Good morning. I am Jeong Soo-young, IR Project Leader at SK Innovation. Thank you for taking the time to join us today on this 2023 Q2 earnings call. On today's call, we have SK Innovation CFO, Kim Yang-seob, IR Manager, Lee Woo-hyun, and C-level officers from different subsidiaries. The agenda for today's call is as follows: CFO Kim Yang-seob will present the Q2 business results, which will be followed by Q&As. Also, please note that today's presentation has yet to be reviewed by our external auditor, so the results are subject to change based on such review. With that, let me invite our CFO Kim Yang-seob to make the presentation. Good morning. I'm Kim Yang-seob, CFO of SK Innovation. At the outset, I'd like to thank our shareholders, investors, and analysts for your continued interest in the company. After the announcement of a capital increase decision on June 23, we have actively listened to the voices of our shareholders and investors through various channels. We're fully aware that many have voiced concerns. Based on the diverse feedback we received, we are committed to minimizing any negative impact resulting from the capital increase decision, and at the same time, making efforts to enhance intrinsic business value and increase shareholder value. We sincerely request unwavering interest and support from our shareholders and investors. After providing an update on the quarterly performance and outlook of each business, we will shed light on the new businesses that we aim to undertake. First, let me highlight the 2023 Q2 business performance. The company's refinery business was affected by the decline in oil prices and refining margins, due to concerns of economic downturn, and recorded an operating loss of KRW 411.2 billion in Q2. However, it is worth noting that the low oil prices and refining margins were driven more by the apprehensions over economic downturn, rather than an actual oversupply in the market. In the second half of the year, it is anticipated that the U.S. monetary tightening stance will ease, which is expected to have a positive impact on oil prices and refining margins. In addition, with solid travel demand and the upcoming regular TA season in Asia, a favorable operating environment is anticipated from the demand-supply perspective. As of July, the refining product crack spreads are on the rise, and it is expected that such a trend will persist. Furthermore, SK On, responsible for our battery business, saw a steady sales growth following enhanced productivity in new factories and increased demand from key customers, and achieved its highest quarterly revenue of KRW 3.6961 trillion in Q2. This is an increase of approximately 12% quarter-on-quarter and 187% year-on-year. In the first half of the year, SK On achieved a revenue of KRW 7 trillion, up 175% year-on-year. We anticipate further revenue growth in the second half, driven by increased sales volume. In addition, in the first half of 2023, our company reflected the benefits of the U.S. AMPC amounting to KRW 167 billion in our operating profit. We anticipate a significant increase in these benefits in the second half of the year, driven by substantial growth in sales volume. Furthermore, in 2025, we, with the expected large-scale expansion of our U.S. production capacity, we foresee a considerable increase in benefits beyond 2026. Backed by such policy support, we aim to seamlessly advance our capacity expansion plans in the U.S. and cement our market position in the region through the expansion of our North American supply chain. That was SK Innovation's Q2 Business Performance highlights. Next, I will elaborate on the company's Q2 business results. In Q2 2023, despite our increased new battery factory productivity and higher sales volume, concerns over economic downturn pushed down oil and refined product prices. As a result, our revenue declined by KRW 415.7 billion quarter-on-quarter and recorded KRW 18,727.2 billion. Operating profit dropped KRW 481.8 billion quarter-on-quarter, resulting in a loss of KRW 106.8 billion, due to the declining refining margins. Non-operating profit improved by KRW 67.6 billion quarter-over-quarter, resulting in a loss of KRW 151.1 billion, as reduced currency appreciation led to a decrease in FX-related losses. To elaborate, FX-related losses recorded KRW 900 million, product derivative gains to KRW 38.2 billion, net interest expenses, KRW 186.7 billion, equity method gains are KRW 40.8 billion, and other expenses, KRW 42.5 billion. Next, let me go over the balance sheets. As of the end of Q2 2023, the total assets amounted to KRW 73,474.2 billion, up KRW 6,255.3 billion compared to the previous year end. This increase was mainly attributed to the growth in tangible and intangible assets, resulting from investments in new overseas battery factories. Liabilities increased by KRW 3,336.1 billion compared to the previous year end, reaching KRW 47,312.1 billion, primarily due to higher borrowings to support expanded investment expenditures. The debt-to-equity ratio stood at 181%, down 8 percentage points compared to the previous year end, mainly driven by a