Ladies and gentlemen, thank you for standing by. I'm Poppy, your Chorus Call operator. Welcome, and thank you for joining the Arçelik conference call and live webcast to present and discuss the Third Quarter 2022 Financial Results. All participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Özkan Çimen, Chief Financial Officer, and Mr. Polat Şen, Investor Relations Lead. Mr. Çimen, you may now proceed. Thank you. Good morning and good afternoon, ladies and gentlemen. Welcome to our third quarter results webcast. I am with Polat Şen, our investor relations lead. Before we start discussing our operational and financial results, I would like to take this opportunity to thank all of our employees for their effort in these challenging times. I would start with the highlights of the third quarter. We have generated TRY 34.3 billion revenue in the third quarter, registering 89% year-on-year and 6% quarterly growth. In a declining consumer demand area, the main drivers of the growth were price increases and Turkish lira depreciation. As the macroeconomic environment gets worse every month with inflationary pressure, consumer demand in Turkey and in other regions has further declined. Strong pace of last two years change in consumer spending priorities were among other important factors of contraction of the demand. Despite the planned growth margin in Q3, we posted 8.7% EBITDA margin in the third quarter. It's a margin improvement of 105 basis points on a quarterly basis, which was as a result of improved OpEx to sales ratio. Compared to a year ago, the cost pressure was still significant and EBITDA margin had contracted by 107 basis points. Net working capital to sales ratio decreased to 26.3% as of third quarter compared to 28.3% as of second quarter, mainly due to strong collection during this quarter. The leverage as of September 2022 decreased to 2.68x, reflecting around 0.5x improvement, which is backed by free cash generation and higher EBITDA contribution, which is a result of the translation from higher FX exchange rates compared to second quarter. Excluding the impact of shares buyback, the total impact on the leverage would have been 0.29x, so this will take us to 2.38x. If you continue with the next slide. Following a triple-digit annual net sales growth in the first and second quarters, we have registered another net sales growth of 89% in this quarter. This is supported by price increases and positive FX conversion impact. Our net sales have reached to TRY 34.3 billion despite falling consumer demand. On a quarterly basis, we have delivered 6% revenue growth on the back of continued price increases and Turkish lira depreciation. Strong price increases on a yearly basis and cheaper metal raw material prices were main drivers for margin expansion despite lower capacity utilization rates due to falling demand. On a quarterly basis, consolidated gross margin was down by 83 basis points, reflecting the significant depreciation of euro against dollar and minimum wage increase, which put pressure on the costs and increased energy costs despite the easing raw material costs. On the right-hand side, you can see consolidated EBITDA margin figures. In the third quarter of 2022, EBITDA margin was 8.7%, up by 125 points compared to previous quarter, driven by lower marketing expenses and logistics costs. However, on a yearly basis, EBITDA margin was down by 110 basis points, which is reflecting significantly higher logistic costs. Continue to the next slides. When we look at the domestic markets following 8% contraction in the first six months of the year, we saw better wholesale market in Turkey in July and August period. In the first eight months of the year, the contraction in Turkish MDA market was slowed down to 6% on a yearly basis. Our performance were also improved compared to previous quarters, and the units were flat-ish in July-August period on cumulative basis year-over-year, which decelerated the contraction to 10% in the first eight months of the year. Despite relatively better wholesales performance, sell outs were significantly weakened in both July and August. In the first six months of 2022, the consumer demand was up by 2.5% on a yearly basis, reflecting the impact of pull forward demand. Starting from June, consumers changing spending priorities, such as vacations, social gatherings, increasing trending cost of living and high base, led significant contraction in the sales. For all those reasons, sales in the first eight months were down by 4.3% on a yearly basis. Growth in the first six months turned into contraction in July and August in AC market due to strong base impact on both quarterly and yearly basis. In the first eight months of the year, AC market was down by 8%, while we have outperformed the market with 11% on an annual basis. When we look at the TV sales, TV sales were down by 4%, while our units were down by 5% compared to a year ago in the first eight months of the year. Domestic revenue in the third quarter was TRY 10.1 billion, which is registering 88% yearly and 4% quarterly growth. Growth was mainly driven by price increases despite declining units. The share of domestic market in the total business is 30%, which has remained flat on both yearly and quarterly basis. We look at the European market in the next slide. In the third quarter, the share of Europe region in total revenue was 42%, which is flattish compared to a year ago. In Western Europe, consumer demand declined by low teens% on a yearly basis in both July and August as a result of double-digit contraction in the major markets like