20-F/A

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 1 to

FORM 20-F/A

☐ 

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended June 30, 2020

 OR

☐ 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 OR

☐ 

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

Date of event requiring this shell company report ___

For the transition period from ____ to ____

Commission file number 000-30982

IRSA Propiedades Comerciales S.A.

 (Exact name of Registrant as specified in its charter)

IRSA Commercial Properties Inc.

(Translation of registrant’s name into English)

Republic of Argentina

(Jurisdiction of incorporation or organization)

(C1091AAQ) Moreno 877, 22nd Floor

Ciudad Autónoma de Buenos Aires, Argentina

(Address of principal executive offices)

Matías Ivan Gaivironsky – Chief Financial and Administrative Officer

Tel (+ 54 11) 4323 7449; ir@irsacp.com.ar

Moreno 877, 24th Floor, (C1091AAQ) Ciudad Autónoma de Buenos Aires, Argentina

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
American Depositary Shares (ADSs), each representing four shares of Common Stock	IRCP	Nasdaq National Market of the Nasdaq Stock Market
Common Stock, par value ARS 1.00 per share		Nasdaq National Market of the Nasdaq Stock Market*

* Not for trading, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.

    Securities registered or to be registered pursuant to Section 12(g) of the Act: None

                                  Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the Annual Report: 126,014,050

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:

☐ Yes x No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934.

 x Yes ☐ No

Note: Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

x Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer ☐ Accelerated filer x Non-accelerated filer ☐

Emerging growth company ☐

 If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board x Other ☐

                                                                                                     If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. 

☐ Item 17 ☐ Item 18 

If this is an Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes x No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by the court. Yes ☐ No ☐

Please send copies of notices and communications from the Securities and Exchange Commission to:

Carolina Zang	David Williams
	Jaime Mercado
Zang Bergel & Viñes Abogados	Simpson Thacher & Bartlett LLP
Florida 537 piso 18º C1005AAK Ciudad Autónoma de Buenos Aires, Argentina.	425 Lexington Avenue New York, NY 10017

Explanatory Note

IRSA Propiedades Comerciales S.A. (the “Company” ), is filing this Amendment No. 1 (“Amendment No. 1”) to its Annual Report on Form 20-F for the fiscal year ended  June 30, 2020 (the “Form 20-F” ), which was originally filed with the Securities and Exchange Commission (the “SEC” ) on October 27, 2020, to submit the Interactive Data File (as defined in Rule 11 of Regulation S-T) with respect to the audited consolidated financial statements of the Company for that fiscal year as Exhibit 101 to the Form 20-F in accordance with Rule 405 of Regulation S-T. 

Except as set forth above, this Amendment No. 1 does not modify or update any of the disclosures in the Form 20-F. This Amendment No. 1 speaks as of the time of filing of the Form 20-F, does not reflect events that may have occurred subsequent to such filing, and does not modify or update in any way disclosures made in the Form 20-F.

 SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20­F/A and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.

	IRSA Propiedades Comerciales S.A.
Date: October 27, 2020	By:	/s/ Matias I. Gaivironsky
		Name Matias I. Gaivironsky
		Title Chief Financial and Administrative Officer

XML

Document and Entity Information	12 Months Ended
	Jun. 30, 2020 shares
Document and Entity Information [Abstract]
Entity Registrant Name	IRSA PROPIEDADES COMERCIALES S.A.
Entity Central Index Key	0001128173
Document Type	20-F/A
Document Period End Date	Jun. 30, 2020
Amendment Flag	true
Amendment Description	Amendment No. 1
Current Fiscal Year End Date	--06-30
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	Yes
Entity's Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Incorporation State Country Code	C1
Entity Common Stock, Shares Outstanding	126,014,050

XML

Consolidated Statements of Financial Position - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Non-current assets
Investment properties	$ 117,491,965	$ 86,219,988
Property, plant and equipment	352,610	474,932
Trading properties	181,866	177,254
Intangible assets	1,017,733	579,946
Rights of use assets	576,346
Investments in associates and joint ventures	4,636,259	2,296,365
Deferred income tax assets	220,697	102,863
Income tax and minimum presumed income tax credits	6,516	12,991
Trade and other receivables	5,093,549	696,656
Investments in financial assets		643,138
Total non-current assets	129,577,541	91,204,133
Current Assets
Trading properties	6,768	1,586
Inventories	38,854	41,339
Income tax and minimum presumed income tax credits	98,562	91,082
Trade and other receivables	3,879,761	9,739,833
Derivative financial instruments	6,436	8,022
Investments in financial assets	6,268,377	8,679,337
Cash and cash equivalents	4,626,609	6,001,314
Total current assets	14,925,367	24,562,513
TOTAL ASSETS	144,502,908	115,766,646
SHAREHOLDERS' EQUITY
Total capital and reserves attributable to equity holders of the parent	71,484,679	54,932,642
Non-controlling interest	4,088,994	3,113,233
TOTAL SHAREHOLDERS' EQUITY	75,573,673	58,045,875
Non-current liabilities
Trade and other payables	1,238,572	1,229,156
Borrowings	26,579,396	31,831,168
Deferred income tax liabilities	23,979,404	18,781,365
Provisions	72,184	62,713
Derivative financial instruments	34,751	19,729
Leases liabilities	602,408
Total non-current liabilities	52,506,715	51,924,131
Current liabilities
Trade and other payables	3,561,011	3,593,549
Income tax liabilities	4,537	21,381
Payroll and social security liabilities	185,281	310,801
Borrowings	12,500,160	1,800,063
Derivative financial instruments	81,539	19,369
Provisions	43,017	51,477
Leases liabilities	46,975
Total current liabilities	16,422,520	5,796,640
TOTAL LIABILITIES	68,929,235	57,720,771
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	$ 144,502,908	$ 115,766,646

XML

Consolidated Statements of Comprehensive Income and Other Comprehensive Income - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Profit or loss [abstract]
Income from sales, rentals and services	$ 8,562,955	$ 10,826,406	$ 11,181,313
Income from expenses and collective promotion fund	3,109,382	3,709,732	4,389,642
Operating costs	(4,100,522)	(4,884,942)	(5,461,030)
Gross profit	7,571,815	9,651,196	10,109,925
Net gain / (loss) from fair value adjustments of investment properties	25,126,324	(36,964,252)	13,567,839
General and administrative expenses	(1,220,935)	(1,329,059)	(1,096,705)
Selling expenses	(826,756)	(646,499)	(752,358)
Other operating results, net	27,506	(501,591)	107,401
Profit/ (loss) from operations	30,677,954	(29,790,205)	21,936,102
Share of profit of associates and joint ventures	177,910	(577,953)	887,380
Profit/ (loss) from operations before financing and taxation	30,855,864	(30,368,158)	22,823,482
Finance income	769,116	117,826	491,835
Finance cost	(3,493,247)	(3,191,921)	(2,418,220)
Other financial results	(4,629,683)	1,682,098	(6,037,814)
Inflation adjustment	25,209	(300,850)	(1,045,120)
Financial results, net	(7,328,605)	(1,692,847)	(9,009,319)
Profit/ (loss) before income tax	23,527,259	(32,061,005)	13,814,163
Income tax (expense)/ benefit	(5,373,999)	6,138,041	6,534,323
Profit/ (loss) for the year	18,153,260	(25,922,964)	20,348,486
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment in associates	(21,703)
Revaluation surplus	273,460
Other comprehensive income for the year	251,757
Total comprehensive income / (loss) for the year	18,405,017	(25,922,964)	20,348,486
Total comprehensive income / (loss) attributable to:
Equity holders of the parent	17,089,537	(25,772,658)	19,624,143
Non-controlling interest	1,063,723	(150,306)	724,343
Attributable to:
Equity holders of the parent	$ 251,757
Profit / (loss) per share attributable to equity holders of the parent for the year:
Basic	$ 135.62	$ (204.52)	$ 155.73
Diluted	$ 135.62	$ (204.52)	$ 155.73

XML

Consolidated Statements of Changes in Shareholders' Equity - ARS ($) $ in Thousands		Share capital		Inflation adjustment of share capital		Share premium		Legal reserve		Special reserve CNV 609/12		Other reserves		Retained earnings		Subtotal		Non-controlling interest		Reserve for future dividends		Special reserve		Currency translation adjustment [Member]	Revaluation surplus	[1]	Changes in non- controlling interest		Total other reserves		Total
Beginning of the year at Jun. 30, 2017		$ 126,014		$ 3,390,555		$ 9,660,049		$ 133,540		$ 9,231,783	[1]	$ 1,102,508		$ 40,327,919		$ 63,972,368		$ 2,548,402		$ 1,170,069							$ (67,561)		$ 1,102,508		$ 66,520,770
Profit/ (loss) for the year																															20,348,486
Comprehensive profit/loss for the year											[1]			19,624,143		19,624,143		724,343													20,348,486
Assignment of results - Shareholders’ meeting	[1]											6,535,980		(8,370,386)		(1,834,406)				(1,170,069)		7,706,049							6,535,980		(1,834,406)
Dividends distribution to non-controlling interest											[1]							(80,936)													(80,936)
Incorporation by business combination											[1]							16,742													16,742
Ending of the year at Jun. 30, 2018		126,014		3,390,555		9,660,049		133,540		9,231,783	[1]	7,638,488		51,581,676		81,762,105		3,208,551				7,706,049					(67,561)		7,638,488		84,970,656
Profit/ (loss) for the year																															(25,922,964)
Adjustments previous periods (IFRS 9)											[1]			(41,178)		(41,178)															(41,178)
Balance as of June 30, 2018 - Adjusted		126,014		3,390,555		9,660,049		133,540		9,231,783	[1]	7,638,488		51,540,498		81,720,927		3,208,551													84,929,478
Comprehensive profit/loss for the year											[1]			(25,772,658)		(25,772,658)		(150,306)													(25,922,964)
Dividend distribution - Shareholders’ meeting	[1]											66,775,620		(67,783,168)		(1,007,548)															(1,007,548)
Assignment of results - Shareholders’ meeting	[1]																			32,362,825		34,412,795							66,775,620
Changes in non-controlling interest											[1]	(54,915)				(54,915)		54,988									(54,915)		(54,915)		73
Reimbursement of dividends											[1]			46,836		46,836															46,836
Ending of the year at Jun. 30, 2019		126,014		3,390,555		9,660,049		133,540		9,231,783	[1]	74,359,193		(41,968,492)		54,932,642		3,113,233		32,362,825		42,118,844					(122,476)		74,359,193		58,045,875
Profit/ (loss) for the year											[1]			17,089,537		17,089,537		1,063,723													18,153,260
Other comprehensive income for the year											[1]	251,757				251,757								(21,703)	273,460				251,757		251,757
Comprehensive profit/loss for the year																															18,405,017
Dividend distribution - Shareholders’ meeting	[1]											(731,016)				(731,016)		(146,203)													(877,219)
Assignment of results - Shareholders’ meeting			[1]		[1]		[1]		[1]		[1]	(41,968,493)	[1]	41,968,493	[1]		[1]		[1]	(731,016)	[1]	(41,968,493)	[1]					[1]	(42,699,509)	[1]		[1]
Changes in non-controlling interest											[1]	(58,241)				(58,241)		58,241									(58,241)		(58,241)
Ending of the year at Jun. 30, 2020		$ 126,014		$ 3,390,555		$ 9,660,049		$ 133,540		$ 9,231,783	[1]	$ 31,853,200		$ 17,089,538		$ 71,484,679		$ 4,088,994		$ 31,631,809		$ 150,351		$ (21,703)	$ 273,460		$ (180,717)		$ 31,853,200		$ 75,573,673

[1] See Note 17.

XML

Consolidated Statements of Cash Flows - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Cash generated from operations	$ 5,038,467	$ 5,841,606	$ 8,458,167
Income tax paid	(148,915)	(253,618)	(1,432,622)
Net cash generated from operating activities	4,889,552	5,587,988	7,025,545
Investing activities:
Capital contributions in associates and joint ventures	(47,219)	(64,267)	(101,157)
Acquisition of investment properties	(2,451,315)	(2,506,048)	(3,075,049)
Proceeds from sales of investment properties	177,057		67,618
Acquisition of property, plant and equipment	(159,209)	(89,403)	(52,473)
Advance payments	(11,255)	(4,042,481)	(238,163)
Acquisition of intangible assets	(34,189)	(185,876)	(53,406)
Acquisitions of investments in financial assets	(8,959,314)	(29,336,951)	(28,131,163)
Proceeds from investments in financial assets	12,834,547	30,683,814	21,082,559
Loans granted	(921,927)		(22,725)
Loans granted to related parties	(4,718,717)		(3,344)
Loans payment received from related parties	666,037
Proceeds from sales of property, plant and equipment			28,392
Proceeds from sales of interest held in associates and joint ventures		5,448
Collection of financial assets interests and dividends	575,436	571,339	810,683
Acquisition of subsidiaries, net of cash acquired			(114,736)
Dividends received	170,609	6,547	76,214
Net cash used in investing activities	(2,879,459)	(4,957,878)	(9,726,750)
Financing activities:
Issuance of non-convertible notes			6,588,262
Repurchase of non-convertible notes	(510,215)	(80,546)
Borrowings obtained	10,237,811	3,332,364	1,775,852
Payment of borrowings	(10,613,025)	(2,966,912)	(179,776)
Payments of financial leasing		(17,622)	(10,308)
Payment of leases liabilities	(47,200)
Payment of derivative financial instruments	(565,564)	(972,192)	(990,042)
Proceeds from derivative financial instruments	485,325	1,574,248	1,535,570
Payment of interest	(3,015,702)	(2,893,591)	(1,875,222)
Reimbursement of dividends		46,836
Dividends paid	(730,307)	(1,007,548)	(1,834,406)
Dividends paid to non-controling shareholders	(91,282)
Contribution of the non-controling shareholders		73
Short-term loans, net	1,288,810	353,581	(50,692)
Net cash (used in) / generated from financing activities	(3,561,349)	(2,631,309)	4,959,238
Net (decrease) / increase in cash and cash equivalents	(1,551,256)	(2,001,199)	2,258,033
Cash and cash equivalents at beginning of the year	6,001,314	8,100,480	5,203,341
Foreign exchange gain and others on cash and cash equivalents	214,259	(57,371)	645,707
Inflation adjustment	(37,708)	(40,596)	(6,601)
Cash and cash equivalents at end of the year	$ 4,626,609	$ 6,001,314	$ 8,100,480

XML

Group's Business and General Information

12 Months Ended

Jun. 30, 2020

Groups business and general information [abstract]

Group's business and general information

1. Group's business and general information

IRSA PROPIEDADES COMERCIALES S.A. ("IRSA Propiedades Comerciales" or "the Group") is an Argentine real estate company mainly engaged in holding, leasing, managing, developing, operating and acquiring shopping malls and office buildings and holds a predominant position within the Argentine market. IRSA Propiedades Comerciales was incorporated in 1889 under the name Sociedad Anonima Mercado de Abasto Proveedores ("SAMAP") and until 1984 operated the main fresh product market in the Autonomous City of Buenos Aires. SAMAP's core asset was the historical building of Mercado de Abasto, which served as site of the market from 1889 until 1984, when a sizable part of its operations was interrupted.

Since the Company was acquired by IRSA Inversiones y Representaciones Sociedad Anónima (hereinafter, "IRSA") in 1994, it has grown through a series of acquisitions and development projects that resulted in a corporate reorganization pursuant to which the company was renamed Alto Palermo S.A. which was subsequently changed to our current denomination

As of the end of these Consolidated Financial Statements (hereinafter, Financial Statements), the Group operates 332,062 square meters (sqm) in 14 shopping malls, 115,640  sqm in 8 premium offices and an extensive land reserve for future commercial developments; operates and holds a majority interest (with the exception of La Ribera Shopping center, of which it has a 50% of ownership interest) in a portfolio of 14 shopping malls in Argentina, six of which are located in the Autonomous City of Buenos Aires (Abasto Shopping, Alcorta Shopping, Alto Palermo, Patio Bullrich, Dot Baires Shopping and Distrito Arcos), two in Buenos Aires province (Alto Avellaneda and Soleil Premium Outlet) and the rest are situated in different provinces (Alto Noa in the City of Salta, Alto Rosario in the City of Rosario, Mendoza Plaza in the City of Mendoza, Córdoba Shopping Villa Cabrera in the City of Córdoba, Alto Comahue in the City of Neuquén and La Ribera Shopping in the City of Santa Fe). The Company also owns the historic building where the Patio Olmos Shopping Mall is located, operated by a third party.

See Note 36 in these Financial Statements for the sale of office´s buildings after the end of the fiscal year.

The Group's shares are traded on the Buenos Aires Stock Exchange (BYMA: IRCP) and in United States of America on the NASDAQ (NASDAQ: IRCP).

IRSA Propiedades Comerciales and its subsidiaries are hereinafter referred to jointly as "the Group". Our main shareholder and parent company is IRSA and IFIS Limited is our ultimate parent company.

These Consolidated Financial Statements have been approved by the Board of Directors to be issued on September 22, 2020.

XML

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2020

Summary of significant accounting policies [abstract]

Summary of significant accounting policies

2. Summary of significant accounting policies

2.1 Basis of preparation of the Consolidated Financial Statements

(a) Basis of preparation

These Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC"). All IFRS applicable as of the date of these Consolidated Financial Statements have been applied.

IAS 29 "Financial Reporting in Hyperinflationary Economies" requires that the Financial Statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the Financial Statements.

In order to conclude on whether an economy is categorized as hyperinflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceed 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018.

In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to Financial Statements, as to which the provisions of Section 62 in fine of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the Financial Statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the Argentine Securities Commission (CNV) ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the Financial Statements in terms of the current measuring unit set forth in IAS 29 in their annual, interim and special Financial Statements closed on or after December 31, 2018. Thus, these Financial Statements have been reported in terms of the measuring unit current as of June 30, 2020 accordingly to IAS 29.

Pursuant to IAS 29, the Financial Statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the date of the Financial Statements. All the amounts included in the Statement of Financial Position which are not stated in terms of the measuring unit current as of the date of the Financial Statements should be restated applying the general price index. All items in the statement of income should be stated in terms of the measuring unit current as of the date of the Financial Statements, applying the changes in the general price index occurred from the date on which the revenues and expenses were originally recognized in the Financial Statements.

Adjustment for inflation in the initial balances has been calculated considering the indexes reported by the FACPCE based on the price indexes published by the Argentine Institute of Statistics and Census (INDEC).

The principal inflation adjustment procedures are the following:

☐ Monetary assets and liabilities that are recorded in the current currency as of the balance sheet's closing date are not restated because they are already stated in terms of the currency unit current as of the date of the Financial Statements.

☐ Non-monetary assets and liabilities are recorded at cost as of the balance sheet date, and equity components are restated applying the relevant adjustment ratios.

☐ All items in the statement of income are restated applying the relevant conversion factors.

☐ The effect of inflation in the Group's net monetary position is included in the statement of income under Financial results, net, in the item "Inflation adjustment".

☐ Comparative figures have been adjusted for inflation following the procedure explained in the previous paragraphs.

Upon initially applying inflation adjustment, the equity accounts were restated as follows:

☐ Capital was restated as from the date of subscription or the date of the most recent inflation adjustment for accounting purposes, whichever is later. The resulting amount was included in the "Capital adjustment" account.

☐ Other comprehensive income / (loss) was restated as from each accounting allocation.

☐ The other reserves in the statement of income were restated as of the initial application date, i.e., June 30, 2016.

In relation to the inflation index to be used according to Resolution No. 539/18, is determined based on the Wholesale Price Index (IPIM) until 2016, considering for the months of November and December 2015 the average variation of Consumer Price indices (CPI) of the Autonomous City of Buenos Aires, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) will be considered. The tables below show the evolution of these indices in the last two fiscal years and as of June 30, 2020 according to official statistics (INDEC) following the guidelines described in Resolution 539/18.

Annual price variation	June 30, 2018			June 30, 2019			June 30, 2020			Three years accumulated as of June 30, 2020
		29	%		56	%		43	%		128	%

As a consequence of the aforementioned, these Financial Statements as of June 30, 2020 were restated in accordance with IAS 29.

(b) Current and non-current classification

The Group presents current and non-current assets, and current and non-current liabilities, as separate classifications in its Statement of Financial Position according with the operating cycle of each activity.

The operating cycle for activities related to the Group's investment properties is 12 months. Therefore, current assets and current liabilities include the assets and liabilities that are either realized or settled within 12 months from the end of the fiscal year. In order to maintain uniformity, these assets are kept as non-current even when they have been sold before the issuance of the Financial Statements

 The operating cycle of activities related to the Group's trading properties depends on each specific project, and thus cannot be clearly defined. In general, assets and liabilities classified as investment properties for sale are realized or discharged over many fiscal years, ranging between one and three years or, in exceptional cases, over a longer period. As a result, and for purposes of classification, the Group has assumed the operating cycle of investment property for sale is longer than 12 months.

All other assets and liabilities are classified as non-current. Current and deferred tax assets and liabilities (income tax payable), are presented separately from each other and from other assets and liabilities as current and non-current, respectively.

(c) Presentation currency

The Consolidated Financial Statements are presented in thousands of Argentine Pesos. Unless otherwise stated or the context otherwise requires, references to 'Peso amounts' or 'ARS.', are to Argentine Pesos, and references to 'USD' or 'US dollars' are to United States dollars.

(d) End of the fiscal year

The fiscal year begins on July 1 and ends on June 30 each year.

(e) Accounting conventions

See Note 2.2 to 2.31 the accounting policies applicable to each item.

(f) Cash flows

The Group reports cash flows from operating activities using the indirect method. Interest paid is presented within cash used in financing activities. Interest received is presented within cash generated by investing activities, with the exception of the interest generated by operating credits, exposed within "other operating results, net". The acquisitions and disposals of investment properties are disclosed as cash from investing activities because this most appropriately reflects the Group's business activities. Cash flows in respect of trading properties are disclosed as cash from operating activities because these assets are sold in the ordinary course of business.

(g) Use of estimates

The preparation of Financial Statements at a certain date requires the Company's Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the year. Actual results might differ from the estimates and evaluations made at the date of preparation of consolidated Financial Statements. The most significant judgments made by Management in applying the Group's accounting policies and the major estimates and significant judgments are described in Note 3.

2.2. New accounting standards

The following standards, amendments and interpretations have been published by the IASB and by the IFRIC. Below we outline the standards, amendments and interpretations that may potentially have an impact on the Group at the time of application.

Standards and amendments adopted by the Group:

Standards and amendments	Description	Date of application by the Group
IFRS 16 "Leases".	The lessees are required to account for leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17. There are two exceptions to this rule: to recognize the lease of low-cost assets and short-term leases. There is almost no change to lessor accounting.	06-30-2020
Amendment to IAS 28 "Investment in associates and joint ventures	Requires the adoption of IFRS 9 regarding long-term investments that are essentially part of the net investment of an entity in an associate or joint venture.	06-30-2020
Definition of Material - Amendments to IAS 1 and IAS 8	The IASB has made modifications to IAS 1 "Presentation of Financial Statements and IAS 8"Accounting policies, changes in accounting estimates and errors" requires that the materiality be consistent for the application of IFRS.	06-30-2020
Definition of a business - Amendments to IFRS 3	The new business definition requires that a business combination contribute significantly to creating products or services.	06-30-2020

The adoption of these standards, amendments and interpretations adopted, do not have a material impact on the Group, except for the following:.

IFRS 16: Leases

The standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated mainly impact the tenant's accounting. IFRS 16 provides that the lessee recognizes an asset for the right of use and a liability at present value with respect to those contracts that meet the definition of lease agreements according to IFRS 16. In accordance with the standard, a lease agreement is one that provides the right to control the use of an identified asset for a specific period. In order for a company to have control over the use of an identified asset: a) it must have the right to obtain substantially all the economic benefits of the identified asset and b) it must have the right to direct the use of the identified asset.

The standard allows to exclude the short-term contracts (under 12 months) and those in which the underlying asset has low value.

The application of IFRS 16 increased assets and liabilities and generated a decrease in operating costs for leases. On the other hand, the balance of depreciation and financial results generated by the present value of those lease liabilities were increased. This application does not imply changes in comparative information.

Standards and amendments not adopted yet by the Group:

Standards and amendments	Description	Date of application by the Group
Covid-19 related rental concessions - Amendments to IFRS 16	As a result of the COVID-19 pandemic, rental concessions have been granted to tenants. Such concessions could adopt a variety of forms, including forgiveness of payments and deferral of lease payments. In May 2020, the IASB made an amendment to IFRS 16 Leases that gives lessees the option to treat qualified rental concessions in the same way as they would if they were not lease modifications. In many cases, this will result in the concessions being recorded as variable lease payments in the period in which they are granted.	30-6-2021
Property, plant and equipment: Product before intended use - Amendments to IAS 16	The amendment to IAS 16 Property, Plant and Equipment (PP&E) prohibits an entity from deducting from the cost of a PP&E item any proceeds received from the sale of items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is "testing whether the asset is working properly" when evaluating the technical and physical performance of the asset. The financial performance of the asset is not relevant to this evaluation.	30-6-2023
Reference to the Conceptual Framework - Amendments to IFRS 3	Minor amendments were made to IFRS 3 Business Combinations to update the references to the Conceptual Framework for financial reporting and add an exception for the recognition of contingent liabilities and liabilities within the scope of IAS 37 Provisions, contingent liabilities and contingent assets and interpretation 21 Liens. The amendments also confirm that contingent assets should not be recognized on the acquisition date.	30-6-2023

Annual improvements to IFRS standards 2018 - 2020 The following improvements were completed in May 2020: ●     IFRS 9 Financial Instruments: clarifies which commissions should be included in the 10% test for derecognition of financial liabilities. ●     IFRS 16 Leases: amendment to illustrative example 13 to remove the illustration of lessor payments in relation to lease improvements, to eliminate any confusion about the treatment of lease incentives. ●     IFRS 1 First-time Adoption of International Financial Reporting Standards: allows entities that have measured their assets and liabilities at the carrying amounts recorded in the books of their parent company to also measure accumulated translation differences using the amounts reported by the matrix. This amendment will also apply to associates and joint ventures that have taken the same IFRS 1 exemption. 30-6-2023 

The future adoption of these standards and amendments will not have a material impact to the Group.

At the date of issuance of these consolidated Financial Statements, there are no other standards or modifications issued by the IASB that are not yet effective and are expected to have a significant effect on the Group.

2.3. Scope of consolidation

(a) Subsidiaries

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its investment in the entity and has the ability to effect such returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity but does have capacity to define its relevant activities because of de-facto control.

There may be de-facto control where the relative size of voting rights held by the Group in an entity in relation to the size and dilution of other shareholders gives the Group power to define the relevant activities of such entity.

Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date control ceases.

The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

IFRS 3 "Business Combination" allows up to 12 months to finalize the accounting for a business combination. Where the accounting for a business combination is not complete by the end of the reporting period in which the business combination occurred, the Group reports provisional amounts.

The Group has elected to recognize acquisition of assets or group of assets carried out between entities under common control that also qualify as "Business Combination" according to IFRS 3, using the acquisition method.

The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest's proportionate share of the acquirer's net assets. The Group chooses the method to be used on case-by-case basis.

The amount by which the aggregate of the fair value of consideration transferred, the acquisition date fair value of the Group's previously held interest and any non-controlling interest exceeds the fair value of the assets and liabilities acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the consolidated statements of comprehensive income as "Bargain purchase gains".

Inter-company transactions, balances and unrealized gains on transactions between or among group companies are eliminated. Unrealized losses are also eliminated. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group. The majority of subsidiaries have the same year-end as the Group, however, a small number of subsidiaries have non-coterminous year-ends. In these circumstances, special-purpose Financial Statements prepared as of June 30 of each year are used for purposes of the Group consolidation.

The Group conducts its business through several operating and holding subsidiaries. Unless otherwise stated, the subsidiaries listed in Note 7 have share capital consisting solely of ordinary shares, which are held directly by the Group and the proportion of ownership interests held is equal to the voting rights held by the Group. The country of incorporation or registration is also their place of business.

The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in subsidiaries are considered significant. In quantitative terms, the Group considers significant those investments that individually represent at least 20% of the total equity attributable to non-controlling interest in subsidiaries at each year-end. Therefore, in qualitative terms, the Group considers, among other factors, the specific risks to which each company is exposed, their returns and the importance that each of them has for the Group.

Summarized financial information on subsidiaries with material non-controlling interests and other information are included in Note 7.

(b) Changes in ownership interests in subsidiaries without change of control

Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions, that is to say as transactions with the owners in their capacity as owners. The amount recorded is the difference between the fair value of any consideration paid and/or collected and the relevant share acquired and/or transferred of the carrying value of net assets of the subsidiary.

(c) Disposal of subsidiaries with loss of control

When the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.

(d) Associates

Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and less than 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor's share of the profit or loss of the investee after the date of acquisition. The Group's investment in associates includes goodwill identified on acquisition.

If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.

The Group's share of post-acquisition profit or loss is recognized in the consolidated statements of comprehensive income, and its share of post acquisition movements is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group's share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.

The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of any impairment as the difference between the recoverable amount of the associate and it is carrying value and recognizes the impairment loss within "share of profit of associates and joint ventures line item" in the Statements of Comprehensive Income.

Profits and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the Group's Financial Statements only to the extent of any unrelated investor's interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group.

For purposes of including the earnings of associates by applying the equity method, the Group uses Financial Statements of the associates as of the same date or a later date, provided the difference between the reporting date of the associate and that of the Group is no longer than three months. In these cases, the Group assesses and adjusts the results of such associates for material transactions or other material events occurred during the interim period.

The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in associates are considered significant. In quantitative terms, investments that individually represent at least 20% of equity in earnings of joint ventures in the consolidated statements of comprehensive income and, simultaneously, at least 20% of all investments in joint ventures total equity attributable to non-controlling interest in associates at each year-end are considered significant. Therefore, in qualitative terms, the Group considers, among other factors, the specific risks to which each company is exposed, their returns and the importance that each company has for the Group.

Summarized financial information and other information for associates is included in Note 8.

(e) Joint arrengements

Joint arrangements are arrangements of which the Group and other party or parties have joint control bound by a contractual arrangement. Under IFRS 11, investments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures.

Investments in joint ventures are accounted for under the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized in the Consolidated Statement of Financial Position at cost and adjusted thereafter to recognize the Group's share of the post-acquisition of profits or losses and movements in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income and in Other Comprehensive Income, respectively.

When the Group's share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group's net investment in the joint ventures), the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.

The Group determines at each reporting date whether there is any objective evidence that the investment in a joint venture is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value and recognizes the amount adjacent to share of profit of associates and joint ventures in the statements of comprehensive income.

Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group's interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.

The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in joint ventures are considered significant. In quantitative terms, the investments that individually represent at least 20% of equity in earnings of joint ventures in the consolidated statements of comprehensive income and, simultaneously, at least 20% the total equity attributable to non-controlling interest in joint ventures at each year-end are considered significant. Therefore, in qualitative terms the Group considers, among other factors, the specific risks to which each company is exposed to, their returns and the importance that each company has for the Group.

Summarized financial information and other information for significant joint ventures is included in Note 8.

2.4. Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ("CODM") the Group's Executive Committee. This CODM is responsible for allocating resources and assessing performance of the operating segments. The operating segments are described in Note 6.

2.5. Foreign currency translation

(a) Functional and presentation currency

Items included in the Financial Statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). These Financial Statements are presented in Argentine Pesos, which is the Group's presentation currency.

(b) Transactions and balances in foreign currency

Foreign currency transactions are translated into Argentine Pesos using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the profit or loss for the year.

Foreign exchange gains and losses are presented in the statements of comprehensive income within finance income and finance costs, as appropriate, unless they are capitalized as explained in Note 2.19.

2.6. Investment properties

Investment properties are those properties owned by the Group that are held either to earn long-term rental income or for capital appreciation and that are not occupied by the Group for its own operations. Properties occupied by associates or joint ventures are accounted for as investment properties in these Consolidated Financial Statements.

Investment properties also include properties that are being constructed or developed for future use as investment property. The Group also classifies land whose future use has not been determined yet as investment property.

When a property is partially owner-occupied, with the rest being held for rental income or capital appreciation, the Group accounts for the portions separately. The portion that is owner-occupied is accounted for as property, plant and equipment under IAS 16 "Property, Plant and Equipment" and the portion that is held for rental income or capital appreciation, or both, is treated as investment property under IAS 40 "Investment Property".

The Group's investment properties primarily comprise the Group's portfolio of shopping malls and offices, certain property under development and other undeveloped land.

Investment properties are measured initially at cost. Cost comprises the purchase price and directly attributable expenditures, such as legal fees, certain direct taxes, commissions and in the case of properties under construction, the capitalization of financial costs.

For properties under development, capitalization of costs includes not only financial costs, but also all costs directly attributable to works in process, from commencement of construction until it is completed and property is in conditions to start operating. Capitalized costs include mainly the part attributable to third-party service costs, as well as the materials necessary for construction. Capitalization of such costs ceases when the property reaches the operating conditions indicated above. 

Direct expenses related to lease contract negotiation (as well as payment to third parties for services rendered and certain specific taxes related to execution of such contracts) are capitalized as part of the book value of the relevant investment properties and amortized over the term of the lease.

Borrowing costs associated with properties under development or undergoing major refurbishment are capitalized. The finance cost capitalized is calculated using the Group's weighted average cost of borrowings after adjusting for borrowings associated with specific developments. Where borrowings are associated with specific developments, the amount capitalized is the gross interest incurred on those borrowings less any investment income arising on their temporary investment. Finance cost is capitalized from the commencement of the development work until the date of practical completion. The capitalization of finance costs is suspended if there are prolonged periods when development activity is interrupted. Finance cost is also capitalized on the purchase cost of land or property acquired specifically for redevelopment in the short term but only when activities necessary to prepare the asset for redevelopment are in progress.

After initial recognition, investment properties are carried at fair value. Investment properties that are being redeveloped for continuing use as investment properties or for which the market has become less active, continues to be measured at fair value. Investment properties under construction are measured at fair value if the fair value is considered to be reliably determinable. Investment properties under construction for which the fair value cannot be determined reliably, but for which the Group expects that the fair value of the property will be reliably determinable when construction is completed, are measured at cost less impairment until the fair value becomes reliably determinable or construction is completed, whichever is earlier.

Fair values are determined differently depending on the type of property being measured.

Generally, fair value of office buildings and land reserves is based on active market prices, adjusted, if necessary, for differences in the nature, location or condition of the specific asset. If this information is not available, the Group uses alternative valuation methods, such as recent prices on less active markets or discounted cash flow projections (Level 2).

The fair value of the Group's portfolio of Shopping Malls is based on discounted cash flow projections. This method of valuation is commonly used in the shopping mall industry in the region where the Group conducts its operations (Level 3).

As required by Resolution 576/10 of the CNV, valuations are performed as of the financial position date by accredited professional appraisers who have recognized and relevant professional qualifications and have recent experience in the location and category of the investment property being valued. These valuations form the basis for the carrying amounts in the consolidated Financial Statements. The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.

Subsequent expenditure is capitalized to the asset's carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the asset can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognized.

Changes in fair values are recognized in the consolidated Statements of Comprehensive Income under the line item "Net gain / (loss) from fair value adjustments of investment properties".

Asset transfers, including assets classified as investments properties which are reclassified under other items or vice-versa, may only be carried out when there is a change of use evidenced by: a) commencement of occupation of real property by the Group, where investment property is transferred to property, plant and equipment; b) commencement of development activities for sale purposes, where investment property is transferred to property for sale; c) the end of Group occupation, where it is transferred from property, plant and equipment to investment properties; or d) commencement of an operating lease transaction with a third party, where trading properties are transferred to investment properties. The value of the transfer is the one that the property had at the time of the transfer and subsequently is valued in accordance with the accounting policy related to the item.

The Group may sell an investment property when it considers it is not core to its ongoing rental business activities. Where the Group disposes of a property at fair value in an arm's length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the Statements of Comprehensive Income in the line "Net (loss) / gain from fair value adjustments of investment properties".

Investment properties are derecognized when they are disposed of or when they are permanently withdrawn from use and no future economic benefits are expected to arise from their disposal. The disposal of properties is recognized when the significant risks and rewards have been transferred to the buyer. As for unconditional agreements, proceeds are recognized when legal title to property passes to the buyer and the buyer intends to make the respective payment therefor. In the case of conditional agreements, the disposal is accounted for where such conditions have been met. Where consideration receivable for the sale of the properties is deferred, it is discounted to present value.

The difference between the discounted amount and the amount receivable is treated as interest income and recognized over the period using the effective interest method. Direct expenses related to the sale are recognized in the line "other operating results, net" in the Consolidated Statements of Comprehensive Income at the time they are incurred.

2.7. Property, plant and equipment

This category primarily comprises buildings or portions of a building used for administrative purposes, machines, computers and other equipment, motor vehicles, furniture, fixtures and fittings and improvements to the Group's corporate offices.

All property, plant and equipment ("PPE") is stated at historical cost less depreciation and accumulated impairment, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items. For properties under development, capitalization of costs includes not only financial costs, but also all costs directly attributable to works in process, from commencement of construction until it is completed and property is in conditions to start operating. Capitalized costs include mainly the part attributable to third-party service costs, as well as the materials necessary for construction. Capitalization of such costs ceases when the property reaches the operating conditions indicated above. 

Borrowing costs are directly incurred for the purpose of acquiring, constructing or producing a qualifying PPE are capitalized as part of its cost. A qualifying PPE is an asset that necessarily takes a substantial period of time to get ready for its intended use. Borrowing costs are capitalized during the period of construction or production of the eligible asset; such capitalization ceases once the necessary activities for the asset to have the intended use have been completed, or else capitalization is suspended while construction activity is suspended.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Such costs may include the cost of improvements and replacement of parts as they meet the conditions to be capitalized the carrying amount of those parts that are replaced is derecognized. Repairs and maintenance are charged to the consolidated statements of comprehensive income during the financial period in which they are incurred. Depreciation, based on a component approach, is calculated using the straight-line method to allocate the cost over the assets' estimated useful lives.

As of June 30, 2020 useful lives are as follows:

Other buildings and facilities	Between 1 and 22 years
Furniture and fixtures	Between 3 and 10 years
Machinery and equipment	Between 1 and 10 years
Vehicles	5 years
Other	3 years

As of each period-end, an evaluation is performed to determine the existence of indicators of any decrease in recoverable value or useful life of assets. If there are any indicators, the recoverable amount and/or residual useful life of impaired asset(s) is estimated, and an impairment adjustment is made, if applicable. As of each year-end, the residual useful life of assets is estimated and adjusted, if necessary.

An asset's carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount (see Note 2.10.).

Gains from the sale of these assets are recognized when the control have been transferred to the buyer. This will normally take place on unconditional exchange, generally when legal title passes to the buyer and it is probable that the buyer will pay. For conditional exchanges, sales are recognized when these conditions are satisfied.

Gains and losses on disposals are determined by comparing the proceeds, net of direct expenses related to those proceeds, with carrying amount at the date of each transaction. Gains and losses from the disposal of property, plant and equipment items are recognized within "Other operating results, net" in the consolidated statements of comprehensive income.

2.8. Leases

The Group's leases are recognized and valued in accordance with IFRS 16. As of June 30, 2019, they are valued in accordance with IAS 17.

A Group company is the lessor: Operating lease - properties leased to tenants under operating leases are included in "Investment properties" in the Statements of Financial Position (see Note 2.25 for the recognition of rental income).

A Group company is the lessee: The Group acquires certain specific assets (essentially machinery and computer equipment and real estate exploitation concessions) under the form of leases in accordance with IFRS 16. Assets acquired under this modality are disclosed as an asset at present value of future minimum payments of the lease. Capitalized leased assets are depreciated over their estimated useful life or over the term of the lease, whichever is earlier. The total financial cost will be distributed among the periods that constitute the term of the lease, so that a constant interest rate is obtained in each period, on the balance of the debt pending amortization.

Leases within the exception of the rule are charged to income at the time they are accrued. They mainly include contracts of less than one year and / or non-material value.

2.9. Intangible assets

(a) Goodwill

Goodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognized by the Group on an acquisition. Goodwill is initially measured as the difference between the fair value of the consideration transferred, plus the amount of non-controlling interest in the acquisition and, in business combinations achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquisition; and the net fair value of the identifiable assets and liabilities assumed on the acquisition date.

At acquisition goodwill is allocated to those cash generating units expected to benefit from the acquisition for the purpose of impairment (see Note 2.10.). Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill arising on the acquisition of subsidiaries is included within "Intangible assets" in the statements of financial position.

Goodwill may also arise upon investments in associates and joint ventures, calculated as the surplus of the cost of investment over the Group's share of the fair value of the net identifiable assets. Such goodwill is recorded within investments in associates or joint ventures.

Goodwill is not amortized but tested for impairment at each fiscal year end, or more frequently if there is an indication of impairment.

(b) Software

Acquired computer software licenses are capitalized based on of the costs incurred to acquire and bring to use the specific software. These costs are amortized over their estimated useful lives between 3 and 5 years.

Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: (i) it is technically feasible to complete the software product so that it will be available for use; (ii) management intends to complete the software product and use or sell it; (iii) there is an ability to use or sell the software product; (iv) it can be demonstrated how the software product will generate probable future economic benefits; (v) adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and (vi) the expenditure attributable to the software product during its development can be reliably measured.

Directly attributable costs that are capitalized as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.

Other development expenditures that do not meet these criteria are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period.

Computer software development costs recognized as assets are amortized over their estimated useful lives, which does not exceed 5 years.

(c) Right to receive units (barters)

The Group also enters into barter transactions where the Group normally exchanges undeveloped parcels of land with third-party developers for future property to be constructed on the bartered land. The Group generally receives monetary assets as part of the transactions and/or a right to receive future units to be constructed by developers. Such rights are initially recognized at cost (which is the fair value of the land assigned) and such rights are not adjusted later, unless there is any sign of impairment.

2.10. Impairment of assets

(a) Goodwill

For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, referred to as cash-generating units. In order to determine whether any impairment loss should be recognized, the book value of cash-generating units or cash generating unit groups is compared against its recoverable value. Net book value of cash-generating units and cash generating unit groups include goodwill and assets with limited useful life (such as, investment properties, property, plant and equipment, intangible assets and working capital).

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognized for goodwill are included in the statements of comprehensive income and are not reversed in a subsequent period.

The recoverable amount of a cash-generating unit is the higher of fair value less costs-to-sell and value-in-use. The fair value is the amount at which a cash-generating unit may be sold in a current transaction between unrelated, willing and duly informed parties. Value-in-use is the present value of all estimated future cash flows expected to be derived from cash-generating units or cash-generating unit groups.

(b) Property, plant and equipment and defined-lived intangible assets

At the date of each statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment, and limited-duration intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss.

When the asset does not generate cash flows independently of other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in the statements of comprehensive income.

Assets or cash-generating units that have suffered an impairment loss are revised as of each year-end date to assess a potential reversal of such impairment. The impairment loss recognized in prior fiscal years may only be reversed if there has been a change in the estimates used to assess the recoverable value of assets or the cash-generating unit since the recognition of the impairment loss.

Where an impairment loss subsequently reverses the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined if no impairment loss had been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized in the statements of comprehensive income.

2.11. Trading properties

Trading properties comprise those properties either intended for sale or in the process of construction for sale. Trading properties are carried at the lower of cost and net realizable value. Where there is a change in use of investment properties evidenced by the commencement of development with a view to sale, the properties are reclassified as trading properties at cost, which is the carrying value at the date of change in use. They are subsequently carried at the lower of cost and net realizable value.

Cost comprises all direct costs of purchase, costs of conversion and other costs incurred in bringing the trading properties to their present location and condition.

Net realizable value is the estimated selling price of a property in the ordinary course of business less costs to complete and selling expenses. If the net realizable value is lower than the carrying amount, a write-down is recognized in the amount by which the carrying amount exceeds its net realizable value. Write-downs are reversed when circumstances that caused the write-down cease to exist, or when net realizable value increases.

2.12. Inventories

Inventories mainly include materials, supplies or other assets required to offer different services.

Supplies and other of materials and assets classified in this category are measured at the lower of cost or net realizable value. The cost of supplies, materials and other assets is determined using the weighted average cost method.

2.13. Financial instruments

The Group classifies financial assets in the following categories: those to be measured at fair value and those to be measured at amortized cost. This classification depends on whether the financial asset is a debt or equity instrument.

Debt instruments

A debt instrument is classified at amortized cost only if both of the following criteria are met: (i) the objective of the Group's business model is to hold the asset to collect the contractual cash flows; and (ii) the contractual terms give rise on specified dates to cash derived solely from payments of principal and interest due on the principal outstanding. The nature of any derivatives embedded in the debt instrument are considered in determining whether the cash flows of the instrument are derived solely from payment of principal and interest due on the principal outstanding and are not accounted for separately.

If either of the two criteria above is not met, the debt instrument is classified at "fair value through profit or loss". The Group has not designated any debt investment as measured at fair value through profit or loss to eliminate or significantly reduce an accounting mismatch. Changes in fair values and gains from disposal of financial assets at fair value through profit or loss are recorded within "Financial results, net" in the statements of comprehensive income.

Equity instruments

All equity instruments, which are neither subsidiaries, associate companies nor joint ventures of the Group, are measured at fair value. Equity instruments that are held for trading are measured at fair value through profit or loss. For all other equity instruments, the Group can make an irrevocable election at initial recognition to recognize changes in fair value through other comprehensive income rather than profit or loss. The Group decided to recognize changes in fair value of equity instruments through changes in profit or loss.

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the statements of comprehensive income.

Regular purchases and sales of financial assets are recognized on the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.

In general, the Group uses the transaction price to ascertain the fair value of a financial instrument on initial recognition. In the other cases, the Group records a gain or loss on initial recognition only if the fair value of the financial instrument can be supported by other comparable transactions observable in the market for the same type of instrument or if based on a technical valuation that only inputs observable market data. Unrecognized gains or losses on initial recognition of a financial asset are recognized later on, only to the extent they arise from a change in factors (including time) that market participants would consider upon setting the price.

Gains/losses on debt instruments measured at amortized cost and not identified for hedging purposes are charged to income where the financial assets are derecognized or an impairment loss is recognized, and during the amortization process under the effective interest method. The Group is required to reclassify all affected debt investments when and only when its business model for managing those assets changes.

The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets measured at amortized cost is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a 'loss event') and that loss event (or events) can be reliably estimated. The amount of the impairment is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

2.14. Derivative financial instruments and hedging activities

Derivative financial instruments are initially recognized at fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

The Group manages exposures to various risks using hedging instruments that provide the appropriate economic outcome. The Group does not use derivative financial instruments for speculative purposes. To date, the Group has used future and forward contracts, as appropriate.

The Group's policy is to apply hedge accounting to hedging relationships where it is permissible under IFRS 9, practical to do so and its application reduces volatility, but transactions that may be effective hedges in economic terms may not always qualify for hedge accounting under IFRS 9. To date the Group has not applied hedge accounting to any of its derivative financial instruments. Trading derivatives are classified as a current asset or liability in the statement of financial position. Gains and losses on other derivatives are classified in "Financial results, net", in the statements of comprehensive income.

The fair values of financial instruments that are traded in active markets are computed by reference to market prices. The fair value of derivative financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period.

2.15. Trade and other receivables

Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

An allowance for doubtful accounts is recorded when there is objective evidence that the Group may not be able to collect all receivables within their original payment term. Indicators of doubtful accounts include significant financial distress of the debtor, the debtor potentially filing a petition for reorganization or bankruptcy, or any event of default or past due account. It is calculated by the expected los method.

For significant non-homogeneous receivables, the Group generally measures impairment based on an individual analysis. When they are evaluated individually, the Group recognizes the provision for impairment as the difference between the book value of the receivable and the present value of future cash flows, taking into account the existing guarantees, if applicable. This allowance for doubtful accounts considers the financial situation of the debtor, their resources, the payment history and, if applicable, the value of the guarantees provided.

For non-significant homogeneous receivables, the Group assesses the impairment by grouping these receivables based on characteristics of similar risks, considering the type of asset, the delinquency condition and other relevant factors. The Group considers different factors to calculate the amount of the allowance for impairment, which, in its opinion, represents the expected losses over the life of the receivables. When determining the allowance for doubtful accounts, the Group considers, among other factors: (i) the delinquency of the receivables, (ii) the history of losses and the general behavior of the clients, (iii) the trends in volumes and terms of the receivables, (iv) the Group's experience in credit management, (v) national and local economic trends, (vi) credit concentrations by individual size and type of credit, and (vii) the effect of other external factors.

The amount of the allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance, and the amount of the loss is recognized in the Statements of Income within "Selling expenses". Subsequent recoveries of amounts previously written off are credited against "Selling expenses" in the Statements of Income.

2.16. Trade and other payables

Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method.

2.17. Tenant deposits

The Group generally obtains deposits from tenants as a guarantee for returning the property at the end of the lease term in a specified good condition or for the lease payments for a period of generally 3 years. The deposits are generally equivalent to one month of lease rentals. Such deposits are treated as both a financial asset and a financial liability in accordance with IFRS 9, and they are initially recognized at fair value. The difference between fair value and cash received is considered to be part of the minimum lease payments received for the operating lease (refer to Note 2.25. for the recognition of rental income). The deposits are subsequently measured at amortized cost.

2.18. Borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized as finance cost over the period of the borrowings using the effective interest method.

2.19. Borrowing costs

General and specific borrowing costs (interest and foreign exchange differences) directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially completed.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in profit or loss in the period in which they are incurred.

The Group capitalizes borrowing costs on qualifying investment properties, property, plant and equipment and trading properties.

2.20. Provisions

Provisions are recognized when: (i) the Group has a present legal or constructive obligation as a result of past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are not recognized for future operating losses.

The amount of its accruals is based on up-to-date developments, estimates of the outcomes of the matters and legal counsel's experience in contesting, litigating and settling matters. As the scope of the liabilities becomes better defined or more information is available, the Group may be required to change its estimates of future costs, which could have a material adverse effect on its results of operations and financial condition or liquidity.

Provisions are measured at the present value of the cash flows expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in provisions due to passage of time is recognized in the statements of comprehensive income.

2.21. Employee benefits

(a) Pension plans obligations

The Group operates a defined contribution plan. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The contributions are recognized as employee benefit expense in the Statement of Comprehensive Income when they are due.

(b) Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy.

(c) Bonus plans

The Group recognizes a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the Group's shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.

2.22. Shared based payments

The Group operates an incentive plan, under which certain selected employees, directors and top management of IRSA Propiedades Comerciales S.A., IRSA and Cresud have a right to matching shares of IRSA and Cresud, although they must hold their purchased shares and remain with the employer entity for a specified period of time.

The fair value of the equity settled awards is measured at the date of grant. Management measures the fair value using the valuation technique that it considers to be the most appropriate to value each class of award. Methods used may include Black-Scholes calculations or other models as appropriate. The valuations consider factors such as non-transferability, exercise restrictions and behavioral considerations.

The fair value of the share-based payment is recognized in the statements of comprehensive income under the straight-line method over the vesting period in which the right to receive shares of IRSA and Cresud becomes irrevocable ("vesting period"); such value is based on the best available estimate of the number of shares expected to vest.

Such estimate is revised if subsequent information becomes available indicating that the number of shares expected to vest differs from original estimates.

2.23. Current income tax, deferred income tax and minimum presumed income tax

Tax expense for the year comprises the charge for tax currently payable and deferred taxation. Tax is recognized in the statement of income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

Current income tax charge is calculated based on of the tax laws enacted or substantially enacted at the date of the Statement of Financial Position in the countries where the Group and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Group establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities.

Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the date of the Statement of Financial Position and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.

Deferred income tax is provided on temporary differences arising on investments in subsidiaries, associates and joint ventures, except for deferred income tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

Entities in Argentina are subject to the Minimum Presumed Income Tax ("MPIT"). Pursuant to this tax regime, an entity is required to pay the greater of the income tax or the MPIT. The MPIT provision is calculated on an individual entity basis at the statutory asset tax rate of 1% and is based upon the taxable assets of each company as of the end of the year, as defined by Argentine law. Any excess of the MPIT over the income tax may be carried forward and recognized as a tax credit against future income taxes payable over a 10-year period. When the Group assesses that it is probable that it will use the MPIT payment against future taxable income tax charges within the applicable 10-year period, the Group recognizes the MPIT as a current or non-current receivable, as applicable, within "Trade and other receivables" in the statements of financial position.

Minimum presumed income tax was repealed by the Law No. 27,260 in section 76 for the annual periods beginning on January 1, 2019.

In this respect, considering recent Instruction No. 2 issued by the Federal Administration of Public Revenue (AFIP), if the Group posts financial and tax losses, no provision for income tax would be recorded.

2.24. Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. Cash equivalents do not include bank overdrafts.

2.25. Revenue recognition

Revenue from Group's activities is principally derived from business activities carried out in shopping malls and in rental buildings and mainly include rental income from shopping mall properties and offices leased under operating leases, admission rights, commissions and revenue from several services provided to the Group's lessees.

In accordance with IFRS 15, the Group recognizes income over time on sales contracts with clients for real estate development in which there is no alternative use to the sale to that client and has the right to demand the collection of the contract. When these conditions are not met, revenue is recognized at the time of delivery or deed.

Income from satisfaction of performance obligations over time on real estate developments is recognized by measuring progress towards compliance with the obligation when it can be reliably measured. For this measurement, the Group uses the resource method, that is, the effort consumed by the entity and determines the percentage of progress based on the estimated cost of the total development.

The Group's income is recognized at the highly probable value of the consideration to which it will be entitled in exchange for transferring products or services to the client that is not expected to undergo significant reversals.

● Shopping malls portfolio

Primarily comprises rental income from shopping mall properties lease out over operating leases, admission rights, commissions and revenue from several services provided to the Group's lessees.

The Argentine Civil and Commercial Code section 1221 provides that tenants may rescind commercial lease within the initial six months by means of written notification. If option is used within the first year of the lease, the Tenant shall pay the Lessor, as compensation, the equivalent of one-and-a-half month's rent, and one month's rent if the tenant makes use of the option after that period. Given that the rule does not provide for advance notice, Lease Agreements include a provision whereby the lessee must give at least 60 days advance notice of its intention to terminate the lease. The exercise of such early termination could materially and adversely affect the Group.

The Group has determined that, in all operating leases, the lease term for accounting purposes matches the term of the contract. The Group concluded that, even though a lease is cancellable under law, tenants would incur significant "economic penalties" if the leases are terminated prior to expiry. The Group considered that these economic penalties are of such amount that continuation of the lease contracts by tenants appears to be reasonably certain at the inception of the respective agreements. The Group reached this conclusion based on factors such as: (i) the strategic geographical location and accessibility to customers of the Group's investment properties; (ii) the nature and tenure of tenants (mostly well-known local and international retail chains); (iii) limited availability of identical revenue-producing space in the areas where the Group's investment properties are located; (iv) the tenants' brand image and other competitive considerations; (v) tenants' significant expenses incurred in renovation, maintenance and improvements on the leased space to fit their own image; (vi) the majority of the Group's tenants only have stores in shopping malls with a few or none street stores. See details in Note 24.

Lessees of shopping malls are generally required to pay the higher of: (i) a base monthly rent (the "Base Rent") and (ii) a specific percentage of gross monthly sales recorded by the Lessee (the "Contingent Rent"), which generally ranges between 2% and 12% of the lessees' gross sales. Moreover, in accordance with agreements entered for most locations, the Base Rent is subject to scheduled increases, typically between 10% and 24% annually over the term of the lease.

In addition, some lease contracts include provisions that set forth variable rent based on specific volumes of sales and other types of ratios.

Rental income from shopping mall properties leased out under operating leases is recognized in the consolidated statements of comprehensive income on a straight-line basis over the term of the leases. When lease incentives are granted, they are recognized as an integral part of the net consideration for the use of the property and are therefore recognized on the same straight-line basis.

Contingent rents, being lease payments that are not fixed at the inception of a lease, are recorded as income in the periods in which they are known and can be determined. Rent reviews are recognized when such reviews have been agreed with tenants.

Tenants in the Group's shopping mall are also generally charged a non-refundable admission right upon entering a lease contract or renewing an existing one. Admission rights are treated as additional rental income and recognized in the Statement of Comprehensive Income on a straight-line basis over the term of the respective lease agreement.

The Group acts as its own leasing agent for arranging and closing lease agreements for its shopping malls properties and consequently earns letting fees. Letting fees are paid by tenants upon the successful closing of an agreement. A transaction is considered successfully concluded when both parties have signed the related lease contract. Letting fees received by the Group are treated as additional rental income and are recognized in the Statement of Comprehensive Income on a straight-line basis over the term of the lease agreements.

Lease contracts also provide that common area maintenance ("CAM") of the Group's shopping malls are borne by the corresponding lessees, generally on a pro rata basis. CAM include all such expenses convenient and necessary for various purposes including, but not limited to, the operation, maintenance, management, safety, preservation, repair, supervision, insurance and enhancement of the shopping malls. The lessor is responsible for determining the need and suitability of incurring a common area service charge. The Group makes the original payment for such expenses, which are then reimbursed by the lessees. The Group considered that it acts as a principal in these cases.

Service charge income related to CAM is presented separately from property operating expenses. Property operating expenses are expensed as incurred.

Under the terms of the leases, lessees also agree to participate in collective promotion funds ("CPF") to be used in advertising and promoting the Group's shopping malls. Each lessee's participation generally equals a percentage calculated based on the monthly accrued rental prices.

Revenue so derived is also included under rental income and services segregated from advertising and promotion expenses. Such expenses are charged to income when incurred.

On the other hand, revenue includes income from managed operations and other services such as car parking lots. Those revenues are recognized on an accrual basis as services are provided.

● Office and other rental properties portfolio

Rental income from office and other rental properties include rental income from office leased out under operating leases, income for services and expenses recovery paid by tenant.

Rental income from office and other rental properties leased out under operating leases is recognized in the consolidated statements of comprehensive income on a straight-line basis over the term of the leases ('rent averaging'). When lease incentives are granted, they are recognized as an integral part of the net consideration for the use of the property and are therefore recognized on the same straight-line basis.

Contingent rents are recorded as income in the periods in which they are collected. Rent reviews are recognized when such reviews have been agreed with tenants.

Lease contracts also provide that common area service charges of the Group's office and other rental properties are borne by the corresponding lessees, generally on a proportionally basis. These common area service charges include all such expenses convenient and necessary for various purposes including, but not limited to, the operation, maintenance, management, safety, preservation, repair, supervision, insurance and enhancement of the shopping malls. The Group acts as the management of rental properties. The Group makes the original payment for such expenses, which are then reimbursed by the lessees. The Group considered that it acts as a principal in these cases. The Group accrues reimbursements from tenants for recoverable portions of all these expenses as service charge revenue in the period the applicable expenditures are incurred and is presented separately from property operating expenses. Property operating expenses are expensed as incurred.

● Sales and Development activities

Revenue from sale and developments of real estate properties primarily comprises the results from the sale of trading properties. Results from the sale of properties are recognized only when the control have been transferred to the buyer. This normally takes place on unconditional exchange of contracts (except where payment or completion is expected to occur significantly after exchange). For conditional exchanges, sales are recognized when these conditions are satisfied.

The Group also enters into barter transactions where the Group normally exchanges undeveloped parcels of land with third-party developers for future property to be constructed on the bartered land and on occasion, the Group also receives cash as part of the transactions. Legal title to the land together with all risks and rewards of ownership are transferred to the developer upon sale. The Group generally requires the developer to issue insurances or to mortgage the land in favor of the Group as performance guarantee. In the event the developer does not fulfil its obligations, the Group forecloses on the land through the execution of the mortgage or the surety insurances, together with a cash penalty.

The Group may sell the residential apartments to third-party homebuyers once they are finalized and transferred from the developer. In these circumstances, revenue is recognized when the control are transferred to the buyer. This will normally take place when the deeds of title are transferred to the homebuyer.

However, the Group may market residential apartments during construction or even before construction commences. In these situations, buyers generally surrender a down payment to the Group with the remaining amount being paid when the developer completes the property and transfers it to the Group, and the Group in turn transfers it to the buyer. In these cases, revenue is not recognized until the apartments are completed and the transaction is legally completed, that is when the apartments are transferred to the homebuyers and deeds of title are executed. This is because in the event the residential apartments are not completed by the developer and consequently not delivered to the homebuyer, the Group is contractually obligated to return to the homebuyer any down payment received plus a penalty amount. The Group may then seek legal remedy against the developer for non-performance of its obligations under the agreement. The Group exercised judgment and considers that the most significant risk associated with the asset the Group holds (i.e. the right to receive the apartments) consisting of the unfulfillment of the developer's obligations (i.e. to complete the construction of the apartments) has not been transferred to the homebuyers upon reception of the down payment.

2.26. Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

When any of the Group's subsidiaries purchases the Company's share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of tax) is deducted from equity attributable to the Company's equity holders until the shares are cancelled or reissued. When such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and related income tax effects, is included in equity attributable to the Company's equity holders.

Instruments issued by the Group that will be settled by the Company delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash or another financial asset are classified as equity.

2.27. Earnings per share

Earnings per share is calculated by dividing the profit for the year attributable to equity holders of the parent by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing the profit for the year by the weighted average number of common shares outstanding, and when dilutive, adjusted for the effect of all potentially dilutive shares, including share options, on an as-if converted basis.

