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The operating income of this year totaled 654 million pesos, 10% lower than last year. The severe drought affected our core agricultural areas in South America, mainly in Argentina and Brazil and probably the combination of such drought that first came to South America and later came to the States we’re going to see later, made a big change on prices of the commodities that is not reflected in this fiscal year 2012.The lower operating income, because of this came brought to this partnership is mainly explained by this drought, and that levered the result from our beef cattle and feed loss segment and the losses from holding and derivative in BrazilAgro. But these are going to be recovered next fiscal year. We are going to explain you later that some affects of those hedges are affecting these existing balance sheets too. The result was offset by a 27% year to year increase in the operating income from our real-estate segment, coming from ISA and Alto Palermo Banco de Crédito. The net income for this fiscal year 2012 was 78 million pesos. The production grew by 153% reflecting the consolidation of BrazilAgro. The beef cattle segment increased 76% in production result, thanks to the 38% increase in beef production and the higher market prices. Our concerned milk production, it produces 16.6 million pesos reaching an output of 21 liters per day a cow, 12% higher than last year. This partnership (inaudible) in BrazilAgro to almost 40% and our safety in meat stuff reaching 64%. We paid a cash dividend of 64 million pesos, and as we gave a dividend here of 2.6%. So, I will introduce to Carlos Blousson, our General Manager of Argentina, Bolivia and Paraguay. Carlos Blousson Thank you Alejandro, good morning everybody. Let’s go to slide three. Here you can see the nearby revolution during the last year in America. On the left, Argentina Brazil experienced overall conditions during the last fiscal, which reduced dramatically soybean and corn production. North America also suffered a similar dry condition which affected productions compared for the next fiscal.
On the next slide, we can see the utilization and see further South. On the top of the slide, you can see what happened to Argentina and Brazil. In Argentina, corn production reduced 24%, and soybean productions reduced 23% and in Brazil affected 4.7% of corn productions and sample sales of soybean production.On the bottom you can see the drought affecting the major states, which produce corn production 27.5% at 103 million tons and soybean production was 18% and 16 million tons. This slide shows how the condition mentions the poor affect grain price. Soybean price increased 73% in the last nine months. Corn and wheat price increased 52% and 112% respectively. On the graph, in the note, we can see that while grain price increased, it’s still meat price remaining stable during the same period. Rice basically shows the fiscal season for 2012 a 12% in consolidated procedures and corn 51% in consolidated procedures. The well known rice is sold at basic price the start will be seen well this past year. In page number seven, you can see the area and the gross production, the evolution of the company since fiscal year 2008, last year we closed 205,000 exits, the country’s breakdown Argentina being the largest of 108,000, 65,000 Brazil, 24,000 Bolivia and 8,000 Paraguay. We are extending the growth of almost 4% for next year, maybe in (inaudible). And this is the combination of all land, 150,000 acres owned, leased from third parties, 40,000 acres, long term concession too. In the breakdown of last year, not next year, this – the breakdown of crop of 2012, 59% was soybeans, 21% was corn, 9% was leasing from two third parties, and the fourth was sunflower and sugarcane. This year, sugarcane is growing more we are beginning our sugar production in Bolivia. So, we expect of growth of that crop for next campaign too. Read the rest of this transcript for free on seekingalpha.com