We're sorry for some delay at the beginning. Over the next hour, maximum hour, we will provide you with a comprehensive insight into KN Energies' Financial Performance and Unaudited Results for the First Half of this Year. Before we begin, a few quick notes. This session is being recorded and will be made available on the Nasdaq Baltic YouTube channel shortly after we conclude. We encourage you to submit your questions using the Q&A function located at the bottom of your screen throughout the presentation. We'll address these during our dedicated Q&A session following the presentation. I'm delighted to introduce today's presenter, Tomas Tumėnas, Chief Financial Officer, who will walk you through the company's performance and answer your questions. Without further delay, I'll turn the floor over to you, Tomas. Please proceed. Thank you, Simona. Hello to everyone. Good morning. As Simona said, I also apologize for some technical disturbances and issues. Unfortunately, I have not been able to make it the full presentation in the full presentation mode, but tried as much as I could, sometimes maybe with my skills at your computer. Nevertheless, I hope you see the information. Of course, I will give my presentation about the first half results of KN Energies, and definitely you are very welcome to ask the questions. I will be very happy to answer those. Let's start. As you know, or maybe following our company, we have once a year, once per half a year, our presentations. We already finished six months' results. I would like to make some big, big points what happens during this half of the year. I would like to give some insights for the future for the second half of the year of the development. In overall, as you see, I would assume, resume that our results for the six months are really good, really in terms of the profitability and the revenue growth. Especially the growth in the revenue was the key contributor on overall financial performance if we compare to the last year. Internally within the company, we are comparing our results, our achievements with the budget because the budget for us is very important. The budget is important in all companies, but let's say in energy companies especially, it's a very, very crucial one. Here we are not giving by the logical things, the budget figures, but we also would like to say and point out that we are above the budget that we have. Since we're comparing to the last year, we see that our revenues are quite impressive growth, 20% in regulated business, which still accounts to 60% of the revenues. It's a very big achievement. The EBITDA growth is around 25% versus the last year. Accordingly, all other KPIs, net profit and adjusted net profit also is growing. Adjusted net profit, I would like to comment and remind that usually previous, let's say, the close of the last year, we had a big effect of forex fluctuation because of our liabilities and assets towards the lease liabilities of the FSRU and the loan that we're supposed to have. The fluctuations in the currency exchange, dollar versus euro, was quite substantial. Therefore, the company has been presented adjusted net profit figure or KPI or metric right now since we acquired the vessel at the end of the last year in December. We don't have that fluctuation anymore. For the comparison logic, we are keeping that KPI, and after closing this financial year, we will remove it because it doesn't make sense to have it anymore. I just also wanted to point out in this slide that you see the strong our ROC figure. Just to understand for you, the industry average is here we are presenting half-year ROCA figure. If we take analyzed one, it will be high around 5%, and the industry average is around 3%. It's in the ROCA. The share price movement, if you take market figures, as you see, the company's shares grow during the first six months of this year by almost 18.5%. We outperform the overall growth of the Baltic stock exchange indexes and reached the capitalization of almost EUR 110 million. We are very happy about that, especially taking into account again that, you know, knowing our structure, our shareholder structure, where 72% is controlled by the state and 10% by Hammer, meaning 82% of the shares, I would say, yes, are totally liquid. We have very small free float. Still our activity is really heavily dependent on the regulated business, which accounts to almost 60% of the revenues and around 55% of the EBITDA and profitability. The share price growth is really, I would say, quite good. I would not say maybe impressive, but really good achievement. We are happy regarding this and hope that share price will grow further on, maybe not at that high pace, but it will experience growth in the second half of the year. Going further, I would like to highlight key achievements, what happened, key milestones. One thing was that the company successfully managed to sign a long-term agreement or prolong existing one with our major client, Orlen Group, which accounts to almost 65% of all revenues and liquid energy in the business segment. We prolonged that for the next three years with better financial results, which we had previously. It was really lengthy and important discussions with the company, Orlen, meaning with our partners. It is very, very important for securing