Cresud SACIF y A (CRESY) 2025 Q2 法說會逐字稿

Good morning everyone. I'm Santiago Donato, investor relations officer of CRESU, and I welcome you to the 2nd quarter of 2025 results conference call. First of all, I would like to remind you that the replay of this webinar, the presentation, and the earnings release will be available on our website at www.resud.com.arar.

大家早安。我是 CRESU 投資者關係官 Santiago Donato，歡迎您參加 2025 年第二季業績電話會議。首先，我想提醒您，本次網路研討會的重播、簡報和收益報告將在我們的網站 www.resud.com.arar 上提供。

After management remarks, there will be a question-and-answer session for analysts and investors. If you want to make a question, please use the chat.

管理階層發言後，將為分析師和投資人安排問答環節。如果您想提問，請使用聊天。

Before we begin, I would like to remind you that this call is being recorded and that information discussed today may include overlooking statements regarding the company's financial and operating performance. All projections are subject to risk and uncertainties, and actual results may differ materially. Please refer to the detailed note in the company's earnings release regarding looking forward-looking statements. I will now turn the call over to Alejandro Elstein, CEO. Please go ahead.

在我們開始之前，我想提醒您，本次通話正在錄音，今天討論的資訊可能包括有關公司財務和營運績效的忽略聲明。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。現在我將電話轉給執行長亞歷杭德羅‧艾爾斯坦 (Alejandro Elstein)。請繼續。

Sir.

先生。

Thank you very much, Santi. Good morning, everybody. We are beginning page number 2, the main events for the 2nd quarter of 2025. We have this year, 2025, a very big regional campaign. We increased comparing last year planted area 9%, and we have our record in size in total agriculture between the combination of the four countries leased and owned.

非常感謝，桑蒂。大家早安。我們正在開始第 2 頁，即 2025 年第 2 季的主要事件。今年，也就是 2025 年，我們將進行一場非常大規模的地區性活動。與去年相比，我們的種植面積增加了 9%，在四個租賃和自有國家的總農業規模中，我們創下了歷史新高。

We have this year good climate conditions in general in the region.

今年該地區整體氣候狀況良好。

There is slightly an increasing commodity price on the last quarter, mainly in Argentina because of some reasons in Argentina that I will explain later. And from other sides some input cost reductions, mainly in Brazil because of the valuation of the real.

上個季度商品價格略有上漲，主要是在阿根廷，因為阿根廷的一些原因，我稍後會解釋。從其他方面來看，一些投入成本降低，主要是在巴西，因為雷亞爾的估價降低。

During the January there was a small lag in the rain, but finally now in February, we are receiving some rain, and we are expecting a normal campaign for our crops in Argentina too.

一月份，雨水稍微落後了一些，但二月終於迎來了一些雨水，我們預計阿根廷的農作物生長也將正常。

Related to the crop taxes export reduction, there was a big measure done by the government, and that decrease from 33 to 26, the soybeans and the corn and wheat to from 12 to 9.5. And this is more or less a 5% increase in the prices for farmers, depending what the margins the farmers are receiving. The exposures are taking part of that profit too, but finally it is a benefit that is mainly for Argentina. It's just for Argentina but helping Argentinian farmers in the drop off prices that we have received the last 12 months comparing to higher price than we had in the past.

與農作物出口稅削減有關，政府採取了重大措施，將大豆、玉米和小麥的稅率從33%降至26%，將小麥的稅率從12%降至9.5%。這意味著農民獲得的價格大約會上漲 5%，具體取決於農民獲得的利潤。這些風險敞口也佔據了部分利潤，但最終的利益主要還是屬於阿根廷。這只是針對阿根廷的，但我們幫助阿根廷農民應對過去 12 個月價格下跌的情況，與過去相比，價格有所上漲。

Related to Brazillaro, we have very good productive results, and the prospects for the campaign are very good. Soybean is beginning to harvest and we are seeing very good yields. There are sustained price. The inputs are going down because of the evaluation. Related to real estate, we have accumulated up to now just Los Posos sale and Altai, but that was in the 1st quarter. In the second, there are not more sales. But we are seeing a movement and we are expecting for the next half year some more sales on the assets on the region, and related dividend distribution, we distributed 45,000 million pesos in November that represented close to 7% of dividend yield.

