

	As of June 30, 2023
Associates
BHSA		626,247		38,290			38,290			-			30,008			(4,102	)		29,913			55,819
GCDI		49,859		988			1,861			-			(2,092	)		1,861			238			7

Joint ventures
Nuevo Puerto Santa Fe S.A.		4,075		846			846			(1,602	)		2,668			(1,202	)		(1,856	)		(390	)

BHSA

BHSA is subject to certain restrictions on the distribution of profits, as required by BCRA regulations.

The Annual Shareholders' Meeting decided to allocate 35.1 million of Class D shares of a par value of ARS 1, to an employee compensation plan pursuant to Section 67 of Law 26,831. As of June 30, 2024, BHSA has a remnant of 22.5 million of such treasury shares. As of June 30, 2024, considering the effect of such treasury shares, the Group’s interest in BHSA amounts to 29.89%.

The Group estimated that the value in use of its investment in BHSA as of June 30, 2024 and 2023 amounted to ARS 107,850, ARS 95,394, respectively. The value in use was estimated based on the present value of future business cash flows. The main assumptions used were the following:

	-	The Group considered 10 years as the horizon for the projection of BHSA cash flows, including perpetual value.
	-	The “Private BADLAR” interest rate was projected based on internal data and information gathered from external advisors.
	-	The projected inflation and exchange rate was estimated in accordance with internal data and external information provided by independent consultants.
	-	The discount rate used to discount actual dividend flows was 19.60% in 2024 and 18.51% in 2023.
	-	The sensitivity to a 1% increase in the discount rate would be a reduction in the value in use of ARS 8,177 for 2024 and of ARS 6,468 for 2023.

The estimated value in use exceeds the book value of the investment, because of that, no adjustment was necessary on the recorded value of the investment.

GCDI

During the fiscal year ended at June 30, 2020, GCDI and IRSA entered into a recapitalization agreement, based on which IRSA increased its holding in GCDI reason why it began to be considered an associate company.

During the fiscal year ended at June 30, 2021 GCDI yielded significant losses and its business was affected by different factors related to the context in which it finds itself. Therefore, IRSA decided to re-evaluate the recoverability of this asset.

For this reason, and considering that the facts are public and have been openly communicated to the market, a test is carried out comparing the market value and the book value, valuing the investment considering the lower amount between the two of them. As of June 30, 2024, there were no changes in the situation described in the preceding paragraphs.

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9. Investment properties

Changes in the Group’s investment properties according to the fair value hierarchy for the years ended June 30, 2024 and 2023 were as follows:

	06.30.2024						06.30.2023
	Level 2			Level 3			Level 2			Level 3
Fair value at the beginning of the year		1,521,089			657,251			1,743,564			678,686
Additions		4,459			8,894			12,324			10,072
Disposals		(39,619	)		-			(96,441	)		-
Transfers		(40,849	)		(7	)		12,081			3,277
Net loss from fair value adjustment		(345,578	)		(3,096	)		(157,086	)		(34,910	)
Additions of capitalized leasing costs		16			214			50			189
Amortization of capitalized leasing costs (i)		(135	)		(176	)		(68	)		(63	)
Currency translation adjustment		(12,159	)		-			6,665			-
Fair value at the end of the year		1,087,224			663,080			1,521,089			657,251

(i) Amortization charges of capitalized leasing costs were included in “Costs” in the Consolidated Statement of Income and Other Comprehensive Income (Note 27).

The following is the balance by type of investment property of the Group as of June 30, 2024 and 2023:

	06.30.2024		06.30.2023
Leased out farmland		64,521		97,555
Offices and other rental properties		318,802		455,157
Shopping malls (i)		685,984		689,425
Undeveloped parcels of land		678,944		933,977
Properties under development		2,053		2,226
Total		1,750,304		2,178,340

(i) Includes parking spaces.

Certain investment property assets of the Group have been mortgaged or restricted to secure some of the Group’s trade and other payables. The book value of those roperties as of June 30, 2024 and 2023 is as follows:

	06.30.2024		06.30.2023
Córdoba Shopping (i)		19,494		18,755
Total		19,494		18,755

(i) A portion of the Córdoba Shopping mall property is encumbered with an antichresis right as collateral for an advance rent received from NAI International II Inc. amounting to ARS 2,056 million and ARS 2,025 million, as of June 30, 2024 and 2023, respectively, (included in “Trade and other payables” in the Consolidated Statement of Financial Position).

The following amounts have been recognized in the Consolidated Statement of Income and Other Comprehensive Income:

	06.30.2024			06.30.2023			06.30.2022
Revenues		272,074			273,292			218,014
Direct operating expenses		(83,082	)		(88,719	)		(79,701	)
Development expenses		(1,325	)		(975	)		(1,486	)
Net unrealized (loss) / gain from fair value adjustment of investment property (i)		(374,236	)		(236,973	)		20,845
Net realized gain from fair value adjustment of investment property (ii)		25,562			44,977			111,972

	(i)	It includes the result from changes in the fair value of those investment properties that are in the portfolio and have not yet been sold. It has been generated in accordance with what is described in the section called "valuation techniques", mainly affected by the macroeconomic effects of inflation and changes in the reference exchange rates mentioned therein.

	(ii)	As of June 30, 2024 corresponds (ARS 16,708) to the realized result from fair value adjustment for the period ((ARS 18,270) for the Ezpeleta land plot barter agreement, ARS 7,396 for the sale of floors in the “261 Della Paolera” building, (ARS 5,764) for the sale of Maple Building, (ARS 60) for the sale of parking spaces located at 1020 Madero Avenue and (ARS 10) for the sale of parking spaces in Libertador 498) and ARS 42,270 for realized result from fair value adjustment made in previous years (ARS 19,890 for the Ezpeleta land plot barter agreement, ARS 14,846 for the sale of floors in the “261 Della Paolera” building, ARS 7,150 for the sale of Maple Building, ARS 181 for the sale of parking spaces located at 1020 Madero Avenue and ARS 203 for the sale of parking spaces in Libertador 498). As of June 30, 2023, ARS 1,564 corresponds to the result for changes in the fair value realized for the year ((ARS 308) from the sale of parking spaces in Libertador 498 building, ARS 1,872 from the sale of 261 Della Paollera) and ARS 43,413 from the result of changes in the fair value made in previous years (ARS 687 from the sale of parking spaces in Libertador 498 building, ARS 42,726 from the sale of 261 Della Paollera’s floors). As of June 30, 2022, (ARS 76,193) corresponds to the result for changes in the fair value realized for the year ((ARS 825) from the sale of Casona Hudson, (ARS 175) from the sale of Merlo land, (ARS 201) from the sale of Mariano Acosta land, (ARS 832) from the sale of parking spaces in Libertador 498 building, (ARS 21,890) from the sale of 261 Della Paollera and (ARS 52,270) from the sale of República building) and ARS 188,165 from the result of changes in the fair value made in previous years (ARS 970 from the Casona Hudson sale, ARS 840 from the Merlo land sale, ARS 803 from the Mariano Acosta land sale, ARS 1,739 from the sale of parking spaces in Libertador 498 building, ARS 63,721 from the sale of 261 Della Paollera’s floors and ARS 120,092 from the sale of República Building).

See Note 5 (liquidity schedule) for detail of contractual commitments related to investment properties.

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Valuation processes

The Group’s investment properties were valued at each reporting date by independent professionally qualified appraisers who hold a recognized relevant professional qualification and have experience in the locations and segments of the investment properties appraised. For all investment properties, their current use equates to the highest and best use.

Each business (or operations center, as appropriate) has a team, which reviews the appraisals performed by the independent appraisers (the “review teams”). The review teams: i) verifies all major and important assumptions relevant to the appraisal in the valuation report from the independent appraisers; ii) assesses property valuation movements compared to the valuation report from the prior period; and iii) holds discussions with the independent appraisers.

Changes in Level 2 and 3 fair values, if any, are analyzed at each reporting date during the valuation discussions between the review team and the independent appraisers. The Board of Directors ultimately approves the fair value calculation for recording into the Financial Statements.

Valuation techniques used for the estimation of fair value of the investment property

Agricultural business

For all leases of agricultural land, the valuation was determined using comparable values. Sale prices of comparable properties are adjusted considering the specific aspects of each property, being the most relevant premise the price per hectare.

Urban properties and investments business

During the annual investment property valuation process carried out in previous years, the following circumstances were identified, among other aspects: i) entry into force of the modifications in the urban planning code of the Autonomous City of Buenos Aires (CABA) with the new urban code law sanctioned in November 2020 and which entered into force in February 2021 modifying approximately one third of the current code, ii) new construction potential, iii) consolidation of new paradigms of the sector imposed by the pandemic, the general economic situation and the situation of the real estate sector that make technical, legal or economically viable buildable potentials or surpluses for alternative uses of the entire portfolio of properties.

In this sense, the shopping malls were the most affected by the aforementioned circumstances, taking into account the size of their plots and their unique and strategic locations, considering an alternative potential realization market.

The impact of the pandemic and the long-term closure of shopping malls led to a reconsideration of the possibility of mixed uses in the buildable potentials of such shopping malls, seeking a new centrality and enhancing the attractiveness in replacement of anchor stores.

On the other hand, the analysis of opening towards its surroundings and the generation of open spaces produced a new distribution of the value of the existing square meters, producing a change of focus on how to maximize said surplus square meters.

This led to reevaluate the analysis of the value of surplus square meters that were potentially marketable, (being that historically they were the most profitable), to reconvert them to other complementary uses. The buildable potentials analyzed have unique, irreplaceable locations, with high potentials, feasible realization and very attractive from an economic point of view, this vision remains to this day.

The identified buildable potentials, identified in previous years and that remain in the current year, are included in the value of the investment property based on the methodology established for other Level 2 properties:

	1.	Patio Bullrich, CABA
	2.	Alto Palermo, CABA
	3.	Córdoba Shopping, Córdoba
	4.	Alto Rosario, Rosario, Santa Fe.
	5.	Beruti 3345/47, (Corner of Coronel Diaz), CABA.

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Valuation techniques used for the estimation of fair value of the investment property

The Group has defined valuation techniques according to the characteristics of each property and the type of market in which these assets are located, for the purpose of considering the use of the most observable information available for the determination of fair value.

For the Shopping Malls operated by the Group there is no liquid market for the sale of properties with these characteristics that can be taken as a reference of value. Likewise, the Shopping Malls, a business whose revenue is denominated in Argentine Pesos, are highly related to the fluctuation of macroeconomic variables in Argentina, the purchasing power of individuals, the economic cycle of Gross Domestic Product (GDP) growth, the evolution of inflation and consumption, among others. Consequently, the methodology adopted by the Group for the valuation of Shopping Malls is the discounted cash flow model (“DCF”), which allows the volatility of the Argentine economy to be taken into account and its correlation with the revenue streams of the Malls and the inherent risk of the Argentine macroeconomy. The DCF methodology contemplates the use of certain unobservable valuation assumptions, which are determined based on the information and internal sources available at the date of each measurement. These assumptions mainly include the following:

	·	Future projected income flow based on the current locations, type and quality of the properties, supported by the rental contracts that the Company has signed with its tenants. Because the Company's income arises from the higher value between a Minimum Insured Fixed Value (“VMA”) and a percentage of the sales of the tenants in each Shopping Mall, estimates of the evolution of GDP and Inflation of the Argentine economy provided by external consultants to estimate the evolution of tenant sales, which present a high correlation with these macroeconomic variables. Said macroeconomic projections were contrasted with the projections prepared by the International Monetary Fund (“IMF”), the Organization for Economic Cooperation and Development (“OECD”) and with the Market Expectations Survey (“REM”), which consists of a survey prepared by the Central Bank of the Argentine Republic (“BCRA”) aimed at local and foreign specialized analysts in order to allow a systematic monitoring of the main macroeconomic forecasts in the short and medium term on the evolution of the Argentine economy.
	·	It was considered that the revenues from all the Shopping Malls initially grow with specific recovery curves, based on their growth potential. Subsequently, they grow with the same elasticity in relation to the evolution of GDP and projected Inflation. The specific characteristics and risks of each Shopping Mall are captured through the use of the historical average EBITDA Margin of each of them. Eliminating from the average those years that, due to various factors, are not representative, such as the pandemic year.
	·	Cash flows from future investments, expansions or improvements in Shopping Mall were not contemplated.
	·	Terminal value: a perpetuity calculated from the cash flow from the 10th year of each Shopping Mall was considered.
	·	The cash flow for concessions was projected until the termination date of the concession stipulated in the current contract.
	·	Given the prevailing inflationary context and the volatility of certain macroeconomic variables, a reference long term interest rate in Argentine Pesos is not available to discount the projected cash flows from shopping malls. Consequently, the projected cash flows were dollarized through the future ARS / US$ exchange rate curve provided by an external consultant, which are contrasted to assess their reasonableness with those of the IMF, OECD, REM and the On-shore Exchange Rate Futures Market (ROFEX). Finally, dollarized cash flows were discounted with a long-term dollar rate, the weighted average capital cost rate (“WACC”), for each valuation date.
	·	The estimation of the WACC discount rate was determined according to the following components:

		a)	United State Governments Bonds risk-free rate;
		b)	Industry beta or volatility, considering comparable companies from the United States, Brazil, Chile and Mexico, in order to contemplate the Market Risk on the risk-free rate;
		c)	Argentine country risk considering the EMBI + Index; and
		d)	Cost of debt and capital structure, considering that information available from the Argentine corporate market (“blue chips”) was determined as a reference, since sovereign bonds have a history of defaults. Consequently, and because IRSA, based on its representativeness and market share represents the most important entity in the sector, we have taken its relevant indicators to determine the discount rate.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

Due to the debt restructuring carried out during previous fiscal periods, which affected the composition of the group's capital structure, the use of two different discount rates was introduced in the valuation of our shopping malls: one for the flows discount and another for perpetuity. Here is the difference between the two:

	·	Discounted cash flow rate: considers the capital structure resulting from the debt restructuring.
	·	Discount perpetuity rate: considers a market capital structure, based on comparable companies.

The introduction of the normalized rate in perpetuity is due to the fact that we consider that the relationship between debt and capital would tend to normalize in the long term.

For offices, other rental properties, plot of lands and buildable potentials the valuation was determined using transactions of comparable market assets, since the market for these assets in Argentina is liquid and has market transactions that can be taken as reference. These values are adjusted to reflect differences in key attributes such as location, property size and quality of interior fittings (incidence adjustments). The most significant input to the comparable market approach is the price per square meter that derives from the supply and demand in force in the market at each valuation date.

Since September 2019, the real estate market has faced certain changes in terms of its operation as a consequence of the implementation of regulations applicable to the foreign exchange market. Since that date, strict exchange controls have been in effect in Argentina (see note 33), which limit, among other things: buying foreign currency in order to form external assets, prepaying debts, the purchase of foreign currency to pay for imports, making remittances of profits and dividends abroad and transferring funds abroad. Likewise, pursuant to such regulations, access to the market by natural persons for the purchase of dollars was restricted.

As a consequence of these exchange regulations, it is observed that the purchase and sales transactions for office buildings, other rental properties, land reserves, and buildable potentials may be settled in Argentine Pesos (by using an implicit foreign exchange rate higher than the official one) or in dollars. In this way, the most probable scenario is that any sale of the aforementioned assets be settled in Argentine Pesos at an implicit foreign exchange rate higher than the official one. This is evidenced by the transactions consummated by the Group prior to and after the closing of these Consolidated Financial Statements. Therefore, and given that the previously described situation remains in effect as of the date of issuance of these Consolidated Financial Statements, the Group has valued its office buildings, land reserves and buildable potentials in Argentine Pesos at the end of the year considering the situation described above, considering an implicit exchange rate higher than the official one.

In certain situations, it is complex to determine reliably the fair value of developing properties. In order to assess whether the fair value of a developing property can be determined reliably, management considers the following factors, among others:

	·	The provisions of the construction contract.
	·	The stage of completion.
	·	Whether the project / property is standard (typical for the market) or non-standard.
	·	The level of reliability of cash inflows after completion.
	·	The specific development risk of the property.
	·	Previous experience with similar constructions.
	·	Status of construction permits.
	·	The feasibility studies of infrastructure links..

There were no changes in the valuation techniques during the year.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

The following table presents information regarding the fair value measurements of investment properties using significant unobservable inputs (Level 3):

				06.30.2024 (i)						06.30.2023 (i)						06.30.2022 (i)
Description	Valuation technique	Parameters	Range fiscal year 2024 / 2023 / 2022	Increase			Decrease			Increase			Decrease			Increase			Decrease

Shopping Malls (Level 3)	Discounted cash flows	Discount cash flows rate	15.40% / 15.25% / 14.53%		(15,160	)		16,094			(13,958	)		14,950			(17,339	)		18,647
		Discount perpetually rate	14.11% / 14.20% / 14.53%		(30,621	)		38,032			(32,873	)		40,463			(29,626	)		36,540
		Growth rate	2.4% / 2.4 % / 2.4%		20,875			(17,589	)		24,930			(21,036	)		21,114			(17,893	)
		Inflation	(*)		33,239			(31,932	)		89,360			(81,621	)		84,226			(69,714	)
		Devaluation	(*)		(60,279	)		66,307			(59,749	)		65,724			(62,138	)		75,944

(*) Fiscal year 2024: For the next 5 years, an average ARS / USD exchange rate with an upward trend was considered, starting at ARS 1,170.0 (corresponding to the year ended June 30, 2025) and arriving at ARS 3,024.05 in 2030. In the long term, a nominal devaluation rate of 5.57% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 85.6% (corresponding to the year ended June 30, 2025) and stabilizes at 8.0% after 5 years.

Fiscal year 2023: For the next 5 years, an average ARS / USD exchange rate with an upward trend was considered, starting at ARS 479.4 (corresponding to the year ended June 30, 2024) and arriving at ARS 2,118.2 in 2029. In the long term, a nominal devaluation rate of 5.57% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 144.3% (corresponding to the year ended June 30, 2024) and stabilizes at 8.0% after 5 years.

Fiscal year 2022: For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 163.65 (corresponding to the year ended June 30, 2023) and arriving at ARS 622.06 in 2028. In the long term, a nominal devaluation rate of 5.57% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 70.9% (corresponding to the year ended June 30, 2023) and stabilizes at 8.0% after 5 years.

(i) Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation and 10% for the devaluation.

Ramblas del Plata (former Costa Urbana) - Costanera Sur, Buenos Aires City (IRSA)

On December 2021, it was published the law from Buenos Aires City congress approving the Regulations for the development of the property of approximately 70 hectares, owned by IRSA since 1997, previously known as "Solares de Santa María", located in front of the Río de la Plata in the South Coast of the Autonomous City of Buenos Aires, southeast of Puerto Madero. The published law grants a New Standard, designated: "U73 - Public Park and Costa Urbana Urbanization", which enables the combination of diverse uses such as homes, offices, retail, services, public spaces, education, and entertainment.

IRSA will have a construction capacity of approximately 866,806 square meters, which will drive growth for the coming years through the development of mixed-use projects.

IRSA agreed to give in 50.8 hectares for public use, which represents approximately 71% of the total area of the property to the development of public green spaces and will contribute with three additional lots of the property, two for the Sustainable Urban Development Fund (FODUS, by its acronyms in Spanish) and one for the Innovation Trust, Science and Technology of the Government of the Autonomous City of Buenos Aires, and the sum of USD 2 million in cash and the amount of 3,000,000 sovereign bonds (AL35) which have already been paid.

Likewise, IRSA will be in charge of the infrastructure and road works on the property and will carry out the public space works contributing up to USD 40 million together with the maintenance of the public spaces assigned for 10 years or until the sum of USD 10 million is completed.

On March 2023, Mensura was approved with a proposal for subdivision, fractioning, transfer of streets and public space. On November 15, 2023 the 3 plots were deeded in favor of the Government of the Autonomous City of Buenos Aires as well as the Public Park lot, and the 61 IRSA´s lots were created, receiving the parcel ballots corresponding to those 61 private plots on May 22, 2024.

