Hello, everyone. Astăzi, la videoconferință, pe lângă. Today's videoconference is attended, in addition to those you already know: Mr. Ștefănuț, former General Manager; Mr. Stanciu, current General Manager; Mrs. Nicoleta Florescu, Financial Manager. The new directors named in their positions: Mrs. Mihăilescu, Development Director; and Mr. Ștefan, Operational Manager. Să începem. So let's begin. Punem mai întâi pe ecran. Let's. O scurtă prezentare. Show you a brief presentation. Short presentation of figures for the first quarter. Very briefly, the first quarter of 2025 can be characterized as follows: so mainly an increase of revenues in relation to Q4 2024, and of course this reflects an increase in terms of operated and transported volumes, but in profitability conditions that continued to decrease overall due to tariffs, which were incredibly low on the market, and in light of the efforts, actually. Eforturile noastre concretizate în creșterea costurilor. Our efforts in terms of increasing market share, especially in what concerns the river transport market. Aggregated volumes, as I stated, were upward. The market showed stabilization tendencies after decreases sustained last year. There are still variations among goods categories, and an important aspect to mention in what concerns our adaptability to market conditions, we had a significant decrease in terms of expenses on main expense categories at group level. Let's move on. O secundă. Just a second, please. Nicio problemă. We have a small technical issue. Ok. Great. Deci, în ceea ce privește. In terms of financial results, individual financial results, revenues increased as compared to Q4 2024 as a result of increase of volumes. Profitability decreased. EBITDA maintained its level at 9.5%. Actually, it decreased, but it's still at 9.5%. A profit margin of 6.2%. These results stem from a significant reduction of operational expenses, and the balance sheet is showing a slight increase. În continuare, având un grad. We still have a very low indebtedness degree. Aceeași evoluție au avut. The same development happened in terms of consolidated financial figures at group level. EBITDA margin was slightly lower as compared to the TTS margin, but overall the balance sheet is solid, a low level of indebtedness. Câteva cuvinte despre. Now, a couple of mentions related to the measures to reduce expenses that were conducted in 2024. As you can see, as compared to Q1 2024, expenses decreased significantly, average of 16.3% at consolidated level. A more accentuated decrease was in the segment of river transport, and it also has a higher weighting in overall expenses. This decrease amounts to approximately 25% as compared to Q4. There are slight increases in terms of transport and at consolidated level. These mainly stem from variable expenses that appeared due to the increase of volumes and activity level overall. If we analyze the two main segments, operation and river transport, well, our discussion concentrated on the four expense chapters that cover over 80% of expenses at consolidated level: salary expenses, subcontractor expenses, consumables, and energy. Here, the main cost is fuel and repair expenses. Now, in terms of. La nivelul. Now, in terms of the operation segment. O secundă, nu mai înțeleg. Ce arată cum trebuie? There seems to be an issue with the display. Da, ăsta e ok. Deci, focalizarea noastră prin. So our main focus was on the river transport segment because, as I stated before, it is a segment that occupies the highest weighting in terms of overall expenses. So, in this segment, there were a lot of reductions based on two categories. Variabile. In terms of variable expenses, so subcontractors and fuel. Of course, the volumes were lower as compared to Q1 2024, so these cost decreases, well. We also operated significant reductions in terms of salary expenses. La nivelul la care. We actually reached a level or. So, now. We are entering an optimization stage because we have to maintain a level of the workforce that allows us to tackle competition on the market. What was significant for this development relates to reduction of repair expenses at the bare minimum, strictly necessary level for fleet functioning, adapted in terms of barge numbers and pushers as per the market requirements. Next slide, please. În trimestrul 1. In Q1, we recorded an increase of the market share measured in terms of transit via the Danube-Black Sea Canal. So, it was a significant increase from 23.9% in 2024 to 31% in Q1, and percentage-wise, it's higher than the volume growth. So, the market share growth was approximately 30% as compared to 2024, but volumes increased by only 20% as compared to Q4 2024. This gives us an indication in relation to the fact that volumes achieved by other fleets were decreasing and our volumes were increasing. We expect to record an increase in terms of margin for operation activities, but right now we don't have available data from the Port of Constanța in what