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Segment information | 12 Months Ended
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Jun. 30, 2020
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, 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 the perspective of products and services: (i) agricultural business and (ii) urban properties and investment business. In addition, this last segment is reported (ie., divided) from the geographic point of view in two Operations Centers to manage its global interests: Argentina and Israel. Within 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 from fiscal year 2018 the CODM reviews the operating income/loss of each business excluding the amounts related to management fees, being such amount reviewed at an aggregate level outside each business. Additionally, the CODM reviews certain corporate expenses associated with each business in an aggregate manner and separately from each of the segments, such expenses have been disclosed in the “Corporate” segment of each operation center. Below is the segment information prepared as follows: Agricultural business
| ● | Agricultural production: segment consists of planting, harvesting and sale of crops as wheat, corn, soybeans, cotton and sunflowers; the sale of grain derivatives, such as flour and oil, breeding, purchasing and/or fattening of free-range cattle for sale to meat processors and local livestock auction markets.; agricultural services; leasing of the Group’s farms to third parties; and planting, harvesting and sale of sugarcane
| ● | Land transformation and sales: comprises gains from the disposal and development of farmlands activities.
| ● | Corporate: includes corporate expenses related to agricultural business.
| ● | Other segments: includes, principally, slaughtering and processing in the meat refrigeration plant; and brokerage activities, among others.
Urban properties and investments business
| ● | Operation Center in Argentina includes the assets and operating results of the following segments:
| o | Shopping Malls: 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 | Offices: includes the operating results from lease revenues of offices, other rental spaces and other service revenues related to the office activities.
| o | Sales and developments: 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 | Hotels: includes the operating results mainly comprised of room, catering and restaurant revenues.
| o | International: includes assets and operating profit or loss from business related to associates Condor (hotels) and New Lipstick (offices).
| o | Corporate: includes the expenses related to the corporate activities of the Operations Center in Argentina.
| o | Others: primarily includes the entertainment activities through La Arena and La Rural S.A. and the financial activities carried out by BHSA and Tarshop.
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. 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).
Revenues for each reporting segments derive from a large and diverse client base and, therefore, there is no revenue concentration in any particular segment.
| ● | Operation Center in Israel includes the assets and operating results of the following segments:
| o | 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. In this fiscal year, the Company lost control over Gav-Yam. Income was reclassified to discontinued operations and no longer forms part of this segment in this fiscal year. Such effect was reclassified in the comparative information. As of September 2018, Gav-Yam started to be valued as an associate.
| o | 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. Due to the loss of control, it was reclassified to discontinued operations and no longer forms part of the segment for fiscal year 2018.
| o | Telecommunications: includes Cellcom whose main activities include the provision of mobile phone services, fixed line phone services, data and Internet and television, among others.
| o | Insurance: includes the investment in Clal, insurance company which main activities includes pension and social security insurance, among others. As stated in Note 18, 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 | Corporate: includes the expenses related with the activities of the holding companies.
| o | Others: includes other diverse business activities, such as technological developments, tourism, oil and gas assets, electronics, sale of fruits and others.
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. Within the agricultural business, the majority of revenue is derived from operating segments in Argentina and Brazil, where most operating assets are located. . 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. Within the urban properties and investment business in the operations center in Israel, most revenue from its operating segments are derived from and their assets are located in Israel, except for certain earnings from the Real Estate segment, which are generated from activities outside Israel, mainly in USA. Within the agricultural business and the urban properties and investments business from the operations center in Argentina, the assets categories reviewed by the CODM are investment properties, property, plant and equipment, trading properties, inventories, biological assets, right to receive future units under barter agreements, investment in joint ventures and associates and goodwill. The aggregate of these assets, classified by business segment, are disclosed as “segment assets”. Assets are allocated to each segment based on the operations and/or their physical location. Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2020:
|  | 06.30.20 |