reduction in working capital resulting from the drop in oil prices. Furthermore, net debt increased by KRW 895.1 billion compared to the previous year end, reaching KRW 15,409.9 billion, mainly due to investments in overseas battery plant expansions. Let me dive into the Q2 performance of each business. The refining business recorded an operating loss of KRW 411.2 billion, a decrease of KRW 686 billion quarter-over-quarter, due to the decline in the refining margins amid concerns of an economic downturn. The refining business in the second half anticipates a gradual increase in refining margins driven by the easing of the U.S. monetary policy, robust demand during the peak travel season, and improved refinery product supply demand with the start of regular TA in the region. Next, let me move on to the Petrochem business. Despite inventory-related losses and decreased revenue from byproducts such as hydrogen, due to the decline in naphtha prices, the Petrochemical business demonstrated an operating profit of KRW 170.2 billion in Q2, up KRW 61.3 billion quarter-over-quarter, thanks to a robust aromatic market centered around PX. Next is Q2 market outlook for key products. For PE and PP, despite ongoing supply-side pressures and delays in demand improvement, a gradual uptick is expected due to the impact of Chinese National Day holiday demand in October, among others. For PX, it is expected that spreads will remain flat due to the impact of increased supply resulting from the resumption of operations of large PX facilities in China, which had previously cut production due to troubles. Next, I will brief on Lubricants Q2 performance. The Lubricants business saw an improvement in margins, backed by cost reductions from lower oil prices, despite a slight decrease in base oil sales, quarter-over-quarter, to achieve an operating profit of KRW 259.9 billion, up KRW 700 million, quarter-over-quarter. For the second half of the year, base oil supply will rise again with the completion of TAs and dampen prices. The steady demand from the driving season and China's reopening will help sustain a solid spread. Next is our E&P business performance in Q2. Despite an increase in sales volume, the E&P business recorded an operating profit of KRW 68.2 billion, down KRW 45.3 billion, quarter-over-quarter, mainly due to the impact of lower oil and gas prices. Next, let me move on to the Battery business. The Battery business reached its highest quarterly sales of KRW 3.6961 trillion, an increase of KRW 390.8 billion, quarter-over-quarter, driven by improved productivity in new capacities that came online in 2022, and increased sales volume. Operating losses narrowed by approximately KRW 213.2 billion, quarter-over-quarter, thanks to increased battery sales volume, enhanced yield in new factories, and the effect of U.S. AMPC worth KRW 167 billion. Also, the OP margin improved by around 7 percentage points. In the second half of the year, we anticipate further improvement in revenue and profitability through sustained productivity enhancements in new overseas factories and increased sales volume from key customers. In addition, profitability improvements are expected as the benefits from the U.S. AMPC increases substantially compared to the first half. Next, let me take a look at SKIET's Q2 performance. SKIET saw a growth of KRW 3.9 billion in operating profit quarter-over-quarter, backed by increased sales to major customers. Looking ahead to 2023, a gradual improvement in profit is expected as sales to key customers continue to increase. Next, let me discuss the recently disclosed ESG report. On July 14th, SK Innovation released its 2022 ESG report, which includes its ESG management goals and results. With this report, the company has taken a step further in enhancing transparency by expanding the disclosure of annual goals and achievements for each ESG strategic task. This move is aligned with leading global ESG disclosure trends. The report shows yearly reduction targets for scope one and two emissions until 2025, as well as the actual achievements compared to the targets for the past 3 years. Furthermore, it contains annual quantitative targets and results for ESG strategic tasks until 2025, such as achieving zero safety accidents and managing ESG risks of partner companies. The company aims to enhance mid to long-term credibility by actively responding to the demands of its key external stakeholders, such as investors and ESG rating agencies. Furthermore, we plan to strengthen the monitoring of the results with these ESG targets, and we will ensure a progressive and continuous achievement of our ESG goals. SK Innovation's 2022 ESG report is available on our website. We kindly ask for your interest. Next, I will talk about SK Innovation's future energy investment strategy in relation to the recently announced rights offering. Under the vision of carbon to green, we are committed to continuously strengthen our green portfolio, including batteries, and transitioning our existing Petrochem business into an eco-friendly business model. Through this effort, we aim to transparently share our