In computing diluted earnings per share, income available to common shareholders used in the basic earnings per share calculation is adjusted to add back the after-tax amount of interest recognized in the year with respect to any debt convertible to common stock. The weighted-average number of common shares outstanding is adjusted to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Diluted earnings per share is based on the most advantageous conversion rate or exercise price over the entire term of the instrument from the standpoint of the security holder. The calculation of diluted earnings per share excludes potential common shares if their effect is anti-dilutive (Note 29).

2.28. Dividend distribution

Cash dividend distribution to the Group's shareholders is recognized as a liability in the period in which the dividends are approved. Such amounts have been recorded either under Retained Earnings, if already forfeited or under Trade and Other Payables, if not forfeited.

2.29. Dividends income

Dividends earned are recorded when declared.

2.30. Comparative information

The balances as of June 30, 2019 and 2018 that are disclosed for comparative purposes were restated in accordance with IAS 29, see Note 2.1.

During the fiscal year ended June 30, 2020, 2019 and 2018, there was a devaluation of the Argentine peso in relation to the US Dollar of approximately 66%, 47% and 74%, respectively. This situation affects the comparability of figures disclosed in these Financial Statements, arising mainly from the impact of the exchange rate on our assets and liabilities in foreign currency.

2.31. Seasonal effects on operations

The operations of the Group's shopping mall are subject to seasonal effects, which affect the level of sales recorded by tenants. During summertime (January and February), the tenants of shopping mall experience the lowest sales levels in comparison with the winter holidays (July) and during the period of Christmas' Seasons (December) when they tend to record peaks of sales. Apparel stores generally change their collections during the spring and the fall, which impacts positively on shopping mall sales. Sale discounts at the end of each season also impact in the business. Consequently, a higher level of revenues is generally expected in shopping mall operations during the second half of the year rather than the first.

XML

Significant Judgments, Key Assumptions and Estimates

12 Months Ended

Jun. 30, 2020

Significant judgments key assumptions and estimates [abstract]

Significant judgments, key assumptions and estimates

3. Significant judgments, key assumptions and estimates

Not all of these significant accounting policies require management to make subjective or complex judgments or estimates. The following is intended to provide an understanding of the policies that management considers critical because of the level of complexity, judgment or estimations involved in their application and their impact on the Consolidated Financial Statements. These judgments involve assumptions or estimates in respect of future events. Actual results may differ from these estimates.

Estimation	Main assumptions	Potential implications	Main references
Fair value valuation of investment properties	Fair value valuation made by external appraisers and valuators. See Note 9.	Incorrect valuation of investment property values	Note 9 - Investment properties
Income tax	The Group estimates the income tax amount payable for transactions where the Treasury's Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable.	Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest.	Note 21 - Taxes
Allowance for doubtful accounts	A periodic review is conducted of receivables risks in the Group's clients' portfolios. Bad debts based on the expiration of account receivables and account receivables' specific conditions.	Incorrect recognition of charges / reimbursements of the allowance for bad debt.	Note 15 - Trade and other receivables
Probability estimate of contingent liabilities.	Whether more economic resources may be spent in relation to litigation against the Group; such estimate is based on legal advisors' opinions.	Charge / reversal of provision in relation to a claim.	Note 20 - Provisions

XML

Acquisitions and Disposals

12 Months Ended

Jun. 30, 2020

Acquisitions and disposals [abstract]

Acquisitions and disposals

4.

Acquisitions and disposals

Fiscal year ended as of June 30, 2020

Barter transaction “Airspace Coto” y “Plot 1 – Caballito Tower”

See Note 33 in these Financial Statements.

TGLT – Recapitalization agreement

On August 8, 2019, we entered into certain arrangements with TGLT S.A. (“TGLT”) providing for collaboration in TGLT’s financial restructuring and recapitalization. We participated in the recapitalization agreement whereby TGLT committed: (i) to make a public offer to subscribe Class A preferred shares at a subscription price of USD 1.00 per TGLT share; (ii) to make a public offering of new Class B preferred shares which may be subscribed by (a) the exchange for ordinary shares of TGLT, at an exchange ratio of one Class B preferred share for every 6.94 ordinary shares of the Company and / or (b) the exchange for convertible notes, at an exchange ratio of a Class B preferred share for each USD 1.00 of convertible notes (including accumulated and unpaid interests under the existing convertible notes); and (iii) to grant an option to subscribe new Class C preferred shares in a public offer for cash to be carried out if: (a) the public offer of Class A and Class B preferred shares are consummated and (b) a minimum number of option holders have exercised that option at a subscription price per Class C preferred share of USD 1.00 (or its equivalent in pesos).

Likewise, IRSA Propiedades Comerciales signed as a holder of convertible notes of TGLT an agreement for deferment of payment of interest payable as of February 15, 2019 and August 15, 2019 until November 8, 2019 and an option agreement which may be subscribed Class C preferred shares.

Finally, supporting the recapitalization plan, IRSA Propiedades Comerciales signed with TGLT a subscription commitment for Class A preferred shares under Class A Public Offer to make a contribution in kind of shares of the company La Maltería SA, 100% of its ownership, for an amount up to USD 24 million and promised to exchange its convertible negotiable obligations into preferred Class B shares.

In turn, on November 22, 2019, TGLT held a bondholders of convertible negotiable obligation's meeting in order to consider the modification of different clauses of the indenture in force at that date, and in line with what was agreed in the recapitalization agreement , IRSA Propiedades Comerciales voted in favor of the modifications.

Under the agreements described above, the successful consummation of the offer by TGLT, and having reached the thresholds of consent of the holders of convertible notes of TGLT, on December 11, 2019, the Company concluded the established process in the recapitalization agreement and related documents through the subscription of preferred Class A shares, integrating them in kind through the contribution of the shares of the company La Maltería SA, 100% of their ownership and, likewise, proceeded to the exchange of the convertible note - including deferred interest and accrued interest from August 15, 2019 to December 11, 2019 - in preferred Class B shares.

During the fiscal year 2020, preferred shares were converted into ordinary shares, which is why IRSA Propiedades Comerciales began to have significant influence, considering TGLT S.A. as an associate company.

Sale of Catalinas Tower building

On June 9, 2020 IRSA Propiedades Comerciales signed with an unrelated third party the transfer of the right to deed with the delivery of possession of two medium-height floors of the tower under construction "200 Della Paolera" located in Catalinas District in the Autonomous City of Buenos Aires for a total area of ​​approximately 2,430 square meters and 16 parking lots located in the building.

The price of the transaction was ARS 1,165 million (USD 16.9 million). See Note 9.

Fiscal year ended as of June 30, 2019

Acquisition of Catalinas

The Company’s Board of Directors has approved the acquisition from its parent company IRSA of 14,213 sqm of gross leasable area of the building under development called "Catalinas" in the City of Buenos Aires. 

The building consists of 35,208 sqm of gross leasable area in 30 office floors and 316 parking lots in 4 basements and is currently under construction. The price of the transaction was established in the fixed amount of USD 60.3 million. Previously, the Company had adquired 16,194 sqm from IRSA, Accordingly, after completing the transaction mentioned above, the Company will have adquired the total of 30,407 sqm of gross leasable area, equivalent to a total 86.37% of the building's gross leaseble area.

Constitution of La Malteria S.A.

On July 11, 2018, "La Malteria S.A.” was formed, with a capital contribution of ARS 0.1 millons represented by 100,000 common nominative shares with a par value of ARS 1.00. IRSA Propiedades Comerciales S.A. subscribed 95,000 shares of share capital, while the remaining 5,000 were subscribed by Fibesa S.A..

Constitution of Pareto S.A.

On October 8, 2018, Pareto S.A. was formed, and its purpose is to design, program and develop software and mobile and web applications.

Pareto started with a capital of 100,000 common shares with a par value of ARS 1.00 of which 65% was owned by IRSA Propiedades Comerciales.

On December 17, 2018, a capital contribution was approved for 16,500 shares of par value ARS 1.00, subscribed in full by the Company with a paid in capital of ARS 5,045.75 per share, amounting ARS 101.6 million. As a result of this capital increase, the ownership of IRSA Propiedades Comerciales increased to 69.96%.

On the same date, Espacio Digital S.A (EDSA), issued a transfer of assets offer to Pareto S.A which includes among other things the source code of the application, clients portfolio and brand for total consideration of USD 0.6 million.

Sale of Tarshop

On February 14, 2019, the Group sold the entire shareholding of the Company in Tarshop S.A. to Banco Hipotecario S.A. The parties agree that the seller will be entitled to a variable remuneration, if the buyer, in a period not exceeding 2 years, sell all or part of the participation to a third party.

The loss for this transaction amounted was ARS 177.1 million.

XML

Financial Risk Management

12 Months Ended

Jun. 30, 2020

Financial risk management [abstract]

Financial risk management

5. Financial risk management

5.1 Financial risk

Risk management principles and procedures

The risk management function within the Group is carried out in respect of financial risks. Financial risks are risks arising from financial instruments to which the Group is exposed during or at the end of the reporting period. Financial risk comprises market risk (including foreign currency risk, interest rate risk and other price risk), credit risk, liquidity risk and capital risk.

The Group’s diverse activities are exposed to a variety of financial risks in the normal course of business. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize the Group’s capital costs by using suitable means of financing and to manage and control the Group’s financial risks effectively. The Group uses financial instruments to hedge certain risk exposures when deemed appropriate based on its internal management risk policies.

The Group’s principal financial instruments comprise cash and cash equivalents, receivables, payables, interest bearing assets and liabilities, other financial liabilities, other investments and derivative financial instruments. The Group manages its exposure to key financial risks in accordance with the Group’s risk management policies.

The Group’s risk management policies are implemented at all its subsidiaries companies in order to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. The Group’s management framework includes policies, procedures, limits and allowed types of derivative financial instruments.

The Group has established a Risk Committee, comprising Senior Management and a member of the Audit Committee of Cresud (IRSA’s parent company), which reviews and oversees management’s compliance with these policies, procedures and limits and has overall accountability for the identification and management of risk across the Group.

This section provides a description of the principal risks and uncertainties that could have a material adverse effect on the Group’s strategy, performance, results of operations and financial condition. The principal risks and uncertainties facing the businesses, set out below, do not appear in any particular order of potential materiality or probability of occurrence.

The effect of exposure to the context in which the Group operates was analyzed in Note 35 to these Financial Statements.

(a) Market risk management

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group’s market risks arise from open positions in foreign currencies, interest-bearing assets and liabilities, and risk of market price of equity securities, to the extent that these are exposed to general and specific market movements. The Group sets limits on the exposure to these risks that may be accepted, which are monitored on a regular basis.

The examples of sensitivities to market risks included below are based on a change in one factor while holding all other factors constant. In practice this is unlikely to occur, and changes in some of the factors may be correlated – for example, changes in interest rate and changes in foreign currency rates.

Foreign exchange risk and associated derivative financial instruments

The Group publishes its consolidated Financial Statements in Argentine Pesos but conducts business in many foreign currencies. As a result, the Group is subject to foreign currency exchange risk due to exchange rate movements, which affect the Group’s transaction costs. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity’s functional currency, that is, Argentine Pesos.

The real estate activities of the Group’s subsidiaries are primarily located in Argentina where the Argentine Peso is the functional currency. A significant majority of the Group’s business activities is conducted in the respective functional currencies of the subsidiaries (the Argentine Peso), thus not exposing the Group to foreign exchange risk. However, in the ordinary course of business, the Group transacts in currencies other than the respective functional currencies of the subsidiaries. These transactions are primarily denominated in US dollars. The Group’s net financial position exposure to the US dollar is managed on a case-by-case basis, by entering into different derivative instruments and/or by borrowing in foreign currencies. Exposure to other foreign currencies has not been significant to date.

Financial instruments are only considered sensitive to foreign exchange rates where they are not in the functional currency of the entity that holds them. The following table shows the US dollar-denominated net amounts of the financial instruments for the years ended June 30, 2020 and 2019. All amounts are presented in Argentine Pesos, the presentation currency of the Group:

	Net monetary position liability
		06.30.20		06.30.19
Borrowing position with third parties		(32,842,728	)	(24,264,525	)
Lending position with related parties		9,908,631		4,075,634
Net monetary position		(22,934,097	)	(20,188,891	)

The Group estimates that, other factors being constant, a 10% oscillation of the US dollar against the Argentine Peso at year-end would impact in the profit before income tax in an amount of ARS 2,293,410 and ARS 2,018,889 for the years ended June 30, 2020 and 2019, respectively.

This sensitivity analysis provides only a limited, point-in-time view of the sensitivity of the foreign exchange risk associated with Group’s financial instruments. The actual impact of the foreign exchange rate changes on the Group’s financial instruments may differ significantly from the impact shown in the sensitivity analysis.

Furthermore, the Group also uses derivative instruments, such as foreign currency forward contracts, to manage exposure to foreign exchange risk. As of June 30, 2020 and 2019 there were foreign-currency forward contracts in the amount of ARS 109,854 (net liabilities) and ARS 31,076 (net liabilities), respectively.

Interest rate risk

The Group is exposed to interest rate risk on its investments in debt instruments, short-term and long-term borrowings and derivative financial instruments.

The primary objective of the Group’s investment activities is to preserve principal while at the same time maximizing yields without significantly increasing risk. To achieve this objective, the Group diversifies its portfolio in accordance with the limits set by the Group. The Group maintains a portfolio of cash equivalents and short-term investments in a variety of securities, including both government and corporate obligations and money market funds and ETF funds.

As the Group’s investments in this type of financial instrument subject to this risk are not significant, changes in market interest rates do not have any significant direct effect on the Group’s income.

The Group’s interest rate risk principally arises from long-term borrowings (Note 19). Borrowings issued at floating rates expose the Group to the risk that the actual cash flows differ from those expected. Borrowings issued at fixed rates expose the Group to the risk that the fair values of these differ from those expected. The Group manages this risk by maintaining an appropriate mix between fixed and floating rate interest bearing liabilities. These activities are evaluated regularly to determine that the Group is not exposed to interest rate movements that could adversely impact its ability to meet its financial obligations and to comply with its borrowing covenants.

The Group’s interest rate risk policy is approved by its management. The Group analyzes its interest rate exposure on a dynamic basis. Various scenarios are simulated, taking into consideration refinancing, renewal of existing positions and alternative financing sources. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate shift. The scenarios are run only for liabilities that represent the major interest-bearing positions. Trade payables are normally interest-free and have settlement dates within one year. The simulation is done on a regular basis to verify that the maximum potential loss is within the limits set by Management.

See in Note 19 the breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination (excluding finance leases) for the years ended June 30, 2020 and 2019.

The Group estimates that, other factors being constant, a 1% oscillation in floating rates at year-end would impact the profit before income tax for the year ended June 30, 2020 and 2019 by ARS 26.66 million and ARS 26.37 million, respectively.

Other price risk

The Group is exposed to price risk inherent in equity investments, which are classified on the Consolidated Statement of Financial Position at fair value through profit or loss. The Group regularly reviews the prices evolution of these equity securities in order to identify significant movements.

As of June 30, 2020 and 2019, the total value of the investment in equity securities issued by other companies equals to ARS 210.8 million and ARS 559.1 million, respectively (Note 14).

The Group estimates that, other factors being constant, a 10% oscillation in equity indexes at fiscal year-end would decrease profit before income tax for the years ended June 30, 2020 and 2019 by ARS 21.1 million and ARS 55.9 million, respectively.

(b) Credit risk management

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in a financial loss to the Group. Credit limits have been established to ensure that the Group deals only with approved counterparties and that counterparty concentration risk is addressed and the risk of loss is mitigated. Counterparty exposure is measured as the aggregate of all obligations of any single legal entity or economic entity to the Group.

The Group is subject to credit risk arising from deposits with banks and financial institutions, investments of surplus cash balances, the use of derivative financial instruments and from outstanding receivables. Each local entity is responsible for managing and analyzing this risk.

The Group’s policy is to manage credit exposure from deposits, short-term investments and other financial instruments by maintaining diversified funding sources in various financial institutions. All the institutions that operate with the Group are well known because of their experience in the market and high credit quality. The Group places its cash and cash equivalents, investments, and other financial instruments with various high credit quality financial institutions, thus mitigating the amount of credit exposure to any one institution. The maximum exposure to credit risk is represented by the carrying amount of cash and cash equivalents and short-term investments in the statement of financial position.

The Group’s primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk. The Group generally enters into derivative transactions with high-credit-quality counterparties and, by policy, limits the amount of credit exposure to each counterparty. The amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which counterparty’s obligations exceed the obligations that the Group has with that counterparty. The credit risk associated with derivative financial instruments is represented by the carrying value of the assets positions of these instruments.

The Group’s policy is to manage credit risks associated with trade and other receivables within defined trading limits. All Group’s significant counterparties have internal trading limits.

Trade receivables from investment and development property activities are primarily derived from leases and services from shopping malls, office and other rental properties; receivables from the sale of trading properties and investment properties (primarily undeveloped land and non-retail rental properties). The Group has a large customer base and is not dependent on any single customer.

The Group has specific policies to ensure that rental contracts are transacted with counterparties with appropriate credit quality. The majority of the Group’s shopping mall, office and other rental properties’ tenants are well-recognized retailers, diversified companies, professional organizations, and others. Owing to the long-term nature and diversity of its tenancy arrangements, the credit risk of this type of trade receivables is considered to be low. Generally, the Group has not experienced any significant losses resulting from the non-performance of any counterpart to the lease contracts. As a result, the allowance for doubtful accounts balance is low. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Group, as applicable. If tentants are independently rated, these ratings are used. If there is no independent rating, risk control assesses the credit quality of the tentant, taking into account its past experience, financial position, actual experience and other factors. Based on the Group’s analysis, the Group determines the amount of the deposit that is required from the tenant at inception of the lease. Management does not expect any losses from non-performance by these counterparties (Note 15).

(c) Liquidity risk management

The Group is exposed to liquidity risks, including risks associated with refinancing borrowings as they mature, the risk that borrowing facilities are not available to meet cash requirements, and the risk that financial assets cannot readily be converted to cash without loss of value. Failure to manage liquidity risks could have a material impact on the Group’s cash flow and statement of financial position. Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding its existing and prospective debt requirements by maintaining diversified funding sources with adequate committed funding lines from high quality lenders.

The Group monitors its current and projected financial position using several key internally generated reports: cash flow; debt maturity; and interest rate exposure. The Group also undertakes sensitivity analysis to assess the impact of proposed transactions, movements in interest rates and changes in property values on the key profitability, liquidity and balance sheet ratios.

The Group’s debt and derivative positions are continually reviewed to meet current and expected debt requirements. The Group maintains a balance between longer-term and shorter-term financings. Short-term financing is principally raised through bank facilities and overdraft positions. Medium- to longer-term financing comprises public and private bond issues, including private placements. Financing risk is spread by using a variety of types of debt. The maturity profile is managed by spreading the repayment dates and extending facilities.

The tables below analyze the Group’s non-derivative financial liabilities and derivative financial liabilities into relevant maturity groupings based on the remaining period at the Statement of Financial Position to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows and as a result, they do not reconcile to the amounts disclosed in the statement of financial position. However, undiscounted cash flows in respect of balances due within 12 months generally equal their carrying amounts in the statement of financial position, as the impact of discounting is not significant. The tables include both interest and principal flows.

Where the interest payable is not fixed, the amount disclosed has been determined by reference to the conditions existing at each reporting date.

At June 30, 2020	Less than 1 year		Between 1 and 2 years		Between 2 and 3 years		Between 3 and 4 years		More than 4 years		Total
Trade and other payables		2,998,352		85,462		69,386		10,529		175		3,163,904
Borrowings (excluding finance lease liabilities)		14,086,808		2,118,449		27,192,442		64,633		39,956		43,502,288
Leases liabilities		52,536		49,190		51,304		54,317		1,291,751		1,499,098
Derivative financial instruments		81,540		28,324		6,427		-		-		116,291
Total		17,219,236		2,281,425		27,319,559		129,479		1,331,882		48,281,581

At June 30, 2019	Less than 1 year		Between 1 and 2 years		Between 2 and 3 years		Between 3 and 4 years		More than 4 years		Total
Trade and other payables		1,458,760		73,348		3,129		-		201,900		1,737,137
Borrowings (excluding finance lease liabilities)		3,234,603		11,476,345		2,565,294		2,401,673		21,724,793		41,402,708
Finance leases		15,779		5,534		1,236		-		-		22,549
Derivative financial instruments		18,797		11,993		6,327		1,409		-		38,526
Total		4,727,939		11,567,220		2,575,986		2,403,082		21,926,693		43,200,920

(d) Capital risk management

The capital structure of the Group consists of shareholder’s equity and short-term to long-term net borrowings. The type and maturity of the Group’s borrowings are analyzed further in Note 19. The Group’s equity is analyzed into its components in the consolidated statement of changes in equity. Capital is managed so as to promote the long-term success of the business and to maintain sustainable returns for shareholders.

The Group seeks to manage its capital requirements to maximize value through the mix of debt and equity funding, while ensuring that Group entities continue to operate as going concerns, comply with applicable capital requirements and maintain strong credit ratings.

The Group assesses the adequacy of its capital requirements, cost of capital and gearing (i.e., debt/equity mix) as part of its broader strategic plan. The Group continuously reviews its capital structure to ensure that (i) sufficient funds and financing facilities are available to implement the Group’s property development and business acquisition strategies, (ii) adequate financing facilities for unforeseen contingencies are maintained, and (iii) distributions to shareholders are maintained within the Group’s dividend distribution policy. The Group also protects its equity in assets by contracting insurance.

The Group’s strategy is to maintain key financing metrics (namely, net debt to total equity ratio (gearing) and loan-to-value ratio (“LTV”) in order to ensure that asset level performance is translated into enhanced returns for shareholders while maintaining an appropriate risk reward balance to accommodate changing financial and operating market cycles.

The following table details a number of the Group’s key metrics in relation to managing its capital structure. The ratios are within the ranges previously established by the Group’s strategy.

	06.30.20			06.30.19
Gearing ratio (i)		34.09	%		36.68	%
Debt ratio (ii)		33.11	%		38.71	%

(i) Calculated as total current and non-current borrowings divided by total current and non-current borrowings plus equity.

(ii) Calculated as total current and non-current borrowings divided by total properties at fair value (including trading properties, property, plant and equipment, investment properties and units to be received under barter agreements).

5.2 Other non-financial risks

Property risk:

There are several risks affecting the Group’s property investments. The composition of the Group’s property portfolio including asset concentration and lot size may impact liquidity and relative property performance. The Group has a large multi-asset portfolio and monitors its concentration and the average size of its plots of land.

A change in trends and economic conditions causes shifts in customer demands for properties with impact on new rentals, renewal of existing leases and reduced rental growth. Also changes in trends increase risk of tenant insolvencies. The Group conducts several actions to mitigate some of these risks whenever possible. The variety of asset types and geographical spread as well as a diversified tenant base, with monitoring of tenant concentration, helps mitigating these risks.

The development, administration and profitability of shopping malls are impacted by various factors including: the accessibility and the attractiveness of the area where the shopping mall is located, the intrinsic attractiveness of the shopping mall, the flow of people, the level of sales of each shopping mall rental unit, the increasing competition from internet sales, the amount of rent collected from each shopping mall rental unit and the fluctuations in their occupancy levels in the shopping malls. If there is an increase in operational costs, caused by inflation or other factors, it could have a material adverse effect on the Group if its tenants are unable to pay their higher rent obligations due to the increase in expenses. The Argentine Civil and Commercial Code provides that tenants may rescind commercial lease agreements after the initial six months by means of reliable notification. If the resolutory option is used within the first year of the lease, the Tenant must pay the Lessor, as compensation, the sum equivalent to one-and-a-half month’s rent, and one month’s rent if the option is exercised after that period. Given that the rule does not provide for advance notice, Lease Agreements include a provision whereby the lessee should give at least sixty days advance notice of its intention to terminate the lease. The exercise of such rescission rights could materially and adversely affect the Group.

Risks associated with development of properties include the following: the potential abandonment of development opportunities; construction costs exceeding original estimates, possibly making a project uneconomical; occupancy rates and rents at newly completed projects may be insufficient to make the project profitable; the Group’s inability to obtain financing on favorable terms for the development of the project; construction and lease-up may not be completed on schedule, resulting in increased debt service expense and construction costs; the Group’s inability to obtain, or the delays in obtaining, all necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations; preconstruction buyers may default on their purchase contracts or units in new buildings may remain unsold upon completion of constructions; prices for residential units may be insufficient to cover development costs. The Group also takes several actions to monitor these risks and respond appropriately whenever it is under its control. The Group has in-house property market research capability and development teams that monitor development risks closely.

The Group generally adopts conservative assumptions on leasing and other variables and monitors the level of committed future capital expenditure on development programs relative to the level of undrawn facilities.

XML

Segment Reporting

12 Months Ended

Jun. 30, 2020

Disclosure of operating segments [abstract]

Segment reporting

6. Segment reporting

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 Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and in assessing performance, without prejudice of the powers and responsibilities of the Board of Directors. The CODM evaluates the business based on the differences in the nature of its products, operations and risks. The amount reported for each segment is the measure reported to the CODM for these purposes and later to the Board of Directors. In turn, the Board of Directors' performance is assessed by the Shareholders' Meeting, which is the Company's governance body.

Operating segments identified are disclosed as reportable segments if they meet any of the following quantitative thresholds:

● The operating segment's reported revenue, including both sales to external customers and inter-segment sales or transfers, is 10% or more of the combined revenue, internal and external, of all operating segments.

● The absolute amount of its reported profit or loss is 10% or more of the greater, in absolute amount, of:

o the combined reported profit of all operating segments that do not report a loss; and

o the combined reported loss of all operating segments that report a loss.

● Its assets are 10% or more of the combined assets of all operating segments.

In addition, the operating segments that do not meet any of the quantitative thresholds could be considered as reportable segments if management estimates that this information could be useful for the users of the financial statements.

If, after determining reportable segments in accordance with the preceding quantitative thresholds, the total external revenue attributable to those segments is less than 75% of the Group's consolidated external revenue, additional segments are identified as reportable segments, even if they do not meet the thresholds described above, until at least 75% of the Group's consolidated external revenue is included in reportable segments. Once 75% of the Group's consolidated external revenue is included in reportable segments, the remaining operating segments are aggregated in "Other segments".

Segment information has been prepared and classified according to different types of businesses in which the Group conducts its activities. The Group's Investment and Development Properties business is comprised of the following segments:

● "Shopping Malls" includes the operation and development of shopping malls, through which we generate rental income and fees charged for services related to the lease of retail stores and other spaces. Our Shopping Malls segment includes highly diversified, multi-format assets with a particular focus on retailers that cater to middle- to high-income consumers.

● "Offices" includes the lease of offices and other rental properties and services related to these properties.

● "Sales and Developments" includes the sales of undeveloped parcels of land and properties, and activities related to the development and maintenance of such properties.

● "Others" includes the entretainment activity trought ALG Golf Center, TGLT SA, La Rural SA and others.

Group's shopping malls, offices and other rental properties, and trading properties, are located in Argentina.

The CODM evaluates performance of business segments based on segment profit, defined as profit or loss from operations before financing and taxation. The measurement principles for the segment reporting structure are based on the IFRS principles adopted in the consolidated Financial Statements, except for:

● The operating income from the joint ventures Nuevo Puerto Santa Fe S.A. and Quality Invest S.A. are reported under the proportional consolidation method. Under this method, the income/loss generated by joint ventures is reported in the statements of comprehensive income line-by-line, 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, because the assets and income/loss generated by consolidated operations are similar to the assets and income/loss booked under the equity method. This is due to the fact that under the proportional consolidation method, revenues and expenses are reported separately, instead of offsetting and reporting them as a single item in the statements of comprehensive income. Therefore, the proportional consolidation method is used by the CODM to assess and understand the return and the results of operations of these businesses as a whole. Operating results of La Rural S.A. joint venture is accounted for under the equity method. Management believes that, in this case, this method provides more adequate information for this type of investment.

● Operating results does not include the amounts pertaining to expenses and collective promotion funds and excludes total recovered costs. The CODM examines the net amount from both concepts (total surplus or deficit between expenses and collective promotion funds and recoverable expenses).

Revenues generated and goods and services exchanged among segments are calculated on the basis of market prices. Intercompany transactions among segments, if any, are eliminated.

These costs and income are presented now for reconciliation of all segments and their respective consolidating operating income.

The following is a summary analysis of the Group's business segments, corresponding to the fiscal years ended June 30, 2020, 2019 and 2018. Additionally, a reconciliation between results of operations corresponding to segment information and the results of operations as per the statements of comprehensive income; and total assets by segment and total assets according to the statement of financial position. The information by segments has been prepared and classified according to the businesses in which the Group carries out its activities:

	06.30.20
	Shopping Malls			Offices			Sales and developments			Others			Total segment reporting			Adjustment for expenses and collective promotion funds			Adjustment for share in (profit) / loss of joint ventures			Total as per statement of comprehensive income
Revenues		5,935,263			2,315,157			310,399			62,934			8,623,753			3,109,382			(60,798	)		11,672,337
Operating costs		(566,673	)		(139,280	)		(123,290	)		(87,899	)		(917,142	)		(3,229,797	)		46,417			(4,100,522	)
Gross profit / (loss)		5,368,590			2,175,877			187,109			(24,965	)		7,706,611			(120,415	)		(14,381	)		7,571,815
Net (loss) / gain from fair value adjustments in investment properties		(2,105,233	)		22,871,661			4,759,012			(136,690	)		25,388,750			-			(262,426	)		25,126,324
General and administrative expenses		(829,599	)		(209,793	)		(83,272	)		(108,372	)		(1,231,036	)		-			10,101			(1,220,935	)
Selling expenses		(708,768	)		(74,544	)		(51,897	)		(9,324	)		(844,533	)		-			17,777			(826,756	)
Other operating results, net		(38,247	)		(26,179	)		(5,997	)		64,480			(5,943	)		17,363			16,086			27,506
Profit / (Loss) from operations		1,686,743			24,737,022			4,804,955			(214,871	)		31,013,849			(103,052	)		(232,843	)		30,677,954
Share of profit of associates and joint ventures		-			-			-			2,727			2,727			-			175,183			177,910
Profit / (Loss) before financing and taxation		1,686,743			24,737,022			4,804,955			(212,144	)		31,016,576			(103,052	)		(57,660	)		30,855,864
Investment properties		49,108,814			61,080,809			10,268,978			75,495			120,534,096			-			(3,042,131	)		117,491,965
Property, plant and equipment		225,433			129,224			-			-			354,657			-			(2,047	)		352,610
Trading properties		-			-			188,634			-			188,634			-			-			188,634
Goodwill		10,512			31,074			-			90,151			131,737			-			(41,586	)		90,151
Right to receive units (barters)		-			-			696,799			-			696,799			-			-			696,799
Inventories		39,606			-			-			-			39,606			-			(752	)		38,854
Investments in associates and joint ventures		-			-			-			2,272,396			2,272,396			-			2,363,863			4,636,259
Operating assets		49,384,365			61,241,107			11,154,411			2,438,042			124,217,925			-			(722,653	)		123,495,272

	06.30.19
	Shopping Malls			Offices			Sales and developments			Others			Total segment reporting			Adjustment for expenses and collective promotion funds			Adjustment for share in (profit) / loss of joint ventures			Total as per statement of comprehensive income
Revenues		8,540,619			2,157,692			57,674			167,893			10,923,878			3,709,732			(97,472	)		14,536,138
Operating costs		(776,418	)		(117,581	)		(51,285	)		(142,488	)		(1,087,772	)		(3,854,403	)		57,233			(4,884,942	)
Gross profit / (loss)		7,764,201			2,040,111			6,389			25,405			9,836,106			(144,671	)		(40,239	)		9,651,196
Net (loss) / gain from fair value adjustments in investment properties		(40,580,851	)		699,473			2,341,558			(262,002	)		(37,801,822	)		-			837,570			(36,964,252	)
General and administrative expenses		(945,240	)		(192,371	)		(87,586	)		(106,902	)		(1,332,099	)		-			3,040			(1,329,059	)
Selling expenses		(530,078	)		(87,606	)		(14,092	)		(20,447	)		(652,223	)		-			5,724			(646,499	)
Other operating results, net		(109,534	)		(24,428	)		(61,002	)		(330,839	)		(525,803	)		16,838			7,374			(501,591	)
(Loss) / Profit from operations		(34,401,502	)		2,435,179			2,185,267			(694,785	)		(30,475,841	)		(127,833	)		813,469			(29,790,205	)
Share of profit / (loss) of associates and joint ventures		-			-			-			153,797			153,797			-			(731,750	)		(577,953	)
(Loss) / Profit before financing and taxation		(34,401,502	)		2,435,179			2,185,267			(540,988	)		(30,322,044	)		(127,833	)		81,719			(30,368,158	)
Investment properties		50,105,192			30,517,599			8,163,837			211,033			88,997,661			-			(2,777,673	)		86,219,988
Property, plant and equipment		257,347			272,343			-			-			529,690			-			(54,758	)		474,932
Trading properties		-			-			178,840			-			178,840			-			-			178,840
Goodwill		10,512			31,074			-			90,151			131,737			-			(41,586	)		90,151
Right to receive units (barters)		-			-			128,999			-			128,999			-			-			128,999
Inventories		42,248			-			-			-			42,248			-			(909	)		41,339
Investments in associates and joint ventures		-			-			-			116,261			116,261			-			2,179,781			2,296,042
Operating assets		50,415,299			30,821,016			8,471,676			417,445			90,125,436			-			(695,145	)		89,430,291

	06.30.18
	Shopping Malls			Offices			Sales and developments			Others			Total segment reporting			Adjustment for expenses and collective promotion funds			Adjustment for share in (profit) / loss of joint ventures			Total as per statement of comprehensive income
Revenues		9,749,975			1,236,341			265,125			24,596			11,276,037			4,389,642			(94,724	)		15,570,955
Operating costs		(828,924	)		(133,509	)		(69,362	)		(39,914	)		(1,071,709	)		(4,447,772	)		58,451			(5,461,030	)
Gross profit / (loss)		8,921,051			1,102,832			195,763			(15,318	)		10,204,328			(58,130	)		(36,273	)		10,109,925
Net gain / (loss) from fair value adjustments in investment properties		6,266,223			6,871,408			1,377,741			109,142			14,624,514			-			(1,056,675	)		13,567,839
General and administrative expenses		(853,234	)		(103,167	)		(100,393	)		(50,013	)		(1,106,807	)		-			10,102			(1,096,705	)
Selling expenses		(607,184	)		(116,541	)		(27,353	)		(9,687	)		(760,765	)		-			8,407			(752,358	)
Other operating results, net		(104,556	)		(5,574	)		184,332			37,216			111,418			(7,593	)		3,576			107,401
Profit / (Loss) from operations		13,622,300			7,748,958			1,630,090			71,340			23,072,688			(65,723	)		(1,070,863	)		21,936,102
Share of profit / (loss) of associates and joint ventures		-			-			-			(83,979	)		(83,979	)		-			971,359			887,380
Profit / (Loss) before financing and taxation		13,622,300			7,748,958			1,630,090			(12,639	)		22,988,709			(65,723	)		(99,504	)		22,823,482
Investment properties		89,981,014			27,329,801			5,329,346			371,112			123,011,273			-			(2,493,947	)		120,517,326
Property, plant and equipment		213,658			237,048			-			-			450,706			-			(983	)		449,723
Trading properties		-			-			306,295			-			306,295			-			-			306,295
Goodwill		10,512			31,074			-			274,538			316,124			-			(41,586	)		274,538
Right to receive units (barters)		-			-			129,395			-			129,395			-			-			129,395
Inventories		56,683			-			-			-			56,683			-			(1,356	)		55,327
Investments in associates and joint ventures		-			-			-			611,523			611,523			-			2,853,547			3,465,070
Operating assets		90,261,867			27,597,923			5,765,036			1,257,173			124,881,999			-			315,675			125,197,674

XML

Information about Subsidiaries

12 Months Ended

Jun. 30, 2020

Information About Subsidiaries [abstract]

Information about subsidiaries

7. Information about subsidiaries

The Group conducts its business through several operating and holding subsidiaries.

The subsidiaries are shown by percentage of participation held by the Group:

			06.30.20						06.30.19
Name of the entity	Place of business / Country of incorporation	Main activity	% of ownership interest held			% of ownership interest held by non-controlling interests			% of ownership interest held			% of ownership interest held by non-controlling interests
Panamerican Mall S.A.	Argentina	Real estate		80.00	%		20.00	%		80.00	%		20.00	%
Torodur S.A.	Uruguay	Investment		100.00	%		-			100.00	%		-
Arcos del Gourmet S.A.	Argentina	Real estate		90.00	%		10.00	%		90.00	%		10.00	%
Shopping Neuquén S.A.	Argentina	Real estate		99.95	%		0.05	%		99.95	%		0.05	%
Entertainment Holdings S.A.	Argentina	Investment		70.00	%		30.00	%		70.00	%		30.00	%
Emprendimiento Recoleta S.A.	Argentina	Real estate		53.68	%		46.32	%		53.68	%		46.32	%
Entretenimiento Universal S.A.	Argentina	Event organization and others		98.75	%		1.25	%		98.75	%		1.25	%
Fibesa S.A.	Argentina	Mandatory		100.00	%		-			100.00	%		-
Centro de entretenimiento La Plata S.A.	Argentina	Real estate		100.00	%		-			100.00	%		-
La Maltería S.A	Argentina	Real estate		-			100.00	%		100.00	%		-
Pareto S.A	Argentina	Design and software development		69.96	%		30.04	%		69.96	%		30.04	%

Restrictions, commitments and other matters in respect of subsidiaries

According to Law N° 19,550, 5% of the profit in each fiscal year must be separated to constitute a legal reserve until they reach legal capped amounts (20% of the nominal value of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. The Group has not reached the legal limit of this reserve. Dividends are paid across the Group’s subsidiaries based on their individual accounting statements.

Arcos del Gourmet

In December 2013, the Judicial Branch confirmed a precautionary measure that suspended the opening of the Shopping mall because it considered that it did not have certain government permits within the framework of two judicial proceedings. However, by virtue of the result of the ordinary instances of the cases, this precautionary measure was dismissed and the shopping mall has been operating for five years.

Notwithstanding the foregoing, one of these judicial proceedings continued its process in an extraordinary instance, as the plaintiff filed an appeal for unconstitutionality before the Superior Court of Justice of the Autonomous City of Buenos Aires. Although that appeal was initially rejected, the plaintiff filed a complaint for denied appeal and finally it was granted. Within that framework, the Superior Court of Justice of the Autonomous City of Buenos Aires decided to refer the proceedings to the Chamber so that it may issue a new sentence contemplating certain parameters set by said Court regarding the transfer of green spaces to the City. On February 14, 2019, the Chamber decided to condemn the Government of the City of Buenos Aires ("GCBA") and Arcos, providing for the partial annulment of resolution 157 / APRA / 14 at the point that it did not consider appropriate for Arcos to transfer 65% of the land for use and public utility with unrestricted access and destined "especially and preferably to the generation of new landscaped green spaces". Consequently, it was resolved that the GCBA must issue an administrative act that provides for this assignment. If it does not do so, Arcos must also comply with said assignment, either on the premises where the commercial center is currently located, be it totally or partially on land adjacent to the area. Failing to do this, Arcos del Gourmet S.A. ("Arcos") must pay, prior to the realization of an expert report to be ordered in the execution stage, the sum of money necessary in order for the Administration to proceed to the search for a property with the objective of fulfilling the aforementioned purpose. If none of the aforementioned forms of compliance are specified, the power to order will be expedited - prior intervention of the relevant experts and / or technical departments of the corresponding GCBA - the demolition of the necessary works in order to comply with the ordered assignment.

Against that judgment, an appeal for local unconstitutionality was filed on March 11, 2019 and a federal extraordinary appeal on March 15, 2019. After the relevant transfers were made, the Chamber decided to reject the appeal for unconstitutionality raised, which is why on May 29, 2019, a complaint was lodged due to an appeal of unconstitutionality denied. Said appeal is pending before the Superior Court of Justice of the City of Buenos Aires. On June 10, 2019, said the Court urged Arcos to accompany additional documentation. This documentation consists of provisions dictated by different departments of the Government of the City of Buenos Aires. Such intimation was fulfilled in a timely manner.

Due to all of the foregoing, the Company's legal advisors, although they consider that the outcome of the complaint is still uncertain, they consider that even if it is unfavorable, there is a low probability that, once the court ruling in the case is signed and once all recursive instances have been exhausted, the demolition of the works carried out in the Property is definitively ordered.

Nowadays, the Distrito Arcos shopping mall is currently open to the public and operating normally.

Concession Status

In November 2008, the Arcos del Gourmet S.A. signed a contract with the Agencia de Administración de Bienes del Estado (State Assets Administration Office, or AABE in Spanish) for which the Company had been granted the concession to use the properties located in the jurisdiction of Estación Palermo, ex Línea San Martín - Palermo loading deck (on Juan B. Justo Avenue from Santa Fe Avenue to Paraguay Street) until December 31, 2025 (the “Arcos concession agreement”).

Subsequently, in September 2011, a contract for the readjustment of this concession was entered into with the Railway Infrastructure Administrator (ADIF in spanish) (to which the rail assets were transferred in the jurisdiction of AABE), pursuant to the term of the Arcos concession agreement was extended until December 31, 2030. This new agreement provides for an automatic extension of 3 years and 4 months in the event that the Company complies with the agreement and ADIF so finds. Likewise, a new extension is established for an additional 3 years if the Company so declares and ADIF corroborates compliance with the obligations. This agreement established an initial monthly fee of ARS 200 (plus VAT) until December 31, 2025, and ARS 250 (plus VAT) as of January 1, 2026, these values being adjustable every 2 years until the end of the term of the concession.

The Argentine government issued Executive Order 1723/2012, whereby several plots of land located in prior rail yards of Palermo, Liniers and Caballito were designated for development and urbanization projects.

In this respect and as part of several measures related to other licensed persons and/or concessionaires, the Company was notified, of Resolution 170/2014 revoking of the Arcos Concession agreement.

It should further be pointed out that such measure:

(i) has not been adopted due to noncompliance of the company.

(ii) there is no the interruption of the commercial development or operation of the shopping mall, which continues to operate under normal conditions;

Notwithstanding the foregoing, Arcos del Gourmet S.A. has filed the relevant administrative resources (appeal) and has also filed a judicial action requesting that the revocation of the Arcos Concession agreement be overruled. Likewise, the Company has concurrently brought an action of lease rental payments as a result of which it is making judicial deposits in time and form of the agreed monthly rental payments pursuant to the Concession to Agreement for that the Company interprets has been improperly revoked. To date, the administrative remedy has been waived (by operation of law since judicial proceedings have been commenced), the Argentine goverment answered the complaint in the case where the parties contest the admissibility of the order revoking the concession, and the complaint has already been served which was answered by Trenes Argentinos opposing exceptions, which have already been answered by the Company.

In turn, and due to the possibility that the eviction of Distrito Arcos property could be resolved in a short time, a precautionary measure was filed in order to avoid the latter until the annulment action is resolved. On June 28, 2019, the interim measure was granted, which is why the launching of the property has been suspended. The sum of ARS 60,500,000 was set as an escrow, which must be implemented through a deposit in the Official Bank in cash, in securities, bonds or the other financial assets.

Likewise, it has also initiated a consignment lawsuit in which Arcos is depositing in due time and form the rental fees corresponding to the Contract for the Readjustment of the Use and Exploitation Concession that Arcos interprets has been improperly revoked. In this process, the claim was transferred, which was answered by Trenes Argentinos with exceptions. These exceptions were answered by us.

Currently the file was opened for testing and we are producing it. To date, the testimonial statements have been produced and the production of the calligraphic and accounting expert evidence remains.

Emprendimiento Recoleta S.A.

As a result of a public auction, in February 1991, the City of Buenos Aires granted to Emprendimiento Recoleta S.A (ERSA) a 20-year concession to use a plot of land in Centro Cultural Recoleta, which was set to expire in November 2013. In addition, pursuant to Resolution No. 1125/00 issued by the Secretariat of Economy and Finance of the Government of the City of Buenos Aires (Secretaria de Hacienda y Finanzas del GCBA) an extension was granted for “Edificio Esquina” or “Edificio Ballena” to be used as a Multipurpose Area (“Salones de usos múltiples”); and pursuant to Decree No. 867/10 dated November 25, 2010, a five-year extension was granted so the agreement was set to expire on November 18, 2018.

On December 5, 2018, the property was returned to the competent authorities, who from that date have control of the property, terminating the concession. Consequently, and taking into account that ERSA statute has as its sole corporate purpose the exploitation of the aforementioned concession, the Company entered, as of said date, in the process of dissolution and liquidation as established in subsection 4) of Art. 94 of the LGS.

On April 12, 2018, ERSA was notified by the Federal National Criminal and Correctional Court No. 1, Secretariat No. 2 in the case entitled “Blaksley Enrique and others s / infraction art. 303 ”of the judicial intervention for a period of six months, ordering the appointment of collecting and informants overseers and decreeing their general inhibition of assets. On July 20, 2018 and subsequently, on August 10, 2018, the Company received two new notifications from the same Court in which it was ordered: 1) to transfer to the Court's account 7.36% of the income received by the company for any concept and 2) designate as representatives of the minority of 46.316% in all shareholders' meetings, board meetings, the interveners. On January 8, 2019, the Federal National Criminal and Correctional Court No. 1 decreed the preventive seizure for the purpose of confiscation of 46.31% of all value obtained from the sale and / or liquidation of the assets of the Company after deduction of taxes and any other expense. Although these measures were appealed in a timely manner, all of them are in force as of the date of these Financial Statements.

It should be noted that the end of ERSA’s concession has no significant impact on the Group’s Financial Statements.

Panamerican Mall S.A.

Below is the summarized financial information of subsidiaries with material non-controlling interests which are considered significant for the Group, presented before intercompany eliminations.

	Current assets		Non-current assets		Current liabilities		Non-current liabilities		Net assets		% of ownership interest held by non-controlling interests			Book value of non-controlling interest		% of ownership interest held by controlling interests			Book amount
06.30.20		464,806		26,131,918		1,287,274		5,884,572		19,424,878		20	%		3,884,975		80	%		15,539,902
06.30.19		894,268		19,820,241		950,060		5,593,408		14,171,041		20	%		2,834,208		80	%		11,336,832

	Revenues		Comprehensive income for the year		Cash from operating activities		Cash from investing activities			Cash from financing activities			Net increase in cash and cash equivalents			Dividends paid to non-controlling interest
06.30.20		2,027,772		5,984,852		1,092,451		(240,902	)		(1,192,318	)		(340,769	)		-
06.30.19		2,213,660		491,630		1,064,156		(712,195	)		(165,054	)		186,907			-

The non-controlling interests of the remaining subsidiaries summarize ARS 204,019 and ARS 279,025 as of June 30, 2020 and 2019 respectively. Non of these subsidiaries have non-controlling interest that individually are considered significant for the Group.

XML

Interests in Joint Ventures

12 Months Ended

Jun. 30, 2020

Interests in joint ventures [abstract]

Interests in joint ventures

8. Interests in joint ventures

Restrictions, commitments and other matters in respect of joint ventures

According to Business Companies Law N° 19,550, 5% of the profit of the year is separated to constitute a legal reserve until it reaches legal capped amounts (20% of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. The Group's joint ventures have not reached the legal limit of this reserve.

There are no contingent liabilities relating to the Group's interest in joint ventures, and there are no contingent liabilities of the joint ventures themselves, other those mentioned bellow.

Quality Invest S.A.

On March 31, 2011, Quality Invest and Nobleza Piccardo S.A.I.C. y F., or "Nobleza Piccardo," executed the title deed for the purchase of a plot of land of 159,996 square meters located in the District of San Martin, Province of Buenos Aires, currently intended for industrial purposes and suitable in terms of characteristics and scale for mixed-use developments. The price for the property was USD 33 million, being paid 30% as of that date. For the remaining balance a mortgage was constituted in the first degree of privilege over the property in favor of Nobleza Piccardo. Capital plus interest calculated at a nominal annual rate of 7.5% on balances, was paid in full in advance in March 2013.

On May 16, 2012, the Municipality of San Martin granted a pre-feasibility permit for commercial use, entertainment, events, offices, etc., which would enable performance of a mixed-use development thereon.

Pursuant to an Ordinance 11,706 enacted on December 30, 2014, a rezoning permit was obtained for the plot of land to be used mainly for commercial purposes, which considerably expands the uses and potential buildable square meters through new urban indicators. On January 5, 2017, the Provincial Decree N° 1,835 was published in the Official Gazette of the Province of Buenos Aires granting its approval, and the new urban and rezoning standards thus became effective.

As approved in the Ordinance, on January 20, 2015, Quality Invest entered into a zoning agreement with the Municipality of San Martin which governs various issues related to applicable regulations and provides for a mandatory assignment of square meters in exchange for monetary contributions subject to fulfillment of certain administrative milestones of the rezoning process, the first of which (for ARS 20,000,000) was paid to the Municipality ten days after the execution of the aforementioned agreement.

Moreover, on June 27, 2016, the plot subdivision plan was filed with the Municipality, in compliance with another significant milestone committed under the zoning agreement.

On June 28, 2017, Quality Invest S.A. signed an agreement with EFESUL S.A. in order to assume as their own the obligations that the latter agreed with the Municipality of General San Martin within the framework of the aforementioned Urban Agreement. This agreement contemplates a donation, which will be paid based on the work progress that the Municipality develops on the property initially transferred by EFESUL S.A.

In addition, during July 2017, Quality Invest S.A. subscribed two addendums to the aforementioned Urban Development Agreement, which contemplate the following: 1) a new subdivision plan of the property will be presented within 120 days of the addendum signing and 2) the payment of the twelveth installment in cash was replaced by the sum of ARS 71 million payables in 18 equal and consecutive monthly installments.

On October 16, 2018, Quality signs the 3rd amendment to the Urban Agreement, which, in relation to the first clause of the second addendum, contemplates that the company must pay the Municipality as a balance for the execution of the Expansion and enhancement of the Rodríguez Peña Street, the amount of ARS 19,722,222.22 in capital and ARS 6,362,864.29 in concept of adjutment by application of the CPI until December 31, 2018, which will be paid for work progress certificates.

On December 27, 2018, Quality subscribes a bailment agreement with the Municipality of San Martín, in relation to the strip to be transferred for the realization of the Metrobus, in front of Av. San Martín. Once Quality subdivision plan has been registered, it will be transfered by public deed or similar document that strip for Metrobus to the Municipality of San Martín.

As of the date of these Financial Statements, the subdivision plan has been presented to the Secretary of Public Works and Services of the Municipality of San Martín, and the approval by the Municipality has been granted. On October 3, 2019, the Municipal Mayor of the General San Martín District, in use of his powers, approved the domain setting for use to be assigned presented by the firm Quality Invest SA, through the signing of Decree 1587 / 19.

Obtained the domain setting by the Municipality of San Martín, through Decree 1587/19, in February 2020 progress was made in the approval process through our Geototal Study advisor, presenting the subdivision plan, before the Geodesy Directorate of the Province of Buenos Aires, in which the Directorate of Catastro and Land Registry intervenes.

On March 19, 2020, Estudio HCA Consultora, entered the request for hydraulic pre-feasibility before the Provincial Hydraulic Directorate through file EX-2020 - 5690294, which, as of the date of these Financial Statements, is under review by the department of legal affairs.

As of the date of these Financial Statements, no news was registered due to the presentations at the Directorate of Catrasto and the Provincial Directorate of Hydraulics.

La Rural S.A.

 In connection with the Fairground, as publicly known, in December 2012 the National Executive Branch issued Executive Order 2552/12 that annulled an executive order dated 1991 which had approved the sale of the Fairground to the Sociedad Rural Argentina (SRA); the effect of this new order was to revoke the sale transaction. Subsequent, on March 21, 2012, the National Executive Branch notified the SRA of said executive order and further ordered that the property be returned to the Argentine government within 30 subsequent days. Then, the SRA issued a press release publicly disclosing the initiation of legal actions and the obtaining of a precautionary measure for which Decree 2552/12 was suspended. Furthermore, as it has become publicly known, on August 21, 2013, the Supreme Court of Justice rejected the appeal filed by the Argentine government against the interim measure timely requested by the SRA.

Neither has IRSA Propiedades Comerciales been served notice formally nor is it a party involved in the legal actions brought by the SRA.

Given the potential dimension of the dispute, as it has been known to the public, we estimate that if Executive Order 2552/12 was found to be unconstitutional, such order shall have no legal effects either in EHSA or in the acquisition by IRSA Propiedades Comerciales of an equity interest in EHSA. However, should the opposite happen, that is, a court order declaring the Executive Order 2699/91, this could have a real impact on acquired assets. In this scenario, the judicial decision may render the purchase of the Plot of Land by SRA null and void, and all acts executed by SRA in relation to the Plot of Land, including the right of use currently held by the entity where EHSA has an indirect equity interest, through vehicle entities, would also become null and void.

On June 1, 2015, a ruling was issued in case 4573/2012 SOCIEDAD RURAL ARGENTINA vs. NATIONAL STATE - EXECUTIVE POWER ON DECLARATORY ACTION, whereby the injunction staying the effects of Executive Order 2552/12 were lifted.

On June 2, 2015 the SRA filed a writ of appeals against the ruling indicated above and on that same date the appeal was admitted with staying effects. While the appeal filed by SRA was filed in the Appellate court, the decision of the judge of first instance who decided to lift the precautionary measure had no effect and was suspended.

On September 17, 2015, the court of appeals revoked the decision and rejected in the motion by of the Argentine government to lift the precautionary measure and the Law N° 26,854 was declared inapplicable to the case of precautionary measures against the Government. As a result, the injunction issued on January 4, 2013 was confirmed. The National Government filed an extraordinary federal appeal and subsequently a complaint, both were dismissed, therefore, the precautionary measure was reaffirmed.

On March 11, 2016 La Rural S.A. was summoned as third party in the case referred to above, and filed an answer to such summons on April 6, 2017. 

On April 21, 2016 the National Government presented itself, requested the annotation of litis as a precautionary measure, opposed the exception of incompetence, raised the inadmissibility of the declaratory action of certainty, in subsidy, proceeded to answer the complaint. It also requested the suspension of the sentence until the criminal case is resolved and opposed, as a counterclaim, a motion declare the anulment of Decree 2699/91, as well as all those acts enacted in consequence of said decree.

By order of April 29, 2016, the National Government was presented, opposed to the exception raised, the claim in subsidy was contested and the action of injuriousness filed, and it ordered the transfer of the different Government proposals to the SRA.

On the same occasion, the precautionary measure for the annotation of the requested litigation was admitted under the responsibility of the National Government regarding the individualized properties in the process.

On November 22, 2016, SRA answered the transfer of the injuriousness action filed by the National Government, which was considered as answered on December 1.

On December 21, 2016, the National Government, for its part, answered the exception of expiration opportunely opposed. Nevertheless, it was indicated that confirmation with La Rural S.A. was pending.

On June 19, 2017, the transfer of the exception of incompetence raised by the National Government was substantiated, which was answered by La Rural SA in June 2017. On the same occasion, SRA accused expiry of that previous exception in the terms of article 310 CPCCN, which was resolved by order of July 14, 2017.

On that occasion it was resolved to sustain the expiration filed by Sociedad Rural Argentina regarding the incident of exception of incompetence filed by the National Government. Therefore, the process was settled in the Civil and Commercial Federal jurisdiction.

On August 28, 2017, the National Government notified the transfer of the request of certain sections of the SRA's submission that answered the counterclaim and was transferred to the third party of the prescription exception opposed by the SRA at the time of answer the counterclaim. Both substations were answered by SRA and La Rural SA on September 4, 2017.

On October 5, 2017, the Federal Oral Criminal Court No. 2 requested the referral of the proceedings in the context of the case: "Menem, Carlos Saúl and other s / inf. Art. 261, first paragraph of the CP ". For presentations of December 2017 and March 2018, SRA requested the Oral Court to return the proceedings in order to continue with the process. As of the date of these Financial Statements, the proceedings have not been returned and are in the possession of the Oral Criminal Court No. 2.

On March 27, 2018, the Court decided to convict various Administration officials, including former President Carlos S. Menem and former Minister Domingo F. Cavallo, as necessary participants in the crime of peculation. Additionally, it resolved to acquit the authorities of the imputed Argentine Rural Society and it was decided to reject the request for restitution of the property requested by the AABE, leaving the decision on that matter in the hands of the Federal Civil and Commercial Court involved. The basics of the decision were published on May 28, 2018.

On February 27, 2020, the proceedings were considered returned to the Federal Civil and Commercial Court and the parties were ordered to notify their return.

On July 30, 2020, the SRA and La Rural S.A. were notified about the return of the proceedings.

On August 13, 2020, the Oral Court was released to send the entirety of the evidence to the Civil Court.

Set out below is the summarized financial information for the joint ventures considered to be material to the Group:

Quality Invest S.A.

	Current assets		Non- current assets		Current liabilities		Non- current liabilities		Net assets		% of ownership interest held by non- controlling interests			Book value of non- controlling interest		% of ownership interest held by controlling interests		Book amount
06.30.20		4,466		5,524,895		86,899		1,302,250		4,140,212		50	%		2,101,179		31,074		2,101,179
06.30.19		25,410		4,922,191		118,785		1,152,626		3,676,190		50	%		1,869,169		21,742		1,869,169

	Revenues		Comprehensive income / (loss) for the year			Cash from operating activities			Cash from investing activities			Cash from financing activities		Net increase (decrease) in cash and cash equivalents
06.30.20		18,024		369,586			(89,220	)		-			89,220		-
06.30.19		35,542		(1,167,230	)		(124,343	)		(133	)		124,472		(5	)

TGLT S.A.

	Current assets		Non- current assets		Current liabilities		Non- current liabilities		Net assets			% of ownership interest held by non- controlling interests			Book value of associates interest		Book amount
06.30.20		4,597,800		10,552,115		3,915,799		5,230,429		6,003,687			30.2	%		3,944,342		2,059,346
06.30.19		6,384,260		9,771,505		10,293,965		7,916,148		(2,054,348	)		-			-		-

	Revenues		Comprehensive (loss) / income for the year			Cash from operating activities		Cash from investing activities			Cash from financing activities			Net increase (decrease) in cash and cash equivalents
06.30.20		1,959,904		(383,096	)		518,325		(405,704	)		(585,402	)		(472,781	)
06.30.19		5,329,418		220,160			159,704		(999,180	)		(637,271	)		(1,476,747	)

Below is shown a detail of the investment and values of shares held by de Group in associates and joint ventures as of June 30, 2020 and 2019, as well as the Group's participation in the comprehensive results of these companies as of June 30, 2020, 2019 and 2018: 

	% of ownership interest held by non-controlling interests									Value of Group's interest in equity				Group's interest in comprehensive income
Name of the entity	06.30.20			06.30.19			06.30.18			06.30.20		06.30.19		06.30.20			06.30.19			06.30.18
Joint ventures
Quality Invest S.A.		50.00	%		50.00	%		50.00	%		2,101,179		1,869,169		184,792			(583,899	)		876,835
Nuevo Puerto Santa Fe S.A.		50.00	%		50.00	%		50.00	%		262,684		310,612		(9,609	)		(147,851	)		94,524
La Rural S.A. (2)		50.00	%		50.00	%		50.00	%		202,809		101,195		101,613			143,963			(43,463	)
Associates
TGLT S.A.(5)(7)		30.20	%		-			-			2,059,346		-		(115,759	)		-			-
Tarshop S.A.		-			-			20.00	%		-		-		-			2,667			(23,018	)
Others associates (3)(4)		-			-			-			10,241		15,066		(4,830	)		7,167			(17,498	)
Total interests in associates and joint ventures											4,636,259		2,296,042		156,207			(577,953	)		887,380

					Last financial statements issued
Name of the entity	Place of business / Country of incorporation	Main activity	Common shares		Share capital (nominal value)		Income / (loss) for the year			Equity
Joint ventures
Quality Invest S.A.	Argentina	Real estate		163,039,244		326,078		369,586			4,140,211
Nuevo Puerto Santa Fe S.A. (1)	Argentina	Real estate		138,750		27,750		(21,465	)		502,097
La Rural S.A.	Argentina	Event organization and others		714,498		1,430		223,884			326,526
Associates
TGLT S.A. (5)(6)	Argentina	Real estate		279,502,813		924,991		(311,273	)		6,003,688

(1) Nominal value per share ARS 100.

(2) Corresponds to profit/ (loss) for the fiscal year ended at June 30, 2020, 2019 and 2018.

(3) Represents other individually non-significant associates.

(4) Includes ARS 323 as of June 30, 2019, in relation to the equity interest in Avenida Compras disclosure in Provisions. (See Note 20)

(5) See Note 4 in these Financial Statements.

(6) Corresponds to loss for the period of six-month ended at June 30, 2020.

(7) Includes ARS (21,703) of other comprehensive loss.

Changes in the Group's investments in associates and joint ventures for the years ended June 30, 2020 and 2019 were as follows:

	06.30.20			06.30.19
Beginning of the year		2,296,042			3,465,070
Adjustments of previous years (IFRS 9)		-			(41,178	)
Profit sharing, net		177,910			(577,953	)
Dividends		(38,319	)		(445,412	)
Other comprehensive loss		(21,703	)		-
Sale of interest in associates (i)		-			(177,137	)
Acquisition of interest in associates (i)(Note 30)		2,175,110			-
Irrevocable contributions (Note 30)		47,219			72,652
End of the year (4)		4,636,259			2,296,042

(i) See Note 4.

