Good afternoon. We will now start LG Chem's 2023 third quarter earnings conference call. This is Hyun-s uk Yoon, Head of IR at LG Chem. Thank you for taking an interest in LG Chem and joining this call despite your busy schedules. We will begin with the brief introduction of 2023 Q3 earnings performance, followed by the CFO presentation highlighting the company's earnings results, and then a Q&A session. The presentations will be interpreted simultaneously, while the Q&A will be interpreted consecutively. The material presented during this call can be viewed by those with web access. It is also available for download from our corporate website. Let's begin today's call with the introduction of the management team. We have CFO, Dong Seok Cha, Myeong Suk Lee from Business Planning, Ki-d ae Byun from Petrochemicals, Young-s uk Lee from Advanced Materials, and So-Hee Yoon from Life Sciences. Let's begin with the business performance. On page three, consolidated Q3 sales and P&L. Q3 sales were slightly YOY in QoQ at KRW 13.495 trillion. Operating profit increased QOQ at KRW 860 billion, and OP margin was 0.4% in business solutions. Next, page four is our consolidated financial status. As of the end of the third quarter of 2023, assets were KRW 77.5 trillion, liabilities were around KRW 36 trillion, and capital was around KRW 41.4 trillion. While the debt ratio and balance, which is slightly increased from the convertible bond issuance in July, cash balance increased by KRW 2 trillion on quarter to record a similar level of net borrowing ratio. Net asset value per share was KRW 417,000, on increase on quarter. Next, earnings by business division. Page 5 five, Petrochemicals division. In Q3, a turnaround in the Petrochem business, with sales at KRW 4.411 trillion, and operating profit at KRW 37 billion. The sluggish market situation due to weak demand from downstream industries continued. However, supported by the positive lagging effect from the rise in Naphtha prices, process efficiency and cost reduction activity, and continued solid sales of high-value premium products such as POE and CNT, earnings turned around after three quarters. In the fourth quarter, oil prices remain high due to geopolitical risks and global economic uncertainties to proceed. We plan to proceed activities to improve profitability by operating new production lines for high value-added products, such as the operation of the expanded POE line and continue to optimize production and operation in product groups with reduced profitability. Next, Advanced Materials. In Q3, advanced materials sales was KRW 1,714 billion, a 15% decrease QoQ, and operating profit was KRW 129 billion. The sales volume of battery materials was maintained as shipments to the U.S. market increased in lieu of a decreased demand for electric vehicles in Europe, but both sales and profitability decreased due to a drop in sales prices from the decline in metal prices. We expect the reverse lagging effect to continue in the fourth quarter due to the sluggish European market and falling metal prices, but we'll continue to pursue profitability improvement activity such as productivity improvement and cost reduction. Next, Life Sciences. In Q3, sales was KRW 291 billion, and operating profit was KRW 15 billion. Sales decreased slightly due to a decrease in overseas shipments of vaccines, anesthetics, et cetera. However, a turnaround in earnings, thanks to a decrease in one-off costs resulting from the acquisition of AVEO compared to the previous quarter, as well as increased sales and profits for renal cancer treatments. Sales do increase in Q4 due to strong sales of major products such as IVs and autoimmune treatments, but the global R&D investment is expected to continue to expand as new drug development projects progress. Next, Farm Hannong. Q3 sales was KRW 120 billion, and operating loss was KRW 15 billion. While the overseas sales of crop protection products increased due to worsening fertilizer market conditions and restructuring of low profit businesses, sales and profitability decreased on year. Along with the restructuring of the general fertilizer business, which is in the red, and expansion of overseas sales of special fertilizers due to the increase in domestic price of crop protection products