|  |  |  |  | Urban Properties and Investment business (II) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Agricultural business (I) |  |  | Operations Center in Argentina |  |  | Operations Center in Israel |  |  | Subtotal |  |  | Total segment information |  |  | Joint ventures (i) |  |  | Discontinued operations (ii) |  |  | Adjustments (iii) |  |  | Elimination of inter- segment transactions and non- reportable assets / liabilities (iv) |  |  | Total Statement of Income / Financial Position |
Revenues |  |  | 26,259 |  |  |  | 11,138 |  |  |  | 81,637 |  |  |  | 92,775 |  |  |  | 119,034 |  |  |  | (60 | ) |  |  | - |  |  |  | 3,100 |  |  |  | (818 | ) |  |  | 121,256 |
Costs |  |  | (22,283 | ) |  |  | (2,755 | ) |  |  | (56,296 | ) |  |  | (59,051 | ) |  |  | (81,334 | ) |  |  | 53 |  |  |  | - |  |  |  | (3,230 | ) |  |  | 540 |  |  |  | (83,971 | )
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest |  |  | 2,623 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,623 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 204 |  |  |  | 2,827 |
Changes in the net realizable value of agricultural products after harvest |  |  | 657 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 657 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 657 |
Gross profit / (loss) |  |  | 7,256 |  |  |  | 8,383 |  |  |  | 25,341 |  |  |  | 33,724 |  |  |  | 40,980 |  |  |  | (7 | ) |  |  | - |  |  |  | (130 | ) |  |  | (74 | ) |  |  | 40,769 |
Gain from disposal of farmlands |  |  | 838 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 838 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 838 |
Net gain / (loss) from fair value adjustment of investment properties |  |  | 780 |  |  |  | 33,464 |  |  |  | (2,989 | ) |  |  | 30,475 |  |  |  | 31,255 |  |  |  | (263 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 30,992 |
General and administrative expenses |  |  | (1,419 | ) |  |  | (2,150 | ) |  |  | (8,764 | ) |  |  | (10,914 | ) |  |  | (12,333 | ) |  |  | 15 |  |  |  | - |  |  |  | - |  |  |  | 51 |  |  |  | (12,267 | )
Selling expenses |  |  | (2,610 | ) |  |  | (1,232 | ) |  |  | (12,544 | ) |  |  | (13,776 | ) |  |  | (16,386 | ) |  |  | 19 |  |  |  | - |  |  |  | - |  |  |  | 19 |  |  |  | (16,348 | )
Impairment of associates |  |  | - |  |  |  | - |  |  |  | (2,470 | ) |  |  | (2,470 | ) |  |  | (2,470 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,470 | )
Other operating results, net |  |  | 1,662 |  |  |  | (48 | ) |  |  | 1,127 |  |  |  | 1,079 |  |  |  | 2,741 |  |  |  | 18 |  |  |  | - |  |  |  | 17 |  |  |  | (6 | ) |  |  | 2,770 |
Management fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (211 | ) |  |  | - |  |  |  | (211 | )
Profit / (loss) from operations |  |  | 6,507 |  |  |  | 38,417 |  |  |  | (299 | ) |  |  | 38,118 |  |  |  | 44,625 |  |  |  | (218 | ) |  |  | - |  |  |  | (324 | ) |  |  | (10 | ) |  |  | 44,073 |
Share of profit of associates and joint ventures |  |  | 127 |  |  |  | 7,047 |  |  |  | 1,299 |  |  |  | 8,346 |  |  |  | 8,473 |  |  |  | 169 |  |  |  | - |  |  |  | - |  |  |  | 20 |  |  |  | 8,662 |
Segment profit / (loss) |  |  | 6,634 |  |  |  | 45,464 |  |  |  | 1,000 |  |  |  | 46,464 |  |  |  | 53,098 |  |  |  | (49 | ) |  |  | - |  |  |  | (324 | ) |  |  | 10 |  |  |  | 52,735 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |
Reportable assets |  |  | 37,070 |  |  |  | 157,987 |  |  |  | 451,267 |  |  |  | 609,254 |  |  |  | 646,324 |  |  |  | (671 | ) |  |  | - |  |  |  | - |  |  |  | 41,287 |  |  |  | 686,940 |
Reportable liabilities |  |  | - |  |  |  | - |  |  |  | (403,184 | ) |  |  | (403,184 | ) |  |  | (403,184 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (161,603 | ) |  |  | (564,787 | )
Net reportable assets |  |  | 37,070 |  |  |  | 157,987 |  |  |  | 48,083 |  |  |  | 206,070 |  |  |  | 243,140 |  |  |  | (671 | ) |  |  | - |  |  |  | - |  |  |  | (120,316 | ) |  |  | 122,153 |
Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2019:
|  | 30.10.19 |
|  |  |  |  | Urban Properties and Investment business (II) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Agricultural business (I) |  |  | Operations Center in Argentina |  |  | Operations Center in Israel |  |  | Subtotal |  |  | Total segment information |  |  | Joint ventures (i) |  |  | Discontinued operations (ii) |  |  | Adjustments (iii) |  |  | Elimination of inter- segment transactions and non- reportable assets / liabilities (iv) |  |  | Total Statement of Income / Financial Position |
Revenues |  |  | 19,061 |  |  |  | 15,056 |  |  |  | 73,537 |  |  |  | 88,593 |  |  |  | 107,654 |  |  |  | (93 | ) |  |  | - |  |  |  | 3,706 |  |  |  | (526 | ) |  |  | 110,741 |
Costs |  |  | (16,165 | ) |  |  | (3,201 | ) |  |  | (52,426 | ) |  |  | (55,627 | ) |  |  | (71,792 | ) |  |  | 67 |  |  |  | - |  |  |  | (3,855 | ) |  |  | 196 |  |  |  | (75,384 | )
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest |  |  | 2,035 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,035 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 270 |  |  |  | 2,305 |
Changes in the net realizable value of agricultural products after harvest |  |  | (43 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (43 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (43 | )
Gross profit / (loss) |  |  | 4,888 |  |  |  | 11,855 |  |  |  | 21,111 |  |  |  | 32,966 |  |  |  | 37,854 |  |  |  | (26 | ) |  |  | - |  |  |  | (149 | ) |  |  | (60 | ) |  |  | 37,619 |
Gain from disposal of farmlands |  |  | 665 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 665 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 665 |
Net gain from fair value adjustment of investment properties |  |  | - |  |  |  | (39,477 | ) |  |  | 892 |  |  |  | (38,585 | ) |  |  | (38,585 | ) |  |  | 839 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (37,746 | )
