I will now hand you over to the company representative in today's call. Thank you. Dear ladies and gentlemen, thank you for the interest demonstrated to our company. Today we are running this telephone conference dedicated to the publication of Globaltrans interim results for the first half of 2021. As usual, the event today is hosted by Valery Shpakov, the Chief Executive Officer of the Globaltrans Group, and Alexander Shenets, its Chief Financial Officer. We will start by presenting the results, and then we'll be happy to answer your questions. Now I would like to pass the floor to Valery Shpakov. Thank you. Hello, dear colleagues, and thank you for the interest to our results. Traditionally, we'll start with the presentation, and then we will be happy to answer your questions. I hope you can see our presentation. I will start with slide five. Here I'm going to briefly explain the results of our operation in the first half of 2021. As you know, throughout almost the whole of this period, we saw weak pricing in the gondola segment. In this context, quite expectedly, our financial results got under pressure. Our Adjusted Revenue declined by 14% year-on-year to RUB 24.8 billion, and our adjusted EBITDA went 39% down to RUB 10.4 billion. Despite the difficult market situation, our free cash flow remained at a solid level of RUB 4.2 billion. That was certainly supported by our low CapEx. As for the leverage, the leverage remains at a comfortable level, and our Net Debt to last 12 months adjusted EBITDA, it reached the level of 1.2x. It has just insignificantly grown. Now, talking about the current situation in the market. We can currently observe some positive trends in the bulk cargoes segment. Volumes continued to recover. They exceeded the level achieved in the first half of 2019. Certainly, this is driving a substantial recovery of rates of pricing in the gondola segment, which started in late Q2 2021. We have seen opportunities associated with these improving market conditions. We decided to use more leased- in gondola fleet, and we hope that we are going to continue working in the same direction with this lease in gondolas. I would also like to point out a corporate event that I'm presenting today. We have reached an agreement to sell a 60% stake in our non-core asset called Syntez Rail for RUB 1.1 billion. This is a sale of a small niche business at attractive price, and it strengthens our financial position, and it also supports our dividend capacity. A little bit later in my presentation and my report, I will give you more details on this matter. I would now like to say a few words about our projections and the decisions on dividends. I must point out that our dividend capacity is improving, and it exceeds our expectations, the expectations we had at the beginning of the year. Our board of directors has approved the payout of interim 2021 dividends in the amount of RUB 4.0 billion, which is above the previously announced target of RUB 3 billion. We have also set the target level for final dividends for the second half of 2021, and it's going to be 25% higher than interim payouts, and the amount will be RUB 5 billion. That is around RUB 27.97 per share or GDR. We'll go to slide seven of our presentation, and here I will give you an overview of the market. As I have already noted, the recovery of the railroad transportation market continued, driven by some positive trends in the bulk cargo segment. In the first half of 2021, the overall Russian freight rail turnover increased by 5.2% and almost reached the level of half 1 2019. In July and August, the recovery continued, the overall freight rail turnover went 3.6% up. The growth as compared to July 2019 was +1.9%. In the bulk cargo segment, volumes went 5% up, this is above the pre-COVID level in half one 2019. This is +1.4% better that number. Net additions of gondolas went down significantly by 35% year-on-year and amounted to about +1% as compared to the end of 2020. Throughout much of the first half of 2021, our rate in the gondola segment remained weak. I must note that starting from the end of Q2 2021 and then through July and August, we saw a substantial recovery of the rate. As for the oil products and oil segment, well, here this segment is still lagging behind in terms of demand recovery due to the impact of COVID and also the continued output cut limitations. Volumes in this market slipped 0.4% down year-on-year. This is still below, almost 7.4% below the level it showed back in the first half of 2019. As for the tank cars net additions, net additions were 2% as compared to the end of 2020. Pricing in this segment remains solid. Let's go to slide nine. It's about our operating results. Freight rail turnover retreated to the pre-COVID level that we achieved back in the first half of 2019, but the year-on-year decline has been 4%. At this point, I would like to note that these operating indicators in the gondola segment were certainly driven by the unfavorable weather conditions and the associated delays in ports and also some congestion at key customer facilities. Those were the key factors that affected our freight rail turnover. As a result of that, the average number of loaded trips for gondola cars went 6% down. I think I've already mentioned that in the tank car segment, we