and expansion overseas, total earnings to improve on year. Last, Energy Solutions. On October 25, Energy Solutions presented their performance in detail during its earnings call. However, we will briefly present its performance. In Q3, Energy Solutions sale was KRW 8,224 billion. Operating profit was KRW 731 billion, and OP margin was 8.9%. Despite solid demand for our EVs in North America, sales slightly decreased quarter-over-quarter due to weak European demand and lower selling prices from falling metal prices. Profitability improvements to improve product mix, increase productivity, cost efficiency, and increase IRA tax credit. Although the impact of demand volatility and metal price declines due to global economic uncertainty will continue in the future, we expect to continue to strengthen our fundamentals by continuing growth momentum centered on North America and strengthening the competitiveness of various products. On this note, we'll conclude the Q3 earnings and outlook presentation and invite CFO Dong Seok Cha to present the highlights of the company's earnings performance. Good afternoon. I'm Dong Seok Cha, CFO of LG Chem. Thank you for taking part in the company's earnings release call despite your busy schedules. As you just heard, our profitability in the third quarter improved slightly, but the difficult business environment continues. High oil prices continue due to the war in the Middle East, and prices of major metals, such as lithium for cathode production, continue to climb. Additionally, as interest rates remain higher for longer, there are concerns about a global economic recession and various uncertainties about demand for electric vehicles. However, there have always been difficult times, and we seek to increase fundamental competitiveness within the company to wisely overcome crisis situations. In addition to pursuing customer and regional diversification by establishing tech centers in the United States and Europe, we aim to create more differentiated customer value by quickly developing customized products. We will continue to strive to generate stable profits, even in difficult situations, by strengthening the fundamental competitiveness of our customer base. In addition, we will continue to grow through steadfastly nurturing the three major new growth engines. Indeed, there was a lot of progress in the third quarter as well. On the sustainability business, we decided to enter the HVO business, which produces biojet fuel and naphtha, through collaboration with the Italian energy company, Eni. On the battery materials business, we announced plans to build an LFP cathode and lithium conversion plant in Morocco, and also signed a cathode supply contract with a significant new customer other than LG Energy Solution. On new drugs, sales of AVEO's flagship product, renal cancer treatment, are growing as planned, and we are reorganizing our company-wide anti-cancer new drug pipeline portfolio, which includes the anti-cancer pipeline that AVEO, which we acquired at the beginning of the year, owns. Dear investors, depending on the macro situation, uncertainties may arise, but there will inevitably be times when we have to endure difficulties. But LG Chem will continue to grow by nurturing new growth engines, even in the midst of difficulties. We ask for your support. Thank you. Next, we will start the Q&A. To allow more people to ask questions, please limit your questions to one or two. Press star and one to ask your questions, and press star and two to cancel your request. The first question is from the line of Young Chan Baek from Sangsangin Securities. Please go ahead. Thank you for the opportunity to ask questions. There are two questions that I would like to ask you. The first question is that if you look at the recent trends, lithium prices continue to fall. So I do believe that this may have a positive and both negative aspects on your overall performance. So what would be the overall impact that you see on the performance from the metal prices? And in addition to that, up until next year, how do you see metal prices trending? In addition to that, in terms of your overall inventory management, what would be the strategy there? The second question that I would like to ask you is about China. If you look at