Once again, this is the English channel. This is the English channel. This is where you'll hear translation into English. Thank you. Now, I would like to pass the floor to the company. Thank you. Dear ladies and gentlemen, good day. We are starting our call regarding the Globaltrans Group results of the full year 2023. Today, the Globaltrans Group is represented by the following management. Here we've got Valery Shpakov, the CEO, and Dmitry Frolov, the CFO. As usual, we'll start with a presentation, and then we'll answer your questions. Valery Shpakov, the floor is yours. Now, Valery Shpakov, the CEO, is speaking. Mikhail, colleagues, good day. Thanks for being with us here today. As usual, we will start with a presentation, but before I continue, I would like to introduce our CFO of the Globaltrans Group to you. Our new CFO is Dmitry Frolov. Let us start with the presentation. Let's go to slide four first. Here, I would like to focus on key highlights of the year 2023, but we'll consider those in detail as we go further through the presentation. So in 2023, the market situation was relatively stable. Freight rail turnover remained unchanged year-on-year, and the pricing in our two key segments that we focus on was favorable. Well, of course, the cost pressures remained, and that resulted largely from a sizable overall increase in regulated tariffs for the fraction of empty costs. But in such conditions, we once again demonstrated growth of our operating efficiency. For instance, the empty run ratio for gondola cars improved significantly to 36%, and I must say that this is the minimal level over a more than 10 years long period. All our service contracts are intact. They are being successfully fulfilled. In terms of financial results, we improved all of our key indicators, so let me list the specific ones. Our adjusted revenue exceeded RUB 87 billion. Our adjusted EBITDA exceeded RUB 52 billion. We managed to maintain the adjusted EBITDA margin at around 60% despite the cost pressures. The growth of prices for new rolling stock caused us to take a conservative decision to substantially cut the volumes of investment, and as a result, our free cash flow grew to almost RUB 26 billion. At the end of the year, we had a solid net cash position of around over RUB 27 billion. Dividend payments, that's in our focus, but dividend payments remain suspended due to certain technical issues which are now being addressed. Now, I'd like to say a few words about important corporate events that have taken place recently. Very recently, we successfully completed the process of re-domiciliation to Abu Dhabi. That's an important step for us, and I would like to note that we managed to do that within a very tight schedule, as planned earlier, around six months. Our focus is now on putting in place the full operational and financial framework in the new jurisdiction. You have certainly heard that at the beginning of 2024, we also had changes in the shareholder structure. An investment company from Kazakhstan, called Aqniet Capital, owned by Mr. Kairat Itemgenov, became a key shareholder of Globaltrans. Now, let's move on to slide six. Here, we will talk more about the market overview. Freight rail turnover and volumes remain stable. I want to note that the performance in the first half of the year, the indicators in the first half of the year, were better than in the second half of the year. Demand was quite high. However, infrastructure constraints produced some negative impact onto the efficiency of the railroad network overall. As you can see from the graph, volumes went down to some degree in virtually all market segments. As I mentioned before, however, pricing remained favorable in our key market segments. It's also important to note that in the year 2023, the prices of new rolling stock reached record high levels. Now, slide eight, operating performance. For many years, we've been among market leaders, industry leaders, in terms of the operating efficiency indicators, and in these quite challenging conditions, we managed to deliver significant improvement of the empty run ratio for gondola cars, 36%. For comparison, a year ago, this indicator stood at 41%. Please note, slide eight in the presentation on the right, you can see the trends. And I would like to, repeat and emphasize that this is our, lowest indicator over more than 10 years. We managed to promptly adjust our logistics to the changing cargo flows of our customers. And besides, we took advantage of the opportunity to, put containers into gondola cars coming back from the Far East of Russia. Well, although we had no issues with demand, however, our freight rail turnover, including engaged park, engaged fleet, went down slightly, which was caused by infrastructure constraints, among other matters. Average price per loaded trip increased by 10%. However, the average number of loaded trips per rail car went 5% down. As for service