Zbigniew Juroszek, and my name is Andrzej Biedronka-Tetla. I am responsible for finance. I will first show you our results in the form of a presentation. I will try and be brief. And after the first part, we will ask you to post your questions in the Q&A session, and we'll try and answer them. So let's go to the presentation. Summary of results for 2023. Operating activities, at the beginning, I would like to present, as always, the location of our investments. As you are aware, we are present in seven locations in Poland. At the end of the year, we had 30 development undertakings, and the amount of flats was 6,783, and we had planned investment for almost 13,000 flats. That's 50 projects. The potential for the next year, that's something we're quite satisfied with. Please note, planned investments in such cities as Poznań, Silesia, Kraków, but also the Tri-City, where we are planning to build more than 2,000 flats on the land we already own. In other investments, that's quite a significant number as well to be planned for the future. So in all the cities, we are actually ready to build more flats in the future. Now, moving on to strict operations and sales of flats. In 2023, we sold or we signed 2,833 development contracts, which is an increase compared to this poor 2022 by 35%. So this is a level that is the result of the good quarters following the second quarter. Second and third quarter was more than 700 flats sold, and Q3, or actually Q4 to. In 2023, the, these were 940 development contracts. This was due, to a large degree to the, government scheme, but also changes on the market. As for the sales of flats, compared to the competition, we are in the third position among developers in Poland that are listed, on stock exchange. We are very close to our neighbors in the second and fourth place. Flats offered, again, the level that we're trying to maintain, at 4,500 flats. And despite high sales, we introduced new, investments, in Q4, so our offer at the end of 2023 were, was, 405, 4,519 flats. As for handovers that allow us to report results, in 2023, we handed over 2,806 flats to their final users. Majority of them was in, located in Wrocław, also in Tri-City. In Wrocław, 795, and in Tri-City, 552. And to summarize Q4, these were 1,200 flats handed over. Again, like, majority of them were completed in Q4, those that contributed to the result in 2023. So in Q4, the number of flats that were handed over, the biggest number was in Tri-City and in Wrocław, around 300 flats. As for handovers, compared to the previous year, here we see a drop by 17% compared to the previous year, 2022, which you are probably aware of because we keep announcing it. It all depends on the changes in the construction process and fluctuations in the number of completed construction works. As for total saleable area, there's a drop to 159,000 square meters. It dropped by 19%. As for new land, we spent PLN 203 million to purchase new land. This will allow us to build, like, 141,000 square meters of flats. We purchased land in all the cities where we are present, and the price was t he average price was PLN 1,438 per square meter, so it's quite low. As for the overall land bank of Atal, at the end of December last year, it allowed us to implement projects for 717,000 square meters in the future. You might probably have questions in the Q&A session regarding this, so I will hand over to the CEO in that part. Now, dividend. By 2023, we have paid out PLN 950 million in dividend. We're a dividend-based company, and our policy speaks of the payment of dividend from 70%-100%. The dividend for 2022 amounted to PLN 194 million. Now, after the publication of results for 2023, the management board decided to recommend to the supervisory board first, and then to the shareholders meeting, the payment of dividend at the worth PLN 6 per share, which results in 10.7%, as at the end of December 2023. So it's gonna be more, about PLN 260 million of dividend for the previous year, and the total amount of dividend that we've paid out since our presence on the stock market is gonna be more than PLN 1.2 billion zlotys, sorry. Now, projects completed last year, those that we handed over or we still handed over in Q1 this year, we completed 2,756 flats, and the number of flats sold is 96% of that, so 2,648. So 630 flats were not handed over at the end of 2023, so this potential is shifted to 2024. Now, the potential of handovers in 2024, these are projects under construction, and project will be completing in 2024, which is 2,195 flats, out of which 72% is covered by contracts, which we need to add to it 630 flats that were not handed over in the previous year, obviously. And here's another slide regarding handing over of flats in 2025. The potential is 3,062 flats that will be completed and finalized in that year, and we're planning to hand them over to the final users. For that year, the level of contracts is 23%, as at the end of the previous fiscal year. Now, the potential of current project after 2026 and onwards, that will be completed in 2026 or later, that's 55 investments worth eight amounting to 803,000 square meters, where five are already ongoing. They are implemented for more than two years. Now, we're moving on to the second part of the presentation, consolidated financial results. In 2023, we