Dear ladies and gentlemen, hello. We are happy to welcome you today to our conference call, which is devoted to the publication of Globaltrans Group results for the first half of 2022. Today, Mr. Shpakov, Valery Shpakov, the CEO of the company, will be presenting the results, together with Alexander Shenets, who is the CFO. Let us start with some technical points. Today, we are running this conference call in the webcast format. As we announced before, today after we published our results, we collected your questions. Many thanks to everyone who responded to this request and who submitted their questions, and we are going to provide answers to those questions today after the presentation. Today we will start with the presentation of our results. Mr. Shpakov, the floor is yours. Thank you, Mikhail. Hello, colleagues. Thank you very much, first of all for the interest you show in our company. Today we will tell you about our interim 2022 results, and we will also discuss the current situation in the market. I suggest that we start with slide 5 in our presentation. Here I would like to talk a bit about certain points related to the results of the first half of 2022. We will look at the market situation. First of all, I want to say that the results in the first half of 2022 got under the influence of new economic conditions. The Q1 was quite successful for the market. Russia's freight rail turnover increased by 4%. However, in the Q2, we could observe a 1.4% decline. Overall logistics in Russia continued to get adjusted, and the length of route has increased. Market rates in the gondola segment recovered from the depressed level of the first half of 2021. Starting from the end of Q2 this year, the rate deteriorated substantially, driven by the volatility of demand. However, in the tank car segments, the rates remained at a good level. I say that even in such challenging circumstances, Globaltrans continued delivering good results. We successfully demonstrated improved operational efficiency. First of all, please note the empty run ratio for gondola cars. It improved to 42%. This was mostly driven by our logistics capabilities. As of today, all of our service contracts are performing. In terms of financial results, we delivered improvements across all key financial indicators. For example, our adjusted revenue increased to RUB 42.6 billion. Our adjusted EBITDA rose to RUB 27 billion. Our free cash flow increased to RUB 6.4 billion, despite the acquisition of the 40% stake in BaltTransServis. Our net debt to adjusted EBITDA improved to 0.28x. Now, let me say a few words about our current approach to the allocation of capital. Our further fleet expansion investment will depend on availability of attractive opportunities in the market. In terms of dividends, what I'd like to note, well, I actually have to say that the payment of dividends remains suspended. This is due to the technical restrictions relating to the transfer of cash funds to the holding company in Cyprus. Now let's go to slide 7. Here I will give you more details about market overview. Over the first 8 months of the year 2022, Russia's freight rail turnover increased by 0.7%, and volumes over the same period went 3.4% down. As I have already noted, after the strong Q1, the turnover and volumes across the whole Russian Railways network started to decline, and this was primarily driven by weaker demand in the bulk cargo segment. As for the visibility of the future development, well, this is still limited, but there are some factors that support the market. These include, first of all, the adjustment of logistics with cargoes rerouted to the Far East of Russia. This results in a higher share of long-distance routes, and this supports the overall freight turnover and demand for rolling stock. As for the bulk cargo segment, overall volumes over the first eight months this year went 4.2% down, mostly driven by lower volumes of coal, minus 5.8% year-on-year, and metallurgical cargoes, minus 3.9% year-on-year. As I've already noted, throughout virtually the whole of the first half of the year, pricing was favorable in this segment. I must say that from the end of the Q2, some substantial deterioration occurred. That's it on the bulk cargo segment. As for the oil segment, here we can observe stabilization of demand. Despite the volatility, total volumes of oil products and oil even grew insignificantly by 0.2% in January-August this year. Pricing in this market remains robust. Now let's move on, slide nine. Here I would like to talk more about our operational efficiency. In the first half of the year 2022, we managed to quickly adjust to the challenging market conditions. We successfully adjusted our logistics, and we improved the Empty Run Ratio for gondolas to 42%. A year ago, this indicator stood at 46%. I must note that we remain among the market leaders in terms of this indicator. Driven by the fact, as I mentioned earlier, which are changes in logistics and the volatility of demand, the group's freight turnover in the first half of 2022 went 3% down. Relations with customers. These remain among our key priorities. Our service contracts are performing. All of them are performing. In the first half of 2022, service contracts accounted for about 56% of our net revenue from operation of rolling stock. Well, average commercial terms