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Segment information | 12 Months Ended
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Jun. 30, 2019
Segment Information [Abstract] |
Segment information |
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. In addition, and due to the acquisition of IDBD, two responsibility levels have been established for resource allocation and assessment of results of the two operations centers, through executive committees in Argentina and Israel. Segment information is reported from two perspectives: geographic presence (Argentina and Israel) and products and services. In each operations center, the Group considers separately the various activities being developed, which represent reporting operating segments given the nature of its products, services, operations and risks. Management believes the operating segment clustering in each operations center reflects similar economic characteristics in each region, as well as similar products and services offered, types of clients and regulatory environments. As of fiscal year 2018, the CODM reviews certain corporate expenses associated with each operation center in an aggregate manner and separately from each of the segments, such expenses have been disclosed in the “Corporate” segment of each operation center. Additionally, as of fiscal year 2018, the CODM also reviews the office business as a single segment and the entertainment business in an aggregate and separate manner from offices, including that concept in the “Others” segment. Segment information for years 2017 has been recast for the purposes of comparability with the present year. Below is the segment information which was prepared as follows:
| ● | Operations Center in Argentina:
Within this operations center, the Group operates in the following segments:
| o | The “Shopping Malls” segment 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.
| o | The “Offices” segment includes the operating results from lease revenues of offices, other rental spaces and other service revenues related to the office activities.
| o | The “Sales and Developments” segment 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.
| o | The “Hotels” segment includes the operating results mainly comprised of room, catering and restaurant revenues.
| o | The “International” segment includes assets and operating profit or loss from business related to associates Condor (hotels) and New Lipstick (offices).
| o | The “Others” segment primarily includes the entertainment activities through La Arena and La Rural S.A. and the financial activities carried out by BHSA and Tarshop.
| o | The “Corporate” segment includes the expenses related to the corporate activities of the Operations Center in Argentina.
The CODM periodically reviews the results and certain asset categories and assesses performance of operating segments of this operations center 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 Statement of 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 assets’ categories examined by the CODM are: investment properties, property, plant and equipment, trading properties, inventories, right to receive future units under barter agreements, investment in associates and goodwill. The sum of these assets, classified by business segment, is reported under “assets by segment”. Assets are allocated to each segment based on the operations and/or their physical location. Within the Operations Center in Argentina, most revenue from its operating segments is derived from, and their assets are located in, Argentina, except for the share of profit / (loss) of associates included in the “International” segment located in USA. Revenues for each reporting segments derive from a large and diverse client base and, therefore, there is no revenue concentration in any particular segment.
| ● | Operations Center in Israel:
Within this operations center, the Group operates in the following segments:
| o | The “Real Estate” segment in which, through PBC, the Group operates rental properties and residential properties in Israel, USA and other parts of the world and carries out commercial projects in Las Vegas, USA.
| o | The “Supermarkets” segment in which, through Shufersal, the Group operated a supermarket chain in Israel. Upon the loss of control in 2018 this segment was reclassified to discontinued operations and presented as an associate since 2019.
| o | The “Telecommunications” segment includes Cellcom whose main activities include the provision of mobile phone services, fixed line phone services, data, Internet and television, among others.
| o | The “Insurance” segment includes the investment in Clal, insurance company which main activities includes pension and social security insurance, among others. As stated in Note 14, the Group does not have control over Clal; therefore, the business is reported in a single line as a financial asset held for sale and valued at fair value.
| o | The “Others” segment includes other diverse business activities, such as technological developments, tourism, oil and gas assets, electronics, and others.
| o | The “Corporate” segment includes the expenses related with the activities of the holding companies.
