Good morning, ladies and gentlemen. Welcome to the conference call regarding second quarter 2023 consolidated financial results of ORLEN Group. My name is Konrad Włodarczyk. I am head of IR Department, and I will moderate this call. This presentation will be delivered by me, Michał Perlik, Executive Director for Finance and Management, and Marcin Piechota, Deputy IR Director. After the presentation, we will open Q&A session. The call, meeting as usual, will be recorded, and the recording will be available on the webpage. During the presentation, as you see, your microphones are switched off. So let's start from key facts of last quarter. Slide 3. PLN 75 billion of revenues, PLN 3.7 billion EBITDA LIFO. PLN 6.4 billion record high dividend, PLN 12.6 billion net cash. CapEx PLN 7.3 billion. Covenant, net debt to EBITDA -4.25x. So this is, in a nutshell, financial strength of ORLEN Group. I just picked a few things from the slide that I think it's worth to underline. First of all, conditional investment decision regarding 1.2 GW offshore wind farm on the Baltic Sea, and five new locations for further growth projects that will give us potential up to 5.2 GW. And then conditional agreement for the purchase of the wind and PV farms, with a capacity of over 200 MW. Climate policy published, so this is very important from ESG point of view. Expansion of trucking capacities in Poland, so we have a larger scope of investment and new upstream licenses in Norway and entire researching across this field. Retail expansion to new markets so conditional agreement to purchase 266 fuel stations in Austria. Rebranding of 90% of fuel stations in Czechia to ORLEN brand near the end of the year. And a new contract with BP for crude oil deliveries from North Sea, so 6 million tons per year. So now let's move to slide number 5, macro environment. So the second quarter characterized by high volatility of macro. So compared to the first quarter of this year, the macro environment was worse in refining, petchem, and upstream segments. Macro refining margin dropped by nearly -25% quarter-on-quarter, due to negative impact of lower diesel crack, partially limited by higher crack on HSFO, as well as lower nat gas prices. Gasoline cracks were flat quarter-on-quarter. Diesel crack dropped by 45% quarter-on-quarter, as a result of French refineries being brought back on stream after the strikes. Oversupply of Russian diesel on the Mediterranean market. Lower demand for middle distillates due to fears of a global recession. Higher exports from China, higher inventories in ARA, and planned increase in diesel production by almost 50% in the British refinery, Fawley. So this is the investment decision. In terms of gasoline, cracks increased just shy of zero. So due to lower export from Northwest Europe, lower demand for gasoline in the US. Reduction of the production after the strike at French refineries, and the large inventories in ARA region. In terms of differential, we observed decrease quarter-on-quarter, due to a change in the structure of processed crude oils, resulting from reduction of share of REBCO. So currently in Orlen Group, we are processing around 10% of Russian crude oil, which is directed only to our Czech refineries under the long-term contract with Rosneft. In case of petchem, macro environment remains tough, with low demand for petrochemical products, as a result of economic slowdown. Quotations of all hydrocarbons dropped in the second quarter, quarter-on-quarter and year-on-year, so negatively impacting upstream segment. However, decrease in the natural gas prices on the Polish power exchange by over 60%, had a positive impact on the gas trading segment. Natural gas prices in the second quarter were decreasing more rapidly than electricity prices, resulting in higher price electricity versus natural gas, and the higher utilization of CCGT compared year-on-year. Relatively strong złoty. So, this is a factor limiting operating results. Now, let's move to slide number 6. Data report regarding consumption of fuels and GDP. So in the second quarter, we see a clear sign of economic slowdown. GDP dynamics in all markets, apart from Lithuania, show a drop compared to the previous year. Total volume of diesel consumption in the second quarter in all markets was lower year-on-year and higher gasoline consumption. We are expecting that in the second half of this year, there will be an economic recovery in Poland and increase in fuel consumption. So now let's move to slide number 8. Orlen Group financial results. PLN 75 billion revenues. This is due to higher sales volume resulting from consolidation of acquired Lotos Group and PGNiG Group, as lower rotations of refining products, petrol products, and hydrocarbons. In terms of EBITDA, PLN 8.7 billion, so the result was higher by PLN 4.5 billion compared to the previous year, and this is mainly due to consolidation of Lotos and PGNiG Group, standing up to PLN 8.3 billion. Additionally, the result was supported by positive impact of hedging and lower provisions for CO2 emission. Those above-mentioned effects were partially limited by negative impact of lower sales volume, lower refining margins, petrol and fuel margins in retail, lower differential from the zloty versus U.S. dollar, and lower margins in upstream. Additionally, result was impacted by usage of historical inventory layers, write-offs on inventory, so net realizable value, CO2 contract valuation, as well as higher overhead and labor costs. Negative impact of changes in crude oil price from the inventory valuation. So, like for impact in the second quarter amounted to -PLN 4.4 billion and caused the drop of reported EBITDA