關於巴西利亞羅，我們取得了非常好的生產成果，而且這項活動的前景非常好。大豆開始收穫，我們看到了非常好的產量。有持續的價格。由於評估，投入正在下降。對於房地產，我們到目前為止只累積了 Los Posos 和 Altai 的銷售，但那是在第一季。第二，沒有增加銷量。但我們看到了一種動向，我們預計未來半年該地區將有更多的資產出售，以及相關的股息分配，我們在 11 月份分配了 450 億比索，接近股息收益率的 7%。

We can move now to page number 3, and here we see our evolution that jump of 9% year to year, achieving more than 300,000 hectares in the combination of the four countries being Argentina and Brazil in the main, finally the Paraguay and Bolivia smaller, and here we see soybean representing half of total planted area, 23% corn, 9. Sugarcane. Today, the main, in Brazil, the main two are sugarcane and soybean, and Argentina, the main two are soybean and corn, main two products, and this is the breakdown of for the, for the region, and we can move now to the next page and now I will give the word to Mr. Diego.

現在我們翻到第 3 頁，在這裡我們看到我們的發展情況，即逐年增長 9%，四個國家的種植面積加起來超過了 300,000 公頃，其中主要是阿根廷和巴西，最後是巴拉圭和玻利維亞，面積較小，這裡我們看到大豆佔總種植面積的一半，玉米佔 23%，9。悚。今天，在巴西，主要的兩種產品是甘蔗和大豆，在阿根廷，主要的兩種產品是大豆和玉米，這是該地區的細分情況，我們現在可以進入下一頁，現在我將把發言權交給 Diego 先生。

Chial. Thanks, Alejandro. Good morning, everyone.

吉雅爾。謝謝，亞歷杭德羅。大家早安。

In this page, we can see the evolution of commodity prices, as we show every quarter. Remember, we come from the 2024 campaign that was marked by the down pressure on the international commodity prices.

在此頁面中，我們可以看到每個季度展示的商品價格的演變。請記住，我們來自 2024 年的競選活動，其特點是國際大宗商品價格面臨下行壓力。

And we have seen at the very beginning of 2025, the same trend, low prices level, but in the last quarter, we have seen a slightly recovery both in corn and soybean prices in Chicago. Soybean are about 5% and corn 7%, so it's a good news. Regarding input cost, they continue to adjust as they were lagging behind prices.

我們在 2025 年初看到了同樣的趨勢，價格水平較低，但在最後一個季度，我們看到芝加哥的玉米和大豆價格均略有回升。大豆約5%，玉米約7%，所以這是個好消息。至於投入成本，由於落後於價格，他們繼續進行調整。

So Alejandro will be back to talk about the taxes.

所以亞歷杭德羅會回來談稅收問題。

Here we showed you in page number 5, the evolution on taxes and exports for the two main products of Argentina that we produced. They are soybean and corn, and we see that from the 1,982, up to now, so more than 40 years, there were taxes and exports.

我們在第 5 頁展示了阿根廷生產的兩種主要產品的稅收和出口變化。它們是大豆和玉米，我們看到從1982年到現在，有40多年的時間，都有稅收和出口。

I would say that the average was at the 30 something, but now there was an announced of decrease from 33 to 26, but that was announced up to the 30th of June of 2025. This is, pushing farmers to sell some of what they retained from the crop and, in the case of corn from 12 to 9.5. So a big majority of the history of the last 40 years, we were taxing our exports and our President for existing President Mile said he will decrease or make them disappear. But at the time he will have always surpassing having a surplus on the day on the spending on the government.

我想說的是，平均數是在 30 多，但現在宣布從 33 降至 26，但這是截至 2025 年 6 月 30 日的數據。這迫使農民出售部分剩餘的農作物，玉米的價格從12降至9.5。在過去 40 年的大部分時間裡，我們都在對出口徵稅，而現任總統邁爾表示，他將減少或取消出口稅。但當時他在政府支出上總是會超過當天的盈餘。

So now he gave some, but he announced up to the 30th of June. The market is not showing an increase again, so the market is reflecting that there was an expectation that maybe can stay that on the prices and on and the government will TRY to stay, but up to now they announced formally up to the 30th of June.

所以現在他給了一些，但他宣布截止日期為 6 月 30 日。市場沒有再次顯示出成長，因此市場反映出，人們預期價格可能會維持這種水平，政府也會盡力維持這種水平，但到目前為止，他們才正式宣布截至 6 月 30 日的政策。

So the 1st of July, they would rebound to the 73. From other side, the rest of the commodities and the specialties, rice, cotton, and all the small dairy, all the small products of Argentina, they went to zero and that was permanent. So they gave a good measure. Farmers are happy. That measure gave us some air.

因此到 7 月 1 日，他們的股價就會反彈至 73 點。另一方面，阿根廷的其餘商品和特產，大米、棉花、所有小型乳製品和所有小產品，都降至零，而且這是永久性的。所以他們給了一個很好的措施。農民很高興。這項措施讓我們鬆了一口氣。

Like a 5% of prices, and this is a good sample of what we are expecting from the government. We are not seeing the rebound on the prices, but we are seeing a country and a government intending to decrease taxes. And in the case of farmers, taxes on exports, that is the main taken from the revenue, so. That I will give you give again the word about the climate of the region.

