Atalaya Mining Copper, S.A. ($ATYM)

Good morning, and welcome to the Atalaya Mining 2025 Annual Results Investor Presentation. [Operator Instructions] Before we begin, I would like to submit the following poll. I would now like to hand you over to CEO, Alberto Lavandeira. Good morning to you.

Many thanks. Good morning. Hello, everyone. We are here to look at the annual results presentation and our results for 2025. It was a very good year overall, and our financial results were quite good. We produced around 51,000 tonnes. By the way, I'm here with Cesar Sanchez, the CFO of the company. Going through the presentation to direct you to the slides, we produced 51,000 tonnes of copper, which was just around the high end of our improved guidance. Our cash cost, the full year cash costs were $2.40 per pound, all-in sustaining cost $2.90, all of them within the revised guidance -- improved guidance. These good results, obviously, with the copper price translated to a very strong financial results with EBITDA of EUR 180 million and free cash flow of over EUR 100 million. As a result of that, we ended up the year with over EUR 122 million net cash position in our balance sheet. And this thing does not include our placement in January -- late January 2026. As a result of these good results, the Board has approved yesterday a final dividend of EUR 0.065 per share, which I will discuss a little bit later during the presentation. And looking at a little bit at the corporate level, without going into all the details that are shown in this slide, we had some changes within our leadership positions at Riotinto with the appointment of a new General Manager, Fernando Arauz, Mining Engineer with very large experience in mining in Spain. We were also included, just a reminder, as a FTSE 250 member in the index effective May '25, following the re-domiciliation to Spain earlier in the year. With that, our trading liquidity has improved quite a lot and was something that we had already set as a target. Regarding our projects, I will go a little bit later in the presentation with further details. As well, I'm going to be giving some details in an impairment that we recognized in our E-LIX project since all our accumulated investment there was through loans, and we prefer to be prudent in our expectations with the recovery of these loans. At Board level, we appointed Mike Armitage as a new Non-Executive Director, which follows the appointment of Hennie Faul and Coriseo Gonzalez also as Nonexecutive directors earlier in the year. Going with something which is quite important to us, which is sustainability. We pride ourselves to be working with excellent relations with the communities around Riotinto. All of you that have visited our site know how seriously we take this, and we continue to operate there in a very -- in a way without any problem. One of the things that we did have this last year was higher lost time rates than previous year, which is something that we will be focusing on improving. We are very rigorous in recording any lost time injuries, even if it's just a small back pain going up a stair of access to a cabin of a truck or whatever we are. In addition to that, we continue to focus in our compensations to communities, also try to use as many local suppliers as possible. And of course, trying to use minimum water, which is something which is scarce resource, which is scarce in the lower -- the southwest of Spain. Although this year, we had excess water, I have to say, no lack of water at all. An important point also is to try to minimize the use of electricity in our process. And we have been going in the right direction in that focus. Going directly into the results of the last quarter, we had already announced this in January. But just to summarize, the mill performed very well in the high range of the design, even better than design. And the grades were lower as expected because we were not blending any of the material from San Dionisio. We're only treating Cerro Colorado's lower grade. But because Cerro Colorado is a quite clean ore, we had good recoveries. So one thing compensated the other. And at the end, we had a quite decent quarter, especially decent quarter from the financial point of view. We had the results of the last quarter were very solid with EBITDA of EUR 41 million and with free cash flow of EUR 47 million, which had also some positive working capital movements. In profits, we had profits in the quarter similar to previous year, but this had -- this figure was impacted by the recognition of a EUR 24 million impairment related to E-LIX. I should try to extend a little bit here in a minute of E-LIX. This impairment is related to loans that Atalaya made to Lain, which continues to own the intellectual property and operates this industrial plant. Nothing to do with the lack of performance of the system, the system works. Simply, this system was designed initially to process copper concentrates. And obviously, this is not economic nowadays due to the low treatment charges of smelters. But we continue to believe that the technology is very good and is very applicable to remove zinc from copper concentrates or to process concentrates with high values of impurities or with higher contents of silver or even gold. But due to these facts that these technologies are probably not as highly profitable potentially as the copper -- treating copper concentrates, we prefer to be prudent because it would seem that the recovery of the loans would take more time. And if this thing changes in the future, we will revert this impairment. But the Board decided it was prudent to make this impairment, which is a noncash impairment during this quarter. Even with all these things, the cash situation at the end of the quarter was excellent, and this is ahead of our placement in late January with a working capital surplus of EUR 93.8 million, so over $100 million. Looking at the global