As of June 30, 2024, the Construction Management was already hired and in the bidding process for Infrastructure Works for the start of works of Stage I (which includes the first stage of the public park that includes the central bay sector). As of the date of issuance of these Consolidated Financial Statements, the Certificate of Environmental Aptitude of Stagge I has already been obtained after the Environmental Public Hearing and begin the works for Stage 1.

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“Rambas del Plata” will change the landscape of Buenos Aires City, giving life to an undeveloped area and will be in an exceptional property due to its size, location and connectivity, providing the City the possibility of expanding and recovering access to the Río de la Plata coast with areas for walks, recreation, green spaces, public parks and mixed uses.

10. Property, plant and equipment

Changes in the Group’s property, plant and equipment for the years ended June 30, 2024 and 2023 were as follows:

	Owner occupied farmland			Bearer plant (iii)			Buildings and facilities			Machinery and equipment			Others (i)			Total
Balance as of June 30, 2022		348,983			12,888			100,737			3,771			9,642			476,021
Costs		383,457			30,179			137,507			38,884			20,832			610,859
Accumulated depreciation		(34,474	)		(17,291	)		(36,770	)		(35,113	)		(11,190	)		(134,838	)
Net book amount at June 30, 2022		348,983			12,888			100,737			3,771			9,642			476,021
Additions		77,434			6,851			6,728			1,772			2,846			95,631
Disposals		(12,799	)		(1,557	)		(12,847	)		(4	)		(438	)		(27,645	)
Currency translation adjustment		22,180			1,144			687			(7	)		542			24,546
Transfers		490			1,215			(11,889	)		171			457			(9,556	)
Depreciation charge (ii)		(5,707	)		(4,172	)		(4,596	)		(1,694	)		(2,055	)		(18,224	)
Balance as of June 30, 2023		430,581			16,369			78,820			4,009			10,994			540,773
Costs		470,762			37,832			120,186			40,816			24,239			693,835
Accumulated depreciation		(40,181	)		(21,463	)		(41,366	)		(36,807	)		(13,245	)		(153,062	)
Net book amount at June 30, 2023		430,581			16,369			78,820			4,009			10,994			540,773
Additions		24,024			12,981			6,455			2,123			3,064			48,647
Disposals		(8,517	)		(477	)		(12,488	)		(8	)		(911	)		(22,401	)
Currency translation adjustment		(44,338	)		(3,410	)		(1,907	)		(24	)		(830	)		(50,509	)
Transfers		19,350			(67	)		828			24			(828	)		19,307
Transfers to assets held for sale		(2,804	)		-			-			-			-			(2,804	)
Depreciation charges (ii)		(8,064	)		(5,525	)		(5,101	)		(1,709	)		(2,132	)		(22,531	)
Balance as of June 30, 2024		410,232			19,871			66,607			4,415			9,357			510,482
Costs		458,477			46,859			113,074			42,931			24,734			686,075
Accumulated depreciation		(48,245	)		(26,988	)		(46,467	)		(38,516	)		(15,377	)		(175,593	)
Net book amount at June 30, 2024		410,232			19,871			66,607			4,415			9,357			510,482

(i)	Includes furniture and fixtures and vehicles.

(ii)	Amortization charge was recognized in the amount of ARS 4,430 and ARS 4,477 under "Costs", in the amount of ARS 2,080 and ARS 1,880 under "General and administrative expenses" and ARS 366 and ARS 178 under "Selling expenses" as of June 30, 2024 and 2023, respectively in the Consolidated Statement of Income and Other Comprehensive Income (Note 27) and ARS 15,655 and ARS 11,689 were capitalized as part of biological assets’ cost.

(iii)	Corresponds to the plantation of sugarcane with a useful life of more than one year.

11. Trading properties

Changes in the Group’s trading properties for the fiscal years ended June 30, 2024 and 2023 were as follows:

	Completed properties			Properties under development (i)			Undeveloped properties			Total
As of June 30, 2022		1,590			13,043			11,267			25,900
Additions		113			535			531			1,179
Currency translation adjustment		-			56			-			56
Transfers		546			-			(2,151	)		(1,605	)
Disposals		(40	)		(1,586	)		(947	)		(2,573	)
As of June 30, 2023		2,209			12,048			8,700			22,957
Additions		-			749			161			910
Currency translation adjustment		-			(1,062	)		-			(1,062	)
Disposals		(74	)		(2,787	)		-			(2,861	)
As of June 30, 2024		2,135			8,948			8,861			19,944

	06.30.2024		06.30.2023
Non-current		19,533		22,422
Current		411		535
Total		19,944		22,957

(i) Includes Zetol and Vista al Muelle plots of land, with the former being mortgaged to secure Group's borrowings. The net book value amounted to ARS 8,257 and ARS 10,455 as of June 30, 2024 and 2023, respectively. During the fiscal year ended June 30, 2024, certain significant transactions related to the property took place, such as the sale of two plots by Vista al Muelle S.A. (“VAM”) to the Boating Trust and the debt with an unrelated counterparty was settled through a payment in kind by transferring units in Towers 1 and 2 of the Carrasco Boating complex, amounting USD 6.8 million. Additionally, we made progress with the Municipal Government of Canelones in the signing of a new master contract, certifying compensations of USD 4.5 million and redefining infrastructure and urban management obligations.

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12. Intangible assets

Changes in the Group’s intangible assets for the years ended June 30, 2024 and 2023 were as follows:

	Goodwill			Information systems and software			Future units to receive under barter transactions and others			Total
Costs		4,845			14,282			35,060			54,187
Accumulated depreciation		-			(11,870	)		(8,025	)		(19,895	)
Net book amount at June 30, 2022		4,845			2,412			27,035			34,292
Additions		-			1,371			4,725			6,096
Disposals		-			(11	)		(665	)		(676	)
Transfers		-			-			(741	)		(741	)
Currency translation adjustment		41			33			-			74
Amortization charges (i)		-			(1,724	)		(290	)		(2,014	)
Balance as of June 30, 2023		4,886			2,081			30,064			37,031
Costs		4,886			15,675			38,379			58,940
Accumulated amortization		-			(13,594	)		(8,315	)		(21,909	)
Net book amount at June 30, 2023		4,886			2,081			30,064			37,031
Additions		14			1,953			8,082			10,049
Disposals		-			-			(237	)		(237	)
Transfers		-			-			27,412			27,412
Currency translation adjustment		(87	)		(144	)		-			(231	)
Amortization charges (i)		-			(1,297	)		(244	)		(1,541	)
Balance as of June 30, 2024		4,813			2,593			65,077			72,483
Costs		4,813			17,484			73,636			95,933
Accumulated amortization		-			(14,891	)		(8,559	)		(23,450	)
Net book amount at June 30, 2024		4,813			2,593			65,077			72,483

(i)

Amortization charge was recognized in the amount of ARS 565 and ARS 810 under "Costs", in the amount of ARS 972 and ARS 1,193 under "General and administrative expenses" and ARS 4 and ARS 11 under "Selling expenses" as of June 30, 2024 and 2023, respectively in the Consolidated Statement of Income and Other Comprehensive Income (Note 27).

13. Rights of use of assets and lease liabilities

Below is the composition of the rights of use of the Group´s assets as of June 30, 2024 and June 30, 2023:

	06.30.2024		06.30.2023
Farmland		65,112		56,603
Convention center		8,611		9,207
Offices, shopping malls and other buildings		4,502		3,063
Machinery and equipment		1,760		749
Right-of-use assets		79,985		69,622
Non-current		79,985		69,622
Total		79,985		69,622

Changes in the Group´s rights of use during the fiscal year ended June 30, 2024 and June 30, 2023, were as follows:

	06.30.2024			06.30.2023
Beginning of the year		69,622			54,433
Additions		31,731			31,331
Disposals		(70	)		(11	)
Depreciation charges		(18,330	)		(23,591	)
Currency translation adjustment		(6,465	)		3,073
Valorization		3,497			4,387
End of the year		79,985			69,622

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Depreciation charge for rights of use is detailed below:

	06.30.2024		06.30.2023		06.30.2022
Farmland		15,692		21,883		16,314
Convention center		593		593		661
Offices, shopping malls and other buildings		1,254		711		461
Machinery and equipment		791		404		431
Depreciation charge of right-of-use assets (i)		18,330		23,591		17,867

(i) Amortization charge was recognized in the amount of ARS 1,035 and ARS 991 under "Costs", in the amount of ARS 402 and ARS 97 under "General and administrative expenses" and ARS 408 and ARS 219 under "Selling expenses" as of June 30, 2024 and 2023, respectively in the Consolidated Statement of Income and Other Comprehensive Income (Note 27) and ARS 16,485 and ARS 22,284 were capitalized as part of biological assets’ cost.

Other charges to income related to rights of use were as follows:

	06.30.2024			06.30.2023			06.30.2022
Lease liabilities interest		(1,946	)		(2,419	)		(2,341	)
Results from short-term leases		(514	)		(684	)		(535	)
Results from variable leases not recognized as lease liabilities		(6,166	)		(3,099	)		(3,388	)

Below is the composition of the Group’s lease liabilities for the fiscal years ended June 30, 2024 and June 30, 2023:

	06.30.2024		06.30.2023
Offices, shopping malls and other buildings		2,862		1,437
Convention center		8,971		9,601
Farmland		67,945		76,878
Total lease liabilities		79,778		87,916
Non-current		61,242		66,263
Current		18,536		21,653
Total		79,778		87,916

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14. Biological assets

Changes in the Group’s biological assets and their allocation to the fair value hierarchy for the years ended June 30, 2024 and 2023 were as follows:

	Agricultural business
	Sown land-crops						Sugarcane fields			Breeding cattle and cattle for sale (i)			Other cattle (i)			Others			Total
	Level 1			Level 3			Level 3			Level 2			Level 2			Level 1			Level 1
Balance as of June 30, 2022		14,839			20,464			32,910			52,731			951			505			122,400
Non-current (Production)		-			-			-			47,251			862			505			48,618
Current (Consumable)		14,839			20,464			32,910			5,480			89			-			73,782
Balance as of June 30, 2022		14,839			20,464			32,910			52,731			951			505			122,400
Transfers		(3,103	)		3,103			-			-			-			-			-
Purchases		-			-			-			4,295			46			-			4,341
Initial recognition and changes in the fair value of biological assets (i)		-			16,782			(1,393	)		(20,051	)		(342	)		-			(5,004	)
Decrease due to harvest		-			(210,516	)		(50,911	)		-			-			-			(261,427	)
Sales		-			-			-			(16,986	)		(27	)		-			(17,013	)
Consumptions		-			-			-			(85	)		(4	)		(120	)		(209	)
Costs for the year		16,058			179,427			41,481			19,881			-			41			256,888
Foreign exchange		5,254			(2,814	)		1,193			415			-			-			4,048
Balance as of June 30, 2023		33,048			6,446			23,280			40,200			624			426			104,024
Non-current (Production)		-			-			-			33,601			546			423			34,570
Current (Consumable)		33,048			6,446			23,280			6,599			78			3			69,454
Balance as of June 30, 2023		33,048			6,446			23,280			40,200			624			426			104,024
Purchases		-			-			-			7,422			7			-			7,429
Transfers		(2,500	)		2,500			-			-			-			-			-
Initial recognition and changes in the fair value of biological assets (i)		-			9,222			3,179			(6,258	)		(306	)		-			5,837
Decrease due to harvest		-			(169,597	)		(49,797	)		-			-			-			(219,394	)
Sales		-			-			-			(20,368	)		(36	)		-			(20,404	)
Consumes		-			-			-			(90	)		(2	)		(92	)		(184	)
Costs for the year		15,599			169,002			46,693			17,362			-			58			248,714
Currency translation adjustment		(30,620	)		(3,781	)		(4,042	)		(1,269	)		-			-			(39,712	)
Balance as of June 30, 2024		15,527			13,792			19,313			36,999			287			392			86,310
Non-current (Production)		-			-			-			27,419			218			388			28,025
Current (Consumable)		15,527			13,792			19,313			9,580			69			4			58,285
Balance as of June 30, 2024		15,527			13,792			19,313			36,999			287			392			86,310

(i)

Biological assets with a production cycle of more than one year (that is, cattle) generated “Initial recognition and changes in fair value of biological assets” amounting to ARS (6,564) and ARS (20,393) for the fiscal years ended June 30, 2024 and 2023, respectively. For the fiscal years ended June 30, 2024 and 2023, amounts of (ARS 4,008) and ARS (12,691), was attributable to price changes, and amounts of ARS (2,556) and ARS (7,702), was attributable to physical changes generated by production result, respectively.

Crops and oilseeds

The Group’s crops generally include crops and oilseeds (corn, wheat, soybean and sunflower) as well as peanut. The Group measures biological assets that have attained significant biological growth at fair value less costs to sell. The Group measures biological assets that have not attained significant biological growth or when the impact of biological transformation on price is not expected to be material, at cost less any impairment losses, which approximates fair value.

Sugarcane

The Group’s sugarcane production is based in Brazil and to a lesser extent in Bolivia. This crop’s production requires specific weather conditions (tropical and subtropical climates. The Group recognizes these crops at a fair value net of costs of sales as soon as the biological transformation of the bearer plant is observed.

Fair value of biological assets

When an active market exists for biological assets, the Group uses the quoted market price in the principal market as a basis to determine the fair value of its biological assets. Live cattle is measured at fair value less cost to sell, based on market quoted at an auction involving cattle of the same age, breed and genetic merit adjusted, if applicable, to reflect any difference. When there is no active market or market-determined prices are not available, (for example, unharvested crops with significant growth or growing agricultural produce of sugarcane), the Group determines the fair value of a biological asset based on discounted cash flows models.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

These models require the input of highly subjective assumptions including observable and unobservable data. The not observable information is determined based on the best information available for example, by reference to historical information of past practices and results, statistics and agricultural information and other analytical techniques. Key assumptions utilized in this method include future market prices, estimated yields at the point of harvest and estimated future costs of harvesting and other costs.

Market prices are generally determined by reference to observable data in the principal market for the agricultural produce. Harvesting costs and other costs are estimated based on historical and statistical data. Yields are estimated based on several factors including the location of the farmland and soil type, environmental conditions, infrastructure and other restrictions and growth at the time of measurement. Yields are subject to a high degree of uncertainty and may be affected by several factors out of the Group’s control including but not limited to extreme or unusual weather conditions, plagues and other crop diseases.

The key assumptions discussed above are highly sensitive. Reasonable shifts in assumptions including but not limited to increases or decreases in prices, costs and discount factors used may result in a significant increase or decrease to the fair value of biological assets recognized at any given time. Cash flows are projected based on estimated production. Estimates of production in themselves are dependent on various assumptions, in addition to those described above, including but not limited to several factors such as location, environmental conditions and other restrictions. Changes in these estimates could materially impact on estimated production, and could therefore affect estimates of future cash flows used in the assessment of fair value. The valuation models and their assumptions are reviewed periodically, and, if necessary, adjusted.

As of June 30 of each year, the Group’s biological assets that are subject to a valuation model include unharvested crops and sugarcane plantations.

The fair value less estimated selling costs of agricultural produce at the point of harvest amount to ARS (159,780) and ARS (162,645) for the years ended June 30, 2024 and 2023, respectively.

When no quoted prices are available in an active market, the Group uses a range of valuation models. The following table presents main parameters:

Description

Valuation technique

Parameters

Discount rate

Range

Cattle (Level 2)

Comparable market prices

Price per livestock head/kg and per category

Sown land-crops (Level 3)

Discounted cash flows

Yields - Operating costs - Selling expenses - Future of sale prices - Discount rate

Argentina:

Argentina

43.5% - 45.0%

Yields: 0.77 - 16.56 tn./ha.

Future of sale prices: 167,450 - 317,264 ARS/tn

Operating cost: 67,095 - 1,135,254 ARS/ha

Brazil:

11.9%

Yields: 100.87 soybean bag/ha.

Future of sale prices: 41.76 BRL/tn.

Operating cost: 8.84 BRL/ha.

Sugarcane fields (Level 3)

Discounted cash flows

Yields - Operating costs - Selling expenses - Future of sale prices - Discount rate

Brazil:

11.9%

Yields: 82.92 tn/ha

Future of sale prices: 141.74 BRL/tn.

Operating cost: 86.73 BRL/tn.

As of June 30, 2024 and 2023, the better and maximum use of biological assets shall not significantly differ from the current use.

Capitalized cost of production as of June 30, 2024, 2023 and 2022 are as follows:

	06.30.2024		06.30.2023		06.30.2022

Supplies and labors		183,952		192,862		188,123
Salaries, social security costs and other personnel expenses		12,307		11,556		10,600
Depreciation and amortization		32,140		33,973		28,453
Fees and payments for services		745		508		629
Maintenance, security, cleaning, repairs and others		1,806		1,627		1,825
Taxes, rates and contributions		242		349		599
Leases and service charges		144		126		96
Freights		1,362		1,776		1,334
Travelling, library expenses and stationery		1,356		1,314		1,175
Other expenses		14,602		12,756		13,379
		248,656		256,847		246,213

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Comercial, Inmobiliaria, Financiera y Agropecuaria

15. Inventories

Breakdown of Group’s inventories as of June 30, 2024 and 2023 are as follows:

	06.30.2024		06.30.2023
Crops		52,270		47,896
Materials and supplies		62,319		55,443
Sugarcane		1,011		750
Agricultural inventories		115,600		104,089
Supplies for hotels		680		742
Total inventories		116,280		104,831

As of June 30, 2024 and 2023 the cost of inventories recognized as expense amounted to ARS 270,386 and ARS 261,808, respectively and have been included in “Costs” in the Consolidated Statement of Income and Other Comprehensive Income.