The CODM periodically reviews the results and certain asset categories and assesses performance of operating segments of this operations center based on a measure of profit or loss of the segment composed by the operating income plus the share of profit / (loss) of associates and joint ventures. The valuation criteria used in preparing this information are consistent with IFRS standards used for the preparation of the Consolidated Financial Statements. Goods and services exchanged between segments are calculated on the basis of established prices. Intercompany transactions between segments, if any, are eliminated. Below is a summary of the Group’s lines of business and a reconciliation between the results from operations as per segment information and the results from operations as per the Statements of Income for the years ended June 30, 2019, 2018 and 2017:
|  | June 30, 2019 |
|  | Operations Center in Argentina |  |  | Operations Center in Israel |  |  | Total |  |  | Joint ventures (1) |  |  | Expenses and collective promotion funds |  |  | Elimination of inter-segment transactions and non-reportable assets / liabilities (2) |  |  | Total as per statement of income / statement of financial position |
Revenues |  |  | 10,534 |  |  |  | 56,722 |  |  |  | 67,256 |  |  |  | (65 | ) |  |  | 2,593 |  |  |  | (17 | ) |  |  | 69,767 |
Costs |  |  | (2,223 | ) |  |  | (37,127 | ) |  |  | (39,350 | ) |  |  | 47 |  |  |  | (2,697 | ) |  |  | - |  |  |  | (42,000 | )
Gross profit / (loss) |  |  | 8,311 |  |  |  | 19,595 |  |  |  | 27,906 |  |  |  | (18 | ) |  |  | (104 | ) |  |  | (17 | ) |  |  | 27,767 |
Net (loss) / gain from fair value adjustment of investment properties |  |  | (27,713 | ) |  |  | 3,416 |  |  |  | (24,297 | ) |  |  | 587 |  |  |  | - |  |  |  | - |  |  |  | (23,710 | )
General and administrative expenses |  |  | (1,870 | ) |  |  | (5,886 | ) |  |  | (7,756 | ) |  |  | 11 |  |  |  | - |  |  |  | 31 |  |  |  | (7,714 | )
Selling expenses |  |  | (759 | ) |  |  | (7,963 | ) |  |  | (8,722 | ) |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | (8,717 | )
Other operating results, net |  |  | (437 | ) |  |  | 519 |  |  |  | 82 |  |  |  | 131 |  |  |  | 104 |  |  |  | (16 | ) |  |  | 301 |
(Loss) / profit from operations |  |  | (22,468 | ) |  |  | 9,681 |  |  |  | (12,787 | ) |  |  | 716 |  |  |  | - |  |  |  | (2 | ) |  |  | (12,073 | )
Share of (loss) / profit of associates and joint ventures |  |  | (4,220 | ) |  |  | 43 |  |  |  | (4,177 | ) |  |  | (712 | ) |  |  | - |  |  |  | - |  |  |  | (4,889 | )
Segment (loss) / profit |  |  | (26,688 | ) |  |  | 9,724 |  |  |  | (16,964 | ) |  |  | 4 |  |  |  | - |  |  |  | (2 | ) |  |  | (16,962 | )
Reportable assets |  |  | 78,058 |  |  |  | 374,723 |  |  |  | 452,781 |  |  |  | (426 | ) |  |  | - |  |  |  | 22,279 |  |  |  | 474,634 |
Reportable liabilities |  |  | - |  |  |  | (322,562 | ) |  |  | (322,562 | ) |  |  | - |  |  |  | - |  |  |  | (66,253 | ) |  |  | (388,815 | )
Net reportable assets |  |  | 78,058 |  |  |  | 52,161 |  |  |  | 130,219 |  |  |  | (426 | ) |  |  | - |  |  |  | (43,974 | ) |  |  | 85,819 |
|  | June 30, 2018 |
|  | Operations Center in Argentina |  |  | Operations Center in Israel |  |  | Total |  |  | Joint ventures (1) |  |  | Expenses and collective promotion funds |  |  | Elimination of inter-segment transactions and non-reportable assets / liabilities (2) |  |  | Total as per statement of income / statement of financial position |
Revenues |  |  | 9,707 |  |  |  | 46,138 |  |  |  | 55,845 |  |  |  | (78 | ) |  |  | 3,069 |  |  |  | (12 | ) |  |  | 58,824 |
Costs |  |  | (1,960 | ) |  |  | (29,624 | ) |  |  | (31,584 | ) |  |  | 48 |  |  |  | (3,110 | ) |  |  | - |  |  |  | (34,646 | )
Gross profit / (loss) |  |  | 7,747 |  |  |  | 16,514 |  |  |  | 24,261 |  |  |  | (30 | ) |  |  | (41 | ) |  |  | (12 | ) |  |  | 24,178 |