operating results during the year, production was well, yes, around 51,000 tonnes, a little bit, which is much better than the previous year almost 10% better than previous year. And the plant performed well within the capacity and actually 10% higher than the same capacity with a new production record -- new throughput record. The grades were also a little bit better than previous year. So at the end, we had a quite material, although the recoveries were slightly lower in the early part of the year due to treatment where we were processing ores oxidized material from San Dionisio. Overall, a good production year. As a result of these operating results, we had a fantastic EBITDA of EUR 180 million, as I said before, free cash flow of EUR 100 million and profits even having been impacted with the impairment were EUR 85 million profits, which is 3x both in EBITDA and profits higher than the previous year. Looking at the breakdown that we normally provide with all the different costs at different levels, mining, processing, G&As and off-site costs. We can see that the results -- the global results of the operating costs are during '25 were strong. Our reported cash costs were better than our guidance, both in site costs and all-in costs. During Q4, our cash costs were $2.60 and all-in sustaining cost $3.07 and for the full year, the cash costs were $2.40 and the all-in sustaining cost of $2.90. This good performance was driven by several factors. Looking at the site costs were quite stable. The only reason being going slightly higher in the last quarter, was lower production. But overall, we have kept inflation under control. And we didn't see an increase in cost per tonne during the previous year, which is something that we will have to wait and watch carefully for the next year due to the situation with the war in the Middle East. But there was a very good improvement due to the silver credits, basically because good production and better prices of silver and also due to the low and falling treatment charges and also the fact that we had made some spot sales at negative treatment charges. Actually, we will be -- we have agreed with traders to be selling some good lots during '26 and '27, those that are out of our existing contracts at negative treatment charges, which will continue to benefit in the years to come. Two things that are in the negative side, I would say, were the higher capitalized stripping at Cerro Colorado, but obviously, you see that in all-in costs. So we are very transparent and whatever we don't put in the operating cost, we put it in the capitalized cost to make sure everything is shown. And also the strength of the euro versus the U.S. dollar has affected our site costs, which are -- our operating costs are mainly in euros. It looks like the euro exchange rate has stabilized, but certainly, we have to be keeping an eye in the operating costs due to the evolution of the -- as I say, of the situation in the world. When we benchmark our cost versus peers, I would only say that we are -- we continue to be as expected, our performance in '25 was good. And one of the things I should note here is that the tendency of the $3.50 per pound copper in all-in sustaining cost is becoming more common in the industry. And I know other peers try to focus in C1, but at the end, what drives an investment or not is the all-in sustaining cost, which means copper prices in the long term have to increase in order to get the minimum returns in new projects. With this good results, as I said before, the Board approved a final dividend of EUR 0.065 per share, which is still subject to Board approval in the AGM of June logically. And together with the interim dividend that we have paid in October, the total dividend will be EUR 0.109. This compares to EUR 0.064 paid in '24. So it's a significant increase. And with that, it means that since '21, which is 5 years from now, 5 years ago, the company has already declared dividends of over EUR 94 million, which is more than the money that had raised in the previous years. And this is even -- as I said, this still gives us a fantastic cash position. even before the capital raise in late January. Looking at the guidance, how is '26 shaping. We have discussed this already in early January. Since then, the last part of January and the first weeks of February have been really bad in Spain, especially in the south of Spain, including floods, and we had lots of water, lots of water, more water. We received more water in the whole last year in basically in 4 weeks. And this has had certain impacts at the Cerro Colorado pit, where we could not access mine in certain areas. And during some days, we had to be mining all the stockpiles. As a result of that, the Q1 has been slightly lower than planned, but we expect better grades to be improving in the rest part of the year, and we are still keeping our guidance of 50,000 to 54,000 tonnes of copper, although as we said before, we're biased towards the second part of the year, basically due to the better grades coming from San Dionisio where we continue to be stripping. In addition to the copper that we are still maintaining unchanged in our guidance between 50,000 and 54,000 tonnes of copper, we are planning to produce around 1 million ounces of silver. Our guidance for costs are going to be $2.60 to $2.90 for site costs and $3.10 to $3.40 per pound. Look, last year, the prices have been quite stable. But since we made the guidance and things have evolved in the Middle East, and this has the potential to drive up the cost, specifically in those affected with energy, which would be diesel prices likely explosives and not so much in energy because we have most of our electricity prices hedged plus the solar plant, plus the fact that there are lots of rain that happened in the first part of the year have allowed electricity prices in Spain due to production of hydraulic -- with hydraulic origin