Thanks for coming to this Q1 interim report. Please interrupt me at any point in time throughout my presentation to clarify anything you want to be clarified. We start, as always, with key corporate events. We touch upon later on financial results for Q1 year on year. We will look into the 2024 forecast released through a current report yesterday. Later on, we talk about the final dividend for 2023. Again, at the end, any questions you may have, either at the end or later on on a one-to-one basis, as always. Key corporate events. We started to expand our business in Central Asia with a lot of suppliers outside Apple, last of which has been Lenovo. We very recently established the first one in Uzbekistan, Tashkent, retail shop with Apple. Yesterday, the AGM decided to pay $0.30 as a final dividend based on the 2023 results, lifting the bar to an overall dividend for 2023 of 50 cents, $0.50 a share, the highest ever. We will see it after. Revenue results for Q1, more or less the same as last year, noting 1% lower revenues than Q1 2023. Yes, we had a high base in March 2023, but overall the company expects growth this year, expecting mainly to come from the second half of this year. When it comes to our operations, we continue with the main distribution center being Prague, the second-largest Dubai. As you know, recently we have established one in Georgia to help with our growing Central Asian business and also one in South Africa to help us grow business in the southern part of the continent. As we'll see later on, this infrastructure helps us to see growth. Growth both in Central and Eastern European region, but also the Central Asia region, as well as Africa and Western Europe. Looking at the Q1 financial results, we note a decrease of 1% on the top line. The gross profit margins at almost 8.3%. The gross profit as a number lowered by 5% on a year-on-year basis to $59 million. As a result, we have a 19% lower year-on-year net income, down to $14 million, which considering the challenges we have in front of us for Q1 and continuing as we speak, we consider this to be quite satisfactory. On the net income side, we are noting a $14 million profit. I repeat, quite satisfactory for us. As we will see later on, we are encountering issues in the main markets of ours, Kazakhstan and Ukraine. Ukraine because of the war continuing, affecting consumer demand, but also Kazakhstan through imports in Kazakhstan affecting sales and more importantly, also affecting margins, gross margins. On the top ten countries, still Kazakhstan, though lower year-on-year sales, is retaining its number one position. Number two came the United Arab Emirates, surpassing Ukraine for Q1 this year. Ukraine is still strong, but because of the issues and the ongoing war, we see that more and more consumer demand is negatively affected. Kazakhstan, as I said, mainly relates to imports from different countries. We have a lot of importation coming from China and Japan these days. On the flip of the coin, we have a lot of countries that are performing better on a year-on-year basis. Czech Republic and Poland are two of those. Especially Czech, we have plans to significantly grow this year. We have made a lot of management changes affecting the country, and this is already starting to bring results. The CIS regions, because of the issues I mentioned for Ukraine and Kazakhstan, is coming lower by 19% to about $330 million. At the same time, though, we see that the Central and Eastern Europe is improving on a year-on-year basis by a significant 17%. Middle East and Africa is performing even better, showing a year-on-year improvement of 32%. As we expand in Europe more to the west, because we have the franchise with a lot of suppliers to move throughout the whole Europe, we are improving significantly also their results. Therefore, another 12% growth is shown for Western Europe. When it comes to revenues by product lines, smartphones are number one in terms of revenues, has shown a slight increase of 1%, mainly because of the issues I mentioned earlier in Ukraine and Kazakhstan. The CPUs, as we said before, we had a very low base, therefore we expected a rev up on both AMD and Intel. Therefore, now we see significant growth in the CPU business by both suppliers of 45% on a year-on-year basis. The laptops, because of a lot of issues with oversupply into the markets, have shown a decrease on a year-on-year basis, similar to peripherals, although a smaller loss on peripherals. The solid-state drives is also significantly improving. Yes, because of also low base last year, but also a significant corridor for growth in the markets where we trade. The gross profit margin stabilized somewhere close to 8.3%, which we consider quite satisfactory given the issues we have in our major markets. We take all necessary measures to remedy sales lost in Kazakhstan and Ukraine to different markets. As I said, Western Europe, Central Asia, Africa, and the MEA, Middle East, Africa region is also expected to pick up and cover not only just the lost sales and gross profit from Ukraine, Kazakhstan, but also allow for an