Germany, Great Britain and France. Together with high base impact of last two years, declining purchasing power and changing spending priorities of consumers were the key factors behind this contraction. However, when we look at the value terms, which is a reflection of price increases to offset the cost inflation and higher share of premium segment, the markets remain flattish on a yearly basis in the first 8 months of the year. Having 25% share in total revenue, our sales were down by 14% in EUR terms on a yearly basis due to lower units. In Eastern Europe, the market continued to shrink significantly in July and August, mainly as a result of accelerated contraction in major markets. However, in value terms, we see the market grow significantly. Having 17% share in total revenue, our sales were up by around 35% on a yearly basis in euro terms. On an organic basis, revenue growth was 30%. In total, Europe lower units were offset by the pricing initiatives, and we have posted 1% annual revenue growth in Europe euro terms in this quarter. The next slide, the revenues from Africa and Middle East region, which is accounting for around 9% of our consolidated sales in Q3, grew by 48% in euro terms. The strong revenue growth mainly driven by significantly higher Middle East revenues. In South Africa, units sold in the domestic market remained flat on an annual basis in the third quarter. However, on a quarterly basis, cycling a low base on the previous quarter due to the flood disaster, units grow at mid-single-digit%. [Device export units] were contracted at mid- to high-single-digit% on a yearly basis and grew at low-teens% on a quarterly basis. It posted around 16% annual revenue growth in euro terms, mainly driven by price increases. Both price increases and growth resulted in around 11% revenue in euro terms. We have been able to increase our market share with Defy in unit terms and continued our leadership position. Revenue from Beko Egypt were up by 48% on a yearly basis in euro terms, thanks to mainly high dishwasher and AC sales and price increases. However, on a quarterly basis, the import regulation imposed by the government is negatively impacting the sales, and revenue fell by 15% in euro terms. Revenues from APAC region, which generated 18% of our consolidated revenue, were down by 2% on a yearly basis in the third quarter in euro terms. Pakistan records high level of monsoon rains that followed by flood disasters. High inflation and deteriorated purchasing power reflected onto the consumer demand. As a result of significantly low units, net sales were down by 48% on a quarterly basis in local currency terms and around 52% in euro terms. On a yearly basis, mainly supported by price increases, net sales grew by 9% in local currency terms. In euro terms, net sales contracted by around 7% on a yearly basis due to depreciated Pakistan rupee currency. Higher AC, washing machine and SDA sales in Bangladesh in the third quarter resulted around 13% annual revenue growth in Taka terms. In euro terms, the growth is 17%. We continue with the next slide, raw material price index. In this quarter, both metal and plastic raw material prices declined compared to a quarter ago, mainly as a result of declining demand throughout the industries. Declining consumer demand for various industries has led to production downturn that accordingly pulls metal raw material demand down. Thus the decrease in metal raw materials continued in the third quarter. Likewise, plastic raw materials prices also declined in the quarter due to the shrink of demand. Despite the fact that prices went down in this quarter compared to the pre-pandemic prices, the costs are still higher. Going forward, demand and energy costs will be the main determinants of the index of raw material prices. If you continue with the sales by segment. In Q3, Turkey sales grew by 87.5% organically on a yearly basis, and international sales grew by 89.3%. Out of this growth, 19.1% was organic, 68.6% was FX impact as a result of Turkish lira depreciation, and 1.6% was coming from our latest acquisition. On the right-hand side, you can see our regional sales breakdown. Arçelik benefits from having enhanced operating geographies. Turkey's share in total revenue remains same as 30%, while the share of Western Europe declined to 25% from 30% compared to a year ago. Total Europe's share remains flat with 4% higher share of Eastern Europe in the third quarter of this year versus a year ago. We continue with the summary of the financials. Here, you can see quarterly financials with yearly and quarterly comparison given on a consolidated basis. We have completed the Indesit acquisition at the end of August, and in terms of profit and loss statements, there is only one month of inorganic impact. Excluding this acquisition impact, the growth was 88%. On a quarterly basis, Arçelik consolidated net sales increased by 6%. Organically, revenues grew by 5% compared to previous quarter. Gross margin in the third quarter was up by 45-50 basis points on a yearly basis to 28.8. On a quarterly basis, gross margin was down by 83 points, mainly due to further declined Euro/Dollar parity, wage increase, and higher energy cost especially affected Q2 cost base. EBITDA margin expanded by 125 basis points to 8.7% on a quarterly basis, with the impact of effective OpEx management. On a yearly basis, EBITDA margin was down by 110 basis points, which is reflecting significantly higher logistic costs. Excluding one-off items, EBITDA margin was 8.6% in the third quarter. We have posted net income of TRY 495 million in