Dear ladies and gentlemen, hello. We are happy to welcome you today to the telephone conference held by the Globaltrans Group. This conference is devoted to the publication of our interim 2023 results. Today our company is represented here by Valery Shpakov, our CEO, the CEO of Globaltrans Group, and we also have Alexander Shenets, our CFO here. We will start with a brief presentation of our results, and after that, we will move over to the Q&A session. Valery, the floor is yours. Now Valery Shpakov is speaking. Thank you, Mikhail. Dear colleagues, as usual, I will start with our presentation, and then we will continue and answer your questions. Let's go to slide five of our presentation. Here I will brief you on the highlights of the first half of the year 2023, which we will then consider in more detail as we go through the presentation. So in the first six months of the year 2023, the market was relatively stable. The overall industry and freight rail turnover increased insignificantly. Pricing remained relatively stable, predominantly stable in both the gondola and the tank segments. But of course, during this reporting period, we concealed some ongoing cost pressures, primarily caused by the increase in regulated RZD tariffs for the traction of empty rail cars. In such conditions, we continued delivering robust results and improved our operating efficiency. So first of all, I would like to note our results in terms of the empty run ratio for gondola cars. The empty run ratio for gondolas went down significantly. It improved to 39%. Group freight rail turnover was largely unchanged. All of our service contracts are intact. We've been performing. We've been fulfilling them at a high level. In terms of our financial performance, first, our adjusted revenue rose to RUB 43.3 billion. Our adjusted EBITDA went down slightly, reflecting ongoing cost pressures, and it amounted to RUB 25.4 billion. We have quite solid free cash flow. It's up to RUB 12 billion now, and besides, we also have net cash position at a level of RUB 10.5 billion. Now, a few words about the launch of re-domiciliation process, the re-domiciliation to Abu Dhabi Global Market. As you are all aware, on the sixteenth of August, the re-domiciliation was approved at the extraordinary general meeting. This is an important step for us. Let me remind you that it is intended to optimize the corporate structure, and to unblock certain intragroup transactions, including the upstreaming of dividends to the head company. We expect the process to be completed in about six months. Now let's move on s lide seven. Now let me give you a more detailed market review. Demand. Industry demand remained relatively stable. As I've already noted, in the first half of 2023, the overall industry freight rail turnover rose 1.4% year-on-year, and volumes increased by 0.8% year-on-year. What supported the markets was the transformation of logistics, with a rise in the proportion of long-distance routes. So in the presentation, in the graph in the right-hand upper corner of the slide, you can see this data on the graph. So with regard to the bulk cargo segment, overall volumes rose 1.3% year-on-year, largely reflecting the growth in the volumes of coal and construction materials. As for the metallurgical segment, here volumes continued to recover, but so far, the levels have not reached the high levels previously achieved in the first half of 2022. As for the gondola market rates, they started recovering from the levels of the second half of 2022. However, the current levels remain below the levels achieved in the first half of last year. As for the oil segment, the situation was also stable there. Overall, oil products and oil volumes somewhat slipped, but market pricing remained robust. Now let's have a look at slide nine. Here I would like to note some of the operational highlights. So over the first six months of the year 2023, our operational efficiency increased, and we delivered some significant improvements. So I mentioned that before. Our empty run ratio for gondola cars improved to 39%. This reflected logistics adjustments and also the impact of service contracts. In the first half of last year, the empty run ratio for gondolas was 42%. Our freight rail turnover was flat, and however, with engaged fleet included, our freight rail turnover was 2% up year-on-year. This was supported by the robust performance of the tank car segment, which offset the continued volatility in the gondola segment. Average pricing for our fleet remained solid. I'd like to note that average price per loaded trip increased by 3% year-on-year. As for the service contracts, all of our service contracts are intact, and service contract contributed about 61% of our net revenue from operation of rolling stock. Our customers, our clients, are happy with our services. And now I would like to pass the floor to Alexander Shenets, our CFO, who will give you more detail about the financial performance on the group, and then I'll continue. Now Alexander Shenets, the CFO, is speaking. Thank you. Ladies and gentlemen, let's have a look at slide 11. Here you can see our key financial results for the first half of the year, 2023. We believe that the results are quite strong. As you can see here, our adjusted revenue went 2% up year-on-year. However, we could observe quite significant cost pressures driven by inflation, and our total operating cash costs increased by 14%, one four. So we'll talk about that in more detail a bit later. As a result, our adjusted EBITDA went 6% down. However, the number was quite solid, RUB 25.4 billion, and the adjusted EBITDA margin remained at quite a healthy level of 59%. So now, have a look at the diagram in the bottom left-hand corner of this slide. Here you can see that our total CapEx, adjusted for M&A, went 51% down. This was mostly driven by lower costs related to M&A transactions. And as a result of that, our free cash flow increased quite significantly by 87% and amounted to