Good afternoon, and welcome to MHP's third quarter 2022 results conference call. We are joined by Anastasiya and Viktoria. I will now hand over to Anastasiya to begin the presentation. Thank you very much, team. Distinguished holders, good afternoon and good morning. Thank you for joining us today for MHP's conference call. As Steve said, I'm Anastasiya, Director of Investor Relations and International Communications. On the call today, together with Viktoria Kapelyushnaya, CFO of MHP, we will discuss MHP's financial and operational results for the third quarter and nine months of 2022, as well as current operational environment and expectations until the end of 2022 and going forward, taking into account the war in Ukraine, its current consequences for the country, challenges it brought to the operational environment in Ukraine and in the world. Today's call is based on information released earlier today. However, during our call, we will discuss our projections and plans based on our assumptions, domestic and international trends. Please take it into account. We now move on page number three of our presentation, and we'll have a look at macro environment in Ukraine. First of all, let me start from general overview, how the macro environment looks today and expected to look like next year based on the forecast provided by the NBU, the Ministry of Finance of Ukraine, and number of research run in Ukraine during the last quarter. As you see from the public domain, the war situation in Ukraine has escalated since October when the Kremlin started to conduct targeted massive missile strikes on the territory of Ukraine, fiercely attacking the country's energy infrastructure. This has led to the complete destruction of over 50% of Ukraine's energy infrastructure. Although the recent recovery of Kherson has been encouraging, the overall situation remains highly fluid, and the outlook is subject to extraordinary uncertainty. MHP faced complex challenges and disruptions to operations in the middle of October, frankly speaking, when a number of the country's electricity generation stations and power lines were hit by missile attacks. Operations at some MHP facilities had to shut down for a short period of time after these missile hits. As of today, MHP is again operating close to full capacity using a combination of state grid electricity generated at MHP's biogas stations and diesel generators. However, events have shown that the situation can deteriorate seriously, quickly, and without any notice. Macroeconomic situation looks very challenging, though. GDP in 2022 is expected to decrease by around 32%, while next year, taking into account that active hostility is finished by the end of this year, the economy will begin to recover. Fingers crossed. Inflation ratio is expected to exceed 30% in 2022 and to be over 20% in 2023, including food inflation expected to reach same levels as the overall inflation. The unemployment level reached 28% in 2022 and will remain almost at the same level in 2023. Interesting findings from the research I would like to share with you, and they are following. Around 13 million people left the country since the invasion, of which 50% came back to Ukraine and around 20% will come back next year. Around 60% of population are in difficult financial situation because of the war. Over 50% of population have got financial reserves for less than a month. Over 50% of employees' salaries have been decreased, and almost a quarter of the population lost their jobs and are unemployed now. The current situation, as you can see from the presentation, is expected to reach UAH 42 per $1. Let me now proceed with the company's results for nine months of the year. Slide number five of the presentation. Let me first of all start with operational highlights for the nine months of 2022. Driven by decrease in capacity utilization because of the war in Ukraine, poultry sales decreased by 9% and reached around 477,000 tons. Facing significant challenges in logistics during the first three months since the beginning of the war, poultry exports from Ukraine decreased by 14% to around 257,000 tons, with significant share of transshipments made through the territory of the European Union to MENA and African countries. Total share of exports out of total poultry sales volumes decreased to 54% from 58% in the same period last year. Financial results for nine months of 2022 are following. Group's revenue increased by 14% and reached almost $2 billion, with exports revenue representing 59% of total revenue. Mainly driven by higher export prices for poultry meat, but partially offset by lower volumes and higher volumes of vegetable oil sales. Adjusted EBITDA decreased by 47% to $275 million as a result of war disruptions in operations, which led to lower volumes in production sales as well as due to a significant increase in logistics costs and challenging logistics in general. Let's go on next slide number six, where we can see the key financials for the third quarter of 2022. The results as follows. Group's revenue increased by 10% and reached $727 million, with export revenue representing 65%. Adjusted EBITDA decreased by 35% year-on-year and reached $121 million with EBITDA margin of 17%, significantly down year-on-year because of the war disruption in operations. Let's move on slide number seven of the presentation, where we can