Cresud SACIF y A (CRESY) 2023 Q3 法說會逐字稿

Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the third quarter of fiscal year 2023 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)

大家，早安。我是 Cresud 投資者關係官聖地亞哥·多納托 (Santiago Donato)，歡迎您參加 2023 財年第三季度業績電話會議。首先，我想提醒您，音頻和幻燈片都可以通過公司投資者關係網站 www.cresud.com.ar 通過單擊橫幅網絡廣播鏈接來訪問。以下演示文稿和收益報告也可以在公司網站上下載。 （操作員說明）

Before we begin, I would like to remind you that this call is being recorded. All 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.

在我們開始之前，我想提醒您，本次通話正在錄音。今天討論的所有信息可能包括有關公司財務和經營業績的前瞻性陳述。所有預測都存在風險和不確定性，實際結果可能存在重大差異。請參閱公司收益報告中有關前瞻性陳述的詳細說明。我現在將把電話轉給首席執行官 Alejandro Elsztain 先生。請繼續，先生。

Thank you very much, Santi. We are beginning now the third quarter results, and we can see in the Page #2, that the company's record planted area in the region, combining the 4 countries, combining between the ones that we own, the ones that we lease, and the ones that we lease to third-party tools we have like 28,000, 10% of the funds that we rent, generally with the mission of bringing clients, giving some stability at the beginning of development of farms and bringing clients to the selling to the real estate part of the company.

非常感謝你，桑蒂。我們現在開始公佈第三季度的業績，我們可以在第 2 頁中看到，該公司在該地區創紀錄的種植面積，結合了 4 個國家，結合了我們擁有的、我們租賃的以及我們的種植面積。我們租給第三方工具的，我們有大約 28,000 美元，占我們租用資金的 10%，通常的使命是帶來客戶，在農場開發之初給予一定的穩定性，並將客戶帶到真正的銷售市場。公司的房地產部分。

Related to the campaign progress, we have this year more mixed conditions than last year. Last year was a big increase on the prices and some good deals. But this year, there is prices, we could say that they are sustained and all of them, soybean, corn and some of the sugar cane. But the high cost pressure that we suffer from the very beginning, mainly explained by the fertilizers and some other input costs make margins to decrease. And finally, the adverse climate conditions is affecting the yields on the region, mainly Argentina, the one more affected is Argentina for sure, and we're going to show you a little later.

就競選進展而言，今年的情況比去年更加複雜。去年價格大幅上漲，並且出現了一些不錯的交易。但今年，我們可以說價格持續上漲，所有這些價格，包括大豆、玉米和一些甘蔗。但我們從一開始就承受著高昂的成本壓力，主要是化肥和其他一些投入成本造成的，導致利潤率下降。最後，不利的氣候條件正在影響該地區的產量，主要是阿根廷，受影響較大的肯定是阿根廷，我們稍後會向您展示。

This separate growth in Argentina biggest of the -- I think, from my history, more than 30 years of Cresud, but it's really to see something like this is long term in Argentina is in part in the crop yields but not only winter crops regarding with the wheat and barley, later came to soybeans and corn affecting a lot the yields of the country and some of Cresud. In the case of Argentina, there is a recovery that is going to come in the future because there's a new announcement of the government about the new soybean, the third soybean of the country in a different price, so some of the drought effect on soybeans is going to be compensated because of that effect will be reflected on the third -- fourth, not in this one. This one is not reflecting, but in the fourth will be reflected the detail of the soybean, but with the new price because of the new effects.

阿根廷的這種單獨增長是最大的——我認為，從我的歷史來看，克雷蘇德已經有30多年了，但確實看到這樣的事情在阿根廷是長期的，部分是作物產量，而不僅僅是冬季作物小麥和大麥，後來又出現了大豆和玉米，極大地影響了該國和克雷蘇德一些地區的產量。就阿根廷而言，未來將會出現復甦，因為政府發布了新大豆的新公告，這是該國第三種不同價格的大豆，因此乾旱對大豆產生了一些影響將會得到補償，因為這種影響將反映在第三個——第四個上，而不是這個上。這一項沒有反映，但在第四項中將反映大豆的細節，但由於新的影響而具有新的價格。

Related to BrasilAgro, there is lower productive too, but some farmland this year probably will be very relevant in farmland sales, mainly in Brazil, some in Paraguay too and one in Argentina, and this going to come, so we are expecting -- so we have a lot of activity in the farmland sales and this is -- we are going to show you one big transaction that it's not reflecting on today's balance sheet that Matias will explain, so to be in the fourth quarter.

