ICL Group Ltd (ICL) Earnings Call Transcript & Summary

Hi. My name is Michael, and welcome to ICL Group's 2020 Virtual Investor Day. I promise you, I won't be making too many jokes, and I'm going to try and move the Investor Day along at a good pace. I'm going to pop in between presentations, and you're also going to see me featured in a brief cool video. It's going to show you how ICL is shaping the future. Now over the course of the next few hours, you're not going to be hearing about COVID-19 again and again, but rather about long-term plans that ICL has made for its future, which are focused on sustainable solutions for humanity and value creation for its stakeholders. You're going to be hearing from various members of ICL's senior management team. All very serious people, unlike me, who will be describing how ICL is developing new innovative technologies and products to capitalize on major trends across its end markets, including food proteins and additives, agriculture and bromine end markets. You're also going to hear about the company's strategic growth plans and targets that the company aims to achieve over the next 5 years and beyond. So stay with us and hold on, it's going to be an interesting ride. Now before we kick off our show, our exciting legal team has kindly asked me to say the following. Are you sitting down? The comments you're going to hear today will contain forward-looking statements. These statements are all based on the management's targets and are not guarantees of future performance and only speak as of this date. You should not place undue reliance on such information. And I want to draw your attention to the company's disclaimer regarding forward-looking statements, which should be displayed right behind me or whether to show up on your screen. Now that you've finished reading all of this, I'm also very excited to announce, there's going to be a short quiz at the end of our Investor Day, just kidding. Also, a quick note on the format of our Investor Day. We're going to have a series of presentations, followed by a question-and-answer session at the end. So write-down your questions and show no mercy to our presenters. To get your question into our queue, you can either use the chat option on the upper right-hand side of your screen or you can click at the link on the bottom right-hand side of your screen for a live Zoom Q&A session with our presenters. All right. Now with all of that out of the way, with no further ado, we'd like to begin with today's first presenter, ICL's President and Chief Executive Officer, Mr. Raviv Zoller. Raviv has held his role since May 2018 when he joined ICL from IDI Insurance Company, which he took through a digital transformation and a very successful public listing in the Tel Aviv Stock Exchange that disrupted the entire Israeli insurance market. Early in his career, Raviv was the founder and CEO of Ness Technologies, a global IT solutions provider, which was listed on the NASDAQ Stock Exchange until it was acquired in 2011. In addition to being a certified CPA, Raviv is passionate about technology and can occasionally be found playing volley ball on the beaches of Tel Aviv. And now let's go to Raviv.

Thanks, Michael, and welcome, everybody. Thanks so much for joining us today on our special Virtual Investor Day. I'd like to start with ICL at a glance. ICL has a tradition of over 90 years. Today, we have over 11,000 employees, $5.3 billion of sales in 2019 and about $1.2 billion of EBITDA. It's interesting to see how tradition meets disruption. We have a tradition originating in the Dead Sea, very close to an amazing Israeli ecosystem for high tech and agro tech. And in the past couple of years, we have focused very much on defining what our core competencies allow us in order to build the next growth drivers for ICL. We've leveraged our relationships with the ecosystem as well as our global R&D infrastructure with 250 FTEs globally. We've looked into the vast amount of IP developed in the company over the years as well as created an amazing new accelerator -- internal accelerator that we call BIG, that created immense amounts of new ideation. And we came up with the 5 growth drivers, which we believe will lead ICL to significant sustainable growth in the future. The 5 growth drivers that we have identified include alternative proteins and food tech, next-generation fertilization, new sustainable solutions based on bromine. We also have developed a vision for digital agriculture as we see agriculture happening in the future. And we've developed a set of new material solutions that solve some of the world's most pressing problems. The result of all of these is that we expect that by the year 2025, we will be able to generate double-digit growth in a consistent, long-term way. We have an ICL-significant strategic assets, starting from significant resources coming from the Dead Sea with low-cost of mineral extraction as well as our position as the sole global provider of polyhalite and Polysulphate Solutions, an organic fertilizer that is coming into the market that we're bringing into the market. We have strategic locations. Our supply chain allows us significant advantages versus our peers because of our geographic locations and because of proximity to ports. We also have vast amounts of know-how, industrial know-how and other know-how in agronomy and in chemistry. And on top of all that, we have the Israeli ecosystem that I mentioned. I think it makes sense to look back at the previous few years and see what has transpired in ICL since our previous Investor Day. The previous Investor Day was in the beginning of 2018. And I'm very happy to report, as some of you well know, that we've significantly beat our internal plans, both in Bromine division with over 30% of EBITDA growth; in our Potash division with over 30% of EBITDA growth; in our Phosphate division, we also beat our internal plans, growing EBITDA by over 20%. So in all 3 divisions where we have global leadership, and I'll get to that in a minute, we exceeded our plans and delivered results beyond expectations. The only division where that didn't happen is our IAS business, our Specialty Fertilizers business, where during these past couple of years, we have developed the infrastructure, which we believe will get us to where we plan to be after some correction. The end result is that we delivered above our targets for the past 2 years, reaching EBITDA growth of over 30%. During that time and with divestment made in the beginning of 2018, we generated enough cash flow to significantly lower our net debt-to-EBITDA ratio to 2.0, down 31%. Leadership is a basic component of our strategy. And I'm happy to say that in 3 out of 4 of our divisions, we're already global leaders. We're global leaders for our Bromine business. We're the market leaders having the most capacity, the most manufacturing capabilities and also the largest isotank fleet as well as the most robust R&D organization. We're also leaders in Specialty Phosphates, in fact, we have 24% market share, and we're the only global Phosphate Solutions provider that has a presence in each of the major geographies. We're leaders in our Potash business, the way we define leadership as well. We are one of the top 3 most competitive suppliers on the cost side, and we have great positioning on the cost curve from the Dead Sea. In fact, for India and China, we are already the lowest cost provider in the world as of today. In order to deal with what I mentioned before, our IAS business not reaching leadership yet, and part of that was due to an M&A that did not take place that was planned, we recently consolidated our sales and marketing infrastructure from the 3 divisions from the 2 commodity divisions, together with the Specialty division. And created a unified infrastructure to leverage our capabilities to the Crop Nutrition customers. The result is that this new organization is much better positioned in terms of future growth and future product development as well as customer relationships in order to create the growth that we expect from our Specialty business. We now have 1 unified organization that deals with sales and support of our Crop Nutrition clients, and we are much better positioned to go hand-in-hand with our clients into the future. I talked about innovation and leadership in innovation And I mentioned the 5 growth drivers that we see bringing us to the future with a higher level of growth than currently. That includes alternative proteins, next-generation fertilizers, new sustainability solutions for bromine, digital farming and ag tech and novel materials. I want to give you a little taste with a short video about what's going on in our company today. [Presentation]

Pretty cool, huh? I talked about the innovation and being leaders in innovation, and I think that's the path we've taken, and we feel very confident about our direction. But that's not enough. We also need to be leaders on cost structure. So we're very heavily engaged in cost-cutting efficiencies, and we believe that the strategic steps that we've taken will get us to be on target as planned. So I talked about cost reduction in the Dead Sea, cost reduction in Spain. I talked about cost reduction, in our Polysulphate mine in the U.K. by growing capacity. Add to that also other cost initiatives such as cutting our cost structure in our joint venture in China, circular economy and waste that we've invested in creating usage for our waste in a way that cuts our additional cost dealing with waste. We also are heavily engaged in Industry 4.0 initiatives. With a vast number of projects, some of them have already come into fruition, and we see a very healthy pipeline with our ecosystem that is going to create additional cost-effective solutions for industrial needs. And of course, if we have innovation and cost leadership, the next element that is necessary is sustainability. We have become religious about sustainability in ICL. Sustainability is actually the common thread of all the 5 growth drivers that I talked about. All of them deal with sustainable solutions for humanity going forward. And I must say, we've made tremendous progress in ICL over the past few years with reduction of emissions, with diversity, with transparency with our stakeholders, and the results are an increasing amount of recognition from third-parties, some of which you can see on the slide, and I think that many others are on the way. We've taken a path, doing the right thing gets us to where we want to go, and that is why we're going to continue to do the right thing and sustainability fits with all our strategic initiatives. So what does all of this mean? If we achieve our goals on innovation, cost reduction and sustainability, what is ICL going to look like in the future? So our main targets for 2025: We intend to grow our EBITDA by over 50%. We intend to grow our free cash flow by 100%. We intend to decrease our CapEx by 25%, and this is based on the fact that some of the large infrastructure projects that ICL has taken upon itself have either reached completion or soon to be complete. And finally, we're going to decrease greenhouse gas emissions by an additional 14% until 2025. Let's look at some of our growth drivers. In Bromine, over the past couple of years, we already transferred a huge part of our business to long-term agreements, which give us more visibility and better confidence on forecasting our future. It also strengthens our customer relationships and build them on value and not on volume. These long-term contracts have positioned us much closer to our customers, better positioned for future development. And we had a breakthrough developing a new platform that allows us to generate new technologies for sustainability applications that need the use of bromine in the future. My colleague Anant, will talk about that shortly. The Bromine division targets for '20 to '25, are growth of $300 million at an EBITDA target of about 30%. Specialty Phosphates, I mentioned that our new growth driver is alternative proteins. We've developed unique technologies that have already been commercialized. And by that, we're already diversifying from phosphates, which means that in order to generate faster growth, we are leveraging our current infrastructure in the food business, our customer relationships, our R&D capabilities, our understanding of the problems that need solving and the current trends in the market of health, well-being and sustainability, and we're using that know-how in order to develop technology that will help us grow. My colleague Rado will talk about alternative proteins and our plans for the food business. Our current plan for the years '20 to '25, has $650 million growth plan, including about $150 million coming from M&A and $500 million organic at an EBITDA target of 18%. Let's go to the Crop Nutrition market. For Crop Nutrition, on the cost side, we're completing our capacity increases. We've already increased in the Dead Sea and we're increasing now in Spain, as I've mentioned. We are shifting to profitability in Polysulphate in 2021, taking a run rate of over 1 million tonnes at the end of 2020 and ramping up to 1.3 million within the next 2 years. And we are targeting increasing our Specialty business in growth markets such as China, Brazil and India as well as engaging in M&A to further support our geographic expansion and product mix. The results are that we have a target for growth of $1 billion with 25% EBITDA by 2025. Growth is expected to be driven by demand for new fertilization organic biostimulants and micronutrients, strong growth in targeted geographies such as China and Brazil, which account for about 70% of global growth for Specialty Fertilizers, and additional M&A that we expect as I mentioned. So that brings us to the consolidated picture and what we expect for the next 5 years is a CAGR of about 5.3% in our sales. But what's really exciting is that we expect double-digit growth based on the 5 growth engines that I mentioned. From 2025 onwards, we expect sustainable, long-term, double-digit growth beyond 2025. We intend to double our cash flow. This may even happen before 2025. We've made significant progress on cash generation in recent years and we feel that we can translate the improved results into cash flow very fast. What does this mean for EBITDA? It means that we currently have a plan to grow EBITDA by about 7.5%. But the exciting part here is that we feel that we can reach above 15% sustainable growth of EBITDA beyond the year 2025. It's important to mention that most of the growth in EBITDA in the next 5 years, even before we reach the threshold of double-digit growth, comes from specialties. And this is very important because currently, we're about 50% commodities and 50% specialties in terms of the contribution to EBITDA. But since most of the additional EBITDA is coming from specialties, the end result is that we will be about 2/3 EBITDA coming from specialties and 1/3 commodities from the year 2025. What this means is, there's much less dependency on commodities, and of course, potential for additional growth. And that concludes my presentation. Thank you so much, and stay with us. You don't want to miss what's coming. And of course, we'll be there for questions later. I'll pass it on to my colleagues now. Thanks again.

