Good morning, welcome to Loma Negra's first quarter 2021 conference call and webcast. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key, followed by zero. After today's presentation, there'll be an opportunity to ask questions. Also, Sergio Faifman will be responding in Spanish immediately following an English translation. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note that this event is being recorded. I would now like to turn the conference over to Mr. Gaston Pinel, Head of Investor Relations. Please go ahead. Thank you. Good morning. Welcome to Loma Negra's first quarter earnings conference call. By now, everyone should have access to our earnings press release and the presentation for today's call, both of which were distributed yesterday after market close. Joining me on the call this morning will be Sergio Faifman, our CEO and Vice President of the Board of Directors, and our CFO, Marcos Gradin. Both of them will be available for the Q&A session. Before I turn the call over to Sergio, I would like to make the following safe harbor statements. Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release and recent filing with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. This conference call will also include discussion on non-GAAP financial measures. The full reconciliation to the corresponding financial measures is included in the earnings press release. Now, I would like to turn the call over to Sergio. Thank you, Gaston. Hello, everyone, and thank you for joining us today. First, I hope you and your family are safe and healthy. As always, I am going to mention a few highlights of the first quarters. Then Marcos will walk you through our market review and financial results. After that, I will provide some final remarks, and then we will open the call to your questions. As you could see from our release yesterday, in the first quarter, we had a great performance, mainly on the back of our cement business. The strong momentum experienced in cement sales since last year's bottom is now decelerating, and volumes are stabilizing around pre-pandemic levels. The higher operational leverage, together with good performance in production inputs, translate to world-class profitability levels, enabling us to grow our EBITDA by 49.6% and expand our margin by 341 basis points. Our adjusted EBITDA in the quarter was ARS 52 million compared to ARS 36 million in the first quarter 2020, when COVID-19 pandemic lockdown were establishing. Our top-tier profitability levels, our focus on our working capital management, and our recent de-leveraging result into strong cash flow generation and solid capital structure, with a net debt ratio of 0.04x. We continue to move towards completion of our strategic L'Amalí expansion project, which we expect to start producing clinker in the upcoming days. Full commissioning of the second line is programmed for the next months. I will now hand off the call to Marcos Gradin, who will walk you through our market review and financial results. Please, Marcos. Thank you, Sergio. Good day, everyone. As you can see on slide four, leaving behind the fierce double-digit drops of beginning of 2020, the year ended with an estimated GDP drop of 4.3% in the fourth quarter of 2020. In the first two months of 2021, the economic activity contracted around 2.4%. In the case of the cement national industry sales, the recovery was much stronger, especially in the bag format. After a steady increase in sales volumes since the collapse of demand of the first and second quarter last year, demand seems to have stabilized around pre-pandemic figures. First quarter 2021 posted total volumes of 2.7 million tons, up 38.6% higher than first quarter 2020, only 2% lower than first quarter 2019. The main driver behind this trend is bag cement sales, which posted an increase of 35.6% year-on-year and almost 9% when compared to first quarter 2019. Bulk segment, which started to contribute with positive year-on-year growth, is still lagging behind first quarter 2019 figures by around 16%. Consequently, the share of cement sold in bulk increased by almost 200 percentage basis points from 36% in first quarter 2020 to almost 38% in first quarter 2021. We expect this breakdown to remain rather stable in the following months with a moderate bulk recovery. The macroeconomic context, together with COVID-19's second wave, could increase the uncertainty and affect major construction projects' resumption. Naturally, when total industry figures are compared to last year, March and April presented an outstanding 94% and 135% respectively, as those months were the most affected by the initial lockdowns. Certainly, the economy as a whole still faces different tests, particularly on the macroeconomic outlook expectation about GDP growth for 2021 revolve around a mid-single digit expansion, definitely far from pre-pandemic levels. In this sense, we carefully watch the strength of different economic sectors as they are reopening for businesses. Turning on to slide five for a review of our top-line performance by segment. Consolidated revenues increased year-on-year by 35.4%, mainly reflecting the positive momentum experienced by our core cement business, which is now stabilizing around pre-pandemic levels. Additionally, and bearing in mind that by the end of the quarter last year, it was established the lockdown to contain the COVID-19 outbreak. In the first quarter, all segments sales volumes experienced a strong recovery. Cement, masonry cement and lime segment was up 38.4%, with volumes expanding 38% with stable pricing. Concrete posted a revenue increase of 64.8%, continuing with the mild recovery path in sales volume, yet distant from pre-pandemic levels, but with a negative pricing environment. By contrast, aggregate posted a revenue increase of 47.3% as higher volume sales coupled with a positive