Good morning one and all, welcome to EZTEC results presentation for the first quarter of 2021. Please note that this call is being recorded, that all participants are in listen-only mode. By the end of the presentation, we will begin a Q&A session when further instructions will be given. In case you may need any assistance over the call, please let us know through the chat box. In case you have any connection issues, you may reuse the same web link or ID to return to the presentation available on our website. You may find that link and ID as well as the slides for this presentation on the address ir.eztec.com.br. Before we start, we'd like to mention that any statements during this call pertaining to EZTEC business projections, operational, and financial targets are based on management's beliefs and premises as well as on currently available information. These considerations do not constitute an assurance of performance. They involve risks, uncertainties, and premises. Investors may take into account that general economic conditions, industry, or operational circumstances may ultimately affect EZTEC future performance. They may cause the company's results to differ materially from those expressed in those forward statements. I'm accompanied by Emilio Fugazza, our Chief Financial Officer and Investor Relations Officer. I'll get the presentation started and pass it to Emilio as soon as we get to the financial portion. Moving on to the first slide. Just very briefly introducing the main figures, main numbers that we'll try to address more thoroughly through the course of presentation. Operationally, the quarter was marked by net sales of BRL 236 million. Launches, significantly lower at BRL 28 million, a single project. Land bank of BRL 14.1 billion with many acquisitions through the year. Financially, we had gross profit of BRL 83 million, accompanied by a gross margin of 42.5%. Our net income was BRL 73 million with a net margin of 37%, assisted by financial revenues. Net cash of BRL 1.06 billion, alongside BRL 529 million of performed receivables, much of that financed directly by EZTEC made a portfolio of direct receivables of BRL 482 million. Here, we're talking about financing lines made through a separate line of credit directly from EZTEC to the final consumer. Briefly mentioning subsequent events that have happened already by the second quarter. We have yet another launch of BRL 253 million. It was very viewed once as soon as sales stands were reopened. In our shareholders' meeting of the end of April, we had also approved the payment of dividends of about BRL 96.2 million, about BRL 0.42 per share. As an increment of the company's governance standard, we had appointed an election of our board of directors with four independent members out of a whole total of nine members altogether. Now, getting started in each specific theme, addressing the EZTEC's land bank, it's important to mention that despite the quarter in itself, did not have very many acquisitions. You notice BRL 240 million of new acquisitions in the quarter. We have been coming from a full year of 2020, in which we had several acquisitions, basically fulfilling the full mandate that was given to EZTEC by the follow-on. At which time we had approximately BRL 940 million of cash injected in the company, and basically, about BRL 1 billion was already earmarked for acquisitions. Much of that was already deployed, some of it's still pending funds, that money has been directed to land bank that's already within EZTEC land bank. In the first quarter, specifically, notice that there was a significant contribution coming from price revisions. We're talking about an average of 14% growth in price levels in our land bank, alongside basically in line with actual price growth for practice sales for the quarter. You consider that we also have BRL 2.3 billion in option acquisitions, you reach a combined land bank of BRL 14.1 billion as we speak. Just to keep that in proportion, out of that BRL 14.1 billion, you have approximately BRL 3.4 billion, which is within EZ Inc. Our commercial development company subsidiary, while the remaining BRL 10.7 billion is within EZTEC residential operation. That basically represents something like 4.3 x a sustained launching volume of BRL 2.5 billion, which implies that there is plenty of land bank available at this time already. Somewhat similarly to a cycle a few years in which we do not have the imperative need to buy a different land bank, and we may keep on acquiring just at the expense that we actually push forward new launches. Moving on to the operational slide. Here's where we feel the direct effect of the toll that the pandemic has taken on EZTEC performance for the past quarters, especially when you look at the fact that approvals for new launches coming from the city hall, they have been lagging relative to what we wished for, which means that launches have been significantly lower over the course of the year thus far. Naturally, that has its own implications as far as the sales that will be derived from those launches. The sales in