16. Financial instruments by category

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.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

Financial assets and financial liabilities as of June 30, 2024 are as follows:

	Financial assets		Financial assets at fair value through profit or loss					Subtotal financial		Non-financial
	at amortized cost		Level 1		Level 2		Level 3	assets		assets		Total
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)		273,421		43,134		-	-		316,555		91,070		407,625
Investment in financial assets:
- Public companies’ securities		89		17,561		-	-		17,650		-		17,650
- Bonds		-		54,075		-	-		54,075		-		54,075
- Mutual funds		-		65,195		277	-		65,472		-		65,472
- Others		5,517		13,669		-	25		19,211		-		19,211
Derivative financial instruments:
- Commodities options contracts		-		3,535		-	-		3,535		-		3,535
- Commodities futures contracts		-		1,519		-	-		1,519		-		1,519
- Foreign-currency options contracts		-		206		-	-		206		-		206
- Foreign-currency future contracts		-		191		-	-		191		-		191
- Swaps		-		-		1,041	-		1,041		-		1,041
- Options on companies		57		-		-	-		57		-		57
- Others		-		1,401		-	-		1,401		-		1,401
Restricted assets (i)		2,720		-		-	-		2,720		-		2,720
Cash and cash equivalents (excluding bank overdrafts):
- Cash on hand and at bank		50,834		-		-	-		50,834		-		50,834
- Short-term investments		-		63,801		-	-		63,801		-		63,801
Total assets		332,638		264,287		1,318	25		598,268		91,070		689,338

	Financial liabilities at		Financial liabilities at fair value through profit or loss		Subtotal financial		Non-financial
	amortized cost		Level 1		liabilities		liabilities		Total
June 30, 2024
Liabilities as per Statement of Financial Position
Trade and other payables (Note 20)		191,890		-		191,890		107,189		299,079
Borrowings (Note 22)		822,535		-		822,535		-		822,535
Derivative financial instruments:
- Commodities options contracts		-		669		669		-		669
- Commodities futures contracts		-		1,355		1,355		-		1,355
- Foreign-currency options contracts		-		7,853		7,853		-		7,853
- Foreign-currency future contracts		-		3,716		3,716		-		3,716
- Swaps		-		1,651		1,651		-		1,651
Total liabilities		1,014,425		15,244		1,029,669		107,189		1,136,858

Financial assets and financial liabilities as of June 30, 2023 were as follows

	Financial assets		Financial assets at fair value through profit or loss				Subtotal financial		Non-financial
	at amortized cost		Level 1		Level 2		assets		assets		Total
June 30, 2023
Assets as per Statement of Financial Position
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17)		274,430		55,172		-		329,602		90,388		419,990
Investment in financial assets:
- Public companies’ securities		-		18,747		-		18,747		-		18,747
- Bonds		-		48,426		2,850		51,276		-		51,276
- Mutual funds		-		93,011		-		93,011		-		93,011
- Others		5,315		2,130		-		7,445		-		7,445
Derivative financial instruments:
- Commodities options contracts		-		777		-		777		-		777
- Commodities futures contracts		-		7,661		-		7,661		-		7,661
- Foreign-currency options contracts		-		1,024		-		1,024		-		1,024
- Foreign-currency future contracts		-		6,587		-		6,587		-		6,587
- Swaps		-		-		1,036		1,036		-		1,036
- Others		-		7,263		-		7,263		-		7,263
Restricted assets (i)		4,466		-		-		4,466		-		4,466
Cash and cash equivalents (excluding bank overdrafts):
- Cash on hand and at bank		34,423		-		-		34,423		-		34,423
- Short-term investments		-		110,237		-		110,237		-		110,237
Total assets		318,634		351,035		3,886		673,555		90,388		763,943

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Comercial, Inmobiliaria, Financiera y Agropecuaria

	Financial liabilities at amortized		Financial liabilities at fair value through profit or loss		Subtotal financial		Non-financial
	cost		Level 1		liabilities		liabilities		Total
June 30, 2023
Liabilities as per Statement of Financial Position
Trade and other payables (Note 20)		212,803		-		212,803		114,837		327,640
Borrowings (Note 22)		973,601		-		973,601		-		973,601
Derivative financial instruments:
- Commodities options contracts		-		3,009		3,009		-		3,009
- Commodities futures contracts		56		1,245		1,301		-		1,301
- Foreign-currency future contracts		-		470		470		-		470
- Swaps		-		22		22		-		22
Total liabilities		1,186,460		4,746		1,191,206		114,837		1,306,043

(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:

	06.30.2024							06.30.2023
	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)		325,684		(9,129	)		316,555		337,209		(7,607	)		329,602
Financial liabilities
Trade and other payables		201,019		(9,129	)		191,890		220,410		(7,607	)		212,803

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, 2024
Interest income		65,328			-			65,328
Interest and allowances generated by operating assets		20,295			-			20,295
Interest expenses		(58,958	)		-			(58,958	)
Lease liabilities interest		(1,946	)		-			(1,946	)
Foreign exchange, net		59,113			-			59,113
Fair value gain on financial assets at fair value through profit or gain		-			178,168			178,168
Gain from repurchase of Non-convertible Notes		244			-			244
Gain on financial instruments derived from commodities		-			11,140			11,140
Loss from derivative financial instruments (except commodities)		-			(48,233	)		(48,233	)
Other financial costs		(15,780	)		-			(15,780	)
Net result (i)		68,296			141,075			209,371

	Financial assets and liabilities at amortized cost			Financial assets and liabilities at fair value through profit or loss		Total
June 30, 2023
Interest income		8,169			-		8,169
Interest and allowances generated by operating assets		(5,470	)		-		(5,470	)
Interest expenses		(75,568	)		-		(75,568	)
Lease liabilities interest		(2,419	)		-		(2,419	)
Foreign exchange, net		74,584			-		74,584
Fair value gain on financial assets at fair value through profit or gain		-			32,203		32,203
Gain from repurchase of Non-convertible Notes		13,063			-		13,063
Gain from commodity derivative financial instruments		-			3,379		3,379
Gain from derivative financial instruments (except commodities)		-			10,997		10,997
Other financial costs		(12,396	)		-		(12,396	)
Net result (i)		(37	)		46,579		46,542

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Comercial, Inmobiliaria, Financiera y Agropecuaria

	Financial assets and liabilities at amortized cost			Financial assets and liabilities at fair value through profit or loss			Total
June 30, 2022
Interest income		10,304			-			10,304
Interest and allowances generated by operating assets		11,448			-			11,448
Interest expenses		(110,329	)		-			(110,329	)
Lease liabilities interest		(2,341	)		-			(2,341	)
Foreign exchange, net		235,868			-			235,868
Dividends income		16			-			16
Fair value gain on financial assets at fair value through profit or gain		-			47,304			47,304
Gain from repurchase of Non-convertible Notes		11,664			-			11,664
Loss from commodity derivative financial instruments		-			(18,890	)		(18,890	)
Loss from derivative financial instruments (except commodities)		-			(11,535	)		(11,535	)
Other finance income		152			-			152
Other financial costs		(8,551	)		-			(8,551	)
Net result (i)		148,231			16,879			165,110

(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”.

During the fiscal years ended June 30, 2024 and 2023, 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 and Commodities options contracts

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, 2024, 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.

17. Trade and other receivables

Group’s trade and other receivables as of June 30, 2024 and 2023 were as follows:

	06.30.2024			06.30.2023
Trade, leases and services receivable (*)		257,197			275,625
Less: allowance for doubtful accounts		(4,279	)		(5,619	)
Total trade receivables		252,918			270,006
Prepayments		59,230			49,459
Borrowings, deposits and others		42,216			35,418
Contributions pending integration		-			169
Guarantee deposits		71			42
Tax receivables		25,688			30,984
Others		23,223			28,293
Total other receivables		150,428			144,365
Total trade and other receivables		403,346			414,371

Non-current		141,683			125,244
Current		261,663			289,127
Total		403,346			414,371

(*) Includes field sales credits, which are revalued based on the soybean price at each balance sheet date. The related impact in the Consolidated Statement of Income and Other Comprehensive Income is presented within “Financial results, net.

Book amounts of Group's trade and other receivables in foreign currencies are detailed in Note 34.

The fair value of current receivables approximates their respective carrying amounts because, due to their short-term nature, the effect of discounting is not considered significant.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

Trade accounts receivables are generally presented in the Consolidated Statement of Financial Position net of allowances for doubtful accounts. Impairment policies and procedures by type of receivables are discussed in detail in Note 2. Movements on the Group’s allowance for doubtful accounts were as follows:

	06.30.2024			06.30.2023
Beginning of the year		5,619			8,218
Additions (i)		1,277			1,214
Recovery (i)		(226	)		(488	)
Currency translation adjustment		2,964			1,404
Used during the year		(16	)		(13	)
Inflation adjustment		(5,339	)		(4,716	)
End of the year		4,279			5,619

(i) The creation and release of the provision for impaired receivables have been included in “Selling expenses” in the Consolidated Statement of Income and Other Comprehensive Income (Note.27).

The Group’s trade receivables comprise several classes. The maximum exposure to credit risk at the reporting date is the carrying amount of each class of receivables (see Note 5). The Group also has receivables from related parties neither of them is due nor impaired.

Due to the distinct characteristics of each type of receivables, an aging analysis of past due unimpaired and impaired receivables is shown by type and class, as of June 30, 2024 and 2023 (a column of non-past due receivables is also included so that the totals can be reconciled with the amounts appearing on the Consolidated Statement of Financial Position):

	Expired
	Up to 3 months		From 3 to 6 months		Over 6 months		Not past due		Allowance		Total		% of representation
Leases and services		31,679		1,421		3,836		52,323		3,565		92,824		36.1	%
Sale of properties and developments		-		-		-		135,533		-		135,533		52.7	%
Agricultural products		-		-		-		28,126		714		28,840		11.2	%
Total as of 06.30.2024		31,679		1,421		3,836		215,982		4,279		257,197		100.0	%

	Expired
	Up to 3 months		From 3 to 6 months		Over 6 months		Not past due		Allowance		Total		% of representation
Leases and services		15,463		635		4,461		67,228		4,865		92,652		33.6	%
Sale of properties and developments		-		-		643		146,821		-		147,464		53.5	%
Agricultural products		-		-		-		34,755		754		35,509		12.9	%
Total as of 06.30.2023		15,463		635		5,104		248,804		5,619		275,625		100.0	%

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18. Cash flow information

Following is a detailed description of cash flows generated by the Group’s operations for the years ended June 30, 2024, 2023 and 2022:

	Note		06.30.2024			06.30.2023			06.30.2022
Profit for the year				93,980			290,458			504,586
Adjustments for:
Income tax		23		(61,872	)		(270,180	)		15,833
Amortization and depreciation		27		10,573			9,987			9,890
Gain from disposal of trading properties				(3,808	)		(11,112	)		-
Loss from disposal of property, plant and equipment				1,822			2,505			(65	)
Realization of currency translation adjustment				-			(1,588	)		-
Net loss/ (gain) from fair value adjustment of investment properties				348,674			191,996			(132,817	)
Loss from disposal of subsidiary and associates				1,365			-			-
Financial results, net				(184,344	)		(42,410	)		(243,815	)
Provisions and allowances				20,126			67,664			17,182
Share of (profit)/ loss of associates and joint ventures		8		(32,953	)		(5,869	)		1,562
Management fees				7,866			17,683			33,388
Changes in net realizable value of agricultural products after harvest				(7,174	)		9,431			16,007
Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest				(24,059	)		(25,535	)		(149,615	)
Gain from disposal of farmlands				(52,612	)		(55,825	)		(44,088	)
Changes in operating assets and liabilities:
(Increase) / decrease in inventories				(24,055	)		(8,991	)		1,650
(Increase) / decrease in trading properties				(655	)		342			713
Decrease in biological assets				65,701			83,379			186,441
Decrease in trade and other receivables				100,191			42,462			36,666
Decrease in trade and other payables				(167,868	)		(127,409	)		(53,047	)
(Decrease) / increase in salaries and social security liabilities				(9,646	)		2,512			609
Decrease in provisions				(615	)		(294	)		(2,307	)
Decrease in lease liabilities				(8,986	)		(13,709	)		(15,259	)
Net variation in derivative financial instruments				5,396			(368	)		977
Decrease in right of use assets				32			11			-
Net cash generated from operating activities before income tax paid				77,079			155,140			184,491

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Comercial, Inmobiliaria, Financiera y Agropecuaria

The following table shows a detail of significant non-cash transactions occurred in the years ended June 30, 2024, 2023 and 2022:

	06.30.2024		06.30.2023		06.30.2022
Increase in investment properties through an increase in trade and other payables		-		531		1,482
Decrease in investment properties through an increase in property, plant and equipment		12,434		3,195		39,709
Currency translation adjustment and other comprehensive results from associates and joint ventures		29,475		11,719		70,857
Other changes in shareholders' equity		18,969		28,337		1,921
Increase of non-convertible notes through a decrease in non-convertible notes		-		240,536		82,208
Decrease in lease liabilities through a decrease in trade and other receivables		50		-		22
Decrease in property, plant and equipment through an increase in investment properties		5,114		17,198		9,285
Increase in shareholders' equity through an increase in investment properties		5,863		4,425		-
Increase in deferred income tax liabilities through a decrease in shareholders' equity		1,532		1,278		2,995
Decrease in trading properties through an increase in intangible assets		-		4,726		-
Decrease in property, plant and equipment through an increase in shareholders' equity		-		988		7,312
Decrease in investment properties through an increase in investment in financial assets		-		290		-
Decrease in investment in financial assets through a decrease in trade and other payables		-		1,367		-
Increase in investment in financial assets through a decrease in trade and other receivables		284		2,211		-
Increase in property, plant and equipment through an increase in trade and other payables		9,781		28,017		-
Decrease in property, plant and equipment through an increase in trade and other receivables		2,075		11,064		126
Increase in investment in financial assets through an increase in borrowings		498		-		-
Decrease in shareholders' equity through a decrease in investment in financial assets		102,617		9,422		-
Increase in right of use assets through an increase in lease liabilities		35,228		35,719		7,888
Increase in investment in associates and joint ventures through a decrease in trade and other receivables		-		115		-
Increase in intangible assets through a decrease in investment properties		27,412		-		-
Increase in intangible assets through an increase in trade and other payables		7,895		-		97
Increase in intangible assets through an increase in payroll and social security liabilities		-		-		208
Decrease in investment in associates and joint ventures through an increase in trade and other receivables		5,396		19		178
Decrease in investment properties through an increase in trade and other receivables		3,021		-		-
Increase in investment in associates and joint ventures through a decrease in investments in financial assets		-		-		7,293
Increase in investment properties through a decrease in trading properties		-		2,149		-
Decrease in intangible assets through an increase in trading properties		-		546		-
Decrease in intangible assets through an increase in investment properties		-		197		-
Decrease in borrowings through a decrease in trade and other receivables		-		-		3,533
Decrease in borrowings through a decrease in trading properties		-		1,256		-
Increase in investment properties through a decrease in trade and other receivables		-		171		-
Increase in investment in associates and joint ventures through a decrease in borrowings		-		-		33
Barter transaction of investment properties		704		-		25,141
Cancellation of non-convertible notes in portfolio		-		-		68,583
Decrease in shareholders' equity through an increase in trade and other payables		6,647		710		-
Increase in group of assets held for sale through a decrease in property, plant and equipment		2,596		-		-
Increase in borrowings through a decrease in trade and other payables		376		-		-
Increase in shareholders' equity through a decrease in trade and other payables		997		-		-
Decrease in shareholders' equity through a decrease in trade and other receivables		4,163		6,297		-

19. Shareholders’ Equity

Share capital and share premium

The Group's share capital is represented by common shares with a nominal value of ARS 1 per share and one vote each.

On February 17, 2021, the Company announced the launch of its public offering of shares for up to 90 million shares (or the equivalent of 9 million ADS) and 90,000,000 options to subscribe for new common shares, to registered holders as of February 19, 2021. Each common share entities its holder to subscribe for 0.1794105273 new common shares and to receive, free of charge, for each new common share that it purchases pursuant to this offering, one warrant to purchase one additional common share. The final subscription price for the new shares was ARS 70.31 or USD 0.472 and for the new ADS it was USD 4.72. The new registered shares, with a nominal value of ARS 1 (one peso) each and with the right to one vote per share, give the right to receive dividends on the same terms as the current shares in circulation.

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On March 5, 2021, having concluded the period to exercise the pre-emptive subscription right, the Company's shareholders have subscribed under the pre-emptive right the amount of 87,264,898 new shares, that is, 97% of the shares offered. , and have requested through the right to accrue 26,017,220 additional new shares, for which 2,735,102 new shares were issued, thus completing the issuance of all 90,000,000 new shares (or their equivalent in ADSs ) offered.

Likewise, 90,000,000 warrants were issued that will empower holders through their exercise to acquire up to 90,000,000 new shares. The exercise price of the options is USD 0.566. The options may be exercised quarterly from the 90th day of their issuance on the 17th to the 25th (inclusive) of the months of February, May, September and November of each year (provided that said dates are business days in the city. of New York and in the Autonomous City of Buenos Aires) until maturity 5 years from the date of issue. These options have been considered as equity instruments.

The Company received all the funds in the amount of ARS 7,612 (net of ARS 107 for issuance expenses) and issued the new shares, increasing the capital stock to ARS 592 million. The amounts are expressed in the currency of the transaction date.

Inflation adjustment of share capital

The inflation adjustment related to share capital is allocated to an inflation adjustment account that forms part of shareholders' equity. The balance of this account could be applied towards the issuance of common stock to shareholders of the Company and to the absorption of negative retained earnings.

Treasury shares

On July 22, 2022, the Board of Directors of Cresud approved the terms and conditions for the acquisition of common shares issued by the Company under the terms of article 64 of Law No. 26,831 and the CNV Regulations, for up to a maximum amount of ARS 1,000 million and up to 10% of the Company's capital stock, up to 25% of the average volume of daily transactions of Shares and ADSs in the markets during the previous 90 days and up to ARS 140 per Share and up to USD 7.00 per ADS. Likewise, the repurchase term was set up to 120 days after the publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange.

On September 21, 2022, the above mention plan was completed, having acquired the equivalent of 5,676,603 common shares that represent approximately 99.00% of the approved program and 0.96% of the share capital.

On November 11, 2022, the Board of Directors of Cresud approved a new program for the repurchase of common shares issued by the Company and established the terms and conditions for the acquisition of common shares issued by the Company under the terms of article 64 of Law No. 26,831 and the CNV Regulations, for up to a maximum amount of ARS 4,000 million and up to 10% of the Company's capital stock, up to 25% of the average volume of daily transactions of shares and ADSs in the markets during the previous 90 days and up to ARS 205 per share and up to USD 6.50 per ADS. Likewise, the repurchase term was set, up to 180 days after the publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange.

On May 10, 2023, the Company communicated the modification of the acquisition price of its own shares in ARS up to a maximum value of ARS 425 per share and extend the term for the repurchase of Company shares for up to 180 additional days, maintaining the remaining terms and conditions that were duly informed and decided by the Board of Directors on November 11, 2022.

On January 18, 2024, CRESUD reported that the Share Buyback Program approved by the Board of Directors on November 11, 2022, for up to the sum of ARS 4,000 million, ended having acquired the equivalent of 13,474,104 ordinary shares, which represent approximately 99.94% of the approved program.

Warrants

Common stock purchase options (warrants), issued by IRSA with common shares during the fiscal year and treated as equity instruments, are recorded as a separate component of the equity and are measured at cost; represented by fair value on the issue date using the Black-Scholes pricing model, which incorporates certain inputs assumptions, including shares price and volatility, risk-free interest rate, and warrant maturity.

At the time of the exercise of the warrants by the holders, the warrants are transferred to share capital for the nominal value of the issued shares and the difference with the product is recognized in the share premium.

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Legal reserve

According to Law N° 19,550, 5% of the profit of the year is destined to the constitution of a legal reserve until it reaches the legal capped amount (20% of total capital and inflation adjustment of share capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. The Company has not reached the legal limit of this reserve.

Special reserve GR 609/12

The CNV, through General Ruling N° 562/9 and 576/10, has provided for the application of Technical Resolutions N° 26 and 29 of the FACPCE, which adopt the IFRS, IASB for companies subject to the public offering regime ruled by Law 17,811, due to the listing of their shares or corporate notes, and for entities that have applied for authorization to be listed under the mentioned regime. The Group has applied IFRS, as issued by the IASB, for the first time in the year beginning July 1, 2012, with the transition date being July 1, 2011. Pursuant to CNV General Ruling N° 609/12, the Company set up a special reserve, to reflect the positive difference between the balance at the beginning of retained earnings disclosed in the first Financial Statements prepared according to IFRS and the balance at closing of retained earnings disclosed in the last Financial Statements prepared in accordance with previously effective accounting standards. The reserve recorded in due course amounted to ARS 993, which as of June 30, 2018 were fully used to absorb the negative balances in the retained earnings account. During fiscal year ended June 30, 2018, the Company’s Board of Directors decided to change the accounting policy of investment property from the cost method to the fair value method, as allowed by IAS 40.

Special reserve

On October 28, 2022 the Ordinary Shareholders’ Meeting, established a special reserve that amounts to ARS 131,647 as of June 30, 2024.

Dividends

During the year ended June 30, 2022 there was no distribution of dividends.

On October 28, 2022 and April 27, 2023 the Ordinary and Extraordinary Shareholders' Meeting approved the distribution of a dividend to shareholders for up to ARS 3,100 million and ARS 21,900 million, respectively. As of the date of these financial statements, they were paid in full.

On October 5, 2023, the Ordinary and Extraordinary Shareholders' Meeting of CRESUD approved distribution the distribution of a cash dividend for the sum of ARS 22,000 million and a dividend in kind through the delivery of 22,090,627 shares nominal value ARS 10 per share of IRSA owned by the Company, amount restated by the settlement derived from the distribution of bonus shares and change of par value, by applying a conversion ratio that for each share of nominal value ARS 1 corresponded to 0.90780451408 shares of nominal value ARS 10, according to the price of said shares as of October 4, 2023 which amounts to the sum of ARS 644.75. In addition, on May 2, 2024 a new distribution of a cash dividend was approved for the sum of ARS 30,000 (See Note 36). As of the date of these financial statements, they were paid in full.

