Dear listeners, welcome to Klaipėdos Nafta long-term corporate strategy for the period 2023, 2050. I'm Emilia from Nasdaq, and I'll be moderating today's event. We will start with a presentation from the management, which will be followed by the Q&A session. Please be informed that this webinar is being recorded and will be available for a rewatch. As always, I encourage every one of you to share your questions in the Q&A section at the bottom of your screen, and you can submit them either anonymously or with your name. With that said, I'm pleased to introduce today's presenters: Chief Executive Officer, Darius Šilenskis, Chief Financial Officer, Mindaugas Kvekšas, and Chief Commercial Officer, Mindaugas Navikas. Dear guests, please, the floor is yours, and good luck. Thank you, Emilia. Good morning to everybody. Before starting presentation, I would like to point out that we have a legal disclaimer and the terms of definitions included in the presentation, but we will not stop here, because you can already find the comprehensive file in our website and both in Nasdaq platform. I would like to start from the foreword. It is a first time for, when we will have such a long strategic perspective, agreed and provided to the market and to the shareholders. Actually, we were coming to this moment, I would say few years. It took a while to purify the strategic goals in the light of the disruptions and challenges, which KN was surviving, so to say, starting from the Belarusian events and ending up even with the war going on in Ukraine nowadays. Nevertheless, I'm more than glad to be here today and to have a chance to present it with my team to you. Shortly about the core of our strategy, it's a commitment. It's a commitment of contribution towards timely energy transition. Talking not only about our group, our companies, but also timely transition, commitment to help to timely transform and to follow energy transition to our customers and other stakeholders. Actually, our future extends beyond realms of oil and gas. This fact is already proven, and if you were participating previously in our webinars, you can see how fast our biofuel segment is growing. Also, you saw some developments on the partnerships in the new energies, in the carbon capture and storage. Those are not the new things, but those are finally in one document with a clear goals and with a clear commitments regarding investments and regarding even revenues from those new energy segments. During the coming decades, our main focus, it will shift towards new energies while still maintaining energy security assurance duties, mainly for the region, and also generating sustainable returns to the shareholders. In this context, we will enhance our business model to ensure our competitiveness and greater profitability. We can move on with main pillars of our strategy, and I would like still to start from our history. Maybe not everybody is aware or on where KN comes from, but KN was established quite a long time ago, in 1959. From that time, without any stops, we are providing services mainly before in oil downstream segment. Company was established in 1959 as a oil downstream logistics company. Simple terminal in Klaipėda, in the territory where Klaipėda Liquid Energy Products Terminal and Klaipėda liquids terminal is located till now. Simple terminal designed to transship only 1 dirty oil product produced in USSR, a growing refining industry. Today it sounds dirty, it sounds not sustainable, but actually at that time, that was quite innovative terminal and innovative activity because it was the first export hub to the West, built in USSR. During those decades, KN was changing many times, even surviving the transition of ideologies, turning from dictatorship, or let's say, Soviet times to independent state. Anyway, I would like to emphasize and highlight last decade, where those changes were the most significant. We essentially diversified our oil or liquid business. That's why we were quite successful on facing such challenges as losing a very significant share of our revenues. I'm talking about the CIS origin cargos. We diversified successfully our infrastructure to be able to diversify portfolio and then have more customers. In 2014, we stepped in into LNG business. It's a year when FSRU Independence arrived to Klaipėda port. In 2016, we've been recognized globally due to successful implementation of FSRU project in Klaipėda, we started our global LNG activities. 2020 is a year when we have started our overseas operation and maintenance activities by starting operating LNG terminal in Açu port in Brazil. Current scope, the entire scope of our activities, operations, mainly not activities, is 4 energy terminals located in Lithuania, 2 LNG and 2 liquid, liquids and fuels terminals, 1 in Brazil, about which I already mentioned. We are now operator of 1 of the LNG terminals in Germany, built to withdraw from the Russian supplies after the Russia started war. We also have activities in supporting our Italian partners on, in one of the LNG terminals, which is going to be built in Italy for the same reason. Also, we during this decade, we managed to contribute to more than 10 LNG terminal projects globally. This is short about the history. Let's move on. Summarizing, all this experience, all this accumulated know-how makes pretty good ground for the future, for the lift-off of the company. As I said, more than 60 years in history, in liquid energy handling and storage. This gives us a capability to