Hello, and welcome to the DP Eurasia Interim results conference call. Throughout the call, all participants will be in a listen-only mode, and afterwards there will be a question- and- answer session. Today, I'm pleased to present Aslan Saranga, Chief Executive Officer, and Selim Kender, Chief Strategy Officer and Head of Investor Relations. Please begin your meeting, Aslan. Good morning, everybody. Welcome to our interim results presentation. On behalf of the board, I'm pleased to report a set of strong results for the first half of 2021 that shows much improvement compared to the same period in 2020. I'm also proud of my team and my franchisees for these strong results, and I want to congratulate them. I want to start with Page five, 2021 half one highlights. Our system sales is up 58% compared to last year, and it's above TRY 1 billion. Our revenue is up from TRY 437 million -TRY 658 million, with 50% increase from last year. Our adjusted EBITDA is up 130%, from TRY 42 million -TRY 98 million. In Russia, we were - TRY 3 million. This year, we are TRY 13 million. In Turkey, last year, we were TRY 50 million in EBITDA. Now we are 92 million with 82% increase. Of course, like-for-like growth are quite strong. For Turkey, it's 65%. I would like to remind you that in Turkey this year for the first half, the inflation was 15%-20%. In Russia, our like-for-like is 18.2%. Of course, these good strong sales results are turned into a strong store count growth. We have opened 35 new stores in the last one year. Our total store count is 789. Online delivery share continues to grow strong. It's 2.5 percentage points higher than last year. 77.5% of our sales is through online delivery. Now, I am in Page seven in the presentation, and I would like to talk about group operating highlights. We have delivered the highest like-for-like in the last four years in DP Eurasia. Our like-for-like for group is 54%, and this continues to be driven by online. Online like-for-like is 74%. Store count, as I mentioned earlier, we have opened 35 stores, and this is driven by the franchise growth. Right now, 72% of our stores are franchise. Share of online ordering growing healthily. 66% of our total sales is through digital, and 78% of our delivery sales is digital. COVID-19 has shifted the mix towards delivery. Before COVID, our delivery share was 62%. Now it's come to 81%. For the last three years, Turkey has been giving very strong results. We managed to turn COVID-19 into opportunity for our Turkish business. After COVID started, when we started to analyze the insights of our customers, we have realized that COVID could be a long-term opportunity for us. We have come up with four strategic pillars. One, number one, digital innovation. Number two, COVID innovation. Number three, product innovation. Number four, strong unit economics for our franchisees and store growth. With COVID, customers started to order more from digital. When COVID started, we knew that our infrastructure is stronger than the rest of the QSR in Turkey. We invested more on UX improvements, and we have a loyalty program called Ye Kazan. By continuous customer segmentation and database marketing, we improved our frequency. We improved the performance of our online ordering channel. It's working much faster now. After 15 years working with one aggregator in Turkey, we started to work with another aggregator called Getir. In a period of six months, a new aggregator gained 6% share in our digital channel, and part of it is new customers. Overall, during this period, we saw that our frequency and traffic has increased in our online ordering channels. About the COVID-19, what we understood from our customers, three things. Number one, customer is looking for safety and healthiness. Second, they are looking for strong brands and digital brands. We immediately launched contactless delivery, and we invested more in marketing and brand when competition was silent. We got a lot of new customers during COVID-19. Product innovation has been traditionally a strong part of our business. During COVID-19, we launched more new side up items, more new products to get more share from the old QSR market, not only from pizza market. We improved our wraps and sandwiches. We come up with new innovations in chicken, which is the fastest growing segment in our business, and new desserts. Overall, we took a bigger slice from the QSR market. We focused on improving the unit economics of our stores. We increased orders. We managed to have order growth. Since Turkey is an inflationist country, traditionally we have a lot of experience on pricing management. All these factors improved profitability of franchisees. By the end of the year, we are targeting to open 40 stores in Turkey, and we have a strong pipeline of franchisees. Next Page nine. I want to talk a little bit about the Turkish operating highlights. Turkish like-for-like performance continues to be driven by online. In online, our like-for-like has been 91%. We have opened 42 stores since last year, and by the end of this year, we will open another 40 stores, and that's driven by franchise growth. Share of online ordering growing healthily. 