contracts, they are intact, and the service contract accounts for over 60% of net revenue from the operation of rolling stock. And besides, we managed to successfully extend contract that expired last year. And I would also like to note that we enhanced specialization of our subsidiaries. Well, at this point, I would like to pass the floor to our CFO, Dmitry Frolov, who is going to give you more details about our financial results. Dmitry, go ahead, please. Now, Dmitry Frolov, the CFO, is speaking. Hello. So, please note slide 10. Here you can see the key financial indicators of Globaltrans in 2023. Adjusted revenue increased by 7% over the reporting period. Despite the cost pressures, we managed to curb the growth of operating cash costs at a level of 8% year-on-year. Adjusted EBITDA went 6% up to RUB 52.3 billion, and adjusted EBITDA margin remained high at 60%. As Valery Shpakov mentioned before, last year, we cut our investment CapEx, our fleet extension CapEx. And, our total CapEx adjusted for M&A went 50% down. At the same time, our free cash flow increased by 74% to RUB 25.8 billion. At the end of last year, we had a solid net cash position, and net debt to adjusted EBITDA was negative at - 0.5x. Slide 11. In slide 11, you can see more detailed information on trends in terms of our adjusted revenue. I would like to repeat that it increased by 7% year-on-year. The key component of adjusted revenue is net revenue from the operation of our rolling stock. It grew by 6%. Revenue from operating leasing of rolling stock also increased year-on-year, and that was mostly driven by the increase in leasing rates. So the growth was 35%. Growth of transportation services using engaged fleet resulted in a 28% increase over appropriate revenue. Now, next slide, slide 12, is about our operating costs. Our operating cash costs increased by 8% year-on-year, so we managed to get that partially offset with optimization of cost and a high level of operational excellence. In slide 13, we'll see more details of specific cost item. As to operating non-cash costs, they went 17% down. The key driver was that last year we had no rolling stock impairment. Now, slide 13. So you can see the major operating cash cost item. As you know, historically, the greatest item of operating cash costs, cash costs for Globaltrans, has been empty run costs. The share is over 50%. In the reporting period, such costs increased by 6%. In 2023, let me remind you, there was a substantial growth of regulated tariffs for the traction of empty cars, but we managed to get this partially offset by way of improving our empty run ratio for gondolas, as mentioned before. Employee benefit expenses went 21% up. This was caused by the indexation of salaries and also the increase of bonuses, because of the good financial results of the group. The repair and maintenance costs increased by 8%. Besides the inflation-driven rise in the cost of some repairs, services, and parts, we could also observe the growth of the cost of locomotives repairs. However, the number of scheduled depot repairs went down, which made it possible to partially offset the growth of costs related to this cost item. Fuel and spare parts costs related to locomotives went 3% down, and this was mostly driven by lower fuel costs. Now, slide 14. Here you can see the trend, the trends related to our free cash flow. So in 2023, free cash flow was RUB 25.8 billion. And I would like to talk more about the key drivers of that substantial growth of 74%. So net cash flow from operating activities increased by 2%. The total CapEx adjusted for M&A went 50% down. If you look at this in more detail, you will see that maintenance CapEx increased insignificantly, just 4% year-on-year. And as we noted before, expansion CapEx was reduced by 68%. Besides, in the reporting period, our report also reflected cash in and cash out related to the transactions associated with the sale of our former subsidiary, Spacecom. Now, a few words about investment plans. As Valery mentioned before, the prices of the new rolling stock remain high, but in 2024, we have certain flexibility because currently, fleet retirements are minimal. In between the year 2025 and 2029, we expect that annual scrappage will be around 3,500 units per year. In such conditions, we are going to continue following a weighted and balanced approach to investment, and at the same time, we have all the financial capacity needed to purchase rail cars when necessary, and we keep monitoring the situation in the market closely. Now, slide 15. Here you can see our debt portfolio. As I noted before, as of the end of the year, our net debt was negative. Our net cash position exceeded RUB 27 billion, and total debt went 26% down to RUB 15.4 billion. Cash and cash equivalents amounted to RUB 42.8 billion, and 98% of those are rubles denominated. The average weighted interest rate across the portfolio increased to 10%, which