Financial Data and Key Metrics Changes - The company reported a net loss of ARS 38 billion for the fiscal year 2021, compared to a net gain of ARS 37 billion in the previous year [5][20] - The adjusted EBITDA increased by 55%, driven by sales and developments, despite a significant drop in the rental segment from ARS 6 billion to ARS 2.7 billion, a decrease of 55% [7][23] - The fair value of investment properties saw a loss of ARS 7.7 billion this year, contrasting with a gain of ARS 50.6 billion last year [21] Business Line Data and Key Metrics Changes - The shopping segment maintained a portfolio of 335,000 square meters, with occupancy dropping to 90% due to tenant exits, but smaller tenants were successfully replaced [10] - Real sales in shopping centers were down 28% year-over-year, although there was a positive trend in consumption since reopening in July [11] - The office segment experienced a decrease in occupancy due to tenants leaving the country and a shift to home office arrangements, leading to increased vacancy rates [12] Market Data and Key Metrics Changes - The hotel segment was severely impacted by COVID-19, with an average occupancy of only 12% during the last quarter, primarily driven by domestic tourism [13] - The company noted that international tourism recovery is uncertain, with expectations for a gradual return depending on government decisions regarding border openings [39] Company Strategy and Development Direction - The company is optimistic about the Costa Urbana project, which has received initial approval, and anticipates significant construction activity over the next decade [17] - A focus on "flight-to-quality" was emphasized, with the sale of older office buildings and the opening of new, high-quality office spaces [8][14] - The company plans to finance large projects through various means, including pre-sales and barter agreements, indicating a flexible approach to funding [31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of shopping centers and office buildings, expecting no further lockdowns in the upcoming year [45] - The company highlighted its ability to generate positive cash flows despite challenging conditions, indicating resilience in its operations [45] - Management is hopeful for a return to higher occupancy levels in hotels and shopping centers as international tourism resumes [39] Other Important Information - The company completed a capital increase of $29 million, fully subscribed by existing shareholders, to reduce leverage [26] - The net asset value of the company is significantly higher than its market capitalization, indicating a potential undervaluation [26] Q&A Session Summary Question: Update on the Costa Urbana project approval process and financing plans - Management is optimistic about the approval process progressing this year and plans to finance the project in stages, with initial infrastructure investments around $50 million [30][31] Question: Recovery timeline for international tourism and occupancy expectations - Management indicated that achieving 60% occupancy in hotels may take time, with hopes for government decisions to open borders soon [39] Question: Update on residential projects in Uruguay - Management confirmed that one residential tower is nearing completion, with plans to launch additional projects pending [43]