例如價格上漲 5%，這是我們對政府期望的一個很好的例子。我們沒有看到價格反彈，但我們看到一個國家和一個政府打算減稅。對農民來說，出口稅是收入的主要部分。我將再次向您介紹該地區的氣候狀況。

The climate condition and so in progress in this page, we can see the regional weather condition and so after 2024 campaign where we experienced lower yields and production both in Argentina and Brazil due to the lack of rain. In 2025 campaign is developing with the weather condition, the good weather condition. Is much better. For example, Brazil has any problem of rain in the first semester in the areas in the region where it operates.

在本頁中，我們可以看到氣候狀況等，以及 2024 年活動後的區域氣候狀況，由於缺乏雨水，阿根廷和巴西的產量和產量都下降。2025 年的戰役將隨著天氣狀況而發展，天氣狀況良好。好多了。例如，巴西在其營運區域的第一學期就存在降雨問題。

However, talking about Argentina, the lack of rain in January has been noted, which, if it persists could impact the main crops yields.

然而，談到阿根廷，人們注意到一月份降雨不足，如果這種情況持續下去，可能會影響主要農作物的產量。

So we hope to see a good rainfall in the next weeks. Today it's raining here in Buenos Aires, and this month we expect continuing rain.

因此我們希望在接下來的幾週內能看到充足的降雨。今天布宜諾斯艾利斯正在下雨，預計本月還會持續下雨。

Regarding the soybean progress, we have, planted 100%. The soybean in the area, in the region, the good level of rainfall at the beginning allow for fine and optional sowing of summer crops.

至於大豆進度，我們已經種植了100％。該地區的大豆，在年初良好的降雨量允許夏季作物的精細和選擇性播種。

Regarding crop, corn, we have 80% with Brazil around 30%.

至於作物，玉米，我們有 80%，巴西有 30% 左右。

Cosmio sarina is an a normal for this time of the year, the month.

對於每年的這個時候、這個月來說，Cosmio sarina 是一種正常的現象。

Taking about the harvest, the winter crops in which we have completed the harvest in Argentina with it's almost double size than the last year. We saw and we harvest like 3, 13,000 hectares of wheat. This is almost 95% increase compared to the previous campaign.

談到收穫，我們已經在阿根廷完成了冬季作物的收穫，其產量幾乎是去年的兩倍。我們看見並收穫了 313,000 公頃的小麥。與之前的活動相比，這一數字增長了近 95%。

Similar yields, a little lower, but in terms of the tons, the general production was at 65% above the last year, reaching 45,000 tons.

產量相似，略低，但以噸數計算，總產量比去年高出 65%，達到 45,000 噸。

Ending in the page number 7, the cattle activity in Argentina regarding, we have seen the very high prices sustained. The prices had a significant improvement in the last year.

在第 7 頁結束的關於阿根廷的牛活動的文章中，我們看到價格持續處於非常高的狀態。去年價格有了明顯改善。

The trend that we experienced last year remained the same. We increased a little bit size of heads, reaching almost 50,000 heads in Argentina.

我們去年經歷的趨勢保持不變。我們的頭數稍微增加了一些，在阿根廷已達到近 50,000 頭。

The production is increasing. We are expecting to have a higher with a similar margin.

產量不斷增加。我們期望在相似的利潤率下實現更高的利潤。

So.

所以。

With Alejandro to talk about fi.

與 Alejandro 談論 fi。

Related to Fio, our service, agricultural company. Here we see the evolution on tons, the company trading from the last 10 years, from 3 million to 7 million surpassing this year. We're expecting to surpass the 7 million if the campaign stays as it is. And evolution to $25 million per year. This company became very relevant in the market, not only in servicing outputs, but inputs. We sell through field fertilizers and herbicides and other inputs for farmers, and that company became. Relevant with more than 400 employees working in Argentina and now developing the main this main service in Brazil through beyond another company. So with a combination of two, that company is growing a lot too. So we combined the three businesses, the real estate, the operational, and the service company. Saying that, now I will introduce Mattia Harosky that we talk about our investment in ISA with Cerud owns 56% of the stake.