與巴西農業相關，生產力也較低，但今年一些農田可能與農田銷售非常相關，主要在巴西，巴拉圭也有一些，阿根廷也有一個，這將會發生，所以我們預計 - 所以我們在農田銷售方面有很多活動，這是 - 我們將向您展示一項重大交易，它沒有反映在馬蒂亞斯將解釋的今天的資產負債表中，所以是在第四季度。

Related to the investment in IRSA, we had an increase of 3% of the shares of IRSA. And in IRSA, we are recovering a lot of the EBITDA of the past and leveraging product portfolio of the company. We received a huge amount of dividends from IRSA, from BrasilAgro and from (inaudible) $125 million. And in the case of dividends, we have to pay again recently last week and this week, we are paying 6% dividend yield, and on top of that, we were sharing to the shareholders, 2.2% of the capital stock on shares to distributions.

與對IRSA的投資相關，我們增持了IRSA 3%的股份。在 IRSA，我們正在收回過去的大量 EBITDA，並利用公司的產品組合。我們從 IRSA、BrasilAgro 和（聽不清）1.25 億美元獲得了大量股息。就股息而言，上週我們必須再次支付，本週我們支付了 6% 的股息收益率，除此之外，我們還向股東分享了 2.2% 的股本分配。

Related to prices, we can see that after the pandemic, there was a big decrease in the price, achieving more than $600 per ton. But later this price went to the $500 level, and we are seeing that price decrease on the future too. So some less pressure on the prices of oil, the soybeans and corn. We are in this area, 284 between the 4 countries, 2% increase last year comparison than being made soybean, corn and sugarcane, the 3 main between the 4 countries.

價格方面，我們可以看到，疫情之後，價格出現了較大的下降，達到了每噸600美元以上。但後來這個價格達到了 500 美元的水平，我們看到未來價格也會下降。因此，石油、大豆和玉米價格的壓力較小。我們在這個領域，有 4 個國家之間的 284 個，比去年增加了 2%，比這 4 個國家之間的 3 個主要作物大豆、玉米和甘蔗增加了 2%。

About drought of Argentina, we can see in this graph, the -- where Pergamino district shows Pergamino is in the middle of corn bed of Argentina, probably is one of the more famous areas of the corn bed of Argentina and the drought made to have a rain in the total year of 336 millimeters comparing to the normality that Argentina has many regions of a 1000. So the proportion of this drought affected so big proportion of Argentina and mainly the corn bed to the country, a big decrease on the yields.

關於阿根廷的干旱，我們可以在這張圖中看到，佩爾加米諾地區顯示佩爾加米諾位於阿根廷玉米床的中間，可能是阿根廷玉米床比較著名的地區之一，乾旱造成了全年降雨量為 336 毫米，而阿根廷許多地區的正常降雨量為 1000 毫米。因此，這次乾旱影響了阿根廷很大一部分地區，主要是該國的玉米床，產量大幅下降。

Here, we can see in the other graph on the right, the production current forecast where Argentina is expecting because really it's not finished, this is under process today. The harvesting today on the farms. So this country is expecting 47% drought comparing to the -- compares a yield that was done at the beginning of the campaign. So almost half of what Argentina was expecting, but there are some analysts talking about more than half growth for soybeans in Argentina.

在這裡，我們可以在右側的另一張圖中看到阿根廷所期望的當前產量預測，因為實際上還沒有完成，今天正在處理中。今天農場裡的收穫。因此，與活動開始時的產量相比，該國預計乾旱率為 47%。所以幾乎是阿根廷預期的一半，但有一些分析師談論阿根廷大豆增長的一半以上。

In the case of corn, the expectation is 28% below and in the way that it was finished in December last year was 40% Here, we are seeing some of the forecast of Cresud. And here, we can see on the map where the farms of Cresud are, the globes are old farms and the small points are the released farms. So we can see that our areas are not exactly the corn bed that we have the province that represents almost 1/3 of Cresud really explain a big recovery of the -- not lost -- not the recovery, but our loss in service is the 26 compared to the 47. So this represents the difference of areas that Cresud the drought that it's not raining as normal, but really not so dramatic like the corn bed of Argentina.

就玉米而言，預期比去年 12 月的預期低 28%，為 40%。在這裡，我們看到了 Cresud 的一些預測。在這裡，我們可以在地圖上看到克雷蘇德的農場在哪裡，地球儀是舊農場，小點是已釋放的農場。所以我們可以看到，我們的地區並不完全是玉米床，我們擁有代表克雷蘇德近 1/3 的省份，這確實解釋了大復蘇——不是損失——不是恢復，而是我們的服務損失是26 與 47 相比。因此，這代表了克雷蘇德干旱地區的差異，即沒有像往常一樣下雨，但確實不像阿根廷的玉米床那麼引人注目。

So the map of Argentina shows in red, the bad areas of and the drought is not finished. It's not done. And some effects of these are probably coming to wheat. If the rain doesn't come to the country, wheat is going to be effected for next year, too. So really, the situation of farmers of the country was very bad. And this year, Argentina -- in the past, Argentina drought, the prices recovered a lot. But this year, because of retail yield, mainly explained by Brazil, made that the loss of the 25 million tonnes of Argentina were more than compensated by the yields of Brazil that grew like 30 million tonnes year-to-year. So really, there was not any main effect on prices. So the part that is coming is because the government has in some of the situation of farmers in the country.

