Hello, welcome to today's Borouge 4th quarter and full year 2022 conference call. My name is Bailey, I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you would like to ask a question, please press star followed by 1 on your telephone keypad. I would now like to pass the conference over to our host, Samar Khan, Vice President, Investor Relations. Please go ahead. A warm welcome to everyone, and thank you for taking the time to join us today. By way of introduction, my name is Samar Khan, and I'm the Vice President of Investor Relations at Borouge. With me today, I have Hazim Al-Suwaidi, our CEO, Rainer Hoefling, Chief Marketing Officer, Jan-Martin Nufer, Chief Financial Officer, and Louis Desseaux, Chief Operating Officer. Before we start, I would like to draw your attention to the disclaimer accompanying these presentation materials. A note on our disclosed financials. Borouge plc was formally established on 28th April 2022, and as such, our statutory published financials only cover the period from 28th April 2022 to year-end. To assist analysis, we have prepared pro forma accounts showing the combination that forms the current business as if it had been in operation for the full year 2022 and the full year 2021. These are the numbers we'll be working with in the following pages, and these numbers are also available on our website. I will now hand over to Hazim to talk you through the strategic highlights for the full year in Q4 2022. Over to you, Hazim. Thank you, Samar, and welcome to all those on today's call. As you know, the Q4 period was characterized by softer polyolefin pricing level and a challenging global economic environment. Against this backdrop, however, I am pleased to report that Borouge recorded strong revenue growth during the full year 2022, up by 8% year-on-year, primarily driven by higher sales volumes, which grew by 15% year-on-year for the 12-month period and by 24% year-on-year for Q4. Net profit for the year was $1.4 billion, in line with the market expectations. A very good result in a prevailing market environment. Higher volume sales were primarily attributed to our new facility, PP5, which has been ramping up during this year. Despite a compression in average selling prices, we continue to realize strong premium over product benchmark prices, demonstrating the differentiated nature of our offering. Our cash conversions remain strong and supports our commitment to pay $975 million in post-IPO dividends to shareholders for 2022, and we are committed to paying at least $1.3 billion for 2023. At the same time, we are always looking for ways to further future-proof our business to achieve growth and create long-term value for our shareholders. Today, we have announced $400 million Value Enhancement Program focused on driving cost efficiencies and revenue enhancements across the business. Our key strategic growth project, Borouge 4, is progressing on schedule and as planned. We have been mandated by our board to explore international growth and expansion opportunities. These will be focused on geographies and market that support the company's existing strategic priorities. Our ability to perform and position the company for future growth, even in challenging conditions, is a testament to our resilience and ability to deliver value and quality to our customers. I will now hand over to Rainer to discuss the market. Thank you, Hazim. As Hazim mentioned, Q4 was characterized by a challenging market environment driven by global inflationary pressures, industry-wide softening of polyolefin prices, and volatility in oil and feedstock markets. Borouge, however, is well-positioned to navigate these dynamic market conditions. We are proactively anticipating market needs and can tactically place volumes between geographies to address changes in customer demand. Our diversified portfolio of premium products is addressing global market trends, such as the growing demand for energy transition infrastructure or popularity of electrical vehicles, and the acute need for water access and sanitation products. Further, we are serving high-growth markets with the majority of global polyolefin demand coming from Borouge core markets. These markets are also expected to drive global demand growth going forward. Notably, the long-term industry environment for polyethylene specifically continues to be very robust, with demand additions expected to outpace significantly supply additions over the next two years. In the fourth quarter, we experienced some premium compression with our selling prices for the quarter softening, which is an industry-wide challenge in the current environment. Current softer pricing levels reflect the global demand and supply situation and feedstock prices observed during the period, with benchmark prices for PE and PP coming down across the regions. Still, Borouge pricing premium for 2022 was robust, remaining above the over the cycle guidance. For 2022, premia for polyethylene and polypropylene were $311 and $208 per ton, respectively. In the fourth quarter, premia for polyethylene and polypropylene were $217 and $117 per ton, respectively. Moving forward, we expect to continue to realize healthy premia, and we reiterate our over the cycle guidance of 200 per ton for polyethylene and 140 per ton for polypropylene. Our core markets of Asia-Pacific and Middle East continue to record relatively stronger economic activity and healthier product demand as compared to the global average, allowing us to sustain our sales volume momentum. I will now hand over to Louis to take us through the operational