General and administrative expenses |  |  | (1,525 | ) |  |  | (2,668 | ) |  |  | (8,031 | ) |  |  | (10,699 | ) |  |  | (12,224 | ) |  |  | 17 |  |  |  | - |  |  |  | - |  |  |  | 55 |  |  |  | (12,152 | )
Selling expenses |  |  | (1,717 | ) |  |  | (1,085 | ) |  |  | (11,192 | ) |  |  | (12,277 | ) |  |  | (13,994 | ) |  |  | 7 |  |  |  | - |  |  |  | - |  |  |  | 11 |  |  |  | (13,976 | )
Other operating results, net |  |  | 819 |  |  |  | (659 | ) |  |  | 742 |  |  |  | 83 |  |  |  | 902 |  |  |  | 193 |  |  |  | - |  |  |  | 17 |  |  |  | (11 | ) |  |  | 1,101 |
Management fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Profit / (loss) from operations |  |  | 3,130 |  |  |  | (32,034 | ) |  |  | 3,522 |  |  |  | (28,512 | ) |  |  | (25,382 | ) |  |  | 1,030 |  |  |  | - |  |  |  | (132 | ) |  |  | (5 | ) |  |  | (24,489 | )
Share of profit / (loss) of associates and joint ventures |  |  | 11 |  |  |  | (6,183 | ) |  |  | (150 | ) |  |  | (6,333 | ) |  |  | (6,322 | ) |  |  | (1,006 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (7,328 | )
Segment profit / (loss) |  |  | 3,141 |  |  |  | (38,217 | ) |  |  | 3,372 |  |  |  | (34,845 | ) |  |  | (31,704 | ) |  |  | 24 |  |  |  | - |  |  |  | (132 | ) |  |  | (5 | ) |  |  | (31,817 | )
Reportable assets |  |  | 34,597 |  |  |  | 111,717 |  |  |  | 535,565 |  |  |  | 647,282 |  |  |  | 681,879 |  |  |  | (592 | ) |  |  | - |  |  |  | - |  |  |  | 44,747 |  |  |  | 726,034 |
Reportable liabilities |  |  | - |  |  |  | - |  |  |  | (461,015 | ) |  |  | (461,015 | ) |  |  | (461,015 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (137,818 | ) |  |  | (598,833 | )
Net reportable assets |  |  | 34,597 |  |  |  | 111,717 |  |  |  | 74,550 |  |  |  | 186,267 |  |  |  | 220,864 |  |  |  | (592 | ) |  |  | - |  |  |  | - |  |  |  | (93,071 | ) |  |  | 127,201 |
Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2018:
|  | 06.30.18 |
|  |  |  |  | Urban Properties and Investment business (II) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Agricultural business (I) |  |  | Operations Center in Argentina |  |  | Operations Center in Israel |  |  | Subtotal |  |  | Total segment information |  |  | Joint ventures (i) |  |  | Adjustments (iii) |  |  | Elimination of inter- segment transactions and non- reportable assets / liabilities (iv) |  |  | Total Statement of Income / Financial Position |
Revenues |  |  | 15,393 |  |  |  | 13,872 |  |  |  | 60,057 |  |  |  | 73,929 |  |  |  | 89,322 |  |  |  | (111 | ) |  |  | 4,387 |  |  |  | (332 | ) |  |  | 93,266 |
Costs |  |  | (13,096 | ) |  |  | (2,822 | ) |  |  | (41,935 | ) |  |  | (44,757 | ) |  |  | (57,853 | ) |  |  | 69 |  |  |  | (4,445 | ) |  |  | 151 |  |  |  | (62,078 | )
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest |  |  | 1,530 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,530 |  |  |  | 4 |  |  |  | - |  |  |  | 140 |  |  |  | 1,674 |
Changes in the net realizable value of agricultural products after harvest |  |  | 532 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 532 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 532 |
Gross profit / (loss) |  |  | 4,359 |  |  |  | 11,050 |  |  |  | 18,122 |  |  |  | 29,172 |  |  |  | 33,531 |  |  |  | (38 | ) |  |  | (58 | ) |  |  | (41 | ) |  |  | 33,394 |
Net gain from fair value adjustment of investment properties |  |  | 216 |  |  |  | 19,809 |  |  |  | - |  |  |  | 19,809 |  |  |  | 20,025 |  |  |  | (1,054 | ) |  |  | - |  |  |  | - |  |  |  | 18,971 |
Loss from disposal of farmlands |  |  | 1,656 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,656 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,656 |
General and administrative expenses |  |  | (1,381 | ) |  |  | (2,335 | ) |  |  | (7,233 | ) |  |  | (9,568 | ) |  |  | (10,949 | ) |  |  | 40 |  |  |  | - |  |  |  | 33 |  |  |  | (10,876 | )
Selling expenses |  |  | (1,753 | ) |  |  | (1,126 | ) |  |  | (10,639 | ) |  |  | (11,765 | ) |  |  | (13,518 | ) |  |  | 16 |  |  |  | - |  |  |  | 13 |  |  |  | (13,489 | )
Other operating results, net |  |  | 1,541 |  |  |  | (56 | ) |  |  | 2,136 |  |  |  | 2,080 |  |  |  | 3,621 |  |  |  | 42 |  |  |  | (2 | ) |  |  | (4 | ) |  |  | 3,657 |
Management fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,456 | ) |  |  | - |  |  |  | (1,456 | )
Profit / (loss) from operations |  |  | 4,638 |  |  |  | 27,342 |  |  |  | 2,386 |  |  |  | 29,728 |  |  |  | 34,366 |  |  |  | (994 | ) |  |  | (1,516 | ) |  |  | 1 |  |  |  | 31,857 |
Share of (loss) / profit of associates and joint ventures |  |  | 37 |  |  |  | (4,227 | ) |  |  | (422 | ) |  |  | (4,649 | ) |  |  | (4,612 | ) |  |  | 1,160 |  |  |  | - |  |  |  | - |  |  |  | (3,452 | )
Segment profit / (loss) |  |  | 4,675 |  |  |  | 23,115 |  |  |  | 1,964 |  |  |  | 25,079 |  |  |  | 29,754 |  |  |  | 166 |  |  |  | (1,516 | ) |  |  | 1 |  |  |  | 28,405 |
Reportable assets |  |  | 30,755 |  |  |  | 152,860 |  |  |  | 563,654 |  |  |  | 716,514 |  |  |  | 747,269 |  |  |  | 592 |  |  |  | - |  |  |  | 49,183 |  |  |  | 797,044 |
Reportable liabilities |  |  | - |  |  |  | - |  |  |  | (479,056 | ) |  |  | (479,056 | ) |  |  | (479,056 | ) |  |  | - |  |  |  | - |  |  |  | (141,534 | ) |  |  | (620,590 | )
Net reportable assets |  |  | 30,755 |  |  |  | 152,860 |  |  |  | 84,598 |  |  |  | 237,458 |  |  |  | 268,213 |  |  |  | 592 |  |  |  | - |  |  |  | (92,351 | ) |  |  | 176,454 |
| (i) | Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes.
| (ii) | Includes Ps. (130), Ps. (149) and Ps. (58) corresponding to Expenses and FPC and Ps. 0, Ps. (336) and Ps. (1,456) to management fees, as of June 30, 2020 and 2018, respectively.
| (iv) | 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. 17, Ps. 8,658 and Ps. 5,453, as of June 30, 2020, 2019 and 2018, respectively.