increase in the top line and in profitability, for 2024. A picture on the SG&A costs. On the left side, we see an increase in the staff, mainly to allow for more capacity to grow business for Middle East, for Georgia, for Kazakhstan. We have under development a big distribution center now in Kazakhstan, expecting to finish by end of this year. Also, we are hiring staff for the new APR store for Apple in Uzbekistan, the first one in the country this year. The SG&A costs continue to grow. We had almost 4% growth this year, and this has to do with the new areas of business, new business segments we invested in that we expect sooner than later to start producing sales and gross profits. Let's see a little bit closer the numbers for Q1 and compare them to last year's Q1. Flat revenues, 1%, noting 1% decrease. Gross profit margin, 8.3%. Given the issues we are facing, we consider this very, very strong gross profit margin. We lost 15%, down to $24.4 million from EBIT, profit from operations. First time, I think, in a long period of time, we see that the net financing cost is decreasing. This has to do with a mix of the borrowing, depending on jurisdictions we borrow at lower cost. It's also having to do with certain base rates starting to come down, including Ukraine and not only. We expect further increase towards the end of Q2, and we expect more decreases till the end of the year. We don't expect any significant decrease for the year, but we expect other things being equal, assuming same turnover, which we don't expect. We expect an increase in the turnover to stay more or less flat or lower than last year. We will see finally rates coming down. As a result, we ended up with a net profit, net income of $14 million, a 19% year-on-year decrease with a net margin approaching 2%. On the cash flow side, we have shown very strong results. A significant improvement in the working capital of the company on a year-on-year basis, and all that is reflected in cash from operating activities. We improved on a year-on-year basis by more than $58 million, and this is leading us to a much improved cash position. That has also driven the willingness of the board and the willingness yesterday of the shareholders to approve a significant dividend for the 2023 results. The debt of the company we consider to be at very healthy levels. If we were to include also factoring advances into the debt, we ended up Q1 2024 with almost $109 million debt as compared to $180 million last year, representing a 40% lower debt. That is also representing a ratio of 40% as compared to equity. Important to note that the weighted average cost of debt has slightly decreased down to 11.5%. If you recall last year, the whole 2023 showed a weighted average cost of debt of 12%. Touching a little bit the 2024 forecast released through a current report yesterday. We expect this year revenues to range between $3.1 billion and $3.4 billion. As I said earlier, we expect that to be happening mostly the second half of the year. The net income, we expect it to range between $60 million and $64 million. Of course, with certain assumptions being met, we live in a lot of uncertainties already touching Ukraine and Kazakhstan, lately number one and number two markets, for the company. Unfortunately, the war in Ukraine is still ongoing, therefore, a lot of things cannot be predicted as well. As I said, most revenue increases we expect to come from the Middle East and Central Eastern Europe area, regions. We expect Western Europe to also show an increase as all three of them already showed an increase in Q1 on a year-on-year basis. When it comes to dividends, yesterday the AGM approved the proposal of the board a payment of a final dividend of $0.30 a share, lifting the total dividend relating to 2023 results to $0.50 a share, almost a $28 million payout to the company shareholders, the biggest by far in history. We expect, if the company continues to perform well, to continue our dividend policy as we have done already for a number of years in a row. I think these are the key messages I had to convey to you for today. I most welcome any questions you may have, either in the presence of all investors or on the side. I know, Jakub, you will ask me a lot of questions tomorrow. We have a one-on-one. Could you give me first? Okay. I got the question on your sales in former Soviet Union region. Adding those four largest countries, Kazakhstan, Ukraine, Georgia, and Azerbaijan. It's only part of the decrease, right? There are some other countries in which sales decreased from $60 million to just $30 million. What happened there? Is it effect of the consolidation of Russian subsidiary? Russia's subsidiary is out completely from Q3 last year. Mostly the issues arise in countries like Kazakhstan, the biggest. That biggest country sales drop is affecting results, affecting sales, and this is mainly coming from parallel trade. Products are flowing into the country from countries like Russia, from China and Japan lately, even from India, and this is affecting our ability to sell and to make profits. This the vendors already know, and