XML

Investment Properties

12 Months Ended

Jun. 30, 2020

Investment Properties [abstract]

Investment properties

9. Investment properties

The Group's investment properties are measured at fair value. The following table shows the Group's hierarchy of fair values per investment property category and the changes in the investment property's balances for the fiscal years ended June 30, 2020 and 2019:

	Shopping Malls			Office and Other rental properties			Undeveloped parcels of land			Properties under development			Others (*)
Fair value hierarchy	3			2			2			2			3			Total
Fair value as of 06.30.18		88,601,809			21,409,968			5,329,346			4,805,091			371,112			120,517,326
Additions		339,779			92,637			492,933			1,537,322			27,720			2,490,391
Capitalization of financial costs (Note 28)		-			-			-			96,324			-			96,324
Capitalized lease costs		4,059			11,598			-			-			-			15,657
Depreciation of capitalized lease costs (i)		(4,241	)		(8,480	)		-			-			-			(12,721	)
Transfers		519,984			7,693,719			-			(8,210,643	)		74,203			77,263
Net (loss) / gain from fair value adjustment on investment properties		(40,686,891	)		(1,337,276	)		2,341,558			2,980,359			(262,002	)		(36,964,252	)
Fair value as of 06.30.19		48,774,499			27,862,166			8,163,837			1,208,453			211,033			86,219,988
Additions (iv)		497,928			7,760,651			1,952			732,116			1,152			8,993,799
Disposals (ii)		-			(1,165,015	)		(389,084	)		(182,712	)		-			(1,736,811	)
Transfers (iii)		43,398			660,692			-			(127,500	)		-			576,590
Capitalization of financial costs (Note 28)		-			-			-			385			-			385
Capitalized lease costs		15,913			4,325			-			-			-			20,238
Depreciation of capitalized lease costs (i)		(8,648	)		(6,167	)		-			-			-			(14,815	)
Decrease due to loss of control		-			-			(1,693,733	)		-			-			(1,693,733	)
Net gain from fair value adjustment on investment properties		(2,352,539	)		23,145,520			4,186,006			284,027			(136,690	)		25,126,324
Fair value as of 06.30.20		46,970,551			58,262,172			10,268,978			1,914,769			75,495			117,491,965

(i) As of June 30, 2020 and 2019 depreciation charges were included in "Costs" in the amount of ARS 14,815 and ARS 12,721, respectively, in the Statement of Comprehensive Income (Note 26).

(ii) Barter disposal of "Land Plot 1" of Caballito Ferro Land included in Undeveloped parcels of land and disposal for the sale of two floors of "200 Della Paolera" included in Office and other rental properties.(See Note 4).

(iii) It includes the transfer of Astor Berutti in Shopping Malls and the transfer of 22nd y 23rd floor of Intercontinenal Building in Office and other rental properties. This last transfer generated the revaluation surplus (See Note 17).

(iv) It Includes acquisition of "200 Della Paolera" in Office and other rental properties.

(*) Corresponds to the DirectTV Arena Stadium - OFC S.R.L - Ogden Argentina S.A - Entretenimiento Universal S.A. - Transitory Union.

Valuation processes

The Group's investment properties were valued at each reporting date by independent professionally qualified appraisers with recognized professional qualification and have experience in the locations and segments of the investment properties appraised. For all investment properties, their current use equates to the highest and best use.

The Group's finance department includes a team that reviews the appraisals performed by the independent appraisers for financial reporting purposes (the "review team"). At each financial year end, the review team: (i) verifies all major and important assumptions relevant to the appraisal in the valuation report from the independent appraiser; (ii) assesses property valuation movements compared to the valuation report; and (iii) holds discussions with the independent appraiser.

Changes in Level 2 and 3 fair values, if any, are analyzed at each reporting date during the appraisal discussions between the review team and the independent appraiser. The Board of Directors ultimately approves the fair value calculations for recording into the Financial Statements.

Valuation techniques used for the estimation of fair value of the investment property:

The Group has defined valuation techniques according to the characteristics of each property and the type of market in which these assets are located, in order to maximize the use of observable information available for the determination of fair value.

For the Shopping Malls there is no liquid market for the sale of properties with these characteristics that can be taken as a reference of value. Likewise, the Shopping Malls, being a business denominated in pesos, are highly related to the evolution of macroeconomic variables in Argentina, the purchasing power of individuals, the economic cycle of GDP growth, the fluctuations of inflation, among others. Consequently, the methodology adopted by the Group for the valuation of Shopping Malls is the discounted cash flow model ("DCF"), which allows the volatility of the Argentine economy to be taken into account and its correlation with the revenue streams of the Malls and the inherent risk of the Argentine macroeconomy. The DCF methodology contemplates the use of certain unobservable valuation assumptions, which are determined reliably based on the information and internal sources available at the date of each measurement. These assumptions mainly include the following:

● Cash flow from future projected revenue are based on the current locations, type and quality of the properties, and supported by the lease agreements that the Group has signed with its tenants. Because the Group's revenues are the higher value between a Minimum Fixed Value ("VMA") and a percentage of the tenant's sales in each Shopping Mall, estimates of the evolution of the Gross Domestic Product ("GDP) were considered ") And the Inflation of the Argentine economy provided by an external consultant to estimate the evolution of tenant sales, which have a high correlation with these macroeconomic variables. These macroeconomic projections were contrasted with the projections prepared by the International Monetary Fund ("IMF"), the Organization for Economic Cooperation and Development ("OECD") and with the Survey of Macroeconomic Expectations ("REM"), which consists of a Survey prepared by the Central Bank of Argentina aimed to local and foreign specialized analysts in order to allow a systematic follow-up of the main short and medium term macroeconomic forecasts on the evolution of the Argentine economy.

● The income from all Shopping Malls was considered to grow with the same elasticity in relation to the evolution of the GDP and the projected Inflation. The specific characteristics and risks of each Shopping Mall are collected through the use of the historical average Ebitda Margin of each of them.

● Cash flows from future investments, expansions, expansions or improvements in Shopping Mall were not contemplated.

● Terminal value: a perpetuity calculated from the cash flow of the last year of useful life was considered.

● The cash flow for concessions was projected until the termination date of the concession stipulated in the current contract.

● Given the prevailing inflationary context and the volatility of certain macroeconomic variables, a reference long term interest rate in pesos is not available to discount the projected cash flows from shopping malls. Consequently, the projected cash flows were dollarized through the future ARS / USD exchange rate curve provided by an external consultant, which are contrasted to assess their reasonableness with those of the IMF, OECD, REM and the On-shore Exchange Rate Futures Market ("ROFEX"). Finally, dollarized cash flows were discounted with a long-term dollar rate, the weighted average capital cost rate ("WACC") for each valuation date.

● The estimation of the WACC discount rate was determined according to the following components:

a) United States Treasury risk-free rate;

b) Iindustry beta, considering comparable companies from the US, Brazil, Chile and Mexico, in order to contemplate the Market Risk on the risk-free rate;

c) Argentine country risk considering the EMBI + Index; and

d) Cost of debt and capital structure, considering that information available from the Argentine corporate market ("blue chips") was determined as a reference, since sovereign bonds have a history of defaults. Consequently, and because IRSA Propiedades Comerciales, based on its representativeness and market share represents the most important entity in the sector, we have taken its indicators to determine the discount rate.

For offices and other rental properties and land reserves, the valuation was determined using transactions of comparable market, since the market for offices and land reserves in Argentina is liquid and has market transactions that can be taken as a reference. These fair values are adjusted to the differences in key attributes such as location, property size and quality of interior. The most significant imput to this comparable market approach is the price per square meter that derives from the supply and demand in force in the market at each valuation date.

As of September 2019, the real estate market began to experience certain changes in its operation as a result of the implementation of regulations on the exchange market. In general terms, the measure implemented on September 1, 2019 by the Argentine Central Bank, establishes that exporters of goods and services must liquidate their foreign exchange earnings in the local market no later than 5 days after collection. Likewise, it is established that resident legal entities may buy foreign currency for the importation or payment of debts at maturity, but they will need the approval of the Argentine Central Bank for buying foreign currency for the formation of foreign assets, pre-cancellation of debts, turn abroad profits and dividends and make transfers abroad. Additionally, the regulations mentioned above restrict the access to purchase dollars for human persons. Subsequently, the Argentine Central Bank established stricter control, further limiting access to the foreign exchange market (see Note 35 to these Financial Statements).

Currently, it is observed that the sale and purchase transactions of office buildings can be settled in Argentine pesos (using an implicit exchange rate higher than the official one) or in dollars. Consequently, the most likely scenario is that any sale of office buildings / undeveloped parcels of land will be settled in Argentine pesos at an implicit exchange rate higher than the official one, which is reflected in the operations carried out by the Group before and after the closing of these Financial Statements. (See Note 4 and Note 36 to these Financial Statements). Therefore, the Group has valued its office buildings and undeveloped parcels of land in Argentine pesos at the end of the year, considering the situation described above, which results in a gain with respect to the values previously recorded.

It can sometimes be difficult to reliably determine the fair value of the property under development. In order to assess whether the fair value of the property under development can be determined reliably, management considers the following factors, among others:

● The provisions of the construction contract.

● The stage of completion.

● Whether the project/property is standard (typical for the market) or non-standard.

● The level of reliability of cash inflows after completion.

● The development risk specific to the property.

● Past experience with similar constructions.

● Status of construction permits.

There were no changes to the valuation techniques during the year.

The following table presents information regarding the fair value measurements of investment properties using significant unobservable inputs (Level 3):

June 30, 2020

Property type	Valuation technique	Discount rate			Growth rate
Shopping Malls	Discounted cash flow		12.18	%		2.3	%

For the next 5 years the Group considered an average exchange rate ARS/USD with increasing trend that begins at ARS 86.21 for to the year ended June 30, 2021, arriving at ARS 243.89. Over the long term, the model assumes a nominal depreciation rate of the Argentine peso of 21.1%, estimated based on the projected inflation rates of Argentina and US. The inflation considered shows a decreasing trend, beginning at 47.9% and leveling off at around 23.2% in 5 years.

June 30, 2019

Property type	Valuation technique	Discount rate			Growth rate
Shopping Malls	Discounted cash flow		12.10	%		3	%

For the next 5 years the Group considered an average exchange rate ARS/USD with increasing trend that begins at ARS 48.47 for to the year ended June 30, 2020, arriving at ARS 72.16. Over the long term, the model assumes a nominal depreciation rate of the Argentine peso of 5.7%, estimated based on the projected inflation rates of Argentina and US. The inflation considered shows a decreasing trend, beginning at 44.5% and leveling off at around 8% in 5 years.

Sensitivity of unobservable assumptions - Shopping malls (in million of Argentine peso):

	Discount rate + 1%			Discount rate -1%		Growth rate + 1 %		Growth rate - 1 %			Inflation + 10% (1)		Inflation  - 10% (2)			Devaluation rate + 10% (3)			Devaluation rate - 10% (4)
2020		(4,252	)		5,207		2,027		(1,655	)		8,852		(7,282	)		(4,115	)		5,030
2019		(3,266	)		4,073		1,536		(1,232	)		2,860		(2,618	)		(3,035	)		3,709

(1) assume a 10% higher inflation rate for each period vis-a-vis projected rates.

(2) assume a 10% lower inflation rate for each period vis-a-vis projected rates.

(3) assume a 10% higher exchange rate for each period vis-a-vis projected rates.

(4) assume a 10% lower exchange rate for each period vis-a-vis projected rates.

The following amounts have been recognized in the statements of comprehensive income:

	06.30.20		06.30.19			06.30.18
Revenues from rental and services (Note 25)		8,255,456		10,802,312			10,922,095
Expenses and collective promotion fund (Note 25)		3,109,382		3,709,732			4,389,642
Rental and services costs (Note 26)		3,975,514		4,826,611			5,351,754
Net unrealized gain / (loss) from fair value adjustment on investment properties		24,460,451		(36,964,252	)		13,560,751
Net realized gain from fair value adjustment on investment properties (i)(ii)		1,133,425		-			23,016

(i) As of June 30, 2020 it includes ARS 3,844.- and ARS 359,939.- for the monetary and non-monetary benefit, respectively, corresponding to the barter transaction of the Caballito Ferro land, ARS 573,006 for the sale of floors 10th and 11th of the office building "200 Della Paolera", and ARS 196,636 for the deconsolidation of La Malteria SA. As of June 30, 2018, it includes ARS 23,016 correspond to the sale 2nd floor of the Intercontinental Building.

(ii) As of June 30, 2020, ARS 665,873 corresponds to net realized gain from fair value on investment properties for the year (ARS 92,867 for the Caballito Ferro land and ARS 573,006 for the "200 Della Paolera" building) and ARS 467,552 net realized gain from fair value on investment properties in previous years (ARS 270,916 attributable to the Caballito Ferro land and ARS 196,636 to the deconsolidation of La Maltería SA). As of June 30, 2018, ARS 7,088 corresponds to net realized gain from fair value on investment properties for the year and ARS 15,928 net realized gain from fair value on investment properties in previous years.

Certain of the Group's investment properties have been mortgaged or otherwise restricted to secure some of the Group's borrowings and other liabilities. The net book value of those properties as of June 30, 2020 and 2019 is as follows:

	06.30.20		06.30.19
Córdoba Shopping (i)		1,266,128		1,312,510
Total		1,266,128		1,312,510

(i) A portion of the Córdoba Shopping mall property is encumbered with an antichresis right as collateral for an advance rent received from NAI International II Inc. amounting to ARS 113.5 million and ARS 117.6 million, as of June 30, 2020 and 2019, respectively, (included in "Trade and other payables" in the statement of financial position).

XML

Property, Plant and Equipment

12 Months Ended

Jun. 30, 2020

Property, plant and equipment [abstract]

Property, plant and equipment

10. Property, plant and equipment

Changes in the Group's property, plant and equipment for the years ended June 30, 2020 and 2019 are as follows:

	Other buildings and facilities			Furniture and fixtures			Machinery and equipment			Vehicles			Others		Total
As of June 30, 2018
Costs		466,951			221,800			1,391,729			19,567			832		2,100,879
Accumulated depreciation		(229,947	)		(169,558	)		(1,235,874	)		(15,777	)		-		(1,651,156	)
Net book amount as of 06.30.18		237,004			52,242			155,855			3,790			832		449,723
Additions		-			49,898			45,917			-			-		95,815
Disposals		-			(584	)		(1,240	)		-			-		(1,824	)
Transfers		-			1,784			18,483			-			-		20,267
Depreciation charges (i)		(17,061	)		(12,421	)		(57,086	)		(3,065	)		-		(89,633	)
Revaluation results		-			454			130			-			-		584
As of June 30, 2019		219,943			91,373			162,059			725			832		474,932
Costs		466,951			273,352			1,455,019			19,567			832		2,215,721
Accumulated depreciation		(247,008	)		(181,979	)		(1,292,960	)		(18,842	)		-		(1,740,789	)
Net book amount as of 06.30.19		219,943			91,373			162,059			725			832		474,932
Additions		92,030			18,766			48,413			-			-		159,209
Disposals		-			(2,122	)		(4,964	)		-			-		(7,086	)
Transfers		(168,578	)		-			(14,244	)		-			-		(182,822	)
Depreciation charges (i)		(15,191	)		(14,790	)		(60,362	)		(561	)		-		(90,904	)
Revaluation results		-			(136	)		(583	)		-			-		(719	)
As of June 30, 2020		128,204			93,091			130,319			164			832		352,610
Costs		390,403			289,860			1,483,641			19,567			832		2,184,303
Accumulated depreciation		(262,199	)		(196,769	)		(1,353,322	)		(19,403	)		-		(1,831,693	)
Net book amount as of 06.30.20		128,204			93,091			130,319			164			832		352,610

(i) As of June 30, 2020 and 2019, depreciation charges were charged to "Costs" in the amount of ARS 74,999 and ARS 71,595, respectively, to "General and administrative expenses" in the amount of ARS 15,854 and ARS 17,388, respectively and to "Selling expenses" in the amount of ARS 51 and ARS 650, respectively, in the Statements of Comprehensive Income (Note 26).

As of June 30, 2020 and 2019, there are no properties under development included in these items, there were no capitalization of financial costs anual no items of property plant and equipment have assets been mortgaged to guarantee group loans.

XML

Trading Properties

12 Months Ended

Jun. 30, 2020

Trading properties [abstract]

Trading properties

11. Trading properties

Changes in trading properties for the years ended June 30, 2020 and 2019 are as follows:

	Completed properties			Undeveloped sites			Total
As of June 30, 2018		2,477			303,818			306,295
Additions		-			15,977			15,977
Disposals (i)		(1,255	)		-			(1,255	)
Transfers		1,156			(97,529	)		(96,373	)
Impairment (Note 27)		-			(45,804	)		(45,804	)
As of June 30, 2019		2,378			176,462			178,840
Additions		-			15,263			15,263
Disposals (i)		(68	)		(18,937	)		(19,005	)
Transfers		13,536			-			13,536
As of June 30, 2020		15,846			172,788			188,634

	Net book amount
Description	06.30.20		06.30.19		Date of acquisition
Undeveloped sites:
Air space Coto		34,386		52,926	Sep-97
Plot of land Córdoba		58,749		43,883	May-15
Residencial project Neuquén		79,655		79,655	May-06
Total undeveloped sites		172,790		176,464
Completed properties:
Condominios II		2,308		2,376	Nov-13
Beruti parking		13,536		-	Feb-20
Total completed properties		15,844		2,376
Total trading properties		188,634		178,840
Non-current		181,866		177,254
Current		6,768		1,586
Total		188,634		178,840

(i) As of June 30, 2020 and 2019 the sales properties costs were charged to "Costs" in the Statements of Comprehensive Income. (Note 26)

During the fiscal years ended June 30, 2020 and 2019 no borrowing costs were capitalized.

None of the Group's trading properties have been mortgaged or otherwise restricted to secure Group's borrowings and other payables.

XML

Intangible Assets

12 Months Ended

Jun. 30, 2020

Intangible assets [abstract]

Intangible assets

12. Intangible assets

Changes in the Group's intangible assets for the fiscal years ended June 30, 2020 and 2019 are as follows:

	Goodwill			Software			Right to receive units (Barters) (ii)			Others			Total
As of June 30, 2018
Costs		274,544			234,798			129,395			335,739			974,476
Accumulated depreciation		-			(68,206	)		-			(234,729	)		(302,935	)
Net book amount as of 06.30.18		274,544			166,592			129,395			101,010			671,541
Additions		-			185,115			760			-			185,875
Transfers		-			-			(1,156	)		-			(1,156	)
Impairment (iii)		(184,393	)		-			-			-			(184,393	)
Amortization charge (i)		-			(75,219	)		-			(16,702	)		(91,921	)
As of June 30, 2019		90,151			276,488			128,999			84,308			579,946
Costs		90,151			419,913			128,999			335,739			974,802
Accumulated depreciation		-			(143,425	)		-			(251,431	)		(394,856	)
Net book amount as of 06.30.19		90,151			276,488			128,999			84,308			579,946
Additions		-			20,743			631,845			-			652,588
Disposals		-			(4,649	)		-			-			(4,649	)
Transfers		-			-			(64,045	)		-			(64,045	)
Amortization charge (i)		-			(141,335	)		-			(4,772	)		(146,107	)
As of June 30, 2020		90,151			151,247			696,799			79,536			1,017,733
Costs		90,151			436,007			696,799			335,739			1,558,696
Accumulated depreciation		-			(284,760	)		-			(256,203	)		(540,963	)
Net book amount as of 06.30.20		90,151			151,247			696,799			79,536			1,017,733

(i) As of June 30, 2020 and 2019, depreciation charges were charged to "Costs" in the amount of ARS 65,020 and ARS 38,272, respectively, to "General and administrative expenses" in the amount of ARS 79,951 and ARS 52,487, respectively and to "Selling expenses" in the amount of ARS 1,136 and ARS 1,162, respectively, in the Statements of Comprehensive Income (Note 26).

(ii) Corresponds to in kind receivables representing the right to receive residential apartments in the future under barter transactions (Note 33).

(iii) Corresponds to impaired goodwill of La Arena S.A..

XML

Rights of Use Assets

12 Months Ended

Jun. 30, 2020

Rights of use assets [abstract]

Rights of use assets

13. Rights of use assets

The composition of the Group's rights of use assets as of June 30, 2020 is as follows:

	06.30.20
Convention center		146,228
Stadium DirecTV Arena		409,901
Machinery and equipment		12,617
Shopping malls		7,600
Total rights of use assets		576,346
Non-current		576,346
Total		576,346

The charges to income related to rights of use assets were the following:

	06.30.20
Convention center		(11,938	)
Stadium DirecTV Arena		(19,065	)
Machinery and equipment		(8,737	)
Shopping malls		(436	)
Total depreciation of rights of use (i)		(40,176	)

(i) As of June 30, 2020 depreciation charges were charged to "Costs" in the amount of ARS 34,746 and to "General and administrative expenses" in the amount of ARS 5,430 (Note 26).

Changes in rights of use assets for the year ended June 30, 2020 are as follows:

	06.30.20
Beginning of the year		-
Additions (ii)		458,357
Transfers		158,165
Depreciation charge		(40,176	)
End of the year		576,346

(ii) See Note 2.2

The average discount rate and the term of the recognized lease liability as of June 30, 2020 are reported below:

Discount rate			Maturity
	10.61	%	12/1/2033
	10.61	%	12/1/2041

XML

Financial Instruments by Category

12 Months Ended

Jun. 30, 2020

Financial instruments by category [abstract]

Financial instruments by category

14. Financial instruments by category

The note shows the financial assets and financial liabilities by category and a reconciliation to the corresponding line in the Consolidated Statements of Financial Position, as appropriate. Financial assets and liabilities measured at fair value are assigned based on their different levels in the fair value hierarchy.

Financial assets and financial liabilities as of June 30, 2020 were as follows:

	Financial assets at amortized cost (i)		Financial assets at fair value through profit or loss				Subtotal financial assets		Non-financial assets		Total
June 30, 2020			Level 1		Level 2
Assets as per Statement of Financial Position
Trade and other receivables (excluding allowance for doubtful accounts) (Note 15)		8,049,234		-		-		8,049,234		1,542,514		9,591,748
Investments in financial assets:
- Public companies’ securities		-		210,757		-		210,757		-		210,757
- Mutual funds		-		61,697		809,688		871,385		-		871,385
- Bonds		-		5,186,235		-		5,186,235		-		5,186,235
Derivative financial instruments
- Foreing-currency future contracts		-		-		6,436		6,436		-		6,436
Cash and cash equivalents:
- Cash at banks and on hand		2,782,946		-		-		2,782,946		-		2,782,946
- Short- term investments		63,999		1,779,664		-		1,843,663		-		1,843,663
Total		10,896,179		7,238,353		816,124		18,950,656		1,542,514		20,493,170

	Financial liabilities at amortized cost (i)		Financial liabilities at fair value through profit or loss		Subtotal financial liabilities		Non-financial liabilities		Total
			Level 2
Liabilities as per Statement of Financial Position
Trade and other payables (Note 18)		1,202,599		-		1,202,599		3,596,984		4,799,583
Derivative financial instruments
- Futures contracts		-		21,320		21,320		-		21,320
- Swaps of interest rate (ii)		-		94,970		94,970		-		94,970
Borrowings (Note 19)		39,079,556		-		39,079,556		-		39,079,556
Total		40,282,155		116,290		40,398,445		3,596,984		43,995,429

Financial assets and financial liabilities as of June 30, 2019 were as follows:

	Financial assets at amortized cost (i)		Financial assets at fair value through profit or loss						Subtotal financial assets		Non-financial assets		Total
June 30, 2019			Level 1		Level 2		Level 3
Assets as per Statement of Financial Position
Trade and other receivables (excluding allowance for doubtful accounts) (Note 15)		3,634,828		-		-		-		3,634,828		7,184,117		10,818,945
Investments in financial assets:
- Public companies’ securities		-		559,079		-		-		559,079		-		559,079
- Mutual funds		-		2,076,080		623,258		-		2,699,338		-		2,699,338
- Bonds		-		5,098,116		-		965,942		6,064,058		-		6,064,058
Derivative financial instruments
- Foreing-currency future contracts		-		-		8,022		-		8,022		-		8,022
Cash and cash equivalents:
- Cash at banks and on hand		4,339,395		-		-		-		4,339,395		-		4,339,395
- Short- term investments		-		1,661,919		-		-		1,661,919		-		1,661,919
Total		7,974,223		9,395,194		631,280		965,942		18,966,639		7,184,117		26,150,756

	Financial liabilities at amortized cost (i)		Financial liabilities at fair value through profit or loss		Subtotal financial liabilities		Non-financial liabilities		Total
			Level 2
Liabilities as per Statement of Financial Position
Trade and other payables (Note 18)		1,373,077		-		1,373,077		3,449,628		4,822,705
Derivative financial instruments
- Futures contracts		-		573		573		-		573
- Swaps of interest rate (ii)		-		38,525		38,525		-		38,525
Borrowings (excluding finance leases liabilities) (Note 19)		33,609,501		-		33,609,501		-		33,609,501
Total		34,982,578		39,098		35,021,676		3,449,628		38,471,304

(i) The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value.

(ii) The maturity date is February 16, 2023 and it is associated with the loan obtained through its subsidiary, Panameriacan Mall S.A, with the purpose of paying for the work that is being carried out at the Polo Dot (Note 19).

As of June 30, 2019 Financial liabilities carried at amortized cost also include liabilities under finance leases where the Group is the lessee and which therefore have to be measured in accordance with IAS 17 “Leases”. Finance leases are excluded from the scope of IFRS 7 “Financial Instruments: Disclosures”. Therefore, finance leases have been shown separately.

The following are details of the book value of financial instruments recognized, which were offset in the statements of financial position:

	06.30.20								06.30.19
	Gross amounts recognized			Gross amounts offset					Gross amounts recognized			Gross amounts offset			Net amount presented
Financial assets
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables)		8,486,586			(437,352	)	8,049,234			3,817,935			(183,107	)		3,634,828
Financial liabilities
Trade and other payables		(1,639,951	)		437,352		(1,202,599	)		(1,556,182	)		183,105			(1,373,077	)

Results of derivative financial instruments are included in “Financial results, net” (Note 28) and “Other operating results, net” (Note 27) in the statements of comprehensive income and can be assigned to the following categories:

	Financial assets / (liabilities) at amortized cost			Financial assets / (liabilities) at fair value through profit or loss			Total
June 30, 2020
Interest income		769,116			-			769,116
Interest expense		(3,271,208	)		-			(3,271,208	)
Foreign exchange, net		(4,669,704	)		-			(4,669,704	)
Other finance costs		(222,039	)		-			(222,039	)
Gain from repurchase of non-convertible notes		92,782			-			92,782
Fair value gains of financial assets through profit or loss		-			124,101			124,101
Interest generated by operating credits		60,792			-			60,792
Loss from derivative financial instruments		-			(176,862	)		(176,862	)
Net loss		(7,240,261	)		(52,761	)		(7,293,022	)

	Financial assets / (liabilities) at amortized cost			Financial assets / (liabilities) at fair value through profit or loss		Total
June 30, 2019
Interest income		117,826			-		117,826
Dividend income		-			-		-
Interest expense		(2,928,593	)		-		(2,928,593	)
Foreign exchange, net		84,278			-		84,278
Other finance costs		(263,328	)		-		(263,328	)
Gain from repurchase of non-convertible notes		6,517			-		6,517
Fair value gains of financial assets through profit or loss		-			1,034,711		1,034,711
Interest generated by operating credits		78,176			-		78,176
Gain from derivative financial instruments		-			556,592		556,592
Net (loss) / income		(2,905,124	)		1,591,303		(1,313,821	)

	Financial assets / (liabilities) at amortized cost			Financial assets / (liabilities) at fair value through profit or loss		Total
June 30, 2018
Interest income		408,998			-		408,998
Dividend income		82,837			-		82,837
Interest expense		(2,140,484	)		-		(2,140,484	)
Foreign exchange, net		(8,319,791	)		-		(8,319,791	)
Other finance costs		(277,736	)		-		(277,736	)
Fair value gains of financial assets through profit or loss		-			1,731,404		1,731,404
Interest generated by operating credits		10,846			-		10,846
Gain from derivative financial instruments		-			550,573		550,573
Net (loss) / income		(10,235,330	)		2,281,977		(7,953,353	)

Determination of fair values

IFRS 9 defines the fair value of a financial instrument as the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 7. This valuation hierarchy provides for three levels.

In the case of Level 1, valuation is based on quoted prices in active markets for identical financial assets or liabilities that the Group can refer to at the date of the statement of financial position. A market is deemed active if transactions take place with sufficient frequency and in sufficient quantity for price information to be available on an ongoing basis. Since a quoted price in an active market is the most reliable indicator of fair value, this should always be used if available.

The financial instruments the Group has allocated to this level mainly comprise equity investments, mutual funds, bonds and non-convertible notes for which quoted prices in active markets are available. In the case of equity shares, the Group allocates them to this level when either a stock market price is available or prices are provided by a price quotation on the basis of actual market transactions.

In the case of Level 2, fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. The financial instruments the Group has allocated to this level comprise foreign-currency forward contracts and swaps of interest rate.

In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no observable market data are available. The inputs used reflect the Group’s assumptions regarding the factors which any market player would consider in their pricing. The Group uses the best available information for this, including internal company data. The Group uses the best available information, including internal data.

When no quoted prices in an active market are available, fair values are based on recognized valuation methods. The Group uses a range of valuation models for the measurement of Level 2 and Level 3 instruments, details of which may be obtained from the following table:

Description	Pricing model	Parameters	Fair value hierarchy	Range
Foreign-currency contracts	Present value method - Theoretical price	Underlying asset price (Money market curve); Interest curve	Level 2	-
Foreign-currency contracts	Present value method - Theoretical price	Foreign exchange curve
Swaps of interest rate	Discounted cash flow	Interest rate futures	Level 2	-
Investments in financial assets	NAV - Theoretical price	Value is determinated based on the company´s shares in equity funds based on its Financial Statements, which are based on fair value, or evaluations of its investment.	Level 2	-
TGLT Convertible Notes		Underlying asset price (Market price) - share price volatility and market Interest rate	Level 3	Underlying asset price 10 to 13, share price volatility 55% to 75%, market interest-rate 8% to 9%
TGLT Convertible Notes	Black& Scholes - Thoretical price

XML

Trade and Other Receivables

12 Months Ended

Jun. 30, 2020

Trade and other receivables [abstract]

Trade and other receivables

15. Trade and other receivables

The following table shows the amounts of Trade and other receivables as of June 30, 2020 and 2019:

	06.30.20			06.30.19
Lease and services receivables		1,165,823			1,404,710
Post-dated checks		301,234			884,663
Averaging of scheduled rent escalation		657,302			762,145
Debtors under legal proceedings		402,353			324,892
Property sales receivables		16,263			43,020
Consumer financing receivables		16,441			23,498
Less: allowance for doubtful accounts		(618,273	)		(382,220	)
Total trade receivables		1,941,143			3,060,708
Loans		1,056,340			68,582
Advance payments		509,590			603,604
Others (*)		221,065			209,407
Prepayments		220,155			233,975
Other tax receivables		155,467			174,918
Expenses to be recovered		41,141			19,883
Guarantee deposit		1,970			1,835
Less: allowance for doubtful accounts		(165	)		(236	)
Total other receivables		2,205,563			1,311,968
Related parties (Note 30)		4,826,604			6,063,813
Total trade and other receivables		8,973,310			10,436,489
Non-current		5,093,549			696,656
Current		3,879,761			9,739,833
Total		8,973,310			10,436,489

(*) Includes ARS 181,744 and ARS 183,675 at June 30 of 2020 and 2019 respectively, of agreement for assumption of debt with the State Assets Administration Office, or AABE in Spanish. (Note 19)

As of June 30, 2020 and 2019, all non-current receivables are due within 4 years, from the end of the fiscal year.

The fair values of trade and other receivables approximate their respective carrying amounts because, due to their short-term nature. The Fair values of non-current trade and other receivables approximate their respective carrying amounts, as the impact of discounting is not considered significant.

Trade receivables are generally presented in the Statement of Financial Position net of allowances for doubtful accounts. Impairment policies and procedures by type of receivables are discussed in detail in Note 2.15.

Movements on the Group’s allowance for doubtful accounts and other receivables are as follows:

	06.30.20			06.30.19
Beginning of the year		382,456			447,096
Additions		324,219			160,838
Unused amounts reversed		(19,705	)		(52,140	)
Used during the year		(2,533	)		(8,208	)
Inflation adjustment		(65,999	)		(165,130	)
End of the year		618,438			382,456

The allowance for doubtful accounts’ additions and unused amounts reversed have been included in “Selling expenses” in the statements of comprehensive income (Note 26). Amounts charged to the allowance account are generally written off, when no recovery is expected.

The Group’s trade receivables comprise: shopping mall leases and related services, office leases and related services, consumer financing; and sale of properties. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables (Note 5).

The Group also has receivables from related parties. Neither of which are due nor impaired.

Due to the distinct characteristics of each type of receivable, an aging analysis of past due unimpaired and impaired receivables are shown by type and class as of June 30, 2020 and 2019 (includes not past due receivables to reconcile with the amounts in the statements of financial position):

Type of receivables	Up to 3 months		3 to 6 months		Over 6 months		Non past due		Impaired		Total
Shopping mall lease and services receivables		213,749		53,539		74,483		1,549,129		601,832		2,492,732
Office leases and services receivables		2,600		-		80		31,300		-		33,980
Consumer financing receivables		-		-		-		-		16,441		16,441
Property sales receivables		5,421		5,421		5,421		-		-		16,263
Total as of June 30, 2020		221,770		58,960		79,984		1,580,429		618,273		2,559,416
Shopping mall leases and services receivables		182,028		59,050		57,101		2,655,087		358,722		3,311,988
Office leases and services receivables		1,731		-		1,831		60,860		-		64,422
Consumer financing receivables		-		-		-		-		23,498		23,498
Property sales receivables		14,342		14,339		14,339		-		-		43,020
Total as of June 30, 2019		198,101		73,389		73,271		2,715,947		382,220		3,442,928

Leases and services receivables from investment properties:

Trade receivables related to leases and services from the shopping malls and offices represent 98.8% and 98.1% of the Group’s total trade receivables as of June 30, 2020 and 2019, respectively. The Group has a large customer base and is not dependent on any single customer. Leases and services receivables that are not due and for which no allowance has been recorded relate to a wide and varied number of customers for whom there is no external credit rating available. Most of these customers have been actively renting a minimum of six months. New customers with less than six months are constantly monitored. At the end of the year, the Group has not experienced credit issues with these new customers.

As of June 30, 2020 and 2019, the Group recorded net loss due to leases and services receivables for an amount of ARS 311,571 and ARS 121,756, respectively.

Consumer financing receivables:

Trade receivables related to the residual activities of the Group represent only 0.6% and 0.7% of the Group’s total trade receivables as of June 30, 2020 and 2019, respectively.

As of June 30, 2020 and 2019, the Group provided for recorded net losses on impairment of consumer financing receivables in an amount of (ARS 7,057) and (ARS 13,058), respectively.

The estimation of the credit risk is complex and requires the use of rating and scoring models which are essential to measure default risk. In measuring the consumption credit risks of credit purchases made through credit cards and cash advances, the Group considers two components: (i) the probability of default by client or counterparty, and (ii) the likely recovery rate of obligations in arrears. The models are reviewed regularly to check their effectiveness with respect to actual performance and, where necessary, to enhance them.

Receivables from the sale of properties:

Trade receivables related to the sale of properties represent 0.6% and 1.2% of the Group’s total trade receivables as of June 30, 2020 and 2019, respectively. Payments on these receivables are generally received when due and are generally secured by mortgages on the properties, thus credit risk on outstanding amounts is considered low.

XML

Cash flow and cash equivalent information

12 Months Ended

Jun. 30, 2020

Cash Flow and Cash Equivalents [Abstract]

Cash flow and cash equivalent information

16. Cash flow and cash equivalent information

Following is a detailed description of cash flows generated by the Group's operations for the years ended June 30, 2020, 2019 and 2018:

	Note	06.30.20			06.30.19			06.30.18
Net profit / (loss) for the year			18,153,260			(25,922,964	)		20,348,486
Adjustments:
Income tax	21		5,373,999			(6,138,041	)		(6,534,323	)
Amortization and depreciation	26		292,002			194,275			168,684
Impaired trading properties	27		-			45,804			-
Impaired goodwill	27		-			184,393			-
Loss on sale of associates and joint ventures			-			171,689			-
Net gain / (loss) from fair value adjustment on investment properties	9		(25,126,324	)		36,964,252			(13,567,839	)
Gain from disposal of trading properties			(254,511	)		(22,839	)		(216,248	)
Disposals by concession maturity			7,086			1,045			16,916
Averaging of schedule rent escalation	25		(162,635	)		(379,515	)		(90,262	)
Directors' fees	30		126,417			189,859			149,254
Financial results, net			6,915,458			864,848			8,027,131
Provisions and allowances			356,812			173,896			244,245
Share of profit of associates and joint ventures	8		(177,910	)		577,953			(887,380	)
Right to receive units due to non-compliance			-			-			(18,057	)
Changes in operating assets and liabilities
Decrease / (Increase) in inventories			2,485			14,185			(6,422	)
Decrease / (Increase) in trade and other receivables			1,015,767			355,265			(549,697	)
(Decrease) / Increase in trade and other payables			(1,291,692	)		(1,265,333	)		1,173,129
(Decrease) / Increase in payroll and social security liabilities			(125,520	)		(99,046	)		61,067
Uses of provisions	20		(50,964	)		(75,223	)		(113,156	)
(Increase) / Decrease in trading properties			(15,263	)		7,103			252,639
Net cash generated by operating activities before income tax paid			5,038,467			5,841,606			8,458,167

The following table shows a detail of non-cash transactions occurred in the years ended June 30, 2020, 2019 and 2018:

	06.30.20		06.30.19		06.30.18
Non-cash transactions
Decrease in intangible assets through an increase in trading properties		13,536		1,156		40,597
Decrease in trading properties through an increase in investment properties		-		97,529		-
Increase in investment properties through an increase in borrowings		385		96,324		37,293
Increase in properties plant and equipment through an increase in borrowings		-		6,407		20,045
Increase in properties plant and equipment through a decrease in investment properties		-		20,267		17,578
Increase in trade and other receivables through a decrease in investment in associates and joint ventures (dividends)		-		430,458		15,932
Decrease in trade and other receivables through an increase in investment in associates and joint ventures		-		8,385		8,474
Decrease in associates and joint ventures through a decrease in borrowings (dividends)		-		8,407		8,817
Decrease in associates and joint ventures through a decrease in equity		-		41,178		-
Increase in intangible assets through an increase in trade and other payables		-		-		85,126
Increase in investment properties through an increase in trade and other payables		1,153,243		-		295,497
Increase in investment in associates and joint ventures through a decrease in provisions		-		-		352
Decrease in investment properties through a decrease in trade and other payables		-		-		3,479
Increase in trade and other receivables through an increase in borrowings		-		-		156
Currency translation adjustment in associates		21,703		-		-
Decrease in trading properties through an increase in intangible assets		246,929		-		-
Increase in investment properties through a decrease in properties plant and equipment		168,265		-		-
Decrease in investment properties through an increase in intangible assets		371,470		-		-
Increase in investment in financial assets through a decrease in trade and other receivables		703,113		-		-
Decrease in equity through an increase in borrowings (dividends)		54,921		-		-
Increase in rights of use assets through a decrease in properties plant and equipment		21,355		-		-
Increase in financial assets through a decrease in investment in associates and joint ventures (dividends)		28,518		-		-
Increase in investment in associates and joint ventures through a decrease in investment in financial assets		854,309		-		-
Decrease in equity through an increase in trade and other payables		709		-		-
Decrease in intangible assets through an increase in trade and other payables		4,649		-		-
Increase in investment properties through a decrease in trade and other receivables		5,409,479		-		-
Increase in investment properties through an increase in equity		273,460		-		-
Increase in investment properties through an increase in tax credits and debts		91,154		-		-
Increase in financial assets through a decrease in investment properties		1,188,284		-		-
Increase in investment properties through a decrease in intangible assets		50,509		-		-
Increase in leases liabilities through a decrease in borrowings		7,031		-		-
Decrease in investment properties through an increase in properties plant and equipment		6,798		-		-

An increase in investment in associates through a decrease due to loss of control in subsidiaries (i)

	06.30.20
Investment properties		1,693,733
Income tax and minimum presumed income tax credits		2,248
Trade and other receivables		63,918
Deferred income tax liabilities		(359,292	)
Trade and other payables		(77,558	)
Income tax and minimum presumed income tax liabilities		(2,248	)
Decrease due to loss of control		1,320,801

(i) Corresponds to the desconsolidation of La Maltería S.A.

Balances incorporated as result of business combination (*)

	06.30.18
Trade and other receivables		(80,816	)
Income tax and minimum presumed income tax credits		(236	)
Investment properties		(261,971	)
Property, plant and equipment		(469	)
Salaries and social security costs		5,598
Deferred income tax		32,965
Income tax and minimum presumed income tax liabilities		2,961
Trade and other payables		244,943
Provisions		1,003
Total net non-cash assets acquired		(56,022	)
Goodwill		(184,393	)
Non-controlling interest		16,742
Total net assets acquired		(223,673	)
Financed amount		85,126
Inflation adjustment		23,811
Acquisition of subsidiaries, net of cash acquired		(114,736	)

(*) Corresponds to the incorporation of La Arena S.A..

XML

Shareholder's Equity

12 Months Ended

Jun. 30, 2020

Shareholders equity [abstract]

Shareholder's equity

17. Shareholder's equity

Share capital and premium

The share capital of IRSA Propiedades Comerciales was originally represented by common shares with a nominal value of ARS 0.1 per share and one vote each. On December 18, 2012, the Superintendence of Corporations registered an amendment to the Company's by-laws whereby it increased the nominal value of its shares from ARS 0.1 to ARS 1 each. This amendment, was registered under number 20,264 of Stock Companies Book 62 T°. The CNV admitted the shares indicated above for listing on the Buenos Aires Stock Exchange.

There have been no changes to capital accounts as of June 30, 2020, 2019 and 2018.

As of June 30, 2020, the capital stock consisted of 126,014,050 common shares with a par value of ARS 1.00 per share, entitled to one vote each and was as follows:

		Approved by
Status	Par Value	Body	Date	Date of record with the Public Registry of Commerce
Subscribed, Issued and Paid up	1	Extraordinary Shareholders' Meeting	10.29.87	12.29.87
Subscribed, Issued and Paid up	1	Extraordinary Shareholders' Meeting	10.26.88	12.29.88
Subscribed, Issued and Paid up	38	Extraordinary Shareholders' Meeting	10.25.89	02.05.90
Subscribed, Issued and Paid up	9,460	Ordinary and Extraordinary Shareholders' meeting	08.31.95	03.15.96
Subscribed, Issued and Paid up	16,000	Ordinary and Extraordinary Shareholders' meeting	10.29.96	05.15.98
Subscribed, Issued and Paid up	38,000	Ordinary and Extraordinary Shareholders' meeting	03.10.98	10.21.99
Subscribed, Issued and Paid up	6,500	Ordinary and Extraordinary Shareholders' meeting	08.06.99	05.07.02
Subscribed, Issued and Paid up	8,206	(*) Board of Directors meeting	06.28.04	05.04.05
Subscribed, Issued and Paid up	47,755	(**) Board of Directors meeting	11.16.10	03.02.11
Subscribed, Issued and Paid up	28	(***) Board of Directors meeting	09.22.11	01.04.12
Subscribed, Issued and Paid up	25	(****) Board of Directors meeting	03.13.13	01.16.15
	126,014

(*) Capital subscribed in connection with the conversion of convertible notes made until August 2006. Such conversions have been registered.

(**) Capital subscribed in connection with the conversion of convertible notes made on October 7, 2010.

(***) Capital subscribed in connection with the conversion of convertible notes made on September 21, 2011.

(****) Capital subscribed in connection with the conversion of convertible notes made on March 13, 2013.

Inflation adjustment of share capital

The inflation adjustment related to share capital was appropriated to an inflation adjustment reserve that formed part of shareholders' equity. The balance of this reserve could be applied only towards the issuance of common stock to shareholders of the Group.

Legal reserve

According to Law N° 19,550, 5% of the profit of the year is destined to constitute legal reserves until they reach legal capped amount (20% of share capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. IRSA Propiedades Comerciales has reached the legal limit of this reserve.

Reserve for future dividends

The Company and subsidiaries may separate portions of their profits of the year to constitute voluntary reserves according to company law and practice. These special reserves may be for general purposes or for specific uses.

Resolution reserve CNV 609/12- Retained earnings

The CNV, through General Resolutions N° 562/09 and 576/10, has provided for the application of Technical Resolutions N° 26 and 29 of the FACPCE, which adopt IFRS, as issued by the IASB, for company's subject to the public offering regime ruled by Law N° 17,811, due to the listing of their shares or corporate notes, and for entities that have applied for authorization to be listed under the mentioned regime.

The Group adopted IFRS, as issued by the IASB, in the fiscal year beginning July 1, 2012, being its transition date July 1, 2011.

During the fiscal year ended June 30, 2017, the Group's Board of Directors decided to change the accounting policy of the investment properties from the cost model to the fair value model, as allowed by IAS 40.

This reserve may not be released to make distributions in cash or in kind and it may only be released for capitalization to absorb any negative balances of retained earnings. Changes in fair value that have occurred after the transition period are part of retained earnings.

As of June 30, 2020, 2019 and 2018, the reserve amounted to ARS 9,232 millon.

Special reserve

The Ordinary and Extraordinary General Shareholders' Meeting on October 29, 2018 constituted a special reserve for ARS 34,413 millon. As of June 30, 2020, the reserve amounted to ARS 150 millon.

Revaluation surplus

The revaluation surplus was originated in the transfer from Property, plant and equipment to Investment properties of the floors 22 and 23 of the Intercontinental Building, which were previously used by the Group, moving from the historical cost to fair value model. This reserve amounts to ARS 273 million as of June 30, 2020.

Dividends

Dividends distributed corresponding to the results of the years ended as of June 30, 2020, 2019 and 2018 were:

● ARS 877 million, approved by the Ordinary and Extraordinary General Shareholders' Meeting on October 30, 2019.

● ARS 1,008 million, approved by the Ordinary and Extraordinary General Shareholders' Meeting on October 29, 2018.

● ARS 1,834 million, approved by the Ordinary and Extraordinary General Shareholders' Meeting on October 31, 2017.

As of June 30, 2020, 2019 and 2018 there were no prescribed dividends corresponding to dividends pending of payment from previous years.

The canceled dividends during the years ended as of June 30, 2020, 2019 and 2018 were ARS 730, ARS 1,008 and ARS 1,834 million.

Dividends distributed per share during the years ended June 30, 2020, 2019 and 2018 were ARS 6.96, ARS 8.00 and ARS 14.56 million.

XML

Trade and Other Payables

12 Months Ended

Jun. 30, 2020

Trade and other payables [abstract]

Trade and other payables

18. Trade and other payables

The following table shows the amounts of trade and other payables as of June 30, 2020 and 2019:

	06.30.20		06.30.19
Rent and service payments received in advance		1,246,676		1,097,775
Admission rights		1,017,114		1,438,219
Accrued invoices		261,767		432,796
Trade payables		295,302		218,252
Tenant deposits		99,946		109,373
Payments received in advance		31,359		68,716
Total trade payables		2,952,164		3,365,131
Tax payable		116,524		358,757
Others		157,337		180,271
Other payments received in advance to be accrued		70,134		78,633
Tax payment plans		7,884		407,528
Dividends		-		179
Total other payables		351,879		1,025,368
Related parties (Note 30)		1,495,540		432,206
Total trade and other payables		4,799,583		4,822,705
Non-current		1,238,572		1,229,156
Current		3,561,011		3,593,549
Total		4,799,583		4,822,705

The fair value of currents trade and other payables approximate their respective book values due to theris short- term nature. The fair values of non-current trade and other payables approximate their book values, as the impact of the discount is not significant.

XML

Borrowings

12 Months Ended

Jun. 30, 2020

Borrowings [abstract]

Borrowings

19. Borrowings

The following table shows the Group's borrowings as of June 30, 2020 and 2019:

	Book Value at 06.30.20		Book Value at 06.30.19		Fair Value at 06.30.20		Fair Value at 06.30.19
Non-Convertible notes		34,965,126		30,563,397		26,100,131		30,419,944
Bank loans		2,422,845		2,453,670		2,292,321		2,229,691
Bank overdrafts		1,399,190		314,669		1,399,190		314,669
AABE Debts		181,744		183,675		181,744		183,675
Loans with non-controlling interests		110,651		94,090		110,651		94,090
Finance leases		-		21,730		-		21,730
Total borrowings		39,079,556		33,631,231		30,084,037		33,263,799
Non-current		26,579,396		31,831,168
Current		12,500,160		1,800,063
Total		39,079,556		33,631,231

As of June 30, 2020 and 2019, the Group did not hold collateralized liabilities (seller financing and long-term borrowings, excluding finance leases).

As of June 30, 2019 the borrowings also include liabilities under finance leases where the Group is the lessee and which therefore are measured in accordance with IAS 17 "Leases". Information regarding liabilities under finance leases is disclosed in Note 24.

The maturity of the Group's borrowings (excluding obligations under finance leases) and the Group's classification related to interest rates is as follows:

	06.30.20		06.30.19
Capital
Less than one year		11,629,111		1,051,896
Between 1 and 2 years		754,688		9,323,478
Between 2 and 3 years		25,825,888		653,578
Between 3 and 4 years		64,633		21,900,972
More than 4 years		39,956		-
		38,314,276		32,929,924
Accrued interest:
Less than one year		742,418		549,470
Between 1 and 2 years		-		130,107
Between 3 and 4 years		22,862		-
		765,280		679,577
		39,079,556		33,609,501

The fair value of current borrowings approximate its carrying amount, as the effect of discounting is not significant. The fair value of debt instruments that are not quoted on a market are valued at their technical value, that is, nominal value plus accrued interest.

The following table shows a detail of the borrowings evolution as of June 30, 2020, 2019 and 2018:

	06.30.20			06.30.19			06.30.18
Balances at the beginning of the year		33,631,231			34,838,174			13,714,485
Borrowings obtained		10,292,732			3,338,776			1,795,897
Payment of borrowings		(10,620,056	)		(2,992,941	)		(190,083	)
Interest paid		(3,015,702	)		(2,893,591	)		(1,875,222	)
Accrued interest		2,772,749			3,001,913			2,136,977
Foreign exchange		5,683,954			(2,028,141	)		14,800,680
Short terms loans, net		1,288,810			353,581			(50,692	)
Repurchase of non-convertible notes		(600,306	)		(80,546	)		-
Issuance of non-convertible notes		-			-			6,588,262
Others		(7,840	)		25,149			35,914
Inflation adjustment		(346,401	)		(27,467	)		(2,155,337	)
Capitalization of financial costs		385			96,324			37,293
Balances at the end of the year		39,079,556			33,631,231			34,838,174

The fair value of non-current borrowings at fixed rates (excluding obligations under finance leases) is as follows:

	06.30.20		06.30.19
NCN Class II due 2023		18,915,962		22,110,412
NCN Class IV due 2020		7,602,883		8,309,532
Bank loans		2,292,321		2,229,691
		28,811,166		32,649,635

The following table breakdown the borrowings by fixed and floating rate of the Group by emission currency:

Borrowings by currency and rate	06.30.20		06.30.19
Fixed rate:
Argentine Peso		1,357,174		214,310
US Dollar		35,056,859		30,757,845
Subtotal borrowings at fixed rate		36,414,033		30,972,155
Floating rate:
Argentine Peso		517,241		498,800
US Dollar		2,148,282		2,138,546
Subtotal borrowings at floating rate		2,665,523		2,637,346
Total borrowings		39,079,556		33,609,501
Financial leasing		-		21,730
Total borrowings in accordance with financial statement		39,079,556		33,631,231

XML

Provisions

12 Months Ended

Jun. 30, 2020

Provisions [abstract]

Provisions

20. Provisions

The following table shows the movements in the Group's provisions for other liabilities:

Labor, legal and other claims			Investments in associates (*)			06.30.20			06.30.19
Balances at the beginning of the year	113,867			323			114,190			124,701
Inflation adjustment	(42,918	)		-			(42,918	)		(50,349	)
Increases (i)	89,137			-			89,137			86,906
Recovery (i)	(36,839	)		-			(36,839	)		(21,707	)
Used during the year	(8,046	)		-			(8,046	)		(25,222	)
Others (*)	-			(323	)		(323	)		(139	)
Balances at the end of the year	115,201			-			115,201			114,190
Non-current							72,184			62,713
Current							43,017			51,477
Total							115,201			114,190

(*) Corresponds to investments in associates with negative equity. (Note 8)

(i) The charge to increase and recovery provisions has been charged within the line "Other operating results, net", in the Statement of Comprehensive Income (Note 27).

Included in this item are certain amounts in respect of which the Group has established a provision for legal claims, none of which is considered significant.

XML

Current and Deferred Income Tax

12 Months Ended

Jun. 30, 2020

Current and Deferred Income Tax [Abstract]

Current and deferred income tax

21. Current and deferred income tax

The Group's income tax has been calculated on the estimated taxable profit for each year at the rates prevailing in the respective tax jurisdictions. The subsidiaries of the Group in the jurisdictions where the Group operates are required to calculate their income taxes on a separate basis; thus, they are not permitted to compensate subsidiaries' losses against subsidiaries' income.

The details of the provision for the Group's income tax are as follows:

	06.30.20			06.30.19			06.30.18
Current income tax		(24,441	)		(131,359	)		(448,599	)
Special tax for tax revaluation		-			(394,898	)		-
Deferred income tax		(5,348,343	)		6,664,298			6,982,922
Minimum presumed income tax		(1,215	)		-			-
Income tax - (Loss) / Gain		(5,373,999	)		6,138,041			6,534,323

The statutory tax rates in the countries where the Group operates for all of the years presented are:

Tax jurisdiction	Income tax rate			Fiscal year
Argentina	25% and 30		%	2020 and 2019
Argentina		35	%		2018
Uruguay		0	%		-

Deferred tax assets and liabilities of the Group as of June 30, 2020 and 2019 are expected to be recovered as follows:

	06.30.20			06.30.19
Deferred income tax asset to be recovered after more than 12 months		2,953,241			625,265
Deferred income tax asset to be recovered within 12 months		731,332			1,889,431
Deferred income tax asset		3,684,573			2,514,696
Deferred income tax liabilities to be recovered after more than 12 months		(26,356,656	)		(5,036,780	)
Deferred income tax liabilities to be recovered within 12 months		(1,086,624	)		(16,156,418	)
Deferred income tax liabilities		(27,443,280	)		(21,193,198	)
Deferred income tax, net		(23,758,707	)		(18,678,502	)

Deferred income tax (broken down into assets and liabilities) during the fiscal years ended June 30, 2020 and 2019, without considering offsetting balances within the same tax jurisdiction, is the following:

	06.30.19			(Charged) / Credited to the statement of income			Revaluation surplus			Decrease due to loss of control		06.30.20
Deferred income tax asset
Tax loss carry-forwards		1,555,861			1,061,858			-			-		2,617,719
Investment properties		-			133,302			-			-		133,302
Borrowings		45,919			(483	)		-			-		45,436
Trade and other payables		783,473			(221,146	)		-			-		562,327
Trade and other receivables		98,240			(33,557	)		-			-		64,683
Trading properties		-			223,668			-			-		223,668
Provisions		638			(15	)		-			-		623
Other		9,375			11,720			-			-		21,095
Payroll and social security liabilities		5,255			(1,578	)		-			-		3,677
Tax inflation adjustment		15,935			(3,892	)		-			-		12,043
Subtotal deferred income tax assets		2,514,696			1,169,877			-			-		3,684,573
Deferred income tax liabilities
Investment properties and properties plant and equipment		(18,369,550	)		(5,864,823	)		(91,154	)		359,292		(23,966,235	)
Right of use assets		-			(1,513	)		-			-		(1,513	)
Trade and other payables		(36,225	)		(757	)		-			-		(36,982	)
Investments in financial instruments		(175,724	)		75,251			-			-		(100,473	)
Other		(90,986	)		(145,944	)		-			-		(236,930	)
Trading properties		(35,254	)		15,432			-			-		(19,822	)
Tax inflation adjustment		(1,600,472	)		(560,208	)		-			-		(2,160,680	)
Trade and other receivables		(876,837	)		(43,787	)		-			-		(920,624	)
Cash and cash equivalent		(8,150	)		8,129			-			-		(21	)
Subtotal deferred income tax liabilities		(21,193,198	)		(6,518,220	)		(91,154	)		359,292		(27,443,280	)
Deferred income tax liabilities, net		(18,678,502	)		(5,348,343	)		(91,154	)		359,292		(23,758,707	)

	06.30.18			(Charged) / Credited to the statement of income			06.30.19
Deferred income tax asset
Tax loss carry-forwards		1,897,615			(341,754	)		1,555,861
Trade and other payables		859,493			(76,020	)		783,473
Borrowings		46,661			(742	)		45,919
Trade and other receivables		98,558			(318	)		98,240
Trading properties		6,937			(6,937	)		-
Provisions		1,888			(1,250	)		638
Other		38,325			(28,950	)		9,375
Payroll and social security liabilities		8,161			(2,906	)		5,255
Tax inflation adjustment		-			15,935			15,935
Subtotal deferred income tax assets		2,957,638			(442,942	)		2,514,696
Deferred income tax liabilities
Investment properties and properties plant and equipment		(27,508,822	)		9,139,272			(18,369,550	)
Trade and other payables		(16,986	)		(19,239	)		(36,225	)
Investments in financial instruments		(76,285	)		(99,439	)		(175,724	)
Other		(118,146	)		27,160			(90,986	)
Trading properties		(65,027	)		29,773			(35,254	)
Intangible assets		(1,053	)		1,053			-
Tax inflation adjustment		-			(1,600,472	)		(1,600,472	)
Trade and other receivables		(511,125	)		(365,712	)		(876,837	)
Cash and cash equivalent		(2,994	)		(5,156	)		(8,150	)
Subtotal deferred income tax liabilities		(28,300,438	)		7,107,240			(21,193,198	)
Deferred income tax liabilities, net		(25,342,800	)		6,664,298			(18,678,502	)

Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefits through future taxable profits is probable. Tax loss carry-forwards may have expiration dates or may be permanently available for use by the Group depending on the tax jurisdiction where the tax loss carry forward is generated. Tax loss carry-forwards in Argentina generally expire within 5 years.

In order to fully realize the deferred income tax asset, the Group will need to generate taxable income in the countries where the net operating losses were incurred. Based upon the level of historical taxable income and projections for future over the years in which the deferred income tax assets are deductible, management believes that as the end of the present year it is probable that the Group will realize all of the deferred income tax assets in Argentina.

As of June 30, 2020, the tax loss carry-forwards of the Group and the jurisdictions which generated them are as follows:

Jurisdiction	Tax loss carry- forward		Date of generation		Date of expiration		Rate
Argentina		2,248		2016		2021		25	%
Argentina		8,121		2017		2022		25	%
Argentina		2,781,231		2018		2023		25	%
Argentina		1,183,486		2019		2024		25	%
Argentina		4,720,012		2020		2025		25% and 30	%
		8,695,098

The Group did not recognize deferred income tax assets of ARS 83,738 and ARS 94,695 as of June 30, 2020 and 2019 corresponding to losses of ARS 334,912 and ARS 378,780, respectively, related to certain subsidiaries. Although management estimates that these subsidiaries will become profitable in the future, as a result of the recent loss history during the last periods and the lack of verifiable and objective evidence, it has been determined that there is sufficient uncertainty as to the generation of sufficient income to be able to offset losses within a reasonable timeframe, therefore, no deferred tax asset is recognized in relation to these losses.

Below there is a reconciliation between the income tax recognized and that which would result from applying the prevailing tax rate on the profit / (loss) Before Income Tax for the years ended June 30, 2020, 2019 and 2018:

	06.30.20			06.30.19			06.30.18
(Profit) / loss for year before income tax at the prevailing tax rate		(7,058,178	)		9,618,302			(4,834,957	)
Tax effects of:
Rate change		2,374,798			221,159			10,515,288
Share of profit of associates and joint ventures		53,373			(173,386	)		310,583
Result by rate transparency		186,489			(101,841	)		-
Result from sale of subsidiaries		(391,936	)		(1,691	)		-
Special tax, revaluation		-			(394,898	)		-
Expiration of carry-forwards		(100	)		-			-
Tax loss carry-forwards		(129,387	)		(77,255	)		-
Non-taxable financial dividends		-			-			272,594
Non-taxable, non-deductible items		(615	)		36,725			(16,060	)
Derivative special tax		-			-			(1,881	)
Difference between provisions and affidavits		48,333			3,712			2,395
Minimum presumed income tax		(1,215	)		-			(73	)
Goodwill reversal		-			(55,318	)		-
Others		4			(8,583	)		(415	)
Inflation adjustment		(588,429	)		(1,853,819	)		286,849
Tax inflation adjustment		132,864			(1,075,066	)		-
Income tax - (Loss) / Gain		(5,373,999	)		6,138,041			6,534,323

Tax modifications

Law No. 27,541 of social solidarity and productive revival in the framework of Argentine public emergency, published on December 23, 2019 introduced some modifications to different taxes and the creation of the tax for an Inclusive and Solidarity Argentina (PAIS).