Agriculture line of business: The following tables present the reportable segments of the agriculture line of business:
|  | 06.30.20 |
|  | Agricultural production |  |  | Land transformation and sales |  |  | Corporate |  |  | Others |  |  | Total Agricultural business |
Revenues |  |  | 17,186 |  |  |  | - |  |  |  | - |  |  |  | 9,073 |  |  |  | 26,259 |
Costs |  |  | (14,676 | ) |  |  | (25 | ) |  |  | - |  |  |  | (7,582 | ) |  |  | (22,283 | )
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest |  |  | 2,613 |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | 2,623 |
Changes in the net realizable value of agricultural products after harvest |  |  | 657 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 657 |
Gross profit / (loss) |  |  | 5,780 |  |  |  | (25 | ) |  |  | - |  |  |  | 1,501 |  |  |  | 7,256 |
Gain from disposal of farmlands |  |  | - |  |  |  | 838 |  |  |  | - |  |  |  | - |  |  |  | 838 |
Net gain from fair value adjustment of investment properties |  |  | - |  |  |  | 780 |  |  |  | - |  |  |  | - |  |  |  | 780 |
General and administrative expenses |  |  | (953 | ) |  |  | (3 | ) |  |  | (177 | ) |  |  | (286 | ) |  |  | (1,419 | )
Selling expenses |  |  | (1,815 | ) |  |  | (1 | ) |  |  | - |  |  |  | (794 | ) |  |  | (2,610 | )
Other operating results, net |  |  | 454 |  |  |  | 962 |  |  |  | - |  |  |  | 246 |  |  |  | 1,662 |
Management fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Profit / (loss) from operations |  |  | 3,466 |  |  |  | 2,551 |  |  |  | (177 | ) |  |  | 667 |  |  |  | 6,507 |
Share of profit of associates |  |  | 55 |  |  |  | - |  |  |  | - |  |  |  | 72 |  |  |  | 127 |
Segment profit / (loss) |  |  | 3,521 |  |  |  | 2,551 |  |  |  | (177 | ) |  |  | 739 |  |  |  | 6,634 |
|  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment properties |  |  | 4,129 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,129 |
Property, plant and equipment |  |  | 20,886 |  |  |  | 179 |  |  |  | - |  |  |  | 54 |  |  |  | 21,119 |
Investments in associates |  |  | 419 |  |  |  | - |  |  |  | - |  |  |  | 293 |  |  |  | 712 |
Other reportable assets |  |  | 7,283 |  |  |  | 331 |  |  |  | - |  |  |  | 3,496 |  |  |  | 11,110 |
Reportable assets |  |  | 32,717 |  |  |  | 510 |  |  |  | - |  |  |  | 3,843 |  |  |  | 37,070 |
From all of the Group’s revenues corresponding to Agricultural Business, Ps.18,167 are originated in Argentina and Ps. 8,092 in other countries, principally in Brazil for Ps. 7,278. From all of the Group’s assets included in the segment corresponding to Agricultural Business, Ps. 13,269 are located in Argentina and Ps. 23,801 in other countries, principally in Brazil for Ps. 18.912.
|  | 06.30.19 |
|  | Agricultural production |  |  | Land transformation and sales |  |  | Corporate |  |  | Others |  |  | Total Agricultural business |
Revenues |  |  | 11,100 |  |  |  | - |  |  |  | - |  |  |  | 7,961 |  |  |  | 19,061 |
Costs |  |  | (9,466 | ) |  |  | (24 | ) |  |  | - |  |  |  | (6,675 | ) |  |  | (16,165 | )
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest |  |  | 2,029 |  |  |  | - |  |  |  | - |  |  |  | 6 |  |  |  | 2,035 |
Changes in the net realizable value of agricultural products after harvest |  |  | (43 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (43 | )
Gross profit / (loss) |  |  | 3,620 |  |  |  | (24 | ) |  |  | - |  |  |  | 1,292 |  |  |  | 4,888 |
Gain from disposal of farmlands |  |  | - |  |  |  | 665 |  |  |  | - |  |  |  | - |  |  |  | 665 |
Net gain from fair value adjustment of investment properties |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
General and administrative expenses |  |  | (959 | ) |  |  | (3 | ) |  |  | (274 | ) |  |  | (289 | ) |  |  | (1,525 | )
Selling expenses |  |  | (1,026 | ) |  |  | (1 | ) |  |  | - |  |  |  | (690 | ) |  |  | (1,717 | )
Other operating results, net |  |  | 428 |  |  |  | 244 |  |  |  | - |  |  |  | 147 |  |  |  | 819 |
Management fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
(Loss) / Profit from operations |  |  | 2,063 |  |  |  | 881 |  |  |  | (274 | ) |  |  | 460 |  |  |  | 3,130 |
Share of profit / (loss) of associates |  |  | 57 |  |  |  | - |  |  |  | - |  |  |  | (46 | ) |  |  | 11 |
Segment (loss) / profit |  |  | 2,120 |  |  |  | 881 |  |  |  | (274 | ) |  |  | 414 |  |  |  | 3,141 |
Investment properties |  |  | 2,634 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,634 |
Property, plant and equipment |  |  | 20,219 |  |  |  | 149 |  |  |  | - |  |  |  | 767 |  |  |  | 21,135 |
Investments in associates |  |  | 391 |  |  |  | - |  |  |  | - |  |  |  | 23 |  |  |  | 414 |
Other reportable assets |  |  | 8,472 |  |  |  | - |  |  |  | - |  |  |  | 1,942 |  |  |  | 10,414 |
Reportable assets |  |  | 31,716 |  |  |  | 149 |  |  |  | - |  |  |  | 2,732 |  |  |  | 34,597 |
From all of the Group’s revenues corresponding to Agricultural Business, Ps. 12,680 are originated in Argentina and Ps. 6,381 in other countries, principally in Brazil for Ps. 5,923. From all of the Group’s assets included in the segment corresponding to Agricultural Business, Ps. 13,765 are located in Argentina and Ps. 20,832 in other countries, principally in Brazil for Ps. 18,974.
