Okay. We are going to start. Before that, please allow me to start a recording in order to be able to post the teleconference. Hello, everyone. My name is Valentina Dinu. This meeting is being recorded. The conference call today addresses the financial results for the first semester of 2023. As usual, we are going to go ahead with the presentation, delivered by Mr. Dan Niculaie, CFO of the company, and then we can go straight to Q&As. Dan, you have the floor. Thank you very much. Thank you, Valentina. Hello, everybody. Thank you for joining. I'd like to present the results for the first semester of 2023. It's been an exceptional first semester, and you will see why. In terms of financial performance, in terms of the quantity that was sold, a slight decrease of 1.4 compared to the first semester of 2022. In terms of sales, we managed to sell roughly RON 3.78 billion, an increase of 20.4% compared to the first semester of last year. OpEx was higher, an increase by 50% from RON 1.4 billion to RON 2.1 billion, and I will explain the reason for such an increase. EBITDA was RON 1.6 billion, as compared to RON 1.7 billion last year, a slight decrease of 4.7%. The financial results was higher than last year, which led to a net profit of almost RON 1.9 billion, compared to RON 1.22 billion last year. As you will see in the next slides, I will present the main drivers for such a, for such a financial result. You see here the waterfall, with green, you see the positive impact, and with red, the negative impact. So starting from last semester's results of RON 1.2 billion, we will manage to sell more electricity or higher value of electricity as RON 0.6 billion. We managed to have a positive impact in terms of the cost of traded electricity, RON 0.223 billion. We managed to extract some more financial results from by using our cash position, RON 0.159 billion. This is on the main elements that contributed to the increase in our profitability. In terms of negative impact, the largest impact, of course, is with the increase in the windfall contribution of RON 0.875 billion. We had a negative impact of RON 39 million for personal expenses. This is the overall picture of our performance. In detail, you will see on this slide, a granular view of each relevant revenue and operating expenses or financial expenses performance. As mentioned before, in terms of total revenue, the main factor was an increase in the source of electricity by 19.8%, from almost RON 3.1 billion to RON 3.7 billion. We had an increase, relatively small increase in the revenue from electricity transmission. In terms of operating expenses, main elements, personal expenses a little bit higher than last semester, with 16.3%. Cost of traded electricity, we managed to keep the cost under control, and this resulted in net benefit of RON 308 million. Repairs and maintenance, roughly the same amount. Electricity transmission expenses, a difference of RON 11 million. The cost with spare parts, roughly the same number. The cost of uranium fuel, a little bit higher, 10% increase. In terms of the largest operational expense was the contribution to the Energy Transition Fund. Last year, we paid and we incurred an expense of RON 585 million. This year, in the first half of the year, we've incurred RON 1.46 billion, which is more than an increase of 149%. In terms of depreciation and amortization, a small increase of 4.4%. In terms of financial result, as mentioned before, we managed to extract more value from the market with a total impact of, if I remember correctly, RON 159 million. Which led to the aforementioned profit of RON 1.28 billion, an increase of 5.6% as compared to last year. In terms of budget, we are presenting also a positive view in terms of total revenue, higher revenue is 3.1% as realized versus budgeted. In terms of operating expenses, a decrease of 13.7% overall, from RON 2. 5 billion budgeted to RON 2.1 billion realized. In terms of net profit, we budgeted RON 842 million, and we realized RON 1.29 billion, which is an improvement of 52.9%. In the next slide, we are going to present a breakdown of the source of electricity. Comparison between the first six months of 2022 with the first six months of 2023. As in the, for, as in the previous waterfall graph, the elements presented in green show a positive effect, and the elements presented in purple present a negative effect. You'll see here that the main driver for the increase in the electricity that was sold was the fact that we managed to sell on the competitive market price RON 2.4 billion. Then we have a positive effect from the from the imposition of the so-called MACEE regulation. The largest negative impact was the fact that the quantity that was sold on the competitive market was lower, which led to an impact of RON 2.26 billion, negative impact. Ultimately, all these elements contributed to the sale of electricity, amounting to RON 