Good afternoon, everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the second quarter of fiscal year 2022 results conference call. First of all, I would like to remind you that both audio and a 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 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 the 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.

Good afternoon, everybody. We are beginning our second quarter 2022, and we can directly go to Page #2, where we can see the main highlights of the 6 first months. We are living in some special conditions related to climate, that it's mainly affecting prices. We have a big plantation on the year -- in the whole region, but the region is being affected on the rain mainly, some areas with little more rain and some with less rain. But from the other side, we are seeing much better margins than last year because of the increasing prices of the commodities, having higher costs of production, too, but margins are improving a lot. If we speak about the first 6 months about the real estate activity, we had a lot of liquidity in Brazil, 2 sales in 2 farms that I'm going to explain a little later, very profitable in the Brazilian market. Related to whole agribusiness segment, we can see that this semester was beautiful related to grains, sugarcane and farm sales. So we are achieving record numbers in related to EBITDA of the agribusiness segment comparing to the past, comparing to the last 30 years, this year, having big size in many areas of the region, we are achieving very good results and almost close to net zero negative numbers. We have no more the packing plant that gave us some losses. So this year, all of the industry is bringing gains. When we see the net gain of the quarter, this is mainly explained because of the 2 sides. One is the agriculture that I was explaining, and I will do much more deeper later. And from the other side, it is the investments in IRSA, mainly related to the revaluation of Costa Urbana that was approved…

Thank you, Alejandro, and good afternoon, everybody. So if we see in Page 9, we have 2 major events during December last year that are significant drivers for the future growth of the company. The first one is the approval of Costa Urbana after 20 years of dealing with the approvals of the project. Finally, the City Congress of the Buenos Aires approved the project. Basically IRSA agreed with the city to donate around 2/3 of the project to the city to develop public spaces will be the second largest park of Buenos Aires will be in this land. And in exchange of that, IRSA will have the rights to develop up to almost 900,000 square meters of different uses, residential, commercial, et cetera. So this is a significant news for IRSA and probably the growth of the company for the next 10 years will be derived by this project. The other important event during the semester was the merge between IRCP and IRSA. The shareholders of the 2 companies approved during December the merge. So now the march is effective since July 1, 2021. And the company started to present consolidated or only one balance sheet since December this year. As a result of the merger, Cresud stake in IRSA will reduce from 62.3% to 53.7%. On the operational side, we can see in the shopping malls important news regarding real sales. The real sales increase against inflation for first time during the last, I would say, 3 years, that the real sales increased by 7.6% during the quarter. So the shoppings after the -- this is comparing with pre-pandemic levels. So remember that last year was affected by the pandemic. This 7.6% is before the COVID situation. So we are very happy to see the improvement of shopping…

[Operator Instructions]. We have the first questions. If you think you are going to keep selling farms both in Argentina, Brazil or the rest of the region?

Yes. We are expecting a lot of movement. Argentina is beginning to have some people visiting farms, that are interested in buying some farms. This is probably something that is coming back. Not something so firm, but in Brazil, for sure, liquidity is there. The campaign is going to be very positive for the 2 countries, for the whole region. The ones that harvest, they're going to have very good margins. And farmers in general are trying to buy more mainly in Brazil because of tax benefits. But this is going to still be happening and we are waiting for the second semester to be active in the real estate, too. And in the farming activity, really, in the area that you have yield, normal yield, a little less than normal yield with the existing prices of the market, margins are beautiful and farmers are really spending good time. And this is -- up to now, up to December, we are not showing a majority of the gain of soybean and corn that it's going to come in the second and third quarter, and this is going to come. Really situation of farmers of the region is really very positive. So we expect a lot of activity because of that good environment and our -- we are happy of having the size that we have in this year of very good margins in the whole 4 countries.

Next question is, how are you affected on your issued bonds regarding the Central Bank capital restrictions?

So what you know that the rule is that issuance in [indiscernible] dollars, the central banks only allow companies to pay up to 40% and ask the companies to refinance the rest. In the case of Cresud, we have the next bond that is affected, expire in February 2023. So for this year, we don't have any kind of travel to pay all the debt that expire. So we don't have to enter in any refinancing during this year. In the case of IRSA, it's the same. The ones that are affected will expire. It's the international bond that IRSA has, that expire in March 2023. So for this year, we don't have any complication for the payments.

There is here another question. Why are you canceling the notes that are under technical value? Sorry, why is the -- the question was why it is reducing the value of the notes in Cresud?

If I understood well the question, why is the trading value of this bond, I really don't know the secondary market, I don't know if it's affected by liquidity or what are the drivers on the secondary markets. So I don't know if I understood well the question.

In that case, you can call me, Fernando, if you have further questions regarding that -- regarding the notes, you can contact me directly. Here, there is another question related to timing on Costa Urbana development project.

Yes. We just had the conference call of IRSA a couple of hours ago and is recorded in our website in IRSA. So you can hear the whole presentation there. I just will add on top of that, that the development process will take time. It's a big project, it's 70 hectares. So it's really a very important project. To give you an idea of size, it's 1/3 of the total size of Puerto Madero. So you won't develop that in 1 year, it will take time. Probably it will take more than 10 years to fully develop the project. So we will start -- now we were very focused in getting the approval that happened in December. So our team is working hard defining next steps. But probably, you won't see any major CapEx in the next 2 years in that project.

If there are no more questions, we conclude the Q&A session. I will now turn back to Alejandro Elsztain, CEO, for his closing remarks.

Just to be sharing with you happiness of the first 6 months, good numbers in all of the lines, in each of the segments, having the cash and the resources for expanding the businesses. Waiting for the second to harvest the rest of corn, soybean, rest of harvests. And happy because of the merge in the case of IRSA, too, and the approvals. So we expect to keep the company growing as it was growing. And thank you everyone and every investor to be sharing with us the history of Cresud. So thank you very much, and have a very good day.