the third quarter. Net profit margin was 1.4%. Construction of 251 basis points reflects the cost pressures on operations and higher financial expenses on a yearly basis. If you exclude the one-off items, net profit margin was 1.3%. On the next slide, you will see our debt breakdown and the leverage ratios. Our net debt was decreased by TRY 1.2 billion compared to Q2, mainly due to the increase in the cash position. Our cash in the balance sheet was increased by TRY 5.5 billion, mainly coming from the positive free cash flow generation in this quarter, and also the contribution of cash coming from our latest acquisition. As of Q3, we have TRY 20.4 billion equivalent cash in our balance sheets, which is well diversified between currencies, with 6% of our total cash in hard currency, while Turkish lira share was eleven percent. As a result, our leverage was down by 0.47x compared to Q2. On the right-hand side, you can see our loan and bond portfolio. As of Q3, we have TRY 46.4 billion equivalent debt. 28% of our total portfolio is in Turkish lira terms, while euro and dollar share was 33% and 22% respectively. Our Turkish lira effective interest rate was 22.1%, up by 65 basis points compared to previous quarter end. We have financed our Turkish lira needs with issuing Turkish lira bonds, which is used for our working capital requirement. On the next slide, on the upper left corner, you can see the bridge of EBITDA margin. As mentioned previously, due to higher OpEx sales ratio, mainly as a result of significantly higher logistics costs, consolidated EBITDA margin was contracted on a yearly basis. On the lower left corner, you can see our CapEx to sales ratio, which is 5.1% in this quarter. Our investments in Egypt and the factories in Turkey were the main reason of those 170 basis points increase in the ratio. On the upper right-hand corner, net working capital to sales ratio reflects at 26.3% in Q3 compared to 28.3% at the end of Q2. Finally, on the lower right corner, you can see our cash flow, where we delivered positive free cash flow of TRY 2 billion in this quarter. We continue with the next slide of the guidance. To reflect the recent changes, we have made adjustments on our revenue, EBITDA margin and CapEx guidance. Based on our most recent forecast, we increased our Turkish sales growth expectation from around 70% to higher than 70% in Turkish lira terms, which is actually reflecting the pricing initiatives in the last quarter. We maintain our international sales growth guidance as higher than 20% in euro terms. That incorporates the revenues from our recent acquisition. We also maintain our consolidated net sales growth guidance as being more than 90% in Turkish lira terms. As a result of further deteriorated inflation to our operations, that is putting pressure on the demand and cost inflation, we have revised our EBITDA margin guidance to around 9.5% from around 10% for the end of this year. Our CapEx guidance is upgraded to EUR 360 million with the including of our new investments in Bangladesh and Egypt. That was the final slide of my presentation, so we can go to the Q&A session. Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question comes from the line of Cemal Demirtaş with Ata Invest. Please go ahead. Thank you for the presentation. My first question is rather about items before the operating line. I see much higher FX losses below the operating line in fourth quarter. You know, more than maybe compared to previous quarters, at least TRY 300 million more FX losses there. Compared to second quarter, we see significant increase in that item and that's some hedging costs. I would like to understand because those numbers just put additional pressure on your bottom line although your EBITDA is recovering. I would like to understand, is it temporarily related to third quarter because of your, you know, short position or other position? That's my first question. What could be the trend in that? Was it just because of some volatility? That's my first question. The other question is about the trend in fourth quarter. How is the trend for the fourth quarter and the following years? I see some improvement in your working capital. How do you see the market conditions in both Turkey and international? Thank you. Thank you, Cemal Demirtaş. When you look at our financing expense, actually, as you mentioned, there's a significant amount of FX loss impacting our costs. This is related to our position before hedging. Due to the regulations in Turkey, our export revenue should need to be converted to Turkish lira. Therefore, what we have done in the last quarter is selling our FX, which also contributed to a lower Turkish lira borrowing. Our composition of borrowing has changed, which has impacted the increase the net balance sheet position before hedging. With the increased interest rate, it is almost with the same cost of hedging position versus getting a Turkish lira loan from the bank. The increase you see in our PNL is actually the switch from interest cost to FX loss. The impact will continue because unless our position before hedging is improved, we see an improvement compared to the two months ago in our FX position. I can say that unless the ratio of rates, including interest rates, decrease, there will be a similar cost of interest, which is partly FX loss and partly Turkish lira loan interest. This was related to interest. Özkan Çimen, related to this question. Was there anything about euro dollar parity impact in that? Because there was a, you know, big movement in euro dollar in third quarter. Could we attribute