long-term stability in cash flows and revenues that generates liquid energy business segment, which up to now is the second in terms of the revenues and second in terms of the contributing of the EBITDA. This was really important. That, from one hand, gives, I would say, you know, stability and insurance in the company's future business. From the second hand, it also allows us to make proper investments in the line with our, let's say, goals or plans of our main client, Orlen, which in turn has its own investment, big plans and projects and the all big renovations they're doing within their facilities by switching heavily more on various additional or new or biofuels. Accordingly, we are also reinvesting and renovating our facilities just to comply with the requirements of the main client. This is very important as well from our CapEx perspective, from our investment perspective into liquid energy terminal. Secondly, we're very happy that, yeah, it's not contributing like additional profit or something, but we are very happy that historically we already reached 500 ship-to-ship LNG operation benchmark since KN Energies launched FSRU activities in 2014. It's a very big milestone, and we are very happy about that. On top, quite important achievement was that we are implementing, starting to implement and secure it, let's say, the project of gasification of LNG terminal. I'm sorry, not gasification, electrification of electricity supplied into FSRU. This is important in that sense that the company has the ability to switch as much as it could to green energy solutions. That electrification project will allow us to increase consumption of electricity, green electricity, which is consumed by FSRU versus the gas. It is very important also from a sustainability point of view to have as much less CO2 emissions as we can. This is that project has been finalized, confirmedd by the team and by the management board, and we are in the process of implementing that project at the moment. Going further, also very important things have been achieved in the area of new energy. New energy business segment still is under the global energy business segment, but we hope that in the next couple of years that new energy business segment will be we will report as a separate one business segment when it will increase its financial viability and revenues. In that business segment, new energy business segment, we are very focused on implementing various investment projects that are at early, let's say, development stage and should be launched in terms of successful implementation after the next three, four years. Up to now, we're very concentrated on, as we call it, CCS project. Here in CCS project, we have an agreement, and it was announced by a stock exchange with the main business partners, where KN ha s a leading role. In our partnership, company Siemens, producing companies in Akmenė and in Latvia, Brocēni, as well as logistic companies which are involved in carrying carbon capture via vessels. We have a strong consortium. As I said, KN Energies is leading in a leading role in development of that investment project. We got a subsidy for our first, let's say, stage of investigation and feasibility studies. That gives us a more solid background, I would say, in terms both of financing those investments and in terms of the solidity of proving the financial availability of CCS project. Secondly, we had a visit with the Ministry of Energy a couple of months ago in Vietnam, and we signed an agreement or extended, actually, the agreement with one of the biggest South Korean energy, in a broader sense, company, which is one of the biggest players in the Vietnam market as key innovation. We had previously good connections with them. They are, for us, a very important partner in looking for exploring the investment and business opportunities in terms of offshore LNG business in the Vietnam market. The Vietnam market is a growing market. It's one of the growing markets in the world, actually one of the biggest growing markets in the world in terms of offshore LNG, let's say, business. KN Energies is trying to put its step into those markets. It's, of course, not easy to do and not very quickly entrance. Having the partner side is very important for us, you know, to share experience, to share information in what is happening in Europe, what is happening in Vietnam. The South Korean consortium also is looking and screening the European market. We are also planning, you know, to assist them in their investment plans in here in our home market in Europe. I'd like to have a very good, friendly, and business-oriented relationship. As I said, with Orlen example, we are investing into the biofuels, into methanol, into the new products that we are planning to serve within the next one year as Orlen is introducing those products in their product portfolio. The growth of, let's say, green products or biofuels, various types of biofuels, including as well biofuels for the big vessels, biofuels for the airplane industry. The demand for those products is growing, and Orlen is orienting the business towards that direction as well. We, as KN, are also investing in those facilities. These were the big milestones that the company during the first half of the year achieved. I would like to give some market