prices with regard to our fleet remained at a good level for most of the first half of 2022, and this reflected the market trends. Besides, we managed to promptly replace the rolling stock that is locked in the territory of Ukraine by means of expanding our leasing fleet. Let me remind you that, we're talking about 3,300 rail cars. Those are mostly gondola cars. At this point, I would like to pass the floor to Alexander Shenets, the CFO, and he will tell you more about the financial performance of the group, and then we'll continue. Now Alexander Shenets is speaking. Thank you. Hello, ladies and gentlemen. Slide 11, please. Here you can see the key financial indicators of the group. I must say that these are very strong results. Besides, I would like to note that, well, you might remember that the first half of last year was quite depressed due to COVID. That is why to better understand the trends and the dynamics in this slide, we compare the first half of 2022 with the second half of 2021. As you can see, our adjusted revenue went 26% up, and our total operating cash costs delivered quite low growth rate. We managed to restrain the growth of costs at a level of just 3%, and as a result, our adjusted EBITDA went 45% up and reached almost RUB 27 billion. At the bottom of this slide, on the left, you can see that our CAPEX, adjusted for M&A transaction, increased almost three times, so it almost tripled, and it amounted to RUB 12.5 billion. However, at the same time, our free cash flow still increased. The growth was more than 50%, and our free cash flow amounted to RUB 6.4 billion. What's also quite important, in this slide you can see that our debt went down. It decreased by 31%, and the leverage, net debt to adjusted EBITDA, is at a very low level of around 0.3 times. Now slide 12. Here you can find information on our revenue. Total revenue went 26% up. As usual, the key component of our revenue is net revenue from the operation of rolling stock. It increased by 27%, and this growth occurred against the backdrop of recovery in both segments, both gondolas and our oil tanks, but the key driver is the recovery of prices in the gondola segment. Revenue from operating lease of rolling stock doubled. This is because of the growth of average lease rate. This was also driven by a slight increase of the leased-out fleet. While we are on this slide, I would like to note that we do not have any revenue from the specialized container transportation segment in the first half of this year. This is because, well, let me remind you, this is because in October 2021, we sold SyntezRail, the relevant company, and now it is deconsolidated from our balance sheet. Slide 13. Here you can find general information on our costs. As you can see, the operating cash costs went 8% up year-over-year, and half-year-over-half-year, the growth has only been 3%, as I've already said. What were the key drivers of such changes? Well, I will talk more about that in next slide, where I'll talk about major operating cash costs item. While we are on this slide, I would like to also note that our total operating non-cash costs increased quite substantially, 123% up year-over-year. This was due to two key things. First of all, that impairment of the 3,300 units of rolling stock blocked in Ukraine. The second point is the substantial increase in depreciation of right-of-use assets, because our gondola fleet has been increased under long-term leases, so we've leased in gondolas. Slide 14. Here you can see the major cost items in terms of our major operating cash costs. The item which accounts for slightly more than a half of all costs, that empty run costs. As of today, the growth has been by just 4%. This is quite a good number because if we consider regulated RZD tariffs in terms of tariffs for the traction of empty cars, we will see that indexation was applied twice this year, 6.8% from the first of January and 11% from the first of June. That means that we have seen a double-digit growth of regulated tariff. Another thing I wanted to note here, so probably once again in this presentation, so I must say that our empty run ratio went down from 52 to 50%. This is quite a good achievement in terms of optimizing empty runs. Besides, the share of empty run kilometers paid by the company paid by Globaltrans went 2% down to 98%. Employee benefit expenses. These grew quite substantially by 56%. That was due to several factors. First of all, that was a substantial inflation-driven growth of wages and salaries. Next, we had a 4% year-on-year increase in the average headcount, because we are continuing the shift towards in-house locomotive crews in place of locomotive crews supplied by RZD. Of course, there was an increase in bonuses because the company delivered very strong results, and besides, we successfully completed M&A transactions. Next, our repair and maintenance costs, they went 11% down, mostly because of optimization efforts. The optimization activities helped reduce the number of depot repairs. To a certain extent, this was offset with the cost inflation in terms of repair and maintenance and also the growth of cost with regard to certain spare parts. Our expenses on fuel and spare parts for locomotives went 9% up, but that was the direct impact of inflation in terms of the cost of fuel and certain spare parts. Now slide 