Good morning, ladies and gentlemen. I would like to welcome you at our summary of results for Q1 of Atal Group. I'm here with CEO, Juroszek, and my name is Andrzej Biedronka-Tetla, Tetla. I'm the CFO. We'll give you the presentation showing the results for Q1 2023 for Atal Group, then we would like to invite you, as usually, to ask questions via the Q&A app at the end of our meeting, after the presentation. Let's start with the presentation. Summary of results for Q1 2023. We'll start as usually from operating activities. You know this map. Map represents our projects in progress and in the pipeline. We are undertaking 39 projects for now, for more than 8,000 flats. We have three new projects in Andersa Street in Gliwice, in Wrocław, in Strachowicka, and Poematu housing estate in Warszawa. We've completed three investments in Kraków, in Gdańsk. The Amber Bay and Francuska Park in Katowice, stage six. We already have 46 new investments planned for 13 flats, 1,000 flats. Sales of flats. In the first quarter, we contracted 406 flats and homes, signing preliminary contracts or development contracts. We're not talking about reservation contracts, we're talking about preliminary development contracts. This is a level a little bit higher than in the previous quarters. In the last month of the quarter, we noticed a significant increase in the number of contracts, it seems to us that this increase should be maintained in the following periods. We will comment on that later on. When comparing to the previous year, and previous years actually, it's a drop. It's a decrease, but it's obviously due to the situation we have in the market at present. The number of flats sold compared to competition, 406. Flats were in the fourth position in the ranking. Flats offered. At the end of March, we had 4,974 flats offered. It's a number a little bit higher than at the end of 2022. Q1 in 2022, it's a significant increase, but please note that it was a year when the sales were quite high and before launching a significant number of construction projects, before the new Construction Law entered into force in June 2022. This level of about 5,000 flats is maintained in the last quarters. Handovers in Q1 2023, 333 flats. It's a smaller number than in previous quarters, but again, the termination of constructions is various, varies in consecutive quarters. We assume the numbers will be higher in the next quarters. In the further part of the presentation, you will see how it translated into financial results. As for the comparison with Q1 2022, it's a drop by more than 50%, but like I said, it's due to the structure of termination of construction projects in consecutive quarters. Let's have a look at handovers volume in square meters. It's 18,200 square meters of saleable area. Land, new land. We spent PLN 38 million in Q1 on new land, where after a year when we spent PLN 373 million in 2022, it's a significant amount. We have provided, purchased land comprehensively. We're supplementing the land bank in those locations where we think we should add some land to our assets. The average price of square meter, of purchase of square meter, was PLN 2,170 per square meter, and the land that we have now allows us to build 717,000 square meters of flats. Dividend. The dividend paid out in years 2015 to 2022. Last year, PLN 223 million. We're about to have a shareholders meeting when the amount of dividend will be decided for payment for 2022. The recommendation of the management board has been presented and published, which is PLN 194 million that's proposed to be paid out to shareholders as dividend. We will probably comment on that later on also. The dividend rate at the end of March is almost 11%. Since the IPO on the Warsaw Stock Exchange, the planned dividend plus the paid out dividend is altogether PLN 950 million. The potential of handovers in 2023, we have flats that will be handed over that you can see here. We will build them and, 2,756 flats, and the number of flats sold is 2,135, so it's 77% of contracts. Bursztynowa Zatoka, Francuska Park, these are the investments that have been completed, and they have the permit for use, and they are being handed over and will be handed over to new owners in Q2. Please note also the structure of handovers and how it will translate at into revenues recognized in the results of Atal Group. The greatest number of handovers is planned for Q3 2023, but also in Q2, quite a lot, and in Q4, just two investments. Potential of handovers for 2024, we're planning to finalize the construction of almost 2,200 flats, and at the end of March, 22% of them were already contracted. The total potential of planned projects that we will implement is 56 investments, more than 900,000 square meters, which is more than 16,000 flats in all the cities where we are present. Now the second part, consolidated financial results. Revenues from sales of products, goods and materials that are the result of handovered flats were almost PLN 190 million, which is a drop compared to Q1 2022. The situation is obviously due to the lower number of handed over flats. PLN 54 million, that's net result. Please note Q1 2022, net margin 28%, gross margin 39%. Well, the revenues dropped to PLN 198 million, but net margin increased as compared to Q1 2022 by more than 6 percentage points, and net margin by almost 2 percentage points. A comparison of gross margin by quarters, we can see this 93% of gross margin is the highest in history. Net margin, 28.6%, it's comparable to Q4 2022. Like we said before, in the previous period, Atal is aiming to maintain the margin at the level of 25% on average in consecutive periods within three years as average. There are periods where we have lower margin, like Q2 2022, for instance. There are also periods with a higher margin, like now, for instance, Q1 2023. We think that the consecutive quarter will also have a positive margin result, but in the longer period, we want to maintain it on average at the level of 25%. The balance sheet. There are no major changes here as you can see. Equity has increased due to the net profit, and a shift between long-term and short-term liabilities. Let's have a look at some key items from the financial statements. Inventory increased to PLN 2 billion 660 million. We will show you the details in a moment. Cash dropped to about PLN 300 million. As compared to the previous year, it's a significant decrease which is the result of, first of all, high level of land purchase, where we spent in 2020 to almost PLN 400 million, and in the current year, we have already spent a lot of cash on that. The sales that are less, they generate less cash flows. Increase in equity to PLN 1 billion 356 million, I said it before, and liabilities at a similar level. Now we're going back to inventory work in progress. This is something that generated an increase in inventory. These are construction projects that we are implementing. Finished products, they dropped to PLN 139 million. Flats that are being sold, we hand them over like, consequently. There is no nothing is postponed here. Now the