64% of our sales in Turkey is through digital, and 74% of our delivery sales is digital. COVID-19 has shifted the mix towards delivery. Before COVID, our delivery share was 64%. Now it's 83%. I would like to also remind you that there is a VAT incentive in Turkey. The VAT has decreased from 8% to 1%. Out of 65%, 7% is coming from the VAT incentive. I would like to also remind you that Turkish inflation has been 15%-20% in the last one year. Regarding COVID, all of our stores are open in Turkey. In the last two months, Turkey is doing a very good job in terms of vaccination. Vaccination rates for the second doses is now close to 60%. We believe that the last quarter, our stores will remain open. Of course, you never know about the COVID-19, that's our expectation. Page 10, I would like to a little bit talk about our Russian business. Our Russian business is improving. The last two meetings, I'm talking about the new strategy, and I see a good execution of this strategy. A good strategy is not enough. We need a good management and good leader. In our last meeting, I have introduced Daniel as our new CEO. Daniel, with his management, has brought a high level of leadership and energy to our business. Most important, he has improved franchise communication, and he has built trust on communication with our franchisees. On our last meeting, I have introduced new and improved pizza innovation in Russia, and I have talked about it, and we see a better product tasting scores. Usually, after the schools are opened, our sales are stronger in Russia. We prepared a very strong marketing calendar with new pipeline of products and TV support for the last four months of the year. We see a huge opportunity in digital in Russia. We are targeting to upgrade our APP by January 2022, and we are also revising our aggregator strategy. As you may remember, last year we started to work with an aggregator in Russia, Delivery Club. This year, we are planning to make an agreement with one or two more new aggregators. We are also working for the strong unit economics in Russia. Last three months, we have improved our food cost 2% for our franchisees with new promotion strategy, delisting of low margin products, and pricings. We had, better negotiated with rent, maintenance, and in-store economies. As a result of that, as I mentioned earlier, we are building trust with our franchisees. We are still targeting to open 15 - 20 new openings by the end of the year. We saw that with most of it with our existing franchisees. There is still risk. We believe we can do that. About Russian operating highlights. Like-for-like performance continues to be driven by online sales. We have opened two stores in the first half. There were some store closures during COVID-19. Online share of delivery has reached 92% in Russia. COVID-19 has shifted the mix towards delivery. It was 60% before COVID-19, now it's 77%. Again, in Russia, all of our stores are open for dine-in, takeaway, and delivery. Vaccination rates are growing. It's growing slower in Russia. On Page 12, I want to give just some colors about our innovations in both Russia and Turkey. For example, this one is the Choco minos, the chocolate bread dessert. Our chicken segment is growing very strong in Turkey, we come up with potatoes, chicken, and some different sauce assortments. In Russia, we are also coming up for the local taste of our customers. A new pizza is called pear and blue cheese. Russian customers like this combination. We come up with a pizza pie. Again, a lot of new digital updates. Now, with this, I am handing over the presentation to Selim for the financial results. Hello, everybody. Let's look into the financials. I'm on Slide 14 for the DP Eurasia financial snapshot. Before I go into that, I have an important thing to note with respect to our reporting. As you know, since 2019, when the new accounting standard, IFRS 16, came into play, we had been reporting our numbers, especially EBITDA and net debt, both including and excluding IFRS 16. Now that we're three years into this, I think this transitionary period is over. Starting from now, we will only be reporting our financials under IFRS 16, along with most of the industry. We have seen system sales go up by 58%, in the first half compared to last year. Obviously, we were lapping a period of heavy operational constraints, especially in the second quarter in both countries. System sales is up to TRY 1.1 billion now. This has been due to solid Turkish growth, and has been aided by the recovery in Russia as well. We look at EBITDA, it more than doubled, increasing from TRY 43 million -TRY 98 million. We also see recovery in the overall margin as well as a