Hello everybody, and welcome to the Metrovacesa 1S 2022 results presentation. My name is Sam, and I'll be coordinating your call today. If you'd like to ask a question during the presentation, you may do so by pressing star followed by one on your telephone keypad. I will now hand you over to your host, Juan Carlos, to begin. Juan, go ahead. Hello, good morning, and welcome to the Metrovacesa results presentation for the first semester of 2022. My name is Juan Carlos Calvo. I'm Director of Strategy and Investor Relations. Just to say that the slides of this presentation have been released to the market earlier this morning. They are available also through the CNMV website as well as the company website, and we have also sent it by email to our regular distribution list for analysts and investors. The main speakers today will be our Chief Executive Officer, Jorge Pérez de Leza, and our Chief Financial Officer, Borja Tejada. At the end of the presentation, we will take questions from the audio conference call, as well as those sent online through the webcast platform. I now hand over to our CEO, Jorge. Yes, thank you, Juan Carlos, and good morning, everyone, to our half-year results presentation. Let me go directly to page number five with the highlights for these first six months of a year that I would summarize in a good performance for Metrovacesa in a changing context, in an uncertain environment. We have had strong results for the first half of the year, with total revenues close to EUR 250 million, representing more than 30% growth year-on-year. EBITDA, which is EUR 23.2 million, again with a significant growth over the year, and a net profit of EUR 12 million. Our operating cash flow, which as you know, is our main operating target for the year, is now at EUR 76 million with a 35% growth year-on-year. As you know, we paid a dividend of EUR 91 million in May of 2022. I would say that the company is successfully managing in a changing or an uncertain context. We've seen construction costs with a high degree of volatility in the first half of the year, however, now stabilizing with no major impact on the timing or margins of our projects, as we will see later, in the coming years. We've also seen housing demand starting very strong at the beginning of the year and somehow slowing down, again with this changing environment of inflation, increasing interest rates, etc. We've been managing prices unit by unit, optimizing revenues and margins so that our guidance in terms of margins remains unchanged, as we will see later. Finally, in the commercial segment, I would say that our deal flow that we've been working in the last quarters intensively is now starting to materialize. Now, just a few slides on the market context, and I will hand it to Juan Carlos to take over. A couple of slides on the market context, starting with construction costs. Obviously as we said earlier, the first semester has been relatively volatile with a very steep increase in raw materials in the first quarter of the year. This is starting to stabilize and come off slightly in the last few months. We can see that, and we have taken an example of the corrugated steel prices in Spain, the chart on the right-hand side of this slide. You can see the steep increase in the first few months of the year, and it has actually corrected in the last couple of months and is back to where it was at the beginning of the year. Obviously, compared to a year ago, it's still higher, but the good news is that this important raw material, as well as others that we could take as examples, have been slowing down and coming off from peaks in the last few months. That means that the pressure on construction costs is starting to ease in recently, and therefore we expect a better context for the second half of the year to initiate constructions. Also we can see that evidence in the recent bidding and tendering of the construction contracts, where we see much less volatility, much less dispersion between different construction companies. One consequence of this scenario is that there's been a decrease in the number of construction starts in the sector. The most recent construction starts are in the chart. You can see the -28% year-on-year. The supply is reacting to this and eventually it will come back, we think. From the Metrovacesa point of view, again, we didn't have any material disruptions in the timing or the evolution of the construction works. Even though we postponed some of the construction starts at the beginning of the year, we do expect to catch up in the second semester. Moving to the next page nine, regarding the market. If we look at the statistics on the market, demand, prices, etc, they look actually quite robust. In fact, the volume of transactions in the first five months of the year is up 24% versus the year before. Prices increasing with the recent data from INE or the ministry showing around 6%-7% increases. We have some data points from other sources slightly lower than that in the following months. Still, we believe that the HPA will remain positive in the full year. However, the reality is that we have experienced some weakening in demand in the second quarter. I mean, the first quarter was stronger than the second quarter. There's a number