themselves were also harmed in the first quarter by the fact that about 45 days out of the full quarter were marked by the red phase of the pandemic here in the state of São Paulo. The red phase of the pandemic means that all sales stands were forced shut over the course of 45 days. That had a particular effect on ready-to-rent units, considering that a client very naturally would prefer to visit the unit that he will live in prior to making the investment decision. Naturally, we had a lot of clients that chose to postpone the investment decision, and that had the ready-to-rent units about 30% lower than the previous quarter. Naturally, that in itself has its implications in terms of revenue recognition. Regardless, as soon as sales stands reopen, what we have seen thus far in approximately three weeks is that sales speed at this time is 26% faster than the average weekly sales speed for the fourth quarter of 2020. We're basically talking about a level of BRL 31 million sales per week, in grosses per week. Just quickly mentioning about cancellations. Here, we have a smooth convergence to a BRL 20 million standard of cancellations closing to normality. Very important to remind that out of those BRL 23 million cancellations a quarter, 44% actually refers to transfers or upgrades and downgrades, where our credit recovery team tried to redirect a client to another unit as a way to prevent cancellation in a mutually advantageous way for both the company and the client. That takes us to a net sale of BRL 236 million in the fourth quarter of 2020. Moving on to the next slide, we will talk about the outstanding inventory for EZTEC. What you notice is that altogether, we're standing at BRL 1.66 billion of available inventory at this time. You notice that we have some 300 commercial units, but mostly we're talking about residential units within the city of São Paulo. There has been a marginal decrease in that inventory size in comparison to the fourth quarter, as a consequence of the fact that we do not have enough launches to replenish the volume of net sales we've had. That takes us to a point in which we have the lowest inventory level for the past seven years. Within that inventory, you still notice that the ready inventory in itself is shrinking. The largest concentration we have is still in Cidade Maia, in the city of Guarulhos, where we have BRL 435 million available inventory. Cidade Maia, always a good reminder, is still selling in this quarter at a gross margin of 49%, so that's a very strong contribution here for EZTEC operation, and it's been so for the past three quarters already. Naturally, we do not have very many deliveries over the course of the past two years as a consequence of the fact that we also do not have very many launches over the course of 2015 all the way through 2018. Those deliveries should pick up back again, by the second half of 2021 and on. We're talking about some BRL 500 million of PSV to be delivered in the second half of 2021. That should contribute with a larger portfolio of units available for EZTEC's commercial assets. Moving on to slide number seven, where we talk about launches. Like we said, launches for the first quarter in itself were only this single tower launch in ID Paraíso. That's BRL 28 million in PSV. It's a project that is combined with a previous launch called Signature by Ott, and if you take it all together, at this point, it has 60% of its area already sold. The ID Paraíso very much driven towards investors. ID Paraíso was launched at a time in which we don't have our sales stands open, given that it is a relatively small project and investors tend to be a little more nimble in terms of being able to access digitally, that worked out fine for EZTEC. As soon as sales stands reopen by the April 18th, we also launched a Dream View Vila Prudente project. That happens as a subsequent event. Adding another BRL 253 million of PSV to the quarter. Moving on to our next one, which is in slide number eight. It's very important to highlight EZ Infinity. EZ Infinity is the main project for the coming months, and it's also possibly the highlight for high income projects to be launched in São Paulo for the year as a whole. We're talking about something that could reach BRL 600 million of PSV by the time it is launched. Just for reference, it is a project to be built on top of IBM's current parking lot by the Paraíso region, a region where it's very hard to replenish land bank, very valuable asset and a launch for the coming months. Other than that, we also have Arkadio and Alta Vista. They are a smart living and high income project for the Chácara Santo Antônio region of São Paulo, that is still pending approval to be launched, but also hopefully a launch for the coming months. That will bring an additional, if you take those three products combined, that basically represents BRL 1.1 billion of launches already in the coming months out of the two-year guidance of BRL 4 billion-BRL 4.5 billion that we had committed to, basically, where we are still left with additional BRL 2.6 billion-BRL 3.1 billion