see some pretty slow demand recovery. In response to the improving market situation in the bulk cargo segment, we took a decision to expand our leased-in gondola fleet. Over the past six months, our leased-in gondola fleet increased to almost 1,500 units, and currently it accounts for 3% of the total gondola fleet of our group. We hope that this situation will continue to evolve further. However, the number of leased-in tank cars halved to 1,300 units because of sluggish demand recovery. Slide 10 now. Here, let's talk about our commercial terms and contracts. As you can see in the upper graph on this slide, the average price per loaded trip in the first half of 2021 went 12% down. This number went 7% down as compared to the whole of the year 2020. This was certainly driven by weak pricing in the gondola segment. The stable situation in the tank car segment allowed us to partially compensate for that pressure in gondolas. After this weak-ish first half of 2021, the gondola segment started to recover. The rates started to recover and starting from May and through August we can observe some growth. Further recovery of the bulk market will support this pricing in this segment. I would also point out that our commercial terms are less volatile because we have major service contracts. For instance, in the first half of 2021, we expanded the portfolio of our service contracts. Certainly we extended the terms of our key contracts. For instance, with Rosneft, we prolonged our contract for five years until the end of March 2026. This contract with MMK Magnitogorsk was extended for further two years until the end of September 2024, and our contract with Metalloinvest is valid till the end of this year. We've been developing relations with other clients as well, and this time, for instance, we increased our business volumes with Evraz and also expanded relations with clients like Neftekhimservis, Kuzbasskaya Toplivnaya Kompania, that's Uzbek Fuel Co-Company, and National Non-Ferrous Company. If we look at Net Revenue from Operation of Rolling Stock, the contracts with these key clients delivered more than 60% of our Net Revenue from Operation of Rolling Stock. Let's move on. That's Slide 12, probably Slide 11. Here I'd like to point out a few matters. First of all, despite anything, we maintain our leading operational efficiency indicators. Our empty run ratio for gondolas is still one of the lowest in the industry. So far it remains a bit elevated, but the level is stable at 46%. This primarily reflects the continuing adjustments to cargo and client bases due to the impact of the pandemic. If we look at the total empty run ratio for all types of rolling stock, it's unchanged and it still stands at 52%. The share of empty run kilometers paid by Globaltrans is about 100%. In the first half of 2020, it was 99%. It's virtually unchanged. Now I would like to pass the floor to Alexander Shenets, the CFO, who will give you more details on our financial performance, and then we'll continue. Alexander, the floor is yours. Thank you. Hello, ladies and gentlemen. I'd like to ask you to go to Slide 13. Here you can see the key financials of the group for the first half of this year. These got under the pressure of pretty weak pricing in the market, which persisted throughout the first half of the year. Our revenue went 14% down. Our EBITDA was also adjusted by 100% down. What I'd like to point out in this slide is that we've been managing our cash costs very well, the total operating cash costs only grew by 1%, very insignificantly. Our EBITDA and cash flow, yes, well, they went down, but they remained at good, healthy levels. What's also important to note that the leverage, well, if you look at absolute net debt, it increased very insignificantly. In relative terms, the leverage ratio remains pretty comfortable at just 1.2x in terms of the Net Debt to EBITDA ratio. Next slide. Next slide shows information on the company's Adjusted Revenue. As usual, the key component to our revenue is net revenue from operation of rolling stock. It went 15% down because of the weak pricing situations in the first half of 2021. Well, as you can see here, the average price per loaded trip also went down, 12% down. Although the fleet operation was more or less stable, still the average number of loaded trips went down, 20% down. Our revenue from specialized container transportation went 6% down, and here we observed certain volatility in terms of both the market rates and the volumes in some of the cargo segments. As a result of that, so we see these numbers, these financials. Our revenue from the operating lease of rolling stock went 3% down. It's not very material, and this reflected a decline in average leasing rates in the tank car segment, which continued in the first half of 2021. In principle, those trends, as Valery said, they are now kind of turned around. Next slide gives you information on the company's costs. I will give you more details on key items of expenses on the next slide. At this point, I would like to note that the company's operating cash costs, well, we're restrained, successfully restrained them, and the growth has only been 1%. If we talk about non-cash costs, while they even went down, they went 4% down. This happened due to some decline in depreciation