continue by improving our operations and also by exploring new opportunities in the growth areas. Let's move on with our performance shortly. Last six years was a quite bumpy period for the company's financial performance due to many reasons which I already mentioned. During last three, four years was even a disruptive events happening, which around and in global and macroeconomic, which impacted negatively our activities. As you can see, you know, our EBITDA was, let's say, fluctuating in the range of 30, even up to 70 million EUR within this period. I would like to give a comment that this 71 million EUR is more exclusion than a rule, because it was, let's say, due to the changes on the regulators methodology, which actually was significantly affecting revenues from our regulated segment. And, decrease in the regulated activities was caused by also security supplement reduction exercise, which we did in order to serve the consumers and to reduce security supplement for the natural gas. Talking about our, let's say, profitability ratios, as you can see, the range in which we are playing, so to say, or performing, is quite a healthy one. And, last year, we had 45% of EBITDA margin achieved. Of course, talking about the contribution of each segment and let's say efficiency of each segment on a graph, right bottom side of the slide, you can see that LNG terminal regulated activity still contributes or let's say, performs the best. Nevertheless, I believe that oil terminals and commercial LNG activities can catch up and really showing quite a healthy figures. Let's move on. Let's move on, and yeah. Probably main message here is recovery. Recovery from all those disruptive events and negative consequences which we were, let's say, needed to fight and survive. 2022 was a year when we came back to the profit zone, if we are talking about adjusted and normalized result. This recovery actually sets up a foundation to lift up with a new strategy. Let's talk about about the assumptions. Please move on with the slide. This is DNV Energy Transition Outlook. DNV is a company which has also consultancy activities and ship registers, et cetera. It's well known, I would say, major in this segment company, which actually aggregates and accumulates all quite different scenarios on the future of energy mix. It's a global perception, it's a global energy mix. The main message is here is that, from today's perspective, 50% share of energy in energy mix by 2050, will consist from renewable energy. Also, let's say, those will be the fastest growing segments. Nevertheless, oil and gas will consist up to 40% of energy mix in 2050. Somebody might questionize this part. Is it true? Is it real? From today's perspective, the maturity of the new, let's say, greener energy carriers is such as it is. I have in mind really expensive extraction and production of a green hydrogen. I'm talking about lack of infrastructure and about efficiency. We are on the right way. I mean, we, by saying energy sector, but time being, we are facing such challenges than to get rid of the coal, which is still, for example, dominating Poland's energy mix. Fossil fuels, in the shape of oil and gas, will contribute to the energy transition as being substitutes for much more pollutive sources, which are still dominating in some regions of the world. This is, a ground of our assumptions, why we believe that our existing infrastructure will have a purpose during the coming decades. Let's talk about the strategy in details. As each strategy and each good, let's say, result, starts from the plan and from the vision. Our start strategy is actually related that timely contribution for energy transition for our customers and other stakeholders. With main focus to region around where we see more competitive advantages on activities which we do, but also without, let's say, I mean, with staying with the global ambitions, which is quite successful and really growing right now in the field of LNG. I strongly believe that those new competencies which we will gain on the new energies, will be also the new value proposition for our partners globally. Talking about the mission, our mission is to enable safe and reliable liquid energy, as well as chemicals and feedstock flows for our customers in the Baltic Sea region. Here you can hear this emphasis to the region, the regional commitment, mainly. How? By offering storage and transshipment solutions to a variety of liquid energy products, chemicals, and feedstocks for consumption in the region, and export into the global market. We will commit to enable decarbonization of the region by focusing on sustainable solutions within a company, and also by investing into infrastructure suitable for the new energies and for the new energy carriers. Also, we will remain important regarding energy security, especially nationally. Today, we are storing state compulsory or strategic reserve in one of our terminals. We are ensuring opportunity and alternative of imports, mainly of the fuels to our market. In the future, we believe that this, our, let's say, part of activities, will remain also very important. As I mentioned, our mission is to support our customers globally as well, in developing LNG terminals and maybe closer to 2050, other type of energy terminals as well. Let's move on. How we will get there? KN is about to embark on a transformative journey spanning until 2050. Our new strategy is well-balanced, balanced in terms of speed of transition, so to say. Actually, we will be