The main modifications affecting the Group in relation to income tax are the following:

● In the first and second fiscal year beginning after January 1, 2019, that is, for the Group's fiscal years beginning on July 1, 2019 and 2020, the gain or loss from tax inflation adjustment will be charged one sixth in the determination exercise and the remaining five sixths in the following fiscal periods;

● The applicable rate to companies for the third year beginning after January 1, 2018 is increased from 25% to 30% that is, for the Group's fiscal years beginning on July 1, 2019.

Tax inflation adjustment: Law 27,430 establishes the following rules for the application of the inflation adjustment in income tax: (i) the update of the cost for goods acquired or investments made in the fiscal years that begin as of January 1, 2018 (applicable to the Group for the year end June 30, 2019), considering the percentage variations of the CPI provided by the National Institute of Statistics and Census ("INDEC"); and (ii) the application of the adjustment set forth in Title VI of the Income Tax Law when a percentage of variation -of the aforementioned index price - accumulated in thirty-six (36) months prior to the fiscal year end that is liquidated, is greater than one hundred percent (100%), or, with respect to the first, second and third year after its validity, this procedure will be applicable in case the accumulated variation of that index price, calculated from the beginning of the first of them and until the end of each year, exceed 55%, 30% and 15% for the first, second and third year of application, respectively. At the end of this year, there has been an accumulative variation of 43% in the index price that exceeds the expected condition of 55% for the application of the adjustment in the first year. Consequently, the tax inflation adjustment has been applied and the cost of goods acquired during the year 2019 has been updated as established in article 58 of the Income Tax Law.

XML

Employee Benefits

12 Months Ended

Jun. 30, 2020

Employee benefits [abstract]

Employee benefits

22. Employee benefits

The Group maintains a defined contribution plan (the "Plan") covering key members of management in Argentina. The Plan became effective on January 1, 2006. Participants may make contributions to the Plan of up to 2.5% of their monthly salary ("Base Contributions") and contributions of up to 15% of their annual bonus ("Extraordinary Contributions"). Under the Plan, the Group matches employee contributions to the plan at a rate of 200% for Base Contributions and 300% for Extraordinary Contributions.

All contributions are invested in funds administered outside of the Group. Participants or their assignees, as the case may be, may have access to the 100% of the Group contributions under the following circumstances:

(i) ordinary retirement in accordance with applicable labor regulations;

(ii) total or permanent incapacity or disability;

(iii) death.

In case of resignation or termination without good cause, the manager will received the Group's contribution only if the employee has participated in the Plan for at least 5 years.

Contributions made by the Group under the Plan amount to ARS 29,550, ARS 32,153 and ARS 24,430 for the fiscal years ended June 30, 2020, 2019 and 2018, respectively.

XML

Equity Incentive Plan

12 Months Ended

Jun. 30, 2020

Equity incentive plan [abstract]

Equity Incentive Plan

23. Equity Incentive Plan

The Group maintains an equity incentive plan, under which certain selected employees, directors and top management of the Group, IRSA and Cresud (the "Participants"). Engagement is voluntary and by invitation of the Board of Directors.

This plan was effectively established on September 30, 2011 and is administered by the Board of Directors of the Group, IRSA and Cresud, as appropriate, or a committee appointed by the Board of Directors of the respective companies.

Initially, the Incentive Plan established that Participants would be entitled to receive shares ("Contributions") of IRSA Propiedades Comerciales, IRSA and Cresud, based on a percentage of the annual bonus, on condition that they keep holding the acquired shares and remain an employee of the Group for at least 5 years, among other conditions required to qualify for such Contributions. Due to the small number of transactions in the market it was not possible to fulfil the formal aspects of the plan and as established by the Shareholders' Meeting the Board of IRSA Propiedades Comerciales decided to modify certain conditions, including, delivery of IRSA and Cresud shares (upon transfer of funds by IRSA Propiedades Comerciales) to replace the shares of IRSA Propiedades Comerciales, IRSA and Cresud.

Consequently, shares shall be under the ownership of IRSA and Cresud, and as the conditions established by the Plan are verified, such contributions are transferred to the Participants.

Additionally, IRSA Propiedades Comerciales' Board of Directors resolved to include a special one-off bonus composed of unrestricted shares issued by IRSA for the fiscal year ended on June 30, 2014, to employees with 2 or more years of service.

As of June 30, 2020 and 2019 IRSA Propiedades Comerciales has a credit of ARS 12.4 and ARS 17.8 million with IRSA Inversiones y Representaciones S.A. and a liability of ARS 2.5 and ARS 3.6 millon with Cresud S.A.C.I.F. y A.. The subsidiaries of IRSA Propiedades Comerciales have a liability of ARS 14.6 and ARS 20.9 million with IRSA Inversiones y Representaciones S.A..

As of June 30, 2020, 2019 and 2018, the amount accrued for the plans amounts to ARS 61.1 million, ARS 90.6 million and ARS 182.7 million respectively, based on the market value of the shares to be granted pertaining to the Group's contributions, proportionately to the period already elapsed for the vesting of shares in the Incentive Plan and adjusted for the probability that any beneficiary should leave the Group before the term and/or the conditions required to qualify for the benefits of the plan are met at fiscal year-end.

For the fiscal years ended June 30, 2019 and 2018 the Group has incurred in a charge related to the Incentive Plan and the extraordinary gratification of ARS 0.4 million and ARS 17.2 million, respectively. As of June 30, 2020 the plan is completely accrued.

XML

Leases

12 Months Ended

Jun. 30, 2020

Leases [abstract]

Leases

24. Leases

The Group as lessor

Operating leases:

● Leases of shopping malls, office and other buildings

The Group enters into cancellable operating leases relating to the Arcos District shopping center on its behalf since January 2020. The agreements have an average term raging from three to five years. Some leases related to anchor stores have terms of ten years, which are usually extendable. Tenants normally pay a rent which consists of the higher of (i) the base rent; and (ii) the percentage rent (which generally ranges between 3% and 10% of the tenants' gross sales). Furthermore, pursuant to one rent escalation clause in most lease arrangements, the tenants' base rent generally increases between 17% and 40% each year during the agreement term. Regarding the supplementary rental, because this item is not known until the end of the period, it falls within the definition of contingency rental under IFRS 16.

The book value of assets for such leases are described in Note 9.

For the fiscal years ended June 30, 2020, 2019 and 2018, the base and contingent rental income of the Group's shopping malls amounted to ARS 4,374,256, ARS 6,336,432 and ARS 7,312,191, respectively, and are included under "Income from sales, rentals and services" in the Consolidated Statement of Comprehensive Income.

Additionally, IRSA Propiedades Comerciales, owns a shopping mall property known as "Patio Olmos" in the Province of Córdoba, Argentina. The Group leases this property to a third party shopping mall operator under an operating lease agreement expiring in 2032. The agreement provides for fixed monthly payments, adjusted pursuant to a rent escalation clause. Rental income for the years ended June 30, 2020, 2019 and 2018 amounted to ARS 6,628, ARS 8,077 and ARS 10,323, respectively, and is included in the line item "Income from sales, rentals and services" in the consolidated statements of comprehensive income.

The Group also enters into cancellable operating leases agreements relating to offices and other buildings. These agreements have an average term raging from three to five years. The tenants are charged a base rent on a monthly basis.

Office and other buildings leases amount to ARS 2,113,148, ARS 1,810,848 and ARS 1,208,481 for the fiscal years ended June 30, 2020, 2019 and 2018, respectively, and are included within "income from sales, rentals and services" in the statements of comprehensive income. 

The book value of assets for such leases are described in Note 9.

The future minimum proceeds under non-cancellable operating leases from Group's shopping malls, offices and other buildings are as follows:

	06.30.20		06.30.19
No latter than a year		2,235,279		15,236
Later than 1 year and not later than 5 years		5,117,396		6,494
More than 5 years		2,321,749		-
		9,674,424		21,730

XML

Revenues

12 Months Ended

Jun. 30, 2020

Revenues [Abstract]

Revenues

25. Revenues

	06.30.20		06.30.19		06.30.18
Base rent		5,085,838		6,321,213		6,606,357
Contingent rent		1,463,321		1,759,756		1,839,028
Admission rights		899,040		1,050,071		1,173,146
Parking fees		296,402		482,921		602,001
Averaging of scheduled rent escalation		162,635		379,515		90,262
Commissions		172,314		247,291		379,749
Property management fees		115,310		135,272		167,520
Others		60,596		426,273		64,032
Total revenues from rentals and services		8,255,456		10,802,312		10,922,095
Sale of trading properties		307,499		24,094		259,218
Total revenues from sale of properties		307,499		24,094		259,218
Total revenues from sales, rentals and services		8,562,955		10,826,406		11,181,313
Expenses and collective promotion fund		3,109,382		3,709,732		4,389,642
Total revenues from expenses and collective promotion funds		3,109,382		3,709,732		4,389,642
Total revenues		11,672,337		14,536,138		15,570,955

XML

Expenses by Nature

12 Months Ended

Jun. 30, 2020

Expenses by nature [abstract]

Expenses by nature

26. Expenses by nature

The Group presented the Statement of Comprehensive Income classified according to their function as part of the line items "Costs", "General and administrative expenses" and "Selling expenses". The following tables provide additional disclosure regarding expenses by nature and their relationship to the function within the Group.

	Costs (ii)		General and administrative expenses		Selling expenses		06.30.20
Salaries, social security costs and other personnel administrative expenses (i)		1,287,887		402,539		65,571		1,755,997
Maintenance, security, cleaning, repairs and other		1,421,033		106,730		2,411		1,530,174
Taxes, rates and contributions		425,564		22,988		403,554		852,106
Advertising and other selling expenses		515,493		-		30,423		545,916
Directors' fees		-		334,937		-		334,937
Allowance for doubtful accounts (additions and unused amounts reversed) (Note 15)		-		-		304,514		304,514
Amortization and depreciation (Notes 9,10,12 and 13)		189,580		101,235		1,187		292,002
Fees and payments for services		82,821		176,739		12,692		272,252
Leases and expenses		127,472		30,126		2,895		160,493
Traveling, transportation and stationery		23,470		16,640		3,504		43,614
Bank expenses		3,723		24,049		-		27,772
Cost of sale of properties (Note 11)		19,005		-		-		19,005
Other expenses		4,474		4,952		5		9,431
Total expenses by nature 06.30.20		4,100,522		1,220,935		826,756		6,148,213

	Costs (ii)		General and administrative expenses		Selling expenses		06.30.19
Salaries, social security costs and other personnel administrative expenses (i)		1,669,181		491,941		71,091		2,232,213
Maintenance, security, cleaning, repairs and other		1,722,576		95,617		3,317		1,821,510
Taxes, rates and contributions		576,953		19,398		387,097		983,448
Advertising and other selling expenses		555,211		-		52,893		608,104
Directors' fees		-		390,508		-		390,508
Allowance for doubtful accounts (additions and unused amounts reversed)(Note 15)		-		-		108,698		108,698
Amortization and depreciation (Notes 9,10,12 and 13)		122,588		69,875		1,812		194,275
Fees and payments for services		51,704		159,775		15,338		226,817
Leases and expenses		120,656		31,522		2,613		154,791
Traveling, transportation and stationery		37,173		27,871		3,596		68,640
Bank expenses		7,442		26,675		-		34,117
Cost of sale of properties (Note 11)		1,255		-		-		1,255
Other expenses		20,203		15,877		44		36,124
Total expenses by nature 06.30.19		4,884,942		1,329,059		646,499		6,860,500

	Costs (ii)		General and administrative expenses		Selling expenses		06.30.18
Salaries, social security costs and other personnel administrative expenses (i)		1,971,919		286,885		60,929		2,319,733
Maintenance, security, cleaning, repairs and other		1,879,715		49,957		2,035		1,931,707
Taxes, rates and contributions		594,744		29,651		409,812		1,034,207
Advertising and other selling expenses		680,157		-		73,685		753,842
Directors' fees		-		415,103		-		415,103
Allowance for doubtful accounts (additions and unused amounts reversed)		-		-		180,996		180,996
Amortization and depreciation		103,832		64,152		700		168,684
Fees and payments for services		27,158		152,239		20,125		199,522
Leases and expenses		92,697		15,208		998		108,903
Traveling, transportation and stationery		46,536		34,583		2,990		84,109
Bank expenses		10,403		47,157		-		57,560
Cost of sale of properties		42,970		-		-		42,970
Other expenses		10,899		1,770		88		12,757
Total expenses by nature 06.30.18		5,461,030		1,096,705		752,358		7,310,093

(i) For the fiscal year ended June 30, 2020 includes ARS 1,567,594 of Salaries, Bonuses and Social Security and ARS 186,403 of other concepts. For the fiscal year ended June 30, 2019 includes ARS 1,986,696 Salaries, Bonuses and Social Security and ARS 245,517 of other concepts. For the fiscal year ended June 30, 2018 includes ARS 2,140,033 Salaries, Bonuses and Social Security and ARS 179,700 of other concepts.

(ii) For the fiscal year ended June 30, 2020 includes ARS 3,975,514 of Rental and services costs and ARS 125,008 of Cost of sales and developments. For the fiscal year ended June 30, 2019 includes ARS 4,826,611 of Rental and services costs; ARS 53.855 of Cost of sales and developments and ARS 4,476 of other consumer financing costs. For the fiscal year ended June 30, 2018 includes ARS 5,351,754 of Rental and services costs; ARS 69,362 of Cost of sales and developments and ARS 39,914 of other consumer financing costs.

XML

Other Operating Results, Net

12 Months Ended

Jun. 30, 2020

Other operating results net [abstract]

Other operating results, net

27. Other operating results, net

	06.30.20			06.30.19			06.30.18
Canon		81,773			37,664			33,009
Interest generated by operating credits		60,792			78,176			10,846
Management fees		13,938			18,731			10,448
Expenses for sale of investment properties		-			-			(1,965	)
(Loss) / gain resulting from disposals of property plant and equipment		(2,732	)		(1,639	)		195,722
Loss from sale of subsidiaries, associates and joint ventures		(7,723	)		(171,689	)		-
Others		-			(38,594	)		(8,901	)
Donations		(66,244	)		(128,844	)		(68,509	)
Lawsuits (Note 20)		(52,298	)		(65,199	)		(63,249	)
Loss for impaired trading properties		-			(45,804	)		-
Impaired goodwill (Note 12)		-			(184,393	)		-
Total other operating results, net		27,506			(501,591	)		107,401

XML

Financial Results, Net

12 Months Ended

Jun. 30, 2020

Financial Results, Net [Abstract]

Financial results, net

28. Financial results, net

	06.30.20			06.30.19			06.30.18
- Interest income		769,116			117,826			408,998
- Dividends income		-			-			82,837
Finance income		769,116			117,826			491,835
- Interest expense		(3,271,593	)		(3,024,917	)		(2,177,777	)
- Others financial costs		(222,039	)		(263,328	)		(277,736	)
Subtotal finance costs		(3,493,632	)		(3,288,245	)		(2,455,513	)
Less: Capitalized finance costs		385			96,324			37,293
Finance costs		(3,493,247	)		(3,191,921	)		(2,418,220	)
Foreing exchange, net		(4,669,704	)		84,278			(8,319,791	)
- Fair value gains of financial assets at fair value through profit or loss		124,101			1,034,711			1,731,404
- (Loss) / Gain from derivative financial instruments		(176,862	)		556,592			550,573
- Gain from repurchase of non-convertible notes		92,782			6,517			-
Other financial results		(4,629,683	)		1,682,098			(6,037,814	)
- Inflation adjustment		25,209			(300,850	)		(1,045,120	)
Total financial results, net		(7,328,605	)		(1,692,847	)		(9,009,319	)

XML

Earnings Per Share

12 Months Ended

Jun. 30, 2020

Earnings per share [abstract]

Earnings per share

29. Earnings per share

(a) Basic

Basic earnings per share amounts are calculated in accordance with IAS 33 "Earning per share" by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year (Note 16).

On December 18, 2012, the Superintendence of Corporations registered an amendment to the Company's by-laws whereby it increased the nominal value of its shares from ARS 0.1 to ARS 1 each. This amendment, which was notified through the CNV, was registered under number 20,264 of Stock Companies Book 62 T°. Furthermore, the CNV has admitted the shares indicated above for listing in the Stock Exchange.

	06.30.20		06.30.19			06.30.18
Profit / (loss) attributable to equity holders of the Parent		17,089,537		(25,772,658	)		19,624,143
Weighted average number of ordinary shares in issue (thousands)		126,014		126,014			126,014
Basic earnings per share		135.62		(204.52	)		155.73

As mentioned in Note 17, the nominal value of the Company´s common shares increased from ARS 0.1 to ARS 1 per share. The number of shares, prices and any other information per share included in these Financial Statements for all of these periods have adjusted retroactively to reflect the change from ARS 0.1 to ARS 1.

(b) Diluted

Diluted earnings per share amounts are calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential shares. As of June 30, 2020, 2019 and 2018, the Group has no convertible instruments. The diluted earnings per share is equal to basic earnings per share.

XML

Related Party Transactions

12 Months Ended

Jun. 30, 2020

Related party transactions [abstract]

Related Party transactions

30. Related Party transactions

In the normal course of business, the Group conducts transactions with different entities or parties related to it. An individual or legal entity is considered a related party where:

An entity, individual or close relative of such individual or legal entity exercises control, or joint control, or significant influence over the reporting entity, or is a member of the Board of Directors or the Senior Management of the entity or its parent company.

An entity is a subsidiary, associate or joint venture of the entity or its parent or controlled company.

The following section provides a brief description of the main transactions conducted with related parties which are not described in other notes of these consolidated Financial Statements: 

1. Compensation of the Board of Directors

Law N° 19,550 provides that the remuneration of the Board of Directors, where it is not set forth in the Company’s by-laws, shall be fixed by the Shareholders' Meetings. The maximum amount of remuneration that the members of the Board are allowed to receive, including salary and other performance-based remuneration of permanent technical-administrative functions, may not exceed 25% of the profits.

Such maximum amount is limited to 5% where no dividends are distributed to the Shareholders, and will be increased proportionately to the distribution, until reaching such cap where total profits are distributed.

Some of our Directors are hired under the Employment Contract Act N° 20,744. This Act rules on certain conditions of the work relationship, including remuneration, salary protection, working hours, vacations, paid leaves, minimum age requirements, workmen protection and forms of suspension and contract termination.

The remuneration of directors for each fiscal year is based on the provisions established by the Law N° 19,550, taking into consideration whether such directors perform technical-administrative functions and depending upon the results recorded by the Company during the fiscal year. Once such amounts are determined, they should be approved by the Shareholders’ Meeting.

2. Compensation of Senior Management

The members of the Senior or Top Management are appointed and removed by the Board of Directors, and perform functions in accordance with the instructions delivered by the Board itself.

The remuneration earned by the Company's Senior Management (including Directors) was ARS 118.0 million; ARS 89.3 million and ARS 90.3 million as of June 30, 2020, 2019 and 2018, respectively. The remuneration earned by Senior Management for their functions consists of an amount that is fixed taking into account the manager's background, capacity and experience, and an annual bonus which varies according to their individual performance and the Group's results. Members of senior management participate in defined contribution and share-based incentive plans that are described in Notes 22 and 23, respectively.

The Group’s Senior Management is composed of as follows:

Name	Date of birth	Position	In the position since
Alejandro G. Elsztain	03/31/1966	Chief Executive Officer	2002
Daniel R. Elsztain	12/22/1972	Chief Operating Officer	2011
Matias Gaivironsky	02/23/1976	Chief Financial and Administrative Officer	2011
Arnaldo Jawerbaum	08/13/1966	Chief Commercial Officer	2020
Jorge Cruces	11/07/1966	Chief Investment Officer	2020

3. Corporate Service Agreement with Cresud and IRSA

Whereas, given that the Group, IRSA and Cresud have operating areas with certain characteristics of affinity, the Board of Directors considered it was convenient to implement alternatives that allows to reduce certain fixed costs, with the aim of reducing their incidence on the operating results, building on and enhancing the individual efficiencies of each of the companies in the different areas that form part of operating administration.

To such end, on June 30, 2004, a Master Agreement for the Exchange of Corporate Services (“Frame Agreement") was entered into between IRSA Propiedades Comerciales S.A., IRSA and Cresud, which was amended several times to bring it in line with the current context. The agreement has a term of 24 months, is renewable automatically for equal periods, unless it is terminated by any of the parties upon prior notice.

Under the current Master Agreement corporate services are provided in the following areas: Human Resources, Finance, Institutional Relations, Administration and Control, Insurance, Security, Agreements, Technical Tasks, Infrastructure and Services, Procurement, Architecture and Design, Development and Works, Real Estate, Hotels, Board of Directors, Board of directors of Real Estate Business, General Manager Office, Board Safety, Audit Committee, Real Estate Business Management, Human Resources of Real Estate Business, Fraud Prevention, Internal Audit and Agricultural Investment Management.

Pursuant to this agreement, the companies hired an external consulting firm to review and evaluate half-yearly the criteria used in the process of liquidating the corporate services, as well as the basis for distribution and source documentation used in the process indicated above, by means of a half-yearly report.

It should be noted that the operations indicated above allows both Group IRSA and Cresud to keep our strategic and commercial decisions fully independent and confidential, with cost and profit apportionment being made on the basis of operating efficiency and equity, without pursuing individual economic benefits for any of the companies.

4. Legal services

The Group hires legal services from Estudio Zang, Bergel & Viñes, from which Saúl Zang is a partner and sits at the Board of Directors of the Group companies.

5. Donations granted to Fundación IRSA and Fundación Museo de los Niños

Fundación IRSA is a non-profit charity institution that seeks to support and generate initiatives concerning education, the promotion of corporate social responsibility and the entrepreneurial spirit of the youth. It carries out corporate volunteering programs and fosters donations by the Group’s employees. The main members of Fundación IRSA's Board of Administrators are: Eduardo S. Elsztain (Chairman); Saúl Zang (Vice Chairman I), Alejandro Elsztain (Vice Chairman II) and Mariana C. de Elsztain (secretary). It finances its activities with the donations made by IRSA Propiedades Comerciales S.A., IRSA, Cresud and others Group’s companies.

Fundación Museo de los Niños is a non-profit association, created by the same founders of Fundación IRSA and its Management Board is formed by the same members as Fundación IRSA’s.

On October 31, 1997, IRSA Propiedades Comerciales S.A. entered into an agreement with Fundación IRSA whereby 3,800 square meters of the constructed area at the Abasto shopping mall was granted under a gratuitous bailment agreement for a term of 30 years. Subsequently, on October 29, 1999, Fundación IRSA assigned free of cost all the rights of use over such store and its respective obligations to Fundación Museo de los Niños.

On November 29, 2005, IRSA Propiedades Comerciales S.A. signed another agreement with Fundación Museo de los Niños granting under gratuitous bailment 2,670.11 square meters of the constructed area at Alto Rosario shopping mall for a term of 30 years.

Fundación Museo de los Niños has used these spaces to set up "Museo de los Niños, Abasto” and “Museo de los Niños, Rosario", two interactive learning centers intended for children and adults. Both agreements establish the payment of common expenses and direct expenses related to the services performed by these stores should be borne by Fundación Museo de los Niños.

6. Offices and Shopping malls spaces rental

IRSA and Cresud rent office space for their executive offices located at the Intercontinental Plaza tower at Moreno 877 in the Autonomous City of Buenos Aires, which we have owned since December 2014. They also rent space at our Abasto Shopping Mall.

The offices of our President are located at Bolívar 108, in the Autonomous City of Buenos Aires. The property has been rented to Isaac Elsztain e Hijos S.A., a company controlled by Eduardo Sergio Elsztain, our President, and some of his family members and to Hamonet S.A., a company controlled by Fernando A. Elsztain, one of our directors, and some of its family members.

In addition, Tarshop, Banco de Crédito y Securitización S.A., BHN Sociedad de Inversión S.A., BHN Seguros Generales S.A. and BHN Vida S.A. rent offices owned by us in different buildings. In addition, we also let various spaces in our Shopping Malls (stores, stands, storage space or advertising space) to third parties and related parties such as Tarshop S.A. and Banco Hipotecario S.A.. Lease agreement entered into with these related parties include clauses and values in line with those agreed upon with unrelated parties.

7. Special reimbursement programs with several means of payment

The Group carries out diverse commercial activities and promotions intended to promote larger number of visitors and consumption inside its shopping malls. Some promotions are offered on specific dates or periods, different types of discounts to clients and/or interest-free financing plans. To this end, the Group enters into agreements with various third party financial entities and/or related parties, such as Banco Hipotecario S.A..

These agreements usually establish different refund percentages for those clients that make purchases at all the participating stores using the means of payment specific of each financial entity and, on occasions, additional financing plans with interest-free instalments. The cost of the refunds granted to the clients is generally distributed as a percentage among the lessors of the shopping malls and the financial entities, while the cost of interest-free financing is borne, in general, by the latter. The Group acts as an intermediary and is in charge of the lessors’ engagement and the advertising of these promotions. This activity results in no money flows or transfer of revenues or costs between the Group and its related parties.

8. Hospitality Services

On certain occasions, the Group hires hospitality and event venue rental services from Nuevas Fronteras S.A., Hoteles Argentinos S.A. and Llao Llao Resorts S.A., all subsidiaries of our parent company IRSA.

9. Property purchase - sale

The Group in the course of business operations may acquire or sell to or from other related parties certain real estate properties used for rental purposes.

10. Borrowings

In the normal course of its activities, the Group enters into diverse loan agreements or credit facilities between the group’s companies and/or other related parties. These loans accrue interest at market rates.

11. Financial and service operations

The Group works with several financial entities in the Argentine market for operations including, but not limited to, credit, investment, purchase and sale of securities and financial derivatives. Such entities include Banco Hipotecario S.A. and its subsidiaries. Furthermore, Banco Hipotecario S.A. and BACS Banco de Crédito y Securitización S.A. usually act as underwriters in Capital Market transactions for the Group. All transactions are carried out at arm’s length.

12. Purchase of financial assets

The Group usually invests excess cash in several instruments that may include those issued by related companies, acquired at issuance or from unrelated third parties through secondary market deals.

13. Investment in investment funds managed by BACS Administradora de Activos

The Group invests its liquid funds in mutual funds managed by BACS Administradora de Activos S.A.S.G.F.C.I. among other entities.

The following is a summary of the balances with related parties:

Item	06.30.20			06.30.19
Trade and other receivables		4,826,604			6,063,813
Investments in financial assets		5,570,841			4,554,854
Trade and other payables		(1,495,540	)		(432,206	)
Total		8,901,905			10,186,461

Related parties	06.30.20			06.30.19			Description of transaction
IRSA Inversiones y Representaciones Sociedad Anónima (IRSA)		-			5,409,475		Advances
		(1,107,293	)		-		Received advances
		3,179,786			2,308,983		Non-convertible notes
		2,612,655			-		Loans granted
		141,785			121,379		Other credits
		56,695			80,832		Corporate services
		12,448			17,791		Equity incentive plan
		9,669			6,809		Reimbursement of expenses
		10,014			926		Leases and/or rights to use space
		(886	)		(587	)	Reimbursement of expenses to pay
		(14,609	)		(20,880	)	Equity incentive plan to pay
		85			-		Lease collections
		-			(188	)	Lease collections to pay
Total direct parent company		4,900,349			7,924,540
Cresud S.A.CI.F. y A.		1,581,368			1,622,614		Non-convertible notes
		(2,546	)		(3,639	)	Equity incentive plan to pay
		1,611			-		Leases and/or rights to use space
		(1,000	)		(38,411	)	Reimbursement of expenses to pay
		(181,517	)		(123,535	)	Corporate services to pay
Total direct parent company of IRSA		1,397,916			1,457,029
La Rural S.A.		203,993			364,801		Dividends
		5,623			38,513		Leases and/or rights to use space
		(790	)		-		Leases and/or rights to use space to pay
		73,441			-		Other credits
		(55	)		(3,959	)	Reimbursement of expenses to pay
TGLT S.A.		8,814			-		Other credits
Other associates and joint ventures		-			7,291		Leases and/or rights to use space
		(41	)		-		Lease collections to pay
		1,370			610		Reimbursement of expenses
		8,961			3		Management fee
		(851	)		(553	)	Leases and/or rights to use space to pay
Total associates and joint ventures of IRSA Propiedades Comerciales		300,465			406,706
Directors		(12	)		(17	)	Reimbursement of expenses to pay
		(126,417	)		(189,859	)	Fees
Total Directors		(126,429	)		(189,876	)
IRSA International LLC		269,520			-		Loans granted
		146			-		Other credits
Epsilon Opportunities LP		809,687			623,257		Mutual funds
Tyrus S.A.		1,392,091			-		Loans granted
Centro Comercial Panamericano S.A.		7			10		Reimbursement of expenses
		(35,647	)		-		Other payables
OFC S.R.L.		790			834		Other credits
		(20,400	)		(29,156	)	Other payables
Exportaciones Agroindustriales Argentinas S.A.		-			(16,533	)	Other payables
Others		6,578			8,897		Reimbursement of expenses
		6,938			5,336		Leases and/or rights to use space
		214			306		Advertising space
		(1,380	)		-		Other payables
		3,156			-		Other credits
		(33	)		(2,448	)	Leases and/or rights to use space to pay
		(1,588	)		(34	)	Reimbursement of expenses to pay
		(475	)		(2,407	)	Legal services
Total others		2,429,604			588,062
Total at the end of the year		8,901,905			10,186,461

The following is a summary of the results with related parties:

Related parties	06.30.20			06.30.19			06.30.18			Description of transaction
IRSA Inversiones y Representaciones Sociedad Anónima (IRSA)		63,752			85,269			90,252		Corporate services
		520,208			14,562			42,215		Financial operations
		712			10,349			2,401		Leases and/or rights to use space
		284			373			420		Commissions
Total direct parent company		584,956			110,553			135,288
Cresud S.A.CI.F. y A.		223,849			37,739			367,635		Financial operations
		11,561			7,615			5,280		Leases and/or rights to use space
		(353,334	)		(404,915	)		(420,215	)	Corporate services
Total direct parent company of IRSA		(117,924	)		(359,561	)		(47,300	)
La Rural S.A.		-			37,664			32,296		Leases and/or rights to use space
		-			-			29,078		Dividends accrued
		-			-			4,459		Financial operations
TGLT S.A.		36,234			-			-		Financial operations
Others associates and joint ventures		13,900			342			10,621		Fees
		-			(855	)		1,859		Financial operations
		345			-			(1,323	)	Leases and/or rights to use space
		-			-			31		Corporate services
Total associates and joint ventures of IRSA Propiedades Comerciales		50,479			37,151			77,021
Directors		(334,937	)		(390,516	)		(423,712	)	Fees
Senior Management		(22,411	)		(24,641	)		(25,062	)	Fees
Total Directors		(357,348	)		(415,157	)		(448,774	)
Banco de Crédito y Securitización		50,978			54,934			43,376		Leases and/or rights to use space
BHN Vida S.A		9,914			11,065			8,377		Leases and/or rights to use space
BHN Seguros Generales S.A.		9,766			11,202			8,518		Leases and/or rights to use space
IRSA Internacional LLC		50,155			-			-		Financial operations
Tarshop S.A.		58			58,171			40,233		Leases and/or rights to use space
		54			1,056			849		Commissions
Estudio Zang, Bergel & Viñes		(18,906	)		(20,419	)		(25,615	)	Fees
Others		5,478			5,019			5,620		Leases and/or rights to use space
		3,976			-			-		Financial operations
		-			44			-		Purchase of tax credits
		-			-			66		Commissions
		-			-			(4,622	)	Donations
Total others		111,473			121,072			76,802
Total at the end of the year		271,636			(505,942	)		(206,963	)

The following is a summary of the transactions with related parties:

Related parties	06.30.20		06.30.19		Description of transaction
Quality Invest S.A.		47,219		72,652	Irrevocable contributions granted
Total irrevocables contributions		47,219		72,652
Nuevo Puerto Santa Fe		38,319		14,954	Dividends received
La Rural S.A		-		430,458	Dividends received
Total dividends received		38,319		445,412
IRSA Inversiones y Representaciones S.A.		641,447		868,733	Dividends granted
Cresud S.A.		11,581		-	Dividends granted
E-commerce Latina S.A.		9,610		1,028	Dividends granted
Tyrus S.A.		131		166	Dividends granted
Total dividends granted		662,769		869,927
Tarshop S.A.		-		177,137	Sale of shares
Total sale of shares		-		177,137
TGLT S.A.		2,175,110		-	Shares purchase
Total shares purchase		2,175,110		-

XML

CNV General Resolution N 622/13

12 Months Ended

Jun. 30, 2020

Cnv general resolution N 62213 [abstract]

CNV General Resolution N 622/13

31. CNV General Resolution N° 622/13

As required by Section 1°, Chapter III, Title IV of CNV General Resolution N° 622/13, below there is a detail of the notes to the Consolidated Financial Statements that disclose the information required by the Resolution.

Exhibit A - Property, plant and equipment	Note 9 - Investment properties
	Note 10 - Property, plant and equipment
Exhibit C - Equity investments	Note 8 - Investment in associates and joint ventures
Exhibit B - Intangible assets	Note 12 - Intangible assets
Exhibit D - Other investments	Note 14 - Financial instruments by category
Exhibit E - Provisions	Note 15 - Trade and other receivables
	Note 20 - Provisions
Exhibit F - Cost of sales and services provided	Note 26 - Expenses by nature
	Note 11 - Trading properties
Exhibit G - Foreign currency assets and liabilities	Note 32 - Foreign currency assets and liabilities

XML

Foreign Currency Assets and Liabilities

12 Months Ended

Jun. 30, 2020

Foreign currency assets and liabilities [abstract]

Foreign currency assets and liabilities

32. Foreign currency assets and liabilities

Book amounts of foreign currency assets and liabilities are as follows:

Items (1)	Amount (2)		Exchange rate (3)		06.30.20		06.30.19
Assets
Trade and other receivables
Uruguayan Pesos		20		1.67		34		1,163
US Dollar		22,053		70.26		1,549,426		828,001
Euros		212		78.87		16,756		4,927
Trade and other receivables with related parties
US Dollar		63,058		70.46		4,443,096		144,038
Total trade and other receivables						6,009,312		978,129
Investments in financial assets
US Dollar		8,036		70.26		564,620		3,979,897
Investment in financial assets with related parties
US Dollar		77,569		70.46		5,465,535		3,931,596
Total investments in financial assets						6,030,155		7,911,493
Cash and cash equivalents
Uruguayan Pesos		4		1.67		7		3
US Dollar		39,193		70.26		2,753,711		4,262,934
Pound		2		86.90		131		116
Euros		1		78.87		90		79
Total cash and cash equivalents						2,753,939		4,263,132
Total Assets						14,793,406		13,152,754
Liabilities
Trade and other payables
Uruguayan Pesos		3		1.67		5		10
US Dollar		5,953		70.46		419,414		406,416
Trade and other payables with related parties
US Dollar		11		70.46		740		-
Total trade and other payables						420,159		406,426
Borrowings
US Dollar		528,032		70.46		37,205,141		32,896,391
Borrowings with related parties
US Dollar		-		70.46		-		-
Total borrowings						37,205,141		32,896,391
Derivative financial instruments
US Dollar		98		70.46		6,881		38,525
Total derivative financial instruments						6,881		38,525
Provisions
US Dollar		1,348		70.46		94,970		303
Total Provisions						94,970		303
Leases liabilities
US Dollar		5		70.46		352		-
Total leases liabilities						352		-
Total Liabilities						37,727,503		33,341,645

(1) Considering foreign currencies those that differ from each one of the Group's companies' functional currency at each year-end.

(2) Expressed in thousands of foreign currency.

(3) Exchange rate of the Argentine Peso as of June 30, 2020 as reported by the Argentina Central Bank.

XML

Barter Transactions

12 Months Ended

Jun. 30, 2020

Barter transactions [abstract]

Barter transactions

33.         Barter transactions

The Group generally enters into barter transactions with third-party developers in the ordinary course of business. By virtue of these transactions, the Group generally exchanges undeveloped plots of land for units to be constructed and received in the future. Following is a description of pending transactions that have not yet been perfected by the third parties as of June 30, 2020:

Barter transaction airspace

On October 25, 2019, the Company has transferred in a barter transaction the rights to construct an apartment building (“Tower 1”) to an unrelated third party on the airspace of the COTO Supermarket located in the Abasto neighborhood of the Autonomous City from Buenos Aires. Tower 1 will have 22 floors of a 1 to 3 rooms apartments totaling an area of 8,400 square meters. The amount of the operation was set at USD 4.5 million: USD 1 million will be paid in cash and remaining balance in at least 35 functional units of apartment units, representing the equivalent of 24.20% of the own square meters, with a minimum insured of 1,982 square meters.

Within 30 months of the signing of the contract, when certain conditions have been met, IRSA Propiedades Comerciales must transfer to the same unrelated third party the rights to build a second apartment building.

As of June 30, 2020 the results of this transaction amounts to ARS 288 million that are included in the line “Income from sales, rentals and services” and “Operating costs” of the Statements of Comprehensive Income.

Barter transaction Plot 1 - Caballito Tower

On December 23, 2019, the Company has transferred in a barter transaction the Plot 1 of the land located in Av. Avellaneda and Olegario Andrade 367, in the Caballito neighborhood of the Autonomous City of Buenos Aires, to an unrelated third party.

Plot 1 has an estimated surface area of ​​3,221 square meters in which a 10-story apartment building will be developed for a total of 11,400 square meters, a commercial ground floor for 1,216 square meters and a basement of 138 parking spaces (“Building 1”).

The amount of the operation was set at the sum of USD 5.5 million to be paid in future functional units of Building 1, which represent the equivalent of 23.53% of the own square meters, with a minimum footage insured of 2,735 square meters composed by 1,215.62 square meters of commercial destination, 1,519.68 square meters of residential destination and a certain number of parking spaces that represent 22.50% of the own square meters with that destination and never less than 31 units. The consideration is granted by a mortgage on Plot 1 and Building 1. The buyer has an option to acquire Plot 2 of the same property until August 31, 2020 and Plots 3 and 4 until March 31, 2021, subject to certain suspensive conditions. As of June 30, 2020 this transaction has not had impact on the profit and loss statement of the Group.

XML

CNV General Ruling N 629/14 - Storage of Documentation

12 Months Ended

Jun. 30, 2020

Cnv general ruling N 62914 storage of documentation [abstract]

CNV General Ruling N 629/14 - Storage of documentation

34. CNV General Ruling N° 629/14 - Storage of documentation

On August 14, 2014, the CNV issued General Resolution N° 629 whereby it introduced amendments to rules related to storage and conservation of corporate books, accounting books and commercial documentation. In this sense, it should be noted that the Group has entrusted the storage of certain non-sensitive and old information to the following providers:

Documentation storage provider	Home location
Iron Mountain Argentina S.A.	Av. Amancio Alcorta 2482, C.A.B.A.
Iron Mountain Argentina S.A.	Pedro de Mendoza 2143, C.A.B.A.
Iron Mountain Argentina S.A.	Saraza 6135, C.A.B.A.
Iron Mountain Argentina S.A.	Azara 1245, C.A.B.A. (i)
Iron Mountain Argentina S.A.	Polígono Industrial Spegazzini, Au Ezeiza-Cañuelas KM 45
Iron Mountain Argentina S.A.	Cañada de Gómez 3825, C.A.B.A.

(i) On February 5, 2014, there was a widely known fire in Iron Mountain's warehouse. To the original date of these Financial Statements, the Group had not been notified whether the documentation in storage has been affected by the fire or as to its condition after the accident. Nevertheless, based on the internal review carried out by the Group, duly reported to the CNV on February 12, 2014, the information kept at the warehouse that were on fire do not appear to be sensitive or capable of affecting normal business operations.

A detailed list of all documentation held in custody by providers, as well as documentation required in section 5 a.3) of section I, Chapter V, Title II of the RULES (2013 as amended) are available at the registered office.

XML

Economic Context in Which the Group Operates

12 Months Ended

Jun. 30, 2020

Economic Contextin Which the Group Operates [Abstract]

Economic context in which the Group operates

35. Economic context in which the Group operates

The Group operates in a complex economic context, whose main economic variables have recently had strong volatility, both nationally and internationally.

The results of our operations may be affected by fluctuations in the inflation index and in the exchange rate of the Argentine peso against other currencies, specifically the dollar, changes in interest rates that have an impact on the cost of capital, changes in government policies, capital controls and other political or economic events both internationally and locally that affect the country.

On December 2019, a new strain of coronavirus (COVID-19) appared in Wuhan, China. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. In response, countries have taken extraordinary measures to contain the spread of the virus, including imposing travel restrictions and closing borders, closing businesses deemed non-essential, instructing residents to practice social distancing, implementing quarantines, among other measures. The ongoing pandemic and these extraordinary government measures are affecting global economic activity, resulting in significant volatility in global financial markets.

On March 3, 2020, the first case of COVID-19 was registered in the country and until September 21, 2020, more than 600,000 cases of infections had been confirmed in Argentina, by virtue of which the Argentinian Government implemented a series of sanitary isolation measures at the national level that began on March 19, 2020 and extended several times, most recently until October 11, 2020 inclusive (which could be extended for the duration of the epidemiological situation) , which affected the local economy. These measures include: the extension of the public emergency in health matters, the total closure of borders, the suspension of international and cabotage flights, the suspension of medium and long-distance land transport, the suspension of artistic and sports shows, closure of businesses not considered essential, including shopping malls and hotels.

This series of measures affected a large part of Argentine companies, which experienced a fall in their income and a deterioration in the payment cycle. In this context, the Argentine government announced different measures aimed at alleviating the financial crisis of the companies affected by the COVID-19 pandemic. Likewise, it should be noted that, the stagnation of the Argentine economy it is accompanied by a context of international crisis as a consequence of the COVID-19 pandemic. In this scenario, a strong contraction of the Argentine economy is expected.

After severals negotiations between the Argentine government and the private holders of the external debt, the Argentine government announced a principle of agreement with the main groups of private holders, in order to avoid default. On August 28, 2020, the government reported that the holders of 93.55% of the total outstanding principal amount of all the bonds accepted the debt swap, and on August 31, 2020, the Argentine government obtained the required consents to swap and / or modify 99.01% of the total outstanding principal amount of all series of eligible bonds. As of the date of issuance of these Financial Statements, the new bonds are already trading on the market.

In addition, the government is challenged to achieve a successful debt renegotiation with the International Monetary Fund (IMF). In the event that Argentina achieves a favorable result and agrees to restructure its debt with the IMF, this could have a favorable impact on the Argentine economy, in the medium and long term. On the contrary, the lack of an agreement with external private holders could lead to a default of the Argentine sovereign debt and, consequently, this situation could generate limitations to the companies' ability to access new financing.

At a local level, the following was observed:

● In June 2020, the indicador called Monthly Estimator of Economic Activity (“EMAE”) reported by the National Institute of Statistics and Censuses (“INDEC”), registered a variation of (12.3%) compared to the same month of 2019, and from 7.4% compared to the previous month.

● The study on market expectations prepared by the Argentine Central Bank in July 2020, called the Compilation of Market Expectations (“REM”), estimates an inflation of 39.5% for 2020. REM analysts forecast a variation in real GDP for 2020 of (12.5%). In turn, they foresee that in 2021 the economic activity will increased in 5.6%. There is an expectation of growth for the third quarter of 2020, motivated by the fact that the effect of the pandemic is perceived as transitory and a recovery in economic activity will begin soon.

● Year-to-year inflation as of June 30, 2020 reached 42.8 %.

● Throughout the period from July 2019 to June 2020, the Argentine peso depreciated 66% against the US dollar according to the average wholesale exchange rate quoted by Banco de la Nación Argentina. Given the exchange restrictions since August 2019, there is an exchange gap of approximately 75% between the official price of the dollar and its price in parallel markets, which has an impact on the level of activity of the economy and affects the level of reserves of the Argentine Central Bank. Additionally, these exchange restrictions, or those that may be issued in the future, could affect the Group's ability to access the Single Exchange Free Market (MULC) to acquire the necessary currencies to meet its financial obligations.

On September 15, 2020, the Argentine Central Bank published communications "A" 7105 and 7106, which establishes, among other measures, that those who register financial debts with capital maturities in foreign currency scheduled between 10.15.2020 and 03.31.2021, they must present a refinancing plan to the Argentine Central Bank based on the following criteria: (a) that the net amount for which the exchange market will be accessed in the original terms will not exceed 40% of the amount of capital maturing in the period indicated above, and (b) that the rest of the capital is, as a minimum, refinanced with a new external debt with an average maturity of 2 years, provided that the new debt is settled in the exchanges market. It is worth mentioning that, for the maturities to be registered from the effective date of the communication (September 16, 2020) and until 12.31.2020, the refinancing plan must be submitted prior to 09.30.2020; and the submission deadline for the remaining maturities -between January 1, 2021 and March 31, 2021, must be submitted with a term of at least 30 calendar days before the maturity of the capital to be refinanced. The Group is analyzing the impact of these communications in order to comply in due time and form with the requirements of the Argentine Central Bank, and the impact of the aforementioned regulations on its businesses.

COVID-19 Pandemic

The COVID-19 pandemic, originated in China and subsequently spread to numerous countries, including Argentina, is adversely impacting the global economy, the Argentine economy and the Group's business. Although the COVID-19 pandemic has had a national impact on the activity carried out by the Group, it is still too early to assess its full extent.

The current estimated impacts of the COVID-19 pandemic on the Group as of the date of these Financial Statements are established below:

● As a consequence of the social, preventive and mandatory isolation, the shopping malls across the country were closed since March 20, 2020, exclusively remaining operational those stores dedicated to activities considered essential such as pharmacies, supermarkets and banks, while some gastronomic and clothing stores are working by delivery and sale system by WhatsApp. In the interior of the country, in May and June, some provinces proceeded to flexibilize isolation measures and open their commercial and recreational activities, such as Salta, Mendoza, Santa Fe y Córdoba, opening the Alto Noa, Mendoza Plaza, Alto Rosario, La Ribera and Córdoba shopping centers, operating with a strict protocol that includes reduced hours, social distancing and a rigorous control of security and hygiene. In July 2020, Alto Comahue shopping center in Neuquén was opened and at the beginning of August 2020, the Arcos District, an open-air premium outlet in the city of Buenos Aires, was opened. As of August 31, 44% of the square meters of the Group's shopping centers were open operating with rigorous protocols. However, the uncertainty of the situation could cause setbacks in the openings already made, as happened in the Alto Rosario and Alto Noa shopping centers, which closed for a period of 14 and 7 days respectively in September due to the increase in cases in those regions.

● Given the closure of the shopping malls, the Group has decided to postpone the maturity of the Base Rent and the collective promotion funds until September 30, 2020, prioritizing the long-term relationship with the tenants. Additionally, an increase in the delinquency rates of some tenants has been detected. As a result of the above, the impact on shopping centers is a 30.5% decrease in rental and service income compared to the previous year and 83% compared to the last quarter of the previous year. Additionally, the charge for doubtful accounts in the year ended June 30, 2020 is ARS 305 million and ARS 187 million in the last quarter of the year.

● Regarding the offices, although the majority of tenants are working from home, they are operating with strict safety and hygiene protocols. To date, we have not seen any deterioration in collection.

● La Rural, the Convention Centers of Buenos Aires and Punta del Este and the DirecTV Arena stadium, establishments that the Group owns directly or indirectly, have also been closed since March 20. All scheduled conferences are suspended, much of the fairs and conventions have been postponed, while the shows scheduled at the DIRECTV Arena have been mostly canceled. The reopening date of these establishments is uncertain, as well as the future agenda of fairs, conventions and shows.

● Regarding financial debt maturities for the next twelve months, the Group has in September 2020 the maturity of Class IV Notes for a nominal value of USD 140 million and an equivalent of USD 23 million with banks.

It should be mentioned that IRSA Propiedades Comerciales has a cash position and equivalents (including current financial investments) as of June 30, 2020 of approximately USD 155 million and after the end of the fiscal year, it has sold office assets for the sum of USD 128.6. With these funds, the Group canceled its Class IV Notes for an amount of USD140 million on September 14, 2020.

The final extent of the Coronavirus outbreak and its impact on the country's economy is unknown and cannot be reasonably predicted. However, although it has produced significant short-term effects, they are not expected to affect business continuity. Although there are economic impacts in the short term, it is estimated that the Group will be able to continue meeting its financial commitments for the next twelve months.

The Group is closely monitoring the situation and taking all necessary measures to preserve the human life and the Group's business.

XML

Subsequent Events

12 Months Ended

Jun. 30, 2020

Disclosure of non-adjusting events after reporting period [abstract]

Subsequent events

36. Subsequent events

Sale of Boston Tower building

On July 15, 2020, IRSA Propiedades Comerciales has signed with an unrelated third party a bill of sale with possession of a medium-height floor of Boston Tower located at 265 Della Paolera in Catalinas District in the Autonomous City of Buenos Aires for a total area of approximately 1,063 square meters and 5 parking lots located in the building.

The price of the transaction was ARS 477 million (USD 6.7 million).

On August 25, 2020, IRSA Propiedades Comerciales has sold and transferred 5 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 6,235 square meters and 25 parking lots located in the building.

The price of the transaction was ARS 2,562 million (USD 34.7 million).

Sale of Bouchard building

On July 30, 2020 IRSA Propiedades Comerciales has sold the entire "Bouchard 710" building, located in the Plaza Roma district of the Autonomous City of Buenos Aires, to an unrelated third party. The tower consists of 15,014 m2 of gross rental area on 12 office floors and 116 parking lots.

The price of the transaction was ARS 6,300 million (USD 87 million).

Payment of Class IV Notes

On September 14, 2020, the capital of the Class IV Notes was canceled for a total of ARS 10,381 million (USD 140 million) and the interest accrued to date for ARS 133.7 million (USD 1.8 million).

XML

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2020

Summary of significant accounting policies [abstract]

Basis of preparation of the Consolidated Financial Statements

2.1 Basis of preparation of the Consolidated Financial Statements

(a) Basis of preparation

These Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC"). All IFRS applicable as of the date of these Consolidated Financial Statements have been applied.

IAS 29 "Financial Reporting in Hyperinflationary Economies" requires that the Financial Statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the Financial Statements.

In order to conclude on whether an economy is categorized as hyperinflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceed 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018.

In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to Financial Statements, as to which the provisions of Section 62 in fine of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the Financial Statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the Argentine Securities Commission (CNV) ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the Financial Statements in terms of the current measuring unit set forth in IAS 29 in their annual, interim and special Financial Statements closed on or after December 31, 2018. Thus, these Financial Statements have been reported in terms of the measuring unit current as of June 30, 2020 accordingly to IAS 29.

Pursuant to IAS 29, the Financial Statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the date of the Financial Statements. All the amounts included in the Statement of Financial Position which are not stated in terms of the measuring unit current as of the date of the Financial Statements should be restated applying the general price index. All items in the statement of income should be stated in terms of the measuring unit current as of the date of the Financial Statements, applying the changes in the general price index occurred from the date on which the revenues and expenses were originally recognized in the Financial Statements.

Adjustment for inflation in the initial balances has been calculated considering the indexes reported by the FACPCE based on the price indexes published by the Argentine Institute of Statistics and Census (INDEC).

The principal inflation adjustment procedures are the following:

☐ Monetary assets and liabilities that are recorded in the current currency as of the balance sheet's closing date are not restated because they are already stated in terms of the currency unit current as of the date of the Financial Statements.

☐ Non-monetary assets and liabilities are recorded at cost as of the balance sheet date, and equity components are restated applying the relevant adjustment ratios.

☐ All items in the statement of income are restated applying the relevant conversion factors.

☐ The effect of inflation in the Group's net monetary position is included in the statement of income under Financial results, net, in the item "Inflation adjustment".

☐ Comparative figures have been adjusted for inflation following the procedure explained in the previous paragraphs.

Upon initially applying inflation adjustment, the equity accounts were restated as follows:

☐ Capital was restated as from the date of subscription or the date of the most recent inflation adjustment for accounting purposes, whichever is later. The resulting amount was included in the "Capital adjustment" account.

☐ Other comprehensive income / (loss) was restated as from each accounting allocation.

☐ The other reserves in the statement of income were restated as of the initial application date, i.e., June 30, 2016.

In relation to the inflation index to be used according to Resolution No. 539/18, is determined based on the Wholesale Price Index (IPIM) until 2016, considering for the months of November and December 2015 the average variation of Consumer Price indices (CPI) of the Autonomous City of Buenos Aires, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) will be considered. The tables below show the evolution of these indices in the last two fiscal years and as of June 30, 2020 according to official statistics (INDEC) following the guidelines described in Resolution 539/18.

Annual price variation	June 30, 2018			June 30, 2019			June 30, 2020			Three years accumulated as of June 30, 2020
		29	%		56	%		43	%		128	%

As a consequence of the aforementioned, these Financial Statements as of June 30, 2020 were restated in accordance with IAS 29.

(b) Current and non-current classification

The Group presents current and non-current assets, and current and non-current liabilities, as separate classifications in its Statement of Financial Position according with the operating cycle of each activity.

The operating cycle for activities related to the Group's investment properties is 12 months. Therefore, current assets and current liabilities include the assets and liabilities that are either realized or settled within 12 months from the end of the fiscal year. In order to maintain uniformity, these assets are kept as non-current even when they have been sold before the issuance of the Financial Statements

 The operating cycle of activities related to the Group's trading properties depends on each specific project, and thus cannot be clearly defined. In general, assets and liabilities classified as investment properties for sale are realized or discharged over many fiscal years, ranging between one and three years or, in exceptional cases, over a longer period. As a result, and for purposes of classification, the Group has assumed the operating cycle of investment property for sale is longer than 12 months.

All other assets and liabilities are classified as non-current. Current and deferred tax assets and liabilities (income tax payable), are presented separately from each other and from other assets and liabilities as current and non-current, respectively.

(c) Presentation currency

The Consolidated Financial Statements are presented in thousands of Argentine Pesos. Unless otherwise stated or the context otherwise requires, references to 'Peso amounts' or 'ARS.', are to Argentine Pesos, and references to 'USD' or 'US dollars' are to United States dollars.

(d) End of the fiscal year

The fiscal year begins on July 1 and ends on June 30 each year.

(e) Accounting conventions

See Note 2.2 to 2.31 the accounting policies applicable to each item.

(f) Cash flows

The Group reports cash flows from operating activities using the indirect method. Interest paid is presented within cash used in financing activities. Interest received is presented within cash generated by investing activities, with the exception of the interest generated by operating credits, exposed within "other operating results, net". The acquisitions and disposals of investment properties are disclosed as cash from investing activities because this most appropriately reflects the Group's business activities. Cash flows in respect of trading properties are disclosed as cash from operating activities because these assets are sold in the ordinary course of business.

(g) Use of estimates

The preparation of Financial Statements at a certain date requires the Company's Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the year. Actual results might differ from the estimates and evaluations made at the date of preparation of consolidated Financial Statements. The most significant judgments made by Management in applying the Group's accounting policies and the major estimates and significant judgments are described in Note 3.

New accounting standards

2.2. New accounting standards

The following standards, amendments and interpretations have been published by the IASB and by the IFRIC. Below we outline the standards, amendments and interpretations that may potentially have an impact on the Group at the time of application.

Standards and amendments adopted by the Group:

Standards and amendments	Description	Date of application by the Group
IFRS 16 "Leases".	The lessees are required to account for leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17. There are two exceptions to this rule: to recognize the lease of low-cost assets and short-term leases. There is almost no change to lessor accounting.	06-30-2020
Amendment to IAS 28 "Investment in associates and joint ventures	Requires the adoption of IFRS 9 regarding long-term investments that are essentially part of the net investment of an entity in an associate or joint venture.	06-30-2020
Definition of Material - Amendments to IAS 1 and IAS 8	The IASB has made modifications to IAS 1 "Presentation of Financial Statements and IAS 8"Accounting policies, changes in accounting estimates and errors" requires that the materiality be consistent for the application of IFRS.	06-30-2020
Definition of a business - Amendments to IFRS 3	The new business definition requires that a business combination contribute significantly to creating products or services.	06-30-2020

The adoption of these standards, amendments and interpretations adopted, do not have a material impact on the Group, except for the following:.

IFRS 16: Leases

The standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated mainly impact the tenant's accounting. IFRS 16 provides that the lessee recognizes an asset for the right of use and a liability at present value with respect to those contracts that meet the definition of lease agreements according to IFRS 16. In accordance with the standard, a lease agreement is one that provides the right to control the use of an identified asset for a specific period. In order for a company to have control over the use of an identified asset: a) it must have the right to obtain substantially all the economic benefits of the identified asset and b) it must have the right to direct the use of the identified asset.

The standard allows to exclude the short-term contracts (under 12 months) and those in which the underlying asset has low value.

The application of IFRS 16 increased assets and liabilities and generated a decrease in operating costs for leases. On the other hand, the balance of depreciation and financial results generated by the present value of those lease liabilities were increased. This application does not imply changes in comparative information.

Standards and amendments not adopted yet by the Group:

Standards and amendments	Description	Date of application by the Group
Covid-19 related rental concessions - Amendments to IFRS 16	As a result of the COVID-19 pandemic, rental concessions have been granted to tenants. Such concessions could adopt a variety of forms, including forgiveness of payments and deferral of lease payments. In May 2020, the IASB made an amendment to IFRS 16 Leases that gives lessees the option to treat qualified rental concessions in the same way as they would if they were not lease modifications. In many cases, this will result in the concessions being recorded as variable lease payments in the period in which they are granted.	30-6-2021
Property, plant and equipment: Product before intended use - Amendments to IAS 16	The amendment to IAS 16 Property, Plant and Equipment (PP&E) prohibits an entity from deducting from the cost of a PP&E item any proceeds received from the sale of items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is "testing whether the asset is working properly" when evaluating the technical and physical performance of the asset. The financial performance of the asset is not relevant to this evaluation.	30-6-2023
Reference to the Conceptual Framework - Amendments to IFRS 3	Minor amendments were made to IFRS 3 Business Combinations to update the references to the Conceptual Framework for financial reporting and add an exception for the recognition of contingent liabilities and liabilities within the scope of IAS 37 Provisions, contingent liabilities and contingent assets and interpretation 21 Liens. The amendments also confirm that contingent assets should not be recognized on the acquisition date.	30-6-2023

Annual improvements to IFRS standards 2018 - 2020 The following improvements were completed in May 2020: ●     IFRS 9 Financial Instruments: clarifies which commissions should be included in the 10% test for derecognition of financial liabilities. ●     IFRS 16 Leases: amendment to illustrative example 13 to remove the illustration of lessor payments in relation to lease improvements, to eliminate any confusion about the treatment of lease incentives. ●     IFRS 1 First-time Adoption of International Financial Reporting Standards: allows entities that have measured their assets and liabilities at the carrying amounts recorded in the books of their parent company to also measure accumulated translation differences using the amounts reported by the matrix. This amendment will also apply to associates and joint ventures that have taken the same IFRS 1 exemption. 30-6-2023 

The future adoption of these standards and amendments will not have a material impact to the Group.

At the date of issuance of these consolidated Financial Statements, there are no other standards or modifications issued by the IASB that are not yet effective and are expected to have a significant effect on the Group.

Scope of consolidation

2.3. Scope of consolidation

(a) Subsidiaries

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its investment in the entity and has the ability to effect such returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity but does have capacity to define its relevant activities because of de-facto control.

There may be de-facto control where the relative size of voting rights held by the Group in an entity in relation to the size and dilution of other shareholders gives the Group power to define the relevant activities of such entity.

Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date control ceases.

The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

IFRS 3 "Business Combination" allows up to 12 months to finalize the accounting for a business combination. Where the accounting for a business combination is not complete by the end of the reporting period in which the business combination occurred, the Group reports provisional amounts.

The Group has elected to recognize acquisition of assets or group of assets carried out between entities under common control that also qualify as "Business Combination" according to IFRS 3, using the acquisition method.

The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest's proportionate share of the acquirer's net assets. The Group chooses the method to be used on case-by-case basis.

The amount by which the aggregate of the fair value of consideration transferred, the acquisition date fair value of the Group's previously held interest and any non-controlling interest exceeds the fair value of the assets and liabilities acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the consolidated statements of comprehensive income as "Bargain purchase gains".

Inter-company transactions, balances and unrealized gains on transactions between or among group companies are eliminated. Unrealized losses are also eliminated. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group. The majority of subsidiaries have the same year-end as the Group, however, a small number of subsidiaries have non-coterminous year-ends. In these circumstances, special-purpose Financial Statements prepared as of June 30 of each year are used for purposes of the Group consolidation.

The Group conducts its business through several operating and holding subsidiaries. Unless otherwise stated, the subsidiaries listed in Note 7 have share capital consisting solely of ordinary shares, which are held directly by the Group and the proportion of ownership interests held is equal to the voting rights held by the Group. The country of incorporation or registration is also their place of business.

The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in subsidiaries are considered significant. In quantitative terms, the Group considers significant those investments that individually represent at least 20% of the total equity attributable to non-controlling interest in subsidiaries at each year-end. Therefore, in qualitative terms, the Group considers, among other factors, the specific risks to which each company is exposed, their returns and the importance that each of them has for the Group.

Summarized financial information on subsidiaries with material non-controlling interests and other information are included in Note 7.

(b) Changes in ownership interests in subsidiaries without change of control

Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions, that is to say as transactions with the owners in their capacity as owners. The amount recorded is the difference between the fair value of any consideration paid and/or collected and the relevant share acquired and/or transferred of the carrying value of net assets of the subsidiary.

