Good afternoon, ladies and gentlemen. It's my pleasure and, of course, Yovav and Ariel's as well, to invite you and welcome you to our Q1 2021 results. We are very happy to present the results and answer any questions you may have. I will give the floor over to Yovav Carmi, the CEO, and Ariel Ferstman, the CFO. They will conduct the presentation. Later on, we will open the floor for question and answer. Thank you very much. Yovav? Thank you. Good afternoon, everybody. We will start with the presentation. Okay. In Q1 2021, GTC has shown strong results in spite of the fact that we were still under lockdown in certain countries in which we operate. We still had the presence of the COVID-19 pandemic. We have shown EUR 27 million gross margin compared to Q1 2020 of EUR 30 million. We have been experiencing EUR 2.4 million loss, in relation to the COVID-19 lockdowns. EUR 4.5 million loss comparing to the pre-COVID period in Q1 2019. The operating profit before tax is EUR 15 million, comparing to EUR 13 million in Q1 2020. FFO is strong at EUR 14 million, comparing to EUR 18 million in Q1 2020. EUR 254 million is the cash balance that we ended the period with. We were able to maintain our LTV at 45.5% and a historically low interest rate of 2.3%. In the course of the first quarter, we have been raising another round of green bonds in the amount of EUR 54 million, with an over-subscription of 25%. Moving to the next page. We have been able to demonstrate stronger activity in the office segment than in 2020. In the whole of 2020, we have signed leases and prolongation in the amount of 70,000 sq m, and just in Q1, we managed to sign 40,000 sq m, with main items being a very reputable IT blue-chip company in Kraków with 11,000 sq m, and a significant lease of Rompetrol in City Gate in Bucharest. We've been able to maintain our high occupancy of 90% as of March 2021. Another significant item here that in the course of Q1 and Q2, we completed the acquisition of two office buildings, we will talk about it in a minute, in the overall volume of EUR 212 million, contributing almost EUR 12 million per annum in placement. In the next slide, we will show you those assets. Váci Greens D is an office building on the Váci Street in Budapest. Relatively newly developed, completed in 2018. Enjoys from a BREEAM Excellent certificate, generating almost EUR 3 million. Closing happened in March 2021. The next one is actually two buildings, head office of Ericsson and head office of Siemens evosoft, generating almost EUR 9 million in place rent. Acquisition was completed the last two days, overall acquisition price of EUR 160 million. All those buildings have high green certification, this demonstrate where we want to go forward. Talking about COVID-19 and how they affected us in Q1. As I said, we have experienced lockdowns in Poland, in Bulgaria, in Serbia in the course of Q1. This had an impact on our gross margin of EUR 2.4 million comparing to Q1 2020. As regards the occupancy level on the retail segment, it remained 96%. It's actually improved in the course of Q1. You will see the retailers that were willing to commit, which is very reassuring to see that the retailers still believe in the physical shopping centers. We see a new brand of CCC in Galeria Północna called the HalfPrice, with 1,500 sq m. We see CCC in Galeria Północna with 800 sq m, almost 700 sq m of Mango, and 500 sq m of MASS in the Avenue Mall. This is complementary to the recent leases we secured at the end of last year of IKEA, Bershka, and Sinsay in Północna, which I think demonstrate the commitment of retailers and their outlook that things will open up and start to improve soon. Here, actually, we can see a snapshot of our portfolio, how it looks in terms of the overall. We have EUR 2.1 billion of gross asset value. You can see the split between the geographical split between the countries. The allocation between the retail and office segment at 60% office and 40% retail, and the allocation between the various cities. We are at close to 90% of the cash producing assets being 90% is cash producing assets and around 10%, or a little bit more, 11% is development projects. That's the allocation to mention here. On the next page, we have shown a pro forma, how this allocation will look like post acquisitions of those assets that I mentioned previously, and how it improves our position. First of all, the overall gross asset value goes up to EUR 2.3 billion. The weight of Budapest is increasing. The allocation between office and retail is increasing towards the office, with 65% versus 35% retail. We come back to 90% cash generating versus 10% development. This fits within the context of our program to shift the focus into Poland and Hungary as the country is enjoying from higher ranking. The next page, again, we show how the cash generating portfolio is split by age, which is another trend we are trying to implement. Currently, we have 47% under 10 years versus 52% post-acquisition. We are balancing more towards the newer assets and more towards green certification. Today we have 84% green certification of all our assets across the Board, and the pro forma shows that post-acquisition, this