Good morning everyone, and welcome to Cresud's Third Quarter 2015 Results Conference Call. Today's live webcast, both audio and slide show may be accessed through the Company's Investor Relations page, by clicking on the banner Conference Call. The following presentation and earnings release issued last week are also available for download on the Company's website. After managements' remarks there will be a question-and-answer session for analysts and investors. At that time, further instruction will be given. [Operator Instructions] You will also have the possibility of sending a question via webcast by clicking on the question to host tool. Before we begin, I would like to remind you that this call is being recorded and that information discussed today may include forward-looking statements regarding the Company's financial and operating performance. All projections are subject to risks and uncertainties. The actual results may differ materially. Please refer to the detailed note in the Company's earnings release regarding forward-looking statements. I will now turn the call over to Mr. Alejandro Elsztain, Second Vice President. Please go ahead sir.

Good morning, everybody. We are beginning our third quarter 2015 conference call. We are beginning on Page 2, the main highlights for the period. We are in a season that is receiving very good climate condition in almost all the region. This year, we're going to see later, mainly in the fourth quarter how our yields that we are achieving in grains are very, very, very good in almost all the products we are harvesting. At the same time, we are seeing record corn and soybean harvest in the yeast, that affected last year prices, we are seeing that drop of prices in all of our main products. This is effecting mainly our balance sheet in the agricultural segment. The high productive yields that we are harvesting and in some cases, we are almost finishing, we are comparing year to year, we are sometimes doubling the yields like in the north of Argentina, inside the province. If we talk about the financial results for the nine months, we can see that revenues grew almost 30% comparing to last year, achieving almost 4,000 million pesos of revenues. The operating income went to 1,700 million pesos, an 87% growth comparing to last year, and, if we exclude the sale of investment properties, a 15% growth year to year. The net income, we have a loss of 452 million pesos, comparing to almost 530 million pesos last year. And, to the shareholders of Cresud, a loss of 487 million comparing to a loss of last year for 194 million pesos. So, but at the net income level, we are going to show you later, explaining the main difference, and affected mainly for financial results of the Company. The operational of the business, we planted this year 210,000 hectares. We developed almost 12,000 acres…

Thank you, Alejandro. Good morning, everyone. If we move to Slide 6, the annual appreciation of farmland portfolio. As can be seen in the graph, there has been a solid appreciation in the region with a slight decrease in Argentina. This appreciation in Brazil in the last year was 6% to 8%. The appreciation in Bolivia was 6% and Paraguay, was 11% in developed land and 67% in undeveloped land. If we move to Page 7, the climate conditions in the region, as foreseen, the weather conditions were positive in the regions, with good rain in quantity and also well situated [ph] in the area. Temperatures were normal for the season, both rain and temperatures generated good production conditions. As we can see in the map, Argentina presents good weather to the south in general allowing good yields in productions. Weather condition in Brazil were normal in the last quarter, and remains stable through the productions. Rains in Bolivia returned to the normal levels during the summer crops and Paraguay also presents normal rains. To consolidate if I go through progress in the region, it's near to 56% in this passing month, finishing in the next two months. Let's go to Page 8, USDA estimations for the crop productions. Argentina soybean production for this campaign is expected to increase 9%, reaching about 59 million tonnes. This is a record in soybean production in Argentina. With regard to corn, the production is stagnant at 25 million tonnes of this campaign. A number, which has been similar for the past three years. This is a direct consequence of high production costs and the lower prices, making this crop unattractive to the producers. The soybean produced in Brazil continues its upward trend, and a 4% rise is expected reaching 99 million tonnes. Corn…

Thank you, very much, Carlos. Good morning, everyone. So, moving to the next page, here we have the investment in IRSA. Remember that we have a stake of around 65% in IRSA and we consolidate all the results in our financial statement. So, the different segments of IRSA generates very good results. We are very happy with the performance of our rental segment, shopping centers and offices grew 29%, in shopping centers and 26%, offices in revenues term and the EBITDA 28% and 31%. Sales and development also generated very good results during the nine month period, generating an EBITDA of 368% more than the previous year. This is mainly because of the sale of certain office spaces at the IRSA level, and then in the international, we sold in the last nine month period, a building in Manhattan, Madison 183 [ph] that generated very good results for the Company. So, EBITDA margin of shoppings and offices remain stable at very good levels. Shopping centers are 78%, offices, 71.7% and in terms of the breakdown of the different segment in our EBITDA, shopping centers' still at segment number one, followed by offices. Going to the next page, here we have the breakdown of our income statement. I'm trying to explain the main difference against the previous period of nine months of 2014. So, we started the year, with a net income, with a loss of 527 million pesos and then when you see the evolution of the different segment, I will say that probably the common denominator in the different segment is the prices. We have lowered prices than compared with the previous year. So, that affected mainly the sugarcane and grains segment. So, this segment was driven -- the reduction was driven by lower prices, somehow compensated with better…

Thank you. [Operator Instructions] And your first question comes from the line of Federico Rey, Raymond James.

Yes. Hello, good morning everybody and thank you for the call. I have a question regarding the crop segment. I would like to understand, is the decline that we see in the valuation of biological assets is basically as a result of the lower than expected evaluation or if we can see other type of factors? Thank you.

Thank you, Federico. The main explanation is that we, at the beginning of the year, expected a higher devaluation, and finally we adjusted our estimations. For that reason, we reduced the biological asset estimation, regarding yields, we remain very confident on the expectation.

And our next question comes from Rodrigo Mugaburu, Morgan Stanley.

Hi. Thank you. I'm Rodrigo Mugaburu from Morgan Stanley. My question is, in your view -- where do you think we are on the cattle cycle in Argentina? Are you trying to see some female retention probably expecting some improvement on the business next year onwards? What are you doing on that respect? Thanks.

There's better environment at the cattle farms, not at the packing plants but the cattle farmers are having better margins comparing to every quarter and so they are, now there is a recovery probably on the stock, but for that, we'll need the recovery for the industry to -- the recovery for the industry is not clear up to now. You need to open clearly the market and to have more competitive dollar for the exports, and that has to happen. So, a lot of packing plant, that will reopen, mainly they export [indiscernible] but today they're suffering a lot and making big losses like we show you in our numbers. So, at a farmer level, I'm very optimistic and a lot of retention and a lot of demand for cows and cattle coming to the market, but from the other side, we need to reorganize the exports and domestic market better for the future. That needs to be done and that is not clear up to now.

Thank you, Alejandro.

This does conclude the question and answer session. At this time, I would like to turn the floor back over to Mr. Alejandro Elsztain for any closing remarks.

Thank you very much to everybody. Have a very good day and we are going to finish next quarter with the annual results. Bye.

Thank you. This does conclude today's presentation. You may disconnect your line at this time and have a nice day.