The amounts are expressed in currency defined as approved by the Ordinary and Extraordinary Shareholders' Meeting.

Distribution of treasury shares

On October 28, 2022, the Ordinary and Extraordinary Shareholders' Meeting approved the creation of a new incentive plan for employees, management and directors to join without a share premium for up to 0.96% of the Share Capital.

On April 27, 2023, the Ordinary and Extraordinary Shareholders' Meeting of Cresud approved the distribution of 13,000,000 treasury shares to the shareholders, in proportion to their holdings by virtue of the provisions of Article 67 of Law 26,831.

Additional paid-in capital from treasury shares

When the treasury shares are sold, the difference between the net realization value of the treasury shares sold and their acquisition cost will be allocated, both in the case of positive or negative results, to an account of non-capitalized contributions. of the owners that will be denominated " Additional paid-in capital from treasury shares".

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20. Trade and other payables

Group’s trade and other payables as of June 30, 2024 and 2023 were as follows:

	06.30.2024		06.30.2023
Trade payables		141,870		136,652
Advances from sales, leases and services (*)		61,678		61,007
Accrued invoices		12,921		14,582
Deferred income		473		540
Admission fees (*)		29,409		30,356
Deposits in guarantee		575		524
Total trade payables		246,926		243,661
Dividends payable to non-controlling interests		6,572		10,146
Tax payables		15,628		22,931
Director´s Fees		5,583		27,471
Management fees		7,866		11,616
Others		16,504		11,815
Total other payables		52,153		83,979
Total trade and other payables		299,079		327,640

Non-current		50,585		45,532
Current		248,494		282,108
Total		299,079		327,640

(*) Corresponds mainly to admission rights and rents collected in advance, which will accrue in an average term of 3 to 5 years. The variation is mainly due to the new contracts signed and an extraordinary rent in Alto Avellaneda.

The fair value of payables approximates their respective carrying amounts because, due to their short-term nature, the effect of discounting is not considered significant. Fair values are based on discounted cash flows (Level 3).

21. Provisions

The Group is subject to claims, lawsuits and other legal proceedings in the ordinary course of business, including claims from clients where a third party seeks reimbursement or damages. The Group’s responsibility under such claims, lawsuits and legal proceedings cannot be estimated with certainty. From time to time, the status of each major issue is evaluated and its potential financial exposure is assessed. If the potential loss involved in the claim or proceeding is deemed probable and the amount may be reasonably estimated, a liability is recorded. The Group estimates the amount of such liability based on the available information and in accordance with the provisions of the IFRS accounting standars. If additional information becomes available, the Group will make an evaluation of claims, lawsuits and other outstanding proceedings, and will revise its estimates.

The following table shows the movements in the Group's provisions categorized by type:

	Legal claims (iii)			Investments in associates and joint ventures (ii)			Total
As of June 30, 2022		5,707			63			5,770
Additions (i)		30,131			-			30,131
Transfers (i)		(1,283	)		-			(1,283	)
Participation in the results		-			(59	)		(59	)
Inflation adjustment		(7,069	)		-			(7,069	)
Currency translation adjustment		41			-			41
Used during the year		(294	)		-			(294	)
As of June 30, 2023		27,233			4			27,237
Additions (i)		8,434			-			8,434
Decreases (i)		(419	)		-			(419	)
Participation in the results		-			11			11
Inflation adjustment		(8,416	)		-			(8,416	)
Currency translation adjustment		(58	)		-			(58	)
Used during the year		(615	)		-			(615	)
As of June 30, 2024		26,159			15			26,174

	06.30.2024		06.30.2023
Non-current		21,581		24,020
Current		4,593		3,217
Total		26,174		27,237

(i)	Additions and decreases are included in "Other operating results, net".
(ii)	Corresponds to the equity interest in Puerto Retiro in 2024 and 2023, respectively. Additions and decreases are included in "Share of profit / (loss) of associates and joint ventures".
(iii)	Includes the provision for the IDBD demand.

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Trial and Preventive Seizure - Province of Salta

The contracts with the state company Salta Forestal S.A. by means of which rural real estate was given in concession to Cresud, the Governor of the Province of Salta has decreed through decrees 815/20, 395/21, 396/21, 397/21 and 398 / 21 reject the hierarchical appeals filed by Cresud against the payment of the royalties made by Salta Forestal S.A. and, depending on the campaign, by the Ministry of Agrarian Affairs for the 2013/2014, 2014/2015, 2015/2016, 2016/2017 campaigns , 2017/2018, 2018/2019 and 2019/2020 of corn, soybean and / or sorghum crops. In this context, Cresud has initiated the judicial challenge of these decrees and the province of Salta has initiated an executive and freezing lawsuit for the amounts of the controversial fees. To date, garnishment have been processed within the framework of file 726737/20 and in relation to executive order 815/20, for the sum of ARS 42 million, in the framework of file 739946/21 and in relation to executive order 395/21, for the sum of ARS 38 million, in relation to executive order 396/21, for the sum of ARS 45.5 million, in relation to executive order 397/21, for the sum of ARS 69 million, in relation to executive order 398/21, for the sum of ARS 58 million. In this regard and based on the executive orders issued by the Government of Salta and in accordance with what was reported by our external advisory lawyers, the contingency is estimated in the amount of ARS 977 million. The seized sums have been timely deposited in separate judicial fixed terms.

22. Borrowings

The breakdown and the fair value of the Group borrowings as of June 30, 2024 and 2023 was as follows:

	Book value				Fair value
	06.30.2024		06.30.2023		06.30.2024		06.30.2023
Non-convertible notes		736,402		779,654		713,830		794,980
Bank loans		42,755		102,158		42,755		102,158
Bank overdrafts		33,153		73,472		33,153		73,472
Others		10,225		18,317		10,225		18,317
Total borrowings		822,535		973,601		799,963		988,927

Non-current		475,591		592,035
Current		346,944		381,566
Total		822,535		973,601

As of June 30, 2024 and 2023, total borrowings include collateralized liabilities (seller financing and bank loans) of ARS 112,954 and ARS 148,850, respectively. These borrowings are mainly collateralized by trading properties of the Group (Note 11).

The terms of the loans include standard covenants for this type of financial operations. As of the date of these Consolidated Financial Statements, the Group has complied with the covenants contemplated in its respective loan agreements.

The maturity of the Group's borrowings is as follows:

	06.30.2024		06.30.2023

Capital:
Less than one year		326,280		356,956
Between 1 and 2 years		241,633		224,705
Between 2 and 3 years		134,116		260,840
Between 3 and 4 years		77,432		43,473
Between 4 and 5 years		7,283		60,909
More than 5 years		14,688		929
		801,432		947,812
Accrued interest:
Less than one year		20,664		24,610
Between 1 and 2 years		3		758
Between 2 and 3 years		-		421
Between 3 and 4 years		436		-
Between 4 and 5 years		-		-
More than 5 years		-		-
		21,103		25,789
		822,535		973,601

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Comercial, Inmobiliaria, Financiera y Agropecuaria

The following table shows a detail of evolution of borrowing during the years ended June 30, 2024 and 2023:

	06.30.2024			06.30.2023
Balance at the beginning of the year		973,601			1,132,783
Borrowings		327,411			611,252
Payment of borrowings		(319,507	)		(645,674	)
Collection of short term loans, net		32,549			15,545
Interests paid		(128,057	)		(128,185	)
Accrued interests		142,209			91,400
Currency translation adjustment and exchange differences, net		215,425			429,109
Inflation adjustment		(422,521	)		(531,953	)
Reclassifications and other movements		1,425			(676	)
Balance at the end of the year		822,535			973,601

The following tables shows a breakdown of Group’s borrowing by type of fixed-rate and floating-rate, per currency denomination and per functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2024 and 2023:

	06.30.2024
	Argentine Peso		Brazilian Reais		Uruguayan Peso		Total
Fixed rate:
Argentine Peso		38,857		-		-		38,857
Brazilian Reais		-		30,430		-		30,430
US Dollar		587,559		1,304		3,793		592,656
Subtotal fixed-rate borrowings		626,416		31,734		3,793		661,943
Floating rate:
Argentine Peso		74,351		-		-		74,351
Brazilian Reais		-		86,241		-		86,241
Subtotal floating rate borrowings		74,351		86,241		-		160,592
Total borrowings		700,767		117,975		3,793		822,535

	06.30.2023
	Argentine Peso		Brazilian Reais		Uruguayan Peso		Total
Fixed rate:
Argentine Peso		178,840		-		-		178,840
Brazilian Reais		-		40,779		-		40,779
US Dollar		627,317		7,520		6,069		640,906
Subtotal fixed-rate borrowings		806,157		48,299		6,069		860,525
Floating rate:
Argentine Peso		46,594		-		-		46,594
Brazilian Reais		-		66,482		-		66,482
Subtotal floating rate borrowings		46,594		66,482		-		113,076
Total borrowings		852,751		114,781		6,069		973,601

The following describes the debt issuances made by the Group for the years ended June 30, 2024, and 2023:

Entity	Class	Issuance / expansion date	Amount in original currency	Maturity date	Interest rate	Principal payment	Interest payment
CRESUD	Series XXXVIII	jul-22	USD 70.57	3/3/2026	8.00%	At expiration	Semi-annually and last one bimonthly
CRESUD	Series XXXIX	aug-22	ARS 5,122.47	2/23/2024	Badlar + 1.00%	At expiration	Quarterly
CRESUD	Series XL	dec-22	USD 38.21	12/21/2026	0.00%	Biannual payments since 2025	n/a
CRESUD	Series XLI	apr-23	ARS 4,147.33	10/4/2024	Badlar + 3.00%	At expiration	Quarterly
CRESUD	Series XLII	apr-23	USD 30.05	5/4/2026	0.00%	Quarter payments since 2025	n/a
CRESUD	Series XLIII	jan-24	ARS 19,886.02	1/17/2025	Badlar + 0.00%	At expiration	Quarterly
CRESUD	Series XLIV	jan-24	USD 39.77	1/17/2027	6.00%	At expiration	Semi-annually
CRESUD	Series XLV	apr-24	USD 10.20	8/22/2026	6.00%	At expiration	Semi-annually and last one quarterly
FyO	Series II	jul-22	USD 15	7/25/2025	0.00%	At expiration	n/a
FyO	Series III	apr-23	USD 20	4/25/2026	0.00%	At expiration	n/a
IRSA	Series XIV	jul-22	USD 171.20	6/22/2028	8.75%	17.5% in jun-24 - 17.5% in jun-25 - 17.5% in jun-26 - 17.5% in jun-27 - 30% in jun-28	Semi-annually
IRSA	Series XV	jan-23	USD 61.75	3/25/2025	8.00%	At expiration	Semi-annually
IRSA	Series XVI	jan-23	USD 28.25	7/25/2025	7.00%	At expiration	Semi-annually
IRSA	Series XVII	jun-23	USD 25.00	12/7/2025	5.00%	At expiration	First one Quarterly and next Semi-annually
IRSA	Series XVIII	feb-24	USD 21.41	2/28/2027	7.00%	At expiration	Semi-annually
IRSA	Series XIX	feb-24	ARS 26,203.85	2/28/2025	Badlar + 0.99%	At expiration	Quarterly
IRSA	Series XX	jun-24	USD 23.02	6/10/2026	6.00%	At expiration	Semi-annually
IRSA	Series XXI	jun-24	ARS 17,012.71	6/10/2025	Badlar + 4.50%	At expiration	Quarterly

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Series XLIII and XLIV Notes - CRESUD

On January 17, 2023, Cresud issued Notes XLIII and XLIV on the local market for a total amount of USD 64 million through the following instruments:

	·	Series XLIII: Denominated and payable in Argentine pesos for ARS 19,886 million at a variable interest rate BADLAR plus 0% spread, with quarterly interests’ payments. The Capital amortization will be 100% at maturity, on January 17, 2025. The issuance price was 100.0% of the nominal value.

	·	Series XLIV: Denominated in dollars for USD 39.8 million, with 6% interest rate and semiannual interests’ payments. The Capital amortization will be 100% at maturity, on January 17, 2027. The issuance price was 100.0% of the nominal value.

The funds were mainly used to refinance short-term liabilities and/or working capital, as defined in the issuance documents.

Series XLV Notes - CRESUD

On April 22, 2024, Cresud issued Notes on the local market for a total amount of USD 10.2 million through the following instrument:

Series XLV (blue chip swap FX): Denominated and payable in dollars for USD 10.2 million, with 6.0% interest rate and semiannual interests’ payments. The Capital amortization will be 100% at maturity, on August 22, 2026. The issuance price was 100.0%.

Series XII Notes Redemption - IRSA

On December 28, 2023, IRSA notified the holders of Series XII Notes of the early redemption of all of them for a principal amount of UVA 53,784,674 (equivalent to ARS 25,314 million at the time of redemption), which were outstanding and in circulation with maturity on March 31, 2024, in accordance with the terms and conditions detailed in the Offering Memorandum dated March 26, 2021. The redemption and payment were carried out on January 5, 2024. The redemption price was 100% of the face value of the Series XII Notes, plus accrued and unpaid interest, as of the date set for redemption.

Series XVIII and XIX Notes - IRSA

On February 28, 2024, IRSA issued Series XVIII and XIX Notes in the local market for a total amount of USD 52.6 million. Below are the main characteristics of the issuance:

	·	Series XVIII: Denominated in dollars for USD 21.4 million at a fixed rate of 7.0%, with semi-annual payments. The principal will be paid at maturity on February 28, 2027. The price of issuance was 100.0% of the nominal value.

	·	Series XIX: Denominated and payable in Argentina pesos for ARS 26,204 million at a variable interest rate BADLAR plus 0.99% spread, with quarterly payments. The principal will be paid at maturity on February 28, 2025. The price of issuance was 100.0% of the nominal value.

The funds will be used as defined in the issuance documents.

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Series XX and XXI Notes - IRSA

On June 10, 2024, IRSA issued Series XX and XXI Notes in the local market for a total amount of USD 42.0 million. Below are the main characteristics of the issuance:

	·	Series XX: Denominated in dollars for USD 23.0 million at a fixed rate of 6.0%, with semi-annual payments. The principal will be paid at maturity on June 10, 2026. The price of issuance was 100.0% of the nominal value.

	·	Series XXI: Denominated and payable in Argentina pesos for ARS 17,012.7 million at a variable interest rate BADLAR plus 4.50% spread, with quarterly payments. The principal will be paid at maturity on June 10, 2025. The price of issuance was 100.0% of the nominal value.

The funds will be used as defined in the issuance documents.

23. Income tax

The Group’s income tax has been calculated on the estimated taxable profit for each year at the rates prevailing in the respective tax jurisdictions. The subsidiaries of the Group in the jurisdictions where the Group operates are required to calculate their income taxes on a separate basis; thus, they are not permitted to compensate subsidiaries’ losses against subsidiaries income.

Tax modifications

The Argentine Tax Authority established through the resolution 5248/2022 an extraordinary compulsory payment in advance on account of the income tax payable in 3 monthly installments, for companies that meet any of the following requirements:

	(i)	The amount of the tax determined from the affidavit corresponding to the fiscal period 2021 (closing between August and December 2021) or 2022 (closing between January and July 2022), as applicable, is equal to or greater than ARS 100 million.

	(ii)	The amount of the tax result that arises from the affidavit, without applying the deduction of tax losses from previous years, is equal to or greater than ARS 300 million.

The compulsory payment in advance will be 25% of the base for calculating the advance if point 1 is met, or 15% of the tax result without taking into account losses from previous years if point 2 is met.

The aforementioned compulsory payment in advance cannot be offset with other tax-related credits and, furthermore, should not be taken into account when a request for reduction of advances is made.

The expiration of the first installment is in October 2022 for those of the fiscal period 2021 and April 2023 for those of the fiscal period 2022.

The companies paying the extraordinary payment on account were: IRSA, Futuros y Opciones. Com S.A; Amauta Agro S.A, FYO Acopio S.A, Panamerican Mall S.A, Fibesa S.A, Arcos del Gourmet S.A; all maturing after April 2023.

Regarding IRSA, an appeal was requested in each installment to AFIP and a precautionary measure in judicial court requesting the suspension of the effects of the resolution 5248/2022 since the payment of said advance would imply an excess of the tax obligation for the company.

Considering that the 2023 income tax affidavit was filed confirming that the tax advances were in excess of the tax obligation, the principal of those advances ceased to be claimed by the tax authorities. However, in August 2023, the AFIP demanded that IRSA pay compensatory interest. This demand was responded to with an appeal, arguing that RG 5248/22 is unconstitutional and, therefore, the claim for interest is logically invalid.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

On July 8, 2024, Law 27.743 ‘Palliative and relevant tax measures’ was published. Article 8° of the law mentions the remission of interest under the payment facilities plan:

‘Article 8 - All compensatory and/or punitive interest corresponding to tax obligations (including ordinary and/or extraordinary advances or payments on account) cancelled prior to March 31, 2024, inclusive, shall be remitted as of right. This benefit of remission is not subject to the fulfilment of any condition or requirement other than the payment of the tax obligation prior to the aforementioned date. This remission includes compensatory and punitive interests that have been included in payment facility plans related to ordinary and/or extraordinary advances or payments on account that have been duly cancelled before March 31, 2024, inclusive. Said benefit of remission also applies when the ordinary and/or extraordinary advances or payments on account ceased or cease to be due, respectively, by virtue of the filing of tax returns that have been formalised prior to the entry into force of this regime, or by the corrective tax returns that must be filed by virtue of the regularisation established in this title’.

Therefore, the case for the claim for interest has has remained abstract and no claim by the tax authorities is due.

Submission of income tax presentation - IRSA

Dated November 15, 2021 IRSA CP hereinafter "the taxpayer", which has been absorbed by the Company according to what was detailed in the Note. 4.C to the Consolidated Financial Statements as of June 30, 2022, filed to the Argentine Tax Authority the income tax for the fiscal year ended June 30, 2021 applying the systemic and comprehensive inflation adjustment mechanism as detailed: restating tax amortizations according to articles 87 and 88; updating the computable cost of real estate acquired or built prior to July 1, 2018 and sold in this fiscal year under the terms of article 63; updating the loss of the fiscal period 2018, until the limit of the tax result of the exercise, following the methodology provided in article 25 and updating the costs of inventories as established in article 59, all articles mentioned belong to the income tax law (ordered text in 2019).

In the same sense, on November 16, 2022, IRSA filed to the Argentine Tax Authority the income tax for the fiscal year ended June 30, 2022, applying the same systematic and comprehensive inflation adjustment mechanism mentioned in the previous paragraph updating accumulated losses.

The non-application of the aforementioned mechanisms would have implied that the tax to be paid amounted to ARS 1,377 million in the fiscal year 2021 and ARS 11,892 million in the fiscal year 2022, in this way the effective rate to be paid would have consumed a substantial portion of the income obtained by the taxpayer exceeding the reasonable limit of taxation, being configured in the opinion of the taxpayer and his tax and legal advisors an assumption of confiscation, an assumption that at the date of issuance of these financial statements has not been validated or challenged by the Argentine Tax Authority or by higher courts. Together with the aforementioned income tax presentation, a multinote form was presented in which the application of the mechanisms was reported, arguing that the effective tax rate would represent a percentage that would exceed the reasonable limits of taxation, setting up a situation of confiscation, in violation of art. 17 of the National Constitution (according to doctrine of the judgment "Candy S.A. c/AFIP and another a/ protection action", judgment of 07/03/2009, Judgments 332:1571, and subsequent precedents).

The aforementioned legal doctrine of the national supreme court is fully applicable to the particular case of IRSA, since the application of the regulations that do not allow the application of the integral and systematic inflation adjustment would prevent, as happened in the "Candy case", recognizing the totality of the inflationary effect in its tax balance causing the company to pay taxes on fictitious income.