with better prices. So the prices in the first and second quarter of Spain are quite reasonable and most of them have been fixed at good levels. But we will monitor that closely. In CapEx, we expect similar levels to '25. Most of the CapEx is associated to moving San Dionisio waste and relocate the road in order to access the better grades that are located there and access -- start the access to the Valverde ramp, which is now obviously subject to Board approval, which is something that we have basically now all the authorizations. And we will be doing some work in our tailings expansion, and we continue doing exploration and a small ongoing CapEx. Let me tell -- explain in a second a little bit about our latest financing late January. We completed a financing of around GBP 130 million, which means that our pro forma cash position is right now is close to EUR 300 million. which is an excellent position to be before the expenditures. This will be further -- this position, this balance sheet position will be further improved with the issuance of debt for the Touro project once we get the key approvals and will allow us to progress all the initiatives of CapEx at the same time as we advance our key project, which is Touro. But as we said before, the reason why we made this offering was not specifically related to Touro, but it was related to all these other initiatives that we have to do at the same time. And going very fast through those, just in case you are not familiar with, obviously, one thing which is important is to be moving the waste in the hill that you see in front of us, that's called San Dionisio, which has better grades. And as you can see in March, we have progressed quite a lot that movement. And this would allow us to get better grades weighted towards the second half of the year. Another important point is that we will continue to be drilling in Masa Valverde deposit. We have 2 rigs there, finalizing the drilling of the copper zone. And right now, we are finalizing the discussions with some contractors in order to develop the ramp discussion -- final discussions to award the construction. With now all the permits in place and subject to final Board approval, obviously, we will be starting this later in the year, while we continue drilling this red area that you see there, which has rates around 2%. Obviously, as we said before, if we -- our resources shown in green in the slide is around 160 million that's pittable, around 160 million tonnes with grades slightly lower than 0.4. And that's why we have Cerro Colorado, which means that if we didn't do much more, we would be mining for 10 years. Yes, the copper only. And we need at a certain time to do something to recover the zinc, which is we have a significant resources that contain good copper grades, but also contain zinc, both in San Dionisio underground, the pit San Antonio and this area of Masa Valverde. So for that, we need to build a polymetallic circuit. It means that we need to install some machines, some flotation machines and mills in order to recover the zinc. This has been described briefly in the past in the presentations related to the placement. Basically, it's trying to use as much as possible the existing installation in order to recover copper or recover zinc when we can get that and a little bit of lead, which means installing some new flotation machines, filters and thickness and regrind of the zinc circuit. This is work ongoing as we speak. In addition to that, we will continue drilling to find reserve to define reserves, both in San Antonio, San Dionisio around the areas of Riotinto as well as other places out of Spain. But obviously, the main growth project comes from with Touro. In Touro, we have advanced to engineering, which is ongoing. We are getting ready to start ordering the key equipment, meaning the big SAG mill that you see in the center of the picture and the Gyratory crusher. That's quite advanced, and we will be awarding this contract, the supplies as soon as we get the environmental permits. This is -- we have mentioned before that this is one of the key growth initiatives of the company because it's a value driver, low capital intensity, very good, let's say, physical characteristics with better grades, better recoveries, which will mean expected cash cost of $0.50 lower than Riotinto. So here is where we have our focus. Having been -- I mean, people will ask how things are going. Having been in Touro this week, actually early this week and meeting with the authorities, things are advancing slower than we expected, but now waiting for a single project to evacuate the report and willing to be expecting to be receiving the environmental tax statement during the second quarter -- early the second quarter, making the plans to be able to move top soil and material during the summer periods, late June, early July. And so far, it looks like the plan is acceptable and has been agreed within the key authorities. So the key points here for key activities for '26 are all related to growth. We expect to continue advancing the stripping, advancing Touro, the polymetallic circuit, San Antonio exploration because at the end, this is a company that we plan to grow in production today, our pipeline of projects around 100,000 tonnes of copper equivalent in 3 years. We have -- most of the projects are brownfield. We have the teams that have developed projects in Spain plus at Riotinto plus earlier phases of development of our projects. And we have a robust balance sheet with almost EUR 300 million in net cash and ahead of any debt financing that will be taking place in the second part -- in the second quarter of the year. So I think we are very well positioned. And I think although the presentation contains many more slides in the -- I think I was trying to be half an hour to leave a lot of time for questions. I think I will open it for questions and send it back to the operator.