to the level of PLN 8.3 billion. Financials below EBIT line amounted to PLN 1 billion in the second quarter. So this is a result of the trade-off of positive effects and differences and interest, with a negative impact of settlement and valuation of derivative financial instrument. All in all, net profit in the second quarter amounted to PLN 4.5 billion. Slide number 9. EBITDA for each by segment. Refining, PLN 2.5 billion, decreased by PLN 2.1 billion year-on-year. This is mainly due to weaker macro and usage of historical inventory layers, net realizable value, higher overhead and labor costs. And those effects were partially limited by positive impact of Lotos Group consolidation at the level of PLN 4.5 billion. Petchem, negative result, minus PLN 4.1 billion, so decreased by PLN 1.8 billion year-on-year, due to worse macro, lower sales volume, lower trading margins, as well as higher overhead and labor costs. Energy, PLN 4.6 billion, decreased by PLN 4.6 billion as the result of lower sales volume and higher overhead and labor costs. So those effects were partially limited by positive impact of consolidation of PGNiG Group at the level of PLN 4.3 billion. Retail, PLN 4.7 billion. So we may say comparable result year-on-year. So this is mainly due to the fact that we had a negative impact of lower fuel margins and higher cost of running fuel stations, as positive impact of higher sales volumes. Then we have an upstream. Upstream, minus PLN 4.1 billion, so lower result by PLN 4.5 billion due to negative macro impact, lower sales volume, higher overhead and labor costs, as well as negative impact of Lotos and PGNiG Group results from consolidation, the amount of minus PLN 4.2 billion. Gas segment, PLN 5.6 billion, so higher by 5.6 as a result of positive impact of PGNiG Group consolidation. And the corporate functions, 4.4 negative, so higher costs by PLN 4.1 billion due to increase in the scale of Orlen Group operation. Now, let's move to the details of each segment. So we will start from slide number 10, refining segment result. Refining, as I mentioned, generated EBITDA at the level of PLN 2.5 billion, and this result was lower by PLN 2.1 billion, mainly due to negative impact of the macro environment in the amount of PLN 4.6 billion, resulting from lower margin from large and middle displays, changes in the structure of processed crude oil, due to decreasing rates of throughput, as well as the result of strengthening of Polish zloty versus US dollar. These factors were mitigated by higher margins on heavy fuel oils, positive impact of hedging, and changes in the provision for CO2 emissions, at lower cost of external usages as a result of crude oil prices decrease. We recorded increase in sales volumes by 36% year-on-year, resulted from higher sales of gasoline, almost 20%, LPG by 50%, jet fuel over 40%, diesel 20%, and HFO by 10%. It led to underlying 48% increase in volumes sold in Poland. Higher volumes, however, did not compensate the effect of changing the structure of processed crude oil. Positive impact of the consolidation of LOTOS group in the quarter, as I've mentioned previously, amounted to PLN 4.5 billion, and was limited among others by negative impact of the usage of historical inventory layers, inventory write-down, and higher fixed and labor costs. Next slide, slide number 11. Refining segment operational results. Similar to the first quarter, we maintained crude oil throughput at the level of 9.5 million tons, so this means 90% utilization. Comparing year-on-year, the throughput was higher by 2.3 million tons. In ORLEN, throughput increased by 1 million tons year-on-year, as a result of including Gdańsk Refinery throughput in the amount of 2 million tons, with lower utilization of refinery in Poland by -1 million tons year-on-year, due to shutdowns of installation like CDU, STP, hydrocracking, hydrogen unit, metathesis, and H-Oil. And as a result, we recorded also a lower fuel yield by -3 percentage points. In Unipetrol, the increase in crude oil throughput by 4.2 million tons results from the lack of negative impact of 60,000 maintenance shutdown of Kralupy refineries that we had last year. So year-on-year, fuel yield remained at comparable level. In Lithuania, throughputs higher by 1.1 million tons year-on-year, also as a result of a lack of negative impact of the last year's 60,000 maintenance shutdown of the refinery. Fuel yield in the second quarter, we may say it was on the normal level. The negative yield dynamics of -14 percentage points year-on-year is a consequence of high base, so inflated level of second quarter 2022 in the shutdown period, so we, we used inventories of fuel and product. In Q2, volumes of refining products increased by 36%, so 8 million tons, mainly resulting from the consolidation of Gdańsk Refinery volumes. Sales in Poland increased significantly by 48% year-on-year. On the other hand, in Lithuania and Czechia, it was lower by -10% and -2% respectively. Next slide, slide number 12. Petrochemical segment results. So segment recorded loss at the EBITDA level in the second quarter, -PLN 120 million. This is the result of lower year-on-year margin from all petrochemical products. So just to remind you, the second margin behaves typically, and this strongly correlate with GDP, which is currently under the pressure of the economic slowdown. The economic slowdown has also negative impact on the demand for certain products. In the second quarter, we recorded an overall decrease in sales volume by 16% year-on-year, mainly PVC, -47%, PDA, -37%, and olefins by -23%. Volumes in Poland decreased by 17%, -16% in Czechia. On the other hand, we recorded a 20% increase in