EX-99.2 10 cresudexhibit992.htm CONDENSED FINANCIAL INFORMATION OF CRESUD Blueprint
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
 
Exhibit 99.2
 
The following is condensed financial information of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (“CRESUD” or the Company), the parent Company, prepared in accordance with SEC Regulation S-X 12-04:
 
 
Statements of Financial Position
as of June 30, 2019 and 2018
(All amounts in millions, except otherwise indicated)
 
 
 
  06.30.19 
  06.30.18 
ASSETS
    
    
Non-current assets
    
    
Investment properties
  75 
  79 
Property, plant and equipment
  4,191 
  4,029 
Intangible assets
  146 
  154 
Biological assets
  1,005 
  1,019 
Investments in subsidiaries, associates and joint ventures
  28,665 
  46,818 
Deferred income tax assets
  - 
  1,000 
Income tax and MPIT credits
  39 
  59 
Trade and other receivables
  556 
  624 
Total Non-current assets
  34,677 
  53,782 
Current assets
    
    
Biological assets
  1,331 
  585 
Inventories
  1,828 
  1,604 
Restricted assets
  - 
  6 
Trade and other receivables
  1,548 
  1,347 
Investment in financial assets
  43 
  - 
Derivative financial instruments
  - 
  20 
Cash and cash equivalents
  102 
  299 
Total Current assets
  4,852 
  3,861 
TOTAL ASSETS
  39,529 
  57,643 
SHAREHOLDERS’ EQUITY
    
    
Shareholders' equity (according to corresponding statement)
  16,590 
  37,250 
TOTAL SHAREHOLDERS' EQUITY
  16,590 
  37,250 
LIABILITIES
    
    
Non-current liabilities
    
    
Borrowings
  9,701 
  7,626 
Deferred tax liability
  2,243 
  - 
Provisions
  9 
  16 
Total Non-current liabilities
  11,953 
  7,642 
Current liabilities
    
    
Trade and other payables
  891 
  2,785 
Income tax and MPIT liabilities
  - 
  75 
Payroll and social security liabilities
  213 
  221 
Borrowings
  9,857 
  9,610 
Derivative financial instruments
  22 
  58 
Provisions
  3 
  2 
Total Current liabilities
  10,986 
  12,751 
TOTAL LIABILITIES
  22,939 
  20,393 
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
  39,529 
  57,643 
 
The accompanying notes are an integral part of these condensed financial information.
 
 
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
 
 
Statements of Income and Other Comprehensive Income
for the fiscal years ended June 30, 2019, 2018 and 2017
(All amounts in millions, except otherwise indicated)
 
 
 
  06.30.19 
  06.30.18 
  06.30.17 
Revenues
  3,334 
  3,535 
  2,943 
Costs
  (2,763)
  (2,637)
  (2,407)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest
  713 
  114 
  28 
Changes in the net realizable value of agricultural products after harvest
  (37)
  344 
  (228)
Gross profit
  1,247 
  1,356 
  336 
Gain from disposal of farmlands
  - 
  745 
  40 
Changes in the fair value of investment properties
  (4)
  3 
  - 
General and administrative expenses
  (393)
  (383)
  (399)
Selling expenses
  (488)
  (705)
  (697)
Other operating results, net
  (76)
  (81)
  101 
Management fees
  - 
  (1,019)
  (433)
Profit / (Loss) from operations
  286 
  (84)
  (1,052)
Share of profit of subsidiaries, associates and joint ventures
  (15,709)
  9,347 
  532 
Profit before financing and taxation
  (15,423)
  9,263 
  (520)
Finance income
  6 
  6 
  34 
Finance costs
  (1,383)
  (571)
  (504)
Other financial results
  768 
  (4,843)
  704 
Inflation Adjustment
  344 
  398 
  46 
Financial results, net
  (265)
  (5,010)
  280 
Profit before income tax
  (15,688)
  4,253 
  (240)
Income tax
  (3,188)
  (566)
  85 
Profit for the fiscal year
  (18,876)
  3,687 
  (155)
 
    
    
    
Other comprehensive income:
    
    
    
 
Items that may be reclassified subsequently to profit or loss:
 
    
    