pricing mix. Railroad revenues decreased by 12.7% in first quarter 2021 versus the same quarter in 2020, as the higher transported volumes were more than offset by poor pricing performance. Moving on to slide seven, consolidated gross profit for the quarter was up 61% year-over-year, with margin expanded by 577 basis points, a result reinforced by the pulse of our core cement business. Cement gross margin expanded in the back of higher operational leverage and profiting from cost discipline. Energy inputs benefit from early prices renegotiations together with improvements in unitary energy consumption. SG&A expenses as a percentage of revenues decreased by 57 basis points to 8.2% from 8.8%, mainly due to cost dilution from higher sales volume and higher level cost compared to last year's level. Please turn to slide eight. Our adjusted EBITDA was up 49.6% in the quarter, reaching ARS 52 million, and consolidated EBITDA margin expanded by 314 basis points to 35.7%, mainly thanks to margin expansion in our core business. This segment expanded by 322 basis points to a best-in-class 40.8%, mainly due to an increase in sales volumes and improved energy inputs. In a per ton basis, EBITDA increased compared with the same period last year and sequentially, around 6% and 5% respectively, and stood at ARS 38. Railroad adjusted EBITDA margins deteriorated to 107 basis points, mainly impacted by pricing performance and partially offset by higher transported volumes. Concrete adjusted EBITDA decreased 63% compared to first quarter 2020 as softer pricing and higher SG&A costs outweighed the increase in sales volumes and the reduction in unitary cost of sales. Finally, aggregate adjusted EBITDA margin improved to -11.2% from -25.2% with better pricing that weighted, but still depressed sales volumes and low operational leverage. Moving on to the bottom line on slide 10, driven by EBITDA growth and net finance gain, net profit surged by 104% to $37 million compared to first quarter 2020 levels affected by initial lockdowns. Total finance gain stood at ARS 141 million in first quarter 2021, compared to a net loss of ARS 170 million in first quarter 2020, as our net monetary position presented a gain of ARS 558 million in first quarter 2021, compared to a ARS 176 million loss on first quarter 2020. Additionally, the exchange rate difference also presented a gain of ARS 21 million, reverting a loss of ARS 239 million in first quarter 2020. Finally, our net financial expense declined by ARS 70 million to ARS 438 million compared to same quarter last year, driven by lower total financial debt. Measured in US dollars, our net income for the quarter was $37 million compared to $10 million in first quarter 2020. Moving on to the balance sheet, as you can see on slide 11, our top-tier profitability level, our focus on our working capital management, and our recent deleveraging results into a strong cash flow generation and solid capital structure. We ended the quarter with a cash position of ARS 6 billion and total debt at ARS 6.7 billion. Consequently, our net debt to EBITDA ratio stood at 0.04x compared to 0.16x at the end of 2020. During the quarter, we made capital expenditure for ARS 1 billion, which one-third was dedicated to the L'Amalí expansion project. Additionally, we canceled ARS 443 million of financial debt and repurchased share for a total amount of ARS 255 million. For our final remarks, I would like to hand the call back to Sergio. Thanks, Marcos. To wrap up the presentation, I please ask you to turn to slide 13. Although we are getting to coexist with the virus and the vaccination plan is progressing, cement demand seems to be stabilizing around pre-pandemic level, and we expect a moderate growth perspective for the remainder of the years. In this sense, current macroeconomic context, together with potential restrictions related to a second wave, could increase the uncertainty and affect large construction project reopening. Our world-class profitability level, our focus on our working capital management, and our recent de-leveraging result into a strong cash flow generation and solid capital structure. Together with capital expenditure in L'Amalí plant, which will start producing clinker in the next days and which will be fully commissioned in the next months, are for us a solid ground to rely on the year to come. Last but not least, I would like to thank all our people and stakeholders, without whom this set of solid results would have been very difficult. We are now ready to take questions. Operator, please open the call for questions. Thank you. We will now conduct our question and answer session. If you would like to ask a question, please press star then one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star then two if you would like to remove the line. For participants using speaker equipment, it may be necessary to pick up your handset prior to pressing the key. Once again, star then one on your telephone keypad. We would like also to ask that you limit yourself to one question and one follow-up. Please, if you have additional questions, you may re-queue for these questions, and they will be addressed. Please note that Mr. Sergio Faifman will be responding in Spanish immediately following an English translation. Please hold momentarily while we assemble our roster. Our first question comes from Nikolaj Lippmann from Morgan Stanley. Go ahead. Thank you. Thanks for taking my question here. Congratulations on both the results and also on finishing the plant out in L'Amalí. I know it's hard just to go down to one, but my question is, you're generating a lot of cash, and it looks likely that you will continue to generate a lot of cash. What can you do? What are the potential M&A opportunities? I don't know if you see anything in aggregate. What is the thinking around your balance sheet and the use