利安德巴塞爾 (LYB) 2024 Q3 法說會逐字稿

Hello, and welcome to the LyondellBasell Teleconference. At the request of LyondellBasell, this conference is being recorded for instant replay purposes. (Operator Instructions) I would now like to turn the conference over to Mr. David Kinney, Head of Investor Relations. Sir, you may begin.

您好，歡迎來到利安德巴塞爾電話會議。應利安德巴塞爾的要求，本次會議正在錄製以供即時重播。（操作員指示）我現在想將會議轉交給投資者關係主管 David Kinney 先生。先生，您可以開始了。

Thank you, operator, and welcome, everyone, to today's call. Before we begin the discussion, I would like to point out that a slide presentation accompanies the call and is available on our website at www.lyondellbasell.com/investorrelations.

謝謝接線員，歡迎大家參加今天的電話會議。在我們開始討論之前，我想指出，電話會議附帶了幻燈片演示，可以在我們的網站 www.lyondellbasell.com/investorrelations 上查看。

Today, we will be discussing our business results while making reference to some forward-looking statements and non-GAAP financial measures. We believe the forward-looking statements are based upon reasonable assumptions and the alternative measures are useful to investors. Nonetheless, the forward-looking statements are subject to significant risk and uncertainty.

今天，我們將討論我們的業務成果，同時參考一些前瞻性陳述和非公認會計準則財務指標。我們認為前瞻性陳述是基於合理的假設，替代措施對投資人有用。儘管如此，前瞻性陳述仍面臨重大風險和不確定性。

We encourage you to learn more about the factors that could lead our actual results to differ by reviewing the cautionary statements in the presentation slides in our regulatory filings, which are also available on our Investor Relations website.

我們鼓勵您透過查看我們的監管文件中演示幻燈片中的警告聲明（也可以在我們的投資者關係網站上找到）來詳細了解可能導致我們的實際結果有所不同的因素。

Comments made on this call will be in regard to our underlying business results using non-GAAP financial measures such as EBITDA and earnings per share excluding identified items. Additional documents on our Investor website provide reconciliations of non-GAAP financial measures to GAAP financial measures, together with other disclosures, including the earnings release and our business results discussion.

本次電話會議的評論將涉及我們使用非公認會計準則財務指標（例如 EBITDA 和每股盈餘（不包括已確定項目））的基本業務成果。我們的投資者網站上的其他文件提供了非公認會計準則財務指標與公認會計準則財務指標的調節表，以及其他披露信息，包括收益發布和我們的業務業績討論。

Joining today's call will be Peter Vanacker, LyondellBasell's Chief Executive Officer; our CFO, Michael McMurray; Kim Foley, our Executive Vice President of Global Olefins & Polyolefins and Refining; Aaron Ledet, our EVP of Intermediates and Derivatives; and Torkel Rhenman, our EVP of Advanced Polymer Solutions.

利安德巴塞爾執行長 Peter Vanacker 也將參加今天的電話會議。我們的財務長麥可‧麥克默里； Kim Foley，我們的全球烯烴和聚烯烴及煉油執行副總裁； Aaron Ledet，我們的中間體和衍生性商品執行副總裁；以及我們先進聚合物解決方案執行副總裁 Torkel Rhenman。

During today's call, we will focus on third quarter results as well as updates on our long-term strategy. We will also discuss current market dynamics and our near-term outlook.

在今天的電話會議中，我們將重點放在第三季業績以及我們長期策略的最新情況。我們還將討論當前的市場動態和我們的近期前景。

With that being said, I would now like to turn the call over to Peter.

話雖如此，我現在想把電話轉給彼得。

Thank you, Dave, and welcome to all of you. We appreciate you joining us today as we discuss our third quarter results. And yet again, our people did an excellent job navigating challenging market conditions while remaining laser-focused on the execution of our strategy. Our low-cost footprints in the Americas and the Middle East continued to perform well to capture profitable growth in olefins, polyolefins, propylene oxide and oxyfuels.

謝謝你，戴夫，歡迎大家。我們感謝您今天加入我們討論我們的第三季業績。我們的員工再次出色地應對了充滿挑戰的市場條件，同時仍專注於執行我們的策略。我們在美洲和中東的低成本業務持續表現良好，在烯烴、聚烯烴、環氧丙烷和富氧燃料領域獲利成長。

Let's begin with slide 3 and discuss our continued leadership in safety performance. LYB's success in operational performance starts with a core focus on safety. Our GoalZERO commitment is to operate safely with zero injuries, zero incidents and zero accidents.

讓我們從投影片 3 開始，討論我們在安全績效方面的持續領先地位。LYB 在營運績效方面的成功始於對安全的核心關注。我們的 GoalZERO 承諾是安全運營，實現零傷害、零事故和零事故。

Our focus is demonstrated by LYB's September year-to-date total recordable incident rate of 0.13. We are very proud of the continued commitment to safety from our people. Our company is exceeding the safety performance of the top quartile peers in our sector.

LYB 9 月年初至今的總可記錄事故率為 0.13，證明了我們的重點。我們對我們的員工對安全的持續承諾感到非常自豪。我們公司的安全性能超過了行業內排名前四分之一的同行。

Please turn to slide 4 as we briefly review the financials for the quarter. Our third quarter results demonstrate our ability to generate value despite very challenging market conditions. A sharp decline in gasoline crack spreads drove sequentially lower quarterly results for refining and oxyfuels, but we were able to run our newest PO/TBA assets at nameplate capacity.

請參閱投影片 4，我們將簡要回顧本季的財務狀況。我們第三季的業績表明，儘管市場條件極具挑戰性，我們仍然有能力創造價值。汽油裂解價差的急劇下降導致煉油和富氧燃料的季度業績持續下降，但我們能夠以銘牌產能運行我們最新的 PO/TBA 資產。

Strong ethylene margins and out setting cracker utilization allowed our Olefins and Polyolefins - Americas segment to post a 13% sequential EBITDA improvements, the strongest quarter for the segment since the second quarter of 2022.

強勁的乙烯利潤率和良好的裂解裝置利用率使我們的美洲烯烴和聚烯烴部門的 EBITDA 環比增長了 13%，這是該部門自 2022 年第二季度以來最強勁的季度表現。

As a result, earnings were $1.88 per share with EBITDA of $1.2 billion. LYB generated $670 million in cash from operating activities, maintaining strong cash conversion on a weaker profit base. Our return on invested capital remains above our cost of capital, and our cash conversion remains robust. We continue to advance our long-term strategy with good progress during the quarter.

結果，每股收益為 1.88 美元，EBITDA 為 12 億美元。利布從經營活動中產生了 6.7 億美元的現金，在利潤基礎較弱的情況下保持了強勁的現金轉換。我們的投資資本回報率仍然高於資本成本，並且我們的現金轉換仍然強勁。我們繼續推進我們的長期策略，並在本季度取得了良好進展。

On slide 5, we highlight one of these milestones. In September, we started construction of our MoReTec-1 facility in Wesseling, Germany, our first commercial scale plant utilizing LyondellBasell's proprietary catalytic advanced recycling technology.

在投影片 5 中，我們重點介紹了其中一個里程碑。9 月，我們開始在德國韋瑟靈建造 MoReTec-1 工廠，這是我們第一個採用利安德巴塞爾專有的催化先進回收技術的商業規模工廠。

The investment is a clear indication of our commitment to European brand owners and OEMs. German Chancellor, Olaf Scholz and other top officials attended the events to demonstrate solid governmental support.

這項投資明確表明了我們對歐洲品牌所有者和原始設備製造商的承諾。德國總理奧拉夫·肖爾茨和其他高級官員出席了這些活動，以展示政府的堅定支持。

The innovative nature of our proprietary technology has been underlined by the fact that the EU Innovation Fund awarded MoReTec-1 a EUR40 million grant. MoReTec-1 is expected to start up in 2026 with capacity to produce 50,000 metric tons per year of cracker feedstocks, recycled from hard-to-recycle mixed plastic waste.

歐盟創新基金向 MoReTec-1 提供了 4000 萬歐元的資助，這一事實凸顯了我們專有技術的創新性。MoReTec-1 預計將於 2026 年啟動，每年可生產 50,000 噸裂解原料，這些原料是從難以回收的混合塑膠廢棄物中回收的。

The recycled feedstocks will be used in our existing olefins crackers and produce high-value circular polymers that are indistinguishable from fossil-based polymers. Our proprietary MoReTec technology is unique with a plastic to plastic yield of more than 80%, low energy intensity, the ability to utilize 100% renewable electricity, and half of the carbon footprint compared to fossil-based feedstocks.

回收的原料將用於我們現有的烯烴裂解裝置，並生產與化石基聚合物沒有區別的高價值循環聚合物。我們專有的 MoReTec 技術是獨一無二的，塑膠對塑膠的產量超過 80%，能源強度低，能夠利用 100% 再生電力，與化石原料相比，碳足跡只有一半。

As a leader in the market today, we continue to see healthy margins for our recycled and renewable based polymers given the strong demand and limited supply for these materials. This profitability is core to the second pillar of our corporate strategy: to create a profitable circular and low-carbon solutions, or CLCS, business. We continue to expect annual CLCS incremental EBITDA (technical difficulty).

作為當今市場的領導者，鑑於這些材料的強勁需求和有限的供應，我們繼續看到我們的回收和可再生聚合物的可觀利潤。這種獲利能力是我們企業策略第二支柱的核心：創造獲利的循環和低碳解決方案（CLCS）業務。我們繼續預期 CLCS 年度 EBITDA 增量（技術難度）。

As we build our first integrated hub in Germany, we are also planning our second integrated hub for Houston. Please turn to slide 6 as we discuss the future of our Houston refinery site.

