Morning. My name is Laura. I will be your conference operator today. At this time, I would like to welcome everyone to TGS' second quarter 2021 results earnings conference call. TGS issued its earnings report yesterday. If you did not receive a copy via email, please do not hesitate to contact TGS's Investor Relations Department. Before we begin the call today, I would like to remind you that forward-looking statements made during today's conference call do not account for future economic circumstances, industry conditions, and the company's performance and financial results. These statements are subject to a number of risks and uncertainties. All figures included herein were prepared in accordance with the International Financial Reporting Standards and are stated in constant Argentine pesos as of June 30th, 2021, unless otherwise noted. Joining us today from TGS in Buenos Aires is Alejandro Basso, Chief Financial Officer, Leandro Perez Castaño, Finance Manager, and Carlos Almagro, Investor Relations Officer. Now, I would like to turn this call over to Mr. Basso. Sir, please, you may begin your presentation. Thank you. Good morning, everyone, and thank you for joining us today on this conference call to discuss the 2021 Second Quarter earnings and highlights for Transportadora de Gas del Sur. To begin the call today, I would like to share with you some relevant news that have occurred since our last quarterly earnings call in May. Firstly, on addressing the COVID-19 pandemic, the vaccination campaign in Argentina is currently being carried out at a fast pace. More than 55% of the population have received at least one dose of vaccine, and more than 15% of the population have received two doses. The recent mass vaccination has contributed to ease restriction and is expected to contribute with a partial recovery of economy activity during the second semester. It is important to remind you that TGS continues running its operations compliant with all the protocols to keep its employees and suppliers safe. Secondly o n addressing the transportation tariffs, on May 31st, ENARGAS officially notified TGS through a resolution that there would be no tariff adjustment since May, which confirmed what ENARGAS stated in renegotiation transitional agreement sent to TGS on April 28th, which TGS did not accept. ENARGAS has established some interim conditions until the new integral tariff revision is finished, whose deadline is December 2022. The most relevant conditions are, one, the potential transitional tariff adjustment starting April 2022. Second, no mandatory investments required. In the third place, the prohibition to pay dividends. On July 5th, TGS filed administrative claims to the Executive Power, the Ministry of Economy, and ENARGAS, through which TGS requested the implementation of the pending semi-annual tariff adjustment as it is determined in the integral tariff revision renegotiation signed in 2017, representing a 130% increase. In the case of natural gas distribution companies, ENARGAS increased their tariffs by around 30% starting last May, which represents approximately a 6% increase in the amount to be paid by the residential consumers and a 4% increase for small and medium-sized companies. Turning to slide four, I will now briefly address some of the highlights in our 2021 second quarter results. To remind you, all figures presented in this quarter and comparisons made with the previous quarters are expressed in constant pesos as of June 30, 2021, following the provisions established by the IFRS for financial reporting in hyperinflationary economies. As seen on this slide, we recorded a net income of ARS 3.4 billion during the second quarter of 2021, which is higher than the ARS 2.6 billion reported in the same quarter of 2020. Total EBITDA decreased by ARS 473 million, principally driven by ARS 2.4 billion fall of the natural gas transportation EBITDA, mostly related to the lack of a tariff adjustment. This was partially offset by relevant increase of the liquids business EBITDA of ARS 1.8 billion, which is mainly due to the higher reference international prices, even when the variable cost also increased. Financial results reflected a positive variation of ARS 3.7 billion, explained mostly by the variation of the foreign exchange rate results. During the quarter, income tax increased by ARS 2.3 billion, mainly due to the higher income tax rate, which was increased by the National Congress last June to 35% for taxable income on the excess of ARS 50 million. The previous income tax rates were 30% for 2021 and 25% for 2022 and on. Moving on to slide five, EBITDA for natural gas transportation business decreased by ARS 2.4 billion. This decline is basically explained by the ARS 2.3 billion revenue loss generated by the annual inflation of 50%, which was not compensated by any tariff adjustment. Operating costs increased slightly by almost 3%. The revenues generated by firm transportation contracts were above 80% of the total transportation business revenues. The average life of these contracts is more than 10 years, allowing TGS to generate a steady flow of revenues. The lack of a tariff adjustment since April 2019 under the current inflationary context has caused a continuous deterioration in our operating margins. On slide six, you can see that the EBITDA from the liquids business grew during Q2 2021, increasing approximately ARS 1.8 billion to almost ARS 4.4 billion. This significant increase of more than 70% is mostly explained by higher reference international prices, which on average, more than doubled and generated additional revenues of ARS 4.2 billion. In addition, higher volumes of ethane of around 35,000 metric tons contributed to higher sales of ARS 1.2 billion. Higher volumes of propane by 16,000 metric tons were sold in the domestic market, generating additional sales of ARS 551 million. The average price of natural gas increased from ARS 2.1 per million of BTU to ARS 2.9 as a result of new reference prices in the local market, which were offered by the gas producers to the government under the Plan Gas 4 launched at the end of last year, and which started impacting TGS in May as natural gas purchase agreements with previous prices expired in April. This resulted in a higher variable cost of ARS 1.7 billion. In addition, lower exports reduced revenues by almost ARS 1.7 billion due to lower volumes of propane by 24,000 tons and natural gasoline by 10,000 tons. Turning to slide seven, EBITDA from other services increased by 15%, mainly due