As of the date of issuance of these financial statements, there are new legal precedents in line with the Company's position and the "Candy" ruling mentioned above. In late October 2022, the Supreme Court of Justice of the Nation, in the case "Telefónica de Argentina S.A. and another v. EN - AFIP - DGI regarding the General Tax Directorate," upheld the opinion of the Attorney General of the Nation issued in the "Appeal No. 1, Telefónica de Argentina S.A. and Another v. EN-AFIP DGI regarding the General Tax Directorate," asserting the inadmissibility of a tax that, in its application, would be confiscatory for the taxpayer.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

Considering the foregoing, IRSA's Board of Directors together with its legal and tax advisors re-evaluated during the fiscal year 2023 the accounting decision taken at the end of the previous fiscal year 2021, in light of the new elements of judgment, and concluded that all the existing evidence and, in particular, the last sentence of the Supreme Court of Justice of the Nation, mentioned in the previous paragraph, configure a position of favorability greater than a position of rejection in higher instances in the face of a possible controversy with the Argentine Tax Authority. For all the detailed reasons, they have decided, following the guidelines established by the IFRS, to reverse the provision for the aforementioned tax registered as of June 30, 2022 and 2021 for ARS 13,979 million (amount expressed in June 2023 currency), their provisioned interest accounted at the closing of the Annual Financial Statements for ARS 366 million (amount expressed in June 2023 currency) and register in the deferred income tax, the updating of the remaining losses, aligning the accounting treatment with the tax criteria duly presented.

In the same sense, IRSA made the provision for income tax for the year ended June 30, 2023 and 2024, applying the same systematic and comprehensive inflation adjustment criteria as the update of its accumulated losses.

Additionally, it is worth mentioning that the calculation of deferred tax for the current fiscal year includes the legal option provided in Article 195 of the Income Tax Law, which allows one-third of the tax inflation adjustment to be accounted for in this fiscal period and the remaining two-thirds to be allocated in equal parts over the next two immediate fiscal periods, provided that the requirement of certain investments in fixed assets is met in the following two fiscal periods.

The Group analyzes the recoverability of its deferred tax assets when there are events or changes in circumstances that imply a potential indication of revaluation or devaluation. The value in use is determined on the basis of projected tax cash flows.

The aforementioned cash flows are prepared based on estimates regarding the future behavior of certain variables that are sensitive in determining the recoverable value, among which are: (i) sales projections; (ii) expense projections; (iii) macroeconomic variables such as growth rates, inflation rates, exchange rates, among others.

The details of the Group’s income tax, is as follows:

	06.30.2024			06.30.2023		06.30.2022
Current income tax		(24,285	)		53,850		(147,068	)
Deferred income tax		86,157			216,330		131,235
Income tax (i)		61,872			270,180		(15,833	)

(i)	Includes reversal of the income tax provision. See “Submission of income tax presentation”.

The statutory taxes rates in the countries where the Group operates for all of the years presented are:

Tax jurisdiction	Income tax rate
Argentina	25% - 35%
Brazil	25% - 34%
Uruguay	0% - 25%
Bolivia		25%
USA	0% - 21%
Bermudas		0%
Israel	23% - 24%

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Comercial, Inmobiliaria, Financiera y Agropecuaria

Below is a reconciliation between income tax expense and the tax calculated applying the current tax rate, applicable in the respective countries, to profit before taxes for years ended June 30, 2024, 2023 and 2022:

	06.30.2024			06.30.2023			06.30.2022
Tax calculated at the tax rates applicable to profit in the respective countries (i)		(4,642	)		(7,073	)		(152,621	)
Permanent differences:
Tax inflation adjustment permanent difference		(88,263	)		23,993			(132,116	)
Share of profit/ (loss) of associates and joint ventures		23,295			13,015			(1,939	)
Result from sale of participation in subsidiaries		(260	)		11			(2,627	)
Difference between provision and tax return (ii)		(18	)		40,701			-
Fiscal transparency		(3,751	)		(5,079	)		(10,165	)
Recovery of unrecognized tax loss carry-forwards		2,630			6,925			76,609
Non-taxable profit and non-deductible expenses		39,322			1,059			(1,609	)
Others		(6,881	)		4,068			3,354
Accounting Inflation adjustment permanent difference		100,440			192,560			205,281
Income tax from continuing operations		61,872			270,180			(15,833	)

(i)	The applicable income tax rate was calculated based on the legal tax rates in the countries where the Group operates. As of June 30, 2024, 2023 and 2022, the tax rate in the Argentine Republic was 35%.

(ii)	Includes reversal of the income tax provision. See “Submission of income tax presentation”.

Deferred tax assets and liabilities of the Group as of June 30, 2024 and 2023 will be recovered as follows:

	06.30.2024			06.30.2023
Deferred income tax assets to be recovered after more than 12 months		74,082			43,714
Deferred income tax assets to be recovered within 12 months		29,635			29,847
Deferred income tax assets		103,717			73,561
Deferred income tax liabilities to be recovered after more than 12 months		(646,632	)		(711,008	)
Deferred income tax liabilities to be recovered within 12 months		(85,498	)		(81,800	)
Deferred income tax liabilities		(732,130	)		(792,808	)
Total deferred income tax liabilities, net		(628,413	)		(719,247	)

The movement in the deferred income tax assets and liabilities during the years ended June 30, 2024 and 2023, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:

	At the beginning			Currency translation adjustment			Charged to the Statement of Income			Revaluation surplus			At the end
June 30, 2024
Assets
Trade and other payables		20,751			-			(5,858	)		-			14,893
Tax loss carry-forwards		32,509			(4,209	)		35,506			-			63,806
Others		20,156			(2,122	)		6,818			-			24,852
Borrowings		145			-			21			-			166
Subtotal assets		73,561			(6,331	)		36,487			-			103,717
Liabilities
Investment properties and property, plant and equipment		(697,294	)		10,319			108,442			(2,037	)		(580,570	)
Biological assets		(12,379	)		83			(7,876	)		-			(20,172	)
Trade and other receivables		(3,994	)		-			2,251			-			(1,743	)
Investments		(9,675	)		-			(3,221	)		-			(12,896	)
Intangible assets		(6,547	)		-			(7,514	)		-			(14,061	)
Tax inflation adjustment		(39,011	)		-			(36,678	)		-			(75,689	)
Inventories		(13,944	)		2,832			(4,645	)		-			(15,757	)
Others		(9,964	)		(189	)		(1,089	)		-			(11,242	)
Subtotal liabilities		(792,808	)		13,045			49,670			(2,037	)		(732,130	)
Liabilities, net		(719,247	)		6,714			86,157			(2,037	)		(628,413	)

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Comercial, Inmobiliaria, Financiera y Agropecuaria

	At the beginning			Currency translation adjustment			Charged to the Statement of Income			Revaluation surplus			At the end
June 30, 2023
Assets
Trade and other payables		12,246			-			8,505			-			20,751
Tax loss carry-forwards		12,030			524			19,955			-			32,509
Others		18,955			1,123			78			-			20,156
Borrowings		1,367			-			(1,222	)		-			145
Subtotal assets		44,598			1,647			27,316			-			73,561
Liabilities
Investment properties and property, plant and equipment		(810,782	)		(4,432	)		119,469			(1,549	)		(697,294	)
Biological assets		(21,753	)		346			9,028			-			(12,379	)
Trade and other receivables		(4,614	)		-			620			-			(3,994	)
Investments		(409	)		-			(9,266	)		-			(9,675	)
Intangible assets		(5,447	)		-			(1,100	)		-			(6,547	)
Tax inflation adjustment		(117,827	)		-			78,816			-			(39,011	)
Inventories		(10,254	)		(959	)		(2,731	)		-			(13,944	)
Others		(4,076	)		(66	)		(5,822	)		-			(9,964	)
Subtotal liabilities		(975,162	)		(5,111	)		189,014			(1,549	)		(792,808	)
Liabilities, net		(930,564	)		(3,464	)		216,330			(1,549	)		(719,247	)

Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefits through future taxable profits is probable. Tax loss carry-forwards may have expiration dates or may be permanently available for use by the Group depending on the tax jurisdiction where the tax loss carry forward is generated. Tax loss carry forwards in Argentina and Uruguay expire within 5 years, while in Israel they do not expire. Tax loss carry forward in Bolivia expire within 3 years Tax loss carry forwards in Brazil do not expire. However, in Brazil, the taxable profit for each year can only be reduced by tax losses up to a maximum of 30%.

As of June 30, 2024, the Group's recognized tax loss carry forward prescribed as follows:

Jurisdiction	06.30.2024		Date of generation	Due date
Argentina		155,360	2020	2025
Argentina		18,203	2021	2026
Argentina		11,402	2022	2027
Argentina		7,525	2023	2028
Argentina		10,491	2024	2029
Brazil		66,092	2019-2024	Do not expire
Total cumulative tax loss carry-forwards		269,073

The Group assesses the realizability of deferred income tax assets, by considering whether it is probable that some portion or all of the deferred income tax assets will not be realized. In order to make this assessment, Management considers the scheduled reversal of deferred income tax liabilities, projected business and tax planning strategies.

On this basis, it is estimated that as of June 30, 2024, all deferred tax assets and tax credits will be realized.

The Group did not recognize deferred income tax assets (tax loss carry forwards) of ARS 37,365 and ARS 100,670 as of June 30, 2024 and 2023, respectively. Although management estimates that the business will generate sufficient income, pursuant to IAS 12, management has determined that, as a result of the recent loss history and the lack of verifiable and objective evidence due to the subsidiary’s results of operations history, there is sufficient uncertainty as to the generation of sufficient income to be able to offset losses within a reasonable timeframe, therefore, no deferred tax asset is recognized in relation to these losses.

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Comercial, Inmobiliaria, Financiera y Agropecuaria

24. Leases

The Group as lessee

Operating leases

In the ordinary course of business, the Group enters into several operating lease agreements. Group conducts a portion of its agricultural activities on land rented from third parties under operating lease contracts averaging a harvest year. Rent expense for the years ended as of June 30, 2024, 2023 and 2022 amounted to ARS 7,729, ARS 6,316 and ARS 6,079, respectively and is included in the line item "Costs" in the Consolidated Statement of Income and Other Comprehensive Income.

The Group is also using land in the Province of Salta under rights of use agreement (the "Anta Agreement") for which the Group is currently paying a rent fee of 10% of the production. Rent expense paid for the years ended as of June 30, 2024, 2023 and 2022 amounted to ARS 3,070, ARS 1,886 and ARS 1,710, respectively and is included in the line item "Costs" in the Consolidated Statement of Income and Other Comprehensive Income.

The Group leases property or spaces for administrative or commercial use both in Argentina and in Israel, under operating leases. The agreements entered into include several clauses, including but not limited, to fixed, variable or adjustable payments. Some leases were agreed upon with related parties (Note 32). The amounts involved are not material for any of the periods filed.

The future aggregate minimum lease payments the Group will have to cancel under non-cancellable operating leases were as follows:

	06.30.2024		06.30.2023		06.30.2022
No later than 1 year		16,389		11,161		8,460
Later than 1 year and not later than 5 years		25,221		15,560		57,004
More than 5 years		15,956		13,799		-
		57,566		40,520		65,464

The Group as lessor

Operating leases (Shopping malls, offices and other buildings)

In the segments Shopping malls and Offices and Others, the Group enters into operating lease agreements typical in the business. Given the diversity of properties and lessees, and the various economic and regulatory jurisdictions where the Group operates, the agreements may adopt different forms, such as fixed, variable, adjustable leases, etc. For example, operating lease agreements with lessees of Shopping malls generally include escalation clauses and contingent payments.

Rental properties are considered to be investment properties. Book value is included in Note 9. The future minimum proceeds generated from non-cancellable operating leases from Group’s Shopping malls, offices and other buildings are as follows:

	06.30.2024		06.30.2023		06.30.2022
No later than 1 year		42,171		44,825		23,756
Later than 1 year and not later than 5 years		32,829		44,647		61,979
More than 5 years		207		2,147		11,164
		75,207		91,619		96,899

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Comercial, Inmobiliaria, Financiera y Agropecuaria

Operating leases (Farmlands)

From time to time, the Group leases certain farmlands. The leases have an average term of one crop year. Rental income is generally based on the market price of a particular crop multiplied by a fixed amount of tons per hectare leased or based on a fixed amount in dollars per hectare leased.

The future aggregate minimum lease proceeds under non-cancellable operating leases from the Group are as follows:

	06.30.2024		06.30.2023		06.30.2022
No later than 1 year		2,494		1,962		1,185
Later than 1 year and not later than 5 years		6,611		4,834		2,058
More than 5 years		-		74		-
		9,105		6,870		3,243

25. Revenues

	06.30.2024		06.30.2023		06.30.2022
Crops		191,800		214,481		297,562
Sugarcane		47,363		45,241		83,733
Cattle		25,495		19,881		29,807
Supplies		66,013		37,841		50,611
Consignment		23,358		26,742		16,262
Advertising and brokerage fees		16,818		20,203		18,478
Agricultural rental and other services		12,084		11,682		14,769
Income from sales and services from agricultural business		382,931		376,071		511,222
Trading properties and developments		6,906		14,146		4,043
Rental and services		259,988		261,610		218,012
Hotel operations, tourism services and others		61,548		55,585		34,427
Income from sales and services from urban properties and investment business		328,442		331,341		256,482
Total revenues		711,373		707,412		767,704

26. Costs

	06.30.2024		06.30.2023		06.30.2022
Other operative costs		228		276		411
Cost of property operations		228		276		411
Crops		168,775		178,594		276,543
Sugarcane		42,128		47,838		77,331
Cattle		20,404		17,194		24,983
Supplies		59,483		35,376		35,680
Consignment		9,379		15,451		27,355
Advertising and brokerage fees		15,551		12,757		13,378
Agricultural rental and other services		7,729		6,316		6,079
Cost of sales and services from agricultural business		323,449		313,526		461,349
Trading properties and developments		5,082		3,892		3,758
Rental and services		75,353		82,401		73,621
Hotel operations, tourism services and others		28,931		28,285		19,799
Cost of sales and services from sales and services from urban properties and investment business		109,366		114,578		97,178
Total costs		433,043		428,380		558,938

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Comercial, Inmobiliaria, Financiera y Agropecuaria

27. Expenses by nature

The Group disclosed expenses in the Consolidated Statement of Income and Other Comprehensive Income by function as part of the line items “Costs”, “General and administrative expenses” and “Selling expenses”. The following tables provide additional disclosure regarding expenses by nature and their relationship to the function within the Group as of June 30, 2024, 2023 and 2022.

	Costs		General and administrative expenses		Selling expenses		Total
Change in agricultural products and biological assets		196,501		-		-		196,501
Salaries, social security costs and other personnel expenses		54,955		39,801		5,907		100,663
Fees and payments for services		45,290		11,022		2,655		58,967
Cost of sale of goods and services		70,909		-		-		70,909
Maintenance, security, cleaning, repairs and others		32,343		5,259		78		37,680
Taxes, rates and contributions		6,240		4,453		22,159		32,852
Advertising and other selling expenses		12,228		85		2,750		15,063
Freights		35		373		16,613		17,021
Director's fees		-		16,427		-		16,427
Depreciation and amortization		6,834		2,960		779		10,573
Leases and service charges		2,142		939		86		3,167
Travelling, library expenses and stationery		1,591		1,231		685		3,507
Supplies and labors		1,719		-		3,785		5,504
Other expenses		1,009		407		1,633		3,049
Bank expenses		183		1,844		-		2,027
Conditioning and clearance		-		-		2,182		2,182
Interaction and roaming expenses		1,064		50		21		1,135
Allowance for doubtful accounts, net		-		-		1,051		1,051
Total expenses by nature as of 06.30.2024		433,043		84,851		60,384		578,278

	Costs		General and administrative expenses		Selling expenses		Total
Change in agricultural products and biological assets		211,818		-		-		211,818
Salaries, social security costs and other personnel expenses		53,846		38,646		5,093		97,585
Fees and payments for services		40,980		10,359		4,212		55,551
Cost of sale of goods and services		50,604		-		-		50,604
Maintenance, security, cleaning, repairs and others		31,100		5,640		57		36,797
Taxes, rates and contributions		7,507		2,754		21,059		31,320
Advertising and other selling expenses		17,461		66		1,369		18,896
Freights		21		10		14,898		14,929
Director's fees		-		38,090		-		38,090
Depreciation and amortization		6,410		3,178		399		9,987
Leases and service charges		2,957		1,141		113		4,211
Travelling, library expenses and stationery		1,427		1,074		653		3,154
Supplies and labors		2,489		-		65		2,554
Other expenses		810		680		126		1,616
Bank expenses		137		1,531		42		1,710
Conditioning and clearance		-		-		1,537		1,537
Interaction and roaming expenses		813		37		15		865
Allowance for doubtful accounts, net		-		-		726		726
Total expenses by nature as of 06.30.2023		428,380		103,206		50,364		581,950

	Costs		General and administrative expenses		Selling expenses			Total
Change in agricultural products and biological assets		346,452		-		-			346,452
Salaries, social security costs and other personnel expenses		48,206		33,783		3,161			85,150
Fees and payments for services		43,159		8,248		4,878			56,285
Cost of sale of goods and services		59,503		-		-			59,503
Maintenance, security, cleaning, repairs and others		28,288		5,653		32			33,973
Taxes, rates and contributions		9,166		2,275		21,910			33,351
Advertising and other selling expenses		10,627		-		3,449			14,076
Freights		23		11		18,245			18,279
Director's fees		-		14,594		-			14,594
Depreciation and amortization		6,086		3,608		196			9,890
Leases and service charges		2,578		958		90			3,626
Travelling, library expenses and stationery		963		1,193		443			2,599
Supplies and labors		2,240		-		2,400			4,640
Other expenses		765		668		1,667			3,100
Bank expenses		91		1,457		10			1,558
Conditioning and clearance		-		-		2,373			2,373
Interaction and roaming expenses		791		15		-			806
Allowance for doubtful accounts, net		-		-		(60	)		(60	)
Total expenses by nature as of 06.30.2022		558,938		72,463		58,794			690,195

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Comercial, Inmobiliaria, Financiera y Agropecuaria

28. Other operating results, net

	06.30.2024			06.30.2023			06.30.2022
Gain / (loss) from commodity derivative financial instruments		11,140			3,379			(18,890	)
(Loss) / gain from sale of property, plant and equipment		(1,822	)		(2,505	)		65
Realization of currency translation adjustment (i)		-			1,588			-
Loss from sale of joint ventures		(1,365	)		-			-
Donations		(874	)		(1,403	)		(1,277	)
Lawsuits and other contingencies		(8,015	)		(28,848	)		(2,648	)
Interest and allowances generated by operating assets		20,295			(5,470	)		11,448
Administration fees		445			433			314
Others		1,570			(292	)		4,857
Total other operating results, net		21,374			(33,118	)		(6,131	)

(i)	Corresponds to Condor, Real Estate Investment Group VII LP and Jiwin S.A’s liquidation.

29. Financial results, net

	06.30.2024			06.30.2023			06.30.2022
Financial income
Interest income		65,328			8,169			10,304
Dividend income		-			-			16
Other finance income		-			-			152
Total financial income		65,328			8,169			10,472
Financial costs
Interest expense		(60,904	)		(77,987	)		(112,670	)
Other financial costs		(12,589	)		(10,108	)		(12,074	)
Total finance costs		(73,493	)		(88,095	)		(124,744	)
Other financial results:
Foreign exchange, net		59,113			74,584			235,868
Fair value gain from financial assets and liabilities at fair value through profit or loss		178,168			32,203			47,304
Gain from repurchase of non-convertible notes		244			13,063			11,664
(Loss) / gain from derivative financial instruments (except commodities)		(48,233	)		10,997			(11,535	)
Others		(3,191	)		(2,288	)		3,523
Total other financial results		186,101			128,559			286,824
Inflation adjustment		(42,545	)		41,526			3,202
Total financial results, net		135,391			90,159			175,754

30. Earnings per share

(a)Basic

Basic earnings per share amounts are calculated in accordance with IAS 33, by dividing the profit attributable to equity holders of the Group by the weighted average number of common shares outstanding during the year, excluding common shares purchased by the Group and held as treasury shares.