overview of what is happening in the LNG business and in the liquid energy business. Let's start from the key maybe metrics that we are really watching a lot within the company. Of course, for us, it was used to a very important fluctuation of the currency exchange. Since we successfully executed transactions last year, that wouldn't have a big impact at the moment, but still we are exposed to maybe not to dollar, but to the Brazil real, having our daughter company over there, and also executing hedges regarding the Brazil and versus dollar exchange rates. If we take the gas prices, the gas prices have been fluctuated since the first half of the year. I would say that at the beginning of the year, those were quite high on the quite high level. The gas prices have a direct effect in our performance because we use our gas for internal consumption for FSRU, for LNG, and terminal. Total gas accounts for almost 2% of total cost of goods sold within the company, but still anyway, it's important. Also, the gas prices obviously have a total direct impact on the consumption on the consumers' behavior and the consumers' and industry decisions, how much they would like to be keen on consuming the gas in their business operations. Definitely, the price has a very direct effect. It was fluctuating. As you see, the price was quite high at the beginning of the year, and steadily it went down. Right now, they're trading TTF around EUR 33. I would say that this is like a normal, in my opinion, a normal gas price, meaning that at the moment, despite various changes or effects that are happening in the world market, in the energy world market, in oil, in gas, in gas supply, in gas consumption, the level is, I would say, on the normal, let's put on the normal level, meaning that industries could accommodate to those prices. Of course, for the industry, for the consumers, it's very important that the prices would be more stable rather than more fluctuating. What it will be in the next half of the year, nobody could say. Taking into account the overall situation, the supply situation, the storage facilities and storage amount of the gas, especially in Europe, I would expect that nothing would happen dramatically. Artificial measures would be launched. The price could slightly increase from the current level, but maybe not to reach EUR 60 or EUR 58 of TTF for the second half of the year. Another very important macro indicator metric is carbon dioxide emission allowances. Because those, for us, it's heavily, let's say, quite heavily impacts the variable costs. As we have around per year, approximately, we need to purchase 75,000 certificates. Those costs account for 9% roughly of total cost of goods sold. In our case, in our cost structure, around 9% are carbon capture certificate prices. Also, those prices fluctuate. There is no, let's say, strong link to one another, you know, benchmark, how to track it, and how to predict. Basically, I would say there is some relationship with the gas prices, maybe with some big lag, but still exist. As you see, the fluctuation, EUR 5 fluctuation is quite big if you're taking the quantities for how much you need. What KN, in that respect is doing, KN has an agreement with the financial partner regarding the hedging. We had quite big and strong, I would say, and good contract regarding the hedging facilities. KN has free, let's say, reserve, free hedging buffer from the bank. This is one thing. We are not allocating any money for our margin calls. This is very important, taking into account, of course, our strong balance sheet, meaning so we don't have margin calls, not allocating capital for those. Also, in terms of the timing, we agreed to have, I do not know if there are any other companies, but we have a term contract with our hedging in ETF hedge in, sorry, in carbon capture hedging contracts lasting to 36 months. Actually, it's very long. It's almost three years contracts. We can go into the hedge for that long period. It's really important and a very big achievement for managing our carbon emission prices because we are watching the market situation, watching the historical trends, and watching, you know, the, let's say, the price that a regulator gives to us. Meaning for us, it's a very big benchmark how much, you know, the price we have given by the regulator. Our aim is, you know, to try to get as less price in the market versus that we got from regulator prices because those impact directly the company's results and, of course, the end of consumers. Also, I would like to remind that, how to say, the prices that we're getting from regulator or the, let's say, the gas prices, which is for LNG activity or emission prices for, again, LNG activities, they're covered by regulator. Let's say from that perspective, maybe you can say for the company, if I may use the word, could not care about that. This is not true because we care about our, of course, our level of the cost and about the prices that we are passing to the consumers. For us to get as much cheaper prices in the market at the right time, it's very important for both reasons, company performance and performance of the end of consumers as those costs are compensated by regulator. If we take LNG market overview, some also hits about that, what's happening. If we take our LNG activity, and