Good morning, and welcome to the Loma Negra Q2 2021 conference call and webcast. All participants will be in a listen-only mode. Should you need assistance, please signal conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Mr. 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 Pinnel, Head of IR. Please, Gaston Pinnel, go ahead. Thank you. Good morning, and welcome to Loma Negra's Q2 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 well and healthy. As usual, I'm going to mention a few highlights of the Q2, then Marcos will walk you through our market review and financial results. After that, I will provide some final remarks. Then we will open the call to your questions. As you recall, from our release yesterday, we are pleased with the Q2 great performance, which was mostly explained by our cement business. It is quite encouraging that the strong momentum experienced in cement sales since last year bottom continuing and is already exceeding pre-pandemic level, with July posting the highest three days since 2016. Our world-class operation enabled us to expand our EBITDA by 74% and expand our margin by 483 basis points, posting the best Q2 since IPO. As higher operational level and cost control more than offset the impact of higher production during winter months compared to unusual Q2 of last year. Our adjusted EBITDA in the quarter was $48 million, $22 million higher than in the same quarter last year, impacted by COVID-19 pandemic restriction, and $9 million higher when compared to pre-pandemic Q2 2019. When measuring US dollar per ton, EBITDA increased compared with the same period last year, around 28% and standing at $34 per ton. Regarding our capital structure, we have a solid balance sheet with the low net debt ratio of 0.13x and sound debts profile. During the quarter, our bottom line was hurt by a one-off deferred income tax charge related to recent tax reform. Marcos will elaborate on this later. Finally, in June, we inaugurated the new kiln in L'Amalí plant, which is now up and running and producing clinker. Full commissioning of the second line is moving toward completion and is now programmed for end of September. 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 first double-digit drop of GDP in 2020 is now expected to be partially recovered by year-end. Construction activity, measured by the ISAC, remains strong and is recovering since last November. In the case of the cement national industry sales, their recovery was much stronger. Actually, the recovery cycle that started in September last year is now starting to exceed pre-pandemic levels of 2019. Q2 of 2021 posted a total volume of 2.8 million tons, a 50.5% higher than Q2 2020 and 2% above Q2 2019. When breaking it down by segments, both bag and bulk contributed positively to growth. Naturally, bag segments accumulate a longer recovery cycle and is already above 11% in respect to Q2 2019. On the other hand, bulk is still down around 9% when compared to Q2 2019, yet it has experienced a sharper recovery year-over-year, as it was the most hit segment by COVID-19 restrictions last year. Consequently, the share of cement sold in bag increased. From 32% in Q2 2020 to almost 39% in this quarter. We expect this breakdown to remain rather stable on the following months, with a moderate bulk recovery, seasonality, and some higher public works activity could factor in. Certainly, the economy as a whole still faces different tests, particularly on the macroeconomic outlook. Expectation about GDP growth for 2021 revolve around a 6.8% recovery, definitely far from pre-pandemic levels. Turning to slide five for a review of our top-line performance by segment. Consolidated revenues year-on-year increased by 46.6%, mainly reflecting the positive momentum experienced by our core cement business, with all segments contributing positively to sales recovery. Cement, masonry cement, and lime segment was up 43.4%, with volumes expanding 39.5% and good pricing performance. Concrete and Aggregates posted a standard revenue recovery of 492% and 1,000% year-on-year, respectively. Bear in mind that sales in the comparable quarter last year had collapsed due to COVID-19 restrictions. In the case of Concrete, volume expansion of 184% was partially offset by negative pricing performance. On the contrary, Aggregates experienced sharp volume recovery of 620%, together with positive pricing mix. Finally, railroad revenues increased by 23.5% during the quarter versus the same quarter in 2020, as the higher transported volumes were offset by poor pricing performance due to product mix. Moving on to slide seven. Consolidated gross profit for the quarter was up 88% year-on-year, with margin expanding by 664 basis points, as a result, largely driven by our cement business. Cement gross margin expanded by 411 basis points, from 38%- 42.1%, in the back of higher operational leverage and profiting from cost