	06.30.2024		06.30.2023		06.30.2022
Profit for the year attributable to equity holders of the parent		78,460		162,990		297,052
Weighted average number of common shares outstanding		592		602		609
Basic earnings per share (i)		132.44		270.75		487.77

(b) Diluted

Diluted earnings per share amounts are calculated by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential shares.

	06.30.2024		06.30.2023		06.30.2022
Profit for the year attributable to equity holders of the parent		78,460		162,990		297,052
Weighted average number of common shares outstanding		702		685		679
Diluted earnings per share (i)		111.80		237.94		437.48

(i)	Earnings per share for 2023 and 2022 show the comparative impact in the capital increases, where there was no corresponding change in the entity’s resources.

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Below is a reconciliation between the weighted average number of ordinary shares outstanding and the weighted average number of diluted ordinary shares, considered for the calculation of earnings per share:

	06.30.2024		06.30.2023		06.30.2022
Weighted average number of shares outstanding		592		602		609
Concepts that affect dilution		110		83		70
Weighted average number of common shares diluted		702		685		679

31. Employee benefits and share-based payments

Incentive Plan

The Group has an equity incentive plan, created on September 30, 2011, which aims at certain selected employees, directors and top management IRSA and CRESUD (the “Participants”). Participation in the plan was voluntary and employees were invited to participate by the Board.

Under the Incentive Plan, during the fiscal years 2011, 2012 and 2013 entitle the Participants to receive shares ("Contributions") of the Company and IRSA, based on a percentage of their annual bonus for the years 2011, 2012 and 2013, providing they remain as employees of the Company for at least five years, among other conditions, required to qualify such Contributions (except in case of disability or death, where there is no time limit). Contributions shall be held by IRSA and CRESUD, and as the conditions established by the Plan are verified, such contributions shall be transferred to the Participants only when the employees retire from the Company. In spite of this, the economic rights of the shares in the portfolio assigned to said participants will be received by them.

Regarding the shares to be delivered by Cresud to the employees of the company, and for the shares to be delivered by IRSA to Cresud employees, the Group accounts the active or passive position measured at the closing date of the financial statements.

During the fiscal years ended June 30, 2024, 2023 and 2022, the Group granted 0.40, 0.40 and 0.30 million shares, respectively, corresponding to the Participants’ Contributions.

Movements in the number of matching shares outstanding under the incentive plan corresponding to the Company´s contributions are as follows:

06.30.2024

06.30.2023

06.30.2022

At the beginning

3,214,409

3,583,343

3,881,150

Granted

(389,505

)

(368,934

)

(297,807

)

At the end

2,824,904

3,214,409

3,583,343

The fair value determined at the time of granting the plan after obtaining all the corresponding authorizations was ARS 23.5 per share of IRSA and ARS 16.45 per share of Cresud. This fair value was estimated by taking into account the market price of the shares of the Company on said date.

Defined contribution plan

The Group operates a defined contribution plan (the “Plan”) which covers certain selected managers from Argentina. The Plan was effective as from January 1, 2006. Participants can make pre-tax contributions to the Plan of up to 2.5% of their monthly salary (“Base Contributions”) and up to 15% of their annual bonus (“Extraordinary Contributions”). Under the Plan, the Group matches employee contributions to the plan at a rate of 200% for Base Contributions and 300% for Extraordinary Contributions.

All contributions are invested in funds administered outside of the Group. Participants or their assignees, as the case may be, will have access to the 100% of the Company contributions under the following circumstances:

	(i)	ordinary retirement in accordance with applicable labor regulations;
	(ii)	total or permanent incapacity or disability;
	(iii)	death.

In case of resignation or termination without fair cause, the manager will receive the Group’s contribution only if he or she has participated in the Plan for at least 5 years. Starting from July 1, 2023, contributions will only be made at 100% of the Basic Contributions.

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On July 1, 2023, a new ILP plan came into effect, which covers certain key positions. This is a compensation plan in which participants are entitled to receive a defined contribution if the objectives set by the company for the next three fiscal years are achieved. To receive the contribution, beneficiaries are required to remain with the Company until the end of the program on June 30, 2026, and meet the objectives.

Contributions made by the Group under the Plan amount to ARS 1,949 and ARS 1,639 for the fiscal years ended June 30, 2024 and 2023, respectively.

Employee long-term incentive - Brasilagro

On October 2, 2017, the General Shareholders' Meeting approved the creation of the Long-Term Share-Based Incentive Plan ("ILPA Plan"), a compensation program in which participants are entitled to receive a number of issued shares by the company if the objectives defined in the agreement are achieved. The ILPA Plan was divided into 3 programs and requires beneficiaries to remain with the Company for a specified period (consolidation period), in addition to having cumulative key performance indicators ("KPls") that can define, increase or decrease the number of actions, classifying the result according to the 3 categories that make up the plan. The first compensation program ("ILPA 1") was approved by the Board of Directors on June 18, 2018 and ended during the year June 30, 2021. The accumulated expenses of the plan reached ARS 431 with compensation and ARS 301 in charges.

On May 6, 2021, the Board of Directors approved the terms of the second share-based compensation program ("ILPA 2"), giving continuity to the ILPA Plan, establishing the characteristics and general rules of the new plan, such as a maximum number of shares and the list of eligible employees, appointed by a designated committee and approved by the Board. The structure of the 2nd program is maintained in accordance with the basic guidelines of the ILPA Plan, which basically include the permanence of employees during the accrual period and the achievement of key performance indicators ("KPIs") accumulated between 1 July 2020 and June 30, 2024 (consolidation period).

The ILPA Plan falls within the scope of CPC 10 - Share-based Payment, as the Company receives services from participants and, in return, agrees to deliver its own shares if the conditions are met. The standard determines that benefits payable in shares must be measured at fair value on the benefit grant date, defined as June 30, 2024, and will not be remeasured (except in the case of a remeasurement event such as a change in plan terms), and the expense is recognized during the consolidation period. As of the date of these financial statements, ILPA 2 expenses totaled ARS 311.

32. Related party transactions

In the normal course of business, the Group conducts transactions with different entities or parties related to it. All transactions are carried out in accordance with market parameters.

Remunerations of the Board of Directors

The Act N° 19,550 provides that the remuneration of the Board of Directors, where it is not set forth in the Company’s by-laws, shall be fixed by the Shareholders' Meetings. The maximum amount of remuneration that the members of the Board are allowed to receive, including salary and other performance-based remuneration of permanent technical-administrative functions, may not exceed 25% of the profits.

Such maximum amount is limited to 5% where no dividends are distributed to the Shareholders, and will be increased proportionately to the distribution, until reaching such cap where total profits are distributed, except that such remunerations were expressly agreed by the Shareholders' Meeting, for which purpose the matter must be included as one of the items on the agenda.

Some of the Group's Directors are hired under the Employment Contract Act N° 20,744. This Act rules on certain conditions of the work relationship, including remuneration, salary protection, working hours, vacations, paid leaves, minimum age requirements, workmen protection and forms of suspension and contract termination. The remuneration of directors for each fiscal year is based on the provisions established by the Act N° 19,550, taking into consideration whether such directors perform technical-administrative functions and depending upon the results recorded by the Company during the fiscal year. Once such amounts are determined, they should be approved by the Shareholders’ Meeting.

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Senior Management remuneration

The members of the Senior or Top Management are appointed and removed by the Board of Directors, and perform functions in accordance with the instructions delivered by the Board itself.

The Society’s Senior Management is composed of as follows:

Name	Date of birth	Position	Current position since
Alejandro G. Elsztain	03/31/1966	General Manager	1994
Diego Chillado Biaus	09/15/1978	Operative Manager	2022
Matías I. Gaivironsky	02/23/1976	Administrative and Financial Manager	2011

The remuneration earned by Senior Management for their functions consists of an amount that is fixed taking into account the manager's background, capacity and experience, plus an annual bonus based on their individual performance and the Group's results. Members of the senior management participate in defined contributions and share-based incentive plans that are described in Note 31, respectively.

The aggregate compensation to the Senior Management of the Operations Center in Argentina for the year ended June 30, 2024 amounts to ARS 128.

Corporate Service Agreement with IRSA

Considering that Cresud and IRSA have operating overlapping areas, the Board of Directors considered it convenient to implement alternatives that allow reducing certain fixed costs of its activity, in order to reduce its impact on operating results, taking advantage of and optimizing the individual efficiencies of each of the companies in the different areas that make up the operational administration.

For this purpose, on June 30, 2004, a Framework Agreement for the Exchange of Corporate Services (“Framework Agreement”) was signed, between IRSA, Cresud and IRSA CP, which was periodically modified, the last update being on June 28, 2019. On December 22, 2021, were held the shareholders' meeting approving the merger by absorption of IRSA and IRSA CP, for which IRSA, in its capacity as absorbing company, is the successor of all the rights and obligations assumed by IRSA CP by the Framework Agreement. The last modification to the Framework Agreement was made on July 12, 2022.

Under this Framework Agreement, corporate services are currently provided for different areas including: Corporate Human Resources, Administration and Finance, Planning, Institutional Relations, Compliance and others.

Under this agreement, the companies entrusted to an external consultant the semiannual review and evaluation of the criteria used in the process of liquidating corporate services, as well as the distribution bases and supporting documentation used in the aforementioned process, through the preparation of a semi-annual report.

It should be noted that the operation under comment allows Cresud and IRSA to maintain absolute independence and confidentiality in their strategic and commercial decisions, being the allocation of costs and benefits made on the basis of operational efficiency and equity, without pursuing individual economic benefits for each of the companies.

Offices and Shopping malls spaces leases

The offices of our President are located at 108 Bolivar, in the Autonomous City of Buenos Aires. The property has been rented to Isaac Elsztain e Hijos S.A., a company controlled by some family members of Eduardo Sergio Elsztain, our president, and to Hamonet S.A., a company controlled by Fernando A. Elsztain, one of our directors, and some of its family members.

In addition, Tarshop, BACS, BHN Sociedad de Inversión S.A., BHN Seguros Generales S.A. and BHN Visa S.A. rent offices owned by IRSA in different buildings.

Furthermore, we also let various spaces in our Shopping malls (stores, stands, storage space or advertising space) to third parties and related parties such us Tarshop S.A. and BHSA.

Lease agreements entered into with associates included similar provisions and amounts to those included in agreements with third parties.

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Donations granted to Fundación IRSA and Fundación Museo de los Niños

Fundación IRSA is a non-profit charity institution that seeks to support and generate initiatives concerning education, the promotion of corporate social responsibility and the entrepreneurial spirit of the youth. It carries out corporate volunteering programs and fosters donations by the employees. The main members of Fundación IRSA's Board of Directors are Eduardo S. Elsztain (President), Saul Zang (Vice President I), Alejandro Elsztain (Vice President II) and Mariana C. de Elsztain (secretary). It funds its activities with the donations made by us and IRSA. Fundación Museo de los Niños is a non-profit association, created by the same founders of Fundación IRSA and its Management Board is formed by the same members as Fundación IRSA.

Fundación Museo de los Niños acts as special vehicle for the development of "Museo de los Niños, Abasto" and "Museo de los Niños, Rosario". On October 29, 1999, our shareholders approved the award of the agreement “Museo de los Niños, Abasto” to Fundación Museo de los Niños.

On October 31, 1997, IRSA CP entered into an agreement with Fundación IRSA whereby it loaned 3,800 square meters of the area built in the Abasto Shopping Mall for a total term of 30 years, and on November 29, 2005, shareholders of IRSA CP approved another agreement entered into with Fundación Museo de los Niños whereby 2,670.11 square meters built in the Shopping Mall Alto Rosario were loaned for a term of 30 years Fundación IRSA has used the available area to house the museum called “Museo de los Niños, Abasto” an interactive learning center for kids and adults, which was opened to the public in April 1999.

Legal services

The Group hires legal services from Estudio Zang, Bergel & Viñes, at which Saúl Zang was a founding partner and sits at the Board of Directors of the Group companies.

Hotel services

Our company and related parties sometimes rent from NFSA and Hoteles Argentinos S.A. hotel services and conference rooms for events.

Purchase-Sale of goods and/or services hiring

In the normal course of its business and with the aim of make resources more efficient, in certain occasions purchase and/or hire services which later sells and/or recover for companies or other related parties, based upon their actual utilization.

Sale of advertising space in media

Our company and our related parties frequently enter into agreements with third parties whereby we sell/acquire rights of use to advertise in media (TV, radio stations, newspapers, etc.) that will later be used in advertising campaigns. Normally, these spaces are sold and/or recovered to/from other companies or other related parties, based on their actual use.

Purchase-sale of financial assets

Cash surplus are usually invested in several instruments that may include those issued by related companies acquired at issuance or from unrelated third parties through transactions in the secondary market.

Investment in investment funds managed by BACS

The Group invests parts of liquid funds in mutual funds managed by BACS among other entities.

Borrowings

In the normal course of its activities, the Group enters into diverse loan agreements or credit facilities between the group’s companies and/or other related parties. These borrowings accrue interests at market rates.

Financial and service operations with BHSA

The Group works with several financial entities in the Argentine market for operations including, but not limited to, credit, investment, purchase and sale of securities and financial derivatives. Such entities include BHSA and its subsidiaries. BHSA and BACS usually act as underwriters in Capital Market transactions. In addition, we have entered into agreements with BHSA, who provides collection services for our shopping malls.

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San Bernardo lease

The Company leased in January 2019 a farm in the Province of Córdoba owned by San Bernardo de Córdoba S.A. (formerly Isaac Elsztain e hijos S.C.A), continuing the lease held in August 2015, for a fraction of 10,896 hectares.

The lease was agreed for 12,590 hectares and the price was set at the amount of pesos equivalent to 2.5 kg of meat per hectare. The price of meat will be set taking into account the price per kilo of meat determined by the I.N.M.L (cattle index of the Liniers Market) reported on the website of said Market. Additionally, a production prize equivalent to 15% of the kilos produced in excess of 175,000 was agreed for the total of the existing property.

Consulting Agreement

In accordance with the terms of the Consulting Agreement, in force as from November 7, 1994, and its amendments, CAMSA provides us with advisory services on matters related to activities and investments included agricultural, real estate, financial and hotel operations, among others. An 85% of the capital stock of CAMSA is held by one of our shareholders and President of our Board of Directors, while the remaining 15% of the capital stock is owned by our First Vice President.

Based on the terms and conditions of the Consulting Agreement, CAMSA provides us with the following services:

	·	advise in relation to investing in all aspects of the agricultural business, real estate, financial, and hotel operations, among others, and business proposals;
	·	acts on behalf of our company in such transactions, negotiating prices, terms and conditions and other terms of each transaction; and
	·	provides advisory services on investments in securities related to such transactions.

As regards the Consulting Agreement, in consideration for its services we pay CAMSA an annual fee equal to 10% of our annual net income after tax from our separate statement of income During the years ended as of June 30, 2024, 2023 and 2022, ARS 7,866, ARS 17,683 and ARS 33,388 were recognized in results for this concept, respectively.

The Consulting Agreement can be revoked by any of the parties upon prior written notice that should not exceed 60 days. If we revoke the Consulting Agreement without cause, we will be liable to pay CAMSA twice the average fee amounts paid for management services during the two fiscal years preceding such revocation.

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The following is a summary presentation of the balances with related parties as of June 30, 2024 and 2023:

Item	06.30.2024			06.30.2023
Trade and other receivables		27,809			30,781
Investments in financial assets		3,783			4,811
Trade and other payables		(22,923	)		(40,895	)
Borrowings		(522	)		(818	)
Total		8,147			(6,121	)

Related party	06.30.2024			06.30.2023			Description of transaction	Item
New Lipstick		221			230		Reimbursement of expenses	Trade and other receivables
Comparaencasa Ltd.		1,983			2,077		Other investments	Investments in financial assets
		249			-		Loans granted	Trade and other receivables
Banco Hipotecario S.A.		38			-		Leases and/or right of use assets receivable	Trade and other receivables
		4,731			-		Dividends	Trade and other receivables
La Rural S.A.		1,375			2,957		Canon	Trade and other receivables
		(2	)		(509	)	Other payables	Trade and other payables
		16			7		Other receivables	Trade and other receivables
Other associates and joint ventures (i)		-			45		Leases and/or right of use assets receivable	Trade and other receivables
		-			167		Contributions pending subscription	Trade and other receivables
		-			(497	)	Non-convertible notes	Borrowings
		1			4		Equity incentive plan receivable	Trade and other receivables
		11			-		Loans granted	Trade and other receivables
		(522	)		(321	)	Borrowings	Borrowings
		-			4		Reimbursement of expenses	Trade and other receivables
		29			100		Management fees receivable	Trade and other receivables
		(21	)		(260	)	Other payables	Trade and other payables
		11			5,900		Other receivables	Trade and other receivables
Total associates and joint ventures		8,120			9,904
CAMSA and its subsidiaries		(7,866	)		(11,616	)	Management fee payables	Trade and other payables
		(3	)		(1	)	Leases and/or rights of use payable	Trade and other payables
Yad Levim LTD		17,672			17,607		Loans granted	Trade and other receivables
Galerias Pacifico		3			-		Reimbursement of expenses	Trade and other receivables
Rundel Global LTD		1,800			2,734		Other investments	Investments in financial assets
Sociedad Rural Argentina		-			1,889		Other receivables	Trade and other receivables
		(9,214	)		(351	)	Other payables	Trade and other payables
Other related parties		1,020			28		Other receivables	Trade and other receivables
		(164	)		(110	)	Other payables	Trade and other payables
		58			93		Reimbursement of expenses receivable	Trade and other receivables
		(57	)		(33	)	Legal services	Trade and other payables
Total other related parties		3,249			10,240
IFISA		2,374			1,750		Financial operations receivables	Trade and other receivables
Total direct parent company		2,374			1,750
Directors and Senior Management		(5,596	)		(28,015	)	Fees for services received	Trade and other payables
Total Directors and Senior Management		(5,596	)		(28,015	)
Total		8,147			(6,121	)

(i)	Includes Avenida Compras S.A., Avenida Inc., BHN Vida S.A., Puerto Retiro S.A., Cyrsa S.A. (in liquidation), Nuevo Puerto Santa Fe S.A. and Agrouranga S.A..

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The following is a summary of the results with related parties for the years ended June 30, 2024, 2023 and 2022:

Related party	06.30.2024			06.30.2023			06.30.2022			Description of transaction
BACS		-			-			464		Financial operations
BHN Vida S.A.		(24	)		(12	)		208		Financial operations
BHN Seguros Generales S.A.		(8	)		(5	)		186		Financial operations
Comparaencasa Ltd.		1,563			279			1,538		Financial operations
Other associates and joint ventures (i)		54			(234	)		279		Leases and/or right of use assets
		276			342			249		Corporate services
		213			260			1,089		Financial operations
Total associates and joint ventures		2,074			630			4,013
CAMSA and its subsidiaries		(7,866	)		(17,683	)		(33,388	)	Management fee
Rundel Global LTD		3,241			490			-		Financial operations
Yad Levim LTD		937			799			907		Financial operations
Sociedad Rural Argentina		3,904			250			15		Financial operations
Other related parties		(193	)		(4	)		(71	)	Leases and/or rights of use
		(1,017	)		(45	)		-		Fees and remunerations
		62			(799	)		-		Corporate services
		(575	)		(665	)		-		Legal services
		(371	)		(703	)		(465	)	Financial operations
		(1,017	)		(85	)		-		Donations
		1,193			1,092			-		Income from sales and services from agricultural business
Total other related parties		(1,702	)		(17,353	)		(33,002	)
IFISA		5			119			(48	)	Financial operations
Total Parent Company		5			119			(48	)
Directors		(16,427	)		(38,090	)		(14,594	)	Management fee
Senior Management		(411	)		(903	)		(851	)	Compensation of Directors and senior management
Total Directors and Senior Management		(16,838	)		(38,993	)		(15,445	)
Total		(16,461	)		(55,597	)		(44,482	)

(i)	Includes Avenida Compras S.A., Avenida Inc., Banco Hipotecario S.A., Cyrsa S.A. (in liquidation), Nuevo Puerto Santa Fe S.A., Quality and Agrouranga S.A..