concerns the quarter. So, we can only calculate the share for the Danube-Black Sea Canal. Moving forward to volumes, aggregated volume increased as compared to Q4 2024 on both segments per total, per transport, and per operation. Port operation. In terms of port operation, a huge factor was the integration of Decirom. Decirom had a very good quarter and decreased compared to Q1 2024, both in relation to operation and transport. So, the decrease in terms of transport and operation as compared to 2024 stemmed from the disappearance of Ukrainian goods flows. The volume that was transported was lower as compared to Q1 2021 as an effect, a consequence of the overall reduction trend in terms of mineral flows. Moving forward to product category, in terms of agricultural products, the volume remained at a low level in Q1 2025 as well. Low demand for services, which was reflected also in the annual report. Farmers are unwilling to sell on international markets, and this has influenced significantly port operation activities. Flows for transport are less volatile and slightly increasing as compared to Q4 2024 and as compared to Q1 2021. In terms of minerals, the increase as compared to Q4 was recorded on segments and overall values. The most significant came from Constanța port. The most significant was recorded in terms of port operation. This showed an increase in the growth trend. The volumes are higher even as compared to Q1 2021. In terms of chemical products, they had the least volatile development. They are constantly growing overall as compared to Q4 2024. They grew both in terms of operation and transport, and there was a slight decrease as compared to Q1 2024. Otherwise, all the other figures show growth overall. I would like to highlight the fact that at the level of Q1 2025, the volumes are almost double as compared to Q1 2021. Indeed, this activity in terms of port operation has shown constant growth. Aceasta a fost o scurtă prezentare. This was a brief presentation of the main information available in the report. Așteptăm din partea dumneavoastră întrebări și suntem aici pentru a vă răspunde. Câteva întrebări de la domnul Ciprian Nedișan. We'll have some questions from Mr. Ciprian Nedișan considering the Liberty Galați restart operation operating. What level of labor will generate? Liberty a pornit ieri. Noi avem vânzări. Hello? Our colleagues in Galați drove by yesterday. Deci, e un început. Drove by Liberty Galați. This was the start. Asta a fost prima așa. Today we had the first part. It's a start. The residues have been collected from the last panel. The estimates are very good considering the discussions we had. Also, with the traffic in Constanța. In Constanța storage, we have these. Plus discuțiile pe care le avem privind reluarea, posibila reluare a traficului din Ismail, începând chiar din această lună. Da, în trecut aveam și eu un milion de tone pe an. 1 million tons per year, and current estimations for this year, I would place them. I don't know, proportionally speaking, we are getting closer to a million ton quantity. This is in relation to Liberty. So, within 2-3 weeks' time, that's when we will be able to move towards production of laminated products. Then, of course, maybe river transport on the Danube will commence with various destinations. This is the overall idea. We have to mention that right now we are commencing a program that will be conducted as per desires, or it will be changed depending on the context, of course. Next question. Will port activity for TTS be influenced, or are these goods intermediated by other port operators? There is a possibility, especially in terms of laminated products. We might make the shift towards port operations in terms of export of laminated products that should arrive via Constanța. Of course, we have been discussing this topic for quite some time. Caius would like to intervene. Caius, please. No, no. He doesn't hear us. Can you hear us, Caius? Hello. Hello. Can you hear me now? Yes, we can hear you. I'm sorry. Thank you, first of all, for this presentation, and congratulations to the new members of the team. I would have wanted to ask a question, each of them. It's the same question, actually. From the new position that you hold currently within the group, how do you see the influence? What are your objectives for the development of the group, and which do you believe are the directions to take for better outcomes in the company? Thank you. It's a good question. I have an ongoing plan. I would note only the first ideas about integration and to be able to optimize within the group of companies. On the development side, we are considering various options. We are looking at the market, and we are trying to choose the best solutions. So you're talking about development from a commercial point of view? Yes. Thank you. We are trying together with the colleagues in Navrom to be a bit more aggressive in the market, not from the tariffs point of view, but via the costs