與我們的服務、農業公司 Fio 有關。這裡我們看到了噸位的演變，該公司過去 10 年的貿易額從 300 萬美元增加到了今年的 700 萬美元。如果活動維持現狀，我們預計投票人數將超過 700 萬人。並且每年增長至 2500 萬美元。這家公司在市場上佔有重要地位，不僅提供輸出服務，也提供輸入服務。我們透過大田肥料、除草劑和其他投入品銷售給農民，而這家公司成為了。該公司在阿根廷擁有超過 400 名員工，目前正透過其他公司在巴西開發這項主要服務。因此，透過兩者的結合，該公司也實現了長足的發展。因此，我們將房地產、營運和服務三項業務合併起來。說到這裡，現在我將介紹 Mattia Harosky，我們談談我們對 ISA 的投資，Cerud 擁有 56％ 的股份。

Thank you, Alejandro. Good morning, everybody. So to review the main events of Ya during the quarter, well, first we saw a loss of 40.9 billion pesos that is mainly related to a non-cash effect about our the fair value of the investment properties.

謝謝你，亞歷杭德羅。大家早安。因此，回顧本季度 Ya 的主要事件，首先，我們看到損失 409 億比索，這主要與我們投資物業公允價值的非現金效應有關。

That then we, I will explain a little deeper. We saw during the quarter, higher occupancy and sales recovery in our mall’s activity. We saw a 21.4% increase on tenants sales against the previous quarter.

那我們，我會解釋得更深入一些。我們發現本季我們的商場入住率有所提高，銷售額也有所回升。與上一季相比，我們發現租戶銷售額成長了 21.4%。

Still below the last year when we compare with the same quarter of the last year, we still see a decrease of 8.5%, but we expect during the next quarter to start showing positive numbers compared with the previous year.

與去年同期相比，這一數字仍低於去年同期，降幅仍為 8.5%，但我們預計下個季度將與去年相比開始出現正數。

About the office portfolio, we reached 100% occupancy, so we are happy with that.

關於辦公室組合，我們的入住率達到了 100％，所以我們對此感到滿意。

About the hotel's activity, we saw a drop during the quarter related to the decrease in revenues and occupancy because of the new environment, in Argentina and the and the new exchange rate, we are receiving less tourism than the previous year.

關於飯店業務，由於阿根廷的新環境和新的匯率，本季飯店收入和入住率下降，導致飯店業務下降，接待的遊客比前一年少。

About the malls as well during the quarter, we finished the acquisition of a new mall, the Raza de Maso, that is located in Greater Buenos Aires. So with this acquisition, we are increasing our mall portfolio in terms of GLA gross viable area of around 10%.

關於購物中心，本季我們完成了位於大布宜諾斯艾利斯的新購物中心 Raza de Maso 的收購。因此，透過此次收購，我們將把購物中心組合的 GLA 總可行面積增加約 10%。

Also during the quarter, we finished the first two plot sales in Rambla del Plata projects. So this is a major milestone for the company after receiving the approvals and after the designing the master plan of the project, we started the commercialization, and we already sold two plots. So we signed the two agreements, and we are working in Around 10 different partner agreements with different developers to sign in the coming months.

本季度，我們也完成了 Rambla del Plata 專案的前兩塊地塊的銷售。因此，這對公司來說是一個重要的里程碑，在獲得批准並設計好專案總體規劃後，我們開始進行商業化，並且已經出售了兩塊地。因此，我們簽署了兩項協議，我們正在與不同的開發商簽署約 10 份不同的合作夥伴協議，具體日期為未來幾個月。

About the dividend of fisa also distribute dividends in November of around 8 was around 8% dividend yield and also 3.6% in Treasury shares. When we see the EIA in dollar terms, the rental Evita, we see a good trend.

關於 FISA 的股息，11 月也派發了約 8% 的股息，股息殖利率約為 8%，庫存股的股息殖利率為 3.6%。當我們以美元計算 EIA 和租金 Evita 時，我們看到了一個很好的趨勢。

So the decline this year compared with the previous year is related to the hotel activity, the malls and the offices remain stable.

因此，今年與去年相比的下降與酒店活動、購物中心和辦公室保持穩定有關。

Going to the next page.

轉到下一頁。

About the financial results, well, to compare with the previous year first, we need to understand what happened with the effects and the inflation.

關於財務結果，首先，為了與前一年進行比較，我們需要了解影響和通貨膨脹的情況。

You remember that during the last year, we have the big jump in the big devaluation of the peso from 350 to 800 pesos that had an impact at that moment on our holding and the stock of grains and also what's a negative impact about our debt that we will see in the coming slides. This year, the macroeconomic situation of Argentina is much more stable. Inflation went down from 107% last year to 21%. The evaluation was only 13%, so we have an appreciation of the peso of 7%. And about the blue chip swap, the dollar map, we also see a big reduction in the GAAP between the parallel market and the official exchange rate.