所以阿根廷的地圖顯示為紅色，惡劣的地區和乾旱還沒有結束。事情還沒有完成。這些影響可能會影響到小麥。如果該國不下雨，明年的小麥也會受到影響。事實上，該國農民的處境非常糟糕。而今年，阿根廷——過去阿根廷乾旱，物價恢復了不少。但今年，由於零售產量（主要由巴西解釋）使得阿根廷2500萬噸的損失被巴西同比增長3000萬噸的產量所彌補。所以實際上，對價格沒有任何主要影響。所以接下來的部分是因為政府了解該國農民的一些情況。

If you move to the next page, on Page #5, we can see that the harvest progress in soybeans, Argentina is close to 42%. Bolivia is done. Brazil is close to finish. And Paraguay is 0. Paraguay is going to begin this day. So the total is 71. As of corn, majority of the corn is Safrinha Brazil or in Argentina, the combination of the 2 makes like 7% advanced large area for harvesting of corn for the region. So all our projections, but we are optimistic that the effect of the bad climate of the region in case of major for Argentina affected but not so much like the rest of the country.

如果您翻到下一頁，即第 5 頁，我們可以看到阿根廷大豆的收穫進度接近 42%。玻利維亞完了。巴西隊即將結束。巴拉圭是0。巴拉圭將從這一天開始。因此總數為 71。至於玉米，大部分玉米產自巴西 Safrinha 或阿根廷，這兩者的結合使該地區玉米收穫面積增加了約 7%。我們所有的預測都是如此，但我們樂觀地認為，該地區惡劣氣候的影響在阿根廷發生重大事件時會受到影響，但不會像該國其他地區那樣受到影響。

We can now move to Page #6. And we can see here, we are expecting like a drop year-to-year of 4% in yields. So the 798,000 tonnes to the 765,000 tonnes for the whole region. So that the main effect is Argentina, but the rest is not so affected. So the total crop is not so ready. But the operational margins are worse than last year because what I explained at the beginning, the effect of higher cost, the prices last year made a very big rebound and really there was a big effect of the increase in the prices. This year is not, the opposite. It's even or below the price of the budget. So really, the effect of prices of this year is not helping like last year, so not yields, no prices and costs going higher.

我們現在可以轉到第 6 頁。我們可以在這裡看到，我們預計收益率將同比下降 4%。因此整個地區的產量為 798,000 噸至 765,000 噸。因此，主要影響的是阿根廷，但其他地區則沒有受到太大影響。所以總作物還沒有準備好。但運營利潤率比去年差，因為我一開始就解釋過，成本上升的影響，去年的價格出現了很大的反彈，而且價格上漲確實產生了很大的影響。今年則不然，恰恰相反。它等於或低於預算的價格。事實上，今年價格的影響並不像去年那樣有幫助，因此收益率、價格和成本都沒有上升。

So that is why today, 9 months reflecting some of those effects is mainly comparing last year, so different. Sugarcane is a little lower, but not so important. We can see the yields on the region that they are stable when we compare the corn at 5.6 tonnes or soybeans at 2.6 tonnes. So really, the effect of having done in the region made us more stable than having only in one region. In the meat, nothing is special to compare 78,000 heads of cattle, 7 million kilo tonnes of meat in the company.

這就是為什麼今天，反映其中一些影響的 9 個月主要是與去年相比，如此不同。甘蔗稍微低一些，但也不是那麼重要。當我們比較 5.6 噸的玉米或 2.6 噸的大豆時，我們可以看到該地區的產量是穩定的。事實上，在該地區開展工作的效果比只在一個地區開展工作更穩定。在肉類方面，與公司78,000頭牛、700萬噸肉類相比，沒什麼特別的。

About real estate, up to now, the explanation of the 9 months, there were 2 small farms, one in Paraguay and one in Brazil.

關於房地產，到目前為止，9個月的解釋，有2個小農場，一個在巴拉圭，一個在巴西。

There is a subsequent sale that is not reflected on balance sheet that BrasilAgro made the relevant fact later that was done, I think, in April. And here, there was a big sale in a total valuation of BRL 409 million and comparing to the purchase price and CapEx of close to BRL 60 million, so really a big gain that is going to come on the fourth quarter. We (inaudible), one was the 330 hectares of total area of and the other of 500 hectares of total -- 2000 hectares of total area. The combination of the two made a total of BRL 407 million really a big gain, and it's going to be -- it's like BRL 260 million to BRL 270 million that are going to come on the fourth quarter.