highlights from the year. Thank you, Rainer. I would like to take this opportunity to cover production volumes before handing back to Rainer, who will discuss sales performance. While not pictured here, in the fourth quarter, overall production capacity grew by 10% year-over-year, owing to a large extent to the ramp-up of our new PP5 unit, a key milestone achieved in the year. Since the third quarter, we started to introduce differentiated grades into the PP5 production mix. By way of update on the LDPE unit, which is one of our 16 units at our Ruwais production complex, we have made good progress on preparations for a restart and expect to resume operations in the first quarter of 2023. In order to mitigate the interim LDPE volume loss impact, we have and will continue to internally produce significant volumes of propylene. By maximizing the flexibility of our olefin conversion unit operation, which is one of our competitive advantages, and thus converting cost advantage ethylene to propylene, we are able to mitigate the financial impact of the LDPE by reducing the externally sourced propylene feedstock supply needs. The planned maintenance turnaround of Borouge 2, which is part of the five-yearly cycle, is underway and is expected to run until March 2023. The volume impact of this scheduled turnaround is approximately 200 kiloton during Q1 of 2023. During this turnaround, several important maintenance activities and improvement projects are being implemented, ensuring maximum long-term asset reliability. Just to emphasize, at Borouge, we operate a young and well-maintained asset base with limited maintenance CapEx levels, which further enhances our production capacity. We remain committed to operational and commercial excellence with a detailed efficiency enhancement strategy focused on safety, plant reliability and integrity, and cash flow optimization. Back to you, Rainer. Thank you, Louis. Let's talk briefly about our sales volumes. Fourth quarter sales volumes grew by 6% versus the prior quarter and 24% year-on-year. Sales volume were higher for polypropylene due to the production ramp-up of PP5. Sales volumes from energy and infrastructure solutions represent 45% of total polyolefin sales volumes in 2022 versus a 38% in 2021. This is representing a year-on-year growth in segment volumes of 27%. This is part of our strategy to focus on durable products for industrial applications. Specifically, sales volumes of PE100, a key premium product used in infrastructure applications, have contributed positively to the overall sales mix outcome. The Asia-Pacific market continues to be the largest destination for sales. I will now hand over to Jan-Martin, who will talk through our financial performance for the period. Thank you, Rainer. As previously mentioned, we are pleased to note that our full year revenue is up 8% to 6.7 billion, driven by significant sales volume growth of 15%. For the fourth quarter, performance was impacted by an overall weak market environment, resulting in a 5% decline in revenue versus the previous quarter, primarily due to a 12% decline in average selling prices. However, this was partially offset by sales volume growth of 6%. Adjusted EBITDA for the full year decreased by 2.9% to 2.6 billion, primarily due to industry challenges and pricing pressures experienced in the second half of the year. For the fourth quarter, adjusted EBITDA was flat at $541 million versus the prior year and down 9% quarter-on-quarter. Net profit for the year was 1.4 billion, in line with market expectation, which is a very good result in a challenging market and industry environment. I would like to add as a post-period event that in light of a significant 1 billion-plus cash balance at year-end, we repaid $500 million of our $3.65 billion commercial term facility, this being part of the total $4 billion financing brought in place end of 2021. This results in interest cost savings and an updated balance of $3.15 billion for the facility. We will continue to prudently manage our debt in response to the current market environment, optimizing costs and further strengthening our balance sheet. This in anticipation of growth and ensuring future dividend capacity. Moving on to cost. Looking more closely at our expenses, our cost base remains flat in Q4 despite higher production volumes owing to a reduction in cost per ton. Cost of sales increased slightly by 1.2% in the fourth quarter versus the previous period, in both absolute terms and as a% of revenue. Feedstock expenses declined by 3% quarter-on-quarter with our cost base, ethane cost remaining essentially fixed under our long-term pricing agreement with ADNOC, which provides us with a significant long-term cost visibility and supply security, and is a key competitive advantage to Borouge. Overall cost per ton were down 3% in the fourth quarter versus the previous quarter, primarily driven by lower selling and distribution costs. As you will recall, in the previous quarter, we were experiencing higher selling and distribution costs, particularly due to higher sea freight rates brought on by disruptions in the global shipping market. We saw some cost relief as these began to come down in the fourth quarter, and we expect them to remain at lower levels, which will be supportive of our margins. Looking ahead, we're placing a significant focus on overall cost management and revenue enhancement, which I will explain on the next slide. To further enhance our competitive positioning and support further growth opportunities, Borouge has announced a $400 million value enhancement