National Aluminium Products Company SAOG (NAPI) Earnings Call Transcript & Summary

I see a good number of attendees. I think we'll start in English. If anybody would like to have a translation, please do say it now, so I can translate as I go through the presentation. Otherwise, I would proceed in English. All right. So let me start by the introduction, myself, Ali Al Shamsi. I'm the CEO of NAPCO. And today, along with Mr. Raees, the CFO, we'll be presenting to you the discussion of the audit financial of year ended 2023. During the presentation, we'll give you the introduction about the company. We'll talk about as well company financial results. We'll talk about the future outlook. We'll end with a conclusion. And at the end of this session, we will have a question and answers. And the next slide, Raees. So the company is established in 1984. This year, [Foreign Language], we'll be celebrating 40 years since the inception it is the only public listed company in the Gulf region. And we have a good Omanization rate. It started last year with 38. I believe, ended the year with close to 40% Omanization. Majority of our product actually is exported outside the country. It's only 20% being utilized in the local market. And we have different product serving different industries as well. As you can see from the photo, if you go back, Raees, just to give a bit as well brief about the size of this organization. We have 4 presses located in 2 adjacent locations. It takes around 65 -- actually located in 65,000 square meter in the Rusayl Industrial area. Next slide, please. Talking about the product of NAPCO. We will have an added value product, and we do have the Mill Finish. If you look at the left-hand side, where we call it Mill Finish, this is where we convert our raw material directly to profiles, meeting our customer requirement and specification. At the same time, we do have equipment at NAPCO, which can add more value to this product, where we have the powder coating equipment. We do have 2 different equipment, one of them vertical powder coating equipment and the other one horizontal powder equipment. This is in order to meet our customer expectations. And we do have as well more advanced added-value product to our material, which is wood finishing. And we do have anodizing as well where we offer natural, gold, silver, bronze and different structure of colors. And we added as well and we have our place for the thermal break where we can serve actually the different segmentation of our customers. So what about the -- what makes us different? What was our competitive advantage in the market? We do have a strong position. As I said, this organization established since 40 years. It has a worldwide reach. We do sell our product, as I mentioned, 80% of them in the different countries in the world. We do really supply the different Gulf countries. And as well, we reach all the way down to America, U.S. Europe. We sell as well to Australia, India and even Africa. We are a leading producer in the GCC. If you look at NAPCO, capacity-wise, we are #7 compared to the rest of the extrusions in the region, in the Gulf region. And we have the ability as well to share the complex market, specifically answering on a point from the industry as well, either manufacturing or marine, construction, all different industries. We have 5 major product [indiscernible], which I just talked you through it a few minutes back, and we can as well customize our product to meet the customer requirement. We have a smart manufacturing. We have 4 [indiscernible] part extrusion, actually imported it from Europe, 2 from Spain, 1 Italy and 1 Germany. And we have -- we started to employ as well the lean manufacture measures in our manufacturing. And as mentioned at the beginning as well, we are the only company public listed here in the Gulf region. So all of our financial actually is available for the public. Again, that's make the difference, along with the 40 years' experience we do have in the field. We do have as well around 38% to 40% Omanization, more than 300 people working with NAPCO. We have many different customers actually from the whole sectors. We do have a big portion of the system design houses, actually. We serve them, what you say, as well many fabricators local and internationally. We deal with the [ drivers ]. So it's a good and happy customers, up to 80% export. Our reach actually almost all over the world. We do have strategic projects happening right now in different areas of the world. Saudi Arabia, [indiscernible] project announced. We do have NAPCO aluminum sold to them. We have many in UAE. We have actually a few projects happening in U.S. and as well big projects going on in the U.K. I would repeat again, we are the only publicly listed company. We have too many -- considering in mind a number of the experience we have and as well a number of the customers we have, so we have too many various profiles design here in NAPCO. And approximately 20%, 25% of our purchase actually goes local. Now we hand it over to Raees to take you through our financials for the last year 2023.

