Good morning and good afternoon, ladies and gentlemen. Welcome to Coca-Cola İçecek Q2 2021 Financial Results Conference Call and Webcast. My name is Çiçek Uşaklıgil, and I am the Director of Treasury and Investor Relations at CCI. Our presenters today are Mr. Burak Başarır, our CEO, and Mr. Andriy Avramenko, our CFO. During the call, all participants will be in listen-only mode. Following the first part of this call, there will be a Q&A session, and you will be able to write down your questions on the question box on your web screen. Just to remind you, this conference call is being recorded, and the link will be available online. If you have any objections, please disconnect at this time. Before we start, I would kindly request you to refer to our notes and our presentation regarding forward-looking statements, and the text for clarification about personal data protection. Now I'm leaving the floor to Mr. Burak Başarır. Sir? Well, thanks, Çiçek. Good morning and good afternoon, everyone. Thank you for joining us today to discuss CCI's Q2 and first half 2021 results. As you know, Turkey is going through a difficult time with unfortunate wildfires in multiple locations like Greece, Italy, Russia, and several other countries struggling with similar events. I want to recognize the heroic efforts of the Turkish firefighters and other first responders at the forefront of firefighting this disaster, and express our sympathy and support to those affected by the huge tragedy. To contribute first response efforts, we have provided beverages, coolers, and other equipment, sent refrigeration trucks to the affected regions. We are also looking into other engagements to help communities affected by the wildfires, including monetary support, beverage donations, and additional support. Following successful results in the Q1 of 2021, our business momentum continued to accelerate in the Q2. Once again, we delivered robust operational and financial performance despite the pandemic-related challenges, lockdowns, and restricted mobility in the majority of the Q2. Thanks to our great people, agile business model, strong brands, and truthful mindset, we've registered a broad-based positive performance across all of our markets. Our consolidated sales volume grew by 20% to double digits growth both in international markets and Turkey. Despite the continuing restrictions on the on-premise channel and curfews, we grew transactions through an increasing focus on at-home consumption occasions, translating into our IC share increasing to 23%, growing 5% on a year-on-year basis. In the Q2, our net sales revenue increased by 61%, EBITDA by 23% with a margin of 23.3%, while net income doubled, reaching TRY 721 million. Let me move to the next slide, please. In line with our priorities, we once again delivered in line with our quality growth algorithm in the Q2 of the year. Sales volume was strong in all markets, led by sparkling, energy, and IC categories. Through successful integration of IC packs for at-home occasions, we mitigated the negative effect of on-premise closures to some extent. We also managed to grow the number of transactions significantly ahead of the volume growth. In addition, our disciplined price increases and other RGM initiatives enabled us to grow our net revenue per unit case by 35% in the Q2, and 29% in the first half of the year. Net revenue per unit case growth, disciplined cost management, and through well OpEx management led to 158 basis points EBITDA margin expansion in the Q2, and 267 basis points in the first half of the year. Moving on to the next slide, please. Looking at the category trends, the sparkling category performed outstandingly with 18% quarterly growth, mainly with the sound performance of brand Coca-Cola growing 20%, while Sprite grew by 16%. The decline of sparkling category in the Q2 of 2020 was limited to 10%, and brand Coca-Cola to 7%. Cycling 27% decline in the Q2 of the year, stills category performed well in the Q2 of this year with 40% growth on the back of solid performance of energy drinks and IC categories. The energy category grew by a remarkable 61%, while IC grew by 54%, and the juice category also grew by 20%. With our continuing focus on immediate consumption packs, the water category grew by 29%, cycling 47% decline a year ago. The sparkling water with the new visual identity and addition of new flavors grew by 92% in the year. Keeping in mind that we were cycling a very low base, the on-premise has also doubled as we model fast to take home and home delivery at on-premise channel. The gradual normalization and partial recovery of the tourism sector started by June also supported this solid performance. The at-home channel performed great, growing double-digit in the Q2 as we focused home occasions such as work, leisure, entertainment, and family gatherings. We were able to expand profitable penetration of IC multipacks in this channel and increase availability of these multipacks at retail outlets, including discounters. Let me move on to the next slide, please. In Turkey, sales volume grew by 80%, despite