Good afternoon, ladies and gentlemen, and welcome to Lar España's nine months 2023 business update presentation. I would now like to turn the conference over to Mr. Hernán San Pedro, Lar España's Investor Relations and Corporate Communication Director. Please, go ahead, Hernán. Good afternoon, everyone, and thank you for joining us today. This is Hernán San Pedro. Welcome to our Q3 2023 business update presentation. As always, the press releases has been sent, and the presentation is also available in our website and at the CNMV official site. Presenting for us today is Jon Armentia, Corporate Director and CFO of Lar España. After the presentation, we will hold a Q&A session. As Jon will explain later, during these first nine months of 2023, Lar España has continued growing and presenting a strong operating results. All of this while maintaining a sound balance and an optimal finance profile. Now, let me pass the floor to Jon Armentia. Please, Jon. Thank you, Hernán, and good afternoon, everybody. First of all, I want to thank all of you for being here for our nine months business update presentation. As Hernán mentioned before, we are taking further steps in our strategic plan, a strategy that has led to the growth we are experiencing in the period. Our portfolio, which is carefully made up of 12 high-quality assets and excellently managed, has allowed us to perform remarkably during these months. We have a perfect mix of retailers and activities that allows for an appropriate effort rate of 9.9%, including expenses, while our revenues and profits keep growing. These good results lead us to expect that in accordance with our dividend policy, the dividend charged to our 2023 results will once again be one of the highest in our history. I would also like to highlight the leasing activity that Lar España has had in the period. During these nine months, more than 33,000 square meters have been rotated and 134 operations have been signed. A total amount of EUR 9.2 million in rents have been negotiated in the period, with a rent uplift on top of an indexation of 7.5%. It's also noteworthy, as can be seen in slide 8, the good health of the sector. If we analyze our retailer sales and the visits to our shopping centers and retail parks, we can see the pattern of growth in all quarters with respect to the previous year. Thanks to the quality of our portfolio and excellent mix of retailers and the outstanding external management, the good health of the sector is reflected in our results. As can be seen in this slide, the growth trend in our net profit and NTA per share is also visible over the years. The good performance of our sales, as I was saying before, is undoubtedly influenced by the right mix of retailers and activities. In slide 10, you can see how most of the categories have performed very well during the period. In summary, in this period, we have achieved very solid operating results. We have had good results in terms of both gross rental income, EUR 72.2 million, and net operating income, EUR 64.5 million, both figures increasing significantly versus that previous year's figures. As a result, EBITDA stands at EUR 50 million, growing 14% than the one registered in the same period last year. Also noteworthy is the improvement in EPRA earnings figures, both at total level and at ordinary level, the latter figure key for the dividend of the company. At the end of September, our assets present an EPRA top-up net initial yield of 6.6% and an occupancy rate of 96%. The collection figures are also doing very well, reaching to levels of 98%. In slide 12, we can see our financial profile. I would also like to stress that this good set of results has been achieved while maintaining a very sound financial profile. After the bond buybacks carried out during the year, the company's financial debt is at excellent level. I would like to point out that it is an optimal combination of debt, cost, and maturity. Our net loan-to-value decreased in this quarter to 31.2%, with an average cost of debt of 1.78%. Furthermore, I would like to remark that all our debt is at a fixed rate and secure and green, with an average, the maturity of 4 years. Since our origins at Lar España, we have carried out a successful asset rotation policy with the aim of creating the best portfolio of shopping centers and retail parks in Spain. As can be seen in slide 13, our asset rotation policy has been very successful over the years, with an average exit yield of 5.5% and an average revaluation over acquisition price of 73%. As part of our asset rotation plan, I would like to highlight the transaction we carried out in July, in which we divested the Rivas Futura and Vista Alegre retail parks. These assets have been sold for a price of more than EUR 129 million, which represents a revaluation compared to the acquisition price of 24%. These divestments, with a sale price above the book value, are a good example of the veracity of the values recorded in the company's balance sheet. As for the dividend, this year, one of the highest ordinary dividend in our history was approved at the annual general meeting. EUR 50 million, EUR 0.6 per share, which represents a dividend yield of 14.2%. Our commitment to shareholder return is demonstrated by the fact that since our founding, the company has distributed more than EUR 325 million in dividends. As said before, the growth that we have been experiencing during the year will be reflected in the 2023 dividend, according to our policy, 100% ordinary