generated revenues from sales at the level of PLN 1.5 billion, which is a drop by 9% as compared to the previous year, 2022, with a smaller number of handovers compared to the previous year. As you remember from the previous slide, this drop was much more than 9%, so this shows that the unit price of a handed-over flat was higher than in the previous years. Gross result on sales was PLN 448 million, and net result is PLN 341 million, so it's less by 7%, so the costs were dropping, sorry, more at a different pace than the revenues. And net result decreased less than the decrease in percentage terms. As for profit per share, we're counting shares in the context of recapitalization that was carried out in 2023. So the weighted average is taken into account. In 2023, it's PLN 8.42 of profit per share when we calculate the weighted average per share. Now, to summarize consolidated financial results, this drop of revenues was 9%, but gross margin on sales increased to 29.9% in 2023, which we are very happy to see, just 1.5 percentage point as compared to the previous year, namely 2022. As you can see in the diagram in the bottom left-hand corner, this is the highest level of gross margin in the analyzed period. Net result on sales is PLN 341, but the net margin is 0.6 percentage point higher than the previous year, which is 22.8, and it's the historical highest net margin. As for consolidated financial results quarterly, gross margin on sales, you can see the previous year in red. The highest margin was seen in the first quarter, then a little bit lower in the second quarter. Then in Q3, due to some projects at lower profitability, it was lower. But in Q4, it's above the expectations that we communicate to you, namely 25%. Net margin by quarters, again, 22.7% for Q4 2023 alone. As for the balance sheet, we've observed an increase of the balance sheet total by 13%, which was mainly cash, an increase in capital in equity. We will see it in the following slide. Here, we're also showing the net debt of the group based on the definition of the bond issue terms and conditions, which is negative. So net debt is smaller than the equity. As for inventory, at the level of PLN 2.668 billion, we're going to discuss it. As for assets, we can see cash, PLN 620 million. We issued bonds in F series in August 2023, which contributed to it, and we also issued bonds. Now, equity increased to PLN 1.7 billion because of the F series issue and the result generated in 2023. These capitals, this increase of equity in F series, was dedicated to purchase of land and to carry out some development projects. Now liabilities, at a similar level as 2022. As for inventory, PLN 2.7 billion, if you look at it, it's mainly an increase in work in progress, because in Q4 2023, we launched a lot of development undertakings, but also an increase in finished products. But it's not huge, it's PLN 278 million. And this also results to the not handed over flats. Now, structure of maturity of debt, Atal only has PLN 70 million of bonds to be redeemed in 2024, listed on the Catalyst market. That's the only debt mature in 2024. And in 2025, there'll be some loans granting by the shareholders and bonds acquired by the shareholder. But this, this will have to be redeemed in 2025. And now sources of financing. What we emphasize every time is PLN 1.7 billion of equity, but also prepayments from customers, corporate bonds, loans granted by the shareholder, and bonds acquired by the shareholder. Now, as a summary, in 2023, we started 16 new projects. We launched 16 investments, and we completed 16 investments. So 2023, in these terms, was quite leveled. In 2023, we issued bonds in April, June, and October, for the total value of PLN 280 million. And in return, in May and October, we issued bonds worth PLN 410 million. And 280, these were redeemed bonds. And then issuance of Series F Shares in July 2023, that's PLN 252 million acquired with an ABB, and the issue price was PLN 56 per share. This is it, as for the presentation of our results for 2023 in a brief form. Now, I will give you about a minute so that you can ask your questions, and then after the break, we'll try and return and answer all of them. Good afternoon, ladies and gentlemen. We've got a lot of questions concerning sales, specifically the new program that is not in place yet, and the situation in the last few weeks. So maybe I will try and answer them collectively, and then we will move on to further specific questions. So the general situation is that in January, we still had some transactions implemented under the old scheme. So in January, we had very good sales, that was included. Then in February as well, in terms of sales, we still had some of the reservations, some flats booked from December. There were a lot of people applied at the bank, so there were a lot of queues to wait for the loan. But the total level of sales in those two months are 550 flats. Now, in March, we do see a slowdown of sales. These proportions of the share in, of cash transactions and loan transactions are shifting in such a direction that for now, about 50% of transactions are cash transactions, and about 50% of transactions are still loan-based. Relying on this current, pretty expensive, loan, this is broadly commented on the market. Actually, every day, we see in the