program. With the industry-wide cost escalation and economic headwinds, we're taking meaningful steps to optimize our costs in the long term. With the implementation of our value enhancement program, we will focus on high impact cost efficiency initiatives associated with conversion and logistics variable costs, fixed costs, as well as revenue optimization. The program is expected to result in a positive $400 million or 15% impact to be realized at EBITDA level, mainly by year end 2023. The value enhancement program will be counteracting the impact of the macroeconomic challenges and pricing pressures referred to earlier. Most of this is expected to be achieved during the second half of 2023. Thereafter, we expect to sustain the 15% positive EBITDA impact from 2024 onwards versus the 2022 baseline. Most of the program value relates to, on the cost side, to savings in logistics variable costs, the remainder in conversion variable and fixed costs, as well as a significant revenue enhancement initiative. Moving on to CapEx and cash flow. With adjusted operating cash flow of $2.457 billion in full year 2022, and $465 million in the fourth quarter, cash flow conversion in Q4 remained strong at 86% versus 95% in the previous quarter. This variance reflected higher investment activity in the fourth quarter into operation expenses related to LDPE and the B2 turnaround. Net debt remained stable in the period at approximately 1.1 times net debt to EBITDA ratio. Borouge still records relatively low maintenance CapEx, reflecting the quality of our modern asset base. I now hand back to Hazim to discuss outlook and conclude our presentation. Looking ahead, we are confident about 2023 as activity in our core markets of Asia Pacific and the Middle East remains relatively strong versus the global average. With China reopening, we expect demand growth and support for our polyolefins prices. We reiterate our over the cycle product premium guidance of $200 per ton for PE and $140 per ton for PP. Finally, we will continue to run our OCU at high level of utilization, leveraging our ability to generate cost-effective propylene feedstock for PP production. As seen towards the end of Q3, with shipping costs expected to moderate, we expect logistics costs to further come down and further cost efficiencies to be realized as part of our value enhancement program. I would like to provide a quick update on Borouge 4. As you are aware, Borouge 4 was carved out at the time of our listing to eliminate construction risk for investors and to optimize our capital structure and cash flows. Borouge 4 is our major growth project for the near term, which will be fully integrated into our existing plants and railways, as you can see from the map on the page. The EPC phase is currently ongoing and Borouge 4 is on track to be completed as scheduled in 2025. Borouge 4 will include a 1.5 million tons ethane cracker, two Borstar PE units, and an XLPE unit. This will allow us to produce 1.4 polyolefins, bringing Borouge total production capacity to 6.4 million tons. Based on third generation Borstar technology, Borouge 4 will enable high-value, sustainable plastics applications and help us meet the increasing demand from the Asia Pacific and Middle East regions. Financially, Borouge 4 will contribute to higher margins, thanks to the competitive long-term feedstock agreement with ADNOC for ethane. The initial EBITDA margins are expected to be above Borouge current levels. Finally, through this mega project, we'll be directly contributing to UAE economy actively, thanks to the creations of additional jobs while helping the UAE affirm to a global leadership in petrochemicals. To summarize the key highlights, Borouge distinct competitive advantage and our operationally and financial discipline enabled us to deliver a resilient performance in 2022, despite a challenging second half of the year. We continue to achieve premium pricing and reiterate our existing over the cycle premium guidance. We also launched our Value Enhancement Program, which will help us drive sustainable growth through high impact cost efficiency and revenue optimization. We continue to have ample dividend capacity and remain focused on delivering value for our shareholders. We reaffirm our dividend commitment for 2023 to pay out at least $1.3 billion to our shareholders. Looking ahead, Borouge 4, our key strategic growth project is progressing as planned, and we will continue to provide regular progress updates. Further, we will be exploring international growth and expansion opportunities focused on geographies and markets that support the company's existing strategic priorities. With that, we conclude our presentation and would like to open the floor for questions. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, please press star followed by one. