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Segment information | 12 Months Ended
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Jun. 30, 2025
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. Segment information is reported from the perspective of products and services, considering separately the various activities being developed, which represent reporting operating segments given the nature of its products, services, operations and risks. Below is the segment information which was prepared as follows:
| · | 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 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 and other rental spaces are also included.
| o | The "Hotels" segment includes the operating results mainly comprised of room, catering and restaurant revenues.
| o | The “Others” segment includes the entertainment activities through La Arena S.A., La Rural S.A. and Centro de Convenciones Buenos Aires (concession), We are appa 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 applied in preparing this information are consistent with IFRS Accounting Standards employed for the preparation of our 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 (“CPF”) 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 CPF 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. Most revenue from its operating segments is derived from, and their assets are located in, Argentina, except for some share of profit / (loss) of associates included in the “Others” segment located in the USA. Revenues for each reporting segment derive from a large and diverse client base and, therefore, there is no revenue concentration in any particular segment. 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 Consolidated Statement of Income and Other Comprehensive Income for the years ended June 30, 2025, 2024 and 2023:
|  | 06.30.2025 |
|  | 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 |  |  | 374,662 |  |  |  | (2,172 | ) |  |  | 96,036 |  |  |  | - |  |  |  | 468,526 |
Costs |  |  | (87,365 | ) |  |  | 204 |  |  |  | (96,575 | ) |  |  | - |  |  |  | (183,736 | )
Gross profit / (loss) |  |  | 287,297 |  |  |  | (1,968 | ) |  |  | (539 | ) |  |  | - |  |  |  | 284,790 |
Net gain from fair value adjustment of investment properties |  |  | 27 |  |  |  | (2,527 | ) |  |  | - |  |  |  | - |  |  |  | (2,500 | )
General and administrative expenses |  |  | (69,135 | ) |  |  | 299 |  |  |  | - |  |  |  | 197 |  |  |  | (68,639 | )
Selling expenses |  |  | (24,108 | ) |  |  | 126 |  |  |  | - |  |  |  | - |  |  |  | (23,982 | )
Other operating results, net |  |  | (17,199 | ) |  |  | (2 | ) |  |  | 344 |  |  |  | (197 | ) |  |  | (17,054 | )
Profit / (loss) from operations |  |  | 176,882 |  |  |  | (4,072 | ) |  |  | (195 | ) |  |  | - |  |  |  | 172,615 |
Share of profit of associates and joint ventures |  |  | 25,332 |  |  |  | 2,592 |  |  |  | - |  |  |  | - |  |  |  | 27,924 |
Segment profit / (loss) |  |  | 202,214 |  |  |  | (1,480 | ) |  |  | (195 | ) |  |  | - |  |  |  | 200,539 |
Reportable assets |  |  | 2,741,621 |  |  |  | (617 | ) |  |  | - |  |  |  | 621,065 |  |  |  | 3,362,069 |
Reportable liabilities (i) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,690,102 | ) |  |  | (1,690,102 | )
Net reportable assets |  |  | 2,741,621 |  |  |  | (617 | ) |  |  | - |  |  |  | (1,069,037 | ) |  |  | 1,671,967 |