在德國建立第一個綜合樞紐的同時，我們也計劃在休士頓建立第二個綜合樞紐。請參閱幻燈片 6，我們將討論休士頓煉油廠的未來。

We continue on our path to close the refinery by the end of the first quarter of 2025, another strategic milestone for LYB. We're exiting a volatile, low-margin business to focus our resources and opportunities for sustainable value creation. Kim will discuss the financial implications of the refinery closure later in the call. On this slide, we outlined three projects under consideration for the future of the refinery site.

我們繼續努力在 2025 年第一季末關閉煉油廠，這是 LYB 的另一個戰略里程碑。我們正在退出不穩定、低利潤的業務，以集中我們的資源和機會來創造可持續的價值。金將在稍後的電話會議中討論煉油廠關閉的財務影響。在這張投影片上，我們概述了煉油廠未來正在考慮的三個項目。

The first project, subject to a final investment decision, is to utilize a portion of the site for a second larger MoReTec unit. We expect that MoReTec-2 will be twice the size of our German plants with the capacity to produce 100,000 tons of cracker feedstocks.

第一個項目將利用該場地的一部分建造第二個更大的 MoReTec 單元，具體取決於最終投資決定。我們預計 MoReTec-2 的規模將是我們德國工廠的兩倍，能夠生產 10 萬噸裂解原料。

We plan to leverage upon our existing hydrotreaters at the refinery and retrofit them. This will allow us to upgrade both the recycled feedstocks coming from our MoReTec-2 unit and feedstocks from third-party suppliers for use in our olefins crackers for the production of circular and low carbon CirculenRevive polymers.

我們計劃利用煉油廠現有的加氫處理裝置進行改造。這將使我們能夠升級來自 MoReTec-2 裝置的回收原料和來自第三方供應商的原料，用於我們的烯烴裂解裝置，用於生產循環和低碳 CirculenRevive 聚合物。

The second project under consideration is to retrofit some of the other refining assets to produce renewable and bio-based feedstocks. These feedstocks would also be used in our existing olefins crackers for the production of circular and low carbon CirculenRenew polymers.

正在考慮的第二個項目是改造其他一些煉油資產，以生產可再生和生物基原料。這些原料也將用於我們現有的烯烴裂解裝置，用於生產循環和低碳 CirculenRenew 聚合物。

And with a substantial array of utilities, laboratories, pipelines, storage, logistical assets, and other infrastructure on the 700-acre site, the refinery provides ample opportunity for investments and partnerships to support LYB's continued growth in low-carbon feedstocks and products.

該煉油廠佔地700 英畝，擁有大量公用設施、實驗室、管道、儲存、物流資產和其他基礎設施，為投資和合作提供了充足的機會，以支持LYB 在低碳原料和產品方面的持續成長。

Although crude refining at the site will end, we have several opportunities to repurpose the site to capture sustainable value. We are leveraging our existing cost-advantaged assets to satisfy growing market demand for circular and low-carbon solutions.

儘管該地點的原油煉油將結束，但我們有幾次機會重新調整該地點的用途，以獲得永續價值。我們正在利用現有的成本優勢資產來滿足市場對循環和低碳解決方案不斷增長的需求。

I will now turn the call over to Michael to discuss our financial progress.

我現在將把電話轉給邁克爾，討論我們的財務進展。

Thank you, Peter, and good morning, everyone. Please turn to slide 7, and let me start by discussing our cash generation. Over the past year, LyondellBasell generated $3.4 billion of cash from operating activities. Our team converted EBITDA into cash at a 77% rate over the last 12 months, broadly in line with our long-term target of 80%. Difficult market conditions have persisted, pressuring our third quarter cash generation.

謝謝你，彼得，大家早安。請翻到投影片 7，讓我先討論我們的現金產生。去年，利安德巴塞爾透過經營活動創造了 34 億美元的現金。我們的團隊在過去 12 個月內以 77% 的比率將 EBITDA 轉換為現金，與我們 80% 的長期目標基本一致。困難的市場狀況持續存在，對我們第三季的現金產生帶來壓力。

However, we see potential tailwinds from lower global interest rates and economic stimulus measures in China. In the fourth quarter, we expect cash generation to improve.

然而，我們看到全球利率下降和中國經濟刺激措施帶來的潛在動力。在第四季度，我們預計現金流量將有所改善。

In the third quarter, we were able to maintain strong shareholder returns with dividends and share repurchases totalling almost $1.8 billion over the last 12 months. At the end of the third quarter, our cash balance was $2.6 billion. Despite being at a challenging point in the cycle, our balance sheet remains robust with less than two turns of net debt to EBITDA and available liquidity of $7.3 billion.

第三季度，我們能夠維持強勁的股東回報，過去 12 個月的股息和股票回購總額近 18 億美元。截至第三季末，我們的現金餘額為 26 億美元。儘管正處於週期中的一個挑戰點，但我們的資產負債表仍然強勁，淨債務與 EBITDA 之比不到兩週，可用流動性為 73 億美元。

Let's continue with slide 8 and review the details of our third quarter capital allocation. As Peter mentioned, we generated $670 million of cash from operating activities. During the quarter, we returned $479 million through dividends and share repurchases, while funding $368 million of capital investment.

讓我們繼續看投影片 8，回顧一下我們第三季資本配置的詳細資訊。正如 Peter 所提到的，我們從經營活動中產生了 6.7 億美元的現金。本季度，我們透過股息和股票回購回報了 4.79 億美元，同時為資本投資提供了 3.68 億美元的資金。

The balance and disciplined capital allocation, especially during difficult market conditions. We are expanding profitability with high-return investments in our value enhancement program. We expect to unlock $600 million in recurring annual EBITDA by the end of this year and contribute $400 million of EBITDA during 2024.

平衡和嚴格的資本配置，特別是在困難的市場條件下。我們正在透過價值提升計劃的高回報投資來擴大獲利能力。我們預計今年底將釋出 6 億美元的經常性年度 EBITDA，並在 2024 年期間貢獻 4 億美元的 EBITDA。

We are on track to shut down refining operations with valuable options for the future of the site. And to grow and upgrade our core, our European asset review is well underway and we are gauging market interest for the five olefins and polyolefins assets that we discussed last quarter.

我們預計將關閉煉油業務，為該廠的未來提供寶貴的選擇。為了發展和升級我們的核心業務，我們的歐洲資產審查正在順利進行，我們正在評估市場對我們上季度討論的五種烯烴和聚烯烴資產的興趣。

Let's turn to slide 9, and I'll provide a brief overview of our segment results. LYB's business portfolio delivered $1.2 billion of EBITDA during the third quarter. Lower crude prices and gasoline crack spreads led to lower profitability for both the refining Segment and the oxyfuels business within the I&D segment. The decline in these two businesses exceeded the sequential net decline in profitability at the consolidated group level. Improved ethylene margins and our strong cracker operations from our O&P-Americas segment provided upside.

讓我們轉向投影片 9，我將簡要概述我們的細分結果。LYB 的業務組合在第三季實現了 12 億美元的 EBITDA。原油價格和汽油裂解價差下降導致煉油部門和 I&D 部門內的富氧燃料業務的獲利能力下降。這兩項業務的下滑幅度超過了集團合併層面獲利能力的環比淨下滑幅度。乙烯利潤率的提高以及 O&P-Americas 部門強大的裂解裝置業務帶來了上行空間。

With that, I'll turn the call over to Kim. Kim?

這樣，我就把電話轉給 Kim。金？

Thank you, Michael. Let's begin the segment discussions on slide 10 with the performance of the Olefins and Polyolefins - Americas segment. During the third quarter, O&P-Americas EBITDA was $758 million, up 13% quarter-on-quarter and 50% year-on-year. Integrated polyethylene margins were supported by low ethane and natural gas costs, coupled with higher polyethylene prices following the successful July price increase.

謝謝你，麥可。讓我們從幻燈片 10 中烯烴和聚烯烴 - 美洲部分的表現開始討論。第三季度，O&P-Americas EBITDA 為 7.58 億美元，季增 13%，年增 50%。乙烷和天然氣成本較低，加上 7 月價格成功上漲後聚乙烯價格上漲，支撐了綜合聚乙烯利潤。

During the quarter, the industry experienced increased cracker downtime, which led to lower ethane cost and tighter ethylene supply supporting olefins margins. LYB's US crackers ran at 95% rates during the quarter, which includes the impacts of Hurricane Beryl in July.

本季度，該產業裂解裝置停機時間增加，導致乙烷成本下降和乙烯供應緊張，支撐了烯烴利潤率。LYB 的美國裂解裝置在本季的運作率為 95%，其中包括 7 月颶風 Beryl 的影響。

Our strong operational performance allowed us to capture the opportunity for favourable margins with our merchant ethylene sales and benefited integrated polyethylene margins. We estimate that the additional profitability from our merchant ethylene sales alone offset approximately $50 million of estimated EBITDA impact from Hurricane Beryl. The segment's third quarter profitability exceeded last year's results by 50% and reached levels not seen since the second quarter of 2022.