Net gain from fair value adjustment of investment properties |  |  | 14,145 |  |  |  | 3,575 |  |  |  | 17,720 |  |  |  | (739 | ) |  |  | - |  |  |  | - |  |  |  | 16,981 |
General and administrative expenses |  |  | (1,634 | ) |  |  | (5,299 | ) |  |  | (6,933 | ) |  |  | 26 |  |  |  | - |  |  |  | 23 |  |  |  | (6,884 | )
Selling expenses |  |  | (788 | ) |  |  | (7,506 | ) |  |  | (8,294 | ) |  |  | 11 |  |  |  | - |  |  |  | - |  |  |  | (8,283 | )
Other operating results, net |  |  | (29 | ) |  |  | 1,494 |  |  |  | 1,465 |  |  |  | 25 |  |  |  | 41 |  |  |  | (2 | ) |  |  | 1,529 |
Profit / (loss) from operations |  |  | 19,441 |  |  |  | 8,778 |  |  |  | 28,219 |  |  |  | (707 | ) |  |  | - |  |  |  | 9 |  |  |  | 27,521 |
Share of (loss) of associates and joint ventures |  |  | (2,957 | ) |  |  | (173 | ) |  |  | (3,130 | ) |  |  | 649 |  |  |  | - |  |  |  | - |  |  |  | (2,481 | )
Segment profit / (loss) |  |  | 16,484 |  |  |  | 8,605 |  |  |  | 25,089 |  |  |  | (58 | ) |  |  | - |  |  |  | 9 |  |  |  | 25,040 |
Reportable assets |  |  | 106,983 |  |  |  | 394,376 |  |  |  | 501,359 |  |  |  | 307 |  |  |  | - |  |  |  | 25,190 |  |  |  | 526,856 |
Reportable liabilities |  |  | - |  |  |  | (335,186 | ) |  |  | (335,186 | ) |  |  | - |  |  |  | - |  |  |  | (72,155 | ) |  |  | (407,341 | )
Net reportable assets |  |  | 106,983 |  |  |  | 59,190 |  |  |  | 166,173 |  |  |  | 307 |  |  |  | - |  |  |  | (46,965 | ) |  |  | 119,515 |
|  | June 30, 2017 |
|  | Operations Center in Argentina |  |  | Operations Center in Israel |  |  | Total |  |  | Joint ventures (1) |  |  | Expenses and collective promotion funds |  |  | Elimination of inter-segment transactions and non-reportable assets / liabilities (2) |  |  | Total as per statement of income / statement of financial position |
Revenues |  |  | 9,728 |  |  |  | 46,762 |  |  |  | 56,490 |  |  |  | (94 | ) |  |  | 3,287 |  |  |  | (14 | ) |  |  | 59,669 |
Costs |  |  | (2,105 | ) |  |  | (29,965 | ) |  |  | (32,070 | ) |  |  | 43 |  |  |  | (3,343 | ) |  |  | - |  |  |  | (35,370 | )
Gross profit / (loss) |  |  | 7,623 |  |  |  | 16,797 |  |  |  | 24,420 |  |  |  | (51 | ) |  |  | (56 | ) |  |  | (14 | ) |  |  | 24,299 |
Net (loss) / gain from fair value adjustment of investment properties |  |  | (4,497 | ) |  |  | 779 |  |  |  | (3,718 | ) |  |  | (671 | ) |  |  | - |  |  |  | - |  |  |  | (4,389 | )
General and administrative expenses |  |  | (1,510 | ) |  |  | (5,583 | ) |  |  | (7,093 | ) |  |  | 10 |  |  |  | - |  |  |  | 15 |  |  |  | (7,068 | )
Selling expenses |  |  | (769 | ) |  |  | (8,051 | ) |  |  | (8,820 | ) |  |  | 10 |  |  |  | - |  |  |  | 4 |  |  |  | (8,806 | )
Other operating results, net |  |  | (679 | ) |  |  | (8 | ) |  |  | (687 | ) |  |  | (20 | ) |  |  | 56 |  |  |  | - |  |  |  | (651 | )
Profit / (loss) from operations |  |  | 168 |  |  |  | 3,934 |  |  |  | 4,102 |  |  |  | (722 | ) |  |  | - |  |  |  | 5 |  |  |  | 3,385 |
Share of (loss) / profit of associates and joint ventures |  |  | (965 | ) |  |  | 38 |  |  |  | (927 | ) |  |  | 170 |  |  |  | - |  |  |  | - |  |  |  | (757 | )
Segment (loss) / profit |  |  | (797 | ) |  |  | 3,972 |  |  |  | 3,175 |  |  |  | (552 | ) |  |  | - |  |  |  | 5 |  |  |  | 2,628 |
Reportable assets |  |  | 93,973 |  |  |  | 361,249 |  |  |  | 455,222 |  |  |  | (180 | ) |  |  | - |  |  |  | 15,215 |  |  |  | 470,257 |
Reportable liabilities |  |  | - |  |  |  | (312,667 | ) |  |  | (312,667 | ) |  |  | - |  |  |  | - |  |  |  | (59,951 | ) |  |  | (372,618 | )
Net reportable assets |  |  | 93,973 |  |  |  | 48,582 |  |  |  | 142,555 |  |  |  | (180 | ) |  |  | - |  |  |  | (44,736 | ) |  |  | 97,639 |
(1) | Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes.
