Hi, everybody. Welcome to Georgia Capital Q1 2021 earnings call. It is our pleasure to host you today. Let me give a brief overview about today's topics. I will talk about the COVID situation as always, macro. We will talk about operating performance of our portfolio companies. Giorgi, our CFO, will talk about the valuations of our portfolio companies. In the end, I will do the wrap-up. Let me give you the statistics. Giorgi, can you go to slide three, please? Statistics on our COVID situation. From our peak, we are down now. The good news is that the daily cases came down from a high 6,000 to around 1,000, 1,500. Also good news is that curfew what we had starting between 5:00 P.M. and 5:00 A.M. was moved to 11:00 P.M. Also on the weekends, the government allowed restaurants to be open. This is obviously very helpful for the tourist inflows. We see some tourist pickups in April and May. This easing of the curfew will help this pick up, obviously. In terms of vaccination is not going up fast. The reason is at the very beginning of the vaccination program, we had one unfortunate death. People got scared and didn't start taking up the vaccines. Now demand has grown significantly from 1,000 vaccinations per day. We moved to 5,000 recently. Now we have overwhelming demand for vaccines. We hope that the government will bring more to continue the vaccination. Actually, we are very pleased with take-up, which has recently happened by the population. We hope that vaccination program will go smoothly. Around 4 million doses will be administered by the end of Q3, Q4, basically. Let's talk about the macro. Let's move on next slide, on slide four. Macro looks increasingly strong. Looking at remittances, we had a big pickup in remittances, 145% increase in April, 50% increase in March. We had a very strong, nearly GEL 200 million monthly inflows of remittances, which is a record high. Seasonally adjusted, it's a record high for sure. In terms of the real GDP growth, real GDP picked up in March from negative January, February of -11%, -5%, we had a 4% increase. VAT turnover also went up sharply, up to 22%. We are seeing increased revenues and pickup in macro activity. Also, you see the exports growing 70% year-over-year in April. March was around 30%. Imports are also picking up at 57% growth year-over-year. Tourist revenues were down nearly -95%+ in the recent months. March was -60. We hope for better numbers April and May as we see more tourists on the streets, which is a little bit surprising. I guess that our neighbors are getting vaccinated and they are moving to travel. To go on next slide, on slide five, we have a very nice pickup in the official reserves. It's highest ever at $4 billion. The firepower of the National Bank is very strong. It is up 20% year-over-year. As you see that lari is really significantly oversold on the real effective exchange rate. You see that it's way below the trend line. We expect this to be adjusted as tourists pick up. Before the tourists pick up, NBG and the government are pretty conservative on how they are managing the finances, basically. That's kind of a brief overview of macro. Now let me talk about GCAP Q1 results, and I'll start with our Eurobond tap, which we did recently. On slide seven, you see we issued a tap of $65 million, of which basically $35 million is to be allocated for portfolio companies and $30 million is for general corporate purposes. We are pleased that there was a quite good demand for the tap, and we printed that far. As a result, we have very strong liquidity, GEL 470 million of liquidity, which is up 64% year-over-year in Q1. We are very well geared to tap some opportunities, especially in education and energy sectors, which we said that's the sectors where we'll be allocating the capital going forward. On slide eight, you see the aggregate revenue of our private portfolio companies, which is up year-over-year. It's up 30% to GEL 426 million. LTM is up 4% at GEL 1.6 billion. We had a strong turnaround. As you know, the Q1 last year, mostly it was kind of free. We didn't have a lockdown in Q1. We are up 8% year-over-year in revenue in Q1. Actually, the April started very strong. We expect a very strong Q2. I'll talk about that later on. I'll give you some outlook. We'll talk about that April, May numbers basically, which are developing very nicely. On slide nine, you see a resilient performance of our healthcare sector, healthcare asset. Revenue has grown around 20% year-over-year, and 23% year-over-year, and even compared to Q1 2019, it has grown 20%+. We are very pleased with the performance. This is due to increased activity of our clinics as well as hospitals, and largely the economies opened up for the healthcare business, basically. In the last 12 months, we had a 4% growth, near 4% growth in revenue. In our pharmacy business, we had a slight decline in revenue year-over-year, minus 0.7%, and this is due to the very high base in Q1 2020. As you know, the March, we started the outbreak, so people started to buy up a lot of drugs in lieu of the COVID outbreak. Year-over-year, we had nearly 20% growth. Actually, compared