the overall situation, it does seem to be that China is taking various measures to try to boost its economy. So what implications do you think that will have on the fourth quarter petrochemical business? And how do you see the next year's outlook for petrochemical as a whole? ... so let me take your first question about the overall metal prices. So if you look at the price for cathodes versus the second quarter and the third quarter, the overall prices for lithium hydroxide had dropped at around 20%, and as a result of that, the sales price also dropped around 20% on a year-over-year basis. In the third quarter, again, if we look at the inventory for metal, the overall impact has been larger than in the second quarter. And if we look at lithium prices in the fourth quarter, it does continue to drop to around $22-$23. So as a result of that, we do believe that the overall impact on the fourth quarter versus the third quarter in terms of its overall side will be less, but we still believe that there will be negative impact as a whole. The way that we are doing dealing with this is we're trying to minimize the negative impacts from the metal prices as much as possible, and try to manage our inventories also at a lower level. So according to the outlook on metal prices, we will like to be more flexible in terms of our overall inventory management. Yeah, I can address your second question on the petrochemical outlook that we have. If we look at the overall situation this year from China, in terms of the overall impact of the reopening that took place there, and also in terms of the various measures to support economy. In actuality, I don't think that we really felt the effects of that taking place. Though there is discussion about China possibly issuing sovereign bond funds. In actuality, if you look at where the proceeds are going to be directed, it mostly would be in the infrastructure area. So whether this will lead to a boost on the consumption side, and what the degree of that would be, and the timing of that, is still of a question. So if we look at the second half of the year versus the first half of the year, in the second half, we don't think that there will be any big changes within the overall trend. In terms of the improvements in the overall utilization, it does seem to be taking at a more moderate pace. If we look at the outlook for next year, first on the supply side, the amount of new additions that are coming out of China will be less. So as a result of that, the overall pressure coming from the supply side, as a result, will be more moderate. In terms of demand, there are moderate improvements that are taking place. So versus this year, we do believe that next year will represent a recovery. The next question is from the line of Simon Lee from Macquarie. Please go ahead. Thank you for the opportunity to ask questions. There are two questions that I would like to ask you. First is about the overall capacity that you are planning to build out in cathodes, LFP cathodes in Morocco. So with regards to the overall JV, in terms of the capacity that the JV would actually represent, in terms of when you are planning to start mass production and who your customers would be, that is what I would like to know. And in terms of the sourcing that you would require for the lithium and also the precursors, where do you believe that would come from? And how are you going to cooperate with Huayou on that side? In addition to that, compared to the Chinese players, in terms of the overall, precursor competitiveness that you believe that you may have, what would be your competitiveness in this area? And in addition to that, I do believe that you will be trying to advancing your technology from the existing LFP technology to LMFP technology. So how would the process be placed, and what do you believe would be the difficulties there? The second question that I would like to ask you is about your number two NCC in Yeosu. It does seem to be that it is back online. So could you talk about the utilization for the various products that you have? And in terms of any additional asset sales that you have planned, could you also elaborate about those plans? Thank you for the opportunity to ask questions. So maybe I can address your question first about our