Good morning, everyone, and thank you for joining CPI Property Group's Investor Call covering our financial results for the first half of 2022. This is David Greenbaum, CFO of CPI Property Group. I'm delighted to be joined on today's webcast by Martin Němeček, our CEO, Tomáš Salajka, Head of Asset Management, Acquisitions and Sales, Pavel Měchura, Group Finance Director, Mindee Lee, Senior Manager of Corporate Strategy, Petra Hajná, our Group Sustainability Officer, Moritz Mayer, Manager of Capital Markets, and Petr Mizera, Head of External Reporting. You've really got the full team here, eight of us listening in. We are ready to answer your questions. In keeping with our past practice, we are using a webcast format for today's call. If you have questions, please add them into the webcast question feature. Also, as usual, we're using CPIPG's first half report as a guide for this call. If you do not have our first half report in front of you, please find a copy on the webcast or in the investor relations section of our website. Before I turn the floor over to Martin Němeček, I wanted to say a few things about our first half report. I hope you read it and say, "Wow, a lot of work went into this." No matter what happens with our results with the markets, we want our investors to see full transparency plus lots of analysis and data. I'm really proud of our team and the quality of this report. The other day, a large and highly detail-oriented investor told me, "I read your report, and afterwards, I didn't have any questions." Well, this is exactly the standard we are going for. On the other hand, we can always improve, and I still want you to put questions into the webcast tool. We are ready for your questions. Now, Martin, over to you. Thank you, David, and good morning to all of you joining on the webcast. Let me begin by discussing the incredible transformation of CPIPG into one of Europe's leading and largest landlords. Please join me on page three of the management report, which is titled CEO Highlights. There are a few messages on page three that I want to highlight before we go into everything in more detail. CPIPG's property portfolio now exceeds EUR 20 billion, which reflects the full consolidation of IMMOFINANZ and S IMMO following our highly successful acquisitions of controlling stakes in both companies. While the acquisition of IMMOFINANZ and S IMMO were transformational in terms of increasing CPIPG size and scale as landlord, our strategy makes total sense when you focus on the assets, which is what CPIPG does best as a company, focusing on the assets. Our team has followed IMMOFINANZ and S IMMO for many years, and we know every asset from the ground up. These acquisitions were an opportunity for CPIPG to buy portfolios that we could never replicate through individual purchases. We bought long-standing high-quality assets, and we paid below market price, which more or less defines our strategy as a long-term investor and landlord. Aside from the EUR 20 billion property portfolio, another important figure to highlight on page three is EUR 865 million. That's another big number which represents the contracted rent for our group as of thirtieth of June 2022. By the way, EUR 865 million is only contracted rent. Once you include hotels and other income, EUR 1 billion of total property related income is within our grasp. Aside from the size of the portfolio, I hope this figure will stick in your mind. Another number that I want to highlight is 7.7%. This was CPIPG like for like rental growth for the first half of 2022. 7.7%, our highest ever figure for group like for like growth. As many of you know, CPIPG has a high percentage of rents which are indexed to inflation or include some other form of annual escalator. At this moment, we are not able to isolate for you exactly how much of the growth is due to inflation versus the market, but we suspect the greatest impact of inflation on the rent is still yet to come. In my mind, our like for like growth mostly speaks about the real estate background in Central and Eastern Europe, about competition for high-quality space, and about the quality of our asset management team. IMMOFINANZ and others who are active in our region have reported similar strong like for like growth too. I am very proud of what CPIPG has achieved, we are now one of Europe's largest landlords and, a large employer with more than 4,000 employees across Europe. However, I promise we are not spending too much time celebrating our achievements because we know there are some important objectives that must first be delivered for our stakeholders. The first key objective is leverage. CPIPG's net LTV was 44.8% as of 30th of June 2022. This is the upper end of our financial policy target range, and we have openly disclosed that LTV will peak in Q3 once the acquisition of S IMMO has been completed. Let me just say that reducing leverage through disposals is currently priority number one for the group. Priority number two is synergies from IMMOFINANZ and S IMMO, which I will also discuss later. Priority number one, leverage, we have a plan to address it. Process of repaying debt through disposals will be slower than we hoped for, but we have no doubt about the group's ability to execute our