Ladies and gentlemen, welcome to the financial results of the first half year 2024-2025 conference call. I am Sergen, the call's 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 question-and-answer session. You can register for questions at any time by pressing star and the one on your telephone. For operator assistance, please press star and Tilo. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Kirill Turchaninov, CFO. Please go ahead. Hello everybody and welcome to the presentation of the financial results of Deutsche Konsum REIT-AG for the first half of the financial year 2024-2025. We will be covering the events of the six months, but we will also take a look at some items which happened after the closing date end of March. We will open up at the end for questions and answers. Let's jump right in and take a look at page four. In the six months, we had stable rents in the existing portfolio. Compared to the first six months of the prior financial year, where the rental income was about EUR 39.8 million, we had a decrease by EUR 4.4 million, so it is currently at EUR 35.4 million, down 11%. This is driven by asset sales, which took place, as we already reported in the past calls. That reduction of EUR 4.4 million had a significant impact on our FFO, which decreased by EUR 8.4 million. EUR 4.4 million is driven by the lower rent. However, interest rates have impacted that as well, which contributed another EUR 1.5 million to the difference. I'm sorry, the interest rates contributed EUR 2.1 million to the difference. Also, EUR 1.5 million came from the lack of interest income in the current financial year, which was present in the prior financial year. We have continued to reduce our liabilities, to reduce our debt. In six months, we have reduced by EUR 79 million, which corresponds roughly to 14%. A few events contributed to that. The conversion took place, which was EUR 30 million. As well as we repaid EUR 10 million of registered bonds, we have repaid EUR 10 million of unsecured notes. We have also repaid about EUR 7.2 million of liabilities secured by assets, which became due. Overall, we continued on our course of reducing the debt. We had sales of four assets or four properties, which were actually closed, and the purchase price of EUR 11 million was received in the reporting period. We also signed sale of eleven properties portfolio with annualized rent, with an annual rent of EUR 1.5 million. However, this is not yet closed. It is expected to take place later in the financial year, and the purchase price is EUR 19.4 million. There was a small decrease, a small loss in terms of our fair book, fair market value on this portfolio, of close around 7%. We have received EUR 38 million from Ober-Rietzia. Most of those funds were used to reduce our liabilities. The outstanding receivable against Ober-Rietzia is around EUR 16 million. It is deferred. Payment of this is deferred until the end of December 2025. We have made a provision against it, just in case. However, there is currently no indication that this amount will not be repaid. Due to the debt reduction and conversion, mostly conversion of bonds, our loan to value, LTV, decreased and it is now at 52.5%. EPRA NTA is more or less the same as it was at the end of December 2024, so end of last quarter, at 7.6. Average weighted debt cost has continued to increase as expected and is now at 4.1%. We do not provide any guidance right now for the financial year. We are in the middle of creating a restructuring plan, which I will cover on the next page, which makes providing any guidance rather difficult. However, rental income is expected between EUR 66 million and EUR 71 million. On the next page, page five, we have some details on our restructuring plan, which we communicated in some releases which were made earlier this year. The sheer volume of liabilities, the sheer volume of maturities, which we are looking at in 2025, is significant. We started discussions with the lenders relatively early on, and it was clear that in order to have a clear restructuring process, we need a restructuring opinion, which is a common practice in Germany, created under IDW S6 standard. For that purpose, we engaged FTI Consulting to prepare this. FTI was engaged at the end of February, and on the 13th of March, we have released an ad hoc communication detailing that we have started the process, but also secured a bridge financing of EUR 14 million at 5.5% interest, which is currently running out at the end of May. We have obviously contacted all the lenders with maturities in predominantly February and March this year and extended those and then the standstill agreements with those lenders also until end of May this year. We are currently in discussions and constructive discussions. They are progressing to extend those standstills further until the end, at least until the end of August 2025. We have also, together with FTI Consulting, contacted pretty much all the major lenders with maturities not only in 2025, but also in the later years, because it is important that all the lenders understand the process, understand what we are doing, and understand the plans that we are putting together with FTI Consulting. Current version, current draft of the plan, the restructuring plan, envisages significant dispositions of the properties in the amount of EUR 350 million-EUR 450 million, which might be necessary to dispose of until the end of 2027. However, this is not yet in the final restructuring opinion, which is expected at the end of August. Those talks with the lenders have been progressing, and we