IRSA Inversiones y Representaciones Sociedad Anónima (IRSA) Earnings Call Transcript & Summary

Welcome to everybody. Thank you for joining this webinar of IRSA regarding its capital increase for up to 80 million shares or its equivalent of 8 million GDS. We're going to go through a presentation. Our senior management will describe the operations of the company, the prospects for the future and at the end, the financial performance and the terms of conditions of this transaction. We hope you can subscribe and participate. I will start with a brief description of IRSA. IRSA is the leading real estate company in Argentina, engage in different activities, shopping malls, office buildings, hotels, land bank for future developments and some other investments like Banco Hipotecario or Condor in the U.S. IRSA is a company of 30 years, acquiring, developing and operating real estate in the country. We have more than 25 years listed on the New York Stock Exchange, with a proven track record in the capital markets and a lot, plenty of transactions done in the market. IRSA managed a rental portfolio of more than 500,000 square meters of GLA through its stake in IRSA Commercial Property of 80%, owner of the shopping malls and the office buildings in Argentina and the 3 hotels that IRSA owns in the country, 2 in Buenos Aires and the Llao Llao Resort. These exclusive resorts in the south of Argentina. The management team of IRSA has proven experience of 25 years in the industry in Argentina, and the sector is a really resilient sector against all the Argentine volatility. It had been proved as a safe haven and a refuge of value. So having said that, I will introduce Eduardo Elsztain, our Chairman and CEO, for his opening remarks.

Good afternoon. I want to welcome you to the offering of shares and the IPO for IRSA company. I want to make the story of the last 4 years of work in 5 minutes. It's a hard job, but I started working at the beginning of 1981, and my whole life was dedicated to real estate since the family business was in real estate, but in the private sector. So I took the first decade in the private sector. But starting in '91, we bought the control shares of IRSA and since that, we've been living in a country that brings us a lot of experience in crisis. So we can see the equity value opportunity, the [ Merrill Index ] is in this graph, where we see for the last 30 years since we bought IRSA how the market was reacting. And it's very incredible to see the volatility. So we have a pass in the last 30 years that we are listed since we took over and 25 in New York. I think I counted 10 crises. So what was our attitude during the 3 decades to keep surviving crisis and accumulating a portfolio? I think we built over the last 3 decades, the best portfolio of property in Argentina, but we did not only do that in the meanwhile, we also explore markets like Brazil, like Venezuela, and something in Chile, something in Peru and even in America, we invested and also in Israel. So I think that building a growth portfolio in a special society, which is very oriented to own property. Now coming to the stock market, I want in this graph to see something very, very interesting. We see of the crisis that I mentioned, most of them, the drops were more than 65%. So in any country crisis, we got the first lift in the contagious. No matter was Mexico, whether it was Russia, whether it was Southeast Asia or it was in the middle of any place of the world, technological or not technological, we got contagious. And we learned that the average drop was 65, but it's more interesting to see that there was 3 major crisis. One was the -- I would say that 4 major crisis. One was the hyperinflation before Menem came. The other one was the devaluation of -- when we get out of the peg in 2001 and 2002. Then we got the Lehman contagious and this one. This is -- of the many crisis, these are the 4 biggest that pass the 80% drop. But it's more interesting to see the drop, to see the speed of attitude of the market a year later. And we are, in our view, at the time of the biggest peak of the drop. What I want to show in this next graph, it's very interesting is to see how the Argentinian culture is to own property. We don't see any drop of prices, more than 17%, 20%, even 20% is a very, very high discount on an apartment. And we have shown this situation, especially in the last year that we have been selling property at more than $5,000, $6,000 per square meter in the middle of the pandemia, where all the economy was closed. Airports closed, the shops closed, and the property is one of the best refuges of the liquidity of the Argentinians. So when we see our shares going down more than 80% and that the value of the office and the farms and the apartments have not gone in that line, we see a tremendous opportunity. We are proud to say that the group of IRSA in these years, we were the first ones to go to the market after the crisis in 2002 and we were also doing the same in 2008. And in this case, we have been in this month, doing an increase of capital in Brazil agro, 2 months ago. And then we did a month ago, an increase of capital in Cresud, which was very important. And we are going now into the third capital issue in a time that, I would say, that there was no equity issues in Argentina since 2017. Why we like it so much? I have to say that through the years of crisis, what we do in the crisis? First, we reduced expenditures. We sell assets. We cancel debt. We deleverage and we continue accumulating opportunities. And opportunities, we have both in Argentina because of our experience and our international experience was even stronger because by being in many countries, one thing that we learn is what we learn always in Argentina: When a country prints money, the only way to protect is to own a real asset. And in terms of the Argentinian mentality, the best assets to protect is real estate. So we believe that this environment of technological boom and cryptocurrencies boom and excess of wealth in the world, at the end, we'll go back to a refuge, which will be the real estate. We know it's not the trendy. It's not the fashion to own assets. That was the old-fashioned ones, but we think that over this period of time, the more this excess of liquidity and low interest rates and expansions of liquidity in all the economies will be giving an opportunity. And what the other thing we learned is that after a boom, the first sector to recover, it is the area of the commodity. And our countries in Latin America, special are very rich in commodities. So we expect that this cycle of excess of liquidity and excess of low interest will come up into a cycle of a commodity and emerging market, again, on which we think we will be seeing the returns by investing in our shares. I really appreciate a lot these 5 minutes. And I hope that all the questions will be delivered by an exceptional team of managers that IRSA has by being working together 3 decades and only building a portfolio that proved the resistance. And I'm very proud to say that in last year, in 2020, the company could do exactly what we did in 2002, sell assets at a very high price, canceling that, being able to issue new bonds. And I think that now is the time of the opportunity, so I welcome you, as our investors, to repeat the experience we have in the 2 or 3 times we did like this. Thank you very much.

