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Investment properties (Tables) | 12 Months Ended
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Jun. 30, 2018
Investment Properties |
Schedule of investment properties | Changes in the Group’s investment properties according to the fair value hierarchy for the years ended June 30, 2018 and 2017 were as follows:
| June 30, 2018 |  | June 30, 2017
| Level 2 |  | Level 3 |  | Level 2 |  | Level 3
Fair value at the beginning of the year | 8,158 |  | 91,795 |  | 6,594 |  | 76,109
Additions | 1,335 |  | 1,954 |  | 592 |  | 2,059
Financial cost charged | 22 |  | 60 |  | 3 |  | -
Capitalized leasing costs | 5 |  | 13 |  | 23 |  | 1
Amortization of capitalized leasing costs (i) | (3) |  | (2) |  | (1) |  | (1)
Transfers | 2 |  | (2) |  | - |  | -
Transfers from / to property, plant and equipment | (5) |  | 1,705 |  | (17) |  | 173
Transfers to trading properties | 353 |  | - |  | - |  | (14)
Reclassification to assets held for sale | - |  | (521) |  | - |  | (71)
Deconsolidation (see Note 4.G.) | - |  | (4,489) |  | - |  | -
Assets incorporated by business combination | - |  | 107 |  | - |  | -
Reclassifications previous years | - |  | - |  | - |  | (224)
Disposals | (179) |  | (392) |  | (179) |  | (41)
Cumulative translation adjustment | - |  | 40,041 |  | - |  | 10,494
Net gain from fair value adjustment | 6,437 |  | 16,332 |  | 1,143 |  | 3,310
Fair value at the end of the year | 16,125 |  | 146,601 |  | 8,158 |  | 91,795
(i) Amortization charges of capitalized leasing costs were included in “Costs” in the Statements of Income (Note 23).
Schedule of investment property of the Group | The following is the balance by type of investment property of the Group as of June 30, 2018 and 2017:
| 06.30.2018 |  | 06.30.2017
Rental properties | 141,241 |  | 89,301
Undeveloped parcels of land | 12,608 |  | 7,647
Properties under development | 8,877 |  | 3,005
Total | 162,726 |  | 99,953
Schedule of recognized in the Statements of Income | The following amounts have been recognized in the Statements of Income:
| June 30, 2018 |  | June 30, 2017 |  | June 30, 2016
Rental and services income | 10,671 |  | 8,711 |  | 5,268
Direct operating expenses | (3,046) |  | (2,838) |  | (1,888)
Development expenditures | (1,731) |  | (1,397) |  | (11)
Net realized gain from fair value adjustment of investment properties | 227 |  | 128 |  | 908
Net unrealized gain from fair value adjustment of investment properties | 22,542 |  | 4,325 |  | 16,651
Schedule of fair value measurements of investment properties | The following table presents information regarding the fair value measurements of investment properties using significant unobservable inputs (Level 3):
|  |  |  | Sensitivity (i)
|  |  |  | 06.30.18 | 06.30.17
Description | Valuation technique | Parameters | Range fiscal year 2018 | Increase | Decrease | Increase | Decrease
Rental properties in Israel - Offices (Level 3) | Discounted cash flows | Discount rate | 7.00% a 9.00% | (1,556) | 1,864 | (1,040) | 1,193
Weighted average rental value per square meter (m2) per month, in NIS | NIS 63 | 3,037 | (3,037) | 1,772 | (1,772)
Rental properties in Israel - Commercial use (Level 3) | Discounted cash flows | Discount rate | 7.00% a 9.00% | (1,322) | 1,457 | (759) | 853
Weighted average rental value per square meter (m2) per month, in NIS | NIS 87 | 1,640 | (1,640) | 1,003 | (1,003)
Rental properties in Israel - Industrial use (Level 3) | Discounted cash flows | Discount rate | 7.75% a 9.00% | (477) | 538 | (316) | 377
Weighted average rental value per square meter (m2) per month, in NIS | NIS 31 | 996 | (996) | 599 | (599)
Rental properties in USA - HSBC Building (Level 3) | Discounted cash flows | Discount rate | 6.25% | (1,212) | 1,269 | (715) | 765
Weighted average rental value per square meter (m2) per month, in USD | USD 73 | 2,654 | (2,654) | 1,497 | (1,497)
Rental properties in USA - Las Vegas project (Level 3) | Discounted cash flows | Discount rate | 8.50% | (134) | 141 | (86) | 91
Weighted average rental value per square meter (m2) per month, in USD | USD 33 | 301 | (301) | 200 | (200)
Shopping Malls in Argentina (Level 3) | Discounted cash flows | Discount rate | 9.79% | (5,046) | 6,796 | (3,948) | 5,445
Growth rate | 3.00% | 3,104 | (2,307) | 2,464 | (1,794)
Inflation | (*) | 4,035 | (3,643) | 2,684 | (2,425)
Devaluation | (*) | (6,554) | 9,831 | (4,703) | 7,054
Plot of land in Argentina (Level 3) | Comparable with incidence adjustment | Value per square meter (m2) | 9,200 | 64 | 65 | 18 | (52)
% of incidence | 3.00% | 2,165 | (2,167) | 1,168 | (1,202)
Properties under development in Israel (Level 3) | Estimated fair value of the investment property after completing the construction | Weighted average construction cost per square meter (m2) in NIS | 5,787 NIS/m2 | - | - | - | -
Annual weighted average discount rate | 7.00% a 9.00% | (377) | 377 | (437) | 437
(*) For the next 5 years, an average AR$ / US$ exchange rate with an upward trend was considered, starting at Ps. 19.51 (corresponding to the year ended June 30, 2018) and arriving at Ps. 49.05. In the long term, a nominal devaluation rate of 5.6% 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 25.0% (corresponding to the year ended June 30, 2018) and stabilizes at 8% after 10 years. These premises were determined at the closing date of the fiscal year. (i) Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation, 20% for the devaluation, 50 points for the discount rate of Israel and USA, and 1% for the value of the m2.

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