Good afternoon, everyone, and welcome to the Cresud Second Quarter 2019 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 by clicking on the banner Webcast/Link. The following presentation and the earnings release issued today are also available for download on the company's website. [Operator Instructions]. Before we begin, I would like to mention -- to remind you that this call is being recorded and that information discussed 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 will now turn the call over to Mr. Alejandro Elsztain, Chief Executive Officer. Please go ahead, sir.

Thank you very much. Good afternoon, everybody. We'll now begin our 6-month conference call 2019, and we can begin looking at Page 2, that this is the first balance sheet that we are adjusting for inflation. Argentina adhered to these rules, so this is the first time, and Matias later will explain in deeper explanation how this affects the balance sheet of Cresud. We can see that the adjusted EBITDA for the 6 months, we reached almost ARS10 billion. From those, ARS1.7 billion came from the Agribusiness, a very big, a very important, probably the biggest in our history. And from other side, the ARS8.3 billion from the urban in Israel and urban in Argentina. We can see that the final -- the net income, the final is a loss of ARS5.6 billion comparing to a gain of ARS11 billion last year. And this is mainly explained by the loss in the changes in fair value of IRSA investment properties in Argentina. So because of the environment of inflation, we have recognized the growth, and this is the biggest event of the balance sheet of this semester. And attributable to Cresud shareholders, it's ARS3.9 billion. We can see in the right part of the graph, this is the record planted area of the group in the region between the 4 countries, 258,000 hectares between Argentina, Brazil, Paraguay and Bolivia. 100% of the wheat was harvest, just only 16% of the soybeans and only 3% of the corn. So the operational part of the business is going to be mainly the third and the fourth quarter of the year. We keep developing land, and we did last year 8,500 hectares of developing in the region. We have closed two transactions of real estate. The two are in Brazil. I'm going to…

Okay. Thank you, Alejandro. Good evening, everybody. Let's begin with the Page 5, about commodity prices and the global stocks. As you can see in the graph year-to-year, the prices remain low. The soybean price decreased by 3%, and corn increased by 14%. The decline in soybean price is mainly due to the conflict between United States and China keeps going. That has made the world stock growing, as you can see in the graph, and especially in the United States, where the stocks rose up to 23.26%. Very, very high. The price of corn went higher due to the higher demand. That has remained at a low level because the available stocks are too high. Also, the group production or the group forecast of production of the total in this year in [indiscernible] also puts pressure on the world prices. Let's move to the next page, 6. This is regarding our yield today. We have good prospects for 2019 campaign in Argentina. Argentina weather conditions have recovered from the strong drought, and the climate terms will be good prospects, especially in Argentina. We now have the lowest [indiscernible] you can see in the map in a lot of the presentation. The planted area, increased by 3%, in Argentina achieved a record in planting. Our productions regarding -- wheat productions, we expect to grow by 6% to 19 million tons, the corn by 40% to 45 million tons and the soybean by 51% to 53 million tons. The total planted surface increase by 25% compared with the last year, reaching 140 million tons. It's a record in Argentina. The production mentioned before are easy to achieve under the right weather conditions. Now Matias will continue with the presentation. Matias?

Thank you, Carlos. So if we move to Page 7, here, we have a breakdown, a short version of our results -- operational results on IRSA -- our commercial properties on IRSA. So we can see that the shopping malls, the sales of our tenants decreased in real term in the last quarter by 16%. So basically here we have our results are affected by the use of purchasing power of the people. The salaries haven't adjusted at the same pace than the inflation in Argentina and the inflation [indiscernible] during the last two quarters in Argentina. So we can see that in nominal terms, our sales grew 23.8%. In the case of our offices, the rent per square meter increased a little from the last year to $27 per square meter. Our occupancy is 90% as of December. So we have a vacancy of 94 floors in two different buildings. Going forward, our real estate [indiscernible] this country and that we will recover similar occupation levels than the year ago. Also, including the Zetta Building in Polo Dot that we will open soon, probably in the next 2 or 3 months. The occupancy will go up to 93%. In the case of our hotels, the occupancy was 68.5% and we will see later much better results in our operations since the evaluation. And also, you can see here that the rent -- or the rate per room increased to $205 against $185 last year. In the case of our shopping centers' occupancy, occupancy went down to 95%. Here basically, we have one cancellation of a contract. Walmart resigned their contract in DOT shopping center. So leaving aside that store, that is a big store in DOT, the occupation would have been 98.7%. And also Walmart paid a penalty for…

Thank you. We did only half of the year. The next third and fourth quarters are very active. We do agricultural activities mainly. We expect new conditions for that. From other side, the real estate is developing in Argentina and in Israel a lot and occupying those rental properties, too, so we'll keep working a lot in the whole region. So thank you very much, and we'll see you next quarter. Have a very good day. Bye.

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