percent of system sales. We're not back at the 2019 levels yet, but we've shown solid improvement over the last year. Cash conversion, that also, after taking a dip last year, it also increased to 62% on the back of recovering EBITDA and controlled CapEx. We've consistently spent about TRY 25 million the last couple of years in the first half. I would also like to remind you regarding the definition of cash conversion as we switch to the IFRS 16 EBITDA reporting. Cash conversion, we define it as EBITDA minus lease payments, minus CapEx, divided by EBITDA minus CapEx. Next, Slide 15. Turkish system sales, very strong performance. We're up by 71% to TRY 774 million. This has been aided by strong like-for-like growth rates, as well as store openings we have seen over the last 12 months. EBITDA is more than 80% up to TRY 92 million. We've seen some recovery on the Turkish margin as well compared to last year. CapEx conversion, after stalling around at the 50% level the last couple of years, it has increased to 77%. Controlled CapEx continuing to generate leverage. We do control CapEx, but we spend the CapEx when we have to not to be left behind, especially with respect to digital and IT innovation. Moving on to Slide 16. Russia, system sales were up 31% in Turkish lira terms, rebounding from a weak 2020 first half. We expect this recovery to continue into the second half as well. We had turned EBITDA negative last year, coming in at -TRY 3 million. Now that's also rebounded back into positive territory at TRY 13 million for the first half. We expect this trend to continue as well. CapEx, we've always had negative cash conversion in Russia because it is in a growth developmental phase of the operation. We do a good job with CapEx there as well, spending about TRY 6 million over the first half. Going over to Slide 17, I'd like to mention briefly what our balance sheet looks like. First of all, on the back of strong EBITDA performance in the first half, we have rapidly delevered to 2.5 x from 3.2 x leverage ratio at the end of 2020. We expect this to continue into the second half with strong EBITDA numbers. We continue to carry no hard currency bank borrowings or lease liabilities. They're only denominated in Turkish liras and Russian rubles. On the bank borrowing side, about 62% of our total bank borrowings are in TRY, 38% is in RUB. With respect to the lease liabilities, it's exactly the opposite. 62% is denominated in RUB and 38% is denominated in TRY. We continue to have a prudent and conservative approach to leverage level, as you are noticing from the rapid deleveraging. We do have ample liquidity. We have TRY 110 million of cash on the balance sheet, +TRY 186 million of additional available bank lines. With respect to our Russian term loan with Sberbank, we are continuing negotiations with them to reset the covenants. I'm happy to report that we have received the covenant waivers for all the measuring periods for all the quarters in 2021. The principal outstanding under that loan is about RUB 900 million, which is supported by a RUB 200 million cash collateral. We've been taking this, well, Sberbank has been taking this waiver route with us. They seem to be happy with us. In the off chance that we don't come into an agreement with them, we are also able to pay this debt back in full owing to our strong liquidity position. Switching over to Slide 19, I'd like to talk about guidance a little bit. We are upgrading our Turkish like-for-like guidance for 2021. At the beginning of the year, we had announced it as 21%-25% for Turkey. Now we're upgrading this number to a range between 35%-40% for the year. The other guidance figures remain the same. Our like-for-like guidance for Russia is 12%-15%. Store openings for Turkey is between 30 stores-40 stores, although it's quite likely will come towards the upper end of that guidance. For Russia, we're planning to open 15 stores-20 stores. Our CapEx program was TRY 45 million in Turkey, we spent about TRY 18.5 million in the first half. For Russia, our CapEx program was RUB 160 million for the year. We have spent RUB 57 million in the first half. Both these CapEx guidance are still valid. One more comment with respect to the upgrade in the guidance for Turkey. While the board is conscious of the potential continued risks posed by the pandemic, we saw it fit to increase the like-for-like guidance for Turkey owing to the strong performance in the first half. Our expectation is that the full year adjusted EBITDA to come in slightly higher than the market's current expectations, which were valid this morning before the market opened. With that, I would like to switch it back to Aslan for his conclusion remarks. Thank you, Selim. Overall, this half 1 result is quite strong. It's good for our company. Other than that, I believe we managed to use COVID change for a long-term strong growth for Turkey. We were able to fix Russia, create a new strategy, and I'm looking forward to grow faster in Russia for the next year. Our online share continues to increase. That's also very important, 2.5% such point compared to last year. As a company, we have a strong liquidity position going forward. We have a strong balance sheet. Our leverage ratio decreased to 2.5. I believe the company has now a stronger long-term targets and opportunity. Thanks for listening to us. If you have any further questions, we'll be happy to answer. