Global Dominion Access, S.A. (DOM) Earnings Call Transcript & Summary

Good morning, and welcome to the disclosure of our results. If you want to follow this presentation in English, you can do, selecting the English language on the wall [indiscernible] But before starting, we would like to remind you that once the presentation is over, we will open the Q&A session, so you can leave your questions in writing at the section questions or you can contact by telephone or raise your hand. So let's start off with the presentation. Mikel Barandiarán; Roberto Tobillas, Director; and Patricia Berjon, the Director of Development is out here to speak.

Good morning. Many thanks for attending our conference with the results of the first half of the year 2021. So let's start, and we're going to start off with many positive messages and with what I believe is a headline that confirms what we already saw during the first quarter, and that is that we're growing relative to 2019 and at a record level. So this is why I would like to reaffirm, in many cases, to a comparison with 2019. Although I will specifically refer to a comparison with 2020 because we believe that it doesn't make any sense, bearing in mind what the second quarter of last year that had very significant impacts because of the pandemic. So therefore, as regards 2019, we are growing above the historic average. We are growing in terms of sales and margins, and we've recovered the levels of leverage. This leverage can be observed at all levels, and we have plus 15% in EBITDA that becomes plus 30% in EBITA and 37% more in EBIT, although you cannot see this in terms of net profits and the reason that because there were negative ForEx differences. If we eliminate this effect that has to do with the leverage of the business we have in Mexico under numerous under syndicated business in the United States in dollars, the growth of net profit would have been plus 45%. So therefore, we can make this leverage visible, which has to do with very efficient structural costs below 3% relative to sales and financial expenses and taxes in line with the predictions and with the roll -- with retail businesses growing up to EUR 2.6 million, and we're closing with a net profit of EUR 19 million compared to just over EUR 1 million in 2020 and the EUR 14 million of 2019, and this is a record figure because this is the biggest net profit that has been recorded in a first half of the year. So let's look at the details of the sales. So you can see what we have behind these growth figures. In the comparative analysis 2020, ForEx and inorganic growth provide minus 0.6% each in the half year. But in comparison to -- compared to 2019, negative impact of ForEx is much greater, minus 3% and inorganic has practically no impact, bearing in mind the investments and divestitures we've made. So therefore, organic growth relative to 2019 is 21%. Without a doubt, the highest level of growth that we've ever recorded and which means that we've grown organically at double digit in all of our segments. In inorganic, this change of remit that affects 2021 compared to 2019 that has been done in 2021 has to do with an acquisition in April of Miniso, 3 months and therefore is a company in the exploration of B2C. And in February, 5 months, we have Tankiac that is a company related to environmental services. But let's now analyze the evolution segment by segment. We started with B2B services with a very good evolution, with very strong levels of growth in terms of sales and a strong recovery of margins that in this first half of the year stand at 11.4%, which should increase during the rest of the year, as we've already seen in the second quarter. So this happens, among other things, thanks to the fact that we are renegotiating historic contracts, mainly in the European industrial environment, with customers like [ Salski that ] and because we are now entering into new contracts and customers like CGE in Chile, among others. So for B2B services, it's been half year as business as usual, but it's been excellent. In the case of B2B projects, well, we have a strong execution in the quarter where the contribution margin now reaches 17% that has been pushed by a high margin during this second quarter, which was 19%. That has to do with the first phases of the PV project carried out in the Dominican Republic. So this good performance of the renewable business and the positive evolution of the project pipeline, where we've added on new projects and, above all, where the existing projects have evolved towards ready to build statuses at a high speed than what we had initially forecast make us consider that the value of this business area has grown over the last few months. And this is the main reason why we have not yet closed the arrival of a member of a partner in this area. So we are now reassessing the valuation we made at the beginning of the year if we want to maximize the reference