Currency translation adjustment from subsidiaries, associates and joint ventures
  (649)
  (492)
  1,772 
Other comprehensive income / (loss) from share of changes in subsidiaries´ equity
  451 
  41 
  69 
Revaluation surplus
  - 
  - 
  - 
Other comprehensive income for the fiscal year
  (198)
  (451)
  1,841 
Total comprehensive income for the fiscal year
  (19,074)
  3,236 
  1,686 
 
    
    
    
Profit per share attributable to equity holders of the parent during the fiscal year:
    
    
    
Basic
  (38.601)
  7.419 
  (0.311)
Diluted
  (38.601)
  7.145 
  (0.311)
 
(i) Since the result of the year showed loss, there is no dilutive effect of said result.
 
The accompanying notes are an integral part of this condensed financial information.
 
 
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
 
Statements of Changes in Shareholders’ Equity
for the fiscal years ended June 30, 2019, 2018 and 2017
(All amounts in millions, except otherwise indicated)
 
 
 
 Share capital
 
 
 Treasury shares
 
 
 Inflation adjustment of share capital and treasury shares (i)
 
 
 Share premium
 
 
 Additional paid-in capital from treasury shares
 
 
 Legal reserve
 
 
 CNV 609/12 Resolution special reserve (ii)
 
 
 Other reserves (iii)
 
 
 Retained earnings
 
 
 Total Shareholders' equity
 
Balance as of June 30, 2018
  482 
  20 
  6,696 
  7,411 
  64 
  261 
  4,125 
  4,014 
  14,185 
  37,258 
Adjustment of initial balances (NIIF 9 and 15) (Note 2.2)
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (142)
  (142)
Restated - Balance as of June 30, 2018
  482 
  20 
  6,696 
  7,411 
  64 
  261 
  4,125 
  4,014 
  14,043 
  37,116 
Loss for the fiscal year
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (18,876)
  (18,876)
Other comprehensive income for the fiscal year
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (198)
  - 
  (198)
Total comprehensive income for the fiscal year
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (198)
  (18,876)
  (19,074)
As provided by Ordinary and Extraordinary Shareholders´ Meeting held on October 29, 2018:
    
    
    
    
    
    
    
    
    
    
  - Distribution of results
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  22,761 
  (22,761)
  - 
  - Distribution of treasury stock
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
Acquisition of treasury stock
  (17)
  17 
  - 
  - 
  - 
  - 
  - 
  (859)
  - 
  (859)
Distribution dividends in shares
  21 
  (21)
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
Reserve for share-based payments
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  9 
  - 
  9 
Changes in interest in subsidiaries
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (603)
  - 
  (603)
Reversal for sale of investment properties
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (21)
  22 
  1 
Balance as of June 30, 2019
  486 
  16 
  6,696 
  7,411 
  64 
  261 
  4,125 
  25,103 
  (27,572)
  16,590 
 
The accompanying notes are an integral part of these condensed financial information.
 
(i) Includes Ps. 1 and Ps. 1 of inflation adjustment of Treasury shares as of June 30, 2019 and 2018 respectively.
(ii) Related to CNV General Resolution N° 609/12.
(iii) Group’s other reserves for the year ended June 30, 2019 were as follows:

 
 
 Cost of treasury shares
 
 
 Changes in non-controllig interest
 
 
 Currency translation adjustment reserve
 
 
 Other comprehensive results
 
 
 Reserve for share-based payments
 
 
 Special Reserve
 
 
 Other reserves from subsidiaries
 
 
 Reserve for the acquisition of securities issued by the Company
 
 
 Total Other reserves
 
Balance as of June 30, 2018
  (1,341)
  (1,744)
  3,848 
  88 
  327 
  2,761 
  6 
  69 
  4,014 
Other comprehensive income (loss) for the fiscal year
  - 
  - 
  (649)
  451 
  - 
  - 
  - 
  - 
  (198)
Total comprehensive income for the fiscal year
  - 
  - 
  (649)
  451 
  - 
  - 
  - 
  - 
  (198)
As provided by Ordinary and Extraordinary Shareholders´ Meeting held on October 29, 2018:
    
    
    
    
    
    
    
    
    