Thank you, Raviv. Our next presenter, Dr. Anantha Desikan has the distinction of being the only PhD on our agenda today. He holds a PhD in Chemical Engineering and is a very, very, very smart man. Anant joined ICL in 2007 and has worked in various management and technology management positions throughout the years. Starting in 2018, he assumed the role of ICL's Chief Innovation and Technology Officer, tasked with identifying the megatrends that the company will focus on over the next 10 years. Anant is going to touch on these megatrends and some of the ways ICL is approaching them through R&D and innovation initiatives. I know he's particularly excited to talk about ICL's BIG Accelerator program, which was launched in 2020. Anant is based out of the great state of New York, which means he maintains a nocturnal schedule to stay in sync with both the management team here in Israel and the nightlife in Manhattan. In the little spare time he has, he enjoys running and reading and also spends time volunteering with NGOs focused on education, India's undeserved communities. Dr. Desikan, please tell us about some of the things ICL is doing to transform the world we live in.

Thanks, Michael, for the introduction. And hello, from New York. Good morning, afternoon, evening to all of you depending on where you are. Thank you all for attending our event. Again, I'm Anantha Desikan. And in the next few minutes, I would like to give you a perspective of our innovation journey, building on what you just heard from Raviv and saw in the very cool video. I'm going to show how we are shaping the future for ICL and our stakeholders and positioning us for significant growth in the coming years. Our R&D and innovation centers are globally located in markets important for us and puts us close to our customers and value chain players. This helps us develop solutions both globally and also solutions that are relevant for local markets. Over the last 50 years, each of our R&D centers have developed significant knowledge and expertise in the technologies that are relevant for ICL. We've also built significant subject-matter expertise in the different R&D centers and leverage this with global coordination. For example, in Crop Nutrition, our center in the Netherlands is the world leader in controlled release fertilizer technology. While our centers in Israel and Spain specialize in water-soluble and liquid fertilizers, and our center in United Kingdom focuses on water conservation technologies, among others. Same is true in Food and Materials technology. It's from this foundation that we're developing product solutions technologies that we are confident will position us for growth. In addition to our R&D, our global agronomy presence offers us a strategic advantage. Here, I'm showing you our agronomic reach for the introduction of Polysulphate, our organic mineral-based fertilizer. We've done hundreds of trials with local farmers to prove the value proposition of this product, which has positioned us well in these markets. This is just an example, and we have similar technical introduction capability for our Food and Specialty Chemical businesses as well. Two years ago, we started reviewing and shaping our R&D and innovation activities. We had a new strategy and with the solid foundation of our R&D capability, we started to transform our activities to be more customer and market centric. For new products and businesses, we started it from unmet needs, jobs to be done, all from a customer and value chain perspective and started looking at ways to accelerate projects towards revenue opportunities, which meant bringing a business-oriented approach to our innovation activities. We have improved global coordination to leverage the expertise I mentioned earlier, and more importantly, we are constantly strengthening our external innovation activities and exploring new models for collaboration with academia, start-ups and other partners, again, with the focus of finding opportunities that we can accelerate to revenue. We are on this journey today, and I hope to give you an overview of our innovation activities on this -- on an ecosystem built on this approach. With our outward looking approach, we confirm megatrends that are relevant for us based on our strategy and started developing our innovation intent, our innovation strategy. Some of these trends are obvious, but we included areas like 5G communications and infrastructure, electric mobility and circular economy into our thinking. The overarching theme is sustainability. We have taken the 17 new and sustainable development goals as guiding principles as we started looking at the impact of sustainability on our innovation and business activities. When we develop future scenarios, for example, around global population growth, reduction in arable land, growth in renewable energy, emergence of circular economy, we also looked at our strategy, core competencies with respect to technology, R&D, access to markets and geographical presence, identified large addressable markets where we can make a difference and have chosen the domains in food technology, e-mobility and sustainability, next-generation fertilization, digital agriculture and novel materials as our key innovation domains and built our innovation intent around them. In our food tech domain, megatrends of dietary shifts, growing population and sustainability provides us tremendous opportunities. I'm sure all of you are very familiar with the growing global market opportunity for alternative proteins that is linked to climate change and dietary shift trends. Based on our expertise with phosphates that we have developed over many decades, and our presence in key markets, we are well positioned to capitalize on this trend. You will hear more from my colleague, Rado about specific initiatives. This also provides us a platform to expand beyond our phosphate technology. We're also developing solutions in the area of natural ingredients, plant-based functional ingredients, which are related to alternative protein market as well. The area of biotechnology, that we term as white biotechnology, is emerging with respect to the production of proteins and functional ingredients using fermentation technology, and we're starting to explore this with external partnerships and developing internal expertise. This can have an impact both on plant-based and cultured meat products. This is also an interesting intersection to leverage our plant nutrition knowledge and deploy it in fermentation technology. Energy demand will double in the next 20 to 30 years. And renewable energy is projected to make up over 50% of this generation by 2035. We do have ways to store energy for a matter of hours, like lithium-ion batteries that are becoming cheaper every year. What we don't have are reliable and widely usable ways to store renewable energy sources for days, weeks or months. This is a market we are addressing as we develop longer duration energy storage using bromine-based batteries. We're starting a partnership led by Columbia University in New York for the scale-up of cost-effective, long-duration battery solution that is funded by the U.S. Department of Energy at our labs in Tarrytown, New York as we speak. There is no single solution to address this challenge. So we are working on different technology ideas, leveraging our external partnership and internal know-how and expertise. The lithium-ion battery growth also presents us different opportunities. Lithium-ion batteries are prone to fires. And with the growth of high nickel cathodes, the flammability risk increases. As a leading flame retardant company, we are exploring ways to leverage our expertise for this new application. We are exploring solutions in the area of cell level and pack level safety. The area of circular economy provides opportunities for recycling that encompasses several areas inside ICL. Secondary phosphates for fertilizers, recycling in the area of e-mobility, electronics, photovoltaic applications, solutions for recycling flame retardant plastics are a few examples. We're also developing solutions for byproducts from our processes. One product from this activity could significantly reduce emissions from cement processes, and we are piloting this in Israel and will explore global opportunities via partnerships or licensing. Lastly, we've kicked off several initiatives that use artificial intelligence and machine learning that enables us to discover new opportunities for our minerals and products, mainly in the area of e-mobility and sustainability. My colleague, Anat, will provide you more details on our specific initiatives, but this is an expertise that we are developing across ICL. We see the Food and Crop Nutrition technologies intersecting and providing many opportunities. This becomes very relevant for us. As we saw in food tech, in the area of next-generation fertilization, growing population, decrease of arable land, climate change, regulations and dietary shifts creates many opportunities. With our knowledge in Crop Nutrition, agronomy presence and access to global markets, we are well positioned to both innovate and disrupt in this area. Addition of minerals to organic fertilizers provides us a lot of opportunities. We are building on our organic polysulphate line of products and exploring other solutions like mineralization to develop solutions in the field of organic fertilizers. Our market-leading controlled release fertilizers was identified recently by the World Economic Forum as a top emerging technology to address nutrient use efficiency. We're building on this by developing improved solutions with respect to micronutrients and biodegradable coatings. Biostimulants, as you may know, are substances or microorganisms, whose function when applied to plans or the soil is to stimulate natural processes to enhance nutrient uptake, nutrient efficiency and other benefits. Building on our strong global external partnerships with academia and startups, we have started transformational projects in the area of biostimulants, nitrogen fixation and nutrient use efficiency, which has the potential to expand our portfolio significantly. These projects encompass both biological and chemical approaches. Building on what I mentioned about artificial intelligence. We are leveraging the intersection of big data with trends in agriculture, climate change, transparency around ingredients in our digital agriculture innovation activities. We are developing decision-making tools that help agronomists who provide input to farmers. My colleague, Steven will talk more about this. Starting from pain points from the entire value chain, we've started initiatives that are targeting the development of tools that will improve transparency and tracing in the rock-to-fork value chain. Lastly, in the area of novel materials, which encompass diverse initiatives and products and applications that impact sustainability and electric mobility, we have launched CareMag, a natural magnesium-based deodorant that addresses both sustainability and regulatory issues, and are continuing to develop products in the area of skin care, pharma and hygiene based on this platform. The development of solutions based on magnesium hydride for fuel cell applications presents a tremendous opportunity for our magnesium business. We are collaborating with external partners by licensing technologies to reduce time to market in many of these solutions. Like I mentioned before, we have started to leverage artificial intelligence and machine learning to speed the discovery process in this area as well. Now that I've given you a high-level overview of our innovation initiatives, I wanted to summarize our innovation ecosystem. Core innovation forms the basis of our day-to-day activities where we closely work with customers to support existing products and develop new products and formulations and new processes. As I mentioned earlier, within our specialty businesses, we have structured our breakthrough innovation activity. Here, we are working closely with our customers and value chain players to understand unmet needs and develop products and solutions with strong value propositions. Across ICL, and more importantly in our commodity businesses, we are focused on operational and innovation, which starts from our operational excellence philosophy. Over the last years, we have leveraged innovation in the industrial IoT area and are piloting and implementing many solutions in our operations with immediate impact to our safety, sustainability and bottom line. Lastly, we are continuously developing our open innovation model. Located in Israel, we have a strategic advantage of being able to leverage and benefit the start-up nation ecosystem. Our central R&D lab, TAMI in Haifa, is well positioned to act as a bridge where applicable. As Raviv mentioned, we have a strong pipeline of projects with external partners and currently we are looking at expanding this with global incubation and acceleration activities. These partnerships having started a few years ago are already resulting in tangible results with 2 projects in our commercialization pipeline. So we have a good operating model. When we reviewed this, we saw that most of the ideas were coming from the outside. So what about our 11,000 employees? Question came up whether we are leveraging this adequately and also developing our innovation culture. I'm reminded of a quote I recently read attributed to Professor Bessant, which says, "With every pair of hands, I get a free brain." We started the journey of internal idea marketplace about 2 years ago with some pilots and built a robust platform. That was not enough. With the sponsorship of Raviv and the executive management team, we kicked off our internal accelerator, which we call Business Innovation for Growth, or BIG, late in 2019, to both engage the roughly 11,000 employees for their ideas and problem-solving skills and also to develop an entrepreneurial culture inside ICL. This also provides a tool for portfolio management and also for cross-fertilization of ideas among the divisions. I'm humbled by the response from our colleagues and proud of our performance. And as you can see, within the last 8 months, we have created tremendous impact, both to our culture and the bottom line. This is just the beginning, and we are on our way to create a best-in-class ecosystem within ICL. Since it looks at innovation across the company, in the areas of business models, products and optimization, we believe we will develop a well-balanced portfolio which will position us to meet our ambitious growth targets. I would like to close by stating that we're already busy commercializing innovations around products, solutions, services and business models in our 5 innovation domains. I'm listing a few of our initiatives in each of the domains that have either been commercialized recently or being planned for commercialization in 2021. This is the back end of our pipeline and with our structured approach, I'm confident that we are well positioned to provide double-digit growth in the years to come by having a robust pipeline of innovations. Some of these initiatives will be further explained by my colleagues, Rado, Anat, Eli and Steven during their presentations. Thank you again for your time and for the opportunity, and I'll be happy to answer your questions during the Q&A session.