value of this business. In other words, we are continuing with the same approach to this activity in the next few months, and we want to profit from positive evolution. And the rest of the B2B projects, we are still including very diversified projects, and we have advanced in the hospital tenders in Chile, where we were not awarded the June tender, and we are now about to submit a new tender, a new offer in a few days that will be awarded in September. So with this commercial activity, and with this rhythm execution, we have maintained high levels of portfolios above EUR 605 million. As you can see in the figures that we have published that we have presented, this grand B2B segment that covers the 360 projects and services covers 85% of our business. You could see how the industrial part is growing on average at plus 25%, whereas the area of T&T is growing below the average. Well, we have to bear in mind the divestiture of telco services in Spain, and the energy sector has grown a lot and now accounts for nearly 20% of the B2C business. But now I have to review the B2C business segment with a weight of 15% as regards to the contribution margin. It's a complex semester for the segment, and the restrictions were still significant during the first quarter. And in Spain, we also have the Filomena snowstorm that had an impact on the physical and online shopping. And in the second quarter, we still did not recover the pre-pandemic consumption habits. And there's also been a change in the electricity bill. It took place on June 1 that has increased the churn rate of the energy vertical. Even so at the closing of the semester, we have a basis of 260,000 supplies, 51,000 than 1 year ago, where there's a strong catchment in the telecommunications segment and where most of the elements that have limited growth during that first half of the year are absolutely circumstantial and will disappear over the second half of the year, and that means that we have lots of room to improve. But in order to profit from this recovery, we're working on several fields. Firstly, we are opening up new physical shops, and we are also launching new brands and new agreements with partners, so that we can amplify our distribution channels and our commercial proposals for our customers. And the most imminent of these launches has to do with the launch of a new brand with an agreement with [ Hawk X ], which creates a focus which is now the pilot stage and which will be implemented after the holidays. And if you want, we can move on to the equity movements and, above all, to cash generation. In this first part of the year, we have generated EUR 24 million as from EUR 31 million of EBITDA. In other words, above the generation goal of 75%. We are investing CapEx of about EUR 12 million below the levels of amortization, although there's been very strong growth. And other than that, we had the movement of working capital that has been minimal, and disbursements due to financial expenses and taxes have remained stable. So what have we done with this low operational level? Well, basically, this has been used for 2 things. On the one hand, EUR 10 million have been used to pay past earn-outs, EUR 5 million, and the new M&A of the year with Tankiac and Miniso. And with these payments and with these new acquisitions and with the pending earn-outs now total EUR 12.5 million, EUR 1 million is to be paid in 2021 and EUR 11.5 million are to be paid from '23 to '27. And then we have another EUR 9 million that have gone to the share repurchase program. On the closing, 30th June, we've reached 4.3% of our own shares. And once we covered the 5% covered by the program, we will then move on to amortizing these shares. But to square the movement of net cash that has dropped by EUR 5 million, we also have to add the EUR 9 million of net debt taken on board by the companies that have been integrated during this semester. So we've nearly come to the conclusion. And the conclusion is that we have an excellent recovery of our activity and profitability that already started in Q4 of 2020. So that means it's the third quarter of consecutive growth after the decline that was produced by the pandemic, growth also in relation to pre-pandemic levels, and we have exceeded historic figures. And the net profit is the best net profit we've ever recorded for the first half of the year. And as all of this is happening, although we are still affected by COVID-19, and especially in certain businesses, it makes us think that there's still a long way to go to improve in all the segments, especially in B2C. And this is why all of the goals that were reviewed are still completely valid. And we know that they will increase and improve, and that all the lines of actions are going to be maintained in terms of sales, profitability and operating cash flow. So thank you very much for your attention, and now we'll move on to your questions. [Operator Instructions]

