Good afternoon, dear listeners. Welcome to Klaipėdos Nafta Investor Relations Conference. I'm Paulius from Nasdaq Vilnius, 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 on Nasdaq Baltic YouTube channel. As always, I encourage every one of you to share your questions in the Q&A session 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, the CEO of the company, Darius Šilenskis, and the Chief Financial Officer, Mindaugas Kvekšas. Dear guests, please, the floor is yours. Good luck! Thank you, Paulius, and good morning, everybody, who has joined this early morning. We are here to present our two quarters, first and second quarter financial result and to present key highlights from main business streams. I would like to start from our still fresh strategy, vision, and vision, mission. It is in addition to a healthy financial performance, one of the most significant achievements within the second quarter was definitely the introduction of KN brand new strategy until 2050. I would like to use this opportunity and to highlight vision and mission to investors and those who are present today in the, in the webinar repeatedly. Our new vision broadens the scope of our activities by defining our role in the field of new energy, including significant contribution to the region's energy transformation towards climate neutrality, with clear commitment to reshaping our operations to fully achieve our own sustainability goals. While our mission is to enable safe and reliable liquid energy, chemicals, and feedstock flows in the Baltic Sea region by offering storage and transshipment solutions, enabling regions, decarbonization, and of energy security. We are continuing to support our customers globally with our knowledge and capabilities in LNG and other sustainable, sustainable energy infrastructure projects in the nearest future. For sake of convenience, we have included two slides at the end of this presentation with our strategic goals and directions. Talking about our highlights within reported period. Here you can see, from our all main streams, the highlights, which I feel important to, to present to all of you. I will start from regulated activity segment, where it's worth to mention that allocated capacities for 2023 is finalized and, I mean, the allocation itself, and it reached just 36.7 TWh, which means that we will continue regasification in our FSRU terminal in Klaipėda at record levels, and close to our technological capabilities. Another important thing in regulated LNG segment was that the regulator approved new rules of LNG terminal usage, which allows us to move on with our long-term allocation tenders till 2044. Also, it's not written here, but, you, you can see it already in media. We have a very good news from regulator regarding our WACC, weighted average cost of capital, used to define this return from regulated business. It has been improved from 4.16%, which is applicable this year, up to 5.06% for oncoming year, for year 2024, which will bring us definitely more return and more profit from our regulated business. Talking about the business development or global business development, we've been selected as commercial operator in another German LNG terminal. For now, two out of three LNG terminals in Germany are commercially operated by KN. Also, KN and BP Gas and Power agreement, we have signed agreement with BP Gas and Power, which allows us to investigate joint opportunities to build LNG terminal for truck supplies in Brazil, in Port of Açu. Talking about the financial performance, during the first half of the year, group revenue was almost 18% higher, adjusted net profit, 10% higher comparing to the previous year's same period, and EBITDA, slightly lower or close to the same level. What is worth to underline, it is that significant performance improvement was visible in our non-regulated streams. Liquid energy business stream has generated 60% more EBITDA comparing to the previous period, to the last year's first half of the year. And which generated EUR 2.7 of adjusted net profit. Also our global LNG activity, global LNG projects, where we are participating, contributed to our bottom line by EUR 0.5 million of net profit. Together, both segments generated absolute majority of the reported adjusted net profit, but I will leave more details to be presented by Mindaugas later today. From others, other highlights, I already mentioned about the strategy, which has been successfully approved two months ago, and communicated to investors and also to all the stakeholders. We are now progressing internally with the implementation plan. Also, we got new chair of one of our collegial bodies committees, of the Remuneration Committee, and Živilė Valeišienė has been elected as a chair on 15th June, 2023. Talking about the business overview, summarizing the financial performance of the first half of 2023, proves that our previous decisions and continuous efforts to improve efficiency and operational excellence have paid back, contributing to profitable results and improving our free cash flow. Stable refining margins and stabilized energy price indexes have also played a role in achieving these results. However, a significant portion of this success can be attributed to additional revenue opportunities arising from continued diversification of services, especially in liquid energy terminals, as well as higher utilization of our FSRU terminal in Klaipėda, and increased returns from our global LNG activities. Now I would like to touch upon each revenue stream and to present main highlights by segments. Let's start from our liquid energy terminals stream, which has generated the biggest part of, of adjusted net profit within the first half of the year. Talking about the revenue, this, this half of the year was 22% better in terms of revenue comparing to 2022. There were, let's say, a few blocks of the success and a few reasons. It was increase of light oil products and biofuels handling. Was primarily influenced by increasing tank, tank trend demand for liquid fuels handling, where gasoline, diesel, especially dedicated Ukraine diesel and biofuels, were the main drivers, and took about 67% of the growth. Stability of cargo flows, a relatively stable European liquid fuels producers margins. I already mentioned shortly on that. Refining utili- utilization rates, respectively, allowed to maintain steady cargo