asset structure performance with the market, gain recognition, and enhance corporate value. In line with this, we have set a goal to double the proportion of green assets, so this would be the energy and chemicals by 2025, through portfolio innovation. To achieve this target, we are strategically promoting business opportunities to secure decarbonization and low carbon energy-related technologies, and to seek partnerships thereon. To achieve these goals, we're not only engaging in in-house R&D activities, but also fostering close collaboration through open innovation with relevant internal and external entities. This approach enables us to expedite the discovery of innovative technologies and shorten the development cycle. SK Innovation recently announced in the ESG report its minimum term strategy to invest KRW 1,079 billion in future energy technologies and businesses until 2026. Through this initiative, SK Innovation aims to transform its business portfolio and become a leading green energy materials company. The company has already made seeding investments in several startups with promising green energy technologies, including Amogy, Fulcrum Bioenergy, and Airrane. In addition, the funds are raised through the recently equity offering, will be utilized to invest in and conduct joint R&D projects in areas such as ammonia utilization, waste gasification, and CCUS. We are currently in the process of selecting promising companies in each business area through internal procedures and assessments. In particular, we're currently in the stage of identifying potential CCUS investment targets at home and abroad to execute investment in 2023. Please refer to the appendix for information on the background and market outlook for each business development opportunities. Thank you. This is the end of our prepared presentation. We will now start the Q&A session. Please note that the Q&A session will be conducted with consecutive interpretation. Prior to today's earnings call, the company has collected questions via our website for around 2 weeks. Before we open up the floor, we would like to provide answers to 2 most frequently asked questions first. For the first question, it will be with regards to our battery business. The overall progress that has been being made in terms of securing new customers and also the plans that the company would have to expand its product portfolio. With regards to this question, we will have SK On to answer. Yes, this is the CFO of SK On, Kim Kyoung-hoon, and maybe I can answer the first question. With regards to securing new customers and expanding our overall customer base, we do believe that there will be a lot of progress in this area, focusing on the North American market, which we deem to be a high growth area. Due to the IRA within North America, we again expect this to be a high growth market, because we would be applicable to various benefits under the AMPC, we do believe that we will be able to enjoy high profits going forward. To address the IRA, we do believe that one of the most critical drivers in gaining more orders in North America would be whether we would be able to satisfy the conditions for critical mineral and battery components under the IRA to be eligible for benefits. In, in our company's perspective, because in entering into the North American market and localizing our production, we have been preparing beforehand and taking preemptive action. As a result of that, we do believe that we have a relatively more advantageous position within this area. Leveraging this position, we are continuously discussing with our existing customers about new or additional orders, and at the same time, also engaging with new OEMs that have a very strong pre- presence in North America about possible future orders. This is something that we are actively engaging upon. Because discussions are ongoing, of course it would be difficult for us to share details with you, but once more details are available, we will make sure to communicate with you. In terms of expanding our overall product portfolio, based upon the analysis that we have done about the internal and external environment, as the EV market continues to grow, we do believe that the market is becoming more segmented across the premium, volume, and entry markets. As a result of that, according to our customer needs and in line with the overall trends that we identify within the market, we are trying to act accordingly. Based upon the high level of technical expertise that we have been able to develop, not only for our, you know, flagship product, which would be the high nickel battery, but also, we have been able to develop a wide variety of cell chemistries, which would include the middle nickel, cobalt free, and LFP batteries. As a result of that, we are able to deal with the demands that are in the various segments within the market space. Based upon this differentiated competitive edge, we will continue to develop our products, so that we can meet the demands of a wide variety of markets and a wide variety of customers. In terms of form factors also, by developing a prismatic battery, we