AmRest Holdings SE (EAT) Earnings Call Transcript & Summary

Thank you very much. Well, as said, my name is Lukasz Wachelko. I'm representing WOOD & Company. And today, I have again the pleasure of moderating the quarterly call with AmRest. The company is represented by CFO, Eduardo Zamarripa; and also Chief of IR, Santiago Aguilera. I wouldn't steal too much of their time. Guys, the floor is yours.

Thank you, Lukasz. And thank you, Melissa. Good afternoon, and thank you for joining us today. I hope that you and your families are doing well. Today, we will present the third quarter results of AmRest. I will introduce an overview of where we currently stand from a global perspective. And next, Santiago will lead you to the main financial figures. Let me provide you with a few highlights from the quarter that you can find in Slide #2. AmRest continues to consolidate as a leading European restaurant operator focused on worldwide scalable brands. We currently count with almost 2,400 restaurants across 25 different countries that feed more than 1 million guests every single day. The still unfinished pandemic has profound consequences in our society. It has changed our way of life and transformed many of our consumer habits. In AmRest, we are adapting to these changes. Innovation, digitalization and efficiency are the 3 key ingredients for this recipe. Our business model based on service excellence is the secret of how to combine and cook them. The current results are the following: an expansion in scope. Thanks to the omnichannel services that we provide to our guests, we aim to deliver the same client experience regardless of the chosen channel. Year-to-date, more than 50% of our sales come from takeaway and drive-through channels. An expansion in margins. Our EBITDA margin for the year stands at 19%, in line with the pre-COVID levels. Third, a growth in sales, registering an all-time high in the quarter of almost EUR 534 million and a continuous growth in our footprint with 91 new stores opened this year. This is an excellent setup, however, while we are adapting on operating and developing our business in the complicated COVID environment, new challenges posed by global cost pressures are rising. Certainly, the progress made during the last quarters in terms of efficiency will be a key for facing these new challenges. If we please go to Slide #4, we provide a breakdown of the cost evolution for level of sales. So far, we have been able to efficiently manage the growing inflationary pressures and expand margins. As we can see in the analysis presented within the cost structure, it is worth differentiating between labor cost and the rest of the production cost, both direct and indirect. The team is doing a very good job in management of production costs. They represent a stable percentage of our sales level, even at the worst times of the COVID crisis where our sales plumbed. Therefore, our active management has allowed them to have a very flowing behavior. On the other side, our labor costs with a semi-fixed performance. But this also means that in situations like the current one, with a take-up of sales, it is the factor that clearly benefits the most from sales leverage. Now on Slide #5, let me provide you some insights into the workforce evolution at AmRest. The labor market is being strained. Unemployment rates are decreasing and virtually every country where we operate and has effect -- and that has an effect in our labor costs. The first idea to highlight is the stability in AmRest's workforce. This is a consequence of our commitment with our teams, held by support programs approved by many governments to be an AmRestee is to be part of a family. The second idea is that this stability and commitment allow us to continue attracting new talent. All the above is endorsed by the numerous awards that AmRest is receiving in this field. For instance, let me point that according to the latest publication of the prestigious Forbes List World Best Employers 2021, AmRest is considered the seventh best employer in the world within the restaurant sector. Now in Slide #6, you can see the price increase that we are facing in many commodities and how it has accelerated in recent months, a trend similar to what we are seeing with the labor or energy costs. In Slide #7, we want to present some insight of the actions that we are implementing with the aim of preserving margins. The feasibility and success in execution is closely linked with the scale of the group, the infrastructure developed and previous level of efficiency achieved. In our case, we consider that this is, in context, AmRest has clear competitive advantages. Of course, the simplest and most direct way to preserve margins is direct transfer of the cost increase to the final consumer. But this strategy has its limits and conditions. At AmRest, we constantly work and focus on revenue management initiatives. We analyze our positioning and benchmark our brands in each geography. Our focus is on the value generated by our sales. Some initiatives are pointed to mitigate these cost increases. Revenue management, as I was mentioning, menu optimization, cross-selling driven by offers, cost transfers for nonessential items and leverage our procurement capacity. Finally, we have shared that we want to be as the best restaurant operator. In this regard, it is essential and efficient allocation of resources. The restaurant portfolio optimization is currently one of the key drivers in the margin expansion that we registered. The value of digital capabilities is another clear driver of efficiency improvements. The new innovations are improving the customer experiences that we offer and are leading towards less labor in these processes. And with this, I give the floor to Santi, who will tell you about the main highlights of the financial results of AmRest that we presented yesterday.

