Alejandro Elsztain: To more financials for Matias, any guidance on dividend and share repurchase going forward? And also, your targets of labor have pursued going forward.
MatÃas Gaivironsky: Well, regarding the buybacks, we have this program approved for ARS 4 billion. From that we executed ARS 1.3 billion. So we will continue to execute the plan in the future. Dividends, we prefer not to give guidance. We always approved in the shareholders meeting that. So there is no proposal yet to our shareholders’ meeting. So, I don’t know in the coming months decision. Regarding the leverage, we can see the deleverage on a consolidated basis that is very positive, because now is has much more free cash flow to this field or to use in future projects. In the case of CRESUD, the guidance is valid or the same on what we have. So we will — I believe, maintain the same leverage for the year.
Alejandro Elsztain: Question related to farm and real estate, what would be your average market price of agricultural land projectors, crops and Catlin Argentina and Brazil, outlook and bank prices going forward? And would you be looking to increase monetization of your agricultural land? There is an average for each region has a different price and Brazil is calling impact of soybeans in Argentina. The nomination is , there was a big rebound on the prices on the banks in Brazil mainly and that region followed the trend of United States, appreciation of the last not in the case of Argentina because of intervention of the government adding taxes on exports and because of the dollars that following the trade of U.S. didn’t happen in Argentina.
So there is a lot of liquidity in the farms in Brazil really an activity that I’ve never seen and a lot of businesses of other partners to increase their stake. So they like to be increasing their operations. And they do through buying and paying on installments. They don’t buy and pay in cash, they normally do pay 20%, 35% and the rest is 23 years in many installments for the future in South Sweden. In the case of Argentina, land humidity was less this last year, because of the two effects that I said. And so today the prices of the land are much more, cheap and there is not this following American or Brazilian prices. And but I imagine the appreciation on the land of Argentina will come because of probably the next government reducing the cap on the dollar and reducing the taxes on exports.
So I imagine more measures related to farmers. And we are seeing the existing government is improving the farmers’ situation with giving some special dollars to farmers that is like enable taxes that they can fix their soils. So really I’m optimistic on the price of land of Argentina and the price of the Brazilian farms is made in the liquid and attractive comparing to the past. And a lot of realizations for the U.S. here for sure there is realizations and maybe this year are more realization where there is so much field price for the last and sometimes we bought that, I don’t know 10 times lower than today’s price or much more than that. And Brasilagro in Brazil, so this buying when no one is buying, I’m setting with everyone is fine and giving the community, to the farm, to the company who get to revise in another region, later with the opportunity up.