of cash over the next couple of years? Thank you very much, and again, congrats. Hi, Nikolaj. Thank you for your question [Non-English content] Regarding the exceeding cash, as we mentioned before, we're working on the board of directors under the committee of finance into a long-term plan [Non-English content] In the last time to now, we have been working with two banks in order to think about and to strengthen our strategy and to think what to do with this exceeding cash [Non-English content] Under this analysis, we are thinking on a more aggressive dividend policy, some acquisition locally or some deal abroad. [Non-English content] Yet, the strategy is not defined, and in the short term, we are using our resources for the repurchase plan that is coming to an end by the end of the month. Got it. Thank you very much. You're welcome. Our next question is from Alberto Valerio from UBS. Go ahead. Hi, everyone. Hi, Gaston and Sergio and Marcos. Congrats on the results. I think it was the best results in Argentina market ever. I would like to ask you an additional follow-up on margin gains. I think it was close to 3.5% year-over-year. Even with the prices in U.S. terms dropped a little bit. If you could provide additional color, it would be very helpful on these margin extensions. Thanks. Sorry, Alberto. We are not clear if we understood the question. It's regarding the margin expansion? Exactly, Gaston. If you could just provide additional color how you achieved this 36% of EBITDA margin, needed 3.5% expansion from Q1 2020? Hi, Valerio. Thank you for your question [Non-English content] Regarding the margin expansion, there are a few factors playing in. First, we have to remember the lockdown that happened in March last year. [Non-English content] Logically, the higher volume this year comes together with a higher cost dilution per ton [Non-English content] Additionally, last year, between April and May, we signed some natural gas contracts, which had an impact not only last year, but also in this first quarter. [Non-English content] Finally, our performance that we improved as a continuous operation and also the pricing policy, which was also positive during the period. Just a follow-up. Can we have the level of capacity that Loma is running at the moment and at what capacity it will be running after L'Amalí plant starts operating? Thanks. That's all my questions. [Non-English content] Currently, we are working at 80%-85% of our capacity. [Non-English content] You should remember that the expansion of L'Amalí represents additional 40% of our total capacity. [Non-English content] Obviously, the second line will enable us to further optimize our production, and to benefit from the seasonality in our costs. Our next question is from Nicolas Giannoni from Balanz Capital. Go ahead. Hi, good morning. Hope you are doing well, congratulations on another great quarterly result. I have one question regarding your gas supply contracts. How do you see the new pricing environment in the gas market impacting on margins as you start to renovate these contracts? I don't know if you have meaningful maturities this year. Trying to understand if these are sort of a straightforward revolving of the contracts, or given your long-standing relationship with these suppliers, you usually are able to perhaps negotiate some discount versus market prices. Thanks. Thank you for your question, Nicolas Giannoni [Non-English content] As you know, there have been some issues with the supply of natural gas, derived from some conflicts in the natural gas basins in Argentina. [Non-English content] Last month, we had renovated our natural gas contracts for the next 12 months. [Non-English content] Many of those contracts raised the awareness that we may have some issues of supply due to the supply problem that we mentioned before. [Non-English content] Given that situation, we took two concrete actions. One related to the import of petcoke to guarantee our winter production, and the other one to renew some of the contracts that we were mentioning. [Non-English content] As a consequence, the other risk that was mitigated is our capacity to produce cement during the winter. Okay, thank you. Really clear. This concludes our question and answer session. I would like to turn the call back to Gaston Pinel for closing remarks. Oh, I'm sorry, there's more questions. Nikolaj Lippmann from Morgan Stanley. Go ahead. Nikolaj? Sorry, I was muted. Sorry for coming back, but just a clarifying question here. Did I understand this correct? That you are importing petcoke for the winter period to some degree, but you don't expect to have a negative impact on your cash cost? It sounds very counterintuitive. I was just wondering if I got that correct. Thank you, Nikolaj [Non-English content] Yes, we are importing one vessel of petcoke, and we're going to produce during the winter with a mix between petcoke and natural gas. [Non-English content] Additionally, during winter, just to remember that we do the overhauling of our equipment, and that's why typically we produce in a lesser extent during winter. [Non-English content] With that mixture of petcoke and natural gas and the contract that we already have signed for natural gas, we do not expect volatility in our production costs. Got it. It's more like an insurance policy. Thanks for clarifying. Now it concludes our question and answer session. I would like to turn the conference back over to Gaston Pinel for closing remarks. Well, thank you for joining us today. We appreciate your participation and your interest in our company. We look forward to meeting more of you over the coming months and providing financial and business updates next quarter. In the meantime, the team remains available to answer any questions you may have. Thanks again and stay safe. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.