|  | 06.30.18 |
|  | Agricultural production |  |  | Land transformation and sales |  |  | Corporate |  |  | Others |  |  | Total Agricultural business |
Revenues |  |  | 9,096 |  |  |  | - |  |  |  | - |  |  |  | 6,297 |  |  |  | 15,393 |
Costs |  |  | (7,388 | ) |  |  | (36 | ) |  |  | - |  |  |  | (5,672 | ) |  |  | (13,096 | )
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest |  |  | 1,539 |  |  |  | - |  |  |  | - |  |  |  | (9 | ) |  |  | 1,530 |
Changes in the net realizable value of agricultural products after harvest |  |  | 532 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 532 |
Gross profit / (loss) |  |  | 3,779 |  |  |  | (36 | ) |  |  | - |  |  |  | 616 |  |  |  | 4,359 |
Net gain from fair value adjustment of investment properties |  |  | - |  |  |  | 216 |  |  |  | - |  |  |  | - |  |  |  | 216 |
Loss from disposal of farmlands |  |  | - |  |  |  | 1,656 |  |  |  | - |  |  |  | - |  |  |  | 1,656 |
General and administrative expenses |  |  | (878 | ) |  |  | (2 | ) |  |  | (225 | ) |  |  | (276 | ) |  |  | (1,381 | )
Selling expenses |  |  | (1,322 | ) |  |  | - |  |  |  | - |  |  |  | (431 | ) |  |  | (1,753 | )
Other operating results, net |  |  | (20 | ) |  |  | 1,457 |  |  |  | - |  |  |  | 104 |  |  |  | 1,541 |
Management fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Profit / (Loss) from operations |  |  | 1,559 |  |  |  | 3,291 |  |  |  | (225 | ) |  |  | 13 |  |  |  | 4,638 |
Share of profit / (loss) of associates |  |  | 39 |  |  |  | - |  |  |  | - |  |  |  | (2 | ) |  |  | 37 |
Segment profit / (loss) |  |  | 1,598 |  |  |  | 3,291 |  |  |  | (225 | ) |  |  | 11 |  |  |  | 4,675 |
Investment properties |  |  | 2,052 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,052 |
Property, plant and equipment |  |  | 19,620 |  |  |  | 131 |  |  |  | - |  |  |  | 605 |  |  |  | 20,356 |
Investments in associates |  |  | 316 |  |  |  | - |  |  |  | - |  |  |  | 91 |  |  |  | 407 |
Other reportable assets |  |  | 7,073 |  |  |  | - |  |  |  | - |  |  |  | 867 |  |  |  | 7,940 |
Reportable assets |  |  | 29,061 |  |  |  | 131 |  |  |  | - |  |  |  | 1,563 |  |  |  | 30,755 |
From all of the Group’s revenues corresponding to Agricultural Business, Ps. 11,296 are originated in Argentina and Ps. 4,097 in other countries, principally in Brazil for Ps. 3,743. From all of the Group’s assets included in the segment corresponding to Agricultural Business, Ps. 11,735 are located in Argentina and Ps. 19,020 in other countries, principally in Brazil for Ps. 17,128.
| (I) | Urban properties and investments line of business
Below is a summarized analysis of the lines of business of Group’s operations center in Argentina for the fiscal years ended June 30, 2020, 2019 and 2018:
|  | 06.30.20 |
|  | Shopping Malls |  |  | Offices |  |  | Sales and developments |  |  | Hotels |  |  | International |  |  | Corporate |  |  | Others |  |  | Total |
Revenues |  |  | 5,935 |  |  |  | 2,358 |  |  |  | 735 |  |  |  | 2,021 |  |  |  | 11 |  |  |  | - |  |  |  | 78 |  |  |  | 11,138 |
Costs |  |  | (567 | ) |  |  | (144 | ) |  |  | (690 | ) |  |  | (1,244 | ) |  |  | (12 | ) |  |  | - |  |  |  | (98 | ) |  |  | (2,755 | )
Gross profit / (loss) |  |  | 5,368 |  |  |  | 2,214 |  |  |  | 45 |  |  |  | 777 |  |  |  | (1 | ) |  |  | - |  |  |  | (20 | ) |  |  | 8,383 |
Net gain from fair value adjustment of investment properties |  |  | (2,105 | ) |  |  | 22,756 |  |  |  | 12,179 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 634 |  |  |  | 33,464 |
General and administrative expenses |  |  | (829 | ) |  |  | (220 | ) |  |  | (228 | ) |  |  | (365 | ) |  |  | (110 | ) |  |  | (282 | ) |  |  | (116 | ) |  |  | (2,150 | )
Selling expenses |  |  | (709 | ) |  |  | (85 | ) |  |  | (197 | ) |  |  | (230 | ) |  |  | - |  |  |  | - |  |  |  | (11 | ) |  |  | (1,232 | )
Other operating results, net |  |  | (38 | ) |  |  | (30 | ) |  |  | (27 | ) |  |  | (20 | ) |  |  | - |  |  |  | - |  |  |  | 67 |  |  |  | (48 | )
Management fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Profit / (Loss) from operations |  |  | 1,687 |  |  |  | 24,635 |  |  |  | 11,772 |  |  |  | 162 |  |  |  | (111 | ) |  |  | (282 | ) |  |  | 554 |  |  |  | 38,417 |
Share of profit / (loss) of associates and joint ventures (**) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,377 |  |  |  | - |  |  |  | (330 | ) |  |  | 7,047 |
Segment profit / (loss) |  |  | 1,687 |  |  |  | 24,635 |  |  |  | 11,772 |  |  |  | 162 |  |  |  | 7,266 |  |  |  | (282 | ) |  |  | 224 |  |  |  | 45,464 |
Investment and trading properties |  |  | 49,109 |  |  |  | 61,284 |  |  |  | 32,171 |  |  |  | - |  |  |  | 307 |  |  |  | - |  |  |  | 1,442 |  |  |  | 144,313 |
Property, plant and equipment |  |  | 225 |  |  |  | 1,130 |  |  |  | - |  |  |  | 1,943 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,298 |
Investment in associates and joint ventures (*) |  |  | - |  |  |  | - |  |  |  | 532 |  |  |  | - |  |  |  | 2,004 |  |  |  | - |  |  |  | 6,738 |  |  |  | 9,274 |
Other reportable assets |  |  | 111 |  |  |  | 122 |  |  |  | 753 |  |  |  | 26 |  |  |  | - |  |  |  | - |  |  |  | 90 |  |  |  | 1,102 |
Reportable assets |  |  | 49,445 |  |  |  | 62,536 |  |  |  | 33,456 |  |  |  | 1,969 |  |  |  | 2,311 |  |  |  | - |  |  |  | 8,270 |  |  |  | 157,987 |
From all the revenues corresponding to the Operations Center in Argentina, Ps. 11,127 are originated in Argentina, and Ps. 11 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. 155,377 are located in Argentina and Ps. 2,886 in other countries, principally in USA for Ps. 2, 311 and Uruguay for Ps. 575.