of property, and also due to a substantial decline in amortization of intangible assets. On Slide 16, you can see our major operating cash cost items. The greatest item of expenses here is empty run costs. These costs went 6% down, and this was driven by the growth of regulated Russian Railways tariff, and also some decline in the group's freight rail turnover in the first half of the year. Well, the empty run ratio remains good, so and the numbers are pretty stable. Employee benefit expenses grew substantially year-over-year. At this point, I would like to make the following comment, that in the first half of 2020, we had a very low base that we currently use for comparison, because that was the peak of the crisis. Many of the payouts to the personnel, including bonuses, were virtually frozen. If we compare the current number with the first half of 2019, for instance, we will see that the growth has only been by 13%. There are several factors related to this growth. First of all, there's inflation. Inflation of salaries. The second driver is that we've been replacing the locomotive crews of Russian Railways with our own in-house locomotive crews. As a result of that process, we are facing an increase of the average headcount in the company by 4% and some growth of costs related to the relevant item of expenses. At the same time, we can observe a very significant decline in another cost item, which is engagement of locomotive crews. Overall, as a result, we have savings for the company overall. Our repairs and maintenance expenses increased by just 2%. This is a good thing. That's a good achievement. We had a growth in the number of depot repairs, but it was offset with a substantial decline in prices for such repairs and also prices for other spare parts and other types of repair works. Our fuel and spare parts expenses related to locomotives, these went 4% up, but here that's just a simple consequence to inflation-driven rise in the cost of fuel and certain spare parts. Slide 17. Here you can see information on our free cash flow. What's important to note here, the free cash flow remained at a pretty high level of around RUB 4.2 billion. In principle, one of the key drivers, besides the changes in net cash from operating activities from operations, one of the key drivers to this change was the change in CapEx. As you can see, CapEx went 19% up. I must say why. First of all, our maintenance CapEx was 44% higher than last year, but that is mostly due to the fact that in the first half of this year, we did more of repair and maintenance works, and we expect that we will see a smaller number of repairs in the second half of this year. Besides, one of the drivers here was a decline in expansion CapEx. Still, we did have some of it, and it is probably important to note that in the second half of the year, we do not expect any expansion CapEx, any investment into rolling stock purchase. Thus our target total CapEx for the whole year 2021 remains unchanged at a level of around RUB 7 billion. Let's go to the next slide. Slide 18. It is about our leverage and debt. You can see the debt portfolio of the company here. To repeat what I've already said, the amount of our debt portfolio did not undergo any significant changes, and leverage, Net Debt to EBITDA, it remained at a healthy level of 1.2x. It's probably also important to note that despite the quite substantial growth of interest rates in the financial markets of Russia, we successfully kept the weighted average cost of debt at a level of around 7%, so we have seen almost no change year-on-year. Our debt portfolio is still ruble-denominated, so we don't face any foreign currency risks. In the graph at the bottom of the slide, you can see that our debt still has a very good structure in terms of its maturity profile. Now I'd like to pass the floor back to Valery. Now let me continue. Let's go to Slide 20. At this point, I'll give you more details on the sale of Syntez Rail. Syntez Rail, it's our non-core niche business. It's an operator of specialized containers that transports petrochemicals and high-grade steel in containers. I'd like to point out that this is a small asset. It accounts for less than 3% of our adjusted EBITDA. For about seven years, we've been successfully developing this stream of business, but now we can see that there are no significant synergies with our other key businesses. Besides that, the potential to create more value here is quite limited. That is due to growing competition and growing cost of new containers. We are selling the asset at an attractive price. The EV to EBITDA multiple is around 7x. We believe that this is a good and profitable investment for us, as the return on our investment here is around 4x. The impact from deleveraging, along with the transaction proceeds, account for about 12% of the group's net debt. I must point it out that this transaction was approved by all independent and non-interested members of the board of directors, and the fairness opinion on this transaction was prepared by Ernst & Young. Let's go to Slide 22 now. It's about our dividends. As I've already mentioned, our dividend capacity is improving, and it exceeds the expectations we had at the beginning of the year. We can see some positive trends in the bulk market, as