(2) | 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 Ps. 6,058, Ps. 3,815 and Ps. 112, as of June 30, 2019, 2018 and 2017, respectively.
Below is a summarized analysis of the lines of business of Group’s operations center in Argentina for the fiscal years ended June 30, 2019, 2018 and 2017:
|  | June 30, 2019 |
|  | Operations Center in Argentina |
|  | Shopping Malls |  |  | Offices |  |  | Sales and developments |  |  | Hotels |  |  | International |  |  | Corporate |  |  | Others |  |  | Total |
Revenues |  |  | 5,976 |  |  |  | 1,566 |  |  |  | 783 |  |  |  | 2,066 |  |  |  | 10 |  |  |  | - |  |  |  | 133 |  |  |  | 10,534 |
Costs |  |  | (543 | ) |  |  | (92 | ) |  |  | (368 | ) |  |  | (1,110 | ) |  |  | (4 | ) |  |  | - |  |  |  | (106 | ) |  |  | (2,223 | )
Gross profit |  |  | 5,433 |  |  |  | 1,474 |  |  |  | 415 |  |  |  | 956 |  |  |  | 6 |  |  |  | - |  |  |  | 27 |  |  |  | 8,311 |
Net (loss) / gain from fair value adjustment of investment properties |  |  | (28,394 | ) |  |  | 443 |  |  |  | 496 |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | (262 | ) |  |  | (27,713 | )
General and administrative expenses |  |  | (661 | ) |  |  | (148 | ) |  |  | (182 | ) |  |  | (344 | ) |  |  | (93 | ) |  |  | (363 | ) |  |  | (79 | ) |  |  | (1,870 | )
Selling expenses |  |  | (371 | ) |  |  | (69 | ) |  |  | (83 | ) |  |  | (221 | ) |  |  | - |  |  |  | - |  |  |  | (15 | ) |  |  | (759 | )
Other operating results, net |  |  | (57 | ) |  |  | (23 | ) |  |  | (208 | ) |  |  | 80 |  |  |  | (9 | ) |  |  | - |  |  |  | (220 | ) |  |  | (437 | )
(Loss) / profit from operations |  |  | (24,050 | ) |  |  | 1,677 |  |  |  | 438 |  |  |  | 471 |  |  |  | (92 | ) |  |  | (363 | ) |  |  | (549 | ) |  |  | (22,468 | )
Share of profit of associates and joint ventures |  |  | - |  |  |  | - |  |  |  | (26 | ) |  |  | - |  |  |  | (2,574 | ) |  |  | - |  |  |  | (1,620 | ) |  |  | (4,220 | )
Segment (loss) / profit |  |  | (24,050 | ) |  |  | 1,677 |  |  |  | 412 |  |  |  | 471 |  |  |  | (2,666 | ) |  |  | (363 | ) |  |  | (2,169 | ) |  |  | (26,688 | )
Investment properties, trading properties and property, plant and equipment |  |  | 35,239 |  |  |  | 22,165 |  |  |  | 19,422 |  |  |  | 1,330 |  |  |  | 189 |  |  |  | - |  |  |  | 743 |  |  |  | 79,088 |
Investment in associates, joint ventures and goodwill |  |  | 7 |  |  |  | 40 |  |  |  | 310 |  |  |  | - |  |  |  | (5,053 | ) |  |  | - |  |  |  | 3,488 |  |  |  | (1,208 | )
Other operating assets |  |  | 30 |  |  |  | 1 |  |  |  | 129 |  |  |  | 18 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 178 |
Operating assets |  |  | 35,276 |  |  |  | 22,206 |  |  |  | 19,861 |  |  |  | 1,348 |  |  |  | (4,864 | ) |  |  | - |  |  |  | 4,231 |  |  |  | 78,058 |
From all the revenues corresponding to the Operations Center in Argentina, Ps. 10,189 are originated in Argentina, Ps. 335 in Uruguay and Ps. 10 in the U.S. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the Operations Center in Argentina segments, Ps. 82,638 are located in Argentina and Ps. (4,580) in other countries, principally in USA for Ps. (4,864) and Uruguay for Ps. 284.