|  | 06.30.2024 |
|  | 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 |  |  | 377,202 |  |  |  | (2,027 | ) |  |  | 82,884 |  |  |  | - |  |  |  | 458,059 |
Costs |  |  | (67,990 | ) |  |  | 225 |  |  |  | (84,539 | ) |  |  | - |  |  |  | (152,304 | )
Gross profit / (loss) |  |  | 309,212 |  |  |  | (1,802 | ) |  |  | (1,655 | ) |  |  | - |  |  |  | 305,755 |
Net loss from fair value adjustment of investment properties |  |  | (489,302 | ) |  |  | 508 |  |  |  | - |  |  |  | - |  |  |  | (488,794 | )
General and administrative expenses |  |  | (71,355 | ) |  |  | 242 |  |  |  | - |  |  |  | (36 | ) |  |  | (71,149 | )
Selling expenses |  |  | (24,387 | ) |  |  | 187 |  |  |  | - |  |  |  | - |  |  |  | (24,200 | )
Other operating results, net |  |  | (7,240 | ) |  |  | (28 | ) |  |  | 584 |  |  |  | 36 |  |  |  | (6,648 | )
(Loss) / profit from operations |  |  | (283,072 | ) |  |  | (893 | ) |  |  | (1,071 | ) |  |  | - |  |  |  | (285,036 | )
Share of profit of associates and joint ventures |  |  | 47,068 |  |  |  | 386 |  |  |  | - |  |  |  | - |  |  |  | 47,454 |
Segment (loss) / profit |  |  | (236,004 | ) |  |  | (507 | ) |  |  | (1,071 | ) |  |  | - |  |  |  | (237,582 | )
Reportable assets |  |  | 2,711,915 |  |  |  | 601 |  |  |  | - |  |  |  | 412,955 |  |  |  | 3,125,471 |
Reportable liabilities (i) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,518,742 | ) |  |  | (1,518,742 | )
Net reportable assets |  |  | 2,711,915 |  |  |  | 601 |  |  |  | - |  |  |  | (1,105,787 | ) |  |  | 1,606,729 |
|  | 06.30.2023 |
|  | 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 |  |  | 374,521 |  |  |  | (2,352 | ) |  |  | 90,317 |  |  |  | - |  |  |  | 462,486 |
Costs |  |  | (68,638 | ) |  |  | 1,026 |  |  |  | (91,947 | ) |  |  | - |  |  |  | (159,559 | )
Gross profit / (loss) |  |  | 305,883 |  |  |  | (1,326 | ) |  |  | (1,630 | ) |  |  | - |  |  |  | 302,927 |
Net loss from fair value adjustment of investment properties |  |  | (265,106 | ) |  |  | 10,539 |  |  |  | - |  |  |  | - |  |  |  | (254,567 | )
General and administrative expenses |  |  | (100,686 | ) |  |  | 347 |  |  |  | - |  |  |  | 269 |  |  |  | (100,070 | )
Selling expenses |  |  | (23,507 | ) |  |  | 142 |  |  |  | - |  |  |  | - |  |  |  | (23,365 | )
Other operating results, net |  |  | (37,730 | ) |  |  | (129 | ) |  |  | 857 |  |  |  | (269 | ) |  |  | (37,271 | )
Loss from operations |  |  | (121,146 | ) |  |  | 9,573 |  |  |  | (773 | ) |  |  | - |  |  |  | (112,346 | )
Share of profit / (loss) of associates and joint ventures |  |  | 20,145 |  |  |  | (6,565 | ) |  |  | - |  |  |  | - |  |  |  | 13,580 |
Segment loss |  |  | (101,001 | ) |  |  | 3,008 |  |  |  | (773 | ) |  |  | - |  |  |  | (98,766 | )
Reportable assets |  |  | 3,289,229 |  |  |  | (18,585 | ) |  |  | - |  |  |  | 415,415 |  |  |  | 3,686,059 |
Reportable liabilities (i) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,680,019 | ) |  |  | (1,680,019 | )
Net reportable assets |  |  | 3,289,229 |  |  |  | (18,585 | ) |  |  | - |  |  |  | (1,264,604 | ) |  |  | 2,006,040 |
(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, 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 80, ARS 22 and ARS 7, as of June 30, 2025, 2024 and 2023, respectively.
(i) | The CODM centers the review on reportable assets.