3.7 billion for the first six months of the year. Okay, more detail in the next slide. With regards to the Centralized Electricity Acquisition Mechanism, the acronym being MACEE or MACEE, we call it in Romania. The main driver was the fact that the company sold electricity at competitive market at higher prices, thus generating more revenue. Okay, in the average price generated by SNN was RON 745 /MWh. While in the first six months of last year, it was RON 614. In terms of the spot market, the price in the first six months of 2022 was almost RON 1,028/MWh, which was reduced to RON 529 in the first six months of this year. This, which led to this positive impact in our overall revenue. All the details are presented here in granular. In terms of OpEx, you'll see detailed presentation of the change from the six months, 2022, compared to six months 2023. The largest impact, as mentioned before, was related to the windfall tax, the contribution to the solidarity, the Energy Transition Fund, as it's called. Basically, we recorded a significant increase of almost 150% in terms of lei, so an increase of RON 876 million. You may recall that in the first six months of last year, this tax, the revenues of the revenues of SNN, exceeding RON 450 were taxed at 80%. In the first half of this year, the revenues exceeding RON 450 were taxed at 100%, which led to this, was one of them, the factors contributing to the increase of this tax. In terms of personal expenses, we have a slight increase in the number of employees, and a little bit of increase with salaries adopted in Q4 2022, and the employees participation to profit. Technological and non-technological water and energy, an increase of 17% due to higher utility prices recorded in the first six months of 2023. Depreciation and amortization, an increase of 4.4%. We have some new assets put into function. Cost of uranium fuel, the cost of the average or the weighted average cost of fuel bundles increased by 10%. In terms of the contribution to ANRE, no notable variation. A slight decrease of 5% on the cost, repair and maintenance, as compared to the first six months of last year. Electricity transmission expenses, an increase of 70%, as a result of increasing the level of the transmission tariff, mostly. Cost of traded electricity, significant decrease, 94.4%. This was, this is a result of excellent management, operation management of the plant. We, we were able to, to keep the plant functional for almost all the time. We haven't encountered the unexpected closures of the plant, which allowed us not to, to go into the market and buy electricity in order to supplement the energy that we contracted to our clients. The contribution to ANRE, a little bit of increase in percentage-wise, it's much higher, but overall, it's not a big impact. Okay. In terms of the financial highlights, the balance sheet, as we call it. You'll, you'll see that overall, the total equity and liability or total asset value has increased marginally, 0.1%. We have some variations in the non-current assets, 5%, mainly from the purchase of long-term bonds, increase in financial investment in some of our affiliates, and some depreciation recorded during that period. Current assets, -5%, because we decrease cash and cash equivalent, including deposits, by 9%, and we bought some, we used it in order to buy some bonds. On current liabilities, we are slowly decreasing our long-term portion of the external loan contracted from Euratom. In 2024, we will have no Euratom loans on our books. Current liabilities, increase, small increase of 3.5%, because mainly of the windfall tax due for June, which is usually paid in one month delay, so basically paid in July. The equity, of course, the increase in the result carry forward the profit of the previous periods. In terms of CapEx, RON 371 million, which is basically similar to what we have encountered in or achieved in the first six months of 2022. Our annual investment program, it's higher than the program of last year because of the our large CapEx program. For these reasons, we have a lower degree of completion, but we are confident that we'll be able to rectify this. All the investments that were made in 2022 were made in accordance with the planning for year 2023. You'll see a small table presenting the budgets of the ongoing investments, degree of completion, the comparison with the budget for 2022, as of 26th of June 2023 and 2022, split by tangible assets and equipment. In terms of main CapEx program, we have, of course, the Unit 1 refurbishment. In March 2023, we signed a contract, pre-project work for CANDU reactor. This contract is worth approximately CAD 65 million. Increase in terms of Unit 3 and Unit 4, the increase of the production capacity project. You probably know that, at the end of March, a law has been enacted, Law number 74, for the approval of the signing of the Support Agreement