have secured a readiness in terms of the technology. In line with the orders that we will have forthcoming, we are going to further develop our plans for commercial production. Now maybe we can move on to the second question, which was about SK On's 2023 revenue and also profitability guidance, whether there would be any changes in light of the fact that recently battery sales prices have been falling, and that there is also a possibility of sales volume declining further. Uh, If we look at our overall sales volume and productivity in the second quarter of 2023 on a quarter-over-quarter basis, we have seen improvements, and we are close to the current target level that we have. If we look at the second half of the year, we do expect that the yield will continue to improve, and that also our sales volume will increase, driven by demand in the North American market. With this outlook, we do believe that if we look at our quarter-over-quarter revenue growth and also the improvements that we would be able to see on our profitability, that we will be able to continue the current momentum. To discuss our top line and in, in terms of profitability, it is true that there is some concern about the uncertainties related to volume with regards to the possibility of demand slowing down in the European EV market. However, we continue to engage with our customers and look at the target shipments that we have in terms of discussions to ensure that we can maintain the levels ongoing. As a result of that, if we look at the full year 2023 top line, we do believe that on a Y-o-Y basis, it will represent a growth of around 2 x. As we have mentioned during the beginning of the year, we do continue to maintain the target of reaching an EBITDA plus for the full year of 2023, and also to ensure that we will be able to improve our operating profit quarter after quarter. Yes, thank you very much. With that, we would like to wrap up the questions that we had received in advance and now take questions from those of you on the call. For those of you that are asking questions, we would appreciate if you first disclose your affiliation and also name. Thank you very much. Now, Q&A session will begin. Please press star one if you have any questions. Questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two. That is star and two on your phone. The first question will be provided by Yoon Jae-sung from Hana Securities. Please go ahead with your question. 1, 2 [Foreign language] SK On [Foreign language]. Yes, thank you for the opportunity to ask questions. There are three questions that I would like to ask you. First is about SK On, you did share the numbers related to the AMPC benefits that you have captured into your performance. Would it be possible to break down that numbers against the first quarter versus second quarter? In addition to that, you did mention during the presentation that you believe that the benefits towards the second half of the year will grow significantly. Would it be possible to provide some guidance numbers about what level of benefits you are expecting? The second question I have also is about SK On, you did mention that profitability is something that you do believe will improve going forward. If you look at the drivers behind that, I do believe that there could be a wide variety. For example, as demand improves, it could be that for the fixed cost that you have, there would be a better coverage of that, or it could be that logistical costs would decline, or that there would be some benefits that you would be able to reap because of the sales price of cathodes. For the main drivers in why you believe profitability will improve going forward, could you elaborate a bit more about what the reasons behind that would be specifically? The third question that I have is about your non SK On business, for the remaining businesses that you have. I do believe that there were TAs that you conducted within the second quarter and that there would be an opportunity cost related to that. What amount was that in actuality? In addition to that, it seems to be that across your PX, PE and PP facilities that you have, the utilization seems to be a bit low. So as a result of that, when do you believe that there could be a better performance in this area? What would be the overall view? [Foreign language], SK On Kim Kyung-hoon [Foreign language]. This is Kim Kyoung-Hoon, the CFO of SK On, and maybe I can address your first question. AMPC [Foreign language] Q1, Q2 [Foreign language] breakdown [Foreign language] Q1 [Foreign language] Q2 [Foreign language]. With regards to the first question about the AMPC effect or impact, it is true that the numbers that we have presented represent both the first quarter and second quarter impacts combined. It would be difficult to give you a specific breakdown. However, what I can say is that if you look at which quarter had a larger impact, the second quarter was larger than the first. [Foreign language]. Maybe the second part of your question or the second question that you asked in terms of revenue growth and also increase in volume of our products. Again, we