Thank you, Dr. Desikan, for your very interesting presentation. I'd like to tell you that our next presenters passion is fine dining or exotic cuisine, but food additives and alternative proteins is really what excites him. Rado Sporka leads ICL's global food business as VP of ICL Food Specialties. Rado joined ICL in 2013 as Head of Group Strategy before transitioning to Food Specialties in 2016. He came to ICL by way of top-tier global consulting firm, McKinsey. Rado holds a master's degree in Chemical Engineering as well as an MBA with a focus on marketing and strategy, making him both well educated and business savvy. He has 3 sons, who he is raising to be competitive swimmers skiers and possibly tennis players and lives with his family in Germany. Rado will be talking to you about some of the very cool things that ICL is doing in the world of food that will impact our dinners for years to come.

Thank you very much, Michael, for introduction, and thank you all for joining us here today. I am very excited to have the opportunity to share with you a vision for ICL Food Specialties business and its key growth and innovation elements. Let me start with a few comments on Phosphate Specialties robust business performance, of which ICL Food Specialties is a significant contributor. Over the last 3 years, ICL Phosphate Specialties increased EBITDA by 35% from $110 million to $149 million, significantly expanding margin from 10% to 13%. Such substantial value generation has been achieved despite challenges in our market environment. Thanks to our customer-centric business model and continuous focus on innovation, we have been successful to decouple our performance from commodity cycles. We have a solid plan to continue strong performance and bring EBITDA to $300 million by 2025. Let me now briefly introduce end markets we cater with our ICL Food Specialties business. For meat and seafood processors, we provide solutions to enhance taste, mouthfeel, but also economics of their products. There is no meat or seafood processes in this world who would not know about TARI or BRIFISOL brands. For processed cheese manufacturers, our JOHA is one of the most preferred solutions to manage texture and shelf life. When talking about leavening in bakery, there is no way around LEVONA or BEKABAKE that help products rise during baking. It is the proven performance of our solutions and brands with more than 70 years of history combined with deep expertise around functional ingredients that drive leading position across our core end markets with more than 20% market share. We continue innovating not only to keep the leading position in our core markets, but also to create new business opportunities in recently disruptive market of vegan, vegetarian and flexitarian. Here, we focus on delivering these as mouthfeel and appearance for the alternative protein products to perfectly mimic their traditional animal-based counterparts. For infant nutrition, we ensure the premium organic quality for infant formula. Balance spread of our $560 million Food Specialties business among core end markets of meat, dairy, bakery and nutrition as well as broad geographic reach, create a base for a strong business performance that is resilient to market risks and macroeconomic situations. One of the key differentiating factors from competition is our truly global footprint. It enables us to partner with processed food companies wherever they may need our support. We are one of the few food ingredients companies having not only a broad network of sales offices, but also 5 innovation and application centers in 5 continents, 11 production plants in 9 countries, and network of more than 100 food experts. Such an asset base helps our customers to translate global trends to local needs in over 90 countries worldwide, carefully listening to our customers, and we talk to 2,500 customers globally. We hear their need to address following consumer trends, more healthy and organic food, more affordable food, especially in the emerging markets, longer shelf life to limit the food waste, more protein and overall better, more appealing and tasty food. It is the essence of our customer-centric business model to address these trends in joint partnership with our customers. Providing them with unique solutions, leveraging our access to a variety of functional ingredients and our expertise applying them. This joint innovation is what our customers value when working with ICL Food Specialties. Long term, consumer megatrends like growth of natural food across the world, special diets, convenience and sustainability are posing challenges to food industry. Thanks to our technological backbone around functional ingredients and global asset base, ICL food specialties will leverage these megatrends for new exciting growth. Let me start with protein stabilization. I am sure you have noticed a disruption that alternative proteins brought recently to food industry. We are excited about our ROVITARIS alternative protein portfolio that meets this demand. We developed and continue improving a broad range of plant-based meat and cheese alternatives, which we already successfully commercialized. Our solutions play also a unique role in a very attractive market of on-the-go beverages, bringing their protein content to always higher levels that consumers demand. In these high-growth end markets of protein stabilization, we target for growth of $100 million over next 5 years. Regarding emerging markets, we see different trends. Utilizing local raw materials to produce affordable food as well as increasing safety of food products are the key industry challenges, especially in light of increasing population. ICL Food Specialty Solutions help our customers to meet these demands. In addition to products, we support new food producers entering the industry with technical, processing and application know-how in even training and educating their operators. By leveraging proximity of ICL Food Specialties to emerging markets, we plan to generate growth of $80 million over the next 5 years. Focused expansion to meet increasing demand for healthy and organic food, we will generate $60 million growth over the next 5 years. Our infant food business as well as solutions to effectively reduce sodium levels in processed food are the key enablers for this. As a next, I would like to share with you a bit closer look on our activities around ROVITARIS solutions for plant-based meat substitutes, which we are really excited about. We have not seen in a long time, a trend that would disrupt food industry in a similar way to currently ongoing shift from animal to plant-based protein consumption. Our customers who aim to cater these booming trends of flexitarian, vegetarian and vegan consumers in general search for solutions across 3 major categories: Poultry and fish substitutes, ground beef substitutes and emulsified product substitutes. As a leading functional ingredients provider, ICL Food Specialties developed exciting solutions for each of these 3 categories. For chicken nuggets, fish sticks and seafood substitutes, we developed a proprietary solutions around our fiber technology. Our fiber technology is unique, thanks to its fibrous texture and natural white color, mimicking the poultry and fish structure without compromising appearance, mouthfeel or taste. For burgers, meatballs or Taco meat, we launched texturate solutions. Value proposition of our texturates is their excellent binding properties while having simple and clean labeling requirements. The uniqueness of this technology was also recognized by receiving a prestigious FiE 2019 Innovation award in Paris. We round up our plant-based meat ROVITARIS portfolio with emulsions. And margins help our customers to manufacture hot dogs, deli meat sausages with snappy bite, while easy to implement in their existing manufacturing. However, we have to look beyond next 5 years. We at ICL Food Specialties believe that today's dynamic world of ever-changing consumer preferences create great opportunity for us. Leveraging our core strengths around deep ingredients know-how, access to broad network of more than 2,500 customers, strategic partnerships let it be with suppliers or customers. Ensuring cooperation with start-ups, we have built a powerful front-end innovation engine. Front-end innovation engine with a dedicated organization delivers cutting-edge technology ideas that will position us for further growth acceleration in long-term horizon. To share some of the exciting things we are working on, for example, natural, but functional clean label ingredients, upcoming novel and more sustainable protein sources or valorization of the low-value side streams from the food production. Continuing innovation around relevant trends will position ICL Food Specialties for long-term sustainable growth, outperforming average growth of processed food ingredients market. Now please allow me to summarize our growth vision for next 5 years. Leveraging our strong fundamentals, we will focus innovation around protein stabilization, new protein sources in our exciting ROVITARIS plant-based meat alternative portfolio. This combined together with solutions for emerging markets and new portfolio for improved health and well-being food products. With this focused innovation, in high-growth areas, supported by bolt-on M&As, we plan to grow our food business close to $1 billion sales by 2025. As we will enter into more attractive food markets, EBITDA margins will expand from current 11% to 18%, doubling EBITDA contribution. But what is exciting is not next 5 years. The really exciting news I would like to share with you is that by executing this growth plan, we are simultaneously building an innovation engine that will further accelerate our long-term growth. We expect this infrastructure to enable us delivering double-digit growth in specialty products beyond 2025. Thank you very much for your attention. And I'm very happy to answer your questions during the Q&A session.