[Operator Instructions] I would like to remind you that recording of this presentation along with the copy of the slides and the published Q&A can be accessed at our Investor dashboard. Alberto, at this point if I may hand over to you to take us through the questions and I'll pick up from you at the end. Thank you.

Thank you very much. Yes, I'm happy to go as usual, I will try to go through all the questions without leaving anyone behind. The first one is please explain the E-LIX numbers. I don't think the market is expecting a write-off let alone such a large one. Well, let me start, and we have had a lot of debate at the Board. The company has invested roughly -- and by the way, all these details of calculations and all this has been very well -- is going to be very explained in our annual report in our accounts with some specific reasons for doing everything and so on. The company, and we are not a big company, has invested around EUR 55 million in the 10 years' history and everything has been set as loans to Lain. Only part of that is a convertible loans that we can convert into equity of the company. And some of the other things, some of the investments have also been in machines and equipment that we have bought directly, which is something that we will be able to recover ourselves, for example, the building and so on, even without operating with Lain. So then, the Board decided that since it was -- there was no clear plan with Lain Technologies itself, to where we can say, look, we are going to be recovering the loans in a prudent time, not that we don't recover it in a prudent time. The Board decided it will be better simply to be conservative to give a write-off. It's a noncash write-off, very much like what you would do with exploration. That's the only reason. Not that we don't continue to work with it, not that we don't believe that this is interesting, simply that we expect it to be -- we prefer to be prudent. Happy to provide more numbers, but we have gone through independent reports looking at valuation of the technology itself, which provide us with an assurance that part of the loan does not need to be impaired. We have gone through independent valuations of the equipment and everything is there also needs -- but whatever it's a loan that's going to be paid back with the profits, we believe it would take a longer time simply because it just takes longer time, and we prefer to impair following conservative.

If I may add to benefit because for accounting reasons, we have many numbers across the balance sheet. So if you sum up all the numbers that we have in our balance sheet for Lain, the total amount pre impairment is EUR 56 million. So that includes everything what Alberto was just mentioning, including the equity interest. So we impaired for an amount of EUR 24.1 million and the remaining, therefore, number that you see in our balance sheet already that is EUR 31.8 million. And that is composed by EUR 10 million of the convertible loan plus PPE of EUR 22 million. And that give you the full picture of the number that you can see a few questions on the screen for them.

Okay. Another question comes in, how exposed is Atalaya to diesel hydrocarbon costs given the current spikes in the area? It's a very good question and something that we are following up. Look, just to make very simple numbers, there are 2 areas that we are exposed. One is electricity costs itself and the second would be hydrocarbons related to fabrication of explosives, which basically they affect -- the fertilizers affect the price of explosives and diesel direct. The only one where we are relatively exposed is diesel. We consume last year 30 million liters. So if you apply an average price, we will have like EUR 25 million in diesel. If the price of diesel went up, let's say, 30%, we will have roughly EUR 6 million or EUR 7 million. That's kind of exposure that we have right now. If this continues, that's the type of, I would say, higher cost that we'll have in the mining costs. In explosive, normally, the price of fertilizers has the same effect, but it's not that high. Actually, our fertilizer comes from Norway and from -- the price -- fertilizer used for explosive come from Norway and from Spain. In [indiscernible] should not be affected, but it always does. The consumption is around 0.7 kilos per cubic meter and the price is around 1. So really, the exposure will be much lower than that. maybe 1 million more or whatever, if that was the case. Another important point could be electricity, but in that case, we are not that exposed. We are not that exposed for 2 reasons. One is because we have around 20% of our electricity coming from the solar -- from our own solar plants. And we also have hedged and covered around [ 54, ] which is a very good price of our production in long-term contract that started last -- starting in '25 actually '24. So that doesn't affect. And prior to all this development and wars, we had also covered most of our costs of electricity for the first and second quarter of '26 at fixed prices, which are much lower than the market. In the third and fourth quarter, where normally the price is slightly higher, we have also covered ourselves to make sure there's no big increases in gas prices. I have to say that in Spain, the gas prices are only the marginal producer in some of the positions, some of the hours because we have a lot of solar, wind and especially this year, we have lots of water