您記得，去年，比索大幅貶值，從 350 比索貶值到 800 比索，這在當時對我們的持有量和糧食庫存產生了影響，而且對我們的債務也產生了負面影響，我們將在接下來的幻燈片中看到。今年以來，阿根廷宏觀經濟情勢更加穩定。通貨膨脹率從去年的107%下降到21%。評估僅 13%，因此比索升值了 7%。關於藍籌互換，美元圖，我們也看到平行市場和官方匯率之間的 GAAP 大幅減少。

So going to the next page to see the operational results first in the agribusiness and the farming activity, you know that if this semester is not the most relevant.

因此，先進入下一頁查看農業綜合企業和農業活動的營運成果，您就會知道這個學期是否不是最相關的。

Semester of the campaign, we will have the most of the results coming in the next two quarters. But when we analyze what happened this semester, we see a drop in the, in some of the numbers. So first, the positive numbers came from the farmland sales. As Alejandro mentioned, we haven't sold this quarter any properties, but we sold during the first quarter, compared with the previous year, we are having better numbers.

本學期的活動結束後，我們將在接下來的兩個季度中獲得大部分成果。但當我們分析本學期發生的情況時，我們發現一些數字正在下降。首先，正數字來自於農地銷售。正如亞歷杭德羅所提到的，本季我們還沒有售出任何房產，但我們在第一季已經售出了，與去年同期相比，我們的銷售量有所改善。

About Theo, here is not the best picture because we are comparing on the operational results, and some of the results of Theo are recognized in the line of financial results. So here we see a big drop from 1,717. Billion pesos last year to a negative number of 16 billion pesos. But when we see the final line in the net income, we see comparable numbers with the previous year. About the farming activity, we see here a drop in the grain activity. This.

關於 Theo，這裡不是最好的情況，因為我們正在比較營運結果，而 Theo 的一些結果在財務結果中得到認可。因此，我們看到從 1,717 大幅下降。去年同期為負數，為160億比索。但當我們看到淨收入的最後一行時，我們看到的數字與前一年相當。關於農業活動，我們看到穀物活動下降。這。

Is.

是。

Basically related to the holding results related to our stock. We have lower prices and grains compared with the previous year and also the evolution during the quarter of prices in pesos term was lower than inflation. So we are recognizing negative numbers because of our stock and also The remaining results of the previous campaign that are bringing some negative numbers because of the drop in prices.

基本上與我們的股票持有結果有關。與前一年相比，我們的價格和穀物價格較低，本季以比索計算的價格走勢低於通貨膨脹率。因此，我們承認庫存導致負數，而先前活動的剩餘結果也因價格下跌而帶來了一些負數。

About the wheat, harvest, we have, some reduction compared with the previous year related to reduction in yields and also in prices.

關於小麥的收成，與前一年相比，產量有所下降，這是由於單產和價格下降所造成的。

About the sugarcane activity, that is mainly in Brazil. We have very positive numbers. We have basically better prices than previous year. The cattle activity also, we have an improvement in kilograms produced and also in prices. So those are the main.

關於甘蔗活動，主要在巴西。我們的數字非常正面。我們的價格基本上比去年更優惠。就養牛活動而言，我們的產量和價格都有所提高。這些是主要的。

Drivers of the drop on the farming activity.

導致農業活動下降的因素。

Going to Next page. So here on the right side, we have the main explanation of why we are showing losses both in ISA and at cresud levels. Basically we are having negative numbers in the evaluation of our investment properties. Last year, we can see here that was a big jump in evaluation because of the evaluation of the peso. So in peso's term, we recognize it very positive numbers. And this year, since prices remain stable in dollar terms and the blue-chip swap reduced, and also, we have an appreciation of the peso, we are recognizing losses. When we see the numbers in dollar terms.

轉至下一頁。因此，在右側，我們主要解釋了為什麼我們在 ISA 和 cresud 級別都出現損失。基本上，我們對投資物業的評估結果是負數。去年，我們可以看到，由於比索的評估，其評估值出現了大幅上漲。因此，就比索而言，我們認為這是一個非常正數。今年，由於價格以美元計算保持穩定，藍籌股掉期減少，而且比索升值，我們確認了損失。當我們以美元來計算這些數字時。

Both in offices and land banks remain stable and in shopping malls, we saw, we posted a, improvement in valuations of around $120 million.

辦公室和土地儲備均保持穩定，而購物中心的估值則上漲了約 1.2 億美元。

Next page. So finally, regarding the net financial results also in the left part, you can see that last year we have a negative number because based mainly because of the evaluation that affected all our dollar denominated debt. This year, we have an appreciation of the peso, so we are recognizing. Gains about that and also we have positive numbers on the fair value of our assets, our liquidity.