disposal pipeline and use cash from sales to reduce leverage. Many of our investors have asked, how can we be confident that disposals will happen? From my perspective, this comes down to credibility and track record. One year ago, we told you that CPIPG would raise EUR 1 billion via disposals within one year. This was completed on time, and an average premium of 20% to book value. Our current target is an additional EUR 2 billion or more of disposals over the next one-two years, which we believe will allow us to restore our credit ratios within target range. As Thomas will describe later, we have a very large pipeline and enough projects which are well advanced enough to make us highly confident. I want to be clear that we believe deleveraging can be achieved solely through disposals if required. Despite leverage being slightly above target, our group's commitment to financial policy is unchanged. Our LTV target is 40% or below, and we have not changed our rating target of high BBB. In general, I feel great about where we are as a company. Our liquidity position is excellent, EUR 2.5 billion across the group, including over EUR 900 million of revolving credit facilities, which mostly mature in 2026. We took out bridge financing for IMMOFINANZ and S IMMO, but have already extended bridges until the first half of 2025, which buys us plenty of time to execute the disposal plan. Our debt profile is long-dated and low cost, and because we are optimistic on the rental income, or at least we are fully aware of our scale and ability to generate income, we are not super concerned about future financing costs. Now that I have delivered some of the key messages, I'll pause for a moment and ask David to give you more key numbers to focus on. David. Thank you, Martin. Please turn to page five. Martin already referenced many of the key figures. Portfolio size, LTV, like-for-like growth at the highest level ever in H1. I think you have many important parts of the picture. Let me point out a few more things. First, please keep in mind that our rental income only includes four months of contribution from IMMOFINANZ and no contribution from S IMMO. Therefore, all of the income related figures should improve in the second half and beyond. Occupancy is steady at 93.4%, and WALT is fairly steady too at around 3.5 years. Unencumbered assets are now 55%. It was 70% at year-end. This mostly reflects the consolidation of IMMOFINANZ and S IMMO. I will discuss this more later on. Net ICR reflects the higher debt associated with our acquisitions, and we see every possibility to strengthen the ICR through deleveraging and also, we hope, through higher income from the group in the future. We are proud of our credit ratings noted at the bottom. We are in regular contact with the rating agencies. We hope the rating agencies appreciate the incredibly positive effects that our transformation will have on our credit over the long term. On page six, in the section called Performance, I want to highlight hotels. You can see that hotel net income went from -EUR 4 million to +EUR 8 million. As Mindee will tell you later, the summer season has been strong. In the section called Assets, I should mention that our Gross Leasable Area, GLA, is 6.7 million square meters across 889 commercial properties and more than 16,000 apartments. By any measure, that is a huge footprint. About 34% of our properties are certified green, and we have been increasing the share of green over time. In the financing structure section, I will want to once again emphasize Martin's points about leverage. We see higher leverage as a temporary issue. Our ratios reflect the fact that we just made these large acquisitions. Now we need to execute our plan and return the ratios to our target range. We are where we are because of the unexpected market and geopolitical backdrop. We were well prepared, and we have a clear plan on disposals and deleveraging. Now, let me spend a moment on page eight. We've already given you a lot of details about the size, scale, and financial profile of CPIPG. Now, we can discuss how the portfolio composition has been affected by our recent acquisitions. The big surprise is not much has changed because we acquired companies which owned assets in our region. 48% of CPIPG's portfolio by value consists of offices, primarily in Berlin, Prague, Warsaw, Vienna, Budapest, and Bucharest. 23% of our portfolio by value consists of retail, mostly regionally dominant shopping centers in the Czech Republic, plus retail parks across the CEE region. For the moment, office and retail generate more than 90% of our income, although we expect the proportion of hotel income to increase as travel recovers to pre-pandemic levels. The group also owns residential properties and a large land bank. Geographically, about 80% of our portfolio is located in Central and Eastern Europe. The Czech Republic and Germany are the two largest countries, followed by Poland. We also have significant platforms in Austria, Hungary, Romania, and Italy. Now let's move on to page nine, where Martin will take over. Martin. Thank you, David. On page nine, you can see examples of assets owned by IMMOFINANZ and S IMMO, such as the beautiful myhive Warsaw Spire, BudaPart Gate in Budapest, and