|  | June 30, 2018 |
|  | Operations Center in Argentina |
|  | Shopping Malls |  |  | Offices |  |  | Sales and developments |  |  | Hotels |  |  | International |  |  | Corporate |  |  | Others |  |  | Total |
Revenues |  |  | 6,822 |  |  |  | 932 |  |  |  | 210 |  |  |  | 1,711 |  |  |  | - |  |  |  | - |  |  |  | 32 |  |  |  | 9,707 |
Costs |  |  | (580 | ) |  |  | (73 | ) |  |  | (104 | ) |  |  | (1,168 | ) |  |  | - |  |  |  | - |  |  |  | (35 | ) |  |  | (1,960 | )
Gross profit / (loss) |  |  | 6,242 |  |  |  | 859 |  |  |  | 106 |  |  |  | 543 |  |  |  | - |  |  |  | - |  |  |  | (3 | ) |  |  | 7,747 |
Net gain from fair value adjustment of investment properties |  |  | 4,384 |  |  |  | 4,373 |  |  |  | 5,134 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 254 |  |  |  | 14,145 |
General and administrative expenses |  |  | (597 | ) |  |  | (152 | ) |  |  | (139 | ) |  |  | (341 | ) |  |  | (82 | ) |  |  | (269 | ) |  |  | (54 | ) |  |  | (1,634 | )
Selling expenses |  |  | (425 | ) |  |  | (100 | ) |  |  | (40 | ) |  |  | (218 | ) |  |  | - |  |  |  | - |  |  |  | (5 | ) |  |  | (788 | )
Other operating results, net |  |  | (65 | ) |  |  | (16 | ) |  |  | 97 |  |  |  | (28 | ) |  |  | (40 | ) |  |  | - |  |  |  | 23 |  |  |  | (29 | )
Profit / (loss) from operations |  |  | 9,539 |  |  |  | 4,964 |  |  |  | 5,158 |  |  |  | (44 | ) |  |  | (122 | ) |  |  | (269 | ) |  |  | 215 |  |  |  | 19,441 |
Share of profit of associates and joint ventures |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | (3,095 | ) |  |  | - |  |  |  | 135 |  |  |  | (2,957 | )
Segment profit / (loss) |  |  | 9,539 |  |  |  | 4,964 |  |  |  | 5,161 |  |  |  | (44 | ) |  |  | (3,217 | ) |  |  | (269 | ) |  |  | 350 |  |  |  | 16,484 |
Investment properties, trading properties and property, plant and equipment |  |  | 63,108 |  |  |  | 19,994 |  |  |  | 17,596 |  |  |  | 1,405 |  |  |  | 138 |  |  |  | - |  |  |  | 933 |  |  |  | 103,174 |
Investment in associates, joint ventures and goodwill |  |  | 7 |  |  |  | 40 |  |  |  | 312 |  |  |  | - |  |  |  | (2,707 | ) |  |  | - |  |  |  | 5,964 |  |  |  | 3,616 |
Other operating assets |  |  | 40 |  |  |  | 2 |  |  |  | 132 |  |  |  | 19 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 193 |
Operating assets |  |  | 63,155 |  |  |  | 20,036 |  |  |  | 18,040 |  |  |  | 1,424 |  |  |  | (2,569 | ) |  |  | - |  |  |  | 6,897 |  |  |  | 106,983 |
From all the revenues corresponding to the Operations Center in Argentina, the 100% are originated in Argentina. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the Operations Center in Argentina segments, Ps. 109,244 are located in Argentina and Ps. (2,261) in other countries, principally in USA for Ps. (2,569) and Uruguay for Ps. 308.