15. Here you can see information on our free cash flow. First of all, I would like to say that while we certainly have very strong cash flow from operations, our CapEx went 7% down, and most of that CapEx was maintenance CapEx. Besides that, we also completed an acquisition of a 40% stake in BaltTransServis, which resulted in cash outflow of RUB 8.8 billion. That's how much we spent on it this year. Despite this acquisition, our free cash flow grew by 53% and amounted to RUB 6.4 billion. Now next slide 16. Here you can find information on our debt. In the upper graph, you can see that our net debt went 31% down, and the leverage net debt to EBITDA also went down and stood at just 0.28 times. At the same time, I would like to note that since our credit portfolio mostly consist of loans with fixed rates. Thus, the weighted average effective cost of borrowing remained stable throughout the period. As of the middle of the year, it was 7.5%, which you know, given the volatile market that we could observe, I believe that in this context, this was a very good indicator. In the bottom graph on this slide, you can see that our debt is very well structured in terms of its maturity profile. Of course, our company has absolutely no problems with servicing its debt. I believe that at this point I will complete my part of the presentation and pass the floor back to Valery Shpakov. Now Valery Shpakov is speaking. Thank you. I will continue then and in the end of our presentation, I would like to talk about the current situation. First of all, in the second half of the year, demand continued shrinking. For instance, over the first eight months this year, Russia's overall freight rail turnover went 1% down and volumes went 5.3% down. That was mostly driven by the weakening demand in the bulk cargo segment. As of today, the downward pressure onto gondola rates remains and but rates in the tank car segments remain at a good level. We can see that the logistics adjustment process continues. What else can we feel? Well, of course, that's inflation driven pressure. For instance, in the first half of 2022, total indexation of regulated tariffs of Russian Railways for the transportation of empty rail cars amounted to 18.6%. This includes indexation applicable from January 1 and June 1 this year. That's about Russian Railways and the railway network overall. As for Globaltrans, our company proper. In the first half of the year, we continued delivering a high operational efficiency. Our service contracts are performing. We have high cash flow and low leverage. In the current conditions, we remain focused on the operational efficiency of the company and strict control of costs. Further investment into the expansion of our fleet will depend on availability of attractive opportunities in the market. We have recently approved a decision to cancel treasury shares that were purchased in the form of depositary receipts under our buyback programs. This is positive for the fundamental value of the company. Payment of dividends remains suspended so far, and we continue looking into various options that would help us address restrictions associated with the corporate structure and our listing. Today, we keep the focus, and we have every opportunity to develop our business further and to create value for our shareholders. At this point, let me finish with the presentation and now we will answer your question. Now, Mikhail IR is speaking. Thank you, Valery. Thank you, Alexander. Now, let's focus on the second part of our event. These are questions that we collected today after we published our results. We grouped your, the questions into groups, and I will start with what we put as question number one. Valery Shpakov, what prospect do you think the market has in the second half of the year in terms of rates, in terms of demand, both in the gondolas and in the tank car segments? Well, that's a good question. Mr. Shpakov now answers the question. I would like to answer this question in terms of the two different segments. First, the bulk segment and then the oil segment. In the bulk cargo segment, we can observe a continuing pressure onto volumes and rates. Volumes in this segment went 6% down over the first 8 months this year. Gondola rates were also substantially adjusted. However, I must say that the market remains highly competitive. In the current situation, it's difficult to make any specific forecast. What I must note, it's that we can observe quite positive trends in this segment, in the area of construction cargoes transportation, and in some regions we can even experience a shortage of rail cars. As for the tank car segment, here the situation is less volatile. Demand for transportation services has stabilized. In July, August, we observed a slight decline in volumes by 0.5%, but rates remain at a favorable level. That's what I can say on this matter. Now, Mikhail continues. Thank you. To continue this topic, why don't we discuss the situation in terms of the surplus or shortage of fleet? What are the trends that you observe in terms of your rail cars? Are any of your rail cars idle? What's happening to your volumes after the first half of the year? Maybe you can give some comments on that. Mr. Shpakov is answering the question. Well, I must say that in terms of gondolas, the market is currently a surplus market. So, there