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking your question. The first question today comes from the line of Faisal Al-Azmeh from Goldman Sachs. Please go ahead, your line is now open. Yes, hi, this is Faisal Al-Azmeh from Goldman Sachs. Just a few questions on my end. Just when looking at the premier achieved in Q4, obviously the numbers were quite strong generally, in terms of what you've managed to realize this year and into Q4. When looking particularly for polypropylene, you've went below your long-term guidance. Maybe just trying to understand what drove that and how do we think about the current run rates this quarter. Are you back towards the 114 level, or is that kind of just exceptional for Q4, or this is something that will continue to take place in the first half of this year? My second question relates to the strategic initiatives. You've mentioned you're looking, or you're planning to look at international growth opportunities. How do you balance between acquiring Borouge 4, maintaining a $1.3 billion dividend and also looking at international assets? Are you looking more at the M and A side or in greenfield expansions? What value chains are you looking at? If you can provide some more color on that would be quite helpful. Thank you. Yes. Perhaps, Rainer, I'd take the first question. Overall on the premium side, what we say we maintain our over the cycle guidance, right? Of the 200 MP and the 140 on the polypropylene. I always said that this is a guidance over a full business cycle. I always said that it can happen, right, when there's a bit compression in the market and you get a bit headwind, this can go at the one or the other quarter or so a bit below. Over the cycle, we remain this bit showing the differentiation what we have. We, as also shown, right, while the price is in 2022, were lower than in 2021, around 100, we remain the strong premium. If you look at over the full year, right, where it was reflecting a bit of kind of cycle, we delivered quite strong premiums of $311 and also $208 in polypropylene, which reflects the differentiation what we have. Looking forward on this in the polyethylene side, specifically on the pipe side, we had 27% growth. On the durable side, 45% of our products, what we are selling is in durable products meanwhile. This is significant. When you look then on polypropylene, this is also the way we are going forward. We will introduce more infrastructure products also in our new PP5. It was launched at the beginning of last year. With this movement, we bring the premium differentiation up. We will have also with this the possibility to make space in another plant to produce more differentiated products. We call them block copolymers for specific segments, where we achieve also $50-$80 per ton higher premium that we have in standard products. We launched a new random copolymer for this non-phthalate. Right? This is for a food contact kind of product where we're bringing a differentiation in. We do have a number of things mitigating this already. What we see generally in the market, and finishing with this, if you look at the market sentiment towards quarter one, there is a number of maintenance things going on. Propylene, propane prices are coming up. There are some outages also in the first quarter now in the U.S. On production, which gives a bit of sentiment. There's fundamentally in our region a relatively stable growth, where analysts come also to the conclusion that there is options for price uplift in polyethylene, but specifically also in polypropylene, to get this again in a better shape on the overall price performance of the market. We are working that direction so, that we are coming back to our guidance of 100 for the our own polypropylene. Maybe if I can take the question. On the international expansion, the balance sheet capacity and the assessment of what we would consider in that respect, I think we're very excited that we have essentially been mandated to look into growth opportunities through international expansion that can go in various ways. We are coming from very strong financials and a healthy cash generation also in the period where there have been price compression as we have been setting out. We're starting essentially the journey right now with a net debt to EBITDA of 1.1, which we consider to be low and considerate of the current situation. We have also, as mentioned, just to recap now, recently repaid already 500 million under the existing financing with the commercial banks, and essentially will make sure that we have the adequate headroom to look into all the opportunities that might arise. We think we have the flexibility and as said, want to take all options open but continue our conservative financial approach to this matter. Just also to build on what just Jan-Martin mentioned. When it comes to the international expansions and M and A, definitely for us, we will explore growth opportunities through international expansion as mandated by board of directors. We are open to the right opportunities, provided they are value accretive to the business and fit within our discipline capital allocation policy and are complementary to our organic growth program. Any expansions through new or existing assets will be focused on geographies and markets that support the company's existing strategies and priorities. Thank you. I mean, maybe if I can follow up with that. I mean, the UAE has quite ambitious plans to expand natural gas production over the coming years. Wouldn't you argue that maybe expanding Borouge locally, and adding additional capacity domestically, would also be an attractive proposition versus going internationally? Do you have any strong feelings about international opportunities at the moment versus potentially adding, let's say a B6 or a PP6? Or B5? We are exploring all opportunities, so. All right. Thank you. Thank you. Our next question today comes from the line of Prateek Dutta from HSBC. Please go ahead. Your line is now open. Yeah. Thanks. Thanks for taking my question. I have two. The first one is on China. Are you seeing any signs, early signs of a demand pickup in China over the Chinese New Year and the COVID? That's the first question. Second is on Borouge 4. Have you or do you plan to do an early assessment of what the fair value might look under the