of guidance still pending for the remainder of 2021. With that said, I will pass the word to Emilio, our CFO and investor relations officer, to comment on financial performance. Thanks, Hugo. Let's talk about financial performance, slide number nine, starting with net revenues coming at BRL 195 million in Q1 2021, coming down from BRL 262 million in the fourth quarter 2020. It's important to bear in mind that the pace of the construction nowadays is becoming a little bit slow compared to the total full quarter 2020, specifically because of the problems regarding the sanitary conditions, the COVID issues here in Brazil, specifically between February and March. It's important to understand how can we come up with those revenues. Once we can sell one unit, perform the unit, obviously, we are going to recognize it, the raw revenues coming from these units. Units under construction or units already launched, we are going to recognize it only the stake of the land over the revenues. The construction part is going to take place at the means of the construction. We are going to recognize by the percentage of completion method, the revenues of the quarter. The problem is, given the fact that we sold less performed units in the first quarter, and the pace of the construction sites were slower than in the past we came up with less revenues than in the past. From now on, we do expect that the volume of construction can increase a little bit in the second quarter, but mainly in the third quarter 2020, given the increment prices we have been facing so far and obviously, the situation about the pandemic here in Brazil, specifically in São Paulo. Talking about gross profit on the chart at the top right of this slide, you can see BRL 83 million of gross profit and gross margin of 42%, recovering a little bit from the fourth quarter 2020 from 40%. It's important to say that INCC index, which is adjusting all the receivables we got in our balance sheet, can so far replace the increment in costs we are facing now. It's important to understand that we have been facing a lot of increment in costs, especially of raw materials like concrete, like steel, specifically copper. So far those increment costs or delays in the construction sites are not harming the schedule of delivering those construction sites. So far, the costs and the margin are remaining a little bit steady over a little bit more than 40%. Talking about selling expenses. Selling expenses nowadays are coming at a pace of 40% of the gross sales. That's important to mention. When you look deeply at the figures, you can understand that we are coming up with a lot of new sales stands to launch the project, as Hugo told you before. Apart from that, you can see an increment at branch of revenue inventory commission and others. Specifically commission, because nowadays, totally different than the past, all the commissions are recognized over the selling expenses because many of the sales are coming through digital ways. Digital ways means that the brokers are not charging for the commissions directly to the clients, but also trying to do that directly to the company. That's a way to perform sales a little bit faster in this moment we have been through. In terms of G&A, specifically, you can see BRL 25 million for Q2 2021 compared to BRL 27 million one year ago. That's because we made a lot of adjustments in the second Q 2020 and third Q. Those adjustments in payrolls or even adjusting the whole teams of EZTEC in the headquarter. We haven't recovered the number of people we actually saw before in our company. That's why we can see a little bit less G&A expenses than in the past. Apart from that, it's important to mention that if you are going to look deeply at the expenses of the company, tax expenses were a little bit higher than in the past. That's because of every fourth quarter each year, we can pay in advance the whole land and property taxes to the Municipality of São Paulo. This year, only land has impacted something around BRL 12 million counting on the plots or the lands managed by EZTEC or in partnership with other developers. That's why we saw an increment on this branch. Moving on to financial performance on page number 10. You can see on top left, BRL 45 million coming in Q1 2021. Let me remind you that it's totally because of the performance assets we have here holding on our accounts. Nowadays, it's about 1,500 units we have been providing financing to them, adjusted by IGP plus 10% yearly. Only to bear in mind, only to understand what happened here in Brazil, IGP was since January 2020, adjusted by something around 35%, and quarter by quarter is impacting our receivables on this branch. If you look deeply at financial expenses, it is important to understand that since fourth quarter 2020, fourth quarter and first quarter 2021, you can see a huge increments in financial expenses. It is not regarding debt, because we have no holding debt in our company. Mainly, given the questions I got from the Q&A in Portuguese an hour ago, it is important to understand that is mainly because of three