隨後的出售並未反映在資產負債表上，BrasilAgro 後來做出了相關事實，我認為是在四月份完成的。這裡有一筆總估值為 4.09 億雷亞爾的大筆出售，與接近 6000 萬雷亞爾的購買價格和資本支出相比，因此第四季度將出現巨大的收益。我們（聽不清），一個是總面積 330 公頃，另一個是 500 公頃——總面積 2000 公頃。兩者相加總共帶來了 4.07 億雷亞爾的巨大收益，第四季度將實現 2.6 億雷亞爾到 2.7 億雷亞爾的收益。

So related to the operational business, there are 2 real estate in the fourth, a lot of activity, having the operational like the soybean price is going to come on the fourth quarter. If we move now to the page of our service part, not the operation and not the real estate. Service area, the 2 companies that we run, (inaudible) is almost 50% of the shares. We see the evolution -- long-term evolution of trade of this company that last year in a normal campaign, not very good but normal company, did 6.6 million tonnes. And last year, the EBITDA of $28 million. This year, because of drought, the campaign of Argentina is much lower. So the company is only intending to increase the market share to Argentina, but not increasing the tonnes comparing year-to-year because Argentina will be close to half of the campaign of compared last year. So the company is very positive. It's going to keep making a lot of money, having lower volume because Argentina evolution.

所以與運營業務相關，第四季度有2個房地產，有很多活動，像大豆價格一樣的運營將在第四季度出現。如果我們現在轉到我們的服務部分頁面，而不是操作頁面，也不是房地產頁面。服務領域，我們經營的兩家公司（聽不清）幾乎擁有 50% 的股份。我們看到了該公司貿易的長期演變，去年在正常的銷售活動中，不是很好，但正常的公司，做了 660 萬噸。去年，EBITDA 為 2800 萬美元。今年，由於乾旱，阿根廷的產量大幅下降。因此，該公司只打算增加阿根廷的市場份額，但不會增加同比噸數，因為阿根廷的產量將接近去年的一半。所以公司的態度非常積極。由於阿根廷的發展，它將繼續賺很多錢，但銷量會有所下降。

And this year, till another bond -- 20 million new bonds again at 0 interest rate for 3 years. This company is growing, not only in Argentina, giving service to farmers, in inputs, in outputs, in consultancy and in futures and options, but now it's doing this process in Brazil too through a company that is launched recently called (inaudible). Now related to our profile residents, close to 18%. This is a marketplace for agriculture. The company is stable in revenues. This is not growing because of the effect of drought in Argentina, and this effect is having the company and the decision of the company in this environment to the companies, the high-tech companies, is to decrease the to keep the sales stable and to look for the breakeven.

今年，又一個債券——2000萬張新債券再次以0利率發行，期限為3年。該公司不僅在阿根廷不斷發展，在投入、產出、諮詢以及期貨和期權方面為農民提供服務，而且現在它也在巴西通過一家最近成立的名為（聽不清）的公司進行這一過程。現在與我們的檔案居民相關的，接近18%。這是一個農業市場。公司收入穩定。由於阿根廷乾旱的影響，這種增長並沒有增長，這種影響是公司和公司在這種環境下對公司、高科技公司的決定，是減少銷售額以保持銷售穩定並尋找盈虧平衡點。

The company is a mission decrease some of the number of employees to have this situation, understanding the change on the timing, on the -- we're seeing -- thinking that this is going to happen. The marketplace for is coming, probably these delays a little. So we have decided to burn the money or the company to here to arrive to the breakeven point with the cash recovery raised in the past. And these are the maps where our locations are in South America. This is more big marketplace of our agriculture products.

該公司的使命是減少出現這種情況的部分員工數量，了解時間上的變化，以及我們所看到的認為這將會發生的變化。市場即將到來，可能會有些延遲。因此，我們決定燒錢或燒掉公司，以通過過去籌集的現金達到盈虧平衡點。這些是我們在南美洲的位置的地圖。這是我們農產品更大的市場。

Now I will introduce Mr. Matias Gaivironsky that will speaking about.

下面我介紹一下即將講到的Matias Gaivironsky 先生。

Thank you, Alejandro. Good afternoon, everybody. Going to the results of IRSA first. As Alejandro mentioned, result during the quarter increased by 3% stake in IRSA. So today, we control IRSA with 56.8% of the shares. IRSA has, during the quarter, a very good results. The 9-month period, we saw an excellent performance in the operational and the financial results. Tenant sales are growing, higher occupancy. IRSA reached historical levels again after the pandemic that went down to level of 89%, now it's again a level of 97%. The offices as well, 100% occupancy in the AAA buildings. We finished the occupation of the Della Paolera building.