as you see in our presentation, the total utilization rate of our vessel this year in the first half of this year is around 65%. The average, as you see in the EU, was 52%. It's really, I would say, a very strong indicator, a very strong financial indicator. If we take Lithuania, Lithuania imports LNG via FSRU, and actually all Baltics imports via our FSRU LNG. As you see, 70% is imported of LNG from the United States for obvious reasons, and 24% from Norwegian and the 7% Trinidad and Tobago. As currently, and one year and two and three years ago since the war started in Ukraine, we totally were keeping our mandate and our view that we are absolutely prohibiting import from Russia and LNG, which unfortunately, Europe still has import of LNG from Russia. If we go further and the gas market, gas market overall, world gas market overviews already I touched upon regarding price fluctuations and our view on this and actions on this. On top of what I have not mentioned, of course, regarding the gas prices, we're also going into the hedges for the gas prices. Again, watching the market and using hedge facilities with our financial partners. In that respect, for the gas prices and for the EU carbon emission, at the moment, the company has already executed all the hedges and we already covered for this year fully. Some remarks or points regarding, again, the LNG market itself. At the moment, at the end of the six months, the total gas storage facilities utilization was around 60%. Currently, up to now, it's more than around 73%, which is less than we used to have a year ago. Actually, taking into account the prices of the gas prices and situation in the overall gas world gas supply, there is no threat, let's say, regarding fulfillment of our country's obligations to have at the beginning of November, the gas storage facilities should be filled up to 83%. It's like obligatory things within EU. At the moment, there is no any signs that those achievements have not been, let's say, implemented. Currently, we have less utilization rather versus last year, but the overall macro situation doesn't show any signs that it is like a pressure tension in that respect. Going to our business segments, finishing the overall market presentation, just to understand where we operate. Taking the biggest our business segment in terms of revenues and profitability, regulated business, LNG business. The growth of revenues was the highest. If you take this last year, first half, growth was in the revenues was the highest, around 37%. We are happy about that because utilization, as I showed you, is quite high of the FSRU of our indie, our vessel. We already, as I mentioned, managed to perform 42 ship-to-ship operations versus 30% of the last year. Also, our regasification volumes increased. Also, the tonnage that we received and regas during the first half also increased. This is good achievements. Another thing that we are not mentioning in our presentation that, as you know, we have, let's say, an LNG business segment, the total capacities are booked till 2032. Looking at the current situation, daily situation of the market, our consumers, our clients, let's say, our clients, they have their own plans on vessel delivery depending on the market situation, on the prices. Sometimes they are revoking some, let's say, cargos. What it means, it means that when you're revoking the cargo, we are not simply having that cargo and not reloading and not making any regas. While we're getting paid for it, meaning take-or-pay contracts. It's like revoking is not a problem from a financial point of view, of course, from a utilization point of view, etc. It's not a very welcome action. It doesn't have any financial negative impact. During the first half of the year, it has been revoked five cargos. The commercial team managed to place additional three ones, new ones, meaning the commercial team went into the market and, let's say, sold the new three cargos. Here we have a positive financial impact because we got from one hand take-or-pay contracts. From another hand, we got extra revenues for these new three vessels, new three cargos. Also, being transparent from that revenues, which goes into regulated activity, we have an agreement with the national regulator that 30% of those revenues will be applicable for the company, meaning the 30% from those additional cargos is directly in our pocket and the 70%, the rest of the revenues, is passed on to the end consumers. One year ago, we didn't have that agreement. Meaning this is really as well an important step for the company and for motivating the people and trying to look for as much as possible commercial activities on top of the regulated because it's not easy to have regulated assets, regulated things, to have extra something on top since we already have been booked till 2032. This is a very, very important thing that we managed to achieve per regulator and that we're managing to get extra cargos for our LNG regulated activities. On LET, as we're calling on liquid energy market on our second business segment, I would say here the overall situation in summarizing very briefly is stable. We don't have any big growth or any decline. We are stable in that respect. As I said already, we had an agreement, a good agreement with Orlen, also with other