Good afternoon to everyone, and thank you very much for joining the investors' call. Eduardo, first focused on the challenges that we are facing and how we are overcoming them. From my side, I'm going to cover what has happened in this third quarter, where we have very good news to share. Thanks to the excellent work undertaken by the whole AmRestee community and the successful execution of our business model based on service excellence. In the Slide 9. We can find the main financial highlights of the quarter. We have achieved sales of EUR 533.6 million, which represents an increase of almost 21% compared to 2020. The sales evolution measured by the same store sales index stands at 115% or 96% compared to 2019. However, as we can see at the bottom of the slide, during the first weeks of October, this index mark already leveled higher than in 2019, 101%. With regards to profitability, the EBITDA margin stands about 20% without any significant contribution from government support programs this quarter. And after having recorded levels of activity pre-COVID, keeping practically 99% of our restaurant operations. In terms of cash, it remains at extraordinarily prudent levels with more than EUR 172 million. And finally, we are gradually increasing CapEx that stands at EUR 23.3 million this quarter. In the Slide 10, we provide the main financial figures year-to-date. I've also manage them in 4 main ideas. Strong sales recovery, restaurant portfolio growth, margin expansion and balance sheet delivery to complete. First, sales reached EUR 1,378 million, an increase of more than 22% compared to 2020. Second, we continue to open and to expand our portfolio of restaurants. The digital capabilities and the innovation is increasing our scope beyond the limits of our physical presence. However, our big capillarity is still paramount. Third, our EBITDA margin is 5 percentage points higher than in 2020. And finally, our excellent performance is allowing us to reduce leverage much faster than the market anticipated. We have a net debt reduction of 17% during last year. This is more than EUR 100 million. With this, our leverage currently stands at a very comfortable and manageable levels. In Slide 11, we can see the quarterly sales evolution, with a deep decline in 2020 due to the outbreak of the pandemic and the shape of the subsequent recovery in 2021, where current figures are setting an all-time high. Multiple factors explaining this performance, some of them external as the issue of the restrictions derived from COVID and others, internal as the fast reaction and adjustment of AmRest to the new needs of our guests. As for example, with an omnichannel approach, up to date, takeaway continues to lead our distribution and accounts for almost 40% of the total sales recorded in the year. On the other side, dining is recovering very fast. But still, we are well below pre-COVID levels. Remote ordering continues to prevail for a large part of the population. Business trips or tourism are just beginning to activate and limitations in the capacity or opening hours of our restaurants are some of the factors that continue to directly affect this distribution channel. We maintain a huge growth potential in the dine-in channel that we hope to be able to put in value in the coming quarters. In Slide 12, we analyze the EBITDA. In terms of EBITDA, AmRest generated EUR 107.5 million during this quarter, which is 35% higher than in the same period of 2020. Sales leverage, together with the continuous advances in digitalization and efficiency have allowed the EBITDA margin to exceed a 20% result for second quarter in a row. And in this quarter with the minor contribution for government plans or other extraordinary items. Year-to-date, the margin stands at 19%, almost recovering the margin levels that we had before the pandemic. In the Slide 13, I would like to appoint a couple of ideas. The first is the strong and fast recovery of our profit generation capacity. We generated EUR 27.6 million of profit in the third quarter of the year, EUR 26.6 million attributable to the parent equity holders. And second, the strong cash flow generation with EUR 117 million generated from operating activities that allow us to reinforce our balance sheet to fund our investments and to comply with our debt commitments where in this quarter, we repay EUR 57 million of debt, covering the scheduled maturities that we have established in our syndicated bank loans. In the Slide 14, we cover our activity in terms of restaurant openings and closures. We are very keen in the portfolio optimization idea. And let me expand on this. AmRest's portfolio free up resources to be allocated in faster-growing and higher dealing businesses. And this is one of the key resource in order to expand margins. In addition, we want to be the best restaurant operator and we began -- and with this aim, we need to adapt the type of restaurants we have to the changes in the needs and preferences of our guests. In this sense, during the last quarter, we opened 32 new restaurants and closed 6. Year-to-date, we have a net growth of 58 units with 91 openings, well positioned to accomplish our target of at least 130 new stores opened during the present year. And now let's jump into the performance by different segments. In the Slide 15, you can find the distribution of restaurant sales and EBITDA generated by segments that I will proceed to expand briefly on the next slides. In Slide 16, we cover Central and Eastern Europe. Sales have reached a historical record of EUR 252 million, registering an increase of 27% compared to the same period of 2020 and plus 15% compared to 2019. This region showed the highest level of dynamics within the different markets in where AmRest operates. The main catalyst of this external performance has been the takeoff of the dine-in channel that although far from the levels of 2019, recovers ground and now represent 36% of the total sales. In the same quarter of 2019, dine-in represented almost 60%. The EBITDA generated also reached a record level, both in absolute and in marginal terms, standing at 60 -- EUR 64 million. This is an EBITDA margin of almost 26%. Finally, AmRest continued to invest and to increase its presence in the year. During the quarter, 15 new restaurants were opened. Now in the Slide 17, we cover Western Europe. We registered a significant progress in the sales from this region that reached almost EUR 193 million, with a growth of 15% compared to 2020. However, this figure is still 3.5% lower than the one-off time during 2019. All countries show significant progress in the reported sales, highlighting the increasing activity seen in Spain. The EBITDA generated in the region reached EUR 30 million, representing an EBITDA margin of almost 16%. As a last point, AmRest opened 8 additional restaurants during this quarter. In Slide 18, we show the performance in Russia. Good commercial results in the region with sales of almost EUR 51 million during the quarter. This figure is 19% higher than the one we registered in 2020, but still 7.4% lower than in 2019. Remark, the incessant increase in activity produced in the takeaway channel. The EBITDA generated in the region stood at almost EUR 11 million with a margin of 21%. During the quarter, 7 new restaurants were opened in the region. And finally, on Slide 19, we finalize our trip with China, where we registered another new historical record of quarterly sales after increasing sales by 2.5% compared to the previous quarter that constituted the previous record. The sales amounted EUR 27 million. The level of EBITDA generated stood at EUR 8.4 million, representing an EBITDA margin of almost 31%. Total number of restaurants in the regions increased to 78, following the opening of 2 new franchises during the quarter. Finally, in Slide 20, we show the debt and cash evolution of the group. Net financial debt ex IFRS 16 stands at EUR 491 million at the end of the quarter, after the repayment of EUR 57 million, as we explained before, covering the scheduled maturities of the syndicated bank loan. This imply a reduction of 17% in the net level of debt of more than EUR 100 million in absolute terms. On the other hand, cash amounts EUR 172 million. Due to decrease in debt and increase registered in revenues allow the leverage ratio to stand to 3.2 from 4.4 on the second Q. These figures allow AmRest to comply with this valid liquidity covenant at the end of the third Q, that demand liquidity in excess of EUR 50 million. And in advance, with the 2 additional financial covenants that we will have to face at the end of the fourth quarter, leverage ratio below 3.5 and interest coverage above 3.5. With this, I pass the floor to Eduardo to sum up the main conclusion of the quarter.