have contacted, as we mentioned, most of those lenders because it is important that they understand that the company is going to be in a position that all those obligations, all those liabilities will be met. However, we do require time. The maturities of 2025, we are discussing in extending those maturities or prolonging them so that we have time to cover all those obligations. The company is not over-indebted. If you look at this in our balance sheet, you will see that we have significant positive net asset value. Our loan to value has been continuing to reduce. From that point of view, there is obviously not such a problem. In terms of liquidity, as mentioned, we have secured the EUR 14 million bridge financing, which is there to ensure that liquidity is available. However, liquidity is available not only until the end of May. As mentioned, we are discussing to extend the facility to the end of August. The finalization of the plan, of the restructuring concept, is going to be a so-called restructuring opinion, which will detail more specifically and precisely all the measures which are necessary to obviously cover all the liabilities in the next years. The lenders, we all have to agree to this. It is a process which is ongoing. We're working on this together, and we expect that there will be positive results. We can now move on and take a look at the portfolio details, which is on page eight. We currently have 163 properties, which is a reduction versus the end of the prior financial year, as mentioned before, by four. The total fair market value has obviously moved due to the asset sales. However, there was a CapEx included there of about EUR 2.8 million, as well as an acquisition of a land for EUR 2.4 million earlier in this financial year. The total annualized rent has increased slightly by about EUR 700,000, and there are a few factors in that. Obviously, we had asset sales. However, on a number of assets, on a number of tenants, there was an end of three rent periods, which were previously contractually agreed upon. Those contributed to the increase in our annualized rent, as well as a number of smaller lease-ups. The vacancy rate has gone slightly up. However, this is mostly a technical increase since the assets which we have sold were 100% flat. In terms of new vacancy due to the end of tenant leases, there isn't really that much movement. The WALT is now slightly lower than in the prior period with 4.3. We can now take a quick look at page 10, where we have some details on our tenant structure, which since last time did not really move that much. The 66% or EUR 46.5 million of rents are coming from non-cyclical tenants, including the do-it-yourself stores that would be 78% or EUR 55 million. The EUR 46 million of non-cyclical tenants are, as I mentioned, about EUR 46 million, which the 84% of rents which we have are linked to CPI, which obviously helps us to preserve the value of the future rent cash flows should there be an inflation. 47% of rental contracts are over five years, and that gives us some security. Now we can move on to page 13, which details our debt structure and the financial KPIs. As mentioned previously, total financial debt was reduced by about EUR 79 million. That total cost of debt on average keeps rising. However, the major impact in terms of the total cost of debt was the increase in interest rate on the bonds, which we have in the amount of EUR 85.9 million maturing in September this year. Overall, the structure of our maturing or the end of fixed interest rate liabilities is detailed here in the graph. It is now at about EUR 196 million of maturities or end of fixed term loans in 2025, which is a reduction from the point we had on 30/09/2024 of about EUR 250 million. The major effect are conversions. EUR 30 million of conversions already done, and EUR 7 million still in progress. Some loans were repaid at the end of December last year, and we continue on this direction. To sum it all up, the most significant event is, of course, the restructuring process. Certainly, all the lenders we have contacted need to contribute in terms of timing to our efforts. The volume of which we have provided in the range of EUR 350 million-450 million is in a draft form. However, it is expected that until the end of 2027, there will be significant sales. Now, that concludes our presentation for part of this call, and we would like to open this for question and answers. Operator, please. Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and then one on the touchstone 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. Participants are requested to use only handsets while asking a question. Anyone who has a question may press star and one at this time. We're waiting for our first question now. As a reminder, if you wish to register for a question, please press star and then one on your telephone. We have the first question coming from the line of Ulf Nenn, come from Deutsche Konsum. Please go ahead. Thanks a lot. Welcome all. Thanks a lot for the presentation. Once again, this is more depressing than every other presentation I've seen, especially if you compare it with the peer group. I had the possibility to meet Mr. Schroth from Deutsche Fachmärkte, and what he's telling is that he's rapidly expanding his business. He's buying 10-time objects at below 10 times cold rents, and that the market is full of possibilities and objections. I hardly can find any reason why to invest in Deutsche Konsum REIT, which is a shrinking share and a shrinking company in a growing business in a space where the major competitor, despite