of factors affecting or eventually implying some additional risks, like the increase in inflation, mortgage rates and the macro slowdown. It's still probably too soon to say what is going to be the full impact of these. But if the demand remains more or less as it was in the second quarter, it should be a healthy demand rate. So from our point of view, from the Metrovacesa point of view, we are not changing our plans or expectations, which is gross margins around low 20s% and a volume of new starts in the volume of 2-2.5 thousand annually. Back to Jorge on the operational data. Thank you, Juan Carlos. I'm now moving on to page number 10. We have the net presales of 980 units in the first half of the year, which is slightly higher than what we had in the first half of last year. What we have seen is a slight decrease in the number of presales in the second quarter versus the first quarter. However, the monthly absorption ratios, which stand at 5.8% for the first half on sold units, or as we measure it, 2.8% on the total project units. In both cases, they are above the historical average that we have. Just for clarification purposes, in the 5.8%, if we took the rolling 12 months, that would be 6.9%. The increase in selling prices that we are experiencing is what's helping us in maintaining the margins that we guided. We had the sales that we had an average selling price of EUR 311,000 per unit, which is up 8% year-on-year. As I mentioned, we're implementing price rises between 4% or 10% in selected projects. In the last 12 months we've presold about 2,100 units, you know, which support our future deliveries of between 2,000-2,500 units. Moving on to deliveries, we are, you know, very much on track to meet our full year targets of between 1,600 and 2,000 units. We've delivered so far 952 units, which is 60% of that target that we mentioned. With an ASP of EUR 252,000, that will increase towards the end of the year as this is just a reflection on the quarterly units delivered. The gross margin as Juan Carlos mentioned, and I also mentioned at the beginning, has been 22% in the quarter and 21% on the full semester, so in line with the guidance. I have to say as well that, you know, in order to give further visibility on the deliveries for the full year, almost 100% of the construction works were completed as of June. I would say, you know, we're pending two, just two, CFOs or final certificate for a small number of units. I would say that's 100, probably 100% in a couple of weeks. The sales coverage is 93% of the target. Again, we are fully confident that we will meet the target that we set at the beginning of the year. In terms of further operational activity, our presales backlog it continues to be strong. Almost 3,100 units with an average selling price close to EUR 300,000. It means an increase of 7% versus December. 72% is contracts and 28% is reservations, so quite a strong or a healthy mix. As I mentioned, 92% coverage for 2022 and more than 70% already for 2023 deliveries. Quite confident on that as well. The units under construction are now 3,360 units. I think it's worth mentioning here what Juan Carlos mentioned is, given the uncertain environment in regards to construction at the beginning of the year, we decided to postpone or defer a few months the start of some construction works until that uncertainty basically calm down. What we found, you know, on top of the changing environment in pricing, what we found at the beginning of the year is that some of the construction companies were unable to give us a fixed price given the uncertain environment. We took the decision not to go with variable contracts and to wait until the market is stabilized. What we have seen in the last couple of months is that the construction companies that we normally work with, the large ones, are now back again to signing the traditional fixed price contract in development. Therefore, we have more than 500 units that are approved and tendered to start in the coming weeks. We are, as Juan Carlos mentioned, catching up so that the 2024 deliveries are not affected by these deferral of construction starts. In terms of units in commercialization, we have close to 6,000 units. A big increase in this first half, with 114 projects in commercialization and 52% already presold. Again, just to come back to the ratios I mentioned before, we normally think about selling 3% of the total units of the projects in a month, which means that you would sell the whole project in about three years. In the first half of the year, we are at 2.8%. If we take the rolling 12 months, we would be above the 3%. That's something like 3.2 or 3.1. Moving on to land activity, we have, and I'm here touching on land sales as well as land transformation. In terms of land sales, we've signed agreements amounting EUR 24.5 million. This is a combination of EUR 5.8 million, which appears in the P&L. Meaning signed notarial deeds and another EUR 18.7 million in binding contracts. Again, this is probably about a 1/3 of the target for the year. Remember that the target for the year, EUR 75 million, is not EUR 75 million in the P&L, but rather a combination of signed notarial deeds as well as private sales agreements. In terms of land transformation, the highlights in this