Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the third quarter fiscal year 2022 results conference call. First of all, I would like to remind you that 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 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 morning, everyone. We are beginning our third quarter results. And if you can go to Page #2, we can begin speaking about climate. And the region is really suffering a drought that was affecting summer crops. And now we are in the harvest time and the climate is still dry, affecting now again the winter crops for next campaign. And we are going to see on the evolution of the prices of the commodities, a big explanation of why the prices are so high. It's a combination of many campaigns, North America and South America combination of lower results, making smaller stocks on the commodities that we are running. There was a big improvement on margins because of this increase in on prices, but higher costs, mainly driven by fertilizers coming from the region of the world. If we -- speaking about the farmland liquidity in these 9 months, we only saw some sales on Brazil and their liquidity on the farms is huge and a lot of transactions on that market, a lot of interest of the farmers to keep buying more land in Brazil. So we are now speaking about 9 months of higher EBITDA coming from agribusiness segment. Matias will explain in the segments in grain, sugarcane and farm sales, we have very good results in this year. The net gain, when we speak about the summary of these 9 months, we can see higher agriculture operating results and net financial results very positive and income tax. So we are achieving ARS 16 billion to the controlling company, controlling to a loss of last year numbers, and Matias will explain deeper later. Related to the Urban segment through IRSA, we are recovering our EBITDA strongly. Mainly in the shopping center industry, we are seeing occupation close…

Thank you, Alejandro. Good morning, everybody. Taking a moment to review the investment in IRSA. We can see a very good recovery after the pandemic. As you know, we suffered a lot during the last 2 years. Most of our operations in malls were closed for 9 months. And now we see a good recovery. Last quarter, the retail sales surpassed 21% pre-pandemic levels. So we are very happy with that evolution. Occupancy is going up in the malls. So very good operations. We were also very active in all the fronts at IRSA level. During the quarter, we did some disposals, some acquisitions. Here, we can see 2 important disposals. We sold 5 floors in the Della Paolera building and also the Republica building in block. So we sold an entire building. So the cash position of the company and also the leverage of IRSA is decreasing significantly. Also during the quarter, we fulfilled the merge between IRSA and IRSA Commercial Properties. In the past days, the CMB already did the inscription of the merge. So in the coming days, we will exchange the shares of IRCP for IRSA shares and then delist IRCP from Buenos Aires Stock Exchange and also in NASDAQ. If we go to Page 11, we can see how we close our 9-month period as of March 31. We are finishing with a net income of ARS 31.6 billion gain compared with a loss during the last year of ARS 14.3 billion. Here, we have several different drivers of this result. I will explain deeper each of them. On the operational side, we will see that we are having very good results. In the financial side, we have an important gain in line 13 related to the appreciation of the peso in Argentina against the…

[Operator Instructions] The first questions come from [ Federico Lassari ]. If we expect to pay -- to distribute dividends this year in Cresud or IRSA?

Thank you, Federico. As you know, the timing to decide the dividend is more close to our shareholders meeting in October. This year is a challenging year in terms of the liability structure. So we are working on that. And probably, we will decide the dividends after that. As you know, every time that we can pay dividends, we did it in the past. So that is a good guidance on how we think our capital structure, but it's too soon to say exactly if we're going to pay or not this year.

Here, we have another question from [ George Gorman ]. You need to unmute, George, to be able to ask. George, if not, you can write the question in the charts. There's a new question. Do you expect to sell more farms in the near future in the fiscal '22 or the beginning of 2023?

Tough to predict. Generally, we don't speak about things that can happen, and we like to speak about things that happened. We are under big negotiations for sure, in the countries, in the 4 countries. So really could come, but now we are in May and our balance sheet finishes in June. So we have 1.5 months. But the real estate is active for this quarter, for next quarter, yes, we'll be active in the 2 sites in the buying and the selling. So yes, for sure. I'm not sure if we're going to close some transactions that will be included on the 30th of June.

There is here a question regarding IRSA from [ Ludovic Castro ], when we sell offices, transactions are paid in pesos or in dollars?

Most of the transactions that we did during the year were paid in pesos. So we fixed the price in dollar terms and then we received pesos. But it's not a rule. So we can do any kind of transaction, but during the year, the most common was to receive pesos.

Okay. If there are no more questions, I will now turn back to Mr. Alejandro Elsztain, CEO, for his closing remarks.

Just to thank everybody, we are next quarter finishing the year, good, I would say, and have good yields, but for sure, very good on prices. And the agriculture business is really receiving a lot of comments, newspapers, discussions, logistics. And so really, the business is really much more active than in the past. South America is one of the regions really ready for supplying that for the world and not a lot of areas of the world, really big farms in big operations are really in this part of the world, not in the rest. So we are going to keep doing what we'd like to do and what we know to do, that is to keep buying and selling and farming meantime, doing in big sizes and giving service to the farmers. So just to thank everyone, and have a very good day. Thank you.