ready to transform and to adopt to any transformation scenario, which are not so obvious and clear. Even in Lithuania, we are in the process of, let's say, finalizing and creating and finalizing LP100 strategy, energy strategy of the state till 2050. Our goal is to be able to match any scenario with our capabilities. I'm not talking only about the infrastructure, it's also about our resources. It's about our know-how, knowledge, and competences. The three main building blocks are generation of cash from common businesses, timely investment into development of transitional infrastructure and know-how, respectively, and the significant investments into new energies infrastructure, as I already mentioned. If we can move on. As I already mentioned, our focus will be on a timely transition to new energies without causing significant disruptions. I often use in presentations and events, so-called energy trilemma concept, where the essence of it is to measure sustainability of energy transformation in different states and regions. The essence shortly is like that there are three corners of this energy transition. One of them is Let's say energy equity or price of equity, another corner is energy security, and the third corner or one of the corners is sustainability. Sustainable transformation is meaning moving towards transition, but without sacrificing accessibility of energy sources, competitiveness of energy sources, and security of supply of energy sources to the consumers in different countries. Probably the essence of our strategy follows a bit this balanced and sustainable transition model. Shortly, we are going to improve our businesses, which we do now by using operational and commercial excellence tools, by investing into, let's say, services, which will be demanded soon. After getting returns from those investments and improvements, we are committing to, first of all, invest timely into pilot projects of the new energies. Lately, to, let's say, capitalize or turn those pilot projects into business cases once markets for the new energies are appearing here, and not only here, as I said, globally. There are a few areas where we are looking at. Of course, we are looking at hydrogen, to be precise, hydrogen carriers. There are many of them still under consideration globally. It's a green ammonia, a green methanol, synthetic LNG, synthetic fuels. Also, we will be focusing on carbon capture solutions. We have know-how in operating the with the liquids, with the cryogenic liquids, so I think we are really ready to build and operate infrastructure which will be used for carbon, let's say, transshipment and even trade. It might be actual in a decade or two. Also, we will be looking into energy storage markets, because the trend, or let's say, direction of Lithuania, is quite clear. We have an ambition to be self. To be able to produce all energy we need to consume, and it's pretty sure that majority of this energy will be renewable. For the renewable, you need to have balancing solutions, you need to have extra storage, which can be batteries or other alternatives. This is one of directions where we will be investing our resources. Talking about our commitment to the planet. If you can move to other slide, please. Our ambition is, so to say, quite conventional. If you look at the very end of strategic period, meaning, of course, we will be climate neutral with our operations by 2050. I would like to emphasize interim goals, 30% reduction until 2030 and respectively 70% reduction until 2040. This is not only CO2, it's also methanes and all the emissions which we are, let's say, producing right now from our activities. Because we are handling, let's say, products which naturally emits, this LNG or natural gas or some gasoline fractions, or petrochemical fractions. They simply makes, creates a vapor, which is still, let's say, getting to the atmosphere. For that, we will need quite a lot of efforts in not only know-how, but as well, investments, CapEx investments, which are defined, in our strategy financial projections. If we can move on, please, with the slide. Another important, not another, I think one of the most important resource for company like KN, we are a service company, people. Therefore, our success of our strategy really depends on the people and on their capabilities and their competences. We commit to existing and future employees to be a role model. A role model employer in terms of investment into development of our employees, into digital and social responsibility solutions, which will improve and is improving, let's say, the field where our people work and where we, you know, create the value and return to our shareholders. Our ambition is to maintain our reputation as a leading employer in our segment. For that, we will need more capabilities and more, let's say, knowledge on areas listed on the right side of this slide. I already mentioned the green transition as project management. I already mentioned the hydrogen carriers, like ammonia and others, and the carbon capture. Also, we are becoming a shipping company from 2025. One of the competences which we will be strengthening is understanding not only. the shore part of LNG terminals, but also the regasification process and operation specifics of ships like our Independence. As I already mentioned, electricity storage and balancing is also an area where we'll be looking at. ESG, naturally, let's say, the emphasis, is a hygiene for any global company, so we will be investing in the