RUB 11.9 billion. Net debt of our company continued decreasing, and it now has a negative value. And, as of today, well, I mean, as of the middle of the year, our net cash position amounted to RUB 10.5 billion. Now let's go to slide 12. Here you can see information on our adjusted revenue. Let me repeat it, that our adjusted revenue increased by 2%. The key component of that, same as before, it net revenue from operation of rolling stock. It somewhat increased by around 1%, and this reflected stable freight rail turnover of the company and also solid average pricing. Our revenue from operating leasing of rolling stock went 8% up. This was mostly caused by the growth of leasing rates. Well, there was quite a significant growth of leasing rate, and however, this was partially offset by the decline in the average number of leased-out fleet of our tank cars. Next, net revenue from engaged fleet. Well, this item is normally quite small, but it demonstrated quite significant growth that was due to the rise in engaged fleet operations in the oil products and oil segment. Now, next slide, slide 13. Here you can find information on our total operating cash costs, well, both cash and non-cash. Here you can see that our total operating cash costs increased by 14.4%. And in the next slide you will find the more details on the key cost items. But at this slide, I would just like to note that this growth was mostly driven by the increase in the regulated tariffs of Russian railroads. But if we exclude this factor, then our total cash costs only increased by 7%. Total operating non-cash costs declined by 33% year-on-year. The key drivers to this process were as follows: So first of all, we did not have that large impairment of rolling stock, and we didn't have to create any provisions for that impairment of rolling stock in the first half of this year, as compared to the first half of the year, 2022, when we had to create provisions for the impairment of the fleet of the rolling stock blocked in Ukraine. The second driver was the 35% year-on-year increase in depreciation. That was related to the purchases of rolling stock and higher depreciation of the acquired fleet, and with a decrease in the scrap value of rolling stock. Now let's go to slide 14. Here you can find more details on major operating cash cost items. As usual, the major cost item is empty run costs. It increased quite significantly. It went 21% up. The key driver of that was the rise in regulated Russian railroad tariffs for the traction of empty rail cars. It went 23% up for year-on-year. This was partially, you know, this growth was partially offset by a substantial improvement in the empty run ratio, that's the improvement of our operational efficiency, and, as we already said, the empty run ratio went down to 39%, which is a good achievement. Our employee benefit expenses increased by 9%. This was driven by inflation, that's inflation-driven growth in wages, salaries, and bonuses, so overall, personnel remuneration. Despite the headcount reduction by 2% and some other optimization activities, still we can observe some inflation-driven growth with regard to this cash cost item. Our repair and maintenance costs went 11% up. In with regard to this cost item, we could observe inflation-driven rise in the cost of repairs, services, and spare parts. Besides, the costs related to locomotive repairs also increased, but this growth was partially offset with a decline in the number of scheduled depot repairs. As for the cost of fuel and spare parts for locomotives, they went 6% down. That was largely due to lower fuel costs. Now, slide 15. Here, I would like to note that our company generated quite strong free cash flow in this reporting period. It went 87% up year-on-year and amounted to RUB 11.9 billion. This reflected the fact that our net cash from operating activities remained quite stable, well, at a solid level of RUB 20.5 billion. However, total CapEx adjusted for M&A declined by 51% year-on-year. Let me give you a little bit more detail on total CapEx adjusted for M&A. This CapEx amounted to RUB 6.1 billion and comprised the following components: Maintenance CapEx stood at RUB 3.3 billion. Our expansion CapEx amounted to RUB 1 billion. We purchased 200 gondolas. Besides, there were some deferred payments related to the acquisition of tank cars from Spacecom, and proceeds from the sale of Spacecom afterwards. As for our future plans for investments, I would like to note that we remain focused on the acquisition of rolling stock and the expansion of our fleets by means of both purchases and leasing, provided that the conditions are favorable. Starting from the year 2025 and through the year 2029, we expect that we will need to retire around 3,500 units of our rolling stock per year. However, I would like to note that we have quite a lot of flexibility in terms of fleet purchasing, and over the coming 18 months the retirement of our fleet will be minimal. Now, slide 16. On slide 16, you can find information on our debt. As I said before, our company's net debt continued decreasing. Net cash position amounted to RUB 10.5 billion. Total debt of the company amounted to RUB 20.4 billion, and cash and cash equivalents amounted to about RUB 31 billion, with around 40% of cash and cash equivalents denominated in foreign currency. The weighted average effective interest rate of our debt portfolio somewhat increased to 9.6%. That was due to the conditions that currently exist in the financial markets. However, this interest rate is quite low. At the same time, I would like to note that all of the group's debt has fixed interest rates, all debt is denominated in rubles, and in the graph at the bottom of this slide, you can see that we have a balanced and comfortable maturity profile about that. Now, slide 18. Let me say a few words on the re-domiciliation process. Well, here, I would just like to say really a few words. So this process of re-domiciliation has been launched on