Good day. Welcome to DP Eurasia Trading Update. Today's conference is being recorded. For the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions, and this can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you'll be connected to an operator. I will now hand you over to Aslan Saranga, CEO. Please go ahead. Good morning, everybody. Welcome to our trading update for June two0two3. I have my colleagues, CFO, Neval, and Investor Relations Director, Ignor, with me. It has been a strong first half performance as we continue to successfully implement our targeted action plan to mitigate the ongoing macro challenges that management has deep experience in navigating. As a result, we are reporting excellent and sustained like-for-like growth, enabling us to upgrade full year guidance and continued network expansion. The board is proud of the group's reaction to support colleagues infected by February's devastating earthquake. We are restoring impacted operations and continue to stand in solidarity with our employees, business partners, and wider community. I would like to now talk about some of the highlights of our business. We have a strong overall performance with group system sales for continuing operations, up to 33%. I would like to remind you that this is inflation-adjusted figures. Pre-inflation-adjusted numbers is 97%. twosix% on a like-for-like basis, leading to upgraded full year like-for-like growth guidance. We have delivered excellent like-for-like growth in Turkey of two7% amid a sustained inflationary environment, reflecting our ongoing focus on network expansion, strategic pricing, product and service innovation. Azerbaijan and Georgian operations delivered like-for-like growth of 5% and 4%, respectively, in local currency. In Domino's Turkey, our targeted strategy focuses on three areas: strategic pricing and product innovation, continued digital innovation, and operational efficiencies to generate sustainable profitability. This approach has enabled us to combat the high levels of volatility in the regions in which we operate. Our focus on product innovation remains integral. We continue to broaden our enterprise product range and launched a new mushroom pizza in January, which has reached good volumes. Following the successful pizzetta launch last year, we added new varieties to further enhance the potential of this product line. In addition, our new Snacks from the Oven range was launched in February, presenting a broad choice of attractively priced products to customers who increasingly seek value and affordability. The latest addition to our product range, Pizza XL, has contributed well in its early stage. In line with our internal expectation, with a Turkish nationwide advertising campaign being rolled out in July, we expect the contribution from Pizza XL to continue to improve. We continue to improve our online proportion of our sales. Digital innovation remains an important enabler for us to enhance the customer experience and further solidify our robust positioning for the online ordering channel. Our online delivery system sales in Turkey increased to 84%, which was 8one% in year two0twotwo, as a share of delivery system sales. This is 3% points higher than last year, reflecting our robust positioning for the online ordering channel. Strong Turkish online system sales growth of 3one%. We retain a fundamental commitment to ensuring franchisees remain profitable. As a result, franchise demand for both Domino's Pizza and coffee continues to be very healthy. We have a strong pipeline of new sites and are confident that two0two3 will be another solid year for network expansion. Following a swift response to the devastating earthquake in Turkey in February, which resulted in temporary closure of onetwo Domino's Pizza stores, 3 have been reopened. New store openings' momentum has been maintained. 47 Domino's Pizza openings in Turkey year-on-year, reflecting a strong demand profile. The coffee network has now exceeded 50 store milestone, having increased 3six stores year-on-year to 5one. We are on track with our guidance, 50 to six0 net coffee openings in full year two0two3. Georgia has now six Domino's Pizza, an increase of one. Consumer demand for coffee stands very strong, owing to its already proven sales performance. This demand, alongside our ambitious target for two0two3, will enable us to add further scale to the business. The growth opportunity for coffee remains significantly with excellent market dynamics in Turkey for the coffee subsegment. Coffee delivered TRY 9six million to the group's system sales. It is up 340%. The group continues to evaluate its presence in Russia, and as previously announced, is considering various options, which may include a divestment of its Russian operation. Although a sales process is increasingly challenging, in the meantime, the group continues to limit investments in Russia and remains focused on optimizing the existing store coverage. At period end, total number of stores in Russia stood at one4two, compared to one84 at June two0twotwo. Our liquidity position as of 30 June two0two3, is TRY 370 million cash and undrawn bank facility of TRY 5one5 million. While we remain mindful of sustained macroeconomic volatility and inflation, our first half performance was better than the board's expectations, thanks to solid volume generation and customer acquisition. The board is therefore confident that like-for-like inflation-adjusted growth will be in the low teens for the full year two0two3, better than the previously expected high single-digit figure. Guidance for store opening and capital expenditure has been maintained. two0two3 guidance is now as follows: Like-for-like rate, growth rate will be low teens. Domino's Pizza net store openings will be 35 to 40. Coffee net store openings will be 50 to six0. Capital expenditure will be onesix0 million TRY. Overall, we are pleased with the strong first half performance with strong customer acquisition and elevated volumes. We'll continue to deliver on our targeted strategy to make the most of what continues to be a significant growth opportunity. With the board's conscious of the ongoing uncertainty, current trends suggest that adjusted EBITDA for two0two3 is likely to be above the current market expectations. Thank you for listening to us. If you have any further questions, please, we will be happy to answer your questions. Thank you. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question from the queue, it's star two. Again, please press star one to ask a question over the phone. We will take the first question from Anubhav Malhotra from Liberum. Please go ahead. Hi. Hi, Aslan Saranga. Congratulations on a very strong performance in the first half. I'll just ask a couple of questions. Firstly, about franchisee store opening appetite. I mean, given the increase in interest rate that's been happening in Turkey at the moment, how confident do you remain about the appetite for franchisee store openings going forward? Second question is around your CapEx guidance. I don't think you're opening a lot of corporate stores at the moment, except for a few in the coffee business. If you just remind me where that CapEx is planned to be spent this year. Thank you. I didn't understand the last part of the question, like. The capital expenditure plans for TRY six0 million. You're not opening a lot of corporate stores at the moment. What is the- Just wondering where it is being spent? Yeah. What is the capital expense? Yeah. Okay. Look, I mean, our franchise demand has been very strong since year two0twoone. Half of it is coming from the existing franchisees. We still have a, you know, Turkish population is now close to 90 million. In the last one5 years, one0 to one5 years, the population has increased. Our good value strategy is increasing our market. As you know, our menu has changed a lot in the last 5 years. We are not only a pizza company in Turkey. We are like a big QSR company. Therefore, the market is growing in Turkey. We are opening in a lot of new white space area. The payback for the franchisee is still 3 years. I mean, that's a very good opportunity for our franchisees, for our new investors. We are a very reputable quick-service restaurant brand in Turkey, doing business the last two5 years, and the franchisees are making money. Therefore, even in the very difficult times. I believe, you know, we don't have any problem with our guidance, and we will deliver the guidance that we have set. In the first six months of the year, we opened twotwo stores, and our guidance is 35 to 40 stores. I think that number will be achieved. Regarding your question about capital expenditure, you are right. I mean, because in our strategy in Domino's, we do not have plans to open any corporate stores in, with Domino's. Maybe, you know, there could be something strategic, but at the moment, we don't have any investment plan. We are planning to open one0 to one5 coffee stores. Strategically, but the main idea in coffee in the medium term is to grow with franchising. The reason why we are opening this coffee stores will be to accelerate the growth in the cities where we think there is a high potential. Now, about TRY onesix0 million, which is right now around $5 to six million. The $one.5 million will be for the coffee store growth. Rest of it, I mean, biggest part of it is about, IT investment, and the rest of it is the maintenance of our, commissaries and our stores. Okay. Thank you. Lot of thanks. Can I just ask one more on the share of aggregator platforms in your delivery sales? That seems to have gone up again this year. That's fine, because probably aggregators are expanding a lot in Turkey at the moment, and they're taking share. Do you put in any efforts to bring that aggregator customer back and onto your own app or your own website, maybe by sending them any coupons to come back to your website when you deliver the product to them? Look, I mean, last... You are right. I mean, last couple of years, some of the growth came from the aggregators. We have included two more aggregators. When you look at our, this last six months performance, we are able to keep our share of, you know, there's a maybe slight, decrease. You know, when you assume, when you see that so many aggregators coming to our business, I think it's okay. I can also tell you that last two months, last, one or two months, our online ordering is performing better and better. Our strategy is to grow our online ordering platform, because I don't see any new aggregator coming to our business. We are very confident that our channel is as strong as this. Any new strategy that you adopted in those last one or two months that changed? Yeah, I mean, you need to understand that out of these six months, two months was with the earthquake. Yeah. You know, earthquake, I mean, although it was, you know, it affected directly 50 of our stores, and but psychologically, it affected all the country. About two months, we didn't talk about business, we didn't do any marketing, you know, we were just trying to save and help our people. You know, after the agenda of earthquake is finished, you know, we did very good offers, very good new products in our. I mean, there were a lot of online ordering, only coupons in our platform, and that made a lot of growth in our platform. All right. Excellent. Thank you so much. Those are my questions. Thank you. As a reminder, to ask a question, please press star one on your telephone keypad. Star one to ask a question. Maybe just one more reminder. Again, ladies and gentlemen, to ask a question over the phone, please press star one. Star one to ask a question over the phone. As we have no further questions on the phone, I'd like to hand back over to our host for any additional or closing remarks. Thank you for listening to us. We hope to see you in our next announcement. Thank you for listening. Thank you. That will conclude today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.