The following is a summary of the transactions with related parties for the years ended June 30, 2024 and 2023:

Related party	06.30.2024			06.30.2023			Description of transaction
Quality		-			(203	)	Irrevocable contributions
Total irrevocable contributions		-			(203	)
Agro-Uranga S.A.		948			747		Dividends received
Uranga Trading S.A.		125			417		Dividends received
BHSA		14,239			-		Dividends received
Condor		-			382		Dividends received
Viflor		41			21		Dividends received
Nuevo Puerto Santa Fe S.A.		442			803		Dividends received
La Rural S.A.		1,454			-		Dividends received
Total dividends received		17,249			2,370
Quality		(25,961	)		-		Sale of shares
BHSA		(83	)		-		Sale of shares
GCDI		(151	)		-		Sale of shares
Total sale of shares		(26,195	)		-

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33. Cost of goods sold and services provided

Description	Cost of sales and services from agricultural business (i)			Cost of sales and services from sales and services from urban properties and investment business (ii)			06.30.2024			06.30.2023			06.30.2022
Inventories at the beginning of the year		56,952			23,699			80,651			74,639			211,375
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest		(1,787	)		-			(1,787	)		8,415			119,711
Changes in the net realizable value of agricultural products after harvest		7,174			-			7,174			(9,422	)		(16,002	)
Additions		434			-			434			1,081			1,025
Currency translation adjustment		(29,654	)		(1,062	)		(30,716	)		(1,375	)		(33,022	)
Transfers		-			-			-			(1,605	)		-
Harvest		282,517			-			282,517			264,663			215,773
Acquisitions and classifications		141,893			110,214			252,107			259,383			237,768
Consume		(29,901	)		-			(29,901	)		(44,245	)		(46,999	)
Disposals due to sales		-			(2,861	)		(2,861	)		(2,575	)		-
Expenses incurred		49,387			-			49,387			48,496			54,975
Inventories at the end of the year		(153,566	)		(20,624	)		(174,190	)		(169,351	)		(186,077	)
Cost as of 06.30.2024		323,449			109,366			432,815			-			-
Cost as of 06.30.2023		313,526			114,578			-			428,104			-
Cost as of 06.30.2022		461,349			97,178			-			-			558,527

(i)	Includes biological assets (see Note 14)
(ii)	Includes trading properties (see Note 11)

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34. Foreign currency assets and liabilities

Book amounts of foreign currency assets and liabilities are as follows:

Item / Currency (1)	Amount (2)		Prevailing exchange rate (3)		06.30.2024		06.30.2023
Assets
Trade and other receivables
US Dollar		91.536		909.00		83,206		79,110
Brazilian Reais		16.071		168.00		2,700		-
Euros		0.010		973.18		10		85
Uruguayan pesos		0.913		23.01		21		4
Trade and other receivables related parties
US Dollar		20.979		912.00		19,133		19,446
Total Trade and other receivables						105,070		98,645
Investment in financial assets
US Dollar		114.601		909.00		104,172		86,793
Brazilian Reais		-		-		-		680
New Israel Shekel		3.857		241.90		933		1,297
Pounds		0.703		1,148.52		807		881
Investment in financial assets related parties
US Dollar		2.174		912.00		1,983		-
Total Investment in financial assets						107,895		89,651
Derivative financial instruments
US Dollar		1.591		909.00		1,446		7,888
Total Derivative financial instruments						1,446		7,888
Cash and cash equivalents
US Dollar		58.262		909.00		52,960		43,142
Chilenean pesos		2,328.866		0.97		2,259		-
Euros		0.005		973.18		5		7
Guaraníes		50.000		0.12		6		-
Brazilian Reais		0.411		168.00		69		-
New Israel Shekel		0.004		241.90		1		97
Pounds		0.003		1,148.52		3		4
Uruguayan pesos		0.695		23.01		16		4
Total Cash and cash equivalents						55,319		43,254
Total Assets						269,730		239,438

Liabilities
Trade and other payables
US Dollar		68.316		912.00		62,304		41,214
Euros		-		-		-		4
Uruguayan pesos		71.141		23.01		1,637		45
Brazilian Reais		63.506		178.00		11,304		-
Trade and other payables related parties
US Dollar		10.013		912.00		9,132		71
Bolivian pesos		0.340		132.25		45		-
Total Trade and other payables						84,422		41,334
Lease liabilities
US Dollar		14.685		912.00		13,393		12,182
Total Lease liabilities						13,393		12,182
Provisions
New Israel Shekel		83.976		241.90		20,314		20,568
Total Provisions						20,314		20,568
Borrowings
US Dollar		650.838		912.00		593,564		689,641
Borrowings with related parties
US Dollar		0.741		912.00		676		1,159
Total Borrowings						594,240		690,800
Derivative financial instruments
US Dollar		0.198		912.00		181		394
Total Derivative financial instruments						181		394
Total Liabilities						712,550		765,278

(1)	The Group uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (see Note 16).

(2)	Considering foreign currencies those that differ from each Group’s functional currency at each year-end.

(3)	Exchange rate as of June 30, 2024 according to Banco Nación Argentina records.

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35. CNV General Resolution N° 622/13

As required by Section 1°, Chapter III, Title IV of CNV General Resolution N° 622/13, below there is a detail of the notes to the Consolidated Financial Statements that disclose the information required by the Resolution.

Exhibit A - Property, plant and equipment	Note 9 - Investment properties
	Note 10 - Property, plant and equipment
Exhibit B - Intangible assets	Note 12 - Intangible assets
Exhibit C – inversions in actions	Note 8 - Participation in associates and joint ventures
Exhibit D - Other investments	Note 16 - Financial instruments by category
Exhibit E – Provisions	Note 21 – Provisions
Exhibit F - Cost of sales and services provided	Note 33 – Cost of godos sold and services provided
Exhibit G - Foreign currency assets and liabilities	Note 34 - Foreign currency assets and liabilities

36. Relevant events of the year

General Ordinary and Extraordinary Shareholders’ Meeting - CRESUD

On October 5, 2023, General Ordinary and Extraordinary Shareholders’ Meeting was held, where it was approved to allocate the results of the year as follows: (I) to the integration of the Legal Reserve for the sum of ARS 2,141.8 million , which updated as of the date of this meeting, amounts to the sum of ARS 2,561 million; and (II) the balance for the sum of ARS 40,693.3 million, which updated as of the date of this meeting amounts to the sum of ARS 48,659.4 million, to be used for the distribution of a dividend to shareholders in proportion to their holdings. shares, payable (i) in cash for the sum of ARS 22,000 million; (ii) in kind, the species being shares issued by IRSA Inversiones y Representaciones Sociedad Anónima (“IRSA”), owned by the Company and for the amount of 22,090,627 VN ARS 10, an amount that was updated by the liquidation derived from the distribution of released shares and change in par value, by applying a conversion ratio that for each share of par value ARS 1 corresponded to 0.90780451408 shares of par value ARS 10, at the closing price on October 4, 2023 of ARS 644.75 per IRSA share; and, (iii) the balance for the sum of ARS 12,416.5 million to the constitution of a Reserve for future dividends. The amounts are expressed in the currency defined as approved by the General Ordinary and Extraordinary Meeting of Shareholders.

Likewise, it was decided to approve the distribution of the total amount of 5,791,355 treasury shares in the portfolio to the Shareholders in proportion to their shareholdings.

On October 20, 2023, CRESUD reported that it had made the payment of the cash dividend approved at the meeting held on October 5, 2023 in Argentina.

With respect to our holders of Global Depositary Shares (“GDS”), and due to the exchange and stock exchange regulations in force in the Argentine Republic, which have increased their restrictions in recent weeks, the Bank of New York Mellon (“BONY” ), depositary bank of the GDS, is prevented from distributing the dividend paid by the Company.

Given the aforementioned restrictions, the Company has deposited the corresponding funds in a common investment fund Super Ahorro ARS (pure money market fund) managed by Banco Santander, BONY's representative bank in Argentina and is collaborating with BONY in order to analyze possible alternatives for the distribution or investment of said funds until such time as that entity can channel them in favor of the GDS holders, making available to any GDS holder who so decides the pesos corresponding to their dividend.

After the end of the period, on January 29, 2024, once the corresponding administrative processes had been completed, the distribution of treasury shares was carried out among ADS holders. Likewise, on February 5, 2024, the Depositary paid the cash dividend for a net amount per ADS of USD 0.370747, including the yield of the “Super Ahorro $” fund, and on February 6, 2024, the distribution of the dividend in kind in IRSA shares was completed, corresponding 0.03759066 GDS of IRSA for each ADS of CRESUD.

The aforementioned corresponds to the payment of dividends to foreign holders, the dividends to local holders were canceled on October 12, 2023.

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Change in Warrants terms and conditions- CRESUD

Because of the payment of cash dividends and the pro-rata distribution of treasury shares among its shareholders, made by the Company on October 12, 2023, certain terms and conditions of the outstanding warrants to subscribe common shares have changed:

	·	Number of shares to be issued per warrant: Pre-dividend ratio: 1.1232. Post-dividend ratio: 1.2548.

	·	Exercise price per new share to be issued: Pre-dividend price: USD 0.5036. Post-dividend price: USD 0.4508.

The other terms and conditions of the warrants remain the same.

Cash dividend payment - CRESUD

On May 2, 2024, through a Board Meeting in accordance with the delegation resolved by the Ordinary and Extraordinary General Shareholders’ Meeting of CRESUD on October 5, 2023, regarding the utilization and allocation of the special reserve, it was approved to make available to its shareholders, starting from May 14, 2024, a cash dividend for the amount of ARS 30,000 million. These were paid fully as of the date of these consolidated financial statements. The amounts are expressed in the currency defined as approved by the Ordinary and Extraordinary General Meeting of Shareholders.

Change in Warrants terms and conditions - CRESUD

Because of the payment of cash dividends and the pro-rata distribution of treasury shares among its shareholders, made by the Company on May 14, 2024, certain terms and conditions of the outstanding warrants to subscribe common shares have changed:

	·	Number of shares to be issued per warrant: Pre-dividend ratio: 1.2548. Post-dividend ratio: 1.3146.
	·	Exercise price per new share to be issued: Pre-dividend price: USD 0.4508. Post-dividend price: USD 0.4303.

The other terms and conditions of the warrants remain the same.

Warrants exercise - CRESUD

During the fiscal year ended June 30, 2024, certain warrant holders exercised their right to purchase additional shares. For this reason, USD 1.3 million were received, for a converted warrants of 2,295,149 and a total of 2,965,437 common shares were issued.

Shares Buyback Program – New program - IRSA

On June 15, 2023, the Board of Directors of IRSA approved a new program for the buyback program of shares issued by the Company and established the terms and conditions for the acquisition of treasury shares issued by the Company, under the terms of Article 64. of Law No. 26,831 and the CNV regulations, for up to a maximum amount of ARS 5,000 million and up to 10% of the share capital, up to a daily limit of up to 25% of the average volume of daily transactions that the shares have experienced of the Company, jointly in the markets it is listed, during the previous 90 business days, and up to a maximum price of USD 8 per GDS and ARS 425 per share. Likewise, the repurchase period was set at up to 180 days, beginning the day following the date of publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange.

IRSA reported that on September 5, 2023, the Company's Board of Directors resolved to modify the acquisition price of its own shares, establishing a maximum value of USD 9 per GDS and up to a maximum value in pesos of ARS 720 per share, maintaining the remaining terms and conditions duly communicated.

On November 6, 2023, the Board of Directors of IRSA resolved to extend the term of the shares repurchase program for an additional period of 180 days from the expiration of the term of the current share buyback program for the acquisition of own shares approved on June 15, 2023, which expired on December 13, 2023, with the remaining terms and conditions duly communicated.

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On November 29, 2023, the Board of Directors resolved to modify the acquisition price of its own shares, establishing a maximum value of USD 11.00 per GDS and up to a maximum value in pesos of ARS 1,320 per share, maintaining the remaining terms and conditions duly communicated.

On January 4, 2024, IRSA reported that the Share Buyback Program approved by the Board of Directors on June 15, 2023, for up to the sum of ARS 5.000 million, with a validity period set at 180 days, extended for an additional period of 180 days from the initial expiration date on December 13, 2023, ended on December 21, 2023, as the amount duly approved for the acquisition of own shares had been fully utilized, with 99.95% of the program completed.

On January 4, 2024, the Board of Directors of IRSA approved a new program for the buyback program of shares issued by the Company and established the terms and conditions for the acquisition of treasury shares issued by the Company, under the terms of Article 64. of Law No. 26,831 and the CNV regulations, for up to a maximum amount of ARS 6,500 million and up to 10% of the share capital, up to a daily limit of up to 25% of the average volume of daily transactions that the shares have experienced of the Company, jointly in the markets it is listed, during the previous 90 business days, and up to a maximum price of USD 10 per GDS and ARS 1,200 per share. Likewise, the repurchase period was set at up to 180 days, beginning the day following the date of publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange. On March 1, 2024, the Company announced the completion of the share buyback program, having acquired the equivalent of 6,503,318 common shares, which represent approximately 99.91% of the approved program and 0.88% of the outstanding shares.

On March 20, 2024, the Board of Directors of IRSA approved a new program for the buyback program of shares issued by the Company and established the terms and conditions for the acquisition of treasury shares issued by the Company, under the terms of Article 64. of Law No. 26,831 and the CNV regulations, for up to a maximum amount of ARS 6,500 million and up to 10% of the share capital, up to a daily limit of up to 25% of the average volume of daily transactions that the shares have experienced of the Company, jointly in the markets it is listed, during the previous 90 business days, and up to a maximum price of USD 11 per GDS and ARS 1,250 per share. Likewise, the repurchase period was set at up to 180 days, beginning the day following the date of publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange.

On April 22, 2024, IRSA announced the completion of the share buyback program approved on March 20, 2024, having acquired the equivalent of 6,337,939 common shares, which represent approximately 99.54% of the approved program and 0.86% of the outstanding shares.

Since the beginning of the program approved on June 15, 2023, including the programs approved on January 4 and March 20, 2024, and until the closing date of these Consolidated Financial Statements, IRSA acquired 20,681,131 common shares (nominal value ARS 10 per share) for a total of ARS 17,865 million. The amounts are expressed in the currency at the time of acquisition.

On May 30, 2024, the Board of Directors has approved the incorporation into the Company’s own portfolio of the shares not currently registered under the custody of Caja de Valores S.A. derived from an exchange process carried out in 1994 that were timely exchanged for shares of the company Sociedad Anónima Mercado del Abasto (“SAMAP”) (later Alto Palermo S.A., then IRSA Propiedades Comerciales S.A. by a change in the corporate name and currently IRSA, after the merger process of 2022). Given the time elapsed, and after making significant and public efforts to enable the holders of these shares to complete the corresponding exchange, the Board has decided to apply the liberatory prescription provided for in the Civil and Commercial Code, having met the assumptions for its exercise: lapse of time during the legal term (10 years) and creditor’s inaction.

Consequently, the Company will receive 5,125,667 shares of VN ARS 10 from IRSA which will remain in the Company’s portfolio.

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Change in the total amount of shares and its nominal value - IRSA

On September 13, 2023, IRSA announced that having obtained the authorizations from the CNV and the Buenos Aires Stock Exchange as resolved at the Shareholders' Meeting held on April 27, 2023, in relation to:

	(i)	an increase in the capital stock in the amount of ARS 6,552.4 million, through the partial capitalization of the Share Premium account, resulting in the issuance of 6,552,405,000 common shares, with a par value of ARS 1 (one peso) and with the right to one vote per share; and

	(ii)	changing the nominal value of the ordinary shares from ARS 1 to ARS 10 each and entitled to one (1) vote per share.

The Company informs all shareholders who have such quality as of September 19, 2023, according to the registry maintained by Caja de Valores S.A., that from September 20, 2023, the shares distribution and the change in nominal value was made simultaneously and the entry of the change of 811,137,457 book-entry common shares, with a nominal value of ARS 1 each and one vote per share, for the quantity of 736,354,245 book-entry common shares with a nominal value of ARS 10 each and one vote per share, consequently, a reverse split of the Company’s shares shall be carried out, where every 1 (one) old share with nominal value of ARS 1 shall be exchanged for 0.907804514 new shares with nominal value ARS 10. The new shares distributed due to the described capitalization have economic rights under equal conditions with those that are currently in circulation.

Regarding the shareholders who, because of the entry in the Scriptural Registry, have fractions of common shares with a nominal value of ARS 10 and one vote per share, they were settled in cash in accordance with the listing regulations of Bolsas y Mercados Argentinos. Regarding the shareholders who, due to the exchange of shares did not reach at least one share with a nominal value of ARS 10, the necessary amount was assigned to them until the nominal value of ARS 10 is completed.

The Company share capital after the indicated operations will amount to ARS 7,364 million represented by 736,354,245 book-entry common shares with a nominal value of ARS 10 each and one vote per share.

Likewise, the Buenos Aires Stock Exchange has been requested to change the modality of the negotiation of the shares representing the share capital. Specifically, the negotiation price will be registered per share instead of being negotiated by Argentine peso (ARS) of nominal value, given that the change in nominal value, and the issuance of shares resulting from the capitalization, would produce a substantial downward effect on the share price. This capitalization and change in the nominal value of the shares do not modify the economic values of the holdings or the percentage of participation in the share capital.

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Warrants – Modification on Ratio and Price - IRSA

On September 15, 2023, IRSA reported that as a result of (i) an increase in the capital stock through the partial capitalization of the Issue Premium account; and (ii) an amendment to section seven of its bylaws, changing the nominal value of the ordinary shares from one peso (ARS 1) to ten pesos (ARS 10) each and entitled to one (1) vote per share, which was informed in September 13, 2023, where the outstanding shares will change from 811,137,457 common shares, with a nominal value of ARS 1 each and one vote per share, to 736,354,245 common shares with a nominal value of ARS 10 each and one vote per share, as it was approved by the shareholders meeting held on April 27, 2023. The terms and conditions of the outstanding warrants for common shares of the Company have been modified as follows:

Amount of shares to be issued per warrant:

	·	Ratio previous to the adjustment: 1.1719 (Nominal Value ARS 1);

	·	Ratio after the adjustment (current): 1.0639 (Nominal Value ARS 10).

Warrant exercise price per new share to be issued:

	·	Price previous to the adjustment: USD 0.3689 (Nominal Value ARS 1);

	·	Price after the adjustment (current): USD 0.4063 (Nominal Value ARS 10).

The other terms and conditions of the warrants remain the same.

General Ordinary and Extraordinary Shareholders’ Meeting -IRSA

On October 5, 2023, the General Ordinary and Extraordinary Shareholders’ Meeting of IRSA was held where it was resolved to allocate the results of the year as follows: (I) ARS 2,867.5 million to the integration of the Legal Reserve, (ARS 3,428.9 million in homogeneous currency of the date of the Shareholders' meeting) and, (II) the remainder for the sum of ARS 54,483.3 million (ARS 65,148.9 million in homogeneous currency of the date of the Shareholders' meeting), to the distribution of a dividend to Shareholders in proportion to their shareholdings, payable in cash for the sum of ARS 64,000 million. Taking into consideration that the restated results were sufficient to cover the payment of the proposed dividends, it was approved to allocate the balance of the restated results for the year (ARS 1,148.9 million) to the integration of the Reserve for future dividends. The amounts are expressed in currency defined as approved by the Ordinary and Extraordinary Shareholders' Meeting.