下一頁。最後，關於左側部分的淨財務結果，您可以看到去年我們的財務表現為負數，這主要因為評估影響了我們所有以美元計價的債務。今年，比索升值了，所以我們意識到這一點。除了獲利之外，我們的資產的公允價值和流動性也呈現正數。

Well, with all those drivers, we are finishing the net result of the semester with negative numbers of 61.5 billion pesos attributable to a controlling interest is 64.4 billion pesos compared with a gain of 266.

好吧，由於所有這些因素，我們本學期的淨利潤為負 615 億比索，其中控股權虧損 644 億比索，而上學期的利潤為 266 億比索。

Billion pesos last year.

去年為十億比索。

All about our debt, there was no major news during the quarter. The debt remained stable, $323 million during the, at the end of December, there was a reduction in the debt compared with the previous quarter, with the previous year, sorry. And this is After paying the dividend of Cresud as well.

關於我們的債務，本季沒有重大新聞。債務維持穩定，截至 12 月底為 3.23 億美元，與上一季相比，與去年同期相比，債務減少。這也是在支付了克雷斯的紅利之後。

So with this, we finished the formal presentation. Now we open the line for any questions that you can have.

至此，我們的正式演講結束了。現在我們開通熱線來回答您的任何問題。

We start the kwa session. If you have a question, please use the chat. We will take the questions in the order we receive them.

我們開始 kwa 會議。如果您有任何疑問，請使用聊天。我們將按照收到問題的順序進行處理。

Well, yeah, we have some questions in the chat. Would you be able to give shareholders any kind of guide for what the second half capital allocation will look like between acquisitions, CapEx, dividends, and buybacks? I was surprised there wasn't another repurchase authorization in such a volatile market.

嗯，是的，我們在聊天中有一些問題。您能否為股東提供一些指導，說明下半年在收購、資本支出、股利和回購之間的資本分配？我很驚訝在如此動盪的市場中竟然沒有其他回購授權。

There was no, there was recently we were repurchasing some shares of Cressud close to a little less than 1% that was approved recently, a few months ago and was done. Before the end of the year, so yes, it was done a small repurchase related to purchases and sales and CapEx. The company, each cresud it's trying to find some purchases of land at the same time selling some assets that they are much. Sure.

沒有，最近我們正在回購 Cressud 的部分股份，接近 1%，這項計劃幾個月前才獲得批准，並且已經完成。在年底之前，是的，我們進行了與採購、銷售和資本支出相關的小額回購。該公司每次成長時都會試圖購買一些土地，同時出售一些他們擁有的資產。當然。

So we are in the process of that. We are expecting to do some of that in the second semester of the company. Relating to the capital of the company, we keep doing the normal cap of the company. That is normally it's like 5 to $6 million a year. So this is the normal size of Cresud by year.

我們目前正處於這一過程中。我們期望在公司第二學期做其中的一些事情。關於公司的資本，我們保持公司的正常上限。通常每年約500萬至600萬美元。這是 Cresud 每年的正常大小。

Yeah, we have other questions that are more macro. If you can walk us through the shifting regulatory environment regarding conversion of your land bank assets to productive land.

是的，我們還有其他更宏觀的問題。如果您可以向我們介紹將土地儲備資產轉化為生產性土地的不斷變化的監管環境。

I imagine this is related to some provinces that they are reviewing these regulatory laws, no environment law. Yes.

我想這與一些省份正在審查這些監管法律有關，沒有環境法。是的。

Mainly the province of Sarta is speaking about that is changing regulation on the areas that can be developed. Sounds like the new government is intending to develop more land in Argentina than the opposite, and maybe that could be affecting our two projects in Anta. Of poos today we are not so sure because it's not finished, it's not done. Today we are we are not in the process of developing land, but what the government is intending probably will increase the surface surface of Argentina, mainly for the northern areas of Argentina, northwest of Argentina.

主要是薩爾塔省正在談論改變可開發區域的法規。聽起來新政府打算在阿根廷開發更多的土地，而不是相反，也許這可能會影響我們在安踏的兩個項目。對於今天的大便，我們不太確定，因為它還沒有完成，還沒有完成。目前我們還沒有開發土地，但政府的意圖可能會增加阿根廷的土地面積，主要是阿根廷北部和西北部地區。

Good. And here a question regarding the upcoming harvest that that is expected to be largest harvest and better to expect numbers to be to join that that direction to be more positive.

好的。這裡有一個關於即將到來的收成的問題，預計這將是最大的收成，並且最好預期數字會增加，這個方向會更加積極。

.