expertise in the field of ESG as well. Of course, data management, refining of it for the proper decisions is one of the key areas where we are going to invest our resources. Next slide, please. We have many stakeholders for whom we are creating value, and our strategy is guided by the shared value concept respectively. For our employees and we are representative organizations, we are committing and promise to assure safe conditions of work, to assure growth of the company, and to assure inclusivity. Talking about our shareholders, for whom money matters. Money matters because without the money, there is no growth and there is no development. We are living in a capitalism ideology. Stable returns, sustainable company value growth, and of course, ESG compliant business. Talking about the business partners and customers, of course, safe and reliable, efficient services, which makes good value proposition in terms of competitiveness and on safety. Also, we would like to be and to offer reliable partnership for energy transition by timely investment into new energies infrastructure. Talking about the state and the municipal institutions, our contribution will remain on the energy security assurance side, and also assurance of competitive energy sources in Lithuanian market. Society, the last but not the least, and this actually. It's not a priority list from the left to the right. You can read in a Jewish or an Arabic style from the right to the left. All of our stakeholders are equal in terms of, in terms of our attention. Talking about society, sustainable operations, meaning sustainable operations without emissions, without creating discomfort for the societies around our infrastructure. Of course, focus on ESG-related investments and social initiatives will be one of the, let's say, focus areas. We can move to another part of our strategy. Here, we will present, let's say, more detailed insights on each segment of our activities. You will see that those segments is changing. We have one new segment appearing in our strategy. Some, let's say, names of the segments is also changing because this oil word or definition is really outdated. We should talk about the liquids instead of oil, because we already do that. Significant share of our activities already includes other forms of liquid energy and chemicals, not only refined oil products or feedstock for refining. One more slide, please. Let's move on, yeah. This is probably 1-pager, which represents our so-called verticals or business directions, where we will have 3 of them: liquid energy terminals, not terminal, we have a few of them, and we will be investing into maybe some vertical integration in this field as well. We will have LNG, which will include all LNG-related activities, both commercial and regulated ones in the region. We will have a new segment, which we call New Energies, where we will lay the ground of a green transition to the region. Horizontals, supporting those 3 business, let's say, legs or pillars. It is a proper organizational setup. It is a focus on ESG, and not only focus as well, investment, as I already mentioned, to achieve our climate neutrality goals, but not only neutrality. Other, let's say, components of ESG is also very important. As I already mentioned, investment into knowledge, into development of our people in a new field, and the new energy fields will remain very important. Digitalization as a tool to get to the more efficient and more sustainable businesses is foreseen. We are going to increase our revenues by 50% by 2030. It's a first strategic period. Lay foundations for new energy businesses from all of those three pillars. How we will do that? By being business-wise and socially excellent. Sorry. Here, I would like to ask, our CCO, Mindaugas Navikas, to join me on this, great story and to present, all the new business streams or new pillars of our strategy one by one and in a more detailed way. Please, Mindaugas, the floor is yours. Yeah. Thank you, Darius, and, hello to everyone. First our pillar of a strategy, and as that is perfectly named already, that the name of this segment should be changed from oil to liquid terminal. It was done on purpose, because already today, our biofuels, we are transshipping in Klaipėda terminal, in last few years has doubled. We have started the transshipment of various chemical products, and this is our focus in the future, and we believe that it will the tendency will grow up. Even today, looking to the Baltic region, the utilization of Klaipėda terminal is the highest one, knowing that the product flows from the eastern part of Europe, Russia, and Belarus, actually, is diminishing or being gone. Our products and our product flow is quite stable. This can be attributed to the diversification and the presence of a stable customer base. Temperature range in that area in our terminal, the temperature range varies from minus 160 degrees to plus 160 degrees, from cold LNG to hot bitumen products. That's our primary objective is for coming periods, is to continue concentration on diversification and looking for new niche products like bioproducts and chemicals. We don't plan anymore to have any large-scale imports from the eastern our neighbors. Since our customers are operating in a global market, as in global market projections, we see that oil still will play significant role. We continue to transship oil products for the next 10 or 20 years. However, we anticipate a gradual reduction in their share, and we aim that our oil