year earnings, plus 50% of the net divestment gains. I would also like to highlight the good performance of the stock during the year, well above the benchmark indexes. In the first nine months of the year, the Lar España share appreciated by 31.1%. But if we take into account the appreciation at yesterday's close, this percentage increases to 35.1%. All this, taking into account the volatile and uncertain macro environment in which we are immersed, which is affecting most sectors and financial markets. In the following slide, we can see in the P&L account, how the results of Lar España have been very positive in this period. Starting with a line of revenues that reached EUR 72.2 million, and that increased by 12.6%, or 14.5%, like for like, compared to 2022. Additionally, at financial level, it's very important to highlight the extraordinary positive impact registered in our PNL, thanks to the bond buybacks carried out during the year, and also the significant improvement of our financial results. The net profit, without taking into account the change in the value of the assets, reached EUR 62.5 million, 2.3 times higher than the same figure of last year. For Lar España, ESG commitment is a cornerstone of our strategy. These are some of the last milestones and achievements of the company. One of the most relevant is the climate-related risk analysis carried out on the company's asset portfolio, in accordance with the international TCFD standard. In addition, the company has become a supporter of this international initiative. We have also participated this year in the Climate Ambition Accelerator program of the UN Global Compact. Finally, I would like to highlight that this year in GRESB, we have had the highest management score within Europe. Most important of all, these are not just words. As can be seen in slide 19, our scores are improving year on year, thanks to the implementation of pollution reduction measures and the commitment of everyone in this company. During the first nine months of the year, there is a clear reduction in water, electricity, and fuel consumption compared to 2022. Additionally, we have been able to reduce significantly GHG emissions. Our strategies are also bearing fruit in the social and governance fields. I would like to point out, in the governance section, that following the best corporate governance practices, yesterday was launched the tender for the selection of the external auditor of the company. I would also like to highlight, at social level, the creation of more than 16,000 indirect jobs in our retail parks and shopping centers, and that during 2023, we have obtained 4 additional universal accessibility certifications in our assets, reaching to the 70% of our portfolio certified. Now, let me close this presentation by highlighting, once again, the solid results obtained by Lar España in the first nine months of 2023, thanks to our active asset management strategy. Our earnings have grown significantly at both top and bottom line levels. Our EBITDA stands now at EUR 10.91 per share. In addition, we maintain an optimal financial profile, with a moderate net loan-to-value level of 31.2%. Finally, we have paid in 2023 one of the highest ordinary dividend in our history. Taking into account the solid results of the year, we expect to increase this figure in 2024. Thank you for your attention, and now we can open the Q&A session. Ladies and gentlemen, we will now start the Q&A session. If you want to ask a question, please use the webcast functionality, "Ask a question." I now hand over the call to Hernán San Pedro. Okay, thank you very much, Jon. We have a first question from sell-side people. Please, Jon, can you give us some color about the results for the complete year, for full year 2023? Thank you for the question. Well, taking into account that for this last quarter, some important item that we have on the table is the evaluation process. I think that it's difficult not to give a specific number, but what I can say is that, reviewing the operating performance during the first nine months of the year, also the financial results that we have, what we expect for the fourth quarter is to continue this positive trend in both of sides, you know, at operating and also at financial level. Thank you, Jon. The second question is from a retail investor. What is the origin of the positive EUR 20.5 million as impairment and result of disposals of financial instruments? Okay, yes. This positive impact comes mainly of the bond buyback process that we carried out during the year. For example, in Q1, what we did is to acquire EUR 110 million of our bonds, only paying EUR 90 million in cash. So taking into account this, the effect in the P&L is to register this extraordinary EUR 20 million positive impact. Okay. Thank you, Jon. Another questions from sell-side people about the asset rotation policy. Can you give us some color about the present moment of the asset rotation policy of your strategic plan? Okay. Yes. What we announced to the market months ago is that for us, the asset rotation was key, you know, for the company. And when we said that, for us, as first step, was important first to divest. That is something that we have done, as you have seen, you know, during the third quarter, even selling, you know, with a premium over the book value. And now we are focusing in the second step that will be taking into account the cash position of the company to invest in new assets. We are working on it, we expect, even, you