|  | June 30, 2017 |
|  | Operations Center in Argentina |
|  | Shopping Malls |  |  | Offices |  |  | Sales and developments |  |  | Hotels |  |  | International |  |  | Corporate |  |  | Others |  |  | Total |
Revenues |  |  | 6,991 |  |  |  | 945 |  |  |  | 203 |  |  |  | 1,577 |  |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | 9,728 |
Costs |  |  | (745 | ) |  |  | (147 | ) |  |  | (103 | ) |  |  | (1,102 | ) |  |  | - |  |  |  | - |  |  |  | (8 | ) |  |  | (2,105 | )
Gross profit |  |  | 6,246 |  |  |  | 798 |  |  |  | 100 |  |  |  | 475 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 7,623 |
Net (loss) / gain from fair value adjustment of investment properties |  |  | (5,883 | ) |  |  | 1,134 |  |  |  | 290 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (38 | ) |  |  | (4,497 | )
General and administrative expenses |  |  | (582 | ) |  |  | (157 | ) |  |  | (72 | ) |  |  | (304 | ) |  |  | (89 | ) |  |  | (290 | ) |  |  | (16 | ) |  |  | (1,510 | )
Selling expenses |  |  | (401 | ) |  |  | (102 | ) |  |  | (42 | ) |  |  | (216 | ) |  |  | - |  |  |  | - |  |  |  | (8 | ) |  |  | (769 | )
Other operating results, net |  |  | (75 | ) |  |  | (22 | ) |  |  | (72 | ) |  |  | 2 |  |  |  | (528 | ) |  |  | - |  |  |  | 16 |  |  |  | (679 | )
(Loss) / profit from operations |  |  | (695 | ) |  |  | 1,651 |  |  |  | 204 |  |  |  | (43 | ) |  |  | (617 | ) |  |  | (290 | ) |  |  | (42 | ) |  |  | 168 |
Share of profit of associates and joint ventures |  |  | - |  |  |  | - |  |  |  | (16 | ) |  |  | - |  |  |  | (352 | ) |  |  | - |  |  |  | (597 | ) |  |  | (965 | )
Segment (loss) / profit |  |  | (695 | ) |  |  | 1,651 |  |  |  | 188 |  |  |  | (43 | ) |  |  | (969 | ) |  |  | (290 | ) |  |  | (639 | ) |  |  | (797 | )
Investment properties, trading properties and properties plant and equipment |  |  | 58,085 |  |  |  | 14,965 |  |  |  | 11,517 |  |  |  | 1,496 |  |  |  | - |  |  |  | - |  |  |  | 497 |  |  |  | 86,560 |
Investment in associates, joint ventures and goodwill |  |  | 7 |  |  |  | 42 |  |  |  | 225 |  |  |  | - |  |  |  | 1,293 |  |  |  | - |  |  |  | 5,682 |  |  |  | 7,249 |
Other operating assets |  |  | 47 |  |  |  | 2 |  |  |  | 95 |  |  |  | 20 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 164 |
Operating assets |  |  | 58,139 |  |  |  | 15,009 |  |  |  | 11,837 |  |  |  | 1,516 |  |  |  | 1,293 |  |  |  | - |  |  |  | 6,179 |  |  |  | 93,973 |
From all the revenues corresponding to the Operations Center in Argentina, the 100% are originated in Argentina. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the Operations Center in Argentina segments, Ps. 92,362 are located in Argentina and Ps. 1,676 in other countries, principally in USA for Ps. 1,293 and Uruguay for Ps. 383. Below is a summarized analysis of the lines of business of Group’s Operations Center in Israel for the years ended June 30, 2019, 2018 and 2017:
|  | June 30, 2019 |
|  | Operations Center in Israel |
|  | Real Estate |  |  | Supermarkets |  |  | Telecommunications |  |  | Insurance |  |  | Corporate |  |  | Others |  |  | Total |