flows in the first half of the year, 2023. Expanding of transshipment se- services geography, which is vertical expansion. Transshipment services at Marijampolė Liquid Fuels Terminal, operated by KN, started in end of May 2023, and the transshipment agreement with ORLEN Lietuva concluded, one more transshipment agreement. Regular discharge of diesel cargo from rail tank cars and loaded truck, tank truck operations are performed from beginning of the summer, with number of service trucks steady increasing each month. Also, we were servicing Lithuanian fuel consumers' needs, and slightly year-over-year increase in consumption of gasoline and road transport diesel in Lithuania, as it proven by official statistic sources. This ensured stable transshipment volumes in Klaipėda liquid energy terminal tanker truck station, which increased by 6%. Intensified bitumen transshipment. About 7% of revenue was generated by bitumen transshipment within the first months of 2023. We handled about 52,000 tons of bitumen, or 57% more comparing to the first half of 2022. Okay, let's talk about regulated LNG activities. I already mentioned the main highlights in the summary slide, nevertheless, it's worth to go through the numbers. First half of the year, Klaipėda LNG terminal regasification and loading quantities were even 32% higher comparing to the same period last year. 19 carriers have arrived at LNG terminal during... only during Q2 of 2023. They have been regasified and unloaded, which is nearly equal to the same period a year ago. Talking about our capacity utilization, we were slightly higher in terms of utilization comparing to Europe's average rate. While Europe's average was 64%, ours during reported period was 74%. Talking about the pricing, yes, we see a significant drop, I would say, even drop off, of TTF indexes. Respectively, natural gas is getting more competitiveness for those who have alternative to switch to another sources of energy in the operations and activities, and definitely driving some additional demand. We managed to provide 87% of entire LNG, which was transported into Lithuanian grid, excluding transit to Kaliningrad State. This is an absolute majority of the supply has been performed using our infrastructure. Upcoming long-term capacity allocation procedure. On June 26, we announced public consultation regarding amendments to regulations, and on 27th July, we received National Energy Regulator's approval on updated regulations. Long-term capacity allocation process, we are planning to start later from September. Shortly on our global LNG or, or commercial, also commercial LNG, performance, almost 35% of increase in revenues comparing to the same period last year. As already mentioned, we are successfully adding to our portfolio projects, global projects, where we are getting some role. I have mentioned, we became a commercial operator of another LNG terminal in Germany. As already said, we are going to check together with BP opportunities to build together LNG terminal in Port of Açu, Brazil, where we are already having activities and successfully operating LNG infrastructure the last two years. On this note, I would like to pass the stage for Mindaugas and to present our financial results. Thank you. Thank you, Darius. During the 6 months, ended on the 30th of June, 2023, the group have continued to maintain improvement in overall financial performance. Liquid, liquid energy products, terminals, and commercial LNG business segments, being the key drivers for success. Revenue for the first half of the year was up by EUR 6.4 million compared to the same period in 2022. Of that, EUR 3 million were earned as regulated revenue in, in regional LNG business segment. Key factor for jump in revenue was a significant increase in demand for regasification services in the Klaipėda LNG terminal, and the change in regulation, which happened in the second quarter of last year, and which affected an increase in regasification tariff by nearly 3x. Subsequently, because of these two conditions, regulated revenue increased by EUR 1.5 million. Also, during the first half of 2023, the company received approximately EUR 900,000 as income from the clients for the unused allocated capacities. Meanwhile, the liquid energy terminal segment continues its solid recovery as the revenue was boosted by EUR 2.6 million relative to prior year first half. Revenue growth is primarily influenced by increasing liquid energy product tank rent for handling gasoline, diesel, especially dedicated to Ukraine and liquid biofuels. In relative terms, the strongest growth in revenue was by 35% and was demonstrated in our commercial LNG segment, as commented by Darius. In addition to Brazil's Açu LNG terminal operation income, provision of commercial operation services to LNG terminals projects in Germany and Italy, has not just further proven KN's expertise in this segment, but also strongly added to the revenue growth by approximately EUR 800,000. Despite revenue growth, temporary regulatory differences in revenue of regional LNG segment led to a decrease of EBITDA by roughly EUR 0.2 million. Specifically, regional LNG segment, EBITDA was lower by EUR 2.6 million, mostly due to higher expenses. The regulated segment costs increased by EUR 5.4 million, of which EUR 2.4 million is an increase in the cost of emission allowances, affected by larger regasification volumes and higher emissions. More importantly, affected by the higher prices, of course, of emission allowances. Also, one-off expenses of EUR 1.5 million related to contractual obligations were accrued in 2023. Other SRU operational expenses were higher by EUR 1.5 million due to inflation, a higher maintenance, and various minor projects. It is important to note that had the EBITDA been adjusted for the estimated temporary regulatory differences, it would have amounted to EUR 11.8 million for the 6 months, ended on 30th of June, 2023. Whereas, it amounted to EUR 12 million for the same period last year. These temporary regulatory differences due to the net excess costs, which are not compensated by current year's revenue, are expected to be settled through higher regulated income in the following years, as the regulation mechanism works. Contrary to regional LNG's performance on a non-adjusted basis, liquid energy terminals went up by EUR 2.1 million in EBITDA, demonstrating a more