ICL Group Ltd (ICL) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the ICL analyst conference call. Our presentation today will be followed by a question-and-answer session (Operator Instructions). I must advise you that this call is being recorded today. I'd like to hand the call over to our first speaker today, Peggy Riley Tharp, Vice President of Global Investor Relations. Please go ahead.

女士們，先生們，感謝各位的耐心等待，歡迎參加ICL分析師電話會議。我們今天的演示結束後將進行問答環節（操作員指示）。我必須提醒大家，今天的電話會議將會被錄音。現在，我想將電話會議交給今天的第一位發言人，全球投資者關係副總裁佩吉·萊利·薩普（Peggy Riley Tharp）。請開始。

I'm Peggy Reilly Tharp, Vice President of Global Investor Relations. I'd like to welcome you and thank you for joining us today for our quarterly earnings call. The event is being webcast live on our website at icl-group.com. Earlier today, we filed our reports with the securities authorities and the stock exchanges in the U.S. and in Israel. Those reports as well as the press release are available on our website. There will be a replay of the webcast available after the meeting, and a transcript will be available shortly thereafter. The presentation, which will be reviewed today was also filed with the securities authorities and is available on our website.

我是全球投資者關係副總裁 Peggy Reilly Tharp。歡迎您並感謝您今天參加我們的季度財報電話會議。此次會議將在我們的網站 icl-group.com 上進行網路直播。今天早些時候，我們已向美國和以色列的證券監管機構和證券交易所提交了報告。這些報告以及新聞稿均可在我們的網站上查閱。會議結束後將提供網路直播的重播，會議記錄也將很快發布。今天將進行審核的簡報也已提交給證券監管機構，並可在我們的網站上查閱。

Please be sure to review the disclaimer on Slide 2. Our comments today will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are not guarantees of future performance. The company undertakes no obligation to update any financial information discussed on this call at any time. We will begin with the presentation by our CEO, Mr. Raviv Zoller; followed by Mr. Aviram Lahav, our CFO. Following the presentation, we will open the line for the Q&A session. Raviv, please.

請務必閱讀投影片2上的免責聲明。我們今天的評論將包含《1995年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述是基於管理層目前的預期，並非對未來業績的保證。本公司不承擔任何更新本次電話會議中討論的任何財務資訊的義務。我們將首先由執行長Raviv Zoller先生進行演講，然後由財務長Aviram Lahav先生進行演講。演講結束後，我們將進入問答環節。有請Raviv先生發言。

Thanks, Peggy, and welcome, everyone. Similar to the recent quarter, I would like to provide a brief update on the situation in Israel. While there are still challenges caused by the war, we have continued to minimize disruptions to our business operations and for our employees, while various operational challenges related to the war persisted, including higher logistics costs, we have been able to maintain good production levels, thanks in part to the return of most of our employees who have called up for reserve duty. Despite the unique challenges, we were able to execute according to plan in the first quarter, resulting in a good start to 2024.

謝謝佩吉，歡迎大家。與最近一個季度類似，我想簡要介紹一下以色列的局勢。儘管戰爭帶來的挑戰依然存在，但我們始終致力於將對業務運作和員工的干擾降至最低。儘管與戰爭相關的各種營運挑戰（包括物流成本上升）依然存在，但我們仍然能夠保持良好的生產水平，這在一定程度上要歸功於大多數應徵入伍的員工的回歸。儘管面臨獨特的挑戰，我們仍然能夠在第一季按計劃執行，為2024年開了一個好頭。

For the first quarter, ICL delivered solid sequential improvement as global demand appears to have stabilized and as most of the multiple end markets we serve have begun to show signs of recovery. While there are some exceptions based on location and other factors, gradual improvement should start becoming apparent in the various channels we serve. So, as we've said in the past, we will be agile and work to effectively manage the areas under our control and react with appropriate swiftness when necessary. Now if you will please turn to Slide 3 for a brief overview of the first quarter. Sales of $1.735 billion and adjusted EBITDA of $362 million, both showed quarter-over-quarter improvement, although down versus the prior year as expected.

第一季度，隨著全球需求趨於穩定，以及我們服務的多個終端市場大多已開始出現復甦跡象，ICL 的業績環比穩步提升。雖然由於地理位置和其他因素存在一些例外情況，但我們服務的各個管道應該會逐漸顯現出改善的跡象。因此，正如我們過去所說，我們將保持敏捷，有效管理我們控制的區域，並在必要時迅速做出反應。現在，請翻到投影片 3 查看第一季的簡要概述。銷售額為 17.35 億美元，調整後息稅折舊攤提前利潤為 3.62 億美元，均較上季成長，但與去年同期相比有所下降，符合預期。

For the first quarter, we delivered $0.09 of adjusted earnings per share and will distribute a dividend of about $0.05 per share. Our long-standing policy is to pay out up to 50% of adjusted net income each quarter. We continue to focus on cash flow and generated operating cash flow of nearly $280 million in the first quarter, with free cash flow of more than $130 million. We continue to carry out efficiency efforts in the first quarter and manage through some logistics themes. Aviram will discuss our efficiency and cost savings initiatives in more detail later in the call, but our commitment to these efforts has not been our focus on innovation. We continue to expand our specialties product portfolio, both to the launch of innovative new products and via an acquisition in the first quarter.

第一季度，我們實現了每股0.09美元的調整後收益，並將派發每股約0.05美元的股息。我們長期以來的政策是每季派發高達50%的調整後淨利。我們持續關注現金流，第一季的營運現金流接近2.8億美元，自由現金流超過1.3億美元。我們在第一季持續推進效率提升工作，並著力解決一些物流問題。 Aviram將在稍後的電話會議上更詳細地討論我們的效率和成本節約舉措，但我們對這些工作的投入並非專注於創新。我們將持續擴展特種產品組合，包括推出創新新產品以及在第一季完成一項收購。

I would ask you to turn now to Slide 4 and to look at recent trends for some key financial metrics. While first quarter sales were down, as expected, they were up 3% sequentially. Adjusted EBITDA also improved on a sequential basis, while earnings per share were slightly down from the same time frame. Our consistent focus on increasing contribution from our specialty-driven businesses resulted in sequential improvement based on volume growth. First quarter specialties-driven sales were up 6% versus the fourth quarter of 2023, while EBITDA improved approximately 17% quarter-over-quarter. Our specialty-driven divisions also delivered a quarterly sequential improvement in gross margin, a trend that began in the third quarter of 2023. Let's start with the review of our divisions and begin with Industrial Products on Slide 5.