Many thanks, Santi. Certainly, we are very pleased with the results that we are presenting today. With the work done by all the AmRestees and by the support and trust of more than 1 million guests that any single day chooses us. This encourage us to keep on working with this aim, it was very important to strengthen our balance sheet, especially after the shock that was the sudden interruption of COVID, where we clearly were not prepared for a synchronized sudden shutdown of dine-in activity across most of the countries and affecting to all our brands. But now that has changed. We have enhanced our business model and deleverages, the balance sheet to levels that allow us to comfortably afford upfront our future financial obligations and, at the same time, fund our future growth, a profitable growth path, not without new challenges. We have shown that higher sales offset higher costs. But still, it is mandatory to continue to progress in efficiency and in the generation of synergies. Long-term growth is our ongoing project. Today, we have presented that we are on the right track. We have reported a record of sales despite the complicated current context, but also a new sizing record with 2,395 restaurants. Many thanks to everyone. And with this, we are open to any questions that you may have.

[Operator Instructions]

Okay. So maybe I will take the privilege of the moderator, and I will start with questions, if you allow. Well, first of all, congratulations on the results. Sales are back to pre-COVID, EBITDA margin is back to pre-COVID, even the leverage is back to pre-COVID levels. So I think that would the next step would be to ask the question about the growth. Have you thought of the -- any guidance for the next year once the things seem to be stabilizing, the rollout of these year of 130, but what is next? What kind of expansion pace should we expect moving into a post-COVID era?