well as substantial recovery of rate in the gondola segment. This certainly supports our free cash flow. We also have moderate CapEx, and we have a robust financial profile. In view of all these factors, our board of directors has approved interim dividends for 2021 above the target level in the volume of RUB 4 billion, which is RUB 22.5 per share or GDR, and the payout is expected in September 2021. In terms of our plans for the future, we have set the target on pretty strong final dividends for the second half of 2021 in the amount of RUB 5 billion. That makes RUB 29.97 per share. This is 25% higher than the interim payout, than the interim dividend. The final dividends are to be paid in April or May 2022. Now Slide 24. I would like to share views of the current situation in the market here. As I've already said, in July and August, the recovery of demand continued, and pricing in the gondola segment continues improving as well. This certainly supports the commercial trends, the pricing of Globaltrans. Still, our pricing is less volatile as compared to the spot market. Demand for Globaltrans services is growing, and we believe that this once again confirms that we took a timely decision to expand our lease in gondola fleet. As for the tank car segment, here the pricing situation remains stable. However, the recovery of volumes is pretty slow. We can also see that inflation-driven pressure is getting stronger in terms of the cost of spare parts and repairs, and this reflects high steel prices as well. However, I must note that the expected total CapEx of Globaltrans in 2021 remains unchanged. Overall, we believe that the railroad industry still has very solid fundamentals. Railroads remain one of the greenest and most strategically important types of transport that link Russia to global markets. Strong export demand, along with the recovery of domestic demand, will drive the volumes of railroad transportation. Addressing the issue of congested rail infrastructure in the Far East is currently a key focus area for the government and for RZD, the Russian railroads, and we can see some very good progress in this respect. Well, at the end of my presentation, Slide 25. I would like to just recap what I've said. Globaltrans is a robust business with an efficient business model and strong cash flows. Our dividend capacity is improving, which also makes it possible for us to increase dividend payouts. We have a consistent approach to creating value for our shareholders. Thanks to secondary listing on Moscow Exchange, for instance, our total liquidity has improved significantly. Our GDRs are now included in a number of indices, and if there is any volatility in the market, we offer a share buyback mechanism. At this point, I would like to finish my presentation. Thank you for attention. Now I'm ready to answer questions. If you would like to ask a question, please press star one on your telephone keypad. Please ensure your line is unmuted locally, as you will be advised when to ask your question. Everyone can press star one if you would like to ask a question. The first question comes from the line of Matvey Tayts from Sova Capital. Please go ahead. Good day, colleagues. Thank you very much for the presentation and for the opportunity to ask questions. Thank you very much. I will I will probably say it separately that you have increased the dividend guidance. This is, of course, always pleasant, and the new figure is also growing. I would like to clarify one point. Last time, when you announced the pleasant, and the new figure is also growing. I would like to clarify one point. Last time, when you announced the pleasant, and the new figure is also growing. I would like to clarify one point. Last time, when you announced the dividend guidance of RUB 3 billion, you actually indicated that we plan to pay out no less than RUB 3 billion, which, in general, has now been implemented in the fact that we saw a higher figure. This time, the new dividend guidance is RUB 5 billion. There is no such caveat that this is the minimum dividend. Does this mean that it is not worth expecting higher payouts even if the favorable situation persists on the market? This is the first question. [Non-English content] [Non-English content] The speaker thanks the colleagues and also thank you for the presentation and the opportunity to ask questions and for the good dividend guidance as well, because that's always pleasant. He asked three questions. The first question was about dividend guidance. Last time you said it would be RUB 3 billion, but you also said that it would be much less than RUB 3 billion. We captured materialize, you've increased the payout, but the new dividend guidance for the second half of the year, RUB 5 billion, does not contain this kind of comment that it's at a minimal level. The question is, do I understand it right that we shouldn't expect any increase in payouts, even if the situation in the market is good? The second question was about rates. We can all see recovery in market rates that started in April. For instance, vice president of Russian Railways said that there is still surplus of gondola cars in the market. Another colleague, an analyst from the industry, said that Federal Freight Company removed about 5% of its fleet of gondolas from the