structure of debt maturity, PLN 240 million is bonds in. We redeemed, when mature, PLN 120 million of bonds, and we emitted two issues of bonds, annual and two-year bonds, for the amount of PLN 150 million. That was in May. That's the amount of bonds. Bank loans, PLN 44 million. Now PLN 178 million, that's loans granted by the shareholder, which is a permanent involvement, engagement of the shareholder. Business financing sources is equity, PLN 1,356 million, and the amount of PLN 759 million, these are prepayments from customers. Corporate bonds, loans granted by the shareholders, and bond acquired by the shareholder. To summarize, let me just say that we've started the construction of three projects. We've launched sales for three investments, and we've finalized four investments. In this period, in April, 2023, we bought bonds for PLN 122 million, and we issued new bonds for PLN 150 million. Now we would like to encourage you to ask questions using the Q&A icon, and we will be back in a minute, and we'll be answering your questions in a moment. We are back after a short break. Let's start from the first question. How about sales in April and May? Are you expecting higher sales in Q2? Let me answer that. As in every business, sales are the most important. We actually take care of it all the time. The results of Q1 are included in the presentation. As for sales in April and May, it's higher, and we're assuming that this increase will continue, probably at a faster pace in Q3, Q4. We're assuming that sales in Q2 will be higher, and in Q3 and Q4 even higher. In total, we do observe an increase in sales, an increase in interest, and we have additional projects that we're about to launch or we are launching. We're assuming that the minimum is 2,000 flats per year. It will be probably higher, and it's a safe assumption. It can be much higher, but for now we're assuming 2,000-2,500. Q2, Q4 2023, can the gross margin remain at the level of more than 35%? Obviously, what I said during the presentation, our goal is to keep the margin at the level of 25%. We're assuming that consecutive quarters will be good in terms of margin, close to the last results, the recent results. The longer the perspective, the more risk factors. So we don't want to give you all the precise, exact details and about the margin. Consecutive quarters, it should be a satisfactory margin, I assume. How big the number of increase of contracts? We've answered that. Almost 40% of margin on sales, it's impressive. Is it due to some effect of a specific location in Q1? Actually boosted the margin or the result of previous periods, the construction in the previous period and sales at higher prices. It's probably the second one, but obviously we don't want to speak about that in public. It's the result of construction in the previous period and the sales at higher prices. Now please comment on the draft resolution for the general meeting of shareholders regarding the issue of five million shares. It's a resolution that would allow us or the management board to increase the share capital by PLN 5 million. We got the authorization from the general meeting of shareholders twice. The last period of authorization that was issued for three years, finish... is finishing now. The company wants to have this possibility for development. We're not speaking about any specific shares or actions, but we would like to have this simplified path open for potential activities like that. What impact on the government scheme on the shareholders, for shareholders are you expecting for Atal? I've already spoken about it a number of times. This program that the government has proposed is a very good scheme. It's a very good program, quite reasonable. It's well considered. I think it's a positive program. It's not a booster that will increase prices or increase the results of companies. It's well-balanced and aimed and limited in time. It's not complicated. Surprisingly, I'm positively surprised. This government scheme is very good. The previous ones, well you did hear that the previous one was closed after eight years. I don't want to comment on that. This one is very good, and we should be glad to have it. Now another question. Is the company offering the possibility of reservation of homes at 2%? We don't have a link to something that is not there yet. In terms of marketing, obviously, the customers do book and reserve homes assuming that this scheme will be launched eventually. It's not like we sign a contract that on condition that the scheme enters into force. We cannot include it in the contract. It's not there yet. It's rather the consumer behavior who assume the positive scenario that we observe. Now another connected question. Since twen... The beginning of 2023, did you adjust the prices of flats? At what level are you planning on further adjustments? We adjust prices on the current basis for each project individually. We try to maintain the price for the whole period of a project. It is adjusted sometimes obviously, new projects are assumed in terms of the cost of construction. We take into consideration the competition, the location, the environment, and the costs of investment, new projects have new prices. As for the ongoing projects, adjustments are reasonable and well-balanced, there are no adjustments down. There are only reasonable adjustments upwards. Two questions were very similar, I already canceled them. About the cost of projects implemented, there are no changes. We did have some major changes in costs in the second half of 2022, and since the beginning of 2023, the prices got stabilized at a higher level, and they remained at that level. In the last months, March, April, May, the level of prices is quite stable. Another similar question. Assume we have answered it already. Another question about the margin, gross margin on sales. Do you perceive for flats that will be recognized in the profit and loss account in 2024, is it closer to 25% or closer to 30%? To continue the previous response, in 2023, we see a chance of achieving more than 25%, but the more into the future, we would like to have a conservative approach and stick to the 25% in our assumptions, especially that this is, well, quite conservative for the projections. What are the expectations for sales in this year and in Q2? Our conservative assumptions is 2,000 to 200,500. It's possible it will be more. At the annual meeting of shareholders, you'll be voting on PLN 5 million in shares. Will it be for acquisition or... We've already answered that. Perhaps acquisition, but we'll see. The cost of production, I think we have answered this one as well. We have answered all the questions. Some questions repeated themselves, so I combined them. There are fewer questions then. If there are no further questions, thank you for participating our conference. We encourage you to contact us, and you're welcome to join us for the next conference in September. Should you be interested in specific answers, please feel free to contact our shareholder relations department. Thank you very much. Goodbye.