現在請您翻到投影片 4，看看一些關鍵財務指標的近期趨勢。雖然第一季銷售額如預期下降，但季增 3%。調整後的 EBITDA 也較上季改善，而每股盈餘較同期略有下降。我們始終致力於增加專業業務的貢獻，這導致基於銷售成長的環比改善。第一季專業業務銷售額較 2023 年第四季成長 6%，EBITDA 較上季成長約 17%。我們的專業業務部門的毛利率也較上季改善，這一趨勢始於 2023 年第三季。讓我們從回顧我們的部門開始，從幻燈片 5 上的工業產品開始。

For the first quarter of 2024, sales were $335 million, with EBITDA of $72 million (inaudible). As expected, sales and EBITDA have improved sequentially since the third quarter of last year. For the first quarter of 2024, sales were up approximately 12% sequentially, while EBITDA was up nearly 30% on higher volumes. Overall, we were able to gain market share and maintain key customer accounts while continuing to drive contribution from cost savings and efficiency efforts. For our key end markets, demand was mixed as soft as continued in electronics and in building and construction.

2024年第一季，銷售額為3.35億美元，息稅折舊攤提前利潤（EBITDA）為7,200萬美元（聽不清楚）。如預期，自去年第三季以來，銷售額和息稅折舊攤提前利潤（EBITDA）均較上季成長。 2024年第一季，銷售額較上季成長約12%，EBITDA則因銷售成長而成長近30%。總體而言，我們成功提升市場份額並維護了關鍵客戶帳戶，同時繼續透過成本節約和效率提升來推動業績成長。對我們的主要終端市場而言，需求漲跌互現，電子產品和建築業的需求持續疲軟。

Flame retardants sales increased versus the prior year, as higher volumes for our brominated solutions were partly offset by a decline in volumes for phosphorus-based products and lower prices overall. In early April, we received news that the EU Commission had imposed antidumping measures on phosphorus-based imports from China. And in late April, a similar petition was filed in the U.S. Global demand for clear brine fluids, which are used by the oil and gas industry was stable in the first quarter, and ICL remained a preferred supplier for the industry. On a year-over-year basis, sales were lower due to a peak market in the beginning of 2023.

阻燃劑銷售額年增，原因是我們溴化溶液銷售的成長被磷基產品銷售量的下降和整體價格的下降部分抵銷。 4月初，我們收到消息稱，歐盟委員會已對來自中國的磷基進口產品實施反傾銷措施。 4月下旬，美國也提交了類似的申請。第一季度，全球對石油和天然氣行業使用的透明鹽水的需求保持穩定，ICL仍然是該行業的首選供應商。由於2023年初市場達到峰值，銷售額年減。

Our Specialty Minerals business, which targets food, pharma and other end markets continue to perform well with sequential quarterly improvement. On Slide 6, you will see our Potash results for the first quarter of 2024 with sales of $423 million and EBITDA of $124 million. In the first quarter, we completed the annual maintenance at the Dead Sea. And in Spain, we delivered record production at our Suria mine and remain on track to meet our full year targets. One key commonality in both locations was the use of technology to optimize operations and improve production and safety as both facilities continue to focus on efficiency and cost savings efforts.

我們的特種礦物業務面向食品、製藥和其他終端市場，持續表現良好，季度環比成長。幻燈片6展示了我們2024年第一季的鉀肥業績，銷售額為4.23億美元，息稅折舊攤提前利潤（EBITDA）為1.24億美元。第一季度，我們完成了死海礦的年度維護。在西班牙，我們的蘇裡亞礦實現了創紀錄的產量，並有望實現全年目標。兩家工廠的一個關鍵共同點是利用技術優化運營，提高生產和安全性，同時兩家工廠都持續專注於提高效率和節省成本。

Total sales volume for the quarter was nearly 1.1 million times, up more than 120,000 tons year-over-year, but down approximately 100,000 tons sequentially as expected due to the annual rate is. The average potash price declined in the first quarter to $324 per ton, down approximately 40% year-over-year and 6% sequentially. Additionally, freight costs increased as global shipping remained under pressure. The global demand for potash is truly robust and prices have stabilized since the beginning of 2024. The outlook is generally positive with farm affordability still healthy as high levels of potassic deficiency in soil have become a clear threat to yields for growers in most regions.

本季總銷量接近110萬噸，年成長逾12萬噸，但季減約10萬噸，符合預期，因為年增率為正。第一季鉀肥平均價格下跌至每噸324美元，年減約40%，季減6%。此外，由於全球航運持續承壓，運費上漲。全球鉀肥需求強勁，價格自2024年初以來趨於穩定。由於土壤鉀缺乏症嚴重，對大多數地區種植者的產量構成明顯威脅，農場的負擔能力依然良好，前景整體樂觀。

Turning to Slide 7 and our Phosphate Solutions division where first quarter sales of $559 million improved sequentially, while EBITDA was down slightly for the same time frame. Volumes were higher in the first quarter and prices remained relatively stable, both on a sequential basis. In the first quarter, phosphate prices were at a crossroad and supply dynamics are expected to influence future quarters. For our phosphate specialties business, lower raw material costs were offset by lower sales prices and mixed demand across end markets and regions. In the first quarter, our YPH joint venture in China continued to deliver strong results and set production records for both food grade WPA and for MAP 73, which is used for cathode material production.

翻到第7張投影片，我們的磷酸鹽解決方案部門第一季銷售額為5.59億美元，季增，但同期息稅折舊攤提前利潤（EBITDA）略有下降。第一季銷量增加，價格維持相對穩定，季均成長。第一季度，磷酸鹽價格處於十字路口，預計供應動態將影響未來幾季。對於我們的磷酸鹽特種業務，較低的原材料成本被較低的銷售價格以及終端市場和地區的混合需求所抵消。第一季度，我們在中國的YPH合資企業繼續取得強勁業績，食品級濕法磷酸（WPA）和用於正極材料生產的MAP 73均創下了產量紀錄。

Turning to Slide 8 in our growing solutions business, where first quarter 2024 sales of $479 million were roughly flat sequentially. EBITDA of $42 million improved significantly on a sequential basis with an improved product mix. Efficiency efforts have continued to advance in the first quarter, even as the team navigated logistics and weather challenges. Regionally, North American sales improved year-over-year on higher volumes, while sales in Asia improved sequentially on higher prices. For Brazil and Europe, the start of the year was a little slower than expected in both markets. First quarter sales in Brazil decreased versus the prior year, but product optimization helped deliver higher gross margin.