謝謝你，亞歷杭德羅。大家下午好。首先查看 IRSA 的結果。正如 Alejandro 提到的，本季度業績增加了 IRSA 股份 3%。所以今天我們控制著IRSA 56.8%的股份。 IRSA 在本季度取得了非常好的業績。在這9個月的時間裡，我們在運營和財務方面都取得了出色的表現。租戶銷售量不斷增長，入住率不斷提高。疫情爆發後，IRSA 再次達到歷史水平，此前曾降至 89% 的水平，現在又回到了 97% 的水平。 AAA 級辦公樓的入住率為 100%。我們完成了對德拉保萊拉大樓的佔領。

We also sold a lot. We sold 7 floors of the Della Paolera building at very good prices, and there was some revaluation of the remaining square meters of the building because the price now is higher than what used to be in our books. Hotels as well are performing very, very well. There is a huge recovery after the pandemic with probably record EBITDA on our portfolio. Very good occupancy. IRSA keep the deleveraging during the 3 months period.

我們也賣了很多。我們以非常優惠的價格出售了 Della Paolera 大樓的 7 層，並且對該大樓的剩餘平方米進行了一些重新估價，因為現在的價格比我們賬上的價格要高。酒店的表現也非常非常好。大流行之後出現了巨大的複蘇，我們的投資組合的 EBITDA 可能創紀錄。入住率非常好。 IRSA 在 3 個月期間保持去槓桿化。

Remember, that was a big challenge of cancellation of pay during March. IRSA paid 100% of the debt. So now there is no more challenges regarding the central bank regulation. And also, IRSA paid a very high dividend during the last month or the last day was a 13% dividend yield that Cresud collect part of that. If we saw the graph, we can see the EBITDA, the last 12 months EBITDA of the Rental segment increasing and surpassing pre pandemic levels, reaching $162 million.

請記住，三月份取消工資是一個巨大的挑戰。 IRSA 支付了 100% 的債務。所以現在央行監管不再有任何挑戰。而且，IRSA 在上個月或最後一天支付了非常高的股息，股息收益率為 13%，Cresud 收取其中的一部分。如果我們看到圖表，我們可以看到 EBITDA，即租賃部門過去 12 個月的 EBITDA 不斷增加並超過了大流行前的水平，達到 1.62 億美元。

If you move to our financial results, first, it's important to understand on the macro side, what happened with the different drivers, FX and the inflation generate important results in our results. So first of all, to understand that the inflation was 74% during the 9 months period against a devaluation on the official exchange rate of 67% and on the blue chips of 59%. That means that in real terms, we have an appreciation of the peso, the official exchange rate of 4%, and in the (inaudible) of the blue chips of 8%. That will have different impacts in our results.

如果你轉向我們的財務業績，首先，重要的是要了解宏觀方面，不同的驅動因素、外彙和通貨膨脹所發生的情況對我們的業績產生了重要影響。首先，要了解這 9 個月期間的通貨膨脹率為 74%，而官方匯率貶值為 67%，藍籌股貶值為 59%。這意味著，按實際價值計算，比索升值，官方匯率升值 4%，藍籌股（聽不清）升值 8%。這將對我們的結果產生不同的影響。

So going to Page 12. On the operational side, as Alejandro mentioned, this is a very challenging year to compare 1 year to the other. Now the last year was a record campaign, excellent results in Brazil and Argentina, excellent production, prices, costs that were much lower than this year. And this year, when we compare, we have many effects on the negative side that the in Argentina, higher cost in Brazil, lower production that is generating that the comparison, you can see this drop of 89%. Here, we don't have many results that will be recognized in the next quarter, would have a different exchange rate for our production in Argentina for the soybean that in March, we haven't. So it's not recognized yet. The farm that we sold in Brazil that is not recognized in this 9-month period will be recognized next quarter. So probably, this picture is not the best picture to analyze what will be our results in the 12-month period. But of course, this year is worse than the previous one.

請參閱第 12 頁。在運營方面，正如 Alejandro 提到的，與往年相比，今年是非常具有挑戰性的一年。去年是創紀錄的產季，巴西和阿根廷取得了優異的成績，產量優良，價格和成本都比今年低得多。今年，當我們進行比較時，我們受到了許多負面影響，即阿根廷、巴西的成本較高，產生的產量較低，您可以看到下降了 89%。在這裡，我們沒有太多可以在下個季度得到認可的結果，我們在阿根廷生產的大豆的匯率與三月份的匯率不同。所以目前還沒有被認可。我們在巴西出售的農場在這 9 個月期間未得到認可，將在下個季度得到認可。因此，這張圖可能不是分析我們 12 個月內結果的最佳圖。但當然，今年比上一年更糟糕。

In terms of our forecast and our budget, we are more or less in line on what we forecast this year. But of course, compared with the previous year is lower. If we go to the next page on the Operating income, including the IRSA, the previous one was just the farming activity, including IRSA, we see a drop of 59.2% compared with the previous year, mostly in the agricultural part, better results than the previous year. Other important driver of line in our balance sheet is the change in the fair value of the investment properties is 100% almost all related to IRSA that we -- a loss of ARS 34.8 billion, same, again, loss as well in last year of ARS 20 million, is more related to what I said at the beginning, the drivers between inflation and devaluation in dollar terms, the investment properties are increasing slightly. Shopping malls remain stable. The offices will increase a little because of the revaluation of the building and the land reserves remain stable in dollar terms. We convert that in real pesos that generate that loss.