the VIVO! Bratislava. Currently, CPIPG owns 77% of IMMOFINANZ and 79% of S IMMO. As I mentioned earlier, we have been following both companies for many years. Together, they own more than EUR 8 billion of high-quality properties across our region. Both companies have low leverage, plenty of cash, and offer attractive rental yields. By now, most of our investors have heard the story several times about how the acquisitions came about, and you know that our thought process really began in summer 2021. It's been a very long but carefully planned and well-executed process. In fact, the S IMMO offer is not even completed yet. The second offer period open until November. However, we have clearly achieved control, the majority of the cash has been spent, and now I believe the most important thing to discuss is financing and next steps. First, on financing. To date, we've spent about EUR 3.4 billion to acquire shares of IMMOFINANZ and S IMMO. Of the EUR 3.4 billion, EUR 2.5 billion was funded by drawing under our bridge financing, where EUR 900 million of bridge loans have been prepaid through disposals and capital market activity. Therefore, about EUR 1.6 billion of the bridge loan remain outstanding. In August, we extended the maturities of our bridge loans until the first half of 2025. This gives us plenty of time to execute our disposals and deleveraging plans. What happens next? Well, you can see that CPIPG has made changes to the supervisory and management board of both IMMOFINANZ and S IMMO. Both companies will continue to operate independently, and we must respect the rights of minority shareholders. However, we are an active majority shareholder, and we see the benefit of capturing operational synergies. For instance, you might have already noticed that CPIPG and IMMOFINANZ have agreed to share certain important asset management functions. Local teams have been combined, and people are sitting side by side. I'm proud of the progress we have made on synergy so far, and I know that further progress can be made. On page 10, please look at the chart on the bottom left. This chart shows the EPRA net initial yield on our portfolio, plus the yields of the portfolios we acquired. S IMMO's yields is fairly similar to our own, but that's largely because they have a high proportion of relatively lower yielding assets, primarily a large portfolio of German residential properties, many of which can be a good candidate for disposal. S IMMO also owns some excellent assets in Central and Eastern Europe, which balances things out. IMMOFINANZ has a higher yield because the assets are commercial and are concentrated in the asset classes that CPIPG likes most, namely office and convenience-led retail. On page 11, you can see very steady occupancy at a high level across the group. Retail occupancy has continued to rise, now at 97.9%. Office occupancy shows a very slight declining trend, but a lot of this can be explained by strategic vacancy or one-off situations. On the bottom right-hand side, there is a chart showing our incredible like-for-like rental growth. CPIPG lease maturity profile, our WALT, is very stable at 3.5 years. We have more than 6,000 tenants, and no tenant represents more than 1% of rental income. Now let me turn the floor over to Tomáš Salajka to take you through disposals, tenants, and many other important topics. Tomáš. Thank you, Martin, and hello, everybody. On page 12, a snapshot of our disposals. You might expect the disposal pipeline has been a big focus for my team. Last year in August, we announced a pipeline of EUR 1 billion. We focused on non-core or low-yielding assets and managed to achieve EUR 1 billion target ahead of schedule and with 20% premium to book value. Sales came from office, retail, logistics, and land bank, involving assets from the Czech Republic, Germany, Hungary, and Italy. The diversity of our portfolio is one important factor that will definitely support our future disposals. Martin mentioned earlier that we have a pipeline of more than EUR 2 billion of disposals across the group. It is fair to say that in the current market environment, the focus of our disposals has shifted. We have seen that large portfolio sales are more challenging but not impossible in the current market backdrop. On the other hand, modest size deals up to EUR 100 million continue to see good demand from investors and banks. Real estate is still viewed as a defensive asset which will perform well in an inflationary environment. Income generating properties, particularly with rents linked to inflation, remain excellent for long-term real assets. Considering the state of the world with a higher inflation, less real estate is being constructed, which is also positive for landlords. CPIPG, we have about 30 properties under active discussion for disposal. That may sound like a large number of properties, but the disposals are spread across a number of countries, markets, and sectors. I would also highlight the disposal announcement by IMMOFINANZ yesterday in Prague. I know you will continue to see more disposals from our group in the coming weeks and months, and we will of course keep you actively informed. I know the disposals are very important for our leverage and for our financial policy and