Good day everyone and welcome to Cresud's Second Quarter 2018 Results Conference Call. Today's live webcast, both audio and slide show, maybe accessed through the Company's Investor Relations website at www.cresud.com.ar/ir by clicking on the banner Teleconference. The following presentation and the earnings release issued last week 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 the 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 would now turn the conference over to Mr. Alejandro Elsztain, Chief Executive Officer. Please go ahead, sir.

Thank you very much. Good afternoon, everybody. We are beginning our second quarter 2018 results. And we can go directly to Page number 2, and see the main event for the six months of this fiscal year. And when we speak about agribusiness, we sold the Esmeralda farm. We didn't -- the profit is still not registered in the balance sheet. It will be in the fourth quarter of this year when we give the details with the account of the farm. We did that for $19 million and the group value is much more I think almost ARS50 million, something like that. So the big result is coming in the fourth quarter where we do the deed. We are in the middle of some new farms sales with second semester in Argentina and the region, so we expect to have more new farms under sales in this second semester. In the development, we are planning to do 4,500 in region between Argentina and Paraguay for development of the region. In the final activity for the first part of the year, we concluded the sowing in the region. And we would expect similar to the previous year in the whole region, and we have discontinued our daily activity and integrate that is actually many, many years. But because of the adverse conditions for the system, we decided to close to sell all the cows and now we're in more agriculture and feedlot of the place. In the other segment, November, we recently sold 9.5% of FyO, of Futuros y Opciones, our company, our service company of input and output. We have subsidiary beginning 60% of the share and we sold 9.5% for the valuation of $32 million. It is cash out so Cresud received all this amounts. And we brought…

Thank you, Alejandro. Good afternoon, everyone. Let’s beginning by the Slide 3, farmland development and farmland sales, as you can see in the bar graph, we continue to develop the undergoing farmland. In the last year, 4,500 hectares; 2,500 hectares in Argentina and 2,000 hectares in Paraguay, in terms of sales, we sold La Esmeralda before farmland in Argentina for an amount of $19 million. We’ve got the profit of $16 million as you can see in the graph. Turning around your attention to the next slide, and as I mentioned it before in the first semester of fiscal, we sold La Esmeralda farm of price of $19 million. In July, we signed an agreement and payment for $4 million, with the balance of $15 million financed with a mortgage in four installments at 4% fixed tax rate due 2022. As a result we will be recognized in the fourth quarter in 2018. We expect to continue common sales during the second semester and the fiscal year 2018. Let’ move to the production forecast and global stocks. The farmland soybean productions, we can see the Brazil, our grains sales have remained upward, setting a new record and Argentina is stable. So the stock consumption had grown up to 40%. In case of corn, the Brazilian and United States production have decreased 4% and Argentina has remained stable. So the stock consumptions have decreased slightly from 90% to 70%. Move to the Slide 6, well, let’s talk about the climate conditions and commodity prices. As you can see in the graph, there are two different situations. Brazil had a positive climate condition and on the other side, Argentina going through a slight [indiscernible] with low rain levels. In the bottom-line, you can see the reduction of the commodity prices. The soybean price equates 3.1% year-to-year, but corn remained stable, but increasing slightly 0.3% year-to-year. These slow prices close exactly lead to the higher level of the old stocks. The Slide 7 is the Cresud planted area, crop and sugarcane production and breakdown of the productions. I’m going to start with planted area. We planted 196,000 hectares in the regions quite similar to the last year. We estimate 568,000 tons in terms of copper and in sugarcane we estimate that the ratio of 1.884 million tons of sugar, so the current breakdown is 46% soybean, 25% corn, 50% sugarcane, and 20% other products like sugar and like sunflowers, wheat and other seeds. Let's move to the Slide 8, sale of the stake in FyO. It's shown 9.5% of the stake in FyO our brokerage company, resulting in the stake reactions from 11.6% to 50.1% keeping the control. It represents an amount of $3.24 million and profit will be regulated in the second quarter of 2018 ARS42.6 million. Let me turn to the transactions we execute with the new strategic partner in the Company. Thank you very much. Matias?

Thank you, Carlos. Turning to Page 9, we can see the results on our urban business and investments. So as Alejandro, net income for IRSA in the six months in 2018 achieved ARS10.8 billion that is 58.9 higher than the previous year, attributable to IRSA ARS8.9 billion against ARS3.8 billion. The Argentina business center gain was ARS12.1 billion, main reason and I would explain later is the fair value of our investment properties, higher result on our rental segment and also a result from Banco Hipotecario and Lipstick building. The Israel Business Center generated a loss of ARS1.3 billion from which ARS2.2 billion is related debt exchange at DIC level, that is a noncash effect but we recognized and remember in the previous quarter. So, the adjusted EBITDA reached ARS7.2 billion that is 38% higher than the previous year. Regarding Argentina Business Center the rental segment grew by 18.4%, the occupancy of shopping malls achieved 99%, 99.1%, 93.2% in offices and currently 1.5% in the hotel. We have like better results on the sales and development, like also the sales of Beruti, Maipu and Baicom plot of land. If you remember we paid a dividend of ARS1.4 billion in the previous quarter, so Cresud collected 64.5% of that, also IRSA sold in the secondary market $138.2 million of IRCP shares that represented stake of 8.5%, so today the free float flows of IRCB today at 13.5%. In terms of Israeli business center, there was -- we complete the Concentration Law requirement. So we fulfill all the transactions. So today, we have more time until the next step that will be at the end of 2019. Also we acquired from Dolphin the remaining stake of the shares of IDB that used to be from at the level of the IFISA. So…

Thank you very much. Just to finish, we had a very good semester. Now comes to second semester wherever harvest of great incomes. We expect a lot of movement in the real estate part of the agribusiness of the second semester. And so, we have good positions in general, some drought in Argentina, but a little, not affecting too much up to now. So, we expect to have a very good year. So thank you very much everybody for participating in this conference and we’ll see you in next quarter. Thank you.

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