sales in Lithuania. Other factors that had a negative impact on second quarter results includes lower trade margins and fixed and labor costs. Slide number 13. Petchem segment operational results. So compared to the previous year, we see that in the second quarter, there is a decrease in utilization of main petrochemical units of Orlen Group. Due to tough market shutdowns and the decreasing demand for petrochemical products. Higher utilization was recorded only on PPS diesel installations in Lithuania, which is a result of low base. Sales in the second quarter amounted to 1.1 million tons, which was lower by 16% among all of petrochemicals products. Now that's all from my side. I will let Marcin to describe other segments. Please, go ahead. Thank you. In the second quarter, the financial segment generated PLN 4.6 billion EBITDA, mainly thanks to results of the Energa Group and PGNiG Termika, due to, among others, changes of heat production tariffs. The positive impact of the macro environment year-on-year, adding lower provisions for CO2 emissions and higher distribution results, in particular, was limited by lower margins on the production and sales of electricity. In addition, the results were affected by the negative input impact year-on-year on the correlation between the contract price of network losses and the price from the balancing market in distribution business line. The negative volume effect results from lower production and distribution of electricity in the Energa Group. Additionally, an increase in electricity production and sales year-on-year in CCGT group 12 and 12, correlated with negative impact of higher consumption of natural gas. The negative effect of higher fixed costs and labor costs, as well as payments to the price difference fund, were only partially offset by the positive impact of the consolidation of PGNiG Group's loans and the use of the provision created in the Energa Group in December 2022 for onerous contracts. On the next slide, 15, we have operational data, and Q2, the ORLEN Group produced 3.4 TWh of electricity, of which over 60% came from renewables and gas-fired units. Electricity production, including the activities of former PGNiG local groups, year-on-year decreased by 8%, in line with the trend of reducing energy consumption in the country. Similarly, electricity distribution decreased by 4% year-on-year, due to incentives to reduce electricity consumptions and higher energy production by prosumers. In the second quarter, we recorded an increase in electricity sales by 12% year-on-year, which is, among others, as a result of increased activity on Polish power exchange by new trading company, ORLEN Energia. Sales of heat and generation amounted to 16.5 PJ YoY, higher by 4% year-on-year, due to lower temperatures by 0.8 degrees Celsius in the quarter. On the next slide, retail in Q2 2023 achieved an EBITDA of PLN 662 million, and was lower by -PLN 35 million compared to Q2 2022. This results from lower fuel margins year-on-year and higher operating costs of fuel stations, due to increase in number of new locations by 272 year-on-year, as well as higher fixed and variable costs. The above effects were limited by positive impact of higher sales volumes. On slide 17, we have sales volumes, which in Q2 2023 were higher by 5% year-on-year, including higher by two-thirds year-on-year sales in Czechia, with slightly lower by -1% year-on-year sales in Poland and Germany. The number of fuel stations at the end of Q2 2023 was 3,167. New locations were added in Poland, Hungary, and Slovakia as a result of the merger with LOTOS Group and implementation of remedies. In Slovakia, the growth results from launching and rebranding self-service fuel stations acquired from the local network, while in Germany, from the launching self-service stations acquired from OMV. Currently, the process of 266 fuel stations in Austria is being finalized. As a result, ORLEN Group will be among the three largest fuel chains in this country, with a 10% share in the retail market. Market share increased in Poland, Hungary, Czechia, and Slovakia, with stable share on German and Lithuanian markets year-on-year. Number of non-fuel locations increased by 261 year-on-year to 2,570. During the year, number of alternative fuel points increased by 105, and amounted to 672 at the end of June. Currently, we have... We are owner of 621 electric car charging stations, 47 CNG, and 4 hydrogen stations. The number of ORLEN Card locations amounted to 8,255. Moving to the upstream. Upstream segment posted a EBITDA of -PLN 114 million, which is lower by over PLN 400 million compared to Q2 2022. This is mainly an effect of significant decrease of hydrocarbon prices. Gas price was lower by over 60% year-on-year, crude oil by over 30% year-on-year. Moreover, the segment's results were negatively affected by write down on the price difference payment fund in the amount of -PLN 3.1 billion. Write down for the entire 2023, came out to approximately PLN 14 billion, of which ORLEN Group has already transferred PLN 600 million in first half of 2023. Thanks to acquisition of PGNiG Group and Lotos Group, the average production of hydrocarbons in ORLEN Group has increased in Q2 by almost 140,000 barrels per day. Gas production was higher by 100 barrels per day, oil with NGL by 38,000 barrels per day, year-on-year. On the other hand, comparing to Q1 2023, production of hydrocarbons dropped by 30.6 thousand barrels per day. The most significant decrease was observed in Norway. Production was lower by 23.4 thousand barrels per day, mainly due to maintenance shutdowns. A higher production by 100 barrels per day was achieved in Canada, which