Good afternoon, ladies and gentlemen. It is my pleasure to welcome you to GTC's conference call, which is dedicated to its H1 2021 financial results, which were published today in the morning. The call is being recorded. The call is being conducted by Yovav Carmi, the CEO of the company, and Ariel Ferstman, the CFO of the company. The call will be conducted in a way that we will have a short presentation of the financial results. The presentation will be shown on the screen. It is also available on the website. The presentation will be followed by Q&A session. Please keep your questions to the end of the meeting. I will strongly advise to stay muted for the call. That will allow us to go smoothly through the call. Yovav, Ariel, the floor is yours. Thank you, Małgorzata. Good afternoon to everybody. Can we please put the presentation on the screen? Thank you. We can start with page number three. H1 was characterized by strong earnings, solid performance of the company, while we were intensively working on transformation to unsecured debt and had intensive investment activity. We completed H1 with EUR 59 million of gross margin, very similar to H1 last year. FFO of EUR 31 million, as well, very similar to H1 2020. We ended up H1 with EUR 246 million of cash. That's a strong liquidity position. We have been, as I said, very intensively working on the acquisition of income generating and some land bank for future developments. The occupancy was kept at 91%, similar to the year end. Moving to the next page, please. Thank you. As I said, we were intensively working in transitioning from secure to predominantly unsecured debt. We have been working with two rating agencies, securing investment grade with Fitch and very close to investment grade with Moody's. We issued, in the beginning of the year, a small bond on the local market in EUR 150 million and completed with another EUR 500 million of green bond in June in the international market. This was almost 3x oversubscribed, which is a very good result. As we announced before this process, that the majority of the funds will be designated to refinance existing current loans while transforming into unsecured debt. By the end of June, taking advantage of the interest payment dates, we have managed to refinance EUR 369 million and post H1 another EUR 82 million of loans. We ended up with a historically low average interest rate of the group with 2.18% versus 2.3% as of December. Can we move to the next page, please? Yes, thank you. As we've seen in the office sector, we've been intensively working on acquisitions. This volume of acquisitions of cash generating assets of EUR 264 million added, contributed EUR 15 million of in-place rent to our portfolio. We have announced a disposal of our office portfolio in Serbia. This is envisaged to be completed and closed by the end of the third quarter. It demonstrate the liquidity that we were able to generate in the Serbian market for the first time, and it demonstrates our book valuations. We also felt comfortable enough, since we are not leaving Serbia, we are dwelling on our experience and our capacity in Serbia. We have been comfortable enough to start GTC X, our new office project in Belgrade, 16,800 sq m. We have seen demand from a couple of international blue chip potential tenants. In order to be able to fit into the timetable that they require, we felt comfortable enough to start the project. Overall, our leasing activity resulted with 53,000 sq m of leases. Comparing to 70,000 in the whole of 2020. As I mentioned, we kept the occupancy rate at 90%. Moving to the next page. This is a snapshot of the recent acquisitions, fully occupied or very close to be fully occupied, either having a green certification or in the process of the green certification, adding EUR 15 million of in-place rent. Let's go to the next page, please. Thank you. Looking at the retail sector, currently 100% of our retail space is open for serving customers, is open for work. We have to bear in mind that up until first week of May, Poland and Bulgaria was closed under lockdown, and still in May, we were under restrictions for cinemas, fitness centers, food retailers, and yet the malls, the Avenue Mall and Ada in Belgrade shown increase in the gross margin. Polish and Bulgarian were negatively because of that. What we have seen that post this lockdown in May, June, July, we will see it in a minute in the next page, the recovery was very good with very good turnovers. Maybe we can move to the next page to show this performance. Yeah. You can see here that June, July, we experienced very good pickup of the shopping centers, with turnovers that are exceeding even the levels of 2019, before COVID. Galeria Północna and Galeria Nowa Huta were standing out exceptionally well performance in those months. That's to give a flavor about the retail side of the business and how things were looking post lockdowns. If we can move to the next page, please. Thank you. This is a snapshot that we show a lot. It shows the composition of our portfolio in geographical terms. The split between cash generating and development. We are at 90% cash producing assets and 10% land bank and development. Due to the recent acquisition, the proportion between office and retail went towards 66% offices and 34% retail. As I mentioned, 83% of our assets enjoy from a green certification. We can then move to the next page. This is a snapshot showing, again, the green certification that we have here, the occupancy rate that was kept in H1, and the focus in capital cities, CEE and Warsaw. Moving to the next page. This snapshot is of our retail sector, 85% with green certification. Occupancy was kept high at 94%, and you can see here how we are geographically spread across the region. Moving to the next page. Here you see our ongoing development projects. Pillar is about to be completed by the end of the year, ongoing in time and budget. Sofia Tower, we have launched. Now the construction is moving ahead according to the budget and plan. We were there a couple of weeks ago. It looks very impressive. GTC X is the project that we have launched very recently, feeling the demand that we see in Belgrade from international and other tenants. Far, 2,500 sq m have been committed in lease. Center Point is a redevelopment of an existing older assets that we are