discipline. We experienced some pressure from seasonal energy charges, as winter production in 2020 was abnormally low due to the sharp drop in demand, including cost initiatives to face last year uncertainty. SG&A expenses as a percentage of revenues decreased by 83 basis points to 8.6% from 9.5% one year ago, mainly due to cost dilution from higher sales volume, which outweighed higher labor costs compared to last year's level. Please turn to slide eight. Our adjusted EBITDA was up 71.1% in the quarter, reaching ARS 4.4 billion, with consolidated EBITDA margin expanding by 483 basis points to 30.5%. In US dollars, our EBITDA reached $48 million or $22 million, higher than the same quarter a year ago, or $9 million higher than the same quarter in 2019, pre versus the COVID-19 outbreak. Mainly thanks to our core business segment, cement, masonry cement, and lime, with concrete and Aggregates contributing in a lesser extent to EBITDA growth. Cement segment adjusted EBITDA margin expanded by 472 basis points to a world-class 34%, mainly due to decreasing sales volume and higher cost dilution, posting the best margin for our Q2 in recent years. In a per ton basis, EBITDA increased compared with the same period last year, around 28%, and stood at ARS 34 per ton. Concrete adjusted EBITDA increased ARS 81 million compared to Q2 2020, explained by lower cost and SG&A in relation to revenues, yet margins remain negative at 6.8%. Aggregates adjusted EBITDA improved drastically from negative ARS 41 million in Q2 2020 to positive ARS 50 million in Q2 2021, with margin of 7.7% as a better pricing mix and volume outweighed cost increases. Finally, railroad adjusted EBITDA margin deteriorated from 7.7%- 4.9%, mainly impacted by product mix and partially offset by higher transported volume and lower burden of SG&A as a percentage of revenues. Moving on to the bottom line on slide 10. Driven by EBITDA growth and net finance gain, profit before tax stood at ARS 3.3 billion. In this quarter, our bottom line was impacted by the recent tax reform, which increases income tax rate from 30%- 35%, including the suspension of the subsequent rate reduction of 25%. This one-off effect is equivalent to ARS 3 billion of additional deferred tax charges, resulting in a net loss of ARS 1.2 billion. Besides this impact, our accumulated net profit for the year posted positive figures of ARS 1.6 billion. Total finance gain stood at ARS 292 million in this quarter, compared to a net loss of ARS 1.6 billion in Q2 2020, mainly due to a foreign exchange gain of ARS 193 million in this quarter, reverting a loss of ARS 864 million in Q2 2020. As a result of a lower net debt denominated in foreign currency and a real appreciation of the ARS. Additionally, gain on net monetary position was ARS 152 million in this quarter, compared to ARS 102 million last year. Finally, our net financial expense declined by ARS 381 million- ARS 453 million compared to same quarter last year, driven by lower net financial debt. Moving on to the balance sheet, as you can see on slide 11. We ended the quarter with a cash position of ARS 2.9 billion and total debt at ARS 5.4 billion. Consequently, our net debt to EBITDA ratio stood at 0.13x compared to 0.16x at the end of 2020. In this quarter, we reduced our debt in $21 million, standing at $56 million, 83% of which is denominated in U.S. dollars. Additionally, we repurchased share for a total amount of ARS 111 million. During the quarter, our operation cash generation was almost fully dedicated to income tax payments and seasonal working capital requirements. As always, in the Q2, previous year's income tax payments are scheduled. Particularly in this quarter, the tax payment of ARS 3 billion included ARS 1.5 billion charged related to last year's divestment in Paraguay. When compared to last year's Q2, we need to bear in mind that in 2020, working capital levels include several initiatives aiming to preserve liquidity under the pandemic uncertainty. Regarding capital expenditure, we spent ARS 1.6 billion, 22% of which were dedicated to the L'Amalí expansion project. As the second line is about to be completed, so are the capital requirements. Now for our final remarks, I would like to handle the call back to Sergio. Thank you, Marcos. Now, to wrap up the presentation, I please ask you to turn to slide 13. As we expect cement demand recovery from last year's volume to continue. We foresee an expansion compared to pre-pandemic level of 2019. For the H2, both seasonality and public works could play an important role. Yet, we are cautioned as macroeconomic context could affect the recovery. At this point in time, impact relative to COVID seems more distant. However, we remain watchful to evolution of the new variants, both locally and globally. After inauguration in June, the brand new kiln in L'Amalí started to produce clinker and is already contributing to our world-class