lockdowns and limited mobility due to pandemics in the first two months of the quarter. Our continuous focus on core brands, effective promotion management, segmented consumer promotions, and new product extensions helped us to deliver this solid performance. We also partnered with other FMCG companies, creating various campaigns and increased our portfolio's availability on e-commerce channel. Category-wise, sparkling beverages grew by 13% on an annual base, led by 18% growth of the Coca-Cola brand. Coca-Cola Zero Sugar relaunched with an improved taste and a new VIS, resulted in a remarkable 50% growth on a year-to-date basis. Energy, juice, and IC categories all registered double-digit growth. Water category recovered, mainly driven by small packs and very strong mineral water performance, while cycling a very low base in the year. IC share has not fully recovered to the pre-pandemic levels, but share of IC at home channel, which is 75% of our business, increased to 14% as compared to 10% in 2019. Net revenue per case grew by 25%, supported by improved pack and channel mix and price increases. Higher volumes, effective commodity hedging initiatives, and tight OpEx management enabled a solid 66% EBITDA growth, along with margin expansion of almost 195 basis points. Let me move to the next slide, please. Continuing their strong business momentum, international operations performed exceptionally well in the Q2 too. Looking at the categories, sparkling beverages grew by 20%, led by 21% growth of the brand Coca-Cola and double-digit growth of Fanta and Sprite. The decline in the sparkling in the Q2 of 2020 was only 6%. Still category grew by 55%, mainly on the back of solid performance in IC and juice categories. The water category recovered partially, growing by 33% in the Q2 of 2021, on the back of our value focus, prioritizing smaller packs in the category. The on-premise channels grew by 92% in the Q2 of 2021, and 50% in the first half, while growing more than 20% in all other channels. Net sales revenue grew by 3x more than volume in our reporting currency TL, and 2x FX-neutral terms. EBITDA increased by 73%, leading to 40 basis points margin expansion. Moving on to the next slide, please. Pakistan continues to be on the right track of robust and sustainable growth in volume and value terms. After fixing the fundamentals of the business, starting with supply chain and finally fixing the route to market with correct fundamentals, Pakistan continues to deliver ahead of the market growth. With the strength of our core portfolio, product innovations, increasing outlet penetration, effective cooler placements, strengthening the route to market system, and improving market execution, we grew volume by 20% in the Q2 and continued increasing our market share. With our IC focus, transactions grew ahead of volume. Disciplined revenue management led to enable 35% revenue growth in the Q2 in local terms returns. Further productivity initiatives, disciplined cost management led to 37% EBITDA growth. Investing in infrastructure and increasing availability through quality execution, we are committed to improving our business in Pakistan in the coming years as well. Next slide, please. In another one of our key markets, Kazakhstan, sales volume grew by 22% versus prior year, while revenue and EBITDA grew by 42%. Our continued focus on IC packs and e-commerce made significant contribution to our performance. Sparkling beverages were the main driver for growth with a 19% increase, while stills grew by 46%, mainly driven by the IC category. In Iraq, we have made a double-digit price increase in past and local currency devaluation impact at the end of last year, as you know. This was the first price increase in a long time, and despite the price increase, our sales volume growth was prioritizing future consumption packs in waters, the category decreased by 26%. On the other hand, our total sales volume growth was double digit, excluding the water category. Price increase led to solid revenue growth of 35%, while sparkling category grew by 13%, led by a strong performance of the brand Coca-Cola. Let me move on to the next slide. As we announced last Friday, we signed a binding share purchase agreement with Uzbekistan State Privatization Agency to acquire a majority stake in Coca-Cola Bottlers Uzbekistan. This transaction strengthens our position as one of the strongest partners within the Coca-Cola system. Uzbekistan is an excellent fit for our current operating geography. It is the most populous country in Central Asia, and its population is almost equal to our other Central Asian markets combined. The median age is 28. Uzbekistan has a growing population and very favorable NARTD fundamentals. Per capita consumption of NARTD beverages is very low. For example, the population is twice as high as Kazakhstan, and NARTD per capita consumption is half of Kazakhstan. Coke's share in the total NARTD market is relatively low, only a quarter of the total market, offering huge growth potential. Beverage categories other than sparkling are still practically untapped. The