(c) Disposal of subsidiaries with loss of control

When the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.

(d) Associates

Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and less than 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor's share of the profit or loss of the investee after the date of acquisition. The Group's investment in associates includes goodwill identified on acquisition.

If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.

The Group's share of post-acquisition profit or loss is recognized in the consolidated statements of comprehensive income, and its share of post acquisition movements is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group's share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.

The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of any impairment as the difference between the recoverable amount of the associate and it is carrying value and recognizes the impairment loss within "share of profit of associates and joint ventures line item" in the Statements of Comprehensive Income.

Profits and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the Group's Financial Statements only to the extent of any unrelated investor's interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group.

For purposes of including the earnings of associates by applying the equity method, the Group uses Financial Statements of the associates as of the same date or a later date, provided the difference between the reporting date of the associate and that of the Group is no longer than three months. In these cases, the Group assesses and adjusts the results of such associates for material transactions or other material events occurred during the interim period.

The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in associates are considered significant. In quantitative terms, investments that individually represent at least 20% of equity in earnings of joint ventures in the consolidated statements of comprehensive income and, simultaneously, at least 20% of all investments in joint ventures total equity attributable to non-controlling interest in associates at each year-end are considered significant. Therefore, in qualitative terms, the Group considers, among other factors, the specific risks to which each company is exposed, their returns and the importance that each company has for the Group.

Summarized financial information and other information for associates is included in Note 8.

(e) Joint arrengements

Joint arrangements are arrangements of which the Group and other party or parties have joint control bound by a contractual arrangement. Under IFRS 11, investments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures.

Investments in joint ventures are accounted for under the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized in the Consolidated Statement of Financial Position at cost and adjusted thereafter to recognize the Group's share of the post-acquisition of profits or losses and movements in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income and in Other Comprehensive Income, respectively.

When the Group's share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group's net investment in the joint ventures), the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.

The Group determines at each reporting date whether there is any objective evidence that the investment in a joint venture is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value and recognizes the amount adjacent to share of profit of associates and joint ventures in the statements of comprehensive income.

Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group's interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.

The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in joint ventures are considered significant. In quantitative terms, the investments that individually represent at least 20% of equity in earnings of joint ventures in the consolidated statements of comprehensive income and, simultaneously, at least 20% the total equity attributable to non-controlling interest in joint ventures at each year-end are considered significant. Therefore, in qualitative terms the Group considers, among other factors, the specific risks to which each company is exposed to, their returns and the importance that each company has for the Group.

Summarized financial information and other information for significant joint ventures is included in Note 8.

Segment reporting

2.4. Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ("CODM") the Group's Executive Committee. This CODM is responsible for allocating resources and assessing performance of the operating segments. The operating segments are described in Note 6.

Foreign currency translation

2.5. Foreign currency translation

(a) Functional and presentation currency

Items included in the Financial Statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). These Financial Statements are presented in Argentine Pesos, which is the Group's presentation currency.

(b) Transactions and balances in foreign currency

Foreign currency transactions are translated into Argentine Pesos using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the profit or loss for the year.

Foreign exchange gains and losses are presented in the statements of comprehensive income within finance income and finance costs, as appropriate, unless they are capitalized as explained in Note 2.19.

Investment properties

2.6. Investment properties

Investment properties are those properties owned by the Group that are held either to earn long-term rental income or for capital appreciation and that are not occupied by the Group for its own operations. Properties occupied by associates or joint ventures are accounted for as investment properties in these Consolidated Financial Statements.

Investment properties also include properties that are being constructed or developed for future use as investment property. The Group also classifies land whose future use has not been determined yet as investment property.

When a property is partially owner-occupied, with the rest being held for rental income or capital appreciation, the Group accounts for the portions separately. The portion that is owner-occupied is accounted for as property, plant and equipment under IAS 16 "Property, Plant and Equipment" and the portion that is held for rental income or capital appreciation, or both, is treated as investment property under IAS 40 "Investment Property".

The Group's investment properties primarily comprise the Group's portfolio of shopping malls and offices, certain property under development and other undeveloped land.

Investment properties are measured initially at cost. Cost comprises the purchase price and directly attributable expenditures, such as legal fees, certain direct taxes, commissions and in the case of properties under construction, the capitalization of financial costs.

For properties under development, capitalization of costs includes not only financial costs, but also all costs directly attributable to works in process, from commencement of construction until it is completed and property is in conditions to start operating. Capitalized costs include mainly the part attributable to third-party service costs, as well as the materials necessary for construction. Capitalization of such costs ceases when the property reaches the operating conditions indicated above. 

Direct expenses related to lease contract negotiation (as well as payment to third parties for services rendered and certain specific taxes related to execution of such contracts) are capitalized as part of the book value of the relevant investment properties and amortized over the term of the lease.

Borrowing costs associated with properties under development or undergoing major refurbishment are capitalized. The finance cost capitalized is calculated using the Group's weighted average cost of borrowings after adjusting for borrowings associated with specific developments. Where borrowings are associated with specific developments, the amount capitalized is the gross interest incurred on those borrowings less any investment income arising on their temporary investment. Finance cost is capitalized from the commencement of the development work until the date of practical completion. The capitalization of finance costs is suspended if there are prolonged periods when development activity is interrupted. Finance cost is also capitalized on the purchase cost of land or property acquired specifically for redevelopment in the short term but only when activities necessary to prepare the asset for redevelopment are in progress.

After initial recognition, investment properties are carried at fair value. Investment properties that are being redeveloped for continuing use as investment properties or for which the market has become less active, continues to be measured at fair value. Investment properties under construction are measured at fair value if the fair value is considered to be reliably determinable. Investment properties under construction for which the fair value cannot be determined reliably, but for which the Group expects that the fair value of the property will be reliably determinable when construction is completed, are measured at cost less impairment until the fair value becomes reliably determinable or construction is completed, whichever is earlier.

Fair values are determined differently depending on the type of property being measured.

Generally, fair value of office buildings and land reserves is based on active market prices, adjusted, if necessary, for differences in the nature, location or condition of the specific asset. If this information is not available, the Group uses alternative valuation methods, such as recent prices on less active markets or discounted cash flow projections (Level 2).

The fair value of the Group's portfolio of Shopping Malls is based on discounted cash flow projections. This method of valuation is commonly used in the shopping mall industry in the region where the Group conducts its operations (Level 3).

As required by Resolution 576/10 of the CNV, valuations are performed as of the financial position date by accredited professional appraisers who have recognized and relevant professional qualifications and have recent experience in the location and category of the investment property being valued. These valuations form the basis for the carrying amounts in the consolidated Financial Statements. The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.

Subsequent expenditure is capitalized to the asset's carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the asset can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognized.

Changes in fair values are recognized in the consolidated Statements of Comprehensive Income under the line item "Net gain / (loss) from fair value adjustments of investment properties".

Asset transfers, including assets classified as investments properties which are reclassified under other items or vice-versa, may only be carried out when there is a change of use evidenced by: a) commencement of occupation of real property by the Group, where investment property is transferred to property, plant and equipment; b) commencement of development activities for sale purposes, where investment property is transferred to property for sale; c) the end of Group occupation, where it is transferred from property, plant and equipment to investment properties; or d) commencement of an operating lease transaction with a third party, where trading properties are transferred to investment properties. The value of the transfer is the one that the property had at the time of the transfer and subsequently is valued in accordance with the accounting policy related to the item.

The Group may sell an investment property when it considers it is not core to its ongoing rental business activities. Where the Group disposes of a property at fair value in an arm's length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the Statements of Comprehensive Income in the line "Net (loss) / gain from fair value adjustments of investment properties".

Investment properties are derecognized when they are disposed of or when they are permanently withdrawn from use and no future economic benefits are expected to arise from their disposal. The disposal of properties is recognized when the significant risks and rewards have been transferred to the buyer. As for unconditional agreements, proceeds are recognized when legal title to property passes to the buyer and the buyer intends to make the respective payment therefor. In the case of conditional agreements, the disposal is accounted for where such conditions have been met. Where consideration receivable for the sale of the properties is deferred, it is discounted to present value.

The difference between the discounted amount and the amount receivable is treated as interest income and recognized over the period using the effective interest method. Direct expenses related to the sale are recognized in the line "other operating results, net" in the Consolidated Statements of Comprehensive Income at the time they are incurred.

Property, plant and equipment

2.7. Property, plant and equipment

This category primarily comprises buildings or portions of a building used for administrative purposes, machines, computers and other equipment, motor vehicles, furniture, fixtures and fittings and improvements to the Group's corporate offices.

All property, plant and equipment ("PPE") is stated at historical cost less depreciation and accumulated impairment, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items. For properties under development, capitalization of costs includes not only financial costs, but also all costs directly attributable to works in process, from commencement of construction until it is completed and property is in conditions to start operating. Capitalized costs include mainly the part attributable to third-party service costs, as well as the materials necessary for construction. Capitalization of such costs ceases when the property reaches the operating conditions indicated above. 

Borrowing costs are directly incurred for the purpose of acquiring, constructing or producing a qualifying PPE are capitalized as part of its cost. A qualifying PPE is an asset that necessarily takes a substantial period of time to get ready for its intended use. Borrowing costs are capitalized during the period of construction or production of the eligible asset; such capitalization ceases once the necessary activities for the asset to have the intended use have been completed, or else capitalization is suspended while construction activity is suspended.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Such costs may include the cost of improvements and replacement of parts as they meet the conditions to be capitalized the carrying amount of those parts that are replaced is derecognized. Repairs and maintenance are charged to the consolidated statements of comprehensive income during the financial period in which they are incurred. Depreciation, based on a component approach, is calculated using the straight-line method to allocate the cost over the assets' estimated useful lives.

As of June 30, 2020 useful lives are as follows:

Other buildings and facilities	Between 1 and 22 years
Furniture and fixtures	Between 3 and 10 years
Machinery and equipment	Between 1 and 10 years
Vehicles	5 years
Other	3 years

As of each period-end, an evaluation is performed to determine the existence of indicators of any decrease in recoverable value or useful life of assets. If there are any indicators, the recoverable amount and/or residual useful life of impaired asset(s) is estimated, and an impairment adjustment is made, if applicable. As of each year-end, the residual useful life of assets is estimated and adjusted, if necessary.

An asset's carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount (see Note 2.10.).

Gains from the sale of these assets are recognized when the control have been transferred to the buyer. This will normally take place on unconditional exchange, generally when legal title passes to the buyer and it is probable that the buyer will pay. For conditional exchanges, sales are recognized when these conditions are satisfied.

Gains and losses on disposals are determined by comparing the proceeds, net of direct expenses related to those proceeds, with carrying amount at the date of each transaction. Gains and losses from the disposal of property, plant and equipment items are recognized within "Other operating results, net" in the consolidated statements of comprehensive income.

Leases

2.8. Leases

The Group's leases are recognized and valued in accordance with IFRS 16. As of June 30, 2019, they are valued in accordance with IAS 17.

A Group company is the lessor: Operating lease - properties leased to tenants under operating leases are included in "Investment properties" in the Statements of Financial Position (see Note 2.25 for the recognition of rental income).

A Group company is the lessee: The Group acquires certain specific assets (essentially machinery and computer equipment and real estate exploitation concessions) under the form of leases in accordance with IFRS 16. Assets acquired under this modality are disclosed as an asset at present value of future minimum payments of the lease. Capitalized leased assets are depreciated over their estimated useful life or over the term of the lease, whichever is earlier. The total financial cost will be distributed among the periods that constitute the term of the lease, so that a constant interest rate is obtained in each period, on the balance of the debt pending amortization.

Leases within the exception of the rule are charged to income at the time they are accrued. They mainly include contracts of less than one year and / or non-material value.

Intangible assets

2.9. Intangible assets

(a) Goodwill

Goodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognized by the Group on an acquisition. Goodwill is initially measured as the difference between the fair value of the consideration transferred, plus the amount of non-controlling interest in the acquisition and, in business combinations achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquisition; and the net fair value of the identifiable assets and liabilities assumed on the acquisition date.

At acquisition goodwill is allocated to those cash generating units expected to benefit from the acquisition for the purpose of impairment (see Note 2.10.). Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill arising on the acquisition of subsidiaries is included within "Intangible assets" in the statements of financial position.

Goodwill may also arise upon investments in associates and joint ventures, calculated as the surplus of the cost of investment over the Group's share of the fair value of the net identifiable assets. Such goodwill is recorded within investments in associates or joint ventures.

Goodwill is not amortized but tested for impairment at each fiscal year end, or more frequently if there is an indication of impairment.

(b) Software

Acquired computer software licenses are capitalized based on of the costs incurred to acquire and bring to use the specific software. These costs are amortized over their estimated useful lives between 3 and 5 years.

Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: (i) it is technically feasible to complete the software product so that it will be available for use; (ii) management intends to complete the software product and use or sell it; (iii) there is an ability to use or sell the software product; (iv) it can be demonstrated how the software product will generate probable future economic benefits; (v) adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and (vi) the expenditure attributable to the software product during its development can be reliably measured.

Directly attributable costs that are capitalized as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.

Other development expenditures that do not meet these criteria are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period.

Computer software development costs recognized as assets are amortized over their estimated useful lives, which does not exceed 5 years.

(c) Right to receive units (barters)

The Group also enters into barter transactions where the Group normally exchanges undeveloped parcels of land with third-party developers for future property to be constructed on the bartered land. The Group generally receives monetary assets as part of the transactions and/or a right to receive future units to be constructed by developers. Such rights are initially recognized at cost (which is the fair value of the land assigned) and such rights are not adjusted later, unless there is any sign of impairment.

Impairment of assets

2.10. Impairment of assets

(a) Goodwill

For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, referred to as cash-generating units. In order to determine whether any impairment loss should be recognized, the book value of cash-generating units or cash generating unit groups is compared against its recoverable value. Net book value of cash-generating units and cash generating unit groups include goodwill and assets with limited useful life (such as, investment properties, property, plant and equipment, intangible assets and working capital).

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognized for goodwill are included in the statements of comprehensive income and are not reversed in a subsequent period.

The recoverable amount of a cash-generating unit is the higher of fair value less costs-to-sell and value-in-use. The fair value is the amount at which a cash-generating unit may be sold in a current transaction between unrelated, willing and duly informed parties. Value-in-use is the present value of all estimated future cash flows expected to be derived from cash-generating units or cash-generating unit groups.

(b) Property, plant and equipment and defined-lived intangible assets

At the date of each statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment, and limited-duration intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss.

When the asset does not generate cash flows independently of other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in the statements of comprehensive income.

Assets or cash-generating units that have suffered an impairment loss are revised as of each year-end date to assess a potential reversal of such impairment. The impairment loss recognized in prior fiscal years may only be reversed if there has been a change in the estimates used to assess the recoverable value of assets or the cash-generating unit since the recognition of the impairment loss.

Where an impairment loss subsequently reverses the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined if no impairment loss had been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized in the statements of comprehensive income.

Trading properties

2.11. Trading properties

Trading properties comprise those properties either intended for sale or in the process of construction for sale. Trading properties are carried at the lower of cost and net realizable value. Where there is a change in use of investment properties evidenced by the commencement of development with a view to sale, the properties are reclassified as trading properties at cost, which is the carrying value at the date of change in use. They are subsequently carried at the lower of cost and net realizable value.

Cost comprises all direct costs of purchase, costs of conversion and other costs incurred in bringing the trading properties to their present location and condition.

Net realizable value is the estimated selling price of a property in the ordinary course of business less costs to complete and selling expenses. If the net realizable value is lower than the carrying amount, a write-down is recognized in the amount by which the carrying amount exceeds its net realizable value. Write-downs are reversed when circumstances that caused the write-down cease to exist, or when net realizable value increases.

Inventories

2.12. Inventories

Inventories mainly include materials, supplies or other assets required to offer different services.

Supplies and other of materials and assets classified in this category are measured at the lower of cost or net realizable value. The cost of supplies, materials and other assets is determined using the weighted average cost method.

Financial instruments

2.13. Financial instruments

The Group classifies financial assets in the following categories: those to be measured at fair value and those to be measured at amortized cost. This classification depends on whether the financial asset is a debt or equity instrument.

Debt instruments

A debt instrument is classified at amortized cost only if both of the following criteria are met: (i) the objective of the Group's business model is to hold the asset to collect the contractual cash flows; and (ii) the contractual terms give rise on specified dates to cash derived solely from payments of principal and interest due on the principal outstanding. The nature of any derivatives embedded in the debt instrument are considered in determining whether the cash flows of the instrument are derived solely from payment of principal and interest due on the principal outstanding and are not accounted for separately.

If either of the two criteria above is not met, the debt instrument is classified at "fair value through profit or loss". The Group has not designated any debt investment as measured at fair value through profit or loss to eliminate or significantly reduce an accounting mismatch. Changes in fair values and gains from disposal of financial assets at fair value through profit or loss are recorded within "Financial results, net" in the statements of comprehensive income.

Equity instruments

All equity instruments, which are neither subsidiaries, associate companies nor joint ventures of the Group, are measured at fair value. Equity instruments that are held for trading are measured at fair value through profit or loss. For all other equity instruments, the Group can make an irrevocable election at initial recognition to recognize changes in fair value through other comprehensive income rather than profit or loss. The Group decided to recognize changes in fair value of equity instruments through changes in profit or loss.

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the statements of comprehensive income.

Regular purchases and sales of financial assets are recognized on the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.

In general, the Group uses the transaction price to ascertain the fair value of a financial instrument on initial recognition. In the other cases, the Group records a gain or loss on initial recognition only if the fair value of the financial instrument can be supported by other comparable transactions observable in the market for the same type of instrument or if based on a technical valuation that only inputs observable market data. Unrecognized gains or losses on initial recognition of a financial asset are recognized later on, only to the extent they arise from a change in factors (including time) that market participants would consider upon setting the price.

Gains/losses on debt instruments measured at amortized cost and not identified for hedging purposes are charged to income where the financial assets are derecognized or an impairment loss is recognized, and during the amortization process under the effective interest method. The Group is required to reclassify all affected debt investments when and only when its business model for managing those assets changes.

The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets measured at amortized cost is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a 'loss event') and that loss event (or events) can be reliably estimated. The amount of the impairment is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

Derivative financial instruments and hedging activities

2.14. Derivative financial instruments and hedging activities

Derivative financial instruments are initially recognized at fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

The Group manages exposures to various risks using hedging instruments that provide the appropriate economic outcome. The Group does not use derivative financial instruments for speculative purposes. To date, the Group has used future and forward contracts, as appropriate.

The Group's policy is to apply hedge accounting to hedging relationships where it is permissible under IFRS 9, practical to do so and its application reduces volatility, but transactions that may be effective hedges in economic terms may not always qualify for hedge accounting under IFRS 9. To date the Group has not applied hedge accounting to any of its derivative financial instruments. Trading derivatives are classified as a current asset or liability in the statement of financial position. Gains and losses on other derivatives are classified in "Financial results, net", in the statements of comprehensive income.

The fair values of financial instruments that are traded in active markets are computed by reference to market prices. The fair value of derivative financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period.

Trade and other receivables

2.15. Trade and other receivables

Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

An allowance for doubtful accounts is recorded when there is objective evidence that the Group may not be able to collect all receivables within their original payment term. Indicators of doubtful accounts include significant financial distress of the debtor, the debtor potentially filing a petition for reorganization or bankruptcy, or any event of default or past due account. It is calculated by the expected los method.

For significant non-homogeneous receivables, the Group generally measures impairment based on an individual analysis. When they are evaluated individually, the Group recognizes the provision for impairment as the difference between the book value of the receivable and the present value of future cash flows, taking into account the existing guarantees, if applicable. This allowance for doubtful accounts considers the financial situation of the debtor, their resources, the payment history and, if applicable, the value of the guarantees provided.

For non-significant homogeneous receivables, the Group assesses the impairment by grouping these receivables based on characteristics of similar risks, considering the type of asset, the delinquency condition and other relevant factors. The Group considers different factors to calculate the amount of the allowance for impairment, which, in its opinion, represents the expected losses over the life of the receivables. When determining the allowance for doubtful accounts, the Group considers, among other factors: (i) the delinquency of the receivables, (ii) the history of losses and the general behavior of the clients, (iii) the trends in volumes and terms of the receivables, (iv) the Group's experience in credit management, (v) national and local economic trends, (vi) credit concentrations by individual size and type of credit, and (vii) the effect of other external factors.

The amount of the allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance, and the amount of the loss is recognized in the Statements of Income within "Selling expenses". Subsequent recoveries of amounts previously written off are credited against "Selling expenses" in the Statements of Income.

Trade and other payables

2.16. Trade and other payables

Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method.

Tenant deposits

2.17. Tenant deposits

The Group generally obtains deposits from tenants as a guarantee for returning the property at the end of the lease term in a specified good condition or for the lease payments for a period of generally 3 years. The deposits are generally equivalent to one month of lease rentals. Such deposits are treated as both a financial asset and a financial liability in accordance with IFRS 9, and they are initially recognized at fair value. The difference between fair value and cash received is considered to be part of the minimum lease payments received for the operating lease (refer to Note 2.25. for the recognition of rental income). The deposits are subsequently measured at amortized cost.

Borrowings

2.18. Borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized as finance cost over the period of the borrowings using the effective interest method.

Borrowing costs

2.19. Borrowing costs

General and specific borrowing costs (interest and foreign exchange differences) directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially completed.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in profit or loss in the period in which they are incurred.

The Group capitalizes borrowing costs on qualifying investment properties, property, plant and equipment and trading properties.

Provisions

2.20. Provisions

Provisions are recognized when: (i) the Group has a present legal or constructive obligation as a result of past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are not recognized for future operating losses.

The amount of its accruals is based on up-to-date developments, estimates of the outcomes of the matters and legal counsel's experience in contesting, litigating and settling matters. As the scope of the liabilities becomes better defined or more information is available, the Group may be required to change its estimates of future costs, which could have a material adverse effect on its results of operations and financial condition or liquidity.

Provisions are measured at the present value of the cash flows expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in provisions due to passage of time is recognized in the statements of comprehensive income.

Employee benefits

2.21. Employee benefits

(a) Pension plans obligations

The Group operates a defined contribution plan. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The contributions are recognized as employee benefit expense in the Statement of Comprehensive Income when they are due.

(b) Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy.

(c) Bonus plans

The Group recognizes a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the Group's shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.

Shared based payments

2.22. Shared based payments

The Group operates an incentive plan, under which certain selected employees, directors and top management of IRSA Propiedades Comerciales S.A., IRSA and Cresud have a right to matching shares of IRSA and Cresud, although they must hold their purchased shares and remain with the employer entity for a specified period of time.

The fair value of the equity settled awards is measured at the date of grant. Management measures the fair value using the valuation technique that it considers to be the most appropriate to value each class of award. Methods used may include Black-Scholes calculations or other models as appropriate. The valuations consider factors such as non-transferability, exercise restrictions and behavioral considerations.

The fair value of the share-based payment is recognized in the statements of comprehensive income under the straight-line method over the vesting period in which the right to receive shares of IRSA and Cresud becomes irrevocable ("vesting period"); such value is based on the best available estimate of the number of shares expected to vest.

Such estimate is revised if subsequent information becomes available indicating that the number of shares expected to vest differs from original estimates.

Current income tax, deferred income tax and minimum presumed income tax

2.23. Current income tax, deferred income tax and minimum presumed income tax

Tax expense for the year comprises the charge for tax currently payable and deferred taxation. Tax is recognized in the statement of income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

Current income tax charge is calculated based on of the tax laws enacted or substantially enacted at the date of the Statement of Financial Position in the countries where the Group and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Group establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities.

Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the date of the Statement of Financial Position and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.

Deferred income tax is provided on temporary differences arising on investments in subsidiaries, associates and joint ventures, except for deferred income tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

Entities in Argentina are subject to the Minimum Presumed Income Tax ("MPIT"). Pursuant to this tax regime, an entity is required to pay the greater of the income tax or the MPIT. The MPIT provision is calculated on an individual entity basis at the statutory asset tax rate of 1% and is based upon the taxable assets of each company as of the end of the year, as defined by Argentine law. Any excess of the MPIT over the income tax may be carried forward and recognized as a tax credit against future income taxes payable over a 10-year period. When the Group assesses that it is probable that it will use the MPIT payment against future taxable income tax charges within the applicable 10-year period, the Group recognizes the MPIT as a current or non-current receivable, as applicable, within "Trade and other receivables" in the statements of financial position.

Minimum presumed income tax was repealed by the Law No. 27,260 in section 76 for the annual periods beginning on January 1, 2019.

In this respect, considering recent Instruction No. 2 issued by the Federal Administration of Public Revenue (AFIP), if the Group posts financial and tax losses, no provision for income tax would be recorded.

Cash and cash equivalents

2.24. Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. Cash equivalents do not include bank overdrafts.

Revenue recognition

2.25. Revenue recognition

Revenue from Group's activities is principally derived from business activities carried out in shopping malls and in rental buildings and mainly include rental income from shopping mall properties and offices leased under operating leases, admission rights, commissions and revenue from several services provided to the Group's lessees.

In accordance with IFRS 15, the Group recognizes income over time on sales contracts with clients for real estate development in which there is no alternative use to the sale to that client and has the right to demand the collection of the contract. When these conditions are not met, revenue is recognized at the time of delivery or deed.

Income from satisfaction of performance obligations over time on real estate developments is recognized by measuring progress towards compliance with the obligation when it can be reliably measured. For this measurement, the Group uses the resource method, that is, the effort consumed by the entity and determines the percentage of progress based on the estimated cost of the total development.

The Group's income is recognized at the highly probable value of the consideration to which it will be entitled in exchange for transferring products or services to the client that is not expected to undergo significant reversals.

● Shopping malls portfolio

Primarily comprises rental income from shopping mall properties lease out over operating leases, admission rights, commissions and revenue from several services provided to the Group's lessees.

The Argentine Civil and Commercial Code section 1221 provides that tenants may rescind commercial lease within the initial six months by means of written notification. If option is used within the first year of the lease, the Tenant shall pay the Lessor, as compensation, the equivalent of one-and-a-half month's rent, and one month's rent if the tenant makes use of the option after that period. Given that the rule does not provide for advance notice, Lease Agreements include a provision whereby the lessee must give at least 60 days advance notice of its intention to terminate the lease. The exercise of such early termination could materially and adversely affect the Group.

The Group has determined that, in all operating leases, the lease term for accounting purposes matches the term of the contract. The Group concluded that, even though a lease is cancellable under law, tenants would incur significant "economic penalties" if the leases are terminated prior to expiry. The Group considered that these economic penalties are of such amount that continuation of the lease contracts by tenants appears to be reasonably certain at the inception of the respective agreements. The Group reached this conclusion based on factors such as: (i) the strategic geographical location and accessibility to customers of the Group's investment properties; (ii) the nature and tenure of tenants (mostly well-known local and international retail chains); (iii) limited availability of identical revenue-producing space in the areas where the Group's investment properties are located; (iv) the tenants' brand image and other competitive considerations; (v) tenants' significant expenses incurred in renovation, maintenance and improvements on the leased space to fit their own image; (vi) the majority of the Group's tenants only have stores in shopping malls with a few or none street stores. See details in Note 24.

Lessees of shopping malls are generally required to pay the higher of: (i) a base monthly rent (the "Base Rent") and (ii) a specific percentage of gross monthly sales recorded by the Lessee (the "Contingent Rent"), which generally ranges between 2% and 12% of the lessees' gross sales. Moreover, in accordance with agreements entered for most locations, the Base Rent is subject to scheduled increases, typically between 10% and 24% annually over the term of the lease.

In addition, some lease contracts include provisions that set forth variable rent based on specific volumes of sales and other types of ratios.

Rental income from shopping mall properties leased out under operating leases is recognized in the consolidated statements of comprehensive income on a straight-line basis over the term of the leases. When lease incentives are granted, they are recognized as an integral part of the net consideration for the use of the property and are therefore recognized on the same straight-line basis.

Contingent rents, being lease payments that are not fixed at the inception of a lease, are recorded as income in the periods in which they are known and can be determined. Rent reviews are recognized when such reviews have been agreed with tenants.

Tenants in the Group's shopping mall are also generally charged a non-refundable admission right upon entering a lease contract or renewing an existing one. Admission rights are treated as additional rental income and recognized in the Statement of Comprehensive Income on a straight-line basis over the term of the respective lease agreement.

The Group acts as its own leasing agent for arranging and closing lease agreements for its shopping malls properties and consequently earns letting fees. Letting fees are paid by tenants upon the successful closing of an agreement. A transaction is considered successfully concluded when both parties have signed the related lease contract. Letting fees received by the Group are treated as additional rental income and are recognized in the Statement of Comprehensive Income on a straight-line basis over the term of the lease agreements.

Lease contracts also provide that common area maintenance ("CAM") of the Group's shopping malls are borne by the corresponding lessees, generally on a pro rata basis. CAM include all such expenses convenient and necessary for various purposes including, but not limited to, the operation, maintenance, management, safety, preservation, repair, supervision, insurance and enhancement of the shopping malls. The lessor is responsible for determining the need and suitability of incurring a common area service charge. The Group makes the original payment for such expenses, which are then reimbursed by the lessees. The Group considered that it acts as a principal in these cases.

Service charge income related to CAM is presented separately from property operating expenses. Property operating expenses are expensed as incurred.

Under the terms of the leases, lessees also agree to participate in collective promotion funds ("CPF") to be used in advertising and promoting the Group's shopping malls. Each lessee's participation generally equals a percentage calculated based on the monthly accrued rental prices.

Revenue so derived is also included under rental income and services segregated from advertising and promotion expenses. Such expenses are charged to income when incurred.

On the other hand, revenue includes income from managed operations and other services such as car parking lots. Those revenues are recognized on an accrual basis as services are provided.

● Office and other rental properties portfolio

Rental income from office and other rental properties include rental income from office leased out under operating leases, income for services and expenses recovery paid by tenant.

Rental income from office and other rental properties leased out under operating leases is recognized in the consolidated statements of comprehensive income on a straight-line basis over the term of the leases ('rent averaging'). When lease incentives are granted, they are recognized as an integral part of the net consideration for the use of the property and are therefore recognized on the same straight-line basis.

Contingent rents are recorded as income in the periods in which they are collected. Rent reviews are recognized when such reviews have been agreed with tenants.

Lease contracts also provide that common area service charges of the Group's office and other rental properties are borne by the corresponding lessees, generally on a proportionally basis. These common area service charges include all such expenses convenient and necessary for various purposes including, but not limited to, the operation, maintenance, management, safety, preservation, repair, supervision, insurance and enhancement of the shopping malls. The Group acts as the management of rental properties. The Group makes the original payment for such expenses, which are then reimbursed by the lessees. The Group considered that it acts as a principal in these cases. The Group accrues reimbursements from tenants for recoverable portions of all these expenses as service charge revenue in the period the applicable expenditures are incurred and is presented separately from property operating expenses. Property operating expenses are expensed as incurred.

● Sales and Development activities

Revenue from sale and developments of real estate properties primarily comprises the results from the sale of trading properties. Results from the sale of properties are recognized only when the control have been transferred to the buyer. This normally takes place on unconditional exchange of contracts (except where payment or completion is expected to occur significantly after exchange). For conditional exchanges, sales are recognized when these conditions are satisfied.

The Group also enters into barter transactions where the Group normally exchanges undeveloped parcels of land with third-party developers for future property to be constructed on the bartered land and on occasion, the Group also receives cash as part of the transactions. Legal title to the land together with all risks and rewards of ownership are transferred to the developer upon sale. The Group generally requires the developer to issue insurances or to mortgage the land in favor of the Group as performance guarantee. In the event the developer does not fulfil its obligations, the Group forecloses on the land through the execution of the mortgage or the surety insurances, together with a cash penalty.

The Group may sell the residential apartments to third-party homebuyers once they are finalized and transferred from the developer. In these circumstances, revenue is recognized when the control are transferred to the buyer. This will normally take place when the deeds of title are transferred to the homebuyer.

However, the Group may market residential apartments during construction or even before construction commences. In these situations, buyers generally surrender a down payment to the Group with the remaining amount being paid when the developer completes the property and transfers it to the Group, and the Group in turn transfers it to the buyer. In these cases, revenue is not recognized until the apartments are completed and the transaction is legally completed, that is when the apartments are transferred to the homebuyers and deeds of title are executed. This is because in the event the residential apartments are not completed by the developer and consequently not delivered to the homebuyer, the Group is contractually obligated to return to the homebuyer any down payment received plus a penalty amount. The Group may then seek legal remedy against the developer for non-performance of its obligations under the agreement. The Group exercised judgment and considers that the most significant risk associated with the asset the Group holds (i.e. the right to receive the apartments) consisting of the unfulfillment of the developer's obligations (i.e. to complete the construction of the apartments) has not been transferred to the homebuyers upon reception of the down payment.

Share capital

2.26. Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

When any of the Group's subsidiaries purchases the Company's share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of tax) is deducted from equity attributable to the Company's equity holders until the shares are cancelled or reissued. When such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and related income tax effects, is included in equity attributable to the Company's equity holders.

Instruments issued by the Group that will be settled by the Company delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash or another financial asset are classified as equity.

Earnings per share

2.27. Earnings per share

Earnings per share is calculated by dividing the profit for the year attributable to equity holders of the parent by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing the profit for the year by the weighted average number of common shares outstanding, and when dilutive, adjusted for the effect of all potentially dilutive shares, including share options, on an as-if converted basis.

In computing diluted earnings per share, income available to common shareholders used in the basic earnings per share calculation is adjusted to add back the after-tax amount of interest recognized in the year with respect to any debt convertible to common stock. The weighted-average number of common shares outstanding is adjusted to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Diluted earnings per share is based on the most advantageous conversion rate or exercise price over the entire term of the instrument from the standpoint of the security holder. The calculation of diluted earnings per share excludes potential common shares if their effect is anti-dilutive (Note 29).

Dividend distribution

2.28. Dividend distribution

Cash dividend distribution to the Group's shareholders is recognized as a liability in the period in which the dividends are approved. Such amounts have been recorded either under Retained Earnings, if already forfeited or under Trade and Other Payables, if not forfeited.

Dividends income

2.29. Dividends income

Dividends earned are recorded when declared.

Comparative information

2.30. Comparative information

The balances as of June 30, 2019 and 2018 that are disclosed for comparative purposes were restated in accordance with IAS 29, see Note 2.1.

During the fiscal year ended June 30, 2020, 2019 and 2018, there was a devaluation of the Argentine peso in relation to the US Dollar of approximately 66%, 47% and 74%, respectively. This situation affects the comparability of figures disclosed in these Financial Statements, arising mainly from the impact of the exchange rate on our assets and liabilities in foreign currency.

Seasonal effects on operations

2.31. Seasonal effects on operations

The operations of the Group's shopping mall are subject to seasonal effects, which affect the level of sales recorded by tenants. During summertime (January and February), the tenants of shopping mall experience the lowest sales levels in comparison with the winter holidays (July) and during the period of Christmas' Seasons (December) when they tend to record peaks of sales. Apparel stores generally change their collections during the spring and the fall, which impacts positively on shopping mall sales. Sale discounts at the end of each season also impact in the business. Consequently, a higher level of revenues is generally expected in shopping mall operations during the second half of the year rather than the first.

XML

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2020

Summary of significant accounting policies [abstract]

Schedule of annual price variation

Annual price variation	June 30, 2018			June 30, 2019			June 30, 2020			Three years accumulated as of June 30, 2020
		29	%		56	%		43	%		128	%

Schedule of useful life

Other buildings and facilities	Between 1 and 22 years
Furniture and fixtures	Between 3 and 10 years
Machinery and equipment	Between 1 and 10 years
Vehicles	5 years
Other	3 years

XML

Significant Judgments, Key Assumptions and Estimates (Tables)

12 Months Ended

Jun. 30, 2020

Significant judgments key assumptions and estimates [abstract]

Schedule of complexity, judgment or estimations involved in their application

Estimation	Main assumptions	Potential implications	Main references
Fair value valuation of investment properties	Fair value valuation made by external appraisers and valuators. See Note 9.	Incorrect valuation of investment property values	Note 9 - Investment properties
Income tax	The Group estimates the income tax amount payable for transactions where the Treasury's Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable.	Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest.	Note 21 - Taxes
Allowance for doubtful accounts	A periodic review is conducted of receivables risks in the Group's clients' portfolios. Bad debts based on the expiration of account receivables and account receivables' specific conditions.	Incorrect recognition of charges / reimbursements of the allowance for bad debt.	Note 15 - Trade and other receivables
Probability estimate of contingent liabilities.	Whether more economic resources may be spent in relation to litigation against the Group; such estimate is based on legal advisors' opinions.	Charge / reversal of provision in relation to a claim.	Note 20 - Provisions

XML

Financial Risk Management (Tables)

12 Months Ended

Jun. 30, 2020

Financial risk management [abstract]

Schedule of net amounts of the financial instruments

	Net monetary position liability
		06.30.20		06.30.19
Borrowing position with third parties		(32,842,728	)	(24,264,525	)
Lending position with related parties		9,908,631		4,075,634
Net monetary position		(22,934,097	)	(20,188,891	)

Schedule of interest payable

At June 30, 2020	Less than 1 year		Between 1 and 2 years		Between 2 and 3 years		Between 3 and 4 years		More than 4 years		Total
Trade and other payables		2,998,352		85,462		69,386		10,529		175		3,163,904
Borrowings (excluding finance lease liabilities)		14,086,808		2,118,449		27,192,442		64,633		39,956		43,502,288
Leases liabilities		52,536		49,190		51,304		54,317		1,291,751		1,499,098
Derivative financial instruments		81,540		28,324		6,427		-		-		116,291
Total		17,219,236		2,281,425		27,319,559		129,479		1,331,882		48,281,581

At June 30, 2019	Less than 1 year		Between 1 and 2 years		Between 2 and 3 years		Between 3 and 4 years		More than 4 years		Total
Trade and other payables		1,458,760		73,348		3,129		-		201,900		1,737,137
Borrowings (excluding finance lease liabilities)		3,234,603		11,476,345		2,565,294		2,401,673		21,724,793		41,402,708
Finance leases		15,779		5,534		1,236		-		-		22,549
Derivative financial instruments		18,797		11,993		6,327		1,409		-		38,526
Total		4,727,939		11,567,220		2,575,986		2,403,082		21,926,693		43,200,920

Schedule of groups key metrics in relation to managing its capital structure

	06.30.20			06.30.19
Gearing ratio (i)		34.09	%		36.68	%
Debt ratio (ii)		33.11	%		38.71	%

(i) Calculated as total current and non-current borrowings divided by total current and non-current borrowings plus equity.

(ii) Calculated as total current and non-current borrowings divided by total properties at fair value (including trading properties, property, plant and equipment, investment properties and units to be received under barter agreements).

XML

Segment Reporting (Tables)

12 Months Ended

Jun. 30, 2020

Disclosure of operating segments [abstract]

Schedule of comprehensive income of group's business segment

	06.30.20
	Shopping Malls			Offices			Sales and developments			Others			Total segment reporting			Adjustment for expenses and collective promotion funds			Adjustment for share in (profit) / loss of joint ventures			Total as per statement of comprehensive income
Revenues		5,935,263			2,315,157			310,399			62,934			8,623,753			3,109,382			(60,798	)		11,672,337
Operating costs		(566,673	)		(139,280	)		(123,290	)		(87,899	)		(917,142	)		(3,229,797	)		46,417			(4,100,522	)
Gross profit / (loss)		5,368,590			2,175,877			187,109			(24,965	)		7,706,611			(120,415	)		(14,381	)		7,571,815
Net (loss) / gain from fair value adjustments in investment properties		(2,105,233	)		22,871,661			4,759,012			(136,690	)		25,388,750			-			(262,426	)		25,126,324
General and administrative expenses		(829,599	)		(209,793	)		(83,272	)		(108,372	)		(1,231,036	)		-			10,101			(1,220,935	)
Selling expenses		(708,768	)		(74,544	)		(51,897	)		(9,324	)		(844,533	)		-			17,777			(826,756	)
Other operating results, net		(38,247	)		(26,179	)		(5,997	)		64,480			(5,943	)		17,363			16,086			27,506
Profit / (Loss) from operations		1,686,743			24,737,022			4,804,955			(214,871	)		31,013,849			(103,052	)		(232,843	)		30,677,954
Share of profit of associates and joint ventures		-			-			-			2,727			2,727			-			175,183			177,910
Profit / (Loss) before financing and taxation		1,686,743			24,737,022			4,804,955			(212,144	)		31,016,576			(103,052	)		(57,660	)		30,855,864
Investment properties		49,108,814			61,080,809			10,268,978			75,495			120,534,096			-			(3,042,131	)		117,491,965
Property, plant and equipment		225,433			129,224			-			-			354,657			-			(2,047	)		352,610
Trading properties		-			-			188,634			-			188,634			-			-			188,634
Goodwill		10,512			31,074			-			90,151			131,737			-			(41,586	)		90,151
Right to receive units (barters)		-			-			696,799			-			696,799			-			-			696,799
Inventories		39,606			-			-			-			39,606			-			(752	)		38,854
Investments in associates and joint ventures		-			-			-			2,272,396			2,272,396			-			2,363,863			4,636,259
Operating assets		49,384,365			61,241,107			11,154,411			2,438,042			124,217,925			-			(722,653	)		123,495,272

	06.30.19
	Shopping Malls			Offices			Sales and developments			Others			Total segment reporting			Adjustment for expenses and collective promotion funds			Adjustment for share in (profit) / loss of joint ventures			Total as per statement of comprehensive income
Revenues		8,540,619			2,157,692			57,674			167,893			10,923,878			3,709,732			(97,472	)		14,536,138
Operating costs		(776,418	)		(117,581	)		(51,285	)		(142,488	)		(1,087,772	)		(3,854,403	)		57,233			(4,884,942	)
Gross profit / (loss)		7,764,201			2,040,111			6,389			25,405			9,836,106			(144,671	)		(40,239	)		9,651,196
Net (loss) / gain from fair value adjustments in investment properties		(40,580,851	)		699,473			2,341,558			(262,002	)		(37,801,822	)		-			837,570			(36,964,252	)
General and administrative expenses		(945,240	)		(192,371	)		(87,586	)		(106,902	)		(1,332,099	)		-			3,040			(1,329,059	)
Selling expenses		(530,078	)		(87,606	)		(14,092	)		(20,447	)		(652,223	)		-			5,724			(646,499	)
Other operating results, net		(109,534	)		(24,428	)		(61,002	)		(330,839	)		(525,803	)		16,838			7,374			(501,591	)
(Loss) / Profit from operations		(34,401,502	)		2,435,179			2,185,267			(694,785	)		(30,475,841	)		(127,833	)		813,469			(29,790,205	)
Share of profit / (loss) of associates and joint ventures		-			-			-			153,797			153,797			-			(731,750	)		(577,953	)
(Loss) / Profit before financing and taxation		(34,401,502	)		2,435,179			2,185,267			(540,988	)		(30,322,044	)		(127,833	)		81,719			(30,368,158	)
Investment properties		50,105,192			30,517,599			8,163,837			211,033			88,997,661			-			(2,777,673	)		86,219,988
Property, plant and equipment		257,347			272,343			-			-			529,690			-			(54,758	)		474,932
Trading properties		-			-			178,840			-			178,840			-			-			178,840
Goodwill		10,512			31,074			-			90,151			131,737			-			(41,586	)		90,151
Right to receive units (barters)		-			-			128,999			-			128,999			-			-			128,999
Inventories		42,248			-			-			-			42,248			-			(909	)		41,339
Investments in associates and joint ventures		-			-			-			116,261			116,261			-			2,179,781			2,296,042
Operating assets		50,415,299			30,821,016			8,471,676			417,445			90,125,436			-			(695,145	)		89,430,291

	06.30.18
	Shopping Malls			Offices			Sales and developments			Others			Total segment reporting			Adjustment for expenses and collective promotion funds			Adjustment for share in (profit) / loss of joint ventures			Total as per statement of comprehensive income
Revenues		9,749,975			1,236,341			265,125			24,596			11,276,037			4,389,642			(94,724	)		15,570,955
Operating costs		(828,924	)		(133,509	)		(69,362	)		(39,914	)		(1,071,709	)		(4,447,772	)		58,451			(5,461,030	)
Gross profit / (loss)		8,921,051			1,102,832			195,763			(15,318	)		10,204,328			(58,130	)		(36,273	)		10,109,925
Net gain / (loss) from fair value adjustments in investment properties		6,266,223			6,871,408			1,377,741			109,142			14,624,514			-			(1,056,675	)		13,567,839
General and administrative expenses		(853,234	)		(103,167	)		(100,393	)		(50,013	)		(1,106,807	)		-			10,102			(1,096,705	)
Selling expenses		(607,184	)		(116,541	)		(27,353	)		(9,687	)		(760,765	)		-			8,407			(752,358	)
Other operating results, net		(104,556	)		(5,574	)		184,332			37,216			111,418			(7,593	)		3,576			107,401
Profit / (Loss) from operations		13,622,300			7,748,958			1,630,090			71,340			23,072,688			(65,723	)		(1,070,863	)		21,936,102
Share of profit / (loss) of associates and joint ventures		-			-			-			(83,979	)		(83,979	)		-			971,359			887,380
Profit / (Loss) before financing and taxation		13,622,300			7,748,958			1,630,090			(12,639	)		22,988,709			(65,723	)		(99,504	)		22,823,482
Investment properties		89,981,014			27,329,801			5,329,346			371,112			123,011,273			-			(2,493,947	)		120,517,326
Property, plant and equipment		213,658			237,048			-			-			450,706			-			(983	)		449,723
Trading properties		-			-			306,295			-			306,295			-			-			306,295
Goodwill		10,512			31,074			-			274,538			316,124			-			(41,586	)		274,538
Right to receive units (barters)		-			-			129,395			-			129,395			-			-			129,395
Inventories		56,683			-			-			-			56,683			-			(1,356	)		55,327
Investments in associates and joint ventures		-			-			-			611,523			611,523			-			2,853,547			3,465,070
Operating assets		90,261,867			27,597,923			5,765,036			1,257,173			124,881,999			-			315,675			125,197,674

XML

Information about Subsidiaries (Tables)

12 Months Ended

Jun. 30, 2020

Information About Subsidiaries [abstract]

Schedule of subsidiaries

			06.30.20						06.30.19
Name of the entity	Place of business / Country of incorporation	Main activity	% of ownership interest held			% of ownership interest held by non-controlling interests			% of ownership interest held			% of ownership interest held by non-controlling interests
Panamerican Mall S.A.	Argentina	Real estate		80.00	%		20.00	%		80.00	%		20.00	%
Torodur S.A.	Uruguay	Investment		100.00	%		-			100.00	%		-
Arcos del Gourmet S.A.	Argentina	Real estate		90.00	%		10.00	%		90.00	%		10.00	%
Shopping Neuquén S.A.	Argentina	Real estate		99.95	%		0.05	%		99.95	%		0.05	%
Entertainment Holdings S.A.	Argentina	Investment		70.00	%		30.00	%		70.00	%		30.00	%
Emprendimiento Recoleta S.A.	Argentina	Real estate		53.68	%		46.32	%		53.68	%		46.32	%
Entretenimiento Universal S.A.	Argentina	Event organization and others		98.75	%		1.25	%		98.75	%		1.25	%
Fibesa S.A.	Argentina	Mandatory		100.00	%		-			100.00	%		-
Centro de entretenimiento La Plata S.A.	Argentina	Real estate		100.00	%		-			100.00	%		-
La Maltería S.A	Argentina	Real estate		-			100.00	%		100.00	%		-
Pareto S.A	Argentina	Design and software development		69.96	%		30.04	%		69.96	%		30.04	%

Schedule of financial information of subsidiaries

	Current assets		Non- current assets		Current liabilities		Non- current liabilities		Net assets		% of ownership interest held by non- controlling interests			Book value of non- controlling interest		% of ownership interest held by controlling interests			Book amount
06.30.20		464,806		26,131,918		1,287,274		5,884,572		19,424,878		20	%		3,884,975		80	%		15,539,902
06.30.19		894,268		19,820,241		950,060		5,593,408		14,171,041		20	%		2,834,208		80	%		11,336,832

	Revenues		Comprehensive income for the year		Cash from operating activities		Cash from investing activities			Cash from financing activities			Net increase in cash and cash equivalents			Dividends paid to non- controlling interest
06.30.20		2,027,772		5,984,852		1,092,451		(240,902	)		(1,192,318	)		(340,769	)		-
06.30.19		2,213,660		491,630		1,064,156		(712,195	)		(165,054	)		186,907			-

XML

Interests in joint ventures (Tables)

12 Months Ended

Jun. 30, 2020

Interests in joint ventures [abstract]

Schedule of financial information in joint ventures

Quality Invest S.A.

	Current assets		Non- current assets		Current liabilities		Non- current liabilities		Net assets		% of ownership interest held by non- controlling interests			Book value of non- controlling interest		% of ownership interest held by controlling interests		Book amount
06.30.20		4,466		5,524,895		86,899		1,302,250		4,140,212		50	%		2,101,179		31,074		2,101,179
06.30.19		25,410		4,922,191		118,785		1,152,626		3,676,190		50	%		1,869,169		21,742		1,869,169

	Revenues		Comprehensive income / (loss) for the year			Cash from operating activities			Cash from investing activities			Cash from financing activities		Net increase (decrease) in cash and cash equivalents
06.30.20		18,024		369,586			(89,220	)		-			89,220		-
06.30.19		35,542		(1,167,230	)		(124,343	)		(133	)		124,472		(5	)

TGLT S.A.

	Current assets		Non- current assets		Current liabilities		Non- current liabilities		Net assets			% of ownership interest held by non- controlling interests			Book value of associates interest		Book amount
06.30.20		4,597,800		10,552,115		3,915,799		5,230,429		6,003,687			30.2	%		3,944,342		2,059,346
06.30.19		6,384,260		9,771,505		10,293,965		7,916,148		(2,054,348	)		-			-		-

	Revenues		Comprehensive (loss) / income for the year			Cash from operating activities		Cash from investing activities			Cash from financing activities			Net increase (decrease) in cash and cash equivalents
06.30.20		1,959,904		(383,096	)		518,325		(405,704	)		(585,402	)		(472,781	)
06.30.19		5,329,418		220,160			159,704		(999,180	)		(637,271	)		(1,476,747	)

Schedule of groups participation in the comprehensive results

	% of ownership interest held by non-controlling interests									Value of Group's interest in equity				Group's interest in comprehensive income
Name of the entity	06.30.20			06.30.19			06.30.18			06.30.20		06.30.19		06.30.20			06.30.19			06.30.18
Joint ventures
Quality Invest S.A.		50.00	%		50.00	%		50.00	%		2,101,179		1,869,169		184,792			(583,899	)		876,835
Nuevo Puerto Santa Fe S.A.		50.00	%		50.00	%		50.00	%		262,684		310,612		(9,609	)		(147,851	)		94,524
La Rural S.A. (2)		50.00	%		50.00	%		50.00	%		202,809		101,195		101,613			143,963			(43,463	)
Associates
TGLT S.A.(5)(7)		30.20	%		-			-			2,059,346		-		(115,759	)		-			-
Tarshop S.A.		-			-			20.00	%		-		-		-			2,667			(23,018	)
Others associates (3)(4)		-			-			-			10,241		15,066		(4,830	)		7,167			(17,498	)
Total interests in associates and joint ventures											4,636,259		2,296,042		156,207			(577,953	)		887,380

					Last financial statements issued
Name of the entity	Place of business / Country of incorporation	Main activity	Common shares		Share capital (nominal value)		Income / (loss) for the year			Equity
Joint ventures
Quality Invest S.A.	Argentina	Real estate		163,039,244		326,078		369,586			4,140,211
Nuevo Puerto Santa Fe S.A. (1)	Argentina	Real estate		138,750		27,750		(21,465	)		502,097
La Rural S.A.	Argentina	Event organization and others		714,498		1,430		223,884			326,526
Associates
TGLT S.A. (5)(6)	Argentina	Real estate		279,502,813		924,991		(311,273	)		6,003,688

(1) Nominal value per share ARS 100.

(2) Corresponds to profit/ (loss) for the fiscal year ended at June 30, 2020, 2019 and 2018.

(3) Represents other individually non-significant associates.

(4) Includes ARS 323 as of June 30, 2019, in relation to the equity interest in Avenida Compras disclosure in Provisions. (See Note 20)

(5) See Note 4 in these Financial Statements.

(6) Corresponds to loss for the period of six-month ended at June 30, 2020.

(7) Includes ARS (21,703) of other comprehensive loss.

Schedule of group's investments in associates and joint ventures

% of ownership interest held by non-controlling interests									Value of Group's interest in equity					Group's interest in comprehensive income
Name of the entity	06.30.20			06.30.19			06.30.18			06.30.20		06.30.19			06.30.20			06.30.19			06.30.18
Joint ventures
Quality Invest S.A.		50.00	%		50.00	%		50.00	%		2,101,179		1,869,169			184,792			(583,899	)		876,835
Nuevo Puerto Santa Fe S.A.		50.00	%		50.00	%		50.00	%		262,684		310,612			(9,609	)		(147,851	)		94,524
La Rural S.A. (2)		50.00	%		50.00	%		50.00	%		202,809		101,195			101,613			143,963			(43,463	)
Associates
TGLT S.A.(5)(7)		30.20	%		-			-			2,059,346		-			(115,759	)		-			-
Tarshop S.A.		-			-			20.00	%		-		-			-			2,667			(23,018	)
Others associates (3)(4)		-			-			-			10,241		15,066			(4,830	)		7,167			(17,498	)
Total interests in associates and joint ventures											4,636,259		2,296,042			156,207			(577,953	)		887,380

					Last financial statements issued
Name of the entity	Place of business / Country of incorporation	Main activity	Common shares		Share capital (nominal value)		Income / (loss) for the year			Equity
Joint ventures
Quality Invest S.A.	Argentina	Real estate		163,039,244		326,078		369,586			4,140,211
Nuevo Puerto Santa Fe S.A. (1)	Argentina	Real estate		138,750		27,750		(21,465	)		502,097
La Rural S.A.	Argentina	Event organization and others		714,498		1,430		223,884			326,526
Associates
TGLT S.A. (5)(6)	Argentina	Real estate		279,502,813		924,991		(311,273	)		6,003,688

(1) Nominal value per share ARS 100.

(2) Corresponds to profit/ (loss) for the fiscal year ended at June 30, 2020, 2019 and 2018.

(3) Represents other individually non-significant associates.

(4) Includes ARS 323 as of June 30, 2019, in relation to the equity interest in Avenida Compras disclosure in Provisions. (See Note 20)

(5) See Note 4 in these Financial Statements.

(6) Corresponds to loss for the period of six-month ended at June 30, 2020.

(7) Includes ARS (21,703) of other comprehensive loss.

Changes in the Group's investments in associates and joint ventures for the years ended June 30, 2020 and 2019 were as follows:

	06.30.20			06.30.19
Beginning of the year		2,296,042			3,465,070
Adjustments of previous years (IFRS 9)		-			(41,178	)
Profit sharing, net		177,910			(577,953	)
Dividends		(38,319	)		(445,412	)
Other comprehensive loss		(21,703	)		-
Sale of interest in associates (i)		-			(177,137	)
Acquisition of interest in associates (i)(Note 30)		2,175,110			-
Irrevocable contributions (Note 30)		47,219			72,652
End of the year (4)		4,636,259			2,296,042

(i) See Note 4.

XML

Investment properties (Tables)

12 Months Ended

Jun. 30, 2020

Disclosure of detailed information about investment property [abstract]

Schedule of investment properties

	Shopping Malls			Office and Other rental properties			Undeveloped parcels of land			Properties under development			Others (*)
Fair value hierarchy	3			2			2			2			3			Total
Fair value as of 06.30.18		88,601,809			21,409,968			5,329,346			4,805,091			371,112			120,517,326
Additions		339,779			92,637			492,933			1,537,322			27,720			2,490,391
Capitalization of financial costs (Note 28)		-			-			-			96,324			-			96,324
Capitalized lease costs		4,059			11,598			-			-			-			15,657
Depreciation of capitalized lease costs (i)		(4,241	)		(8,480	)		-			-			-			(12,721	)
Transfers		519,984			7,693,719			-			(8,210,643	)		74,203			77,263
Net (loss) / gain from fair value adjustment on investment properties		(40,686,891	)		(1,337,276	)		2,341,558			2,980,359			(262,002	)		(36,964,252	)
Fair value as of 06.30.19		48,774,499			27,862,166			8,163,837			1,208,453			211,033			86,219,988
Additions (iv)		497,928			7,760,651			1,952			732,116			1,152			8,993,799
Disposals (ii)		-			(1,165,015	)		(389,084	)		(182,712	)		-			(1,736,811	)
Transfers (iii)		43,398			660,692			-			(127,500	)		-			576,590
Capitalization of financial costs (Note 28)		-			-			-			385			-			385
Capitalized lease costs		15,913			4,325			-			-			-			20,238
Depreciation of capitalized lease costs (i)		(8,648	)		(6,167	)		-			-			-			(14,815	)
Decrease due to loss of control		-			-			(1,693,733	)		-			-			(1,693,733	)
Net gain from fair value adjustment on investment properties		(2,352,539	)		23,145,520			4,186,006			284,027			(136,690	)		25,126,324
Fair value as of 06.30.20		46,970,551			58,262,172			10,268,978			1,914,769			75,495			117,491,965

(i) As of June 30, 2020 and 2019 depreciation charges were included in "Costs" in the amount of ARS 14,815 and ARS 12,721, respectively, in the Statement of Comprehensive Income (Note 26).

(ii) Barter disposal of "Land Plot 1" of Caballito Ferro Land included in Undeveloped parcels of land and disposal for the sale of two floors of "200 Della Paolera" included in Office and other rental properties.(See Note 4).

(iii) It includes the transfer of Astor Berutti in Shopping Malls and the transfer of 22nd y 23rd floor of Intercontinenal Building in Office and other rental properties. This last transfer generated the revaluation surplus (See Note 17).

(iv) It Includes acquisition of "200 Della Paolera" in Office and other rental properties.

(*) Corresponds to the DirectTV Arena Stadium - OFC S.R.L - Ogden Argentina S.A - Entretenimiento Universal S.A. - Transitory Union.

Schedule of fair value measurements of investment properties

Property type	Valuation technique	Discount rate			Growth rate
Shopping Malls	Discounted cash flow		12.18	%		2.3	%

Property type	Valuation technique	Discount rate			Growth rate
Shopping Malls	Discounted cash flow		12.10	%		3	%

Schedule of sensitivity of unobservable assumptions

	Discount rate + 1%			Discount rate -1%		Growth rate + 1 %		Growth rate - 1 %			Inflation + 10% (1)		Inflation  - 10% (2)			Devaluation rate + 10% (3)			Devaluation rate - 10% (4)
2020		(4,252	)		5,207		2,027		(1,655	)		8,852		(7,282	)		(4,115	)		5,030
2019		(3,266	)		4,073		1,536		(1,232	)		2,860		(2,618	)		(3,035	)		3,709

(1) assume a 10% higher inflation rate for each period vis-a-vis projected rates.

(2) assume a 10% lower inflation rate for each period vis-a-vis projected rates.

(3) assume a 10% higher exchange rate for each period vis-a-vis projected rates.

(4) assume a 10% lower exchange rate for each period vis-a-vis projected rates.

Schedule of amounts have been recognized in the statements of comprehensive income

	06.30.20		06.30.19			06.30.18
Revenues from rental and services (Note 25)		8,255,456		10,802,312			10,922,095
Expenses and collective promotion fund (Note 25)		3,109,382		3,709,732			4,389,642
Rental and services costs (Note 26)		3,975,514		4,826,611			5,351,754
Net unrealized gain / (loss) from fair value adjustment on investment properties		24,460,451		(36,964,252	)		13,560,751
Net realized gain from fair value adjustment on investment properties (i)(ii)		1,133,425		-			23,016

(i) As of June 30, 2020 it includes ARS 3,844.- and ARS 359,939.- for the monetary and non-monetary benefit, respectively, corresponding to the barter transaction of the Caballito Ferro land, ARS 573,006 for the sale of floors 10th and 11th of the office building "200 Della Paolera", and ARS 196,636 for the deconsolidation of La Malteria SA. As of June 30, 2018, it includes ARS 23,016 correspond to the sale 2nd floor of the Intercontinental Building.

(ii) As of June 30, 2020, ARS 665,873 corresponds to net realized gain from fair value on investment properties for the year (ARS 92,867 for the Caballito Ferro land and ARS 573,006 for the "200 Della Paolera" building) and ARS 467,552 net realized gain from fair value on investment properties in previous years (ARS 270,916 attributable to the Caballito Ferro land and ARS 196,636 to the deconsolidation of La Maltería SA). As of June 30, 2018, ARS 7,088 corresponds to net realized gain from fair value on investment properties for the year and ARS 15,928 net realized gain from fair value on investment properties in previous years.

Schedule of net book value of mortgaged properties

	06.30.20		06.30.19
Córdoba Shopping (i)		1,266,128		1,312,510
Total		1,266,128		1,312,510

(i) A portion of the Córdoba Shopping mall property is encumbered with an antichresis right as collateral for an advance rent received from NAI International II Inc. amounting to ARS 113.5 million and ARS 117.6 million, as of June 30, 2020 and 2019, respectively, (included in "Trade and other payables" in the statement of financial position).