plans in Morocco with the LFP cathodes. So if we look at the total capacity that this facility would represent on a per year basis, that would be 50,000 tons, and we are planning for mass production to start in 2026. In terms of applications, we do believe that these are cathodes that can be provided to EV battery producers and also ESS battery producers. So, yeah, the producer, and it would mostly be that we are currently in discussions with multiple parties that are planning to produce batteries within the US. However, as of now, we would not be able to disclose any specific names. In addition to that, if you look at our relationship with Huayou, right now, as of September, we did sign a comprehensive MOU. Right now, in terms of the details, this is something that is under discussion. So the overall agreement that we have as of this point is that on the lithium side, we would take the lead in that area. And with regards to the precursors, this is something that Huayou would supply in collaboration with a local Moroccan producer. In addition to that, in terms of our LFP competitiveness, we do believe that we will be able to be cost competitive in terms of our overall material sourcing. We are planning to provide a differentiated solution so that versus the Chinese players, we can have a competitive edge. To answer your second question about the petrochemical business, throughout the year, looking at the overall market backdrop, in terms of our overall utilization, we have been adjusting it flexibly. In the case of the facilities, it would not be an exception. If we look at the cracker, right now, in terms of the market there, there has not been a lot of changes. However, because oil prices have been rising, the overall value of, and cost of byproducts has been improving. In addition to that, for common PO products, the market there has been improving somewhat. Also, we do believe that towards the end of the year, for the higher value of PO products, there will be some capacity addition. As a result of that, we have been trying to optimize our overall utilization to fit these overall changes. As a result of that, we do think that there will be contributions that we will be able to make in terms of our overall profitability. On the overall NCC PO side, the utilization has been around 70%-80%. On the PVC, ABS, and SAP side, we've been running at around 90% levels. So going forward, we do want to continue to see that for our overall portfolio in areas in which we do believe that the competitiveness is less, or in terms of areas in which there is steep competition versus the Chinese players on more common products, we want to be able to revamp our portfolio so that we can more efficiently use the facilities that we have. And therefore, I think to talk about the details, but we do think that on the more common product side, and also in terms of some of the intermediate materials, there will be some adjustments there. And in terms of the overall utilization, that will continue to be flexibly adjusted. And for line conversions, we will continue to convert our line to be more focused on the higher end products. The next question is from the line of Jin‑Myung Lee Shinhan Securities. Please go ahead. Yes, thank you for the opportunity to ask questions. There are two questions that I would like to ask you. First is with regards to your advanced materials business. If you look at the EV, battery manufacturers, there does seem to be, you know, some overall adjustments that are taking place, even at the OEM side, because of the macro backdrop. So with regards to that, does the company have any adjustments in their overall cathode, build-out schedule? And in terms of any changes to your strategy, anything that you would be able to share, would be appreciated. The second question that I would like to ask you is about your life sciences business. Since the acquisition of AVEO, in terms of your pipeline, I do think that you are trying to optimize your pipeline portfolio and make changes to it. So if there's any update that you can provide, that also would be appreciated. ... 