area are Palmas Altas, but we've talked about it already in the last couple of quarters. We are advancing very successfully on the urbanization works as well as on the north and south access. We've already received the building permits to start about 350 units, and we will be starting those in parallel with the urbanization in the next few weeks. In Los Cerros, Madrid, which is one of the big areas in the southeast of Madrid, that will, you know, provide very necessary units or residential units for the Madrid demand, which is clearly unmet and where we have 1,600 units. It's on the final stages to become fully permitted, and now the urbanization plan has been fully approved. The team managing the area is working on the tendering for the urbanization works to start in the second half of the year. You know, a good area with 1,600 units ready to be launched very soon. Mesena, which is another, I would say, high segment project that we have in the center of Madrid with 160 units, is now fully permitted, with the final approval of a detailed study and ready to apply for licenses. We've already launched the first phase of that. Additional to that, in Valencia, we've had a project that was in Agustín Lara, in the center of the city with 133 units, which is now fully permitted and ready to launch, as well as another one in Oria. Commercial segment, as I said at the beginning, moving to page 14, we see now that deal flow that we've been working on is materializing and with a good progress in Madrid. In Puerto de Somport, which is the building that is part of the JV with Tishman Speyer. We've leased 5,200 square meters to a multinational company on a long lease term. We are basically working on additional prospects that look quite good in order to you know to keep filling the building. That would imply also that you know maybe in the coming months we launch the phase two of the project as well. Monteburgos, which is the project where we're doing a turnkey building for an insurance company in Las Tablas as well. Construction is just to be delivered in 2022. Construction continues to be on track and unaffected by the uncertain or moving environment. The delivery is planned for the end of the year, contributing to the cash flow generation of Metrovacesa. Oria, which is the name that we have given to the commercial name that we are giving Oria Innovation Campus to our Clesa project in the north center north of Madrid. We have signed the first deal with Vita, as you know, one of the leading operators in Europe of student residences and co-living solutions, where we will be developing the first student residence in the area. We're in a joint venture and a joint development effort, with an exit planned already where Vita will be the 100% owner of the building upon completion. This is a roughly 20,000 square meter building with 588 studio apartments, again, in the location there. This is to say that this deal is equivalent to a land sale of EUR 26 million plus a development margin. I think we've always mentioned that in terms of our commercial assets, you know, we follow a strategy which is either a land sale, either a forward purchase agreement, or in some cases JVs. I would say this is an example where land sale would have brought to us a lower margin, and therefore we've pursued a strategy which at the end of the day is, it delays a little bit the cashing of this EUR 26 million in land for this 20,000 square meter. However, it will bring additional margin and therefore better results, better return for our shareholders. Finally, we signed one binding agreement in Palma de Mallorca for retail use with a supermarket. It's now private agreement and will probably materialize in the public deed in the next year, in 2023. Then we have ongoing negotiations and probably another EUR 5 million coming imminently to be signed in the next few days. Just expanding a little bit more on Oria Innovation Campus. You know, this is the largest commercial development project that we have with a total estimated investment of EUR 330 million, which is located in the former Clesa factory, attractive location next to the two major hospitals in Madrid and with great connectivity to public transportation. This will become a great hub for biotech, pharma, life sciences with, you know, as you know, Cadence investing on the factory owned by the municipality right now. Ourselves developing four buildings, of which part will be two, a combination of two office buildings. One of them a tower with 40,000 square meters, a second office building with 6,000 square meters, and then a student residence which I just talked about, as well as a hospitality building with 22,000 square meters. Following the deal signed with Vita and the strategy that we put in place to become this life sciences hub at the north of Madrid, we will continue, you know, negotiating alternatives for the remaining three buildings with the aim to start the construction at the beginning of next year. We are already working on the different reports, environmental, transportation, etc, that will allow us to apply for building permits in the next few weeks. Moving on to page 16 and just some highlights on ESG matters and sustainability. We are making progress on our ambitious ESG commitments