  - Distribution of results
  - 
  - 
  - 
  - 
  - 
  22,761 
  - 
  - 
  22,761 
  - Distribution of treasury stock
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
Acquisition of treasury stock
  (859)
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (859)
Distribution dividends in shares
  1,036 
  - 
  - 
  - 
  - 
  (1,036)
  - 
  - 
  - 
Reserve for share-based payments
  - 
  - 
  - 
  - 
  9 
  - 
  - 
  - 
  9 
Changes in interest in subsidiaries
  - 
  (603)
  - 
  - 
  - 
  - 
  - 
  - 
  (603)
Reversal for sale of investment properties
  - 
  - 
  - 
  (21)
  - 
  - 
  - 
  - 
  (21)
Balance as of June 30, 2019
  (1,164)
  (2,347)
  3,199 
  518 
  336 
  24,486 
  6 
  69 
  25,103 
 
 
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
 
 
Statements of Changes in Shareholders’ Equity
for the fiscal years ended June 30, 2019, 2018 and 2017
(All amounts in millions, except otherwise indicated)
 
 
 
 Share capital
 
 
 Treasury shares
 
 
 Inflation adjustment of share capital and treasury shares (i)
 
 
 Share premium
 
 
 Additional paid-in capital from treasury shares
 
 
 Legal reserve
 
 
 CNV 609/12 Resolution special reserve (ii)
 
 
 Other reserves (iii)
 
 
 Retained earnings
 
 
 Total Shareholders' equity
 
Balance as of June 30, 2017
  499 
  3 
  6,696 
  7,411 
  62 
  199 
  4,125 
  4,688 
  13,992 
  37,675 
Profit for the fiscal year
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  3,687 
  3,687 
Other comprehensive income for the fiscal year
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (451)
  - 
  (451)
Total comprehensive income for the fiscal year
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (451)
  3,687 
  3,236 
As provided by Ordinary Shareholders’ Meeting held and Extraordinary Shareholders’ Meeting held on October 31, 2017:
    
    
    
    
    
    
    
    
    
    
 - Legal reserve
  - 
  - 
  - 
  - 
  - 
  62 
  - 
  - 
  (62)
  - 
 - Reserve for new projects
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  2,761 
  (2,761)
  - 
 - Cash dividends
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (745)
  (745)
Reserve for share-based payments
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  5 
  - 
  5 
Changes in non-controlling interest in subsidiaries
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (1,744)
  - 
  (1,744)
Equity incentive plan granted
  - 
  - 
  - 
  - 
  2 
  - 
  - 
  - 
  - 
  2 
Share of changes in subsidiaries’ equity
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  74 
  74 
Acquisition of treasury stock
  (17)
  17 
  - 
  - 
  - 
  - 
  - 
  (1,245)
  - 
  (1,245)
Balance as of June 30, 2018
  482 
  20 
  6,696 
  7,411 
  64 
  261 
  4,125 
  4,014 
  14,185 
  37,258 
 
The accompanying notes are an integral part of these condensed financial information.
 
(i) Includes Ps. 1 and Ps. 1 of inflation adjustment of Treasury shares as of June 30, 2018 and 2017, respectively.
(ii) Related to CNV General Resolution N° 609/12. It includes the effect as of July 1, 2011 due to the change in the valuation criteria for investment properties. Note 19 of the consolidated financial statements.
(iii) Group’s other reserves for the year ended June 30, 2018 were as follows:
 
 
 
 Cost of treasury shares
 
 
 Changes in non-controllig interest
 
 
 Currency translation adjustment reserve
 
 
 Other comprehensive results
 
 
 Reserve for share-based payments
 
 
 Special Reserve
 
 
 Other reserves from subsidiaries
 
 
 Reserve for the acquisition of securities issued by the Company
 
 
 Total Other reserves
 
Balance as of June 30, 2017
  (96)
  - 
  4,340 
  47 
  322 
  - 
  6 
  69 
  4,688 
Other comprehensive income for the fiscal year
  - 
  - 
  (492)
  41 
  - 
  - 
  - 
  - 
  (451)
Total comprehensive income for the period
  - 
  - 
  (492)
  41 
  - 
  - 
  - 
  - 
  (451)
As provided by Ordinary Shareholders’ Meeting held Shareholders’ Meeting held on October 31, 2017:
    
    
    
    
    
    
    
    
    