to Q1 2019, we had around 20% growth in revenue. Last 12 months, our growth in pharmacy business was 5%+. Now, moving on slide 10. The revenue of our water business has grown 22% year-over-year and compared to Q1 2019, grown 15%. As you know, we had a tariff revision. This growth is due to the tariff revision, as well as energy sales has been picked up. The last 12 months, we still have a decline due to the fact of the previous quarters, we had less sale in water. Sorry, less sale in energy side of the business. In terms of the insurance, gross written premiums went up nearly 20% year-over-year compared to Q1 2019, it's a little bit down, around 4%. We had a nearly 11% increase year-over-year in gross premium returns for our P&C business and medical insurance is also performing so well, around 20% up year-over-year in medical insurance premiums. Looking at the energy business standalone, last 12 months, we had an 86% growth year-over-year. It's largely flat in Q1. The revenues for energy business and education last 12 months is around 35% growth year-over-year. In Q1, we had a slight decline. This is due to the number of days which were holidays. It was not great in Q1 2021, basically. To move on the aggregate EBITDA for our operating companies, it's up 25% in Q1. Year-over-year, it's up nearly 46% compared to Q1 2019. Our EBITDA last 12 months is up 6% plus for our aggregate, for our portfolio companies. Operating cash was down in Q1. The result was mainly due to the increase in revenues and the working capital use of the cash. Last year, we had a cash preservation strategy. This year, actually, we are shifting away from that, and we are more focusing on growth of the EBITDA and deploying the cash to secure the working capital to grow our revenues and EBITDA. Aggregate operating cash flow is still up year-over-year around 12%, and our cash balance of our portfolio companies is at GEL 350 million. Liquidity at GCAP level, as I mentioned previously, it's around GEL 470 million. On a nice pile of cash to top the opportunities. On slide 15, we see the NAV per share development. You see that NAV per share was down 2.7% in Q1, it was GEL 46.8 per share, lari per share. This is mainly due to the fact that the Bank of Georgia share price declined in Q1. That's one. Second one, we had some devaluation weakness of lari, which led to increase in net debt. These two factors mainly caused the decrease in NAV per share. Our controllable NAV was down at 1.6%, and this is what we call controllable NAV is our private portfolio companies. Decline was mainly due to the interest expense, OPEX, and the FX decline basically, which was more greater than the value creation on the private portfolio companies in Q1. On Slide 16, you see the NAV per share movement in Q1. Here is very clear, you can see it, what caused the NAV to decline. Around 38 Tetri or GEL 0.38 was due to the BoG share price, and GEL 1.33 was due to the FX basically, and the liquidity management. You see that large portfolio companies, investment stage portfolio companies, and other portfolio companies were positive. There were some small buybacks, which we did. They also contribute positively to the NAV per share development. Let me stop here and ask Giorgi to talk about the valuations in our portfolio. That will shed more light on NAV development, basically. Giorgi. Thank you, Irakli, and hello, everyone. Over the next few slides, I will walk you through our first quarter valuations as reflected on our NAV statement. Just as a reminder, as you know, every 6 months semi-annually, we use a third party, Duff & Phelps, who does the valuations. That happens at year-end and half year. For the first quarter and for the third quarter, we perform these valuations internally within the Georgia Capital team. Starting with the overall portfolio movement, you will see on Slide 18 that our portfolio movement in the first quarter was around GEL 14 million, the major drivers were Bank of Georgia, where the reduction was about GEL 26 million in our 19.9% shareholding. That was because the Bank of Georgia share price declined during the quarter by about 10%. We had a GEL 12 million value growth in our large portfolio companies, GEL 7 million in the investment stage companies, and GEL 21 million in other portfolio companies. Overall, the portfolio value was over GEL 2.9 billion. On the next slide, we see the valuation metrics for our portfolio companies, as well as the portfolio breakdown in terms of the different types of the assets. Listed shares or Bank of Georgia continues to make about 17% of the overall portfolio, 64% is our large portfolio companies. In aggregate, our large investment in other companies, which are our private portfolio companies, make up about 83% of the overall portfolio. In terms of the valuations, you can see here on this slide, the methods remain the same. The work that we did as a Georgia Capital team was largely concentrated in the first quarter on looking at updating the DCF models that were deployed by the third party at the end of 2020. We performed similar work as what they did, and we also