Good morning everyone and welcome to the Cresud's fourth 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 yesterday are also available for download on the company website. After management's remarks, there will be a question-and-answer session for analysts 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 notes in the company's earnings release regarding forward-looking statements.I would now turn the call over to Mr. Alejandro Elsztain, CEO. Please go ahead, sir.

Good morning everybody. We are beginning our conference call of the fiscal year 2019. We can begin the main event in the page number two. If we see the adjusted EBITDA for the company, it was almost ARS23 billion. That is 21% higher comparing to last year numbers. When we divide you the agribusiness segment to the rest, the agribusiness this year achieved ARS3.8 billion. And if we compare that number to last year, that was ARS2.6 billion. So we had a growth of 46% comparing year-to-year related to the agribusiness segment. And that is mainly explained by the sales of farms and a very good operational year that we are going to see in more detail little later.Talking about the net loss of the company, this year is a big net loss ARS28.5 billion comparing to a gain of last year of ARS19 million. And if we see the attributable to Cresud directly discounting the IRSA share that we don't control, it is ARS18.7 billion loss. The main explanation of that loss come from the changes in fair value of the investment properties in Argentina in the shopping center segment that we are going to see later. If we see the rest of the segment, majority of them are in much better situation.In this balance sheet, we had shares repurchase plan. We bought ARS600 million. That represents 2.6% of the capital stock that we did in the whole year. And recently we launched a new plan up to ARS300 million in August of this 2019. As you know, we have begun to adjust for inflation of the balance sheet and so the number that all reflected in inflation for more than 50% in the year.Related to the planted area, this year we did 242,000 hectares, a little decrease from…

Good morning everyone. Thank you Alejandro. Let's go to the slide number six, commodity prices and global stocks. As we can see in the graph, we continue year-to-year with a trend of slow prices. We mainly see a price drop of 12% in soybean due to two factors. The first factor is the ongoing commercial war between United States and China, generating an increase in the U.S. soybean stocks of 22% in the stock consumption ratio, as you see in the in the graph down and to the left, provoking year-to-year fall in prices that decrease. But others second factor, the second factor is the swine fever in China. These provoke reducing the amount in China near to 10 million tons in the year because the decreased stock at the dates. And the demand of China coming to Brazil and Argentina provoked that increase, the prices related to historical compare with United States.When we see the corn price, the level was not as around in the soybean due to the fact that the world stocks remain constant with an increased demand. We are waiting the new MUNDI report this week to confirm a possible decrease in the production due to the late planting because of the rain. If this show some drops in the position, it may result in the level of potential increase in commodity price.Let's go to the next page, slide number seven, the record campaign in Argentina. As we can see in the bar graph, this was a Nino neutral year, generating rains about average and well distributed. In the past, there was a drought campaign with a low production. All these factors result on 31% increase improving the yields in the span and little planted area in the campaign 2018-2019. Wheat increased the plant area in…

We are finalizing the year that was very good in the production side of the agribusiness segment. We are keeping the size increasing for next year a little the site of plantation for the region,. And the company intends to keep the real estate working a lot the year too, selling and buying again. So in small portions as we did last year, selling hundred acres or thousand acres in Brazil or in the region. So the company is very happy of the results on the agribusiness and in the rest, a lot of challenges in Argentina and in Israel related to the real estate that they are being addressed. So we expect not to have impairments like this year that affected a lot mainly in the case of the shopping center segment. And we are going to keep developing the things that we are doing, the office building that we are finishing all over the world. Thank you very much and have a very good day. Bye.

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