press, in the media, some articles, some comments. When are we going to have the new scheme? How to get prepared for it? We would like to know that as well. Based on announcements, we hear it's going to be September, most probably. In the meantime, we're trying to do some bridge activities. We have a very good situation. We've got a lot of cash on our accounts, so we can have somehow support the customer by bridging this gap between these two schemes. We have a big waiting group for family flats, mainly, like three or four-room flats. This will be somehow modified with a bigger number of children. The family should get more support for buying a flat. But we don't know this project with this scheme, and we don't know the date, and I can only comment on the behavior of customers. They're trying to wait. We try and support them somehow. We have current sales. We finalize our projects according to schedule, so there's no other limitations for sales. Speaking mainly about cash-based transactions, they can proceed. So the situation is, as I described, we have a lot of premium products, so in Q2, I think we will survive it somehow, and we hope that we will catch up in Q3, Q4, thinking about those delayed contracts. We can afford to build flats for those who are late, but we'll see. Our plans have not changed radically. We would like to sell about 3,000 flats. We're not famous for any super optimistic projections that are not delivered in the financial results, and we try to surprise the market in a positive way, so there's nothing bad we can say about this issue. Only there's this gap in between those government schemes. Just to complement, there's a question, there's a decision on installments program. Do you think that, you'll be able to apply for a loan under the planned new support program for borrowers? Well, it depends on what happens at the banks once this program is allowed. It. We can afford building these investments, and that's what our strength relies upon, and these are huge expectations from the market. Now, the level of sales, we've asked, answered it. What about sales in the first months of the year, and what segments, areas of the market are, have more interest as compared to 2023? Here, the CEO has already described it. Smaller flats, for now, are more attractive at the current moment. There are more sales of them, but People are waiting with the purchase of family flats, like two, three rooms, where our customers are waiting for some government scheme to support their transactions. Now, sales for Q1, we've already answered. There's a lot of questions regarding the level of sales, so I will skip that. There's a different question: What's the situation on the cost side? What are the perspectives of projections for gross margin? Now, do you see any higher or lower margins for 2024 on the investments that have started compared to 2023? All right, as for an increase in the margin relative to 2023, definitely this level of 25% can be reached. We emphasize it in our comments a lot. We see that prices are more stable at the level that we've had so far... It's about PLN 7,000, almost PLN 6,000 for construction. These levels are more or less maintained. Obviously, it varies from investment to investment, but on average, that's more or less stable, this level of profitability. There's not much margin for move if we have our own contractorship, right? If it's PLN 6,000 with good land development conditions, it's quite stable, this cost. As for prices of subcontractors, they are quite stable as well. They have been stable for quite some time. There are some concerns that could appear by the end of the year, then we'll be seeing some real money from the development National Development Fund. So in Q4, we might see some increases. We very often, in Q3, we very often see increase in prices. So perhaps there might be some increase in cost, but in Q4, we will catch up with the increase in sales. Should we have the next? There's another question about the cost, but we've answered that. Has the company adjusted the price list or since the beginning of 2024, and the lack of BK 2% loan, does it translate somehow to your conditions? We don't have any general like regulations. We perform adjustments on a weekly basis. We have our sales directors meeting every week. We try and be quite stable, but when there's a new investment launched, we adapt or establish a new price, but there haven't been any major adjustments. Now, the number of increase in price of an average Atal flat between 2023 and 2022, it changed by 6%. Again, March compared to February, sales of flats, we've answered that. Purchase of land, the average price you paid for square meter in 2023 was year-over-year higher by 50%. Does that stem from the prices or does that stem from the location of the plots? What's the projection for 2024? Well, it depends on location. We diversify broadly, so there are different prices in Łódź and different in Kraków. So the question is, how many square meters we purchased here and there, and the average price may show something completely different. But generally speaking, the prices of land are increasing in all the locations. There are two major reasons that are quite obvious. First of all, local plans were not prepared. That's one problem, one reason for these increases. And