Dear colleagues, good day. We are happy to welcome all of you here today in our event, regarding the publication of Globaltrans Group results for the first half of the year, 2024. I would like to introduce our speakers today, so that's Valery Shpakov, the CEO, the Chief Executive Officer of the Globaltrans Group, and Dmitry Frolov, the CFO. Now, I'd like to pass the floor to Valery Shpakov, the CEO. Thank you, Mikhail. That's Valery Shpakov speaking. Good day to everyone. Thanks for joining our call. So we will start with a presentation of our results, and then we will answer your questions. So I would like to start with slide 5. In slide 5, you can see the situation in the rail freight transportation market. Throughout the reporting period, the first half of 2024, the market demonstrated some stable downward trends. So in the upper right-hand corner of this slide, you can see a graph, showing changes in the freight rail turnover and volume. So over the reporting period, the freight turnover went 6% down in the industry overall. Transportation volumes went 3% down in the market overall. In July, we continued to observing the same negative trends, so the turnover went 5% down and volumes went 6% down in July 2024. So of course, currently, there are some operational challenges that remain prevalent in the market. So there are quite a few negative drivers. So first of all, substantial changes in overall logistics. This results in certain infrastructural constraints, primarily in the Far East of Russia. Certainly drivers like capital repairs and passenger traffic in the summer naturally affect the overall situation, and in particular, the rail car turnaround time. We can see that the rail car turnaround time increased significantly in the market overall. In the first half of this year, it increased by 10% as compared to the past period, and as of today, the rail car turnaround time on average is over 20 days. I must note that this is the weakest historical indicator in terms of rail car turnaround time. In terms of our company's operation, that means that the number of trips per rail car is going down, which certainly negatively impacts our operation. Issues with the infrastructure result in a growing number of abandoned cars in the railroad system, which complicate operational maintenance. Despite the decline of the overall market indicator, we still observe a continuing growth of the overall fleet in the Russian railroad transportation market. Let me give you some numbers. Over the past 12 months, total fleet increased by 4% or almost 55,000 units. As of this June, total fleet in the Russian railroad system exceeds 1,350,000 units. This is a kind of a new record high number in this market in terms of the overall number of rail cars. Now, let's have a look at slide 6. This is about the gondolas market. What's happening in this segment? The gondolas segment is key for us. Gondolas account for almost 70% of our rail car fleet. In the first half of the year, 2024, volumes of bulk cargos, and bulk cargos include coal, metals, construction materials, so this segment remained in the red zone, - 7% in the first half of the year overall, and - 9% in July, so the situation is not improving. As you can see from the bottom graph on this slide, all the key bulk cargos demonstrated some downward trends over all the past months of this year. This resulted from volatility in the commodity markets and also from the operational challenges in the railroad system that I've already mentioned. I would like to also note that the average daily volumes of bulk cargos in the first half of 2024 went down to the level previously seen in 2015. However, the fleet of gondolas in the system is at a historically high level, which is about 635,000 units. But if you compare fleets versus the fleet that existed in June 2015, the growth is 16%, one-sixth. And this certainly influences the overall operation of the railroad system of the network. So what are our expectations? Well, unfortunately, we do not foresee any positive trends in the gondolas segment. And this is also driven by certain volatility in the commodity market. So the negative trend that stayed in the first half of the year, this will most likely continue in the medium term... unfortunately. Now let's go to slide eight. Here you can see our key operational indicators, operational indicators of our company. So given the problems with the infrastructure, our operating indicator in this reporting period were also under significant pressure. So just have a look. The turnover went down, 11% down, volumes went 9% down. Both the numbers that I've mentioned, they are given, including the engaged fleet that we use in operation. The key driver of this is the, decline in the number of loaded trip per rail car. But what I'd like to note is that, our indicators were supported by the liquid segment. We increased the fleet of tank cars in operation, by way of, switching parts of the tank cars, from lease into operation, and thus we increased the, turnover and volumes in this segment. Overall fleet of the group went 2% down as compared to the end of 2023, and currently, the total fleet of the group is 64.500 units. The decline. Well, what caused this decline? We put part of the previously leased out gondolas back into operation because we returned part of the