 - Reserve for new projects
  - 
  - 
  - 
  - 
  - 
  2,761 
  - 
  - 
  2,761 
 - Cash dividends
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
Reserve for share-based payments
  - 
  - 
  - 
  - 
  5 
  - 
  - 
  - 
  5 
Changes in non-controllig interest
  - 
  (1,744)
  - 
  - 
  - 
  - 
  - 
  - 
  (1,744)
Changes in interest in subsidiaries
  (1,245)
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (1,245)
Balance as of June 30, 2018
  (1,341)
  (1,744)
  3,848 
  88 
  327 
  2,761 
  6 
  69 
  4,014 
 
 
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
 
 
Statements of Changes in Shareholders’ Equity
for the fiscal years ended June 30, 2019, 2018 and 2017
(All amounts in millions, except otherwise indicated)
 
 
 
 Share capital
 
 
 Treasury shares
 
 
 Inflation adjustment of share capital and treasury shares (i)
 
 
 Share premium
 
 
 Additional paid-in capital from treasury shares
 
 
 Legal reserve
 
 
 CNV 609/12 Resolution special reserve (ii)
 
 
 Other reserves (iii)
 
 
 Retained earnings
 
 
 Total Shareholders' equity
 
Balance as of June 30, 2016
  495 
  7 
  6,696 
  7,411 
  54 
  199 
  4,125 
  2,916 
  14,070 
  35,973 
Loss for the fiscal year
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (155)
  (155)
Other comprehensive income for the fiscal year
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  1,841 
  - 
  1,841 
Total comprehensive income for the fical year
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  1,841 
  (155)
  1,686 
As provided by Ordinary Shareholders’ Meeting held and Extraordinary Shareholders’ Meeting held on October 31 , 2016:
    
    
    
    
    
    
    
    
    
    
 - Legal reserve
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (75)
  75 
  - 
 - Reserve for new projects
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
 - Cash dividends
  4 
  (4)
  - 
  - 
  6 
  - 
  - 
  - 
  - 
  6 
Reserve for share-based payments
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  14 
  - 
  14 
Changes in non-controllig interest
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
Changes in interest in subsidiaries
  - 
  - 
  - 
  - 
  2 
  - 
  - 
  (8)
  2 
  (4)
Balance as of June 30, 2017
  499 
  3 
  6,696 
  7,411 
  62 
  199 
  4,125 
  4,688 
  13,992 
  37,675 
 
The accompanying notes are an integral part of these condensed financial information.
 
(i) Includes Ps. 1 and Ps. 1 of inflation adjustment of Treasury shares as of June 30, 2017 and 2016, respectively.
(ii) Related to CNV General Resolution N° 609/12. It includes the effect as of July 1, 2011 due to the change in the valuation criteria for investment properties. Note 19 of the consolidated financial statements.
(iii) Group’s other reserves for the year ended June 30, 2017 were as follows:
 
 
 
 Cost of treasury shares
 
 
 Changes in non-controllig interest
 
 
 Currency translation adjustment reserve
 
 
 Other comprehensive results
 
 
 Reserve for share-based payments
 
 
 Reserve for future dividends
 
 
 Other reserves from subsidiaries
 
 
 Reserve for the acquisition of securities issued by the Company
 
 
 Total Other reserves
 
Balance as of June 30, 2016
  (114)
  - 
  2,568 
  (22)
  318 
  75 
  6 
  85 
  2,916 
Other comprehensive income for fiscal year
  - 
  - 
  1,772 
  69 
  - 
  - 
  - 
  - 
  1,841 
Total comprehensive income for the fiscal year
  - 
  - 
  1,772 
  69 
  - 
  - 
  - 
  - 
  1,841 
As provided by Ordinary Shareholders’ Meeting held Shareholders’ Meeting held on October 31, 2016:
    
    
    
    
    
    
    
    
    
 - Legal reserve
  - 
  - 
  - 
  - 
  - 
  (75)
  - 
  - 
  (75)
 - Reserve for new projects
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
 - Cash dividends
  16 
  - 
  - 
  - 
  - 
  - 
  - 
  (16)
  - 
Reserve for share-based payments
  - 
  - 
  - 
  - 
  14 
  - 
  - 
  - 
  14 
Changes in non-controllig interest
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
Changes in interest in subsidiaries
  2 
  - 
  - 
  - 
  (10)
  - 
  - 
  - 
  (8)
Balance as of June 30, 2017
  (96)
  - 
  4,340 
  47 
  322 
  - 
  6 
  69 
  4,688 
 