Below is a summarized analysis of the lines of Group business for the fiscal years ended June 30, 2025, 2024 and 2023:
|  | 06.30.2025 |
|  | Shopping Malls |  |  | Offices |  |  | Sales and developments |  |  | Hotels |  |  | Others (i) |  |  | Total |
Revenues |  |  | 270,531 |  |  |  | 20,065 |  |  |  | 12,761 |  |  |  | 64,596 |  |  |  | 6,709 |  |  |  | 374,662 |
Costs |  |  | (20,705 | ) |  |  | (1,742 | ) |  |  | (17,929 | ) |  |  | (42,908 | ) |  |  | (4,081 | ) |  |  | (87,365 | )
Gross profit / (loss) |  |  | 249,826 |  |  |  | 18,323 |  |  |  | (5,168 | ) |  |  | 21,688 |  |  |  | 2,628 |  |  |  | 287,297 |
Net gain / (loss) from fair value adjustment of investment properties |  |  | 443,974 |  |  |  | (148,941 | ) |  |  | (294,436 | ) |  |  | - |  |  |  | (570 | ) |  |  | 27 |
General and administrative expenses |  |  | (28,999 | ) |  |  | (2,397 | ) |  |  | (11,605 | ) |  |  | (11,972 | ) |  |  | (14,162 | ) |  |  | (69,135 | )
Selling expenses |  |  | (13,536 | ) |  |  | (891 | ) |  |  | (3,116 | ) |  |  | (5,052 | ) |  |  | (1,513 | ) |  |  | (24,108 | )
Other operating results, net |  |  | (500 | ) |  |  | 182 |  |  |  | (19,070 | ) |  |  | (474 | ) |  |  | 2,663 |  |  |  | (17,199 | )
Profit / (loss) from operations |  |  | 650,765 |  |  |  | (133,724 | ) |  |  | (333,395 | ) |  |  | 4,190 |  |  |  | (10,954 | ) |  |  | 176,882 |
Share of profit of associates and joint ventures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 25,332 |  |  |  | 25,332 |
Segment profit / (loss) |  |  | 650,765 |  |  |  | (133,724 | ) |  |  | (333,395 | ) |  |  | 4,190 |  |  |  | 14,378 |  |  |  | 202,214 |
Investment properties and trading properties |  |  | 1,458,243 |  |  |  | 252,868 |  |  |  | 800,571 |  |  |  | - |  |  |  | 2,106 |  |  |  | 2,513,788 |
Investment in associates and joint ventures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 169,700 |  |  |  | 169,700 |
Other operating assets |  |  | 5,169 |  |  |  | 511 |  |  |  | 114 |  |  |  | 45,233 |  |  |  | 7,106 |  |  |  | 58,133 |
Reportable assets |  |  | 1,463,412 |  |  |  | 253,379 |  |  |  | 800,685 |  |  |  | 45,233 |  |  |  | 178,912 |  |  |  | 2,741,621 |
(i) | Includes the result for the investment in GCDI and BHSA for ARS 519 and ARS 13,639 respectively, in the line “Share of profit of associates and joint ventures”.
From all the revenues corresponding to the segments, ARS 374,042 originated in Argentina, and ARS 620 in other countries, principally in Uruguay for ARS 547 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 segments, ARS 2,728,390 are located in Argentina and ARS 13,231 in other countries, principally in the USA for ARS 1,620 and Uruguay for ARS 11,472.
|  | 06.30.2024 |
|  | Shopping Malls |  |  | Offices |  |  | Sales and developments |  |  | Hotels |  |  | Others (i) |  |  | Total |
Revenues |  |  | 250,468 |  |  |  | 22,646 |  |  |  | 12,891 |  |  |  | 85,840 |  |  |  | 5,357 |  |  |  | 377,202 |
Costs |  |  | (14,937 | ) |  |  | (1,648 | ) |  |  | (7,451 | ) |  |  | (40,173 | ) |  |  | (3,781 | ) |  |  | (67,990 | )
Gross profit |  |  | 235,531 |  |  |  | 20,998 |  |  |  | 5,440 |  |  |  | 45,667 |  |  |  | 1,576 |  |  |  | 309,212 |
Net loss from fair value adjustment of investment properties |  |  | (20,824 | ) |  |  | (97,015 | ) |  |  | (371,060 | ) |  |  | - |  |  |  | (403 | ) |  |  | (489,302 | )
General and administrative expenses |  |  | (30,126 | ) |  |  | (2,493 | ) |  |  | (12,283 | ) |  |  | (13,025 | ) |  |  | (13,428 | ) |  |  | (71,355 | )
Selling expenses |  |  | (12,558 | ) |  |  | (251 | ) |  |  | (4,512 | ) |  |  | (5,863 | ) |  |  | (1,203 | ) |  |  | (24,387 | )
Other operating results, net |  |  | (3,960 | ) |  |  | (88 | ) |  |  | (2,765 | ) |  |  | (1,577 | ) |  |  | 1,150 |  |  |  | (7,240 | )
Profit / (loss) from operations |  |  | 168,063 |  |  |  | (78,849 | ) |  |  | (385,180 | ) |  |  | 25,202 |  |  |  | (12,308 | ) |  |  | (283,072 | )
Share of profit of associates and joint ventures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 47,068 |  |  |  | 47,068 |
Segment profit / (loss) |  |  | 168,063 |  |  |  | (78,849 | ) |  |  | (385,180 | ) |  |  | 25,202 |  |  |  | 34,760 |  |  |  | (236,004 | )
Investment properties and trading properties |  |  | 962,417 |  |  |  | 423,239 |  |  |  | 1,019,001 |  |  |  | - |  |  |  | 3,152 |  |  |  | 2,407,809 |
Investment in associates and joint ventures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 173,401 |  |  |  | 173,401 |
Other operating assets |  |  | 3,416 |  |  |  | 452 |  |  |  | 75,534 |  |  |  | 44,158 |  |  |  | 7,145 |  |  |  | 130,705 |
Reportable assets |  |  | 965,833 |  |  |  | 423,691 |  |  |  | 1,094,535 |  |  |  | 44,158 |  |  |  | 183,698 |  |  |  | 2,711,915 |
(ii) | Includes the result for the investment in GCDI and BHSA for ARS (7,918) and ARS 40,782 respectively, in the line “Share of profit of associates and joint ventures”.
