Kyle Caunt: That’s great. Thank you.
Raviv Zoller: Thank you.
Operator: Thank you. Our next question comes from the line of Joel Jackson from BMO Capital. Please go ahead.
Raviv Zoller: Joel, you want to go ahead?
Joel Jackson: Do you hear me?
Raviv Zoller: Now, we hear you.
Aviram Lahav: Yes.
Joel Jackson: Okay. I have few questions. The first one is technical. I’m confused by your specialties’ guidance for 2023. So, you — sorry, if I look at Slide 23 and Slide 19, but Slide 23, so I meant 2022, so you say that specialties was $1.6 billion EBITDA for 2022, correct, Slide 23?
Raviv Zoller: Yes. $1,573 million, if I remember correctly.
Joel Jackson: But when I add up the three segments, right, growing solutions, phosphate solutions and IP, I get to $2.1 billion EBITDA, which is what you’re saying in several places is specialties. Is there some part of those three businesses, like, are you excluding phosphate commodities?
Raviv Zoller: You’re adding the phosphate commodities. You have all the details in our press release.
Joel Jackson: I do. So, what — can you just bridge me the $2.1 billion to the $1.6 billion, why is the $500 million coming out of? Can you bridge that to me, please?
Raviv Zoller: Phosphate commodities. It’s in the phosphate —
Joel Jackson: So, $500 million in phosphate commodities.
Raviv Zoller: In the phosphate solutions business. Yeah, it’s just, phosphate commodities.
Aviram Lahav: I can do that for 2022, if you want to or we can do this offline.
Joel Jackson: Okay. That’s fine. I just want to make sure I understood. Okay. And then the other question, the potash segments, you talk about maybe averaging about $500 pricing in 2023, which is what you’re saying for — is implied, what about volume for the potash segment? So, what should we expect in 2023? What kind of production can you do from the different assets?
Raviv Zoller: We’re expecting production of about 4.8 million tonnes and we’re assuming sales of 4.8 million tonnes. We do have some capability to go down on inventory and go up to 4.9, but in terms of modeling we modeled 4.8.
Joel Jackson: And then you get over — you get to what 5.1, 5.2 by 2024?
Raviv Zoller: Not by 2024. We get to 5.1 by 2026.
Joel Jackson: 2026. Okay. And then I know that you are — you always say — you are typically followers in some of these larger potash contracts mixes get settled by the buying consortium in China and IFFCO, IPL, et cetera, in India, and you typically follow, we’re getting into — we are approaching contract season. Anything that you can talk about from what you and your team hears about the Indian contract? Is it going to be — do you think it’s going to be Belarussian settling something, then the other suppliers coming at a different tier pricing, do you think it’s going to be Canpotex leading? I understand it’s all conjecture and you’re just sort of hearing what you’re here, but how do you think the next couple of months are going to play out for these potash contracts?
Raviv Zoller: I think, it’s going to be settled soon.
Joel Jackson: And that’s your
Raviv Zoller: That’s all I can say at this point.
Joel Jackson: Okay. Okay. I’ll pass it on. Thanks a lot.
Raviv Zoller: Thank you, Joel.
