Good morning everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the first quarter 2023 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. After management remarks, there will be a question-and-answer session for analysts and investors. If you want to make a question please click the bottom labeled Raise Hand or use the chat. 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.

Thank you very much. Good morning, everyone and everybody. We are beginning our first quarter results 2023. And the main highlight for this quarter, but the strong commodity prices are still, and the sustained margins per acre that have received some impact because of cost of inputs and lower -- sometimes lower prices of output. But in general still keeping good margins per hectare for the overall agriculture in South America. The climate is affecting us something. And the climate mainly is affecting Argentina, not the rate, not Brazil, not Paraguay, not Bolivia. But in Argentina the effect on the climate was enough strong and we're going to show you in the map what is the situation for the country. Related to real estate, this quarter we were able to acquire a farm in Brazil, close to 11,000 hectares from those net of 5,500 acres of arable land and in some sales not in the first quarter but in later, we are seeing a lot of movement related to the real estate in the selling. So we are seeing that movement on the market. Related to our service company FyO, we are achieving very good results. In the commercial services, very good EBITDA in the year related to the sales of outputs and the commercialization of inputs mainly in Argentina but expanding to the rest of the region. And this is really growing a lot. Related to the Urban business, we are going to see some small pictures related to IRSA that closed a very good quarter, mainly related to the rental properties, mainly to the shopping centers that they were recovering a lot comparing to the 2019 numbers before pandemia. So the EBITDA from the Urban and the -- mainly the hotels are recovering too, so the two are…

At this time, we'll do the Q&A session. Here we have the first question regarding margins. Do you expect a change in margins these campaigns as costs are rising as well as prices? And did we see that we are going to have a differentiated for soybean this campaign as we had by the end of the last campaign?

Related to cost, yes, there was a main increase on -- in fertilizers. And in herbicides too that change on cost affected more than 30% in dollar terms in some cases. So, yes, as normal after the increase of the price of the soybeans and the corn. The input companies are increasing their prices and reducing their margins. Prices are going to -- we are expecting for the year good prices too. So, margins are going to be some decrease and will depend mainly on the yields. If Argentina keeps in truck it yields, the margins are going to be better not worse counting on the increase in the costs too because last year there was a big drop on the yields. But generally, and the one probably is going to be affected mainly in the yields, it’s in the margins, it's Brazil for sure, where the input costs were up a lot and the output is close to the same. So the combination was a little lower. The combination of the two makes a lower margin in general for the farmers for this year. Yes, we are seeing very record levels of margins for farmers in the world and everyone in the world is expecting a little lower margins, but still very attractive. Related to the soybean price and the other crops price, farmers are waiting for sure. They saw a big increase in the dollar for Argentina that the government gave in September, from the first to the end of September, and they sold a big proportion of the soybeans. The remaining is smaller, I think it's like nine million tons. And probably, the government is going to be announcing again, a new soybean dollar for the selling of the rest to make reserves as indeed. So maybe this is the case. And for other crops too, the government and the farmers are beginning to be expecting now the ARS 160 per dollar for the official, after they receive ARS 200, they are waiting for that, for the rest of the crop solution.

Here, we have another question on the financial front, regarding the bond maturities in November. Are you having access to pay and which are the plans for the remaining $14 million hold out from the exchange?

Well, fortunately, the Central bank haven't changed the rule. The rule -- that note, we were forced to refinance in 2020. In that moment, the Central Bank said that they will sell only 40% of the dollars and the remaining, the company has to refinance in the market. We needed that very successfully in 2020. And now is the amortization. And the Central Bank will sell the dollars, they already sold the dollars, so we are paying today the note, the big one, the small payments that we are doing without problem. We don't know if the Central Bank will change the rule in the future, so it's not in our hands. But what we can say is that, we are paying today the note. The remaining is a small amount of money that we have to pay that because of holdouts. And we believe, that since we raised money in the local market per dollar , we can use that money to pay. So we -- if nothing changed, we will have the tools to pay the remaining amount in February.

There is, here a question related to the previous one. If the last official measure that offer to sell soy at ARS 200 FX had a positive impact on Cresud's results or if it was very marginal?

Yes, there were like some $2 million gain on that, because of having some small stock and the revaluation of that stock effectively positive us. And in the case of our service company in field, gave us a positive number too. So yes, the impact was good.

One more question, do you intend to do more share buybacks? And do you intend to keep on paying dividends going forward? If so, any targets?

Well, we prefer not to give targets here. It's a decision that we take every -- the company the debt situation and the plans of CapEx and plans for money for the year. But if you take as a guidance what we have been doing during the last years every time that we were able to pay dividends we pay. So I think it's a good guidance. Cresud is in dividends from IRSA and Brasilagro and FyO. So I believe that we could be in conditions to keep paying. And regarding buybacks, we prefer as well the buybacks are not to anticipate that. So if we will do it you will receive the notice.

Okay. Is there any additional questions? You can use both the chart or the raise hand. Okay. If there are no more questions, we conclude the first quarter results and the Q&A. We turn back now to Alejandro Elsztain, CEO for his closing remarks.

I would close this quarter saying -- that is very big on South America probably at the pace that we are including new farms and renting new farms we are in that process in Brazil and the intention of doing that in some other countries too. And so we think the number of the operational will be a strong one if climate doesn't really affect. And related to the real estate what we are seeing is the prices of and a lot of demand a lot of interest of smaller pieces. And you saw that in the past we were selling thousands of hectares, but now we are going to -- farms we sell in installments. So this is I think the evolution of Cresud buying in bulk and selling in smaller and financing and we are keeping doing that. And I think this is -- I'm very optimistic on the year. So just to thank everybody and we'll see you on the December numbers. Have a very good day. Bye.