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. We have a question from the line of Harry Welton from Vergent Asset Management. Please go ahead. Hi there. Good morning. Congratulations on the results. I've two questions, please. The first one is just related to the competition in Russia, if you could talk about market share there and what you're seeing this year in the first half. The second question is related to the incoming shareholder from the Indian business, and what's happened there and what kind of impact that's been there strategically or operationally. Thank you. Regarding the competition in Russia, since our last meeting, we don't see a big change. Dodo is still the leader, and we are number two in the pizza category. I can tell you that we are growing faster than the rest of the competition. Dodo is growing also. They are growing also. Regarding the aggregators are growing really aggressively still. Aggregators are growing the market. That's all I can say. About Jubilant, maybe Selim can make. Yeah. As you know, they have appointed three representatives to our board. Our interaction with them has been basically through their representatives on the board, and their typical interactions as with any non-executive director. Obviously, Jubilant are very experienced in the business and they are a long-term investor, we think. That's all I can say about that actually, really. Okay, it's more of a kind of passive at this point in time, like a non-exec kind of investment. Yeah As opposed to on the ground. Obviously, we will continue to operate as an independent company. They're at 32.8% shareholder, as you know. Okay. Very clear. Sorry, just one last question. Is there any update regarding the local Turkey listing of the share? There isn't any update on that at the time being. We're still looking into it, studying it. Okay. Yeah, thanks so much, and congratulations on the results. Thank you. Thank you. Just as a final reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. We have another question from Anubhav Malhotra from Liberum. Please go ahead. Hi, guys. Congratulations on a great set of results. I wanted to ask on the Turkish like-for-like growth, if you could provide me a split between what was the contribution of price increases and what was the contribution of order growth and items per order, because I realized you have done a lot of innovation there, so I believe people would be ordering more items in an average order than normal. If you could give any details. Anubhav, people are ordering more because it's more delivery now, so they feed the family. Okay. If we look at the split, and I'll give it to you with respect to ticket price and the orders for the time being. Of the 65%, about 20%, 25% of that was through orders and the remainder through price. About 35% through price. All right. That's higher than the level of inflation you were seeing in the first half? It is higher than the level of inflation, but you have to keep in mind two things. One is what Aslan mentioned, the VAT reduction. That did not come into play last year in the first half. It was announced in August of 2021, 2020, I'm sorry. It has that 7% boost that goes directly to the ticket price, obviously, and then the switch to more delivery-heavy business model also increases the APP. All right. Got it. Thank you. Then a follow-up question on dine-in coming back to a more normal situation in both the markets and also, I believe the competition would have reopened and the delivery advantage that you were having in Turkey when fast food operators which are more located in mall locations were not so convenient for delivery, that would be eroding now. Any impact that you are seeing initially in the first one or so months since things have reopened in Turkey? Yeah. That's a good question. You are right. We are monitoring the customer very closely. As I said, we are preparing ourselves for this in terms of product innovation and digital innovation. I can tell you that there is some change, but we are prepared with, and I can tell that we are managing it very well. All right. Thank you. That's it for me. As there are no further questions, I'll hand it back to the speakers for any closing remarks. Yeah. Thank you very much for listening our interim results, and hope to see you in our next trading update. Have a nice day. This concludes our conference call. Thank Thank you all for attending. You may now disconnect your lines.