see the financial results by segment, for the nine months of the year. Poultry operations remained our key segment. The group generated the majority of total revenue, which is around 72% and 67% of the company's EBITDA. Grain segment generated 5% of total revenue and about 18% of company's EBITDA. Net of sixteen, of course. As you know, the majority of grain produced by MHP and usually used internally to produce feed for chicken. Meat processing and other agricultural operations generated only 5% of consolidated revenue. The European operating segment generated approximately 18% of total revenue and 20% of the company's EBITDA, progressing in line with their strategy and development plans. I would propose to have a closer look at each business segment of MHP, and here I pass my word to Viktoria. Thank you, Anastasiya. Good afternoon, everyone. Let me give you more color on our poultry segment performance, slide number eight. It is important to highlight that during the last seven months of the year, MHP has been facing complex challenges and disruptions in operations, sales, and logistics as a result of war in Ukraine. Only during the third quarter of the year, MHP managed to reach full capacity in poultry production after having decreased it around 80%-85% in March 2022. However, taking into account an increased number of attacks on energy infrastructure of Ukraine, we foresee that MHP can potentially decrease its poultry capacity again. The impact of the war in Ukraine remains unclear at this time and can change seriously, quickly, and without notice. Despite the number of difficulties due to the war in Ukraine, MHP delivered a relatively strong result in Q3 compared to the same period last year. However, we already see that the company's financial results in Q4 are going down. I will talk about this further. The main driver of our strong result in Q3 is substantial export price increase across all markets by 40% year-on-year. That was particularly negatively offset by increased logistics costs due to the war. Thanks to the effective action of the company and the establishing alternative routes, our export volume decreased only by 10% quarter-to-quarter. At the same time, sales in poultry meat in Ukraine, despite substantial decrease in population, migration more than 7 million and disposable income, Anastasiya was talking about the trend earlier, remains stable in Q3 this year and even increased compared to the second quarter. At the same time, poultry price decreased substantially by 25% in dollar terms, driven mainly by depreciation of Ukrainian hryvnia and mix of the product. Let me explain to you what has happened now in Q4 on export market. As a result of a change in economic environment in EU and U.K. and increased competition in MENA region, especially Saudi Arabia, export price trend have changed to negative. Poultry price across all export markets, MENA, EU, from September started to go down sharply, with current price being substantially lower than in Q3 this year. Moreover, MHP has been facing a triple increase in logistics costs year-on-year, I mentioned before, which make it much more difficult for MHP to compete with our competitors from worldwide. Let's move to the next slide, number 10, grain growing operations. It is important to highlight that despite the high price for grain on international market, export price for grain from Ukraine and in Ukraine are significantly lower to international price due to the logistic cost increase because of the war in Ukraine. All this negatively affects the profitability of MHP as well as all agri companies or agri producer in Ukraine. Negative effect for profitability. Moreover, this year weather negatively affect to our corn yield in Vinnytsia and Cherkasy region, which we expect to be lower than budgeted 9 tons per hectare yield. EBITDA of the grain segment in nine months constitute $50 million compared to the $260 million last year, mainly attributed to low expected results for spring crops, and mainly because lower the yield of corn and price. We expect total EBITDA in grain segment this year to be around $60 million. This is the lowest result in MHP history. Let's go to slide 11. Meat processing business financial performance deteriorated significantly due to suspension of Ukrainian Bacon operation in the Donetsk region in April this year. Partially the equipment has been relocated to other region in Ukraine. Additional negative impact was due to significant decrease in demand for HoReCa segment. As today, MHP produced around 1,000 tons of meat protein product per month versus 3,000 per month last year, using both companies and rented facilities. Let's go to slide 12. Several words about Perutnina Ptuj. Growth in capacity in Serbia, in Croatia, resulted in increased 10% in poultry sales year-on-year, which resulted in EBITDA growth 11% year-on-year, driven both an increase in production volume and price. Despite strong price trend during the last month, we expect poultry price in Balkans and Perutnina Ptuj export market, the yield to go down in the fourth quarter 2022. Please go to the slide number 13. Few words about our cash flow and liquidity position. Cash from operation before change in working capital amount $378 million, higher compared to the EBITDA due to non-cash adjustment mainly related to [audio distortion]. At the same time, cash from operating