do think that the trend will be represented by the third quarter, fourth quarter, and then towards the second half of the year in general, improving continuously. If you look at the main driver behind that, as we have mentioned, it would be the stronger demand that we see coming from the U.S. market. [Foreign language]. Also, maybe to talk about our profitability improvements. [Foreign language]. In terms of the overall drivers behind why we believe profitability going forward will improve, I do believe that, as you have mentioned, there could be a wide variety of different drivers or factors. If you look at it from a broad perspective, I believe the biggest would be the improvements in our overall productivity, and the second would be, the lower costs, and as a result of that, the improvement in our margins as a result of that. We believe that the bigger driver will be from our higher level of productivity, and we think that that will be the main factor contributing to the improvement. I will now discuss the third regular TA opportunity loss. This is Shim Mun-gwan, Performance Management PL, SK Energy. Yes, maybe I can address your second question about the opportunity to cost related to these Q2 TAs that we had. This is Shim Mun-gwan, the performance management team leader from SKE. [Foreign language]. During the first half of the year at SK Energy's level, if we look at the facilities that were subject to turnaround, we had one FCC and also RFCC and three desulfurization units that went into TA. As a result of that, if you look at the opportunity cost related to that, that would be KRW 110 billion. In addition to that, if we look at the third quarter, we don't expect any facilities to be subject to turnaround. As a result of that, there would be no opportunity cost related to any activities. Yes, this is Kim Yong Soo, the head of Management and Planning Office at SK Geocentric, and maybe I can address your question about the utilization of our PX, PE, and PP facilities. First to talk about our PX facility. The PX facility in the beginning of the second quarter did have a lower utilization, the reason for that is because there was higher demand for xylene and also toluene that was used for gasoline blending. If you look at the utilization, currently, it's running at full utilization, and during the second half of the year, we don't believe that there will be a possibility of us to adjust the utilization level. In the case of our PE and PP facilities, in the first half of the year, we did expect that there would be stronger demand coming from the reopening of China. However, in actuality, the demand recovery was slower than expected, and added to that, there was new capacity additions that took place within the region, which added to the overall supply. As a result of that, we did adjust our overall utilization to a lower level. If you look at the current situation, we are running at 100% utilization because we have depleted the inventory that we had held. The following question will be presented by Hyun-ryul Cho from Samsung Securities. Please go ahead with your question. foreign language Yes, thank you for the opportunity to ask questions. This is Hyun-ryul Cho from Samsung Securities. I would like to ask you 3 questions. The 1st question would be about your overall refinery business, the 2nd about SK On, the 3rd question would be about your green portfolio ambitions going forward. 1st, to talk about the question about the refinery business. If you look at refinery margins recently, based upon, you know, focusing around the middle distillates, there seems to be a recovery that we have been seeing in the recent markets. What would be your overall outlook for refining margins in the 2nd half of the year and also into next year? The 2nd question that I would like to ask you is about SK On. If you look at this quarter, as mentioned before, you did capture some of the AMPC benefits, and I do believe that at your competitive level that there are some companies that are talking about possible profit sharing or requests for credit sharing from their client base. So the question that I would like to ask is: Do you actually see this? And do you feel this as a request or as a demand within your customer base also? And if you would compare your customer base against or if you would base it upon the facilities that you have built together with your JV partner versus the facilities that you have independently built, are the overall demand levels different at these different sites? The third question that I would like to ask you is about your green portfolio. You have shared with us the overall investment plans that you have until 2026. It seems to be that a lot of your investments will be concentrated in the ammonia area and also with regards to waste fuel related gasification. If that is the situation, then for the nature of these investments, would these be follow-on investments to already invest to prior investments that you have made in these startups? Or would the nature investments be, for example, to build out manufacturing facilities that would actually generate