economy is undergoing liberalization, and the regulatory regime aims to become foreign investment friendly. We have a huge respect for the Coca-Cola Bottlers Uzbekistan's employees and history as a local Coca-Cola Bottlers. Yet we believe that with CCI's knowledge and experience in building market execution capabilities, supply chain know-how, effective go-to-market capabilities, and digital capabilities, there's a significant potential for delivering sustainable, profitable growth in this fascinating market. We expect the transaction to be earnings accretive immediately since closing, which is expected in the next 30-60 days. I will now leave the floor to Andriy to go over the financial results. Andriy, please. Thank you, Burak. We continued to deliver successful financial results in the Q2, following a very strong Q1. In the Q2, our net sales revenue grew by 61%, driven by strong volume growth in all markets, higher share of sparkling, improved package mix, timely price adjustments, and other revenue growth management initiatives. The positive impact of currency translation also helped. However, excluding the FX impact, the net sales revenue growth was still solid at 45%. Gross profit grew ahead of net sales, leading to 206 basis points margin increase. As you may remember, we made an accounting methodology change in relation to the spare parts amortization starting from the Q4 2020. Due to this change, in the Q2 of 2020, consolidated gross margins was restated to 33.8% from 35%. Excluding the impact of this restatement, gross margin expansion in the Q2 was 88 basis points. This strong expansion was mainly attributable to better price and package architecture, improving channel mix, and higher per unit case net sales prices, as well as successful management of commodity-related cost pressures. We continued with our disciplined OpEx management despite gradual normalization. Accordingly, OpEx to sales ratio continued to decrease, leading to close to 300 basis points of EBIT margin expansion in the Q2 2021. EBITDA grew by 73%, and margin improved by 158 basis points. Here, I want to note that we had an accounting methodology change regarding marketing expenses. Previously, marketing expenses were accounted for on an accrual basis. Starting from this quarter, we are accounting for them on pro rata volume basis. In the full year, it won't make any difference, while seasonality impact is distributed more properly now. Accordingly, in order to provide a fair comparison, we restated last year's EBITDA margin as well. Without a restatement reflected in the Q2 2020 financials, the margin expansion would be 68 basis points in the Q2 2021. Reflecting robust operational performance, net income doubled both in the quarter and in the first half. On top of strong operational profitability, our prudent financial risk management enabled net FX gains in the quarter, supporting the positive performance at the bottom line. On to the next slide, please. The net revenue per unit case growth is one of the most significant reasons of our solid results. Disciplined price increases, tight discount management, and strategic RGM initiatives, including SKU prioritization, segment-based marketing, and premiumization, are crucial parts of our strategy to realize sustainable growth per unit case metrics and ensure delivery of our quality growth algorithm. In line with this mindset, 21% FX- neutral NSR per unit case growth was significantly higher than the 17% COGS per unit case increase in the back of successful management of cost pressures with prudent hedging initiatives. Similarly, tight OpEx management, despite normalization of marketing and spending, enabled us to deliver higher EBITDA margins on both quarterly and half-year basis. Next slide, please. As part of our value creation mindset, we are committed to profitable and sustainable EBITDA growth, and translation of this profitability to solid free cash flow generation through tight balance sheet and prudent CapEx management. As discussed in the previous slide, main contribution to EBITDA generation came from high unit case sales prices, successful hedging initiatives that mitigated the commodity cost pressures, and frugal OpEx mindset. Our net working capital over our annualized sales continues to be as low as single digits. This, along with the strong operational performance and disciplined CapEx management, led to a 34% increase in free cash flow generation in the first half of the year. On to the next slide, please. As a result of a continuing free cash flow generation and our prudent FX risk management, our net leverage continued to decrease to the lowest ever level of 0.4x. Burak talked about the exciting Uzbekistan acquisition, which we are financing fully with cash at hand. Our strong balance sheet enabled that. With our commitment to free cash flow generation, as discussed in our guidance, we do not see a significant change in our net debt to EBITDA figure by the end of the year. We feel comfortable with the strength of our balance sheet and liquidity position. What will change a bit is the net loan position