obviously, the good locations are being purchased, so there's not more of them. That's why, they're growing, these prices are growing, and the prices of flats are growing, so it compensates somehow. State-owned companies were blocking the purchase of some land that they were planning to sell, but it was halted. Now, the question is, will it be released for sales? We don't know that. So all these aspects increased the prices on, contributed to the number. We've got some average numbers, and the only conclusion we can draw from that is that prices are growing. As for sales and Safe Loan 2% scheme, BK 2%, there's a question. Now, in the new marketing program, are you freezing your prices, or are you projecting increases in prices? Well, as we said, we're assuming that by Q4, the prices will maintain the level of what the market is showing now. In Q4, there should be some increase, probably. That's our assumption. Do you feel comfortable with your land bank or are you planning on further acquisition? The amount of land we have been purchasing in the last three years versus the number of investments we're doing, it just goes together nicely. But obviously, every year, we will be cutting down on land by moving on with further investments. So we keep buying at higher and higher prices, and it's an ongoing process. Are you interested in prefabrication when doing the construction? We've discussed it and there are some natural obstacles here. It's not cheaper, that's one thing. Then we need more time for the design process, because each prefabricated element has to be component, has to be designed separately, and prefabrication is recommended when we have a module that is, like, we If we build, for instance, 10 buildings and, all of them are similar, none is changed, then it could be used. So repeatable elements. When it's not repeatable, what we do, it's not possible to use prefabrication. So land development plans very often, that's the. And, and shading, and, sunlight, and everything, when you take all that into account, it makes every building different. So, actually, that's why prefabrication is not very much used. The more changes introduced by the future owners as well, the less possible it is to use prefabrication. I think that 90-odd% of the market will be built based on the current model, in my opinion, so. Now, are the costs of construction growing? We've answered that. They are quite stable in the last few months. How many new flats does the company want to introduce to the offer in 2024? We've answered that as well. We've been introducing new investments since Q4. There's a comment on the First Flat scheme. How do you project the impact of the scheme upon the market? Can it be similar to BK 2%? Well, it's not very different from the previous scheme. Apart from a preference for families with a bigger number of children, I don't think it's a bad assumption. It's not very different. So if we do have this scheme introduced, as in the form as was last presented, it's gonna be a similar effect on the market as the previous scheme. What's the approach of customers to growing prices? Do they accept them, or on the short term, perhaps they're not? Well, for now, like I said, customers are waiting for the next government scheme. Let me add that the premium projects are governed by their own rules, so evaluation of attractiveness is important apart from the price. What about the German project regarding the crisis on that market? Did your prices go down as well? Well, actually, we started last year, at the end of last year, or, or realistically, we're starting this year, this construction, so, and it's gonna be finalized in two years. So the situation on the market in two years, I assume it's gonna be much better. But in our project, it's, it was not a project with very, very high prices due to the previous situation. Prices in Dresden were quite stable, so there were no huge increases, so there were no huge drops either. But you normally don't start so many constructions in Germany as you do in Poland, and there's much more population, and increasing. So we're hoping for a situation where the interest rates are lower and flat requirements will be higher. I think we'll have no problem with selling them. And two more questions: Are you planning any investment in new locations? And is the company interested in the acquisition of new developers that could potentially have some interesting land bank? As for interesting land banks, you know, it varies. Sometimes the offers we get are really poor, to be honest. But of course, we are still interested in at least one more city, one more location. Maybe in the next quarter, we will be able to give you some more details. But we're focusing on the existing locations. But there are On the market, there are not too many developers with good land banks, with good locations, good cities. Well, at least they have not contacted us yet. There's a more detailed question, so please go to our, contact our investor relationship department, we will answer it. So this is it. If you have no more questions, we've answered them all. So thank you very much for participating in our conference, and we're going to see you in less than a quarter, after Q1 2024. And please feel free to contact us on a current basis. Thank you very much. Goodbye.