revenue in the areas in which you are collaborating? This is Shin Mun -gwan, the Performance Management Team Leader at SK Energy, and maybe I can address your question by talking about our overall view on the supply, demand, and demand- supply, demand dynamics in the middle distillates, and also our view about the refining margins for the latter half of the year. If we start with diesel or light oil, we do believe that due to the recovery in China and also more movement or travel demand that is taking place, in addition to that, TAs that are taking place in the third quarter, that this all will have an effect of supporting the diesel crack levels. On the kerosene side, also, we do believe that driven by the overall demand for jet fuel, that there will be a recovery that we will be able to see in the third quarter. As a result of these factors, if we look at our overall outlook for the refining margins, we do expect there to be a gradual recovery to take place, driven by the production cuts of the OPEC Plus, also TAs that are taking place in Asia and Russia, which will lead to tighter supply, and also the recovery and demand coming from domestic demand in China and also jet fuel demand. So maybe I can take your second question. This is Park Jeong Ah from the Head of Global Alliance Division and IR at SK On. First, to talk about the production facilities that SK On has built out by itself, because these are direct investments that we have made into these facilities, we don't have any plans to share the credit with our OEM customers. In the case of facilities that we have built with our JV partners, of course, for the AMPC benefits, it's not something that we would be sharing with our OEM customers, but rather, the JV-built facility itself would be the recipient of the AMPC credit. This is Kim Jong- ryeon, the Head of Business Development Office at SKI, and maybe I can talk about your third question about our green portfolio investments. About your question about whether this would be a continuation of the investments that we have made before, I would have to say, yes, that is true. If we look at the overall situation, we initially made our investments last year in the areas of ammonia and also waste to fuel, for example, in the investment that we had in Fulcrum. This year, if you look at the areas that we have invested in, we have made investments in the area of CCUS. We do want to continue to broaden the overall areas that we are precedent in, and that are included in our green portfolio, so that we can commercialize these various opportunities. Accordingly, we will continue to make follow-on investments in this area. Amogy is now in the research and development stage, but commercialization is currently planning to prepare to build a commercialization factory in 2025. When that factory is built, we are considering options to participate in the investment. The waste to fuel company, Fulcrum, is currently in the pre-IPO stage. This company is now proceeding with additional projects in addition to its existing factory, and we are also considering participating in that project, such as a JV in the U.S.. Other CCUS currently being carried out in Korea are also in the preparation stage for commercialization. In addition to that, I do believe that you also asked about whether we would be investing into production facilities to be able to generate revenues. I would have to say that the situation is different on a case-by-case basis. First, if we look at Amogy, which would be our ammonia-related investment, the company right now is focusing on R&D right now. However, as a result of that, it is planning to build a production facility that would provide commercialization in 2025. As a result of that, we currently are reviewing the possibility of participating in that overall investment. In the case of Fulcrum, which would be the waste to fuel, the investment right now, that company is in a pre-IPO process. As a result of that, in addition to the existing facilities that it has, it is planning to build additional capacity in the U.S., and as a result of that, we are currently exploring the possibilities of participating, maybe in a JV form or maybe in a different type of format. In addition to that, for the CCUS company that we had invested in, in Korea, this is also a company that is preparing commercialization. The following question will be presented by Yong Suk Shin from Morgan Stanley. Please go ahead with your question. Yes, hello. Thank you for the opportunity to ask a question. I will ask one question. If I am not wrong, then I believe that the comment was not made by Ford, but Volkswagen. As you have mentioned, I do believe that there is a possibility of more sluggish demand coming from China and Europe. If you look at our customer base and also the vehicles that we are providing batteries for, we do believe that the overall impact will be limited. In addition to that, for the U.S. EV demand, in which is the overall area that we are focusing on, we actually believe that the overall situation will be very strong. We conservatively assume some kind of percentage discount