to higher revenues of ARS 305 million generated by midstream services. Most of these higher midstream sales were generated by the services rendered with our gathering pipeline and conditioning plant located in Vaca Muerta. On slide eight, we can see that financial results recorded a positive variation of ARS 3.7 billion. This variation was mainly explained by the reduction of the foreign exchange rate loss of ARS 2.6 billion, which was attributable to a lower increase of the exchange rate, 4% in Q2 2021 versus 9% Q2 2020, and a lower dollar-denominated net liability balance. In addition, the inflation exposure generated a higher gain of ARS 427 million. Financial asset income increased by ARS 363 million due to higher financial investment denominated in ARS and higher yields. An evaluation loss of ARS 273 million was generated by financial derivative instruments in the second quarter of last year. Finally, turning to cash flow on slide nine, our cash position in real terms remains stable at a level around ARS 30 billion, equivalent to more than $300 million. EBITDA generated in the second quarter amounted to ARS 8.2 billion, out of which 66% was generated by the non-regulated business. CapEx amounted to ARS 1.6 billion. Our working capital increased by ARS 1.4 billion. We also purchased ARS 2 million of our own debt, paid interest for ARS 1.6 billion. Income tax for ARS 1.8 billion. Our cash position remains robust with no debt amortization in the short term. We expect to continue generating positive fresh cash flow in the near future, despite the continuous deterioration of natural gas transportation at EBITDA. This concludes our presentation. I will now turn the call back to the operator, who will open the floor for questions. Thank you. At this time, we will be conducting a question and answer session. If you would like to ask your question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove your question from the queue. For participants using speaker equipment, it may be necessary for you to pick up your handset before pressing the star key. One moment while we pull for questions. Our first question comes from the line of Konstantinos Papalias with Puente. You may proceed with your question. Thank you very much. Have a good day. Congratulations on your results. I would like to refer to the liquids business unit. I'd like to know why was there so much liquids in the internal market when production was almost in the same levels as in the first quarter? My second question is: Regarding the prices for the procurement of the natural gas, what should we expect for the next quarters? Have you made any contracts? Could you tell us about the prices of these contracts and the maturities? Thank you. Thank you very much. Hi, Konstantinos. How are you doing? Well, as regards the liquids in the domestic market, you know that this quarter we have more demand from the domestic markets than the previous year. You know that last year we suffered the pandemic here in Argentina, consumption was lower. At the same time, as a part of these liquids, and especially the butane, have not increased in their prices, in the regulated price. The demand has been increasing also. Okay. The second question, as regards the contracts, well, we were able to sign all the contracts that we need for the next year, and also we have couple of contracts for three years. Two years more than this year. Fantastic. The prices are below the reference Gas Plan, Argentina Gas Plan prices. Okay? Thank you. Thank you very much. Again, congratulations on your results. Thank you. You're welcome. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. Our next question comes to line of Martín Arancet with Balanz Capital. You may proceed with your question. Hello, Martín Arancet here from Balanz Capital. First of all, thank you for the materials. I have two questions. The first one also about your liquids business. As you mentioned, prices have been rising this year. I wanted to know what you expect for the rest of 2021. In the local market, what is the price of the regulated ton of butane today, and if you expect an increase this year? My second question is about Plan Gas 4. Plan Gas 4 volumes are growing and unconventional oil production is rising. Any expectations of the government making a decision on the new trunk pipe upgrade in 2021 or maybe after the election? Thanks. Okay, Martín. How are you doing? As regard to the liquids, the gas price, we expect the lower prices for the spring and the summer, as you know that this is a seasonal business in Argentina. You have higher prices for the winter season. The next quarter or the current quarter, it's winter, July, August, and September. Prices should be higher than the previous quarter. For spring and summer season. Okay? Regarding the regulated prices, well, in the propane case, the prices are quite similar to the export prices. Okay? It has a maximum price, which is the export parity. Regarding the propane, it's around $120 per ton. It's a quarter that it should be. Okay? Regarding the Plan Gas 4, well, we are seeing higher volumes than the previous year. The volumes are growing, so we are happy with what is happening with the Plan Gas 4. Expectation for next year, it will depend on the government fulfilling its obligations under this plan. If it happens, we are going to have additional volumes maybe for next year and on. As a follow-up question, do you have any other non-regulated projects in Vaca Muerta on site? Well, we are working on the expansion of our analyzing projects for expanding our conditioning plant, Tratayén, in Vaca Muerta. You know that we have a project to build a processing plant there, and currently, we're working on it, but step by step, okay? As we are analyzing how the gas demand is moving in the future. Okay. Thank you. You're welcome, Martín. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. One moment while we poll for questions. Ladies and gentlemen, we have reached the end of today's question and answer session. I would like to turn this call back over to Mr. Alejandro Basso for closing remarks. Okay. Thank you for participating in TGS second quarter 2021 conference call. We look forward to speaking with you again when we release our third quarter 2021 results. If you have any questions in the meantime, please do not hesitate to contact our investor relations department with any questions. Have a good day. Thank you for joining us today. This concludes today's conference. You may disconnect your lines at this time.