concentrated on updating forecasts based on the actual performance in the first quarter by our large portfolio companies. No major changes were or no material changes in terms of the multiples, besides healthcare services, where the EBITDA multiple that was used in the valuations declined actually from 13.2 to 12.5 in the first quarter. Other multiples changed slightly, which we'll walk through on the following slides, but no material changes were observed. We will start with the healthcare services valuation. Here you'll see that the enterprise value increased by GEL 62 million, notwithstanding two things. One, that the multiple declined to 12.5, and the second that we continued to use the last 12 months earnings for the purposes of the valuation that have been impacted in the second quarter last year, as you know, due to the COVID-related restrictions. The outstanding performance in the first quarter EBITDA, when the first quarter EBITDA grew by about 55%, we saw that the LTM EBITDA improved significantly from GEL 64 million at the end of last year to GEL 72 million in March, and that led to the GEL 62 million increase in the enterprise value. When we look at the net debt, net debt widened by about 12% or GEL 27 million. Minority interest increased by GEL 4 million, and as a result, we have GEL 605 million equity value attributable to Georgia Capital, which was up by about 6% versus last year. Healthcare services, as you saw on the previous slide, is currently in our private portfolio. It's the largest asset. If we move to the retail pharmacy business, a similar valuation was performed here in the retail pharmacy business. We have a decline in the enterprise value by GEL 3 million, as you can see here, which was largely driven by the reduction in the LTM EBITDA during the first quarter. That reduced by GEL 5 million on the LTM basis. We have a slight increase in the implied enterprise value multiple from 9.1 to 9.5. The net debt widened by 8% during the quarter, the minority interest increased slightly by 2.3% to GEL 156. In aggregate, the equity value attributable to Georgia Capital, as you know, we own 67% of this business, decreased by 3% or GEL 17 million during the quarter. We have the medical insurance business. Within the medical insurance business, the enterprise value increased by GEL 3 million, largely driven by the increase in the LTM net income, which was up by GEL 600,000 during the quarter on the LTM basis. The P/E multiple declined from 10.1 to 9.8. As a result of these developments, the equity value was up by almost GEL 4 million to GEL 68 million. We have P&C insurance business. In the P&C insurance business, we have the growth in the LTM net income that was up by GEL 800,000, which was largely driven by the strong first quarter performance when the net income was up on a quarterly net income on a year-over-year basis was up by 27%. That led to the operating performance increase by GEL 10 million. We have a decrease due to the multiple that reduced from 11.6 to 11.4. As a result, we ended the first quarter with the equity value of GEL 205 million. Next, we have the water utility business. On the water utility, as you know, the new tariffs kicked in from January 1st, 2021. That led to about 22% revenue growth in the first quarter. The LTM EBITDA that we use for the valuation here remains the same because this is the adjusted number, as you may recall from the full year, the adjusted EBITDA number didn't change. What happened was the multiple increased slightly from 9.4 to 9.6. We have a GEL 17 million increase in enterprise value, and then we have a widening of the net debt by about 7%. That was largely driven by the lari's depreciation against dollar, because of the U.S. denominated bonds that has been issued and is allocated to this business. As a result, we have an equity value that reduced by GEL 14 million during the quarter. Next, we have the renewable energy business. In renewable energy business, we deploy the sum of the parts valuation, where we value the existing operating assets separately and we value the new investments separately, most of which actually carry that investment cost. In this business, the increase in the enterprise value, GEL 19 million, was largely driven by the operating performance, where EBITDA was up by GEL 700,000. We had net debt widening due to the same reasons as in water utility, where the FX and lari's depreciation had an impact on net debt. That was up by 8%, and we ended up with the equity value of GEL 207 million, which is broken out here, GEL 164 relates to operational assets and GEL 43 relates to the pipeline projects. Next, we have the education business. In education business, we continue to deploy the EBITDA approach for the valuation. The enterprise value had a small impact in increase here. It increased by GEL 4 million, GEL 223 million. During the quarter, we made about GEL 7 million investments, which was used to acquire a land and the building for the development of the new campus for the Green School, which is expected to be launched September this year. That also increased our equity value in