Steven Ralston: Good morning and congratulations on a great quarter. My first question concerns your collaboration with Syngenta. Could you expand upon that and clarify some specifics, especially towards product lines? As I understood it, it was a very symbionic relationship in Argentina, where you distributed Syngenta’s fungicides and insecticides, the Maxim family and the Actellic family of products. And in return, Syngenta distributed Rizobacter’s seed treatment products. How is that changing? I know it’s global and in some cases, exclusive ex-ing out the U.S. And could you also get into the specifics of the potential you see in China and Brazil?
Federico Trucco: Great. So thanks a lot, Steven, for joining the call and for the great question regarding the Syngenta dynamics. So as you described, in Argentina we have achieved 100% success. We are, by far, the leaders in the inoculant business and also in the biofungicide side of our business in the seed treatment. And I believe Syngenta has obtained in Argentina a level of molecule penetration that is at much anywhere in the world. I think when we consider both channels export close to 40% to 50%. So that’s something Syngenta was not ever €“ was not able to replicate in other geographies for their active ingredients. So the question was, how do we scale this up internationally in a way that is attractive to both parties, and that’s why we went into this long-term distribution collaboration and have an R&D component as well.
So the footprint that we have in Argentina, we don’t have that footprint in Europe. We don’t have that footprint in the United States, let alone Asia, like China or Australia. So being able to build that ourselves organically, it will take a long time, being able to use the Syngenta’s existing footprint I think can give us an opportunity to quickly penetrate those markets with a one product category where we have done this jointly in a very successful way. So we are initially doing this only with inoculants and we selected part of the seed treatment portfolio. And this is not saying that we’re the opportunity to use Syngenta footprint for the that’s come out of . But that is not today . So that’s something that we might discuss in the future, we might even consider other opportunities.
But this was kind of a starting point for us to fully penetrate that $4 billion to $5 billion market, where biologics are already at the 20% level, significant part of that because of the plate we are global leaders and where we believe we can be at $1.6 billion market-wide in Biologicals as in general by the end of the decade. That’s kind of the thesis behind Syngenta collaboration. We are not going into a blinded relationship. We’ve known each other for 20 years, the positive and the negative. So this is what we are sort of now deciding to jointly on a forward-going basis.
Steven Ralston: Now turning to EBITDA. It seems like the major contributor was Crop Nutrition and that’s related to your micro-beaded fertilizer plant. And I’ve noticed well, last quarter and this quarter, you have not given out the 12-month trailing capacity utilization in your press release. It must be very high at the current time. Can you share that now? And what are your plans there in the future? Because you should be getting very close to maximum capacity?
Enrique Lopez Lecube: Hi, Steven. This is Enrique. Thanks for joining the call and thanks for the question. Yes, you’re right. I mean we have been ramping up the use of total capacity, we have used that metric of used installed capacity to basically on an asset that was €“ asset that is most industrial in nature. The rest of our pipelines are not heavily relying on industrial assets or manufacturing facilities by our contracts.