credit ratings. Rest assured, I'm in charge of this process, and we are working very hard. On the other hand, we are not in a rush. Because the company does not face any urgent liquidity pressures, we can take our time and select the right assets for disposals. On page 13, I should mention that we invest in our portfolio regularly, both to preserve and enhance the quality of our assets. Regular maintenance CapEx is not large and was fairly unchanged in H1 2021, but the group has invested in refurbishment and very selective development. Again, real estate is all about quality. If you don't invest into the properties, then the quality and value might suffer over the long term. The absolute increase is also driven by the inclusion of IMMOFINANZ. Let me also touch on valuations. CPIPG's policy is to reevaluate the entire portfolio once per year at year-end. For interim reporting, we report changes only if we detect something significant, positive or negative. During H1, we saw higher valuations across a range of assets, including hotels, lender-backed residential offices. In the context of our portfolio, the move was not large and was driven by the dynamics of each asset. However, this once again makes my point that the diversity of our portfolio really matters. On page 14, snapshot of our tenants. CPIPG's top 10 tenants represent only 7.7% of our gross rental income. Our largest tenants are less than 1%, of gross rental income. You can see several grocery store operators in the top ten, names like Ahold, Tesco, and Spar, who are present in many of our shopping centers and retail parks. Plus the drugstore chain dm and affordable shops like KiK, Pepco, and JYSK. I should probably mention Uniper since they appear in the table. Uniper is a tenant in one of IMMOFINANZ's very nice properties in Düsseldorf, and most of you will know that Uniper faces some clear challenges considering the energy crisis. Certainly Uniper is receiving substantial support from Germany and other sources. We are not concerned about Uniper as a tenant now. Plus, above all, the asset is of excellent quality. Now, I will skip forward several pages and spend more time on the individual segments. On page 22, our largest segment is office, which is 48% of the portfolio or about EUR 10 billion in value. CPIPG's offices are primarily located in the capital cities of Berlin, Prague, Vienna, Warsaw, Budapest, and Bucharest. We have platforms in each city with dedicated local management and office leading teams. On page 23, you can see that net rental income in the office segment reached EUR 140 million during the first half. This represents growth of 37%, largely due to the acquisition of IMMOFINANZ, but also because of like-for-like rental growth, which was 8.2% for the segment, with Berlin and Prague posting double-digit like-for-like rental growth. Occupancy was down slightly from the end of 2021, but there are some important factors to consider. Occupancy in Prague and Budapest rose as previously vacated spaces were leased up again. Berlin and Warsaw saw slight declines, mainly due to normal tenant churn and fit-out works before new tenants could move in. Roughly half our tenants are from the IT professional services and financial services sectors. This tells you something about the quality of our office properties located in major European service hubs. Focusing on Berlin, page 24. Berlin represents about 30% of CPIPG's office portfolio and has been a star performer once again with 10.6% like-for-like growth in rents. The story behind this growth has been consistent for several years. Are you aware that despite only representing 4.4% of the German population and 4.3% of national GDP, around 60% of all investments in German startups were invested in Berlin-based companies in 2021. Furthermore, the overall investment volume in German startups reached over EUR 6 billion in the first half of 2022, the second highest first half ever, with more than every second euro invested in Berlin. Berlin keeps growing every year and is now reliably established as one of Europe's most important international business hubs, with a focus on technology, e-commerce, and health. Occupancy in our Berlin portfolio was 91.8%, down 0.7%. About half of the vacancy related to space, which was strategically vacated for refurbishment. On page 25, you will notice that rental income grew from EUR 41 million to EUR 44 million in the first half of 2022 due to a combination of like-for-like growth and the completion of some small developments. On page 27, you can see a photograph of the interior courtyard at AQUA-Höfe in Berlin. Our buildings are beautiful and historic, and have the kind of common and community spaces that IT and creative companies really prefer. Demand for our properties has been very strong, and rents have risen as a result to EUR 9.99 per square meter per month on average across the portfolio. In Kreuzberg and West Berlin, the average rents are even higher, and it is not uncommon for us to sign new rental contracts above EUR 20-EUR 35 per square meter. We continue to see upside in rent, with Savills estimating just last year that the portfolio ERV was closer to EUR 15 per square meter, implying we could see significant growth in average rents as the