Since November 15, we have been engaged in active dialogue with credit rating agencies, during which we presented and analysed in detail our current and future performance. I was not surprised by the negative decisions of the agencies, in spite of our different assessment. It is challenging to offset the risks associated with the newly introduced, extraordinary tax payment in a highly cyclical industry, even if our performance is at the forefront of European producers. The rating agencies had to react on this.

Currently, the European fertilizer industry is under extraordinary pressure. One source of it is the continued significant import of Russian fertilizers. We are falling from one dependency to another. In this unfavourable industry cycle, a new national tax has been introduced, representing an additional cost of around 7% of our revenue, causing an extraordinary competitive disadvantage.

We have secured and continuously maintain a high level of liquidity buffer to manage the cyclicality of the industry, the energy crisis of recent years, and the known political risks we are facing. The decision to suspend production was economically rational. We continuously assess the business environment, and as soon as it becomes economically viable, we will restart production. We have the ability to restart immediately as the needed conditions are met.

In 2024, we will keep our debt ratio at a manageable level supported by the stabilized gas prices and the lack of significant committed investments. The current investment environment is not attractive enough for launching major CPAEX projects.

We have already begun active work on the refinancing of our bonds well before its maturity (May 2025), demonstrating our prudent financial approach. We have taken several steps to achieve the withdrawal of the newly introduced tax, and we can present strong arguments in courts. We cannot expect rating agencies to take a position and assess the winning probability of our legal proceedings.

The fundamentals of our industry and the company are strong, and already in the short term, we expect a correction in fertilizer demand. In the future hydrogen economy, several opportunities arise for us as the largest domestic hydrogen producer.