就我們的預測和預算而言，我們或多或少與今年的預測相符。但當然，與上一年相比是較低的。如果我們翻到下一頁的營業收入，包括IRSA，上一頁只是農業活動，包括IRSA，我們看到與上一年相比下降了59.2%，主要是農業部分，結果比上一年好前一年。我們資產負債表中的另一個重要驅動因素是投資物業公允價值的變化 100% 幾乎全部與 IRSA 有關，我們損失了 348 億阿根廷比索，同樣的，去年的損失也是如此。 2000萬ARS，與我一開始所說的更相關，以美元計算的通貨膨脹和貶值之間的驅動因素，投資屬性正在略有增加。購物中心保持穩定。由於建築物的重估，辦公樓數量將略有增加，而土地儲備以美元計算保持穩定。我們將其轉換為產生該損失的實際比索。

Regarding the net financial results, we can see a gain of ARS 16.4 billion was a higher gain last year of ARS 34.5 billion. If you see in the table below, you can see in the first line, the net FX results that last year was a gain of ARS 40 million. That is related to the appreciation of the peso. We convert the dollar-denominated debt into pesos in real pesos and the appreciation of the peso generate this gain. This year is lower than the previous year. But again, in the net interest, we can see an increase -- slight increase in the net interest this year compared with the previous one. This is more related to the composition of the debt, Cresud has a little more debt in peso terms that generates an accrual of higher interest in that line, but then there is compensated because of the devaluation and the dilution of the peso debt is recognized in the first line in the net final FX results.

關於淨財務業績，我們可以看到 164 億ARS 的收益高於去年 345 億ARS 的收益。如果您在下表中看到，您可以在第一行看到去年的淨外匯結果是 4000 萬阿根廷比索的收益。這與比索升值有關。我們將美元計價的債務轉換為實際比索的比索，比索的升值產生了這種收益。今年低於去年。但同樣，在淨利息方面，我們可以看到增加——今年的淨利息與上一年相比略有增加。這與債務的構成更相關，克雷蘇德的比索債務多一點，這會在該行產生更高的利息，但隨後會因為貶值而得到補償，並且比索債務的稀釋被確認為最終外匯結果淨值的第一行。

So just trying to understand that the net income, all these drivers has some effect on the net income line. But finally, we posted a gain of ARS 36 billion attributable to a controlling interest is ARS 20.4 billion compared with again last year of $64.7 billion and controlling interest of ARS 40 billion.

因此，只是想了解淨收入，所有這些驅動因素都會對淨收入線產生一些影響。但最後，我們公佈了 360 億澳元的收益，歸因於控股權益為 204 億澳元，而去年的收益為 647 億澳元，控股權益為 400 億澳元。

If we see the evolution of our debt, during February, we canceled the remaining part of the bond that we have to refinance because of the central bank regulations. So we canceled that. Also in April, we issued 2 new notes, one, a dollar link that we issued $30 million at an interest rate of zero that will expire in the next 3 years. And also, we raised money in pesos terms for 1.5 years. We raised $20 million. One good news here is the credit rating upgrade fix increased our rating from AA to AA+.

如果我們看到債務的演變，在二月份，我們取消了由於央行規定而必須進行再融資的剩餘部分債券。所以我們取消了。同樣是在四月份，我們發行了兩張新票據，其中一張是美元掛鉤票據，我們以零利率發行了 3000 萬美元，並將在未來 3 年內到期。此外，我們還以比索形式籌集了 1.5 年的資金。我們籌集了 2000 萬美元。一個好消息是信用評級升級修復將我們的評級從 AA 提高到 AA+。

Regarding the dividend, we announced and paid a dividend for ARS 9.5 billion that is ARS 16.52 per share or ARS 165.2 per ADR. This is 6% We already paid in pesos, and we are in the process to pay to our ADR holders in dollars. Also, we decided to distribute the shares that we bought from our buyback program that we, at the same time, not the dividend we distributed those shares. So that was already distributed. Regarding our buyback program, we decided to extend the timing for our program. The original expiration was this week, and we decided to extend that out to -- for the next 180 days. From our program, we already bought almost 80%. So there is a remaining of 20%, more or less ARS 800 million.

關於股息，我們宣布並支付了 95 億澳元的股息，即每股 16.52 澳元或每份 ADR 165.2 澳元。這是 6%，我們已經以比索支付，並且正在以美元支付給我們的 ADR 持有者。此外，我們決定分配我們從回購計劃中購買的股票，同時，我們不分配這些股票的股息。所以這已經分發了。關於我們的回購計劃，我們決定延長計劃的時間。最初的到期日是本週，我們決定將其延長至接下來的 180 天。從我們的計劃來看，我們已經購買了近 80%。那麼剩下的20%，大約是8億ARS。

And we also adjusted the price in pesos terms to 425 and in dollars still $8.5 per ADR. I think with this, we finished the formal presentation.