some portion of that to that factor or, you know, it's again- No, not actually, because we are also hedging euro-dollar position in our balance sheet frequently. The euro-dollar impact is mainly affecting gross profits and OpEx line. Because the material cost is partially with U.S. dollars, which is a higher percentage of our U.S. dollar revenue share. Therefore, the euro-dollar parity when we look at our sales breakdown is negatively impacting us because of the cost base. In the interest line, it is not, it doesn't have an impact. Thank you. Regarding the trends in this quarters. So far, 2022 has been a year in which consumer confidence declined. Economic and political environment causing consumers both to delay their purchasing decisions and shifting their purchasing preferences due to rising food and energy prices. In addition to unfavorable market dynamics, we had to overcome with various other headwinds in the third quarter, like continuing increased cost, demand impact and the parity, as you have mentioned. However, the price increases we have implemented and the measures that we are taking to improve our profitability has resulted in slightly better results compared to previous quarters. When we look at the Turkish MDA market, which performed slightly better than in the July period on a cumulative basis, registered 2% growth annually. The expectation we For the coming months, because of the uncertainty in the market and which is creating a demand contraction, we expect it to continue in both the Turkish market and as well as the international markets. What I can say is the sell-off, when we look at the sell-off in Turkey is we can say that it is flattish. However, for the coming months, I can say that our growth will mainly come from price increases rather than quantity increases. The global economic growth is forecasted to slow down to around 2% for next year. This will definitely impact the demand to our industry, considering all the inflationary pressures and cost pressures that are still on the market. Thank you, Özkan Çimen. The next question comes from the line of Hanzade Kilickiran with JP Morgan. Please go ahead. Özkan Çimen, thank you very much for the presentation. I have three questions. The first one is about your margins. You are expecting some sort of improvement in the fourth quarter. I wonder what is driving this margin improvement in the fourth quarter. The second one is what is the duration on your existing cost contracts. Would it be reasonable to assume that material, for example, raw material prices may come with a lag on your margins. Because this was the case before, and it should be now reversed. I just wonder when you can feel this raw material decline on your margins. The third question is about your financing. Will you continue to finance the Turkish lira loan repayments through bond issuance. What is the current interest rate in the market? Thank you. Thank you. For the margin side, we are expecting an improvement, as you highlighted in the fourth quarter, which will be for a couple of reasons, and one of them being we have been increasing our sales prices for the end of month in September, which we will see the impact in the last quarters. The other one is related to your second question of material prices. Actually, we have three months contract generally for metal raw materials. But for the chemical side, it's managed monthly. Therefore, we would be utilizing the full decreasing material cost in the coming months, especially the metal side. It is coming with a lag since we have three months contracts and also we have inventory in our balance sheet. For the plastic side, we will be having the benefits earlier than compared to the metal prices. With the third one of the improvement is related to our OpEx management, which we have been able to reduce and we will continue to reduce as a percentage of sales. All these three impacts combined will lead to a better margin in the last quarter compared to Q3. To your question regarding the financing, we have been financing our Turkish lira needs with Turkish lira bond issuance, and we will continue to do so. The latest ratio is around 25% of the amount of issuance to building Turkish lira. Yeah. Thank you very much. Can I make a follow-up on the margin performance? For example, if the demand environment stay weak in the fourth quarter, and you may not be able to reflect the prices, does it mean that actually with no price action, the major margin improvement may come in the first quarter of next year, actually, because of this contract duration? It is dependent on the quantities, of course. However, what we have assumed is that we have taken into account the demand for the last quarter, which has already reflecting the shrinkage of demand in the market, contraction of demand in the market. Therefore, I can say that we have already assumed a declining quantities while making our projections. However, if there is a let's say more contraction in demand, there will be side effects because of the fixed costs, our profitability ratio might be impacted. Okay. Thank you very much, Özkan Çimen. Thank you. As a reminder, if you would like to ask a question, please press star and one on your telephone. The next question comes from the line of Delal Alver with Ak Investment. Please go ahead. Hi. Thank you very much for the presentation. I have a follow-up on the financing cost and also another question. I mean, if you include the hedging cost, what is the weighted average interest rate on your FX loans given the other hedges, the USD, euro, you said? The other