翻到第8張投影片，我們不斷成長的解決方案業務。 2024年第一季度，該業務銷售額為4.79億美元，環比基本持平。息稅折舊攤提前利潤（EBITDA）為4,200萬美元，季減大幅提升，產品組合最佳化。儘管團隊克服了物流和天氣方面的挑戰，但第一季的效率提升工作仍在持續進行中。從地區來看，北美地區銷售額年增，銷量增加；亞洲地區銷售額環比成長，價格上漲。巴西和歐洲市場年初的開局略低於預期。巴西第一季銷售額年減，但產品優化有助於提高毛利率。

For Europe, a significant increase in volumes was offset by lower prices and higher logistics costs as weather conditions on the continent were less than ideal across key growing regions. Changing legislation and farm protests were additional obstacles during the quarter. Before we move on from Global Solutions, I would like to highlight a recent change in leadership. Gustavo Vasques, who has ably held our Brazilian business in 2021 has been nominated as the head of our European business. This move attests to the successful integration of our Brazilian acquisitions and the ongoing potential for additional synergies to continue to drive growth.

歐洲方面，由於歐洲大陸主要種植區的氣候條件欠佳，價格下跌和物流成本上升抵消了產量的大幅成長。不斷變化的法規和農場抗議活動也給本季帶來了額外的挑戰。在結束全球解決方案業務之前，我想先強調一下最近的領導層變動。 Gustavo Vasques 於 2021 年出色地領導了我們巴西業務，現在已被提名為我們歐洲業務的負責人。此舉證明了我們巴西收購業務的成功整合，以及持續產生綜效以推動成長的潛力。

Speaking of Brazil, if you will turn to Slide 9, I would like to review a few quarterly highlights, including the accreditation of our third plant nutrition innovation center in that country. This endorsement by the Ministry of Agriculture life stock and supply will benefit ICL as we develop, register and launch innovative technologies for the national and international agricultural markets. It will also be used to obtain registrations for new fertilizers, biofertilizers and inoculants among others. Also in Brazil, we announced the acquisition of Nitro 1000 in late February and the acquisition of this manufacturer, developer and provider of biologicals marks another meaningful step into the biologicals market. It also helps expand our product offerings and to position us for further expansions into new and adjacent end markets.

說到巴西，請翻到第9張投影片，我想回顧本季的一些亮點，包括我們在巴西的第三個植物營養創新中心獲得認證。這項獲得巴西農業部畜牧和供應部的認證將有利於ICL為國內外農業市場開發、註冊和推出創新技術。該認證也將用於獲得新肥料、生物肥料和接種劑等產品的登記。同樣在巴西，我們在2月底宣布收購Nitro 1000，收購這家生物製品製造商、開發商和供應商，標誌著我們進軍生物製品市場又邁出了意義重大的一步。這也有助於擴大我們的產品供應，並使我們為進一步拓展新的和鄰近的終端市場做好準備。

In North America, our battery materials expansion is gaining momentum. We recently signed 3 new MOUs and our customer innovation and qualification center in St. Louis is expected to be commissioned by year-end. The acceleration of the customer innovation and qualification center is our first priority as it will allow us to take advantage of technological innovations with our business partners. This will influence both future costs and product performance for our overall business plan, including for our first commercial scale plant. While this will extend the project time frame, it will also result in long-term benefits to our competitive position, which is aimed at achieving LFP leadership in North America. On the sustainability front, we improved our Sustainalytics ESG risk rating.

在北美，我們的電池材料業務擴張勢頭強勁。我們最近簽署了三份新的諒解備忘錄，位於聖路易斯的客戶創新與認證中心預計將在年底開始使用。加速客戶創新與認證中心的建設是我們的首要任務，因為這將使我們能夠與業務合作夥伴共同利用技術創新。這將影響我們整體業務計劃的未來成本和產品性能，包括我們第一個商業化工廠的建設。雖然這將延長專案工期，但也將長期提升我們的競爭地位，最終實現我們在北美磷酸鋰電池領域的領先地位。在永續發展方面，我們提高了Sustainalytics的ESG風險評級。

We also received an upgrade from CDP with our climate change rating improving to A lines. Additionally, we repositioned our Prolactal dairy protein business. As we focused on efficiency efforts, it clearly made sense to (inaudible) Prolactal, a non-phosphate related business out of the Phosphate Solutions division, especially as our battery materials aspirations continue to advance. This will allow the division to focus on building its battery materials business, which is core to the phosphate value chain while also allowing Prolactal to get the attention it deserves. With this change, Prolactal's new leadership is focused on aligning strategy with current market conditions and optimizing operations.

我們也獲得了CDP的升級，氣候變遷評級提升至A線。此外，我們也重新定位了Prolactal乳蛋白業務。由於我們專注於提高效率，將（聽不清楚）Prolactal（磷酸鹽解決方案部門中與磷酸鹽無關的業務）從磷酸鹽解決方案部門中剝離出來顯然是明智之舉，尤其是在我們不斷推進電池材料業務發展的情況下。這將使該部門能夠專注於發展其電池材料業務，這是磷酸鹽價值鏈的核心，同時也使Prolactal獲得應有的關注。透過這項調整，Prolactal的新領導層將專注於根據當前市場情況調整策略並優化營運。

I would also like to point out that the ICL innovation accelerate that is creating significant value for our shareholders was recently featured in a Harvard Business School case published earlier this week. Finally, as I do every quarter, I want to thank the entire ICL family of employees all around the world for their hard work, dedication and support. And with that, I would now like to turn the call over to Aviram.

我還想指出，本週早些時候，哈佛商學院發布的一個案例中就提到了ICL的創新加速，它正在為我們的股東創造巨大的價值。最後，正如我每季所做的那樣，我要感謝全球所有ICL員工的辛勤工作、奉獻精神和支持。現在，我想把電話交給Aviram。

Thank you, Raviv, and to all of you for joining us today. Let us get started on Slide 11 with the external macro environment. While some of these metrics have moderated slightly and others are unchanged, there has been a steady uptick in geopolitical tensions regardless, experts and [funded] still anticipate a global outlook to begin improving in the second half of 2024. As Raviv mentioned earlier, global demand appears to have stabilized and most of the end markets we serve have begun to show signs of recovery. Turning to Slide 12. Inflation remained stable as did interest rates, while housing starts in the U.S. declined in the first quarter, global industrial production is expected to improve as the year progresses.