than 60% increase, achieved mostly by diversified growth in revenue and implemented cost efficiency measures, as well as helped by stabilized energy prices. Commercial LNG segment EBITDA has also improved by EUR 0.3 million, due to the mentioned successful international LNG terminal projects. Finally, arriving at the net profit loss performance. The appreciation of euro against the United States dollar in this year, had a major effect on the non-adjusted net profit during the first half of 2023, as recognized under requirements of IFRS. A total unrealized foreign exchange profit of EUR 4.8 million, less deferred taxes, was recognized this year, and this compares the loss of almost EUR 17 million during the same period in 2022. After we eliminate unrealized currency exchange income of the regulated regional LNG segment, its adjusted net profit amounts to EUR 0.1 million for the first half of 2023, while the adjusted net profit of EUR 2.5 million was earned last year. Again, we estimate that had the net profit been adjusted for for the just mentioned temporary regulatory differences, it would have amounted to EUR 1.7 million, which compares to EUR 2.1 million in 2022. Finally, the net profit of the liquid energy products terminal segment increased by EUR 2.1 million compared to the same period last year, due to the factors already mentioned. Moving to the slide on free cash flow performance, notably decreasing the working capital, particularly the accounts payables. Last year, and a less significant decrease this year, resulted in a negative change of the free cash flow by EUR 2.9 million due to this reason. On the other hand, due to lower investment needs, the free cash flow has improved by EUR 1.7 million. With other less, less significant factors accounted for, overall, the free cash flow has remained relatively stable at approximately EUR 80 million. On the next slide, going to the... Our capital structure and the net debt or leverage metrics. No significant changes in the capital structure, except for additional partial loan drawdown to finance reduction of the security supplement in the regulated segment. While EUR 24.2 million of these liabilities were settled during the first half of 2023, due to appreciation of the euro, the remaining balance decreased by more than EUR 28 million, and this is mostly denominated in United States dollars. Finally, the last the last bit of the financial overview, the profitability metrics. Unsurprisingly, temporary regulatory differences, stemming from higher costs of regulated regional LNG segment, negatively affected profitability, KPIs, and net profit and EBITDA margins are slightly lower compared to the previous period due to this reason. Otherwise, if these factors were not taken, if the temporary regulatory differences were adjusted, the group's net profit margin has strongly improved this year. Finally, return on equity and return on assets, as well as, price earnings ratios for the first half of 2022, were affected by the significant impairment losses recognized in third quarter of 2021, as the calculation took into consideration the net profit loss for the last 12 months. Finally, before we move to the Q&A part of today's webinar, I would like to take this opportunity to inform the participants that this is my last webinar representing Brilliant KN's team, and starting from September, I will begin writing a new chapter in my career. Meanwhile, contact details for your inquiries will be accordingly updated on KN's website as well as Nasdaq. Thank you. Now, Paul, shall we proceed with the questions received? Yes. Thank you, dear panelists, for the comprehensive presentation. Now, we will proceed with the questions. Before that, I would like to remind you that you can submit them down below in the Q&A section of the Zoom webinar. Yes, we do have one question, which is: When is it expected to make a decision on the expansion of the gasification capacity of the LNG storage vessel Independence? What is the current stage of the deliberations? Which development option, up to 5 billion or up to 6.25 billion m3, is the company going to choose? According to market consultations, how much the capacity expansion could cost? Thank you for the question. I will, I will get that on my, on my side and will try to answer. First of all, it's important to say that our priority is to finalize allocation of existing capacities till 2044, which we will perform during September. After that, final decision will be made on how and in which scale and scope we are proceeding with potential capacity expansion. What it is clear, it is clear that we are considering only, let's say, expansion only up to five BCMs. There are many reasons, including technological ones on this, on this decision. Unfortunately, I'm not able to comment and to provide investment costs of potential expansion, because they are not yet mature enough, and no decisions are taken on this investment. So unfortunately, I cannot comment on the, on a potential value. Presently, we are meeting all potential market participants and main market players regionally on to, let's say, in order to clarify potential needs from their side, both on existing capacities and on potential capacities, how we can expand them, you know, on FSRU independence. If we will go with the capacity expansion, decisions are forecasted to be made during Q4 of 2023. Thank you, Darius, for your answer. While we're still waiting for more questions to come in, I'd like to remind everyone that this webinar is being recorded, and and shortly, shortly after it will end, it will be uploaded to Nasdaq Baltic YouTube channel. You can also view the financial report on the Nasdaq Baltic website, on the company's profile. Yeah, please do not hesitate to, to ask further questions, take, take the opportunity to speak with the company's management. Okay. If there are no further questions, I would like to say that well, if, if you will have some in the future, I, I'm sure that the company will be happy to answer them after the webinar. As all questions are answered, on behalf of Klaipėdos Nafta and Nasdaq Vilnius, I would like to thank everyone for being here. It was a pleasure to be here with you today. Gentlemen, thank you for the comprehensive and informative presentation. Have a great day, and goodbye. Thank you, Paulius and all participants. Likewise, have a great day.