Ann: Half Yearly Report and Accounts, page-3

So if the hedging wasn't in place then NCZ would be profitable last few quarters.

It's interesting that a change in ownership now triggers a review of the Facility and Hedging Transactions.

From Page: 6.

"Under the Amended EBF, this constituted a Change of Control Event and was therefore a
Review Event under the agreement. The EBF Facility Agent was notified on 22 February 2023 triggering an obligatory
60-day period of good faith negotiation to attempt to agree appropriate amendments to the Facility to allow the Facility
and Hedging Transactions to continue."

Bold strategic move, if the take over was engineered to break those transactions.