they are working with us to improve the situation because they are not doing it with all the products. Therefore, a good bundling of products from the franchise distributor into the country will hopefully fix the issue quickly, but it's affecting sales. Even if you take these countries and you see the loss in revenues, I mean, this is explaining most of the drop on a year-on-year basis. This is the main issue I think we have. In Ukraine, it's a little bit different issue. In Ukraine, consumer demand is lower because of the ongoing already from February 2022. This is affecting significantly consumer demand. As we don't have any signs of actually stopping of the war, you know, people are scared. We see lower demand. In Kazakhstan, it's also a supply from different sources and therefore to some extent demand issue. In Ukraine is, I think a demand mainly issue. Are they fixable? Have we seen it before? We've seen it before. These issues are fixable, but it takes time. It takes time. It's already better, but it will take time to fix it. This has to do maybe with overflooding the markets with products. That's why sometimes we see lower revenues on certain product lines because the market is already flooded with a lot of stock. Yes, I ask about countries other than Kazakhstan, Ukraine, Georgia and We have 11 countries there. All Central Asia, we are franchised, sole franchise with Apple. It's Armenia, it's Azerbaijan, it's Tajikistan, it's Turkmenistan, it's a lot of other countries that fall into our portfolio. Some of which we have lower sales, yes, on a year-on-year basis. Overall, for FSU, you've seen the results there. I understand you only see the top 10, and you picked the 4 that showed a decrease. Obviously, there is another 7 which we don't show in the list of top 10. Am I answering your question or? Anything particular happened in those seven? Nothing specific. Nothing specific. Maybe indirectly, I answered your question by saying that a lot of times we have lower demand in certain jurisdictions because the markets are flooded with products. Therefore, the cross-selling from different countries, I said China, I said Japan earlier, and even from some coming from India. That's why the Central Asian markets are more affected. Any more questions? Maybe you have some more optimistic information. This is not pessimistic information, is it? Well, generally it is pessimistic if you are I am looking on your prognosis for net profit. We must remember that the real profit last year was over $80 million. Over $80 million? Yeah, because there was this Russian reduction. Even if you take completely Russian out, it was $78 million, it was never $80 million something. 78? Yes. Seventy-eight. If you take the $78 million and you deduct the gain on disposal of the two buildings in the Czech Republic and in Cyprus, then the base is $72 million, it's not +$80 million. Yes? Now, considering the issues we have in front of us, I don't think that this is any pessimistic information. Our stance, the board, yes, with all these issues. Yes? I think we are performing quite well with a very healthy cash flow. Yes? We expect, it looks like the second half of this year to being able to achieve growth. That's why the top line says $3.1, which is more or less what we achieved already in 2023, and maybe go up to $3.4. Yes. That's the top line. Yes. Now, on the bottom line, I gave you the base, an analysis of the base. Yeah. We expect to make 60-64. With all these issues, we don't consider this as pessimistic. It's lower than last year, yes. I mean, the numbers are numbers. I cannot give you a different view, but they are strong results given the uncertainties in the markets where we trade, and I'm afraid to say globally as well. Yes. The war in Ukraine, 2 years+, still continues. We don't know when it stops. We don't know even when it stops, if the sanctions will be lifted. Chances are, they will not be. Therefore, in these uncertainties, we have to give the market a forecast. I understand that the board of directors can be satisfied, but look at investors and look at the Polish prices which are now going down after your presentation of this forecast. It means that investors are not very satisfied like board of directors. Okay. We make the forecast. We are also investors in the company, with Siarhei Kostevitch being the largest by far investor approaching 40% stake in the company. We all understand what you're saying, and we are all in the same boat trying to drive a better company for the future. Yes. The forecast is there to be achieved. The forecast is there to also be overachieved. The last so many years we issue a forecast to the market is we never lured investors by giving a forecast we cannot achieve. The results, not the opinion of the board, says that this company has always achieved, leave aside the one-off event of last year with the disposal of Russia. Nobody sold with a gain. Everybody's selling and exiting with a loss. We always overachieved our forecast. The 64 million on the upper end doesn't mean that this is the maximum we can achieve. It's the maximum we are