smaller clients. We're stable in those operations. If we take a look on how it looks like the liquid energy as a pro-market point of view, as you see, we have also stable flow of the tonnage of various, let's say, oil products at Klaipeda versus the last year. We see the growth in the vessels. Vessels are covered comparing year-to-year operations. The rest, let's say Tallinn and Riga and Liepaja, they are smaller ports. They are, as you see in the slide, they're almost also the same that they used to have a last year ago. Overall situation, if we take, as you see, Lithuania is almost doing the same that it used to be half a year ago, and Latvia improved. Estonia also is keeping the same path that they had last year. We're showing the year 2022, just before the war. You see how there's still a big room, let's say, to come back to the level that we had pre-war. Can we succeed? I'm talking not about KN, just overall, you know, market for the liquid energy products in all Baltic states. It's like a hypothetical question because definitely when you are losing the big flows from Belarus and Russia, it's definitely to have a compensated, it's not an easy task, taking into account our geographical situation. This is the picture, the situation, meaning that we are not declining in terms of the growth or slightly improving. What it will be in the next years, difficult to guess, but our belief is that moderate growth should prevail in the market for liquid energy products. If we take our share, our share, KN share is approximately 39%, fluctuates from 35% - 39% of all liquid energy in all Baltic ports, which we refer to the, let's say, we are the biggest, of course, the terminal in that respect. Having the market share fluctuating around 35%, 40%, I think it's very, let's say, this is the market share that KN should keep on and, of course, try to increase it. It's a very impressive market share. Earlier, I mentioned the business of our liquid energy business segment. Revenues are stable. We are carrying on investments into upgrading our facilities and infrastructure and also focusing on biofuels, basically on biofuels. We are in the discussions with the Ministry of Defense. As you know, we have an obligation and we're storing the critical oil reserves within Subacius terminal. Right now, we have discussions with the Ministry of Defense regarding increasing the quantities regarding the possibilities to, let's say, store extra quantities for the defense needs of the German army, which will be deployed within the next three years here. We're in the process and the discussions, and when something will be settled down, we will come into the market and make those announcements because we are thinking, preparing how to support, in reality, this very critical place or critical area of appropriate oil reserves, diesel reserves for national security. Very important business segment. The most, let's say, looking forward, important for us, and vital business segment is commercial LNG and global LNG. What happened during this first six months of this business segment? The revenues are almost the same that we had last year. It is slightly below, but just by 3%. It was the reason very, let's say, subjective when you are making, let's say, if we're comparing the results first half of this year and the next year. We have in the last year when we got contracts in Germany, usually some part of the contracts have like a bonus scheme. We got that, let's say, bonus in the last year, which is right now is already in the operational mode. That bonus excluded we are even in terms of the revenues. In Germany, as you know, we're operating commercially four out of five German LNGT terminals. In one terminal, we have technical operations. I would say that in the first half of the year, operational activities have commenced, have started with no any accidents, with no any problems. We are already in operational mode. This is very important. Already we have actually full staff needed to take care of our responsibilities and obligations towards that Deutschland Energy Terminal state-owned company. We're already settled here. We have the team in place. We have everything going on. We are in operational mode. First carriers already have been executed in Germany. They are very happy, meaning Germany is very happy that the state of Germany that already those operations and investments have started to pay back. You know first carriers, cargoes have been shipped via those terminals. We are part of that. It's really, really an important achievement and the meaning that we are in the right track and hopefully to proceed further with no any technical, any other, let's say, negative impacts of operating those terminals. Very important for us as well is that in Brazil, in Brazil, we have our terminal, as you know, and it depends activities a lot depend on two electricity plants run by GNA. Usually, we are mainly running on, or let's say, serving the one electricity plant. In the first half of the year, they launched the second one. It's very important because it has many complexities in that business. Total investment into GNA in those electricity plants is more than EUR 3 billion. They launched the second one electricity plant, meaning using more gas. For us, it's very important in terms of, you