this business. Overall, if we look at the developments, net debt was up by 2.4%, minority interest changed by 3%, and overall, our equity value was GEL 103. It was up by GEL 10 million during the quarter. Next, I'll talk about the leverage and the liquidity profile at Georgia Capital level. We had a pretty strong liquidity at the end of the first quarter. We hold $137 million of liquid funds, where about $100 million are pure cash and highly marketable liquid debt securities that trade on the international markets. We have $38 million of loans that are issued to our portfolio companies. Our market value leverage widened by about 2% during the quarter, from close to 29% to about 31%. That was largely driven by the lari's depreciation against U.S. dollar. We do expect that the market value leverage will come down within our target to 30% over the coming quarters. Our dividend income outlook continues to be the same for the year. We still expect to receive GEL 60 million-GEL 70 million dividends from our private investments. In the first quarter, in fact, we received about five million GEL worth of dividends from our renewable business. I think, in terms of the valuations, as the second quarter numbers kick in, when last year the second quarter was almost on full lockdown, we expect the positive impact on valuations as the second quarter earnings get replaced from 2020 with the second quarter 2021 earnings. With that, back to you, Irakli. Thank you, Giorgi. Thanks. Let me summarize now what we talked about. Our main points basically is that we have very strong operating performance of our portfolio companies, and we had a strong EBITDA growth Q over Q, around 25%, and revenues was up around 8%. Liquidity of GCAP is very strong, up nearly 65%, and due to the tap of the bond, it stands at GEL 470 million. 2.7% decline in NAV in Q1 was due to the BoG share price decreased by nearly 10%, and lari devaluation by 4%. In terms of the outlook, we will be focusing on revenue growth and EBITDA growth rather than the cash preservation strategy what we had last year, as we see the growth opportunities in Georgia. April actually played out well when we had a considerably eased lockdown. We saw the 62% increase in revenue and 160% increase in EBITDA. I don't want to wrongly guide you for Q2, but in terms of probably won't have 160% increase in EBITDA in Q2, but we may have close to triple-digit EBITDA growth in Q2, in coming Q2. In terms of the vaccination, the government is very active, and people have stepped up. The population stepped up, and we hope to see the progress on that front. Opening up the economy will play out positive role in terms of the tourist coming into the country and opening the restaurants and other public places on the weekends, and prolonging their opening till 11:00 P.M. will play a positive role. With this one, I would like to end our presentation and move on the Q&A session. Giorgi and I, we are here, and plus we have Nikoloz Gamkrelidze, CEO of our Georgia Healthcare Group. If you have questions on GHG, please ask Nika. He's deeply knowledgeable in this business, so we ask him to be here. I guess we would prefer you, instead of typing the questions, just raising your hand, and asking via the audio call. Thank you for listening, and let's hear the questions. I think we have one question. We have one question. Do we plan to keep the PTI business or sell it? Actually, that's a kind of a question that two years down the road. As you see that most of our other businesses, we want to sell down next two to three years. Auto business, which is auto service and PTI, which is part of our auto service business, basically, are promising enough to grow at half a billion equity value. That's our target recently what we set in our strategy to target the half a billion asset value. We think that auto services sector is well-placed to be that big in terms of valuation. We will observe next two to three years the performance of the management, and if we see that management is performing well, we may step up investment and grow the business. If we are not happy with that, we will probably sell it. PTI business right now is not a top priority for us to sell for sure. Thank you. We have another question from Tornike Gogichaishvili. Toby, you can unmute yourself and ask the question. The question is that what we want to do with the float of our insurance business? Do we want to be more proactive or just buy bonds? At this stage, we want to be boring, and we just want to buy bonds. Let's see how it's developed. The float itself is not very big, unfortunately. Hopefully, it will get bigger, and we can be more creative with it. Thank you. We have another question coming from Metin. Metin, you can ask the question. Hi, Irakli. Thanks for the opportunity. I have a very quick question on the healthcare side. Do you expect any kind of government support for your efforts against the fight against COVID going forward in the healthcare side? Thanks. I will let Nik to address that one. Nik, tell him. Hi, Metin. What we have currently, our hospitals and clinics, which are engaged in