感謝Raviv以及各位今日的參與。讓我們從第11張投影片開始，了解外部宏觀環境。雖然其中一些指標略有放緩，其他指標則保持不變，但地緣政治緊張局勢仍在穩步上升，專家和[基金]仍然預計全球經濟前景將在2024年下半年開始改善。正如Raviv先前所提到的，全球需求似乎已經趨於穩定，我們服務的大多數終端市場也開始出現復甦跡象。接下來是第12張投影片。通膨率和利率保持穩定，儘管美國第一季新屋開工率有所下降，但預計全球工業生產將隨著時間的推移而改善。

On Slide 13, you can see a slight decline in most grain prices with the exception once again of rice. Farmer sentiment is generally stable and prices for potash and phosphate appear to have stabilized. [Grain] rates have also stabilized, albeit at an elevated level. On Slide 14, you can see the expected trend over roughly the next decade or not only electric vehicles but also for energy storage. In North America, the demand for cathode active materials used in both of these products is expected to become nearly equivalent by 2030. This trend is expected to result in gradually increasing demand for white phosphoric acid, technical MAP and for global LFP.

在幻燈片13上，您可以看到大多數穀物價格略有下降，大米再次例外。農民情緒整體穩定，鉀肥和磷酸鹽的價格似乎穩定下來。 [穀物]價格也趨於穩定，儘管處於較高水平。在幻燈片14上，您可以看到未來十年左右的預期趨勢，不僅包括電動車，還包括儲能領域。在北美，預計到2030年，這兩種產品中使用的正極活性材料的需求將接近平衡。預計這一趨勢將導致對白磷酸、工業磷酸一銨和全球磷酸鋰的需求逐漸增加。

If you will now turn to Slide 15 and our first quarter sales bridges. On the left side, you can see the decline for each of our segments versus the first quarter of 2023, resulting in first quarter of 2024 sales of $1.7 billion. Turning to the right side of the slide, you can see a year-over-year increase in quantities, which was offset by lower prices, especially for potash. On a quarterly sequential basis, sales increased as higher quantities offset lower prices. For the first quarter, we saw general improvement in our inventory position in line with internal targets. On Slide 16, you can see the impact potash had on our first quarter 2024 EBITDA of $362 million, and this is evident on both the left and right-hand side of the slide.

現在請翻到第 15 張投影片，看看我們第一季的銷售額。在左側，您可以看到我們各個部門與 2023 年第一季相比的下降，導致 2024 年第一季的銷售額為 17 億美元。翻到幻燈片的右側，您可以看到產量同比增長，但這被價格下降所抵消，尤其是鉀肥。按季度環比計算，銷售額有所增長，因為產量增加抵消了價格下降。第一季度，我們的庫存狀況整體改善，符合內部目標。在投影片 16 上，您可以看到鉀肥對我們 2024 年第一季 3.62 億美元 EBITDA 的影響，這在投影片的左側和右側都很明顯。

Conversely, we benefited from higher quantities, lower raw material and energy costs and also from our cost savings and efficiency programs. While the year-over-year impact from transportation costs look roughly flat on the slide, this amount excludes approximately $8 million related to the war in Israel. Once again, even as potash prices declined gap 17. We continue to maintain the flexibility that allows us to rapidly shift in and out of markets based on profitability and to maximize our cost-efficient resources. I would also like to remind everyone where ICL is positioned in the global bromine market, which you can see on Slide 18. The dead sea is the premier and most cost competitive source of bromine and accounts for approximately 2/3 of global supply capacity.

相反，我們受益於產量增加、原材料和能源成本下降，以及我們的成本節約和效率計劃。雖然運輸成本的同比影響在幻燈片上看起來基本上持平，但這一數字不包括與以色列戰爭相關的約800萬美元。再次強調，即使鉀肥價格下跌，差距仍在17位。我們繼續保持靈活性，使我們能夠根據盈利能力快速進出市場，並最大限度地利用我們成本效益高的資源。我還想提醒大家，ICL在全球溴市場中的地位，您可以在投影片18上看到。死海是首要且最具成本競爭力的溴源，約佔全球供應能力的三分之二。

For the first quarter, we reduced SG&A by approximately 5% quarter-over-quarter. As you can see on Slide 19, we also remain focused on our savings and efficiency efforts, and these actions included supply chain and production initiatives in the Industrial Products division, mining optimization and technology efforts in our Potash division and labor costs as well as supply chain optimization in the phosphate solutions and growing solutions divisions. The cost efficiency efforts helped in part to drive our effective cash conversion, and we ended the quarter with available resources of approximately $1.7 billion. Our net debt to adjusted EBITDA rate at quarter end was 1.3x. In March, we repaid approximately $108 million of our Series E bonds as scheduled, which resulted in an increase in cash used for financing activities.

第一季度，我們的銷售、一般及行政費用（SG&A）較上季下降了約5%。正如您在第19張投影片上看到的，我們仍然專注於節約和提高效率，這些措施包括工業產品部門的供應鏈和生產計劃、鉀肥部門的採礦優化和技術改進、勞動力成本以及磷酸鹽溶液和種植解決方案部門的供應鏈優化。成本效率措施在一定程度上推動了我們有效的現金轉換，本季末，我們的可用資源約為17億美元。季末，我們的淨負債與調整後EBITDA比率為1.3倍。 3月份，我們按計劃償還了約1.08億美元的E系列債券，這導致用於融資活動的現金增加。

In June, we will pay out $59 million as a dividend to our shareholders, bringing our trailing 12-month dividend yield to approximately 4%. For the first quarter, our effective tax rate was 25%. This was lower year-over-year due to a lower surplus profit live and as we had increased profits in regions with lower effective tax rates. Additionally, as Raviv mentioned, in the first quarter, we carved the product a dairy protein business out of the phosphate solutions business, financials for Prolactal can now be found in other activities, and we have restated historical results to reflect this change.

6月份，我們將向股東發放5,900萬美元股息，使我們過去12個月的股息殖利率達到約4%。第一季度，我們的有效稅率為25%。由於實際盈餘利潤減少，以及我們在有效稅率較低地區的利潤有所增長，這一數字同比有所下降。此外，正如Raviv所提到的，在第一季度，我們將乳製品蛋白業務從磷酸鹽溶液業務中剝離出來，Prolactal的財務數據現在可以在其他業務中找到，我們也已重述歷史業績以反映這一變化。

Finally, if you will turn to Slide 20, I would like to reiterate our 2024 guidance. As we discussed on our fourth quarter call, we will be providing EBITDA guidance for all of our businesses other than potash, which we call our specialties-driven business segments. This includes industrial products, growing solutions and all of phosphate solutions as our [PEA] business is now predominantly specialty focused. For 2024, we continue to expect adjusted EBITDA for these 3 businesses to be between $0.7 billion to $0.9 billion.