activity was mainly investment during the nine months in working capital. This investment in working capital was more than $245 million, and mostly related to high amount of chicken meat by the end of nine months designed for sale. Secondly, increase in investment in biological assets during the crop sowing campaign due to the higher cost per hectare compared to the previous year. Third, increase in trade account receivables for sunflower oil due to the longer settlements period as a result of increasing delivery period. Fourth, an increased VAT receivables. Last, a fall in trade account payables for plant protection product and seed, and increase in advance made for fuel to be used in forthcoming harvesting and sowing campaign. I also want to highlight that MHP made low investment in sunflower seed as of September compared to the same period last year. This will result in more substantial investment requirements in sunflower seed in Q4. In Q4, we expect additional investment in working capital about $100 million. We expect that our cash and cash equivalents by the end of the year will be amount around $200 million-$150 million. What is very important to understand the minimum our position, minimum safety cash balance for MHP now is $100 million-$150 million, given the current situation and significant uncertainty. I give the floor to Anastasiya Sobotyuk. Thank you very much, Viktoria. Let me start with an update regarding war and its consequences for Ukraine and MHP. First of all, MHP team would like to thank the defense forces of Ukraine, which since February 2022 have deoccupied a total of 52.5% of the territories captured by the Russian Federation, almost 78,000 square km. Although we all have been receiving encouraging news from the defense forces of Ukraine, the overall situation in Ukraine remains highly fluid, and the outlook continues to be subject to extraordinary uncertainty. Unfortunately, the terrorist state does not stop its massive attacks, and just yesterday it fired over 90 missiles during a massive strike, surpassing October 10 this year, when 84 missiles were fired. As you can see from the press statements published today, MHP facilities were not physically hit by the missile's attacks in October and November. However, the destruction of the energy generating stations and power lines has influenced and continues to influence MHP's operations, as the production process has become very disruptive and has already led to increased production costs, losses in produce and difficulties for employees' lives. If such massive attacks continue, the energy infrastructure can be destroyed completely or to the large extent, and in this case, and it will be extremely difficult for MHP to operate as usual, and, that will lead to a decrease in capacity utilization of its poultry capacity, increased costs and other expenses. Nonetheless, as of today, MHP has been successful in maintaining operations at close to full capacity. Hopefully, we will be able to continue to do so. As far as normal trading is concerned, prices in several poultry markets, including the Middle East and EU, have softened substantially and are expected to remain weak due to excess supply and increased competition. The significant incremental costs incurred in recent months due to global inflationary pressures as well as increased logistics costs are expected to continue in 2023. Grain and vegetable oil prices are likely to remain stable and high, at least into 2023, reflecting ongoing global supply constraints compounded by ongoing effects of the war in Ukraine. At the same time, Perutnina Ptuj, MHP's European assets, independently will continue its further development in the Balkans, supported by favorable market environments, we hope. Let's see. Following the strong support demonstrated in March 2022 by holders of our Eurobonds and our bankers, the group paid Eurobonds coupons due in autumn and will pay in full and on time all bond coupons deferred from March and May 2022. Let me finish the presentation now. We are ready for the questions. To ensure that all participants on today's call have equal opportunities, please follow the rule that one participant can raise three questions per time. Thank you for cooperation in advance. Team. Thank you, Anastasiya. We will now move to the question-and-answer section. If you would like to ask a question, please press star two on your phone and wait to be prompted. If you're dialed in by web, you can either type your question in the box provided or request to ask a voice question. Our first question comes from Yulia di Mambro from Federated Hermes. Please go ahead. Hi. Thank you very much for the presentation. I have three questions, please. You mentioned the horrific scale of destruction to Ukraine's energy infrastructure. How have you been able to continue to operate at near full capacity? Do you have backup generators for your production facilities? And how are your production facilities heated? And if we think about the very worst-case scenario and the destruction continues, would that mean high production costs for you, or would you have to halt production completely? That's my first question. Should I go through all the questions or should I go one at a time? Thank you for your question. It would be better if you ask the question by question. It's a good question. You understand. It's very difficult to