that we have in our balance sheet. As you can see at the chart on the bottom left, as of June, we had a net loan FX position of US$71 million. With Uzbekistan acquisition, this figure will turn into net short position. We are considering expanding the net investment hedge amount in line with the US dollar-denominated borrowing amounts in our balance sheet. However, there will still be some decrease in the net loan position. With our commitment to keeping a large portion of our cash in hard currency, as well as our prudent risk management discipline, we are comfortable with the short position we might have at the end of the year, which will certainly be below our international EBITDA figure in U.S. dollar terms. I want to briefly talk about the cost pressures amid the commodity price increases, and this is one of the hottest topics these days. Our cost structure is simple. One third concentrate, which mainly in local currency and linked to sales prices. 20% sugar, mostly regulated markets where prices are not suitable to hedge and totally dependent on crop. One third is packaging. Here we are taking proactive approaches to hedge our future exposure, predominantly in resin and aluminum. As our current favorable hedges roll off this year, we are working to find attractive levels to lock in commodity prices for 2022 and beyond. We do not rush to build hedging position in the current prices and monitor better opportunities with a proactive approach to increase our hedging levels for the next year. At the same time, we have other tools to manage significant cost pressure, such as passing it to consumers with timely price increases, better managing customer discounts with strategic RGM, and improving channel package product mix with premiumization going forward. Using these top-line growth tools and our supply chain productivity levers, we believe we can manage the commodity cost volatility. Having said that, we came to the end of the financial section. I now hand the floor to Burak for his closing remarks. Burak, please. Well, thank you, Andriy. Following our solid result in the first half of the year, we are again encouraged by our business' strong fundamentals. Despite continued headwinds ahead, especially around the new variants of COVID-19 and the possible impact of recent fires on tourism, we still feel confident that we can outperform our initial guidance at volume and revenue in the full year 2021. We revise our full year guidance on volume from 4%-6% growth to high single-digit growth and our consolidated FX-neutral net sales revenue growth from high teens to low to mid-20s. We repeat our profitability guidance as it is, considering the ongoing cost pressures, particularly commodity prices and our successful OpEx management. Let's also remember that the profitability margins we achieved in 2020 and first half of 2021 are beyond pre-pandemic levels. Our prudent CapEx, tight net working capital management, and focus on delivering free cash flow remain unchanged. On the next slide, please. As we emphasize frequently, our business is resilient and built on solid fundamentals. Our excellent brand portfolio, agile people, winning culture, excellent execution capabilities with a customer-centric focus, and strong strategic alignment with the Coca-Cola Company are the key strengths of our company. By leveraging our learnings from the pandemic to set strategies led by digitization and continuous adaptation of our business to evolving consumer preferences, channels, and occasions, we continue creating value for all of our stakeholders. By prioritizing our consumers, customers, communities, and people, we continued accelerating our quality growth while focusing on transforming our way of doing business with a sustainable and responsible mindset. Now we are ready to take your questions, and we can open the floor, please. Thank you very much. Thank you, Burak Bey. As a reminder, please post your question on the chat box. Our first question comes from Ece Mandaci from Ünlü & Co. Congratulations on robust performance. Could you please provide information regarding your short-term plans and prospects regarding Uzbekistan operation? Would it be fair to assume double-digit volume growth, 17% EBITDA margin, and similar CapEx to sales for Uzbekistan in 2022? Is the cost model similar to Kazakhstan operations? Thank you for the question. Yes, Uzbekistan. Exciting development for CCI. In terms of our immediate plans, immediate plans obviously to get all necessary regulatory approvals, complete the pre-closing steps, and within 30- 60 days, to complete acquisition. This is our immediate focus as well. We continue preparations for integration and taking control of the business and integrating this exciting business and a very skillful and experienced group of people who are working in Uzbekistan operation into CCI. We look forward to welcoming them into our business. In terms of going beyond the day one integration, obviously, we built long-term plans. I would like to say that if we look at the fundamentals of Uzbekistan in terms of large population, 34 million