set by the new plan that we approved recently. We need to say that, you know, we've launched 100% of the projects that we have launched, that we will launch, are expected to obtain some sustainability certification, either GBC, Green Building Council, or in some cases BREEAM as well. 41% of our developments are AA efficient energy rating. We've become a member of the Clúster de la Edificación, which is a nonprofit in which we form part, in order to research and develop improvements in residential buildings. In the ESG part, our focus on activity in our land transformation is basically, you know, to. We've created a team to work on being more participative with the communities where we are transforming the cities and to make sure that we create functional, livable, and wanted spaces in the lands that we are transforming. We've already are working on different participatory diagnostic studies in areas like Vinival in Alboraya, Benimaclet, and Perillo-Severa in A Coruña. Giving a lot of importance to this social part, given that we are one of the leaders in transforming land which is not fully permitted into livable spaces. Finally, in the governance part, all our GA, ESG KPIs for 2021 have been successfully validated by external audit and will now continue to do so in the non-financial information. We are also continuing with our innovation effort in matters related to the blockchain technology that we believe will be key in the future for more transparency and for more access to different clients in the future. We're now working with the Community of Madrid on a blockchain cluster to continue to push that technology into the real estate sector. Moving on to the financial overview, I hand it over to our CFO, Borja Tejada. Thank you, Jorge, and good morning, everyone. In terms of profit and loss account, just some key figures. 32% rise in total revenues compared with the previous year, from EUR 187 million- EUR 247 million round figures. That means an average sales price of EUR 253,000 per unit delivered for the year. We are forecasting an increase in this figure. In terms of margin, gross margin, 21% of development margin, in line with our guidance of low 20s. More than EUR 23 million of EBITDA and net profit of EUR 12 million. In our slide 19, concerning our cash flow, well on track according to our budget. More than EUR 76 million of gross operating cash flow, meaning 35% increase year on year. This figure is the base that we use for dividend calculation. Once deducted cash flow related to work in progress and dividend paid, we get change in our net debt of EUR 7.3 million. If we focus now on slide 20 on our net debt, we can say that we still keep a very solid financial position with 6.6% loan to value. In terms of treasury, close to EUR 270 million, out of which EUR 190 million is unrestricted cash treasury, sorry, despite EUR 91 million of dividends distributed in May. Focusing on maturities and the impact of interest rates increase, we can say that close to 90% of our debt has fixed interest rate or it's already hedged. Additionally, no significant maturities before 2026. On top of this information, let me inform you that we have already committed more than EUR 300 million of financing for construction begins, expecting during the second half of the year. Finally, talking about our asset appraisal for the semester, 2.7% like-for-like increase, with positive increase of more than 3% in our residential portfolio and close to 1% in commercial uses. EUR 2.57 billion of GAV. If we break it down according to the status, then 37% of our GAV represent our active residential projects, quite close to our current market cap. 21% of residential fully permitted non-active projects to be launched in the next years. 17% of residential non-fully permitted, that it will be launched once it's transformed fully permitted, and 25% of commercial uses. Now I will hand over to Jorge Pérez de Leza with closing remarks. Thank you, Borja. Moving to page 23, just a quick note to summarize the partial public bid that was by FCC, which was finally completed in the month of June with a bid acceptance of 11.47%, which in addition to the stake held by FCC Group prior to the public takeover bid, we have to say now that FCC has a stake of 17.23% in Metrovacesa. We've seen, you know, the post-bid trading volume that has been higher than during 2021, and we will continue to monitor liquidity in order to, you know, maintain it as high as possible. Moving on to closing remarks. Again, we want to confirm our full year target, which, you know, at the end, it sums up of the operating cash flow of more than EUR 150 million, which now stands at 51% progress. This is the main and overall target as a combination of the housing deliveries, the land sales, the cash coming from the land sales agreements, as well as the commercial delivery of the Monteburgos project. We reiterate that our strategy remains unchanged and we continue enforcing, you know, our housing development, land management and commercial segment with the main focus on cash flow generation, as well as the attractive dividend distribution that we've had until today. With that, I would close the presentation and hand it back to Juan Carlos. Thank you, Jorge. We are now ready to take questions