Hello, ladies and gentlemen. Thank you for joining. I am Laura Korjus, Head of Communication in Tallinna Vesi, and I welcome you all to today's Tallinna Vesi's webinar. This webinar will be hosted by Aleksandr Timofejev, Chief Executive Officer, and Taavi Gröön, Chief Financial Officer. Aleksandr and Taavi will introduce the highlights of the second quarter. The presenters will also speak about Tallinna Vesi's operational and financial results of the second quarter of the year. Aleksandr will also give an overview about some of the investments made in the second quarter. Right after the presentation, you will have the opportunity to ask questions. It is also possible to type in your question during presentation, but these will be answered in the end of the day. To submit questions, please use the chat box. Now I will hand it over to Aleksandr. Here you go. Good morning. I'm happy to welcome you today in our webinar. I will introduce the highlights from the second quarter of the year. At the beginning of June, the annual general meeting of the company was held, where the shareholders of Tallinn Water approved to pay dividend of EUR 0.65 per share from the 2021 profits. The payout is equal to 80% of earnings in 2021, and was made on 29th of June. A little bit about our important project. In May, we signed a contract with Telia Eesti for the delivery of smart meters for our customers and the transmission of data via Telia's network. We have started with installation of remotely available smart meters already. I'm sure that our customers are very happy about it and expecting to get their meters as quick as possible. We are planning to replace the water meters for all our customers with smart ones by 2023 at the latest, so that the customers would no longer need to report water meter readings. In the summer, we open taps where people can drink tap water. For this summer, we have opened 38 of them and for our visitors and Tallinners. We have provided free fresh water at 24 events such as Harku Järvejooks, Kalamaja Päevad, Tallinna Naistepäev and also in Mysterium Festival. The pipeline reconstruction strategy is very important as all our customers get our services from our pipes. We prepare pipeline rehabilitation strategy in cooperation with Tallinn University of Technology. The strategy will help us in the future do investments in the most efficient and modern way. The public water supply and sewage development plan for next 12 years is under preparation by Infragate in cooperation with the City of Tallinn and should be ready in the second part of the year. The development plan provides the basis for creating a company's development and investment plan for next 12 years. In addition to that, we are preparing together with the City of Tallinn the new administrative agreement for next years. Let's move on to the next slide and speak a little bit more in detail about investments. As previously, we constantly put in effort to improve our vital service. In the six months of 2022, we carried out investment projects in the amount of EUR 7.44 million. During six months, we reconstructed more than 10,000 m of our network and the work will be continuing also in the second part of the year. Network renewals are ongoing on Järvevana Road, Silla Street, Kolde, Ehte, Kotka and Sitsi. In the Astangu area and Uus Maa Road, our engineers will continue to deliver the best work to our customers and citizens also during the second part of the year. Of course, we invest also in our assets. The assets that are situated at water and wastewater treatment plant. We're renewing filters at the water treatment plant and that's quite important to be sure that the water we treat at the water treatment plant of Järveste is according to all requirements that is settled. Also we are updating pumping station on the field and improving it with a possibility for secondary chlorination in Lasnamäe and Pirita areas. If we speak about wastewater treatment, then it is important to say that we're doing construction work in Main Feed pumping station shaft and effluent shore well, which are critical parts of the wastewater treatment process, mainly due to the fact that all the wastewater from our service area goes through these stages of the process. We are also renovating aeration tanks which are an important part of the biological treatment process in which we remove nitrogen and phosphorus. Our capital investments into the network ensure uninterrupted water and wastewater service and availability of water supply to consumers also in the future. I would like also to speak a little bit more in detail about our operational results. If you speak about the second quarter, then the results are all really good. The water quality is on the highest level. The quality of drinking water in Tallinn was excellent, being 100% compliant with all requirements. We took approximately 1,700 water samples from our customers during the first six months of the year, and all samples were according to the compliance. Top-level tap water was ensured by an effective water treatment process. Continuous preventive maintenance works in the water network and investments made in recent years in the water pumping stations was created post-chlorination facilities in different parts of the city. This enables to maintain the sanitary guarantee in the water network by maintaining high quality drinking water even with hot weather. Wastewater treatment plant is working well as well. Wastewater treated at Paljassaare Wastewater Treatment Plant also