predict. What potential can be with our facility because it is not just issue. To be honest, now it's not issue about the electricity infrastructure and issue about the, in general, our assets. You understand? Sorry. One minute. Okay. We have some generators, but not 100%. We try to buy more. Anyway, we cannot exclude 100% risk. No, we can't. We try to manage the situation because you know that we have the different slaughterhouse in the different part of Ukraine, and our factory are located in different part of Ukraine, and we have generators, and we move generators from one facility to other facility. Until today, we manage. We had some breaks, but not so long. Maximum for few days. We cannot guarantee what we could do in the future. That's clear. Thank you. My second question is on your negotiation with the bank lenders. When you presented your Q2 results, you mentioned that you were in the process of talking to them about potentially reopening some of the credit lines. Have these negotiations progressed at all? And how do you plan to address the $160 million bank debt repayment in February 2023? Sorry, please repeat. Maybe I did not catch your question precisely. Please repeat what it means. What do you mean? Yeah, q uestion about? It's about bank borrowing. Have you been able to get any credit lines since we last spoke during your Q2 results presentation? You have $160 million of bank debt coming due in February next year. How are you planning to repay that? I think it was a good question. Yeah. About repaying our short-term debts. Yeah. You know that we prolonged in March, May this year, we prolonged the short-term debt until February until 2023. Now we are starting negotiations with bank about next prolongation. Now we are in process. Because I think that, you know, this financing is for working capital, and we are in process about prolongation, and we hope that we can prolong. It is not so big amount, to be honest, $160 million, yeah, and we have very good relations with banks. Yeah, I think that we will do it. Great. Thank you. My last question is on your dividend. The statement included a sentence that you plan to repay all of the delayed coupons from earlier this year, which would mean that you could potentially resume paying dividends again. Should we expect you to resume paying dividends in Q4 this year? Sorry. It's very interesting question, but it seems to me in current situation, I cannot imagine how we can pay dividends. Yeah, because, you know, we understand that we have huge obligation. First of all, huge obligation with our people, with our employees. Yeah. 26,000 people who live and work in Ukraine during the war. It is the first our obligation. The same situation, we understand that we have a lot of creditors, and obligation before creditors. You know, yeah. I don't think, yeah. For me personally, it's nonsense, yeah. Especially, because liquidity position and cash is very, very important for continuous business of company now. That's great. Thank you very much. Very clear. Thank you. Thank you. Our next question comes from Antonio Luiz Gomes from Ninety One. Please go ahead. Hi. Thank you for your time. I wanted to ask you a couple questions around the working capital items. The first one I had was in this quarter, your biological assets fell by around $130 million, but the cash inflow in the quarter from biological assets was only $19 million, and the fair value revaluations for the quarter were only around $25 million-$30 million. I was just trying to understand what the difference is in your biological assets between Q2 and Q3 that led to the substantial decline, but no cash inflow commensurate with that. Hello? I don't know. I tried. Just one minute. Sorry. Maybe I did not catch your question about decreased working capital. Please repeat. Please repeat your question about investment in working capital. The movement in biological assets between Q2 and Q3 was $130 million. It went from $424 million to $294 million. The cash inflow or the change in biological assets for Q3 was only $19 million, year to date, minus $150 million, of which Q1 and Q2 had been $169 million. The change in biological assets was $130 million, but the change in cash flow was only $19 million inflow, which means that there's about $110 million delta that's not explained. Does that make sense? The difference in balance position and position in cash flow, yeah? Yeah. In effect, we will send to you the calculation because at the same time you need to understand that we increase it because we show our financial report in dollars, but currency ratio change by 20%, and total. We will explain to you because it is not possible exactly the direct way to calculate cash flow between balance positions. At the same time, we will send to you explanation, clear explanation. Okay, that makes sense. The second one is you're looking at another outflow, you know, with continued sowing of the rapeseed crops. Looking into 2023, you know, when do you expect that release in cash flow from, you know, a high balance in 2021 versus 2020, and then, you know, a closing balance again in 2022 that, you know, is. You're talking about a $300 million cash outflow from working capital for the full year. I'll explain. First of all, regarding what you need to understand, due to the war. We significantly increased our balance sheet regarding sunflower. As I