XML

Property, Plant and Equipment (Tables)

12 Months Ended

Jun. 30, 2020

Property, plant and equipment [abstract]

Schedule of property, plant and equipment

	Other buildings and facilities			Furniture and fixtures			Machinery and equipment			Vehicles			Others		Total
As of June 30, 2018
Costs		466,951			221,800			1,391,729			19,567			832		2,100,879
Accumulated depreciation		(229,947	)		(169,558	)		(1,235,874	)		(15,777	)		-		(1,651,156	)
Net book amount as of 06.30.18		237,004			52,242			155,855			3,790			832		449,723
Additions		-			49,898			45,917			-			-		95,815
Disposals		-			(584	)		(1,240	)		-			-		(1,824	)
Transfers		-			1,784			18,483			-			-		20,267
Depreciation charges (i)		(17,061	)		(12,421	)		(57,086	)		(3,065	)		-		(89,633	)
Revaluation results		-			454			130			-			-		584
As of June 30, 2019		219,943			91,373			162,059			725			832		474,932
Costs		466,951			273,352			1,455,019			19,567			832		2,215,721
Accumulated depreciation		(247,008	)		(181,979	)		(1,292,960	)		(18,842	)		-		(1,740,789	)
Net book amount as of 06.30.19		219,943			91,373			162,059			725			832		474,932
Additions		92,030			18,766			48,413			-			-		159,209
Disposals		-			(2,122	)		(4,964	)		-			-		(7,086	)
Transfers		(168,578	)		-			(14,244	)		-			-		(182,822	)
Depreciation charges (i)		(15,191	)		(14,790	)		(60,362	)		(561	)		-		(90,904	)
Revaluation results		-			(136	)		(583	)		-			-		(719	)
As of June 30, 2020		128,204			93,091			130,319			164			832		352,610
Costs		390,403			289,860			1,483,641			19,567			832		2,184,303
Accumulated depreciation		(262,199	)		(196,769	)		(1,353,322	)		(19,403	)		-		(1,831,693	)
Net book amount as of 06.30.20		128,204			93,091			130,319			164			832		352,610

(i) As of June 30, 2020 and 2019, depreciation charges were charged to "Costs" in the amount of ARS 74,999 and ARS 71,595, respectively, to "General and administrative expenses" in the amount of ARS 15,854 and ARS 17,388, respectively and to "Selling expenses" in the amount of ARS 51 and ARS 650, respectively, in the Statements of Comprehensive Income (Note 26).

XML

Trading Properties (Tables)

12 Months Ended

Jun. 30, 2020

Trading properties [abstract]

Schedule of trading properties

	Completed properties			Undeveloped sites			Total
As of June 30, 2018		2,477			303,818			306,295
Additions		-			15,977			15,977
Disposals (i)		(1,255	)		-			(1,255	)
Transfers		1,156			(97,529	)		(96,373	)
Impairment (Note 27)		-			(45,804	)		(45,804	)
As of June 30, 2019		2,378			176,462			178,840
Additions		-			15,263			15,263
Disposals (i)		(68	)		(18,937	)		(19,005	)
Transfers		13,536			-			13,536
As of June 30, 2020		15,846			172,788			188,634

	Net book amount
Description	06.30.20		06.30.19		Date of acquisition
Undeveloped sites:
Air space Coto		34,386		52,926	Sep-97
Plot of land Córdoba		58,749		43,883	May-15
Residencial project Neuquén		79,655		79,655	May-06
Total undeveloped sites		172,790		176,464
Completed properties:
Condominios II		2,308		2,376	Nov-13
Beruti parking		13,536		-	Feb-20
Total completed properties		15,844		2,376
Total trading properties		188,634		178,840
Non-current		181,866		177,254
Current		6,768		1,586
Total		188,634		178,840

(i) As of June 30, 2020 and 2019 the sales properties costs were charged to "Costs" in the Statements of Comprehensive Income. (Note 26)

XML

Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2020

Intangible assets [abstract]

Schedule of intangible assets

	Goodwill			Software			Right to receive units (Barters) (ii)			Others			Total
As of June 30, 2018
Costs		274,544			234,798			129,395			335,739			974,476
Accumulated depreciation		-			(68,206	)		-			(234,729	)		(302,935	)
Net book amount as of 06.30.18		274,544			166,592			129,395			101,010			671,541
Additions		-			185,115			760			-			185,875
Transfers		-			-			(1,156	)		-			(1,156	)
Impairment (iii)		(184,393	)		-			-			-			(184,393	)
Amortization charge (i)		-			(75,219	)		-			(16,702	)		(91,921	)
As of June 30, 2019		90,151			276,488			128,999			84,308			579,946
Costs		90,151			419,913			128,999			335,739			974,802
Accumulated depreciation		-			(143,425	)		-			(251,431	)		(394,856	)
Net book amount as of 06.30.19		90,151			276,488			128,999			84,308			579,946
Additions		-			20,743			631,845			-			652,588
Disposals		-			(4,649	)		-			-			(4,649	)
Transfers		-			-			(64,045	)		-			(64,045	)
Amortization charge (i)		-			(141,335	)		-			(4,772	)		(146,107	)
As of June 30, 2020		90,151			151,247			696,799			79,536			1,017,733
Costs		90,151			436,007			696,799			335,739			1,558,696
Accumulated depreciation		-			(284,760	)		-			(256,203	)		(540,963	)
Net book amount as of 06.30.20		90,151			151,247			696,799			79,536			1,017,733

(i) As of June 30, 2020 and 2019, depreciation charges were charged to "Costs" in the amount of ARS 65,020 and ARS 38,272, respectively, to "General and administrative expenses" in the amount of ARS 79,951 and ARS 52,487, respectively and to "Selling expenses" in the amount of ARS 1,136 and ARS 1,162, respectively, in the Statements of Comprehensive Income (Note 26).

(ii) Corresponds to in kind receivables representing the right to receive residential apartments in the future under barter transactions (Note 33).

(iii) Corresponds to impaired goodwill of La Arena S.A..

XML

Rights of Use Assets (Tables)

12 Months Ended

Jun. 30, 2020

Rights of use assets [abstract]

Schedule of composition of the Group's rights of use assets

	06.30.20
Convention center		146,228
Stadium DirecTV Arena		409,901
Machinery and equipment		12,617
Shopping malls		7,600
Total rights of use assets		576,346
Non-current		576,346
Total		576,346

Schedule of charges to income related to rights of use assets

	06.30.20
Convention center		(11,938	)
Stadium DirecTV Arena		(19,065	)
Machinery and equipment		(8,737	)
Shopping malls		(436	)
Total depreciation of rights of use (i)		(40,176	)

(i) As of June 30, 2020 depreciation charges were charged to "Costs" in the amount of ARS 34,746 and to "General and administrative expenses" in the amount of ARS 5,430 (Note 26).

Schedule of changes in rights of use assets

	06.30.20
Beginning of the year		-
Additions (ii)		458,357
Transfers		158,165
Depreciation charge		(40,176	)
End of the year		576,346

(ii) See Note 2.2

Schedule of average discount rate and the term of the recognized lease liability

Discount rate			Maturity
	10.61	%	12/1/2033
	10.61	%	12/1/2041

XML

Financial Instruments by Category (Tables)

12 Months Ended

Jun. 30, 2020

Financial instruments by category [abstract]

Schedule of financial assets and financial liabilities

	Financial assets at amortized cost (i)		Financial assets at fair value through profit or loss				Subtotal financial assets		Non- financial assets		Total
June 30, 2020			Level 1		Level 2
Assets as per Statement of Financial Position
Trade and other receivables (excluding allowance for doubtful accounts) (Note 15)		8,049,234		-		-		8,049,234		1,542,514		9,591,748
Investments in financial assets:
- Public companies' securities		-		210,757		-		210,757		-		210,757
- Mutual funds		-		61,697		809,688		871,385		-		871,385
- Bonds		-		5,186,235		-		5,186,235		-		5,186,235
Derivative financial instruments
- Foreing-currency future contracts		-		-		6,436		6,436		-		6,436
Cash and cash equivalents:
- Cash at banks and on hand		2,782,946		-		-		2,782,946		-		2,782,946
- Short- term investments		63,999		1,779,664		-		1,843,663		-		1,843,663
Total		10,896,179		7,238,353		816,124		18,950,656		1,542,514		20,493,170

	Financial liabilities at amortized cost (i)		Financial liabilities at fair value through profit or loss		Subtotal financial liabilities		Non- financial liabilities		Total
			Level 2
Liabilities as per Statement of Financial Position
Trade and other payables (Note 18)		1,202,599		-		1,202,599		3,596,984		4,799,583
Derivative financial instruments
- Futures contracts		-		21,320		21,320		-		21,320
- Swaps of interest rate (ii)		-		94,970		94,970		-		94,970
Borrowings (Note 19)		39,079,556		-		39,079,556		-		39,079,556
Total		40,282,155		116,290		40,398,445		3,596,984		43,995,429

Financial assets and financial liabilities as of June 30, 2019 were as follows:

	Financial assets at amortized cost (i)		Financial assets at fair value through profit or loss						Subtotal financial assets		Non- financial assets		Total
June 30, 2019			Level 1		Level 2		Level 3
Assets as per Statement of Financial Position
Trade and other receivables (excluding allowance for doubtful accounts) (Note 15)		3,634,828		-		-		-		3,634,828		7,184,117		10,818,945
Investments in financial assets:
- Public companies' securities		-		559,079		-		-		559,079		-		559,079
- Mutual funds		-		2,076,080		623,258		-		2,699,338		-		2,699,338
- Bonds		-		5,098,116		-		965,942		6,064,058		-		6,064,058
Derivative financial instruments
- Foreing-currency future contracts		-		-		8,022		-		8,022		-		8,022
Cash and cash equivalents:
- Cash at banks and on hand		4,339,395		-		-		-		4,339,395		-		4,339,395
- Short- term investments		-		1,661,919		-		-		1,661,919		-		1,661,919
Total		7,974,223		9,395,194		631,280		965,942		18,966,639		7,184,117		26,150,756

	Financial liabilities at amortized cost (i)		Financial liabilities at fair value through profit or loss		Subtotal financial liabilities		Non- financial liabilities		Total
			Level 2
Liabilities as per Statement of Financial Position
Trade and other payables (Note 18)		1,373,077		-		1,373,077		3,449,628		4,822,705
Derivative financial instruments
- Futures contracts		-		573		573		-		573
- Swaps of interest rate (ii)		-		38,525		38,525		-		38,525
Borrowings (excluding finance leases liabilities) (Note 19)		33,609,501		-		33,609,501		-		33,609,501
Total		34,982,578		39,098		35,021,676		3,449,628		38,471,304

(i) The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value.

(ii) The maturity date is February 16, 2023 and it is associated with the loan obtained through its subsidiary, Panameriacan Mall S.A, with the purpose of paying for the work that is being carried out at the Polo Dot (Note 19).

Schedule of book value of financial instruments recognized

	06.30.20								06.30.19
	Gross amounts recognized			Gross amounts offset					Gross amounts recognized			Gross amounts offset			Net amount presented
Financial assets
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables)		8,486,586			(437,352	)	8,049,234			3,817,935			(183,107	)		3,634,828
Financial liabilities
Trade and other payables		(1,639,951	)		437,352		(1,202,599	)		(1,556,182	)		183,105			(1,373,077	)

Schedule of derivative financial instrument

	Financial assets / (liabilities) at amortized cost			Financial assets / (liabilities) at fair value through profit or loss			Total
June 30, 2020
Interest income		769,116			-			769,116
Interest expense		(3,271,208	)		-			(3,271,208	)
Foreign exchange, net		(4,669,704	)		-			(4,669,704	)
Other finance costs		(222,039	)		-			(222,039	)
Gain from repurchase of non-convertible notes		92,782			-			92,782
Fair value gains of financial assets through profit or loss		-			124,101			124,101
Interest generated by operating credits		60,792			-			60,792
Loss from derivative financial instruments		-			(176,862	)		(176,862	)
Net loss		(7,240,261	)		(52,761	)		(7,293,022	)

	Financial assets / (liabilities) at amortized cost			Financial assets / (liabilities) at fair value through profit or loss		Total
June 30, 2019
Interest income		117,826			-		117,826
Dividend income		-			-		-
Interest expense		(2,928,593	)		-		(2,928,593	)
Foreign exchange, net		84,278			-		84,278
Other finance costs		(263,328	)		-		(263,328	)
Gain from repurchase of non-convertible notes		6,517			-		6,517
Fair value gains of financial assets through profit or loss		-			1,034,711		1,034,711
Interest generated by operating credits		78,176			-		78,176
Gain from derivative financial instruments		-			556,592		556,592
Net (loss) / income		(2,905,124	)		1,591,303		(1,313,821	)

	Financial assets / (liabilities) at amortized cost			Financial assets / (liabilities) at fair value through profit or loss		Total
June 30, 2018
Interest income		408,998			-		408,998
Dividend income		82,837			-		82,837
Interest expense		(2,140,484	)		-		(2,140,484	)
Foreign exchange, net		(8,319,791	)		-		(8,319,791	)
Other finance costs		(277,736	)		-		(277,736	)
Fair value gains of financial assets through profit or loss		-			1,731,404		1,731,404
Interest generated by operating credits		10,846			-		10,846
Gain from derivative financial instruments		-			550,573		550,573
Net (loss) / income		(10,235,330	)		2,281,977		(7,953,353	)

Schedule of range of valuation models for the measurement of Level 2 and Level 3 instruments

Description	Pricing model	Parameters	Fair value hierarchy	Range
Foreign-currency contracts	Present value method - Theoretical price	Underlying asset price (Money market curve); Interest curve	Level 2	-
Foreign-currency contracts	Present value method - Theoretical price	Foreign exchange curve
Swaps of interest rate	Discounted cash flow	Interest rate futures	Level 2	-
Investments in financial assets	NAV - Theoretical price	Value is determinated based on the company´s shares in equity funds based on its Financial Statements, which are based on fair value, or evaluations of its investment.	Level 2	-
TGLT Convertible Notes		Underlying asset price (Market price) - share price volatility and market Interest rate	Level 3	Underlying asset price 10 to 13, share price volatility 55% to 75%, market interest-rate 8% to 9%
TGLT Convertible Notes	Black& Scholes - Thoretical price

XML

Trade and Other Receivables (Tables)

12 Months Ended

Jun. 30, 2020

Trade and other receivables [abstract]

Schedule of trade and other receivables

	06.30.20			06.30.19
Lease and services receivables		1,165,823			1,404,710
Post-dated checks		301,234			884,663
Averaging of scheduled rent escalation		657,302			762,145
Debtors under legal proceedings		402,353			324,892
Property sales receivables		16,263			43,020
Consumer financing receivables		16,441			23,498
Less: allowance for doubtful accounts		(618,273	)		(382,220	)
Total trade receivables		1,941,143			3,060,708
Loans		1,056,340			68,582
Advance payments		509,590			603,604
Others (*)		221,065			209,407
Prepayments		220,155			233,975
Other tax receivables		155,467			174,918
Expenses to be recovered		41,141			19,883
Guarantee deposit		1,970			1,835
Less: allowance for doubtful accounts		(165	)		(236	)
Total other receivables		2,205,563			1,311,968
Related parties (Note 30)		4,826,604			6,063,813
Total trade and other receivables		8,973,310			10,436,489
Non-current		5,093,549			696,656
Current		3,879,761			9,739,833
Total		8,973,310			10,436,489

(*) Includes ARS 181,744 and ARS 183,675 at June 30 of 2020 and 2019 respectively, of agreement for assumption of debt with the State Assets Administration Office, or AABE in Spanish. (Note 19)

Schedule of allowance for doubtful accounts

	06.30.20			06.30.19
Beginning of the year		382,456			447,096
Additions		324,219			160,838
Unused amounts reversed		(19,705	)		(52,140	)
Used during the year		(2,533	)		(8,208	)
Inflation adjustment		(65,999	)		(165,130	)
End of the year		618,438			382,456

Schedule of an aging analysis of past due unimpaired and impaired receivables

Type of receivables	Up to 3 months		3 to 6 months		Over 6 months		Non past due		Impaired		Total
Shopping mall lease and services receivables		213,749		53,539		74,483		1,549,129		601,832		2,492,732
Office leases and services receivables		2,600		-		80		31,300		-		33,980
Consumer financing receivables		-		-		-		-		16,441		16,441
Property sales receivables		5,421		5,421		5,421		-		-		16,263
Total as of June 30, 2020		221,770		58,960		79,984		1,580,429		618,273		2,559,416
Shopping mall leases and services receivables		182,028		59,050		57,101		2,655,087		358,722		3,311,988
Office leases and services receivables		1,731		-		1,831		60,860		-		64,422
Consumer financing receivables		-		-		-		-		23,498		23,498
Property sales receivables		14,342		14,339		14,339		-		-		43,020
Total as of June 30, 2019		198,101		73,389		73,271		2,715,947		382,220		3,442,928

XML

Cash Flow and Cash Equivalent Information (Tables)

12 Months Ended

Jun. 30, 2020

Cash Flow and Cash Equivalents [Abstract]

Schedule of cash flows generated

	Note	06.30.20			06.30.19			06.30.18
Net profit / (loss) for the year			18,153,260			(25,922,964	)		20,348,486
Adjustments:
Income tax	21		5,373,999			(6,138,041	)		(6,534,323	)
Amortization and depreciation	26		292,002			194,275			168,684
Impaired trading properties	27		-			45,804			-
Impaired goodwill	27		-			184,393			-
Loss on sale of associates and joint ventures			-			171,689			-
Net gain / (loss) from fair value adjustment on investment properties	9		(25,126,324	)		36,964,252			(13,567,839	)
Gain from disposal of trading properties			(254,511	)		(22,839	)		(216,248	)
Disposals by concession maturity			7,086			1,045			16,916
Averaging of schedule rent escalation	25		(162,635	)		(379,515	)		(90,262	)
Directors' fees	30		126,417			189,859			149,254
Financial results, net			6,915,458			864,848			8,027,131
Provisions and allowances			356,812			173,896			244,245
Share of profit of associates and joint ventures	8		(177,910	)		577,953			(887,380	)
Right to receive units due to non-compliance			-			-			(18,057	)
Changes in operating assets and liabilities
Decrease / (Increase) in inventories			2,485			14,185			(6,422	)
Decrease / (Increase) in trade and other receivables			1,015,767			355,265			(549,697	)
(Decrease) / Increase in trade and other payables			(1,291,692	)		(1,265,333	)		1,173,129
(Decrease) / Increase in payroll and social security liabilities			(125,520	)		(99,046	)		61,067
Uses of provisions	20		(50,964	)		(75,223	)		(113,156	)
(Increase) / Decrease in trading properties			(15,263	)		7,103			252,639
Net cash generated by operating activities before income tax paid			5,038,467			5,841,606			8,458,167

Schedule of detail of significant non-cash transactions

	06.30.20		06.30.19		06.30.18
Non-cash transactions
Decrease in intangible assets through an increase in trading properties		13,536		1,156		40,597
Decrease in trading properties through an increase in investment properties		-		97,529		-
Increase in investment properties through an increase in borrowings		385		96,324		37,293
Increase in properties plant and equipment through an increase in borrowings		-		6,407		20,045
Increase in properties plant and equipment through a decrease in investment properties		-		20,267		17,578
Increase in trade and other receivables through a decrease in investment in associates and joint ventures (dividends)		-		430,458		15,932
Decrease in trade and other receivables through an increase in investment in associates and joint ventures		-		8,385		8,474
Decrease in associates and joint ventures through a decrease in borrowings (dividends)		-		8,407		8,817
Decrease in associates and joint ventures through a decrease in equity		-		41,178		-
Increase in intangible assets through an increase in trade and other payables		-		-		85,126
Increase in investment properties through an increase in trade and other payables		1,153,243		-		295,497
Increase in investment in associates and joint ventures through a decrease in provisions		-		-		352
Decrease in investment properties through a decrease in trade and other payables		-		-		3,479
Increase in trade and other receivables through an increase in borrowings		-		-		156
Currency translation adjustment in associates		21,703		-		-
Decrease in trading properties through an increase in intangible assets		246,929		-		-
Increase in investment properties through a decrease in properties plant and equipment		168,265		-		-
Decrease in investment properties through an increase in intangible assets		371,470		-		-
Increase in investment in financial assets through a decrease in trade and other receivables		703,113		-		-
Decrease in equity through an increase in borrowings (dividends)		54,921		-		-
Increase in rights of use assets through a decrease in properties plant and equipment		21,355		-		-
Increase in financial assets through a decrease in investment in associates and joint ventures (dividends)		28,518		-		-
Increase in investment in associates and joint ventures through a decrease in investment in financial assets		854,309		-		-
Decrease in equity through an increase in trade and other payables		709		-		-
Decrease in intangible assets through an increase in trade and other payables		4,649		-		-
Increase in investment properties through a decrease in trade and other receivables		5,409,479		-		-
Increase in investment properties through an increase in equity		273,460		-		-
Increase in investment properties through an increase in tax credits and debts		91,154		-		-
Increase in financial assets through a decrease in investment properties		1,188,284		-		-
Increase in investment properties through a decrease in intangible assets		50,509		-		-
Increase in leases liabilities through a decrease in borrowings		7,031		-		-
Decrease in investment properties through an increase in properties plant and equipment		6,798		-		-

An increase in investment in associates through a decrease due to loss of control in subsidiaries (i)

	06.30.20
Investment properties		1,693,733
Income tax and minimum presumed income tax credits		2,248
Trade and other receivables		63,918
Deferred income tax liabilities		(359,292	)
Trade and other payables		(77,558	)
Income tax and minimum presumed income tax liabilities		(2,248	)
Decrease due to loss of control		1,320,801

(i) Corresponds to the desconsolidation of La Maltería S.A.

Balances incorporated as result of business combination (*)

	06.30.18
Trade and other receivables		(80,816	)
Income tax and minimum presumed income tax credits		(236	)
Investment properties		(261,971	)
Property, plant and equipment		(469	)
Salaries and social security costs		5,598
Deferred income tax		32,965
Income tax and minimum presumed income tax liabilities		2,961
Trade and other payables		244,943
Provisions		1,003
Total net non-cash assets acquired		(56,022	)
Goodwill		(184,393	)
Non-controlling interest		16,742
Total net assets acquired		(223,673	)
Financed amount		85,126
Inflation adjustment		23,811
Acquisition of subsidiaries, net of cash acquired		(114,736	)

(*) Corresponds to the incorporation of La Arena S.A..

XML

Shareholder's Equity (Tables)

12 Months Ended

Jun. 30, 2020

Shareholders equity [abstract]

Schedule of capital stock

		Approved by
Status	Par Value	Body	Date	Date of record with the Public Registry of Commerce
Subscribed, Issued and Paid up	1	Extraordinary Shareholders' Meeting	10.29.87	12.29.87
Subscribed, Issued and Paid up	1	Extraordinary Shareholders' Meeting	10.26.88	12.29.88
Subscribed, Issued and Paid up	38	Extraordinary Shareholders' Meeting	10.25.89	02.05.90
Subscribed, Issued and Paid up	9,460	Ordinary and Extraordinary Shareholders' meeting	08.31.95	03.15.96
Subscribed, Issued and Paid up	16,000	Ordinary and Extraordinary Shareholders' meeting	10.29.96	05.15.98
Subscribed, Issued and Paid up	38,000	Ordinary and Extraordinary Shareholders' meeting	03.10.98	10.21.99
Subscribed, Issued and Paid up	6,500	Ordinary and Extraordinary Shareholders' meeting	08.06.99	05.07.02
Subscribed, Issued and Paid up	8,206	(*) Board of Directors meeting	06.28.04	05.04.05
Subscribed, Issued and Paid up	47,755	(**) Board of Directors meeting	11.16.10	03.02.11
Subscribed, Issued and Paid up	28	(***) Board of Directors meeting	09.22.11	01.04.12
Subscribed, Issued and Paid up	25	(****) Board of Directors meeting	03.13.13	01.16.15
	126,014

(*) Capital subscribed in connection with the conversion of convertible notes made until August 2006. Such conversions have been registered.

(**) Capital subscribed in connection with the conversion of convertible notes made on October 7, 2010.

(***) Capital subscribed in connection with the conversion of convertible notes made on September 21, 2011.

(****) Capital subscribed in connection with the conversion of convertible notes made on March 13, 2013.

XML

Trade and Other Payables (Tables)

12 Months Ended

Jun. 30, 2020

Trade and other payables [abstract]

Schedule of trade and other payables

	06.30.20		06.30.19
Rent and service payments received in advance		1,246,676		1,097,775
Admission rights		1,017,114		1,438,219
Accrued invoices		261,767		432,796
Trade payables		295,302		218,252
Tenant deposits		99,946		109,373
Payments received in advance		31,359		68,716
Total trade payables		2,952,164		3,365,131
Tax payable		116,524		358,757
Others		157,337		180,271
Other payments received in advance to be accrued		70,134		78,633
Tax payment plans		7,884		407,528
Dividends		-		179
Total other payables		351,879		1,025,368
Related parties (Note 30)		1,495,540		432,206
Total trade and other payables		4,799,583		4,822,705
Non-current		1,238,572		1,229,156
Current		3,561,011		3,593,549
Total		4,799,583		4,822,705

XML

Borrowings (Tables)

12 Months Ended

Jun. 30, 2020

Borrowings [abstract]

Schedule of borrowings

	Book Value at 06.30.20		Book Value at 06.30.19		Fair Value at 06.30.20		Fair Value at 06.30.19
Non-Convertible notes		34,965,126		30,563,397		26,100,131		30,419,944
Bank loans		2,422,845		2,453,670		2,292,321		2,229,691
Bank overdrafts		1,399,190		314,669		1,399,190		314,669
AABE Debts		181,744		183,675		181,744		183,675
Loans with non-controlling interests		110,651		94,090		110,651		94,090
Finance leases		-		21,730		-		21,730
Total borrowings		39,079,556		33,631,231		30,084,037		33,263,799
Non-current		26,579,396		31,831,168
Current		12,500,160		1,800,063
Total		39,079,556		33,631,231

Schedule of maturity of the Group's borrowings

	06.30.20		06.30.19
Capital
Less than one year		11,629,111		1,051,896
Between 1 and 2 years		754,688		9,323,478
Between 2 and 3 years		25,825,888		653,578
Between 3 and 4 years		64,633		21,900,972
More than 4 years		39,956		-
		38,314,276		32,929,924
Accrued interest:
Less than one year		742,418		549,470
Between 1 and 2 years		-		130,107
Between 3 and 4 years		22,862		-
		765,280		679,577
		39,079,556		33,609,501

Schedule of borrowings evolution

	06.30.20			06.30.19			06.30.18
Balances at the beginning of the year		33,631,231			34,838,174			13,714,485
Borrowings obtained		10,292,732			3,338,776			1,795,897
Payment of borrowings		(10,620,056	)		(2,992,941	)		(190,083	)
Interest paid		(3,015,702	)		(2,893,591	)		(1,875,222	)
Accrued interest		2,772,749			3,001,913			2,136,977
Foreign exchange		5,683,954			(2,028,141	)		14,800,680
Short terms loans, net		1,288,810			353,581			(50,692	)
Repurchase of non-convertible notes		(600,306	)		(80,546	)		-
Issuance of non-convertible notes		-			-			6,588,262
Others		(7,840	)		25,149			35,914
Inflation adjustment		(346,401	)		(27,467	)		(2,155,337	)
Capitalization of financial costs		385			96,324			37,293
Balances at the end of the year		39,079,556			33,631,231			34,838,174

Schedule of non-current borrowings at fixed rates

	06.30.20		06.30.19
NCN Class II due 2023		18,915,962		22,110,412
NCN Class IV due 2020		7,602,883		8,309,532
Bank loans		2,292,321		2,229,691
		28,811,166		32,649,635

Schedule of breakdown the borrowings by fixed and floating rate

Borrowings by currency and rate	06.30.20		06.30.19
Fixed rate:
Argentine Peso		1,357,174		214,310
US Dollar		35,056,859		30,757,845
Subtotal borrowings at fixed rate		36,414,033		30,972,155
Floating rate:
Argentine Peso		517,241		498,800
US Dollar		2,148,282		2,138,546
Subtotal borrowings at floating rate		2,665,523		2,637,346
Total borrowings		39,079,556		33,609,501
Financial leasing		-		21,730
Total borrowings in accordance with financial statement		39,079,556		33,631,231

XML

Provisions (Tables)

12 Months Ended

Jun. 30, 2020

Provisions [abstract]

Schedule of provisions

Labor, legal and other claims			Investments in associates (*)			06.30.20			06.30.19
Balances at the beginning of the year	113,867			323			114,190			124,701
Inflation adjustment	(42,918	)		-			(42,918	)		(50,349	)
Increases (i)	89,137			-			89,137			86,906
Recovery (i)	(36,839	)		-			(36,839	)		(21,707	)
Used during the year	(8,046	)		-			(8,046	)		(25,222	)
Others (*)	-			(323	)		(323	)		(139	)
Balances at the end of the year	115,201			-			115,201			114,190
Non-current							72,184			62,713
Current							43,017			51,477
Total							115,201			114,190

(*) Corresponds to investments in associates with negative equity. (Note 8)

(i) The charge to increase and recovery provisions has been charged within the line "Other operating results, net", in the Statement of Comprehensive Income (Note 27).

XML

Current and Deferred Income Tax (Tables)

12 Months Ended

Jun. 30, 2020

Current and Deferred Income Tax [Abstract]

Schedule of income tax

	06.30.20			06.30.19			06.30.18
Current income tax		(24,441	)		(131,359	)		(448,599	)
Special tax for tax revaluation		-			(394,898	)		-
Deferred income tax		(5,348,343	)		6,664,298			6,982,922
Minimum presumed income tax		(1,215	)		-			-
Income tax - (Loss) / Gain		(5,373,999	)		6,138,041			6,534,323

Schedule of statutory taxes rates

Tax jurisdiction	Income tax rate			Fiscal year
Argentina	25% and 30		%	2020 and 2019
Argentina		35	%		2018
Uruguay		0	%		-

Schedule of deferred tax assets and liabilities

	06.30.20			06.30.19
Deferred income tax asset to be recovered after more than 12 months		2,953,241			625,265
Deferred income tax asset to be recovered within 12 months		731,332			1,889,431
Deferred income tax asset		3,684,573			2,514,696
Deferred income tax liabilities to be recovered after more than 12 months		(26,356,656	)		(5,036,780	)
Deferred income tax liabilities to be recovered within 12 months		(1,086,624	)		(16,156,418	)
Deferred income tax liabilities		(27,443,280	)		(21,193,198	)
Deferred income tax, net		(23,758,707	)		(18,678,502	)

Schedule of the deferred income tax assets and liabilities

	06.30.19			(Charged) / Credited to the statement of income			Revaluation surplus			Decrease due to loss of control		06.30.20
Deferred income tax asset
Tax loss carry-forwards		1,555,861			1,061,858			-			-		2,617,719
Investment properties		-			133,302			-			-		133,302
Borrowings		45,919			(483	)		-			-		45,436
Trade and other payables		783,473			(221,146	)		-			-		562,327
Trade and other receivables		98,240			(33,557	)		-			-		64,683
Trading properties		-			223,668			-			-		223,668
Provisions		638			(15	)		-			-		623
Other		9,375			11,720			-			-		21,095
Payroll and social security liabilities		5,255			(1,578	)		-			-		3,677
Tax inflation adjustment		15,935			(3,892	)		-			-		12,043
Subtotal deferred income tax assets		2,514,696			1,169,877			-			-		3,684,573
Deferred income tax liabilities
Investment properties and properties plant and equipment		(18,369,550	)		(5,864,823	)		(91,154	)		359,292		(23,966,235	)
Right of use assets		-			(1,513	)		-			-		(1,513	)
Trade and other payables		(36,225	)		(757	)		-			-		(36,982	)
Investments in financial instruments		(175,724	)		75,251			-			-		(100,473	)
Other		(90,986	)		(145,944	)		-			-		(236,930	)
Trading properties		(35,254	)		15,432			-			-		(19,822	)
Tax inflation adjustment		(1,600,472	)		(560,208	)		-			-		(2,160,680	)
Trade and other receivables		(876,837	)		(43,787	)		-			-		(920,624	)
Cash and cash equivalent		(8,150	)		8,129			-			-		(21	)
Subtotal deferred income tax liabilities		(21,193,198	)		(6,518,220	)		(91,154	)		359,292		(27,443,280	)
Deferred income tax liabilities, net		(18,678,502	)		(5,348,343	)		(91,154	)		359,292		(23,758,707	)

	06.30.18			(Charged) / Credited to the statement of income			06.30.19
Deferred income tax asset
Tax loss carry-forwards		1,897,615			(341,754	)		1,555,861
Trade and other payables		859,493			(76,020	)		783,473
Borrowings		46,661			(742	)		45,919
Trade and other receivables		98,558			(318	)		98,240
Trading properties		6,937			(6,937	)		-
Provisions		1,888			(1,250	)		638
Other		38,325			(28,950	)		9,375
Payroll and social security liabilities		8,161			(2,906	)		5,255
Tax inflation adjustment		-			15,935			15,935
Subtotal deferred income tax assets		2,957,638			(442,942	)		2,514,696
Deferred income tax liabilities
Investment properties and properties plant and equipment		(27,508,822	)		9,139,272			(18,369,550	)
Trade and other payables		(16,986	)		(19,239	)		(36,225	)
Investments in financial instruments		(76,285	)		(99,439	)		(175,724	)
Other		(118,146	)		27,160			(90,986	)
Trading properties		(65,027	)		29,773			(35,254	)
Intangible assets		(1,053	)		1,053			-
Tax inflation adjustment		-			(1,600,472	)		(1,600,472	)
Trade and other receivables		(511,125	)		(365,712	)		(876,837	)
Cash and cash equivalent		(2,994	)		(5,156	)		(8,150	)
Subtotal deferred income tax liabilities		(28,300,438	)		7,107,240			(21,193,198	)
Deferred income tax liabilities, net		(25,342,800	)		6,664,298			(18,678,502	)

Schedule of tax loss carry forward

Jurisdiction	Tax loss carry- forward		Date of generation		Date of expiration		Rate
Argentina		2,248		2016		2021		25	%
Argentina		8,121		2017		2022		25	%
Argentina		2,781,231		2018		2023		25	%
Argentina		1,183,486		2019		2024		25	%
Argentina		4,720,012		2020		2025		25% and 30	%
		8,695,098

Schedule of reconciliation of income tax recognized

	06.30.20			06.30.19			06.30.18
(Profit) / loss for year before income tax at the prevailing tax rate		(7,058,178	)		9,618,302			(4,834,957	)
Tax effects of:
Rate change		2,374,798			221,159			10,515,288
Share of profit of associates and joint ventures		53,373			(173,386	)		310,583
Result by rate transparency		186,489			(101,841	)		-
Result from sale of subsidiaries		(391,936	)		(1,691	)		-
Special tax, revaluation		-			(394,898	)		-
Expiration of carry-forwards		(100	)		-			-
Tax loss carry-forwards		(129,387	)		(77,255	)		-
Non-taxable financial dividends		-			-			272,594
Non-taxable, non-deductible items		(615	)		36,725			(16,060	)
Derivative special tax		-			-			(1,881	)
Difference between provisions and affidavits		48,333			3,712			2,395
Minimum presumed income tax		(1,215	)		-			(73	)
Goodwill reversal		-			(55,318	)		-
Others		4			(8,583	)		(415	)
Inflation adjustment		(588,429	)		(1,853,819	)		286,849
Tax inflation adjustment		132,864			(1,075,066	)		-
Income tax - (Loss) / Gain		(5,373,999	)		6,138,041			6,534,323

XML

Leases (Tables)

12 Months Ended

Jun. 30, 2020

Leases [abstract]

Schedule of future minimum proceeds under non-cancellable operating leases

	06.30.20		06.30.19
No latter than a year		2,235,279		15,236
Later than 1 year and not later than 5 years		5,117,396		6,494
More than 5 years		2,321,749		-
		9,674,424		21,730

XML

Revenues (Tables)

12 Months Ended

Jun. 30, 2020

Revenues [Abstract]

Schedule of revenues

	06.30.20		06.30.19		06.30.18
Base rent		5,085,838		6,321,213		6,606,357
Contingent rent		1,463,321		1,759,756		1,839,028
Admission rights		899,040		1,050,071		1,173,146
Parking fees		296,402		482,921		602,001
Averaging of scheduled rent escalation		162,635		379,515		90,262
Commissions		172,314		247,291		379,749
Property management fees		115,310		135,272		167,520
Others		60,596		426,273		64,032
Total revenues from rentals and services		8,255,456		10,802,312		10,922,095
Sale of trading properties		307,499		24,094		259,218
Total revenues from sale of properties		307,499		24,094		259,218
Total revenues from sales, rentals and services		8,562,955		10,826,406		11,181,313
Expenses and collective promotion fund		3,109,382		3,709,732		4,389,642
Total revenues from expenses and collective promotion funds		3,109,382		3,709,732		4,389,642
Total revenues		11,672,337		14,536,138		15,570,955

XML

Expenses by Nature (Tables)

12 Months Ended

Jun. 30, 2020

Expenses by nature [abstract]

Schedule of expenses by nature

	Costs (ii)		General and administrative expenses		Selling expenses		06.30.20
Salaries, social security costs and other personnel administrative expenses (i)		1,287,887		402,539		65,571		1,755,997
Maintenance, security, cleaning, repairs and other		1,421,033		106,730		2,411		1,530,174
Taxes, rates and contributions		425,564		22,988		403,554		852,106
Advertising and other selling expenses		515,493		-		30,423		545,916
Directors' fees		-		334,937		-		334,937
Allowance for doubtful accounts (additions and unused amounts reversed) (Note 15)		-		-		304,514		304,514
Amortization and depreciation (Notes 9,10,12 and 13)		189,580		101,235		1,187		292,002
Fees and payments for services		82,821		176,739		12,692		272,252
Leases and expenses		127,472		30,126		2,895		160,493
Traveling, transportation and stationery		23,470		16,640		3,504		43,614
Bank expenses		3,723		24,049		-		27,772
Cost of sale of properties (Note 11)		19,005		-		-		19,005
Other expenses		4,474		4,952		5		9,431
Total expenses by nature 06.30.20		4,100,522		1,220,935		826,756		6,148,213

	Costs (ii)		General and administrative expenses		Selling expenses		06.30.19
Salaries, social security costs and other personnel administrative expenses (i)		1,669,181		491,941		71,091		2,232,213
Maintenance, security, cleaning, repairs and other		1,722,576		95,617		3,317		1,821,510
Taxes, rates and contributions		576,953		19,398		387,097		983,448
Advertising and other selling expenses		555,211		-		52,893		608,104
Directors' fees		-		390,508		-		390,508
Allowance for doubtful accounts (additions and unused amounts reversed)(Note 15)		-		-		108,698		108,698
Amortization and depreciation (Notes 9,10,12 and 13)		122,588		69,875		1,812		194,275
Fees and payments for services		51,704		159,775		15,338		226,817
Leases and expenses		120,656		31,522		2,613		154,791
Traveling, transportation and stationery		37,173		27,871		3,596		68,640
Bank expenses		7,442		26,675		-		34,117
Cost of sale of properties (Note 11)		1,255		-		-		1,255
Other expenses		20,203		15,877		44		36,124
Total expenses by nature 06.30.19		4,884,942		1,329,059		646,499		6,860,500

	Costs (ii)		General and administrative expenses		Selling expenses		06.30.18
Salaries, social security costs and other personnel administrative expenses (i)		1,971,919		286,885		60,929		2,319,733
Maintenance, security, cleaning, repairs and other		1,879,715		49,957		2,035		1,931,707
Taxes, rates and contributions		594,744		29,651		409,812		1,034,207
Advertising and other selling expenses		680,157		-		73,685		753,842
Directors' fees		-		415,103		-		415,103
Allowance for doubtful accounts (additions and unused amounts reversed)		-		-		180,996		180,996
Amortization and depreciation		103,832		64,152		700		168,684
Fees and payments for services		27,158		152,239		20,125		199,522
Leases and expenses		92,697		15,208		998		108,903
Traveling, transportation and stationery		46,536		34,583		2,990		84,109
Bank expenses		10,403		47,157		-		57,560
Cost of sale of properties		42,970		-		-		42,970
Other expenses		10,899		1,770		88		12,757
Total expenses by nature 06.30.18		5,461,030		1,096,705		752,358		7,310,093

(i) For the fiscal year ended June 30, 2020 includes ARS 1,567,594 of Salaries, Bonuses and Social Security and ARS 186,403 of other concepts. For the fiscal year ended June 30, 2019 includes ARS 1,986,696 Salaries, Bonuses and Social Security and ARS 245,517 of other concepts. For the fiscal year ended June 30, 2018 includes ARS 2,140,033 Salaries, Bonuses and Social Security and ARS 179,700 of other concepts.

(ii) For the fiscal year ended June 30, 2020 includes ARS 3,975,514 of Rental and services costs and ARS 125,008 of Cost of sales and developments. For the fiscal year ended June 30, 2019 includes ARS 4,826,611 of Rental and services costs; ARS 53.855 of Cost of sales and developments and ARS 4,476 of other consumer financing costs. For the fiscal year ended June 30, 2018 includes ARS 5,351,754 of Rental and services costs; ARS 69,362 of Cost of sales and developments and ARS 39,914 of other consumer financing costs.

XML

Other Operating Results, Net (Tables)

12 Months Ended

Jun. 30, 2020

Other operating results net [abstract]

Schedule of other operating results

	06.30.20			06.30.19			06.30.18
Canon		81,773			37,664			33,009
Interest generated by operating credits		60,792			78,176			10,846
Management fees		13,938			18,731			10,448
Expenses for sale of investment properties		-			-			(1,965	)
(Loss) / gain resulting from disposals of property plant and equipment		(2,732	)		(1,639	)		195,722
Loss from sale of subsidiaries, associates and joint ventures		(7,723	)		(171,689	)		-
Others		-			(38,594	)		(8,901	)
Donations		(66,244	)		(128,844	)		(68,509	)
Lawsuits (Note 20)		(52,298	)		(65,199	)		(63,249	)
Loss for impaired trading properties		-			(45,804	)		-
Impaired goodwill (Note 12)		-			(184,393	)		-
Total other operating results, net		27,506			(501,591	)		107,401

XML

Financial Results, Net (Tables)

12 Months Ended

Jun. 30, 2020

Financial Results, Net [Abstract]

Schedule of financial results

	06.30.20			06.30.19			06.30.18
- Interest income		769,116			117,826			408,998
- Dividends income		-			-			82,837
Finance income		769,116			117,826			491,835
- Interest expense		(3,271,593	)		(3,024,917	)		(2,177,777	)
- Others financial costs		(222,039	)		(263,328	)		(277,736	)
Subtotal finance costs		(3,493,632	)		(3,288,245	)		(2,455,513	)
Less: Capitalized finance costs		385			96,324			37,293
Finance costs		(3,493,247	)		(3,191,921	)		(2,418,220	)
Foreing exchange, net		(4,669,704	)		84,278			(8,319,791	)
- Fair value gains of financial assets at fair value through profit or loss		124,101			1,034,711			1,731,404
- (Loss) / Gain from derivative financial instruments		(176,862	)		556,592			550,573
- Gain from repurchase of non-convertible notes		92,782			6,517			-
Other financial results		(4,629,683	)		1,682,098			(6,037,814	)
- Inflation adjustment		25,209			(300,850	)		(1,045,120	)
Total financial results, net		(7,328,605	)		(1,692,847	)		(9,009,319

XML

Earnings per Share (Tables)

12 Months Ended

Jun. 30, 2020

Earnings per share [abstract]

Schedule of basic earnings per share

	06.30.20		06.30.19			06.30.18
Profit / (loss) attributable to equity holders of the Parent		17,089,537		(25,772,658	)		19,624,143
Weighted average number of ordinary shares in issue (thousands)		126,014		126,014			126,014
Basic earnings per share		135.62		(204.52	)		155.73

XML

Related Party Transactions (Tables)

12 Months Ended

Jun. 30, 2020

Related party transactions [abstract]

Schedule of company's senior management

Name	Date of birth	Position	In the position since
Alejandro G. Elsztain	03/31/1966	Chief Executive Officer	2002
Daniel R. Elsztain	12/22/1972	Chief Operating Officer	2011
Matias Gaivironsky	02/23/1976	Chief Financial and Administrative Officer	2011
Arnaldo Jawerbaum	08/13/1966	Chief Commercial Officer	2020
Jorge Cruces	11/07/1966	Chief Investment Officer	2020

Schedule of balances with related parties

Item	06.30.20			06.30.19
Trade and other receivables		4,826,604			6,063,813
Investments in financial assets		5,570,841			4,554,854
Trade and other payables		(1,495,540	)		(432,206	)
Total		8,901,905			10,186,461

Related parties	06.30.20			06.30.19			Description of transaction
IRSA Inversiones y Representaciones Sociedad Anónima (IRSA)		-			5,409,475		Advances
		(1,107,293	)		-		Received advances
		3,179,786			2,308,983		Non-convertible notes
		2,612,655			-		Loans granted
		141,785			121,379		Other credits
		56,695			80,832		Corporate services
		12,448			17,791		Equity incentive plan
		9,669			6,809		Reimbursement of expenses
		10,014			926		Leases and/or rights to use space
		(886	)		(587	)	Reimbursement of expenses to pay
		(14,609	)		(20,880	)	Equity incentive plan to pay
		85			-		Lease collections
		-			(188	)	Lease collections to pay
Total direct parent company		4,900,349			7,924,540
Cresud S.A.CI.F. y A.		1,581,368			1,622,614		Non-convertible notes
		(2,546	)		(3,639	)	Equity incentive plan to pay
		1,611			-		Leases and/or rights to use space
		(1,000	)		(38,411	)	Reimbursement of expenses to pay
		(181,517	)		(123,535	)	Corporate services to pay
Total direct parent company of IRSA		1,397,916			1,457,029
La Rural S.A.		203,993			364,801		Dividends
		5,623			38,513		Leases and/or rights to use space
		(790	)		-		Leases and/or rights to use space to pay
		73,441			-		Other credits
		(55	)		(3,959	)	Reimbursement of expenses to pay
TGLT S.A.		8,814			-		Other credits
Other associates and joint ventures		-			7,291		Leases and/or rights to use space
		(41	)		-		Lease collections to pay
		1,370			610		Reimbursement of expenses
		8,961			3		Management fee
		(851	)		(553	)	Leases and/or rights to use space to pay
Total associates and joint ventures of IRSA Propiedades Comerciales		300,465			406,706
Directors		(12	)		(17	)	Reimbursement of expenses to pay
		(126,417	)		(189,859	)	Fees
Total Directors		(126,429	)		(189,876	)
IRSA International LLC		269,520			-		Loans granted
		146			-		Other credits
Epsilon Opportunities LP		809,687			623,257		Mutual funds
Tyrus S.A.		1,392,091			-		Loans granted
Centro Comercial Panamericano S.A.		7			10		Reimbursement of expenses
		(35,647	)		-		Other payables
OFC S.R.L.		790			834		Other credits
		(20,400	)		(29,156	)	Other payables
Exportaciones Agroindustriales Argentinas S.A.		-			(16,533	)	Other payables
Others		6,578			8,897		Reimbursement of expenses
		6,938			5,336		Leases and/or rights to use space
		214			306		Advertising space
		(1,380	)		-		Other payables
		3,156			-		Other credits
		(33	)		(2,448	)	Leases and/or rights to use space to pay
		(1,588	)		(34	)	Reimbursement of expenses to pay
		(475	)		(2,407	)	Legal services
Total others		2,429,604			588,062
Total at the end of the year		8,901,905			10,186,461

Schedule of results with related parties

Related parties	06.30.20			06.30.19			06.30.18			Description of transaction
IRSA Inversiones y Representaciones Sociedad Anónima (IRSA)		63,752			85,269			90,252		Corporate services
		520,208			14,562			42,215		Financial operations
		712			10,349			2,401		Leases and/or rights to use space
		284			373			420		Commissions
Total direct parent company		584,956			110,553			135,288
Cresud S.A.CI.F. y A.		223,849			37,739			367,635		Financial operations
		11,561			7,615			5,280		Leases and/or rights to use space
		(353,334	)		(404,915	)		(420,215	)	Corporate services
Total direct parent company of IRSA		(117,924	)		(359,561	)		(47,300	)
La Rural S.A.		-			37,664			32,296		Leases and/or rights to use space
		-			-			29,078		Dividends accrued
		-			-			4,459		Financial operations
TGLT S.A.		36,234			-			-		Financial operations
Others associates and joint ventures		13,900			342			10,621		Fees
		-			(855	)		1,859		Financial operations
		345			-			(1,323	)	Leases and/or rights to use space
		-			-			31		Corporate services
Total associates and joint ventures of IRSA Propiedades Comerciales		50,479			37,151			77,021
Directors		(334,937	)		(390,516	)		(423,712	)	Fees
Senior Management		(22,411	)		(24,641	)		(25,062	)	Fees
Total Directors		(357,348	)		(415,157	)		(448,774	)
Banco de Crédito y Securitización		50,978			54,934			43,376		Leases and/or rights to use space
BHN Vida S.A		9,914			11,065			8,377		Leases and/or rights to use space
BHN Seguros Generales S.A.		9,766			11,202			8,518		Leases and/or rights to use space
IRSA Internacional LLC		50,155			-			-		Financial operations
Tarshop S.A.		58			58,171			40,233		Leases and/or rights to use space
		54			1,056			849		Commissions
Estudio Zang, Bergel & Viñes		(18,906	)		(20,419	)		(25,615	)	Fees
Others		5,478			5,019			5,620		Leases and/or rights to use space
		3,976			-			-		Financial operations
		-			44			-		Purchase of tax credits
		-			-			66		Commissions
		-			-			(4,622	)	Donations
Total others		111,473			121,072			76,802
Total at the end of the year		271,636			(505,942	)		(206,963	)

Schedule of transactions with related parties

Related parties	06.30.20		06.30.19		Description of transaction
Quality Invest S.A.		47,219		72,652	Irrevocable contributions granted
Total irrevocables contributions		47,219		72,652
Nuevo Puerto Santa Fe		38,319		14,954	Dividends received
La Rural S.A		-		430,458	Dividends received
Total dividends received		38,319		445,412
IRSA Inversiones y Representaciones S.A.		641,447		868,733	Dividends granted
Cresud S.A.		11,581		-	Dividends granted
E-commerce Latina S.A.		9,610		1,028	Dividends granted
Tyrus S.A.		131		166	Dividends granted
Total dividends granted		662,769		869,927
Tarshop S.A.		-		177,137	Sale of shares
Total sale of shares		-		177,137
TGLT S.A.		2,175,110		-	Shares purchase
Total shares purchase		2,175,110		-

XML

CNV General Resolution N 622/13 (Tables)

12 Months Ended

Jun. 30, 2020

Cnv general resolution N 62213 [abstract]

Schedule of CNV General Resolution

Exhibit A - Property, plant and equipment	Note 9 - Investment properties
	Note 10 - Property, plant and equipment
Exhibit C - Equity investments	Note 8 - Investment in associates and joint ventures
Exhibit B - Intangible assets	Note 12 - Intangible assets
Exhibit D - Other investments	Note 14 - Financial instruments by category
Exhibit E - Provisions	Note 15 - Trade and other receivables
	Note 20 - Provisions
Exhibit F - Cost of sales and services provided	Note 26 - Expenses by nature
	Note 11 - Trading properties
Exhibit G - Foreign currency assets and liabilities	Note 32 - Foreign currency assets and liabilities

XML

Foreign Currency Assets and Liabilities (Tables)

12 Months Ended

Jun. 30, 2020

Foreign currency assets and liabilities [abstract]

Schedule of foreign currency assets and liabilities

Items (1)	Amount (2)		Exchange rate (3)		06.30.20		06.30.19
Assets
Trade and other receivables
Uruguayan Pesos		20		1.67		34		1,163
US Dollar		22,053		70.26		1,549,426		828,001
Euros		212		78.87		16,756		4,927
Trade and other receivables with related parties
US Dollar		63,058		70.46		4,443,096		144,038
Total trade and other receivables						6,009,312		978,129
Investments in financial assets
US Dollar		8,036		70.26		564,620		3,979,897
Investment in financial assets with related parties
US Dollar		77,569		70.46		5,465,535		3,931,596
Total investments in financial assets						6,030,155		7,911,493
Cash and cash equivalents
Uruguayan Pesos		4		1.67		7		3
US Dollar		39,193		70.26		2,753,711		4,262,934
Pound		2		86.90		131		116
Euros		1		78.87		90		79
Total cash and cash equivalents						2,753,939		4,263,132
Total Assets						14,793,406		13,152,754
Liabilities
Trade and other payables
Uruguayan Pesos		3		1.67		5		10
US Dollar		5,953		70.46		419,414		406,416
Trade and other payables with related parties
US Dollar		11		70.46		740		-
Total trade and other payables						420,159		406,426
Borrowings
US Dollar		528,032		70.46		37,205,141		32,896,391
Borrowings with related parties
US Dollar		-		70.46		-		-
Total borrowings						37,205,141		32,896,391
Derivative financial instruments
US Dollar		98		70.46		6,881		38,525
Total derivative financial instruments						6,881		38,525
Provisions
US Dollar		1,348		70.46		94,970		303
Total Provisions						94,970		303
Leases liabilities
US Dollar		5		70.46		352		-
Total leases liabilities						352		-
Total Liabilities						37,727,503		33,341,645

(1) Considering foreign currencies those that differ from each one of the Group's companies' functional currency at each year-end.

(2) Expressed in thousands of foreign currency.

(3) Exchange rate of the Argentine Peso as of June 30, 2020 as reported by the Argentina Central Bank.

XML

CNV General Ruling N 629/14 - Storage of documentation (Tables)

12 Months Ended

Jun. 30, 2020

Cnv general ruling N 62914 storage of documentation [abstract]

Schedule of entrusted the storage of certain non-sensitive and old information

Documentation storage provider	Home location
Iron Mountain Argentina S.A.	Av. Amancio Alcorta 2482, C.A.B.A.
Iron Mountain Argentina S.A.	Pedro de Mendoza 2143, C.A.B.A.
Iron Mountain Argentina S.A.	Saraza 6135, C.A.B.A.
Iron Mountain Argentina S.A.	Azara 1245, C.A.B.A. (i)
Iron Mountain Argentina S.A.	Polígono Industrial Spegazzini, Au Ezeiza-Cañuelas KM 45
Iron Mountain Argentina S.A.	Cañada de Gómez 3825, C.A.B.A.

(i) On February 5, 2014, there was a widely known fire in Iron Mountain's warehouse. To the original date of these Financial Statements, the Group had not been notified whether the documentation in storage has been affected by the fire or as to its condition after the accident. Nevertheless, based on the internal review carried out by the Group, duly reported to the CNV on February 12, 2014, the information kept at the warehouse that were on fire do not appear to be sensitive or capable of affecting normal business operations.

XML

Group's Business and General Information (Details)	12 Months Ended
	Jun. 30, 2020
Group's Business and General Information (Textual)
Business develoment, description	The Group operates 332,062 square meters (sqm) in 14 shopping malls, 115,640  sqm in 8 premium offices and an extensive land reserve for future commercial developments; operates and holds a majority interest (with the exception of La Ribera Shopping center, of which it has a 50% of ownership interest) in a portfolio of 14 shopping malls in Argentina, six of which are located in the Autonomous City of Buenos Aires (Abasto Shopping, Alcorta Shopping, Alto Palermo, Patio Bullrich, Dot Baires Shopping and Distrito Arcos), two in Buenos Aires province (Alto Avellaneda and Soleil Premium Outlet) and the rest are situated in different provinces (Alto Noa in the City of Salta, Alto Rosario in the City of Rosario, Mendoza Plaza in the City of Mendoza, Córdoba Shopping Villa Cabrera in the City of Córdoba, Alto Comahue in the City of Neuquén and La Ribera Shopping in the City of Santa Fe).

XML

Summary of Significant Accounting Policies (Details)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Summary of Significant Accounting Policies [Abstract]
Annual	43.00%	56.00%	29.00%
Accumulated in three years	128.00%

XML

Summary of Significant Accounting Policies (Details 1)	12 Months Ended
	Jun. 30, 2020
Other buildings and facilities [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	Between 1 and 22 years
Furniture and fixtures [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	Between 3 and 10 years
Machinery and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	Between 1 and 10 years
Vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	5 years
Other [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	3 years

XML

Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Summary of significant accounting policies (Textuals)
Capitalized costs amortized estimated useful lives	3 and 5 years
Minimum presumed income tax, description	The MPIT provision is calculated on an individual entity basis at the statutory asset tax rate of 1% and is based upon the taxable assets of each company as of the end of the year, as defined by Argentine law. Any excess of the MPIT over the income tax may be carried forward and recognized as a tax credit against future income taxes payable over a 10-year period. When the Group assesses that it is probable that it will use the MPIT payment against future taxable income tax charges within the applicable 10-year period, the Group recognizes the MPIT as a current or non-current receivable, as applicable, within “Trade and other receivables” in the statements of financial position.
Percentage of devaluation currency rate	66.00%	47.00%	74.00%
Voting rights, percentage	50.00%
Equity attributable to non-controlling interest, percentage	20.00%
Estimated useful lives	5 years
Lessees, description	(i) a base monthly rent (the “Base Rent”) and (ii) a specific percentage of gross monthly sales recorded by the Lessee (the “Contingent Rent”), which generally ranges between 2% and 12% of the lessees’ gross sales. Moreover, in accordance with agreements entered for most locations, the Base Rent is subject to scheduled increases, typically between 10% and 24% annually over the term of the lease.
Associates [Member]
Summary of significant accounting policies (Textuals)
Equity attributable to non-controlling interest, percentage	20.00%
Equity earnings joint ventures, percentage	20.00%
Joint arrengements [Member]
Summary of significant accounting policies (Textuals)
Equity attributable to non-controlling interest, percentage	20.00%
Equity earnings joint ventures, percentage	20.00%
Bottom of Range [Member]
Summary of significant accounting policies (Textuals)
Voting rights, percentage	20.00%
Top of Range [Member]
Summary of significant accounting policies (Textuals)
Voting rights, percentage	50.00%

XML

Acquisitions and Disposals (Details) $ in Thousands			1 Months Ended	4 Months Ended	12 Months Ended
	Jun. 09, 2020	Aug. 08, 2019	Dec. 17, 2018 ARS ($)	Dec. 11, 2019	Jun. 30, 2020 ARS ($)	Jun. 30, 2019	Feb. 14, 2019 ARS ($)	Dec. 17, 2018 $ / shares	Dec. 17, 2018 ARS ($) shares	Oct. 08, 2018 $ / shares shares	Jul. 11, 2018 $ / shares	Jul. 11, 2018 ARS ($) shares	Dec. 18, 2012 $ / shares
Disclosure of disaggregation of revenue from contracts with customers [line items]
Par value per share | $ / shares													$ 0.1
Description of recapitalization agreement		(i) to make a public offer to subscribe Class A preferred shares at a subscription price of USD 1.00 per TGLT share; (ii) to make a public offering of new Class B preferred shares which may be subscribed by (a) the exchange for ordinary shares of TGLT, at an exchange ratio of one Class B preferred share for every 6.94 ordinary shares of the Company and / or (b) the exchange for convertible notes, at an exchange ratio of a Class B preferred share for each USD 1.00 of convertible notes (including accumulated and unpaid interests under the existing convertible notes); and (iii) to grant an option to subscribe new Class C preferred shares in a public offer for cash to be carried out if: (a) the public offer of Class A and Class B preferred shares are consummated and (b) a minimum number of option holders have exercised that option at a subscription price per Class C preferred share of USD 1.00 (or its equivalent in pesos).
Ownership percentage				100.00%
Catalinas [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Description of assets						The Company’s Board of Directors has approved the acquisition from its parent company IRSA of 14,213 sqm of gross leasable area of the building under development called "Catalinas" in the City of Buenos Aires.
La Malteria S.A. [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Capital contribution												$ 100
Number of shares issued | shares												100,000
Par value per share | $ / shares											$ 1
Number of shares subscribed | shares												95,000
Number of remaining shares subscribed | shares												5,000
Ownership percentage					100.00%
Ownership amount					$ 24,000
Pareto - Constitution [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Capital contribution									$ 16,500
Number of shares issued | shares										100,000
Par value per share | $ / shares								$ 1		$ 1
Paid in capital per share | shares									5,045.75
Additional paid-in capital									$ 101,600
Percentage of shareholding acquire										65.00%
Percentage of shareholding owned			69.96%
Consideration paid			$ 600
Tarshop - Sale [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Loss of transaction amount							$ 177,100
Acquisition of Catalinas [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Description of assets						The building consists of 35,208 sqm of gross leasable area in 30 office floors and 316 parking lots in 4 basements and is currently under construction. The price of the transaction was established in the fixed amount of USD 60.3 million. Previously, the Company had adquired 16,194 sqm from IRSA, Accordingly, after completing the transaction mentioned above, the Company will have adquired the total of 30,407 sqm of gross leasable area, equivalent to a total 86.37% of the building's gross leaseble area.
Sale of Catalinas Tower building [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Description of assets	IRSA Propiedades Comerciales signed with an unrelated third party the transfer of the right to deed with the delivery of possession of two medium-height floors of the tower under construction "200 Della Paolera" located in Catalinas District in the Autonomous City of Buenos Aires for a total area of approximately 2,430 square meters and 16 parking lots located in the building. The price of the transaction was ARS 1,165 million (USD 16.9 million).