the COVID fight, they are paid on a per bed basis plus the case reimbursement. That's what we have an agreement with the government since last year, this agreement is still ongoing. The one thing which was there, the government has resumed also the planned treatments. That's pretty much it. We don't expect any significant changes this year, at least from the government in this regard. Okay. What about the vaccination? Do you see any cross-sell opportunity while you are doing these vaccinations? That's what we are doing, basically. The vaccination rollout was kind of rocky, as Irakli has mentioned at the beginning. Now it's picking up. Around 40% of vaccinations currently is ongoing in our sites, either at our clinics or our hospitals. government is also considering to expand it to the big conventional centers where it will be outsourced to the companies like us. Obviously, when the client is coming in, so we are upselling some other services. Pre-vaccination and post-vaccination. Sometimes this kind of analysis and lab tests are not very much needed, but people, for the peace of their minds, are buying it. It's a good opportunity for us. Okay, thank you. Thank you, Metin. We have another question coming from Milos. Milos, you can ask the question. Hi, thank you for taking my questions. Firstly, I just wonder, given the decline in COVID cases in comparison to Q4, do you have any visibility in terms of some of the beds you currently have earmarked for COVID patients being released for your regular business? My second question would be, can you give us any update on the process of restructuring your hospitality business? Thank you. Nik, you please go ahead with. It's a kind of a business as usual process for us. Initially what we had, government has booked some beds for us. When the cases started to decrease, we turned into the hybrid mode just to bring the regular patients to the hospitals. That's where we are in now. If the cases would go down further, we are giving a one month's notice either from our side or from the government side that we don't need these beds in the next month. That's what we have. We are gradually releasing the COVID beds. Six months ago, we had almost one and a half thousand beds engaged. Now we have, as we speak now, it's around 900 or so. When we are gradually releasing as the cases are going down, and basically gradually also filling up these beds with the regular patients. Perfect. Thank you very much. On hospitality, can you please repeat the question? Yeah, sure. Because I understand that at least some time ago, you had some of the loans in the process of restructuring, right? You're in negotiations with banks to restructure the loans, to postpone the payments until the hotels are reopened, right? I just wonder if you have any update on this. Thank you. Yeah, we did successfully restructure all the loans, basically, we are in standby mode on the opening the hotels. I won't exclude that some of the hotels may open next month or three months, depending on the development of the tourists. Yeah, we are actually seeing the tourists in different cities of Georgia, which pleases us a lot. The restructuring is done very successfully, we are in a good place. Thank you. Thanks. Thank you. We have another question. You can ask your question, please. Hello, this is Dave Shapiro. Just a quick question, or two quick questions. One on the liquidity from the capital raise. Are you keeping the available liquidity primarily in U.S. dollars to match the debt? That's my first question. Yes, we are. Okay. Next question. Can you please talk about the large buckets of restructurings? You just referred to them a little bit vaguely. Can you talk about a bit more specifically on which business units need to undergo significant debt restructurings at this point, and how the negotiations are progressing? As I said, it's mainly hospitality. I don't have here, like GEL 2 million, GEL 3 million what was restructured. With being successful restructures, the banks are waiting for the pickup of the tourists. It's been very constructive work with banks to restructure it. We are not complaining, to be honest. The rest of the business are doing well and cash flows are increasing, bills are increasing. Net leverage is actually decreasing on operating level companies. Okay. Another follow-up, if you don't mind, regarding the overall firm-level restructuring strategy. Obviously, you're still focused on your two core investment units, as you mentioned. Is it still management's opinion of wanting to try to narrow the portfolio scope at this point? Especially, is it still management's intent to test the market for one of the larger assets that may not meet your criteria of how you want to invest for the longer term? Sure. Let me reiterate the strategy which we have announced last year in November on our investor day, that we'll be focusing on large opportunities, GEL 500 million in equity value, because we think that it attracts the international strategic buyers to these assets. We will be focusing on investing only on large opportunities. Right now, we have identified two, renewable