Aroundtown Sa U/Adr

Dear ladies and gentlemen, welcome to the Q1 2020 results presentation of Around MSA. At our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. If any participant has difficulties hearing the conference, please press start to follow by zero on your telephone for prayer assistance. May I now hand it over to Mr. Sidi Lagis, Head of Communications and ESG, who will start today's conference. Please go ahead.

Good morning, everybody. Thank you for joining us for our first quarter 2020 results call for Around Town SA. You should have received our press release and can view this presentation on Around Town's website, either on the home section or on the financial reports of the investor relations section. I am Sylvie Lagis, Around Town's Head of Communications and ESG's Our CEO, Shmuel Mario, CFO, Iyai Bendarit, Executive Director, Ossi Masati, Head of Investor Relations, Timothy Rice, and Zakir Gabay will guide you through the presentation and answer your questions. For the duration of the call, all participants will be on a listen-only mode. Following our presentation, you will have the opportunity to ask questions. As already mentioned in our announcement, please send us your questions via e-mail. also during the presentation. The email address is info at aroundtown.de. With that, I will now hand the call over to Audrey. Please go ahead.

Thank you very much, Sylvie. Good morning, everyone, and welcome. Needless to say, the COVID-19 pandemic continues to have a lock on the global economy, and our top priority remains the health and well-being of our employees and stakeholders. Since our last earnings call at the end of March 2020, we overcame challenging times with a peak of the strictest lockdown measures in April and have since been observing a trench recovery in all our other classes. Across Europe, we see governments carefully starting to ease some of the self-imposed lockdown measures and sectors that were completely closed start to open the door slowly. We are going to review the Q1 2020 results, of course, and give more emphasis on the operational performance and impact on each asset class. We will cover our line of thought on the share-buy-back program, dividend policy, and why a round-up sees itself well-prepared for the next cycle post the lockdown. Please go to slide 3. It summarizes the relevant KPIs of our Q1 2020 results. We finalized successfully the merger with TLG on February 19, 2020, with a high ratio of standard shares of 78%, and continued with the planning and integration of our operational teams and management. The integration is slightly delayed due to the recent lockdown. However, we intend to finalize most of the implementation during the second half of the year. We have fully consolidated TLG as of February 19, and are happy to present a complete picture of the impact. Following the successful results of the full year 2019, Q1 2020 saw limited impact from the lockdown, which started to take hold from mid-March onwards. Our KPIs reinforced the defensiveness of our balance sheet, especially our healthy capital structure. 17 billion Euro of unencumbered assets and 3 billion euros of liquidity balance. They provide not just a sound financial security, but also the flexibility to take advantage of unique and accretive acquisition targets, which are not uncommon to arise during times of a crisis. I'll now hand you over to Rial, who will guide you through the key financials before we move on to our current operations.