products will account less than half of transshipped products on 2050. Quite soon, demand for dark products will decline. In longer term, we believe that biofuels and chemicals will replace it. Even today, fuel suppliers, to meet the quite hard requirements, have to blend the multiple types of biofuels to meet the local and European legislation. We firmly believe that this demand and this tendency will remain and just will grow. Additionally, will be a rising demand for various feedstocks, for local industry and chemicals, such as methanol. Already we are starting to invest in those technologies already today, actually. Another emerging trend in the transport industry is shift from road transport to rail or to maritime delivery. That is why our company services we offer and to meet the demand of our customers. Good example of this is adoption of our infrastructure to accommodate loading into different types of transportation, such as ISO containers. We have already offered for our customers transportation services, which never did before, and transshipment services at the various location not only in Klaipėda region. Of course, larger number of products handled will increase complexity. That's why the operation excellence is a fundamental goal for Klaipėdos Nafta. For us, it means continuous improvement and digitalization of our processes and practices in order to achieve a high level of efficiency and the best price for our for our customers. If you can move on about LNG segment. As Darius perfectly told, by 2025, Klaipėdos Nafta again, is set to become a shipowner, and that's why we are going to shift our focus towards higher value creation in the region by leveraging existing infrastructure and by investing into the new infrastructure. In global market, our target is to capture still short-term growth opportunities that are arising in different part of the world. Talking about the regional LNG, this business, the big part of regional LNG is regulated, and it will remain so. That is why our target is to enhance value to the region by investing to various projects. On today of today activity, the decisions will be made regarding the capacity expansion, which we can offer to the market. Of course, we'll consider the market demand. If you look to the Baltic region and to Finland, the market today is balanced because there are two terminals, and the gas demand is not growing or even diminishing. However, if you look to the western or south part of Europe, the natural gas or LNG demand is still growing because of switch from coal to gas. That's why we still see LNG will play a significant role in that change, and our increased capacities can be utilized to meet those demands. As well, important role in, of course, it does not, there will be reduction of emission, because today terminal utilization rate is very high, close to maximum. We strongly believe, and we are actually sure that it will remain for the next 10 years. Investment into green initiatives will be, is our, part of our strategy. Regarding the small scales, the decisions regarding operational strategy, will be determined in coming few years. We're talking about the global LNG market. Our target is to add 3 new O&M projects and up to 2 investment project into our portfolio. We believe this is feasible because of, follows from the following sources. In short term, LNG market is rapidly developing in Europe. In some years it will be emerging in Balkans and Poland. The main reason, as you have mentioned, the switch from coal to natural gas for electricity generation. In mid and longer term, the LNG market will grow in Southeast Asia or in Latin America. Again, because of the same reasons, because of switch from coal to natural gas and to balance balancing market. As well, we see that LNG market is growing because there are considerable liquefication capacities planned after 2025. It is expected that those new capacities will balance the market, making LNG prices competitive comparing to other sources of energy. Finally, if you will move to the new energies for the next 8 years, actually our strategy is to prepare for the new energy economy. By 2030, KN has a vision to tap into the such sectors as CO2, hydrogen carriers, and energy storage. We do recognize that those technologies is a crucial for sustainable transition, and we aim during the next decade to participate in development of those technologies and to contribute to a green future. Particularly, we are talking about the CO2 technology, CO2 capture and storage technology. We already involved in the partnership network, and we actually, we're leading that consortium and believe that CO2 capture and storage is a crucial solution to mitigate greenhouse emissions and reaching net zero economy. When we're talking about the hydrogen carriers, we mean such products as pure hydrogen, ammonia, methanol, liquid organic hydrogen carriers or synthetic fuels. Today, at the present, it's quite difficult to tell which specific technology will emerge and will be dominant in the future. Maybe all of them, maybe some of them. That's why our goal till 2030 is to actively participate in the range of regional and international projects. We aim to contribute to advancement of technologies, at the same time to get experience and the knowledge by partnering with industry leaders, with research institutions and with governmental organizations. Actually, we are already doing today. Finally, our target is to start a pilot liquid battery project. This is emerging