working on. We see two very large. One is a current tenant that we're working on a prolongation of the lease, and another one is a new, very large tenant that is expressing a strong interest. This is moving well. Moving to the next page. Sorry. Our going forward pipeline for the next 24 months. Those assets here that you see are the highlights of such a pipeline, with Center Point 3 very close to obtaining a building permit, which we expect in the third quarter. The Twins is an asset that we hold on the Váci Street, at the corner of the Váci Street and the inner ring road in Budapest, next to the police headquarters and on top of the metro station. This is a 40,000 sq m development that we are working on the permitting of it. Matrix C in Zagreb is the third phase of our office park that we are developing, with good progress with Matrix B. We felt comfortable enough to start the planning of Matrix C, which will be very similar, 10,000 sq m next to Matrix B. We plan to apply for the permit in the next month or two. ABC 3 is a land plot that we secured earlier this year, adjacent to ABC 1 and 2 in Sofia, in Bulgaria. It's about 9,500 sq m where we started the planning. Given the results that we saw in ABC 1 and 2, we think that it's a good idea to start the planning of this. Moving to the next page, I will hand over to Ariel to talk about our financials. Thank you very much, Yovav. Good afternoon, ladies and gentlemen. As Yovav pointed out before, I think we end up the first six months of 2021 with very strong numbers. As we shifting our financing policy from secure financing to unsecure financing, we see also certain transitional numbers or one-off numbers on our P&L, and I'll explain in a few minutes. Taking a look over our P&L for the first six months of 2021, we end up with the June, with the EUR 21 million profit, very strongly. Our line on gross margin from operation remains stable. However, if we zoom out a little bit to explain the main difference between 2020, 2021, we sold Spiral office building. That impact negatively on the gross margin from operations, EUR 2 million down. However, we add new completions including the new recent acquisitions, ABC 2 in Bulgaria, the Matrix B in Zagreb, plus the recent acquisition of Váci Greens and Univerzum contributed positively EUR 2.5 million. The COVID line, which it says here EUR 0.6 million negatively, we have to split it in two sides. One side is that on a like-to-like basis for the last six months, we have shown an improvement on our retail numbers in Zagreb and in Belgrade, which contributed positively to this line, EUR 0.5 million. Was offset negatively by the Polish shopping centers and the Sofia shopping center by EUR 1.1 million. The main difference were that in Poland and in Sofia, there were extensive lockdowns, which basically spill over in April and in May. Recently, the shopping center was in 100% activity just by the end of May and early of June. As you can see on the also strong line that we have shown in the last six months is the revaluation from investment property with a very minor loss of EUR 1 million. If we zoom out a little bit, this is EUR 6 million profit from revaluation from the recent acquisitions done in Budapest, plus existing portfolio in Budapest, which contributed strongly to profit revaluation in our office buildings, which was offset by capital expenditure on existing portfolio as CapEx that was done there in the course of six months, that end up with EUR 1 million versus EUR 68 million losses in the six months on the previous year. We have also, that I mentioned, that this will be a transitional P&L in terms of a one-off. We have basically a one-off EUR 4 million on the financial expenses line. This was as a result of the refinancing that Yovav Carmi pointed out properly, before. We successfully refinance almost 80% of the original plan, EUR 369 million of loan already refinanced two weeks after we placed successfully the first Eurobond of the company. That was translated into some early repayment fees, breaking costs in the amount of EUR 4 million. This is a one-off amount, which was has to be expensed on the P&L. Overall, as I mentioned before, we end up the first six months very strong. Moving on the balance sheet, on Slide 18. You don't see the big difference on our investment property line. I will explain. We have a very extensive activity on the transactional side with over EUR 270 million of investment activity from acquisitions. As we pointed out before, Váci Greens, Univerzum, and also the latest recent acquisitions, one office building in Budapest called Váci 188, and a mixed-use asset, Hegyvidék, also by the end of June. Plus investments on development that end up with EUR 300 million. However, this line was offset by the reclassification of all the office portfolio in Serbia asset held for sale, as a result of the signing of the sell and purchase agreement. This transaction is basically about to close in the course of the end of this quarter or early Q4, and we expect to basically complete the transaction. On the cash and cash equivalents, as I mentioned, it was impacted by a lot of activity on the financing side. As we mentioned before, we refinanced and finally repaid bonds for EUR 437 million. Also acquisition of assets and investment in property, asset under construction, net of loans from our equity, EUR 151 million, offset by the raising of the bonds. We finally did the last round in the Hungarian bonds in the end of the first quarter of 2021, EUR 52 million, and the EUR 500 million placement Eurobond done in the end of Q2. That contribute to a large extensive activity on the cash movements. As we mentioned before also, as we reclassify all the assets, since it's a shared deal, the Serbian deal, we reclassify all the assets as held for sale. We reclassify also the liabilities related to those assets. That liability is related to held for sale, which is related mainly the bank financing, which will be expected to be fully repaid as a result of the completion of this transaction. Moving on to Slide 19. Here we're showing a snapshot of our debt metrics. We have a total debt of EUR 1.5 billion, this will be reduced towards EUR 1.4 billion. As Yovav mentioned before, we are in the process of refinancing the last batch of identified loans, around EUR 82 million, Ada Mall and Mall