最後，請翻到第20張投影片，我想重申我們2024年的業績指引。正如我們在第四季度電話會議上討論的那樣，我們將為除鉀肥以外的所有業務提供EBITDA指引，這些業務我們稱之為特種產品驅動的業務部門。這包括工業產品、種植解決方案以及所有磷酸鹽溶液，因為我們的[PEA]業務目前主要以特種產品為主。對於2024年，我們仍然預計這三項業務的調整後EBITDA將在7億美元至9億美元之間。

For our potash business, we ritterate sales volume guidance for 2024, and we expect this to be between 4.6 million metric tons and 4.9 million metric tons. For 2024, we expect our effective tax rate to be approximately 30%. And with that, we can begin the Q&A.

對於我們的鉀肥業務，我們重申了2024年的銷售量指導，預計在460萬至490萬噸之間。我們預計2024年的有效稅率約為30%。至此，我們可以開始問答環節了。

(Operator Instructions) Our first question today will come from the line of Ben Theurer of Barclays. Please go ahead.

（操作員指示）今天我們的第一個問題來自巴克萊銀行的Be​​n Theurer。請提問。

Yes. So 2 questions actually. So the first is you had a very good start within your specialties driven businesses, right? If we take a look just at these 3 and you've just reiterated that potash not being part of that, it was almost $250 million in EBITDA just in the first quarter, which sometimes seasonality-wise shouldn't be the strongest one. So just wanted to understand, within your expectations of the EUR 700 million to EUR 900 million for that segment, having had such a good start, what are the risks you're seeing of that sequentially throughout the year to kind of slow down? Because otherwise, we wouldn't even get to the $700 million to $900 million would actually be run rate-wise higher. So I wanted to understand that. That would be my first question, and then I have a quick follow-up.

是的。實際上有兩個問題。首先，您的特種業務開局非常好，對嗎？如果我們只看這三個業務，您剛才重申鉀肥不包含在內，那麼僅第一季的息稅折舊攤銷前利潤（EBITDA）就接近2.5億美元，從季節性因素來看，有時這應該不是最強勁的。所以，我想了解一下，您預期該業務的開局如此良好，預計在7億至9億歐元之間，您認為全年環比增長放緩的風險是什麼？否則，我們甚至無法達到7億至9億美元的目標，實際的營業利潤率還會更高。所以，我想了解這一點。這是我的第一個問題，然後我有一個簡短的後續問題。

Ben, thanks for your question. basically, yes, we started the year in good fashion. And obviously, the probability that we end up at the lower end looks quite low at this time. But at the same time, as you know, our country is currently at war. And the world is sort of turbulent. So I think we want to take a conservative position. I think the general direction now in our Industrial Products division is positive moving forward, and we expect price increase and accretion in the near future. potash, you probably know as well as we do. So there is uncertainty there, but that has nothing to do with your question, just in general, turbulence in the world, we want to give a conservative view, and that's where we are. You want to add anything Aviram?

本，謝謝你的提問。總的來說，是的，我們今年開局不錯。顯然，目前來看，我們最終跌至谷底的可能性很低。但同時，如你所知，我國目前正處於戰爭狀態，世界局勢也有些動盪。所以我認為我們應該採取保守的立場。我認為我們工業產品部門目前的總體方向是積極的，我們預計價格在不久的將來會上漲和增長。鉀肥，你可能跟我們一樣了解。所以這方面存在不確定性，但這與你的問題無關。只是總體而言，世界局勢動盪，我們想給出一個保守的觀點，我們現在的情況就是這樣。 Aviram，你還有什麼要補充的嗎？

Maybe one thing, Ben, first of all,. What I want to add is the question mark around behavior of phosphate during this year. We ended -- we started the year on a very good note on both the specialty side or basically (inaudible) speciality driven. Basically, all our phosphate business started on a very high accord. What we are seeing is a little bit the moderation in the price of the commodity side. The specialty side surprise us for the better because as we've talked about this before, there is some attrition in prices, but it was significantly less than we anticipated. And the commodity had a very good run late last year and in the first quarter. And we are not that certain about the continuation, how this will behave. So pegging along to what Avi said, we're probably within the range be in a better place, but it's a quarter, and we want to take it with a little bit of -- with a pinch of salt, if you might say, and wait for another at least another 1 quarter to see where this is heading.

Ben，首先我想補充一點。我想補充的是，關於磷酸鹽今年的走勢，我有一個疑問。年初，無論是特種磷酸鹽業務，或是（聽不清楚）以特種磷酸鹽為主的業務，我們都取得了非常好的表現。基本上，我們所有的磷酸鹽業務都開局良好。我們看到的是大宗商品價格略有回落。特種磷酸鹽業務的前景出乎意料地好，因為正如我們之前提到的，價格確實有所下降，但降幅遠低於我們的預期。大宗商品業務在去年年末和今年第一季表現非常出色。我們不確定這種情況是否會持續下去，以及會如何發展。所以，根據Avi的說法，我們可能處於一個更好的區間內，但這只是一個季度，我們對此持保留態度，至少再等一個季度，看看情況會如何發展。

Okay. Perfect. And then just coming back as it relates to some of the innovation pipeline and the investments, particularly around just the battery technology and the opportunities you're seeing there. How much of like -- how should we think about your dedication to research and development expenses, right, which I think falls within the broader SG&A and you've highlighted some of the cost savings. And is it fair to assume that research and development is going to be unaffected from that?

好的，完美。然後回到一些創新管道和投資方面，特別是圍繞電池技術以及您看到的機會。我們該如何看待您對研發費用的投入呢？我認為這屬於更廣泛的銷售、一般和行政費用（SG&A）範疇，您也強調了一些成本節約。那麼，是否可以假設研發不會受到影響？

It's a great question. Our aspiration on battery materials that -- we want to be a significant technology player and capture significant market share. And therefore, we are taking the position that our business plan is not about creating a plant with the assistance of the Department of Energy, but rather becoming a leading technological player. And the main thing that we're doing with regard to that is we're putting up our innovation and qualification centers so that we can work together with our future customers on qualifying their product. Clearly, the demand -- the long-term demand is out there. And so that center is going to be the basis for a lot of the R&D activity. Some has already started.

這個問題問得很好。我們在電池材料方面的願景是——成為重要的技術參與者，並佔據重要的市場份額。因此，我們的商業計劃不是在能源部的幫助下建廠，而是成為領先的技術參與者。為此，我們正在做的最重要的事情是建立創新和認證中心，以便我們能夠與未來的客戶合作，使他們的產品獲得認證。顯然，需求——長期需求——是存在的。因此，該中心將成為許多研發活動的基礎。有些研發活動已經開始。

As I mentioned in the past, 80% of the physical part of the LFP Material is phosphate, and we are experts on phosphate. We're already making significant progress in our labs. But in order to be in a position to become a technology-driven growth business plan in North America, we need to expedite the qualification center, the overall investment there is between $20 million to $30 million, $30 million is including the operating costs. And that is an effort that we intend to complete in basically no time. We intend to finalize that by the end of this year.