factors. First of all, because many people are paying advanced installments that they were going to pay only after the permits of living. These payments in advance are accounted with some sort of discounts. Secondly, because in the fourth quarter, we have the living permits for one specific project in advance, This project was Ecotovilla. We only delivered the units to our clients between March and April. We have decided about these specific projects, instead of charging IGP + 12%, was so high for this specific project, we have charged only INCC. It was a huge difference because INCC on this specific time was something around 3% yearly, and IGP plus 10, IGP + 12% was more than 6%. The difference between one and another made an adjustment of financial expense reported in those quarters. Finally, only to understand. When we sell one unit, after we sell this unit, the client has 3 to 4 months to get the mortgages from the banks. In between, the client has his tax adjusted by IGP + 12%. In the majority of the cases, because of the units are performed, because of the units are in the middle income segments, it's barely possible to have this amount of adjustments only within 2 to 3 to four months. We provide a discount to them, this discount mainly can see 0.5% of this adjustment of IGP, for instance. That's why in the last two quarters we went in an incremental financial expenses. Moving on to equity income. Equity income is about BRL 6 million. That was the quarter 2021, mainly impacted also because of the profit advances, something around BRL 4 million to BRL 5 million over this line. Obviously, we don't expect less than that amount of results in the next coming quarters simply because many of the enterprises coming from this branch are starting the constructions and/or factoring in the pace of the constructions overall. In terms of net income, net income came at BRL 73 million at a net margin of 37%. Obviously 6% of it impacted by financial results. We do expect that we are going to see a higher increment in revenues recognition in order to boost the volume of net income coming in the coming quarters. Finally, that I would say could be the highlights of these Q1 2021 results. It's the backlog margin around 45%. Around 45% means that all the adjustments we got in the budget of the constructions or in the accounts because of the constructions had not impacted so far the margins to be recognized in the coming quarters from the sold units so far. That's very important to say. The main idea, the true mindset behind this can be the fact that all the incremental costs we have been facing can be offset by the adjustments of the INCC so far. On page number 11, you can understand a little bit more deeply the portfolio of performance units sold with financing provided by EZTEC. So for our Q1, there is something around BRL 480 million, meaning something around 1,500 units under management for EZTEC. Important to see the payments in advance we have already received something around BRL 66 million this quarter, meaning that 182 units paid the debts off, specifically trying to transfer the credits to the banks, taking mortgages from the banks. This is highly possible right now because many clients that took finance from EZTEC five to six years ago, nowadays have a loan-to-value of 60% or 50%. Nowadays, those credits for them are available in a very good interest rate, something around 5%-6% yearly compared to IGP plus 10%. The highlight of this slide is about the foreclosure. Only 12 units. Let me remind you that for the whole assets managed by EZTEC in terms of performance portfolio, only 100-110 units are on default right now. We have been managing, obviously you can expect something around 60-70 units to be taken back in the next coming quarter. The foreclosure can reach something around 60-70 units in the whole year. Meaning that is about 4% of the total amount of units which is not a concern by itself. On page number 12, financial performance, Fit Casa, our brand for the low-income segments. It's important to understand that we have reached something around 50% gross margin on Fit Casa, meaning something around BRL 8 million of net income in this segment. Let me remind you that BRL 8 million is already impacted by the tax property or land taxes that we have paid in advance in the first year, more than BRL 5 million. Even with that huge impact in the first quarter we could provide something around 10% return on equity. You can expect a return on equity even higher for the next coming quarters because as Marcelo Zarzur, our Technical Director and current CEO, EZTEC CEO, said in the company's call in Portuguese, 2 projects scheduled to be delivered by the end of this year or first half of 2022 are going to be delivered in advance, 6 months in advance, and with some savings in budgets. We can provide an increment in the net profit and also in the gross margin of each quarter as well. Saying that, let me bring to the end of this presentation, slide 13, talking about shareholders' equity, our common equity in this company. First quarter ended up with