technology, and we believe that this liquid battery storages has a significant role in the future because it can substitute the liquid fuels, such as oil, in the longer term, because the demand for balancing and for storage of energies has a huge potential, as we already described. All those investments is quite CapEx intensive, and we plan that the CapEx is not earlier than 2030. Revenues, starts growing after 2030, when the market will develop. That's about our business pillars. Okay. Thank you, Mindaugas. Let's talk about the benefits of all we told till now. What will be the overall financial projection and performance of the company on the way to this 2050? I will ask our CFO, Mindaugas Kvekšas, to join the floor and to present our long-term financial KPIs, as well as investments and to reflect on the dividends. I see questions falling into the Q&A, I believe after those few slides, majority of them will be answered. Thank you, Mindaugas, and go on. In this concluding section, we are presenting the overall financials, where the established oil terminals and LNG terminals businesses are expected to drive revenue growth and robust cash flows in the short term. Meanwhile, new energies segment shall gain momentum until 2030, with greater investment needs. The LNG segment delivered nearly two-thirds of revenue in 2022, as previously presented, and is even expected to increase in importance by 2030, contributing to approximately 69% of total revenue at the end of this decade, and gradually being replaced by the new energies afterwards. As new energy segment builds up its share of revenue from only 4% in 2030 to roughly 45% on average during the last decade until 2050, it shall become the single largest business segment in terms of revenue due to the reasons previously recognized. The EBITDA growth of 66% by 2030 is projected to be in line with revenue growth. However, with a timely transition from legacy oil and gas businesses to new energies, we anticipate to secure higher margin opportunities in the targeted sectors of new energy streams. As for generated returns, our targeted long-term return on capital employed of approximately 8% is expected to be reached with the development of new energies. Before that, global LNG business development is expected to outperform other segments, namely the regulated LNG and liquids terminal for the legacy businesses, in terms of return on capital employed. Proceeding with the next slide on the investments. In total, we are planning and projecting approximately EUR 300 million of investments, which are planned by 2030, plus an additional approximately EUR 140 million for the acquisition of FSRU Independence at the end of already next year. In order to secure KN's place in the transforming energy market, approximately 46% of the amount is forecast to be invested in new energy streams, such as infrastructure for transshipment and storage of hydrogen carriers and CO2, as well as energy storage projects. Meanwhile, largest investments on current core businesses, except FSRU Independence acquisition, are being evaluated for the upcoming several years, supposedly will be directed towards LNG projects and modification or upgrade of liquids terminal. Company's growth and investments are enabled and facilitated by sustainable capital structure. Gearing is forecasted to remain at a similar level in the short term, meaning by 2030, and is expected to decrease somewhat afterwards. We are targeting to secure up to 30% of investment financing from the European Union or state funding means, and on the other hand, external financing of around EUR 75 million is projected to be required by 2030. Proceeding with the next slide, we are finally arriving at the topic of the payouts to our shareholders. Throughout the short-term period of transitional growth to new energies, we will be targeting a stable minimum annual dividends of EUR 5 million each year, starting from 2026. Therefore, effectively aiming for a 5% dividend yield at current share price. In the medium term, after 2030, dividends are projected to increase significantly, reaching at least EUR 12 million per annum. That concludes the financials topic. Back to you, Darius. Thank you, Mindaugas. I hope those who were raising questions about our CapEx investments and about the yield, let's say, overall amount of dividends, got the answers. Last, and of course, not the least: Why do we believe that our journey will be successful? Answer is because it is well-balanced between, let's say, interests of three key stakeholders for any business. Between planet, people, and profit. Why planet? Because to make a transition towards low carbon product portfolio, we will lower our environmental impact, we will invest into energy efficiency, we will develop LNG terminals as a transitional energy sources in the markets where we still use very pollutive solutions like coal. Also, we will develop and invest part of our earnings into development of new energy streams to support the carbonization of the region. Talking about the people of Lithuania, particularly, our contribution is to continue assurance of energy security, by providing actually in not only in our FSRU Independence, but as well in other terminals, which allows to assure energy security by import opportunities and also by storing the state reserve in the shape of fuels. Also, we will be focusing on reduction of negative and accelerating positive impact through investments and social initiatives. Talking about profit, there is, as