giving the market as the top range of the net income allowing us to being able to achieve it. If not, overachieve it. That's the only statement I can make. I understand the feelings of the shareholders, including myself and a lot of others, and we continue performing. The fact that the last two, three years we had even the COVID times, we had excellent results approaching $75 million-$76 million, etc. Last year, the lower base because of the assets, $72 million, is quite impressive. Unprecedented. Thirty-plus years company, yes? Unprecedented. Because we never reached gross profit margins of 8.6%-9%. We had even gross profit margins in a quarter above 9%. Yes. This is unprecedented. Yes. Now, it's 8.3%. Is 8.3% a depressing margin for an IT distributor? You answer the question. I don't believe it is. I believe it's a very strong gross profit margin, and the analysts can confirm this. For the business. As I understand, more than 50% of sales, it is sales of Apple products. You said more than? More than 50%. No. No. No? It ranges from 40% to 43%-44%. It's no more than 50%. I was looking on smartphones, and I was sure that more than 90% of sales of smartphones, it is iPhones. Yes. I see that Apple has now also problems. The future is not so optimistic also for Apple. Apple is looking for any step forward, for example, on basis of artificial intelligence. Maybe there will be something new, because for example, for laptops, people are awaiting something new. They don't want to buy laptops with today technology. Maybe there will be a new big step and perhaps you know something because I don't know anything. Because- What I know is that we will distribute. Because Apple had informed the investors yesterday or two days ago about their prospects, their forecast, and I didn't know it yet. Yes. They released some announcements indeed. What we know as a reputable distributor in the markets where we operate is that we will distribute whatever the product, the best product that comes out to the market. Yes? With Apple is not just the smartphone. More and more, the rest of the business for us is growing. Yes. We don't solely rely on smartphones of Apple. Yes. We have a big range of products. We have the whole range of products of Apple today. Hello. I have a question about the situation in Kazakhstan. How do you plan to tackle the previously mentioned issues, and how do you plan on cooperating with Apple to limit the, I would say, shady supply of products? We, together with the vendors, it's not just one vendor. More and more vendors are coming to Central Asia business with ASBIS. We are trying to fix first the illicit trade, and we have a series of actions, including legal actions, including liaising with the government of the country to disallow illicit trade into the country. Because you understand, illicit trade comes to the customer with a different price, a price that we cannot compete because we are legally trading with VATs, with taxes, with everything. This also depends on the governments to fix it quickly, but it takes longer. That's why I said earlier, it's not something to fix this month. Yes? On the rest, it's promos, it's actions, it's marketing with suppliers to attract customers with different rebates, with different actions. This parallel A and B illicit trade cannot compete with all the products. Yes. I said earlier, bundling products and giving the customer a full range of products that other traders, other inflows of products into the country don't have will fix the issue, and it's not the first time we have this issue, sooner or later. The first one takes longer with the governments on the illicit trade side. I noticed that the number of receivables increased now. It is a big increase. Did you change your terms of trade? No change in the terms of trade. No. Don't forget that you're looking at the balance sheet of 31 March 2024. You will see, for example, higher inventories. It's just a picture at the end of the month. If you look at the cash flow that is including all these, not just a picture end of the month, end of the quarter, you see that the working capital of the company has significantly improved on a year-on-year basis. How is that reflected? This is reflected in cash from operating activities. We have produced better from operating activities, about $58 million on a year-on-year basis. This is mainly coming not from extra profitability, it's actually a little bit less. It's coming from better working capital management. The answer to inventories, the answer to receivables is there. We are trading better. We are decreasing our cash-to-cash cycle in terms of dollars and in terms of days. We had a more than 11 days decrease on a year-on-year basis on the cash-to-cash cycle in days. We are doing much better. This, as a result, gives us a very healthy cash position end of Q1 that is also allowing for a better dividend for 2024. If there's no more questions, I'm more than available on the side when we have a light lunch to answer any individual questions you may have. Thank you very much for attending today. Thank you very much for your questions.