Okay. We have Carlos Treviño from Santander as the first person to ask a question.

Can you hear me clearly?

Yes, perfectly.

I have 3 questions for you. You increased the guidelines in April, and then the development in the second half of the year -- in the second quarter has been very significant, you haven't modified anything. But could you please quantify your expectations -- your growth expectations for this year relative to what we've already seen in Q2? What kind of rate growth do you think we'll be able to achieve by the end of the year? And then we've also seen -- well, my second question would have to do with the solutions and projects. It's been a very strong quarter, I suppose, because of your turnover landmarks. And I would like to know what kind of growth expectations do you see in terms of projects for the rest of the year. And the third question has to do with B2C. In particular, more the departure of customers we've seen in the second quarter. I'd like to know why you've -- this has increased the churn, why this tariff change has produced this high churn rate and why has this had such a big impact on you? And I would also like to ask you about the gross newcomers you've had in the figure -- the growth figure as regards energy in this quarter.

Well, thank you very much, Carlos, for your questions. Well, I'm going to answer the first one that has to do with the guidance for the year. And as you point out, quite rightly, we -- in the presentation results of the first quarter, we mentioned this, and well, let's say that we stand far above the objective set in the strategic plan. And what we've done with the results of this first quarter is we've, well, supported them basically. We've confirmed them because we had the visibility in May when we presented the data of the first quarter. And what we thought is that we could achieve these very ambitious goals and this double-digit growth in sales compared to 2019. Everything is -- 2019 has been used as a reference for this growth of EBITDA above 10% and net results in excess of 25% growth. So obviously, with the operating cash flow levels that were set by our plan, it was 75%. So this vision -- or this visibility we had in the month of May, well, these results just confirm this visibility or this vision, and we have maintained this objective to close 2021.

Yes. You've been asking, Carlos, about what has to do with projects. And yes, the truth is that it is pretty strong. And that visibility for next year, especially as regards hospitals and renewable projects, as Patricia pointed out before, we are seeing high probabilities or possibilities, especially in Spain and Italy for next year and in Europe, too. So we are now focusing on finishing the wind power projects in Mexico. We also have projects in the Dominican Republic up and running. So there's obviously growth and there's obviously an execution in Angola that has to finish. And I suppose that we will support this double-digit growth that Patricia has pointed out for the total figure. But I can't give you an exact figure right now because we are obviously going to grow. We are very strong in terms of B2B projects, and this is supporting our accounts. The margins are very interesting. And this -- for the time being, well, this is going to remain here this year and next year. So we'll have to see how the year evolves, and then we'll be able to give you more visibility. And in any case, I'd like to refer to what Patricia had said previously.

Yes. And as regards to your final question, B2C, and especially the rhythms of the catchment and the churn rate in the energy vertical, what I'd say is that what we're seeing here, we're seeing absolutely circumstantial effects. We are seeing some effects that are closely associated from the half year perspective. This is very related to the restrictions we have in the first quarter. And if we look at B2C in the energy sector, there's been a very significant increase of the churn rate because of the market movements that have been brought about by the tariff changes that took place on June 1. Service has disturbed the market. The churn rates have been increased, and all the operators are affected by this. And what we are doing right now is not only focusing on this quarter or in that particular month of June, but rather we're working on initiatives to make use of this recovery, so that outside this month of June, and that now we can increase our levels of catchment and our number of customers. So this has to do with what I mentioned before. And this quarter, we've been working a lot in the launch of new brands, new brands that are not just early new brands, but they mean that new agreements are being signed by partners, and we want to increase our catchment possibilities and different channels and the different kinds of commercial offers that we can suggest to our customers. I mentioned one of the agreements with copper, but there are other things that we'll be launching in the second part the year. So most of our efforts have been focused on preparing these launch campaigns. We've prepared these new physical shops that perhaps goes against certain trends, but we are absolutely clear in our minds that this is what has to be done and that we will have possibilities of growth, too. And I would take this as something that is circumstantial with B2C. I think that we're going to see a significant recovery in the second half of the year.

Well, yes, a follow-up question, please. What do you think that you have to launch new brands? Because what I thought I understood, the Smart House concept is an aggregator of services for the customer. So up to what extent this concept in which you want to send lots of services to the same customer, make that customer loyal? But to what extent is this affected now because you want to launch a new brand in the energy sector? And what is your position going to be for each one of the brands? What is your goal?

Well, I'm going to answer you -- I'll try to answer you, Carlos. And that's -- while, we continue with the same concept. We also want to group services. And for that, we have our own brand, Alterna Movil, Alterna Energia, et cetera, et cetera. So what happens, though, well, we have a network that we acquired with Phone House, and this is a way of attracting customers. And we have different paths to attract people. It could be, well, contracts of any of the verticals. So one of the possibilities, as Patricia pointed out -- pointing out, as we deal with physical shops. Physical shops have high cost involved, but they have a lifetime value that is equally high because sometimes I've said that when you attract people through the network and by having people clicking with the mouse, that's what they do. They use the mouse, especially now in these moments of so many disturbances. So we are bringing together certain services. We are grouping them. And as Patricia pointed out, we are launching a new market -- a new brand -- we'll be launching a new brand in the second half of the year. But we've reached out to people in the world of social media, like the people with [ Hawk X ]. That's why we've created new brands, and we're going to have majority shares, but they also have a substantial part to play. But in any case, that means that we won't have any catchment cost because they are experts in that kind of marketing. They've demonstrated this, and they've done things perfectly well in other business processes, and we've created brands. For instance, the energy brand that is called Los Tres. And you will start to see at the end of August, you'll see these campaigns. These are completely different campaigns that are geared towards other markets. And each brand, especially what we've got with MASMOVIL effect, what we've seen is that each group, I'm not talking about each groups, but I'm talking about the fact that each one is focused on a specific brand. And by having only one brand, well, you'd go against these catchment levels, of course. But each -- in each group, we're going to have different brands. And what we're trying to do is maximize or not have any constraints imposed by a brand. And we're going to try to find the cheapest possible traction channels and attack at all levels, and that's what we have been doing and what we've been preparing during this period of the pandemic.