resulted from faster than planned connection of wells. Average gas and oil production in Q2 2023 amounted to 156 thousand barrels per day. In Poland, it was 74, in Norway, 70 and 64 thousand barrels per day. In Canada, 13, in Egypt, and 5, and in Lithuania, 0.4 thousand barrels per day. Natural gas accounts for 74%, while oil and NGL for 26% of Q2 production staff structure. Total Q2 hydrocarbon reserves amounted to 1,278 million barrels. This is at the level at the end of 2022. In Q2 2023, gas segment generated an EBITDA of PLN 5.6 billion, out of which 5.1 were generated by trade and storage, and 0.5 by distribution. Retail tariff remains unchanged at the level of 570 PLN per MWh. Due to TTF prices, ORLEN Group cut gas prices for SMEs. As a result, in June 2023, the average price of one MWh of gas was around 293 PLN, which is 17% lower than in March. Significant impact on segment's results, lower cost of gas due to current prices on the stock market and the monthly contract. Compared to Q2 2022, TTF month ahead price declined by -66% year-on-year. Average price of all transactions, of course, by exchange, including spots and contracts, was 331 PLN per MWh. Meanwhile, average price of natural gas transferred from subsidiary division to gas segment amounted to PLN 176 per MWh. In Q2, PG Energy Retail received compensations from the Price Difference Payments Fund in the amount of PLN 3.1 billion. ORLEN Group generated a EBITDA of PLN 4.5 billion from distribution activities, higher by PLN 100 million year-on-year, as a result of change of network charges, which also allows to obtain compensations. Moving to slide 21. Gas imports to Poland in Q2 2023 amounted to over 35 TWh, of which 47% was LNG. Total gas sales outside the ORLEN Group in Q2 2023 decreased by 27% year-on-year, due to persistently low demand for gas. Though attaining high level of execution prices of sales contracts with own prices on current market, were still favorable factors from segment's results perspective. The largest decrease in gas sales year-on-year was recorded among large industrial customers. The market is around 17 TWh. However, it is worth noting that the decrease is caused largely due to weather. A significant part of volumes is currently from internally defending group. Gas distribution volumes in Q2 remained at similar level year-on-year. The volume of gas stored in Poland at the end of Q2 amounted to around 26 TWh, which means 70% of the total gas storage capacity in the country. Now, cash flow and indebtedness will be described by Michał Perlik. Michał, the floor is yours. Thank you. So, good morning, everyone. We are observing another quarter in a row with a positive free cash flow. Although not that strong in the previous few quarters, but still positive. Over the last three months, we have generated PLN 7 billion, close to PLN 7 billion, of net inflow from operations. It's driven partially by positive EBITDA by over PLN 8 billion, and also very strong, very much by decrease of working capital of over PLN 8 billion. On the other hand, we had almost PLN 10 billion spending for income tax and then PLN 30 billion in second quarter, mainly from Poland and our upstream operation companies. On the investment side, we have PLN 7.3 billion CapEx. In total, net outflow from investments was 4.9 billion. Over the last six months, we have generated almost PLN 26 billion of EBITDA. Additionally, we generated PLN 14.4 billion of cash from decrease of working capital, due to sharp decrease of prices of crude oil and gas and other products. We spent PLN 12.6 billion for CapEx, and another PLN 6 billion for purchase of CO2 allowances and property rights, and around PLN 14 billion for income taxes. Altogether, since the beginning of the year, we have decreased our net debt by over PLN 10 billion. Over the last quarter, we have decreased again by more than PLN 1 billion. Our net debt-to-EBITDA covenant is still negative 0.25, because we have a net cash of PLN 12.6 billion. At the end of the quarter, we have signed an agreement with the consortium of banks for financing 60 GW of 900 project finance for PLN 2.6 billion. And at the beginning of July, we have issued seven-year green benchmark EUR 500 million issue on the euro market, which well balances our fund structure. These are the main information about PKN Orlen and the debt position. I hand over to Marcin. Thank you. Thank you. So now let's move to CapEx. So slide 25. I may say that we maintain our forecast for the CapEx for this year. So PLN 36 billion, which is almost twice as much as last year. We will allocate over 70% of this amount to the growth projects aimed at increasing our energy security and raw material independence. The detailed list of the major growth projects is shown on the slide. In the first half of this year, CapEx amounted to PLN 4.6 billion, so we may say that more or less equally we spent in the segments of refining segment, energy upstream and gas. In the second half of the year, it's usual, you should expect investment spendings to accelerate. Next slide, slide number 27. So current macro environment. Since Q3, we observed a drop in crude oil prices by almost 20% year-on-year. So this is the result of high base in the previous year, and increasing crude oil supply. Reduction of production by OPEC+, also does not translate into increase in oil prices, mainly due to oversupply on the market. So price forecast have been lower due to OPEC increased capacity and a reduced risk premium. Refining margin is higher by circa 40% quarter-on-quarter, due to positive impact of higher diesel, gasoline, and HFO prices, lower gas prices. Diesel price increased by 