operation. Additionally, the new cement mill and dispatch center are planning to start up by end of September. As we recently communicated and in line with our expectation, a new open access scheme will rule in Argentina railroad network. Ferrosur Roca concession will not be extending beyond the original expiration date of March 2023. Details regarding the new scheme are not yet available. We are analyzing different scenarios, none of which should have a material impact on our current businesses, and where the most probably is to become an operator continuing the current operation. Last but not least, I would like to thank all our people and stakeholder for their commitment to Loma's operational excellence, without whom this set of solid results could have been much harder to achieve. We are confident that, supported by a robust and efficient productive footprint, our solid capital structure and dedicated team, Loma has the base to continue thriving in the year to come. We are now ready to take questions. Operator, please open the call for questions. Thank you. We will now conduct a 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 your line. For participants using a speaker equipment, it may be necessary to pick up your handset prior to pressing the keys. Once again, star one on your telephone keypad. We would also like to ask that you please limit your questions to one question and one follow-up, please. If you have additional questions, you may re-queue for those 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 the roster. Our first question today will come from Alberto Valerio with UBS. Please go ahead. Hi, Sergio and Marcos. Thank you for taking my question. I would like to know about the dynamics in Argentina. The impression that we have here with our estimating, we know that the Q2 is seasonally weaker than the first one, but we estimate that it's decelerating relative to the Q1. With the preliminary data from July, it looks like Argentina is accelerating again. My question is it true the Q2 came a little bit weaker than the strong Q1, and if we can expect to recover in the H2 of the year? Thank you. Sorry, Alberto. You're speaking about margins or about volumes? About margins. I think the volume came as expected. I think the price came a little bit below what we expect. Overall, the EBITDA that I was expecting was a little bit higher than what came, because we saw a very strong Q1. Hi Valerio, thank you for your question. [Non-English content]. Typically, during winter months, there's a seasonality effect on our production costs. [Non-English content]. When compared to last year, we produced a much lower amount of cement and including a lower price of gas derived from the pandemic situation. [Non-English content]. By this time of the year, we were expecting to be producing clinker with a new kiln in L'Amalí plant, which ended up starting in June. The benefits were not collected in the Q2, and we were producing in the Olavarría plant. Perfect. Thank you very much. If you could just provide a follow-up, a call for the H2 of the year. Should we see the activity accelerating again? [Non-English content]. Yes, as you may have seen on the AFCP reporting, July numbers were very good, actually they were the second-best July in history. [Non-English content]. The first days of August, also what we foresee for the remaining of the year, are quite optimistic. [Non-English content]. Forecasting for the full- year for the industry, numbers above the 2019 pre-pandemic levels. [Non-English content]. You're welcome, Alberto. Our next question will come from Carlos Peyrelongue with Bank of America. Please go ahead. Thank you. Thank you, Sergio and Marcos, for the call. My question is related to the new kiln in L'Amalí and the expansions. Can you comment on the expected margin expansion once you're up and running, and provide some timing as to when you think this new kiln will contribute to margin and will be operating smoothly? Thank you. Hi, Carlos. Thank you for the question. [Non-English content]. The numbers of the market will not only depend on the demand volumes, but also the cost of the energy. [Non-English content]. Why we're saying that, because the kiln in L'Amalí plant is much more efficient than the kiln in Olavarría, but there are also many other factors playing in. [Non-English content] The efficiency of the new kiln, regarding the specific consumption in kilocalories, is around 10% better than the Olavarría kiln. We are now analyzing if it's better to run during the summer with summer costs of energy or during the winter using petcoke and naturally higher energy costs. [Non-English content] Now we are running the kiln, and it's already working above the guarantee levels. We are now planning to produce with these levels. A follow-up on this. The margin expansion that you mentioned, assuming that things are running smoothly and we don't have major