Revenues |  |  | 15,340 |  |  |  | - |  |  |  | 40,236 |  |  |  | - |  |  |  | - |  |  |  | 1,146 |  |  |  | 56,722 |
Costs |  |  | (6,828 | ) |  |  | - |  |  |  | (29,683 | ) |  |  | - |  |  |  | - |  |  |  | (616 | ) |  |  | (37,127 | )
Gross profit |  |  | 8,512 |  |  |  | - |  |  |  | 10,553 |  |  |  | - |  |  |  | - |  |  |  | 530 |  |  |  | 19,595 |
Net gain from fair value adjustment of investment properties |  |  | 3,416 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,416 |
General and administrative expenses |  |  | (762 | ) |  |  | - |  |  |  | (3,344 | ) |  |  | - |  |  |  | (740 | ) |  |  | (1,040 | ) |  |  | (5,886 | )
Selling expenses |  |  | (270 | ) |  |  | - |  |  |  | (7,390 | ) |  |  | - |  |  |  | - |  |  |  | (303 | ) |  |  | (7,963 | )
Other operating results, net |  |  | - |  |  |  | - |  |  |  | 278 |  |  |  | - |  |  |  | - |  |  |  | 241 |  |  |  | 519 |
Profit / (loss) from operations |  |  | 10,896 |  |  |  | - |  |  |  | 97 |  |  |  | - |  |  |  | (740 | ) |  |  | (572 | ) |  |  | 9,681 |
Share of profit / (loss) of associates and joint ventures |  |  | 174 |  |  |  | 502 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (633 | ) |  |  | 43 |
Segment profit / (loss) |  |  | 11,070 |  |  |  | 502 |  |  |  | 97 |  |  |  | - |  |  |  | (740 | ) |  |  | (1,205 | ) |  |  | 9,724 |
Operating assets |  |  | 212,300 |  |  |  | 16,102 |  |  |  | 76,531 |  |  |  | 15,839 |  |  |  | 29,062 |  |  |  | 24,889 |  |  |  | 374,723 |
Operating liabilities |  |  | (164,811 | ) |  |  | - |  |  |  | (59,333 | ) |  |  | - |  |  |  | (88,569 | ) |  |  | (9,849 | ) |  |  | (322,562 | )
Operating assets (liabilities), net |  |  | 47,489 |  |  |  | 16,102 |  |  |  | 17,198 |  |  |  | 15,839 |  |  |  | (59,507 | ) |  |  | 15,040 |  |  |  | 52,161 |
|  | June 30, 2018 |
|  | Operations Center in Israel |
|  | Real Estate |  |  | Supermarkets |  |  | Telecommunications |  |  | Insurance |  |  | Corporate |  |  | Others |  |  | Total |
Revenues |  |  | 10,763 |  |  |  | - |  |  |  | 34,330 |  |  |  | - |  |  |  | - |  |  |  | 1,045 |  |  |  | 46,138 |
Costs |  |  | (4,451 | ) |  |  | - |  |  |  | (24,621 | ) |  |  | - |  |  |  | - |  |  |  | (552 | ) |  |  | (29,624 | )
Gross profit |  |  | 6,312 |  |  |  | - |  |  |  | 9,709 |  |  |  | - |  |  |  | - |  |  |  | 493 |  |  |  | 16,514 |
Net gain from fair value adjustment of investment properties |  |  | 3,575 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,575 |
General and administrative expenses |  |  | (644 | ) |  |  | - |  |  |  | (3,214 | ) |  |  | - |  |  |  | (597 | ) |  |  | (844 | ) |  |  | (5,299 | )
Selling expenses |  |  | (202 | ) |  |  | - |  |  |  | (7,038 | ) |  |  | - |  |  |  | - |  |  |  | (266 | ) |  |  | (7,506 | )
Other operating results, net |  |  | 179 |  |  |  | - |  |  |  | 540 |  |  |  | - |  |  |  | 798 |  |  |  | (23 | ) |  |  | 1,494 |
Profit / (loss) from operations |  |  | 9,220 |  |  |  | - |  |  |  | (3 | ) |  |  | - |  |  |  | 201 |  |  |  | (640 | ) |  |  | 8,778 |