the sixteenth of August. The re-domiciliation was approved by the extraordinary general meeting, and we would like to thank our shareholders and investors for the support they provided to us in the course of that meeting. We expect the re-domiciliation process to take around six months, and as of today, it all goes as planned. Thank you. I would like to pass the floor back to Valery Shpakov, our CEO. Now, Valery Shpakov, the CEO, is speaking. Let me continue. Slide 20. Well, as we look at this slide, I suggest we pay a bit more attention to the current situation. As I mentioned before, stable demand continues. In July 2023, overall industry freight rail turnover increased by 2.7%, but visibility still remains quite low. The pricing in both segments remains predominantly favorable, solid. However, I cannot exclude the potential for volatility going forward. As for the cost pressures, cost pressures in our sector accelerate, and this includes the significant growth of regulated tariffs for the traction of empty cars and the growth of the cost of maintenance and parts. As for Globaltrans, we successfully completed the first half of the year and delivered solid operational and financial results. Our operational efficiency improved significantly. We generated strong free cash flow. We enjoy a stable financial position with negative net debt. This suggests that the management has managed to achieve quite good efficiency in our business. In terms of investment, we intend to further expand our fleet by way of purchases and lease of the rolling stock, well, of course, if attractive opportunities occur. We have launched an important stage in our history, which is re-domiciliation to the Abu Dhabi Global Market. I would like to note that, we make every effort to successfully complete the process. Well, and, once again, I would like to emphasize that Globaltrans is a stable and well-managed business. We have had a long history of success, in the market in most different economic conditions. For example, this year, we celebrated the 20th anniversary of our key operating company, which is the New Forwarding Company. It operates in the container segment. Next year, we will celebrate the 25th anniversary of BaltTransServis, BTS, which is our operating company in the oil segment. And, quite soon, we are going to celebrate the 20th anniversary of the Globaltrans Group. I would like to say that these dates mean that we have every opportunity to continue successfully working in our segments. We intend to develop further, do our best to demonstrate efficiency and progress towards our goals. Thank you. That ends my presentation, and I'm ready to answer the questions. Now, Mikhail Perestyuk is speaking. Our colleagues, thank you. Now, let's move over to the next part of our event today, that's the Q&A session. We collected questions from the market in advance, and I would like to thank everyone, well, who participated in that process and sent the questions. So let's start with some of the key questions that we received. Valery, let's start with a question about re-domiciliation. So what are the timelines of re-domiciliation? Why did you choose this particular jurisdiction? And what risks do you foresee in this respect? And now, Mr. Shpakov, the CEO, is speaking. Well, yes, this is a process that we pay a lot of attention to today. Well, the process has been started. In terms of timelines, we expect it to take around six months. We believe that the jurisdiction that we've chosen is the most comfortable option in many respects, so. And we are grateful to our shareholders for their trust and support on the matter. Of course, in the course of this re-domiciliation process, we may come across all sorts of difficulties, and well, we do realize that. And I must say that the results cannot be guaranteed. In particular, there are some risks associated with obtaining some of the regulatory permits, and we are working a lot on that. But I must say that we are well prepared. We have studied the process in detail, and we believe that we have a very high chance of successfully completing this process. So I think that's it with regard to this matter. Mikhail Perestyuk continues. Thank you. Well, to continue this topic, next question is to you, Alexander. So, many investors are asking, post re-domiciliation, does the company have any plans to list its security as at an alternative stock exchange? Alexander Shenets, the CFO is speaking. Well, I would like to note that we prefer to act on a step-by-step basis, so as of today, we don't have such plans. However, once the re-domiciliation is completed, we can revisit this matter again. Mikhail continues. Thank you. Now let's move on in terms of the list of our questions. Next question is probably one of the key ones, and most of our shareholders are interested in this. So what are the prospects of restarting dividend payouts after the re-domiciliation, and what kind of dividends could the shareholders hope to get? Alexander Shenets is answering the question. Yes, this question is truly important. I would put it like this: successful re-domiciliation is an important step in this direction towards the payout of dividends. Although due to a number of current restrictions, the re-domiciliation does not mean that the payout to shareholders will be resumed unconditionally. The decision on the amount of dividend will be taken on the basis of the situation, proceeding from a vast range of factors at the point in time when we do get an opportunity to make such payments. But unfortunately, as of today, I cannot give you any more guidance on that. Now, Mikhail continues "Oh, well, and we also received some questions with regard to the prospects of resuming the share buyback program, that's the buyback of the company's shares. So how likely is this to be restarted after the re-domiciliation?" Alexander Shenets continues. Well, in terms of share buyback, currently we do not have such plans to launch relaunch shares buyback, at