Good morning. My name is Doug, and I'll be your conference operator today. At this time, I'd like to welcome everyone to TGS' Second Quarter 2020 Results Earnings Conference Call. TGS issued its earnings report last Friday. If you did not receive a copy via e-mail, please do not hesitate to contact TGS Investors Relations department. Before we begin the call today, I would like to remind you that forward-looking statements made during today's conference call do not account for future economic circumstances, industry conditions and company performance and financial results. These statements are subject to a number of risks and uncertainties. All figures included herein were prepared in accordance with the International Financial Reporting Standards and are stated in constant Argentine pesos as of June 30, 2020, unless otherwise noted. Joining us today from TGS in Buenos Aires is Alejandro Basso, Chief Financial Officer; Leandro Perez Castaño, Finance Manager; and Carlos Almagro, Investor Relations Officer. And now I'd like to turn the call over to Mr. Basso. Sir, please begin.

Thank you. Good morning, everyone, and thank you for joining us today on this conference call to discuss the second quarter earnings and highlights for Transportadora de Gas del Sur. To begin, I would like to talk about some relevant corporate events that have occurred since our last quarterly earnings call. First, I would like to make some remarks regarding how COVID-19 has impacted our operations. Since March 20, Argentina has been in different degrees of quarantine depending on how serious the virus has been affecting populations of different provinces. I would like to remind you that all activities related to the natural gas industry are considered essentially. Under this context, we have been running smoothly our operations respecting all the protocols, which aimed to protect the health of our employees, suppliers and contractors. On last quarter's conference call, I mentioned our concern regarding potential further deterioration of our financial metrics in the following quarters. As a result of the very low reference international prices of propane, butane and natural gasoline, which fell below $200 per metric ton in March, and more difficulties in collecting our transportation deals from the distribution companies, as they experienced some difficulties in the collection from their residential retailer and industrial clients. Regarding the liquids reference international prices, they have partially recovered around $250 in the case of the LPG and around $350 in the case of natural gasoline. Such levels are still below the average prices we had in 2019, but they give us a better outlook in the liquid business segment. In relation to the collection of our natural gas distribution clients, it has improved, but our concern remains high, considering that the collections may be eroded due to the general deterioration of their clients' income as a result of significant reduction of…

[Operator Instructions]. Our first question comes from the line of Ezequiel Fernández with Balanz. Ezequiel Fernández: I'm Ezequiel Fernández from Balanz Capital. I have just 1 question. I just wanted to get an idea. You're building up a relevant cash position. And I'm wondering what do you expect to be the main uses of this cash for the remainder of this year and the next one?

Well, as regarding our cash program, what we are trying to do is to hold the highest position in dollars. And for the application of the cash flow, well, it will depend on the development of the projects that we have in the midstream business, okay? You know that Argentina is going to go ahead with a new gas plant. So we may have some opportunities in the midstream business following this new turn. Ezequiel Fernández: Okay. Perfect. And maybe a follow-up on that one. May we expect something in terms of dividends for this year or the next one? And any news on any expansions at the capacity of the Cerri plant?

Well, as regarding dividends, it depends on our shareholders' decision. I don't have any notice right now, and it's not planned any new dividend payment. And as regarding the Cerri expansion of -- well, I think that we don't have any plan at this moment.

Thank you our next question comes from the line of [indiscernible] with MetLife.

Congratulation for the strong cash position in this context. I have a couple of questions. One follow-up of the Salliqueló question regarding the cash position. You mentioned that the goal is to hold a strong cash position in dollar. If you can provide any detail how much do you have offshore or any comment on that? And the other one is regarding the liquids more regarding to the contract with Dow Chemical. I believe that you are expecting some compensation for the incident that occurred last year. If you have any updates regarding the potential inflow?

Well, regarding the cash position, it's -- our cash is mostly in dollars offshore right now. And as regarding the Dow compensation, we already received this compensation due to the problems -- the breakdown they had last year, okay? It's around $2 million.

[Operator Instructions]. Our next question comes from the line of Bruno Montanari with Morgan Stanley.

I just wanted to pick your brain and ask what would the company's game plan be in case the tariffs continue to be frozen into 2021? And also regarding the tariff freeze now for the second half of the year, if the company believes that you can kind of recover any losses arising from that situation?

Okay. Regarding the -- I will start with 2020 first. I don't think that we are going to have any tariff relief this year, 2020. And our plan is to be very prudent with our CapEx and OpEx expenses in the whole business. Nevertheless, we think that we are going to have some tariff relief in 2020, we should have, but I'm not seeing that we're going to have a recovery of what we are losing this year. It's going to be difficult that -- obviously, we are going to pursue that objective -- that goal, but I don't see that it's going to be probable.

And then a follow-up, also in line with news we have been reading about the gas plant and potentially the construction of a new pipeline, what would you need to see for TGS to be comfortable to participate in building a new pipeline? What conditions would you like to have?

Well, obviously, the conditions should be an improving general economic situation in Argentina, financial situation, and we are going to have some -- we need an important EBITDA in our business to be able to invest in those projects. Nevertheless, our plan is to participate maybe with a lower share than we previously -- when we were talking a couple of years ago, okay?

Our next question comes from the line of Antonella Rapuano with Santander.

I have two questions, if I may. The first one is regarding the share repurchase you have made, and I was wondering if you were planning to cancel these shares? Or are you going to send it back to the market in some point of time? And my second question is regarding the working capital and also the days of sales outstanding, how are these, the distribution -- the distribution companies making the payments? Are you resisting any delays? And how is that comparing to the beginning of the pandemic in March, where distributors have a little bit of delays when paying transportation and also oil companies.

Okay. Regarding the shares buyback program, we don't have any decision right now, but we have three years to cancel the shares previously bought. So we have no rush to make a decision that time. You may -- we may distribute that shares as a share dividend or something like that in the future. But I'm not seeing that we are going to send it back to the market except for that -- for a dividend distribution of shares. And regarding the distribution companies, as compared with the pandemia -- the beginning of the pandemia, we are much better. Total due collections amounted to ARS3 billion at that moment, and we are currently below ARS2 billion, ARS1.8. [indiscernible] paying us regularly every month, but one -- a couple of them have some delay, one of them two months and other one 1 month, but they are paying every month with this delay. Was I clear?

There are no further questions in the queue. I'd like to hand the call back to management for closing remarks.

Okay. Thank you. Well, thank you for participating in this year's second quarter 2020 conference call. We look forward to speaking with you again when we release our third quarter 2020 results. However, if you have any questions in the meantime, please don't hesitate to contact our Investor Relations department with any questions. Have a good day.

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.