Now I told you, you would be hearing about cool things, didn't I? Next up, we have Anat Tal, President of ICL Industrial Products. As a young student at Ben-Gurion University, Anat was offered a scholarship by ICL as long as she agreed to stay with the company for 2 years. Well committing for 2 years seemed like an awful long time, and Anat rejected our offer. That was 28 years ago, and she never did get that scholarship. Anat has worked in various operations and marketing positions over her career and has been in a senior managerial role for the last decade. The Industrial Products division is focused on the chemical element bromine. Now I'm not sure exactly what bromine is, although I do know that Br is it's symbol on the periodic table, and that it's bromine and not bromide. Trust me, I checked. I also know that there's bromine in products all around us and that ICL has greater access to bromine resources than anyone else in the entire world. I promise you that Anat is going to be able to tell you a lot more about what bromine is and how ICL transforms bromine into money.

Thank you, Michael, and hello, everyone. In the next 10 minutes, we're going to talk about what's going on in ICL IP and what are the new things that we are doing. But first, we'll start with a few facts. In 2019, we had sales of around $1.3 billion, with an EBITDA of $400 million. We have 11 manufacturing sites; 3 in Europe, 3 in China, 1 in the U.S. and the rest are in Israel. We have 1,650 employees and 3 R&D centers, 2 in Israel and 1 in the U.S. Our bromine comes from the Dead Sea, and the concentration of the bromine in the Dead Sea is the highest. It's between 10 to 12 grams per liter, it's double. The U.S. is 3x more than India and 10x more than China. The higher the concentration the lower the costs. Our production capacity is around 280,000 metric tonnes. And you can see it on the graph on the right-hand side. What's going on in China? In China, there is a natural depletion. Their concentration is going down, and it went down from 0.5 grams per liter a decade ago to around 0.15 currently. This depletion is causing them to have lower quality. And because of that, the customers can no longer use the Chinese material as is, and they need to blend it with Dead Sea material. In addition, there are stricter environmental regulations. These regulations are causing 2 things; one, higher cost, and the second thing is that some of the plants are actually shutting down. Last thing is the availability of land for bromine production. This land is going to other urban things. And because of that, some of the plants are shutting down. All these 3 parameters have caused the production in China to go down from 140,000 metric tonnes to the current 55,000 metric tonnes. And it will further go down to 30,000 metric tonnes. Of course, this is an opportunity for us. We are #1 in bromine capacity. We have a capacity of 280,000 metric tonnes. We have the largest compounds plant, which is situated in Israel. We are #1 in FRs. We have a fleet of above 1,000 iso-tank. We have the highest quality of magnesia. And therefore, we are a preferred partner. We are the largest in the functional fluids market, what we call hydraulic fluids. We are #1 in brominated biocides with the plants in China and in Israel. And we're the largest in clear brine fluids. The political situation -- the new political situation is bringing us new opportunities. The political situation between Israel and the Emirates. And so we will -- we anticipate that we will even grow further in the clear brine fluids. What's our strategy? Our strategy has 4 pillars. The first one is value over volume. Our customers value what we give them, which is good quality, which is product on time, which is easy to do business. And for that, we can take the value for our products. Another pillar in our strategy is going from spot to long-term agreements, and I'll show you a slide on that. A third pillar is going from bromine to compounds. And the last one is growing our portfolio, innovation. And here, I'll talk about it in a few minutes, we're leveraging a new AI platform from spot to long-term agreements. In 2016, only 2% of our sales were agreements in Asia. Only 2%. One customer, which we sold to them, $12 million. In 2019, this already grew to 21%, from 2% to 21%, as part of our strategy. And look what's going to happen in 2025. These are agreements that are already signed, and the sales will increase gradually. 52% of our total sales are going to be under agreements. This gives us stability, stability of our sales, stability of our production lines. And of course, it's a win-win with our customers. We talked about the third pillar, which is from bromine to brominated compounds. Here, we are expanding as we talk our TBBA plant in Israel. We're expanding it by 25,000 metric tonnes, and we're going to finish this expansion in January next year. And from there, we're going to start sales of this TBBA to agreements that are already signed. In addition, we are, as we speak, again, expanding our FR-1025. FR-1025 is an FR that goes to connectors and to EVs, electrical vehicles. And we're expanding the capacity by 50%. This capacity will be online end of Q1 next year. In addition, we have expanded, and we are expanding other compounds such as HBR, our clear brine fluids and a few flame retardants. All these expansions will bring us $110 million per year, and it will go gradually in the next 5 years. These are our results from the strategy that I talked about so far. So look at our sales, our sales from 2016 grew from $1.1 billion to $1.3 billion. But the bigger story is our EBITDA. The EBITDA grew from around $287 million to $404 million, from 26% to 31%. And this keeps on growing. In the last 2 years, we developed a new software, a new platform. This platform takes the unmet needs in the market, looks at them, looks at the mega trends, and looks where bromine can meet those unmet needs and does the match. Until now, we have around 25 opportunities. Most of them are in the sustainability application area. Actually, this is an innovation engine. And we're going to focus on 3 main areas; on e-Mobility, on recycling and on clean energy. When we are going to have these new applications, they are going to come online in about 5 years, and with our current strategy, we're going to have an annual growth as of 2025 of 10% and an EBITDA of above 30%. Thank you very much.

Thank you for your presentation, Anat. Now I kind of know what bromine is, sort of. I definitely know more about Crop Nutrition, a topic that Eli Amon, Executive Vice President of ICL's Innovative Ag Solutions division. We'll be discussing next. Now remember, I told you that Anat Tal has been with us for 28 years. Well, Eli has her beat by one. You see Eli joined ICL as an economist way back in 1991 after receiving his MBA, also, from Ben-Gurion University. In his current role, he oversees ICL as a newly integrated crop nutrition sales and marketing organization. A large global business that employs over 1,000 people. On a more personal note, Eli is a baker, a runner and a big fan of the NBA, which does tend to throw off his sleep schedule from October through June. There are certainly some megatrends at play in the world of crop nutrition. In fact, ICL describes the backdrop for the business as a perfect storm. Let's hear more about this perfect storm from Eli now.