Share of profit / (loss) of associates and joint ventures |  |  | 233 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (406 | ) |  |  | (173 | )
Segment profit / (loss) |  |  | 9,453 |  |  |  | - |  |  |  | (3 | ) |  |  | - |  |  |  | 201 |  |  |  | (1,046 | ) |  |  | 8,605 |
Operating assets |  |  | 208,525 |  |  |  | 20,696 |  |  |  | 77,471 |  |  |  | 19,064 |  |  |  | 33,187 |  |  |  | 35,433 |  |  |  | 394,376 |
Operating liabilities |  |  | (162,110 | ) |  |  | - |  |  |  | (60,369 | ) |  |  | - |  |  |  | (108,847 | ) |  |  | (3,860 | ) |  |  | (335,186 | )
Operating assets (liabilities), net |  |  | 46,415 |  |  |  | 20,696 |  |  |  | 17,102 |  |  |  | 19,064 |  |  |  | (75,660 | ) |  |  | 31,573 |  |  |  | 59,190 |
|  | June 30, 2017 |
|  | Operations Center in Israel |
|  | Real Estate |  |  | Supermarkets |  |  | Telecommunications |  |  | Insurance |  |  | Corporate |  |  | Others |  |  | Total |
Revenues |  |  | 10,480 |  |  |  | - |  |  |  | 35,062 |  |  |  | - |  |  |  | - |  |  |  | 1,220 |  |  |  | 46,762 |
Costs |  |  | (4,971 | ) |  |  | - |  |  |  | (24,536 | ) |  |  | - |  |  |  | - |  |  |  | (458 | ) |  |  | (29,965 | )
Gross profit |  |  | 5,509 |  |  |  | - |  |  |  | 10,526 |  |  |  | - |  |  |  | - |  |  |  | 762 |  |  |  | 16,797 |
Net gain from fair value adjustment of investment properties |  |  | 779 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 779 |
General and administrative expenses |  |  | (636 | ) |  |  | - |  |  |  | (3,499 | ) |  |  | - |  |  |  | (836 | ) |  |  | (612 | ) |  |  | (5,583 | )
Selling expenses |  |  | (199 | ) |  |  | - |  |  |  | (7,491 | ) |  |  | - |  |  |  | - |  |  |  | (361 | ) |  |  | (8,051 | )
Other operating results, net |  |  | 70 |  |  |  | - |  |  |  | 238 |  |  |  | - |  |  |  | (105 | ) |  |  | (211 | ) |  |  | (8 | )
Profit / (loss) from operations |  |  | 5,523 |  |  |  | - |  |  |  | (226 | ) |  |  | - |  |  |  | (941 | ) |  |  | (422 | ) |  |  | 3,934 |
Share of profit / (loss) of associates and joint ventures |  |  | 66 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (28 | ) |  |  | 38 |
Segment profit / (loss) |  |  | 5,589 |  |  |  | - |  |  |  | (226 | ) |  |  | - |  |  |  | (941 | ) |  |  | (450 | ) |  |  | 3,972 |
Operating assets |  |  | 142,054 |  |  |  | 64,914 |  |  |  | 54,722 |  |  |  | 17,243 |  |  |  | 28,083 |  |  |  | 54,233 |  |  |  | 361,249 |
Operating liabilities |  |  | (115,624 | ) |  |  | (52,904 | ) |  |  | (45,163 | ) |  |  | - |  |  |  | (67,154 | ) |  |  | (31,822 | ) |  |  | (312,667 | )
Operating assets (liabilities), net |  |  | 26,430 |  |  |  | 12,010 |  |  |  | 9,559 |  |  |  | 17,243 |  |  |  | (39,071 | ) |  |  | 22,411 |  |  |  | 48,582 |
No external client represents 10% or more of the revenue of any of the reportable segments. From all assets corresponding to the Operations Center in Israel segments, Ps. 51,895 are located in USA (Ps. 54,340 in 2018 and Ps. 43,869 in 2017), Ps. 1,385 (Ps. 1,632 in 2018 and Ps. 1,546 in 2017) in India and the remaining are located in Israel.

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