portfolio is re-rented in the coming years. As a reminder, we keep the average lease term in Berlin short, around three years, in order to capture the rising rents and allow for active asset management. Let's move on page 29 and discuss Warsaw, which is about 18% of the group's office portfolio. Many of our investors know that CPIPG began our Warsaw expansion in 2019 when we executed an acquisition pipeline of individual assets that were chosen based on quality, location, and rental yields, which were very attractive. Further expanded in Warsaw through the acquisition of a stake in Globalworth, and then through our acquisition of IMMOFINANZ. Now we are the undisputed top landlord in the city. You can see on page 29, net rental income in the Warsaw office segment rose from EUR 28 million-EUR 39 million. Occupancy of 93.6% is well above the Warsaw market average of 88.1%. I know that our strong performance is due to the attractive location of our assets, which are primarily in Warsaw's central business district. However, I also believe our team has made a major impact through their close connections to the market and tenants. As some of you might know, construction activity in Warsaw has slowed significantly in recent years. Less construction combined with strong demand is leading everyone on the market to forecast a supply gap in 2023. This should have a positive effect on rents and occupancy. I can briefly discuss Prague on page 32. Many of you know that in Prague, working from home has not taken off. People are back in the office, and companies are devoting more space to amenities and are generally preferring to have more space per employee. Occupancy rose in our Prague office portfolio because of positive leasing activity, primarily at Luxembourg Plaza and Palác Archa. Palác Archa is particularly interesting because the space was vacated by Bohemia Energy, which went bankrupt in October 2021. Archa is a beautiful historic building in central Prague, and we had no problem very quickly re-renting significant amount of the space. In a large portfolio like ours, things can happen with individual tenants. Because we are well diversified and our assets are high quality, one tenant has a minimal impact. Market vacancy in Prague is 8.4%, and yet rents continue to rise. Construction activity is fairly minimal. Touching briefly on Vienna, page 35, these properties reflect our controlling stakes in IMMOFINANZ and S IMMO. In recent years, IMMOFINANZ has developed their myhive office concept. It has been very well received, and properties such as the Twin Towers in Wienerberg are excellent long-term investment. On the other hand, Vienna is a fairly small and mature market. We like the assets and the teams, but we do not see massive opportunities to expand this portfolio in the future. Budapest, page 36. Many of you asked about our Budapest office occupancy when we reported 2021 full year results. I'm glad to report that occupancy increased from 82% to 88%, driven mostly by tenants taking up vacant space at Andrássy 9 and Balance Office Park. You might remember the occupancy dropped in those properties last year due to some large tenant move-outs. However, our team on the ground has done an excellent job and released the space. Now on page 37, I will speak briefly about Globalworth. Along with Aroundtown, CPIPG is the majority shareholder of Globalworth, which primarily owns offices in Poland and Bucharest. Company delivered very nice H1 results from our perspective, including lower admin expenses, which is great. Portfolio is fairly high yielding, 88% green and very well located. On page 38, I would like to discuss retail. The number one point I want to make is we are extremely positive on retail in our region. Many of you know the story that Central and Eastern Europe did not experience the same level of overbuilding in retail that you saw in other markets around the world. CPIPG owns EUR 4.8 billion of retail properties, with about one-third in the Czech Republic. We also own assets across Central and Eastern Europe. In general, our assets tend to fall into two categories: regional dominant shopping centers and retail parks. These assets performed extremely well during COVID times because they are part of the daily lives of people, and they are performing very well today. As you can see on page 39, occupancy is 98% in the retail segment. Retail parks are about 100% occupied. We remain very excited about retail parks, which are a large part of IMMOFINANZ portfolio too. Through the STOP SHOP brand, IMMOFINANZ really built an excellent network of retail parks which fits very well with our own. On page 41, let me touch on the performance of our shopping centers, particularly in relation to the post-COVID recovery. The bottom line is we have seen sales increase relative to 2019 pretty much across the board. This is very positive for our tenants. On the negative side, our tenants are definitely experiencing higher costs due to energy and labor. Fortunately, our rents are still quite affordable. You can see the affordability ratio of 11%. Considering the relative scarcity of retail space in our region, almost zero new construction, high occupancy and rising sales, tenants simply want to be in our properties. Let's have