surprises on the cost side, is 200- 300 basis points on EBIT margin on a consolidated basis. Did I get that correct? Yes, that's correct. It's 2%-4% of margin increase. Okay, great. Thank you so much. Appreciate it. Our next question will come from Nikolaj Lippmann with Morgan Stanley. Please go ahead. Thank you. Good morning, gentlemen. Good morning, everyone. Again, congrats on good numbers. Two questions or one question, I guess I'm allowed two. I'll bake it into one. I was wondering if you can give a bit of details on asset allocation. Given the change in the concession, if you're thinking about a bit of a plan B, maybe expanding your fleet of trucks in case there could be some disruption. Also, the second part of the question would be, how do you guys feel about Aggregates in Argentina these days? Thanks a lot. Thanks for taking my question. Sorry, Nikolaj, could you repeat the questions? We can't hear the first part. Sorry. Sorry about that. My question relates to whether, as the rail concession comes to an end, and of course every time that happens, there's a certain amount of risk associated with the new framework. You have a very strong balance sheet. Are you considering increasing the fleet for logistics in case there's any sort of disruption? Also, how are you seeing the Aggregates market? Is that something that you're looking at in terms of possible use of cash, making acquisitions in that space? Hi, Nikolaj. Thanks for your question. [Non-English content]. Regarding the railway, we do not foresee cost increases from now on. [Non-English content]. Initially, we are planning to keep our operation as an operator in those tracks. [Non-English content] a CapEx. Besides the fact that yet there are no details from the government regarding canon and other factors, we expect either to maintain or to even increase regarding the lower CapEx requirements. Got it. Can you comment on whether you are seeing any opportunities in the Aggregates market in Argentina? [Non-English content]. We're not thinking on expanding on the Aggregates business, but we are increasing margins, thinking on what happened during the pandemic. Nikolaj, [Non-English content]. One important point regarding the railways. Considering L'Amalí II, we have an additional advantage, because we are not going to rely that much on Loma Negra, and we're going to increase the dispatch capacity from L'Amalí II. Thanks a lot, guys. Our next question will come from Agustina Isidro with AR Partners. Please go ahead. Hi, good morning. Thanks for taking my question and for the presentation. Going back to the estimate for the cement shipments for this year. The construction sector is showing this interest dynamic that you were talking about. Many attribute this to the FX gap. What do you think is behind the recovery? As our first question. As a second question, do you think that bulk cement will recover to pre-pandemic levels during this year? Thank you. Hi, Agustina. Thank you for your question. [Non-English content]. There are no doubts that the gap between the FX rates has an impact on demand. [Non-English content] We also observe an increase in public works, especially small public works, while larger public works are still hampered. [Non-English content]. We also observe our consumer behavior to expand the places where they live. This is additionally driving demand. [Non-English content]. Yeah. We can hear you now, Sergio. Thank you. [Non-English content]. When we observe July, we observe that we are above pre-pandemic levels. When you take a look to bulk, it's slightly lower than 2019, and bag is slightly higher than 2019. [Non-English content]. We are already with both volumes closer to 40% of total market volumes. Perfect. Thank you. Our next question will come from Alberto Valerio with UBS. Please go ahead. Thank you for taking my question again, Sergio Faifman and Marcos Gradin. Just another one, now about dividends. You know that Argentina has remained with the restriction of capital. My question is, how further can you guys go with the buybacks? Sorry, Alberto, how you are asking about the buyback? Yes, how much more you can do it. The volume that we are applying for this second buyback program is what we are allowed to do in the local markets. It's more or less ARS 2 million per month. That's the one that we are achieving. We spent almost ARS 5 million during the quarter. Perfect. For how long can you keep doing the buyback? There is a limit, or the limit it's ARS 2 million per month? The limit is 10% of total capital of Loma Negra. It's still plenty of room. Okay, perfect. Thank you. You're welcome. This concludes our question- and- answer session. I would like to turn the conference back over to Gaston Pinnel for any closing remarks. 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 that you may have. Thanks again, and stay safe. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.