energy and education. The rest of the portfolio companies were classified basically other or basically for sale over the next two to three years. Nothing has changed there. If you see the capital allocation, it will be happening on energy business and education business primarily. Obviously our large portfolio companies, if we see opportunity to build those, we will be funding those if need be. No changes to our strategy of focusing on large opportunities and divesting for the subscale businesses. So that's- Maybe you still plan on trying to test the market, meaning you sell one of your existing larger assets, or has that been sort of tabled now with the bond raise and increased liquidity? Are you still very interested in testing the market, assuming the values are robust? No, we were not planning to sell for liquidity. We were planning to put the value on our portfolio company. As you know, we are trading in a significant discount to our NAV. This exercise still continues. We are planning to realize the value of one large asset, and we will do so in the timeframe we have indicated in November last year. Hopefully, we will realize that attractive valuation, so that investors will see the value of our portfolio companies more clearly, basically. Thank you, Irakli. Thanks, Dave. Here we have another question from Brett. Brett, you can ask. Hi. Inferring from what you're saying, it seems like the share buybacks wouldn't be a priority until after you make a large asset sale. Is that correct? Yeah. Most likely, yes, but I won't exclude the other avenues, but most likely, yes. That's where we will be heading. Have you changed at all your CapEx plans for the year in terms of how much you want to spend on energy and education? No. It's the same. We have the projects which we are doing, the construction of new schools and development of our wind project on energy side. If we will have some opportunities in the schools to do bolt-ons, operating schools, obviously it's part of our strategy, we will be deploying the cash to tap these opportunities. I think that market is opening up for more business as we see the Georgia opening up. Thanks. What will your interest expense be now with the additional capital raise? Your sort of yearly interest expense. You can go ahead. Yeah, it will be about $22 million. U.S. dollars? Yes. What will the offsetting interest income be? It will depend how we place these accounts. As you know, in current environment, the yields are pretty low. I think it will depend, but at least GEL 100 million that we have right now in cash and deposits, you can assume that we'll make between 2%-3% on that. You have interest income coming from your portfolio companies, too? That's the loans, yes. That's the GEL 38 million loans that we have issued to portfolio companies, yes. The interest there is higher. Dividends are mainly offsetting the interest expense and plus some of the interest income from the loans and the liquid portfolio, what we have. Our target rate is to have a two times coverage, interest expense coverage. Okay. Thanks. Sure. Thank you. We don't have any other questions for now. Okay. Let's wait for a couple seconds. Maybe we'll have more. Seems like no more questions. Thank you for your time. We got two more, I think. Oh, really? Okay. Toby, you can ask your question. I'm from the United Kingdom, and just a recent investor to your company. I don't know whether this general observation is of any help to you, but I'll give it to you anyway. For your pharmacy business, what we're seeing here is we're seeing here that post-COVID, I detect that there will be an ongoing testing regime in place for flu, influenza, and COVID, certainly in the schools, if not in the workplaces. It seems to be that this is going to stick for the foreseeable future after COVID has gone from our shores. I would have thought it might be an entrepreneurial opportunity if you feel Georgia might go the same way of making sure you're all equipped in your pharmacies and hospitals to do regular testing. It's just an observation. It's nothing to do with you. We are just launching at one go, 20 small health hubs within the pharmacies. Right. Test purposes plus also some diagnostic tests. I totally agree with you. That will be trendy for a while. I feel it is, and I also feel the tests to go for are the ones that can distinguish between COVID and influenza and common cold. Yes. We actually have those tests we are selling in the pharmacy. I absolutely agree. It could be a new opportunity. Testing will be the new norm. Yeah, new norm, yeah. Thank you, gentlemen. Thanks, Toby. Appreciate it. Florence, you can ask your question. Thank you. Just one quick follow-up on the non-core assets that you mentioned you hope to sell over the next two to three years. What's the environment like in terms of being able to sell those assets? Are you having proper conversations around that, or is that still some time away getting first into COVID? Just trying to get a sense of how easy it will be to sell those non-core assets. Thanks. We are having proper conversations on a number of assets, actually. I'm