Thank you, Michael. Hello, everyone. ICL Crop Nutrition business has a large global presence in terms of our offices, distribution channels and physical plants and generated $2.7 million (sic) [ $2.7 billion ] in sales in 2019. In addition to scale and strong relationship with customers, we have gained deep knowledge in Crop Nutrition throughout the years. In fact, several hundreds of our approximately 1,000 employees are professional agronomists. This helps us better understand the needs of our customers and also ensure that the products we bring to the market are best-in-class. ICL sells to 3 core markets: commodity fertilizers; specialty fertilizers; and turf, ornamental and landscape. Commodity fertilizers are mainly for open field crops. Specialty fertilizers are used for high-value crops like fruits and vegetables. And our unique T&O business, where we are a leading company with a leading portfolio of brands, focuses on ornamental plants; golf courses, sports fields and landscaping. So what are the major trends, which drive sustainable fertilizer demand growth. As Michael said, in his introduction, we believe that our agriculture business is in the center of perfect storm of conditions that will drive significant growth to ICL in the coming years. First, the world's food production requirements continue to grow with the population. We are also in an environment where our customers have begun to adapt technology to increase crop yield and quality. And this is happening at a time when demand for higher-quality food is increasing and food safety and sustainability are increasing in importance. Today, food companies want as much control and quality assurance as possible for the full supply chain of the product, from seeds to fertilizers to plant protection. Finally, there is a growing environmental awareness and regulatory environment around food production, which shows up in common agricultural policy like biodegradability and the European new fertilizer regulation. ICL product strategy is aligned with these trends. An important step towards achieving our growth targets was taken with the recent realignment of our internal sales and marketing organization. We created a single integrated commercial organization facing the agricultural market that offers our full range of products and services. We believe this will result in increasing awareness of ICL brand and will drive synergies by extending our offering into markets globally. It also better positions us to leverage the extensive local knowledge, logistics and production assets of our regional teams, while ensuring that integrity and quality of our service and sales culture. We also believe that this structure will be more efficient to allow M&A integration in the future. Our main target markets are those with the highest CAGR, including Brazil, China and India. In fact, China and Brazil account for 70% of expected demand growth for specialty products globally. In Brazil, we are planning to establish a local production platform for the controlled release fertilizer market. While in India, we are planning to do the same, but for water-soluble fertilizers, following successful local water-soluble fertilizer business we established in China recently. At the same time, we are targeting product portfolio expansion through M&A and R&D activities, including organic fertilizers, bio-stimulants and micronutrients. The tremendous growth potential for our Crop Nutrition business is further enhanced by our unique position in the global market. We are vertically integrated in phosphate and potash, which makes our operation cost competitive. We are also the sole producer of Polysulphate in the world. I will talk about it shortly. We have a wide range of products and solutions from commodity to high-value specialties. And a global footprint with multiple production sites and the right sales organization to deliver growth. Our customers value us as a high-quality producer, and we continue to develop strong long-term relationships. Our ability to maintain and add customers is based in part on the deep knowledge and support provided by our large team of agronomists. The support they provide to growth is well-known and appreciated as they have the deep local market knowledge required to serve our customers. In addition to our current product offering, we are bringing a growing number of new unique products to the market, supported by a robust pipeline that is driven by our R&D efforts and continuous focus on innovation. And of course, we are able to leverage ICL brand and strong financial position to execute on our most important initiatives. Above all, we have a strong commitment to sustainability that is reflected across the organization. In addition to an ethical responsibility, there is a business imperative to ensure the preservation of environment. In this sense, ICL's business and our many sustainability initiatives go hand-in-hand. As I just mentioned, we are working on various exciting, innovative projects at ICL to ensure that we both follow through on our sustainability initiatives and create value for all our stakeholders. Our next-generation fertilization products will be focused on organic fertilizers, bio-stimulants and micronutrients using advanced digital tools. In order to execute our strategy, we will leverage our R&D and innovation capabilities as well as M&A activities where necessary. Our target customers are across the supply chain and range from farmers to food companies. ICL has a wide range of products, both in use and in our project pipeline that are designed to add value and enhance efficiency while reducing environmental impacts. First, our unique Polysulphate fertilizer continue to be adapted globally, and we have recently signed several distribution agreements with customers to increase its availability and drive further use. We are also developing new products based on that mineral that are being marketed within the Fertilizer Plus family of products and targeted to the organic market. Our globally leading control release fertilizer are nutrient use efficiency fertilizers. With these products, growers can control the release of the fertilizer of the plant root while reducing soil and air pollution. The same is true of our water-soluble fertilizers, which we are using in irrigation system. A number of our products use recycled phosphates. On this slide, we show some of these brands, including the Osmocote brand, which is a leading brand globally, and our Peters, which is a leading brand in the water-soluble fertilizers segment. Polysulphate, ICL started selling Polysulphate in 2015 after repurposing a potash-producing site in the United Kingdom. Today, we sell Polysulphate in 45 countries to 211 repeat customers. We have almost doubled the market for this product in a short period of time. And we are targeting almost double our current sales volumes to 1.3 million tonnes in 2025. During the last few years, we have also developed higher-value downstream products based on Polysulphate and other micronutrients. To summarize, ICL Crop Nutrition business is best-in-class. Both based on our highly competitive cost base and our ability to consistently drive innovation through R&D and bring new value-added products to the markets. We see significant opportunities to grow our Ag business, as I have described. In particular, we will benefit from increased demand for organic fertilizers and bio-stimulants. We will also focus on other growth markets and leverage our new internal sales organization. So what does all that mean for us? I'm excited about our $1 billion growth target to be achieved by 2025 with 25% EBITDA margins on our existing cost structure. Less than 20% of this target will be achieved by capacity increase and cost efficiencies in our potash business. The growth will mostly be achieved from organic sales growth of our leading products as well as an expected $350 million in revenues from targeted M&A. I believe we have the necessary ingredients to achieve these targets and look forward to reporting to you, our stakeholders on our progress. Thank you for your attention.

Thank you, Eli. Now Eli touched upon digital agriculture in his presentation. This is an interesting topic. And fortunately, we have Steven Valencsin here with us to tell us more about it. Now Steven knows more about farming than anybody I know. And I know absolutely nobody in the farming business. Steven is the founder and CEO of Growers, a U.S.-based company that ICL acquired this past year. Since its inception, Growers has been dedicated to empowering farmers with data to help them make decisions that result in better crop yields. Steven is passionate about both technology and farming. In fact, once upon a time, he was a farmer himself in North Carolina. He's really been involved in agriculture and working with farmers his entire life. Before he was with Growers, he founded and built North Carolina's first, privately-owned soil and water testing laboratory, which was acquired in 2011. Steve is an easygoing guy who enjoys doing just about anything in his fair time, as long as it involves his family and his friends in the beautiful state of North Carolina. Have I mentioned he enjoys farming? Steve?