told in sunflower, we increased our investment in sunflower business. Because it is trade receivables and sunflower in stocks. When the war stops, we decrease this cash flow regarding our crushing business. Regarding, for example, the same situation now we have very high level of stock of chicken meat because today in chicken meat we have more than 75,000 tons. For us, normal level of chicken meat on stock around 30,000 tons. Yeah, we can change this situation, just maybe the same situation after stopping the war. I don't expect this situation will change next year. We will invest this money, but how I see 2023, which is a good signal, yeah. Because in 2023 we don't, if even current situation will continue until by the end of the next year, we don't expect any additional investment in working capital. Yeah. Okay. Because we invest a lot of money, and we understand that the biggest part of this related to situation with war, yeah, and we don't expect any additional investment. Okay. My final question is, you know, you have your short term debt in February, you're looking to extend that. You have the final deferred coupons that are gonna probably be paid in January, February time, which, you know, takes your cash balance further down from the $ 250 million cash closing balance. You're gonna start looking into sowing in March, April time for, you know, your next harvest season, which is next summer. I was just wondering, you know, what your cash need is and how you plan to fund that. No. If current situation will continue until February, we understand, as Anastasiya told, we understand how we will repay our Eurobond, which we postpone, the deferred Eurobond. We understand. We invest a lot of money regarding sowing campaign. We bought fertilizer now in the third and fourth quarter, and that is why we understand that our investment regarding sowing campaign next year will be slightly low compared to 2022. We understand how we repay this Euro coupon. Okay. Just the last question. Based on current situation. At the same time, based on current situation, if something happens, we understand, yeah, it will be completely new issue. How much is the sowing campaign from a working capital need next year versus this year? No, we start sowing campaign, yeah, to be honest, we start sowing campaign since October because you understand we try to buy fertilizer from the fourth quarter. Total, our if you compare all our investments sowing campaign year-over-year, approximately decreased, not so significant, approximately by 10%, if you compare total amount. Okay. Okay. Thank you very much. Thank you. Our next question comes from Kyle Kneisly at Knighthead Capital. Please go ahead. Thank you. I had two topics. First, on the export pricing, I guess a generic question around EU and MENA pricing. For the quarter, I believe your export pricing was in the neighborhood of $2.60. I was curious what the outlook for that is for Q4. I'd like to understand how the outlook for pricing for EU exports from Ukraine compares to the outlook for Perutnina Ptuj pricing in the Balkans. If you're regarding price, yeah, Q4 compared to the Q3, yeah. In Europe, approximately minus 20-25%, which is the trend. Around 20%. In MENA region, the same trend, approximately. In Perutnina, because you know that Perutnina sells mostly branded product. Yeah, we see just not so significant decrease, but not the same figure. Yeah. It's lower. Yeah, maybe 3%-5%, depends on the market, depends on the product. Yeah. Okay. We could get round numbers down around $2 per kg from the Ukraine export pricing. Yeah. Yeah. Okay. My other question was just to help bridge the cash from $317 million currently to $200 million-$250 million at year-end. What would the inputs there be for CapEx? I think you said negative $100 million for working capital, and I'm struggling to understand where we see EBITDA CapEx with the coupon payments coming due versus some commentary earlier today about the EBITDA almost being approximately 50% lower. Your question about this, how we calculate, how we explain $ 250 million compared to the current, our cash balance, $ 300 million? That's right. Yeah. Rough numbers. Yeah. Because You have $ 100 million. As I told we need by the end of September, our stock of sunflower seeds was very, very low. Usually we buy approximately 400,000 tons of sunflower seeds, and usually we make very interesting to buy during this harvesting campaign, sunflower seeds and put in stock. We invest in this approximately $100 million. At the same time, in December, we will pay Eurobond coupon. We have the CapEx maintenance according to our program approximately $40 million- $45 million. $40 million-$45 million of CapEx? Yeah. No, this is maintenance, yeah. No, maintenance and some finalize our project. It's very important that you understand that for us it's very important to buy some equipment and to produce for export market, not just commodity product, but some value-added product. Because when we sell to the market value-added product, we have the higher margin, and it's not so huge influence in price, yeah, if you think about the value-added product. Okay. My last question on the income statement, there's a large FX loss for the quarter. I was trying to understand what drives that. It is very simple because you have the debt more than $1.5 billion, and the hryvnia devalued by 