between the Romanian Government and Nuclearelectrica, regarding the projects of Unit 3 and Unit 4 at Cernavodă. As a result of this law, in, in beginning of June, a Support Agreement was concluded between the Romanian Government and, of course, the General Secretariat of the Government, the Ministry of Energy, Ministry of Finance, Ministry of Transport, and the company, each of these ministries and sec- branches of the government, assuming obligations in accordance with the Support Agreement. We consider the signing of the Support Agreement, a very good sign for the development of the Unit 3 and Unit 4 project, because it will allow a series of support measures, including, the setup of a Contract for Difference, allowing the signing of the contract for the development of the critical engineering necessary to update the project. It will allow, of course, the continuous updating of the project budget. It will, it will allow, the issuance and the obtaining of the favorable opinion of the European Commission and, and the notification of the project in accordance with Article 41 of the Euratom Treaty and a host of other elements that will be beneficial to the, to the project. In relation to the small modular reactor project, Doicești, on May 2023, U.S. and the host of multinational public-private, private partners announced financing in relation to this project, $275 million from a number of investors, and a letter of interest from U.S. EXIM for $99 million financing under the EXIM Engineering Multiplier Program. In addition, U.S. EXIM and U.S. DFC issued letters of interest for financial support of up to $3 billion from EXIM and another $1 billion from DFC. Another element of interest, in June, the beginning of June, NuScale, and our partner, Fluor Enterprises, a large U.S. company, and Samsung C&T Corporation, signed a Memorandum of Understanding to collaborate in the deployment of NuScale VOYGR power plants in Central and Eastern Europe, including Romania. In July, an investment fund from Korea signed with Nuclearelectrica and Nova Power and the other shareholder in RoPower. A term sheet agreement for a potential investment of EUR 75 million for the financing of the FEED study, Phase 2 of RoP ower. Another significant element, SNN concluded a contract with KHNP, Korea Hydro & Nuclear Power, for the first detritiation facility project in Europe. This is a contract for roughly EUR 195 million. The total project is now estimated to cost in the region of EUR 255 million. The result of this project will be an improvement in the operational performance, economic, financial efficiency, and increased production, protection of the population, staff, and the environmental, in accordance with the ESG objectives of Nuclearelectrica in Romania and in Europe. In terms of radioactive emissions, everybody, all, all these factors are respected in, as per the limits imposed by our nuclear regulator, CNCAN. Nuclear fuel, fuel burn-up factor, we have a very good nuclear fuel burn-up factor. Capacity factor, exceptional, even though, during the first six months of the year, you need to enter the planned outage program. On the 7th of May, and the synchronization with the National Power System has been restored on 15th of June, 2023. This is about the financial results for the first six months of 2023. The next presentation for the will be for the 3rd quarter report in 13th of November, 2023, at 4:00 P.M. Romanian time, and we welcome your presence to this in this teleconference. If you have any questions, I'm here to answer. Hi, Iuliana Ciopraga from WOOD & Company. Regarding, regarding the current regulation on the centralized market, et cetera, have you heard of any changes planned, planned for next year regarding, you know, regarding market, regarding taxation? Should they be... I mean, I haven't seen anything, but I was wondering, have you heard of any, any changes to the existing legislation regarding the windfall tax, for example? We haven't received any formal notification in this respect. We are working under the assumption that the current legislation will be held up until March 2025. You're not aware of any changes being planned right now, anything in the parliament or whatever? We haven't, we haven't been announced of any changes in the parliament. We are not currently aware of any legislative initiatives to amend this piece of legislation. Secondly, I've seen a comment, rather recent comment, I think it was from Mr. Budușan, that for reactors three and four, they, they or you with them are looking for partners. Can you comment anything on that side? Because, in the last discussion, I think we, we discussed that, three and four will be on your balance sheet, so you would assume the risk. It will be guaranteed by the state, but you would be developing the project. Is that the case now, or how would it work? Currently, in accordance with the Support Agreement, the