the fact that Deutsche Fachmärkte is, let's say, 50% below them, that one is expanding and Deutsche Konsum REIT is really getting worse and worse. Additionally, I can hardly understand why you spend money or, let me say, waste money for asking people for the restructuring of the company. You have to find people from outside the company, despite the fact that you obviously have very skilled people at the CEO, the CFO, the people in the management board, but you spend, and in my example, this is a task from you, the people running the company, but you're still spending money and wasting money. This is also, of course, not acceptable for the shareholders. I'm deeply convinced what the future of the company is. Last item is what is maybe I missed this. What is the current situation with the missing payment from Ober-Rietzia from former CEO or member of the board, Mr. Agetti? Thanks a lot. Right. Now, I understand there are two parts to your question. Obviously, the easier, the quicker one to answer is the Ober-Rietzia. There is still about EUR 16 million of outstanding receivable against Ober-Rietzia. Ober-Rietzia repaid the majority of what they owed to the company, mostly in the last year, in the last calendar year. The last payment was EUR 38 million. The EUR 16 million, which is still outstanding, is fully provided for, which means a bad debt accrual, and is expected to be paid back by the end of 2025. The first part of your, well, question, the problem is the sheer volume of maturities coming due. If the lenders insist that funds, the loans be repaid. For example, in March 2025, a loan, there was EUR 67 million or so due and payable. Now, obviously, if those lenders are not willing to extend, then we have to go into negotiations and understand how can we repay that. If those lenders are not willing to prolong or top up, or definitely not top up the loans, then we have to go into discussions. Also, a major liability is coming up due in September. This is a major lender with whom we also went into discussions. As a normal market practice in Germany, a so-called restructuring opinion, which I mentioned, called IDW S6, is a standard practice for an independent advisor, FTI Consulting, to get all the lenders on board to make sure that all the lenders are treated equally, obviously the lenders with the same ranking of their liabilities. As I mentioned before, the company is not over-indebted in terms of its loan to value. It is just the volume, which is not possible to repay from the current operational funds. To do that, the advisor, which provides this opinion, the restructuring expert, comes up with his work, working closely with us, obviously with the management of the company, as well as with the lenders, to ensure that there is sufficient time to pay the lenders who want to obviously end the engagement. Yes, we have been talking to other banks. Yes, we have been talking to other potential lenders. Again, they all say that the volume of liabilities for 2025 needs to be somehow resolved since, again, there is not enough operational funds. One of the ways to resolve this is obviously to dispose of the assets. That is the current situation, and this is what we are doing. In terms of what is acceptable, what is not acceptable to the shareholders, obviously this is our key priority. If the company cannot pay back a significant loan and the lender declares default, I'm not certain that shareholders would be better off in that case. Yes, but don't you think that there's a possibility to speak with the lenders in advance? Are you in a regular speak to be caused? I can hardly understand why it's once again mentioning Deutsche Fachmärkte, that they are able to get financing facilities for nearly every object they want without increasing the share capital, and that you are not. Is it that you have, let me say, still the sword of Damocles on your head because of the past decisions or failures from the former chairman, or is it something else? Or is it as simple as you mentioned that it's a bulk loan of EUR 48 million coming to a queue, and that this is the only and the major possibility to repay? Okay. There is a simple answer. If a lender tells us that to extend, he needs to have the S6, then pretty much we don't have many options. If the lender says, "Okay, yes, we can try to restructure. Yes, we can see what we can do. However, in order to do that, we need to understand what other lenders are willing or able to do, and we need an independent opinion that the company can repay this in the future. In that particular case, when there is a significant liability coming up for repayment and that lender obviously tells us what needs to be done, that's what we need to be doing. The first part of your question is, as you probably know, Deutsche Konsum REIT has some history which dates back, some goes back some time, and that did not make the discussions with the lenders easier. Okay. Got it. Thanks. Sure. As a reminder, if you wish to register for a question, please press star and one on your telephone. There are no questions at this time. I would now like to turn the conference back over to Kirill Turchaninov for any closing remarks. As we mentioned also in our report on the first six months of the financial year, the management is really focused on bringing stability to the company. Under the circumstances, we do believe this is the best course of action, which we described in the call right now. We appreciate your patience and understanding and support in those times. Thank you for your attention. I would like to close the call now. Thank you. Bye-bye.