Adler Group investor call and live webcast. I am George, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Julian Mahlert, head of IR. Please go ahead. Welcome, everyone, and thank you for joining us here today. My name is Julian Mahlert, and I am Head of Investor Relations and Public Relations at Adler Group. Following our publication this morning, we would like to use this call to inform you on, first, the publication of the audited consolidated financial statements and annual accounts for 2022 and 2023 of Adler Group. Second, the recently completed comprehensive recapitalization of the group, and third, changes in our boards of directors and senior management. Along with me, as always, we have Thierry Beaudemoulin, CEO of Adler Group, and Thomas Echelmeyer, CFO of Adler Group. Both will guide us through a few slides, followed by a Q&A session. You can find this presentation on our investor relations website under Adler Publications. As a last remark from my side, please let me remind you that this call will be recorded. With that, Thierry, the floor is yours. Thank you, Julian, and a warm welcome from my side. As our chairman, Stefan Brendgen, said to the media earlier, today marks an important day in the company's story. Today is the beginning of a better future for Adler. We fully audited financial statement and with a solid financial structure. With this, Adler Group can execute strategy in the interest of all its stakeholders. With the completion of the audit processes of our consolidated financial statement and annual account for the years ending 2022 and 2023 including, and I wish to stress this explicitly, unqualified audit opinion. Adler can finally close the books on these two past fiscal years. With this, we have fulfilled what we have promised since April 2023. As you may know, the previous published consolidated financial statement for the years 2022 and 2023 had been unaudited. This was due to the fact that our then auditor, which was mandated to the audit for 2022 financial account, unexpectedly informed Adler Group in May 2022, that it would no longer carry out the audit. Since then, we did all and everything to engage a new auditor. The outcome is summarized on this slide. As communicated last year, we not only mandated one auditor, but also four audit companies. Avega Revision for the Luxembourg-based Adler Group SA, and three other audit firms for the audit of the subsidiaries relevant to the group, the so-called component audit. Rödl & Partner for Adler Real Estate AG, now Adler Real Estate GmbH. Morison Köln AG for Consus Real Estate AG, and Domus Steuerberatung AG und Wirtschaftsprüfungsgesellschaft for the individual statement of the German property company of Adler. It was in our own interest to provide all data requested by the audit firm, even beyond the level required for usual financial audit. We didn't want to leave any question unanswered. The result of the audit process is now the reward of this considerable effort. It is therefore my privilege to express great thankfulness for all of those involved over the years. However, there's one person which I wish to thank individually, my colleague and CFO, Thomas Echelmeyer, who led the audit process besides many other ordinary and extraordinary financial projects. Now, I would like to hand over to Thomas. Thank you, and a warm welcome from my side. Please allow me to comment on general aspects, which I consider important from a CFO perspective. First, about the outcome of the audit process as you can see on slide three. We managed it to overcome a totally unprecedented situation in Germany of being a stock listed company, not having an auditor and having to publish two unaudited annual reports in a row. The outcome can make us proud. Publishing our audited numbers without any restatements in the 2022 and 2023 accounts proves the quality of our work and of our numbers. This goes also for the 2022 annual report of our subsidiary, Adler Real Estate. And let me add explicitly what the chairman said to the media earlier today: the completed audit processes were not only very time consuming because of the coordination between the four audit companies involved. Moreover, the entire audit procedures were more extensive than you would see it in any other financial audit. And all of this had to be done next to the daily operation, operational finance business, too. Therefore, many thanks to everyone involved. Moving to the next slide four. The completions of the recapitalization we communicated to the market around ten days ago. There's only one additional comment from me on this. Over the last two years, the teams managed two financial restructuring processes in a highly difficult capital market environment. The details of the comprehensive recapitalization you can find in our recent disclosure. But the last two years have been a perfect storm in our industry and had forced us to reassess the initial 2023 restructuring plan, and in a nutshell, to prolong our bond maturities beyond 2026, 2027, and to recapitalize the group. As I said, the outcome is very positive news for our company, and we can now move on with our strategy. Back to you, Thierry. Thank you, Thomas. The new financial structure provided us with a solid foundation for the years to come. Let's now proceed to an update in senior management on slide five. As we announced this morning, Thomas will leave Adler Group. I can join in what our chairman said to the media. Without Thomas, we would probably not sit here today. Adler Group owes a lot to him, but with this mission completed, Thomas has reviewed his long-term personal perspective, and