market to support the rates. The question is, what are your views? Is the rates recovery going to continue in a stable way? Do you fear that the removed cars may get back to the market? What will happen to the rates? The third question was about CapEx. You have said that prices are growing, including prices of steel and so on and so forth. Industrial inflation is pretty high. Do you have any understanding on your CapEx in 2022? [Non-English content] I will probably start with question two. [Non-English content] This is a kind of an essential question about the rates and the surplus of cars in the market. [Non-English content]. Indeed, market rate in gondola cars was at around RUB 700 per day at the beginning of the year. [Non-English content] They started to recover in Q2. [Non-English content] The current level is already above RUB 1,000. [Non-English content] Yes, we did feel it in the past, and we still feel it that there is a surplus of cars in the market. [Non-English content] Let us note that this surplus has been declining since the beginning of 2021. [Non-English content] It was with the substantial growth in freight rail turnover by 5.2%. [Non-English content] In the summer, some shippers said that there was some local deficit of railcars in the market. [Non-English content] You also mentioned Federal Freight Company that removed some number of cars from the market to support rates. [Non-English content] Well, I think that this process may repeat from time to time. The point is that this is a state-owned company, and it is mostly focused on socially important services, which also went down over the past period. [Non-English content] Well, the overall fleet of such cars is increasing now, but locally you can see some deficit of railcars. [Non-English content] We've been observing this situation since the end of Q2, and this continues until now. [Non-English content] It's difficult to make any comments on surplus because there are very many different methodologies and approaches to calculation. [Non-English content] Despite the substantial recovery of demand, as we've said, there is still surplus in the market, but the situation is improving. [Non-English content] For your first question on guidance. [Non-English content] Well, indeed, we set the target of RUB 5 billion. [Non-English content] What is this related with? The rating of the market is growing. [Non-English content] The situation with volumes is improving. [Non-English content] We believe that the situation is getting stable. [Non-English content] That is why we plan for such numbers in terms of dividends. [Non-English content] Maybe Alexander can add something in terms of answering this question. [Non-English content] Yes, I would like to add that as for the number we gave for the first half of 2021 for the interim dividend, we initially wanted this to be quite a careful number, quite a safe level because of a lot of volatility in the market. [Non-English content] Now let's say that the tone is probably changing because we are setting more ambitious targets. As Valery has said, there is market recovery and we are setting more ambitious targets. [Non-English content] Valery says that it's probably a bit premature to talk about an increase of sales now. [Non-English content] Everything will be determined by the situation in the market. [Non-English content] As for the third question about the CapEx for 2022, what I'd like to point out is that we currently observe some moderate growth of the cost of spare parts. [Non-English content] Potentially, we cannot rule out a more intensive growth of prices that may probably start as early as in the fourth quarter. [Non-English content] And our kind of projection for the ratio between the second half of 2021 and the first half of 2021 is 5%-10%. [Non-English content] I think we answered your question. [Non-English content] Thank you very much for the detailed answers. Thank you. The next question comes from the line of Ivan Postevoy from VTB Capital. Please go ahead. [Non-English content] Thanks for the presentation. Congratulations to the company on good results. Several questions. The first one is pretty general. Why have you sold Syntez Rail now? In your presentation, you explained why, but the timing is still unclear. The loans of market is pretty low now. Why wouldn't you wait six months to 12 months? [Non-English content] Valery says that he's written about that before and explained his position, and he's asking Alexander to make some additional comments. [Non-English content] There are two points here. One is pretty general, and the second is more specific. First of all, we believe that as for the general matter, we believe that further growth of value in terms of this asset is limited. The growth is possible, but it would take a lot of investment, we don't see any further potential to get much more value here. The timing for sale was selected now on purpose. As for the market of rolling stock, well, I must say that the price of rolling stock, the price of cars has already grown. We should also bear it in mind that we should consider not just the cost of cars, but the cost of containers. The price of containers has already increased by 30%, and this was included in the price. I don't think that after six months we could have