of Sofia. As Yovav pointed out properly, we have a low record on weighted average interest rate, driven by the successful placement of the bonds and subsequently refinance of more expensive debt on our balance sheet. I remind you, we place our bonds on a yield of 2.375% with a fixed coupon of 2.25%, we replace, majority of those loans were above that yield. That contribute also to a decrease on this parameter as well. We end up with a very strong interest coverage ratio, 3.3x. We managed to increase our encumbered properties from 9%- 35% over almost about EUR 800 million in assets, which were freed up as a result of the refinance, and there's no more encumbrage, no security on those, and are free, cash flow is also free. We also were able to release around EUR 4 million or EUR 5 million of heavy cash reserves, which were linked to that kind of financing. We show you here a very healthy debt maturity profile, which allows the company the flexibility to do those investments with not heavy loan recycles in the upcoming 12 months. Merely a small repayment of the bonds in the next 12 months, plus the regular amortization. One thing that we are doing regarding the financing as a result of the switching the financing policy, is to basically any new secure financing that we are approaching the banks, we try to mirror the bonds that we issue, meaning in the terms of a full payout loans with fixed interest. We've been very successful, and as a result of that, you see on the results on the debt split, 95% of our debt is either fixed interest or hedge. On the net LTV, we end up with a margin slightly higher LTV than expected, 51.6%, which will grow a little bit higher as a result of the latest acquisition done recently after balance sheet. This will be offset and decreased gradually as a result of the disposal of the Serbian portfolio and further on, as a result of the planned capital increase, which will bring our LTV ratio in levels below, where we posted last year. Moving into this last slide in the cash flow statement. I think, in spite of the COVID and the lockdowns, we end up with a relatively stable cash flow from operating activities, EUR 25 million versus EUR 26 million. Heavy, as I mentioned before, heavy investment activity in the first six months in comparison to last year as a result of the acquisitions and developments. Overall, we end up with a strong cash position, which is, you see here, EUR 253 million, but this includes also asset held for sale, related to the Serbian deal, which overall, if you netted that, is EUR 246 million. Just to point out before the end of the presentation, we posted an FFO of EUR 31 million for the last six months. If we analyze the last quarter-on-quarter basis, basically Q2 versus Q2 2020, we have an improvement on our FFO around 12%. As long as we see, the easier and no further lockdowns on the near future, we should expect the next quarter to remain even stronger, as we move ahead in time. I think, Małgorzata, we did conclude our presentation, and we're ready to open the floor for questions. Ladies and gentlemen, please do ask your questions whenever you're ready with the questions. Thank you. Ladies and gentlemen, are there any questions from you guys? Please do remember about unmuting yourself before you ask the question. Hello. This is Petter Breisa from Amaron Asset Management. If I'm not mistaken, you approved the plan to issue additional new shares. Can you give an update? What is the timeline and what are the plans in this regard? Thank you. Yes. Thank you. We indeed, in the recent annual general meeting that was held in July, we had a voting on the capital increase. It was approved, with a very big majority of the shareholders to authorize the management to execute a capital increase. Just to recap for everyone to know, the Polish regulator allows up to 20% of the shares to be issued in a kind of a fast track program that does not require prospectus. If you do the math on the current share price, give or take, this is a volume of around EUR 140 million-EUR 150 million. This is something we announced. We wanted to give visibility given the questions that we had from the various investors. We wanted to give visibility on H1 figures and valuations, which we are now providing. The plan is in the next month or two to gear up towards the capital increase. You're on mute. Assuming that that question's been answered, it's Edward Evans from Ashmore. Yovav Carmi, could you just talk to us about the yields that you achieved on those Budapest acquisitions? If I just look at what's happened to the yield for Budapest office, it's come down quite a lot as a result of the acquisitions. It seems to me that the new assets that you've acquired are yielding relatively lower compared with most of the rest of the portfolio, and just what you were seeing there in terms of why those were attractive to you and what the outlook is for them. As a policy, we announced that we're going to focus on Hungary and Poland, and this is what you have seen from us in H1. Quite an intensive acquisition mode in Budapest, mainly. In terms of yields in the market, we actually have not seen yields moving out in the market, in Budapest especially. We demonstrated last year the disposal of Spiral office building, which was in the course of, let's call it, the darkest period of the COVID, and still we were able to execute at a decent yield. This is an asset that was a bit outside the Váci corridor, and with a tenant in local currency. Bearing that in mind, the yield that we achieved for that transaction was supported and actually represented a EUR 10 million uplift in value compared to its year-end valuation the year before. That demonstrate our book valuations. Those assets that we bought are green certified, new buildings. Váci Greens is on Váci Street in Budapest. The Univerzum assets are with long-term leases next to the university. This is why they attract the pricing that they have been attracting. We're comfortable with those yields. I don't think they represent any difference comparing to other acquisitions that we made. Okay. Thank you. I understand that there are no more questions. Thank you very much, ladies and gentlemen, for being with us today and listening to our financial results. Have a very nice rest of the day, and see you next time. Thank you. Thank you.