from the audience. We will start with questions from the audio conference call and then questions from the webcast. Operator, please. Thank you. If you'd like to ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure your line is unmuted locally. Our first question comes from Florent Laroche-Joubert of Oddo BHF. Florent, your line is now open. Please go ahead. Yes. Good morning. This is Florent Laroche-Joubert from Oddo BHF. So I would have several questions, if I may. So first question, maybe on the residential part. So would it be possible maybe to have more colors on the percentage of presales for your 2023 deliveries? Maybe also, is it possible to have an update on what is the dynamic on the residential presales in July, and what do you expect in September due to the current context? Maybe a question on the land sales. I understand that maybe it would be, I don't know if it is difficult or a challenge to meet your guidance, your annual guidance for land sales in H2. What do you expect for H2 in terms of land sales? Maybe a third question on the commercial segment. did mention that, you know, if we were to consider a similar range of deliveries as we had in 2022, our coverage would be higher than 70% as of June. I hope that answers the question, and we obviously, towards the end of the year, we will be more clear of guidance for next year. I think the dynamic of residential sales, as I mentioned, we saw a strong beginning of the year, very strong until April. April somehow starting to weaken in May and June and continued in that situation in July as well. Probably I would say that, you know, for the remaining part of the year, we will see that the sales are not at the rhythm, velocity of absorption are not as strong as in the first half of the year, but however, are strong enough or, you know, in order to meet our targets, of course, of deliveries for this year, 2022, but also for 2023 and beyond. I think we have to think that in our opinion, January till April, we were selling well above that 3% that we consider is a healthy monthly absorption rate. Again, this 3% is sales, sold units divided by total number of units of the project. If you're selling well above that, it means that you're selling the project maybe too fast and that you should raise prices or I think, you know, in the combination of the full year, we will meet that 3% is what we see, and probably means that, you know, stronger beginning of the year and a little bit slower second half of the year. I think this is coupled basically that if you look at the macro environment, I think it's very uncertain situations, it's very hard to be precise. What we do see, you know, in terms of precise figures is that the construction starts and projects put on sale are decreasing by about 30%. That therefore means that even if demand decreases a little bit, you know, there is increased tension from the supply side. At the end, we think there will be a combination that again will continue to absorb the decreasing number of units put on the market. It is true, however, what we see from our clients when we look at the sales funnel in terms of the contacts, visits, and then leads that are generated, contacts are not decreasing. What we are seeing is that the clients are taking a little bit more time to decide in a changing environment where, you know, especially interest rates, there is or there was a little bit of uncertainty until now and probably, you know, still remains to be seen where Euribor ends up. Now, you know, with the last increase in Euribor, what we have seen is that the fixed mortgage for somebody buying a house in Spain has gone up from about 0.9%- 1.5%, which is still a very reasonable rate to buy a house. Will that continue to go up? Probably a little bit, but still within healthy numbers. We remain cautiously optimistic, you know, as I said, for the remaining part of the year, combined with a very strong initiated part of the year, that we will, you know, comply with our targets. I'm sorry for the long. I think there was a question from the web regarding the residential dynamics that probably has been answered with this as well now. In terms of the land sales that you mentioned, the annual guidance, just for clarification, at the beginning, we said EUR 75 million as a combination of public deeds as well as private contracts. It means that, you know, you will not see EUR 75 million reflected in the P&L. What you will see in the P&L is the public deed component of that EUR 75 million. You know, we are reporting now close to EUR 25 million already signed, another deal coming imminently to be signed. I would say that the, you know, probably to be fair, into what we consider in those EUR 75 million, we should add as well the land component related to the Vita deal, which is another, you know, roughly more than EUR 25 million. That put together is already EUR 50 million. Then, I think towards the end of the year, we will continue signing residential smaller deals. Then, I think on the commercial part as well, be it as a forward purchase agreement or be it as a land sale, we will also add another, you know, north of EUR 20 million to that. If we put all that into combination, I think we are comfortable with theEUR 75 million target, no? Then