我們強勁的營運表現使我們能夠透過商業乙烯銷售抓住有利利潤的機會，並使綜合聚乙烯利潤受益。我們估計，僅商業乙烯銷售帶來的額外獲利能力就抵消了颶風 Beryl 對 EBITDA 造成的約 5,000 萬美元的影響。該部門第三季獲利能力超過去年業績 50%，達到 2022 年第二季以來的最高水準。

North American industry demand for polyolefins continues to exceed 2023, with September year-to-date polyethylene and polypropylene sales volumes up 7% and 4%, respectively. Industry exports of polyethylene are up 11% September year-to-date, with 46% of North American industry sale volumes sold in export markets.

北美工業對聚烯烴的需求持續超過2023年，今年9月迄今聚乙烯和聚丙烯銷量分別成長7%和4%。今年迄今為止，9 月聚乙烯工業出口量成長了 11%，北美工業銷量的 46% 銷往出口市場。

LyondellBasell's US polyethylene business holds a stronger domestic market share than our local peers, with only 26% of LYB September year-to-date polyethylene volumes exported. As such, we did not experience any material disruptions during the brief port strike.

利安德巴塞爾 (LyondellBasell) 的美國聚乙烯業務比當地同業擁有更強的國內市場份額，年初至今 LYB 9 月份的聚乙烯出口量僅佔 26%。因此，在短暫的港口罷工期間，我們沒有遇到任何重大中斷。

In the fourth quarter, we anticipate the typical seasonal trends of softer demand and customers' desire to minimize year-end inventories could constrain price increase initiatives. In addition, sequentially, higher natural gas and ethane prices are likely to pressure integrated margins. Nonetheless, as of this week, our October North American polyethylene orders are the strongest we've seen so far in 2024.

在第四季度，我們預計需求疲軟和客戶希望最大限度地減少年終庫存的典型季節性趨勢可能會限制提價措施。此外，天然氣和乙烷價格的上漲可能會對綜合利潤率造成壓力。儘管如此，截至本週，我們 10 月的北美聚乙烯訂單是 2024 年迄今最強勁的訂單。

Despite volatile oil prices, the favourable oil-to-gas ratio continues to provide an advantage for North American producers relative to oil-based production in other parts of the world. LYB remains well positioned as a leading producer in North America with strong customer relationships built over decades.

儘管油價波動，但相對於世界其他地區的石油生產，有利的油氣比繼續為北美生產商提供優勢。LYB 仍然處於北美領先生產商的地位，擁有數十年建立的強大客戶關係。

During the fourth quarter, we will remain focused on aligning our operating rates to serve domestic and export market demands, targeting 85% utilization across the segment, with higher cracker utilization offset by lower polypropylene rates given the ongoing soft demand for durable goods markets.

第四季度，我們將繼續專注於調整開工率，以滿足國內和出口市場的需求，目標是整個部門的利用率達到85%，鑑於耐用品市場持續疲軟的需求，裂解裝置利用率的提高被聚丙烯利用率的降低所抵消。

Please turn to slide 11 as we review the results of our Olefins and Polyolefins - Europe, Asia and International segment. In the third quarter, demand in the markets served by our O&P-EAI segment remains stable with no indications of macroeconomic recovery likely for the remainder of this year. The segment generated EBITDA of $81 million.

請參閱投影片 11，我們將回顧烯烴和聚烯烴 - 歐洲、亞洲和國際部門的結果。第三季度，我們的 O&P-EAI 部門所服務的市場需求保持穩定，沒有跡象表明今年剩餘時間宏觀經濟可能會復甦。該部門產生的 EBITDA 為 8,100 萬美元。

Volumes declined as we began a planned turnaround at our largest cracker in Europe. Segment EBITDA improved sequentially as lower fixed and feedstock costs led to a higher integrated polyethylene margin. In the European market, we are seeing increased talk of strategic evaluations and capacity rationalizations across our peers. As in the US, we expect seasonal softening of demand for olefins and polyolefins. The drive for minimizing year-end inventories will also pressure European markets.

隨著我們開始對歐洲最大的裂解裝置進行規劃週轉，產量有所下降。由於固定成本和原料成本降低導致綜合聚乙烯利潤率提高，該部門 EBITDA 連續改善。在歐洲市場，我們看到同業越來越多地談論策略評估和產能合理化。與美國一樣，我們預期烯烴和聚烯烴的需求將出現季節性疲軟。減少年底庫存的努力也將給歐洲市場帶來壓力。

In China, we are encouraged by the recent stimulus initiatives, but we have yet to see where the initiatives are resulting in improved market demand. Operationally, planned maintenance at our large Wesseling cracker in Germany will continue into the fourth quarter. As a result of this planned maintenance and softer seasonal demand, we are targeting operating rates of approximately 60% during the fourth quarter.

在中國，我們對最近的刺激措施感到鼓舞，但我們尚未看到這些措施在哪些方面改善了市場需求。在營運方面，我們位於德國的大型 Wesseling 裂解裝置的計畫維護工作將持續到第四季度。由於計劃內的維護和季節性需求疲軟，我們的目標是第四季的開工率約為 60%。

We continue to make progress on our strategic objectives in O&P-EAI segment. Our European review is underway. In addition to starting the construction of our MoReTec-1 in September, we also acquired full ownership of APK in October, allowing us to integrate APK's unique solvent-based low-density polyethylene recycle technology as part of our comprehensive portfolio for building a profitable CLCS business.

我們繼續在 O&P-EAI 領域的策略目標上取得進展。我們的歐洲審查正在進行中。除了在9 月開始建造MoReTec-1 外，我們還在10 月收購了APK 的全部所有權，這使我們能夠將APK 獨特的溶劑型低密度聚乙烯回收技術整合為我們全面投資組合的一部分，以構建可獲利的CLCS商業。

In the third quarter, lacklustre demand and high industry operating rates compressed margins and resulted in an EBITDA loss of $23 million. Crack spreads for both gasoline and distillate fuels declined during the quarter. Our distillate hedging program offset some of the margin declines.

第三季度，需求低迷和產業高開工率壓縮了利潤率，導致 EBITDA 損失 2,300 萬美元。本季汽油和餾分燃料的裂解價差均下降。我們的餾分油對沖計劃抵消了部分利潤下降。

In the near term, we expect further margin compression as the Maya 2-1-1 crack spreads continue to fall. We intend to operate at approximately 90% of capacity in the fourth quarter. We remain focused on safe and reliable operations as we move forward shutting down the refinery during the first quarter of the year.

短期內，隨著 Maya 2-1-1 裂解價差持續下降，我們預期利潤率將進一步壓縮。我們計劃在第四季以約 90% 的產能運作。隨著我們在今年第一季關閉煉油廠，我們仍然專注於安全可靠的營運。

As Peter outlined earlier, our team is making good progress in evaluating strategic projects to transform the refinery site in support of our growth strategy. We have also kept the impacts of our people top of mind throughout this transformation. Since 2022 when we announced our intention to shut down the refinery, we have carefully managed staffing levels.

正如彼得之前概述的那樣，我們的團隊在評估煉油廠改造戰略項目以支持我們的成長策略方面取得了良好進展。在整個轉型過程中，我們也始終將員工的影響力放在第一位。自 2022 年我們宣布打算關閉煉油廠以來，我們一直在謹慎管理人員配備水準。

As our staffing requirements decreased following the shutdown, we intend to retrain and redeploy as many affected employees as possible for the next stage of their careers with LYB. Nonetheless, some employees will end up leaving our company, and we will comply with all applicable laws and support our people as best possible.

由於關閉後我們的人員需求減少，我們打算對盡可能多的受影響員工進行再培訓和重新部署，以幫助他們在 LYB 開展下一階段的職業生涯。儘管如此，一些員工最終會離開我們的公司，我們將遵守所有適用的法律並盡可能地支持我們的員工。

Now let's turn to slide 13 and outline more details on the operational and financial impacts from that refining exit. Following the holiday season, we plan to begin shutting down the first crude and coker train during January of 2025. Then in February, we expect to begin the shutdown of the second crude and coker train, the FCC, and other ancillary units.

現在讓我們轉向投影片 13，概述更多有關煉油退出對營運和財務影響的細節。假期結束後，我們計劃在 2025 年 1 月開始關閉第一批原油和焦化裝置。然後在二月，我們預計將開始關閉第二條原油和焦化裝置、FCC 和其他輔助裝置。

This staged approach is designed to ensure a safe, orderly, and responsible shutdown of these complex operations. The refinery shutdown impacts both earnings and cash flow. We have been accruing costs related to the shutdown on our income statement since we announced our intentions in April 2022. However, once the shutdown begins in 2025, we will begin to realize the cash impacts depicted on this slide.

這種分階段的方法旨在確保安全、有序和負責任地關閉這些複雜的操作。煉油廠關閉影響獲利和現金流。自 2022 年 4 月宣布我們的意圖以來，我們一直在損益表中提列與關閉相關的成本。然而，一旦 2025 年開始關閉，我們將開始意識到這張投影片中所描述的現金影響。

During 2025, we expect to release working capital that more than offsets the cash cost of shutting down the refinery. We expect a net cash benefit of approximately $175 million during 2025, assuming a Brent crude price of $80 per barrel.

2025 年期間，我們預計釋放的營運資金將足以抵銷關閉煉油廠的現金成本。假設布蘭特原油價格為每桶 80 美元，我們預期 2025 年淨現金收益約為 1.75 億美元。

We expect the Refining segment will be reported as discontinued operations from the first quarter of 2025. Within discontinued operations, the ongoing costs related to the former Refining segment are expected to be less than $50 million a year. These are the estimated costs for keeping the site safe while maintaining operational capability for selected assets and infrastructure.