is surplus of rail cars in the market. This is because of weakening demand in terms of range of cargos. Well, I will not list these, but in principle, the way we see it today, there is a certain decline in terms of mass consumption cargos. As for the factors that support the market, well, the first of those is the change of logistics with a greater share of longer routes, plus the growth of transportation in the domestic market. This, in fact, increases demand for rolling stock. As for the fleet of gondolas, I must say that, over the reporting period, the net additions have been very low, so the growth has been, insignificant, and this has not produced any material influence onto the market. As for Globaltrans, our fleet of gondolas is fully utilized. In terms of the universal fleet, our situation is pretty stable, and as I have already said, in some regions we are even experiencing some local shortage of fleet. As for the oil tank segment, here we have been, experiencing a deficit of fleet for a few months. All our tank cars are being utilized. No idle tanks. Mikhail continues. Good. Now, let's move over to next question. This is about, the information that the market is now experiencing deficit of cassette bearings for innovative high-capacity cars. We have received quite a lot of questions on the topic. People are interested to know how this influences the market and Globaltrans. Mr. Shpakov is answering the question. This is certainly a problem in the market. This is turning into a problem; I would put it so. This matter is being addressed by means of import substitution. We can see that some manufacturing facilities are starting to produce such parts. At this point in time, in Russia, we do have rail cars that are idle for this specific reason. As for Globaltrans, we do not have this problem on our agenda. The point is that innovative high-capacity rail cars only account for a small portion of our leased-in fleet. With regard to these rail cars, we do not see any need to replace the cassette bearings in the near future. This problem does not exist for Globaltrans. Great. Now let us move on. Next, we have questions relating to the utilization of cash in the current situation because we are now in a situation when we are unable to pay out dividends. Thus, we have received certain questions. For instance, what plans the company has with regard to the use of these funds, what CapEx plans the company has for the second half of the year. Mr. Shenets, maybe you can answer this question. Yes. Thank you for the question. What I would like to say, in the current situation, we will continue, well, first of all, repaying our current debt to banks and we are going to maintain a high level of cash balances in our accounts. We may purchase rail cars. We cannot rule it out. We can also rule out M&A transactions, well, subject to the occurrence of attractive opportunities in the market. In principle, I can say that we do see some prospects both in the market of gondolas and in the market of tank cars. In terms of new cars, I can say, well, in principle, we are considering both new and used cars. I think that's it on the matter. Mikhail continues. Great. Thank you. Alexander, the next question is to you as well. That's the topic of utilizing cash. What plans does the company have in terms of implementing its shares buyback program? Mr. Shenets is answering this question. Well, indeed, we do have a share buyback program. The program is for up to 10% of the shareholder capital. I say that it is currently technically difficult for us to implement this program because of a number of restrictions. What I would like to note in this respect, it is that we have taken a decision to cancel treasury shares that have been bought back until now, so in the amount of 0.24% of the shareholder capital, and this is going to be positive for the fundamental value of the company. We have launched all the necessary procedures, and we will report on the results. Thank you. Now, Mikhail continues. Let's look at further questions. Mr. Shpakov, Valery, how are you doing in terms of key account management? Have you managed to extend contracts with all of your key clients? Mr. Shpakov is answering the question. Yes, we are doing well in terms of key account management. All of our key service contracts have been extended. All of them are performing as of today. Let me remind you that we have six major service contracts, and these contracts account for more than 50% of our net revenue from the operation of rolling stock in the first half of the year. Until the end of this year, we do not have any contract extensions scheduled. Thank you. Mikhail continues. Let us move on. Next question is quite important. We have received a lot of questions of this type before the call and after the call. This is very interesting for our investors. Alexander, Mr. Shenets, the CFO, we'll probably ask you to answer the question. What are the company's further plans in terms of addressing issues related to the suspension of trading on LSE and also the technical restrictions relating to the payout of dividends? Mr. Shenets, the CFO is speaking. Yes, thank you for the question. Well, at this point in time, we are indeed facing some technical restrictions. I have to say that, so far, no decisions have been taken on the matter. We are actively