questions, the theme over the last quarter was that the energy prices in Europe are quite high, although we see some normalization. But also the freight costs from Shanghai, from China to Europe also is declining quite fast. Maybe you can just elaborate on those things in terms of impact on your business. Are you more competitive in terms of making exports to Europe compared to European producers also? Do you see more competition coming from the Asian price? Thank you very much. Thank you. Özkan, I can answer the first question. Hi, this is Polat Şen. Şen. For the Turkish lira loans, our effective interest rate as of nine months of this year is around 22%. We have still relatively lower interest rate loans in our total portfolio. Going forward, we expect this ratio to be increased at the year-end. For the hard currency loans, for euro it is around 5%, 3% because we have issued a green bond last year, you know that. The interest rate for this green bond was 3%. We have also euro-denominated loans, and the effective interest rate for the euro-denominated loans is around 2%. For dollar loans, is around 6%. Is there any additional cost coming from the hedging using hedging instruments on top of that implied interest rates, or is it included the 6%? As I explained, our net position, which is before hedging, is around EUR 300 million for the Turkish subsidiary, Arçelik. When we wanna hedge it is linked with the interest cost of getting loan from the bank almost. That means you can assume that there's a 25% cost of hedging that open position. The cost of hedging is similar to getting a loan from the bank with that rate. Okay. I get it. Thank you. Regarding your questions on energy prices and transformation costs, we have been experiencing in all countries the energy prices, especially the electricity rates, have been going incredibly high, which is quite high impacting to all our production costs. It has been doubled compared to previous quarters. There's no hedging mechanism to balance it. Therefore, we are seeing our total cost increasing around 1%-2% with the impact of total energy prices. We are taking pricing actions to balance those increased costs along with other increased costs. Transportation cost, as you have mentioned, it is not that high as we have started to this year. It has started to come down, and we are utilizing any lower rates. We are following up closely. Our teams are following up closely to make every opportunity possible to minimize our transportation costs, which most probably would we will be seeing better ways for the next year. However, there is operational difficulties that we are facing, not only costs, but the operation is not that easy. Understood. In terms of the competition, for instance, the energy price differences between Turkey and Europe, are you more competitive in making exports to Europe? Also, do you see more competition from the Chinese and Asian players because as the cost of shipping from Shanghai to Rotterdam declined quite significantly compared to six months ago. I think your first question is related to whether we are experiencing the same energy cost increases in different factories and whether one of them is in a less unfavorable condition compared to other. Not actually, because all countries that we have factories, we have been seeing the same trend of increased energy prices, which is impacting almost the same ratio. I'm not sure about the competition whether they have a favorable backed up energy prices which is subsidized by governments. As far as I know, the countries that we operate, there is no such incentive right now available. Okay, understood. Thank you. Once again, to register for a question, please press star and one on your telephone. We have a follow-up question from the line of Cemal Demirtaş with Ata Invest. Please go ahead. Regarding your general administrative expenses, you see absolute decline versus second quarter around TRY 1.2 billion. In previous quarter it was TRY 1.5 billion. Are there any specific reason behind that or, you know, any cost you know, structural change? That's my first question. The second one is about the effective tax rate. You recorded some tax gain. Should we expect similar trend in the fourth quarter? Thank you. For the general and admin expenses, we can provide the breakdown later on, but what I can say is we have been monitoring our expenses to reduce our OpEx spend, especially for the fixed cost side. There are a lot of initiatives taken because we are not only increasing our sales prices to improve our margin, but we are also effectively managing our OpEx and net working capital. This is a reflection of that. As I said, we will share the details of the breakdown of those costs after the call. Effective tax rates in this quarter have been impacted with three major issues. One of them is that our tax assets we have indexed to inflation so that the positive impact coming from that part. Our new CapEx itself is coming with additional incentives, so there is additional tax assets create with the CapExes. Our R&D expenses is creating an opportunity to reduce our tax base. We are expecting a very low tax base coming from those impacts, which we expect single digits by the end of this year. Thank you. Maybe another question about the strategic perspective. You know, in the previous quarter, Whirlpool had some announcements about their plans in Europe, in the EMEA, and you had some, you know, transactions with them, Whirlpool. Strategically, I'm sure it's early or, you know, to talk about anything, but what's your perception about your competitors