reflects the overall rise in interest rates on new borrowings. Just in case, I would like to remind you that all of our debt has fixed interest rates, and all debt is denominated in rubles. The debt maturity profile looks comfortable. You can see the graph in this slide. Our high credit quality has recently been confirmed by our upgraded ratings. Here, I would like to pass the floor back to Valery Shpakov. Now, Valery Shpakov, the CEO, is speaking. Yes, let me continue. So I will probably more or less skip slide 17. It's on re-domiciliation. We've discussed that already. I just wanted to once again say that we completed this quite complex process within the quite a tight schedule. And besides, last week, a new board of directors was elected. So now I suggest that we focus on slide 18. Here we're going to talk about the current market situation, and I will just sum it all up. We can see that the year 2024 first had some mixed trends. In the first quarter of the year, the weather conditions were quite unfavorable, plus there were some infrastructure constraints, and over that period, freight rail turnover in Russia overall went down by around 7% year-on-year, and volumes went 3% down year-on-year. However, the pricing in the market remains favorable, but there is some potential for volatility going forward, of course. As for global trends of the company, to sum up, I would like to say that our high results, high performance, suggests that we performed well in 2023. Our operating efficiency increased significantly. We have a strong free cash flow and a solid net cash position. In terms of investment, we will keep following a balanced and disciplined approach, and we'll keep monitoring the market. Dividend payments, well, these remain suspended, yet, because of some technical issues which are now being addressed. After the successful completion of re-domiciliation, our current objective is, first of all, to set up a fully operational financial framework for the group in the new jurisdiction. In the end, I would like to say that, well, Globaltrans is a successful company with strong market positions and a flexible and adaptive business model, and I believe that we will continue our stable development in the future. At this point, I would like to finish with the presentation, and now we'll focus on your questions. Now, Mikhail Perestyuk is speaking. Valery, Dmitry, thank you. As usual, we have collected questions from the market, and I would like to say many thanks to all those who have sent their questions. Well, I don't think we'll be able to answer all of your questions during this event. The interpreter cannot hear anything. No sound. Colleagues, our apologies, so we have had some technical issues, so let us continue. Once again, we are now starting the Q&A session. So we collected your questions in advance, and I would like to thank all of those who sent the questions. I do not think we'll be able to answer all of the questions during this event, but we can answer all the questions individually later. So let us start with some questions about market. A question to Mr. Shpakov, Valery. So we have received some questions about the market situation at the beginning of the year 2024. So, people observed quite a substantial decline in the freight rail turnover in Russia, in Q1. What can you say about that? What caused that, and what are your expectations? Valery Shpakov is now speaking. Let me answer this. The situation at the beginning of the year was mixed. Well, this was caused by the difficult weather situation at the beginning of the year and the continued network constraints. So this produced some negative impact on to market indicators, including, the slowdown of traffic, so the rail car turnaround time increased. So over the first three months of the year, our freight rail turnover in Russia went about 7% down and volumes went about 3% down. Well, I would prefer to so far abstain from any long-term forecast. Well, the only thing I can say now is that all of our rail cars are being utilized, so we are facing no issues with demand for our services. However, the growth of the rail cars turnaround time and other network constraints certainly produce an impact on to our indicators. Now, Mikhail continues. Thank you so much. What about the trends in terms of pricing, in terms of commercial conditions in the market in Q1? What are your expectations about pricing in the second half of the year? Now, Valery Shpakov is answering the question. As for commercial terms and conditions, so far, we have not seen deterioration in the market, but, of course, we can't rule out that there may be some volatility also caused by seasonal factors. But, you know, this is a thing that repeats kind of year-on-year. Now, Mikhail asking the next question. So after that, we would like to answer some questions. Well, we are getting a lot of questions like this. This is about dividends. So what are the