Good afternoon, everyone, and welcome to Cresud's Second Quarter 2020 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 website. [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 will now turn the call over to Mr. Alejandro Elsztain, CEO. Please go ahead, sir.

Thank you very much. Good morning, everybody. We are beginning our first 6 months of 2020. We can begin in Page #2 to see the main events of the 6 months. We see that the adjusted EBITDA for the period, made in the Agribusiness segment, ARS2.6 billion, but it's a little drop comparing to last year numbers, mainly explained because of less real estate transactions in the first semester and expect it to have in the second. In the case of the urban of Argentina, there is a small drop of 6.6% comparing to last year, it's ARS3.4 billion, and this is mainly explained because of the adjustment of the inflation results. In the case of the shopping centers, the sales were a little below this adjustment and it is bringing a negative and later, we are going to see some positive coming from the office buildings, but the -- it is showing then that a little bit more negative, making a small negative. And a positive adjusted EBITDA in the case of Israel, explained mainly because of the good results on PBC and Cellcom, a change in the IFRS of Cellcom. The net result for the 6 months gives us a positive of ARS1.7 billion comparing to a negative of last year. And if we see the net result attributable to controlling the company, it is a negative ARS4.7 billion comparing to ARS6 billion of last year. We have a record planted area in the region. We are achieving almost 270,000 hectares. It is a growth of 9% comparing to last year numbers. In the case of sales, I said that this year, we are below last year numbers. We had only cases in Brazil, through BrasilAgro, BRL28.2 billion sales, and this is only small portions of Jatoba, Alto…

Good morning, everybody. Thanks, Alejandro. Well, let's go to Page #6, about farming, commodity prices and global stocks. We can see in the graph, the prices were kept at a low level. The reasons are the following. Considering the supply, the condition of the crops in South America are [indiscernible] are good. Generating incremental levels of stocks. Let's now have a look the fact that the stock-related trade is purely soybean are still high because the delay in exports due to the tardiness in the agreement with China. Regarding the demand, despite the agreement, Phase 1 has been signed last January between the United States and China also are delayed. And we need to wait for the impact of coronavirus in the Chinese economy and of the demand. So far, prices are on hold. Regarding soybean stock consumption ratio, we can see in the graph, a decrease in the world ratio, except from United States, due to the reasons mentioned before. Talking about corn. We see that the corn stock consumption ratio decreased in the world's ratio, except for United States because of the delays in exports since Brazil and the rest of South America was more competitive. The reason is that China is targeting a surplus import tax to American crops and not to Brazilian and Latin American ones. As you may see on the top of the right graph, we appreciate that the FOB soybean prices in Brazil and Argentina were more competitive than in the United States, the reason being the delay in agreement -- United States, China not reaching an agreement on the import tax reductions. So in the current original hedge campaign 2019, 2020, the current hedge level is 73% in soybean in the over rebudget price. In case of the corn, the original level…

If we move to the next page, we can see news in our Argentina business segment, basically, our stake in IRSA. So in shopping malls, we can see recovery after 18 months, then we have decreases against inflation our tenant sales. So past inflation for first time at 3.6%. In the quarter, we considered the semester 0.4%. Probably this is attributable to the program with credit cards out of those and out of [indiscernible] that allow consumers to pay in installments without interest rates. So we will see if that is a sustainable trend or was just 3 months of improvement. Occupancy remains at levels of 95% in the malls, in the offices, in AAA at 97.1% with the rent in dollars to stable $26.9 per square meter. We are finishing the development of the Della Paolera doscientos. So we will deliver -- we started to deliver the units, and we plan to have it ready by the end of this fiscal year. So everything and the commercialization is in good shape. So good news in that segment. Hotels. During the quarter, we have lower sales because of the flag process on one of our hotels. That used to be Sheraton, and now we have our own brand. So that we have lower sales, but the rest remain in good shape. Land reserves, with some barter agreements during the semester. So we did 1 in Abasto, that was to be in a space close to one of our shopping centers that we have for a while. And now we signed it with our developer to exchange land for the square meters. So we will receive around $4.5 million in square meters. Also in Caballito, that is a big plot of land that we have in that neighborhood that we started…

Just to finalize, we are in the middle of our crop season, and we are now in the time that we are confirming the yields of the crops. We are in a good shape in the plantation, having the highest -- the record size of plantations of the company, and we expect normal yield for the year. We expect that to keep raining on the South American region. And to keep doing transactions on the real estate arena. And each of the companies that are consolidated increase through them following their own missions. So thank you very much, and we see you next quarter. Bye.

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