in that sense? Because they are making losses in the EMEA. It was a problematic one for them. They then, during their presentations, they were underlying some corporations or deals or anything, you know, in the region. I don't know how you position yourself to catch, you know, the moves or strategic perspective, or should we just ignore that kind of cooperation and you go organically? Thank you. Given the recent acquisitions that we have done with Whirlpool and given the size of the business, it is normal for Arçelik to be thought as one of the potential candidates. However, there is nothing that we can share which is material right now. We are following Whirlpool's position. As you said, there are a lot of overlapping countries. There is nothing that I can comment right now. Thank you. The next question comes from the line of Anjali Doshi with Nuveen. Please go ahead. Thank you so much for the call today. Most of my questions have been answered. Just had one with regard to your upcoming Eurobond maturity, EUR 500 million in April next year. Can you talk about, you know, what your options are to address that, given just the current market conditions are, you know, generally unfavorable, how are you looking to address that? I mean, you have sufficient cash on your balance sheet, but I am curious if you are looking at refinancing options as well. Yes. Actually, we are considering to have another bond issuance at the beginning of this year, but after the economic conditions and the political environment, as you already followed, the rates have gone to around 10% for issuing a new bond. Therefore we decided not to issue a new bond. However, we are considering getting a syndication loan options. We are working on that, and partially with the available cash in our hand and partially with the loan that we're going to have like in the first quarter of next year will be used for the refinancing of our bond. Okay. That's very helpful. Thank you. Then just one more question on the cost side. I understand, you know, from your points on the reduction in materials and chemical costs, as well as some of the energy side as well, that you'll have some improvement going forward with some bit of a lag given sort of the contracts are set up. I am curious on the OpEx side in particular, given the high inflationary environment in Turkey and many of the markets. Are there, you know, additional measures you're taking to address that piece rather than just the COGS, also the OpEx side? Yes, we are constantly reviewing our OpEx. As you said, there are inflationary impacts or the impacts coming from the minimum wage increases, which is impacting our cost base. At the same time, we are also creating efficiencies in our operations, which is reducing our cost base down. They are balancing factors or sometimes we are able to improve our OpEx as a percentage of sales. In most of the countries that we are operating, we are looking at from the same perspective. There will be a negative impact coming from inflationary pressures, but we will balance those with our OpEx management. Great. Thank you so much. As a final reminder, to register for a question, please press star and one on your telephone. The next question comes from the line of Eleonora Martignoni with M&G Investments. Please go ahead. Hi, thank you for taking my questions. I have just one, please. Do you have a sense of what inventory is in the channel? Not just at your company specifically, but through your distributors, et cetera. If you have a sense of whether that needs correcting or not. Thank you. The inventory levels in the markets is actually compared to the previous quarter, is within the same level. Therefore we do not see a major inventory problem in the channel right now. However, if we see further reductions in the quantities and decline of demand, that might be at a level which is higher than compared to previous quarters. We are continuously monitoring not only our inventory, but also the inventory in the channel as well. Thanks. The next question is a follow-up question from Cemal Demirtaş with Ata Invest. Please go ahead. It's gonna be a last one question about inflation accounting issue. It's not very popular nowadays, but in this environment, just if IAS 29 could be applied also in Turkey. What's your perspective on that? You know, in IFRS it might happen, but Turkish tax accounting is different, and it might create some losses for the following years of the balance sheet when you look at the inflation impact. What's your perspective on that for the time being? Thank you. Thank you. As you know, our reporting framework is TFRS and Public Oversight, Accounting and Auditing Standards Authority is responsible for that framework. The authority has to announce when to implement the inflation accounting. However, the expectations regarding that is to implement it by the end of this year. Regarding the impact, we are currently working on, with also with our consultants and with our team. However, as of now, we are not in a situation to mention, any amount. For 2020, only the balance sheets will be restated according to inflation accounting to be the base. For 2021 and 2022, both balance sheet and P&L will be prepared according to the inflation accounting, if it was to be implemented as of year-end 2022. Thank you. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Çimen for any closing comments. Thank you. Thank you. I would like to thank all of the participants for joining our Q3 Earnings Call. Thank you. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling and have a pleasant evening.