government will become a shareholder in the company by bringing the first tranche of heavy water and uranium. So far, no changes to this plan. There are no discussions on an additional partner? Not, not the government? When these discussions- Or a partner? When any of these discussions or potential discussions will be more mature, we will for sure, inform the shareholder. No, I was just wondering about the intention, if that's, if there's at least the intention to get another partner? We are analyzing all the options that are available at this moment in order to strengthen the balance sheet of the project and to move forward with the project. Thank you. Can you remind us on the timeline? For, for both for SMRs and for, for, and actually for the depreciation, if I got the name right, CapEx as well. So a bit on the timeline for three and four SMRs and, and, and, the, three and four. So what, what are the next steps in all these? Yeah. The CTRF project, the facility that will filter the tritium out of the heavy water. Mm-hmm. Mm-hmm. We are envisaging, a period of 50 months for the EPC contract, and we are in, in the early preparation. We signed the contract, and now we are getting up for the start of the project. For Unit 3- You signed already the EPC, okay? The contract is signed. Mm-hmm. Mm-hmm. Now, we started the work under the contract, the early phases, the kickoff meeting, et cetera. The timeline is 50 months from the signing of the contract for the finalization of the project. Mm-hmm. With the Unit 3 and Unit 4, the current, the current timeline is for 1st of January 2026, to start the CapEx, which means that six months in advance, we'll have financial closing for the project. It will be finalized in about five years, 2030, 2031. For some, for 2031, it will be finalized. With the first modular reactor in Doicești, we are working now on the initial engineering phases, which will inform the potential calendar for the development of the project. I have no answer at this moment to give to you with regards to the Doicești SMR project. Mm-hmm. Regarding the, the, regarding three and four, there is no feasibility study yet on this project. When, when would that become available? How... I mean, in 2026, you start CapEx, that's already super advanced, but. We are, we are working now on revising the timeline, the budget, and we are doing the preliminary work in order to determine these elements. Okay. You have the first contribution, right now, 'cause if I remember correctly, so, you have the, you have the support agreement. What, what's next? You have the unit- you needed to contribute with, with cash, with the cash injection to EnergoNuclear. What needs to happen for you to, to disperse that cash? What's the next step? The next... Basically, we are currently doing engineering works in order to determine the timeline and the budget. As you may remember, since we are a member of the European Union, we need to prepare ourselves to submit a notification under Article 41 of the Euratom Treaty, in order for the, for the start of the official start of the project. We're working also on, on this aspect. When do you, when do you need to increase the share capital of EnergoNuclear? There was, I can't remember right now, the amount, quite a significant amount, so approved already, the EGMS. In accordance with our Support Agreement, the maximum amount that SNN contributes to this- Mm-hmm. To the amount of this project is EUR 185 million. Oh, EUR 185 million. Okay. We will contribute to this amount, as per is needed. In accordance. Oh, so if you don't need, need it, it will not be a lump sum, a lump sum. You'll, you'll, you'll contribute, I don't know, whatever is needed. Of course. This is all until, until when? The support, this up until the final investment decision. The EUR 185 million, which is the amount- Okay, it will cover everything at the same. The amount that is contributed by, SNN, in accordance with the Support Agreement, either through increasing share capital of EnergoNuclear or shareholder loans, in order to inform the FID decision. FID? Yes, FID. The FID will be probably those six months before start of works, right? The FID will probably. We will need to take the FID when we have all the information, which is customary for such a decision, including a budget with a reasonable degree of probability, completed timeline on stressful architecture, approval from Euratom, financing, and I guess it's going to be around six months before the start of hard works. Thank you. Thanks a lot. Okay, if there are no more questions... Anybody else, any questions? If there are no more questions, thank you for joining us. You will be able to find both the presentation and the audio file on our website Investor Relations page. Thank you very much. Have a good evening, everyone. Thank you. Thank you, Dan. Thank you, everybody. Thank you. Thanks a lot. Bye. Bye. Bye-bye.