正如我之前提到的，LFP 材料 80% 的物理成分是磷酸鹽，而我們是磷酸鹽的專家。我們的實驗室已經取得了重大進展。但為了在北美打造一個技術驅動的成長型商業計劃，我們需要加快認證中心的建設，該中心的總投資在 2,000 萬至 3,000 萬美元之間，其中 3,000 萬美元是營運成本。我們計劃盡快完成這項工作，並計劃在今年年底前完成。

If I can take it. Raviv, the permission a little bit further and broaden the question, I think that Ben was referring to R&D, not only in the LFP but generally, and we are -- the answer is that we are fully committed to the R&D efforts. And actually, even if you look at the way we define ourselves, we are specialty or specialty driven company and the efforts they really come in the R&D division, in the PS division and also in the GS division, where we put a lot of effort into differentiation in the agriculture side. So basically, our committed commitment to really bring the innovation, applicable innovation has not changed at all, and we are consistent in applying that.

如果我可以接受的話。 Raviv，請允許我稍微擴展一下問題，我認為Ben指的是研發，不僅僅是本地合作夥伴（LFP），而是整個研發領域。答案是，我們全心投入研發工作。實際上，即使你看看我們的自我定義，我們是一家專業化或專業化驅動的公司，我們的努力主要集中在研發部門、PS部門以及GS部門，我們在農業方面的差異化方面投入了大量精力。所以，基本上，我們致力於真正帶來創新和應用創新的承諾從未改變，我們也始終如一地實踐著這項承諾。

(Operator Instructions) Our next question today comes from the line of Alexander Jones, Bank of America. Please go ahead.

（接線員指示）我們今天的下一個問題來自美國銀行的亞歷山大瓊斯。請繼續。

Two, if I can. The first following up on EVs. You talked about 3 new MOUs for the battery materials expansion. Could you expand a bit on those? And also give us more detail on when you would expect to convert those into sort of firm contracts or what are the key hurdles to doing so? And then the second question is just a quick follow-up on the guidance commentary. On the phosphate pricing side, are you seeing any erosion so far in Q2? Or is this more of a concern about what could happen in future quarters, but nothing you're seeing in the books so far.

如果可以的話，我想問兩個問題。第一個問題是跟進電動車業務。您提到了三份新的諒解備忘錄，用於電池材料業務的擴張。您能否詳細闡述這些備忘錄？另外，您能否詳細介紹一下您預計何時將這些備忘錄轉化為正式合同，或者主要障礙是什麼？第二個問題是關於績效指引的快速跟進。磷酸鹽定價方面，到目前為止，您認為第二季磷酸鹽價格有任何下滑嗎？或者，這更多的是對未來幾季可能發生的事情的擔憂，但目前您還沒有看到任何跡象。

Okay. Thanks. On the commodity side, on the eastern side of the globe, we see a certain erosion of prices having to do with Chinese exports that are coming out of China that didn't come out of China in the first quarter. So far, it's been rather limited, but there is potential for additional erosion. There was some start to an erosion in the U.S. It seems like it's stopped now with the new tax ruling in the U.S. So right now, we don't see significant erosion, but we have seen some erosion in the second quarter versus the first quarter. If it stays like this, it will be -- it will have a marginal effect, but it could continue.

好的。謝謝。就大宗商品而言，在地球的東部地區，我們看到價格出現了一定程度的下滑，這與中國出口商品有關，這些商品在第一季並沒有從中國出口。到目前為止，價格下滑的幅度相當有限，但有可能進一步下滑。美國的價格下滑已經開始。現在，隨著美國新的稅收裁定出台，這種下滑似乎已經停止了。所以目前，我們還沒有看到明顯的下滑，但與第一季相比，第二季的價格下滑有所加劇。如果這種情況持續下去，它的影響將是邊際的，但可能會持續下去。

And the first question was about the MOU...

第一個問題是關於諒解備忘錄的…

Sorry. And to go back to your first question on MOUs. The difference between an offtake agreement and an MOU agreement is basically reaching the qualification of product for the customer. And as we work on technological innovation, we're working with customers in order to meet future qualification. So it means that some of these are going to get deferred until we can actually create living samples that come out of the qualification center. In one case, we've already signed an offtake agreement. We can't afford to sign more than maybe one offtake agreement because basically, most of the product from the first plant is already accounted for. So we need to leave flexibility and not commit too much because once we have a qualified product, it will be for more than more than just one plan.

抱歉。回到你關於諒解備忘錄（MOU）的第一個問題。承購協議和諒解備忘錄（MOU）之間的差異主要在於如何為客戶獲得產品認證。我們致力於技術創新，並與客戶合作以滿足未來的認證要求。這意味著其中一些認證將被推遲，直到我們能夠真正生產從認證中心出來的活體樣本。例如，我們已經簽署了一份承購協議。我們無法承擔簽署多份承購協議的後果，因為基本上，第一家工廠的大部分產品都已經入帳。因此，我們需要保留靈活性，不要承諾太多，因為一旦我們擁有了合格的產品，它將不止用於一個計劃。

I hope that explains things. It also means that we're not very concerned about the schedule of the first ton that we sell. We're more concerned about having a client list and technological capabilities that allow us to qualify various specifications of different customers and also use the most advanced technology that's out there.

我希望這能解釋一些事情。這也意味著我們不太關心第一噸貨物的交付進度。我們更關心的是擁有客戶名單和技術能力，以便我們能夠滿足不同客戶的各種規格要求，並使用最先進的技術。

Our next question today comes from the line of Dan Rizzo from Jefferies.

我們今天的下一個問題來自 Jefferies 的 Dan Rizzo。

You mentioned the ruling in EU for antidumping. And I was wondering in the past how effective release like this have been and when you might see a benefit from that within the region.

您提到了歐盟的反傾銷裁決。我想知道，過去類似這樣的發布有多有效，以及何時才能在該地區看到這種做法帶來的好處。

These kinds of -- these kinds of things are very effective. They basically immediately caused the market price to go up. And so it makes us much more competitive. It also allows to pass a hurdle of introducing new solutions that, for example, are more environmental friendly or more sustainable for the long run, that if the price is at a certain level, it may not be sufficiently economic to introduce into the market, the ones who know that the average price in the market goes up, then suddenly you can actually replace the old product and then the effectiveness of such a move from being very, very long term.

這類措施非常有效。它們基本上能立即提高市場價格，從而大大提升我們的競爭力。它還能幫助我們突破引入新解決方案的障礙，例如，那些更環保或更永續的長期解決方案。如果價格處於某個水平，引入新方案可能不夠經濟，而那些知道市場平均價格上漲的人，就能立即用舊產品替代舊產品，這種舉措的有效性將持續非常長遠。

Okay. And then, I mentioned.