我們還將比索價格調整為 425，美元價格仍為每 ADR 8.5 美元。我想這樣我們就完成了正式的演示。

Now we open the line to receive your questions.

現在我們開通熱線接受您的提問。

Well, now is the time for the Q&A session. (Operator Instructions) Yes, we have some questions from (inaudible).

好了，現在是問答時間。 （操作員說明）是的，我們有一些問題（聽不清）。

The Argentina land price chart that you used to show in your presentation earlier was used on official FX rate or parallel FX rate?

您之前在演示中展示的阿根廷土地價格圖表是使用官方外匯匯率還是平行外匯匯率？

This is probably when we show that those are real dollars and we show the price of Argentina land of around $14,000 or $15,000. The hectares is always on a real dollar but that is in Argentina. That is the corn belts. Cresud owns farms across Argentina and lot of marginal areas in the north. So in general, margin areas follows the corn belt in terms of prices real dollars.

這可能是我們顯示這些是真實美元的時候，我們顯示阿根廷土地的價格約為 14,000 美元或 15,000 美元。公頃總是以實際美元計算，但這是在阿根廷。那就是玉米帶。克雷蘇德在阿根廷各地和北部許多邊緣地區擁有農場。因此，總體而言，就實際美元價格而言，利潤率區域遵循玉米帶。

Yes, like all real estate and farming real estate in Argentina, everything is in real dollars then pesos, but we always fix prices thinking in real dollar.

是的，就像阿根廷的所有房地產和農業房地產一樣，一切都以實際美元然後比索計算，但我們總是以實際美元來確定價格。

And he asked as well, also your farmland sales for Brazil, if you can indicate an outlook for Argentina, farmland prices and possible sales in the near future.

他還詢問了巴西的農田銷售情況，是否可以表明阿根廷的前景、農田價格以及近期可能的銷售情況。

Yes, there are some possibilities of transactions in Argentina. Prices are not decreasing so much. As we would be thinking because of the exchange rate, difference between the [blue] and the official. Really, from the top prices of the corn bed in a few years ago that was at $18,000, today, you're talking about $14,000, $15,000. So there was drop to the peak. What happened in the last of Argentina was didn't follow the trends that U.S. and Brazil and other areas of the world increased dramatically this year. So -- but still, there are not a big drop to the highest prices a few years ago.

是的，在阿根廷有一些交易的可能性。價格並沒有下降那麼多。正如我們所想的那樣，由於匯率的原因，[藍色]和官方之間存在差異。確實，幾年前玉米床的最高價格為 18,000 美元，而今天，您談論的是 14,000 美元、15,000 美元。於是就有了跌落到頂峰的情況。阿根廷去年的情況並沒有遵循今年美國和巴西等世界其他地區大幅增長的趨勢。所以，但與幾年前的最高價格相比，仍然沒有大幅下降。

And the -- what we expect is probably next government, I'm not sure what will be the election, who will be the candidate, but how will be the measures related to dollars and taxes are, we are expecting some decrease on the gap of the $2 and maybe the decrease on time in the taxes on, we expect as farmers. This is different to the farmers of U.S. and Brazil are really damaging a lot farmers of Argentina. And so we are expecting that to be decrease on time. And if that is the case, price of the land of Argentina will grow a lot because today, they have been prices of Argentina corn based to the other areas highest of the history.

我們所期望的可能是下一屆政府，我不確定選舉將是什麼，誰將成為候選人，但與美元和稅收相關的措施將如何，我們預計差距會有所縮小作為農民，我們期望 2 美元，也許還有稅收的及時減少。這與美國和巴西的農民不同，這確實損害了阿根廷的很多農民。因此，我們預計這一數字會按時減少。如果是這樣的話，阿根廷的土地價格將會上漲很多，因為今天，阿根廷玉米的價格已經基於其他地區的歷史最高水平。

Thank you. We have next question come from Shores Wurman. When can ADR investors expect to receive the cash and stock dividend?

謝謝。我們的下一個問題來自 Shores Wurman。 ADR投資者什麼時候可以收到現金和股票股息？

Well, we already are working with Bank of New York as a trustee of our ADR program. we hope at least that will take 10 days. So since Bank of New York fixed the record day, the payment will be 10 days later. So we expect that the Bank of New York will fix the date probably next week. So we are working with them, and the idea is to distribute as fast as possible.

嗯，我們已經與紐約銀行合作，作為我們 ADR 計劃的受託人。我們希望至少需要 10 天。因此，由於紐約銀行固定了記錄日，付款將在10天后進行。因此，我們預計紐約銀行可能會在下週確定日期。所以我們正在與他們合作，我們的想法是盡快分發。

There is a new question on forecast for rainings in the next coming 12 months and the next campaign, what we can expect.