50% quarter-on-quarter. Gasoline price increased by 6% quarter-on-quarter, and this is a result of, first of all, higher demand in Europe, so due to holiday season. Which is also reflected in the increasing demand for aviation fuel. Lower inventories, both in ARA and U.S. region. Transport constraints caused by a low water level of the Rhine River, as well as lower supply, resulting from maintenance shutdowns and refineries, globally. In terms of diesel, there is also expected lower imports to Europe in August versus July, by roughly 15%-50%. HFO price increased by 20%, quarter-on-quarter, mainly due to higher demand from Saudi Arabia for HFO, which is used to generate energy for air conditioning. But also, let's say, persistently low supply of high sulfur fuel oil in Europe, related to the limited availability of high sulfur crude oil coming from embargo on Russian oil and cut in other production. Gas prices decreased by circa 10% quarter-on-quarter on TGE and TTF market, as a result of healthy inventories and steady LNG flows. Next slide, last one, slide 28. Market outlook for this year. So in terms of macro, we slightly changed our assumption for this year. So in terms of crude oil, we expect the level of $80 per barrel. Refining margin should move around $15 per barrel. Differential significantly weaker than we expected at the beginning. So this is both impact of lower throughput of Russian crude oil in northern Europe, but also less lower fuel differential in itself. So we are not talking about -$30 per barrel, but currently $15 per barrel. In case of petrochemical margins, a lower level compared to the previous year, due to tough market environment. In terms of natural gas prices, we expect PLN 200 per MWh, and in terms of electricity prices, it's up PLN 500 per MWh. And as I mentioned earlier, in the second quarter of the year, we expect a late economic recovery in Poland. However, in annual terms, compared to the previous year, we expect a decrease in consumption for both fuel and petroleum products. Lower gas consumption as a result of energy crisis and comparable electricity consumption. In terms of regulatory environment, there were no significant changes that could affect our business comparing to the previous quarter. So that's all from my side. Thank you very much for your attention, and please feel free to ask the questions. Two questions. One related to the PGNiG project. So along with the purchase of LOTOS, you have acquired the stake in LOTOS PGNiG project. And if I understand correctly, the deal with Bartow entitled the company to pay contract fines. And can you confirm this? And if you confirm this, then could you explain how the fines work, and could you please tell us what you intend to do with your stake in the PGNiG project? Thank you. That's the first question. We do not comment this issue. Okay. Okay. Okay, the second question is on free cash flows. On your presentation on page 23, you showed the free cash flow waterfall chart, yes? And, we end up with 10.3 net debt decrease, which as I understand, is the kind of benchmark for free cash flows, which you present. And just like a follow-up question, do I understand correctly that if I see this figure, and if I were to assume that the free cash flows in next quarters will be zero, I should expect 40% of this free cash flow to be paid out in dividends next year? Not sure I understand correctly how this is thinking. If the net cash flow will be zero in first quarter- Mm-hmm. What is your question? I mean, if we were to assume that the free cash flow in the third and fourth quarter will be zero- Yes. for simplicity. Yes. The whole year would end with a free cash flow of PLN 10 billion. Yes. Yes? Yes. I mean, based on your dividend policy, should we expect the payout of 40% of this figure? Well, yes, if there will be no adjustment in the second half of the year, yes. Based purely on the results from the first and second quarter, we can already expect a PLN 4 billion dividend, unless the free cash flow vanishes next quarter, yes? I wouldn't go so far because we don't know what will be the free cash flow in the third and fourth quarter, and we can see that we still have very ambitious investment plan over the second half of the year. On the other hand, we can see deterioration of free cash flow, the cash operation, cash flow, at least in some of our segments. So, I wouldn't give such a statement, or I would be very careful with such, such statements. Okay. What I can confirm, I can confirm we stick to the dividend policy that we have presented. Okay, thank you very much. That's all from my side. Thank you. Yes, yes, go ahead. I wanted to ask you, how much more, versus, Russian price is, crude oil delivery setup that you have at the moment? So sustainably, you know, as opposed to, previous route, how much you have to pay more to get, crude oil specifically to, Płock refinery? Because that's where I think the biggest change is. And second question... Can you please explain the strategic logic about buying stations in Austria? You have quite a lot on your plate, and all of a sudden you go into a new market where you don't have any refineries. So why do you allocate capital in such directions? And then thirdly, I wanted to ask you about your focus on offshore. There's a couple of announcements that people see huge CapEx increases in offshore space, and also you yourself have seen in the background. So how much CapEx do you plan to spend on offshore until 2030? And how that corresponds to your PLN 70 billion, if I remember correctly, renewable CapEx assumptions in your overall CapEx program of long-term strategy. Thank you. So let's take the first question, that