I will introduce Alejandro Elsztain, Second Vice President.

Good afternoon. I will try to share with you the strategy of IRSA. As you know, IRSA is the leading -- leader real estate company of Argentina by far. The company runs a big portfolio of rental properties in the country. But not only in the country, this company, it's a company that is based in Buenos Aires, big majority of the assets in Buenos Aires and Argentina but in intention in the growth international, too. Related to our operational, this company runs big rental property. This is more than 0.5 million square meters of rental properties in Argentina. Today, through the office segment, shopping centers and hotels. We passed this 0.5 million square meters. The biggest of the 3 is the shopping center. We have very big expertise on the running shopping centers. It's the company that is the largest by far in the country and mainly in Buenos Aires City, that is a dominant city. And we know how to deal with improving the tenant mix and maximization of the square meter of the assets and knowing the activity of each, sometimes doing residential or sometimes doing a hotel or an operation for commercial. Related to the innovation of growth, this company studies each asset and each location and decides what to do in each. We are pioneers in development as we did in the Dot project that was a crossway in the highway of Buenos Aires, 2 main highways. And we found a place and we developed there a shopping center, office buildings and now thinking and doing some residential, too, there. So making mixed-use projects or developing in a train station, old train station in Rosario City where it was abandoned and in a real, big, very good, located in Rosario. And we developed again, a mixed-use with a lot of residential, some office, the best shopping center of the city, supermarket. And today, it's one of the best shopping centers of the country. So finding no quality activities. For example, we did an outlet premium in Buenos Aires City, there were not other outlet premiums, and we did the first one. So the company is very innovative. Unlike the growth, we began the company in 1994, '93. And at that time, we didn't have any shopping center. And we began through the first acquisition, second, third and the combination of developing. Today, it's more balanced between the portfolio, what we acquire and what we developed. And so I'm finding the best tenant. This is the company -- when Starbucks launched, it's launched in Argentina did in Alto Palermo with us. So this is the mission to keep the growth, not only in Argentina, but abroad and to be innovative when we do assets, when we do developments. And about sustainability, what we do, we need to go to lead to ISO. We need to have certified projects and very good quality related to the activity and the qualification related to the energy saving or what we do for the future generations and about the neighborhoods, too. And about the relation to the rest of the society, related to the stakeholders of the country. So IRSA is very responsible and we are going to explain later what this means for us. If we move to next page and we see our portfolio of malls, here, we can see the map of Argentina, and our shopping centers are mainly in Buenos Aires City, but some of them in some important provinces of the country. And here, we can see cities like Alto Rosario or Córdoba or Mendoza or Salta or Neuquén. But majority of our shopping centers are in Buenos Aires City. And in the main corridor, Libertador Avenue, the best and the highest income for the population, where the -- here we see in colors, the green and the yellow or the gray color is. Our shopping centers are the more relevant to the society. They are in -- like having in Manhattan, majority of our shopping centers in Argentina, half of the GDP of the country is in Buenos Aires' province. So to give you an idea of concentration of power in the country. Related to the market share of Buenos Aires City, our shopping centers represent a 67% of the market share of the shopping centers of Buenos Aires. So we are really the relevant player. When we talk about the country, whole country, our company runs close to 20% of market share of shopping centers. And this is to give you an idea, we run 7 of the 10 stores of ZARA in the country. And ZARA, probably the best retailer of the world knows very well how to choice -- how to choose. So he decided to be in our shopping centers. And in every shopping center, we have the mixed tenant related to the neighborhood. So the specialization of the company is the highest of the country. There is another Chilean company that is Cencosud, and the rest are owners of 1 or 2 shopping centers. And if we move to the office portfolio, it is around a very relevant portfolio. One of the biggest 2 here probably is not the leader, but one of the leaders. And we run 7 office buildings, 114,000 square meters of [indiscernible] area, 10% of market share of Buenos Aires City. Again, in the corridor between Catalinas to the north of Buenos Aires. In the page, we can see here the graph of the new building that we recently finished, the Della Paolera building. That is a 35,000 square meters. From those, we have 28,000 square meters of leasable area. We sold the other 7,000 square meters. And we are occupying 75% of that building today with rentals, with Microsoft, Cargill, Globant, the best tenants of the country. In -- now recently, we moved our headquarters to this building in December of last year. And now we are in 2 floors of this building. We moved from Intercontinental to this building recently. A part of this, we have the Zetta building where Mercado Libre, the biggest Argentine company in the e-commerce and the fintech industry is based. They run