。

Yes, we expect that because the in general what we do related to each year is we plant and we forecast related to price related to cost related to yield, and related to hectors planted. And this year, I would say it's very normal related to prices is positive because there is not a negative price to the beginning of the campaign. It's a little positive because the Argentinian effect mainly related to cost is not affecting neither. The yield sounds, but it's too early to speak because today in February, it's not done, but sounds like it's a normal year to the region. And in hectares we planted the majority of what we expected. So, big majority, so close to there is a small, very small discount on the hectares planted. So yes, we are expecting a better, much better, operational business than the last year, yes.

是的，我們預計會如此，因為總體而言，我們每年所做的工作與種植有關，我們會預測與價格、成本、產量以及種植面積相關的價格。今年，我想說價格出現正成長是很正常的，因為在種植季開始時還沒有出現負價格。這有點積極，因為主要與成本相關的阿根廷效應對兩者都沒有影響。產量聽起來不錯，但現在說還為時過早，因為今天是二月，產量還沒有確定，但聽起來對該地區來說這是一個正常的年份。我們種植的作物面積大部分都達到了預期。因此，在絕大多數情況下，種植面積的折扣非常小。所以是的，我們期待今年的營運業務比去年更好，是的。

Let me add something about some accounting treatments that sometimes when we measure in our in in management presentations and internally we do tend to measure results in dollar terms now, so when we So numbers on our financial statement, we have to do it in pesos and in pesos terms it's adjusted by inflation. So sometimes we have positive numbers in dollar terms, but when you convert that in real pesos, sometimes turn to negative. Now, for instance, our holding results, that if you have a stock of grains and That grains didn't improve as much as the inflation, then you have to recognize a negative number. So sometimes our financials are not the best proxy or the best way to see the real performance.

讓我補充一些關於會計處理的內容，有時當我們在管理演示和內部進行衡量時，我們傾向於以美元來衡量結果，因此當我們在財務報表上顯示數字時，我們必須以比索來表示，並以比索來根據通貨膨脹進行調整。因此，有時以美元計算，結果是正數，但以實際比索換算，有時會變成負數。現在，舉例來說，我們的持有結果是，如果你有一批穀物，而這些穀物的價格上漲幅度沒有像通貨膨脹那麼大，那麼你就必須承認一個負數。因此，有時我們的財務狀況並不是最好的代表，也不是了解真實表現的最佳方式。

Good.

好的。

Oh yeah, we have some additional questions. How is a recently completed new free trade deal with the, your, with Europe going to affect your crops, meat, exports?

哦是的，我們還有一些其他問題。中國與歐洲最近達成的新的自由貿易協定將如何影響中國農作物、肉類出口？

And who is the new European Union tariff agreement going to affect you? If you can give Alejandro perhaps some color on how is this new trade with Europe, but with the, this is United States or Europe, I imagine.

新的歐盟關稅協定將對您產生哪些影響？如果你能為亞歷杭德羅講講這種與歐洲的新貿易狀況，我想這是美國或歐洲的貿易。

Europe.

歐洲。

Europe.

歐洲。

Is it, recently signed and it's going to affect in the case of beef, it's going to increase the quota of beef exports to Europe, so that will be a benefit for Argentinian and South American beef. And we'll bring some competition of European products to Argentina that will make us to prepare better products and more efficient industrial things in Argentina, but in general it's a positive measure for Argentinian farmers what was finally signed between the European Union and South America, Mercos.

它是最近簽署的，它將對牛肉產生影響，它將增加對歐洲牛肉出口的配額，這將有利於阿根廷和南美牛肉。我們將為阿根廷帶來一些歐洲產品的競爭，這將使我們能夠在阿根廷生產出更好的產品和更有效率的工業產品，但總的來說，對於阿根廷農民來說，歐盟和南美洲南方共同市場最終簽署的協議是一項積極的舉措。

.

。

I think we have a question regarding Agrofi if you can give some color, how is the business performing?

我想我們有一個關於 Agrofi 的問題，您能否提供一些詳細信息，該公司的業務表現如何？

Less taxes on many things like soybeans and other things, so it's going to benefit for farmers for sure. The farmers of Europe verified it because it benefits South American farmers.

大豆等許多產品的稅收減少，這肯定會為農民帶來好處。歐洲的農民證實了這一點，因為它使南美農民受益。

What it was. Last question.

那是什麼。最後一個問題。

Regarding a 5, we can give some color on how is the business performing or or the expectations for this for this year.

關於 5，我們可以對今年的業務表現或預期做出一些說明。

Agrofy is a company that is reducing a lot of its its number of employees.