Hi, Lukasz, and thank you for the question. As you were saying, this has been very encouraging results for us now. As you were saying, same-store sales pre-COVID, and have a record in terms of AmRest history, it's very promising for us. We were -- it's very important for us, of course, the cash generation, and that allow us to think. One of them is precisely what you are raising in terms of continuing the growth of the company. And that's something that right now we are working on precisely on those months is what we are preparing our plan for 2022. But what I can tell you is that we will be having a higher number of openings that we have this year. For this year, we have the 130 opening, and we are on good track to get that. So for 2022, we should be expecting a higher number. But once we have finalized, of course, our plan, we will share that with the market.

Okay. But is it possible that next year's number will be double 130 of this year's? Or it will be more of a -- well, speeding up, but not a huge jump into the future?

At this moment, what I can share is that it's going to be -- should be higher than this 130 that we are having this year. That's for sure. But the range is something that we will discuss in the future.

Okay. And speaking of the leverage, what kind of a target leverage do you have in mind? Now it's 3.2, so it's already below the covenants. At the end of the year, if you keep up the pace of the leveraging, it should be 2 point something, so already reasonable. So what's your target leverage?

And you raise an interesting point, Lukasz, because this is a matter of all the projects that we have and have the flexibility. And that's what we were aiming with this deleveraging of the company. Right now, we are better positioned, and that's really what we -- what was in our plans and where we were aiming to get. Have the flexibility in order to have all the options available on the table, of course. Organic growth is one of the priorities of the company, so continuing that and having a leverage at these levels allow us that. And also being open to options that could raise an approach to AmRest, it's something that we have always been eager to hear. And having a reasonable level of leverage is -- gives us that flexibility. And we are getting to the levels that we feel that we can have this flexibility.

Okay. So my understanding is that you are already there in terms of leverage and you would consider both organic growth and acquisitions. So that's again on the agenda?

I would say that, that's what we were working on, and the message that we have transmitted for quite some time. We set priorities. And as we said, well, the priority is -- the priority was, of course, to comply with all the commitments which have been able to do. Get to the level of sales, that's very important. The same-store sales, the number of transactions, we are on the path of growing the profitability of the business. And as we raised during the conference call, one of the topics in which we are focusing right now is in the customer experience, that's very important. But also, we are seeing -- are raising some topics that are affecting all the industries, not only ours. There are some cost pressures that we are facing. And also, we are taking that into the equation. But growth, of course, is part of the strategy of AmRest.

Okay. So in fact, the last question of mine at this stage, I promise that I will leave the mic to others. A follow-up on cost side because you showed that the food inflation -- the inflation across the board has accelerated recently, you're also hearing that from the food distributors in our region. So can you tell us a bit about your supply chain management? And how stable are the costs? For how long have you contracted the cost of your products? And when should we expect the major income of rising inflation to be visible on P&L?

We are -- as we show right now, we have been able to cover the pressures of inflation. But you are very aware of all the raw materials that are going up. The cost of energy has been increasing in an important way. And of course, we are a high consumer of energy. And also in terms of the procurement department is something that you can imagine that they are working very hard at this moment. In terms of the relationships that we have built for several years with our suppliers, how we can have the best negotiation that, of course, balances the cost pressures that we are seeing among the industry and also the impact that it has on us. Still, we have some of those contracts in place for the remaining of the year, some of them ending before or later, but this is something that can have, of course, some impact in the future quarter, starting even in the fourth quarter. But the thing is that things are quite volatile. And of course, that's something that we are looking very closely. Really, the procurement department is doing an amazing job in terms of looking for the proper moment to commit the volumes. And one of the things that we are also working on, and it's part of also the challenges in -- as one of the priorities is ensuring that we have all the raw materials in place. One of the things that, of course, we should have always have products available in our restaurants for the -- for our clients. And also this one of those -- the priorities and it's a balancing work, the one that we are doing there.

We do have a question registered from Jean-Paul Rolandez of BNP Paribas.

So I'm not Jean-Paul, I'm Jean-Pascal, and I'm not from BNP Paribas. I'm from the L.T. FUNDS. Can you hear me?