我們預計從 2025 年第一季起，煉油業務將被報告為已終止業務。在已終止的業務中，與前煉油部門相關的持續成本預計每年低於 5,000 萬美元。這些是在保持選定資產和基礎設施的營運能力的同時保持站點安全的估計成本。

With that, I will turn the call over to Aaron.

這樣，我就把電話轉給亞倫。

Thank you, Kim. Please turn to slide 14 as we look at the Intermediates and Derivatives segment. In the third quarter, segment EBITDA was $317 million, a decline of $184 million driven by a material decrease in raw material margins for oxyfuels.

謝謝你，金。請翻到投影片 14，我們將了解中間體和衍生物部分。第三季度，該部門 EBITDA 為 3.17 億美元，由於富氧燃料原料利潤大幅下降，減少了 1.84 億美元。

Oxyfuels margins fell on the declining gasoline crack spreads and slightly higher prices for butane raw materials. Our Propylene Oxide & Derivatives business encountered headwinds due to volatile prices for propylene feedstocks and volume impacts from Hurricane Beryl and planned maintenance.

由於汽油裂解價差下降和丁烷原料價格小幅上漲，富氧燃料利潤率下降。由於丙烯原料價格波動以及颶風 Beryl 和計劃維護對產量的影響，我們的環氧丙烷及衍生物業務遇到了阻力。

While we are encouraged by the potential for lower interest rates to drive recovery in PO&D demand from durable goods, we do not expect markets to materially improve during the remainder of 2024. Our Intermediate Chemicals business was impacted by declining styrene margins due to ample market supply.

儘管我們對較低的利率可能推動耐用品 PO&D 需求復甦感到鼓舞，但我們預計市場在 2024 年剩餘時間內不會出現實質改善。由於市場供應充足，我們的中間化學品業務受到苯乙烯利潤下降的影響。

During the quarter, our newest PO/TBA asset ran very well. And although volatile fuel markets negatively impacted this quarter's oxyfuels results, we believe the fundamentals for this business remain supportive. Our proprietary PO/TBA technology produces oxyfuels from butane at a sizable discount to crude oil used in gasoline production.

本季度，我們最新的 PO/TBA 資產運作良好。儘管波動的燃料市場對本季的富氧燃料業績產生了負面影響，但我們相信該業務的基本面仍然具有支撐性。我們專有的 PO/TBA 技術利用丁烷生產富氧燃料，其價格比用於汽油生產的原油低得多。

Global demand for octane and gasoline remains strong, and our oxyfuels provides some of the highest octane levels for all of gasoline blend stocks. We expect our PO/TBA assets will continue to provide a world-leading cost advantage for propylene oxide and oxyfuels. LYB is well positioned to capture opportunities from demand growth and high-cost supply rationalization.

全球對辛烷和汽油的需求仍然強勁，我們的富氧燃料為所有汽油混合庫存提供了最高的辛烷值。我們預計我們的 PO/TBA 資產將繼續為環氧丙烷和富氧燃料提供世界領先的成本優勢。LYB 處於有利地位，可以抓住需求成長和高成本供應合理化帶來的機會。

As we move through the fourth quarter, we expect lower seasonal demand across most of our I&D businesses with oxyfuels margins remaining low, consistent with seasonal norms. In line with our guidance, planned maintenance at one of our Bayport PO/TBA assets will continue into the fourth quarter. We will continue to match our production with market demand and expect to operate our I&D assets at rates of approximately 75% during the fourth quarter.

隨著第四季度的到來，我們預計大多數 I&D 業務的季節性需求都會下降，富氧燃料利潤率仍然較低，與季節性正常水平一致。根據我們的指導，我們的 Bayport PO/TBA 資產之一的計劃維護將持續到第四季度。我們將繼續使我們的生產與市場需求相匹配，並預計第四季度我們的研發資產的營運率約為 75%。

With that, I will turn the call over to Torkel.

這樣，我會將電話轉給托克爾。

Thank you, Aaron. Please turn to slide 15 as we review the third quarter results for the Advanced Polymer Solutions segment. Third quarter EBITDA was $19 million. The APS segment faced weaker demand, particularly in the automotive sector where third quarter global production dropped by 5% from the prior year.

謝謝你，亞倫。請參閱投影片 15，我們將回顧先進聚合物解決方案部門的第三季業績。第三季 EBITDA 為 1,900 萬美元。APS 領域的需求疲軟，尤其是汽車產業，第三季全球產量較前一年下降 5%。

The automotive downturn created substantial headwinds for both volumes and pricing. Despite these market headwinds, APS continues to grow through improved win rates in critical markets and improved manufacturing efficiency.

汽車業的低迷為銷售和價格帶來了巨大的阻力。儘管存在這些市場阻力，APS 透過提高關鍵市場的獲勝率和提高製造效率而持續成長。

As for the third quarter year-to-date, APS EBITDA is up by more than 20% over 2023. Resilient demand from packaging markets allowed us to grow year-to-date volumes and margins in our masterbatches business relative to the first nine months of last year. And we are now realizing the cost benefits from our effort to rationalize 18 APS manufacturing sites around the world over the past six years.

截至今年第三季度，APS EBITDA 比 2023 年成長了 20% 以上。包裝市場的彈性需求使我們的母粒業務今年迄今的銷售和利潤率比去年前九個月有所增長。現在，我們正在認識到過去 6 年來我們對全球 18 個 APS 製造基地進行合理化改造所付出的努力所帶來的成本效益。

Looking ahead, we continue to focus on earning additional high-value business by further improvements in our Net Promoter Scores and win rates with customers to restore our growth pipeline. In addition, the APS team continues to optimize working capital to improve cash flow from the business. We're investing in our core team with a growth and value mindset to deliver on our long-term goals for the APS business.

展望未來，我們將繼續專注於透過進一步提高淨推薦值和客戶贏得率來贏得額外的高價值業務，以恢復我們的成長管道。此外，APS 團隊繼續優化營運資金，以改善業務現金流。我們正在投資於具有成長和價值思維的核心團隊，以實現我們 APS 業務的長期目標。

With that, I will return the call back to Peter.

這樣，我會將電話回給彼得。

Thank you, Torkel. Please turn to slide 16, and I will discuss the results for the Technology segment on behalf of Jim Seward. Third quarter EBITDA of $69 million was lower than the guidance we provided during the second quarter telephone conference.

謝謝你，托克爾。請參閱投影片 16，我將代表 Jim Seward 討論技術部分的結果。第三季 EBITDA 為 6,900 萬美元，低於我們在第二季電話會議期間提供的指引。

The lower results were due to several customers not achieving the licensing milestones that were expected to occur during the third quarter. But these milestones are on track for the fourth quarter. Catalyst volumes improved on the stronger US demand. In the fourth quarter, we expect modest improvements in licensing revenue will drive slightly higher sequential results.

業績較低的原因是一些客戶未能實現預計在第三季實現的許可里程碑。但這些里程碑將在第四季實現。由於美國需求走強，催化劑產量增加。在第四季度，我們預期授權收入的適度改善將推動連續業績略有上升。

Now let me share our views on our key regional and product markets on slide 17. In line with our earlier comments, we expect that typical seasonal demand patterns will result in lower fourth quarter profitability across most of our businesses, with the potential for improvements deferred until 2025.

現在讓我在投影片 17 上分享我們對主要區域和產品市場的看法。根據我們先前的評論，我們預計典型的季節性需求模式將導致我們大多數業務第四季的獲利能力下降，而改善的潛力將推遲到 2025 年。

In the Americas, polyolefin demand is improving relative to 2023. While US natural gas and ethane prices have increased since August, North American costs remain quite favourable on a global scale and should continue to benefit integrated polyethylene margins. Within Europe, market demand remains muted but stable.

在美洲，聚烯烴需求相對 2023 年正在改善。儘管美國天然氣和乙烷價格自八月以來有所上漲，但北美成本在全球範圍內仍然相當有利，應繼續有利於綜合聚乙烯利潤。在歐洲，市場需求依然低迷但穩定。

We see limited downside from typical reductions in seasonal demand. Indications of near-term market recovery remain elusive, but we are watchful for the potential for demand improvements resulting from lower interest rates.

我們認為季節性需求典型減少所帶來的負面影響有限。近期市場復甦的跡象仍然難以捉摸，但我們關注利率降低帶來的需求改善潛力。

We are likely to reshape the European chemical industry. Several peers are following LyondellBasell's leads and announcing programs to transform their European footprint through asset sales, capacity rationalization and other actions. These initiatives are likely to result in a smaller European supply base that is better aligned to serve future local demands.

我們很可能會重塑歐洲化學工業。一些同行正在追隨利安德巴塞爾的領導，並宣布計劃透過資產出售、產能合理化和其他行動來改變其歐洲業務。這些舉措可能會導致歐洲供應基地規模縮小，從而更好地滿足未來的當地需求。

Chinese markets are slowly but steadily improving from levels far below pre-pandemic conditions. We continue to monitor the impacts of recent stimulus initiatives and remain watchful for catalysts that could benefit demand during 2025.

中國市場正在緩慢而穩定地改善，其水平遠低於大流行前的水平。我們將持續監測近期刺激措施的影響，並持續關注 2025 年可能有利於需求的催化劑。

In packaging markets, we continue to see steady demand with some customer discrimination in Favor of affordability. In building and construction markets, US stimulus programs are driving increased investments in infrastructure and lower interest rates and pent-up demand are expected to provide tailwinds to both industrial and residential activity.