he decided to step down as CFO and board member with immediate effect. Thomas will remain with the company until the year, allowing a smooth transition period over to the new group CFO, Thorsten Arsan, who will join the senior management team as per first of October. Thorsten is a finance and real estate expert with more than twenty years of experience in the industry. Thomas, would you like to add something here? Yeah, thank you, Thierry, also for your kind words. Over the last two years, we all have had many, "Have you ever heard something like this before?" moments. For a longer term perspective, which Adler now has, the group needs and deserves a CFO for the longer term, too. However, my personal midterm perspective is different, but Thorsten Arsan can provide the longer-term commitment. Thorsten is a proven finance expert and executive in the real estate industry. Give him a warm welcome, as you did to me. For me, it is time to say thank you very much for the constructive dialogue over the past two years. With that, back to you, Thierry. Thank you, Thomas. The completed audit are initials are an essential condition to proceed with our long-term strategy. It also comes at a good time. Central banks around the world have and will continue to ease their interest rates, and reducing inflation has come down significantly. This is all very good news for the real estate industry and for Adler Group, too. As we announced recently with our Q2 figures, our portfolio value decline has significantly decelerated, and we expect a stabilization in the valuation of our yielding assets. While we now have less immediate pressure to assess portfolio disposal, Adler will continue to be an active partner in the market. We sold the Wasserstadt portfolio in Berlin and a development project to the city of Leipzig, and we are in constant discussion to assess disposal of further development projects. We are focusing more on our residential assets. We have reconfirmed our full year 2022-2024 net rental income guidance with our H1 result. Generally, the outlook for the sector is much better than it was two years ago. Better is an important description because it was worth to have worked many extra hours to get all this done while running the daily business, too. With this, I hand over to Julian. Thank you, Thierry. And with that, back to George. Please start the Q&A. Ladies and gentlemen, we will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questions from the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast. Anyone who has a question may press star and one at this time. Our first question comes from Armin Akhavan with Schonfeld Strategic Advisors. Please go ahead. Hi, can you hear me? Yes, we hear you. Can you hear me? Okay, perfect. Hi, thank you very much for the call. Yeah. Can you just confirm if, from a business plan perspective, you are still intending to prioritize selling down developments before yielding assets? And could you please give an update generally on how you see the market for development assets at the moment, transaction market, and generally, if you've made any progress over the last couple of months, and if there's anything that is saw progress that we should be expecting? So our strategy is to focus on building yielding assets. So that's why we are prioritizing the sales of our development projects. That's true. So we have successfully sold in the past month a project to the city of Leipzig, and there are a few more transactions in the pipeline. We are also disposing our stake in BCP, which is also not a strategic one. The market is getting better, with better prospects in terms of lower interest rates, in terms of more appetite for investment. From a long-term point of view, yielding development assets are very attractive because it's a low new build. These are ESG-compliant projects. Nevertheless, investors are still cautious with development risk. So I think things are getting better, but development assets will recover after yielding assets. But nevertheless, our strategy is to dispose the development asset because we did not intend to build it. So that make more sense for the city and for all our stakeholder that new developer and new investor are coming on board. Okay, so would you generally be open to selling some of the Berlin assets as well? Or is that really not something you would do? And then you already touched upon BCP. I think you've been trying to sell that asset or that stake for a little while. Could you maybe also give us an update on where you are in that process, and if and when you expect to announce the transaction? So the recapitalization, which we just announced, give us enough time to assess the best opportunity. So there's no rush to sell anything, and we have enough time to see that. Our priority for the moment is a development asset in our stake in BCP, and we see more and more interest for our stake in BCP and for yielding asset. But we have time to choose the best option for the group. For BCP, we expect to see progress in the course of 2025. And also in development, we expect to be able to announce additional transaction in early 2025. Okay. Thank you. As a reminder, if you wish to get a follow question, you may press star and one. There are no more questions over the phone. I hand back over to Mr. Beaudemoulin with closing remarks. Sir? So thank you to have been with us today. So as we have stated, there was a very good news with the completion of the recapitalization with published audited accounts. So we look forward to continue to give you update on our strategy, and we will speak in the next publication. Thank you.