big majority of this building. They have the main overhead in our office building in the Dot project or we have here the image of the República Building close to Della Paolera in Catalinas area. So we are very big players in this arena of office buildings, that today is suffering some of the vacancy because of the lockdown and the decreasing on the size of the companies in occupation and office buildings. But still, in the levels of 80% occupation, we run a big portion of this business in Argentina. In the office business, we can see the evolution of our portfolio. And we can see the difference of the blue that our acquisitions and development and the rate that they are the position of sales of square meters of office. We began with close to 0 office in 1994, but we began to buy -- the beginning of our history was pure acquisition. And -- but we began to develop, too. But in some cases and every time that the cap rates were very low and the opportunities of selling and flying to quality to new assets, we did that actively. So we see a lot of red, a part of the blues. So this is how we began this strategy of buying in the times that no one was buying, acquiring existing, developing from scratch, selling in low cap rates and buying again in all developing in our land bank. So the combination of what we were developing and acquiring, discounted what we were selling, makes the net of the 114,000 square meters and flying to quality. What we do is we sell all buildings, and we go to the new, best located and certified buildings in our portfolio. About our hotels, we run the less -- the 3 same 5-star hotels the last 20 years, not directly running this business. We don't operate. The only one that recently we began to operate is the Libertador because of the sale of Sheraton. But this is not main strategy of the company. We don't operate the Llao Llao, and we don't operate the Intercontinental. Here, we have 3 beautiful pieces on the country, 79,000 square meters, more than 700 rooms and to talk about what is the Llao Llao. Llao Llao is the best resort of Argentina located in Bariloche region surrounded by lakes with trouts to fish, with the golf course, 30 minutes from the ski resort, best properties in the country and the best visitors of the country. And I could mention Obama or Clinton or President of China or Russia, when they come to the region, they visit our asset because of the landscape, because of the trees, beautiful rooms. And we have -- in our monopoly in Argentina, this is the piece that is the more expensive of the country. So this is some assets of the company. We don't operate. We didn't find the interesting position of running those. But we have those -- and one of them probably will be soon on sale. Apart of that, we have a stake of -- when we find opportunities abroad, we go and we have a stake of a company, a REIT called Condor. That it's a REIT for hotels in the United States, where IRSA is owner of close to 19%. But again, in this activity, it's probably an activity to buy. And in the times to be selling again. So it's not an accumulated asset, probably it's flight to quality again. When we move to next page, and we see the properties that the company owns, IRSA owns the largest land bank of the country. And this land bank represent all kind of activities for real estate. We have for new shopping centers, for office buildings, for logistics, for residential, for hotels, for supermarkets, for all kind of activities, and not only in Buenos Aires, in Greater Buenos Aires and in the whole country and abroad. And here, we see images of some of our land bank projects, where we have 18 land bank reserves, representing [ 8 17 million square meters ] for the new developments. And this is for -- we can double our rental portfolio with the existing land bank the company have. And here, we can see, in the graph, in the upper graph in San Martin, Greater Buenos Aires. Here, it's to make residential and probably shopping and logistics. In the lower level in Montevideo, Uruguay will be mainly residential. And today, we did -- we are finishing a swap with a local Uruguayan who is making the first building of this huge project, very close to the airport of Montevideo, where IRSA is going to receive square meters in barter, and it's going to sell them and it's going to do that in the other buildings that we have in that lake. We have in La Plata, a recently purchased project will be residential and these are the buildings surrounding the commercial. That's mainly a project of a supermarket and shopping center, mainly shopping center, and we are -- will be a very open shopping center, will be like open like the Arcos style that we did a few years ago or we have more square meters to add to our Polo -- Dot Polo that it's today, shopping centers and office. And we have 3 or 4 more office or residential business to add. So the company -- and we are going to see that through the rental when we finish a new project or through the sales and developments line that it's one of the lines that we present in our balance sheets that shows what we put on sale on the market when we finish one of those projects. So we are going to launch a lot of more projects in the country. A part of that, we have, in next page, the -- our Santa Maria project. Santa Maria, it's at 5 minutes of downtown and the government's house. It's at less than 20 minutes to the airport of Argentina international airport. This is a project that is in our hands since a long time. And it's the largest private project in the City of Buenos Aires with marina, with the river, with the opportunity to have boats close to your house. And this is in a very premium location with a needing still the final approval of the city that it's still pending, but it has the