people, low per capita consumption, high growth in terms of the industry. Pretty much the only category that is being developed now meaningfully is sparkling, and the rest is nascent stage. From that perspective, we see the long-term potential of Uzbekistan sort of virtually unlimited in terms of at least our lifetime. We are very excited to add Uzbekistan to our portfolio of operations once the deal closed in 30-60 days. In terms of the economics, obviously, I'd like everybody to understand that this was a very fairly long, very competitive, and very complex process, as this was a competitive privatization tender, right, run by Uzbek government and their advisors, Rothschild and Dentons, in a very professional, very transparent way. As a result, it was very competitive with fairly limited information provided. We did due diligence and so on, so we have the plans. We will focus, and we will talk, I think, more in terms of more specifics of how Uzbekistan will grow and how this comes together with the CCI, potentially at the later stages. As I said, the growth potential is very significant. The EBITDA margin that they delivered last year, I think is public knowledge. We published it. It's a fairly well maintained and managed operation in terms of the infrastructure. We look forward to bring it in. In terms of the references of what Uzbekistan could be or would be or what we can do in Uzbekistan, I think I would like to draw your attention to Kazakhstan as it is a much more developed story for us, but it takes a few years to get there. I would like to draw your attention to developments that Burak Bey was talking about in Pakistan and how we continue to grow our business there. These are the good references for you to understand what we are planning for Uzbekistan. More information to come on this. Let me add a couple of words following on these comments. I think, as CCI, we have proven track record of managing the emerging markets, frontline markets in our geography. There are many good examples that what we've done in the geographies we are operating in. Uzbekistan was a long target for us. For a long time, we've been waiting Uzbekistan to join our portfolio because Uzbekistan is a huge country within the overall Central Asia, as I said, close to 30 million people. There's a good amount of trade in Uzbekistan. That's a good thing. Whatever you do, whatever you implement, Uzbekistan market is open to receive a lot of good feedback. That's a good news. Our number one priority will not be obviously the margin side of it, but obviously we're going to build the infrastructures. The good news is that I've visited a lot of plants in Uzbekistan. Their shape is at CCI standards. We will obviously have to build the capacity in Uzbekistan to capture the great opportunity in the country. We are all very excited and very positive about Uzbekistan opportunity, and it's a perfect fit to our portfolio. We have a lot of the capabilities and a lot of the know-how from our previous experiences to implement in Uzbekistan market. We're very excited. Uzbekistan will clearly be a number three operation in a pretty short time within our existing portfolio. Okay, we have a new question from Ruchir Desai from Asia Frontier Capital. Congratulations on your results. Can you please discuss more on the outlook for Pakistan since you have announced another capacity expansion plan in the country? Thank you. This is another exciting topic on Pakistan. Pakistan, as Burak Bey said, we build the fundamentals. We really continue to perform in this market very well. Finally, the growth that we planned, we built for is coming through. Our goals for Pakistan continue to grow, obviously, both the category itself and continue to build our participation in that category. I would like to say that there are important achievements in Pakistan this year, as you know that we were able to improve price realization after many years. While we grow with a very high speed, so to speak, we also focus on quality growth despite of this incredible growth opportunity there in terms of volume. It looks like from our perspective, that this is a very balanced situation or situation becomes more and more balanced, and it calls for additional capacity as we communicated. We are very optimistic in terms of profitable growth in Pakistan. The next question comes from Paul Whitburn. Uzbekistan, why would you pay 14x EBITDA when CCI business trades at 7x EBITDA? Unless you think margins move towards your international margins. Good question. From our perspective, Uzbekistan has multiple opportunities for us and for very long time. As you know that the opportunities to add Coca-Cola franchises do not come by very often, and, particularly with a country of 34 million people, this was a really exciting opportunity. Yes, there was a very competitive, absolutely transparent and open tender process. We had to pay a relatively higher multiple than maybe in some other situations. Looking at the growth opportunity, both in terms of volume overall in NARTD, particularly sparkling volume, which the category is well-established, then