Yes. We can hear you well, Jean.

Okay. So it's Jean-Pascal from The L.T. FUNDS. I have 3 questions. But first, congratulations for these excellent results. It's really a very strong comeback from a tough situation. I've been investing or I've been a banker of the restaurant business for 30 years, and I haven't seen such recovery in such a short pace over 30 years. So really, congratulations. I have 3 questions. The first one, having been the banker to the industry. Do you have maturity repayment next year? And by how much? I quite agree that to deleverage so that you can find the more flexibility is really a good idea. So that's the first question. The second question I remember that among your portfolio of stores and brands, Starbucks in Germany, at least 1 year ago -- until 1 year ago was not doing so well, and you -- I think you had a meeting with Starbucks to try to see how things could be improved. And so could you update us on the Starbucks Germany situation? Conversely, you have 2 smashing successes, one with La Tagliatella and one with Sushi Shop, at least from the customers' standpoint, from what I hear in various countries. Do you have plans? What are the plans to expand these brands outside, respectively, Spain and France? I noticed that you already have some franchisees for Sushi Shop outside the France and including in the Middle East, I think. Could you elaborate a little bit on that point? So these are my 3 questions.

Well, first, thank you, Jean-Pascal. Yes, we are very happy, as you said, with the results that were -- the results that we posted. And thank you for the comment on the quick recovery. Yes, all of us have been working very hard on that. Addressing your first question. The maturity of the repayment, we have EUR 550 million that we need to -- with the global banks that have maturity in the third quarter of 2022. Right now, we are working on that in terms of, of course, having our discussions in order to refinance that. And given the excellent results that we have posted and that we were able to be in the 3.2x of net debt EBITDA, I think, that's something that, of course, is very positive for us in terms of those discussions. Right now, definitely, we are in much better shape than we were last year. So we are pretty confident that we are getting that refinancing. In terms of Starbucks Germany, that was one of the countries and brands that was most hitted by the COVID because of the kind of business. But there were a lot of things done in terms of Germany and the entire portfolio in terms of improving the consumers' service. We started the delivery in terms of the Starbucks. So that was one of the projects that we started with very good results. We have updated our one-off sell platform in order to give to the consumer a best experience. We have also worked in terms of service with a minimal level of contact that we have that, of course, in the Starbucks and also in different platforms. But it's how we can give a better experience to our consumers, and that has proven to be a very good result. But if I would sum up, I would say that delivery is an important part, and the other is all the flexibility that we are doing in terms of mobile ordering also within Starbucks. In terms of the third question that you mentioned for Tagliatella and Sushi Shop. Plans of expansion, of course, they continue for Tagliatella. We are focusing on Spain. Still, we consider that we have some greenfield to increase the position of Tagliatella. In fact, one of the openings that we just recently had was Tagliatella in Alicante Project -- in Alicante Airport. With an excellent -- with excellent results, this is restaurants that have a lower -- that can operate in a smaller place. So that give us flexibility to adapt to smaller prices, and that gives an important footprint. And as I said, there are still avenues of growth for Tagliatella. And particularly, right now, we are focusing in Spain. And in terms of Sushi Shop, right now, we have, of course, a big book, a big book trend. Of course, the most important part of the restaurants that we have is in France, but also we have footprint in Spain. We have Belgium. We have Luxembourg. So we see a big potential in terms of Sushi Shop to travel to different geographies. Of course, France is going to continue being the core part of the business. But in all the countries that we are present, it's something that we could be working in the concept of Sushi Shop. But the thing is that we need to be very wise on the proper moment to approach the different markets. And as you know, we set up together a new franchise team in AmRest that is working very hard in terms of looking for potential -- for franchises for our brands, and Sushi Shop is one important asset that we have on that, looking for different countries and different groups that can be interested in our concept that is quite successful and has proven to be successful in a variety of fronts. Also we are present on the U.K., and that has posted great results for us.

[Operator Instructions] We'll take our next question from [Indiscernible] of Erste Asset Management.

Can you maybe touch a little bit on the dine-in? Because if I remember correctly, you said that the dining-in is down still at 5%. So theoretically, you're now offsetting this with, let's say, take-away. So do you think that if dine-in returns, you could actually even, like it would be additional demand? Or it would be just switching back to dining-in?