leased in rail cars to the lessors because of unfavorable lease conditions. Previously, we said that we use the leased in fleet as a kind of a buffer, but when the market is going down, we gradually return the leased in fleet back to the lessors. The average age of our own fleet, well, the fleet is getting older. Currently, it's about 16 years. So in terms of our operational indicators, we also had some achievements in terms of empty run. So we continued improving empty runs. Currently, the empty run ratio has improved to 32% for gondolas. So what helped to achieve this number? So first of all, we are working a lot on improving this. For instance, we are loading containers into gondolas while transporting containers from the Far East destined to the continental part of Russia. And we also use other opportunities. For instance, we take additional cargoes on the back journeys, so we take opportune cargo. And these measures certainly support the improvement of the empty run ratio, and this helps us to reduce our empty run costs. In terms of commercial terms, in terms of pricing, so what would I like to note? Well, in the first half of the year, 2024, the situation remains favorable. Average pricing for all types of the rolling stock were almost at almost the same level as at the end of the year 2023. So at this point, I would like to pass the floor to Dmitry Frolov, our Chief Financial Officer, and he will present some key financial indicators. Dmitry, the floor is yours. Uh, Vladimir, Valery, thank you very much. I'll collect slide nine. Here you can see the key financials of the Globaltrans Group. So, consolidated revenue of the group in the first half of 2024 went 8% down year on year. However, we believe that it would be more appropriate to compare this number to the second half of the year 2023. Compared to the second half of 2023, our adjusted revenue went 6% up. Operating cash costs increased by 6% and by 10% over the first half, increased by 6% versus the first half of 2024 and 2023, and by 10% versus the second half of 2023. Adjusted EBITDA was 27.7 billion RUB, which is 9% greater than in the first half of 2023, and by 3% greater than in the second half of 2023. In the reporting period, the company did not invest in new rolling stock. Total CapEx in the first half of the year was about 4 billion RUB. This number mostly includes quite expensive repairs of the existing rolling stock. Thus, the free cash flow of the company in the first half of the year was around RUB 18.7 billion, which is 34% more than in the second half of 2023. The company's net debt is negative. As of June 30, it was -RUB 50 billion. Slide 10, you can see the analysis of major operating cash costs items. I would like to note that under inflationary pressure, our operating cash costs increased by 6% year on year, and let me focus on the major cost items. Empty run costs went 1% down, and quite a few factors drove that. First of all, that state fixation of the regulated tariffs by more than 10%, that was partially offset with improvement of the empty run ratio and a decrease in the group's freight rail turnover. Employee benefit expenses increased by 8% as compared to the first half of the year, 2023. The key driver was the indexation of wages and salaries. Repair and maintenance costs increased by 22% year on year, and in this respect, I would like to note the overall inflation pressure onto the cost of capital repairs and the cost of spare parts, and besides, we had an increase in the number of scheduled and current repairs in the first half of the year. As for costs related to locomotives, the key driver of these costs, the increase was 21%. That was the increase in fuel price. So now I'd like to pass the floor back to our CEO. So now Valery Shpakov continues. Yes, let me continue. Let's go to slide 12. Here, we cover some matters related to corporate matters and events. Let me start with dividend. So for quite a long period of time, we've been taking efforts to restore dividend payments, the dividend payments that were suspended back in March 2022. The Board of Directors has taken a decision to terminate the dividend policy, because the company does not see the possibility of resuming regular dividend payments. So let me read it again, regular dividend payment to all shareholders in all jurisdictions in the foreseeable future. So that's the key cause. Now, a few words about investments. As you can see from our report, investments in rolling stock remain suspended because of a substantial increase in the price of rail cars, and of course, because of the growing uncertainty in the rail freight transportation market that I've mentioned. However, in the midterm, of course, to sustain our current business volumes, we will require, we will need quite considerable investment because between the year 2025 and the year 2029, we expect quite significant retirements of our own fleet. In terms of corporate development, I would like to note that we continue to consider various strategic actions to address the existing limitation of the corporate structure. I would like to note that the company still adheres to high standards of corporate governance, and it aims to achieve equitable treatment of all of its shareholders. I think it's also important to note that, we maintain Abu Dhabi Global Market as the