在包裝市場，我們繼續看到穩定的需求，但有些客戶出於負擔能力而受到歧視。在建築市場，美國的刺激計劃正在推動基礎設施投資增加，而較低的利率和被壓抑的需求預計將為工業和住宅活動提供動力。

Within automotive markets, production slowed during the third quarter as OEMs took seasonal downtime and higher inventories curtailed production. Demand is expected to remain muted during the fourth quarter as customers wait for lower borrowing costs and steeper discounts.

在汽車市場，由於原始設備製造商季節性停工和庫存增加限制了生產，因此第三季生產放緩。由於客戶等待較低的借貸成本和更大的折扣，預計第四季度的需求將保持低迷。

And in oxyfuels and Refining, we expect that third quarter concerns over a weaker demand for fuels in China and strong refinery utilization rates will continue to pressure gasoline crack spreads. Margins are likely to be further constrained by lower seasonal demand. Our focus remains on strong operations and optimization across our global footprint to capture market opportunities. And as Michael emphasized, we are laser-focused on robust long-term cash conversion.

在富氧燃料和煉油領域，我們預計第三季對中國燃料需求疲軟和煉油廠利用率強勁的擔憂將繼續對汽油裂解價差構成壓力。季節性需求下降可能會進一步限制利潤率。我們的重點仍然是在全球範圍內進行強有力的營運和優化，以抓住市場機會。正如邁克爾所強調的，我們專注於強勁的長期現金轉換。

Now let me summarize our outlook and our long-term strategy on slide 18. The third quarter proved to be more challenging than expected, with markedly lower oxyfuels and refining margins only partially offset by improved North American olefins margins. Given the lower third quarter results, we now expect that our profitability for the second half of the year will be lower than our first half results.

現在讓我在投影片 18 上總結我們的前景和長期策略。事實證明，第三季比預期更具挑戰性，富氧燃料和煉油利潤率明顯下降，但北美烯烴利潤率的提高僅部分抵消了這一季度的影響。鑑於第三季業績較低，我們現在預計下半年的獲利能力將低於上半年業績。

During the fourth quarter, we expect the impacts from slow global growth will be compounded by softer seasonal demand. Despite these challenges, our North America and Middle East integrated polyolefins production should benefit from low natural gas and ethane prices relative to higher-cost oil-based production in other regions. Against this backdrop, we remain focused on disciplined capital allocation and working capital management.

在第四季度，我們預計全球經濟成長放緩的影響將因季節性需求疲軟而加劇。儘管有這些挑戰，相對於其他地區成本較高的石油生產，我們的北美和中東綜合聚烯烴生產應受益於較低的天然氣和乙烷價格。在此背景下，我們仍然專注於嚴格的資本配置和營運資本管理。

Our clear investment criteria and resilient core businesses allow us to remain focused on executing our strategy throughout the cycle as they arise. We are upgrading our portfolio through our European strategic review and the exit of our Refining business. At the same time, we are growing core capabilities to create sustainable value through investments in Germany and additional plants underway for Texas.

我們明確的投資標準和富有彈性的核心業務使我們能夠在整個週期中繼續專注於執行我們的策略。我們正在透過歐洲戰略審查和煉油業務的退出來升級我們的投資組合。同時，我們正在增強核心能力，透過在德國的投資和德州正在建造的其他工廠來創造永續價值。

And our value enhancement program is on track to unlock at least $600 million of recurring annual EBITDA by year-end 2024 and $1 billion of recurring annual EBITDA by the end of 2025. Our strategy will not only grow our company but will also reshape our business portfolio to improve profitability and create sustainable competitive advantages.

我們的價值提升計畫預計在 2024 年底前實現至少 6 億美元的經常性年度 EBITDA，並在 2025 年底前實現 10 億美元的經常性年度 EBITDA。我們的策略不僅將發展我們的公司，還將重塑我們的業務組合，以提高獲利能力並創造可持續的競爭優勢。

I am proud to lead this dedicated team as we take decisive actions to unlock value, reshape LYB, and position our company for sustainable future success. Now with that, we are pleased to take your questions.

我很自豪能夠領導這個敬業的團隊，我們採取果斷行動來釋放價值、重塑 LYB 並為我們的公司奠定可持續未來成功的基礎。現在，我們很高興回答您的問題。

(Operator Instructions) Vincent Andrews, Morgan Stanley.

（操作員指令）Vincent Andrews，摩根士丹利。

I wanted to follow up on some of the comments that were made about the North American polyethylene market. And in particular, I believe it was stated that October has the strongest orders year-to-date, but there were some other comments around the same time about sort of expecting the typical seasonal slowdown and that sort of hindering potential price achievement.

我想跟進有關北美聚乙烯市場的一些評論。特別是，我相信有人說 10 月的訂單量是今年迄今為止最強勁的，但同時也有一些其他評論，認為預計會出現典型的季節性放緩，從而阻礙潛在的價格實現。

So there's a little bit of a tension between those two ideas that customers are loading up now and in October, ahead of maybe price declines later on. So what do you think is causing that strength in orders that you're having the best order book of any month of the year in October?

因此，客戶現在和 10 月加載的這兩種想法之間存在一點緊張關係，之後價格可能會下跌。那麼，您認為是什麼原因導致您在 10 月擁有一年中任何一個月中最好的訂單？

Good question, Vincent. Thank you very much. I think we need to look also a little bit to understand October, I mean, to September. September was a little bit slower compared, I mean, to the two months before. So there's a bit of an overhang in orders from September that we actually see coming in October. But as said, I mean, we do expect, I mean, the seasonality as usual towards the end of the year, November, and December, that there will be working capital management along the value chain.

好問題，文森特。非常感謝。我認為我們還需要稍微了解一下十月，我的意思是，到九月。我的意思是，與前兩個月相比，九月的速度要慢一些。因此，我們實際上預計 10 月的 9 月訂單會出現一些過剩。但正如所說，我的意思是，我們確實預計，我的意思是，在年底、11 月和 12 月，像往常一樣，整個價值鏈上將會有營運資金管理。

With that, Kim, anything you want to add?

Kim，您還有什麼要補充的嗎？

I would just make a couple of additional comments, Peter, specifically around North America. I mean as we alluded to in our prepared remarks, right, you saw a feedstock advantage with ethane going into July and August. And then you saw industry down, so you saw a spike in ethylene price that challenged integrated margins.

彼得，我只想發表一些額外的評論，特別是關於北美的評論。我的意思是，正如我們在準備好的演講中提到的那樣，您看到了七月和八月乙烷的原料優勢。然後你看到產業下滑，所以你看到乙烯價格飆升，對綜合利潤率構成挑戰。

So a lot of customers looked at, as they entered September, they looked at, okay, where is ethylene price and integrated margin is going to go from where they were, and we also see a fall in crude price. So they were optimistic the crude price would continue to fall and they would see export pricing compete with domestic pricing.

因此，許多客戶在進入 9 月時都會關注，好吧，乙烯價格和綜合利潤率將如何變化，我們也看到原油價格下跌。因此，他們樂觀地認為原油價格將繼續下跌，並且出口定價將與國內定價競爭。

And as you've seen over the last couple of weeks, the crude pricing has stabilized more. And you continue to see the demand is there for both exports as well as domestic. So that's why there's that tension and that's why October is so strong.

正如您在過去幾週所看到的，原油價格更加穩定。你會繼續看到出口和國內都有需求。這就是為什麼會有這種緊張氣氛，也是十月如此強勁的原因。

Patrick Cunningham, Citi.

派崔克‧坎寧安，花旗銀行。

I think Aaron alluded to the volatility on PO and derivatives. Now that you're running the new asset fully, how much of the decline in the quarter was related to unplanned downtime versus weaker variable margin? And what were overall operating rates in the quarter? And then in terms of 4Q, do you still expect similar levels of maintenance here, or is that an additional drag sequentially?

我認為 Aaron 提到了 PO 和衍生性商品的波動性。既然您已經全面運行新資產，那麼本季的下降有多少是與計劃外停機和可變利潤率下降有關？該季度的整體營運率是多少？那麼就第四季度而言，您是否仍然期望這裡有類似的維護水平，或者這會是一個額外的拖累？

Yes. Thank you for the question, Patrick. I'd say, listen, despite the challenging market environment, the positive takeaway is that sales are up 4% globally year-over-year through the third quarter, with all of the growth really coming from Europe and the US. Higher propylene prices in the US are actually limiting exports to Asia.

是的。謝謝你的提問，派崔克。我想說，聽著，儘管市場環境充滿挑戰，但積極的一面是，截至第三季度，全球銷售額同比增長 4%，其中所有增長實際上都來自歐洲和美國。美國丙烯價格上漲實際上限制了對亞洲的出口。

So you see that impacting our operating rates. And as we look to the fourth quarter, that's where the quote of 75% comes from. That is impacted, as mentioned in my planned remarks, by the Bayport turnaround, which we've just recently started up here at the end of October.

所以你會看到這影響了我們的營運率。當我們展望第四季時，75% 的報價就是來自於此。正如我在計劃中的演講中提到的，這受到 Bayport 改造的影響，我們最近在 10 月底在這裡開始了改造。

As we look forward, we're still optimistic that the interest rate reductions and the stimulus packages will have some favourable impact on durable demand, but it's not likely to occur in 2024.

展望未來，我們仍然樂觀地認為降息和刺激計劃將對耐用需求產生一些有利影響，但這種情況不太可能在 2024 年發生。

David Begleiter, Deutsche Bank AG

大衛‧貝格萊特，德意志銀行

Peter, just on polyethylene pricing, do you expect polyethylene prices to decline in the fourth quarter?

