Good morning, everyone, and welcome to IRSA's Fourth Quarter 2016 results Conference Call. Today's live webcast, both audio and slide show, may be accessed through the Company Investor Relations Web site at www.irsa.com.ar/ir by clicking on the banner Conference Call. The following presentation and the earnings release issued last week are also available for download on the company Web site. 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 note in the company's earnings release regarding forward-looking statements. I will now turn the call over to Mr. Alejandro Elsztain, Second Vice President. Please go ahead, sir.

Hello. Good morning, everybody. We are beginning our conference call of the fiscal year 2016. And this is the first time that we're consolidating the results of IDBD that represents half of the year of IDBD. And if you go to Page number 2, we can begin speaking about the financial and consolidated results, where the revenues of the whole company was Ps. 32.6 million, which is coming, we divided. And what we try to divide between the two operations between Argentina and Israel to make easier to analysts and to investors from those ARS [4.4000] million came from Argentina and ARS 28,000 million came from Israel operation. And the EBITDA was a Ps. 6,200 million almost Ps. 3 million coming from Argentina and Ps.3.2 million coming from Israel. The net income of the company we achieved a loss of 1,082 -- Ps. 1,872 comparing to a gain of last year. Last year and these are the combination of a gain that Argentina brought Ps. 179 million came from Argentina and a big loss to Ps. 2 billion from Israel and attributable to the shareholders of IRSA, we achieved a loss of Ps. 1.2 billion. This is -- we try -- make easier the analysis of the two and we are going to show that majority of the losses came from non-cash things that happened to the balance sheet. We talk about Argentina business center in this year IRSA sold 1.2% of commercial properties and we'll reduce our participation from 95.8% to 94.6% of the company. There were very strong results at the rental segment and the sales of investment properties during this year. And we're beginning lot of new developments in the next year like the Polo Dot, Catalinas, and Alto Palermo expansion then Danny will explain later. We had the allocation of company structural debt and its commercial properties that is going to be maturing in 2023. And we issued a note very recently this week. We issued a note of $184.5 million at 7% and Ps. 384 million at BADLAR plus almost 300 basis points. And this is going to cancel the existing debt. At Israel business center we modified the tender offer obligation and the payments during March of 2016 and the listed IDBD and there was IDBD, the DIC company accepted a very good offer that we received from ChemChina to sell the 40% of the state that we own in ADAMA, and there was some very good news too about the issue of notes at 4.25% plus CPI at IDBD level, a long time ago we didn't issue on this was to refinance shortened and note issuance. So this is very good move from Israel too. So I would introduce Daniel now.

Thank you, Alejandro. Good morning everyone. We'll start on page number 3 talking about the Argentina business center with a shopping mall segment. As we can see the figures for this fiscal year, we have an increase of sales of 34.3% and if we compare the same shopping centers it's 29.6% this is very high levels of sales. Nevertheless, we did not reach the full amount of inflation that we have for this year. In terms of occupancy rate we are running shopping centers of 98% occupancy 98.4% exactly and this is really high, high levels of occupancy, which is attritional when we have some stores going up -- going out as a shopping or renewals whatever. And in terms of visitors we are very stable. We are having about 112 million visitors we have a step that we can see from 2014 to 2015 and mainly this is explained by the opening of new shopping centers since then we're very stable and our shopping is still very attractive and we're having a lot of customers visiting our shopping centers. On page number 4, we can see some office buildings numbers we finish this is fiscal year on the 98.6% occupancy, which is very similar to last year, but we can see that we went up from the previous quarter this is mainly explained, because at the end of the previous quarter we had some renewals and rolling on one of our building. So now we're back to the levels of 98%, 99%, which is very high and we're very happy to have these levels of occupancy. The whole market is going up in terms of occupancy and also is going up a little bit in terms of pricing. On the bottom of this page, we can see our stock…

Thank you. The floor is now open for questions. [Operator Instructions] Our first question comes from Jarrell Golotti of Morgan Stanley. Please go ahead.

Good morning gentlemen, so my question is regarding the debt amortization kind of specifically your need for 2017. You mentioned that there were a couple of alternatives in order to finance that at the ADBD level, but what I was wondering is, will any financing or those capital needs are they just -- is there sources of those capital just going to come from IDBD or would you also consider further investments from IRSA Commercial Properties in order to fulfill those needs?

Good morning, Jarrell. As I mentioned the sources to cover the debt of IDB are first the assets, we can sell assets. Remember that we haven't sold anything in Israel at the level of IDBD yet, second is to issue that in the local market, third is to receive dividends from the subsidiaries. We can receive dividends either from Clal or from TASE, so we can't -- the companies will decide the dividend, but there are sources that we have open to refinance the debt in the market. So, we are not planning or we don't have any commitment to provide funds from IRSA to IDB.

Great. My other question is regarding your development pipeline, so you've mentioned already that you have Alto Palermo expansion, you have Polo DOT but in the earnings release you have, if I remember correctly about 300,000 square meters of opportunity and I was wondering what would likely be next and what would it take for those developments to cure within the perspective pipeline that you have?

Thank you for the question. We typically -- we just announced where we are launching. So there is no certain pattern of the future construction we are going to have. What I can tell you is that we -- for this year we increased a little bit our typical construction growth and we already announced that we have a few projects that might be launching in the near future. And I can tell you, most probably something on San Martin, something on the next phases of polo DOT and other potential expansion on shopping centers that we have, but we didn't announce them because they are not going to start yet, so we didn't announce them so, but they will be in the near future.

But is the issue more on the permitting side or is it more capital needs or is it just that it makes more sense to do it on a more prolonged basis?

We always try to keep up supply with demand. So when we see the opportunity that it really makes sense that we have enough demand in terms of shopping center, we try to move head. There is only one exception to that, which is [indiscernible] which is a piece of land that we have in the center of Buenos Aires, that if we get permits and this is the one that we see -- are still waiting for permits and so that case is really regarding related to permit, but on the other constructions or projects that we have, typically we will wait for the right time because we cannot, first of all we never we are not going to build everything at the same time and we typically, we put ahead what it makes more profitable.

Okay, thank you very much.

[Operator Instructions] It appears we have no further questions at this time. This concludes our question and answer section. At this time, I would like to turn the floor back to Mr. Alejandro Elsztain for any closing remarks.

Thank you very much. Just to finish. We had very good rental year. Very profitable in refinancing here and in Israel and decreasing the level of debt, so -- and our assets every time are valuable and the interest rates are going down in Argentina and in Israel so we expect a very good path of growth to the two companies and we expect to keep doing the business in the two places of the world as big as we can. So, thank you very much and have a very good day.

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