all other categories that are really in the nascent stage that we can add. This is a market leader in Uzbekistan in terms of NARTD. However, the market share overall is only 20%, 25%, sorry, significantly lower than in our other markets. Plus 17% EBITDA margin for the long term is not the kind of margins that you can see in our operations. With all of that, we see a very significant potential to both grow top line, very significantly and with very high speed, but also over time, to continue to improve margins in that operation. We see ample of opportunities to deliver value, and that's why, the multiples that we pay, we are comfortable. We are very comfortable with the price that we paid. Next question comes from Hanzade Kilickiran. Thank you for the presentation. What's your inorganic growth plans, particularly after the surprise acquisition of Egyptian operations by CCH? Let me take that question, Andriy. Apologies, ladies and gentlemen. We're not in the same room with Andriy, so that's why we're having a small work to catch up. Unfortunately, you all know we were interested in Egypt for a long time, and we met with existing local partners a couple of years ago, and then we've expressed our interest, and then we met and et cetera. Unfortunately, we couldn't meet in a mutually workable level with the local Egyptian partners. I wish our friends in the Coca-Cola Hellenic and Zoran best of luck with Egypt. Egypt is a great market. It's a sizable, big market, but it's a tough market. I think it's a perfect fit for their portfolio since they have an operation in Nigeria. I'm wishing them all the best with their acquisition. We also have our interests. We've already communicated with top management of the Coca-Cola Company, including James, John Murphy, and Brian Smith. Now the first step is to make sure we quickly integrate the Uzbekistan business as soon as possible. Whenever and wherever a new opportunity which makes sense for us comes up, we are going to obviously raise our hand and go for it. Thank you, Burak Bey. We have a question from Metin Esendal from Renaissance Capital. Hi. Thanks for the opportunity to ask a question. Given premium deal multiple that you agreed to pay for Uzbekistan operations, would it be a fair assumption to expect similar deal multiples in your future potential M&A targets? Thanks. Every deal is different, as you know better probably than I do. It really depends on the circumstances. We are looking at it on a case-by-case basis and evaluating in terms of what kind of value creation potential the business will have in our hands, first and foremost. Second is, what it takes to win the business, right? If we see a significant upside between these two numbers, financially that's our very simple logic of approaching deals. From this perspective, Uzbekistan, more of an exception than the rule, as I said, this is a very significant growth opportunity. It's a pretty much untapped market. The business that we are buying is in a very strong position in the market. It has a fairly good developed infrastructure. It adheres to the standards of the Coca-Cola Company and what CCI would expect from the well-managed infrastructure. Put it all together, and the fact that it was a very competitive bidding process administered by the government and their international advisors, this is the price that we agreed to pay, to add it to our portfolio. With all that said, other deals may be very different and obviously we are not setting it as a benchmark for ourselves, as something that we would normally pay. It will depend on circumstances. However, as Burak Bey just mentioned, this is a good first step in terms of building out our business inorganically and expanding our footprint. We hope this is not the last step, and we look forward to more opportunities. We have a new question regarding Uzbekistan, a follow-up question from Paul Whitburn. If you assume the Uzbekistan opportunity reaches Kazakhstan metrics, what revenue can we expect in five years compared to currently? Will the government take part in its share of CapEx going forward, or will you increase your stake over time? I wouldn't speculate in terms of how this will look if we reach the Kazakhstan sort of metrics. Kazakhstan took quite a few years to build and this is one of our most successful operations and probably one of the most successful bottlers anywhere. Definitely we see that potential in terms of going where Kazakhstan is now over time, and potentially beyond as we don't see Kazakhstan either as a mature market or a market that reached its potential. There is definitely growth and margins beyond of what Kazakhstan is doing over time. In terms of the CapEx, if the deal is concluded as it is signed right now, which is a fully binding deal, and it's just we are waiting for few approval steps from regulators in Turkey primarily, since Turkey projects the sort of a global reach for the companies domiciled in Turkey. If it is closed as it is right now signed, the government will completely exit the business, and this will be a joint venture between us holding 