earned more. Besides, the price of rolling stock is already pretty high, and not many companies are ready to invest there. [Non-English content] [Non-English content] Did I get it right that this is a non-core asset for you and you are not planning to further expand it in the future, you are planning to get rid of it? Valeriy said that, yes, that understanding is right. [Non-English content] My second question is about the target dividend for the second half of the year. Does it include, does it take into account profits from the sale of Syntez Rail, and does it also take into account further growth of rates for gondola cars? Do you think that the gondola cars rates will remain at the current level? [Non-English content] The question is very interesting, and I would split it into several components. [Non-English content] First of all, I believe that the sale of Syntez Rail is not connected to our dividend capacity, and the key driver of dividends is certainly the growth of rates in the market. [Non-English content] In terms of cash flow, this is not at all determinant. [Non-English content] On the other hand, I must certainly note that our balance sheet and our leverage have improved in connection with this sale. [Non-English content] [Non-English content] Another important thing, of course, the process we get from the transaction are also important, but another important thing is what kind of debt we can remove from our balance sheet. If you look at the overall group level effect from this transaction, it would be around 12%. [Non-English content] From this viewpoint, of course, this sale supports our dividend capacity. [Non-English content] [Non-English content] Okay, thanks. The next question comes from the line of Igor Goncharov from Gazprombank. Please go ahead. [Non-English content] Operating development. As you have shown in the slide, the market in Russia integration in the first half of the year grew by 5%, but the volumes of Globaltrans dropped. You mentioned that in the slide, can you please explain these trends that go in opposite directions in more detail? The second question is that can you suggest that in the future you plan to grow faster than the market to offset the current lag? [Non-English content] Yes. Thank you for the question. In terms of our operating indicators, you are absolutely right. We can see a decline relative to the market. [Non-English content] There were some objective reasons for that. First of all. [Non-English content] If you look at the trend in terms of freight rail turnover, it went down as compared to very high base of the first half of 2020. [Non-English content] When in the first half of 2020 the market was shrinking, we were growing. [Non-English content] This is also due to the low base at which the market stood at that point in time. [Non-English content] Of course, there you can see more prominent trends. [Non-English content] If you look at the pre-COVID level of turnover that was achieved in the first half of 2019. [Non-English content] Our freight rail turnover still remains at that level. [Non-English content] The market overall is still below that level. [Non-English content] That was the first point. The second point is that the clients we service, they are primarily metallurgical clients. [Non-English content] Our clients were affected by the weather conditions, the unfavorable weather conditions and associated limitations in terms of railroad networks in their destinations. [Non-English content] What happened was congestion on internal on-site tracks of our customers, primarily at MMK and Mechel. [Non-English content]. As a result, the number of loaded trips per car in the first half of 2021 went 6% down. [Non-English content] All of our gondola cars were fully utilized. [Non-English content] Still their turnaround time increased. [Non-English content] Besides our freight rail turnover in the tank car segment, it went 4% down. [Non-English content] The key reason here is changes in logistics. [Non-English content] Still in the current period, despite the current restrictions related to the repairs of tracks and also the increased passenger traffic due to the season, we are doing everything to improve the situation. [Non-English content] We will do our best to make sure that our numbers do not lag behind the market or even go ahead of the market. [Non-English content] From our viewpoint, in fact, the key operational indicator is the turnover, because this is a number that takes into account the distance as well. [Non-English content] I hope this answers your question. [Non-English content] Thank you for your detailed answer. We currently have no questions in the queue. So as another reminder, please press star one on your telephone keypad. We have no further questions in the queue, so I'll hand the call back to your host to conclude today's call. [Non-English content] Once again, thank you for the interest to the results of our company, to our performance. A record of this call will soon be available on our website, along with other information on the company. We are going to run individual calls with investors in the coming few days. If you are interested, you are welcome to turn to us for that. Thank you. [Non-English content] [Non-English content] Thank you very much and goodbye.