a look at page 46. Outside of the Czech Republic, we mostly own retail parks. There are some exceptions such as Shopping Centre Ogrody in Poland, Maximo in Rome, or the VIVO! Bratislava and VIVO! Cluj-Napoca, which are owned by IMMOFINANZ. Some of our investors have asked about the relatively higher levels of inflation and higher interest rates in Central and Eastern Europe. In general, I imagine there will be some lagging effects on consumers, though recent news around government support and intervention around energy prices should be positive. In general, because CPIPG borrows in euros and most of our leases and properties are in euros, we and our tenants are not seeing a significant impact yet. Another thing I want to mention about Poland. One clear positive effect of the war in Ukraine was the migration of Ukrainian people to Poland. We see it very clearly now. The population of Poland increased from 38 to about 41 million. Many Ukrainians have settled in large cities, and we are seeing Ukrainian women entering the workforce and making a big impact. The cultures are close, and the Polish people have been very supportive. There is no question we will see a positive impact on the consumer side. Of course, the question is to what extent and for how long? I could discuss retail for a lot longer, but I know we need to move on. On page 47, residential. Historically, this portfolio was mostly in the Czech Republic, where our subsidiary, CPI BYTY, is the second largest owner of residential properties in the country with a very long operational history. Now, following the acquisition of S IMMO, CPIPG also has a significant investment in German residential. You may have already seen that S IMMO confirmed that sales of residential assets are under consideration. As we know, there are many investors who love the sector. We are also invested in the U.K., where CPIPG owns a small number of attractive assets in prime central London. Now, let me take a moment and turn the floor over to Mindee, who will talk about hotels and complementary assets. Mindee. Thank you very much, Thomas. Moving on to hotels on page 51. Just a reminder that CPIPG owns and operates a diverse portfolio of hotels valued at EUR 1.1 billion. The group's hotels consist of convention and congress hotels, long-stay residential hotels, plus mountain and island resorts. On page 52, you can see that our properties are primarily located in the Czech Republic, in Prague and in the regions. We also own a gorgeous portfolio of hotels on the island of Hvar in Croatia, plus a few hotels in Budapest, Warsaw, and Italy. The first two months of the year started off slow, with the Omicron variant leading to some restrictions. However, travel and tourism started to pick up again in March and has been recovering strongly since. The chart on page 53 shows hotel revenues reached EUR 49 million for the six months to June 2022, about 15% short of pre-pandemic levels in 2019. CPIPG directly manages our hotels, which allows us to cluster and optimize operations to drive revenues and keep costs low. As a result, we recorded a net hotel income of EUR 8 million for the period. Just to touch quickly on the pace of recovery in the hospitality sector and what this means to our portfolio. Here on page 54, as you can see on the bottom chart, hotel occupancy for our portfolio has gradually risen over the past few months, tracking closer to 2019 levels. I can also report that July and August occupancies were well over 60%. Interestingly, despite concerns about rising inflation and a squeeze on disposable income, the strong booking trends and crowded summer season have had a limited impact on the recovery. In fact, we have been able to mitigate the inflationary pressures on costs and recoup shortfalls in occupancy by increasing our average daily rates or ADR. In the first half of 2022, ADR growth for the portfolio was almost 3% above 2019 levels. We saw this trend continuing over the summer months and expect to capture this upside for the remainder of the year through active revenue management. Overall, we witnessed the recovery in the hospitality sector post-COVID, and are confident that this trend will continue for the rest of the year. Leisure travel was strong in the summer months, and we are observing increasing demand for meetings, conferences, and events business as we return back to office. Booking lead times are still shorter than pre-pandemic levels. However, with a highly capable sales and operational team, we are well-positioned to capture the opportunities. Lastly, while we note headwinds and challenges to our operations from increased utility costs and labor shortages, I believe our owner operator model benefits us tremendously by giving us the flexibility to control and manage these risks. Now, let me touch on complementary assets on page 56. This segment is mostly about land bank, which is mostly in Prague, but also includes our industrial and agricultural assets. We treat land bank strategically, as you can see on page 57. The land bank we have in Prague includes the incredible Bubny site, which is more than 200,000 square meters in the center of Prague. This we treat as a development opportunity for the very long term. We are also progressing on the regeneration