당사는 EV 수요의 성장이나 OEM 가이던스 대비 보수적인 기준으로 캐파 계획을 수립하고 있어 최근 EV 수요 둔화에 따른 OEM 가이던스 하향 등에도 캐파 가이던스에는 변화는 없습니다. So maybe to address your first question, even in terms of the overall demand that we have forecasted for EVs and also in terms of the guidance that has been laid out by OEMs, versus those numbers in terms of our overall capacity plans, we were more conservative. So even though there seems to be some slowdown taking place in EV demand and some of the OEM producers are adjusting their numbers, we are not changing our capacity plans. 다음은 생명과학 사업 부문 질문 답변 드리겠습니다. 아베오 인수 후에 PMI는 순조롭게 진행되고 있으며, 글로벌 제약사들 도약을 위한 신약 파이프라인에 대한 투자는 지속되고 있습니다. 글로벌 임상 3상에 진입한 통풍 치료제의 경우 2027년 허가를 목표로 미국을 포함한 다국가 임상 3상 시험이 순조롭게 진행되고 있으며, 희귀비만 치료제는 글로벌 임상 2상을 준비하고 있습니다. 또한 아베오가 개발하고 있는 두경부암 치료제에 대한 임상 3상 개발을 검토하고 있으며, 자체 개발한 항암 후보 물질에 대한 임상 개발 진입도 준비하고 있습니다. So maybe I can address your second question about the overall acquisition of AVEO and our overall pipeline going forward from life sciences. Right now, for the post-merger integration for AVEO, that overall process is going ahead very smoothly. In addition to that, for the overall gout treatment that we have, which has gone into phase III clinical trials globally, we are currently ongoing with the target of receiving licensing by 2027. And right now, the overall multi-regional phase III clinical trials that include the U.S. are ongoing very smoothly. In addition to that, for the rare genetic obesity drug that we have, we are preparing to have a phase II clinical trial globally. In addition to that, for the overall head and neck cancer treatment that is being developed by AVEO, which we have talked about before, this right now we are reviewing the possibility of developing a phase III clinical trial. In addition to that, for various in-house developed cancer materials or potential cancer materials, we're also in the preparation stage to enter into clinical trials. 네, 다음 질문 받도록 하겠습니다. 다음 질문은 하나증권의 윤재성 님입니다. 질문 부탁드립니다. The next question is from the line of Jae‑Sung Yoon from Hana Securities. Please go ahead. 네, 질문 기회 감사합니다. 하나증권 윤재성입니다. 저도 두 가지 질문드릴 거고요. 그 올해랑 내년에 투자금이랑 캐시플로우를 감안해서, 최근에 기존 사업들을 매각 진행하고 계신 걸로 알고 있는데, 이 자금조달 계획상, 이 배터리 소재, 특히나 배터리 소재 관련해서 투자 계획이 좀 변경될 가능성이 있는 쪽이, 있는지 궁금하고요. 뭐 예를 들면 뭐 분리막이라든지 이런 쪽일 것 같은데. 그리고 광산 지분 매입이라든지, 이런 업스트림 투자에 대한 회사의 전략도 좀 공유가 가능하시면 부탁드립니다. 그리고 두 번째는 그 HVO 사업 최근에 이제 진행하시는 걸로 알고 있는데, 이 원료 조달이 좀 어려운 걸로 알고 있습니다. 그래서 원료 조달, 원료 조달 전략이 어떻게 되시는지 좀 말씀 부탁드립니다. So there are two questions that I would like to ask you. The first question is that if you look at your overall cash flow and also CapEx plans for this year and next year, it does seem to be on the funding side. You are selling some of your existing businesses to fund your CapEx. So according to your overall funding plan, do you think that on the battery materials plan there may be some adjustments that may be made there? So specifically with regards to your separators business, do you have any changes that you may see taking place? In addition to that, for any upstream investments, for example, for acquiring any equity stake in, mines or so, do you have any plans in that area that you would be able to share? The second question, that I would like to ask you is that I do understand that you are planning to pursue HVO. However, I do understand that, for the raw material that goes into this business, it is very difficult to source. So what would be your sourcing plan in this area? 전기 소재 관련해서 투자, 그, 스케줄 변경 관련성에 대해서 말씀드리겠습니다. 지금 현재 아까 전에 그 캐파, 그, 가이던스 변화에 대해서, 말씀드린 바와 같이, 전체 EV 수요가 둔화되는 거는 그렇게 좀 슬로우하게 변해가는 거는, 사실인 같습니다. 실질적으로 저희들 OEM이나 엔솔 쪽에서 물량 예측하는 부분도, 지금 단기적으로는, 수요 둔화가 예측되고 있고요. 그렇지만 장기적으로 봤을 때에는 전체적으로 저희들이, 가장 보수적으로 투자 계획을 잡고, 캐파 계획도 그렇게 운영을 해왔기 때문에 크게 우리가 투자 계획을 조정할, 그런 상황은 아닌 것으로 그렇게 판단하고 있습니다. 특히 뭐, 캐시플로우 관련해서도, 저희들이... ...내부적으로 우선 순위를 정해서, 투- 투자 계획 이런 것들을 좀 조정해 오고 있지만은 3대 신성장 동력에 대한 투자는, 앞으로도 계속 지속되고, 계속 그 이루어져 나갈 걸로 그렇게 판단하고 있습니다. 광산 지분 등 그 업스트림 투자 관련해서는, 이 부분에, 우리가 그 업스트림 쪽에서 밸류를 좀, 좀 더 가져가야 된다는 그런 명제에 대해서는, 동의를 하고 있고, 저희 나름대로, IRA 규정에 만족하는 메탈 확보 등 여러 가지로, 여러 검, 가능성을 검토하고 있습니다. 