Agrofy 是一家正在大量裁員的公司。

The company began spending much more money thinking that sales would be much higher, but the main companies still are not decided to show their products and prices on. We, so the marketplace is beginning to work mainly in machinery and all kinds of supplementary things for the farmers, not still for the main inputs as seeds, herbicides, fertilizers, or crops, and that makes us to reduce our our staff. Today the staff is closer to break even. The company has cash on the pockets and now it's thinking how to achieve that, to the break even because now it's very close. The company was spending $10 or $20 million a year. Now it's spending less than $2 million of birth rate and it has the money close to the money to achieve that, the positive. So the company is in a much better position than it was. Understanding that the business, the industry is delaying as much as possible the marketplace for agriculture, but Agroffi is still the leader and now with the sales of that input for farmers, the Like tools or tractors or all kinds of machinery that is not a commodity for the farmer, it's making much higher returns, so we are expecting to put the company in a year and some in a break even position.

各公司開始投入更多的資金，以為銷售額會更高，但主要公司仍然沒有決定展示他們的產品和價格。因此，我們的市場開始主要為農民提供機械和各種補充品，而不再是種子、除草劑、肥料或農作物等主要投入品，這使得我們減少了員工數量。如今，員工們已經接近收支平衡。公司腰纏萬貫，現在正在考慮如何實現收支平衡，因為現在已經非常接近了。該公司每年的支出為1000萬至2000萬美元。現在，它在生育方面的花費不到 200 萬美元，而且它所擁有的資金已接近實現這一目標的資金，這是積極的。因此，公司的狀況比以前好多了。據我們了解，該行業正在盡可能地推遲農業市場，但 Agroffi 仍然是領導者，現在透過向農民銷售這些投入品，例如工具或拖拉機或各種機械，這些對農民來說不是商品，它的回報要高得多，因此我們預計公司將在一年內實現收支平衡。

Great. Last question, your view on a political side under President Mille with the coming congressional elections. If you are positive on his, on Mille winning and getting more power in the congress.

偉大的。最後一個問題，您對米勒總統領導下即將到來的國會選舉的政治方面有何看法。如果您對他持樂觀態度，那麼米勒將會獲勝並在國會中獲得更多權力。

Today the situation and his the people in favor of him. Today the majority of Argentina is liking what Mille is bringing. The kind of the first of all, the decrease on inflation was the main macroeconomies is working and so some good effects are coming to the country. So today if the election would be today, I don't have any doubt. That is this year, they are expecting a much better situation related to Congress. Today they are running the country with a very small percentage of the Congress, no, very small in the two congress in the Senate and the. And the dats, but we think that Mille is going to strength a lot during this year and he's going to keep doing what he was doing more measures, deregulating, helping imports and I probably, I think it's going to unify the currencies and it's going. To, I think, keep decreasing the cost of the capital of Argentina. We see the companies now are beginning to and Cuda were using those tools, having bonds, and today the market is opening for long term debt for Argentina. So yes, we think he's going to have much more support on the Congress and more, much more measures on the government.

如今的形勢和他的人民都支持他。如今，大多數阿根廷人都喜歡米勒帶來的一切。首先，通貨膨脹的下降是主要宏觀經濟正在發揮作用的，因此對國家產生了一些好的影響。所以如果今天舉行選舉，我毫不懷疑。也就是說，他們預計今年國會的情況會好得多。今天他們只用國會中很小一部分的席位來管理國家，不，只用參議院和眾議院這兩個國會中很小一部分的席位來管理國家。還有數據，但我們認為，米爾今年將會大力加強，他將繼續採取更多措施，放鬆管制，幫助進口，我可能，我認為這將會統一貨幣，而且這種情況正在發生。我認為，要繼續降低阿根廷的首都成本。我們看到現在這些公司開始和 Cuda 一起使用這些工具，發行債券，如今阿根廷的長期債務市場正在開放。所以是的，我們認為他將在國會獲得更多支持，並在政府中獲得更多措施。

If that is the last question, I would thank everybody because of the presentation. Half a year for Brezud is not very relevant. The more are the 3rd and the 4th, March and June. And we expect to keep having the 3 businesses very well run and very actively, and I hope to show more sales and buys in the two main countries that are Argentina and Brazil, and they are related to the farming, the summer is our main activity where soybean and corn, they are coming, so I'm very optimistic on the year. So just to thank you everybody and have a very good day. Thanks a lot.

如果這是最後一個問題，我要感謝大家的演講。半年的時間對布雷祖德來說並不算太長。較多的是3號和4號，3月和6月。我們希望繼續讓這三項業務運作良好、積極活躍，我希望在阿根廷和巴西這兩個主要國家展示更多的銷售和購買，它們與農業有關，夏季是我們的主要活動，大豆和玉米即將上市，所以我對今年非常樂觀。所以我要向大家表示感謝並祝大家有個愉快的一天。多謝。

Thank you.

謝謝。