[Indiscernible], That's an excellent question, and thank you for that. No, we could say that pre-COVID levels of dine-in were 50% plus of our mix. And that dropped, of course, in an important way. But right now, the dine-in levels are close to the 30 -- close to the 30%, 40%. And part of it is incremental, part of it is shifting to -- from other channels. And these are different time occasions. And that's one of the things that we have been working a lot in terms of statistics on how to address the different kind of moments of consumptions of -- and consumers. We have a profile for the delivery. We have a profile for the drive-thru. We have a profile for the take-away. And one of the things that we are seeing is there is more additional consumption that the dine-in is taking than the cannibalization or the shift that is coming from other channels. So that lead us to have an additional growth than we have experienced in the previous quarter. And also that is allowing us to have higher sales than the ones that we have pre-COVID level. So there is a shift for sure, but I would say that the best part of the story and what we are working on, and we are very happy is that the traffic that is going to dine-in is additional traffic and consumers than the one that we were seeing in previous quarters.

If I may. I think that this is a very important point and a very important question that we really want to highlight. We were talking in the presentation about the increase in the scope capacity that we have. And this is precisely what is providing this new takeaway, drive-thru channels. This capacity to arrive to the customers in a different way. And this is really what is accretive. So coming to your point, of course, the dine-in is coming back strongly, but still is well below these pre-COVID levels and the potential that we have over there is quite significant.

And could you somewhat quantify. I don't know if I was referring to correct numbers, so let's say the dine-in numbers are at the level of 70% before COVID or something like that?

So dine-in pre-COVID, it was about 50% the total sales that we registered. When right now, in the last quarter, this is 39% below the 40% figure. So still, we have a significant gap.

And we have a -- what is important, [Indiscernible], also is if we talk about absolute numbers because the percentage in display, let's say, sometimes do not reflect the reality. But in terms of absolute numbers, it's much higher, the growth in absolute numbers, the one that we have in dine-in versus the drop that we can have in other channels. Let's call it that way, that the dine-in in absolute numbers is growing the double than the drop that we have in other channels. This is an absolute number. So this is why we feel comfortable saying that, of course, part of the dine-in that we are receiving today is an additional traffic.

But would you say that you're gaining somehow market share from the market from like other providers of restaurant services? As to this takeaway concept, which is easier, I don't know, to grab.

What we see and we could say dine-in, as you know, was the most affected one. And one of the things that we see is that immediately when the restrictions of the COVID went down, consumers were coming back to restaurants. Right now they feel more comfortable going to restaurants. And I think that that's happening every day in a higher pace. What we can, say, given our numbers is that we are performing, let's say, the dine-in is gaining a percentage on our mix. But this is given to 2 main reasons. One, the increase of total sales and other having a higher piece of the pie in terms of the total sales. So our mix is improving. Our sales are improving. And I would say that for me right now to see how the -- if we are gaining market share or not is something that I wouldn't have the data in order to confirm that. But in our trajectory, we are going in the positive path.

Okay. I had a question now, and I don't know it dropped out of my head.

In any case, I mean, you know that we are at your disposal. If you -- I don't know, have follow-up questions to send us an e-mail or to contact to the Investor Relations department anytime.

Okay. So yes, it was the net debt level. Where would you see this level? Or would you like to have the net debt-to-EBITDA level for you to be comfortable with?

We are approaching target leverage.

Yes. But the targeted leverage for the company would be where?

I would say that with the level that we have right now, we feel more comfortable. And the thing is that this is, of course, a moving target, as I was mentioning. What we really want to have is the flexibility in order to be able to react and follow up the different paths that we can have. Of course, as I was saying, we have our plans of organic growth is one of the paths and the other is also having the flexibility if at some point an opportunity comes. But -- so it's a moving target. But for sure, one of the things that is relevant is complying with all the covenants that we have with our global banks.

[Operator Instructions] We'll now move to a follow-up question from Jean-Pascal Rolandez.

No. I think I mispressed the button. The button is not so clear. So I'm not very good at technology, so I don't have any further questions. Sorry.

I've got no question from the queue. So I would like to now hand back to the management team for any closing remarks.

Excellent. Thank you very much for being today with us. We're very happy to share these results with you, very positive ones. And we want to strengthen that we will continue working, of course, in terms of the growth of the company and the profitability of the company. Thank you very much, and stay safe.

Thank you very much.

Thank you very much. Have a great weekend.