다만, 이 부분은, 미국의 IRA에 관련된 해석이, 최종적으로 나오고 난 다음에 저희들이, 투자를 어떤 방식으로 할지를 최종적으로, 결정할 예정에 있으며, 여러 가지 가능성에 대비해서, 여러 업체들과 협의 중에 있다고 말씀드리겠습니다. So maybe I can address your first question about the overall possibility of our schedule changing in terms of investment for EV material. As we just mentioned during the answer about our capacity guidance and the possibility of changing that, it is true that if we look at the overall market, EV demand has been slowing. And in addition to that, in terms of the expectations for volume that we hear from OEMs and also LG and so on, it does seem to be that in the short term, there will be some slowdown in the overall demand. However, that has been said, over a longer term horizon, I do believe that for the CapEx plans that we have and for the capacity plans that we have built in, we have been conservative. So as of now, we don't see any big need to make any large adjustments. Specifically to talk about cash flow internally, for how we will use our cash flow, we are looking at different priorities for CapEx and adjusting that accordingly. However, we will continue to consistently make investments in our new growth, our three, top three, new growth drivers businesses, and so that will continue to go ongoing. In terms of the possibility of upstream investments, for example, acquiring stakes in mines, we do agree with the overall need to have more value on the upstream side and that we need to be more present there. However, as of now, we want to see how the details of the IRA in terms of the metal requirements and also definitions actually play out. So right now we're looking at the possibilities on that side and reviewing such. So once the final interpretation of the details of the IRA are available, then I think we would be in a position to make our investments about the approach that we will be using for investments going forward. But as of now, we're opening up the possibilities to a wide variety of different scenarios and currently discussing with various parties about potential cooperation. 예, 다음 질문에 HVO 관련해서 답변드리겠습니다. 그 먼저 HVO는 그 폐식용유 등 식물성 원료에 수소를 첨가해서 생산하는 차세대 바이오 유분, 그리고 항공유, 디젤 납사로 구성되며 탄소 저감이 가능한 친환경 원료입니다. 당사는 이제 시장 니즈 확대와 탄소 배출량 절감 기여를 위해 바이오 서큘러 제품 포트폴리오를 확대하고 있는데, 이제 이를 위해서 저희가 그 이미 유럽에서 HVO 사업을 하고 있고, 또한 바이오 항공유에 대한 판매 네트워크를 보유하고 있고, 또한 유럽 내에서 폐오일을 이미 보유하고 있는 이탈리아 구형 Eni사와 어떤 공동 협력을 해서 저희가 공동 생산하고, 저희가 바이오 납사를 옵테이크하는 그런 사업 모델을 추진하고 있습니다. On the petrochemical HVO side, if we can talk about this in more detail, right now this is an area in which you would actually add hydrogen to waste vegetable oil, and as a result of that, come up with a bio compound. This is an area in which it can actually be used as an environmentally friendly fuel in the areas of aviation, diesel, and also for naphtha. Right now, we are further looking into this product because we do believe that there are global needs, and also it is a contribution that we can take to cut CO2 emissions. As a result of that, this is an initiative that we are taking from a larger stand scope to build a more BCB-related platform. So in Europe right now, Eni does already have HVO capacity. And in addition to that, it does have a network through which you can actually sell the bio jet fuel, and also has the waste vegetable oil sourcing available. So right now, our agreement with that party would be to have joint production and be the offtaker for the bio naphtha. 네, 다음 질문 받도록 하겠습니다. 다음으로 질문해 주실 분은 JP Morgan의 Parsley Ong입니다. 질문 부탁드립니다. The next question is from the line of Parsley Ong from JPMorgan. Please go ahead. ...Hi, thank you for the chance to ask questions. This is Parsley from JP Morgan. So I have two questions. The first question is on advanced materials. The market has been quite concerned about cathode margin weakness in third quarter and fourth quarter, and yet LG Chem's advanced materials earning in third quarter was better than expected. So could you share with us what were some of the key drivers? And what was the impact from the polarizer asset sale to Ningbo Shanshan? Was there any one-off, and post this polarizer asset sale, what would be your revenue and OP margin outlook for the advanced materials division in the mid to long term? If you could break it down into the various remaining divisions like cathode, OLED materials, semiconductor business, et cetera, that'll be appreciated. The second question is on, I think someone asked earlier, whether you're considering selling your naphtha cracker since margins have improved and you have restarted the second NCC. Could you comment on that, please? And generally, what is your funding and financing plans over the next few years? If you're considering asset sales, then what are some of the key areas or assets you're potentially looking to sell down? And are you still potentially considering a sell down in the LGES stake? Thank you. Ne, 저는 Parsley Ong입니다. 