|  | 06.30.19 |
|  | Shopping Malls |  |  | Offices |  |  | Sales and developments |  |  | Hotels |  |  | International |  |  | Corporate |  |  | Others |  |  | Total |
Revenues |  |  | 8,541 |  |  |  | 2,239 |  |  |  | 1,119 |  |  |  | 2,953 |  |  |  | 14 |  |  |  | - |  |  |  | 190 |  |  |  | 15,056 |
Costs |  |  | (776 | ) |  |  | (153 | ) |  |  | (527 | ) |  |  | (1,588 | ) |  |  | (6 | ) |  |  | - |  |  |  | (151 | ) |  |  | (3,201 | )
Gross profit |  |  | 7,765 |  |  |  | 2,086 |  |  |  | 592 |  |  |  | 1,365 |  |  |  | 8 |  |  |  | - |  |  |  | 39 |  |  |  | 11,855 |
Net gain from fair value adjustment of investment properties |  |  | (40,582 | ) |  |  | 747 |  |  |  | 726 |  |  |  | - |  |  |  | 6 |  |  |  | - |  |  |  | (374 | ) |  |  | (39,477 | )
General and administrative expenses |  |  | (945 | ) |  |  | (206 | ) |  |  | (283 | ) |  |  | (492 | ) |  |  | (110 | ) |  |  | (519 | ) |  |  | (113 | ) |  |  | (2,668 | )
Selling expenses |  |  | (530 | ) |  |  | (99 | ) |  |  | (119 | ) |  |  | (316 | ) |  |  | - |  |  |  | - |  |  |  | (21 | ) |  |  | (1,085 | )
Other operating results, net |  |  | (109 | ) |  |  | (40 | ) |  |  | (286 | ) |  |  | 114 |  |  |  | (24 | ) |  |  | - |  |  |  | (314 | ) |  |  | (659 | )
Management fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Profit / (Loss) from operations |  |  | (34,401 | ) |  |  | 2,488 |  |  |  | 630 |  |  |  | 671 |  |  |  | (120 | ) |  |  | (519 | ) |  |  | (783 | ) |  |  | (32,034 | )
Share of profit / (loss) of associates and joint ventures |  |  | - |  |  |  | - |  |  |  | (37 | ) |  |  | - |  |  |  | (3,679 | ) |  |  | - |  |  |  | (2,467 | ) |  |  | (6,183 | )
Segment profit / (loss) |  |  | (34,401 | ) |  |  | 2,488 |  |  |  | 593 |  |  |  | 671 |  |  |  | (3,799 | ) |  |  | (519 | ) |  |  | (3,250 | ) |  |  | (38,217 | )
Investment and trading properties |  |  | 50,104 |  |  |  | 31,432 |  |  |  | 27,777 |  |  |  | - |  |  |  | 90 |  |  |  | - |  |  |  | 1,062 |  |  |  | 110,465 |
Property, plant and equipment |  |  | 260 |  |  |  | 136 |  |  |  | - |  |  |  | 2,024 |  |  |  | 180 |  |  |  | - |  |  |  | - |  |  |  | 2,600 |
Investment in associates and joint ventures |  |  | - |  |  |  | - |  |  |  | 443 |  |  |  | - |  |  |  | (7,222 | ) |  |  | - |  |  |  | 4,895 |  |  |  | (1,884 | )
Other reportable assets |  |  | 113 |  |  |  | 123 |  |  |  | 184 |  |  |  | 26 |  |  |  | - |  |  |  | - |  |  |  | 90 |  |  |  | 536 |
Reportable assets |  |  | 50,477 |  |  |  | 31,691 |  |  |  | 28,404 |  |  |  | 2,050 |  |  |  | (6,952 | ) |  |  | - |  |  |  | 6,047 |  |  |  | 111,717 |
From all the revenues corresponding to the Operations Center in Argentina, included in the segments Ps. 14,563 are originated in Argentina, Ps. 478 are originated in Uruguay and Ps. 14 are originated in USA. 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. 117,932 are located in Argentina and Ps. (6,370) in other countries, principally in USA for Ps. (6,952) and Uruguay for Ps. 582.