Yes, so that each brand can address a specific segment of customers with the value proposal adapted to their needs, that's it exactly. "Could you give us please more details on the one-off of B2B, please?" That's from the chat. Well, yes, I understand that with one-offs, I'm not sure if you're referring to the fact that there is a very high margin in the second half of the year, and that's because we are on the first phases of the PV project in the Dominican Republic. And you know that there are a number of landmarks that have especially high margins. And then the execution in Angola is pretty strong, and it's also very good. And this is another interesting project.

Well, yes. When these major projects are carried out, we always leave some items for imponderable. So that means that different circumstances crop up as you advance in the process that have to be addressed.

Miguel has 2 questions. Have new exchange term sheets for the partial sale of renewables, was this today produced by the valuation? Or was this covered by the agreement? Or is there any possibility of increasing your participation in the joint venture of the hospital in Chile?

Well, I'll kick off with the second question. Is there a possibility? Well, we're not interested really. What we're doing with these participations and these concessions, if we can get 10%, well, it's better than 20% or 30% to mobilize too much equity. And what we want to have this position on the Board. We want to protect our margins in the project. And that 10%, we negotiated that way,it makes it possible to do so. And for future hospital operations in which we are involved, we are also trying to minimize this to a figure of 10 because it gives us the same as 30. Well, Roberto had said that if we could have a position -- a seat on the Board and look after our margins on the project with 1%, it would be enough because we have no interest in having a concessional business because what we want to have is the business of construction, plus the maintenance business throughout the 15 years. And then as it regards to the issue of renewables, as regards to renewables. Well, this is so because there were term sheets that have been negotiated. We have not yet communicated this to the market, but what is happening with this somewhat proactive approach on our part and which has to do with what Patricia had said before, we feel legitimated and we feel responsible for the fact that it's a business that we believe is going very well, we feel very strong. And in this regard, we wanted to open up more possibilities to the competition and, well, give more flexibility in terms of the value we wanted to propose. So it has been a unilateral decision. We're still involved in that process, and we still have that situation. And I think that just about wraps it up basically.

Gabriel Colominas, Gesiuris, who's raising his hand.

Can you hear me clearly, loud and clear?

Yes. Perfect, Gabriel.

Okay. Patricia, well, I have several questions. And the first question is very specific and has to do with the energy business. In the presentation, you say that the sales of energy, well, in the second quarter, you say that you've had high levels of revenue because there have been increases in the price of energy.

Well, yes, Gabriel. What we referred to the fact is that the fact that the energy pool has had higher prices compared to previous quarters. And as our commercial proposal to our customers is that we're going to sell energy at cost, and we add on a management or administrative fee for, yes, the invoice of the bills of our customers has increased, and our top line has also increased, of course.

Perfect. And then -- well, there's something else. Well, normally, you know that there's usually a pretty negative impact in terms of capital in the first half of the year. But have there been any limiting factors for this to be so? Or is it that there's been a change in the activity mix? That means that the working capital has had less impact.

Well, the truth is that there's nothing relevant here because we've had this on an annual basis, and we are in recurrence and normality. There's nothing special to mention in that regard.

Okay. And well, finally, as regards -- the generation of this half year has been very good. So I suppose that by the end of the year, it's going to be extremely good. And I understand that you don't expect to have a bad second half of the year to compensate this first semester. So if this is maintained, it's because you believe that everything is going to continue at the same rate in the near future?

Yes. I fully agree, Gabriel. Generation has been very good in this first half of the year, but we expect it to be equally good in the second half of the year. And we're talking about 75% of generation of operating cash flow.