20% approximately, and that is why it is effect, currency effect of balance position of debt. Devaluation balance position of debt. Okay. I may follow up on that. Thank you. Thank you. Thank you. Our next question comes from [David Shellhammer]. Please go ahead. Hi. Yes, thank you for taking my question. Just back on the cash balance at the end of 3Q. Just curious how much of that cash sits at the holdco and how much of it sits in your Croatian subsidiary? Just a follow-up, how much can be repatriated from the Croatian subsidiary? Viktoria, we cannot hear you. Can you hear me now? Viktoria. N o, I'm looking for Viktoria. Viktoria, we cannot hear you. Give me a second. Sorry. It was disconnection. Yeah. Interruption. Yeah. Sorry. Sorry. Just bear with us a few minutes while we try to get Viktoria back. Thank you. Sorry. I try to answer to your question. If you think about the cash position in Perutnina Ptuj, around $90 million. At the same time, you know that Perutnina Ptuj has a loan with a syndicate, around $140 million, and some limitation of this loan. Potentially maybe is it possible Perutnina Ptuj can repatriate some amount to MHP SE but not so big amount. Around twenty. Not so big amount. $20 million-$30 million. Not EUR 20 million-EUR 30 million? EUR 20 million-EUR 30 million. S orry. In essence, the figure is not dollars, it's euro. Yeah, because Perutnina Ptuj is euro. Great. Yeah. Sorry. Yeah. Great. All right. Thank you. Yeah. What's very important to understand because MHP SE is not guarantor for this loan. Yeah. Thanks. Thank you very much. Thank you. We also have a question from Anna Kuchina from T. Rowe Price. Please go ahead. Hello. Anna Kuchina, Viktoria. Thank you for the presentation. I wonder if you may have a rough estimate, high level of a cash burn on a monthly basis, all things equal as of now, and all things equal when the sowing campaign starts in the spring. Thank you. Maybe cash, what? Monthly. Well, monthly cash burn. How much cash, all things equal you need, on a monthly and weekly basis, to get operations going? No, no, yeah. It depends on the month because you can see that if you look at our financial result during the last nine months, our cash from operations after working capital, after investment working capital, positive $130 million. Because, you know, and based on current situation, yeah, we need to see the separate story. Yeah. What we see right now, yeah, that we. Your question about what cash we generate, yeah? We generate the operating cash after investment working capital we have right now. Yes? We generate. No. Yeah, apologies, many apologies for not being clear. The question is rather how much cash you need to put into your business on a monthly basis to get going, rather than how much cash you generate. How much cash you need to put in the business to break even, so to say. You might not have this number, so just wondering, high level. Maybe I don't understand your question clear. Regarding sowing campaign, yes. We need to invest approximately. But the sowing campaign, we need to understand what we mean sowing campaign. When sowing campaign, we need to understand approximately $150 million-$180 million. Part of them will be invest even in first quarter, even in fourth quarter. Because, for example, right now, we provide sowing for wheat and rice. Approximately 30% of our land under this. That is why regarding the next year based on current situation. No, I understand it is for full year, we don't need investment in working capital. If you speak about the first quarter, we need to invest in sowing campaign approximately $130 million, approximately. It would depend, yeah, because now we continue to calculate. Yeah. What we do right now, we try to decrease. We understand that corn is not during the war, yeah, especially right now, is not right crop, yeah, because the profitability of corn, one of the lowest. Yeah. That is why now we calculate, and we try to change maybe crop rotation to change from corn to sunflower seeds. We in process. In general, yes, approximately 100. Yeah. During the first half of the year. Thank you. What is your maintenance CapEx per annum? Annually, our maintenance CapEx approximately $60 million. $60 million for MHP and approximately $20 million-$25 million for Perutnina Ptuj. Thank you. Just maybe the last question. Do you expect any equity raising or any shareholder loans potentially in next year? Thank you. Yeah. Your question about loan from shareholders? Yeah. Either as a just direct equity injection or in the form of shareholder loan. Is it something which you could potentially access, or not at the moment? No. It's a very interesting question, yeah, because at the same time our main shareholder understand that we, that MHP. Now, we understand that current situation, MHP will not pay dividend. Yeah. Yeah, in just if we don't pay dividend, we understand that we will support the company. Yeah. No. Thank you. Thank you. Our next question comes from Dmitry Ivanov at Jefferies. Please go ahead. Hi. Can you hear me? Yes, we can hear you. Yes, we can. Yes, yes. Hi, [audio distortion]. Hi, Viktoria. Nice to see you. Thank you very much for the presentation. I have, like, three quick questions. Maybe the first one on this current National Bank of Ukraine regulation when it comes to FX treatment. Whenever you export something, what is the current, like, stance of