know, again, fulfilling our obligations, getting things done, and getting maybe not very big, but still steady incomes, securing further development and profitability of Brazil operations. It's very important. Regarding the achievements or cooperation agreements with the probable expansions in the Vietnam market, I already mentioned. I will just skip it. I'm not spending more time. New energies already have been discussed by me, meaning especially we are active in carbon capture and storage (CCS) project. As I said, we're really happy having a consortium in place, very strong consortium, very, you know, I would say, understanding the business, especially from the manufacturing side, from the Siemens producing side, as those industries, Siemens production industry, fertilizers production industry, chemistry industry in Europe are facing and will be facing big challenges in terms of carbon emission as they are heavy consumers. According to your plan, of course, today's current one maybe after a couple of years could be something different, but it doesn't mean that the tower trend will be, let's say, opposite, meaning that carbon emission or diminishing of the carbon emission would be the goal, ultimate goal of Europe. Maybe the quantities, the sizes could be readjusted, let's say, or reconsidered. This is my personal opinion, of course. The total trend is in here. What it means, it means that all producers need to find the solutions, technological solutions for storing, capturing, discarding emissions. Siemens is one of the industries and the biggest players of Europe and Siemens industry. Schwenk Group, which operates two plants here in Latvia and Lithuania, are within our team. They are also very, very, very professionally considering and analyzing all those possibilities because for them it's very important. Just even that, I would say, the vital importance is very big. What it will be, you know, the outcome of the industry itself within the next, let's say, five years. We are very heavy hands-on in that project. Right now, we are in the stage of investigating the economical benefits, all this value chain, all the logistics chain. It's not easy, definitely project. Because it's new for full Europe, I would say, the first project has been launched in Norway with the carbon capture in the sea. I don't recall the real figures, but they are big ones. They are not EUR 100 million. They are much more. Those have that project been funded basically by the Norwegian state. Of course, this type of investments are very dependent on the subsidies, definitely, because this is a huge amount that should be invested. We already secured one subsidy program for the feasibility study. Right now, we're finishing it and going into the next stage, where also we are aiming to secure partly the compensation for the feasibility studies. I would say in CCS project, which comprises the biggest part of our new energy business segment, which currently from a financial point of view has lost no income, obviously, in the development stage, but we are on the right track. We are really on the right track and don't want to give anything, you know, just. I truly believe in the success of that project. Watch our, let's say, movie, and we will announce in the next couple of years and months of the development of that business segment. Sustainability is very important for us because we are emitters and because we care about the nature as well. The biggest thing we already mentioned with the electrification project in our FSRU and our investments into biofuels and methane programs for more friendly, eco-friendly oil products. We're coming to the summarizing to our financial results and some metrics on our balance sheet. As you see, the major KPIs, the major financial metrics are growing. Looking forward for the second half of the year, I would say that growth would not be so impressive, should be not very impressive like this one. Obviously, for obvious reasons, because of the, again, coming into the autumn and winter period where definitely some variable inputs are higher versus the, let's say, spring and summer. Also the growing pressure on HR costs, as those account for 24% of all costs in our structure. Just again to remind you, if we take our costs level in the first half, the amount of the cost, total cost is around EUR 37 million of KN Group. The biggest part is depreciation. It's right at 34%. Depreciation, of course, has a direct effect on the net profit or EBIT, but it's not a cash item. Our depreciation increased if we take the first six months of the first half of this year versus last year because we acquired the vessel into our assets and because of our investments that were going on. 34% is depreciation, 24% are HR costs, and 9% are carbon emission prices. This is basically our biggest cost items. The second half, we would expect to have less growth in those key KPIs, but meaning that annual targets, budget targets, which I can't reveal, we are hoping to be able to overcome. Profitability ratios, I would not touch. They are just, you know, why interested? You can see the figures and everything. Only we are trying to compare ourselves with the industry average. From the companies that we can obtain the financial indicators, financial figures, and just summarizing, we're slightly above