Likewise, it was approved to distribute 13,928,410 own shares in the portfolio of nominal value ARS 1 to the Shareholders in proportion to their shareholdings. Due to the aforementioned change in nominal value, each share of nominal value ARS 1 corresponds to 0.90780451408 shares of nominal value ARS 10, therefore, said amount updated by the aforementioned liquidation corresponds to the amount of 12,644,273 shares of nominal value ARS 10.

On October 20, 2023, IRSA reported that it had made the payment of the dividend approved at the meeting held on October 5, 2023 in Argentina.

The cash dividend and treasury shares distribution among GDS holders have been delayed due to the exchange and securities restrictions in force in Argentina. On October 20, 2023, the Company deposited the amount corresponding to the cash dividend in the mutual fund called “Super Ahorro $” managed by Santander Asset Management Gerente de Fondos Comunes de Inversión S.A., to preserve the value of the dividend in Argentine pesos. On December 12, 2023, the Company transferred the funds to the Depositary Bank of New York, fulfilling its obligation to pay dividends and leaving in the hands of the Depositary the completion of the process with the distribution to the holders.

On January 19, 2024, once the corresponding administrative processes had been completed, the Depositary paid the cash dividend, for a net amount per GDS of USD 0.955110, including the yield of the “Super Ahorro $” fund. Likewise, on January 29, 2024, the distribution of treasury shares was carried out among GDS holders.

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The aforementioned corresponds to the payment of dividends to foreign holders, the dividends to local shareholders were canceled on October 12, 2023.

Change in Warrants terms and conditions - IRSA

Because of the payment of cash dividends and the pro-rata distribution of treasury shares among its shareholders, made by IRSA on October 12, 2023, certain terms and conditions of the outstanding warrants to subscribe common shares have changed:

	·	Number of shares to be issued per warrant: Pre-dividend ratio: 1.0639. Post-dividend ratio: 1.2272 (nominal value ARS 10).

	·	Exercise price per new share to be issued: Pre-dividend price: USD 0.4063. Post-dividend price: USD 0.3522 (nominal value ARS 10).

The other terms and conditions of the warrants remain the same.

Cash dividend payment - IRSA

On May 2, 2024, through a Board Meeting in accordance with the delegation resolved by the Ordinary and Extraordinary General Shareholders’ Meeting of IRSA on October 28, 2022, regarding the utilization and allocation of the special reserve, it was approved to make available to its shareholders, starting from May 9, 2024, a cash dividend for the amount of ARS 55,000 million. These were paid fully as of the date of these consolidated financial statements. The amounts are expressed in the currency defined as approved by the Ordinary and Extraordinary General Meeting of Shareholders.

Change in Warrants terms and conditions - IRSA

Because of the payment of cash dividends and the pro-rata distribution of treasury shares among its shareholders, made by IRSA on May 9, 2024, certain terms and conditions of the outstanding warrants to subscribe common shares have changed:

	·	Number of shares to be issued per warrant: Pre-dividend ratio: 1.2272. Post-dividend ratio: 1.3070 (nominal value ARS 10).

	·	Exercise price per new share to be issued: Pre-dividend price: USD 0.3522. Post-dividend price: USD 0.3307 (nominal value ARS 10).

The other terms and conditions of the warrants remain the same.

Warrants exercise - IRSA

During the year ended June 30, 2024, certain warrant holders exercised their right to purchase additional shares. For this reason, USD 1.7 million were received, for converted warrants of 4,041,117 and a total of 5,104,917 common shares of the Company with a nominal value of ARS 10 were issued.

Las Londras Farmland

On December 20, 2020, BrasilAgro acquired the following companies established in Bolivia from Cresud: (i) Agropecuaria Acres del Sud S.A.; (ii) Ombú Agropecuaria S.A.; (iii) Yatay Agropecuaria S.A.; and (iv) Yuchan Agropecuaria S.A. (“Bolivian Companies”). The Bolivian Companies maintained possession, ownership or presumed ownership of various rural properties in Bolivia, including the rural property called "Las Londras" (part of the assets of Agropecuaria Acres del Sud), with an area of 4,485 hectares. At the time of the aforementioned operation, Las Londras was subject to an administrative land regularization process ("Land Regularization Process") initiated and conducted by the National Institute of Agrarian Reform of Bolivia ("INRA"), whose objective is the perfection of rights over property.

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On November 25, 2021, as part of the Land Regularization Process, INRA issued the Final Land Regularization Resolution No. RA-SS 0504/2021 (“Definitive Resolution”), through which it declared the illegality of the possession of 4,435 hectares of Las Londras. On January 5, 2022, Agropecuaria Acres del Sud S.A. filed a “Contentious Administrative Lawsuit” challenging the Final Resolution in its entirety. However, on September 15, 2023, the Agro-Environmental Court issued a ruling declaring the Administrative Litigation Claim unfounded and confirming the Final Resolution (“Judgment”). In this context, Agropecuaria Acres del Sud S.A. will file a “Constitutional Amparo Action” against the Sentence, with the objective of revoking it.

BrasilAgro's external legal advisors have evaluated that the prospects of revoking the Judgment through the “Constitutional Amparo Action” are possible.

BrasilAgro – Payment of dividends

At the General Ordinary and Extraordinary Shareholders’ Meeting held on October 24, 2023, BrasilAgro approved the payment of dividends for BRL 320 million, corresponding to BRL 3.2387 per share.

FYO – Payment of dividends

At the General Ordinary and Extraordinary Shareholders’ Meeting held on October 29, 2023, FYO approved the payment of dividends for USD 9.7 million.

Extension of the concession contract of La Rural S.A. – OGDEN

On December 11, 2023 in the Autonomous City of Buenos Aires (CABA), Ogden S.A., a company controlled by the Group, together with Sociedad Rural Argentina (“SRA”) and La Rural de Palermo S.A. entered into a Joint Venture and Shareholders Agreement through which the extension of the exploitation term of the Property located at 4431 Juncal Street, CABA (of which La Rural S.A. is the usufructuary) was extended until December 31, 2037 with the option of extension until December 31, 2041.

The aforementioned agreement is the extension of the Usufruct Contract for the “Predio Ferial de Palermo” (“CUP99/04”), signed in 1999 and modified in 2004, and the Joint Venture Agreement AJV/13 signed between the parties on September 25, 2013.

For the extension of the usufruct term under La Rural S.A., Ogden S.A. will pay the SRA the sum of twelve million US dollars (USD 12 million) for all purposes, which will be paid in five annual installments. The first of these was paid upon approval of the agreement by the Shareholders’ Meeting of the SRA.

The validity of the aforementioned agreement was subject to the approval of the Shareholders’ Meeting of the SRA, approval which took place on February 1, 2024.

Banco Hipotecario S.A. – Cash dividend payment

On March 27, 2024, the Ordinary and Extraordinary General Shareholders’ Meeting of Banco Hipotecario S.A. approved the payment of a dividend of ARS 26,500 million, which will be paid in proportion of each shareholder’s stake and will be calculated in constant currency as of the date of the Shareholders’ Meeting and payment. The amounts are expressed in the currency defined as approved by the Ordinary and Extraordinary General Meeting of Shareholders.

On May 3, 2024, the BCRA approved the distribution of said dividend, which was paid in three consecutive monthly installments on May 27, June 27, and July 29, 2024.

La Rural S.A. – Cash dividend payment

On April 25, 2024, the Ordinary General Shareholders’ Meeting of La Rural S.A. approved the payment of a dividend of ARS 2,000 million. These were paid fully as of the date of these consolidated financial statements. The amounts are expressed in the currency defined as approved by the Ordinary General Meeting of Shareholders.

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Economic context in which the Group operated

The Group operated in an economic context characterized by significant fluctuations in its key variables. The most relevant aspects are detailed below:

	·	Economic Activity: At the end of 2023, the country experienced a 1.6% decline in its economic activity, according to INDEC data. This negative trend continued during the first quarter of the 2024, with a 2.6% decrease compared to the fourth quarter of the previous year. This trend persisted throughout the second quarter of the 2024 calendar year. The expectation of economic contraction remains for the rest of 2024, with a projected recovery of 3.5% in 2025, according to participants in the Market Expectations Survey (REM) carried out in September 2024.
	·	Inflation: Between July 1, 2023, and June 30, 2024, accumulated inflation reached 271.5% (measured by the CPI). During the first half of 2024, inflation showed a deceleration, and the annual inflation projection for December 2024, according to the REM carried out in September 2024, is expected to be 123.6%. As a subsequent event, the accumulated inflation between July 1, 2024 and September 30, 2024 reached 12%.
	·	Exchange Rate: During the same period, according to the official exchange rate, the Argentine peso nominally depreciated against the US dollar, moving from ARS 256.7 to ARS 912 per dollar by the end of the period. The MEP dollar followed a similar trend, going from ARS 482.52 to ARS 1,348.58. As a subsequent event, the official exchange rate increased from ARS 912 to ARS 970.5 per dollar, while the MEP dollar decreased from ARS 1,348.58 to ARS 1,210 per dollar. The effects on those figures subject to these exchange rates will be reflected in the interim consolidated financial statements as of September 2024.
	·	Fiscal Surplus: In the first half of 2024, Argentina achieved a fiscal surplus of 0.4% of GDP as a result of the government’s severe measures to stabilize public accounts, reduce monetary issuance, and lower inflation.
	·	Currency Restrictions: The monetary authority maintained the exchange restrictions established in previous years throughout 2023 and the first half of 2024.However, the government has initiated a gradual process to relax these restrictions to promote sustainable growth. Despite these restrictions, the company successfully met all its financial and contractual obligations

On December 10, 2023, a new government took office in Argentina with the intention of carrying out a broad legal and regulatory reform.

Among the first measures taken by the new government was a Decree of Necessity and Urgency (DNU) issued in December 2023, which introduced amendments to various laws. Although the DNU was rejected by the Senate, some of its provisions remained in effect due to judicial actions that suspended certain modifications. Subsequently, in June 2024, the “Law of Bases and Starting Points for the Freedom of Argentinians” was enacted. This law declares a public emergency in administrative, economic, financial, and energy matters for one year and delegates powers to the national Executive Branch to reorganize public administration, reduce the deficit, and improve transparency in state management. The law also introduces reforms in the labor market, customs code and the status of public companies. Although some provisions faced resistance and legal challenges, the law has been regarded as a fundamental step in the country’s economic restructuring.

The reforms proposed by the new government, including the “Law of Bases and Starting Points for the Freedom of Argentinians”, are in the process of implementation and legislative discussion. Although some provisions have been approved, many of the reforms still face resistance and legal challenges. The evolution of these reforms and any new measures that may be announced remain uncertain at this time.

The Group’s management continuously monitors the evolution of variables affecting its business to define its course of action and identify potential impacts on its financial and equity position. The Group’s financial statements should be read in light of these circumstances.

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37. Subsequent events

Shares Buyback Program– New program - IRSA

On July 11, 2024, the Board of Directors of IRSA approved a new program for the buyback program of shares issued by the Company and established the terms and conditions for the acquisition of treasury shares issued by the Company, under the terms of Article 64. of Law No. 26,831 and the CNV regulations, for up to a maximum amount of ARS 15,000 million and up to 10% of the share capital, up to a daily limit of up to 25% of the average volume of daily transactions that the shares have experienced of the Company, jointly in the markets it is listed, during the previous 90 business days, and up to a maximum price of USD 11 per GDS and ARS 1,550 per share. Likewise, the repurchase period was set at up to 180 days, beginning the day following the date of publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange

On September 12, 2024, we completed the share buyback program, having acquired 11,541,885 common shares, representing approximately 99.93% of the approved program and 1.56% of the capital stock of IRSA

Payment of installments for share purchase - Zetol

On July 12, 2024, the payment of the installments for the purchase of shares in Zetol, corresponding to Towers 3 and 4, was completed for a total amount of USD 8.9 million, including units, parking spaces, and credits in favor of VAM and Zetol for Towers 1 and 2.

Series XLVI Notes - CRESUD

On July 18, 2024, Cresud issued Notes on the local market for a total amount of USD 28.6 million. Below are the main characteristics of the issuance:

Series XLVI Notes: Denominated in dollars and payable in Argentina pesos at the applicable exchange rate for ARS 28.6 million at a fix rate of 1.5%. The principal will be paid at the expiration. The price of issuance was 100.0% of the nominal value.

Purchase of property adjacent to Alto Avellaneda shopping mall - IRSA

On August 1, 2024, IRSA acquired a property adjacent to its Alto Avellaneda shopping mall, located at Gral. Güemes 861, Partido de Avellaneda, Province of Buenos Aires.

The property has a total area of 86,861 square meters and a built-up area of 32,660 square meters, with potential for future expansion.

The purchase price was set at USD 12.2 million, of which USD 9.2 million has already been paid, and the remaining USD 3 million will be settled upon the transfer of the title deed, which is still pending.

The transaction includes the assignment to IRSA of the existing lease agreements until their original expiration and the signing of a new lease agreement with the supermarket for 3 years.

Acquisition of “Agrícola Nova Horizonte” - Brasilagro

On May 20, 2024, BrasilAgro acquired Agrícola Nova Horizonte S.A., an agricultural company focused on grain production, with 4,767 hectares leased for 16 years, at an average price of 13 bags per hectare. This acquisition aligns with the Group’s strategy to expand its presence in the sector, increase market share, and optimize agricultural operations.

On August 6, 2024, after fulfilment of the conditions precedent, the closing agreement was signed and BrasilAgro assumed control of the operations. As of that date, the assets and liabilities of the acquired company will be consolidated.

The total value of the transaction has not yet been determined, as the acquisition price is subject to future adjustments related to variations in working capital assets and liabilities until the closing date. Until the acquisition price is defined and the fair values of the assets and liabilities are determined, the amounts involved in the transaction cannot be disclosed.

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Table of Contents

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

General Ordinary and Extraordinary Shareholders’ Meeting - IRSA

On September 11, 2024, IRSA informed that their Board of Directors has resolved to call a General Ordinary and Extraordinary Shareholders’ Meeting to be held on October 28, 2024, to address, among other topics, the following:

	-	Consideration of the financial result for the fiscal year ended June 30, 2024, amounting a loss of ARS 18,377 million. Consideration of the application of voluntary reserves to absorb accumulated negative results. Consideration of the distribution of dividends payable in cash and/or in kind for up to ARS 90,000 million with voluntary reserves. Delegation to the Board of Directors of the company to determine the proportion of dividends to be paid in cash and/or in kind.

	-	Consideration of the distribution of up to 25,700,000 own shares to the shareholders in proportion to their holdings pursuant to the provisions of section 67 of Law No. 26,831.

	-	Consideration of the merger by absorption of Centro de Entretenimientos La Plata S.A. (“CELAP”) with IRSA and approval of the separate and consolidated financial statements of the merger prepared for this purpose. Consideration of the prior merger agreement by absorption. Authorizations and delegations and appointment of representatives to execute the final agreements and other procedures.

General Ordinary and Extraordinary Shareholders’ Meeting - CRESUD

On September 11, 2024, we informed that our Board of Directors has resolved to call a General Ordinary and Extraordinary Shareholders’ Meeting to be held on October 28, 2024, to address, among other topics, the following:

	-	Consideration of the financial result for the fiscal year ended June 30, 2024, amounting a profit of ARS 70,799 million, as follows: (i) ARS 3,540 million to the legal reserve; (ii) distribution of dividends payable in cash and/or in kind for up to ARS 45,000 million, delegating to the board of directors of the company to determine the proportion of dividends to be paid in cash and/or in kind. (iii) the balance to the voluntary reserve to be applied to specific purposes (future dividends, share buyback, and/or projects related to the company's business plan), delegating to the Company's Board of Directors its application and disposition.

	-	Consideration of the reallocation of the existing voluntary reserves as of June 30, 2024, and delegation of their application and disposition to the Board of Directors of the Company.

Sale of fraction of “Los Pozos” farm - CRESUD

On September 30, 2024, the Company has sold a 3,630 hectares fraction of land reserve with productive potential of “Los Pozos” farm, located in the Province of Salta, Argentina, keeping the ownership of approximately 231,700 hectares of the property.

The total amount of the operation was set at USD 2.23 million (USD/ha 614), of which USD 1.1 million has been collected to date. The remaining balance of USD 1.13 million, guaranteed with a mortgage on the property, will be collected in one installment in September 2025.

The book value of the fraction sold was ARS 56 million and the gain from the operation, which will be recognized in the company's financial statements for the first quarter of fiscal period 2025, amounts to the approximate sum of ARS 2,150 million.

Warrants exercise - CRESUD

On October 2, 2024, we informed that between September 17, 2024, and September 25, 2024, certain holders of warrants had exercised their right to acquire additional shares. Therefore, a total of 2,283,822 common shares of the Company were issued, with a face value of ARS 1. As a result of the exercise, the Company collected USD 0,1 million.

Warrants exercise - IRSA

On October 2, 2024, IRSA informed that between September 17, 2024, and September 25, 2024, certain holders of warrants had exercised their right to acquire additional shares. Therefore, a total of 5,433,980 common shares of IRSA were issued, with a face value of ARS 10. As a result of the exercise, IRSA collected USD 1,8 million.

“261 Della Paolera” floor sale - IRSA

On October 15, 2024, IRSA informed that has sold a floor of the “261 Della Paolera” tower located in the Catalinas district of the Autonomous City of Buenos Aires for a total leasable area of approximately 1,197 square meters and 8 parking lots located in the building.

The transaction price was approximately USD 7.1 million (MEP) (USD/ square meters 6,000), of which USD 6.0 million has already been paid and the balance of USD 1.1 million, granted with a mortgage, will be paid in 24 monthly installments accruing an interest rate of 8% annually.

After this operation, IRSA retains ownership of 3 floors of the building with an approximate leasable area of 3,670 square meters in addition to parking lots and other complementary spaces.

The financial result of this operation will be recognized in the Company’s financial statements for the second quarter of fiscal year 2025.

Local Notes Issuance – Series XXII & XXIII Notes - IRSA

On October 21, 2024, IRSA informed the results of the auction for two series of notes on the local market for a total amount of USD 67.3 million through the following instruments:

	·	Series XXII: Denominated in dollars for USD 15.8 million, with 5.75% interest rate and semiannual interests’ payments (first payment will be on July 23, 2025). The Capital amortization will be 100% at maturity, on October 23, 2027. The issuance price will be 100.0%.
	·	Series XXIII: Denominated in dollars for USD 51.5 million, with 7.25% interest rate and semiannual interests’ payments (first payment will be on July 23, 2025). The Capital amortization will be 100% at maturity, on October 23, 2029. The issuance price will be 100.0%.

The settlement for both notes will be on October 23, 2024, and the funds will be mainly used to refinance short-term liabilities and/or working capital, as defined in the issuance documents.

Sale of fraction of “Alto Taquari” farm - Brasilagro

In addition to the Material Fact disclosed on October 7, 2021, BrasilAgro informs its shareholders and the general public that it has completed the second stage of the sale of Fazenda Alto Taquari, a rural property located in Alto Taquari, Mato Grosso.

The second stage involved the sale of 1,157 arable hectares. The sale price was 1,100 soybean bags per arable hectare, totaling approximately BRL 189.4 million (BRL 163,755 per arable hectare), which will be recognized in the second quarter of fiscal year 2025 – values updated as of today. With this stage completed, BrasilAgro has transferred ownership and ceased operations in this area.

The first stage, as previously disclosed, was completed in October 2021 and involved the sale of 1,537 arable hectares, totaling 3,723 hectares (2,694 arable hectares).

With this sale, all the plateau areas of Fazenda Alto Taquari have been sold, leaving a remaining portfolio of 1,308 hectares (809 arable hectares). The remaining area is adjacent to the already sold land but has different soil and altitude characteristics. Although they are not plateau areas, they are currently being used for sugarcane cultivation.

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