that we have to attract more flows of goods. This means that we are trying to work in full on the river transport. We are also in discussions with new partners on the Danube, and we are working with them, but we're trying to develop and increase the flows of goods and also to integrate with the port operations in Constanța with our companies or with other partners in Constanța. Decirom or others. Mulțumesc. Thank you. A question for everybody. But Mr. Jankowski is the closest to the operations. What is going on with the barges in the Danube? The fleets increased. Everybody has their own barges. What are we going to do with them? Will we cover them? Will they push them? Two weeks ago, we went in Sebeș and we met some of our partners. One of our main partners talking about the transport operations in fertilizers. And what is going on? He asked us about this market and this large number of barges. The idea is that recently the shipowners are starting to sell their barges. If you go alongside the Danube or, but also in Cernavodă, you can see on both sides, units that are staying there without activity for weeks or even months. Another partner is already in the process to open an area on the Danube in order to cut these units, some of these units. So they don't visit anymore. I will say two other ideas. In 2024, a lot of competition is unrealistic in the pricing area. There were areas that were wondering, how do they pay the taxes of canal and port taxes? How are they able to afford it? This went on for some time, but on a long-term basis and on a medium term, you cannot compete only by pricing. Of course, if you are very solid from a financial perspective and you can endure losses with the purpose to be in the market. So this period is kind of over. This is one of the reasons that we increased in market share on the canal. So there are actually players who are exiting the market. The result is the barges are waiting to be sold, to leave, or to be cut at a very low price. It is very hard not to buy them. They are so cheap. After a boom in 2023, you may want to sell those barges. But who will buy them? Who has the flows to load those barges? We will see an inversion of the trend. The barges that came will be put up for sale at a very low price. There was low demand for services, and that is why the price decreased. The tariffs, how do you believe when do you believe are going to strengthen? Leaving the jokes aside, we're not talking about that. Actually, a few words were stated on that. If we look at these tariffs, upstream ones, they're stabilizing. Those are stable ones on a one-year time frame, but agri, and chemicals, where the tariffs are spot-based, we are also in an area of stabilization in Greece from June. We barely signed the contracts for the Greeks. They're close to being finished. As we wanted, we signed the agreement. We had some increases. Acceptable. Let's not say appropriate. Let's not say good. If the flows of goods on the Danube will have the ports in Constanța, we'll follow the estimates of the harvest. So if we see an increase also in the fertilizers, but not in minerals. So I believe we are in a stable at the bottom of the pit, and we hope to recover the difference as fast as we can, starting from July when the transport of grains will be. So Caius, we are right now seeing the finalization of the buyer's market period. I believe we are no longer in the buyer's market era. Last year, it was full-fledged because it was arbitrage. You received a phone call from someone, and this person was discussing with two other people and was trying to arbitrage the tariffs in order to obtain the best price. Of course, this created pressure on the market, and all suppliers partook in this game. But this pressure has decreased significantly right now. So naturally speaking, you can't talk about tariffs and their development, but it's natural for you to think that they will reach long-term levels deemed as normal, so not the levels from last year, which were very low. Thank you. It was very clear. Now let's move on to Cosmin Paraschiv's question. Hello. Thank you for the presentation. Question one. What measures to reduce costs are you envisioning for the following period? Mainly the same measures that we have started last year in the summertime, so on the same business lines, but with fine-tuning elements, of course, because certain costs will appear constantly. And a very important focus for us, we are not going to cut costs just so we show that we have no costs. We are cutting costs rationally if possible, and if those cost cuts don't prejudice or damage our overlying position. Our costs may increase, for example, because if we have an activity as estimated, and if volumes start from Ukraine, minerals, grains, which could be in line with the crops that we estimate, so it's obvious that we are going to need more exploitation costs. This entails higher costs overall. We are going to have more barges operating in Constanța, so