company's plans about dividends after this recent successful re-domiciliation? So Valery Shpakov continues. Yeah, I would like to once again say that we have recently, recently got registered in Abu Dhabi, and we managed to complete this very complicated and important project successfully. Our key priority for the near future is to set up a full operational financial framework in Abu Dhabi. We need to open accounts, we need to complete the relocation of our personnel, set up a proper office, et cetera, et cetera. So we are working on that now. As for the dividend payout, well, I understand that this is a very relevant question, and well, this matter remains in our focus. As we said before, re-domiciliation does not unconditionally mean that we will immediately resume payments to our shareholders. There are a lot of technical complications, and we will certainly keep our shareholders and investors in the loop, and we will inform you on our further actions. Now, Mikhail continues. So next group of questions is related to some points already partially covered by you, Valery, in the presentation. That's about changes in the shareholder structures. So we have some questions about the plans of the new shareholder in terms of further strategy, investment, dividend payouts. So what can you say on that? Do you expect any changes in the corporate governance, for instance? So what are your expectations? Valery Shpakov continues. Well, we do not expect any particular changes. As I have said many times before, Mr. Itemgenov fully supports the strategy of the company and its management, as well as our approach to the selection of investment projects. As for corporate governance, well, last week shareholders had an extraordinary meeting, and they approved the new board. The new board has 13 members, including three independent directors. Within the board, we have four committees: the audit committee, the remunerations committee, the nominations committee, and the sustainable development committee. So that's probably it with regard to this question. Mikhail continues. Thank you, Valery. Dmitry, the next question is probably to you, so that's the question to our CFO. So many of our investors and shareholders are very interested in the topic of buyback. So can you please comment on that? Dmitry Frolov is speaking. Well, we currently have no plans regarding buyback. However, we continue studying various options, how we can return capital to our shareholders, which of them are feasible from the technical standpoint. Mikhail continues. Thank you. Now let's move on. So we've received a lot of questions about a topic that our investors are quite interested in. So that's the investment program topic. So the questions relate to our plans in 2024. So these are plans in terms of purchasing rolling stock. Maybe we can talk about some longer-term plans for the period of 2025, the year 2025 and beyond, because we have some scrappage planned. Valery, could you please comment on that? Valery Shpakov, the CEO, is now speaking. I've already said that we continue with a balanced and disciplined approach to investment. Last year, because of the substantial growth of new rolling stock prices, we had to reduce our investment plans. This year, we do not have any major retirements scheduled. That's why we have certain flexibility. And, we continue considering the purchasing of rail cars, both new and secondhand. In the years 2025 and 2029, we expect that the, average annual scrappage will be around 3,500 units per year. As we see some attractive opportunities, we will certainly be buying rail cars, but the number of rail cars we're going to purchase will depend on availability and the price. And it's important to note, I think, that we have all the financial resources necessary to purchase fleet as required. Mikhail continues. Well, let me continue with this topic of investment program, and what are the current prices of manufacturers? I mean, what are the manufacturers' prices of new rail cars? Valery continues. As I've mentioned, the prices have grown significantly. For example, the price of a new gondola cars ranges from RUB 6 million-RUB 7 million, net of VAT, and the price of a new tank cars is greater than RUB 7 million, also net of VAT. In such conditions, the payback periods do not meet our targets. Mikhail continues. Thank you, Valery. Now, the next question is probably to Dmitry. This continues the same topic. And this question is about the plans or potentially considered M&A transactions. Are we considering any M&A deals? Dmitry Frolov is speaking now. So historically, we've always studied all the potential transactions available, but at this point in time, we have nothing to share with you. Mikhail continues. So now to finish with this topic of investment, there is another important theme. So potentially we have substantial need to purchase rolling stock in the future. Is this going to affect our