in all KPIs versus our competitors. Not direct competitors, but peers. Let's put it in this way. Sorry, and some information on the balance sheet. If we take leverage, I would say nothing has changed here since the half of the year. Only maybe if you look at the survey figure, it went down, but it's very obvious because when we acquired the vessel at the end of last year, that repayment program for that acquisition has started in this year. It gives us up to EUR 6 million additional repayments. Total repayments of the loan per year within KN Energies Group is around EUR 19 million. The SRS should be looking forward at the same level, no less than 2x. Net EBITDA, we have, as you see here, 7x, but this is, of course, all our loans are secured by the guarantee of Lithuania. We are only the one company which actually has that guarantee. From that perspective, they are absolutely, they are secured. Taking free cash flow, which is very important, at least for me, for CFO point of view, where I am positive, really, in free cash flows. As you know, we paid for last year EUR 8 million of dividends, and the payout ratio was quite high, 60%. It's like two things. One thing, it's really good that we are managing to pay so healthy dividends, and dividend yield is around 8%. That's a really big one, in my opinion, compared even to the whole Baltic states. From another hand, we have a very, let's say, ambitious growth plan, investment plan. Obviously, high payout. No, it's not the way that, you know, should be like when you're paying 60%- 70% in form of the dividends. Nevertheless, it's manageable things. Mainly, my message is that free cash flow is very positive for the company, taking out all the repayments of the bank. Only CapEx, let's say, feeds our free cash flow. What we are doing at the moment, so we have just some clue. We have an investment project, according to our strategy, quite extensive, amounting to more than EUR 400 million. If we take the first three years, or let's say the year till 2030, which is more obvious, it's around EUR 100 million. Some of those investments are rented for the profit, like biofuels and expansion in the global markets. Of course, the big part as well for maintaining and for renovating the facilities, which directly not contributes to the profit. Especially, we should overlook the investment in our jetties and upgrade our jetties, as those have not been renewed or upgraded since 1965. We will have those investments, and this is a permitting type of investments amounting to roughly EUR 40 million. As I said, till 2030, we are planning to have EUR 100 million investments. Right now, we are in discussions with the commercial banks. We are aiming to have an agreement to finance our investments in this fall. While closing this financial year, maybe we'll have already in our balance sheet some commercial loans. I think this is very normal. That's logical to have commercial banks helping us in making our investments, you know, freeing our internal funds because owner's money is definitely more expensive than the banks. We have very positive feedback from the banks. They're keen on financing our group. Our aim is to secure our long-term investment projects with the banking financing without any collateral and with as high as much repayment schedules. Taking just reminding you, the biggest, as you know, the only loan so far for FSRU and for the facilities, EUR 340 million. Our deadline for repayment is 2044. For us, it's not, let's say, we are not worrying about the amount of in terms of the numerical figures, the loans. For us, it's important to have as much lender repayment schedules with the banks in order to have strong and healthy cash flows because we are a midstream company, energy midstream company, heavily exposed to the assets. Therefore, our return on assets or ROC are not 10% or 15%. It's not this type of industry. Our aim is to have better than industry level. ROC maintain up to 5%, 6% in the long run and rise to around 2%. This is it. The rest is more soft things. Thank you for listening to me, and I'm happy to answer the questions. Thank you for your insightful presentation, Tomas. We indeed will move to a Q&A session. As a reminder, please submit your questions using the Q&A function at the bottom of your screen. The first question we received in advance is the following: do you plan to update the strategy or if the investments are still in line with the old strategy? Thank you for the question. Briefly answering, once per year, we're renewing the strategy. This is our internal, how to say, modus operandi. We're reviewing once per year and obviously adjusting to the changes or what's happening during the year in the market. This is one thing. Another thing, what has been, let's say, different according to the latest version of the strategy versus the original one, actually no big differences. Only one thing we have, like in the original strategy, we have been planning three years ago, actually already two and a half years ago, that we will have investments into the LET business segment in inland hub, meaning that maybe we would have an inland hub terminal which could reload various oil products and transport via mainly railways. After investigation of the business environment and situation, we skipped that project. The value