due to the rains, very heavy rains all over Spain that where all the dams are basically full. So we have been enjoying quite decent prices. Spain produces around 20%, a little bit less than 20% nuclear, which is also not changing. And so the gas prices, even if it spike, we will not see -- we don't expect to see in Spain the big increase that we saw during the Ukraine war is the first point. And the second thing in our case, since we are kind of covered at least 60% of our coverage will not affect us so much. I think there's another question about E-LIX details. I think I have already explained that. The next one is when do you expect to start working in Touro? When do you expect the first production? When do you expect to get full production? Which financial year do you expect to hit 100,000 tonnes of copper? I think the 1,00,000 tonnes of copper equivalent will come, I would say, end of '28. I don't think we'll have it in '28 because we'll be starting Touro. The first production of Touro, I expect to have it in the first part of '28. We expect to break ground in the summer of this year and summer of this year to start clearing ground, making geotechnical work and so on. Or we expect to order equipment in this quarter. And this is what drives the construction track. Construction time is basically 18 months. And it's very important that you order the mills that have 50 weeks of delivery time and the Gyratory crusher. The other equipment does not have those delivery times. So we will expect to start moving soil -- top soil this summer, I would say, early July, late June. First production, I expect to have it early '28, late '27. Full production will come 3 months later in Touro. It's very easy copper and full production late '28. So basically, full year is '29. How certain are you obtaining the permit to start Touro in April? No, no. In April, I'm not sure. I have been told yes, but I've been told that several times and they've been wrong. This is what they told me they want to have it after Easter. This is the environmental permit, which will allow us to order some equipment and is the key thing. After that, you have like 2 months to write down the final mining permit that includes a global permit of [indiscernible], access to land, water, roads and everything that takes like normally not more than 2 months. But with the first part, we can already start moving. Then average zinc prices in mill ore -- average zinc grades in mill ore, you will attempt to recover? Zinc grades, okay. Normally, our grades are around 2.5% copper in the case of the polymetallics in that range, open pit with 1.3% to 1.5% to 1.9% copper and a little bit less than 0.9% of lead. So normally, the grades of zinc are going to be around 2%, 2.5% or less of copper. Had you been given verbal assurances that total perm is coming early second quarter? Yes, we have been having meetings saying that things they are working on it. It simply takes time and civil servants go at their own speed, but there is pressure and there is certainly a will to complete this process that's taking longer than they have planned by the whole -- by the law of strategic projects, they should have obtained -- they should have finished this procedure of evaluation already a few months ago, a few months. The next question comes in relation to energy. We were investigating in previous calls, battery storage to capitalize on solar capacity. The Spanish [indiscernible] price shows that intraday spread between peak solar and even is 70 to 100 megawatts, which is a compelling arbitrage. Is there -- could you give us an update on where the study has got to? And the second is question on diesel. Given it remains significant input, if there was a meaningful pullback in diesel at current levels, could manage using forward contracts to swap or lock cost advantages? Starting by the second, yes, we have been looking at buying and setting prices in the longer term with the contractor. Normally, at least in Spain, they don't settle more than 3 months. In the first part of the battery capacity, we have not got an agreement to get a good return in the battery storage. Even if the arbitrage is there, we have not got good results on that. So I don't think we'll be able to do that in a meaningful way. Any plans to expand the solar panel capacity? No. That's another question. There is no because we are not allowed to sell our solar capacity and our consumption is around 47 megawatts. So that's roughly what we have installed. So if we did a small amount, it would be very, very small. Well, somebody is asking about why we sold the stock at $10 and what did you say to investors? Look, I think let me be very honest. We were lucky. We were lucky in the pricing when we started looking at the options to finance all our expansions, it was October. In October, we had no sites that copper was going to reach $6.30. And also when we had a pricing which is set by a complex system has to be done at a certain discount on the market, and we were lucky in the sense that, that day, the market was at the peak of the copper price and at the peak of our share price. Having said that, the investors are here in the long term. What's happening now is short term. At that time, we did not know, nobody knew, I suppose that this thing of Iran was going to happen, that the bonds will start flying, that the diesel was going to go up, that the interest rates -- everybody was expecting to lower the interest