好的。然後，我提到了。

A similar petition was also initiated in the U.S. So we expect it within a year or so the same thing could happen in the U.S.

美國也發起了類似的請願。因此，我們預計大約一年之內，美國也可能發生同樣的事情。

That's really helpful. I do appreciate that. And then what potash demand, I mean, or demand in general, things are generally improving. But I was wondering if customers are still kind of keeping inventories very tight or if there are signs of a restock cycle or early signs of restock cycle, I should say.

這真的很有幫助，我非常感激。然後，我指的是鉀肥需求，或者說整體需求，情況整體上正在改善。但我想知道客戶是否仍然保持庫存緊張，或者是否有補貨週期的跡象，或者應該說是補貨週期的早期跡象。

I think it differs in different parts of the world. If you take China, then China has a lot of current inventory. It's managed centrally. India has also meant relatively central, but there, the inventory is not high enough at the moment. And then in other regions, we're not seeing the same heavy stock loads that we saw in the U.S. and in Brazil in recent couple of years. So the demand is robust. There's nutrient deficiency of potassium for sure. So we see very healthy demand this year.

我認為世界各地情況有所不同。以中國為例，中國目前庫存量很大，而且是集中管理的。印度的庫存也相對集中，但目前庫存量不夠。而在其他地區，我們並沒有看到像美國和巴西近幾年那樣的庫存壓力。所以需求強勁。鉀的營養缺乏是肯定的。所以我們今年的需求非常旺盛。

Maybe glad to do it that with the current interest rates, the way they are, especially high in Brazil and also higher than expected in most resistant the world, the carrying cost is obviously a bigger issue than before. And therefore, what potentially we can witness is that people, especially the chain will be buying closer to the event of usage. So Bilahas a cost today. So what we can see, obviously, the demand projected for 2024 is significantly higher than '23, which in itself was higher than '22, but it can be more close to the event than general restocking at a very high level.

也許很高興看到，在目前的利率水準下，尤其是在巴西，利率也高於預期，世界上大多數國家都高於預期，持有成本顯然比以前更重要。因此，我們可能會看到，人們，尤其是連鎖店，會在更接近實際使用日期時購買。所以，現在的貨幣是有成本的。因此，我們可以看到，2024 年的預測需求明顯高於 2023 年，而 2023 年的需求本身也高於 2022 年，但這可能比在非常高的水平上進行普遍的補貨更接近實際使用日期。

By the way, apart from China it's the other way around because in China, the interest rates in the last -- because of the issues with the stimulus there are the lowest they have been in many, many years. In fact, it used to be that the Western world was low, very low interest rate for years and China was high. Now it's completely on the flip side.

順便說一句，除了中國以外，情況正好相反。因為在中國，由於經濟刺激政策的影響，去年的利率處於多年來的最低水準。事實上，過去西方國家的利率多年來一直很低，非常低，而中國的利率很高。現在情況完全相反。

Our next question today comes from the line of Anthony Tedlar of BMO. Please go ahead.

今天的下一個問題來自蒙特利爾銀行（BMO）的Anthony Tedlar。請提問。

You hear me?

你聽見了嗎？

Yes, Anthony, go ahead.

是的，安東尼，繼續吧。

No, I'm Paul.

不，我是保羅。

Okay. A few questions. Can you talk about -- like do you see in IT earnings greater in the second quarter than the first quarter? Maybe talk about some of the puts and takes in Q1?

好的。有幾個問題。您能談談—例如，您認為第二季的IT收益會比第一季更高嗎？或是能談談第一季的一些優缺點嗎？

Yes. On IP, typically, the first quarter is seasonally higher. So we don't see a big difference between Q1 and Q2 this year, but we will see continued sequential growth. So we do expect higher prices and better results in the second quarter for IP. Second half, sorry.

是的。就IP而言，通常情況下，第一季的業績會因季節性因素而有所增長。因此，我們預計今年第一季和第二季之間不會出現太大差異，但環比成長將持續。因此，我們預期第二季IP的價格會更高，業績也會更好。抱歉，是下半年。

Yes.

是的。

Right.

正確的。

Okay. And then -- that's helpful. And then in potash, it's pretty stable for you there. A couple of things. So do you think pricing will be similar in the second quarter versus first quarter? And I know we talked about China India before a little bit on this call, but if we're not getting seaborne contracts in either country because there's out of rail shipments going to China and there seems to be a cargo like cargo-by-cargo more spot deals in India. As a company that sells a lot to both, do you think that the markets are changing and how potash will be sold to those countries, no longer seaborne contracts, maybe more [spar] cargoes? Or what do you think?

好的。然後——這很有幫助。鉀肥方面，那裡的鉀肥價格相當穩定。有幾件事。那麼您認為第二季和第一季的價格會相似嗎？我知道我們之前在電話會議上談到了中國和印度的情況，但如果我們在這兩個國家都拿不到海運合同，因為到中國的鐵路運輸已經停止，而印度似乎有更多的現貨交易，比如逐批貨物的運輸。作為一家向這兩個國家都大量銷售鉀肥的公司，您認為市場正在改變嗎？鉀肥將如何銷往這些國家？不再是海運合同，而是更多的散貨？或者您怎麼看？

We don't really see a significant shift. We don't see that -- I mean, railway deliveries sort of peaked last year. I don't think they're that economical anymore. So I don't really see them growing. Always there's regions that carry higher prices and that's how deliveries move. As you know, we're a price taker in the market, so we capitalize on maximum price opportunities that we have, and there is ample demand this year. So from our perspective, we don't see any significant change still Europe is a smaller market, but less of the suppliers are active in Europe. And obviously, the long-term trend is that China is becoming more dependent on (inaudible). So there'll be less Western product going to China. But other than that, we don't see any short-term shifts.

我們確實沒有看到顯著的變化。我們沒看到——我的意思是，鐵路運輸去年達到了頂峰。我認為現在鐵路運輸不再那麼經濟了。所以我真的沒看到鐵路運輸的成長。總是有一些地區的價格更高，運輸就是這樣的。如你所知，我們是市場上的價格接受者，所以我們會利用我們擁有的最大價格機會，而且今年的需求充足。所以從我們的角度來看，我們沒有看到任何顯著的變化。歐洲仍然是一個較小的市場，但在歐洲活躍的供應商也減少了。顯然，長期趨勢是中國越來越依賴（聽不清楚）。因此，出口到中國的西方產品將會減少。但除此之外，我們沒有看到任何短期變化。

And just on the Q2 price in Q2 for potash being similar to Q1 or not?