From all the revenues included in the segments ARS 367,827 originated in Argentina and ARS 9,375 in other countries, principally in Uruguay for ARS 9,273 and USA for ARS 102. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets included in the segments, ARS 2,697,289 are located in Argentina and ARS 14,626 in other countries, principally in the USA for ARS 2,446 and Uruguay for ARS 12,086.
|  | 06.30.2023 |
|  | Shopping Malls |  |  | Offices |  |  | Sales and developments |  |  | Hotels |  |  | Others (i) |  |  | Total |
Revenues |  |  | 245,723 |  |  |  | 23,745 |  |  |  | 22,698 |  |  |  | 77,512 |  |  |  | 4,843 |  |  |  | 374,521 |
Costs |  |  | (16,643 | ) |  |  | (1,963 | ) |  |  | (6,905 | ) |  |  | (39,263 | ) |  |  | (3,864 | ) |  |  | (68,638 | )
Gross profit |  |  | 229,080 |  |  |  | 21,782 |  |  |  | 15,793 |  |  |  | 38,249 |  |  |  | 979 |  |  |  | 305,883 |
Net loss from fair value adjustment of investment properties |  |  | (57,854 | ) |  |  | (23,548 | ) |  |  | (183,119 | ) |  |  | - |  |  |  | (585 | ) |  |  | (265,106 | )
General and administrative expenses |  |  | (34,612 | ) |  |  | (3,859 | ) |  |  | (13,260 | ) |  |  | (16,964 | ) |  |  | (31,991 | ) |  |  | (100,686 | )
Selling expenses |  |  | (11,230 | ) |  |  | (534 | ) |  |  | (5,817 | ) |  |  | (5,325 | ) |  |  | (601 | ) |  |  | (23,507 | )
Other operating results, net |  |  | (3,030 | ) |  |  | (357 | ) |  |  | (4,579 | ) |  |  | (741 | ) |  |  | (29,023 | ) |  |  | (37,730 | )
Profit / (loss) from operations |  |  | 122,354 |  |  |  | (6,516 | ) |  |  | (190,982 | ) |  |  | 15,219 |  |  |  | (61,221 | ) |  |  | (121,146 | )
Share of profit of associates and joint ventures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20,145 |  |  |  | 20,145 |
Segment profit / (loss) |  |  | 122,354 |  |  |  | (6,516 | ) |  |  | (190,982 | ) |  |  | 15,219 |  |  |  | (41,076 | ) |  |  | (101,001 | )
Investment properties and trading properties |  |  | 967,683 |  |  |  | 624,081 |  |  |  | 1,449,437 |  |  |  | - |  |  |  | 4,165 |  |  |  | 3,045,366 |
Investment in associates and joint ventures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 148,652 |  |  |  | 148,652 |
Other operating assets |  |  | 3,429 |  |  |  | 554 |  |  |  | 38,119 |  |  |  | 45,495 |  |  |  | 7,614 |  |  |  | 95,211 |
Reportable assets |  |  | 971,112 |  |  |  | 624,635 |  |  |  | 1,487,556 |  |  |  | 45,495 |  |  |  | 160,431 |  |  |  | 3,289,229 |
(iii) | Includes the result for the investment in GCDI and BHSA for ARS 841 and ARS 15,969 respectively, in the line “Share of profit of associates and joint ventures”.
From all the revenues corresponding included in the segments ARS 361,377 are originated in Argentina and ARS 13,144 in other countries, principally in Uruguay for ARS 13,031 and USA for ARS 113. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets included in the segments, ARS 3,269,593 are located in Argentina and ARS 19,636 in other countries, principally in the USA for ARS 2,735 and Uruguay for ARS 16,801.

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