ratio even improves further. If we look at the next page, this is with focus on the Office sector only, which is even more visible, that post-acquisition, we grow from 47% below 10 years to 55%, and the green certification the same. If we look at the pipeline, the current pipeline consists of The Pillar, fully let to ExxonMobil. We've been seeing that the development is ongoing, on track, on budget, on program. No disruption due to the COVID-19 and the lockdowns. We started late last year, the Sofia Tower, which is progressing on time and on schedule. Center Point One and Two, we mentioned previously that we are working to renovate the building and reposition it. This is ongoing. On the right-hand side, you see those two projects that are ready to go. Once we are satisfied with the demand for offices in those locations, we will launch them. I will hand over to Ariel and Erez to talk about the financial part of the presentation. Please. Thank you, Yovav. Good afternoon, everyone. As Yovav mentioned, Q1, we ended with strong results. Strong profit of EUR 9 million, driven mainly by the fact that. If you compare a like-to-like basis with Q1 2020, we suffered certain exchange difference as a result of our cash holdings exposed to the zloty versus the euro. In spite of a slight devaluation during the course of the first quarter of 2021, zloty versus euro, we managed to optimize and manage our cash in a better way. That contributes us to end up with a profit of EUR 9 million, in spite of the decline of EUR 2.4 million on the COVID-19. If we zoom in regarding the gross margin of operations, like-to-like EUR 27 million, which posted on Q1 2021 versus EUR 30 million. You can see on the breakdown of the operating margin, we have a decline EUR 2.4 million due to impacting on the COVID-19, mainly on the retail assets. EUR 1 million, the disposal of Pillar. This was offset by EUR 0.8 million that contribute cash and rent income from Green Heart, ABC 1 and Matrix A, which now they enjoy fully operations, also as well as fully occupied. Moving to the slide 19 on the balance sheet. There was a slight increase on investment property. This is as a result of the progress on the development that Yovav Carmi mentioned before, Sofia Tower and Pillar. We have started also the redevelopment of Center Point for investment in capital expenditure and facelift of the building, around EUR 10 million also as well. Regarding the cash and cash equivalents, we have declined around 7%. This is as a result of the fact that we placed the bonds, the EUR 110 million at the end of 2020. We said that we will use at least half of those proceeds to refinance more expensive debt and also decrease leverage on certain assets, which we believe that were a little bit over-leveraged. The plan was to deploy up to around EUR 60 million to refinance. We have actually completed that plan partially, EUR 44 million. We repaid EUR 10 million in City Gate, EUR 5 million in Galeria Jurajska, EUR 29 million in the other shopping center. This was partially offset by the successful oversubscription placement of the bonds at the end of March, EUR 54 million. Moving to slide 20. As Yovav mentioned, we have posted 45% LTV. You can actually see that we are changing, and this will be part of the new financing strategy of the company that we are trying to implement. We are changing our LTV policy towards the 40%. We would like to move shifting that policy in line with the investment grade rating. That's what we're working on so far, with different rating agencies to prepare the company for the future placement of the EUR 500 million bond for GTC and switch and balance our secure financing with also unsecured financing. Something to point out here regarding the debt maturity. GTC doesn't have to basically recycle any more loans in the next 18 months. We have signed already and prolonged. At the beginning of the year, we started EUR 135 million to be prolonged, and we have prolonged already the EUR 135 million for five years. The next expiry of the loan is around Q3 2022. That improved basically our weighted average debt maturity from 4.2 to 4.7. We still have posted the lowest average interest rate, 2.3, thanks to the successful placement of our green bonds at the end of December and also in March. Moving into slide 21. Regarding the cash flow statement, I think it's visible the decline around EUR 2 million, this is on cash flow from operating activities. This is driven mainly by the COVID-19. There was the investment in real estate, EUR 22 million. This is in relation to the development, mainly the development on Pillar and Sofia Tower 2. Of course, you see a lot of activity regarding during the Q1, regarding the proceeds and repayment of long-term borrowings. We have successfully refinanced Pixel and Francuska, who was about to mature during Q1, with a new loan, EUR 39 million. Also, as we explained before, we early repay around EUR 24 million as a part of the refinancing plan from the placement of the bonds in December. I think with this concludes our presentation. I think, Małgorzata, we are ready to open the floor for questions. Ladies and gentlemen, please unmute if you