Thanks to the intro, Michael. And again, like you mentioned, my name is Steven Valencsin, and I am the founder and CEO of Growers, and I'm excited to be able to introduce Growers to everyone today. We're an ag tech company that's based in broadly Durham, North Carolina. And earlier this year, we were acquired by ICL. Today, we're united with them around solving some of the world's biggest challenges through the better utilization of agriculture data. Since I'm going to assume that Growers is new to most of this audience, I wanted to provide a brief overview of our company, how we got here, our products, our digital strategy and what we're striving for in the future. I got to spend most of my early career as an adviser to farmers, standing shoulder to shoulder with them and helping them with their data, their technology, their agronomy, figuring out ways to make it work better inside their operation. I got to witness firsthand the incredible amount of value that you can create when you make decisions based off of real data versus just gut instinct and feel. Over the years, I've personally struggled through the tonnes of fragmented and incomplete data, dealt with all of the technology and immigration challenges that still exist today and been a customer or a user for nearly every single credible ag tech product that's on the market today. But it was because we got to play that role of the farmers' adviser that we understand that this is one of the most important and cherished relationships in agriculture. It was from this relationship that we developed a very intimate understanding of exactly what a farmer really wants. We understand that the last thing most farmers want is disruption of anything. It's a community business, and they don't want that type of disruption, even if it would benefit them. And most importantly, we understand that for data and technology to be relevant it has to be timely, it has to be applicable and it needs to add value. And while there still is great technology on the market today, unfortunately, most of it seems to miss the mark and really only delivers the insights at the end of the season. Usually in the form of fancy reports and dashboards. This is a backwards look at what's happening, and it's problematic for farmers because they're optimists, and they're always looking forward. And they need a technology solution that can help them understand the past to better manage the future and then receive the insights and the ability to make adjustments in the season, something that's always going to be needed. Well, that solution didn't exist until we built it. We not only addressed the pain points of the farmer, but also the agronomists, encouraging them and helping them collaborate, not disrupting that relationship. And we designed our products and our offerings for the needs of the farmer, but to be utilized by his trusted adviser. So now they can plan for the future, minimize risk and optimize resources. In 2017, we launched the beta version of our first product, and it was used by agronomists and ag retailers, equipment dealers, land managers, even insurance companies. Because we were trying to figure out how can we entice all of the players within the agriculture industry to utilize a single platform. And so in 2018, we launched a product and called it the agronomy tool. Because we decided to focus exclusively on the agronomists and the ag retailers. We knew that was important because they are the closest to the farmer, and oftentimes, the best advocate for the accurate data collection. Once we got to spend so much time working closely with ag retailers, we saw another need and launched another new product. We called it the sales tool, which was an entirely new product category, which I'm going to elaborate more on later. But it was really only in 2020 that we became positioned to be a market leader when we were acquired by ICL. What's unique is that both Growers and ICL have a very similar viewpoint of where the future of agriculture is headed, which further strengthens our offerings and now makes having a positive global impact a reality. Today, with our connection to ICL and the Israeli ag tech ecosystem, we're positioning our platform for international expansion and to solidify our leadership position in digital agriculture. We've recently rebranded the agronomy tool and the sales tool to become Growers Flex and Growers Rally. And then we combined our product offerings with those that were already being developed within ICL to create this very diversified yet complementary product and platform strategy that I'd like to explain to you. First, you have to understand Flex. So Flex was our flagship product, formerly what we call the agronomy tool, and it's currently being utilized by agronomists across North America, who subscribe to our platform like a traditional SaaS model, but then they use that tool to help their farmer customers make better data-driven seed, fertilizer and chemical recommendations. We personally had a lot of experience with this painstaking process, but we use that to build a product that enables agronomist to deliver accurate data-driven recommendations within minutes, a key pain point. It's also the tool in our suite of products that captures the highest resolution of spatial data. It's an incredibly powerful tool because for each acre within our platform, Flex further breaks it down into these 9-meter or 30-foot x 30-foot grids. Then with each one of these grids, a specific analysis is taken. For instance, soil test results are taken and then sent to a laboratory for analysis, then the lab results get automatically uploaded into the cloud and then linked back to the exact spatial location the sample was taken. Then we analyze them against millions of acres of historical data, and recommendations are then generated that promote environmental stewardship and optimum profitability for the farmer, which is a very delicate balance. Then the agronomist and the farmer can review these recommendations, if needed, refine them, adjust them, and then the Flex product actually generates the computer-coated recommendation. We call it a prescription, which is sent directly back to the equipment that then precisely applies the correct amount of seed, fertilizer or chemical. The attractiveness of this product is largely due to a few features. One of them is that it requires 0 data entry. It also allows for the fast execution of recommendations. It's extremely accurate in the incredible robust amount of data that's acquired, is unlike anything else. For each layer of soil, planting, application, harvest and even financial data, we're capturing several distinct attributes from each one of those data layers that then further enhances the value of this product. Having access to this information means that it becomes beneficial to more than just the farmer and his adviser. Because once those plans are created, it can create clarity for everyone and the opportunity to collaborate. What used to be extremely tedious tasks of calculations and back and forth correspondence and manual paperwork, now can become a one-click data push to the relevant partner or service provider. For instance, insurance agents now know the accurate acreage and yield estimations, bankers now know the total capital needs of their customers and landowners can understand the condition of their farms and how they're being managed. Additionally, both the seed and the fertilizer dealer know exactly how much of what product has been requested. There's one more thing that this product does really well, which is driving the adoption of precision agriculture. We think it's because of its no-data-entry approach and ease of use that we consistently see adoption of our users go from 10% to 85% as few as 2 years. Something that we're particularly proud of, given that the global adoption of precision agriculture is still well below 10%. With this track record, plus the additional connections that ICL now brings to the table, we're expecting over 50 million acres to be enrolled in our Flex platform within the next 5 to 8 years. We're going to focus first on some of the largest growing regions of the world, but also the 100-plus countries where ICL currently serves its customers, given that now ICL's internal agronomists are going to be utilizing this tool to bring value to their customers. Equally impressive is Growers Rally, which we formerly called the sales tool. This was a new product that we launched late in 2019. And as soon as we did, we saw the amount of farms and acres in our platform grow by over 120%. This tool is a little bit unique in that it's used exclusively by agriculture retailers, and much like the Flex product, it brings extreme efficiency into the entire sales process. The Rally product offering is exciting for a host of reasons, one of which is that with it we created this new product category called Grower Relationship Management software, or GRM, something that hasn't been seen in the ag tech market yet. Some of its key value propositions are it displaces legacy software systems and consolidates ERPs, CRMs, business intelligence tools and even some invoicing and billing software. The virtual selling feature has been a big hit with customers since the collaboration is important, but obviously been made much more difficult in the age of COVID. What's most interesting, though, is that the Rally product is really the first of its kind to capture buying behaviors of farmers. Every single input purchasing decision is recorded inside this tool along with the products purchased across all brands, the actual farmgate price that they paid, the product quantity as well as where it's needed and when. This data can then be analyzed and reported on within the tool, providing ag retailers with new levels of visibility into their sales team's performance and their customer needs, which solves all kinds of logistic, warehousing and inventory problems. Today, we're monitoring and recording nearly $1 billion worth of agricultural input purchases through the Rally product. And because of the growth that we've seen since launching this tool and now our new ability to connect with ICL's global business opportunities, we expect that over the next several years we're going to see steady double-digit growth to nearly $40 billion worth of transactions flowing through this platform annually. This gets us extremely excited about what opportunities we think could present themselves in the future given that now we have this new level of visibility into farmer buying behavior within the agricultural input arena. We have another product that's currently under development, and it's called Growers Trace. Trace is a special product because it leverages the farmer data that was captured by the Flex and the Rally products, which is really important to understand. But it's because of the connection that we have to the farmer and their data that Trace can now provide new levels of traceability, visibility and predictability to the agriculture supply chain, all the way from the input manufacturer through to the farmer and to the end consumer. And lastly, we have a product called Axiom, which is our AI-driven platform. Axiom is solving many challenges, one of which is that with it, we're digitizing the massive amounts of untapped agronomic research data and university trial data, which is a significant challenge, but one we're solving because now we can make that data accessible for the powerful analytics. Axiom is special for us because what we did is turn a database into a product. You see within our platform, it acts as the operating system, the data storage solution and the analytical engine, yet through licensing agreements, we can now harness its power for other businesses, universities and NGOs. We've already partnered with several public and private institutions that are exchanging their curated data with the Growers platform in exchange for some of the advanced data-driven insights and our access to Axiom. Given the recent traction we've seen and the willingness for a lot of these institutions to want to collaborate with us on solving some of the world's biggest challenges, we expect that by 2025 to have over 150 public and private contributors to the Axiom product. Creating one of the largest ag data consortiums in the market. These products and the position we have in the market makes us highly differentiated and unique. It's the direct connection that we have to the farmer and containing this information within a single platform that creates this virtuous cycle of value between our upstream users like farmers, agronomists and retailers, who are already receiving incredible value through the Flex and the Rally products and then become willing data contributors because now we can connect them with others within this ecosystem through our downstream products like Trace and Axiom in an environment, in an ecosystem that we created. This is now where value and data can be exchanged. This is a key difference between the Growers platform and what you're going to be able to find on the market today. For example, it's now a reality for farmers to receive premiums for sustainably growing grains, simply because we can connect them to the food companies and provide proof of their compliance. We're extremely proud of our accomplishments and what we've done over the past several years. But now with ICL, we think the future looks even more promising. Beyond what I shared earlier about our goals for acres, transactions within the platform and the amount of influence we think that will give us beyond 2025. Our sites are set on capturing at least 1% of the global agricultural market within the Growers platform. That's in terms of acres, transactions and even users. We think this is possible, incredible, given the steady year-over-year growth that we're planning for, the unique features and benefits that our product and platform strategy has. And most importantly, it's our connection to ICL. ICL is an impressive global footprint. They bring agronomic knowledge, know-how and algorithms from new regions and crops. ICL has a proven track record of delivering valuable products to customers worldwide. And they have the infrastructure needed to support this growing segment of their business. But even more importantly, they have the right vision. ICL knows that solving big challenges is going to require new and big ideas. They understand that the next-generation of growth enhancing products likely will not be mined from the earth, but rather, they're going to be algorithms, mined from copious amounts of agricultural data. And lastly, just like the Growers team, our 11,000 colleagues at ICL. They know the technology created for the farmer can change everything. Thanks for your time.

This is incredible stuff. Can you imagine what our world would look like just 10 years from now? Now to finish off our amazing Investor Day, we're going to hear from Kobi Altman, who's been ICL's Chief Financial Officer since 2015. Kobi is going to tie everything together and tell you, amongst other things, how ICL is managing its finances as it pursues the exciting initiatives that you've heard about today, that is, after all, what CFOs focus on. I am I right? Inquisitive by nature, Kobi likes to travel, experience nature and learn about various cultures. Interestingly enough, he was born into kibbutz in the Hills of Jerusalem, where his parents still live today. Before joining ICL, Kobi held senior finance leadership positions at both Teva Pharmaceuticals and at Amdocs, both in the United States and in Israel. He has a master's degree in economics and is a CPA as well. As a reminder, a question-and-answer session will follow Kobi's presentations, where the management team will be answering all of your very difficult questions. Now ladies and gentlemen, without further ado our CFO, Mr. Kobi Altman.

Thank you, Michael. After you heard all the inspiring presentations, I would like to sum up the day with just before we open the line for Q&A. In my short presentation, I would like to provide you with insight on the way we manage financial aspects of ICL to enable the execution of our leadership strategy. The fundamental of our finance philosophy is around cash generation and the allocation of capital. The center and basic of all of this is the cash generation power of the company. Here, we constantly work on working capital optimization, saving initiatives, restructurings, better purchasing and many other measures that put ongoing cash generation in the center of our day-to-day activities. After we generate the cash, we look at the capital allocation. Here, we are constantly optimizing between 3 angles of a triangle. The first angle is to secure the future growth engines of the company to ensure the company will continue to prosper. On this front, you heard a lot today on the plans we are executing. The second angle is to maintain a strong balance sheet. Here comes all of our activities around finance, risk management, managing our debt portfolio and maturities as a core part of our strategy we are exposed to commodity markets, mainly the potash and phosphate commodity markets. As such, we should maintain a strong balance sheet that can absorb the natural volatility of commodity cycles. Being an investment-grade company is another aspect of this angle, and this showed why it is important in allowing us to navigate our businesses in a resilient way, even at stormy waters. The third angle is the shareholders' return. The quarterly dividend payout yield is among the highest in our industry. To summarize this slide, we are optimizing between the 3 angles of the triangle, and we will continue with this balanced approach. In this slide, I wanted to share with you the enablers we have to execute our leadership strategy. The sources of funding is the cash flow generation from ongoing operations and our debt capacity under the investment-grade midpoint framework. The usage of funds go to CapEx investment, dividend payout and the balance represents our financial flexibility in allocating capital. You can see that we already have enough financial flexibility to execute our growth plans that we have outlined today. As we move forward over the next 5 years, the financial flexibility will continue to grow to over $4.5 billion in 2025. These slides outlines the way we manage our debt portfolio. We maintain over $1.1 billion of available liquidity in a combination of cash, deposits and immediately available credit facilities. Moving to the maturities of our debt portfolio, we moved over $750 million of debt maturities to over 10 years. You can see that we don't have any meaningful principal debt payments in the coming years. Return on invested capital is another important aspect of our finance management and our internal allocation of funds between the various business units. You can see a large volatility of ROI between the different businesses as they are very different with their capital needs. Over the next 5 years, we see good improvement in all of our businesses, yet the different characteristics of them will remain. Overall, ICL target is to grow to double-digit ROI. When we are evaluating new projects, we are looking to get an ROI of over 15%. The bottom of this slide outlines our EBITDA growth projections that you also saw in Raviv's presentation. 2021 will be kind of a back to normal year and all the way towards 2025, with over 50% increase in EBITDA. Raviv already presented our CapEx target. The main point I wanted to share with you in this slide is that going forward, we see CapEx needs of around $550 million per year. This average targeted annual spend should cover our ongoing efforts to maintain all of our sites in optimal operational conditions. You can see that such CapEx spend is significantly lower than the CapEx investments we did over the last 5 years where we had to invest some significant infrastructure needs. You heard from all the presenters today, how exciting we see our growth potential over the next 5 years and beyond. But also our short-term outlook is very positive. I highlighted here few of the drivers that will fuel our performance over the next few months and quarters. Just to name a few. The recovery we see over the last few weeks in the commodities prices, potash and phosphate, the coming contract negotiations for potash in China and in India that will start in just few months. They're ramping up order book from our customers in our bromine value chain, the general world recovery on the COVID, the shift toward long-term contracts are not talked about and more. You heard today the main 5 growth engines that will take us forward to 2025 and beyond. Rado talked about the food and the alternative proteins. Eli described our move toward next-generation fertilization. Anat discussed the EV and sustainable applications in our bromine value chain. Steven shared with you the digital farming transformation. And Anantha talked about the move around new materials. All of this will take us through the second half of the decade with even stronger growth. In my last slide, just before we move to Q&A, I wanted to share with you again the interactive data center we recently added to our website. We want to enable you to track and follow our performance in executing our leadership strategy. This data center has 2 main folders, financials and ESG. We assembled many figures from our financial reports as well as from the ESG annual report we published in early August. Again, we feel that this is a useful tool for you to monitor how we are doing, and we welcome your feedback to make it even more useful for you. With that, I will turn the mic back to you, Michael. Thank you.