that's fuel, additional fuel. So maybe not Q2, but Q3 will show an increase in terms of revenues, but also an increase in terms of costs. So these are rational reasons why the entire process is delicate. So that's why we talk with our colleagues from Navrom. So as my colleagues stated before, we want to continue the reduction within the group, and we want the measures to be consolidated, and we want us to act and implement measures as rationally as possible. Two, what expectations do you have for the agricultural segment in the following period? I think I already answered, so briefly, in the last weeks, and last week, actually, we had a meeting with our biggest or top two, three exporters in terms of grains from Romania, and we are periodically in consultation with all of the players, high rollers in the market, so the crops seem to be from excellent going upwards, so we're talking about, of course, the summer harvest, so we had a record production in terms of grains, but there was a huge surface that was used for sowing, and in July, towards August, we are expecting to see the actual harvest, what it will look like. Right now, everything looks great, so both sides seem to be great, but we are waiting for the heat wave at the end of July, June. We have to see. Overall, generally speaking, the harvest, the crops seem to be going great. Hopefully, record levels. This happened last year or two years ago. We have to see once the harvest begins. But grains are not selling right now, but that doesn't mean they won't start to sell tomorrow. So we have enough time until next summer to see how the situation will develop. Question from Mr. Dram. Are the results for Q1 in line with what was budgeted? So there is a seasonal aspect. Ever since the COVID era, Ukraine destroyed our seasonality. So as per the traditional budget line, we are in line in terms of good volumes. It's difficult to comment right now if we are achieving economical efficiency. We are waiting for Q2. So at the middle point of the year, we are going to conduct a budgetary projection for the entirety of the year. Mrs. Daniela Popov, the same question. Hello. Thank you for the presentation. How are you positioning yourself in regard to the annual budget with the results from Q1? Do you believe the budgeted revenues are achievable? So yes, we can clearly state yes, but we have room for discussion by the end of the year. Let's talk in August. So in August, we will be closer to the end of the year, not only in terms of time, but also in terms of flow, in terms of grains in Q3 and how they will develop in the next quarters. And we will also see if Liberty acts and produces as per the projections, if that's one approach. So if they achieve the budgeted output, we'll have one approach. If they only achieve half, we'll have another approach, and so on. So it depends. Tariffs were still very low in Q1. How did they transform in April and May? So in terms of mineral products, which entail long-term contracts, are stable for the year period. For spot minerals, spot market minerals, there is a stabilization tendency. In terms of grains, everything is stabilized right now. We are waiting for the harvest to see. Did grain flows improve in April and May? Of course, the harvest seems to be okay, but the crops collected last year are still in the storage units and haven't actually had a lot of movement due to low price. There's still demand right now. The prices are still low, but so good prices. We're talking about goods prices. From Mr. Cișmaru, transport for Ukraine has completely disappeared from the market. I think we only had one grain transport from August. I think that was it. Right now, we have 2,000 tons that left from Ukraine, so they are still on the market. So in terms of grains, no, of course. But other goods from Ukraine are still being moved, lower quantities, very small quantities, but they're still active. What are the mineral levels at a non-EU level? So Serbia. We're talking about Serbia. So in terms of minerals, the quantities are, let's say, growing. In what concerns port operations and starting from that point, maybe we could say the same thing about river transport as well. At the same time, for non-EU countries, there are new goods flows on the metallurgical side. So they are arriving in Constanța with destination Serbia or Yugoslavia, Bosnia, and Montenegro. At the same time, there is a flow that is created right now with raw materials, minerals via Constanța for non-EU destinations. We are working on this type of product and transportation. There are no questions right now. Let's not wait. So there are no more questions. As such, we can conclude the video conference. Thank you, everyone, for participating. And of course, we will meet again at the end of August to discuss the first half of the year, and we are also going to present assessments related to budget execution for 2025. Once again, thank you, and hopefully, we will see you again in August. Thank you.