was, let's say, replacing RESCO by other grades. So as I've mentioned at the beginning, we are processing just 10% of Russian crude oil in the whole Orlen Group. So currently, as you probably see, we are updating our web page on the regular basis, on the monthly basis. And we showed that in July, due to the fact that BU differential decreased significantly down to, let's say, minus $15 per barrel. And we replaced in majority Russian crude oil with crude oils like Arabian Light, but also WTI, Johan Sverdrup from Norway, et cetera. We are paying premium. All in all, instead of having differential in July, there is $0.6 per barrel premium for replacing RESCO in all of our refineries where we have to. No, I'm asking more about this. This I can see, right? I can see kind of a quotation on the market. I'm asking you how much it actually is to get the barrel of oil offloaded in Gdańsk seaport as opposed to the previous one. Because that's, you know, on top of a price differential between the Brent and Urals, that's a logistic disadvantage cost, which you will have in the port, which you didn't have before. Few, few- So, is it dollar? Is it...? Sorry. Few U.S. dollars per barrel. Few U.S. dollars per barrel. Okay. Yes. So regarding your second question on Austria takeover. The second of strategy. Yes, in our strategy, I think that we will expand our retail network outside Poland, and our aim is to have about 3,500 retail stations by 2030. And at the same time, we say that the investment in, like, the legacy business and business will be done in the first half of this year. So of the decade to make them more profitable. So the investment in Austria, the takeover of Austrian network from OMV is fitting the strategy by building a retail network of current stations within the Central Europe. So we are expanding our network, or we have expanded our network, by takeover of stations in Hungary, in Slovakia, while making the deal with MOL. We expanded the retail network in Slovakia organically, and we have the stations in Hungary. And Austria is closing the gap in Central Europe between Czech Republic, Germany, Hungary, and it's adding new points of sales on our network. So we as PKN ORLEN had significant car flows of fuels from Czech Republic to Austria. Now we have in Austria our own retail network and our own sales network. Of course, we are aware of the challenges that are in front of us, taking into account the trends in energy transition, trends in mobility, especially in Western markets like in Germany or in Austria. But we have experience from Germany, and we know the challenges. We are working on the transformation of the stations. And I think the benefits from building a solid network in Central Europe that may serve customers for many years are worth doing the change. Yes, I understand. I can take the third question on offshore. Right, energy department. We just recently published the topics. That's part of it. It's EUR 4 billion the whole project. I mean, the project, because we also publish project which includes some additional positions additional to the project. Right now, we do not review yet the projects for other offshore projects. Just recently won 5 small locations, which we are of course still waiting for the licenses to be finally awarded now that we won the competition, but the licensing system to be issued. Yeah, I work on the schedules of this new project. We are sure that important part of projects for this different aspect from previous years. So it's much different to provide for the projects for this year, you know, than previously. Yeah. Okay. Do you feel the... What kind of a return do you still see? Because your EUR 4 billion CapEx on the 1.2 development project seems to be at the top end of the industry, and so I understand you have a remuneration framework that is inflation, taxation, and so on. But, do you still see a value creation, or we have a similar situation as you had in the past time? Now, of course, we see value creation that recently made a competition for the FID of the project. We are certain that this project will create value. The project is based not only on our standing, but in a huge part on project finance. Of course, we have got 51% for this solution by all, but also by our partner. The operations show that the project will present a very successful return. We are quite happy with it at the moment. But we published it based on the finally signed contract. So, there's the risk that the actual increase is very minimal. So, yeah, I'm sure that the project will present good results. Okay. Thank you very much. And that's the other last question. Thank you. Hi, can I go ahead? Yes, please. So three questions from me. The first one is on working capital. You will have some working capital in the first half. So do you think that your working capital level, like, earlier, probably in the second half of the year? It will be the first one. The second is on the upstream production. It was quite considerable time, this second quarter, second quarter, you mentioned the maintenance activity in Norway. So the question is whether the activities are already completed or whether it was completed in the second quarter, or what we should expect as a production in the first quarter? And the third question is on the profitability in the gas trading business. It was again, really outstanding. So how should we think about profitability in the decline in second half of the year? Thank you. Regarding the first question about working capital engagement, honestly, I would not expect any further substantial improvement on this position. Having in mind that we've already observed a sharp growth