environmental and the use is approved. And we are optimistic on the approval of these 2. We think the country needs this development in the city of Buenos Aires that has no more land bank to do that. And probably with a beautiful parts close to the river are with the big project to the city, we are optimistic that this can happen soon. So one day, you are going to see IRSA launching this Santa Maria project that will change dramatically the size of the company in the City of Buenos Aires. So this is a project that we cannot say when, but this is 70 hectares in the middle of Buenos Aires and we think that one day, we are going to begin the infrastructure and the bartering of buildings and the rental for us, so this can be a huge project for the future of the company. But not only that. I was mentioning, and this is well-known for the investors, but the other 17 projects are big 2, like 1,000 hectares in Greater Buenos Aires to make a huge neighborhood in Luján. So we have plenty of good projects in IRSA. IRSA controls close to 30% of Banco Hipotecario and has the right to control it because of the -- some special rights, this our shares we have. And the Banco Hipotecario is a full-service commercial bank and mainly dedicated to mortgages to the population and consumer credit. Has more than 130 years of the market with a lot of branches in the cities, in the main cities of the country. And a part of the Banco Hipotecario, we have BHN Vida, BHN Seguros and BACS that it's a leading local capital markets bank. The Banco Hipotecario is a partnership between a private, IRSA and the government that runs 64% of the shares, and only 6% is float on the market. Through the story, Banco Hipotecario gave more than 1.7 million mortgages to the Argentinians. And since 2012, Banco Hipotecario is the trustee for PROCREAR that it's housing trust establishment by the government to originate house and did more than 200,000 houses to Argentinians. So this is the bank for real estate for the country. And we bought this more than 20 years ago. And this bank a few years ago was many times book value, look at this, was close to 4x. Today, it's trading below book value. So we think it's a good opportunity, too, to have this bank. We expect the rebound on this or better condition for the bank. So we have a good bank of the country and mainly because of the relation to the real estate. About the environmental commitment of the company, we showed you about the offices, and we bought a lot of buildings, but sometimes we sold them in the case, they were -- we found these cap rates to sell. And everything that we are doing, it's going to certifications. And look at what we did recently, the last 2 buildings, the set of buildings that we opened in 2019. Today, the base of Mercado Libre, it's a certified building in the north of Buenos Aires City. And today, with a category of LEED Gold, Core and Shell Certification. In the Della Paolera building, we are recently opening, and the -- we are trying to obtain this LEED Gold, Core and Shell. So with these two, we are going to have half of our office portfolio in that category. And in the case of the shopping centers, from the 15, 4 of them today, they have ISO 14001 and those represent 30% of our malls portfolio. And related to the energy reduction, we were working on reduction on use of energy and our shopping centers decreased that from the 2018 to now 22%, and 80% of the luminaire is LED, and we are doing all kind of efforts today to that, the energy reduction. We know that our mission is to have a good footprint on the society, so the company is looking for that very carefully. We know, as a company, the importance of the mission relating to the sustainability of the buildings, but related to our society, we feel the responsibility of the activity of this company since a long time. Our foundation was formed more than 20 years ago and in our foundation, we pool every year a lot of our cash that we generate, and we invest a lot of our money for helping the society. And this is through direct investments in NGOs that they ask for their mission and the company donates and sometimes giving them sites in our office buildings or in our shopping centers, giving them gondolas or some stores to expand their mission to explain to the population or to sell their product every year. And to give you an idea, last year, our foundation between the NGOs and between social group investments, we passed ARS 130 million of donations to the society. We focus ourselves depending the year in what the society needs. Last year, when the COVID came to the country, we were helping giving to one foundation called SeamosUno. We gave 14 kits -- 14,000 kits of food and cleaning kits for the Greater Buenos Aires. And every year, since a long time, we are helping in health and education because IRSA understand the mission of having an educated population and mainly to the age of 18 to 25 what is the time for formation. We have one project called PUERTA 18 that the mission is exactly that, helping the young, when finished high school to learn some skills to go to the market. It's not a university. It's giving the -- mainly for the hand things to do, and we promote a lot the things that they enter into the job, entering the youth of Argentina to be well educated and health to go for working for the next generations. So we have that in our missions since more than 20 years. We have a lot of volunteers in our employees. We have a lot of social actions with some groups. This company knows the importance of that mission since a long time ago. So it's not a profit center. It's not a P&L company just that. We know that the mission is the company to transform the neighborhood where our projects are, and the company does with the heart.

