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Leases

12 Months Ended

Jun. 30, 2021

22. Leases

The Group as lessee

In the ordinary course of business, the Group leases property or spaces for administrative or commercial use both in Argentina and Israel. 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 30).

The future minimum payments that the Group must pay under leases are as follows:

	June 30, 2021		June 30, 2020		June 30, 2019
No later than one year		-		3,467		13,012
Later than one year and not later than five years		-		7,910		20,294
Later than five years		-		3,602		1,355
		-		14,979		34,661

The Group as lessor

Leases:

In the Shopping Malls segment and Offices segment, 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. Income from leases are recorded in the Statement of Income under rental and service income in all of the filed fiscal years.

Rental properties are considered to be investment property. Book value is included in Note 9. The future minimum proceeds under non-cancellable operating leases from Group’s shopping malls, offices and other buildings are as follows:

	June 30, 2021		June 30, 2020		June 30, 2019
No later than one year		4,023		1,095		19,850
Later than one year and not later than five years		8,059		31,063		44,656
Later than five years		2,266		14,574		32,083
		14,348		46,732		96,589