jurisdiction of our holding company. So at this point, I think I'll finish with my presentation. Thanks for your attention, and now let's answer the questions. Now, Mikhail Perestyuk is speaking. Valery, thank you very much. So then we move over to next part of our today's events. That's the Q&A. I would like to thank our shareholders and investors that sent quite a lot of questions to us today. We did our best to summarize those questions and group them into topics that seem to be of the greatest interest to you. So let's start with the operational performance of Globaltrans. Mr. Shpakov, so, the volumes and turnovers of Globaltrans went down deeper than the market overall. Why is that? Could you please comment? Now Valery Shpakov is speaking. Well, I think that there are certain differences if you compare the market overall and the indicators of our company. In the market, there are quite different types of rolling stock, and some of them demonstrated good trends in the first half of the year, twenty twenty-four. For example, grain hoppers, mineral hoppers and covered rail cars, for instance. So and, of course, it's difficult to compare us with the market overall in this respect, because our key segments are bulk and liquids, so these are different cargos. Talking about the gondola segment or the bulk segment, the decline in our operating indicators was caused by the overall operational difficulties in the railroad system, including the increase of the railcar turnaround time and the infrastructural restrictions that still exist in the current period. Besides, we reduced our fleet of leased-in gondolas. This is the thing that I have mentioned before. We did that because of unfavorable terms and conditions, and this certainly produced a negative impact on the average fleet of gondolas in operation. However, in the liquid segment, the operational indicators improved, driven by the increase of our fleet in operation, because we switched part of the leased-out cars back into operation. That's a very good solution, and that's the decision we take from time to time. So that's probably it. Mikhail Perestyuk continues: Thank you. Now, next topic, that's the market. In the first half of the year, we could see quite negative trends in the market overall, in terms of operational indicators, in terms of demand. So what do you expect? So what trends do you expect in the second half of the year, and what prospect do you currently see in terms of the elimination of those operational difficulties that you mentioned at the beginning of the presentation? Valery Shpakov is now speaking. Well, this is a quite tricky matter. I've already mentioned that the situation in the market is pretty serious. We can see the growth in the rail cargo in ton-kilometers, and we can see the continuing issues with infrastructure. This all affects the operating indicators, but also indicators of our fleet, naturally. As you've seen from our results, the number of trips per rail car in our company is going down substantially. We can say the same about the rail freight turnover and volumes numbers. As for our expectations, I wouldn't expect these operational challenges to be overcome quickly. Talking about the market trends, well, I believe that this downward trend in gondolas may persist. And I must also note quite a challenging situation with the commodity market. Commodities, I mean, coal, metals, construction materials. So you can probably observe it all yourself. So the volumes, the prices of this cargo, so you can see the trend. And besides that, volatility and that pressure in those markets, I think that will remain. So that is why I don't think I can talk about any prospects in the near term, given all the situation that I've described. Thank you. Now, next topic is very important. We've received quite a lot of questions about the decision of the Board of Directors to terminate the dividend policy. So summing up all the questions, I would word it like this, that can we expect the company to resume dividend payments after some time when this becomes technically possible? Well, you know, historically, we've been trying to accommodate the interest of all of our shareholders. For quite an extended period of time, the company has been searching for ways and opportunities to resolve these issues with dividend payouts to all shareholders in all jurisdictions. Let me remind you that the company has quite substantial free float. It's over 50%, 50, and we have shareholders in various jurisdictions. So this certainly that's the context for that issue in our company. But neither of the mechanisms we've considered allows to resume regular dividend payments to all shareholders. And in this situation, as I've said, the board has taken the decision to terminate the dividend policy. In terms of resuming regular payments, well, the answer is clear: we do not see any possibility of resuming regular dividend payments in the foreseeable future. Mikhail Perestyuk continues: Thank you. Another topic that is interesting in terms of our operational indicators, that's the empty run ratio for gondolas. The company managed to substantially reduce this ratio to 32% in the first half of the year. What drivers helped to achieve these good results? And, what are the prospects? What can we expect with regard to this indicator in the