I told already, there is no progress and growth if there is no profit or there is no money, we are living in capitalism. We will be a reliable partner for energy transition, our customers, which will enable them to earn profits as well. We, as you recently heard from Mindaugas, and see now projection of dividends, will assure stable returns for the shareholders. We, by doing all of this, definitely will grow a company value or enterprise value. This is all from our side. I would like to leave at least 10 minutes for the questions and answer session. Can you please. Yep. Thank you very much. Take it over, yeah, on the Q&A. Thank you very much for the presentation. Indeed, now let's proceed with the Q&A session. We have a few questions already, please send in your questions now, so we can discuss them in the session. The first question is: Do you plan dividends for the shareholder in the strategy or work as an employee, and for the welfare of consumer, but not for the shareholder? Well... Sorry. Can you hear me, Emilia? Yes. Okay. Yes. I think we answered that, even with the numbers in our last slide. It's at least EUR 12 million forecasted beyond 2030. Before that, before this period, at least minimum EUR 5 million, starting 2026. But all depends on actual result. As you know, we have a dividend policy, which is also being revised right now. In general, answer is yes, and we are going to ensure sustainable returns from our activities. All right, thank you. Is there any major project plan that could be considered as the start of the new strategy? A very good question. Actually, even few of them, I will mention only few because some of them are restricted or limited by disclosing too much information. Our development on CCS topics is quite immature, and that can be one of our first projects. Before that, let's say, expanding of our FSRU capacities and also investing into sustainability of our operations is already in a list of the projects which my team is handling. Few of them. Thank you. Are the approximate investments of Klaipėdos Nafta up to 2015 are known? As you heard from Mindaugas' presentation, not even approximate, but quite precise. Around EUR 300 million till 2030, 36% out of that goes to the new energy solutions and sustainable investments towards climate neutrality. All right. Thank you very much. Is your company's strategy affected by the reconstruction of ORLEN Lietuva plant? Well, maybe, Mindaugas, you would like to join me, Mindaugas Navikas, to comment on that. My short answer would be yes and no. Everything what moves and influences our flows has an effect. Mindaugas, maybe you would like to join in on this question. Yes, of course, it will affect, as I said, yes and no, because what we will see that the dark products, fuel oil, will diminish, and actually they are already diminishing today. If last few years we have used to transship few hundred thousand tons per month of fuel oil, we are already transshipping much less. Those products, dark products, will be replaced by others, like biofuels, bitumens, and methanol, and so on. Yeah. All right, thank you. Let's proceed. Does the company plan to change its name? nafta does not seem to be an appropriate word for a presentation in the future. Yeah, I was waiting for that question. Answer is very straightforward. Yes, we are on process of doing that. First of all, we wanted to launch our new strategy and choose a name, not maybe brand, but choosing new legal name, which will be consistent with our new, let's say, directions. Thank you. What do you believe to be the most challenging task for the next five-year period? Oh, philosophical question, you know, of course, a good one. As you see, quite a lot of changes in our scope of activity, so each of those, let's say, blocks, both verticals and horizontals, have their own challenges. I believe what is very important is finalization of Lithuanian national energy strategy. Majority of our assets are located in Lithuania. It's very important that our vision, based on analytics, will match the strategic directions of the state. This is one. Maybe five years' time is too short, but still, I feel that the challenge might be investments, assuring, let's say, financing of investments to our FSRU activities, because. It's still treated, especially in our region, in Scandinavia and Baltic States, purely as fossil fuel and financial institutions are quite skeptical about supporting such project. Nevertheless, there are alternatives. There are possibilities, maybe even on equity financing, but still that might be a challenge, by my opinion. Of course, since we are exposed with our businesses on a global changes, I think anyway outcome of the war, which is happening now and causing unprecedented volatility of energy sources in not only in Europe, worldwide, is one of the challenges with which we are dealing and will be dealing for some time. This affects our financial performance and ability to generate returns. Thank you. Will new activities such as hydrogen, methanol handling, and storage require new security solutions, such as increasing the security zone? How could the public be affected by these activities? Thank you. Well, I presume this question comes out from somebody who lives close to only one of our terminals. I mean, Klaipėda Oil Terminal, which is in the middle of the city, nevertheless, doesn't have any more discomfort, it doesn't create any more discomfort for societies due to quite a heavy investments into sustainability, into reduction