Perfect. And then I had another question, too, that has to do with the current -- the interest paid. I think that in the -- I can't remember exactly, but I think in the memorandum, you don't give the detail of the interest rates that you're paying. So you just give a gross figure ready of what you have in -- between IOUs and bank operations. I think it's 3.9%, if I'm not mistaken, of interest rate. Perhaps, could you tell us what kind of interest rates you're working with now in bank that's in the IOUs or promissory notes.

Well, we have the long-term structured operations, so with BEI and ICO, the syndicated, that is between 2% and 2.5%. And then we have quite a lot of financial expenses because of the situation of endorsements and guarantees. And then when we've carried out specific revisions in terms of promissory notes and IOUs, I think that we are -- I think, it's 0.15 or 0.20, we're within the margin. But in any case, it's a mix of operations and the different geographies. And well, at the end of the day, that's -- they all converge on these values. So we have the impact in endorsements or guarantees that increase the costs.

Yes, that's it exactly.

Okay. Perfect. And I had a few more questions here written down. Well, this is something that you can't really modify. And perhaps by reducing the amount of debt, you'll be able to modify the costs you -- the current costs you have.

Well, yes, of course. To the extent that we've had the business growth at many times, there are more guaranteed requirements to be met. You know that we have financial expenses involved and you know that we have factoring policies that we implement in different parts of the world. And these are things that have to be taken into account and which are -- can be seen in the P&L.

[ Miguel Medina ] "Has the sale of die tools and farmer tools produced extraordinary positive results? And could you quantify this, please?"

Well, yes, the sale of die tools and farmers tools has produced something like EUR 3 million, but we also have to bear in mind the liabilities that have been taken on board. And I think that the impact is about EUR 2 million or EUR 2.1 million. There's -- it's an operation and exploitation operation and it's had an impact of about EUR 2 million roughly. But what we are seeing is that this is a recurring result. In other words, when we do projects like this kind, it is true according to what Mikel pointed out, what we're doing is we feel comfortable with these situations on the balance sheet and with our projects because we have hedging. And the most important thing is that this impact of EUR 2 million is pretty diluted. So I'd say that the results that you're seeing are absolutely recurrent.

[indiscernible] from Augustus Capital says, "What -- do you expect to increase the buyback once you reach 5%? And what is the funding figure for factoring?" Well, I'll answer about the factoring. Well, we have a factoring of about EUR 70 million, which is very in line with the closing date of last year, which I think was EUR 2 million higher, so there is no significant variation. And for the closing of the year, well, we don't expect there to be major variations either. There's a more or less stable figure that grows according to the growth of the business.

And as regards to the buyback, well, it's 5%, which I understand will go down to 4 point something. We'll amortize, as you know. And as long as the shares follow these prices, and that is one of the equity allocation possibilities that the company had, which is good for the company and we'll continue to do so, of course. And we'll then approve this at the AGM.

Ignacio T. [indiscernible] has raised his hand. Ignacio, you've got your microphone muted. We can't hear what you're saying.

Can you hear me now?

Yes, loud and clear now.

Mikel and Patricia, well, 2 very quick questions. The first question, how do you think the next-generation funds will affect you in aluminum? So do you think you'd be able to benefit in one way or another? And if is not directly, -- indirectly, which vertical do you think that you will be able to play a relevant role? Or where do you think you'll be able to benefit through a customer? And then, well, on Angola, how many more quarters to go contributing towards cash generation and towards the P&L?

Well, as regards to the next funds, we haven't included them in any budgets, although we have submitted several projects. I think it's 13 that we presented. But you know what this issue is like. Sometimes, it's pretty difficult to understand things. It's difficult to know where responsibilities lie, but we are there. And the truth is that these next funds, at least 70% of them, are geared towards those areas in which we are, that is digitization and sustainability. And we've submitted projects that are interesting. So we are trying to carry them out but like any other commercial operation. But in a world that is very difficult and very complex from the point of view of the administration, so it's complex. And then the other question?

Yes, regarding Angola, I was asking, it's a contract of EUR 220 million for the high-voltage side. So there's approximately only 20%, 21% in those EUR 40 million or EUR 45 million to execute the project? Wait a minute, I have some feedback here, sorry. And how many quarters did you say roughly? When are you going to finish this in Angola? Sorry?