那麼第二季鉀肥的價格是否與第一季相似？

So yes, Q2 is -- in our case, at this moment where we're almost sold out for Q2 were a few dollars less than I think we're about $6 to $7 less than first quarter. It's not final, but it shouldn't change more than 1% or 2%.

是的，就我們的情況而言，目前我們第二季的銷售額幾乎已經售罄，但比第一季少了幾美元，我認為大約是6到7美元。這不是最終數字，但變化幅度應該不會超過1%或2%。

And it's on the mix of the to -- the mix of sales can have a significant.

而銷售組合的差異可能會產生重大影響。

Yes. Keep in mind that in the second quarter, our mix to Europe is a little lower. So that sort of tick prices up in the first quarter, our mix of sales.

是的。請記住，第二季我們在歐洲的銷售組合略低。因此，第一季我們的銷售組合價格有所上漲。

Okay. So my final question is on the polysulfide which we look for over a decades. It's something that you really try to push. And there's reasons why maybe you don't want to close the mine, play reclamation cost, you want to see what happens with Sirius Minerals and now Woodsmith. Question I have is -- a couple of questions. One, is polysulphate losing money this year again. assuming it is, at what point do you say the experiments over, we gave it a shot. And to what extent -- and we know what's going on in the news at Anglo and Woodsmith to what extent would Anglo either being bought or closing down Woodsmith or which have closed because it gets bought by someone else. To what extent would your decision on Boulby, Cleveland Potash to determine whether Woodsmith does get built or doesn't get built?

好的。我的最後一個問題是關於多硫化物，我們研究了幾十年。這是你真正努力推動的項目。你可能不想關閉礦山，考慮到復墾成本，你想看看Sirius Minerals和Woodsmith的情況。我有幾個問題。第一，多硫化物今年還會虧損嗎？假設是，你認為實驗什麼時候結束，我們什麼時候嘗試過？多大程度－我們知道Anglo和Woodsmith的新聞報道，Anglo會在多大程度上被收購或關閉Woodsmith，或因為被別人收購而關閉。你對Boulby和Cleveland Potash的決定在多大程度上決定了Woodsmith是否能建成？

First of our assumption is that it doesn't get built, to be honest, in the long run. Just the demand for the product is not enough to justify that kind of investment. As far as Working's done, we're looking at shorter term, we're looking a few years down the road. And right now, the product is about breakeven, which is disappointing, but it was very profitable in 2022, and it was marginally profitable in 2023. So we're looking for ways to further go downstream and turn it into a viable, sustainable business. But to tell you that we're 100% sure that it's going to be part of ICL 10 years from now. I can't say that yet.

首先，我們假設它從長遠來看不會建成。單憑產品需求不足以證明這種投資的合理性。至於“工作完成”，我們著眼於短期，著眼於幾年後。目前，該產品幾乎處於盈虧平衡狀態，這令人失望，但它在2022年盈利豐厚，2023年盈利微薄。因此，我們正在尋找進一步向下游發展的方法，將其打造為可行的、可持續的業務。不過，我們可以100%肯定，10年後它會成為ICL的一部分。我現在還不能這麼說。

Just sorry for being greedy, following up on that, yes, it made money in '22, Raviv, but that was on potash price was 3x higher and not sustainable, right? So isn't that sort of the answer to the question that after 10 years, does it make sense going with it? I mean the other way to look at it would be -- how can you -- how much cash can you free up or how can you improve the balance sheet? Or how can the company be more simple if you did divest it or close it?

抱歉，我太貪心了。接下來，是的，Raviv，它在2022年確實賺了錢，但那是在鉀肥價格上漲了3倍、不可持續的情況下，對吧？所以，這不就是在回答這個問題：十年後，繼續經營下去是否有意義嗎？我的意思是，換個角度來看，你可以釋放多少現金，或是如何改善資產負債表？或者，如果你真的剝離或關閉了它，公司如何更精簡？

The answer is yes and no. Because in some regions in the world, it's looked at for its commodity -- for the -- some of the commodity parts prices. But in other regions, and for example, in most of Europe, the product commands a premium because of it's being organic and also specific attributes that create the additional yields and additional profitability. So I would say the product is very well received in Europe. It's well received in some other regions, but it's still very much a commodity outside of Europe and North America. In Europe, the market opportunity is still -- that still exists is not that large. The opportunity in North America is larger.

答案是肯定的，也是否定的。因為在世界上某些地區，人們會將其視為商品──某些商品部分的價格。但在其他地區，例如歐洲大部分地區，由於其有機性以及能夠帶來額外產量和盈利能力的特定屬性，該產品價格更高。所以我認為該產品在歐洲很受歡迎。它在其他一些地區也廣受歡迎，但在歐洲和北美以外，它仍然是一種商品。在歐洲，市場機會仍然——雖然仍然存在——但並不大。北美的機會更大。

I would say probably hundreds of thousands of tons, but not millions like something. So yes, the price of potash, obviously, is very significant in crazy times like 2022 because then those that buy the product as a commodity are also willing to pay a lot. But in normal years, the question is how much of a premium can the product demand. And ICL has been very successful in penetrating with the product in Europe, less so in the U.S. just in terms of the amount of penetration we've actually achieved, but the product is doing very well and the customers are very happy. So I do see a future for the product, but to tell you that we've made a final decision. The burden on the cash flow is relatively negligible. It doesn't move the clock on ICL.

我想說可能是幾十萬噸，但不會是幾百萬噸。所以，在2022年這樣的瘋狂時期，鉀肥的價格顯然非常重要，因為屆時那些將其作為商品購買的人也願意支付高昂的價格。但在正常年份，問題在於該產品能要求多少溢價。 ICL在歐洲的滲透非常成功，但在美國則略遜一籌，就我們實際達到的滲透率而言，但產品表現良好，客戶也非常滿意。所以我確實看到了該產品的未來，但要告訴你，我們已經做出了最終決定。現金流的負擔相對可以忽略不計。它不會影響ICL的進度。

Thank you. You have no further questions. Please proceed.

謝謝。您沒有其他問題了。請繼續。

Okay. So with that, thank you very much for participating in our call this quarter. We're happy to report to you on our progress and looking forward to reporting again next quarter. Thanks again to all of ICL employees for their great contribution, and we appreciate our shareholders and their trust in us. Thank you very much, and take care.

好的。非常感謝您參加我們本季的電話會議。我們很高興向您報告我們的進展，並期待下個季度再次報告。再次感謝所有 ICL 員工的傑出貢獻，我們感謝股東和他們對我們的信任。非常感謝，保重。

Thank you.

謝謝。