|  | 06.30.18 |
|  | Shopping Malls |  |  | Offices |  |  | Sales and developments |  |  | Hotels |  |  | International |  |  | Corporate |  |  | Others |  |  | Total |
Revenues |  |  | 9,750 |  |  |  | 1,332 |  |  |  | 300 |  |  |  | 2,446 |  |  |  | - |  |  |  | - |  |  |  | 44 |  |  |  | 13,872 |
Costs |  |  | (829 | ) |  |  | (124 | ) |  |  | (149 | ) |  |  | (1,672 | ) |  |  | - |  |  |  | - |  |  |  | (48 | ) |  |  | (2,822 | )
Gross profit / (loss) |  |  | 8,921 |  |  |  | 1,208 |  |  |  | 151 |  |  |  | 774 |  |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | 11,050 |
Net gain from fair value adjustment of investment properties |  |  | 6,266 |  |  |  | 5,843 |  |  |  | 7,338 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 362 |  |  |  | 19,809 |
General and administrative expenses |  |  | (854 | ) |  |  | (216 | ) |  |  | (198 | ) |  |  | (487 | ) |  |  | (118 | ) |  |  | (385 | ) |  |  | (77 | ) |  |  | (2,335 | )
Selling expenses |  |  | (607 | ) |  |  | (143 | ) |  |  | (58 | ) |  |  | (311 | ) |  |  | - |  |  |  | - |  |  |  | (7 | ) |  |  | (1,126 | )
Other operating results, net |  |  | (105 | ) |  |  | (24 | ) |  |  | 138 |  |  |  | (40 | ) |  |  | (58 | ) |  |  | - |  |  |  | 33 |  |  |  | (56 | )
Management fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Profit / (Loss) from operations |  |  | 13,621 |  |  |  | 6,668 |  |  |  | 7,371 |  |  |  | (64 | ) |  |  | (176 | ) |  |  | (385 | ) |  |  | 307 |  |  |  | 27,342 |
Share of profit / (loss) of associates and joint ventures |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | (4,425 | ) |  |  | - |  |  |  | 194 |  |  |  | (4,227 | )
Segment profit / (loss) |  |  | 13,621 |  |  |  | 6,668 |  |  |  | 7,375 |  |  |  | (64 | ) |  |  | (4,601 | ) |  |  | (385 | ) |  |  | 501 |  |  |  | 23,115 |
Investment and trading properties |  |  | 89,983 |  |  |  | 28,142 |  |  |  | 25,166 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,334 |  |  |  | 144,625 |
Property, plant and equipment |  |  | 213 |  |  |  | 120 |  |  |  | - |  |  |  | 2,135 |  |  |  | 198 |  |  |  | - |  |  |  | - |  |  |  | 2,666 |
Investment in associates and joint ventures |  |  | - |  |  |  | - |  |  |  | 447 |  |  |  | - |  |  |  | (3,869 | ) |  |  | - |  |  |  | 8,251 |  |  |  | 4,829 |
Other reportable assets |  |  | 129 |  |  |  | 122 |  |  |  | 189 |  |  |  | 27 |  |  |  | - |  |  |  | - |  |  |  | 273 |  |  |  | 740 |
Reportable assets |  |  | 90,325 |  |  |  | 28,384 |  |  |  | 25,802 |  |  |  | 2,162 |  |  |  | (3,671 | ) |  |  | - |  |  |  | 9,858 |  |  |  | 152,860 |
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. 155,890 are located in Argentina and Ps. (2,987) in other countries, principally in USA for Ps. (3,672) and Uruguay for Ps. 685 million. Below is a summarized analysis of the lines of business of Group’s Operations Center in Israel for the years ended June 30, 2020, 2019 and 2018:
|  | 06.30.20 |
|  | Real Estate |  |  | Supermarkets |  |  | Telecommunications |  |  | Insurance |  |  | Corporate |  |  | Others |  |  | Total |
Revenues |  |  | 12,954 |  |  |  | - |  |  |  | 64,838 |  |  |  | - |  |  |  | - |  |  |  | 3,845 |  |  |  | 81,637 |
Costs |  |  | (6,787 | ) |  |  | - |  |  |  | (47,231 | ) |  |  | - |  |  |  | - |  |  |  | (2,278 | ) |  |  | (56,296 | )
Gross profit |  |  | 6,167 |  |  |  | - |  |  |  | 17,607 |  |  |  | - |  |  |  | - |  |  |  | 1,567 |  |  |  | 25,341 |
Net gain from fair value adjustment of investment properties |  |  | (2,989 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,989 | )
General and administrative expenses |  |  | (812 | ) |  |  | - |  |  |  | (5,519 | ) |  |  | - |  |  |  | (1,071 | ) |  |  | (1,362 | ) |  |  | (8,764 | )
Selling expenses |  |  | (223 | ) |  |  | - |  |  |  | (11,887 | ) |  |  | - |  |  |  | - |  |  |  | (434 | ) |  |  | (12,544 | )
Impairment of associates |  |  | (2,470 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,470 | )
Other operating results, net |  |  | (296 | ) |  |  | - |  |  |  | 501 |  |  |  | - |  |  |  | (48 | ) |  |  | 970 |  |  |  | 1,127 |
Profit / (Loss) from operations |  |  | (623 | ) |  |  | - |  |  |  | 702 |  |  |  | - |  |  |  | (1,119 | ) |  |  | 741 |  |  |  | (299 | )
Share of profit/ (loss) of associates and joint ventures |  |  | 1,495 |  |  |  | 1,063 |  |  |  | (265 | ) |  |  | - |  |  |  | - |  |  |  | (994 | ) |  |  | 1,299 |
Segment profit / (loss) |  |  | 872 |  |  |  | 1,063 |  |  |  | 437 |  |  |  | - |  |  |  | (1,119 | ) |  |  | (253 | ) |  |  | 1,000 |
Reportable assets |  |  | 152,941 |  |  |  | 28,090 |  |  |  | 140,025 |  |  |  | 3,377 |  |  |  | 17,911 |  |  |  | 108,923 |  |  |  | 451,267 |
Reportable liabilities |  |  | (146,331 | ) |  |  | - |  |  |  | (106,076 | ) |  |  | - |  |  |  | (111,649 | ) |  |  | (39,128 | ) |  |  | (403,184 | )
Net reportable assets |  |  | 6,610 |  |  |  | 28,090 |  |  |  | 33,949 |  |  |  | 3,377 |  |  |  | (93,738 | ) |  |  | 69,795 |  |  |  | 48,083 |
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. 82,707 are located in USA (Ps. 74,170 in 2019 and Ps. 77,664 in 2018), Ps. 0 (Ps. 1,979 in 2019 and Ps. 2,333 in 2018) in India and the remaining are located in Israel.