Peter，關於聚乙烯定價，您預計第四季聚乙烯價格會下降嗎？

David, it's a good question, of course, yes. And I'm going to pull up my crystal ball. You know that we have two additional price increases in the market, $0.03 per pound for October, $0.03 per pound for November. A bit premature to say because, at the beginning of November, as you know, discussions are ongoing to see if price increases will be successful or not.

大衛，這是一個很好的問題，當然，是的。我要拿出我的水晶球。您知道，我們市場上有兩次額外的價格上漲，10 月每磅 0.03 美元，11 月每磅 0.03 美元。現在這麼說有點為時過早，因為如您所知，11 月初，人們正在進行討論，看看漲價是否會成功。

If I look at the underlying demand, and Kim alluded to that, domestic US demand being up by 6% year-to-date, being up by 4% compared to last year; capacity utilization, we are above 85%; exports up by 11%; good demand in October that we just explained, or Kim explained. So we remain hopeful that we will see part of the price increases go through. But as said, it remains to be seen because these discussions are currently ongoing.

如果我看一下潛在的需求，Kim 提到過，美國國內需求今年迄今成長了 6%，與去年相比成長了 4%；產能利用率在85%以上；出口成長11%；我們剛才解釋過，或者 Kim 解釋過，10 月的需求良好。因此，我們仍然希望看到部分價格上漲得以實現。但正如所說，這還有待觀察，因為這些討論目前正在進行中。

Jeff Zekauskas, JPMorgan.

傑夫‧澤考斯卡斯，摩根大通。

I think on your Analyst Day in 2023, you thought that -- or Lyondell thought that the normalized EBITDA of the US Olefins and Polyolefins business and the European Olefins and Polyolefins business was $7 billion. And since that time, there have been capacity additions and Asia, China has slowed down. Europe's energy prices have come up. I think you want to exit part of your European business? What do you think is the normalized EBITDA of the US and European business now? Is it still $7 billion or is it a different number?

我認為在 2023 年的分析師日，您認為——或者 Lyondell 認為美國烯烴和聚烯烴業務以及歐洲烯烴和聚烯烴業務的正常化 EBITDA 為 70 億美元。從那時起，產能不斷增加，而亞洲和中國的產能成長放緩。歐洲的能源價格已經上漲。我想您想退出部分歐洲業務？您認為目前美國和歐洲業務的正常化 EBITDA 是多少？仍然是 70 億美元還是一個不同的數字？

Jeff, what I'd say is the number for our North American business is largely unchanged. When we did our Analyst Day, we probably didn't have full visibility as to what is going on in Europe. And so I think as we sit here today, if you think about what's going on in Europe with higher cost energy and the regulatory environment, that, yes, probably Europe, the earnings power is a little bit lower than it had been in the past.

傑夫，我想說的是，我們北美業務的數字基本上沒有改變。當我們舉辦分析師日時，我們可能並沒有完全了解歐洲正在發生的事情。因此，我認為，當我們今天坐在這裡時，如果您考慮歐洲能源成本較高和監管環境的情況，那麼，是的，歐洲的盈利能力可能比過去要低一些。

I think there's a lot of moving parts in the macroeconomics, that you also have to contemplate what will happen with China stimulus, and will it be able to consume the new capacity to bring online. What will happen as the EU starts to rationalize? You've seen some of the announcements out there. And then in North America, you have to remember, it's the lowest cost from a feedstock perspective, for sure, region of the world, and we have no new ethylene capacity coming online for a few years. So you have to take all that into consideration as well.

我認為宏觀經濟中有很多變化的部分，你還必須考慮中國的刺激措施會發生什麼，以及它是否能夠消耗新的線上容量。當歐盟開始合理化時會發生什麼事？您已經看到了一些公告。然後在北美，你必須記住，從原料的角度來看，毫無疑問，這是世界上成本最低的地區，而且我們已經好幾年沒有新的乙烯產能上線了。所以你也必須考慮到所有這些。

And the other part that I want to add to that is, of course, our big transformation that we are going through, the elements that we have with the exit of the Refining on one hand side, but especially also the European assessments that is currently ongoing, and then our investments of the past is not going to be the same as our portfolio in the future.

我想補充的另一部分當然是我們正在經歷的重大轉型，一方面是我們退出煉油廠所擁有的要素，但尤其是目前的歐洲評估持續進行，那麼我們過去的投資將不會與未來的投資組合相同。

We're repositioning in Europe, as you know, leveraging also upon the demand from the OEMs, the brand owners in circular and renewable solutions. We're doing the necessary investments in our Cologne hub. We see that regulation is moving in Europe in the right direction. We're building up low-cost delivered positions in the Middle East. So that means that our future portfolio of cost advantage operations will move from about 60% to 70%.

如您所知，我們正在歐洲重新定位，同時也利用原始設備製造商、品牌所有者對循環和可再生解決方案的需求。我們正在對科隆中心進行必要的投資。我們看到歐洲的監管正在朝著正確的方向發展。我們正在中東建立低成本交付部位。因此，這意味著我們未來的成本優勢業務組合將從 60% 左右上升到 70%。

Aleksey Yefremov. KeyBanc Capital Markets Inc.

阿列克謝·葉夫列莫夫。KeyBanc 資本市場公司

I wanted to ask about the ATK acquisition -- sorry, APK. What's the degree of maturity of this technology? And is it ready for additional investments for capacity expansions perhaps in the near future?

我想問一下 ATK 收購的事——抱歉，是 APK。這項技術的成熟程度如何？它是否準備好在不久的將來進行額外投資以擴大產能？

Aleksey, thank you for your question. Well, noticed, I mean, that we have now full ownership over the company, APK. We're very pleased, I mean, with that acquisition because we had expanded our entire portfolio of renewable and circular solutions leveraging upon different technologies from waste-based renewable hydrocarbons to mechanical recycling to our MoReTec technology, which is an advanced chemical catalytic recycling technology. And now we also have with APK a solution-based recycling technology, which allows especially laminated films to be recycled.

阿列克謝，謝謝你的提問。好吧，我注意到，我們現在擁有 APK 公司的完全所有權。我的意思是，我們對此次收購感到非常高興，因為我們利用了不同的技術，從基於廢物的可再生碳氫化合物到機械回收再到我們的MoReTec 技術（一種先進的化學催化回收技術） ，擴大了我們的整個可再生和循環解決方案組合。現在，我們也透過 APK 提供了基於解決方案的回收技術，特別是可以回收層壓薄膜。

So we're in the process of integrating that company. We've acquired them because we see a huge benefit that they have because they are, in our view, the most advanced technology company in terms of solution-based recycling.

所以我們正在整合該公司。我們收購他們是因為我們看到了他們的巨大優勢，因為在我們看來，他們是基於解決方案的回收方面最先進的技術公司。

So of course, as we are integrating them, we have a plan behind it in -- which one may compare a bit, I mean, to our MoReTec investment. So looking at applying the technology, looking at scaling up the technology. So if you fast forward it, I mean, to 2030, it will be an integral part of our total offering that we have to brand owners and OEMs.

當然，當我們整合它們時，我們背後有一個計劃——我的意思是，這個計劃可以與我們的 MoReTec 投資進行比較。因此，考慮應用該技術，考慮擴大該技術的規模。因此，如果你快轉到 2030 年，它將成為我們向品牌所有者和 OEM 提供的整體產品中不可或缺的一部分。

(Unidentified Participant)

（身份不明的參與者）

I wanted to ask a more longer-term question about the US asset mix over time. So if you look at your cracker feed that you disclosed in this last quarter, you're about 95% light between NGLs and ethane. I guess as you look at converting the refinery site, and you talked about bio-based feedstocks, other recycle it based feedstocks and what you're building yourself, what do you view is that cracker mix being, call it, five, six years from now?

我想問一個關於美國資產組合隨時間變化的更長期的問題。因此，如果您查看上個季度揭露的裂解原料，您會發現 NGL 和乙烷之間的輕量含量約為 95%。我想當你考慮改造煉油廠時，你談到了生物基原料、其他基於回收利用的原料以及你自己建造的東西，你認為裂解裝置的混合物是，稱之為，五年，六年從現在開始？

And assuming that's higher in terms of heavier feed tomorrow versus today, that's going to derate your crackers a little bit on the ethane or ethylene side, would you invest to maintain that or would you accept that shift as part of that change?

假設明天的重質飼料比今天更高，這將使您的裂解裝置在乙烷或乙烯方面稍微降低，您會投資維持這一點，還是會接受這種轉變作為改變的一部分？

Josh, very good question. Of course, the first thing that I want to outline, and then I hand over to Kim, is with the transformation that we're doing on the Refining side, we are coming from the markets. So we're coming from the demand that is coming from brand owners, OEMs through the value chain to us, demand for renewable and circular solutions.

喬什，非常好的問題。當然，我想概述的第一件事，然後交給 Kim，是我們在煉油方面正在進行的轉型，我們來自市場。因此，我們來自品牌所有者、原始設備製造商透過價值鏈向我們提供的需求，以及對再生和循環解決方案的需求。

And as we are looking at that demand and how it is growing, mid- to long-term, that's how we are basing, of course, our asset strategy and the investments of, for example, a MoReTec-2 facility with upgrading capacities through the hydrotreaters as we alluded to in the prepared remarks.

當我們著眼於這種需求及其中長期成長時，這就是我們的資產策略和投資的基礎，例如透過以下方式升級產能的 MoReTec-2 設施：正如我們在準備好的發言中提到的加氫處理裝置。

So it comes from demand how we are ramping up, I mean, those capacities. And of course, those capacities, those liquid fractions with, of course, also due to our MoReTec technology, there's also a gas fraction will be fed into our crackers, especially, I would say, the one that we have in Channelview.