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
 
Statements of Cash Flows
for the fiscal years ended June 30, 2019, 2018 and 2017
(All amounts in millions, except otherwise indicated)
 
 
 
  06.30.19 
  06.30.18 
  06.30.17 
Operating activities:
    
    
    
Cash used in operations
  (1,763)
  (1,406)
  485 
Net cash used in / generated from operating activities
  (1,763)
  (1,406)
  485 
Investing activities:
    
    
    
Capital contribution to subsidiaries, associates and joint ventures
  (70)
  (2)
  (70)
Sale of interest in subsidiaries, associates and joint ventures
  - 
  82 
  - 
Acquisition of property, plant and equipment
  (266)
  (182)
  (216)
Proceeds from sale of property, plant and equipment
  6 
  40 
  60 
Proceeds from sale of farmlands
  - 
  331 
  216 
Acquisition of Intangible assets
  (2)
  (2)
  (6)
Acquisition of investment in financial assets
  (6,526)
  (8,709)
  (3,261)
Proceeds from disposals of investment in financial assets
  6,497 
  8,942 
  2,044 
Advance payments
  (6)
  (6)
  (12)
Sale of farmlands advances
  - 
  149 
  - 
Dividends received
  256 
  1,739 
  203 
Acquisition of subsidiaries, associates and joint ventures
  - 
  - 
  (8)
Loans granted to subsidiaries, associates and joint ventures
  - 
  (165)
  - 
Net cash used in / generated from investing activities
  (111)
  2,217 
  (1,050)
Financing activities:
    
    
    
Repurchase of non-convertible notes
  (638)
  (655)
  (1,192)
Borrowings and issuance of negotiable obligations
  4,428 
  9,544 
  5,285 
Payment of borrowings and negotiable obligations
  (2,845)
  (7,564)
  (2,798)
Obtaining of short term loans, net
  2,282 
  509 
  (310)
Payments from derivative financial instruments
  (50)
  (151)
  2 
Purchase of treasury stock
  (859)
  (1,245)
  - 
Payment of seller financing
  (4)
  5 
  - 
Dividends paid
  - 
  (745)
  - 
Interest paid
  (656)
  (294)
  (387)
Net cash generated from / used in financing activities
  1,658 
  (596)
  600 
Net (decrease) / increase in cash and cash equivalents
  (216)
  215 
  35 
Cash and cash equivalents at beginning of the period
  299 
  82 
  26 
Result from exposure to inflation on cash and cash equivalents
  19 
  11 
  - 
Currency translation adjustment and result by measurement at fair value of cash equivalent
  - 
  (9)
  21 
Cash and cash equivalents at the end of the period
  102 
  299 
  82 
 
The accompanying notes are an integral part of this condensed financial information.
 
 
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
 
 
1.
Investment in subsidiaries, associates and joint ventures
 
Set out below are the changes in Company’s investment in subsidiaries, associates and joint ventures for the fiscal years ended June 30, 2019 and 2018:
 
 
  06.30.19 
  06.30.18 
Beginning of the year
  46,818 
  41,163 
Dividends in shares received from subsidiary
  1,151 
  - 
Changes in interest in subsidiaries (i)
  (603)
  (1,744)
Capital contribution
  75 
  327 
Disposal of interest in subsidiaries
  - 
  (17)
Subsidiary withdrawal
  (1,314)
  - 
Share of profit of subsidiaries, associates and joint ventures
  (15,709)
  9,347 
Foreign exchange gains
  (649)
  (492)
Other comprehensive income from share of changes in subsidiaries’ equity
  16 
  71 
Adjustment of initial balances (NIIF 9 and 15)
  (142)
  - 
Share of changes in subsidiaries and associates’ equity
  451 
  41 
Reserve for share-based payments
  9 
  5 
Dividends distributed
  (1,438)
  (1,883)
End of the year
  28,665 
  46,818 
 
(i) Includes the effect of changes in subsidiaries as consequence of repurchase of equity interest.
 
