Good morning everyone and welcome to Cresud’s Fourth Quarter 2018 Results Conference Call. Today’s live webcast, both audio and slide show, may be accessed through company’s Investor Relations website at www.cresud.com.ar by clicking on the banner Webcast/Link. The following presentation and the earnings release issued yesterday are also available for download on the Company’s website. After management’s remarks, there will be a question-and-answer session for analyst and investors. At that time further instructions 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 released regarding forward-looking statement. I will now turn the call over to Mr. Alejandro Elsztain, Chief Executive Officer. Please go ahead, sir.

Thank you very much. Good morning everybody. We are beginning our fiscal year. We are closing our annual report and the main event for the year, we can see that the adjusted EBITDA reached ARS11 billion that is a 58% comparing to last year numbers. And when we divide, we can see that the agribusiness made ARS2.1 million, comparing to 0.2 billion last year, and we are going to see through the presentation that we had good operational results and farming activity plus some farms sales in many countries. Related to the Urban & Investment, we had the good year through ARS9 billion and mainly are explained by to good operational results, very good in rental segments. And in Argentina and in Israel and in the mainly explanation of the balance sheet that because of the fair value of the investment properties that in Argentina, we’re evaluating the assets and made a big game in pesos, not in dollars. But this is the explanation on the balance sheet. Something that affected a lot the balance sheet of Cresud was the discounted operation of the Shufersal. Shufersal we had more than 50% last quarter, but recently we sold a stake of almost 16%. And with that sale, we begin the deconsolidation. So this brings to affects, one bring liquidity to our DIC, the Company of Israel like ILS850 million plus the deconsolidation bring a bigger amount of the asset to the balance sheet of Cresud and [indiscernible] to the IRSA too. So this is the main effect that may have to have the net income of ARS17.8 billion that is 250% compare in the last year number. However, we see the attributable to Cresud we have a balance sheet reflecting a gain of ARS5.4 billion comparing to last year, ARS1.5 billion.…

Well, thank you, Alejandro. Good afternoon everyone. Let's begin with Page Number 9 about farming, production forecast and global stocks. In term of soybean productions, you can see that Brazil and United States has remained at var. Brazil 6% and United States 7% setting a new record. However, as mentioned before early comment on Argentina decreased because we have the significant drop, production decreased 36% and so that there were some contractions has gone down to 70 to 30% to 27%. Regarding corn and the Brazilian and American production has increased 4% and in addition Argentina has declined its production by 20% due to the drought as well. So the var stock consumption has decreased from 90% to 40% sales, these 3 countries are the most important ones. Let's move to the Page number 10 regarding farming activity in the fiscal year 2018. The Argentina weather condition was turned back mainly in the East Coast and in the Central Area. Cresud mitigate part of this, this effect due to expression in the northern of Argentina where the weather conditions were neutral. In relation to crop production which has decreased 23% in the concept to the cattle production in the northern area increased 60% like this area had a good weather conditions. But even weather conditions with several where several flooding and farmer, cost, the lost crop production by 40%. Begin Brazil and Paraguay, the positive weather conditions were very good, so where the corn product with great campaign. The corn production increased 38% in Brazil and 36% in Paraguay while the cattle production increased significantly 307% in Brazil and a 171% in Paraguay. The crop breakdown was 45% soybean, 25% corn, 17% sugarcane and 30% other products. Regarding commodity price and you can see in the graph in the lower…

Thank you. The floor is now open for questions. [Operator Instructions] And our first question comes from Rodrigo Mugaburu with Newfoundland Capital. Please go ahead.

I wanted to hear your views for the upcoming ’18, ’19 crop season in Argentina. Last year was tough one and as you know for the macro of the country is really important, the results on the upcoming year. So I would like to hear your views, I know it’s too early. But we already have the weed on the ground. So any views you can share would be super helpful?

I think that we are facing a campaign that changed a lot. Every time that we see evaluation coming to the country, U.S. planting in a price and harvesting in a different, and this is going to happen in many cases. And mainly to Cresud that was able to buy before and is going to probably harvest at a very different price. So, we begin as campaign with 28, today we have 36 or 37, left taxes that is affecting it for. So, it’s a -- the evaluation coming and something that is a part of the macro that is changing. It is the inflation that is going to affect probably slow year evaluation and the climate conditions. We have comparing last year, a very bad climate conditions for the main areas of Argentina. So we were lucky that we have the North that was almost budget but the rest suffered a big drought 20%, 30% drop in yield. So, we expect, we are going to plan a lot. Argentina, for next year is a big size as 120,000 hectares of plantation. So we expect normal for the climate for the year and we expect situation of higher revenues because of the evaluation. Prices are going to -- now, we saw some effect on the prices. Taxes and excess made the decrease on the prices in dollar terms for the crop. So, we saw that at the first this moment, but this is long-term we have to move. You’re seeing the China and USA event that is going to affect the least price of the market for the whole year. So, I think you have pros and negs in the year, but we expect a good for the farmer in general because of the evaluation and every time of the evaluation is benefit for farmer for this year.

And at this time, I’m showing no further questions. So I would like to turn the floor back to Mr. Alejandro Elsztain for any closing remarks.

Thanks for finishing. Cresud will keep doing what it make that is developing, selling, buying again when we see the opportunity. We expect a big campaign. We have some business growing outside like Agrofy that is becoming to be a multinational going to Brazil and later to the rest of South American countries. The rest of the businesses are growing well, internationally speaking in [indiscernible] Urban and Israel too. So, we’re forecasting a very good year for 2018, 2019. And we thank to everybody and we see you in next quarter. Thank you very much and have a very good day.

The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.