not saying it's going to be very easy, but it's nothing impossible. We obviously want to maximize the value, we are striving for the higher value creation. You see that actually the other portfolio companies have been performing well, they've been generating good cash flows and good revenues, et cetera. It's a very well-run and managed company. We expect to get a good value out of that. Let's put it that way. It's not a slam dunk. It's not easy kind of a thing to realize the value of that, it's not something unbelievable or something which is not happening as we speak. People are having a genuine interest. Actually, when we announced that strategy, we had a number of investors from the region and within the country actually knocking on our doors. Thanks. Thanks, Florence. Matt, you can ask your question. Thank you. Hi. Sorry, my question has been answered. Thanks. Okay. Thank you. We have another question in the Q&A. The question is, what are your priorities in terms of capital deployment at this point? Share buyback, bolt-on, bigger M&A, CapEx? Thank you. If we look at the kind of a large scale, it's probably the share buybacks would be the biggest priority. As soon as we would get a kind of a NAV discount fixed, bolt-ons would be the next priority for sure. Bigger M&As will not be a priority in other sectors other than where we are. Actually, big M&A probably will be less a priority even within our kind of portfolio companies. Depending on opportunity, we do not want to venture the new sectors at this moment because our hands are full. In terms of the CapEx, basically for our large portfolio companies, that's not a big CapEx programs we don't have there. Larger CapEx programs are within the energy sector and the education sector, that will be kind of deploying as we go. I hope that answers your question, Matt Seto asked the question. Okay. Any more questions? Toby, you can go. You have the question. Oh, very good. Toby, you can. Sorry, Irakli, to take up the airwaves here, do I understand in an ideal world, and I know, of course, nothing is certain, et cetera. You would do share buybacks, then bolt-ons, then sell one of the core businesses, or have I misunderstood what you've been saying? It was about capital deployment. In terms of the kind of divestment, the sale of our large portfolio business is probably the number one priority if you look at. Okay capital allocation. Okay. It follows raising the NAV, share buybacks, and then bolt-on acquisitions. Exactly. Yeah. The priorities would be sell one of the large businesses to fix or try to fix the NAV discount, do some buybacks to help the NAV discount to be fixed, and then basically do some bolt-ons and grow the business as we go. That would be kind of ideal priority. Yeah. The timeline, not that you can ever be very specific, but it's still within 18 months, is it? Sure. That's our target. 18- 24 months, we said in November 2020. Yeah. Basically, it's not a moving target. We want to play within that target, basically. Yeah. Just with regard to share buybacks, do you have the constitutional mechanisms to do that within your incorporation documents? Yes, we do. Yeah. Yeah. Is it set to any specific limit? Because sometimes they say, "Oh, it can only buy up to 5%. Yeah. It is, I think, the 10%, Giorgi. Yeah, it is 15%. It's 15 for the on-market buybacks, if we buy on the market, and then you can do the tender offers as well separately. 15% applies to the on-market purchases. You're trading at about 70% of book value, is that correct? 70% to NAV. No, less. 65%. All right. Yeah, discount is 36%. Okay. Right. Okay. Hmm. There's a lot to do. It is, yeah. It's never boring. Yeah. Okay, thank you very much. Thanks, Toby. I appreciate it. There is another question in the Q&A. In your opinion, why do you think there is a big discount to NAV? I don't know. I don't think that I'm a big expert in that, but I guess people do not believe in NAV what we have, right? Otherwise, why would there be a discount? I think that one of our job is to fix it by realizing the value, NAV plus hopefully, of our portfolio company, and that will give probably more confidence to the investors. That's kind of our very simple approach. Maybe there are a lot of complicated stuff, liquidity, unknowns, a lot of stuff could be, but I think that the primary one is the value we need to demonstrate to our investors. To be fair to our investors, we haven't had much of the exits, so in our short history. We are still young. We need to go through the cycle, complete the cycle of buying, growing, developing, and exiting, basically. Thank you. There are no open questions for now. Thank you, everybody, for attending our Q1. I think we have another one, no? We don't. Thank you. Okay. Thanks. We appreciate your engagement, your time, and please stay tuned. We are looking at the good activities in Q2, and we hope we're going to again come with even more stronger numbers for our private operating companies in Q2 and beyond. Very much looking forward to our first half results announcement, which will be somewhere in August this year. Thank you and goodbye