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Segment information

12 Months Ended

Jun. 30, 2020

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:

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.

Offices: includes the operating results from lease revenues of offices, other rental spaces and other service revenues related to the office activities.

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.

Hotels: includes the operating results mainly comprised of room, catering and restaurant revenues.

International: includes assets and operating profit or loss from business related to associates Condor (hotels) and New Lipstick (offices).

Corporate: includes the expenses related to the corporate activities of the Operations Center in Argentina.

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:

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.

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.

Telecommunications: includes Cellcom whose main activities include the provision of mobile phone services, fixed line phone services, data and Internet and television, among others.

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.

Corporate: includes the expenses related with the activities of the holding companies.

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