Matias Ivan Gaivironsky: That’s not an easy question to answer. This will depend on the evolution on the macro side. You know that with the acceleration of inflation, wages were not adjusted at the same pace. So we will need to see recovery on wages. And also something that happened in consumption that with the normalization of prices in tariff in general terms, transportation, utilities, the people will receive increases in — and government is trying to cut subsidies that will also affect consumption power of the people. So it’s tough to predict how fast the economy will recover. There is a big discussion in the — between the economies if the economy will recover a way of — or other or more slowly. But what we anticipated that what we see and we anticipated this in December, that we won’t see increase in real terms in our tenant sales at least for the next months.
And as said, we expect that started in July to start to see some recovery. But probably in pesos term, we will see weaker results. But maybe in dollar terms, we will see higher numbers because if the dollars remain stable and the inflation component on the peso side, although, we want to increase at the same pace of inflation in dollar terms, maybe we will see better results.
Santiago Donato: Yes, at the end of the year won’t close so bad, because we had a first semester of the fiscal year very strong and the second semester weak. So it compensates at an annual basis.
Matias Ivan Gaivironsky: But having said that, when we see the levels of cash generation on the EBITDA side remain very strong. And most of our agreements today adjust the CPI, although, we have some lag to adjust — one month to a adjust, or one or two months to adjust the agreement. But we have that protection that most part adjust by inflation. So that will be a protection in this kind of slowdown in consumption.
Santiago Donato: We give two minutes more. If there is any additional questions, you can use the chat. Okay. If there are no more questions, we conclude the session and we turn back to Matias for his closing remarks.
Matias Ivan Gaivironsky: Thank you very much, Santi. So as I said, we are very confident on the normalization of the economy. We believe that, that will create a lot of opportunities for IRSA to be more aggressive on the expansion. New projects, as you know, during the last three years, we were very focused in preserved liquidity and to work, and we saw much more opportunities in our own capital structure than launching new projects. But we hope to see IRSA leading the real estate industry in Argentina. So we expect to be much more aggressive in the expansion. If the new administration achieve a normalization of the economy, the cost of the capital of the company is reduced, we can be much more aggressive. You know that we have plenty of land to expand our portfolio. So we hope to see IRSA in a new stage of growth going forward. So thank you very much and see you in the next call.