was around EUR 11 million of probable investments at that time. At the moment, we excluded that from our, let's say, long-term strategy because of no financial feasibility of this project. The rest are in the line with the original strategy. Thank you very much for your answer. The next question came during the webinar, and it is the following: how is the CO2 capture project progressing? No, already I tried to answer and explain. We are in the first stage, let's say, we can grab into a couple of stages, first, second, or third. The first stage is really where feasibility studies are taking place. The second stage, if feasibility study shows that everything is okay, let's say from an economical point of view, and all parties say, "Okay, let's go explore further on," then there's the second stage, more extensive studies and more extensive, let's say, construction things to be elevated, etc., stuff. In that second stage, you are also arriving to the, let's say, to the agreeing on the cost structure, on the pricing, etc. We are right now in this first stage, and it's according to the plan. As we already mentioned, we got also the subsidies for this. We are smoothly going into the second stage. Of course, the second stage would be a very crucial one. It already started and would be finalized in the next year, which will show more, let's say, should answer all, let's say, financial feasibility questions regarding the CCS project. Also in that stage, our goal is also to secure, or not to secure, to get, to receive the subsidies for that, let's say, project. This is the part of the task. Having already the common interest status of that project as CCS because we represent two countries, Latvia and Lithuania, in terms of the Schwenk operations. We got that status. I don't recall exactly how its abbreviation in the European Union is, but actually, we got that status. This is very important, like a green ticket to get that subsidies because all, let's say, all other projects that are taking place in Europe, they are also in the same trend, meaning subsidies for them also are very important. I would say the first stage is accomplished according to our expectations, and we are in the second stage. Of course, a lot of things should be done. Thank you very much. One more. You mentioned having an agreement with the Lithuanian government that allows for additional earnings in the regulated KN Energies segment. Could you clarify what level of additional EBITDA from these regulated commercial activities can be expected in the second half of this year? I would say if in additional EBITDA, it should be, just a second, around up to EUR 500,000. It's our share, let's say, 30%. This is our expectations, EUR 500,000. Okay. Thank you very much. The last one, perhaps you could give some thoughts on your dividend policy in the near-term years from 2025 to 2027, given your investment plan. We have two things. One thing as a regulated company, as you know, we already announced via stock exchange the Ministry of Energy, which is the biggest shareholder, the letter which they are giving to all companies, like a direct letter, how this year as a major shareholder, where to go, how much, where to be, and how much to pay in the dividends. We already announced that you can see it. It's one thing, like an official wish. Another thing, as correctly you're mentioning and I said, in terms of the growth. The third thing is our law, let's say. We should obey to the law, which exists to all state-owned companies, meaning the law stipulates very simply. You take the adjusted net profit divided by equity, and you have the return on equity. Depending on how much you have that return on equity, then that particular amount you should pay in the dividend. At the moment, we are under this law, meaning that we have two ways on the managerial level how I'm thinking. We are definitely or should stick to this law and or should try to agree with the major shareholder to have some, let's say, financially stable dividend flow, but not as much as according to the law in order to secure our investments. The company is planning to have that agreement because, let's say, for example, FCG Group has another agreement. The rest of the electric energy company also has another agreement. It's not like we are desperate on having that agreement, but we would like to have it. We would like to have a stable amount of dividends for the next three years in order to secure or feel more safe from a financial point of view to finance our operations. Nevertheless, I would not say that this is critical for the company, it is just for having a good and prognosable dividend flow. Dividends will be paid obviously. That's not the question. That concludes our Q&A session. On behalf of KN Energies and Nasdaq Vilnius, thank you all for joining us today. Special thanks to Tomas for his excellent presentation and thoughtful responses. To our attendees, thank you for your questions and participation. It's been a pleasure having you with us today. The session recording will be available on the Nasdaq Baltic YouTube channel shortly. We look forward to connecting with you again in future investor events. Until then, have a wonderful day, and thank you once again for your time, patience, and attention. Thank you. Thank you as well. Goodbye.