maintains a high level of quality, being again, fully compliant with all the set requirements last year. Last slide. The significantly lower indicators of pollutants are the proof of excellent quality of effluent discharge to the sea. A little bit about our customers and their satisfaction. Our goal is to deliver high quality service to our customers. In the first half of a year, our customer satisfaction was 4.3 out of five, which is a very good result. The leakage rate in the second quarter of 2022 was 14.3%, which is similar to the same period last year. In the six months of 2022, the leakage rate was 17.67%. High leakage rate was mainly caused by extraordinary weather conditions in the first months of the year. Already, by the end of March, leakage rate has shown reduction. We always try to disturb our customers as little as possible and do everything to supply our customers with water. The second quarter, the average water disruption per property that was impacted by water interruptions lasted three hours and 31 minutes, which is slightly higher than in the comparative period last year. In terms of enhancing the reliability of water supply services to our customers, in the first half of the year, we have reconstructed about 10 km of pipes, as was mentioned before. Now I will hand over to Taavi, who will speak about financial results. Thank you, Aleksandr. I would like to give you the overview of the financial performance of Tallinna Vesi in the second quarter of 2022. First, according to the latest economic forecast from SEB Bank, the Estonian economy started the year in a very strong position, but the growth was slow. The outbreak of war in February and the various impacts from it overshadow the outlook for Estonian economy further. While sanctions on Russia have already led to rapid pricing rises, the broader impact on the economies is expected to become apparent in the second half of the year. Inflation is expected to be lower next year, but the price level will remain high. Inflation in Estonia has been the fastest in the euro area in recent months, mainly because of the major rise in energy prices. Higher energy costs will gradually be passed through into the prices of many other goods and services. Higher energy prices and inflation have a direct impact on the profit of the company. Compared to the second quarter in 2021, the total sales revenues were at the same level, increasing by 0.3%, amounting to EUR 13 million. The sales of water services increased by 8.1% or EUR 0.9 million, and construction services decreased by 55.9% or EUR 0.9 million. The gross profit for the second quarter in 2022 was EUR 4.4 million, which was lower by 15.5% or EUR 0.8 million compared to the same period in 2021. The gross profit was mainly impacted by high cost of goods and services sold, which is partly balanced by high water services revenues. In the second quarter of 2022, the operating profit was EUR 3.1 million or EUR 2.1 million lower than in the same period for 2021. Being mainly impacted by changes in gross profit and the change in provisions for possible third-party claims. The net profit of the company for the second quarter of 2022 was EUR 0.96 million or EUR 2.1 million lower, being mainly impacted by changes in operating profit. Eliminating the effects of provisions for possible third-party claims in 2021, the group's net profit for the second quarter of 2021 would have been EUR 1.87 million. 2022 showing a decrease of EUR 0.9 million year-on-year. On the next slide, I'll comment on the changes in revenues, expense and expenses in more detail. The total sales revenues for the second quarter of 2022 increased by 0.2%, amounting to EUR 13 million. Total revenues from water services had an 8.1% increase of EUR 0.9 million, higher than in the second quarter of 2021, where they amounted to EUR 12.1 million. The increase in water services revenues were mainly driven by higher stormwater treatment disposal service revenues, and commercial customers consumption, and were partly balanced by decrease in private customers consumption. The private customers' revenues in main service area decreased compared to the same period in 2021 by 1.2% to EUR 5 million. The commercial customer revenues in main service area increased compared to the same period in 2021 by 22.7% to EUR 4.2 million, driven fully by increase in consumption. The sales to commercial customers were impacted by higher consumptions of hotels and spas, rental services, and shopping centers. The higher water consumption in hotels and rental services can be related to lower restrictions. Stormwater and fire hydrant service revenues from the main service area were higher by 13.5%, amounting to EUR 1.1 million in the second quarter of 2022, driven mainly by higher cost per cubic meter, which was partly offset by 7% lower stormwater volumes. The revenues from construction services amounted to EUR 0.7 million, and showed a decrease of 55.9%, or EUR 0.9 million. 