looking at various options. Our key objective is to find an option that would meet the needs of the broadest possible circle of our shareholders as far as possible. There is no ideal solution so far, but we keep working. I think that's it. Mikhail continues. Thank you. Now, Alexander, next question comes to you as well. So in the current situation, what inflation of costs does the company expect? And what opportunities does the company have in terms of restraining the growth of costs? Can you please comment? Mr. Shenets is answering the question. Yes. Thank you for the question. Well, the inflation-driven pressure in the industry is, of course, growing. And as usual, we have certain opportunities and capabilities in terms of restraining the growth of costs. As we explained in our presentation, in the first half of the year, for instance, the regulated tariff of RZD for the transportation of empty cars was increased twice. This indexation that was implemented twice resulted in its growth by almost 20%. As you know, empty run costs account for more than 50% of all operating cash costs. This produces quite an effect onto us. Besides, we can observe the growth in the cost of certain parts, repair and maintenance works, and so on and so forth. Well, we can see inflation. Inflation is everywhere nowadays, all over the world. Our priority is to restrain the growth of costs, and that's what we are going to focus on. Mikhail continues. Alexander, thank you. Now, Valery Shpakov, for the next question is to you. What changes have occurred in logistics? What's currently happening in the area of railroad logistics, and how do you as a company adjust to these changes? Mr. Shpakov is answering the question. Yes. Thank you for the question. I must say that in such challenging circumstances that the market has faced, of course, in such circumstances, logistics undergoes significant changes. What can we observe? That's rerouting cargos to the Far East of Russia from the south of Russia, for instance. There is a certain trend that the share of domestic transportation inside Russia for certain cargos is growing, and that's a good signal. That means we have opportunities to transform our logistics. As you have seen from our results, we have successfully adjusted, and our logistics has successfully adjusted to the situation. In the reporting period, our empty run ratio for gondolas went down to 42% from the 46% we had in the first half of 2021. I believe that this is a very good result in this period. In terms of this indicator, as usual, I must say, as usual, we remain one of the market leaders. You know, maintaining high operational efficiency remains one of our key priorities. Thank you . Mikhail continues. Just to continue the topic of logistics, we have another quite interesting question. This is about the future overall. Valery Shpakov, what is the current implementation status with regard to the Eastern Polygon infrastructure expansion? That's the railroads in the Far East. The current congestion of the infrastructure, how does it impact Globaltrans at this point in time? Mr. Shpakov is answering the question. Well, that's a very interesting question, and we've received it a few times before. So what can I say in this respect? Efforts to expand infrastructure continue. This work has intensified recently. The freight capacity in the east of Russia is currently 144 million tons, but by the end of the year, it should go up to 158 million tons. Further on by 2024, the freight capacity will be increased to 180 million tons. This is work in progress. This process has been developing well, quite confidently, if I may put it so. What else has RZD, Russian Railways delivered on account in infrastructure projects? Well, besides infrastructure improvements, it's also been improving the technologies of transportation. What do I mean? The great freight capacity of BAM, Baikal-Amur Mainline, and Transsib, Trans-Siberian Mainline, it is not only dependent on the infrastructure, it's also dependent on the technology that Russian railroads use. In this respect, their primary focus is on using heavy tonnage trains, and they are also using other tools in traffic management. This includes makeup of container block trains. This includes linked multiple trains, also, arrangement of packet traffic and virtual coupling. All these technologies, they reinforce the effect produced on the transportation process. As for global trends, well, we take a differentiated approach to our cargo base and to our logistics setup. This enables us to flexibly respond to changes. The congestion of railways in the east doesn't cause any special difficulties for us. I think that's it. I think I'm finished. Mikhail continues. Valery, Alexander, thank you very much for your answers. That's probably it in terms of the questions we've received before this call. Once again, many thanks to those who responded to our request and to those who are now listening to this call. I think that our listeners might have some further questions. On our website, you can find all information on our contacts, and we will be happy to answer your questions verbally or in writing, so you are welcome to turn to us with your questions. On behalf of our team, I would like to thank you, thank you very much. We'll stay in touch. Thank you and goodbye. Many thanks to everyone.