of emissions. We will be continuing in the same way. If we will be building anything, it will be fully transparent, meeting all the requirements and, including latest available and best technologies for particular infrastructure. Methanol, maybe it's scaring you, but actually it's the same ethanol just made from natural gas, or it can be made from a hydrogen, and it's even less dangerous than a gasoline, which we are handling. This product you shouldn't fear about. Talking about the hydrogen, we have a doubt whether hydrogen as a pure one will be a product to transport. I would like to emphasize that our strategy is not limiting us to only to existing territories where we are. We are looking into vertical integration as well, having, you know, wider view on the places where we can do activities respectively to the level of dangerousness, or how to say, or regulations. This is an answer. Thank you very much. Why do you believe that coal will be replaced by LNG and not RES? Mindaugas, maybe you can step in as well. Yeah. Yeah. Analytic behind you. Yeah, there are maybe a few main reasons. One thing is that RES rapidly is growing in Western part of Europe. Meanwhile, still a lot of coal is consumed worldwide, basically, last year was the most successful for coal, the highest consumption one, and still a lot of coal is being consumed. Secondly, even in Europe and worldwide, the investments into RES are really rapidly, but the same as consumption of electricity. For time being, electricity consumption is being the increase of consumption is being covered by increase of RES, but the base is still here. I hope I answered. Thank you. Let's proceed. We still have quite a few questions remaining, please bear with us. When do you think you will be able to resume dividend payments? Yes, Emilia, I will take this one, and also the next one, which is on the same topic. As I presented, that dividends are only starting from year 2026. The question was why we are so conservative for the years 2023-2025. I would like to immediately correct myself, if the message could have been understood in a different way than we intended. That we absolutely intend to honor our dividend policy and our commitment given to the shareholders. Our current dividend policy envisages dividends based on the return earned, and certainly, if the returns are sufficient during this period up until 2026, the dividends could be anticipated. About the slide that was showing the minimum targeted dividends starting from 2026. This message was in line with our controlling shareholders. The state's expectation is communicated to us through the shareholders expectation letter for targeting the minimum dividends of at least EUR 5 million starting from 2026. When, as Darius mentioned, this could be followed by a subsequent dividend policy revision in the coming months or years. Thank you. Could you please comment on what are higher risks foreseen? Actually, it's quite an extensive risk analysis that which been done during drafting this new strategy. If to talk about the main ones, I mean, they differ from differ for each, let's say, business segment. You know, I will not list them. It's a question of tactics. It's a bit confidential information, but we are aware about them. Of course, let's say geopolitical changes, macroeconomical disruptions, new technologies appearance, disruptions, or let's say very or significantly different regulation, both national and European, can affect our shift towards the new energies. Also, let's say, competitive environment, which we are facing in all our, let's say, not regulated commercial businesses and development of this competitive environment, might be a risk which we need to mitigate. To assure you, for each of those risks, we have already in place a mitigation plan with clear actions to be done to do maximum possible effort to avoid them. Thank you very much. Could you please provide an approximate timeline regarding the investments in future hydrogen infrastructure? Hydrogen infrastructure probably is a very broad definition. As we, Mindaugas and myself, we were describing our ambition is to build and to invest into capabilities for the hydrogen or hydrogen's carrier, depending on which of those will be demanded in our market, or which of those will have an opportunity of arbitrage to other markets. Till now, we don't have a clear picture. We are, as I said, on the way, in a level of a state, strategic planning. you know, shortly saying, business case for hydrogen appears beyond 2030, or hydrogen or hydrogen carriers, with some exceptions, maybe with pilot projects before that, just before 2030. Thank you. Emilia, I have a question. Actually, we are out of the time, you know, questions are falling in, and we are already having to leave because of a strategic event planned. How we can deal with those questions? Can we answer them in writing later, or what is the-? Yes, I think it's possible to answer them in writing. We have 4 more questions remaining. I will inform you about them, and you can follow up. Good. You have our promise to get a comment on the pending questions, which we haven't managed to answer during this session. All right. Thank you all for joining. On behalf of Klaipėdos Nafta and Nasdaq Vilnius, it was our pleasure being with you today, and I hope this strategy session was informative enough. Have a good day, everyone, and goodbye. Thank you, Emilia, and thank you those who are indifferent for KN's future. Thank you. Have a nice day. Thank you.