know, if it's possible to close something even by the end of the year. But now we are more focused on new investments, taking into account the high cash position that the company has today. Thank you, Jon. Another question from buy-side people, about the incentives. Can you give us the present moment of the incentives you have to pay? Yes. Well, what we have seen this year is a decrease, for sure in incentives in our P&L and also at cash flow level. And last year, during the first nine months, we have an amount around EUR 6, and now we are in levels of EUR 4. And in relation to this, as you know, in our P&L, we register now an additional impact, that does not mean a cash effect. And also this year, we have a difference, a positive difference. Last year, the impact in the P&L was around EUR 5 million, and this year, during the first nine months of the year, has been around EUR 2 million. Thank you, Jon. Another one from buy-side. Given the amount of cash you have on balance sheet, is buying back bonds still a possibility, as you said, at the time of the first half conference call? Well, it's true that our bonds continue trading, you know, with a discount in comparison with the nominal value. But as of today, we are more focused on investment, on new investments in real estate assets, that I said before, no? And for sure, always being able to invest in assets with... Very important for us, no? With a higher yield than the one that we have in our current portfolio, and also with a higher RNO. For us, those main drivers are key, you know, in order to proceed with new investments. Thank you, Jon. About dividend, the sell-side people ask about what are we thinking about dividends for the present year? Well, as you know, our dividend policy is to distribute 100% of the ordinary earnings, plus 50% of the potential and divestment gains that we could have. Taking into account that, first, at ordinary level, as of September, our ordinary earnings is EUR 41 million, that we expect during the fourth quarter, as I said before, to continue this positive trend, in fact, to increase that ordinary earnings level. And that additionally, this year, during the third quarter, we divest two retail parks. What we expect for this year is to increase the dividend that we'll be distributing higher than the one that we paid in April, that was EUR 50 million. If I had to give a potential figure, I think that we will be speaking something close to EUR 60 million, more or less. Thank you, Jon. Another one from buy side. It's a double question. The first one is: Do you see opportunity of purchase new assets and invest in data centers sector? And the second one is: What kind of assets are you looking for in order to buy? Okay. Well, I will answer the first one. Data centers, we know that is there, and that there are many several companies, no, analyzing and working on it. But in our case, we are only focused, no, as in retail, in retail. So it's not an option for the company, at least as of today. And looking at new investments, what we are looking for are following our investment policy, investment strategy, dominant shopping centers. Dominant shopping centers in line with the asset that we have in our portfolio, no? With a minimum catchment area, with a minimum size in terms of GLA, with a minimum number of inhabitants in the catchment area, and with room for improvement, no, in terms of management. Because, as you know, is what we have demonstrated, no? We have, fortunately, the best manager that we can have, that is Grupo Lar. And what we have demonstrated in the past is that we are able now to improve significantly the management and the net operating income of the asset that we acquire, and we are focusing in acquiring, no, this kind of dominant shopping centers. And as I said before, no, with a higher yield and a higher IRR than the one that we have today. We are not going to invest only for investing. Okay, Jon, one more for sell-side people. Good afternoon, thank you for the presentation. Do you have a loan-to-value target, maximum loan-to-value? Well, yes. As of today, as I said before, we are in levels of 31.2% net loan-to-value. But also, we have to take into account the high cash position, no, that the company has nowadays. That is more a temporary net LTV, because once that we invest in new assets, for sure we'll be increasing this net LTV. Looking at the future, we will feel comfortable in something between 35% and 40%, no higher than that. Thank you, Jon. Another one from buy side. Is share buyback part of the options you could consider? At this moment, it's not an option that we have on the table. At the end of the day, we are not a very big company, so the liquidity of the company is not so high. Additional to this, to invest in share buybacks would has an effect also on the net LTV, increasing the net LTV of the company. And no, at this moment, it's not an option that we have on the table. Thank you, Jon. Please, World TV, can you remember that in this, how can they have make questions? As a reminder, if you want to ask a question, please use the webcast functionality, Ask a Question. I now hand over the call to Hernán San Pedro. Okay, if there are no more questions, please... Okay, no more question. Thank you very much for having the conference call. Remember that all the teams of Lar España and Grupo Lar, we are at your complete disposal for further clarification and all the questions you could have. Thank you very much. Good afternoon, and happy weekend.