有一個關於未來 12 個月和下一個活動的降雨預測的新問題，即我們可以期待什麼。

Up to now, every specialist on climate was speaking about the changing from Nina and Nino and that was represented in February, the rains come -- some came, but really not the one we expected. So there is a, I would say, delay of the change from the Nina to Nino. If Nino comes, that will make the normalization of rains in Argentina that have 3 years of very bad climate. This year is worse, but the 3 were bad. So -- and if Nino comes, it's going to have more than 1,000 in the corn of bed of Argentina. That's what we are expecting. So -- but today, it's not. And today, what I said at the beginning, the week, if it doesn't rain the next 30 days is going to be strongly affected. So we are waiting for those rains.

到目前為止，每一位氣候專家都在談論尼娜和尼諾的變化，這在二月份就出現了，降雨來了——有些來了，但實際上不是我們預期的。所以，我想說，從尼娜到尼諾的轉變有一個延遲。如果尼諾現像到來，這將使連續三年氣候惡劣的阿根廷降雨正常化。今年更糟，但前三屆都很糟糕。所以——如果尼諾來了，阿根廷的玉米床上將有超過 1,000 個玉米。這就是我們所期待的。所以——但今天，情況並非如此。今天，正如我一開始所說的，如果接下來的 30 天不下雨，這一周將會受到嚴重影響。所以我們正在等待那些雨。

There is one more from George Forman. If there is plans on listing brokerage company anytime on an exchange?

喬治·福爾曼還寫了一篇。券商是否有隨時在交易所上市的計劃？

We don't know. Really, this company today has plenty of cash and is making really big benefits and giving good dividends. Maybe with this company will need some cash or some more if the strategy we are beginning to think and developing in Brazil will need. So maybe, yes, for Argentina, I would say no, but mainly for expansion of the strategy for Brazil, this company could be thinking on raising capital because the size and the working capital the country in Brazil needs on that business probably will need that.

我們不知道。確實，這家公司今天擁有充足的現金，並且正在創造巨大的效益並提供豐厚的股息。如果我們在巴西開始思考和製定的戰略需要的話，也許這家公司需要一些現金或更多。因此，也許，是的，對於阿根廷來說，我會說不，但主要是為了擴大巴西的戰略，該公司可能會考慮籌集資金，因為巴西國家在該業務上所需的規模和營運資金可能需要。

(Operator Instructions) Here are you seeing any reduction in fertilizer costs?

（操作員說明）您是否發現化肥成本有所降低？

Yes, was a big drop comparing last year to this year, like 30% of drop in prices comparing year-to-year in dollar terms. So that is helping some on the margins for next campaign because drop of prices, but drop of input is going to have, I would say, like same margin as the last year forecast, last year budget. So really, there is the impact of these inputs is going to be for the next campaign. The one that is probably more affected because of use of fertilizers is Brazil more than Argentina. Really cost of input is going down because of margins. This is the case.

是的，與去年相比，今年的價格下降了很大，按美元計算，價格同比下降了 30%。因此，這對下一次活動的利潤有所幫助，因為價格下降，但投入的下降，我想說，與去年預測、去年預算相同的利潤。事實上，這些投入將對下一次活動產生影響。由於使用化肥而受到的影響可能更大的是巴西，而不是阿根廷。由於利潤率的提高，投入成本實際上正在下降。情況就是這樣。

Well, we can conclude the conversation and the presentation. We thank you all, and I will turn back to Alejandro, CEO for his closing remarks.

好了，我們可以結束對話和演示了。我們感謝大家，然後我將請首席執行官亞歷杭德羅致閉幕詞。

We are finishing the campaign. This is -- next quarter will be the last one. We spoke about the operational. I think the results finally between the combination of our 3 steps in the agriculture that they are real estate, operational services is going to be close to budget. Really, we are lucky compared to the situation of other farmers of the region. So we are expecting next campaign with this condition of a little lower prices for the next campaign, but a lot of liquidity in the real estate, not in Argentina because of the situation of Argentina, but the rest of the region is really much more liquid. So we could be making more result in that portion of the company. So we are very optimistic in agriculture in the region. Cresud intends to be growing from the 280,000 hectares to keep growing its service in the region.

我們正在完成競選活動。這是——下個季度將是最後一個季度。我們談到了運營方面的問題。我認為我們在農業領域的三個步驟（即房地產和運營服務）的結合最終的結果將接近預算。確實，與該地區其他農民的情況相比，我們很幸運。因此，我們預計下一個活動的條件是下一個活動的價格稍低一些，但房地產中有大量流動性，不是在阿根廷，因為阿根廷的情況，但該地區其他地區的流動性確實要高得多。因此，我們可以在公司的這一部分取得更多成果。所以我們對該地區的農業非常樂觀。 Cresud 打算在 280,000 公頃的基礎上繼續擴大其在該地區的服務。

So thank you very much, and we see you next quarter in results.

非常感謝，我們下個季度的結果見。