Thank you, Kobi, for keeping it short, and thanks to almost 400 ICL stakeholders who joined us today, so happy, we found today's event as interesting as I have. Couldn't you just feel how excited and determined ICL's team is about their vision for the next 5 years and how the work that the company is doing today is going to help shape our world in various ways. They're all clearly focused on delivering results.

Now before you get up, stretch your legs, don't forget, we're about to start our Q&A session. All of our presenters are eagerly awaiting to get your questions. Now there are 2 ways that you can ask your questions. You can, of course, use the chat function, which you should see on the right-hand side of your screen. Questions will be answered as they come in. For a more intimate experience, at least by today's standards, you can also ask your questions using Zoom. And to do that, feel free to click on the Zoom link towards the bottom of your screen. This will, of course, open up a new window. You want to close the webcast window after you've opened your new window to avoid delays and echoes and sound. All right. That's about it. Let's ask away. And our first question comes from a U.S.-based investor. Question is, thanks, Raviv. Very nice presentations. The targets you've set are very impressive, yet we are in the midst of a global economic crisis due to COVID-19. Could you please clarify in what way you think this crisis impacts your long-term growth plans? Raviv?

Okay. Thanks for the question. Obviously, it's a difficult time in the world and we ICL also have been focused on short-term cost savings and cash preservation and keeping our employees safe. And we had our share of issues this year, including some production stoppage in Spain and U.K. But ultimately, what we've seen is that agriculture and food markets are very resilient and are performing nicely even during COVID. And we think that other than some short-term demand issues for some of our bromine related products, because of demand issues in primary markets that go through the supply chain, other than those issues, we don't really see any long-term impact on our business. In fact, some of the things that we see happening such as more openness for digital-based solutions and local solutions for global problems. We think some of those are actually supporting our long-term business. And I think in today's Investor Day, we really wanted to focus on long-term -- on long-term events, on long-term trends. And so we feel that COVID-19 is absolutely significant for the short term. And of course, most companies are getting hit, and we've had our share of issues, and 2020 is not a regular normal year. It's going to be a transitional year. But all in all, most of our businesses will not be significantly affected in the long term. And we've also proven that a very strong balance sheet has been essential for actually attracting opportunities, in fact, also not only M&A opportunities, but also short-term procurement opportunities. And maybe, Kobi, you can elaborate a little bit on how we've been managing our business and our cash during COVID.

So without knowing anything on COVID a year ago, we decided to manage our maturities. So a year ago, we issued a 15-year bond in the Tel Aviv Stock Exchange, which we have doubled last May. And this gives us the flexibility to manage through this interesting and unique year. Another opportunity that comes across is around procurement, as Raviv mentioned. And we are conducting a lot of initiatives that are creating a win-win, a longer-term relationship with suppliers, vendor financing programs and many other initiatives around better purchasing that will also create the infrastructure for the future. We will continue to generate those saving opportunities as well as opportunities that are knocking on our doors because of the current situation.

Thank you, Kobi. Our next question is, it says that it's known that Brazilian fertilizer market presents a growing business landscape for any global player that aims to increase its international presence and market penetration. However, the market itself seems to be already dominated by some of the global fertilizer players like Mosaic, Yara, EuroChem, Nutrien, et cetera. How does ICL intend to penetrate and grow in such a competitive market? Raviv?

Thanks for the question. Eli, why don't you go ahead and take that?

Yes. Thank you, Raviv. Thanks for the question. Well, of course, Brazil is a very important market for ICL. It is a double-digit market in terms of growth for specialty products. I think I mentioned it also during my presentation, we have a very stable business in Brazil, commodity and specialty product business. We will continue to increase it also via M&A. And no doubt, this is one of our main targets in terms of growth.

Yes. It's important, I think, also to note that we have significant commodity business in Brazil, obviously, but also, we have about 5% global market share of the specialty fertilizer business. And all of these great competitors do business in the other geographies we do business in. It's actually a better opportunity for us. It's easier to penetrate a market when you can choose your battles and you can focus on your core competencies and strengths, and we have fantastic product portfolio that is going to meet some of the local demands. And also, we've created very interesting opportunities for M&A, and I hope that sooner than later, we'll be able to present them and talk about them. We're very optimistic about the Brazilian market, it's just an absolutely fantastic opportunity for us, a very large market with a lot of niches that we can play in. And we're excited about Brazilian market. Thanks.

Let's take a question from our chat. What directions of M&A activity do you plan? Product, geographical market, technologies, et cetera, if you could elaborate on that?

Of course. So as we mentioned in our plans, for Crop Nutrition, we're focused on geographies that are growth geographies, with Brazil being the #1 geography that's in focus for us. For our food business, we're focused on smaller opportunities, mainly in U.S. and Europe. We're looking at domestic situations that we can turn into global situations, tuck-on acquisitions that will add technology and product portfolio enhancement. So those are the 2 focuses, Food in the Northern Hemisphere and Crop Nutrition, mainly in the Southern Hemisphere. Our business plans for growth in the fertilizer business in China and India are based on organic growth. I hope that answers.

Thank you, Raviv. Now we're going to take a question from our Zoom. We've got Jonas. Jonas, can you hear us?

I can. Can you hear me?

Yes, we can. Absolutely. Go ahead.

Fantastic. First, I would say, thank you for one of the more engaging investor -- online Investor Days I've seen so far. Much appreciated. I think you did a great job laying out the value proposition for your digital ag offering. But can you contrast that to the competitor products and also talk a little bit about what acreage targets do you see in the next couple of years and long term?

Can you repeat, because I didn't hear the first part of your question?

I'm sorry. Can you contrast your digital ag offering with competitors' offerings? And what kind of acreage targets do you have in the next couple of years?

Okay. I'll let Steven answer that. And actually, we're more interested on amount of dollar -- amount of dollars influence in terms of decision-making that interests us even more than acres. I just want to mention that when you look at some of the companies that we compete within the fertilizer business and some of the other companies -- the large companies in ag, our approach to digital is not about how to control or how to be involved in more acres in order to sell our fertilizer product. The way we're viewing the market is we're taking a look at what the customers need. And that's why our efforts are led by ex-farmers and agronomists that are now digital experts. And what we're trying to figure out is what is necessary for the farmer in order to use digital in effective ways. So one thing that Steven mentioned in his presentation, is that the farmer needs the information, not just great information, it needs the information in time so that the information can affect the decision-making, when the decision-making is necessary. So one thing is, we're totally agnostic to our own product, the fertilizer product. We're only looking at the farmer decision-making and trying to build the best platform in the world for allowing farmers to make decisions, follow through and create great yields using digital. And I'll let -- I can talk about this all day, but I'll let Steven give a little bit more focus. Go ahead, Steven.

Yes. Thanks, Raviv. That's a great explanation. And just to add to that, and kind of specifically, try to contrast our offering versus some of the other competitive platforms on the market. Raviv touched on this but it bears repeating is that it's the position that Growers takes in the market that's different than our competitive digital platforms. And that largely has to do with who owns them. Meaning that most of the large players in the space have developed or acquired digital tools or built products that are all really designed to serve some sort of core business function, meaning that you have seed companies that are building products to capture data, to streamline and make more accurate seed recommendations or maybe even curb R&D costs as an example. And so like in that situation, there's always going to be a distraction, I should say, from adding extreme amount of value to farmers and especially others in the supply chain or others with inside that agriculture ecosystem. Our position inside of ICL is unique, is like Raviv said, we're not pushing products with our digital tools. We're trying to facilitate connections between farmers and their advisers because we know and understand that, like I mentioned in the presentation, that's a very important and cherished relationship and enabling that, enabling that collaboration rather than disrupting it is creating for us a ton of different opportunities to develop new products and business models of which like the Rally platform is a very good answer, a very good proof point to that strategies. We stayed focused on what the farmer and his most trusted circle of advisers' needs, identified there was an unmet need and a big market opportunity for us to develop that product, and we launched it. And it doesn't have anything to do with position of products, but really all about adding value to the ecosystem again, which then corresponds to increased data, user and information flow into our platform. So I hope that answers the question on how do you differentiate or how do you contrast the offerings.