the Bank of Ukraine, when it comes to repatriating back of their cash and any kind of restrictions, limitations, when it comes to servicing of the coupon under international kind of bond instruments. Any kind of color would be very helpful, my first question. Yes, it is a real problem. You know very well our legislation, yeah. It is a big problem because, yeah, because according to current situation, yeah, we cannot pay maturity, we cannot pay coupon, yeah. Now, we will see. Yes, it is a real problem what we see. Yeah. [Audio distortion]. You cannot pay coupons, right? Oh, yes. We can't pay coupon just since February. Coupon which we can't since February until sixth August. This week, yeah, this is allowed to pay, and we paid these coupons. You know that. From September, from October, we paid this coupon. According to legislation, yeah, we cannot pay. It is from Ukraine, yes, it's real problem. Okay. In December, you have to pay the deferred coupons, right, under this consent solicitation obtained in March. Are there any issues with getting approval from NBU to repay the deferred coupon in December? Oh, this coupon. Yeah. This coupon we will pay from our accounts outside Ukraine. Yeah. This coupon we will pay from this account, but it would be very big issue regarding the next coupon and about especially maturity. You understand? Just one coupon I think is not so big problem for us. We can pay, yeah, just one coupon. No, just of course half for six months coupon, $50 million. The next, yeah, it is a very open issue. Just one When we ask the National Bank about please give to us permission, National Bank told us, yes, because I ask a lot of times, told us, "Please provide restructuring the same as in Ukraine because everybody, all bondholder, all world should understand what situation now in Ukraine." Yeah. It is not my words, it's the words from our National Bank. Yes. Help to Ukraine. Please ask them questions, understand? Understand. There is no kind of current, let's say regulation because there was some regulation covering period from February to August. There is no such regulation for now, and like everything is prohibited at, like, any payment of coupons to the offshore accounts from Ukraine is prohibited, right? There is no kind of guidance on this. Yes. Yes. Okay. Understood. Just to understand, like, in December, you mentioned that you will pay deferred coupons, and deferred coupons are for the total of $50 million, like approximately. In December you plan to pay the whole balance of the deferred coupons, like $50 million? Yeah. December, January according to our schedule, yeah. Well, because December, January different, you know, according to the schedule, yes. It will be in December and January payments of the. Yeah. $50 million deferred, like d eferred coupon. Yeah. Yeah. We have, as you know that we have three coupons. Three yearly coupons is December, January. Understood. Apologies, like one last third question on the export of grains. Like you told us that due to logistics costs and et cetera, you might like wait for the better prices to start exporting grains. When your harvesting campaign ends, how should we kind of look and approach your export of volumes? Do you expect to export like some volumes this year, like wheat or rapeseed or like you will wait until like next year to see more like better prices and et cetera? Any kind of color on export of grains. How big it will be? Okay. I understood. Yeah. No, first of all we grow just two crops for export because you know the corn and rapeseed oil we use for internal needs. Yeah. Regarding grain, the biggest part, maybe 70%-80% we sold this year, and we exported this year, maybe 20%-15% next year. Very similar proportion of wheat, well, maybe 60/40 approximately this way. 60 this year, 40 next year. No. Okay, is it like at the current prices, is it profitable to export or like due to logistics costs, it's just you just break even on this on the exports of grains? Depends on crops, to be honest. [Audio distortion] is profitable. If you speak about the wheat, it's non-profitable, it's a loss. Anyway, we have the wheat and we must sell, yeah, because it is not. Yeah. Because you speak about- Thank you very much. You are talking about the profitability of grain growing business, yeah? Right. More about like export profitability because like, I think our profitability because of the internal consumption of the crops, right? I'm just curious about exports profitability. Sorry, your question I didn't catch that. On the profitability of exports of these crops. Mm-hmm. Okay, understood. Wheat is not profitable at these prices and rapeseed is more profitable. No, no, I cannot say about just export of the crops because for us it is a growing cooperation, grain growing cooperation. Yeah, we are not trading. Yeah, we don't buy and sell for the export. We are not trader. Yes. When I talk about profitability, I talk about profitability of grain growing business, farming business. Okay, understood. Thank you very much. Thank you. Thank you. Our next question comes from [Jennifer Finker] from Deutsche Bank. Please go ahead. Thank you. Regarding the bond coupon payments, the deferred bond coupon payments, will you pay the record holders at the original date from March, or will you pay the current bond holders? Do you plan to run a consent solicitation on this? Viktoria, let