|  | 06.30.19 |
|  | Real Estate |  |  | Supermarkets |  |  | Telecommunications |  |  | Insurance |  |  | Corporate |  |  | Others |  |  | Total |
Revenues |  |  | 14,392 |  |  |  | - |  |  |  | 57,506 |  |  |  | - |  |  |  | - |  |  |  | 1,639 |  |  |  | 73,537 |
Costs |  |  | (9,121 | ) |  |  | - |  |  |  | (42,424 | ) |  |  | - |  |  |  | - |  |  |  | (881 | ) |  |  | (52,426 | )
Gross profit |  |  | 5,271 |  |  |  | - |  |  |  | 15,082 |  |  |  | - |  |  |  | - |  |  |  | 758 |  |  |  | 21,111 |
Net gain from fair value adjustment of investment properties |  |  | 892 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 892 |
General and administrative expenses |  |  | (707 | ) |  |  | - |  |  |  | (4,779 | ) |  |  | - |  |  |  | (1,058 | ) |  |  | (1,487 | ) |  |  | (8,031 | )
Selling expenses |  |  | (197 | ) |  |  | - |  |  |  | (10,562 | ) |  |  | - |  |  |  | - |  |  |  | (433 | ) |  |  | (11,192 | )
Other operating results, net |  |  | - |  |  |  | - |  |  |  | 397 |  |  |  | - |  |  |  | - |  |  |  | 345 |  |  |  | 742 |
Management fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Profit / (Loss) from operations |  |  | 5,259 |  |  |  | - |  |  |  | 138 |  |  |  | - |  |  |  | (1,058 | ) |  |  | (817 | ) |  |  | 3,522 |
Share of profit / (loss) of associates and joint ventures |  |  | 37 |  |  |  | 717 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (904 | ) |  |  | (150 | )
Segment profit / (loss) |  |  | 5,296 |  |  |  | 717 |  |  |  | 138 |  |  |  | - |  |  |  | (1,058 | ) |  |  | (1,721 | ) |  |  | 3,372 |
Reportable assets |  |  | 303,425 |  |  |  | 23,013 |  |  |  | 109,380 |  |  |  | 22,638 |  |  |  | 41,536 |  |  |  | 35,573 |  |  |  | 535,565 |
Reportable liabilities |  |  | (235,553 | ) |  |  | - |  |  |  | (84,800 | ) |  |  | - |  |  |  | (126,585 | ) |  |  | (14,077 | ) |  |  | (461,015 | )
Net reportable assets |  |  | 67,872 |  |  |  | 23,013 |  |  |  | 24,580 |  |  |  | 22,638 |  |  |  | (85,049 | ) |  |  | 21,496 |  |  |  | 74,550 |
|  | 06.30.18 |
|  | Real Estate |  |  | Supermarkets |  |  | Telecommunications |  |  | Insurance |  |  | Corporate |  |  | Others |  |  | Total |
Revenues |  |  | 9,497 |  |  |  | - |  |  |  | 49,066 |  |  |  | - |  |  |  | - |  |  |  | 1,494 |  |  |  | 60,057 |
Costs |  |  | (5,957 | ) |  |  | - |  |  |  | (35,189 | ) |  |  | - |  |  |  | - |  |  |  | (789 | ) |  |  | (41,935 | )
Gross profit |  |  | 3,540 |  |  |  | - |  |  |  | 13,877 |  |  |  | - |  |  |  | - |  |  |  | 705 |  |  |  | 18,122 |
Net gain from fair value adjustment of investment properties |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
General and administrative expenses |  |  | (578 | ) |  |  | - |  |  |  | (4,594 | ) |  |  | - |  |  |  | (854 | ) |  |  | (1,207 | ) |  |  | (7,233 | )
Selling expenses |  |  | (200 | ) |  |  | - |  |  |  | (10,059 | ) |  |  | - |  |  |  | - |  |  |  | (380 | ) |  |  | (10,639 | )
Other operating results, net |  |  | 256 |  |  |  | - |  |  |  | 772 |  |  |  | - |  |  |  | 1,141 |  |  |  | (33 | ) |  |  | 2,136 |
Management fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Profit / (Loss) from operations |  |  | 3,018 |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | 287 |  |  |  | (915 | ) |  |  | 2,386 |
Share of profit / (loss) of associates and joint ventures |  |  | 158 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (580 | ) |  |  | (422 | )
Segment profit / (loss) |  |  | 3,176 |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | 287 |  |  |  | (1,495 | ) |  |  | 1,964 |
Reportable assets |  |  | 298,031 |  |  |  | 29,579 |  |  |  | 110,723 |  |  |  | 27,247 |  |  |  | 47,432 |  |  |  | 50,642 |  |  |  | 563,654 |
Reportable liabilities |  |  | (231,693 | ) |  |  | - |  |  |  | (86,280 | ) |  |  | - |  |  |  | (155,567 | ) |  |  | (5,516 | ) |  |  | (479,056 | )
Net reportable assets |  |  | 66,338 |  |  |  | 29,579 |  |  |  | 24,443 |  |  |  | 27,247 |  |  |  | (108,135 | ) |  |  | 45,126 |  |  |  | 84,598

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- Definition The description of the entity's accounting policy for segment reporting. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 117 -Subparagraph b -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_117_b&doctype=Standard -URIDate 2019-03-27 + Details
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