因此，這取決於我們如何提高這些能力的需求。當然，這些容量、這些液體餾分，當然，也歸功於我們的 MoReTec 技術，還有氣體餾分將被送入我們的裂解裝置，特別是，我想說，我們在 Channelview 擁有的裂解裝置。

So it's not that we're coming from Channelview and we're changing the mix in the cracker, but we're coming from the market and building up our MoReTec technology to then see how can we actually feed it into our crackers and capture that margin that we have alluded to in the Capital Markets Day, the incremental margin over time.

因此，我們並不是來自 Channelview，我們正在改變餅乾中的混合物，而是我們來自市場並建立了我們的 MoReTec 技術，然後看看我們如何才能真正將其輸入到我們的餅乾中並捕獲該技術。在資本市場日提到的保證金，即隨著時間的推移而增加的保證金。

Kim, do you want to add something?

金，你想補充點什麼嗎？

Yes, just a couple of comments. So thanks for asking, Josh, because it gives us the opportunity to again reemphasize this is a small investment to get into these product lines, these advanced circular product lines, by just putting a front end to our existing liquid flexible crackers, right?

是的，只是一些評論。所以，謝謝你的提問，喬什，因為它讓我們有機會再次強調，透過在我們現有的液體柔性餅乾上安裝一個前端，這是進入這些產品線、這些先進的循環產品線的一項小投資，對嗎？

So when we think about how we operate in North America, I also want to reiterate, it's always about optimization, what we look at or refer to as our cost of ethylene. So yes, could we run 100% ethane at Channelview? Yes, we could but we won't because we -- it's more profitable for us to run some NGLs, just like it will be more profitable for us to look at the feed slate as we better understand the different feedstocks that will come in from circularity.

因此，當我們考慮我們在北美的運作方式時，我還想重申，這始終與最佳化有關，即我們所關注或所說的乙烯成本。那麼，我們可以在 Channelview 運行 100% 乙烷嗎？是的，我們可以，但我們不會，因為我們——運行一些液化天然氣對我們來說更有利可圖，就像我們查看原料清單會更有利可圖，因為我們可以更好地了解來自不同來源的不同原料。

So I think it's a great question. I really appreciate it. And I would just highlight, we had tremendous feedstock flexibility and the opportunity to get into a new market in a low-cost way.

所以我認為這是一個很好的問題。我真的很感激。我想強調的是，我們擁有巨大的原料彈性和以低成本方式進入新市場的機會。

One of the beauties, I mean, that I think is in our strategy, Josh, is also the fact that, like Kim alluded to, it's a relatively small investment when you compare it to having to invest in a complete new cracker with everything around it. So it's leveraging upon our existing infrastructure. I mean CO2 emissions are also included, of course, in the steel and iron that you're building.

我的意思是，喬希，我認為我們的戰略的優點之一是，正如金所提到的，與必須投資一個全新的餅乾和周圍的一切相比，這是一項相對較小的投資它。所以它利用了我們現有的基礎設施。我的意思是，二氧化碳排放當然也包含在您正在建造的鋼鐵中。

So leveraging upon the existing infrastructure that we have, and mainly focusing on what do we need to add, yes, so waste sorting is something that we need to add. Advanced chemical recycling is something that we need to add to with our proprietary technology, the MoReTec technology. We don't need to add any hydrotreaters in Houston because we have them. We just need to modify them.

因此，利用我們現有的基礎設施，主要關注我們需要添加的內容，是的，所以垃圾分類是我們需要添加的內容。我們需要利用我們的專有技術 MoReTec 技術來補充先進的化學回收技術。我們不需要在休士頓添加任何加氫處理裝置，因為我們有它們。我們只需要修改它們。

So the investment compared to a fully blown up new cracker is substantially lower, and it allows you to be in a market that allows us to be in a market with low carbon footprint molecules up to net zero. And at the same time, also circular products.

因此，與完全爆炸的新裂解裝置相比，投資要低得多，並且它使您能夠進入一個低碳足跡分子達到淨零的市場。同時，還有圓形產品。

(Unidentified Participant)

（身份不明的參與者）

Peter, I was wondering if you could provide an update on the timelines in terms of the European restructuring. And to that end, did I understand you correctly that, following this process, your expectation is that your European operating rates would increase by 10%. If you could talk a little bit about what's going on. What's your outlook for your European operating rates and again on the restructuring actions you're taking there?

彼得，我想知道你是否可以提供有關歐洲重組時間表的最新資訊。為此，我是否正確理解了您的意思，按照這個流程，您的期望是您的歐洲開工率將增加 10%。如果你能談談正在發生的事情的話。您對歐洲開工率以及在那裡採取的重組行動有何展望？

Yes, thank you, Frank. Good question. First that I would like to highlight is some of us here around the table are now around 35 years in the chemical industry. I've seen multiple cycles in the chemical industry. This is actually the first time in my career that I have seen that people are not just talking about restructuring and taking capacities out in a certain region, but it's actually happening, and it's happening faster that I believe that anybody, including advisers, consultants have anticipated.

是的，謝謝你，弗蘭克。好問題。首先，我想強調的是，我們這裡的一些人現在已經在化學行業工作了大約 35 年。我見過化學工業的多個週期。這實際上是我職業生涯中第一次看到人們不僅僅是在談論重組和削減某個地區的產能，而且它確實正在發生，而且發生得更快，我相信任何人，包括顧問、顧問都已經意識到了這一點。

We are now somewhere between 2 million and 2.5 million tons depending on what timeline you take of ethylene capacity that has been announced that is being taken out in Europe. And some consultants have alluded to the fact that there should be somewhere around 2.5 million, 3 million tons, I mean to have again a balanced market.

我們現在的產量在 200 萬噸到 250 萬噸之間，具體取決於歐洲已宣布取消的乙烯產能的時間表。一些顧問提到，應該有 250 萬噸、300 萬噸左右，我的意思是再次擁有平衡的市場。

So it is in that environment that we have very early at an early stage started with the European assessment and make the corresponding announcements. So at this point in time, we are in the markets. We are looking at several opportunities. And we've alluded to that as well before, that can be selling the entire package of five sites in O&P. It can also be restructuring those sites. It can also be selling one or two or three sites, or selling them separately.

因此，正是在這種環境下，我們很早就開始了歐洲評估並做出了相應的公告。所以此時此刻，我們正處於市場之中。我們正在尋找幾個機會。我們之前也提到過，可以出售 O&P 中五個站點的整個包。它也可以重組這些網站。也可以出售一個或兩個或三個網站，或單獨出售。

So we are in the market. And we're expecting that we will get in 2025 quite a lot of clarity. So of course, as usual, we'll keep you informed about the progress, but it will take a little bit of time. These things, they don't go, as you know, I mean, from today to tomorrow.

所以我們在市場上。我們預計 2025 年我們會得到相當多的澄清。當然，像往常一樣，我們隨時會向您通報進展情況，但這需要一些時間。如你所知，我的意思是，這些事情不會從今天持續到明天。

What I was alluding to before, the 60% to 70% is not because of capacity utilization or what. I mean I was saying that if you look at the total portfolio that LyondellBasell has in terms of cost-advantaged operations, so cost-advantaged assets, today, this is around 60%, that is cost advantaged assets.

我之前提到的60%到70%並不是因為產能利用率什麼的。我的意思是，如果你看看利安德巴塞爾在成本優勢營運方面的總投資組合，那麼成本優勢資產，今天約為 60%，即成本優勢資產。

After exiting the refinery and modifying it for our recycled renewable products, and after having exited the six operations that we talked about in Europe, that then our portfolio would consist out of 70% cost-advantaged operations. So the remaining 30% of costs -- the remaining 30% is pretty much assets that are serving our renewable and recycled strategy.

在退出煉油廠並對其進行改造以生產我們的回收再生產品之後，在退出我們在歐洲談到的六項業務之後，我們的投資組合將由 70% 的成本優勢業務組成。因此，剩下的 30% 的成本——剩下的 30% 幾乎是服務我們的可再生和回收策略的資產。

Frank, congrats on the Jets beating the Texans.

弗蘭克，恭喜噴射機隊擊敗德州人隊。

Thank you.

謝謝。

Mike Sison, Wells Fargo.

麥克西森，富國銀行。

So thinking about polyethylene this year, integrated margins have done really well, in the $0.30 per ton range, costs are low. And as you've noted, it sounds like demand is pretty good. So what needs to get better, I guess, in 2025 for O&P-Americas to grow EBITDA given how well -- it seems like the polyethylene has generally done well this year?

因此，考慮到今年的聚乙烯，綜合利潤表現非常好，在每噸 0.30 美元的範圍內，成本很低。正如您所指出的，聽起來需求相當不錯。那麼，我想，考慮到今年聚乙烯的表現普遍良好，O&P-Americas 的 EBITDA 成長需要在 2025 年實現哪些方面的改善？

Well, Mike, first of all, demand needs to continue to go up in PE. Today, demand by PE -- demand growth, I mean, PE is not so much related, I mean, to durable goods as inflation rates have gone down, as interest rates were expected to continue to go down, then we would hope that that will have an impact on consumer confidence, buying of apartments, houses, for the construction business would go up. And that would have a benefit, of course, both to the PE business as well as the PP business. Plus in addition to that, of course, also Aaron's propylene oxide business.

