Good morning, everyone and welcome to IRSA’s Second Quarter 2020 Results Conference Call. Today’s live webcast, both audio and slideshow, may be accessed through Company’s Investor Relations website at www.irsa.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 section release regarding forward-looking statements.I would now turn the call over to Mr. Alejandro Elsztain, II-Vice President. Please go ahead, sir.

Thank you very much. Good morning, everybody. We begin our second quarter 2020 results. We can begin in the Page Number 2 looking up the main events for the two quarters. The net result of the year is a positive ARS 4.9 billion comparing to loss of last year of ARS 8.4 billion and when we see the net result attributable to controlling company, we see small negative ARS 1.4 billion comparing to ARS 8.1 of last year.We see that related to the adjusted EBITDA of the businesses, we had improved year-to-year. We improved this 16% achieving ARS 11.7 billion this year and we can see that in Argentina, we had a small drop the Argentina Business Center had a small drop of 5% and this is mainly because of lower results on the shopping center, but better in [indiscernible] segment, that later Daniel will explain and in the case of Israel Business Center there is an increase and this is mainly driven by Cellcom how they changed on their IFRS 16, so because of this two FX there is a small increase of 16% year-to-year.So let’s go to Argentina Business Center summary.

Thank you, Alejandro. Good morning, everyone. On Page Number 3 we can see Argentina Business Center on the left side. With starting with shopping malls we see a consumption recovery same sales stores an increase of 5.6% in real terms compared to same quarter last year, if we do six months figures we see an increase of 0.4% mainly this is driven by consumption policy from the government programs AHORA 12 and AHORA 18.Occupancy remains stable at levels of 95% and the leasing team is working to improve that number. Consumption has been the recovered. We didn’t get all that recovered in our revenues but we’re working to make it happen. On the office segment, the industry remains very strong. Rent is stable at levels of almost $27 per square meter per month. Occupancy levels in our Plus A and AAA buildings is at levels of 97.1% this is very similar to previous quarter.We see a lower occupancy in the Class B building especially one building that we have in our portfolio and nevertheless the Class B in our portfolio is only 14%, so it’s not significant. The progress at the working in 200 Della Paolera office building is at 86% progress. We expect to open sometime during the third quarter of 2020. We expect to have occupancy from the first tenant to start working on the premises during this month and next month.And leasing activity on this building has been also very good, so we expect to be close to our total occupancy levels and not to decrease our occupancy live in by the incorporation of this building and also the rent of the building are achieving is exactly what we - on the road, so we’re happy with the progress.In the hotels, we see a lower sales due…

Thank you very much, Daniel. Good morning, everybody. So if we move to Page 4, we can see the structure of Israel right now. Our corporate structure data, you’ll remember that we have been working hard in order to fulfill the concentration low, that established that we can have more than two layers of public company. So we have been working harder, in order to accommodate our structure. Now we fulfill 100% our obligations, so we basically what we did was to dispose shares of Gav-Yam and we lost control on Gav-Yam shares.Regarding niche [ph] product, it was a matter of the companies. We privatized the debt and regarding Mehadrin, that used to be a subsidiary of PBC. We distributed Mehadrin shares as a dividend so now the shareholder is DIC. DIC today is around 38.6% of the shares and now we are increasing some, so - with this we finish the concentration low.Other important event was the appointment of our new CEO in Israel, so we have a new CEO, Erel [indiscernible] since December, 2019. So now we have already the management team in place there. If we move to Page 5, we have the other important chapter on our structure there. That we lost ownership of CLAL, you remember that we couldn’t control CLAL and the regulator forced us to dispose the shares.So here you have whole the evolution, at the beginning we try to maintain all the economic rights on the shares, but at certain point the regulator forced us to sell the economic right, so at the beginning we did the total return swaps, then we had to start close in those swaps and selling the shares in the market, so here you have the whole evolution. Today, we have mistaken economic stake of 15.6%, 8.5%…

[Operator Instructions] today’s first question comes from [indiscernible] BTG. Please go ahead.

My question is on Israel, on IDB specifically. My question is on – what’s the refinancing strategy heading in December 2022. I was wondering if you can sort of walk us through what you’re thinking now that you’ve sold down most of your CLAL stake. Thank you.

Thank you, Eduardo [ph]. Regarding the debt of IDB we have when you see is basically true bonds that start to expire in 2022 and then until 2025. [Indiscernible] we define it that, basically the assets that are under IDB are for sale, so we’re trying to sell our stake in the tourism company or doing an IPO of the company so basically, we’re disposing those assets. And the same with another asset that is a real estate asset, Las Vegas. So, we’re trying to find a way to maximize the value of those companies and sell and also, the CLAL shares we’re going to sell. So, with these, we perform all the disposal of probably we will have funds for the next two years.And then going forward, we will see what is the best structure in terms of the capital structure if we need to change something in the capital structure remember that the main asset after this disposal will be DIC. So, we – is something that we need to decide how to move forward after that.

And just one quick follow-up there. I’m assuming the plan is to remain Israel isolated from the overall structure. There is no plan to sort of fund it via any sort of Argentine subsidiary at this point?

Up to now, the only commitment that we have in Israel is we signed an agreement that we checked 210.

210.

210 million Shekels from that we already contributed $20 million, so it’s remaining commitment of $40 million and that is our only commitment to IDB today.

Okay, thank you.

[Operator Instructions] I would like to turn the conference back to Mr. Alejandro Elsztain for any closing remarks.

We are seeing how the companies are focusing on its strategy as we’re doing in the case of PBC, focusing and not having the retailer in Israel and selling the two shopping centers, we’re raising almost $500 million between these two at very low cap rate. So we’re going to keep doing these kind of things in the portfolio. I think this gives us a much more clear picture on the mission of each company and so we each of the segments office [ph] are doing exactly that. So thank you very much and we see you next quarter. Bye.

Thank you. This does conclude today’s presentation. You may disconnect your line at this time. Have a nice day.