current environment? Could you be doing that exercise only in 2025 or you would be doing this continuously till the plant is ready? If yes, then, what's your current assessment of the value? Unfortunately, Prateek, we are unable to hear you. The line is quite unclear. If you could redial in and then we can take your question in a moment. Yeah. Perhaps I summarize question how I understood it. If the question was how we see China for the time being and the market picks up or how is the market sentiment as such, perhaps I. Yes. A little bit on this. Let's say on the market overall, right, of 2022 and looking forward 2023, global, not only China, but globally, of course, the industry has seen some headwinds, right, and expected to continue also in 2023. Globally, we have seen the economic slowdown, geopolitical tensions, inflationary environment. I think this will not go away overnight. If you also, we always set operation rates in a 2023, 2022 coming down, that put a bit the pressure also on the prices. On the other hand, right, if you look at the scale now where we are working in the territories, it is reconfirmed, first of all, the biggest consumption is in these regions. It is above 65%. I would, I always said the growth happening in this region, this 86%, I would say, I would guess in 2023, even the proportion will be higher because Europe and the US will be a little bit lower. We think there will be a continuous good demand. What we also saw, right, that we saw already in the 4th quarter in December last year, right, when China opened up, right, it changed the sentiment already in the market when it was coming to pricing, but when it's coming also to demand. We expect that China, you have seen GDP growth estimates are going up. Also towards 5% will be a gradually increase, but we see already more activity coming from China also on the infrastructure side. We expect that China is growing in a, in a, let's say four plus%, and gives a good sentiment in other regions. In other regions also, if you look at India, like in India, we expect growth rates in polypropylene double digits. Either we expect in polyethylene growth rates of 7%. We expect in the Middle East, Africa growth rates which are 4%. China on top of it. I think we will live in an environment where there is growth possible and where we have all opportunities with our set up being agile from region to region to place our differentiated products pretty good. We are positive from that sentiment point of view. If we can give a second question, maybe? Do you want me to repeat the question again? Please go ahead. It's about Borouge 4, the new plant which is being constructed. Have you done any early assessment of what the fair value of B4 might look like in the current environment? Okay. Martin can take this. Look, I think just to recap a little bit the situation. As you know, Borouge 4 has been carved out in the process of the IPO, which gives us the possibility essentially to mitigate the completion and the construction risk. We have clearly said and stated out that the recontribution of Borouge 4, meeting certain co-completion criteria, will be at a value accretive and dividend accretive process. That's where it stands, and that's the current situation. That's the basis for the analysis going forward. There have been no further clarifications around the topic of the fair market value. Thanks. Thanks so much. Thank you. As a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad. Our next question comes from the line of Jonathan Fyfe from Morgan Stanley. Please go ahead. Your line is now open. Hello. Hi. I'm just. Thank you for taking my questions. I've got two. The first one I've got on just the $400 million of value enhancement. Could you give us a split of how much that relates to cost improvement and how much that relates to the revenue contributions? I guess I just wanna gauge the run rates for various cost lines going forward. The second question I have is just to follow on the Borouge 4. If I recall from the IPO, the cost, the estimated cost of the project is around $6.2 billion. Is this still the right number to think, to consider given all the inflations and raw material cost increase recently? Thank you. Yeah. Yeah, Yeah, Martin here. If I may elaborate a little bit on the $400 million value enhancement program, and then I'm gonna dive a bit into your question for Borouge 4. If we look at the value enhancement program, I think it's good for us to state that, you know, we're not only embarking on that program right now, we have been always applying a cost-conscious mindset. We think now is the right time from a clear position of strength to enter into a very comprehensive program. If you ask about the breakdown of the program, I think the indications and guidance we can give that you should, and now just bear with us because it's a quite sizable program that we're looking at. That the current estimate is that approximately 20% as the current calculation would come from the revenue optimization and the rest would come from cost optimization, right? In the cost optimization, just to recap what we pointed out during the presentation, we think that from the total volume of the program, roughly 50% should come from the area of logistics variable costs, which is also clear if you look at the magnitude and the impact of the LVC that we have been seeing during 2022. I hope that gives a bit more color. We would also say we are planning then, clearly to give regular updates on the status program as well underway, as at various components, including also, looking at the