future based on the current trend? Valery Shpakov is now speaking. Well, yes, I mentioned that before we continue successfully managing our empty runs, and we managed to substantially improve trends with regard to this indicator in the first half of the year, 2024. As of today, what we use a lot is loading containers into gondolas in the Far East of Russia, and we do our best to optimize routes dependent on, for instance, some opportune cargoes. Although the logistics of our clients, honestly, is changing a lot in terms of the destinations for the cargoes, and we have to rapidly adjust our logistics. And, I believe that thanks to this, kind of extended cargo base that our company currently has and, the extended base of clients, well, I believe that we've been successfully resolving this task. We've always been focusing on optimizing our empty runs, and, we understand that this matter is of great importance. It helps to, restrain costs, and, especially in the situation when the regulated tariff's growing. So this is a very important matter for us. Talking about our history in this respect, we have been and still are one of the leaders in this respect, in terms of this indicator, and we plan to continue working on this. Mikhail Perestyuk continues: Thank you very much, Valery. Now, next topic, and this is the topic on which we've received quite a lot of questions. In the presentation, the company states that it continues to consider various strategic actions. What actions are meant... Valery Shpakov is now speaking. Well, in this respect, we are considering various strategic actions, but so far, we don't have anything to add to what we've already said in our today's documents and materials. But when and if we have any decisions, any resolutions taken by our governance bodies, we will certainly inform our shareholders and investors on that. That's all I can say on this matter. Mikhail Perestyuk continues: Thank you very much. Now, let's move over to the next topic, that's investment. In our presentations, we've many times said that, between 2025 and 2029, the company will start having quite substantial retirements of the fleet, so estimated at around 3,500 rail cars per year. Dmitry Frolov, the CFO, could you please comment what plans we've got in terms of replacing that fleet, in terms of investment? Now, Dmitry Frolov, the CFO, is speaking. Michael, thanks for the question. Yes, indeed, starting from 2025, quite substantial retirements of the fleet are planned, especially in terms of gondolas. We closely track the situation in the market. So we believe that the current level of rail car prices is quite high, and, given the overall challenging, operational situation, you know, challenges in the transportation, system and uncertainties about the future, so far, we haven't taken a decision to acquire any new fleet. However, we keep, tracking the situation, and, we will follow all the market trends. Mikhail Perestyuk now says, thank you. Just to continue that question, we got some questions about the plan today as well. Is there any residual book value, any depreciated book value associated with a retired rail car? Dmitry Frolov continues: Well, of course, there is, but it depends, quite a lot on the quality and the technical condition of the spares and the parts, that, such a retired rail car has. In practice, the company quite often uses their wheel pairs, the wheels, other costly parts, so we dismantle them from the rail car which has been retired, and we use those parts to repair other rail cars, or we can just sell the part. So that is why I can't give you a definite answer to this question. Mikhail Perestyuk continues. Well, thank you. Next topic is the cost inflation. So we can see that, the company has had quite a substantial growth over its repair and maintenance costs in the first half of the year. What are the prospects in this area? Dmitry Frolov is now speaking. Well, we can observe certain inflation, inflation-driven pressure in terms of all of our costs, especially, our costs in terms of repair and maintenance of the rolling stock and, repairs and, our spare parts. The average age of our fleet is around 16 years, so we have quite old fleets, and I don't think there is any likelihood that costs with regard to this item will go down. Mikhail Perestyuk says, "Okay, thank you." Now, Mr. Shpakov, another question is about the jurisdiction of the holding company. Does the company have any plans to move to any other jurisdiction? Now, Valery Shpakov is speaking. Well, no, we don't have any plans like that. We are not changing the jurisdiction of the holding company. Mikhail Perestyuk continues: Thank you. Well, dear colleagues, I think we did our best to answer all of the questions that you've sent to us. But anyway, we remain in touch. You can find our contact details on the website. You are welcome to give us calls, to send us emails. We will be very happy to communicate, to answer your questions. And once again, many thanks to you for your interest and for your time. Thank you very much. All the information, you know, the presentation, the results, everything is now available on the website, and the recording of this call will also be available on our corporate website after some time. Thank you very much, and have a good day. Many thanks to everyone, and goodbye.