least in the near future. However, once we have completed the re-domiciliation, we can reconsider this topic again. We will certainly consider all the opportunities that we will have available at that point in time, and we'll take the decision. I believe that it's just important to test all the opportunities that are available at each point in time. Mikhail Perestyuk, IR, continues. Next question is probably for Mr. Shpakov, for our CEO. So what plans does the company have with regard to its free cash? So do you plan to use that for purchasing fleets? Maybe you consider some M&A transactions. So what are your plans, and what prospects are out there in terms of utilizing free cash? Mr. Shpakov is answering the question. Well, thank you. Thank you for the question. I would like to start by saying the following. Historically, we have always been closely following all processes occurring in the industry. Of course, we always keep thinking about developing our company, and we consider purchasing both new and second-hand rail cars at all points in time, and we do see some prospects in the markets of gondolas and tank cars. So we focus on... We do focus on expanding our fleet, but unfortunately, as of today, the prices of new rolling stock have grown significantly, and this is a restricting factor, but we follow the situation closely. Mikhail continues. Thank you. Thank you. Now, to continue this topic of fleet purchasing, the next question is for Alexander Shenets, the CFO. So in our presentation, we write that starting from the year 2025, we expect that the retirement of our fleet will be around 3,500 rail cars every year. We have received some questions about our approach to the replacement of that retiring fleet. Another question is how this replacement of retiring rail cars will affect the dividends that we want to pay out. Alexander Shenets is answering the question. Yes, that's right. Starting from the year 2025, part of our fleets will start to be scrapped. But I'd like to note that we have quite a lot of flexibility in terms of investment, because in the coming 18 months, the retirements will be insignificant. Well, I believe that you know that we have quite strict investment criteria. However, if attractive opportunities occur, we will be buying rail cars, and we'll do our best to increase leased-in fleet, but the quantity will certainly be subject to availability and prices. As for dividends, as for the dividends, I would like to say that as you can see, we have a very strong balance sheet, and we have negative net debt. And, from this standpoint, the company has the opportunity to both purchase rolling stock and pay out dividends. Mikhail continues with the questions. Okay, let's move to next question. Next question is to Mr. Shpakov, the CEO. So, Valery, in the first half of the year, the trends in terms of the market and the rates were pretty positive, and what are your expectations about the second half of the year? So how sustainable is this current situation? Do you expect any correction, any adjustment of the rates, any changes in this respect? Mr. Shpakov is now speaking. Yeah, that's a good question. At this point in time, both the demand and the rates in the market remain quite stable. But certainly... But of course, the uncertainty in the market remains quite high. However, our fleet is currently fully utilized. We do enjoy the high demand for our services, and we are not experiencing any problems with our clients as of today, so I believe the prospects are quite positive. Mikhail continues. Thanks. That's great. Next question is to you, Mr. Shpakov, again. This continues that topic of operational performance. In the first half of the year, you managed to significantly improve your empty run ratio, improve your operational efficiency, and what should we expect in the future? How sustainable is this positive trend? Mr. Shpakov, the CEO, is answering the question. Well, this is indeed an important point. I mean, in the first half of the year, we managed to build a really efficient logistics, and this enabled us to significantly improve loaded return trips and reduce empty runs. But we've been focusing on this matter since long, and this is because we have quite a vast cargo base and our ability to properly develop our logistics. I must say that, so we have developed this skill, and we know how to manage such processes efficiently. Mikhail continues. Thank you, Valery. Now the final question for Alexander Shenets, our CFO. Alexander, what do we expect in terms of the cost inflation in the second half of the year? And what opportunities do we have in terms of restraining the growth of cost? Alexander Shenets is answering the question. Well, I believe that opportunities exist at all times. You just need to find them. Unfortunately, costs do grow, and this is primarily related to the significant increase in the regulated tariffs for the transportation of empty rail cars. At the same time, we can also observe inflationary-driven pressure on the cost of... on other costs, for instance, the cost of repairs, the cost of spare parts, the cost of labor. We are doing our best to manage our costs, and this has always been one of our key priorities. That's management priority, and it's always in the focus of our attention, so we'll just do our best to restrain the cost pressures. Now Mikhail is speaking. Colleagues, thank you very much. I believe that we have answered the key questions that we've received from you. We are always available for future questions. If you have any further questions, you are more than welcome to write or call us. We will publish the recording of this conference call on our website in the near future, and the presentation and other information materials on both current and historical results are also available on the website. So I would like to thank you for your interest, and we will be happy to see you in our future events, hosted by Globaltrans. Thank you. Thank you very much, and goodbye.