저도 이제 몇 가지 질문을 좀 드리고 싶은데요. 첫 번째 질문은 첨단 소재 관련된 질문입니다. 지금 시장을 보게 되면은 양극재 관련돼서 이제 3, 4분기 전반적으로, 시황이 좋지 않은 것과 관련돼서 혹은 부진한 것과 관련돼서 우려를 갖고 있는 반면, 지금 회사의 3분기 실적을 보게 되면은 이제 예상보다는 좋은 실적을 기록할 수 있었습니다. 그래서 그 이유가 무엇이었는지에 대해서 좀 궁금하고요. 어떤 동인들 때문에 이렇게 예상보다 좋은 실적을 달성할 수 있었, 있었는지에 대해서 듣고 싶습니다. 그리고, 또 뿐만 아니라 평광판 관련, 관련된 자산들도 매각을 하셨었는데, 혹시 이로 인한 어떤 일회성적인 매출이 혹은 뭐, 매각 대금이 발생했었는지 여부가 좀 궁금하고요. 그리고 평광판 매각 이후로 저희가 상황을 살펴보게 되면은 첨단 소재 어떤 매출이라든지, 뭐, OP와 관련돼서의 전망이 좀 중장기적으로는 어느 정도 수준을 유지할 거라고 생각하시는지에 대해서 듣고 싶고요. 가능하다면 지금 남아 있는 기존 사업부들, 그러니까 예를 들어서 양극재, 그다음에 OLED 소재, 그리고 반도체 관련된 소재로 나누어서 브레이크다운 해서 좀 말씀해 주시면 좋을 것 같습니다. 그다음에 두 번째 질문은요, naphtha cracker 관련된 기존에 이제 질문이 좀 있기도 했었는데, 혹시 그 매각 가능성에 대해서는 지금 어떻게 보고 계시는지 궁금합니다. 특히나 최근에 와서 마진이 좀 개선되기도 했었고, 그다음에 두 번째 NCC도 재가동을 시작을 했는데, 지금 매각에 대한 의향이 여전히 있으신 상황인지 좀 궁금하고요. 그리고 여러 가지 앞으로의 회사 전체적인 자금 조달 계획에 대해서 좀 여쭤보게 된다면, 이 자금 조달의 일부로 자산 매각도 계속 생각을 하고 계시는지? 만약에 생각하고 계시다면, 어떤 자산들을 대상으로 매각 가능성을 검토하고 계시고, 그리고 혹시 LGES에 대한 추가 지분 매각 가능성도 있는지 여부가 궁금합니다. 네, 첨단 본부 관련 답변 드리도록 하겠습니다. 그 3Q에, 그, 양극재 경쟁사 대비해서 첨단 본부의 실적이 다소 좋았던 이유는 첨단 본부는 양극재 사업이, 뭐, 중심을 이루기는 했지만, 다양한 포트폴리오로 균형 잡힌 포트폴리오를 갖추고 있기 때문에, 예, 경쟁사 대비해서는 높은 수익성을 기록했다고 생각이 되어집니다. 그리고 말씀하셨던, 그, 저희가 이제 Shanshan이나, 그, Hongmei에 매각했던, 그, 필름 사업에 대한, 그, 매각 대금이, 그, 저희의 영업이익에 반영된 것은 없습니다. 예, 추가적으로, 그, IT 소재 관련된 매각 사업에 대한 말씀을 드리면, 그, 중국 업체와 경쟁이 심화된 저성장 저수익 사업의 매각을 통해서 IT 사업, IT 소재 사업의 매출 규모는 KRW 1조 이하로 줄어들긴 했지만, OLED 재료, 반도체 소재 중심으로 사업 운영을 통해서 더블 디지트 수익성을 목표로 사업을 추진하고 있습니다. 추가적으로, 그, 첨단 본부의 전지 소재, 전지 소재 외에 중장기 수익성 예측을 말씀을 드리면, 그, 전지 소재든 전지 소재 외든 상관없이 중장기적으로는 10% 정도의 수익성을 목표로, 예, 본부의 운영을 지속할 예정입니다. So maybe I can give you an answer about your advanced materials related question first. If you look at our third quarter performance for advanced materials and compare that performance to other competitors in the cathode area, the driver on why we were able to achieve better performance is because, for advanced materials, it is true that our cathodes business is one of the main business areas. However, in addition to cathodes, we also have other businesses that are included into this portfolio. So having a well-balanced portfolio was one of the reasons why, in terms of profitability versus our peers, we were able to perform better. And in terms of the second part of your question about whether the polarizer-related film and also materials business were contributed to our operating profit from that plan or in itself or transaction, there was nothing that was contributed to our... ...materials or for other forms of advanced materials, it would be the same, and that is to reach a profitability of around 10%. In addition, for the polarizer business, maybe if I could add on some comments about that transaction and the overall impact of how that is going to take place. Right now, as of the third quarter, this business is now categorized as a discontinued business, and therefore, in terms of our overall numbers, it has been excluded from the 3Q performance. Also, retrospectively, we've also eliminated it from past performance numbers. In addition to that, if we look at the sales proceeds that we're expecting from the polarizer business, it would be approximately KRW 1.1 trillion. In terms of the net assets that would be subject to the transaction, this is something that we have not yet finalized, but we do believe it will be in the range of around 1.7, 1.8. So as a result of that, if you look at the disposal gains, we do believe that roughly it would be around KRW 900 billion. However, this is not something that we have recognized yet, and in terms of the timing of that, that most likely will come in, either in the fourth quarter of this year or the first quarter of next year. So maybe I can address your second question about our NCC, you know, whether there would be a possible sales in that area. And in addition to that, you also asked about our more general funding plans, or financing plans for the future. So to address that overall question, with regards to, you know, our upstream, competitiveness on the NCC side, it is true that if you were to compare ourselves, to a company in which the refinery business and also, petrochemical business is more integrated, we do, seem