I will introduce now Matias Gaivironsky, our CFO, to explain the financial performance of the company and the terms and conditions of the deal.

Thank you, Santi. If we go to the financial part of the presentation, we have the evolution of our EBITDA. Before the pandemic, if the people ask me about the volatility of Argentina, I always respond about our stress test that was 2002 and see what happened at that moment. Now I have to change the example. Now the worst-case scenario for the company was 2020 that our operation was affected by the pandemic during 9 months. We have our operations closed during the whole period, definitely was a stress test for the company. Fortunately, we were able to maintain positive levels of cash. The cash generation of the companies was positive even in this scenario. We achieved an EBITDA of $47 million, $23 million came in from our shopping malls, 24 came in from our offices. And with the sales and development, the disposals of our -- some of our offices, we were able to maintain the same level than 2019 EBITDA. Okay. Regarding our rental asset valuation, we can see in the graph evolution on our investment properties. We have been recognizing some impairments in our shopping mall portfolio. We can compare 2016 with a valuation of $1.7 billion. And now only $600 million. I believe that these prices or these levels are -- the floor is the bottom. We now -- we have a valuation of [ $1,800 ] per square meter. And I believe that, that levels are the lowest that we will see. Regarding the office portfolio, we see an improvement in the valuation during the last year. This is related to the disposals of -- that we did that we recognize better valuations in our properties, achieving prices per square meter close to $6,000 a square meter. Regarding the NAV of the company, we can see that as of December, the NAV achieved a level of $1.1 billion. This is much higher than the market cap of the company. Now the market cap of the company is around $231 million, so we are trying with a deep discount over our NAV. If we see our debt, the net debt is around $323 million. That is a level of 22% LTV. That is very conservative in terms of the valuation of our assets. When we see the debt of the company, the $323 million, we can see that over the years, that level was stable. You can see in the bottom of the graph that we maintain the same level between 2017 and 2021. Regarding the debt amortization schedule, we have different amortizations during the next 4 years. Recently, we issued a bond in the local market. So most of the amortizations that we have this year in 2021 was extended to 2024. So we issued $65 million in the local market. The composition of our debt is mostly dollars. 41% is hard dollar, 29% is dollar-linked and the rest is pesos notes. So what we are offering? This offering consisting rights issuance to our existing shareholders at a record date as of this April 16 that we will issue up to 80 million shares with 80 million warrants. Each share will give the right or each CDS will give the right to subscribe up to 0.1382 shares per ADR or per GDS. That means that every 7.23 shares, you will have the right to subscribe 1 new GDS. The indicative subscription price is $3.60. And each share will give the right -- its new share will give the right to receive a warrant free of charge. And every warrant will give the right to subscribe 1 new share in the future. The strike price of this warrant will be 20% above the subscription price that we will announce in the next days. The maturity of the warrants will be 5 years. And additionally, the people that choose to subscribe will have accretion rights that can subscribe the same amount of shares if we have shares available, if there are the remaining shares after the subscription period. So you can choose to exercise your accretion right at the same time that you choose to exercise your subscription right. Regarding the time line of the offering is the following. We have the record date that was April 16. The subscription period started in April 19. We will announce the definitive price on April 26, and the subscription period for the GDS holders will finish on May 3. Then on May 6, the common shareholders will finalize their subscription period for them. And then there's the accretion rights that will be the next day after May 6. The subscription [ nascent ] for the GDS holders are Bank of New York Mellon, you have to contact your broker to exercise your rights. And BACS will be the subscription agent for the common shareholders. What is the use of proceed for the offering? We have different uses, four different uses. The first one is equity investees. We believe that we have opportunities to consolidate our stake in our subsidiaries with prices that are in the minimum levels and highly discount to NAV. We have debt cancellation as a second source. We have been reducing our leverage during the last year, so we believe there is opportunity to keep canceling debt. Also, we have a lot of land bank to develop mixed-use projects. Those are huge land bank that we will develop in the future. And the last one is opportunities here in Argentina or abroad Argentina, looking for long-term capital appreciation. In the past years, always a part of the portfolio abroad Argentina that help us always to reduce the Argentina volatility.