57% approximately, and the Coca-Cola Company holding their historical 43%. This will be our joint venture with them. The government will not play any further active role in this business after completion of transaction. Thank you, Andriy. We have a question from Selim Kunter from Ak Investment. Could you give some color on volume and cost evolution on a quarterly basis given the strong domestic tourism activity during Q3 so far and the high base of Q4? Thank you. This is about the Q3, I understand the question, in terms of the cost and volumes. As you know, Q3 for CCI last year was very strong quarter, right? In Turkey, I think some of the months and potentially the entire quarter was historically highest quarter ever. That creates a very strong base for us to beat. We are confident that we will continue growth across our markets. As Burak Bey mentioned already today, that gives us confidence to increase our guidance for the year. Obviously Q3 last year, since it was the highest quarter of CCI history, it will be very difficult to beat. I wouldn't expect as an easy breathing as it was happening in Q1 and Q2. Our job is to grow and that's what we will continue doing. Now, in terms of the cost. Yes, the cost pressures are building, particularly in commodities with all the commodity inflation and disruptions in the supply chains globally. Our incredibly well-priced hedges that we made last year are sort of, we're exhausting them this year. By now it's Q3, Q4, depending on commodity and depending on the country. There will be build up in the cost, and therefore we take some proactive steps in this regard from completing coverage whenever opportunity presents itself. As you have seen from one of the slides I presented, we are pretty much fully covered by now, we know we can predict fairly well in terms of how we will end up in cost. That's why we were pretty confident on our updated guidance that we shared. Also we are taking steps on other fronts as, again, I mentioned. In our markets, it's very important to make sure that we realize value of the brands we operate regularly and through the price increases, through mix management RGM initiatives. We are focused on that to make sure that we continue to deliver reasonable margins. Although I want to sort of preempt the question about EBITDA last year, I believe we were 28 something in the Q3, about 28% or something. That's a very high mark. We may have on a quarter a little bit of relaxation from that. As you know, this is high by any standard of any bottler. On a yearly basis, I think we are very comfortable to continue with the guidance that we just updated. There's an anonymous question asking, can you please comment if your guidance includes Uzbekistan volume and margins? We can say this organic guidance, organic assumption, there is no inclusion of Uzbekistan in our existing guidance. We also have another question from Nirvan Dabee. asking, can you please share some color on the financing of the Uzbekistan transaction? Are you raising new debts? If so, how much? What is the maturity of the debt, and is it in U.S. dollars? There is no direct debt raising for Uzbekistan deal. We're buying it 100% for cash. Indirectly, obviously, as I talked about it, our net currency position will be increased in terms of we will go from small net loan position in foreign currency to some short position, which will be significantly below our annual international EBITDA, which we are very, very comfortable with. That's in terms of Uzbekistan financing. If we came to debt markets, in the near future, it would be for other reasons than Uzbekistan. It would be to secure a very long-term financing, because right now we have a pretty good structure for the next two and half years, three years. What happens beyond, if we look at something to secure for much longer term, we obviously may tap the markets. Second, if we, again, continue expansion plans, then it may call for extra financing considerations. Within the footprint we have today, with Uzbekistan, this doesn't require any additional financing, because if anything, our debt to EBITDA ratio, even after Uzbekistan, is fairly low. It will be less than 1x EBITDA, I believe. We have no further questions at this time. As a last reminder, if you have any follow-up questions, please post through the chat. We have no new questions. Burak Bey, over to you. Well, thank you, everyone. We are proud that we are reporting another strong quarters back to back. We're pretty confident that the Q3 will be another successful quarter for us. That's why we wanted to revise our guidance for the full year 2021. We're also very excited about finalization of the Uzbekistan deal, finally. Working on it for a long time. We believe that Uzbekistan will be a great add-on to our existing portfolio, and will add a lot of value to our existing business. I would like to thank each and every one of you. Once again, thanks a lot for your interest in our company, and thank you for joining our call today. Take care of yourself and stay safe. Thank you very much. Bye-bye. Thank you. Bye-bye, everyone. Bye-bye.