ability to pay our dividends? Dmitry continues. Well, right now we have negative net debt, so we have every opportunity to both purchase fleet and pay out dividends. Now, Mikhail continues. Thank you. We have a few questions left. Valery, the next question is to you. So this topic of the empty run ratio for gondolas, that's a very positive theme, and in 2023, we reached very good results in this respect. What is going to affect our operating efficiency in this year, 2024? Valery continues. Well, indeed, in 2023, we managed to successfully adapt our logistics to the amended cargo flows of our clients. We managed to improve utilization on return trips, also by way of putting containers into gondola cars on return trips, and this certainly helped us to improve the empty run ratio. And the indicator we achieved last year is the lowest over a more than 10 years period. We continue demonstrating industry-leading indicators in terms of operational excellence. And well, I must know that logistics keep changing all the time, but we have many times proven that we are able to efficiently adjust, and we believe that we will be coping with all the new challenges. Mikhail says. Well, thank you. Now, next question, Valery, is to you again. In one of the slides, you touched upon this topic. You said that specialization of the subsidiaries is enhancing, and what are our plans in terms of putting part of the tank cars that we have been leasing out back into operation? Valery Shpakov is now speaking. Yes, indeed, we have such plans. As the lease contract expire, we plan to put some of the fleet, which is currently leased out, back into operation. And of course, we will take into account the situation in the market and the opportunities to utilize that fleet. And you know, for us, leased out and leased in fleet, there's a certain buffer that adds flexibility to our operating model. Mikhail continues. Thank you. Now, the next question is to Dmitry. This is the question to you: what are our views with regard to the cost inflation, and what opportunities do we have to restrain the growth of costs in 2024? Now, Dmitry Frolov is speaking. Thanks for the question. As a company, and this company is another industry, we are certainly feeling some inflation-driven, cost pressure. In particular, this is related to the substantial growth of regulated tariffs on the traction of empty cars. We can also observe a growth of prices and cost of repairs and parts, and besides, with performing an indexation of salaries. As we said, while presenting our results, we managed to curb the growth of costs at 8% year-on-year, and we maintained the EBITDA margins at a high level. I must say that further efforts to manage costs are among our priorities for this year as well. Mikhail continues. Thank you. And the last question, the final question, it's about logistics and the throughput capacity of Russian railroads. So we can see that in the first quarter, this produced some negative effect onto the situation in the market. What do you think about the prospects and the future? So what may drive improvements in this respect? Now, Valery Shpakov is speaking. Well, if we talk about logistics and the railroads network overall, well, this continues changing, and there are certain adjustments and progress related to the new sales market. Volatility of cargo flows remains. W e can still observe some imbalance between network capacity and the needs of the shippers, especially in some of the most congested areas. However, as we know, there is a program to improve the throughput capacity and progress, including the throughput capacity in the so-called Eastern polygon, which is the railroads in the Far East of Russia. Further expansion of the infrastructure is an important matter for the whole industry. Right now, plans are being developed for the year 2030 and beyond. But, in the near future, we cannot expect any substantial improvement in terms of, you know, the speed of traffic and rail cars turnaround time. So that's the situation as it is now. And, right now, demand exceeds railroad network capacity. Mikhail Perestyuk continues. Well, thank you, colleagues. So I believe that we have now covered all the key questions that we received from you this morning. But once again, we'll be happy to answer any additional questions individually, so we can have individual calls, and our contacts are available on our website. So the presentation will be published in the website soon, and we remain at your disposal. Well, Valery and Dmitry, thank you for your time, and I would like to express our gratitude to all other colleagues that have found time to join this call today and hear the presentation of our results. Thank you very much, and bye. Yes, thank you very much, and goodbye. Valery and Dmitry said their goodbyes to the audience. Thank you. Ladies and gentlemen, this is the end of our call. We finish it now. You can get disconnected.