finally, in the commercial, what we can expect, to be honest, I cannot be very precise on that because that is a combination. I think in commercial, we've always been very direct in saying that we look for the best alternative to monetize that portfolio in the coming four to five years, and that is a combination of land sales, as we have seen with the EUR 7 million signed already in the first half of the year or another EUR 5 million probably to be signed very soon. Also a combination with, you know, forward purchase agreements like the Vita deal, or what we are delivering for the commercial segment. To be more precise than what I have already mentioned on the Vita deal, I can say that we're working on more deals to come, but I cannot give you know, a full three-year projection, unfortunately. I hope that answered your four questions. Yes. Thank you very much. That's very useful. Our next question comes from Fernando Abril-Martorell of Alantra. Fernando, your line is now open. Please go ahead. Hello. Good morning. Thank you for taking my question. I have two, please. First, with regards demand, I was wondering if you could give us more color on this slowdown in demand. I mean, do you know if it's by any specific product, by geography, by type of client, domestic versus foreign, and you know, second residences as well. Second is with regards the construction stats. I just missed what you said about your forecast for the second half of the year regarding this. I don't know how many are you targeting. Thank you. Good morning, Fernando. I think on demand, I will try to be more direct because I've already been mumbling a little bit about, you know, what's happening on the demand on the supply side. I would say that geographically it's pretty. I would say you know, the slowdown is across all geographies. Not a specific region where we see a weakening demand or anything. I think international or second homes, that's remained strong. I think Costa del Sol or Canary Islands, where we have projects for second homes is that remains strong. Then what we do see is an increasing or increased demand for a finished product. Whatever is already finished or close to finished that sells better, or has not, you know, we've seen an increase in that. That is probably coupled, I think, with more certainty on what, you know, kind of mortgage am I gonna get if I sign tomorrow or in two months, no? Rather than if I sign something on plan now, and then what will I get in two years. I think the second part, you know, what will I get in two years, I think once the clients, you know, see that the environment is moving within certain thresholds, they will again feel comfortable to buy, no? In the short term, with higher uncertainty, finished product is performing better. On the construction starts, you know, we aim in order to keep our run rate of between 2,000 units-2,500 units, you know, we need to start actually on the lower part of the because we have already started construction on in the previous years to deliver more than the 2,000 per year in the coming years. If we start at least 2,000 this year, we're, you know, okay on track to in line to continue with our targets. That's what we aim to do. What I didn't mention is that we have 550 units that we have not started. Well, actually we deferred less than those. We deferred about 400 units from the first and second quarters into the second part of the year. Of those, now we're starting 560. We're already catching up with the 400 that we delayed, and then we need just to, you know, traditionally start a few hundred more to comply with that target. We feel more comfortable now, because as I mentioned, we decided not to go with a variable contract, which is what some construction companies or other companies were adopting, and we prefer to wait and to see the market to stabilize more and to continue with our strategy of fixed contracts, large construction companies that we know will finish the construction site. That is coming back now with obviously higher construction costs. Again, with higher prices as well, so that we're able to maintain our margin target of lower 20s%. Mm-hmm. Okay, thank you very much. As a reminder, if you would like to ask a question on the audio conference in line, please press star followed by one on your telephone keypad now. There are no further questions, so I'd like to pass the call back to Juan Carlos for any webcast questions. Yes. Actually, we do have several questions from the webcast, starting with Mariano Miguel, Analyst from Banco Santander. He's asking two questions on the Oria project. If I understand him well, are you going to develop speculatively 46,000 sq m of office space? Is this not a risky bet as of today? Second question, looking at 2023, which level of deliveries should we expecting? On the first question, that's undecided yet. What we will continue to decrease our risk or hedge our risk in the overall 89,000 sq m. Now 20,000 sq m are fully hedged, and we will continue to do that. We are confident that we will, you know, decrease the risk before, you know, making any decision on construction starts. At that point in time, you know, whether we have something for the offices or not, or for the remaining parts, then we will decide what percentage