BRL 4.1 billion shareholders' equity, which we can break up into cash and equivalents of almost BRL 1.1 billion, finished unit receivables of BRL 529 million, and the cost of the land bank. The land bank of BRL 11 billion has already been booked by almost BRL 1.2 billion. We have to increase here another BRL 3 billion. We are going to do that in the next coming quarters, and it's going to add by something around BRL 300 million to BRL 400 million land bank inventory. In terms of liabilities only, to remind you that the dividends we are going to pay in the next coming quarters of BRL 96 million, they only carry something around BRL 8 million of construction financing, almost nothing regarding the BRL 4.1 billion shareholders' equity. All in all, that's our earnings for first quarter 2021. We are completely open to further questions you may have. Thank you very much. Thank you for our audience today. Hello, can you hear me? Yes, we can hear you. I cannot really see who exactly speaking. Oh, sorry. This is Nicole Inui from Bank of America. Hi, Nicole. Thank you for your question. There you go. Sorry for the misconnection. No problem. Thank you, Hugo. Thank you, Emilio, for the call. Just a couple of questions. First on launches. How are you thinking about your guidance for this year? We've had a difficult start of the year. We had another shutdown. We're already reaching the end of May. How strongly do you feel that you'll be able to meet this guidance for the year? If not, how do you think it will look in terms of launches for the year, given the recent lockdown step that we had? The other question, just in terms of your pace of construction, it's been slower this quarter. I saw some specific problems with Parque da Cidade. If you can elaborate a little bit more on that, it'd be great. Nicole, thank you very much for the questions. Very good morning to you. Regarding launches specifically, let me say what Marcelo Zarzur had already mentioned in the Portuguese call right now. In terms of launches, obviously, we are fully committed to achieve the guidance. Obviously, we have already missed something around 45 days in terms of launching process. Regarding to take the permits, specifically since the beginning of March, we haven't saw a huge work coming from the municipal, specifically the Municipality of São Paulo, releasing the permits. Hugo had already mentioned about the three major projects we're going to see in the months coming, specifically in terms of IBM, Arkadio, and Alta Vista. All in all, we are talking about BRL 1.2 billion. The two projects we have already launched, which means something around BRL 300 million. It means that up to July, beginning of July, we can reach something around BRL 1.5 billion of launches in the first half of 2021. There are something around 15 more projects under the process of taking licenses, taking permits. Regarding what Carlos Ott has said, he's fully committed to get the license for those projects up to the end of this year. In order to achieve the guidance at the end of this year. Obviously, in terms of getting capacity enough, operational capacity enough to open the sales stands to making the sales of those projects also in 2020 can be a little bit harder. It's possible to see the launches coming at 80% of the guidance, something about that up to the end of this year, and watching the remaining projects being accomplished by January or February. All in all, it depends on not having another stop, another closing of the sales stands again in the next couple of months. Let me bring it to making a long story short. We are fully committed to achieve the guidance, obviously, we already know that we have at least something around two months so far. In terms of phase of construction, it's important to understand that what we are facing now is not something that is harming the schedule of delivering the guidance. That's important. All the projects we're going to deliver in 2021 are going to be delivered on schedule and with all costs or even facing some savings on those costs. Projects with very large proportions, such as Parque da Cidade, we have already mentioned in this release, or even though Ed. Núcleo, for instance are projects that are at the beginning, the cost of the constructions are getting higher and higher, specifically of the raw materials, and we are facing, obviously, some delays because hiring people to work on those projects. Saying that, I would like to address that everything about 2021 are not harmed. 2022, I would say that we are going strong enough to achieve the goals. We don't expect an enhancement in the pace of the construction in the second quarter as we are in the middle of it. We do expect something coming from the third quarter 2021. Nicole. That's very useful. Thank you, Emilio. Thank you very much, Nicole. Have a wonderful day. Thank you very much, Nicole. With that, our conference call for the results presentation is over. We thank you all for your attention and remain available at all the investor relations team for any further questions at any time. Have a nice day