relating to the execution cost or the monetization cost when you try to, you know, monetize the AMPC. Also, can you share with us if there's any change to your full year production guidance of 10-15 gigawatt hours in the U.S.? Because if I use the first half production of 4 gigawatt hours multiplied by $45 per kilowatt hour, then you would get actually a higher number than $157 billion. The second question is on Hyundai. I think Hyundai currently accounts for a large portion of your revenue, maybe about 70%, 60%, 70%. Recently, there has been talk that SDI might sign as much as a 100 gigawatt hour joint venture with Hyundai. Given, you know, SK's shipments to Hyundai right now comes out of your Chinese plants, which are not, not joint ventures with Hyundai, do you think this is a risk to your business? What, what do you think... how much of a risk is solid state batteries to your business, in your opinion? How much of your order backlog has a take or pay clause or a minimum volume guarantee clause? If we start to see- if we lose orders from Hyundai for the China plant, what is the backup plan? Thank you. Yeah, thank you for the opportunity to ask a question. you answered earlier, but I'm sorry to ask again about AMPC. Now, if we look at the total amount of AMPC related to the first quarter, I would like to know how many gigawatt hours of battery production it is related to. Now, as you said while answering, you said that you are not thinking about credit sharing for the factory where you made a 100% self-investment. Despite this, the amount you recognized in this quarter in relation to AMPC in general is KRW 1.67 billion. Out of this, in order to ultimately realize this tax benefit, execution cost, or monetization cost related to this, I think there may be some discount, so is it a conservative figure assuming a discount?... [Foreign language]. [Foreign language] 10-15 GWh [Foreign language] 4 GWh [Foreign language]. [Foreign language]. Regarding the first question, SK On's Kim Kyung-hoon will speak. With regards to your first question, maybe I can address this. This is the CFO, Kim Yang-seob. [Foreign language] Maybe to, you know, cut to the answer, I would have to say that in conclusion, on a per annum basis of around 10-15 gigawatt hours, we are maintaining that stance. [Foreign language] You know, when you did your calculation, the reason why the first half of the year looks small is because in terms of the overall sales volume, we do expect that the second half will be much higher number than the first. [Foreign language] KRW 167 billion AMPC [Foreign language] In addition to that, in the overall KRW 157 billion AMPC number that we have captured, this is not based upon conservative assumptions, but what we believe to be realistic consumptions, assumptions. [Foreign language]. i.e., what that means is that there have not been any execution cost or monetization cost, as you have said, built into these numbers. [Foreign language]. This is Park Jeong-ah, and maybe I can address your second question. [Foreign language]. I think that what we can say to that point is that, as you are probably aware, for EV batteries, EV batteries are actually a very special and also tailor-made product to a specific vehicle, and which cannot be easily replaced. As a result of that, any new battery orders that would be secured by our competitors, would not have any impact on the existing order base that we have or our existing supply volume. [Foreign language]. The last question will be presented by Jin- Myung Lee from Shinhan Investment and Securities. Please go ahead with your question. [Foreign language] Thank you for the opportunity to, to ask questions. I would just like to ask one question, which would be, if you look at the overall CapEx that would be required for this year and next year, what would that overall amount be? In addition to that, in the recent conference call that you had about your rights offering, you did mention that in addition to the rights offering, you may explore various asset rationalization efforts. If you could elaborate about what those efforts would be, that would be appreciated. Yes, CFO Kim Yang-seob. First, I will answer regarding the CapEx scale. This is the CFO, Kim Yang-seob, and maybe I can address your first question about our CapEx. [Foreign language] CapEx [Foreign language] For the CapEx expectations for this year, as we had shared with, with you at the beginning of the year, we expect it to be at around KRW 10 trillion, and as of the current time, we are maintaining this guidance. [Foreign language] The second part of your question was about our asset rationalization efforts, which would be part of strengthening our overall financial position in addition to the rights offering that we are currently conducting. In this area, what I would have to say is that this is an ongoing process. We are currently exploring various options available to us. In actuality, we don't have any detailed plans yet, once we do have more details, then we will make sure to share them with you, whether it be through a disclosure or through other forms of communication.