of the, you know, the role of the overall buildable area is hedged. Then we will decide whether to, you know, start full construction or not. You know, I'm rather vague on the answer because right now, as you mentioned with the uncertainty in the market, it's difficult to be more precise. We continue, and I think we will succeed in diminishing the risk measured on percentage of square meters of the whole site. On the second question, no, we haven't given guidance for 2023 yet. As you know, our policy is to in uncertain environments and increasingly uncertain like we've seen in the last couple of months, we give short-term targets. What I did mention is targets for the year are clearly in place. If we were to assume similar targets as of 2022, which is, you know, between 1,600-2,000, which, if you take our construction backlog and sales backlog, you should see that that is doable. Then we would have, you know, pre-sales of more than 70% of those deliveries. Okay. Another question from Thomas Rothaeusler, Analyst from Deutsche Bank. In a way, I think maybe has been answered already, but just in case we want to highlight more. The question is, considering the first signs of headwinds in the sector, lower demand, higher construction costs and delayed project starts, should we become a little bit more cautious for the next year? I think I've talked already a bit about that. I think again, for us, 2022 remains unchanged. We've seen no, you know, construction delays coming into our deliveries. 100% of the projects already finalized in the next couple of weeks. For 2023, as well, what we see, the impact on all the logistics issues with construction companies results in projects with no delays or some of them with a month delay. That does not put into, you know, risk from a construction or a delivery timing point of view, any of the deliveries next year. I think on sales, I would say that, you know, that we will be able to meet that 3% target per year, it looks like, you know. For 2022, we consider, you know, with that we have, you know, a more. It's closer in time. I think I feel more confident. For 2023, I think with the supply-demand dynamics that we see, it's likely that we'll continue like that. I cannot be unfortunately as precise as you would like because the market remains uncertain. But with, you know, more than 70% pre-sold of similar deliveries to this year, I think we should be able to sell in a year and a half, 30% of what is remaining. Thank you. Another question from the webcast from an investor from France. In the past, you have mentioned that you have identified around EUR 600 million of land for sale. When is the timeframe to sell this portfolio, and in global terms, can you say whether you're on track on that target, and secondly, are you going to distribute the cash flow only in dividend, or are you considering buybacks as well? I think the second answer, which is easier, first. Mostly dividends is our preference with the low liquidity in the market. I think, you know, until now the buybacks have not been very successful. We are very much focused on dividends, which, you know, we consider to have the most attractive dividend yield on the market right now, and we will continue with that. On the first question regarding the land sales, I think that remains the case, that of the EUR 600 million, you know, a big chunk of that is the commercial portfolio. The timeline to do that is four or five years. Definitely in an uncertain environment is more difficult to do so, but we started to be more proactive in adding value to the projects, not just expecting, you know, to do a land sale. I think the Oria project is an example. You know, if you take the gap of the Oria project, which probably would have been EUR 120-EUR 130 million as a straight land sale, if we try to sell that in one shot in an uncertain environment, it would have been very difficult. If you actually work on the, you know, master planning for the site, if you work on the demand analysis to understand what the area needs, if you create a life sciences hub in the area and break down the uses in what the life sciences have, that is an example of, you know, how we consider land sales on a value-added mode. We will continue to do that on the remaining projects, and we still have that target of four or five years. Obviously, more uncertain, more difficult, but it doesn't mean that, you know, we're changing our view on that. Thank you, Jorge. We don't have any more questions from the webcast. Operator, do you have any follow-up questions from the audio conference call? There's no follow-up questions on the audio call. But just one final reminder, if you'd like to ask a question, please press star followed by one now. There's still no further questions, so I'd like to hand back to the management team for any closing remarks. Okay, thank you. This concludes the results presentation for the first semester of 2022 from Metrovacesa. As usual, the investor relations team will be available to take any follow-up questions that you may have. Thank you for your participation. We hope you have a good summer break, and we hope to speak with you again next quarter. Thank you and goodbye. This concludes today's call. Thank you for joining. You may now disconnect.