Thank you, Steven, thank you Jonas. Our next question is from Alex. Alex says, "Hi, all. Thanks for the presentation. Could you please comment on the status of outstanding environmental liabilities and do you have any expectations regarding the timing and potential cash payments or settlements?"

Okay. So I think the only outstanding environmental liability, which is relevant to this question, has to do with the proceeding regarding the Ashalim incident from 2017, where there's a claim that's currently in mediation. The status of the mediation is that both sides have entered their professional opinions, and there's a mediator that's trying to reach a settlement. So I expect that there will be a settlement in the next 2 years. I can also mention that the highest environmental liability payment, and I hope I'm not mistaken here, in the state of Israel in the past decade or so, was settled last year at about $30 million. I think it's a much bigger disaster than -- it was a much bigger disaster than Ashalim. Of course, Ashalim is also at least partially covered by insurance. So I don't see it coming out as a substantial liability payment from ICL. At the same time, in terms of timing, I would say, probably sometime in the next 2 years, unless the mediation is not successful, in such case, it may go to court and take quite a few years until any kind of actual settlement. I should note that we have made payments, investments to rehabilitate Ashalim river of about $10 million so far, and that has been included in the financial statements -- in the ongoing financial statements as these expenses have accrued. That's it.

Thank you, Raviv. Our next question comes from Vincent from Zoom Call. It's audio-only. So we're not going to have the pleasure of seeing him. But Vincent, if you can hear us, go ahead.

I can hear you. Thank you. It's Vincent Andrews from Morgan Stanley. I've got 2 questions. The first would just be on the free cash flow goals. I see that you're bringing the CapEx down over time. But could you also help us understand what's going to happen from a working capital perspective? And are you anticipating working capital improvements as part of a program? Or how is that going to trend based on -- it also looks like you've got plenty of volume growth, maybe some pricing or mix expectations in there. So how do we connect the EBITDA goal with the free cash flow goal?

Sure. Thanks. You want to take that, Kobi?

Yes. Vincent, the way to look at that is more or less the working capital will grow together with the growth of the company in terms of the EBITDA growth that we have outlined with some haircut for additional optimization. So it's not going to be a huge contribution to the growth in the free cash flow. Most of the growth in the free cash flow will come from the general cash flow from operation, generation of the company, net of the CapEx, which will be a little bit lower than we have experienced in the past 5 years.

And then if I could just ask a follow-up on Growers. Could you talk a little bit more about just how you're monetizing the different?

Yes. Steven, why don't you just give a little bit of flavor on how we're monetizing today? And what kind of plans we're contemplating for the future. Of course, if we're talking about the long-term future, so the ultimate business model can always change. But let's start from what we're doing today.

Yes. So today, it's quite simple. We're using something that's very similar to a traditional SaaS model, where our users are subscribing to our platform, paying a licensing fee for access to it within their -- going out -- sorry, users being defined as the farmer's adviser. So they're paying a fee and then using that to go provide value-added services to their customers. In the future, like one of the things that Raviv mentioned is that apart from acres, what we think is most important is actually tracking the influence that we have the ability to provide through our tool or even the visibility that our tool provides into what the agricultural market is doing. And so by tracking the dollars of transactions or the value of the transactions that are flowing through our platform, we think it's going to create some interesting opportunities to be able to monetize portions of that or be able to monetize the connections that we're making to other stakeholders with inside the industry. We've already did that starting 2 years ago by basically taking a relationship between a farmer, his adviser and an insurance agent and being able to monetize those 3 relationships through the efficiency that we brought through the exchanging of data from farmer to insurance agent and back and forth. So we think, again, our symbiotic platform approach and the fact that we're targeting more players than just with inside agriculture in the agronomy market, gives us a lot of freedom and flexibility to do some pretty creative things in the future.

Thanks, Steven. We'll take another question up from our chat. Mark Connelly, Stephens, asks, digital innovations are changing the way farmers farm, but we haven't seen a publicly traded company successfully monetize a digital ag investment. For many, it looks like a cost of doing business. How will ICL buck that trend?

Okay. So again, I don't want to repeat what has just been said. But basically, the way we're looking at it is monetizing digital is not something that's going to happen in a massive way in the next couple of years. It's a more of a long-term view. What we can say is that, again, we are not -- we are product agnostic, and we're not trying to build the next best sensor for any kind of measurement of -- any kind of measurement of data. We're figuring out the smart ways of collecting data, turning data through algorithms into decision-making and turning that decision-making into real-time so that farmers and agro professionals can make decisions when they need to make decisions and not retroactively after the season is over. So the way we're looking at it is, we are creating what we think will be the best platform available to engage in data-based agriculture. And we think that by being at the center of a decision-making process, we'll be able to monetize the value that we bring to the farmer in the future in a meaningful way. In the meantime, we're already bringing value, and that's why we're using a SaaS model.

We have another question coming from our chat. Does ICL produce water-soluble fertilizers or purchase raw material from other producers?

Okay. Thanks. Eli, please?

Thanks for the question. Well, ICL is producing water-soluble fertilizers. We are doing it in Israel, in Belgium and also in our joint venture in China. We are also -- as I mentioned in my presentation, we have a big advantage of vertical integration, and we are also producing raw material, soluble fertilizers -- to produce water-soluble fertilizers. So actually, we are fully integrated. We are also buying some raw materials, but in fact, this is our main advantage that we are supplying the raw material for the production of water-soluble NPK. Thank you.

Thanks, Eli.

Okay. We're going to take another question now. How do you delineate IP bromine growth between presumably gaining share from China and for new applications like e-mobility, et cetera?

Anat, please go ahead.

Okay. So first of all, there is a depletion in China, as I mentioned. And this depletion, we are ready for the future. We have invested in isotanks in the last year. We have invested in around 100 isotanks. And we have excess of bromine. So of course, we will grow as the market -- as the Chinese market shrinks. We have also a new AI platform. This is AI platform, we have been developing it for the last 2 years, and we're getting new applications for that. Around 25 new applications are there. And we think that in the next 5 years, we will see big growth coming from one of these applications. So it will come either from one of the e-mobility or any of the sustainable solutions that we will have from this AI application.

Thank you, Anat. Can you talk about the growth of your water-soluble fertilizer business in China? And how well that is progressing towards your goal of transforming your China business?

Okay. So it's -- Eli already talked about the business, and I'll let him add. But in terms of the transformation of our business in China, we had some operational issues a couple of years back, and we've made a significant transformation in China, turning our joint venture into a very profitable business, mostly commodity business. We've also gone into specialty business by building a new plant, white phosphoric acid plant, which went live in June and will add to our capabilities and our profitability. And also at the same time, we're expanding our water-soluble production in China. And maybe, Eli, you want to add to that?

Yes. I think that it's important to say that we started the journey in China with water-soluble NPK in 2008 with products that we brought from Israel, very strong brand, accepted in the market, and we are growing year-by-year with products from Israel, products from Belgium, and also now a product that we are producing in China, so China for China. So this is a long journey, which I think we did very well, and we will continue to grow this business. It's a good business in China.

Thank you, Eli. Now we're going to go to our Zoom, we have Jean-Pierre. Jean-Pierre, can you hear us or see us or both?

Yes, I can hear you. If you can hear me, I'm happy. So thank you for allowing me to ask this question. It was a really impressive presentation. I'm from a company dealing with other key chemical customers and also food global companies. And one of the challenges is about having this kind of ambitious plans and targets over 5 to 10 years, try to stick to those plans. And to try to make sure that what is in their road maps in terms of products and technologies that they have to embed for successfully deliver these products is not disturbed by disruptions like the COVID-19 or other market -- new company in the market or new technology. So what is the way that you would like to ensure that these goals are secured, even trying to cope with some changes in the markets or technologies, sticking to your plans and transforming this strategy into operational plans to succeed in managing your portfolio goals? It's about the governance and the company and the addition on portfolios, basically.

Okay. Thanks, Jean-Pierre. I think that first and foremost, we have a very strong infrastructure. We have diversified R&D capabilities. We have great customer relationships with many, many hundreds of business clients around the world. We are -- we have a diverse -- or I'd say, a few dimensions of capabilities that we leverage on a regular basis, and change actually represents opportunity. Like, we're used to competing in a very competitive environment and that drives to better results and that keeps us sharp. And obviously, nobody has a crystal ball, so we don't know everything that's going to happen in the next 10 years. But in more cases than not, change actually presents additional opportunities. But given that you asked specifically about the food business and maybe like to hear Rado's perspective. Let's ask Rado to add to that.

Sure. Thank you very much for the question, Jean-Pierre. Thanks, Raviv. About a couple of years ago, we really took a hard look at our food business and what really sets us apart from our competition. And as Raviv summarized correctly, is the decade of building of a very deep ingredients knowledge together with the asset base and together with really deep relationships with our customers is where the things where we have taken a leverage for delivering really value-added solutions. But our actually plant-based endeavor is the, I would say, one of the examples where we are taking this ability to leverage our core competencies for innovation not only in our core end markets with processed food or processed meat, bakery and dairy but also taking this to the new food disturbing trends or the trends that are disturbing really the food market. Plant protein is one of them. But looking at all trends that we believe in midterm and long term, will be -- it will be disruptive to the food industry and matching them with our capabilities around the new protein sources, let it be around functional ingredients that are more consumer-friendly, let it be around monetizing on the waste streams from the food production. We believe that focusing on these areas will bring a very attractive growth in coming years. And already 2019, I would say, proven to be a very, very good reflection of the strategy where our performance remains solid despite of some of the market downturn. And also, I have to say, the solid performance continues into 2020, and we have a solid plan in place to really deliver this target.

I see that you have a real view on the -- how to balance your investments and efforts trying to get the best of the portfolio of businesses that ICL has.