Good afternoon everyone, and welcome to Cresud's Fourth Quarter of 2016 Results Conference Call. Today's live webcast, both audio and slide show may be accessed through the Company's Investor Relations website at www.cresud.com.ar/ir, by clicking on the banner Teleconference. The following presentation and the earnings release issued last week are also available for download on the Company’s Web site. After management’s remarks, there will be a question-and-answer session for analysts and investors. At that time further instruction will be given. [Operator Instructions] 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, and actual results may differ materially. Please refer to the detailed note in the Company's earnings release regarding forward-looking statements. I'll now turn the call over to Mr. Alejandro Elsztain, Chief Executive Officer. Please go ahead, sir.

Hello, good after everybody. We are beginning for the fiscal year 2016 so as a whole year, now in the third page, in the page number 2, this highlights for the [Indiscernible] that is the whole year. So we are beginning in page number 2 on the first comment, the financial consolidated results, considering that this year we are consolidating IDBD the Israeli company. The revenue for the whole year achieved ARS35.4 billion and we revised [ph] it to make easier to investors and analysts the products comes from Argentina and Argentina includes all the America and the other area, the Israelis area. And so the Argentinean area including the urban is 7.2 billion from the 35 billion of revenues. At operating income 3.7 billion and from those, 3 billion come from Argentina and the rest from abroad. And at the net income level there is a loss for this year of 2.5 billion and loss of 420 million coming from the agribusiness business and Argentina Business Center and to [indiscernible] a loss of 1.4 billion versus a loss of 114 of last year. The agribusiness, divided between the agribusiness and the urban, there were many government measures at this year and we repeated many times the last two quarters, but really the changing the environment for this business for the future. And there is a lot of commodity prices now after the rebound came back because very good yields expectations on the United States, but the Argentina improved a lot because devaluation come into the country. About the weather conditions of Argentina, Bolivia and Paraguay, they were very good the last campaign that we're closing now. There was a drought in our regions in Bahia & Piaui where we make agriculture. The farming operation was very good and the…

Thank you Alejandro. Good afternoon everybody. Today I'm going to talk about our farming performance this year. Let me start it starting with Slide 7, projection forecasts of the global stocks. As you can see in the graph we plan on the soybean production. Argentina's forecast production in the last campaign has reached about 57 million tons, 7% below than the last campaign due to hard rain in the area, lean [ph] recovered time, especially in the center of the country. Regarding the corn production, it has been stagnant up to 28 million tons remaining stable in the last two campaign, but if you take a look at the next campaign 2016-2017 the volume is expected to increase by 20% because of the new government issues that increase productivity improvement as Alejandro mention it before. Then we move to the sale situation, in farmers' [ph] soybean production it remains stable at around 100 million tons. And contributions have decreased $0.24 due to dried weather conditions in [indiscernible], this results made a significant decrease in the yields. Regarding 2017 and campaign in United States corn planting increased 4% and soybean decreased 1% as was expected. Both corn and soybean have remained at their high production levels reaching 359 million tons and 107 million tons respectively. As a quarter of these good production in soybean and corn we can see in this slide how [indiscernible] have growth during the last three campaigns. That leads me to the world stocks, regarding cold war [ph] stocks, they have increased from 15% to 22% and serving [indiscernible] stocks have grown from 21% to 28%. In Slide 8, [indiscernible] let me draw your attention to the next couple of parts of the slide, you can see good work in [indiscernible] in the central Argentina and drought…

Thank you very much, Carlos. Good afternoon everybody. Going to page 12, here we have explanation of our Argentina business center the investment in IRSA. Remember that we control 63.4% of IRSA. So shopping centers the operation was very good. Occupancy maintaining very high levels 98.4%, sales increasing at the level of 34.3%, that is tenant sales, same-store sales were 29.6%, up compared to the same period for the previous year. In offices, the same occupancy very high, we recovered very high levels, 98.6% and maintained the rent per square meters in good levels, $25.9 per square meter per month. Regarding the sales of investment properties during the year, we sold some assets at the IRSA level, so, we sold an office building in [indiscernible], we sold some floors in Maipu, [indiscernible] and a plot of land in Santa Fe. Going to Page 13, here we have the breakdown of our Israeli Business Center, the investment of IRSA in IDB, remember that IRSA control 68.3% of IDB, so from now IRSA started to consolidate IDB in its financial statements, so Cresud as well start to consolidate. So, we mentioned in the past that IDB is the holding company well diversified in Israel, controller of the largest telecommunication, agrochemical and supermarket company. PBC, that is the real estate and farming company, there they control the second largest insurance company in Israel, Clal. Most of the subsidiaries are listed in the Tel Aviv Stock Exchange. So, it's a big conglomerate of different companies. The main events from the last fiscal year was that we appointed the CEO and the CFO, new CEO and CFO for both companies, remember that IRSA took control of IDB in October last year, so from that day they start to manage the company. In March, this year…

Just for thanking everybody on very positive outlook for the region mainly for Argentina where the change is game and the result of the business is coming to clearly much better situation. And we're going to keep still what we're doing because of capital going down and that helps a lot. The development of new and the edges of other assets. So we are very optimistic on the business and we thank everybody and let's be in touch. Thank you very much.

Thank you. This conference -- this concludes today's presentation, you may disconnect your lines at this time.