in price of crude oil and gas over the last couple months, and that's not necessarily what we can observe over the second half of the year. Additionally, on top of that, we have some seasonality, mainly in the gas storage activities. We will have to engage more working capital on this side. My expectation would be rather that we will engage some additional working capital than release in the second quarter. But it's difficult to say to what extent it will be very much driven by the price of crude oil and gas. Regarding the gas business, of course, this first half results are quite strong, and we already have seen that this positive spread between the costs of gas purchases and the average selling price of gas is a bit deteriorating. And with first quarter coming with lower volumes due to cyclicality of the cycle of the gas business, probably the first quarter will be similar on its bit lower than what we have shown in the second quarter. ... However, we have to keep in mind that, in fourth quarter, we will be entering a new winter season, and taking into account that the prices in 2022, for example, in Q3, the mean prices of gas transactions was around 954 EUR/MWh. And in fourth quarter of 2022, it was 474 EUR/MWh, while nowadays we have, we are in the range of around 200 EUR/MWh. Still, we should see that the gas business will be strong in the second half of this year. Should be in production. In terms of upstream production, yes, we did indeed, in the second quarter, we had a prolonged maintenance shutdown on our biggest field, gas field currently, and which is on Ormen Lange. However, we see that nowadays the shutdown is over. We have, we see the volumes up and running on our installation on the fields. So we should see a rebound on the outputs of our especially Norwegian production. While in Poland, we should expect a natural decline of production in terms of crude oil and gas. We should see some improvements at stable level, you know, the domestic production with probably... So probably overall, we should be somewhere in the range of production that we showed in the first quarter. Over. Hi, from beyond, can you hear me? Yes, we can hear you. Go ahead. For my first question, do you expect an extension of the upstream gas write-downs to next year? And this year, it amounts to PLN 14 billion. Well, it's hard to say right now whether this mechanism will be prolonged, so we cannot comment on that, on this, because there is no new law regarding this issue. Okay. So the last question, how much would be the CapEx to, to, 2030, if we update mentioned, PLN 140 billion from your recent strategy, for current inflation? Could you give us updated amount, including, of course, all up in budget? We, we are internally working on updating of the CapEx plan and, and long-term, investment plan, and we will, we will prepare an update, communicate it. Thank you. Hi, can you hear me? Yes. Just sorry, I muted here. I have two questions remaining. On the energy side, in terms of energy performance, we had seen some one-off in first quarter. Can you just comment on what would be your estimate for the second half of the year? And also on the energy side, I want to check regarding your view on the coal power plant, when which the government would be expected to be completed. And also if you can comment on the CapEx side, so what is your outlook for the second half, and should we expect further significant CapEx spend? Thank you. Okay. So, taking the question about let's say the CapEx, as we said, we are expecting a rebound of the economy, especially in Poland, in the second half of the year. So it doesn't mean that it will be right now visible in the first quarter. So you may say that the first quarter here will be under the pressure. What we observe right now, margins are still under the pressure. There is a slight rebound in demand for petrochemical products, but quarter-on-quarter, you should expect that let's say we should end up at a similar level that we had in the second quarter. So the vital life will be red. However, in the fourth quarter, we are much more optimistic about it. The second question, as I remember correctly, was about CCGT, yes? Yes, and just energy performance as well. Yeah. Yes. So in terms of CCGT, we have three CCGT blocks in the pipeline. CCGT Ostrołęka, that should be up and running by the end of 2025. CCGT Gdańsk, up and running at the beginning of 2027, and the third one, similarly to Ostrołęka, at the end of 2025. In terms of energy, indeed, in the second quarter, we had a one-off. So there will be change in the methods of the grid losses calculation. So you may expect that if you look from, let's say, first half of the year perspective, on average, result in the energy segment was, roughly speaking, slightly below PLN 2 billion. So similar level you should expect in the second half of the year. You may expect that between PLN 1 billion-PLN 1.5 billion, this result should be visible in energy segment in the third quarter. Thank you. Another question, please go on. Yes, ​Tamás Pletser from Erste. Can you hear me? Yes, hi, ​Tamás. Yes, thanks so much for taking my question. I have a question regarding the rest of chemical margins. When do you expect to release your indicator margin? How do you see generally the market? This will be my first question. The second question would be regarding this payment to the price difference fund. I saw that you paid roughly the same money that you put into the fund, what you received. Can we expect this to happen in the next quarters as well, like a similar payment will come in similar receipt from the fund by you? So in terms of, petrochemical margins, we are working