rates and all these things. So yes, in hindsight, we were lucky, but in the long term, I think we were right in -- this is a long-term game with mine lives in excess of 10 years at Riotinto and in excess of probably 20 years at Touro plus some other things. I'm sure this situation is not going to continue. And we have seen the pullback in all the copper stocks and I would say, nonindustrial stocks. And well, I think in the long term, we'll see that share price being recovered. People are asking about the outlook of the reduction impact in Q1, Q2 of the silver. Well, it depends -- actually, it's very simple. We have given guidance. Our guidance is based on a silver price of around $50. We saw the first quarter the silver price going to the $80, $90, even touching higher levels. We produced 1 million ounces. So if we get paid 90% of that you can guess that an increase in silver price of $50 or $30, for example, will be basically $20 million lower, which means a reduction of $0.20 more or less in dollars per pound, just to make very simple numbers. Cash divided by 100 million pounds, you get more or less effect in costs. There's a question here about updating gold interest. We are looking at some gold exploration that we have in our concessions. Actually, we have 2 rigs drilling in a place called Ossa Morena, where the target is to identify something that can be open pittable. And that's why we are doing basically exploration. That's the moving. Next question comes around the E-LIX loan conversion and do we now own more E-LIX or should we take control of E-LIX or higher percent? Well, this is something that's always in the table. But obviously, what we want is to apply the technology. We don't need to own it specifically. For us, we are not going to be selling technology over the world. What we want is to use it. And we -- our goal is to try to have the best success for Lain and try to benefit in our deposits and if possible in other places. So if we have to take control, we will, but it's not the goal of the company. What we want is this thing to work. Communication with Trafigura, do you know if they plan to exit? Were you surprised with they're selling at $9.50? Well, look, were we surprised? Well, we were kind of surprised that they did not take the opportunity of selling with our Block 10, but not to see them going out. They have been in the company 11 years. From our calculations, they have got an annualized return of 18% in 10 years, which is fantastic return. And that's without considering the profits that they have from the offtakes, which eventually means that they were going to exit because they were here -- didn't have any special advantage from offtake point of view. So at a certain time, they were going to go out. And I think at a certain time, they will continue to exit because they -- right now, they had a good investment and time to move on or some other thing. [indiscernible] land after mining we have with E-LIX. And have we considered rare earth processing in joint venture, water plants and good at chemistry. Well, yes, we have considered lots of things, but not rare earth because you need to have the rare earth. In theory, it's possible, but I mean, we are not considering that. Right now, we are concentrating on what we have. But we are very open to all the initiatives. We are very open, but we are not considering that. And the last question, I think, I believe it's how do you expect to recover balance [ EUR 31 million ] on E-LIX? Is this by selling technology, third parties and how likely is this? Well, we have made, as I said, we have asked somebody specialized in technology to look at the value -- likely value of this technology, and they gave us a range. And actually, we used a conservative range. So eventually, we can convert part of our loan, which is roughly EUR 10 million into equity, which will be recovered. In the other part, the other about EUR 20 million, we have some installations that could be used for E-LIX or for any other system, which are basically the motor control centers, electrolytic cells, tanks, pumps that we use in our process and that have a value very close to -- because they are quite new. So I think we can recover that, and we don't need to take that to our losses. So I think we have done a prudent thing. And hopefully, we will be able to revert that impairment if we can advance in the installation of a good installation with E-LIX.

That's great, Alberto. Thank you for addressing those questions to investors today. Alberto, before I redirect investors to provide you with a feedback, which is particularly important to you. Could I please just ask you for a few closing comments to wrap up?

Well, as usual, many thanks for being here. Many thanks for your continued support. Happy to see continuous support in names that have been shareholders of the company for quite a while. I think we have performed what we can. And let's hope that this small bump in the cycle passes soon, and we continue looking forward for the future of Atalaya in a good way. And hope to see you soon in the next quarter.

Fantastic. Thank you, Alberto, for updating investors today. Could I please ask investors not to close this session as you now be automatically directed to provide your feedback, which will help the company better understand your views and expectations. On behalf of the management team, we would like to thank you for attending today's presentation, and good morning too.