would like to ask a question. Hi, this is Jakub Caithaml from WOOD. Can you guys hear me? Sure. We can hear you, Jakub. Perfect. Many thanks for the presentation. If I can maybe kick it off with a few questions from my side. To start with a technical one regarding the acquisition of the Váci Greens building. I haven't seen it in the cash flow. Have I overlooked it, or will it be recorded only later in the year, and it's not in the numbers as of the first quarter yet? No. Since it was recently completed at the end of the quarter, that will be reflected on the upcoming numbers. Perfect. Noted. Thank you. In total, we have something like EUR 210 outlay for the buildings, which should bring the LTV to around 50%. You were talking about the new kind of internal range that you would be targeting the 40%. Can you talk about how do you expect to get that? How do we expect to get to 40%? 40% is the long-term policy of the company. We will gradually get there. In the coming months of the year, as was mentioned by Ariel, we plan on the financing side a few things. One is a Eurobond raise, which, as Ariel mentioned, we are working on the rating. This is planned for the next couple of months. The other one is a complementary equity raise, which is also planned pretty much in parallel in time. As you know, the Polish regulations, the Polish stock exchange, allow up to 20% capital increase on a fast track with no prospectus. We have been exploring that and discussing with some shareholders, and the feedback so far is positive. This, of course, will help us enhance the LTV ratio in the direction that we are targeting. Just to complement on Yovav's, those acquisitions will be our finance on a 50%, or in some cases lower, leverage with different secure financing, so that we do not expect such a sudden increase on the LTV also as well on a group level, given the fact that also we are financing also some parts from our equity. That's give or take, but that will be the math with [audio distortion] events will going into that direction. Perfect. Thank you. Thank you very much for the clarification. Is it fair to expect that the prospective capital increase would be done with a rights issue given the discount shares are trading at? Małgorzata, maybe you can explain the technicality of how we plan to do this. Well, we are planning to do ABB as we did in 2014. There were no rights issue as such. However, the resolutions were securing the rights of existing shareholders to be allocated a certain number of shares. This is working on the Polish market for six years now, six, seven years, and this is well approved by the local investors. I see. Okay. Understood. Thank you for the clarification. I think- Sorry, go ahead. Just to add on that, I think with such a move, we will also benefit on the liquidity side of the share, which currently the liquidity is very thin. I think this is also a potential achievement or target to achieve with this move. Sure. Yeah, that makes sense. Thank you for the answer. Last question from my side, if I may. One more. It seems that we are seeing some encouraging signs in the retail footfalls after the opening. Can you talk a bit about where do you stand in the different countries? How did the lockdowns impact the tenants, and whether you think that we should expect some degree of pressure on the occupancy, maybe even after the opening, or whether you perceive the financial health of the tenants as rather good now? I can tell you the following. First of all, I think as we mentioned in the presentation, we are currently at 96% occupancy across our five shopping centers, which is a very high ratio. In fact, Galeria Północna is currently on its highest occupancy at 94%, which is the highest since it was opened. This is thanks to the recently flag store of Sinsay that was opened last year, the commitment of CCC with its new brand called HalfPrice. This is happening in the course of the lockdown, the late end of last year and early this year in Q1, when we were in lockdown, which the way I see it is very encouraging because it means that those retailers have confidence in the future post-COVID. What we've also seen is, after quite a long period of lockdowns, we've seen the speed or the pace of the vaccination in our region accelerating. We saw in Poland, the lockdown was the longest, and as of fourth of May, shopping centers were open, and we saw them very crowded with more than 20,000 people per day, which is more than pre-COVID times. All this is very encouraging. We see that in other countries where the percentage of the population is high in terms of their vaccinations like North America, like Israel, then it is becoming a COVID free zone, and very little people hospitalized or sick. Markets are opening up. We expect this to start happening. It actually is starting in some of the countries where we are present, like Hungary. Poland is just one notch behind, as well as the other countries we are present in. I think while the weather is improving, while people are no longer under lockdowns, we will see very much so the shopping centers coming back. Perfect. Thank you. Thank you very much for the presentation and for the