fixed cost and the conversion variable costs. We're gonna give you a regular update on where we stand. Now, heading on to Borouge 4. Look, I think the whole project is set up mainly on an EPC LSTK program. The estimated costs that were given out at that point of time, I think we're not including interest during construction, we certainly will need to do a refresh here. The magnitude of the base costs that you have been mentioning are still accurate. We just would need essentially to add the elements which would then come into the picture if we look at the total Borouge 4 costs in the year of 2025, and we expect then getting nearer to the completion and nearer to the recontribution time. Thank you. Very clear. Thank you. There are no additional questions waiting at this time. I'd like to pass the conference back over to the management team for any closing remarks. We do have a follow-up question. Apologies. The next question today comes from the line of Oliver Connor from Citi. Please go ahead. Hi. Thanks all for the presentation. Just two quick questions if I can. Firstly, just touching on the demand point around China, how do you see that sort of playing out through the year? You know, on the in-industry activity front, do you see that occurring in the first half of the year or more of a sort of second half end of year story, and then, and how that plays into your thinking around sales of infrastructure products into China? The second point, just quickly on the M and A front again, and any kind of investment there. Any regions that you're focused on? I know, I know you said you're looking at anything which is value accretive. Is there a potential particular geographical focus, so perhaps into Asia for new growth opportunities? Thank you. On China, I also don't know how China will exactly develop in 2023. What we see already that there is a changed sentiment. We see already more activity. We were also in a, let's say, a more compressed market in China with COVID lockdown, relatively active and had strong sales, right? In the infrastructure segment, specifically in the water pipe segment, and in the advanced packaging segment. We were able really to place our volumes, right? In this downcycle with our differentiated product range. We see, of course, a gradually uplift over the year. I guess, right, the best forecast is that in the second half of this year, this is ramping up a bit more and given additional good sentiment into the market. That's to, that's to be seen. In the independently, on this, for us, as an organization, it's important that we, that we place our volumes consistent in the market which are strategically for us. Then on top of it, I think for this year, it's important that you show some agility, right? In taking the opportunities in the market. This is what we have shown also in 2022. With the setup what we have as an organization, 12 sales offices with people on the ground, 200 customer-facing people, that we can take the opportunities out of this, out of these market dynamics. It's not only China for us, right? playing a role. I mean, we have a broad range of countries we are viewing. The second question I didn't get fully. I'll take the second one. On our international expansions. As we have clearly highlighted, the board has given us the mandate to explore all opportunities. For us, we have been very much focusing on core markets in Asia and Middle East and Africa and so forth. Our expansions will be, as we said, whether it's a new or existing assets. We focus on the right geographies and the markets. It has to be has a build, a further synergy with Borouge, our organic growth program. It has complement and has to be value accretive to our business. We continue to focus on the business that complement and add value to our business. We'll focus on developing and further business in, in core markets that we are greatly operating in. That's for now. Thank you. The next question is a follow-up question from Faisal Al-Azmeh from Goldman Sachs. Please go ahead. Yes. Hi. Just a quick follow-up. When we think about obviously Borouge 4, you know, the company has levered up to or initially levered up by almost 1.1 times and has paid a pre-IPO dividend to the parents to fund this project. Should we think about the acquisition cost at some point being net of that amount, or you would need to gear up again to pay the full amount? Because part of that leverage was exist, you know, has been channeled to the parents to finance this project, I'm assuming. How should we think about that as and when the time comes for you to acquire Borouge 4? Maybe I'll take the question. Look, we have been taking a very considered approach from the shareholder side to have a mechanism for the recontribution of B4 that leaves quite a bit of flexibility from various angles. The statement that the recontribution needs to be value accretive and dividend accretive prevails. How that is then exactly gonna be factored in and how the mechanism will be, that has not been clearly set out in a fair manner. We have some leeway, and it will be then considered closer to the time where we reach the recontribution time, which is, as mentioned, approximately around 2025. All right. Thank you. Thank you. There are no additional questions waiting at this time, so I'd like to pass the conference back over to management team for any closing remarks. Thank you for engaging with us, and looking forward to meet you in the near future. Thank you. This concludes today's conference call. Thank you all for your participation. You may now disconnect your lines.