on the update of, the quarter mark, so it should be released, soon. But the pattern to the previous one, was, little out of the market. It covers only, polyolefins. However, we are producing, let's say, wider range of petrochemical products, so please, be patient. In terms of, let's say, petchem, segment, in itself. So, the situation is, quite hard to think, and we are observing this from the end of, last year. So, both, volumes are lower. There's a huge pressure. Additionally, there is a flow of, quite a cheap, product, from, China and, Middle East, to Europe. However, that is an economic slowdown, where petchem is fully correlated with GDP, is also not helping. Answering question regarding the payments to the price compensation funds. This payments are resulting from the volumes of gas produced domestically. And while the volumes of domestic production are rather stable quarter on quarter, this overall impact on the results in upstream will be negative throughout at the end of the year, by around PLN 14 billion divided into four quarters, right? So around PLN 3.5 billion of payments per quarter. While on the other hand, we will be compensated for the volumes that will be sold throughout the second half of the year, for example, like we were paid for the first half. As a reminder, there was PLN 10.5 billion of compensation that were paid out to our retail business, gas business. So depends, depending on the volumes and first quarter, we should, we should not expect any extraordinary higher payments, probably even lower payments from the compensation part, while we will still pay to the funds this amount of over PLN 3 billion. While in fourth quarter, it will all depend on the volumes that we'll sell in this at the start of the winter season. So this may vary, and, and so it's too early to say how big will be compensation for okay. Okay, so if I understand clearly, in the first quarter, you will probably pay more to the fund than what you receive? It will all depend from the volumes. Take, assuming that the volumes of sold gas will be lower than in Q2, which is rather normal in terms of household consumption. Okay, the assumption may be correct, but it will all also depend on the costs. Okay. That's clear. Thank you very much. Hi, Piotr Dzięciołowski from Citi. Can actually hear me? Hello. ... Please go. Yes. So can you, can you comment anyhow on the, this, first article with the Grupa Azoty out there and your involvement there and, can you, is there anything you can add on this, whether you are involved, not involved? How could you see this, resolved? And then if you can't answer on any of these two, then can you say, what will you do if Grupa Azoty, which is your main customer, for the olefins, will get into financial trouble, how will you secure the, sales volume? Okay. In case of the Grupa Azoty, part of your question, I think it is clear that we are working on due diligence of the Puławy site, and we declared an interest in merging our fertilizers activity, let's say it this way. So we are. We look at the Puławy site as a site where we can see significant synergies from merging our fertilizer business with ANWIL. Regarding Ostrołęka, we do not work currently on any project. So we cannot comment it. And regarding your question on... Part of the question on, like, difficult scenarios or catastrophic scenarios for Grupa Azoty. I think this is our common interest, to make our businesses sustainable. And so, to make both our corporations, partners and customers viable economic players. So, I want to be specific here, but yeah, we always are trying to find the best solution that is best for our company and for our client. Just why are you interested in Grupa Azoty Puławy? I understand this is the best of the four facilities, but you know, why wouldn't you want to take over the whole company? I mean, or can you explain this a little bit more? Because I understand you're also already involved where they allocate stuff into this project or polypropylene project in the retail, right? So you already have a lot of ties, so why wouldn't you want to deal with the whole company, not just half of it? Okay. The interest in Puławy maybe it has a long history. Because, like 10 years ago or over 10 years ago, there was a project of selling Anwil to Grupa Azoty, and then it didn't happen. So, our past, the project was killed at one moment. But we see, like, the larger synergies potential from merging both activities. And, yeah, from our point of view, we see a lot of potential with merging with Grupa Azoty. Thank you very much. Any other questions? If you want to ask a question, please unmute yourself. Go ahead. Hi, this is from again. Could you please elaborate on the nature of the tax payment, which you made in the second quarter? Was it something... Well, first of all, was it in Poland or in Norway, or was it something which was earlier approved and right now paid? And how we should look at the time in the upcoming quarters? Okay, so yeah, in the second quarter, there was a settlement of the taxes, out of which, around over PLN 4 billion was, PKN's Poland tax for 2022, while the remaining 4 was, contributed to, Norwegian business, upstream business, and one coming from, United. Why there was such a shift between the timing of the in which you accrued the tax and timing of in which you settled the tax? Is it a usual thing, and, yeah, how should we think about it going forward? Yeah. The settlement of the tax, the taxes that were due today, is normally second quarter. Okay, thank you. Okay. So, if there are no more questions, so this concludes our conf call. Thank you very much, for being with us, and have a nice day. Bye.