XML

Financial Risk Management (Details) - Market Risk [Member] - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Disclosure of financial liabilities [line items]
Net monetary position liability	$ (22,934,097)	$ (20,188,891)
Borrowing Position [Member] | Third Parties [Member]
Disclosure of financial liabilities [line items]
Net monetary position liability	(32,842,728)	(24,264,525)
Lending Position [Member] | Related Parties [Member]
Disclosure of financial liabilities [line items]
Net monetary position liability	$ 9,908,631	$ 4,075,634

XML

Financial Risk Management (Details 1) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Disclosure of risk management strategy related to hedge accounting [line items]
Total	$ 68,929,235	$ 57,720,771
Liquidity Risk [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	48,281,581	43,200,920
Liquidity Risk [Member] | Trade and Other Payables [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	3,163,904	1,737,137
Liquidity Risk [Member] | Borrowings Excluding Finance Leases [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	43,502,288	41,402,708
Liquidity Risk [Member] | Leases liabilities [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	1,499,098
Liquidity Risk [Member] | Derivative Financial Instruments [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	116,291	38,526
Liquidity Risk [Member] | Finance Leases [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total		22,549
Liquidity Risk [Member] | Less than 1 year [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	17,219,236	4,727,939
Liquidity Risk [Member] | Less than 1 year [Member] | Trade and Other Payables [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	2,998,352	1,458,760
Liquidity Risk [Member] | Less than 1 year [Member] | Borrowings Excluding Finance Leases [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	14,086,808	3,234,603
Liquidity Risk [Member] | Less than 1 year [Member] | Leases liabilities [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	52,536
Liquidity Risk [Member] | Less than 1 year [Member] | Derivative Financial Instruments [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	81,540	18,797
Liquidity Risk [Member] | Less than 1 year [Member] | Finance Leases [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total		15,779
Liquidity Risk [Member] | Between 1 and 2 years [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	2,281,425	11,567,220
Liquidity Risk [Member] | Between 1 and 2 years [Member] | Trade and Other Payables [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	85,462	73,348
Liquidity Risk [Member] | Between 1 and 2 years [Member] | Borrowings Excluding Finance Leases [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	2,118,449	11,476,345
Liquidity Risk [Member] | Between 1 and 2 years [Member] | Leases liabilities [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	49,190
Liquidity Risk [Member] | Between 1 and 2 years [Member] | Derivative Financial Instruments [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	28,324	11,993
Liquidity Risk [Member] | Between 1 and 2 years [Member] | Finance Leases [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total		5,534
Liquidity Risk [Member] | Between 2 and 3 years [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	27,319,559	2,575,986
Liquidity Risk [Member] | Between 2 and 3 years [Member] | Trade and Other Payables [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	69,386	3,129
Liquidity Risk [Member] | Between 2 and 3 years [Member] | Borrowings Excluding Finance Leases [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	27,192,442	2,565,294
Liquidity Risk [Member] | Between 2 and 3 years [Member] | Leases liabilities [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	51,304
Liquidity Risk [Member] | Between 2 and 3 years [Member] | Derivative Financial Instruments [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	6,427	6,327
Liquidity Risk [Member] | Between 2 and 3 years [Member] | Finance Leases [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total		1,236
Liquidity Risk [Member] | Between 3 and 4 years [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	129,479	2,403,082
Liquidity Risk [Member] | Between 3 and 4 years [Member] | Trade and Other Payables [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	10,529
Liquidity Risk [Member] | Between 3 and 4 years [Member] | Borrowings Excluding Finance Leases [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	64,633	2,401,673
Liquidity Risk [Member] | Between 3 and 4 years [Member] | Leases liabilities [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	54,317
Liquidity Risk [Member] | Between 3 and 4 years [Member] | Derivative Financial Instruments [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total		1,409
Liquidity Risk [Member] | Between 3 and 4 years [Member] | Finance Leases [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total
Liquidity Risk [Member] | More than 4 years [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	1,331,882	21,926,693
Liquidity Risk [Member] | More than 4 years [Member] | Trade and Other Payables [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	175	201,900
Liquidity Risk [Member] | More than 4 years [Member] | Borrowings Excluding Finance Leases [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	39,956	21,724,793
Liquidity Risk [Member] | More than 4 years [Member] | Leases liabilities [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total	1,291,751
Liquidity Risk [Member] | More than 4 years [Member] | Derivative Financial Instruments [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total
Liquidity Risk [Member] | More than 4 years [Member] | Finance Leases [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Total

XML

Financial Risk Management (Details 2) - Capital Structure [Member]		Jun. 30, 2020	Jun. 30, 2019
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Gearing ratio	[1]	34.09%	36.68%
Debt ratio	[2]	33.11%	38.71%

[1] Calculated as total current and non-current borrowings divided by total current and non-current borrowings plus equity.

[2] Calculated as total current and non-current borrowings divided by total properties at fair value (including trading properties, property, plant and equipment, investment properties and units to be received under barter agreements).

XML

Financial Risk Management (Details Textual) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Statement Line Items [Line Items]
Percentage of other factors	10.00%	10.00%
Profit before income tax	$ 23,527,259	$ (32,061,005)	$ 13,814,163
Derivative financial instruments	109,854	31,076
Investment in equity securities issued	$ 210,800	$ 559,100
Interest rate risk [member]
Statement Line Items [Line Items]
Percentage of other factors	1.00%	1.00%
Profit before income tax	$ 26,660	$ 26,370
Other price risk [member]
Statement Line Items [Line Items]
Percentage of other factors	10.00%	10.00%
Profit before income tax	$ 21,100	$ 55,900
Derivative Financial Instruments [Member]
Statement Line Items [Line Items]
Profit before income tax	$ 2,293,410	$ 2,018,889

XML

Segment Reporting (Details) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Disclosure of operating segments [line items]
Revenues	$ 11,672,337	$ 14,536,138	$ 15,570,955
Operating costs	(4,100,522)	(4,884,942)	(5,461,030)
Gross profit / (loss)	7,571,815	9,651,196	10,109,925
Net (loss) / gain from fair value adjustments in investment properties	25,126,324	(36,964,252)	13,567,839
General and administrative expenses	(1,220,935)	(1,329,059)	(1,096,705)
Selling expenses	(826,756)	(646,499)	(752,358)
Other operating results, net	27,506	(501,591)	107,401
Profit / (Loss) from operations	30,677,954	(29,790,205)	21,936,102
Share of profit of associates and joint ventures	177,910	(577,953)	887,380
Profit / (Loss) before financing and taxation	30,855,864	(30,368,158)	22,823,482
Investment properties	117,491,965	86,219,988	120,517,326
Property, plant and equipment	352,610	474,932	449,723
Trading properties	188,634	178,840	306,295
Goodwill	90,151	90,151	274,538
Right to receive units (barters)	696,799	128,999	129,395
Inventories	38,854	41,339	55,327
Investments in associates and joint ventures	4,636,259	2,296,365	3,465,070
Operating assets	123,495,272	89,430,291	125,197,674
Adjustment for expenses and collective promotion funds [Member]
Disclosure of operating segments [line items]
Revenues	3,109,382	3,709,732	4,389,642
Operating costs	(3,229,797)	(3,854,403)	(4,447,772)
Gross profit / (loss)	(120,415)	(144,671)	(58,130)
Net (loss) / gain from fair value adjustments in investment properties
General and administrative expenses
Selling expenses
Other operating results, net	17,363	16,838	(7,593)
Profit / (Loss) from operations	(103,052)	(127,833)	(65,723)
Share of profit of associates and joint ventures
Profit / (Loss) before financing and taxation	(103,052)	(127,833)	(65,723)
Investment properties
Property, plant and equipment
Trading properties
Goodwill
Right to receive units (barters)
Inventories
Investments in associates and joint ventures
Operating assets
Adjustment for share in (profit) / loss of joint ventures [Member]
Disclosure of operating segments [line items]
Revenues	(60,798)	(97,472)	(94,724)
Operating costs	46,417	57,233	58,451
Gross profit / (loss)	(14,381)	(40,239)	(36,273)
Net (loss) / gain from fair value adjustments in investment properties	(262,426)	837,570	(1,056,675)
General and administrative expenses	10,101	3,040	10,102
Selling expenses	17,777	5,724	8,407
Other operating results, net	16,086	7,374	3,576
Profit / (Loss) from operations	(232,843)	813,469	(1,070,863)
Share of profit of associates and joint ventures	175,183	(731,750)	971,359
Profit / (Loss) before financing and taxation	(57,660)	81,719	(99,504)
Investment properties	(3,042,131)	(2,777,673)	(2,493,947)
Property, plant and equipment	(2,047)	(54,758)	(983)
Trading properties
Goodwill	(41,586)	(41,586)	(41,586)
Right to receive units (barters)
Inventories	(752)	(909)	(1,356)
Investments in associates and joint ventures	2,363,863	2,179,781	2,853,547
Operating assets	(722,653)	(695,145)	315,675
Others [Member]
Disclosure of operating segments [line items]
Revenues	62,934	167,893	24,596
Operating costs	(87,899)	(142,488)	(39,914)
Gross profit / (loss)	(24,965)	25,405	(15,318)
Net (loss) / gain from fair value adjustments in investment properties	(136,690)	(262,002)	109,142
General and administrative expenses	(108,372)	(106,902)	(50,013)
Selling expenses	(9,324)	(20,447)	(9,687)
Other operating results, net	64,480	(330,839)	37,216
Profit / (Loss) from operations	(214,871)	(694,785)	71,340
Share of profit of associates and joint ventures	2,727	153,797	(83,979)
Profit / (Loss) before financing and taxation	(212,144)	(540,988)	(12,639)
Investment properties	75,495	211,033	371,112
Property, plant and equipment
Trading properties
Goodwill	90,151	90,151	274,538
Right to receive units (barters)
Inventories
Investments in associates and joint ventures	2,272,396	116,261	611,523
Operating assets	2,438,042	417,445	1,257,173
Urban Properties [Member] | Shopping Malls [Member]
Disclosure of operating segments [line items]
Revenues	5,935,263	8,540,619	9,749,975
Operating costs	(566,673)	(776,418)	(828,924)
Gross profit / (loss)	5,368,590	7,764,201	8,921,051
Net (loss) / gain from fair value adjustments in investment properties	(2,105,233)	(40,580,851)	6,266,223
General and administrative expenses	(829,599)	(945,240)	(853,234)
Selling expenses	(708,768)	(530,078)	(607,184)
Other operating results, net	(38,247)	(109,534)	(104,556)
Profit / (Loss) from operations	1,686,743	(34,401,502)	13,622,300
Share of profit of associates and joint ventures
Profit / (Loss) before financing and taxation	1,686,743	(34,401,502)	13,622,300
Investment properties	49,108,814	50,105,192	89,981,014
Property, plant and equipment	225,433	257,347	213,658
Trading properties
Goodwill	10,512	10,512	10,512
Right to receive units (barters)
Inventories	39,606	42,248	56,683
Investments in associates and joint ventures
Operating assets	49,384,365	50,415,299	90,261,867
Urban Properties [Member] | Offices [Member]
Disclosure of operating segments [line items]
Revenues	2,315,157	2,157,692	1,236,341
Operating costs	(139,280)	(117,581)	(133,509)
Gross profit / (loss)	2,175,877	2,040,111	1,102,832
Net (loss) / gain from fair value adjustments in investment properties	22,871,661	699,473	6,871,408
General and administrative expenses	(209,793)	(192,371)	(103,167)
Selling expenses	(74,544)	(87,606)	(116,541)
Other operating results, net	(26,179)	(24,428)	(5,574)
Profit / (Loss) from operations	24,737,022	2,435,179	7,748,958
Share of profit of associates and joint ventures
Profit / (Loss) before financing and taxation	24,737,022	2,435,179	7,748,958
Investment properties	61,080,809	30,517,599	27,329,801
Property, plant and equipment	129,224	272,343	237,048
Trading properties
Goodwill	31,074	31,074	31,074
Right to receive units (barters)
Inventories
Investments in associates and joint ventures
Operating assets	61,241,107	30,821,016	27,597,923
Urban Properties [Member] | Sales and Developments [Member]
Disclosure of operating segments [line items]
Revenues	310,399	57,674	265,125
Operating costs	(123,290)	(51,285)	(69,362)
Gross profit / (loss)	187,109	6,389	195,763
Net (loss) / gain from fair value adjustments in investment properties	4,759,012	2,341,558	1,377,741
General and administrative expenses	(83,272)	(87,586)	(100,393)
Selling expenses	(51,897)	(14,092)	(27,353)
Other operating results, net	(5,997)	(61,002)	184,332
Profit / (Loss) from operations	4,804,955	2,185,267	1,630,090
Share of profit of associates and joint ventures
Profit / (Loss) before financing and taxation	4,804,955	2,185,267	1,630,090
Investment properties	10,268,978	8,163,837	5,329,346
Property, plant and equipment
Trading properties	188,634	178,840	306,295
Goodwill
Right to receive units (barters)	696,799	128,999	129,395
Inventories
Investments in associates and joint ventures
Operating assets	11,154,411	8,471,676	5,765,036
Total segment reporting [Member]
Disclosure of operating segments [line items]
Revenues	8,623,753	10,923,878	11,276,037
Operating costs	(917,142)	(1,087,772)	(1,071,709)
Gross profit / (loss)	7,706,611	9,836,106	10,204,328
Net (loss) / gain from fair value adjustments in investment properties	25,388,750	(37,801,822)	14,624,514
General and administrative expenses	(1,231,036)	(1,332,099)	(1,106,807)
Selling expenses	(844,533)	(652,223)	(760,765)
Other operating results, net	(5,943)	(525,803)	111,418
Profit / (Loss) from operations	31,013,849	(30,475,841)	23,072,688
Share of profit of associates and joint ventures	2,727	153,797	(83,979)
Profit / (Loss) before financing and taxation	31,016,576	(30,322,044)	22,988,709
Investment properties	120,534,096	88,997,661	123,011,273
Property, plant and equipment	354,657	529,690	450,706
Trading properties	188,634	178,840	306,295
Goodwill	131,737	131,737	316,124
Right to receive units (barters)	696,799	128,999	129,395
Inventories	39,606	42,248	56,683
Investments in associates and joint ventures	2,272,396	116,261	611,523
Operating assets	$ 124,217,925	$ 90,125,436	$ 124,881,999

XML

Information about Subsidiaries (Details)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Panamerican Mall S.A. [Member]
Disclosure of joint ventures [line items]
Place of business	Argentina	Argentina
Main activity	Real estate	Real estate
% of ownership interest held	80.00%	80.00%
% of ownership interest held by non-controlling interests	20.00%	20.00%
Torodur S.A. [Member]
Disclosure of joint ventures [line items]
Place of business	Uruguay	Uruguay
Main activity	Investment	Investment
% of ownership interest held	100.00%	100.00%
% of ownership interest held by non-controlling interests
Arcos del Gourmet S.A. [Member]
Disclosure of joint ventures [line items]
Place of business	Argentina	Argentina
Main activity	Real estate	Real estate
% of ownership interest held	90.00%	90.00%
% of ownership interest held by non-controlling interests	10.00%	10.00%
Shopping Neuquen S.A. [Member]
Disclosure of joint ventures [line items]
Place of business	Argentina	Argentina
Main activity	Real estate	Real estate
% of ownership interest held	99.95%	99.95%
% of ownership interest held by non-controlling interests	0.05%	0.05%
Entertainment Holdings S.A. [Member]
Disclosure of joint ventures [line items]
Place of business	Argentina	Argentina
Main activity	Investment	Investment
% of ownership interest held	70.00%	70.00%
% of ownership interest held by non-controlling interests	30.00%	30.00%
Emprendimiento Recoleta S.A. [Member]
Disclosure of joint ventures [line items]
Place of business	Argentina	Argentina
Main activity	Real estate	Real estate
% of ownership interest held	53.68%	53.68%
% of ownership interest held by non-controlling interests	46.32%	46.32%
Entretenimiento Universal S.A. [Member]
Disclosure of joint ventures [line items]
Place of business	Argentina	Argentina
Main activity	Event organization and others	Event organization and others
% of ownership interest held	9875.00%	9875.00%
% of ownership interest held by non-controlling interests	125.00%	125.00%
Fibesa S.A. [Member]
Disclosure of joint ventures [line items]
Place of business	Argentina	Argentina
Main activity	Mandatory	Mandatory
% of ownership interest held	100.00%	100.00%
% of ownership interest held by non-controlling interests
Centro de Entretenimientos La Plata SA [Member]
Disclosure of joint ventures [line items]
Place of business	Argentina	Argentina
Main activity	Real estate	Real estate
% of ownership interest held	100.00%	100.00%
% of ownership interest held by non-controlling interests
La Malteria S.A. [Member]
Disclosure of joint ventures [line items]
Place of business	Argentina	Argentina
Main activity	Real estate	Real estate
% of ownership interest held
% of ownership interest held by non-controlling interests	100.00%	100.00%
Pareto S.A [Member]
Disclosure of joint ventures [line items]
Place of business	Argentina	Argentina
Main activity	Design and software development	Design and software development
% of ownership interest held	69.96%	69.96%
% of ownership interest held by non-controlling interests	30.04%	30.04%

XML

Information about Subsidiaries (Details 1) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Disclosure of subsidiaries [line items]
Current assets	$ 14,925,367	$ 24,562,513
Non-current assets	129,577,541	91,204,133
Current liabilities	16,422,520	5,796,640
Non-current liabilities	52,506,715	51,924,131
Net assets	144,502,908	115,766,646
Book value of non-controlling interest	4,088,994	3,113,233
Revenues	11,672,337	14,536,138	$ 15,570,955
Comprehensive income for the year	18,405,017	(25,922,964)	20,348,486
Cash from operating activities	4,889,552	5,587,988	7,025,545
Cash from investing activities	(2,879,459)	(4,957,878)	(9,726,750)
Cash from financing activities	(3,561,349)	(2,631,309)	4,959,238
Net increase in cash and cash equivalents	(1,551,256)	(2,001,199)	$ 2,258,033
Panamerican Mall S.A.[Member]
Disclosure of subsidiaries [line items]
Current assets	464,806	894,268
Non-current assets	26,131,918	19,820,241
Current liabilities	1,287,274	950,060
Non-current liabilities	5,884,572	5,593,408
Net assets	$ 19,424,878	$ 14,171,041
% of ownership interest held by non-controlling interests	20.00%	20.00%
Book value of non-controlling interest	$ 3,884,975	$ 2,834,208
% of ownership interest held by controlling interests	80.00%	80.00%
Book amount	$ 15,539,902	$ 11,336,832
Revenues	2,027,772	2,213,660
Comprehensive income for the year	5,984,852	491,630
Cash from operating activities	1,092,451	1,064,156
Cash from investing activities	(240,902)	(712,195)
Cash from financing activities	(1,192,318)	(165,054)
Net increase in cash and cash equivalents	(340,769)	186,907
Dividends paid to non-controlling interest

XML

Information about Subsidiaries (Details Textual) $ in Thousands		1 Months Ended	12 Months Ended
	Apr. 12, 2018	Jun. 28, 2019 ARS ($)	Jun. 30, 2020 ARS ($)	Jun. 30, 2019 ARS ($)	Feb. 14, 2019
Information about subsidiaries (Textual)
Agreement, description	ERSA was notified by the Federal National Criminal and Correctional Court No. 1, Secretariat No. 2 in the case entitled “Blaksley Enrique and others s / infraction art. 303 ”of the judicial intervention for a period of six months, ordering the appointment of collecting and informants overseers and decreeing their general inhibition of assets. On July 20, 2018 and subsequently, on August 10, 2018, the Company received two new notifications from the same Court in which it was ordered: 1) to transfer to the Court's account 7.36% of the income received by the company for any concept and 2) designate as representatives of the minority of 46.316% in all shareholders' meetings, board meetings, the interveners. On January 8, 2019, the Federal National Criminal and Correctional Court No. 1 decreed the preventive seizure for the purpose of confiscation of 46.31% of all value obtained from the sale and / or liquidation of the assets of the Company after deduction of taxes and any other expense. Although these measures were appealed in a timely manner, all of them are in force as of the date of these Financial Statements.
Escrow deposits		$ 60,500
Non-controlling interests			$ 204,019	$ 279,025
Restrictions, commitments and other matters in respect of subsidiaries, description			According to Law N° 19,550, 5% of the profit in each fiscal year must be separated to constitute a legal reserve until they reach legal capped amounts (20% of the nominal value of total capital).
Percentage of land usage					0.65

XML

Interests in Joint Ventures (Details) - ARS ($) $ in Thousands		12 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Disclosure of joint ventures [line items]
Current assets		$ 14,925,367	$ 24,562,513
Non-current assets		129,577,541	91,204,133
Current liabilities		16,422,520	5,796,640
Non-current liabilities		52,506,715	51,924,131
Revenues		11,672,337	14,536,138	$ 15,570,955
Comprehensive income / (loss) for the year		18,405,017	(25,922,964)	20,348,486
Cash from operating activities		4,889,552	5,587,988	7,025,545
Cash from investing activities		(2,879,459)	(4,957,878)	(9,726,750)
Cash from financing activities		(3,561,349)	(2,631,309)	$ 4,959,238
Quality Invest S.A. [Member]
Disclosure of joint ventures [line items]
Current assets		4,466	25,410
Non-current assets		5,524,895	4,922,191
Current liabilities		86,899	118,785
Non-current liabilities		1,302,250	1,152,626
Net assets		$ 4,140,212	$ 3,676,190
% of ownership interest held by non-controlling interests		50.00%	50.00%	50.00%
Book value of non-controlling interest		$ 2,101,179	$ 1,869,169	$ 1,643,584
% of ownership interest held by controlling interests		31,074	21,742
Book amount		2,101,179	1,869,169
Revenues		18,024	35,542
Comprehensive income / (loss) for the year		369,586	(1,167,230)
Cash from operating activities		(89,220)	(124,343)
Cash from investing activities			(133)
Cash from financing activities		89,220	124,472
Net increase (decrease) in cash and cash equivalents			(5)
TGLT S.A. [Member]
Disclosure of joint ventures [line items]
Current assets		4,597,800	6,384,260
Non-current assets		10,552,115	9,771,505
Current liabilities		3,915,799	10,293,965
Non-current liabilities		5,230,429	7,916,148
Net assets		$ 6,003,687	$ (2,054,348)
% of ownership interest held by non-controlling interests	[1],[2]	30.20%
Book value of associates interest		$ 3,944,342
Book amount		2,059,346
Revenues		1,959,904	5,329,418
Comprehensive income / (loss) for the year		(383,096)	220,160
Cash from operating activities		518,325	159,704
Cash from investing activities		(405,704)	(999,180)
Cash from financing activities		(585,402)	(637,271)
Net increase (decrease) in cash and cash equivalents		$ (472,781)	$ (1,476,747)

[1] Includes ARS (21,703) of other comprehensive loss.

[2] See Note 4 in these Financial Statements.

XML

Interests in Joint Ventures (Details 1) - ARS ($) $ in Thousands		12 Months Ended
		Jun. 30, 2020		Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2017
Disclosure of joint ventures [line items]
Value of Company's interest in equity		$ 4,636,259		$ 2,296,042	$ 2,296,042		$ 3,465,070
Income / (loss) for the year		18,153,260		(25,922,964)	20,348,486
Equity		$ 75,573,673		$ 58,045,875	$ 84,970,656		$ 66,520,770
Quality Invest S.A. [Member]
Disclosure of joint ventures [line items]
% of ownership interest held by non-controlling interests		50.00%		50.00%	50.00%
Value of Company's interest in equity		$ 2,101,179		$ 1,869,169
Group’s interest in comprehensive income		$ 184,792		$ (583,899)	$ 876,835
Place of business / Country of incorporation		Argentina
Main activity		Real estate
Common shares		163,039,244
Share capital (nominal value)		$ 326,078
Income / (loss) for the year		369,586
Equity		$ 4,140,211
Nuevo Puerto Santa Fe S.A. [Member]
Disclosure of joint ventures [line items]
% of ownership interest held by non-controlling interests		50.00%	[1]	50.00%	50.00%	[1]
Value of Company's interest in equity		$ 262,684		$ 310,612
Group’s interest in comprehensive income		$ (9,609)		$ (147,851)	$ 94,524
Place of business / Country of incorporation	[2]	Argentina
Main activity	[2]	Real estate
Common shares	[2]	138,750
Share capital (nominal value)	[2]	$ 27,750
Income / (loss) for the year	[2]	(21,465)
Equity	[2]	$ 502,097
La Rural S.A. [Member]
Disclosure of joint ventures [line items]
% of ownership interest held by non-controlling interests	[3]	50.00%		50.00%	50.00%
Value of Company's interest in equity	[3]	$ 202,809		$ 101,195
Group’s interest in comprehensive income	[3]	$ 101,613		$ 143,963	$ (43,463)
Place of business / Country of incorporation		Argentina
Main activity		Event organization and others
Common shares		714,498
Share capital (nominal value)		$ 1,430
Income / (loss) for the year		223,884
Equity		$ 326,526
TGLT S.A. [Member]
Disclosure of joint ventures [line items]
% of ownership interest held by non-controlling interests	[4],[5]	30.20%
Value of Company's interest in equity	[4],[5]	$ 2,059,346
Group’s interest in comprehensive income	[4],[5]	$ (115,759)
Place of business / Country of incorporation	[5],[6]	Argentina
Main activity	[5],[6]	Real estate
Common shares	[5],[6]	279,502,813
Share capital (nominal value)	[5],[6]	$ 924,991
Income / (loss) for the year	[5],[6]	(311,273)
Equity	[5],[6]	$ 6,003,688
Tarshop S.A [Member]
Disclosure of joint ventures [line items]
% of ownership interest held by non-controlling interests			[7]		20.00%	[7]
Value of Company's interest in equity		$ 2,059,346
Group’s interest in comprehensive income				$ 2,667	$ (23,018)
Other associates [Member]
Disclosure of joint ventures [line items]
% of ownership interest held by non-controlling interests	[8],[9]
Value of Company's interest in equity	[8],[9]	$ 10,241		$ 15,066
Group’s interest in comprehensive income	[8],[9]	(4,830)		7,167	$ (17,498)
Total Interests In Associates And Joint Ventures [Member]
Disclosure of joint ventures [line items]
Value of Company's interest in equity		4,636,259		2,296,042
Group’s interest in comprehensive income		$ 156,207		$ (577,953)	$ 887,380

[1] Nominal value per share Ps. 100.

[2] Nominal value per share ARS 100.

[3] Corresponds to profit/ (loss) for the fiscal year ended at June 30, 2020, 2019 and 2018.

[4] Includes ARS (21,703) of other comprehensive loss.

[5] See Note 4 in these Financial Statements.

[6] Corresponds to loss for the period of six-month ended at June 30, 2020.

[7] Correspond to profit for the fiscal year ended at June 30, 2019 and 2018.

[8] Includes ARS 323 as of June 30, 2019, in relation to the equity interest in Avenida Compras disclosure in Provisions. (See Note 20)

[9] Represents other individually non-significant associates.

XML

Interests in Joint Ventures (Details 2) - ARS ($) $ in Thousands		12 Months Ended
		Jun. 30, 2020	Jun. 30, 2018
Interests in joint ventures [abstract]
Beginning of the year		$ 2,296,042	$ 3,465,070
Adjustment of previous years (IFRS 9)			(41,178)
Profit sharing, net		177,910	(577,953)
Dividends		(38,319)	(445,412)
Other comprehensive loss		(21,703)
Sale of interest in associates	[1]		(177,137)
Acquisition of interest in associates (Note 30)	[1]	2,175,110
Irrevocable contributions (Note 30)		47,219	72,652
End of the year		$ 4,636,259	$ 2,296,042

[1] See Note 4.

XML

Interests in Joint Ventures (Details Textual) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 05, 2017	Oct. 16, 2018	Jun. 30, 2020 ARS ($)	Jun. 30, 2018 ARS ($)	Jun. 30, 2020 $ / shares	Jun. 30, 2019 ARS ($)
Interests in joint ventures
Restrictions, commitments and other matters in respect of joint ventures. description		The Expansion and enhancement of the Rodríguez Peña Street, the amount of ARS 19,722,222.22 in capital and ARS 6,362,864.29 in concept of adjutment by application of the CPI until December 31, 2018, which will be paid for work progress certificates.	According to Business Companies Law N° 19,550, 5% of the profit of the year is separated to constitute a legal reserve until it reaches legal capped amounts (20% of total capital).
Purchase agreement, description			On March 31, 2011, Quality Invest and Nobleza Piccardo S.A.I.C. y F., or “Nobleza Piccardo,” executed the title deed for the purchase of a plot of land of 159,996 square meters located in the District of San Martin, Province of Buenos Aires, currently intended for industrial purposes and suitable in terms of characteristics and scale for mixed-use developments. The price for the property was USD 33 million, being paid 30% as of that date. For the remaining balance a mortgage was constituted in the first degree of privilege over the property in favor of Nobleza Piccardo. Capital plus interest calculated at a nominal annual rate of 7.5% on balances, was paid in full in advance in March 2013.
Milestone payments for zoning agreement			$ 20,000
Urban development agreement, description			In addition, during July 2017, Quality Invest S.A. subscribed two addendums to the aforementioned Urban Development Agreement, which contemplate the following: 1) a new subdivision plan of the property will be presented within 120 days of the addendum signing and 2) the payment of the twelveth installment in cash was replaced by the sum of ARS 71 million payables in 18 equal and consecutive monthly installments.
Nominal value per share | $ / shares					$ 100
Equity interest						$ 323
Other comprehensive loss			$ (21,703)
Province of Buenos Aires granting, description	The Provincial Decree N° 1,835 was published in the Official Gazette of the Province of Buenos Aires granting its approval, and the new urban and rezoning standards thus became effective.

XML

Investment Properties (Details) - ARS ($) $ in Thousands		12 Months Ended
		Jun. 30, 2020		Jun. 30, 2019
Disclosure of detailed information about investment property [line items]
Fair value as of beginning		$ 86,219,988		$ 120,517,326
Additions		8,993,799	[1]	2,490,391
Capitalization of financial costs (Note 28)		385		96,324
Disposals	[2]	(1,736,811)
Capitalized lease costs		20,238		15,657
Depreciation of capitalized lease costs	[3]	(14,815)		(12,721)
Transfers		576,590	[4]	77,263
Decrease due to loss of control		(1,693,733)
Net (loss)/ gain from fair value adjustment on investment properties		25,126,324		(36,964,252)
Fair value as of ending		117,491,965		86,219,988
Shopping Malls [Member] | Level 3 [Member]
Disclosure of detailed information about investment property [line items]
Fair value as of beginning		48,774,499		88,601,809
Additions		497,928	[1]	339,779
Capitalization of financial costs (Note 28)
Disposals	[2]
Capitalized lease costs		15,913		4,059
Depreciation of capitalized lease costs	[3]	(8,648)		(4,241)
Transfers		43,398	[4]	519,984
Decrease due to loss of control
Net (loss)/ gain from fair value adjustment on investment properties		(2,352,539)		(40,686,891)
Fair value as of ending		46,970,551		48,774,499
Office and Other rental properties [Member] | Level 2 [Member]
Disclosure of detailed information about investment property [line items]
Fair value as of beginning		27,862,166		21,409,968
Additions		7,760,651	[1]	92,637
Capitalization of financial costs (Note 28)
Disposals	[2]	(1,165,015)
Capitalized lease costs		4,325		11,598
Depreciation of capitalized lease costs	[3]	(6,167)		(8,480)
Transfers		660,692	[4]	7,693,719
Decrease due to loss of control
Net (loss)/ gain from fair value adjustment on investment properties		23,145,520		(1,337,276)
Fair value as of ending		58,262,172		27,862,166
Undeveloped parcels of land [Member] | Level 2 [Member]
Disclosure of detailed information about investment property [line items]
Fair value as of beginning		8,163,837		5,329,346
Additions		1,952	[1]	492,933
Capitalization of financial costs (Note 28)
Disposals	[2]	(389,084)
Capitalized lease costs
Depreciation of capitalized lease costs	[3]
Transfers			[4]
Decrease due to loss of control		(1,693,733)
Net (loss)/ gain from fair value adjustment on investment properties		4,186,006		2,341,558
Fair value as of ending		10,268,978		8,163,837
Properties under development [Member] | Level 2 [Member]
Disclosure of detailed information about investment property [line items]
Fair value as of beginning		1,208,453		4,805,091
Additions		732,116	[1]	1,537,322
Capitalization of financial costs (Note 28)		385		96,324
Disposals	[2]	(182,712)
Capitalized lease costs
Depreciation of capitalized lease costs	[3]
Transfers		(127,500)	[4]	(8,210,643)
Decrease due to loss of control
Net (loss)/ gain from fair value adjustment on investment properties		284,027		2,980,359
Fair value as of ending		1,914,769		1,208,453
Others [Member] | Level 3 [Member]
Disclosure of detailed information about investment property [line items]
Fair value as of beginning	[5]	211,033		371,112
Additions	[5]	1,152	[1]	27,720
Capitalization of financial costs (Note 28)	[5]
Disposals	[2],[5]
Capitalized lease costs	[5]
Depreciation of capitalized lease costs	[3],[5]
Transfers	[5]		[4]	74,203
Decrease due to loss of control	[5]
Net (loss)/ gain from fair value adjustment on investment properties	[5]	(136,690)		(262,002)
Fair value as of ending	[5]	$ 75,495		$ 211,033

[1] It Includes acquisition of "200 Della Paolera" in Office and other rental properties.

[2] Barter disposal of "Land Plot 1" of Caballito Ferro Land included in Undeveloped parcels of land and disposal for the sale of two floors of "200 Della Paolera" included in Office and other rental properties.(See Note 4).

[3] As of June 30, 2020 and 2019 depreciation charges were included in "Costs" in the amount of ARS 14,815 and ARS 12,721, respectively, in the Statement of Comprehensive Income (Note 26).

[4] It includes the transfer of Astor Berutti in Shopping Malls and the transfer of 22nd y 23rd floor of Intercontinenal Building in Office and other rental properties. This last transfer generated the revaluation surplus (See Note 17).

[5] Corresponds to the DirectTV Arena Stadium - OFC S.R.L - Ogden Argentina S.A - Entretenimiento Universal S.A. - Transitory Union.

XML

Investment Properties (Details 1) - Shopping Malls [Member] - Discounted cash flow [Member]	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of detailed information about investment property [line items]
Discount rate	12.18%	12.10%
Growth rate	2.30%	3.00%

XML

Investment Properties (Details 2) - ARS ($) $ in Thousands		12 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Disclosure of detailed information about investment property [abstract]
Discount rate 1%		$ (4,252)	$ (3,266)
Discount rate -1%		5,207	4,073
Growth rate 1%		2,027	1,536
Growth rate -1%		(1,655)	(1,232)
Inflation 10%	[1]	8,852	2,860
Inflation -10%	[2]	(7,282)	(2,618)
Devaluation rate + 10%	[3]	(4,115)	(3,035)
Devaluation rate - 10%	[4]	$ 5,030	$ 3,709

[1] assume a 10% higher inflation rate for each period vis-a-vis projected rates.

[2] assume a 10% lower inflation rate for each period vis-a-vis projected rates.

[3] assume a 10% higher exchange rate for each period vis-a-vis projected rates.

[4] assume a 10% lower exchange rate for each period vis-a-vis projected rates.

XML

Investment Properties (Details 3) - ARS ($) $ in Thousands		12 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Disclosure of detailed information about investment property [abstract]
Revenues from rental and services (Note 25)		$ 8,255,456	$ 10,802,312	$ 10,922,095
Expenses and collective promotion fund (Note 25)		3,109,382	3,709,732	4,389,642
Rental and services costs (Note 26)		3,975,514	4,826,611	5,351,754
Net unrealized gain / (loss) from fair value adjustment on investment properties		24,460,451	(36,964,252)	13,560,751
Net realized gain from fair value adjustment on investment properties	[1],[2]	$ 1,133,425		$ 23,016

[1] As of June 30, 2020 it includes ARS 3,844.- and ARS 359,939.- for the monetary and non-monetary benefit, respectively, corresponding to the barter transaction of the Caballito Ferro land, ARS 573,006 for the sale of floors 10th and 11th of the office building "200 Della Paolera", and ARS 196,636 for the deconsolidation of La Malteria SA. As of June 30, 2018, it includes ARS 23,016 correspond to the sale 2nd floor of the Intercontinental Building.

[2] As of June 30, 2020, ARS 665,873 corresponds to net realized gain from fair value on investment properties for the year (ARS 92,867 for the Caballito Ferro land and ARS 573,006 for the "200 Della Paolera" building) and ARS 467,552 net realized gain from fair value on investment properties in previous years (ARS 270,916 attributable to the Caballito Ferro land and ARS 196,636 to the deconsolidation of La Malteria SA). As of June 30, 2018, ARS 7,088 corresponds to net realized gain from fair value on investment properties for the year and ARS 15,928 net realized gain from fair value on investment properties in previous years.

XML

Investment Properties (Details 4) - ARS ($) $ in Thousands		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Disclosure of detailed information about investment property [line items]
Total		$ 117,491,965	$ 86,219,988	$ 120,517,326
Cordoba Shopping [Member]
Disclosure of detailed information about investment property [line items]
Total	[1]	$ 1,266,128	$ 1,312,510

[1] A portion of the Cordoba Shopping mall property is encumbered with an antichresis right as collateral for an advance rent received from NAI International II Inc. amounting to ARS 113.5 million and ARS 117.6 million, as of June 30, 2020 and 2019, respectively, (included in "Trade and other payables" in the statement of financial position).

XML

Investment Properties (Details Textual) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Investment properties (Textual)
Fair value measurements of investment properties, description	For the next 5 years the Group considered an average exchange rate ARS/USD with increasing trend that begins at ARS 86.21 for to the year ended June 30, 2021, arriving at ARS 243.89. Over the long term, the model assumes a nominal depreciation rate of the Argentine peso of 21.1%, estimated based on the projected inflation rates of Argentina and US. The inflation considered shows a decreasing trend, beginning at 47.9% and leveling off at around 23.2% in 5 years.	For the next 5 years the Group considered an average exchange rate ARS/USD with increasing trend that begins at ARS 48.47 for to the year ended June 30, 2020, arriving at ARS 72.16. Over the long term, the model assumes a nominal depreciation rate of the Argentine peso of 5.7%, estimated based on the projected inflation rates of Argentina and US. The inflation considered shows a decreasing trend, beginning at 44.5% and leveling off at around 8% in 5 years.
Advance rent received	$ 113,500	$ 117,600
Sale of office building	573,006
Net realized gain from fair value on investment properties	665,873	467,552	$ 7,088	$ 15,928
Caballito Ferro land [Member]
Investment properties (Textual)
Monetary benefit	3,844
Non-monetary benefit	359,939
Sale of office building	573,006		$ 23,016
Attributable to deconsolidation	270,916
Amount of deconsolidation	196,636
La Maltería SA [Member]
Investment properties (Textual)
Amount of deconsolidation	196,636
200 Della Paolera [Member]
Investment properties (Textual)
Sale of office building	92,867
Costs [Member]
Investment properties (Textual)
Depreciation charges on investment properties	$ 14,815	$ 12,721

XML

Property, Plant and Equipment (Details) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	$ 474,932	$ 449,723
Additions	159,209	95,815
Disposals	(7,086)	(1,824)
Transfers	(182,822)	20,267
Depreciation charges	(90,904)	(89,633)
Revaluation results	(719)	584
Net book amount as of ending	352,610	474,932	$ 449,723
Accumulated depreciation [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	(1,740,789)	(1,651,156)
Disposals
Net book amount as of ending	(1,831,693)	(1,740,789)	(1,651,156)
Costs [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	2,215,721	2,100,879
Additions
Disposals
Net book amount as of ending	2,184,303	2,215,721	2,100,879
Other buildings and facilities [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	219,943	237,004
Additions	92,030
Disposals
Transfers	(168,578)
Depreciation charges	(15,191)	(17,061)
Revaluation results
Net book amount as of ending	128,204	219,943	237,004
Other buildings and facilities [Member] | Accumulated depreciation [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	(247,008)	(229,947)
Disposals
Net book amount as of ending	(262,199)	(247,008)	(229,947)
Other buildings and facilities [Member] | Costs [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	466,951	466,951
Disposals
Net book amount as of ending	390,403	466,951	466,951
Furniture and fixtures [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	91,373	52,242
Additions	18,766	49,898
Disposals	(2,122)	(584)
Transfers		1,784
Depreciation charges	(14,790)	(12,421)
Revaluation results	(136)	454
Net book amount as of ending	93,091	91,373	52,242
Furniture and fixtures [Member] | Accumulated depreciation [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	(181,979)	(169,558)
Disposals
Net book amount as of ending	(196,769)	(181,979)	(169,558)
Furniture and fixtures [Member] | Costs [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	273,352	221,800
Disposals
Net book amount as of ending	289,860	273,352	221,800
Machinery and equipment [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	162,059	155,855
Additions	48,413	45,917
Disposals	(4,964)	(1,240)
Transfers	(14,244)	18,483
Depreciation charges	(60,362)	(57,086)
Revaluation results	(583)	130
Net book amount as of ending	130,319	162,059	155,855
Machinery and equipment [Member] | Accumulated depreciation [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	(1,292,960)	(1,235,874)
Disposals
Net book amount as of ending	(1,353,322)	(1,292,960)	(1,235,874)
Machinery and equipment [Member] | Costs [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	1,455,019	1,391,729
Disposals
Net book amount as of ending	1,483,641	1,455,019	1,391,729
Vehicles [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	725	3,790
Additions
Disposals
Transfers
Depreciation charges	(561)	(3,065)
Revaluation results
Net book amount as of ending	164	725	3,790
Vehicles [Member] | Accumulated depreciation [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	(18,842)	(15,777)
Disposals
Net book amount as of ending	(19,403)	(18,842)	(15,777)
Vehicles [Member] | Costs [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	19,567	19,567
Disposals
Net book amount as of ending	19,567	19,567	19,567
Others [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	832	832
Additions
Disposals
Transfers
Depreciation charges
Revaluation results
Net book amount as of ending	832	832	832
Others [Member] | Accumulated depreciation [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning
Disposals
Net book amount as of ending
Others [Member] | Costs [Member]
Changes in property, plant and equipment [Abstract]
Net book amount as of beginning	832	832
Disposals
Net book amount as of ending	$ 832	$ 832	$ 832

XML

Property, Plant and Equipment (Details Textual) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Costs [Member]
Property, plant and equipment (Textual)
Depreciation charge	$ 74,999	$ 71,595
General and administrative expenses [Member]
Property, plant and equipment (Textual)
Depreciation charge	15,854	17,388
Selling expenses [Member]
Property, plant and equipment (Textual)
Depreciation charge	$ 51	$ 650

XML

Trading Properties (Details) - ARS ($) $ in Thousands		12 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Disclosure of financial assets [line items]
Balance at beginning		$ 178,840	$ 306,295
Additions		15,263	15,977
Disposals	[1]	(19,005)	(1,255)
Transfers		13,536	(96,373)
Impairment (Note 27)			(45,804)
Balance at ending		188,634	178,840
Completed properties [Member]
Disclosure of financial assets [line items]
Balance at beginning		2,378	2,477
Additions
Disposals	[1]	(68)	(1,255)
Transfers		13,536	1,156
Impairment (Note 27)
Balance at ending		15,846	2,378
Undeveloped sites [Member]
Disclosure of financial assets [line items]
Balance at beginning		176,462	303,818
Additions		15,263	15,977
Disposals	[1]	(18,937)
Transfers			(97,529)
Impairment (Note 27)			(45,804)
Balance at ending		$ 172,788	$ 176,462

[1] A portion of the Cordoba Shopping mall property is encumbered with an antichresis right as collateral for an advance rent received from NAI International II Inc, amounting to ARS 113,5 million and ARS 117.6 million, as of June 30, 2020 and 2019, respectively, (included in "Trade and other payables" in the statement of financial position).

XML

Trading Properties (Details 1) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Non-current	$ 181,866	$ 177,254
Current	6,768	1,586
Net book amount	$ 188,634	178,840	$ 306,295
Air space Coto [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Date of acquisition	1997-09
Net book amount	$ 34,386	52,926
Plot of land Córdoba [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Date of acquisition	2015-05
Net book amount	$ 58,749	43,883
Residencial project Neuquén [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Date of acquisition	2006-05
Net book amount	$ 79,655	79,655
Total undeveloped sites [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Net book amount	$ 172,790	176,464
Condominios II [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Date of acquisition	2013-11
Net book amount	$ 2,308	2,376
Beruti parking [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Date of acquisition	2020-02
Net book amount	$ 13,536
Total completed properties [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Net book amount	15,844	2,376
Total trading properties [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Net book amount	$ 188,634	$ 178,840

XML

Intangible Assets (Details) - ARS ($) $ in Thousands		12 Months Ended
		Jun. 30, 2020		Jun. 30, 2019		Jun. 30, 2018
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Costs		$ 1,558,696		$ 974,802		$ 974,476
Accumulated depreciation		(540,963)		(394,856)		(302,935)
Net book amount as of beginning		579,946		671,541
Additions		652,588		185,875
Disposals		(4,649)
Transfers		(64,045)		(1,156)
Impairment (iii)	[1]			(184,393)
Amortization charge (i)	[2]	(146,107)		(91,921)
Net book amount as of end		1,017,733		579,946
Goodwill [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Costs		90,151		90,151		274,544
Accumulated depreciation
Net book amount as of beginning		90,151		274,544
Additions
Disposals
Transfers
Impairment (iii)	[1]			(184,393)
Amortization charge (i)	[2]
Net book amount as of end		90,151		90,151
Software [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Costs		436,007		419,913		234,798
Accumulated depreciation		(284,760)		(143,425)		(68,206)
Net book amount as of beginning		276,488		166,592
Additions		20,743		185,115
Disposals		(4,649)
Transfers
Impairment (iii)	[1]
Amortization charge (i)	[2]	(141,335)		(75,219)
Net book amount as of end		151,247		276,488
Rights To Receive Units [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Costs		696,799		128,999		129,395
Accumulated depreciation
Net book amount as of beginning	[3]	128,999	[1]	129,395
Additions		631,845	[1]	760	[3]
Disposals
Transfers		(64,045)	[1]	(1,156)	[3]
Impairment (iii)	[1],[3]
Amortization charge (i)	[2]		[1]		[3]
Net book amount as of end	[1]	696,799		128,999	[3]
Others [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Costs		335,739		335,739		335,739
Accumulated depreciation		(256,203)		(251,431)		$ (234,729)
Net book amount as of beginning		84,308		101,010
Additions
Disposals
Transfers
Impairment (iii)	[1]
Amortization charge (i)	[2]	(4,772)		(16,702)
Net book amount as of end		$ 79,536		$ 84,308

[1] Corresponds to in kind receivables representing the right to receive residential apartments in the future under barter transactions (Note 33).

[2] As of June 30, 2020 and 2019, depreciation charges were charged to "Costs" in the amount of ARS 65,020 and ARS 38,272, respectively, to "General and administrative expenses" in the amount of ARS 79,951 and ARS 52,487, respectively and to "Selling expenses" in the amount of ARS 1,136 and ARS 1,162, respectively, in the Statements of Comprehensive Income (Note 26).

[3] Corresponds to impaired goodwill of La Arena S.A..

XML

Intangible Assets (Details Textual) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2018
Financial Assets at Amortized Cost [Member]
Intangible assets (Textuals)
Amortization charge	$ 65,020	$ 38,272
General and Administrative Expenses [Member]
Intangible assets (Textuals)
Amortization charge	79,951	52,487
Selling Expenses [Member]
Intangible assets (Textuals)
Amortization charge	$ 1,136	$ 1,162

XML

Rights of Use Assets (Details) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Statement Line Items [Line Items]
Total rights of use assets	$ 576,346
Non-current	576,346
Total	576,346
Convention center [Member]
Statement Line Items [Line Items]
Total rights of use assets	146,228
Stadium DirecTV Arena [Member]
Statement Line Items [Line Items]
Total rights of use assets	409,901
Machinery and equipment [Member]
Statement Line Items [Line Items]
Total rights of use assets	12,617
Shopping malls [Member]
Statement Line Items [Line Items]
Total rights of use assets	$ 7,600

XML

Rights of Use Assets (Details 1) $ in Thousands	12 Months Ended
	Jun. 30, 2020 ARS ($)
Statement Line Items [Line Items]
Total depreciation of rights of use	$ (40,176)
Convention center [Member]
Statement Line Items [Line Items]
Total depreciation of rights of use	(11,938)
Stadium DirecTV Arena [Member]
Statement Line Items [Line Items]
Total depreciation of rights of use	(19,065)
Machinery and equipment [Member]
Statement Line Items [Line Items]
Total depreciation of rights of use	(8,737)
Shopping malls [Member]
Statement Line Items [Line Items]
Total depreciation of rights of use	$ (436)

XML

Rights of Use Assets (Details 2) $ in Thousands	12 Months Ended
	Jun. 30, 2020 ARS ($)
Rights Of Use Assets
Beginning of the year
Additions	458,357
Transfers	158,165
Depreciation charge	(40,176)
End of the year	$ 576,346

XML

Rights of Use Assets (Details 3)	12 Months Ended
	Jun. 30, 2020
12/1/2033 [Member]
Statement Line Items [Line Items]
Discount rate	10.61%
Maturity	12/1/2033
12/1/2041 [Member]
Statement Line Items [Line Items]
Discount rate	10.61%
Maturity	12/1/2041

XML

Rights of Use Assets (Details Narrative) $ in Thousands	12 Months Ended
	Jun. 30, 2020 ARS ($)
Rights of use assets
Depreciation charges	$ 34,746
General and administrative expenses	$ 5,430

XML

Financial Instruments by Category (Details) - ARS ($) $ in Thousands		Jun. 30, 2020	Jun. 30, 2019
Assets as per statement of financial position
Trade and other receivables (excluding allowance for doubtful accounts) (Note 15)		$ 9,591,748	$ 10,818,945	[1]
Investments in financial assets:
Public companies’ securities		210,757	559,079
Mutual funds		871,385	2,699,338
Bonds		5,186,235	6,064,058
Derivative financial instruments
Foreing-currency future contracts		6,436	8,022
Cash and cash equivalents:
Cash at banks and on hand		2,782,946	4,339,395
Short- term investments		1,843,663	1,661,919
Total		20,493,170	26,150,756
Liabilities as per statement of financial position
Trade and other payables (Note 18)		4,799,583	4,822,705
Derivative financial instruments
Futures contracts		21,320	573
Swaps of interest rate (ii)	[2]	94,970	38,525
Borrowings (Note 19)		39,079,556
Borrowings (excluding finance leases liabilities) (Note 19)			33,609,501
Total		43,995,429	38,471,304
Financial liabilities at amortized cost [Member]
Liabilities as per statement of financial position
Trade and other payables (Note 18)	[3]	1,202,599	1,373,077
Derivative financial instruments
Futures contracts	[3]
Swaps of interest rate (ii)	[2],[3]
Borrowings (Note 19)	[3]	39,079,556
Borrowings (excluding finance leases liabilities) (Note 19)	[3]		33,609,501
Total	[3]	40,282,155	34,982,578
Subtotal financial liabilities [Member]
Liabilities as per statement of financial position
Trade and other payables (Note 18)		1,202,599	1,373,077
Derivative financial instruments
Futures contracts		21,320	573
Swaps of interest rate (ii)	[2]	94,970	38,525
Borrowings (Note 19)		39,079,556
Borrowings (excluding finance leases liabilities) (Note 19)			33,609,501
Total		40,398,445	35,021,676
Non-financial liabilities [Member]
Liabilities as per statement of financial position
Trade and other payables (Note 18)			3,449,628
Derivative financial instruments
Futures contracts
Swaps of interest rate (ii)	[2]
Borrowings (excluding finance leases liabilities) (Note 19)
Total			3,449,628
Subtotal financial assets [Member]
Assets as per statement of financial position
Trade and other receivables (excluding allowance for doubtful accounts) (Note 15)		8,049,234	3,634,828
Investments in financial assets:
Public companies’ securities		210,757	559,079
Mutual funds		871,385	2,699,338
Bonds		5,186,235	6,064,058
Derivative financial instruments
Foreing-currency future contracts		6,436	8,022
Cash and cash equivalents:
Cash at banks and on hand		2,782,946	4,339,395
Short- term investments		1,843,663	1,661,919
Total		18,950,656	18,966,639
Non-financial assets [Member]
Assets as per statement of financial position
Trade and other receivables (excluding allowance for doubtful accounts) (Note 15)		1,542,514	7,184,117
Investments in financial assets:
Public companies’ securities
Mutual funds
Bonds
Derivative financial instruments
Foreing-currency future contracts
Cash and cash equivalents:
Cash at banks and on hand
Short- term investments
Total		1,542,514	7,184,117
Non-financial liabilities [Member]
Liabilities as per statement of financial position
Trade and other payables (Note 18)		3,596,984
Derivative financial instruments
Futures contracts
Swaps of interest rate (ii)	[2]
Borrowings (Note 19)
Total		3,596,984
Level 1 [Member]
Assets as per statement of financial position
Trade and other receivables (excluding allowance for doubtful accounts) (Note 15)
Investments in financial assets:
Public companies’ securities		210,757	559,079
Mutual funds		61,697	2,076,080
Bonds		5,186,235	5,098,116
Derivative financial instruments
Foreing-currency future contracts
Cash and cash equivalents:
Cash at banks and on hand
Short- term investments		1,779,664	1,661,919
Total		7,238,353	9,395,194
Level 2 [Member]
Assets as per statement of financial position
Trade and other receivables (excluding allowance for doubtful accounts) (Note 15)
Investments in financial assets:
Public companies’ securities
Mutual funds		809,688	623,258
Bonds
Derivative financial instruments
Foreing-currency future contracts		6,436	8,022
Cash and cash equivalents:
Cash at banks and on hand
Short- term investments
Total		816,124	631,280
Liabilities as per statement of financial position
Trade and other payables (Note 18)
Derivative financial instruments
Futures contracts		21,320	573
Swaps of interest rate (ii)	[2]	94,970	38,525
Borrowings (Note 19)
Borrowings (excluding finance leases liabilities) (Note 19)
Total		116,290	39,098
Level 3 [Member]
Assets as per statement of financial position
Trade and other receivables (excluding allowance for doubtful accounts) (Note 15)
Investments in financial assets:
Public companies’ securities
Mutual funds
Bonds			965,942
Derivative financial instruments
Foreing-currency future contracts
Cash and cash equivalents:
Cash at banks and on hand
Short- term investments
Total			965,942
Financial assets at amortized cost [Member]
Assets as per statement of financial position
Trade and other receivables (excluding allowance for doubtful accounts) (Note 15)	[3]	8,049,234	3,634,828
Investments in financial assets:
Public companies’ securities	[3]
Mutual funds	[3]
Bonds	[3]
Derivative financial instruments
Foreing-currency future contracts	[3]
Cash and cash equivalents:
Cash at banks and on hand	[3]	2,782,946	4,339,395
Short- term investments	[3]	63,999
Total	[3]	$ 10,896,179	$ 7,974,223

[1] Considering foreign currencies those that differ from each one of the Group's companies' functional currency at each year-end.

[2] The maturity date is February 16, 2023 and it is associated with the loan obtained through its subsidiary, Panameriacan Mall S.A, with the purpose of paying for the work that is being carried out at the Polo Dot (Note 19).

[3] The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value.