We finished the presentation, and we open for the Q&A session. [Operator Instructions] And thank you again for having joined this webinar, and we hope you can participate and subscribe.

We will take the question. The first one, are you currently looking at any international investments?

The team is still working on Argentina and starting the projects and beginning to see again abroad. One part of international investment, through Uruguay, for sure, we are going to begin to speed it up. And the company intends to have the mission. In the past, we had very good results in the case of the United States investments. We had 2 projects very successful and one but was not so much. And we think we need to have that real estate investment abroad. Yes, for sure, IRSA needs to have that real estate abroad, too. So the company intends to be searching good opportunities again.

Second question, what is your plan on addressing debt maturities at IRSA?

Well, if you remember the slide when we show the debt amortization schedule, all the maturities that we have this year were covered, almost all the amortizations were covered by the bond that we just issued, with a lower bond in the local market, $65 million. So the remaining amortization is not significant. So we will deal with that with different sources. One could be this capital increase, but others are credit lines that we have or other bonds in the market. So there is no significant challenge for this year.

Next question, do you plan to buy in IRCP.

It's a possibility today IRCP at 9 per share in the international market. It's really very cheap comparing to the valuation of the assets. But yes, it could be one activity on investment.

Will the newly issued warrants be traded separately?

Yes, we will list the warrants in the Buenos Aires Stock Exchange and also in New York Stock Exchange. We will list the one probably between 90 days after the issuance. So yes, the idea is to list the warrants.

Next question, the dividend of last year, why we paid? And now we are looking for the subscription?

The dividend, if you remember, we paid dividend in IRSA commercial properties, we haven't paid a cash dividend at IRSA level. So our 2 different companies. The one that now is raising capital is IRSA and the one that pay the dividend was IRSA Commercial Properties.

Will the controlling shareholder participate in the rights offering?

Yes, for sure.

What it will -- what is in Spanish, I will turn it to English. We are doing -- why we are not in Spanish at 3:00 p.m. Buenos Aires. What is going to happen with the strike price of the warrants in the event of dividend payment from IRSA in the next 5 years?

The warrant [ are redeemed ] has a clause where we will adjust the strike price in the case of dividends. So the price, if we pay, it will be decreased by the level of dividend that we pay.

Well, the next -- other questions regarding subscription. I think we cover all the questions. [Operator Instructions] The whole team is open, investor relations and capital markets is open for additional questions that you may have during the subscription period. You have all the contact information, so we are open. What is the status -- and there is an additional question. What is the status with Israel investment, plans to invest again there?

We put all the investment in negative and 0 in the balance sheet during this year, so after they took us from the company. So now we are still starting or seeing what happens there, but not a decision then. If there are no more questions, only just to thank you, everyone. It was a long presentation, and we hope you to be investing again with us. We expect IRSA to keep growing as it was during the last 20 years, increasing the number of square meters in more places, in more cities, in more countries. And thank you very much for the support. Have a very good day and safe day in this COVID times. Thank you very much.