Well, I think that it's towards the middle of next year, basically 2022. But it's difficult to give you a forecast because we are protecting our collections a lot. So what we do is adapt how we progress in the work and how we collect to avoid any risk as a function of how we -- the Angolan government releases payment capabilities. And depending on that, we either go quicker or slower.

So once this contract finishes, are you going to have continuity once you've already put your -- once you've already entered the country? Do you think you will be able to contemplate new contracts?

Well, yes, we obviously know we can concur what is happening in Angola. As you know that, well, we'd have to go there with some project that could be funded by some European project or -- And considering the situation in Angola and considering what the monetary -- International Monetary Fund says about the country and how petrol is evolving, it's something that we're not considering right now. And we are focusing our commercial activities on other countries. That doesn't mean that we don't have a structure in Angola. If there's anything of interest, of course, we would go for it. But I can't see anything in the short term though.

We have a question from Gabriel.

There's a difference between sales and adjusted sales. It's -- the difference is smaller. Why? Is it you're selling less -- you've sold less terminals in B2C?

Well, yes. Well, this is not about developing the retail business, but it's about developing the service business in B2C. So this is not only our strategic focus, but it's also a reality because there has been lack of growth in this area, and we are more focused on making services grow. So this is why we have adjusted the growth figure -- adjusted business figures. This adjusted business figure shows where we are focusing on and where we want to grow. And the other issue, as we've always said, it's like a magnet to attract traffic to shops with very low levels of attractiveness. But what they do is generate traffic and make the rest of the business attractive, too. Alvaro Echavarría from [ La Venta Cuatro ] has a question. You're muted, Alvaro.

Alvaro, you've got to switch your microphone on.

We can't hear what you're saying, Alvaro. You probably have a problem with the mic. And if not, I'm not sure if you're connecting by telephone or online, perhaps you can send in your question via the chat. Okay. Well, we have no more questions for the time being. And if Alvaro doesn't manage to enter, okay, we'll close here. Alvaro you have contacts. And obviously, we'll be able to have a chat with you later on once the meeting is over. And thank you all very much indeed for your participation and for your questions. And I hope that everybody -- wait a minute, Alvaro is now entering through the chat.

The potential increase in the contribution of B2B services because of a change in the business mix. When we're talking about the change of business mix, we are usually referring to B2C. If you're referring to B2B, yes, we are growing in energy. We are eliminating some low-margin businesses. And well, this is what we've always said, and that is we want to obtain 12.5% in the contribution margin in services. And you remember that it was 10%. But with the regulatory change we had, we increased this internally, and this objective now is 12.5%. It was 10%, but it's gone up 2.5 points.

Okay. "Well, 3 questions in B2C. The goal in terms of the number of shops, how many do you expect by the end of the year? And are they going to be your own shops? Are they going to be franchises? And then I'd like you to explain how much you're charging the customers. And Mikel, if you give us an indication of the margins that shops are going to have excluding Smart House." Well, the target with regards to the number of shops, we are defining it, but it could be between about 100 additional shops. And we'll see when this will happen. And of course, it will be a franchise system, which is what we've always used. And because we have -- well, we have our own shops with mine operations, but the figure should be more or less stable in terms of our own shops. And we are growing by our franchises. And the second question, understanding the additional income that the customer is charged on a monthly base, I think you're referring to the fee.

No, no. Well, telecommunications operates differently. In energy, we do charge a fee, whether it's the full price for management actions. But in telecommunications, what we have is a virtual brand where we are negotiating. So the campaigns and the prices vary.

So in telecommunications, this is the most usual commercial proposal of which there's a close rate related to telephone calls and data. But in any case, the margin has to do with the offer we make. And it's not like a separate fee, which is the cost plus fee, which is our commercial proposal in energy. So these are different commercial proposals. And the third question you were asking is, "Could you give us an indication of the margins of the shops, excluding Smart House." Well, in B2C, we have a target. The margin should be about 10%. Globally, that would be what has to do with the B2C. And then services have somewhat larger margin as with regard to physical shops, but we don't report that data separately, nor do we report the data for each of the verticals separately either. Thank you very much, Antonio (sic) [ Alvaro ] , for your question. And I think that we can close the presentation here. Thank you all very much indeed for your participation. And I hope you have a wonderful summer. Goodbye, everybody. Thank you. [Statements in English on this transcript were spoken by an interpreter present on the live call.]