me take this question, please. Go ahead. First of all, thank you very much, Jennifer, for the question. With regards to the deferred coupon payment, you're absolutely right. Talking about the record date, this is how the approach works. Those bondholders who were the bondholders at the record date, meaning, for example, they were the bondholders on March 19th, April 3rd and May 10th, only those bondholders will be paid, will get the deferred coupon payments. This is how the rule works. I have been consulted together with the Citibank and actually if there is such a question and I hear that there is such a question, then you can also consult the Euroclear, Clearstream agent, right? They will definitely provide you with more details regarding this question. They will definitely use the registry based on the record date. Okay. You're not planning to think about a consent solicitation given that most of those bondholders are no longer your creditors, they have sold out of their positions then? No. This is not how the approach works. Yeah. Okay. This is not planned. That's clear. Thank you. Thank you. My second question regards the grain segment. I see you have revenue of $86 million for nine months in 2022. You have an IAS 41 loss, and this is $147 million. I'd like to understand how you get to your gross profit of $44 million based on those numbers. First of all, you need to understand 70% of total grain which we produce internally, we sell to poultry in inter-segment. It is inter-segment revenue. At the same time, we calculate our EBITDA in grain segment, EBITDA for all grain which we produce. Because now when we see just revenue $86 million, this revenue only to third parties. Yeah? At the same time, during the nine months we sold in inter-segment our grain which we harvested last year to poultry segment. At the same time, we have the IAS 41 where we revalue biological assets, some corn and some sunflowers in the field and some of our new grain in stock. No, it is very difficult. We can describe it to you by email, illustrate, okay, by figures, okay? To understand, your revenue figure is external sales only and your EBITDA figure. Oh, yes, only to another. Yes. Your EBITDA figure includes inter-segment sales? Yes. Yes. Exactly. Thank you. Okay. Thank you. Thank you. Our next question comes from Sergey Makhin from VR Capital. Please go ahead. If Viktoria is patient, I see it's 3:00 P.M. Just wanna come back for a second to the issue of the third coupon. We obviously understand how the mechanics and how the documentation works that you have to pay to the holders of the record date in March. As you also know, there has been a lot of trading in the bonds since March. I really think that you should kind of carefully think about this source of liquidity for both the company and for kind of any discussions that the company may want to have with its bondholders, maybe in 2023. It's really $50 million that nobody expects from the holders as of the March record date who sold it already, and it's really the source of liquidity that can be used to pay to the, you know, current stakeholders. I'll just, you know, honestly have a conversation within the company about it and it's not so difficult to run a consent solicitation or approach it differently from what the documentation says today. Anastasiya. Yes, I'm here. I think. Yeah. At the moment, I do not have any further comments. Thank you very much for your comments. I think in order to comment more, we will have to get in touch with the team we've been doing the consent solicitation deal in March and April. My recommendation from the company is that you definitely need to get in touch with the Euroclear, Clearstream teams, systems, right, and agents. We can be clear on terms and conditions of the deal. Thank you. In the other, you know, we know that it will be paid to the record holders as of March. It's just that it's completely. Yes. Nobody expects it. This is what I've been told by Citibank, right? I hear you, right? We hear your recommendation, so let us discuss it internally with the team. I mean, like, obviously from our perspective, we're, you know, fairly significant holder in the bonds, that would be the right approach for the company to look at their coupons, but we can still get back. Yeah. Just I would like to add just a few words. We understand that we have obligation to pay coupon. To be honest, we pay coupon to trustees. Please, yeah, for me, it's very difficult, yeah. It is not our obligation to pay, you know, directly and it is obligation of trustee to pay to bondholders, yeah. To distribute to right bondholders. Yeah? Yes. According to the registry. That is right. Yeah. Yeah. Got it. Yes. Mm-hmm. Okay. Thank you. I'm not seeing any more questions. Just a reminder, text questions will all be forwarded to the MHP team after the call. Perhaps I can hand back to Anastasiya and Viktoria for closing remarks. First of all, thank you very much for the productive call. Thank you very much for your questions. In case you have any further questions, please email me. Second, definitely all the text questions will be answered within the next two days. In case your question hasn't been answered, please approach me. Thank you very much, and have a lovely day. Thank you. Bye. Thank you. That concludes the call for today. Thank you, and have a nice day. Thank you. Thank you so much.