to be, less competitive in that area, and this is something that we do recognize. So therefore, in order to secure more competitiveness on the downstream side, rather than selling assets, right now, we're looking at various initiatives or alternatives on how to strengthen our downstream competitiveness further. So right now we're in the process of reviewing various strategic options that are available to us, and, right now, there are ongoing discussions. So as of now, I think that, that is, you know, the extent to which we would be able to share with you, that there are, you know, discussions that we have ongoing. Right now, I think that to a certain extent, with the counterparty, there are various options that we are currently reviewing. In terms of, you know, asset sales and cash flow going forward, as we have said, you know, across various opportunities, we do believe that it is an ongoing process for us to keep our portfolio healthy, by looking at how we can deal with, non-core assets and non-core businesses. Whether it be, the strategic options available to us or the possibility of sale. So this is a continuous process for us. And by selling the polarizer related film business, we do believe that there will be proceeds of approximately KRW 1 trillion coming into the company that we will be utilizing. That will probably come in next year. From next year, starting from next year across the three years following, this will be a CapEx intensive period for us. We do believe that it is a period of time during which we will have to be more mindful about our overall cash flow. In addition to the non-core assets, we also want to put more attention towards our working capital management. Also, make sure that we prioritize in terms of our CapEx requirements and try to initiate and continue on various efforts to try to improve our overall cash flow. Those will all continue to be efforts that we will continue to make. In terms of the possibility of selling some additional LGES shares, I think that over time, if there is the right time in which we need to utilize the shares, and according to the overall investment amounts that we require, they, that may be a possibility. But as of now, we don't have any specific plans, and it is not something that we are reviewing as of the current time. We will be getting the last question. The last question is from the line of Oscar Yee from Citi. Please go ahead with your questions. Thank you. My first question is, could you share with us some rough CapEx guidance for your sort of LFP plus lithium refinery project in Morocco? I know it's still early stage, but any sort of rough indication about the total CapEx needed? And same, what would be the CapEx for your bio refinery in Korea as well? And can we assume you will own more than 50% stake for both projects? And secondly, could you provide any update in terms of your separator plant ramp up in Hungary so far? Any indication of that? Thanks So, with regards to your question about the CapEx for the different projects, right now, we have, we are in a stage in which we have only signed the MOU for these projects. So as a result of that, we don't have any definitive numbers that have been decided. Once that decision is made, we will make sure to communicate with you. And to talk about the second question about the Hungary separator JV. This is a facility that has started operations in the first half of this year. So in terms of the overall utilization and also the yield in terms of productivity, this is something that we are in the process of improving right now. And on a consolidated basis, this capacity will start to be consolidated from 2025. Before that, it will be reflected in our equity method valuation. In addition to that, for additional investments in the JV for separators, this is something that we want to explore in line with further investments in the U.S. for coating facilities. That would only be determined after the IRA FEOC related regulations are more clearly defined. With this, we would like to wrap up the third quarter earnings conference call for LG Chem. Once again, for those of you that may have any additional questions, please do not hesitate to contact our IR team, and we would like to thank you once again for participating in today's call.