answers. Ladies and gentlemen, do you have any more answers that we can- Questions. Hello, this is Peter Priisalm from Avaron Asset Management. Can you tell, what is the percentage of assets, especially on the office side, that is linked to the CPI on the rent side? On the retail side, I assume it's more linked to the sales level. Or maybe you can comment on this? How much is fixed and how much is, kind of dependent on CPI development? Regarding the office side, the vast majority of our leases, if not I never want to use the word 100%, but the vast majority of our leases, I believe over 95% are linked to the CPI. Usually, since our leases are denominated in euro or linked to the euro, so it's a sort of European index. Regarding the retail, all leases that usually are fixed rent are usually linked to the same index as well. Regarding how many are variable income, I mean turnover rent and base income, this is something that we do not disclose. Most of our income in the shopping centers are predominantly based fixed rents. Under a certain, especially on the anchor side, are linked to turnover rents as well. Okay. Thank you. One question on the acquisition pipeline. Do you expect to further increase the share of Hungary in your portfolio, or it has been just a coincidence that more acquisitions have been coming from this country? I want to say something about Hungary. I know what you're going to say about. I just want to point out, during the course of Q4 2020, we suffer losses for EUR 143 million. The only country we post a profit was Budapest. That demonstrate the strength of the market and resilience in the COVID-19. I do believe after the disposal of Spiral, we have even proved that our valuations are even proven correct up to 20% uplift from the values previous to the sale. I'm pretty confident, this is my personal view, pretty confident on the Budapest market, always shows very strong performance on our asset, on the portfolio. Yeah. To answer your question, this is something we expressed, and we are saying it. The markets where we see ourselves focusing are in Poland and in Hungary, with the capital being Budapest. This is where we are targeting to focus our business. It doesn't mean that we will not do business elsewhere. It just means that those countries enjoy from higher rating, and this is where our business, going forward, the focus will be. Therefore, it is not a coincidence that you see us expanding in Budapest. Okay. Thank you. Just one clarification. Did I understand correctly that you are looking to raise EUR 500 million bond? Yes. Yes. Mm-hmm. Okay. Thank you. If I may have one follow-up on the rents. Given the significant amount of leasing that you have done in the quarter, can you talk about how the levels compare to the ERVs? Regarding the offices in Budapest in particular, I haven't seen, I think, The Twist among the developments that you would consider launching within the next 24 months, which rather to me would suggest that you have a cautious outlook, because I think this is a development which would take maybe two years from the start to finish. Is there some problem with the permitting, or does it mean that you don't necessarily feel confident launching such a big project at this stage, even though the completion will be quite some time ahead? It's Jakub again. Thank you. Yeah. To answer your first question about the rent levels, we don't see at the moment the rent levels significantly softening if you are comparing to pre-COVID times. It means that the ERVs that we see are pretty much the same. That, I think, answers your first question. Regarding our presentation and how we designed the pipeline projects, we outlined two projects that we see them as ready to go, subject to demand for office space. Those are GTC X and Center Point III. Regarding all other development pipeline, we thought that since the horizon of that is further on, since they are still in planning mode, since it is yet to be seen how trends will develop in the office market and so on, we'd rather put them in one basket, in one line, and come back once they are more, let's say, once we have a more concrete knowledge about them or idea when will they be developed. Regarding your specific question about The Twist, there is no planning problem with it, nor timetable problem with it. One has to be cautious about how the demand for office will evolve, and that will dictate the timeline for other office projects as well. Since we're just now coming out of the COVID-19, the first ones to be tested are Center Point III and GTC X. We will have to monitor closely how the office market demands. I guess the same as you, we are hearing all kinds of sentiments going in various directions, and one has to listen carefully and see how it turns out. Perfect. Thank you very much. Ladies and gentlemen, if there is no more question, I would like to conclude today's call. Of course, as usual, the call is being placed on the website, so you can have an access to the audio recording of that call. We will be happy to answer any questions you may have. Please give me a call or send me an email if you need any assistance. Thank you very much. Goodbye. Goodbye.