and brownfield redevelopment of Nová Zbrojovka in Brno, which is also a long-term project for us. CPIPG also owns several land plots in Berlin, as described on page 58. These land banks are mostly related to strategic plots that can be developed to enhance our existing assets. While the development activity in Berlin is small compared to the size of our portfolio, we see this as an important opportunity for the future and will proceed at the right moment. On page 59, we describe our land bank in Italy, predominantly in Rome, most of which were acquired in 2021. These acquisitions were conducted at exceptional discounts to fair value, offering significant upside potential. Our general plan is that our Italian land bank will be developed over time into green, modern, and high quality residential and commercial complexes, a product that has clearly been lacking in Rome. Our highly experienced on the ground team are working with partners and experts on obtaining development permits as the next step in the near term. This is a long-term strategy, and we will evaluate strategically the best option at that point, depending on the environment, resources, and financial policy commitments of the group. On that note, let me hand over to David to discuss capital structure and financial policy. David. Thank you, Mindee. Let's turn to page 65, the finance review. You can see here a photograph of my colleague, Pavel Měchura, who is sitting here with me in the room. Can I just say that the finance team had an enormous job to do in terms of consolidating IMMOFINANZ and S IMMO for the first half results. We are totally committed to providing our investors with great data, and Pavel is really leading the charge on that. We know how important it is. On page 66, we have spoken about financial policy, about the impact of the IMMOFINANZ and S IMMO acquisition. We have talked about the fact that net LTV at 44.8% is higher than we would prefer, and it should peak in Q3. As described earlier, in 2021 and early 2022, CPIPG had a very clear plan for how the IMMOFINANZ and S IMMO acquisitions would be funded. That plan was changed by the war, by higher rates, by broken bond markets, and by raging inflation. As Tomáš described, we needed to adjust our disposal plans to fit the times. Now I feel we are really in good shape to execute the disposal plan and restore our leverage to target levels. The only question is how quickly this can be done. If we rely only on disposals, we are saying one to two years. However, we have already demonstrated our ability to raise equity in multiple forms from multiple sources. We are keeping all options open. Therefore, in conclusion, and once again, there is no change to our financial policy goals or targets. On page 68, a quick snapshot of CPIPG's debt maturity profile as of June 30. You can see clearly that our group, considering the scale of our rental income and liquidity resources, should have no problem addressing bond and loan maturities in the coming years. In August, we extended the bridge financings that were put in place for the IMMOFINANZ and S IMMO acquisitions until the first half of 2025. We have no short-term pressure, which is great because it gives Tomáš and his team time to execute the disposals in the most strategic way and for the best prices. On page 69, I mentioned earlier that the level of unencumbered assets has decreased, mostly because IMMOFINANZ and S IMMO had a higher proportion of secured debt. However, that's not the full story. CPIPG continues to see much better pricing in the secured bank market versus the corporate bond market. In fact, the margins are 200-300 basis points tighter in some cases. We recently completed a secured loan in the Czech Republic and are engaged in discussions with banks across our portfolio. As a result, I expect we will sign more secured loans this year. In general, however, we want to focus on senior unsecured. We prefer the simplicity, the efficiency, the transparency for our bond investors. High level of unencumbered assets also support our credit ratings. On the other hand, the group must prioritize liquidity and be sensible about pricing. Bottom line, we might return to the unsecured bond market when the time is right, but definitely not anytime soon, and not at this pricing. We prefer the bank market right now. Now, considering the time, let me give the floor to Petra Hajná to talk about ESG. Petra. Thank you, David. Starting on page 89, you can see our environmental targets. Recently, we announced our commitment to reduce the greenhouse gas intensity of our property portfolio by 32.4% by year 2030 from the 2019 baseline. This is up from the previous target of 20% set in 2019 and 30% set in 2021. We are also keeping our commitment to purchase 100% electricity from renewable sources by 2024. I am very pleased to inform you that these targets were recently validated by the Science Based Targets initiative. This means that our targets are verified to be aligned with the Paris Agreement climate goals, well below two-degree scenario. We continue to be a leader in sustainability efforts, being one of the first companies in the region to have its targets validated by the SBTi. Moreover, we hope and expect that our CDP score will further