麥克，首先，私募股權的需求需要繼續上升。今天，PE 的需求——需求增長，我的意思是，PE 與耐用品的關係不大，因為通貨膨脹率已經下降，因為利率預計將繼續下降，那麼我們希望這將影響消費者信心，購買公寓、房屋，建築業務將會增加。當然，這對 PE 業務和 PP 業務都有好處。除此之外，當然還有亞倫的環氧丙烷業務。

So the other thing I want to allude to as well is if you look at year-to-date this year, the delta in EBITDA, well about 70% of that delta is coming from the Refining business. So next year, we are exiting the Refining business, that will be discontinued operations, so that will not be in the mix anymore, which gives you an indication as well that the rest of the businesses compared to last year, despite the fact that we haven't seen.

因此，我還想提到的另一件事是，如果你看看今年年初至今的 EBITDA 增量，大約 70% 的增量來自煉油業務。因此，明年，我們將退出煉油業務，該業務將停止運營，因此將不再包含在其中，這也向您表明，其餘業務與去年相比，儘管我們從未見過。

And the other 30% is pretty much, I mean, related then, of course, also to the impact that lower gasoline cracks have on the oxyfuels business.

我的意思是，另外 30% 幾乎與汽油裂解減少對富氧燃料業務的影響有關。

Kevin McCarthy, Vertical Research Partners.

凱文·麥卡錫，垂直研究夥伴。

Maybe a two-part question on your Refining transition. First, I appreciate the detail on slide 13. Nice to see the net cash flow contribution. One question would be, as you throttle down on Refining, should we anticipate any earnings impact on products, co-products, utilities that may move across the fence, so to speak.

也許是關於您的精煉過渡的兩部分問題。首先，我欣賞幻燈片 13 上的細節。很高興看到淨現金流的貢獻。一個問題是，當你限制煉油業務時，我們是否應該預期對可能跨越圍欄的產品、聯產品、公用事業的任何盈利影響？

And then secondly, as you.

其次，作為你。

Nothing material.

沒什麼實質的。

Nothing material? Okay. And then if I may, are you still looking at a final investment decision on MoReTec-2 by March or so, Peter?

沒有什麼實質的東西嗎？好的。那麼，如果可以的話，Peter，您是否仍在考慮在 3 月左右做出對 MoReTec-2 的最終投資決定？

No, it doesn't go that fast, Kevin. And we hope it goes that fast, but it doesn't go that fast. So what we would look at, I mean, in first quartile next year is that we make one important step, the first step, let's say, in the investment cycle. This is not a final investment decision yet. But it's the first step, which would lead, of course, then also to starting to order long lead items, preparing the ground, do some infrastructure, et cetera, et cetera.

不，事情沒那麼快，凱文。我們希望它進展得那麼快，但它並沒有進展得那麼快。因此，我的意思是，我們在明年的第一個四分位數中會看到我們邁出了重要的一步，可以說是投資週期的第一步。這還不是最終的投資決定。但這是第一步，當然，這也會導致開始訂購長週期項目，準備地面，做一些基礎設施等等。

FID, I would -- for the final step, I would expect that to happen in 2026. One thing already that I want to outline a bit here is that our investment strategy has changed, and we are in -- our concept is a modular concept that we have, which is something we are applying in the first MRT investment in Cologne. And we would do the same in the second investment in Houston.

FID，我希望——對於最後一步，我預計這將在 2026 年發生。我想在這裡概述的一件事是，我們的投資策略已經改變，我們的概念是我們擁有的模組化概念，這是我們在科隆的第一個地鐵投資中應用的。我們在休士頓的第二次投資也會做同樣的事情。

So that means, if we make that step on deciding on the first step for Houston, it already is an important commitment. It's intrinsic to the nature of doing modular investments. So it is a higher commitment already in terms of total CapEx.

因此，這意味著，如果我們邁出決定休士頓第一步的一步，這已經是一個重要的承諾。這是進行模組化投資的本質。因此，就總資本支出而言，這已經是一個更高的承諾。

(Unidentified Participant)

（身份不明的參與者）

I just wanted to go back to the European review. Several questions, obviously, asked about that. I mean since you guys obviously announced the review, and clearly, you guys were amongst the first to do so, more and more companies are coming out and doing that. And I'm still trying to understand how you guys will create value doing that, how you balance out asset sales.

我只是想回到歐洲評論。顯然，有幾個問題與此有關。我的意思是，既然你們顯然宣布了審查，而且顯然，你們是第一批這樣做的公司之一，越來越多的公司出來這樣做。我仍在努力了解你們將如何創造價值，如何平衡資產銷售。

Presumably now there will be more and more of a glut of assets being set up to be sold out there. So I would imagine pricing would go down because of that. And obviously, Europe being Europe, shutdowns can be quite pricey over there. So I mean, how do you think about the calculus behind that?

想必現在將會有越來越多的過剩資產被設定在那裡出售。所以我想價格會因此而下降。顯然，歐洲就是歐洲，那裡的停工成本可能相當高。所以我的意思是，你如何看待這背後的微積分？

Hassan, if I look at the announcement that so far have been made in the industry for Europe, then the 2 million tons or 2.5 million tons, depending on the timeline you take that I have mentioned before, are shutdowns. So they have been announced as these assets will be shut down. The assets that we are talking about in our portfolio are not bad assets. I mean, they are good assets.

哈桑，如果我看看迄今為止歐洲產業發布的公告，那麼 200 萬噸或 250 萬噸，取決於我之前提到的時間表，就是關閉。因此，他們已經宣布這些資產將關閉。我們在投資組合中談論的資產並不是不良資產。我的意思是，它們是很好的資產。

They are, like take Bayer, for example, is a flexible cracker. Yes, it has integrated, I mean, polymerization next to it. So it has a good location from a logistic point of view. It has the preferential electricity costs because of the nuclear industry that you have in France that is being supported, and we'll -- we expect will continue to be supported as well, if you look at current discussions on a European level.

它們就像以拜耳為例，是一種靈活的餅乾。是的，它已經整合了，我的意思是，旁邊有聚合。因此，從物流的角度來看，它具有良好的地理位置。它具有優惠的電力成本，因為法國的核工業得到了支持，如果你看看歐洲層級目前的討論，我們預計也會繼續得到支持。

So we do believe that there may be good owners, I mean, for those assets, not necessarily that we are the right owner, I mean, for those assets. And you'll see the transformation that I mentioned before. We are investing and have very good experience in Saudi Arabia. So we continue to progress on that investment strategy in the Middle East.

因此，我們確實相信，對於這些資產，可能有好的所有者，但我的意思是，對於這些資產，我們不一定是正確的所有者。你會看到我之前提到的轉變。我們正在沙烏地阿拉伯進行投資並擁有非常好的經驗。因此，我們將繼續推動中東的投資策略。

And what I'd say is that, so the process is underway. I hope you all appreciate we can't share an incredible amount of details. But there will be more to share in the new year.

我想說的是，這個過程正在進行中。我希望大家都能理解我們無法分享大量細節。但在新的一年將會有更多的東西可以分享。

Thank you. And we have reached the end of the question-and-answer session. I'll turn it back to Mr. Vanacker for closing comments.

謝謝。我們的問答環節已經結束了。我將把它轉回瓦納克先生以徵求結束意見。

Yes. Thank you all. Of course, as usual, very thoughtful questions. Let me highlight the following. We continue to make excellent progress on our strategy to make LYB a much more focused company with a leading, advantaged asset portfolio and product mix. You heard me saying that a couple of times in this call.

是的。謝謝大家。當然，像往常一樣，這是非常深思熟慮的問題。讓我強調以下幾點。我們繼續在策略上取得巨大進展，使 LYB 成為一家更專注的公司，擁有領先、優勢的資產組合和產品組合。你在這次電話會議中聽到我說過這句話幾次。

Now 2025 will, for us, be a very important transformational year. We highlighted a couple of -- First, we exit our Refining business and we start preparing for the transition into a renewable and circular hub. Second --

2025年對我們來說將是非常重要的轉型年。我們強調了幾點——首先，我們退出煉油業務，並開始準備轉型為再生和循環中心。第二--

Third, we progressed on our first MoReTec investment in Germany and we prepare for the second one in Houston. Fourth, we prepare for carbon value creation projects in our existing large assets, not building new assets, but the existing large assets. And fifth, we continue to further develop our Middle East footprint.

第三，我們在德國的第一筆 MoReTec 投資取得了進展，並為在休士頓的第二筆投資做好了準備。第四，我們在現有的大資產上準備碳價值創造項目，不是建造新的資產，而是現有的大資產。第五，我們繼續進一步拓展在中東的足跡。

So all these actions, as I mentioned during the call, are expected to grow our asset portfolio of cost-advantaged operations from the current 60% to 70%. And as we mentioned in the last earnings call, we step up our mid-cycle EBITDA margin by doing so. We provided industry-leading 6% total capital return yields in Q3 as well.

因此，正如我在電話會議中提到的，所有這些行動預計將使我們的成本優勢業務資產組合從目前的 60% 增加到 70%。正如我們在上次財報電話會議中提到的，我們透過這樣做提高了中期 EBITDA 利潤率。我們在第三季也提供了業界領先的 6% 的總資本回報率。

So of course, we look forward to sharing updates over the coming months as we continue to make progress on all the aspects of our long-term strategy. We hope that you all will have a great weekend. Stay well and stay safe. Thank you.

因此，當然，隨著我們繼續在長期策略的各個方面取得進展，我們期待在未來幾個月分享最新情況。我們希望大家度過一個愉快的週末。保持健康並保持安全。謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。