XML

Financial instruments by Category (Details 1) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Trade and Other Payables [Member]
Disclosure of fair value measurement of liabilities [line items]
Gross amounts recognized	$ (1,639,951)	$ (1,556,182)
Gross amounts offset	437,352	183,105
Net amount presented	(1,202,599)	(1,373,077)
Trade and Other Receivables Excluding Allowance For Doubtful Accounts And Other Receivables [Member]
Disclosure of fair value measurement of liabilities [line items]
Gross amounts recognized	8,486,586	3,817,935
Gross amounts offset	(437,352)	(183,107)
Net amount presented	$ 8,049,234	$ 3,634,828

XML

Financial instruments by Category (Details 2) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Disclosure of financial liabilities [line items]
Interest income	$ 769,116	$ 117,826	$ 408,998
Interest expense	(3,271,208)	(2,928,593)	(2,140,484)
Foreign exchange, net	(4,669,704)	84,278	(8,319,791)
Other finance costs	(222,039)	(263,328)	(277,736)
Gain from repurchase of non-convertible notes	92,782	6,517
Dividend income			82,837
Fair value gains of financial assets through profit or loss	124,101	1,034,711	1,731,404
Loss from repurchase of non-convertible notes	(92,782)	(6,517)
Interest generated by operating credits	60,792	78,176	10,846
Gain and Loss from derivative financial instruments	(176,862)	556,592	550,573
Net (loss) / income	(7,293,022)	(1,313,821)	(7,953,353)
Financial Assets And Liabilities At Amortised Cost Category [Member]
Disclosure of financial liabilities [line items]
Interest income	769,116	117,826	408,998
Interest expense	(3,271,208)	(2,928,593)	(2,140,484)
Foreign exchange, net	(4,669,704)	84,278	(8,319,791)
Other finance costs	(222,039)	(263,328)	(277,736)
Gain from repurchase of non-convertible notes	92,782	6,517
Dividend income			82,837
Fair value gains of financial assets through profit or loss
Interest generated by operating credits	60,792	78,176	10,846
Gain and Loss from derivative financial instruments
Net (loss) / income	(7,240,261)	(2,905,124)	(10,235,330)
Financial Assets And Liabilities At Fair Value Through Profit Or Loss Category [Member]
Disclosure of financial liabilities [line items]
Interest income
Interest expense
Foreign exchange, net
Other finance costs
Gain from repurchase of non-convertible notes
Dividend income
Fair value gains of financial assets through profit or loss	124,101	1,034,711	1,731,404
Interest generated by operating credits
Gain and Loss from derivative financial instruments	(176,862)	556,592	550,573
Net (loss) / income	$ (52,761)	$ 1,591,303	$ 2,281,977

XML

Financial instruments by Category (Details 3)	12 Months Ended
	Jun. 30, 2020
TGLT Convertible Notes [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Description	TGLT Convertible Notes
Pricing model / method	Black& Scholes - Thoretical price
Level 2 [Member] | Swaps Of Interest Rate [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Description	Swaps of interest rate
Pricing model / method	Discounted cash flow
Parameters	Interest rate futures
Level 2 [Member] | Investments in Financial Assets [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Description	Investments in financial assets
Pricing model / method	NAV - Theoretical price
Parameters	Value is determinated based on the company´s shares in equity funds based on its Financial Statements, which are based on fair value, or evaluations of its investment.
Level 2 [Member] | Foreign-Currency Contracts One [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Description	Foreign-currency contracts
Pricing model / method	Present value method - Theoretical price
Parameters	Foreign exchange curve
Level 3 [Member] | TGLT Convertible Notes [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Description	TGLT Convertible Notes
Parameters	Underlying asset price (Market price) - share price volatility and market Interest rate
Range term	Underlying asset price 10 to 13, share price volatility 55% to 75%, market interest-rate 8% to 9%
Foreign-Currency Contracts [Member] | Level 2 [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Description	Foreign-currency contracts
Pricing model / method	Present value method - Theoretical price
Parameters	Underlying asset price (Money market curve); Interest curve

XML

Trade and Other Receivables (Details) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Trade and other receivables [abstract]
Lease and services receivables	$ 1,165,823	$ 1,404,710
Post-dated checks	301,234	884,663
Averaging of scheduled rent escalation	657,302	762,145
Debtors under legal proceedings	402,353	324,892
Property sales receivables	16,263	43,020
Consumer financing receivables	16,441	23,498
Less: allowance for doubtful accounts	(618,273)	(382,220)
Total trade receivables	1,941,143	3,060,708
Loans	1,056,340	68,582
Advance payments	509,590	603,604
Others	221,065	209,407
Prepayments	220,155	233,975
Other tax receivables	155,467	174,918
Expenses to be recovered	41,141	19,883
Guarantee deposit	1,970	1,835
Less: allowance for doubtful accounts	(165)	(236)
Total other receivables	2,205,563	1,311,968
Related parties (Note 29)	4,826,604	6,063,813
Total trade and other receivables	8,973,310	10,436,489
Non-current	5,093,549	696,656
Current	3,879,761	9,739,833
Total	$ 8,973,310	$ 10,436,489

XML

Trade and Other Receivables (Details 1) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Trade and other receivables [abstract]
Beginning of the year	$ 382,456	$ 447,096
Additions	324,219	160,838
Unused amounts reversed	(19,705)	(52,140)
Used during the year	(2,533)	(8,208)
Inflation adjustment	(65,999)	(165,130)
End of the year	$ 618,438	$ 382,456

XML

Trade and Other Receivables (Details 2) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Disclosure of provision matrix [line items]
Total	$ 2,559,416	$ 3,442,928
Up to 3 months [Member]
Disclosure of provision matrix [line items]
Total	221,770	198,101
3 to 6 months [Member]
Disclosure of provision matrix [line items]
Total	58,960	73,389
Over 6 months [Member] [Member]
Disclosure of provision matrix [line items]
Total	79,984	73,271
Non past due [Member]
Disclosure of provision matrix [line items]
Total	1,580,429	2,715,947
Impaired [Member]
Disclosure of provision matrix [line items]
Total	618,273	382,220
Shopping mall lease and services receivables [Member]
Disclosure of provision matrix [line items]
Total	2,492,732	3,311,988
Shopping mall lease and services receivables [Member] | Up to 3 months [Member]
Disclosure of provision matrix [line items]
Total	213,749	182,028
Shopping mall lease and services receivables [Member] | 3 to 6 months [Member]
Disclosure of provision matrix [line items]
Total	53,539	59,050
Shopping mall lease and services receivables [Member] | Over 6 months [Member] [Member]
Disclosure of provision matrix [line items]
Total	74,483	57,101
Shopping mall lease and services receivables [Member] | Non past due [Member]
Disclosure of provision matrix [line items]
Total	1,549,129	2,655,087
Shopping mall lease and services receivables [Member] | Impaired [Member]
Disclosure of provision matrix [line items]
Total	601,832	358,722
Office leases and services receivables [Member]
Disclosure of provision matrix [line items]
Total	33,980	64,422
Office leases and services receivables [Member] | Up to 3 months [Member]
Disclosure of provision matrix [line items]
Total	2,600	1,731
Office leases and services receivables [Member] | 3 to 6 months [Member]
Disclosure of provision matrix [line items]
Total
Office leases and services receivables [Member] | Over 6 months [Member] [Member]
Disclosure of provision matrix [line items]
Total	80	1,831
Office leases and services receivables [Member] | Non past due [Member]
Disclosure of provision matrix [line items]
Total	31,300	60,860
Office leases and services receivables [Member] | Impaired [Member]
Disclosure of provision matrix [line items]
Total
Consumer financing receivables [Member]
Disclosure of provision matrix [line items]
Total	16,441	23,498
Consumer financing receivables [Member] | Up to 3 months [Member]
Disclosure of provision matrix [line items]
Total
Consumer financing receivables [Member] | 3 to 6 months [Member]
Disclosure of provision matrix [line items]
Total
Consumer financing receivables [Member] | Over 6 months [Member] [Member]
Disclosure of provision matrix [line items]
Total
Consumer financing receivables [Member] | Non past due [Member]
Disclosure of provision matrix [line items]
Total
Consumer financing receivables [Member] | Impaired [Member]
Disclosure of provision matrix [line items]
Total	16,441	23,498
Property sales receivables [Member]
Disclosure of provision matrix [line items]
Total	16,263	43,020
Property sales receivables [Member] | Up to 3 months [Member]
Disclosure of provision matrix [line items]
Total	5,421	14,342
Property sales receivables [Member] | 3 to 6 months [Member]
Disclosure of provision matrix [line items]
Total	5,421	14,339
Property sales receivables [Member] | Over 6 months [Member] [Member]
Disclosure of provision matrix [line items]
Total	5,421	14,339
Property sales receivables [Member] | Non past due [Member]
Disclosure of provision matrix [line items]
Total
Property sales receivables [Member] | Impaired [Member]
Disclosure of provision matrix [line items]
Total

XML

Trade and Other Receivables (Details Textual) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Trade And Other Receivables
Non-current receivables due	4 years	4 years
Percentage of trade receivables related to leases and services	98.80%	98.10%
Leases and services receivables	$ 311,571	$ 121,756
Percentage of trade receivables related to residual activities	0.60%	0.70%
Loss on impairment of consumer financing receivable	$ 7,057	$ 13,058
Percentage of trade receivables related to sale of properties	0.60%	1.20%
Agreement for assumption of debt	$ 181,744	$ 183,675

XML

Cash Flow and Cash Equivalent Information (Details) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Cash Flow and Cash Equivalents [Abstract]
Net profit / (loss) for the year	$ 18,153,260	$ (25,922,964)	$ 20,348,486
Adjustments:
Income tax	5,373,999	(6,138,041)	(6,534,323)
Amortization and depreciation	292,002	194,275	168,684
Impaired trading properties		45,804
Impaired goodwill		184,393	184,393
Loss on sale of associates and joint ventures		171,689
Net gain / (loss) from fair value adjustment on investment properties	(25,126,324)	36,964,252	(13,567,839)
Gain from disposal of trading properties	(254,511)	(22,839)	(216,248)
Disposals by concession maturity	7,086	1,045	16,916
Averaging of schedule rent escalation	(162,635)	(379,515)	(90,262)
Directors' fees	126,417	189,859	149,254
Financial results, net	6,915,458	864,848	8,027,131
Provisions and allowances	356,812	173,896	244,245
Share of profit of associates and joint ventures	(177,910)	577,953	(887,380)
Right to receive units due to non-compliance			(18,057)
Changes in operating assets and liabilities
Decrease / (Increase) in inventories	2,485	14,185	(6,422)
Decrease / (Increase) in trade and other receivables	1,015,767	355,265	(549,697)
(Decrease) / Increase in trade and other payables	(1,291,692)	(1,265,333)	1,173,129
(Decrease) / Increase in payroll and social security liabilities	(125,520)	(99,046)	61,067
Uses of provisions	(50,964)	(75,223)	(113,156)
(Increase) / Decrease in trading properties	(15,263)	7,103	252,639
Net cash generated by operating activities before income tax paid	$ 5,038,467	$ 5,841,606	$ 8,458,167

XML

Cash Flow and Cash Equivalent Information (Details 1) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Non-cash transactions
Decrease in intangible assets through an increase in trading properties	$ 13,536	$ 1,156	$ 40,597
Decrease in trading properties through an increase in investment properties		97,529
Increase in investment properties through an increase in borrowings	385	96,324	37,293
Increase in properties plant and equipment through an increase in borrowings		6,407	20,045
Increase in properties plant and equipment through a decrease in investment properties		20,267	17,578
Increase in trade and other receivables through a decrease in investment in associates and joint ventures (dividends)		430,458	15,932
Decrease in trade and other receivables through an increase in investment in associates and joint ventures		8,385	8,474
Decrease in associates and joint ventures through a decrease in borrowings (dividends)		8,407	8,817
Decrease in associates and joint ventures through a decrease in equity		41,178
Increase in intangible assets through an increase in trade and other payables			85,126
Increase in investment properties through an increase in trade and other payables	1,153,243		295,497
Increase in investment in associates and joint ventures through a decrease in provisions			352
Decrease in investment properties through a decrease in trade and other payables			3,479
Increase in trade and other receivables through an increase in borrowings			156
Currency translation adjustment in associates	21,703
Decrease in trading properties through an increase in intangible assets	246,929
Increase in investment properties through a decrease in properties plant and equipment	168,265
Decrease in investment properties through an increase in intangible assets	371,470
Increase in investment in financial assets through a decrease in trade and other receivables	703,113
Decrease in equity through an increase in borrowings (dividends)	54,921
Increase in rights of use assets through a decrease in properties plant and equipment	21,355
Increase in financial assets through a decrease in investment in associates and joint ventures (dividends)	28,518
Increase in investment in associates and joint ventures through a decrease in investment in financial assets	854,309
Decrease in equity through an increase in trade and other payables	709
Decrease in intangible assets through an increase in trade and other payables	4,649
Increase in investment properties through a decrease in trade and other receivables	5,409,479
Increase in investment properties through an increase in equity	273,460
Increase in investment properties through an increase in tax credits and debts	91,154
Increase in financial assets through a decrease in investment properties	1,188,284
Increase in investment properties through a decrease in intangible assets	50,509
Increase in leases liabilities through a decrease in borrowings	7,031
Decrease in investment properties through an increase in properties plant and equipment	$ 6,798

XML

Cash Flow and Cash Equivalent Information (Details 2) $ in Thousands	Jun. 30, 2020 ARS ($)	[1]
Cash Flow and Cash Equivalents [Abstract]
Investment properties	$ 1,693,733
Income tax and minimum presumed income tax credits	2,248
Trade and other receivables	63,918
Deferred income tax liabilities	(359,292)
Trade and other payables	(77,558)
Income tax and minimum presumed income tax liabilities	(2,248)
Decrease due to loss of control	$ 1,320,801

[1] Corresponds to the desconsolidation of La Malteria S.A.

XML

Cash Flow and Cash Equivalent Information (Details 3) $ in Thousands	Jun. 30, 2018 ARS ($)	[1]
Cash Flow and Cash Equivalents [Abstract]
Trade and other receivables	$ (80,816)
Income tax and minimum presumed income tax credits	(236)
Investment properties	(261,971)
Property, plant and equipment	(469)
Salaries and social security costs	5,598
Deferred income tax	32,965
Income tax and minimum presumed income tax liabilities	2,961
Trade and other payables	244,943
Provisions	1,003
Total net non-cash assets acquired	(56,022)
Goodwill	(184,393)
Non-controlling interest	16,742
Total net assets acquired	(223,673)
Financed amount	85,126
Inflation adjustment	23,811
Acquisition of subsidiaries, net of cash acquired	$ (114,736)

[1] Corresponds to the incorporation of La Arena S.A..

XML

Shareholder's Equity (Details) $ in Thousands	Jun. 30, 2020 ARS ($)
Par Value	$ 126,014
Subscribed, Issued and Paid up Extraordinary Shareholders' Meeting [Member] | 10.29.87 [Member] | 12.29.87 [Member]
Par Value	1
Subscribed, Issued and Paid up Extraordinary Shareholders' Meeting [Member] | 10.26.88 | 12.29.88
Par Value	1
Subscribed, Issued and Paid up Extraordinary Shareholders' Meeting [Member] | 10.25.89 | 02.05.90
Par Value	38
Subscribed Issued And Paid Up Ordinary And Extraordinary Shareholders Meeting [Member] | 08.31.95 | 03.15.96
Par Value	9,460
Subscribed Issued And Paid Up Ordinary And Extraordinary Shareholders Meeting [Member] | 10.29.96 | 05.15.98
Par Value	16,000
Subscribed Issued And Paid Up Ordinary And Extraordinary Shareholders Meeting [Member] | 03.10.98 | 10.21.99
Par Value	38,000
Subscribed Issued And Paid Up Ordinary And Extraordinary Shareholders Meeting [Member] | 08.06.99 | 05.07.02
Par Value	6,500
Subscribed Issued And Paid Up Board Of Directors Meeting [Member] | 06.28.04 | 05.04.05
Par Value	8,206	[1]
Subscribed Issued And Paid Up Board Of Directors Meeting [Member] | 11.16.10 | 03.02.11
Par Value	47,755	[2]
Subscribed Issued And Paid Up Board Of Directors Meeting [Member] | 09.22.11 | 01.04.12
Par Value	28	[3]
Subscribed Issued And Paid Up Board Of Directors Meeting [Member] | 03.13.13 | 01.16.15
Par Value	$ 25	[4]

[1] Capital subscribed in connection with the conversion of convertible notes made until August 2006. Such conversions have been registered.

[2] Capital subscribed in connection with the conversion of convertible notes made on October 7, 2010.

[3] Capital subscribed in connection with the conversion of convertible notes made on September 21, 2011.

[4] Capital subscribed in connection with the conversion of convertible notes made on March 13, 2013.

XML

Shareholder's Equity (Details Textual) $ in Thousands	1 Months Ended			12 Months Ended
	Oct. 30, 2019 ARS ($)	Oct. 29, 2018 ARS ($)	Oct. 31, 2017 ARS ($)	Jun. 30, 2020 $ / shares	Jun. 30, 2020 ARS ($)	Jun. 30, 2019 ARS ($) $ / shares	Jun. 30, 2019 ARS ($)	Jun. 30, 2018 ARS ($) $ / shares	Jun. 30, 2018 ARS ($)	Jun. 30, 2020 ARS ($) shares	Dec. 18, 2012 $ / shares shares
Nominal value, per shares (in argentine peso per share) | $ / shares											$ 0.1
Increase of nominal value, per shares (in argentine peso per share) | $ / shares											$ 1
Number of shares par value increase | shares											20,264
Number of shares outstanding | shares										126,014,050
Common stock par value | $ / shares				$ 1.00
Legal reserve, description					5% of the profit of the year is destined to constitute legal reserves until they reach legal capped amount (20% of share capital).
Reserve						$ 9,232	$ 9,232	$ 9,232	$ 9,232	$ 9,232
Dividend, per shares (in argentine peso per share) | $ / shares				$ 6.96		$ 8.00		$ 14.56
Dividend	$ 877,000	$ 1,008,000	$ 1,834,000
Canceled dividends					$ 730,000		$ 1,008,000		$ 1,834,000
Special Reserve [Member]
Reserve		$ 34,413,000								150,000
Revaluation surplus [Member]
Reserve										$ 273,000

XML

Trade and Other Payables (Details) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Trade and other payables [abstract]
Rent and service payments received in advance	$ 1,246,676	$ 1,097,775
Admission rights	1,017,114	1,438,219
Accrued invoices	261,767	432,796
Trade payables	295,302	218,252
Tenant deposits	99,946	109,373
Payments received in advance	31,359	68,716
Total trade payables	2,952,164	3,365,131
Tax payable	116,524	358,757
Others	157,337	180,271
Other payments received in advance to be accrued	70,134	78,633
Tax payment plans	7,884	407,528
Dividends		179
Total other payables	351,879	1,025,368
Related parties (Note 30)	1,495,540	432,206
Total trade and other payables	4,799,583	4,822,705
Non-current	1,238,572	1,229,156
Current	3,561,011	3,593,549
Total	$ 4,799,583	$ 4,822,705

XML

Borrowings (Details) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Disclosure of detailed information about borrowings [line items]
Total non-current borrowings	$ 26,579,396	$ 31,831,168
Total current borrowings	12,500,160	1,800,063
Total Borrowings	39,079,556	33,631,231	$ 34,838,174	$ 13,714,485
Borrowing fair Value	30,084,037	33,263,799
Non-convertible notes [Member]
Disclosure of detailed information about borrowings [line items]
Total Borrowings	34,965,126	30,563,397
Borrowing fair Value	26,100,131	30,419,944
Bank loans [Member]
Disclosure of detailed information about borrowings [line items]
Total Borrowings	2,422,845	2,453,670
Borrowing fair Value	2,292,321	2,229,691
Bank overdrafts [Member]
Disclosure of detailed information about borrowings [line items]
Total Borrowings	1,399,190	314,669
Borrowing fair Value	1,399,190	314,669
AABE Debts [Member]
Disclosure of detailed information about borrowings [line items]
Total Borrowings	181,744	183,675
Borrowing fair Value	181,744	183,675
Loans with non-controlling interests [Member]
Disclosure of detailed information about borrowings [line items]
Total Borrowings	110,651	94,090
Borrowing fair Value	110,651	94,090
Finance leases [Member]
Disclosure of detailed information about borrowings [line items]
Total Borrowings		21,730
Borrowing fair Value		$ 21,730

XML

Borrowings (Details 1) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Disclosure of disaggregation of revenue from contracts with customers [line items]
Capital borrowings	$ 38,314,276	$ 32,929,924
Accrued interest borrowing	765,280	679,577
Borrowings under finance leases	39,079,556	33,609,501
Less than one year [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Capital borrowings	11,629,111	1,051,896
Accrued interest borrowing	742,418	549,470
Between 1 and 2 years [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Capital borrowings	754,688	9,323,478
Accrued interest borrowing		130,107
Between 2 and 3 years [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Capital borrowings	25,825,888	653,578
Between 3 and 4 years [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Capital borrowings	64,633	21,900,972
Accrued interest borrowing	22,862
More than 4 years [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Capital borrowings	$ 39,956

XML

Borrowings (Details 2) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Borrowings [abstract]
Balances at the beginning of the year	$ 33,631,231	$ 34,838,174	$ 13,714,485
Borrowings obtained	10,292,732	3,338,776	1,795,897
Payment of borrowings	(10,620,056)	(2,992,941)	(190,083)
Interest paid	(3,015,702)	(2,893,591)	(1,875,222)
Accrued interest	2,772,749	3,001,913	2,136,977
Foreign exchange	5,683,954	(2,028,141)	14,800,680
Short terms loans, net	1,288,810	353,581	(50,692)
Repurchase of non-convertible notes	(600,306)	(80,546)
Issuance of non-convertible notes			6,588,262
Others	(7,840)	25,149	35,914
Inflation adjustment	25,209	(300,850)	(1,045,120)
Capitalization of financial costs	385	96,324	37,293
Balances at the end of the year	$ 39,079,556	$ 33,631,231	$ 34,838,174

XML

Borrowings (Details 3) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Disclosure of detailed information about borrowings [line items]
Non-current borrowings	$ 28,811,166	$ 32,649,635
NCN Class II due 2023 [Member]
Disclosure of detailed information about borrowings [line items]
Non-current borrowings	18,915,962	22,110,412
NCN Class IV due 2020 [Member]
Disclosure of detailed information about borrowings [line items]
Non-current borrowings	7,602,883	8,309,532
Bank loans [Member]
Disclosure of detailed information about borrowings [line items]
Non-current borrowings	$ 2,292,321	$ 2,229,691

XML

Borrowings (Details 4) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Disclosure of detailed information about borrowings [line items]
Fixed rate borrowings	$ 36,414,033	$ 30,972,155
Floating rate borrowings	2,665,523	2,637,346
Total borrowings	39,079,556	33,609,501
Financial leasing		21,730
Total Borrowings amount	39,079,556	33,631,231	$ 34,838,174	$ 13,714,485
ARS [Member]
Disclosure of detailed information about borrowings [line items]
Fixed rate borrowings	1,357,174	214,310
Floating rate borrowings	517,241	498,800
USD [Member]
Disclosure of detailed information about borrowings [line items]
Fixed rate borrowings	35,056,859	30,757,845
Floating rate borrowings	$ 2,148,282	$ 2,138,546

XML

Provisions (Details) - ARS ($) $ in Thousands		12 Months Ended
		Jun. 30, 2020		Jun. 30, 2019
Disclosure of other provisions [line items]
As of beginning		$ 114,190		$ 124,701
Inflation adjustment		(42,918)		(50,349)
Increases	[1]	89,137		86,906
Recovery	[1]	(36,839)		(21,707)
Used during the year		8,046		25,222
Others		(323)	[2]	(139)
As of end		115,201		114,190
Non-current		72,184		62,713
Current		43,017		51,477
Total		115,201		114,190
Labor, legal and other claims [Member]
Disclosure of other provisions [line items]
As of beginning		113,867
Inflation adjustment		(42,918)
Increases	[1]	89,137
Recovery	[1]	(36,839)
Used during the year		8,046
Others	[2]
As of end		115,201		113,867
Investments in associates [Member]
Disclosure of other provisions [line items]
As of beginning	[2]	323
Inflation adjustment	[2]
Increases	[1],[2]
Recovery	[1],[2]
Used during the year	[2]
Others	[2]	(323)
As of end	[2]			$ 323

[1] The charge to increase and recovery provisions has been charged within the line "Other operating results, net", in the Statement of Comprehensive Income (Note 27).

[2] Corresponds to investments in associates with negative equity. (Note 8)

XML

Current and Deferred Income Tax (Details) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Current and Deferred Income Tax [Abstract]
Current income tax	$ (24,441)	$ (131,359)	$ (448,599)
Special tax for tax revaluation		(394,898)
Deferred income tax	(5,348,343)	6,664,298	6,982,922
Minimum presumed income tax	(1,215)
Income tax - (Loss) / Gain	$ (5,373,999)	$ 6,138,041	$ 6,534,323

XML

Current and Deferred Income Tax (Details 1)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Argentina [Member]
Disclosure of financial assets [line items]
Income tax rate	25.00%	30.00%	35.00%
Uruguay [Member]
Disclosure of financial assets [line items]
Income tax rate	0.00%

XML

Current and Deferred Income Tax (Details 2) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Deferred income tax asset	$ 3,684,573	$ 2,514,696
Deferred income tax liabilities	(27,443,280)	(21,193,198)
Deferred income tax, net	(23,758,707)	(18,678,502)	$ (25,342,800)
Recovered after more than 12 months [Member]
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Deferred income tax asset	2,953,241	625,265
Deferred income tax liabilities	(26,356,656)	(5,036,780)
Recovered within 12 months [Member]
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Deferred income tax asset	731,332	1,889,431
Deferred income tax liabilities	$ (1,086,624)	$ (16,156,418)

XML

Current and Deferred Income Tax (Details 3) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of financial assets [line items]
Balance at the beginning	$ (18,678,502)	$ (25,342,800)
(Charged) / Credited to the statement of income	(5,348,343)	6,664,298
Revaluation surplus	(91,154)
Decrease due to loss of control	(1,693,733)
Balance at the end	(23,758,707)	(18,678,502)
Deferred income tax liabilities [Member]
Disclosure of financial assets [line items]
Balance at the beginning	(21,193,198)	(28,300,438)
(Charged) / Credited to the statement of income	(6,518,220)	7,107,240
Revaluation surplus	(91,154)
Decrease due to loss of control	359,292
Balance at the end	(27,443,280)	(21,193,198)
Deferred income tax liabilities [Member] | Investment properties and properties plant and equipment [Member]
Disclosure of financial assets [line items]
Balance at the beginning	(18,369,550)	(27,508,822)
(Charged) / Credited to the statement of income	(5,864,823)	9,139,272
Revaluation surplus	(91,154)
Decrease due to loss of control	359,292
Balance at the end	(23,966,235)	(18,369,550)
Trade and other payables [Member] | Deferred income tax liabilities [Member]
Disclosure of financial assets [line items]
Balance at the beginning	(36,225)	(16,986)
(Charged) / Credited to the statement of income	(757)	(19,239)
Revaluation surplus
Decrease due to loss of control
Balance at the end	(36,982)	(36,225)
Trade and other receivables [Member] | Deferred income tax liabilities [Member]
Disclosure of financial assets [line items]
Balance at the beginning	(876,837)	(511,125)
(Charged) / Credited to the statement of income	(43,787)	(365,712)
Revaluation surplus
Decrease due to loss of control
Balance at the end	(920,624)	(876,837)
Trading properties [Member] | Deferred income tax liabilities [Member]
Disclosure of financial assets [line items]
Balance at the beginning	(35,254)	(65,027)
(Charged) / Credited to the statement of income	15,432	29,773
Revaluation surplus
Decrease due to loss of control
Balance at the end	(19,822)	(35,254)
Other [Member] | Deferred income tax liabilities [Member]
Disclosure of financial assets [line items]
Balance at the beginning	(90,986)	(118,146)
(Charged) / Credited to the statement of income	(145,944)	27,160
Revaluation surplus
Decrease due to loss of control
Balance at the end	(236,930)	(90,986)
Right of use assets [Member] | Deferred income tax liabilities [Member]
Disclosure of financial assets [line items]
Balance at the beginning
(Charged) / Credited to the statement of income	(1,513)
Revaluation surplus
Decrease due to loss of control
Balance at the end	(1,513)
Investments in financial instruments [Member] | Deferred income tax liabilities [Member]
Disclosure of financial assets [line items]
Balance at the beginning	(175,724)	(76,285)
(Charged) / Credited to the statement of income	75,251	(99,439)
Revaluation surplus
Decrease due to loss of control
Balance at the end	(100,473)	(175,724)
Tax inflation adjustment [Member] | Deferred income tax liabilities [Member]
Disclosure of financial assets [line items]
Balance at the beginning	(1,600,472)
(Charged) / Credited to the statement of income	(560,208)	(1,600,472)
Revaluation surplus
Decrease due to loss of control
Balance at the end	(2,160,680)	(1,600,472)
Cash and cash equivalent [Member] | Deferred income tax liabilities [Member]
Disclosure of financial assets [line items]
Balance at the beginning	(8,150)	(2,994)
(Charged) / Credited to the statement of income	8,129	(5,156)
Revaluation surplus
Decrease due to loss of control
Balance at the end	(21)	(8,150)
Intangible assets [Member] | Deferred income tax liabilities [Member]
Disclosure of financial assets [line items]
Balance at the beginning		(1,053)
(Charged) / Credited to the statement of income		1,053
Balance at the end
Deferred income tax asset [Member]
Disclosure of financial assets [line items]
Balance at the beginning	2,514,696	2,957,638
(Charged) / Credited to the statement of income	1,169,877	(442,942)
Revaluation surplus
Decrease due to loss of control
Balance at the end	3,684,573	2,514,696
Deferred income tax asset [Member] | Tax loss carry-forwards [Member]
Disclosure of financial assets [line items]
Balance at the beginning	1,555,861	1,897,615
(Charged) / Credited to the statement of income	1,061,858	(341,754)
Revaluation surplus
Decrease due to loss of control
Balance at the end	2,617,719	1,555,861
Deferred income tax asset [Member] | Investment properties [Member]
Disclosure of financial assets [line items]
Balance at the beginning
(Charged) / Credited to the statement of income	133,302
Revaluation surplus
Decrease due to loss of control
Balance at the end	133,302
Deferred income tax asset [Member] | Borrowings [Member]
Disclosure of financial assets [line items]
Balance at the beginning	45,919	46,661
(Charged) / Credited to the statement of income	(483)	(742)
Revaluation surplus
Decrease due to loss of control
Balance at the end	45,436	45,919
Deferred income tax asset [Member] | Trade and other payables [Member]
Disclosure of financial assets [line items]
Balance at the beginning	783,473	859,493
(Charged) / Credited to the statement of income	(221,146)	(76,020)
Revaluation surplus
Decrease due to loss of control
Balance at the end	562,327	783,473
Deferred income tax asset [Member] | Trade and other receivables [Member]
Disclosure of financial assets [line items]
Balance at the beginning	98,240	98,558
(Charged) / Credited to the statement of income	(33,557)	(318)
Revaluation surplus
Decrease due to loss of control
Balance at the end	64,683	98,240
Deferred income tax asset [Member] | Trading properties [Member]
Disclosure of financial assets [line items]
Balance at the beginning		6,937
(Charged) / Credited to the statement of income	223,668	(6,937)
Revaluation surplus
Decrease due to loss of control
Balance at the end	223,668
Deferred income tax asset [Member] | Provisions [Member]
Disclosure of financial assets [line items]
Balance at the beginning	638	1,888
(Charged) / Credited to the statement of income	(15)	(1,250)
Revaluation surplus
Decrease due to loss of control
Balance at the end	623	638
Deferred income tax asset [Member] | Other [Member]
Disclosure of financial assets [line items]
Balance at the beginning	9,375	38,325
(Charged) / Credited to the statement of income	11,720	(28,950)
Revaluation surplus
Decrease due to loss of control
Balance at the end	21,095	9,375
Deferred income tax asset [Member] | Payroll and social security liabilities [Member]
Disclosure of financial assets [line items]
Balance at the beginning	5,255	8,161
(Charged) / Credited to the statement of income	(1,578)	(2,906)
Revaluation surplus
Decrease due to loss of control
Balance at the end	3,677	5,255
Deferred income tax asset [Member] | Tax inflation adjustment [Member]
Disclosure of financial assets [line items]
Balance at the beginning	15,935
(Charged) / Credited to the statement of income	(3,892)	15,935
Revaluation surplus
Decrease due to loss of control
Balance at the end	$ 12,043	$ 15,935

XML

Current and Deferred Income Tax (Details 4) - Tax loss carry-forward [Member] $ in Thousands	12 Months Ended
	Jun. 30, 2020 ARS ($)
Disclosure of financial assets [line items]
Tax loss carry-forward	$ 8,695,098
Argentina | 2016 [Member]
Disclosure of financial assets [line items]
Tax loss carry-forward	$ 2,248
Date of generated	2016
Date of expiration	2021
Rate	25.00%
Argentina | 2017 [Member]
Disclosure of financial assets [line items]
Tax loss carry-forward	$ 8,121
Date of generated	2017
Date of expiration	2022
Rate	25.00%
Argentina | 2018 [Member]
Disclosure of financial assets [line items]
Tax loss carry-forward	$ 2,781,231
Date of generated	2018
Date of expiration	2023
Rate	25.00%
Argentina | 2019 [Member]
Disclosure of financial assets [line items]
Tax loss carry-forward	$ 1,183,486
Date of generated	2019
Date of expiration	2024
Rate	25.00%
Argentina | 2020 [Member]
Disclosure of financial assets [line items]
Tax loss carry-forward	$ 4,720,012
Date of generated	2020
Date of expiration	2025
Rate	25.00%
Argentina | 2020 [Member] | Bottom of Range [Member]
Disclosure of financial assets [line items]
Rate	25.00%
Argentina | 2020 [Member] | Top of Range [Member]
Disclosure of financial assets [line items]
Rate	30.00%

XML

Current and Deferred Income Tax (Details 5) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Current and Deferred Income Tax [Abstract]
(Profit) / loss for year before income tax at the prevailing tax rate	$ (7,058,178)	$ 9,618,302	$ (4,834,957)
Tax effects of:
Rate change	2,374,798	221,159	10,515,288
Share of profit of associates and joint ventures	53,373	(173,386)	310,583
Result by rate transparency	186,489	(101,841)
Result from sale of subsidiaries	(391,936)	(1,691)
Special tax, revaluation		(394,898)
Expiration of carry-forwards	(100)
Tax loss carry-forwards	(129,387)	(77,255)
Non-taxable financial dividends			272,594
Non-taxable, non-deductible items	(615)	36,725	(16,060)
Derivative special tax			(1,881)
Difference between provisions and affidavits	48,333	3,712	2,395
Minimum presumed income tax	(1,215)		(73)
Goodwill reversal		(55,318)
Others	4	(8,583)	(415)
Inflation adjustment	(588,429)	(1,853,819)	286,849
Tax inflation adjustment	132,864	(1,075,066)
Income tax - (Loss) / Gain	$ (5,373,999)	$ 6,138,041	$ 6,534,323

XML

Current and Deferred Income Tax (Details Textual) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Current and deferred income tax (Textual)
Deferred income tax assets	$ 83,738	$ 94,695
Deferred income tax assets corresponding losses	334,912	378,780
Deferred income tax liabilities	$ 0	$ 0
Description of tax loss carry-forwards	Tax loss carry-forwards in Argentina generally expire within 5 years.
Description of Income tax	(i) the update of the cost for goods acquired or investments made in the fiscal years that begin as of January 1, 2018 (applicable to the Group for the year end June 30, 2019), considering the percentage variations of the CPI provided by the National Institute of Statistics and Census (“INDEC”);
Description of revaluation of assets	The applicable rate to companies for the third year beginning after January 1, 2018 is increased from 25% to 30% that is, for the Group's fiscal years beginning on July 1, 2019.
Description of tax inflation adjustment	(ii) the application of the adjustment set forth in Title VI of the Income Tax Law when a percentage of variation -of the aforementioned index price - accumulated in thirty-six (36) months prior to the fiscal year end that is liquidated, is greater than one hundred percent (100%), or, with respect to the first, second and third year after its validity, this procedure will be applicable in case the accumulated variation of that index price, calculated from the beginning of the first of them and until the end of each year, exceed 55%, 30% and 15% for the first, second and third year of application, respectively. At the end of this year, there has been an accumulative variation of 43% in the index price that exceeds the expected condition of 55% for the application of the adjustment in the first year. Consequently, the tax inflation adjustment has been applied and the cost of goods acquired during the year 2019 has been updated as established in article 58 of the Income Tax Law.

XML

Employee Benefits (Details) - ARS ($) $ in Thousands		12 Months Ended
	Jan. 01, 2006	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Base Contributions [Member]
Disclosure of defined benefit plans [line items]
Monthly salary contribution	2.50%
Employee contributions	200.00%
Group contributions		100.00%
Contribution plan amount		$ 22,550	$ 32,153	$ 24,430
Extraordinary Contributions [Member]
Disclosure of defined benefit plans [line items]
Annual bonus contribution	15.00%
Employee contributions	300.00%

XML

Equity Incentive Plan (Details) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Equity Incentive Plan (Textual)
Trade and other payables of equity	$ 12,400	$ 17,800
Equity Incentive Plan, liability	2,500	3,600
Debt equity	14,600	20,900
Incentive Plan [Member]
Equity Incentive Plan (Textual)
Accrued amount of equity	$ 61,100	90,600	$ 182,700
Total cost of equity		$ 400	$ 17,200

XML

Leases (Details) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Disclosure of financial liabilities [line items]
Future minimum proceeds under non-cancellable operating leases	$ 9,674,424	$ 21,730
Less than one year [Member]
Disclosure of financial liabilities [line items]
Future minimum proceeds under non-cancellable operating leases	2,235,279	15,236
Later than 1 year and not later than 5 years [Member]
Disclosure of financial liabilities [line items]
Future minimum proceeds under non-cancellable operating leases	5,117,396	6,494
More than 5 years [Member]
Disclosure of financial liabilities [line items]
Future minimum proceeds under non-cancellable operating leases	$ 2,321,749

XML

Leases (Details Textual) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Leases (Textual)
Operating leases, description	The agreements have an average term raging from three to five years. Some leases related to anchor stores have terms of ten years, which are usually extendable. Tenants normally pay a rent which consists of the higher of (i) the base rent; and (ii) the percentage rent (which generally ranges between 3% and 10% of the tenants’ gross sales). Furthermore, pursuant to one rent escalation clause in most lease arrangements, the tenants’ base rent generally increases between 17% and 40% each year during the agreement term.
Rent expense	$ 4,374,256	$ 6,336,432	$ 7,312,191
Operating lease expiration	2032
Group's Shopping Malls [Member]
Leases (Textual)
Rental income	$ 6,628	8,077	10,323
Office and Other Buildings [Member]
Leases (Textual)
Rental income	$ 2,113,148	$ 1,810,848	$ 1,208,481
Minimum [Member]
Leases (Textual)
Agreements average ranging term	3 years
Maximum [Member]
Leases (Textual)
Agreements average ranging term	5 years

XML

Revenues (Details) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Revenues [Abstract]
Base rent	$ 5,085,838	$ 6,321,213	$ 6,606,357
Contingent rent	1,463,321	1,759,756	1,839,028
Admission rights	899,040	1,050,071	1,173,146
Parking fees	296,402	482,921	602,001
Averaging of scheduled rent escalation	162,635	379,515	90,262
Commissions	172,314	247,291	379,749
Property management fees	115,310	135,272	167,520
Others	60,596	426,273	64,032
Total revenues from rentals and services	8,255,456	10,802,312	10,922,095
Sale of trading properties	307,499	24,094	259,218
Total revenues from sale of properties	307,499	24,094	259,218
Total revenues from sales, rentals and services	8,562,955	10,826,406	11,181,313
Expenses and collective promotion funds	3,109,382	3,709,732	4,389,642
Total revenues from expenses and collective promotion funds	3,109,382	3,709,732	4,389,642
Total revenues	$ 11,672,337	$ 14,536,138	$ 15,570,955

XML

Expenses by Nature (Details) - ARS ($) $ in Thousands		12 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Disclosure of financial liabilities [line items]
Salaries, social security costs and other personnel administrative expenses	[1]	$ 1,755,997	$ 2,232,213	$ 2,319,733
Maintenance, security, cleaning, repairs and other		1,530,174	1,821,510	1,931,707
Taxes, rates and contributions		852,106	983,448	1,034,207
Advertising and other selling expenses		545,916	608,104	753,842
Directors' fees		334,937	390,508	415,103
Allowance for doubtful accounts (additions and unused amounts reversed) (Note 15)		304,514	108,698	180,996
Amortization and depreciation (Notes 9,10,12 and 13)		292,002	194,275	168,684
Fees and payments for services		272,252	226,817	199,522
Leases and expenses		160,493	154,791	108,903
Traveling, transportation and stationery		43,614	68,640	84,109
Bank expenses		27,772	34,117	57,560
Cost of sale of properties (Note 11)		19,005	1,255	42,970
Other expenses		9,431	36,124	12,757
Total expenses by nature		6,148,213	6,860,500	7,310,093
Costs [Member]
Disclosure of financial liabilities [line items]
Salaries, social security costs and other personnel administrative expenses	[1],[2]	1,287,887	1,669,181	1,971,919
Maintenance, security, cleaning, repairs and other	[2]	1,421,033	1,722,576	1,879,715
Taxes, rates and contributions	[2]	425,564	576,953	594,744
Advertising and other selling expenses	[2]	515,493	555,211	680,157
Directors' fees	[2]
Allowance for doubtful accounts (additions and unused amounts reversed) (Note 15)	[2]
Amortization and depreciation (Notes 9,10,12 and 13)	[2]	189,580	122,588	103,832
Fees and payments for services	[2]	82,821	51,704	27,158
Leases and expenses	[2]	127,472	120,656	92,697
Traveling, transportation and stationery	[2]	23,470	37,173	46,536
Bank expenses	[2]	3,723	7,442	10,403
Cost of sale of properties (Note 11)	[2]	19,005	1,255	42,970
Other expenses	[2]	4,474	20,203	10,899
Total expenses by nature	[2]	4,100,522	4,884,942	5,461,030
General and administrative expenses [Member]
Disclosure of financial liabilities [line items]
Salaries, social security costs and other personnel administrative expenses	[1]	402,539	491,941	286,885
Maintenance, security, cleaning, repairs and other		106,730	95,617	49,957
Taxes, rates and contributions		22,988	19,398	29,651
Advertising and other selling expenses
Directors' fees		334,937	390,508	415,103
Allowance for doubtful accounts (additions and unused amounts reversed) (Note 15)
Amortization and depreciation (Notes 9,10,12 and 13)		101,235	69,875	64,152
Fees and payments for services		176,739	159,775	152,239
Leases and expenses		30,126	31,522	15,208
Traveling, transportation and stationery		16,640	27,871	34,583
Bank expenses		24,049	26,675	47,157
Cost of sale of properties (Note 11)
Other expenses		4,952	15,877	1,770
Total expenses by nature		1,220,935	1,329,059	1,096,705
Selling expenses [Member]
Disclosure of financial liabilities [line items]
Salaries, social security costs and other personnel administrative expenses	[1]	65,571	71,091	60,929
Maintenance, security, cleaning, repairs and other		2,411	3,317	2,035
Taxes, rates and contributions		403,554	387,097	409,812
Advertising and other selling expenses		30,423	52,893	73,685
Directors' fees
Allowance for doubtful accounts (additions and unused amounts reversed) (Note 15)		304,514	108,698	180,996
Amortization and depreciation (Notes 9,10,12 and 13)		1,187	1,812	700
Fees and payments for services		12,692	15,338	20,125
Leases and expenses		2,895	2,613	998
Traveling, transportation and stationery		3,504	3,596	2,990
Bank expenses
Cost of sale of properties (Note 11)
Other expenses		5	44	88
Total expenses by nature		$ 826,756	$ 646,499	$ 752,358

[1] For the fiscal year ended June 30, 2020 includes ARS 1,567,594 of Salaries, Bonuses and Social Security and ARS 186,403 of other concepts. For the fiscal year ended June 30, 2019 includes ARS 1,986,696 Salaries, Bonuses and Social Security and ARS 245,517 of other concepts. For the fiscal year ended June 30, 2018 includes ARS 2,140,033 Salaries, Bonuses and Social Security and ARS 179,700 of other concepts.

[2] For the fiscal year ended June 30, 2020 includes ARS 3,975,514 of Rental and services costs and ARS 125,008 of Cost of sales and developments. For the fiscal year ended June 30, 2019 includes ARS 4,826,611 of Rental and services costs; ARS 53.855 of Cost of sales and developments and ARS 4,476 of other consumer financing costs. For the fiscal year ended June 30, 2018 includes ARS 5,351,754 of Rental and services costs; ARS 69,362 of Cost of sales and developments and ARS 39,914 of other consumer financing costs.

XML

Expenses by Nature (Details Textual) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Expenses by Nature (Textual)
Salaries, bonuses and social security	$ 1,567,594	$ 1,986,696	$ 2,140,033
Other concepts	186,403	245,517	179,700
Rental and services costs	3,975,514	4,826,611	5,351,754
Cost of sales and developments	$ 125,008	53,855	69,362
Other consumer financing costs		$ 4,476	$ 39,914

XML

Other Operating Results, Net (Details) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Other operating results net [abstract]
Canon	$ 81,773	$ 37,664	$ 33,009
Interest generated by operating credits	60,792	78,176	10,846
Management fees	13,938	18,731	10,448
Expenses for sale of investment properties			(1,965)
(Loss) / gain resulting from disposals of property plant and equipment	(2,732)	(1,639)	195,722
Loss from sale of subsidiaries, associates and joint ventures	(7,723)	(171,689)
Others		(38,594)	(8,901)
Donations	(66,244)	(128,844)	(68,509)
Lawsuits (Note 20)	(52,298)	(65,199)	(63,249)
Loos for impaired trading properties		(45,804)
Impaired goodwill (Note 12)		(184,393)	(184,393)
Total other operating results, net	$ 27,506	$ (501,591)	$ 107,401

XML

Financial Results, Net (Details) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Financial Results, Net [Abstract]
- Interest income	$ 769,116	$ 117,826	$ 408,998
- Dividends income			82,837
Finance income	769,116	117,826	491,835
- Interest expense	(3,271,593)	(3,024,917)	(2,177,777)
- Others financial costs	(222,039)	(263,328)	(277,736)
Subtotal finance costs	(3,493,632)	(3,288,245)	(2,455,513)
Less: Capitalized finance costs	385	96,324	37,293
Finance costs	(3,493,247)	(3,191,921)	(2,418,220)
Foreing exchange, net	(4,669,704)	84,278	(8,319,791)
- Fair value gains of financial assets at fair value through profit or loss	124,101	1,034,711	1,731,404
- (Loss) / Gain from derivative financial instruments	(176,862)	556,592	550,573
- Gain from repurchase of non-convertible notes	92,782	6,517
Other financial results	(4,629,683)	1,682,098	(6,037,814)
- Inflation adjustment	25,209	(300,850)	(1,045,120)
Total financial results, net	$ (7,328,605)	$ (1,692,847)	$ (9,009,319)

XML

Earnings per Share (Details) - ARS ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Earnings per share [abstract]
Profit / (loss) attributable to equity holders of the Parent	$ 17,089,537	$ (25,772,658)	$ 19,624,143
Weighted average number of ordinary shares in issue (thousands)	$ 126,014	$ 126,014	$ 126,014
Basic earnings per share	$ 135.62	$ (204.52)	$ 155.73

XML

Earnings per Share (Details Textual)	12 Months Ended
	Jun. 30, 2020
Earnings per Share (Textual)
Nominal value, description	On December 18, 2012, the Superintendence of Corporations registered an amendment to the Company’s by-laws whereby it increased the nominal value of its shares from ARS 0.1 to ARS 1 each. This amendment, which was notified through the CNV, was registered under number 20,264 of Stock Companies Book 62 T°. Furthermore, the CNV has admitted the shares indicated above for listing in the Stock Exchange.

XML

Related Party Transactions (Details) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Disclosure of financial assets [line items]
Total	$ 8,901,905	$ 10,186,461
Trade and other receivables [Member]
Disclosure of financial assets [line items]
Total	4,826,604	6,063,813
Investments in financial assets [Member]
Disclosure of financial assets [line items]
Total	5,570,841	4,554,854
Trade and other payables [Member]
Disclosure of financial assets [line items]
Total	$ (1,495,540)	$ (432,206)

XML

Related Party Transactions (Details 1) - ARS ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Disclosure of associates [line items]
Borrowings	$ 39,079,556	$ 33,631,231
OFC S.R.L. [Member]
Disclosure of associates [line items]
Other credits	790	834
Others payables	(20,400)	(29,156)
Other associates and joint venture [Member]
Disclosure of associates [line items]
Reimbursement of expenses	1,370	610
Leases and/or rights to use space		7,291
Leases and/or rights to use space to pay	(851)	(553)
Reimbursement of expenses to pay
Lease collections to pay	(41)
Management fee	8,961	3
Total associates and joint ventures of IRSA Propiedades Comerciales	300,465	406,706
La Rural S.A. [Member]
Disclosure of associates [line items]
Leases and/or rights to use space	5,623	38,513
Leases and/or rights to use space to pay	(790)
Reimbursement of expenses to pay	(55)	(3,959)
Other credits	73,441
Dividends	203,993	364,801
Exportaciones Agroindustriales Argentinas S.A. [Member]
Disclosure of associates [line items]
Others payables		(16,533)
TGLT S.A. [Member]
Disclosure of associates [line items]
Other credits	8,814
IRSA International LLC [Member]
Disclosure of associates [line items]
Other credits	146
Loans granted	269,520
Epsilon Opportunities LP [Member]
Disclosure of associates [line items]
Mutual funds	809,687	623,257
Tyrus S.A. [Member]
Disclosure of associates [line items]
Loans granted	1,392,091
Centro Comercial Panamericano S.A. [Member]
Disclosure of associates [line items]
Reimbursement of expenses	7	10
Others payables	(35,647)
Others [Member]
Disclosure of associates [line items]
Reimbursement of expenses	6,578	8,897
Leases and/or rights to use space	6,938	5,336
Leases and/or rights to use space to pay	(33)	(2,448)
Reimbursement of expenses to pay	(1,588)	(34)
Other credits	3,156
Legal services	(475)	(2,407)
Advertising space	214	306
Total others	2,429,604	588,062
Others payables	(1,380)
Total at the end of the year	8,901,905	10,186,461
Directors [Member]
Disclosure of associates [line items]
Reimbursement of expenses to pay	(12)	(17)
Fees	(126,417)	(189,859)
Total Directors	(126,429)	(189,876)
Cresud S.A.C.I.F. y A. [Member]
Disclosure of associates [line items]
Non-Convertible Notes	1,581,368	1,622,614
Equity incentive plan to pay	(2,546)	(3,639)
Leases and/or rights to use space	1,611
Reimbursement of expenses to pay	(1,000)	(38,411)
Corporate services to pay	(181,517)	(123,535)
Total direct parent company of IRSA	1,397,916	1,457,029
IRSA Inversionesy Representaciones Sociedad Anonima (IRSA) [Member]
Disclosure of associates [line items]
Advances		5,409,475
Received advances	(1,107,293)
Non-Convertible Notes	3,179,786	2,308,983
Loans granted	2,612,655
Other credits	141,785	121,379
Corporate services	56,695	80,832
Equity incentive plan	12,448	17,791
Reimbursement of expenses	9,669	6,809
Leases and/or rights to use space	10,014	926
Reimbursement of expenses to pay	(886)	(587)
Equity incentive plan to pay	(14,609)	(20,880)
Lease collections	85
Lease collections to pay		(188)
Total direct parent company	$ 4,900,349	$ 7,924,540

XML

Related Party Transactions (Details 2) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
La Rural S.A. [Member]
Disclosure of associates [line items]
Financial operations			$ 4,459
Leases and/or rights to use space		37,664	32,296
Dividends accrued			29,078
TGLT S.A. [Member]
Disclosure of associates [line items]
Fees	36,234
Tarshop S.A. [Member]
Disclosure of associates [line items]
Leases and/or rights to use space	58	58,171	40,233
Commissions	54	1,056	849
Total associates and joint ventures of IRSA Propiedades Comerciales [Member]
Disclosure of associates [line items]
Total associates and joint ventures	50,479	37,151	77,021
Banco de Credito y Securitizacion [Member]
Disclosure of associates [line items]
Leases and/or rights to use space	50,978	54,934	43,376
BHN Vida S.A [Member]
Disclosure of associates [line items]
Leases and/or rights to use space	9,914	11,065	8,377
BHN Seguros Generales S.A. [Member]
Disclosure of associates [line items]
Leases and/or rights to use space	9,766	11,202	8,518
IRSA Internacional LLC [Member]
Disclosure of associates [line items]
Financial operations	50,155
IRSA Inversiones y Representaciones Sociedad Anónima (IRSA) [Member]
Disclosure of associates [line items]
Corporate services	63,752	85,269	90,252
Financial operations	520,208	14,562	42,215
Leases and/or rights to use space	712	10,349	2,401
Commissions	284	373	420
Total direct parent company of IRSA [Member]
Disclosure of associates [line items]
Total direct parent company	584,956	110,553	135,288
Cresud S.A.C.I.F. y A. [Member]
Disclosure of associates [line items]
Corporate services	(353,334)	(404,915)	(420,215)
Financial operations	223,849	37,739	367,635
Leases and/or rights to use space	11,561	7,615	5,280
Total Direct Parent Company Of IRSA [Member]
Disclosure of associates [line items]
Total direct parent company of IRSA	(117,924)	(359,561)	(47,300)
Other associates and joint venture [Member]
Disclosure of associates [line items]
Corporate services			31
Financial operations		(855)	1,859
Leases and/or rights to use space	345		(1,323)
Fees	13,900	342	10,621
Directors [Member]
Disclosure of associates [line items]
Fees	(334,937)	(390,516)	(423,712)
Senior Management [Member]
Disclosure of associates [line items]
Fees	(22,411)	(24,641)	(25,062)
Total Directors [Member]
Disclosure of associates [line items]
Total directors	(357,348)	(415,157)	(448,774)
Estudio Zang, Bergel & Vines [Member]
Disclosure of associates [line items]
Fees	(18,906)	(20,419)	(25,615)
Others [Member]
Disclosure of associates [line items]
Financial operations	3,976
Leases and/or rights to use space	5,478	5,019	5,620
Purchase of tax credits		44
Commissions			66
Donations			(4,622)
Total Others [Member]
Disclosure of associates [line items]
Total others	111,473	121,072	76,802
Total at the end of the year [Member]
Disclosure of associates [line items]
Total	$ 271,636	$ (505,942)	$ (206,963)

XML

Related Party Transactions (Details 3) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
La Rural S.A [Member]
Disclosure of associates [line items]
Dividends received		$ 430,458
Nuevo Puerto Santa Fe S.A. [Member]
Disclosure of associates [line items]
Dividends received	38,319	14,954
Quality Invest S.A. [Member]
Disclosure of associates [line items]
Irrevocable contributions granted	47,219	72,652
Tarshop S.A. [Member]
Disclosure of associates [line items]
Sale of shares		177,137
Cresud S.A. [Member]
Disclosure of associates [line items]
Dividends granted	11,581
TGLT S.A. [Member]
Disclosure of associates [line items]
Dividends granted	131	166
Shares purchase	2,175,110
Total irrevocables contributions [Member]
Disclosure of associates [line items]
Irrevocable contributions granted	47,219	72,652
Total Dividends Received [Member]
Disclosure of associates [line items]
Dividends received	38,319	445,412
Total dividends granted [Member]
Disclosure of associates [line items]
Dividends granted	662,769	869,927
Total sale of shares [Member]
Disclosure of associates [line items]
Sale of shares		177,137
Total shares purchase [Member]
Disclosure of associates [line items]
Shares purchase	2,175,110
IRSA Inversiones y Representaciones S.A. [Member]
Disclosure of associates [line items]
Dividends granted	641,447	868,733
E-Commerce Latina S. A. [Member]
Disclosure of associates [line items]
Dividends granted	$ 9,610	$ 1,028

XML

Related Party Transactions (Details Textual) - ARS ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Related Party Transactions (Textual)
Maximum amount of remuneration, percentage	25.00%
Maximum amount of remuneration with no dividends, percentage	5.00%
Senior Management remuneration	$ 118,000	$ 89,300	$ 90,300

XML

Foreign Currency Assets and Liabilities (Details) $ in Thousands		Jun. 30, 2020 $ / shares	Jun. 30, 2020 ARS ($)	Jun. 30, 2019 $ / shares	Jun. 30, 2019 ARS ($)
Statement Line Items [Line Items]
Trade and other receivables			$ 9,591,748		$ 10,818,945
Total trade and other receivables			6,009,312		978,129	[1]
Total investments in financial assets	[1]		6,030,155		7,911,493
Total cash and cash equivalents	[1]		2,753,939		4,263,132
Total Assets	[1]		14,793,406		13,152,754
Total trade and other payables	[1]		420,159		406,426
Borrowings			39,079,556		33,631,231
Total borrowings	[1]		37,205,141		32,896,391
Total derivative financial instruments	[1]		6,881		38,525
Total Provisions	[1]		94,970		303
Total leases liabilities	[1]		352
Total Liabilities	[1]		37,727,503		33,341,645
ARS [Member]
Statement Line Items [Line Items]
Trade and other receivables			34		1,163
Trade and other receivables, Exchange rate | $ / shares	[1],[2]	$ 1.67		$ 1.67
Cash and cash equivalents			7		3
Cash and cash equivalents, Exchange rate | $ / shares	[1],[2]	1.67		1.67
Trade and other payables	[1]		5		10
Trade and other payables, Exchange rate | $ / shares	[1],[2]	1.67		1.67
ARS [Member] | Amount [member]
Statement Line Items [Line Items]
Trade and other receivables			20		20
Cash and cash equivalents			4		4
Trade and other payables	[1],[3]		3		3
USD [Member]
Statement Line Items [Line Items]
Trade and other receivables					828,001
Trade and other receivables, Exchange rate | $ / shares	[1],[2]	70.26		70.26
Trade and other receivables with related parties	[1]		4,443,096		144,038
Trade and other receivables with related parties, Exchange rate | $ / shares	[1],[2]	70.46		70.46
Investments in financial assets	[1]		564,620		3,979,897
Investments in financial assets, Exchange rate | $ / shares	[1],[2]	70.26		70.26
Investment in financial assets with related parties	[1]		5,465,535		3,931,596
Investment in financial assets with related parties, Exchange rate | $ / shares	[1],[2]	70.46		70.46
Cash and cash equivalents			2,753,711		4,262,934
Cash and cash equivalents, Exchange rate | $ / shares	[1],[2]	70.26		70.26
Trade and other payables	[1]		419,414		406,416
Trade and other payables, Exchange rate | $ / shares	[1],[2]	70.46		70.46
Trade and other payables with related parties	[1]		740
Trade and other payables with related parties, Exchange rate | $ / shares	[1],[2]	70.46		70.46
Borrowings			37,205,141		32,896,391
Borrowings, Exchange rate | $ / shares	[1],[2]	70.46		70.46
Borrowings with related parties	[1]
Borrowings with related parties, Exchange rate | $ / shares	[1],[2]	70.46		70.46
Derivative financial instruments	[1]		6,881		6,881
Derivative financial instruments, Exchange rate | $ / shares	[1],[2]			70.46
Provisions	[1]		94,970		94,970
Provisions, Exchange rate | $ / shares	[1],[2]	70.46		70.46
Leases liabilities	[1]		352
Leases liabilities, Exchange rate | $ / shares	[1],[2]	70.46		70.46
USD [Member] | Amount [member]
Statement Line Items [Line Items]
Trade and other receivables			22,053		22,053
Trade and other receivables with related parties	[1],[3]		63,058		63,058
Investments in financial assets	[1],[3]		8,036		8,036
Investment in financial assets with related parties	[1],[3]		77,569		77,569
Cash and cash equivalents			39,193		39,193
Trade and other payables	[1],[3]		5,953		5,953
Trade and other payables with related parties	[1],[3]		11		11
Borrowings			528,032		528,032
Borrowings with related parties	[1],[3]
Derivative financial instruments	[1],[3]		98		98
Provisions	[1],[3]		1,348		1,348
Leases liabilities	[1],[3]		5		5
Pound [Member]
Statement Line Items [Line Items]
Cash and cash equivalents			131		116
Cash and cash equivalents, Exchange rate | $ / shares	[1],[2]	86.90		86.90
Pound [Member] | Amount [member]
Statement Line Items [Line Items]
Cash and cash equivalents			2		2
Euros [Member]
Statement Line Items [Line Items]
Trade and other receivables			16,756		4,927
Trade and other receivables, Exchange rate | $ / shares	[1],[2]	78.87		78.87
Cash and cash equivalents			90		79
Cash and cash equivalents, Exchange rate | $ / shares	[1],[2]	$ 78.87		$ 78.87
Euros [Member] | Amount [member]
Statement Line Items [Line Items]
Trade and other receivables			212		212
Cash and cash equivalents			$ 1		$ 1

[1] Considering foreign currencies those that differ from each one of the Group's companies' functional currency at each year-end.

[2] Exchange rate of the Argentine Peso as of June 30, 2020 as reported by the Argentina Central Bank.

[3] Expressed in thousands of foreign currency.

XML

Barter Transactions (Details) - ARS ($) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 23, 2019	Oct. 25, 2019	Jun. 30, 2020
Barter Transactions (Textual)
Barter transaction, description		The Company has transferred in a barter transaction the rights to construct an apartment building (“Tower 1”) to an unrelated third party on the airspace of the COTO Supermarket located in the Abasto neighborhood of the Autonomous City from Buenos Aires. Tower 1 will have 22 floors of a 1 to 3 rooms apartments totaling an area of 8,400 square meters. The amount of the operation was set at USD 4.5 million: USD 1 million will be paid in cash and remaining balance in at least 35 functional units of apartment units, representing the equivalent of 24.20% of the own square meters, with a minimum insured of 1,982 square meters.	The amount of the operation was set at the sum of USD 5.5 million to be paid in future functional units of Building 1, which represent the equivalent of 23.53% of the own square meters, with a minimum footage insured of 2,735 square meters composed by 1,215.62 square meters of commercial destination, 1,519.68 square meters of residential destination and a certain number of parking spaces that represent 22.50% of the own square meters with that destination and never less than 31 units. The consideration is granted by a mortgage on Plot 1 and Building 1. The buyer has an option to acquire Plot 2 of the same property until August 31, 2020 and Plots 3 and 4 until March 31, 2021, subject to certain suspensive conditions
Transaction amounts			$ 28,800
Square meters, description	Plot 1 has an estimated surface area of ​​3,221 square meters in which a 10-story apartment building will be developed for a total of 11,400 square meters, a commercial ground floor for 1,216 square meters and a basement of 138 parking spaces (“Building 1”).

XML

Economic Context in Which the Group Operates (Details) - ARS ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2020	Jun. 30, 2020	Sep. 14, 2020	Aug. 28, 2020
Economic Context in Which the Group Operates (Textual)
Inflation percentage		42.80%
Description of GDP		The study on market expectations prepared by the Argentine Central Bank in July 2020, called the Compilation of Market Expectations (“REM”), estimates an inflation of 39.5% for 2020. REM analysts forecast a variation in real GDP for 2020 of (12.5%). In turn, they foresee that in 2021 the economic activity will increased in 5.6%. There is an expectation of growth for the third quarter of 2020, motivated by the fact that the effect of the pandemic is perceived as transitory and a recovery in economic activity will begin soon.
Wholesale exchange rate		66.00%
Market percentage		75.00%
Economic context in which the group operates, description		On September 15, 2020, the Argentine Central Bank published communications "A" 7105 and 7106, which establishes, among other measures, that those who register financial debts with capital maturities in foreign currency scheduled between 10.15.2020 and 03.31.2021, they must present a refinancing plan to the Argentine Central Bank based on the following criteria: (a) that the net amount for which the exchange market will be accessed in the original terms will not exceed 40% of the amount of capital maturing in the period indicated above, and (b) that the rest of the capital is, as a minimum, refinanced with a new external debt with an average maturity of 2 years, provided that the new debt is settled in the exchanges market. It is worth mentioning that, for the maturities to be registered from the effective date of the communication (September 16, 2020) and until 12.31.2020, the refinancing plan must be submitted prior to 09.30.2020; and the submission deadline for the remaining maturities -between January 1, 2021 and March 31, 2021, must be submitted with a term of at least 30 calendar days before the maturity of the capital to be refinanced. The Group is analyzing the impact of these communications in order to comply in due time and form with the requirements of the Argentine Central Bank, and the impact of the aforementioned regulations on its businesses.
Nominal value		$ 140,000
Cash equivalent amount		23,000
Investment amount		155,000
Office assets		$ 128,600
Description of estimator of economic activity		The indicador called Monthly Estimator of Economic Activity (“EMAE”) reported by the National Institute of Statistics and Censuses (“INDEC”), registered a variation of (12.3%) compared to the same month of 2019, and from 7.4% compared to the previous month.
Base rent maturity, description		The Group has decided to postpone the maturity of the Base Rent and the collective promotion funds until September 30, 2020, prioritizing the long-term relationship with the tenants. Additionally, an increase in the delinquency rates of some tenants has been detected. As a result of the above, the impact on shopping centers is a 30.5% decrease in rental and service income compared to the previous year and 83% compared to the last quarter of the previous year. Additionally, the charge for doubtful accounts in the year ended June 30, 2020 is ARS 305 million and ARS 187 million in the last quarter of the year.
Subsequent Events [Member]
Economic Context in Which the Group Operates (Textual)
Outstanding principal amount percentage	99.01%			93.55%
Percentage relating to square meters	44.00%
Cancelled amount value			$ 140,000

XML

Subsequent Events (Details) - Non-adjusting events after reporting period [Member] - ARS ($) $ in Thousands			1 Months Ended
	Sep. 14, 2020	Jul. 15, 2020	Aug. 25, 2020	Jul. 30, 2020
Sale of Boston Tower building [Member]
Subsequent events (Textual)
Description of devaluation of currency		IRSA Propiedades Comerciales has signed with an unrelated third party a bill of sale with possession of a medium-height floor of Boston Tower located at 265 Della Paolera in Catalinas District in the Autonomous City of Buenos Aires for a total area of approximately 1,063 square meters and 5 parking lots located in the building.	IRSA Propiedades Comerciales has sold and transferred 5 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 6,235 square meters and 25 parking lots located in the building.
Capital contributions		$ 477,000	$ 2,562,000
Sale of Boston Tower building [Member] | USD
Subsequent events (Textual)
Capital contributions		$ 6,700	$ 34,700
Sale of Bouchard building [Member]
Subsequent events (Textual)
Description of devaluation of currency				IRSA Propiedades Comerciales has sold the entire “Bouchard 710” building, located in the Plaza Roma district of the Autonomous City of Buenos Aires, to an unrelated third party. The tower consists of 15,014 m2 of gross rental area on 12 office floors and 116 parking lots.
Capital contributions				$ 6,300,000
Sale of Bouchard building [Member] | USD
Subsequent events (Textual)
Capital contributions				$ 87,000
Payment of Class IV Notes [Member]
Subsequent events (Textual)
Notes canceled	$ 10,381,000
Interest accrued	133,700
Payment of Class IV Notes [Member] | USD
Subsequent events (Textual)
Notes canceled	140,000
Interest accrued	$ 1,800