55.9% or EUR 0.9 million compared to the second quarter of 2021. Accordingly, we're also down construction service costs, which decreased by 62.9% or EUR 0.8 million. Despite lower revenues, construction service profit was at the same level, amounting to EUR 0.1 million because of the better margins. The decrease was mainly related to postponed procurement from public sector due to uncertainty in the markets and high prices in the road construction. This now takes us to the costs. The total cost of goods sold increased by 10.9% or EUR 0.85 million, amounting to EUR 8.6 million in the second quarter of 2022. Total direct production costs increased by 54.1% or EUR 0.11 million, mostly due to higher electricity costs accompanied by an increase in chemical costs. Electricity costs increased by 99.9%, mainly due to an average 96% higher electricity price. Chemical costs increased by 17.9%, driven mainly by an average 32% higher price for methanol. Construction services costs decreased by 62.9% or EUR 0.5 million, and were related to lower construction service revenues mentioned earlier. Salary costs increased by 14.2% to EUR 2.1 million, and were mainly affected by salary increase of every staff member according to company salary policy. Other costs of goods sold increased by 29.7% to EUR 1.8 million, mainly related to higher prices of fuel, heating, and gas. Administrative and marketing expenses increased by 17.1% to EUR 1.3 million, driven also by higher salary costs. Other net income and expenses amounted to net expenses of EUR 0 million euros compared to the net income of 1.06 million euros in comparative periods. 2021 Q2 net income was impacted by reversal of provisions for the possible third party claims. It takes us now to cash flows. As of June 30th, 2022, the company's cash balance stood at EUR 23.5 million, forming 9.5% of total assets. Compared to the end of last quarter, cash balance has decreased by EUR 14 million, mainly as a result of dividend payouts at the end of Q. The biggest contribution to the cash flows comes from main operations during the six months of 2022. Total operating cash flows amounted to EUR 8.3 million. The company's collection of receivables continues to be high, being 99.8% on average. The net cash flows or investing activities during six months of 2022 resulted in a cash flow outflow of EUR 6.1 million, which is EUR 2.4 million less than the same period last year. Investments into fixed assets were EUR 7.4 million and compensations received for the constructions were EUR 1.2 million. The company's financing cash outflows during the six months of 2022 were EUR 15 million, being on the same level compared to the last year same period. Yes, with that, I conclude my part and thank you. Thank you, Taavi and Aleksandr for that presentation. Now we will proceed with the questions, and we will give you some minutes to submit your questions. Please feel free to type in any questions you might have. Thank you for the questions. We have a first question from Andres, and the question is, "Could we expect 2022 dividend payout above 80% and possibly above 100%?" Taavi? Thank you for the question. The dividend policy of the company has not changed. If there are any changes, it will be important to the investor and also through other channels. It remains the same and it's too early at the moment to talk about 2022 dividends. Thank you. The second and third questions are from Sander Danil. The first one is, "Please explain the major terms of the new agreement with the city." Aleksandr. Thank you for the question. So the main thing is that the Tallinn Water will remain the water undertaker in Tallinn, and we will provide the services to our customers. Of course, the old contract was prepared almost 20 years ago. Today, the regulation is different, so the contract will be re-looked in the way that it is according to the modern law. If we speak about details of the contract, then at the moment we are under negotiations and it's not, I think, the right time to share any details as they are not agreed till the end with the city. Mm-hmm. Thank you. Another question from Sander Danil, "Please explain the situation in construction activities. Do you expect them to remain sluggish in the second part of the year? Thank you for the question one more time. It's quite a good question, difficult to answer on that. If we speak about first six months, then it is visible that, the revenues that we got from the construction were lower. At the moment, the market is active and the Watercom is participating in tenders. We also have, at the moment, under negotiation more than EUR 2 million. We really hope that, in the second part of the year we can get more, tenders, what we can construct, and with that we could fulfill, our expectations. If we look into the media, then the media suggests, the, change on the construction market, but, we think, that the change, will be, more for the, next year. At the moment we participate in tenders. We see opportunities, and we definitely will use these opportunities to fulfill the budget. Thank you. We have a question from Peter Priisalm. The question is, "With the previous owner, United Utilities, Tallinna Vesi used to pay different type of management fees to United Utilities. Is this going to be the case with the new private owner as well?" Aleksandr. Thank you for the question. If we speak about United Utilities, then they left at the end of the first quarter, 2021. It's true, but there was a technical fee that the company paid United Utilities. Today we do not have such an agreement with the new owner, so we do not pay any extra fee today to Utilities, if the question was about bigger shareholder. Thank you. We will give you two more minutes to type in your questions. Seems like we don't have any more questions. Recording of the presentation will be available in the Tallinna Vesi YouTube channel webinar playlist shortly. Presentation materials and reports can be found on Tallinna Vesi's webpage. Taavi and Alexander, thank you for the overview, and thank you all for joining. Have a good day.