improve this year. We also updated our sustainable finance framework, combining both sustainability-linked and green bond frameworks, and issued our first sustainability-linked bond in January 2022. Continuing on page 90, in 2022, we have successfully implemented and obtained certification for the energy management system according to ISO 50001 in the Czech Republic. This system helped us to identify and manage the largest consumers of energy across the portfolio in terms of both asset class segments and energy source types. We strive to be visible at the market and receive numerous prestigious awards and recognition, such as Investor of the Year from Central and Eastern European Real Estate Quality Awards. We also focus on various social initiatives that are important for us, such as support for Ukraine, community involvement, or well-being of our employees. As you can see on page 91, we disclose the EU taxonomy eligible activities in terms of the group's turnover, CapEx and OpEx. In terms of H1 2022, 93% of turnover, 89% of CapEx, and 83% of OpEx is EU taxonomy eligible. Currently, we work on the alignment part, which will be published in the full year management report. This covers the ESG section, and I believe now we are ready to go to the Q&A session of the report. David, do you want to take over from here? Thank you very much, Petra. I will take over from here. You know, I started the call by saying that I hope we give you so much transparency and disclosure that you don't have any questions, but the reality is please do take this opportunity to pop some questions into the webcast tool. You have all of us sitting here around the table. Now, on the other hand, most of you also know that we're very easy to call and speak to if you have questions or you want to discuss anything offline. Now, we do have a few questions that have been put into the webcast tool. I will ask Moritz to read the first question, please. Sure. Thank you, David. The first question is, how do you achieve such a high like-for-like rental growth? What were the key drivers? Martin, do you want to take over? Yep, happy to answer. We mentioned really that we are very proud of our 7.7% like-for-like growth. We also mentioned that we are well diversified. In fact, different segments across the portfolio contributed to the positive like-for-like rental growth. 6.4% can be attributed to positive development in in-place rents, whereas 1.3% came from positive like-for-like occupancy development. Berlin continues to be the jewel in our portfolio with double-digit like-for-like rental growth of 10.6%. This time, our Czech office portfolio even outperforms Berlin, which can be attributed to the gain in occupancy and positive rent reversion. Our residential portfolio in the Czech Republic also experienced very nice further rental growth. It's also important to mention, and I think we mentioned it already, indexation has yet to be seen in next year to increase our rental income. Martin. The next question is, even if attractive opportunities of acquisitions appear, will the company prioritize the leveraging plans until the target? David? Sure. Thank you for the question. When it comes to acquisitions, I can say the following. You know, we absolutely climbed a mountain in the last year or so in terms of the scale of what we've achieved as a company on the acquisition side. I think it's fair to say, looking around the table, that we are not engaging in lots of new things right now. The focus is on really completing the things that we have already started. That being said, there might be a few things that we have been working on for a long time that could come about. I would say nothing that moves the needle in terms of scale or size. Really, at the end of the day, the focus of the entire organization, you heard it from Martin Němeček, priority number one is really to focus on that deleveraging. Really, we're not engaging in new discussions. We will finish the things that we have started, and really focusing on the deleveraging, and our financial targets. Thank you, David. The next question is about, are there any updates about litigation? Sure. Thanks. I'm not surprised to get that question given our recent PR. Frankly, on litigation, I can't say really anything other than what was said as written in our PR about at least the New York case. You know, when it comes to the New York case, the one thing I will say is that for those of you listening who were investing with us in April 2019, we told you on day one that the New York case had no merit. I believe we were absolutely proven right. On the Luxembourg case, Martin, do you want to add anything? In Luxembourg, there's no real development. Kingstown as plaintiff has been passive, absolutely, and we remain very confident about the outcome. We have said that there is no merit in the case and we believe in it now. Okay. I think unless there's any further questions, I don't see any more. I'll give it another second to see if the webcast shows anything. I think no more questions, and therefore we can thank you for joining for the webcast. Thank you for your interest in CPIPG. Of course, you know how to get in contact with us if you have any further questions. Thank you all, and have a good day.