 
2.
Borrowings
 
The breakdown and the fair value of the Company’s borrowings as of June 30, 2019 and 2018 was as follows:
 
 
 
 Book value
 
 
 Fair Value
 
 
  06.30.19 
  06.30.18 
  06.30.19 
  06.30.18 
Non-convertible notes (i)
  8,047 
  9,019 
  7,506 
  8,728 
Bank loans and others
  9,114 
  6,952 
  9,117 
  6,887 
Related parties (Note 28)
  1,777 
  694 
  1,790 
  700 
Finance leases obligations
  5 
  8 
  5 
  8 
Bank overdrafts
  615 
  563 
  615 
  563 
Total borrowings
  19,558 
  17,236 
  19,033 
  16,886 
Non-current
  9,701 
  7,626 
    
    
Current
  9,857 
  9,610 
    
    
Total borrowings
  19,558 
  17,236 
    
    
 
(i) Net repurchase of negotiable obligations.
 
Loans also include liabilities for financial leases in which the Company is a Lessee and, therefore, must be calculated in accordance with IAS 17 “Leases”. The information related to financial lease liabilities is set out in Note 21.
 
The maturity of the Company’s borrowings (excluding obligations under finance leases) and the Company´s exposure to fixed and variable interest rates and do not accrue interest is as follows:
 
 
  06.30.19 
  06.30.18 
Capital stock:
    
    
Less than one year
  9,534 
  9,409 
Between 1 and 2 years
  4,218 
  1,875 
Between 2 and 3 years
  684 
  487 
Between 3 and 4 years
  4,784 
  208 
Betweeen 4 and 5 years
  - 
  5,048 
 
  19,220 
  17,027 
No accrued interest
    
    
Less than one year
  323 
  201 
Between 1 and 2 years
  10 
  - 
 
  333 
  201 
Leases obligations
  5 
  8 
 
  19,558 
  17,236 
 
 
 
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
 
 
The following tables shows a breakdown of Company’s borrowing by type of fixed-rate and floating-rate, per currency denomination for the fiscal years ended June 30, 2019 and 2018.
 
 
 
 
 
 
 
Borrowings by currency
 
  06.30.19 
  06.30.18 
Fixed rate:
    
    
Argentine Peso
  615 
  563 
US Dollar
  17,398 
  16,243 
Subtotal fixed-rate borrowings
  18,013 
  16,806 
Floating rate:
    
    
US Dollar
  1,540 
  422 
Subtotal floating rate borrowings
  1,540 
  422 
Total borrowings as per analysis
  19,553 
  17,228 
Finance lease obligations
  5 
  8 
Total borrowings as per Statement of Financial Position
  19,558 
  17,236 
 
 
The following table shows a detail of evolution of borrowing during the years ended June 30, 2019 and 2018:
 
 
  06.30.19 
  06.30.18 
Balance at the beginning of the year
  17,236 
  10,985 
Borrowings
  4,428 
  9,544 
Payment of borrowings
  (2,845)
  (7,564)
Obtention / (payment), of short term loans, net
  2,282 
  509 
Interest paid
  (656)
  (294)
Accrued interest
  1,272 
  478 
Cumulative translation adjustment and exchange differences, net
  7,576 
  7,395 
Repurchase of non-convertible notes
  (638)
  (655)
Reclasifications and others movements
  (199)
  44 
Inflation Adjustment
  (8,898)
  (3,206)
Balance at the end of the year
  19,558 
  17,236 
 
Loans and bank overdrafts
 
As of June 30, 2019 and 2018, bank overdrafts were drawn on several domestic financial institutions.. The Company has bank overdrafts of less than three months that accrue fixed interest rates ranging from 39% to 106% annually and from 25% to 63% annually, respectively.
 
As of June 30, 2019, short-term and long-term loans were granted by several domestic financial institutions in US dollars. They are repayable at various dates between July 2019 and April 2022, and bear either fixed interest rates ranging from 5.75% to 7.25% per annum, or floating interest rates mainly based on Badlar plus 6 percentage points.
 
As of June 30, 2018, short and long-term loans granted by different local financial institutions in pesos and US dollars are maintained. They must be canceled on different dates between July 2018 and January 2022, and accrue fixed interest rates ranging from 1.3% to 5.6% per year, or variable interest rates primarily based on Badlar plus 6 percentage points.