Cresud S.A.C.I.F. y A.

Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the first quarter of fiscal year 2022 results conference call. First of all, I would like to remind you that both audio and slideshow may be accessed through companies' 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 label raised 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 risk and uncertainties, and actual results may differ materially. Please refer to the detail 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 first quarter of this year, a new campaign for Cresud, and we are planting in very good conditions in the region, similar size of last year's, and we are going to show you a little later about the four countries and the size of plantation. We have in this year, we are budgeting and we are seeing better prices than last year and higher margins comparing to last year, having some bigger input costs in some like fertilizers much more bigger, but margins since comparing this year to last year are a little higher. We related to the real estate business, so remembering that we have three lines of businesses. One is the production size and the yields on the production. The second is the real estate, and the third, the services in the agriculture. Related to the real estate, in the first quarter, we have only news in Brazil. In this quarter, we have no news in Argentina and in the rest of the countries. A lot of sales in there and a lot of liquidities in Brazil related to the real estate business. About our segment through IRSA, the urban segment, it's recovering a lot. This quarter was all open. We saw the shopping centers open, the hotels beginning to open, and Xiao Xiao receiving a lot of the local tourism. so there is a lot of recovery and we are going to see very much better numbers in the real estate and their occupation is suffering something but comparing to last year numbers they are much better related to the quarter of production we were driven by the sugar cane activity in here that activity gave us much better results and was mainly explained by the The frozen that the country received in the winter that made a big loss in the southern regions of Brazil and that made an increase, a very important increase in the sugar cane prices combined with the oil prices increased. So the combination of the two made a big jump in the prices of the ethanol and the sugar cane. And in our case, our plantations were in regions that they were not affected in production. So that combination made us a big gain, and in the others, a good quarter too. Related to the all effect on our balance sheets, we see a net gain that was mainly explained by this gross profit, financial result, and income tax, and there is a loss related to the fair value of IRSA, the investment properties received a loss, and Matias will explain later about this loss. Finally, we had a gain of close to 2 billion pesos attributable to controlling shareholders. So this is the main explanation of the quarter. I will introduce Carlos Bluson.

Okay, thank you, Alejandro. Move to the slide number three about the expected planted area. As we can see in the graph, this fiscal year 2022 will continue to be on the top of the ranking for the third years in a row. The area we are planting now is 262,000 hectares, distributed around the four countries you can see in the graph, similar to the last year. 14,000 in Paraguay, 40,000 in Bolivia too, 111,000 in Brazil, and 123,000 in Argentina. About the crop breakdowns, The crops this year remain the same as the last three years, 46% soy milk, 27% corn, 9% sugar cane, 3% wheat, and the others produce 8% for total of the production. Moving to the next page about farming activity and the culture output. In the graph to the left, About stock conceptions, the soybean and the corn stocks remain globally low, having soybean about 27.7% and corn 25.4%. In case of United States, in this graphic show you the stocks in United States are even lower than on the rest of the world, having soybean about 7.3% and corn 10.3%. These stock conceptions have a relation about the commodity prices. In relation about that, we can see observed in the graph how prices probably went up to reaching their tops in June of 2021, about soybeans 64% and corn 113%. However, along the following five months, there was a moderate correction in the prices, dropping 17% in soybean and 25% in corn, 33% in corn. Now, the current regional head positions in prices similar to the budget is in soybean 5%, 56% and in corn 51% and similar prices to the budget. About climate condition and showing process. As shown in the bottom right of the graph, the climate condition in Argentina and Brazil had a recovery in comparison to the dry season of the last year. Currently, the forecast marks neutrality as the NIA moves away. Regarding to the current showing process in November 2021, the total soybean is 23%, Bolivia 64%, Brazil 40%, and Argentina 2%. Total in corn is 13%, Bolivia 99%, Brazil 30%, and Argentina 12%. And the last one in wheat, we have 100% of the Thank you everybody.