Thank you, Ali, for your brief introduction of the company and the product itself for NAPCO. As rightly mentioned by Ali that we have almost going to complete 40 years of NAPCO, and it's a big achievement for the company itself and the country itself. And as being a public listed -- only public listed company and has been having a worldwide reach, the company is [indiscernible]. About the present results, as you people are aware of that the company is having a stressed situation for the last couple of years. But in those circumstances, company has improved a lot. And last year's results, though it was negative, but has shown the improvement that shows the ability of this company to turn around with some support from the relevant stakeholders, banks and other constitutions also. So I'll just go through the presentation. What was good that happened with the company itself in 2023? Mainly, there are a number of things that happened good, but mainly the positive thing the different VAT payment. Initially, we were looking for that 5%. We were paying them in cash and subsequently, we were getting the refunds. With the help of Ali and the ministry, we were approached the Ministry of Tax authorities, and we asked them that if they can delay and therefore, this VAT instead of getting it cash every month or every transaction, if we can file a return after 3 months, so that is accepted. This was a big achievement with respect to cash flow because that has eased the cash flow. Instead of having 3 months wait for the cash to come and to run the show, we just achieved that part. No repayment of the principal to the bank. As we started with the [indiscernible] itself and we just requested all the banks that we were not able to pay the amount as of now because we are having the restructuring request to the bank itself. So we will manage not to pay the repayments of the principal amount. We only paid some of the interest to the bank itself. KSA duty exemption, 15%, it's -- I would say that's a big achievement in the region of a GCC for NAPCO itself. There are certainly a few companies in Oman who is able to achieve this 15% because KSA has last year -- last to last year introduced this 15% tariff to all the GCC countries. So specifically, Oman was also the part of that. But in Oman, NAPCO has managed to get this exemption and now currently serving the KSA customers also. Additional funding of OMR 300,000 from the one bank. We were in a situation that we were looking for additional fundings. We were having so many pressure to the cash flow, but fortunately, we were able to get the funding from one bank for 300K, which gave us a very minor relief, but it was good for the company itself. NAPCO preferred supplier tender bought, so with the help of our CEO, Mr. Ali approaching to the ministry, we were able to get ourselves into the tender bought of the government where NAPCO has become the preferred supplier. It was not previously available, but this is -- these are the major achievement that we have won in 2023. What was a negative that was in? As you people are aware that company was a very distressed situation, and the company initiated the process of having this right issue and the private placement bought. Company tried a lot to search for the investors. Unfortunately, the right issue was unsuccessful, and the private placement though number of investor reached, but there was no conclusion was made. So we were unable to get this private placement because of this 2 huge, I would say the backlog of the expectation that the company has that they will be having a sufficient funding, and we can comply with the plan that we have presented to you people and to the banks also, we were not able to meet that plan up to that standard, but we have improved a lot. Only 30% of the loan restructuring. And actually, the plan was to restructure almost more than 50% of the loan itself. With all the banks, only one bank has restructured the loan by the end of December. And this year, we are expecting that all the banks will be doing the restructuring what we have requested last year itself. Major raw metal credit supplier that was initially we achieved that credit supplier. But unfortunately, there was a time, as for the plan that we need the restructuring and the right issue to be taken place at the right time, but it wasn't done. So there was started -- we started delaying the payments to the major raw metal supplier. So that has caused a delay to the credit suppliers. So we lost this opportunity that we had last year for 60 days. So this was a major, I would say, the blow that has come with the company itself. Now the financial results, I would say that what was the change that has happened. The key indicator is that revenue increased by 6%. The quantity that we have dispatched, it was increased by almost 21%. The LME basically decreased by 17% so the net impact that has come to the revenue was 6%. Cost of sales increased by 1%. So it was not proportionate to the sale itself, the way the sale has increased. So there are a number of initiatives that has taken place by the company itself, as rightly mentioned initially by Ali. That lean management one of the part, the cost optimization that the company has done. So that has given the results in the cost curtailment also. Loss before tax reduced by 33%. EBIT improved by 44%. EBITDA improved by 50%. And the capacity utilization 10% up to 43%. It was 33 as in 2022. But in 2023, we managed to have this 43% capacity utilization. You people have seen all the results of financial, but I will just be showing the same to you. You can see that the growth level we have done OMR 25.933 million of revenue as compared to OMR 24.447, which I cited as 6%. Similarly, the cost of savings, 25.587 as compared to 25.382. So this is the main. And you could see that down the gross profit, it was negative OMR 934,000. But this year, we managed to have this positive gross profit of OMR 345,737. Less the expenses of January, it was normal. Selling distribution has a little bit increased. As I said that almost 30% increase in dispatches is there. So selling and distribution, there's one factor is outward trade, which is a transportation cost. It's basically in line with the increase in the sales or dispatches. So similarly, the expense got increased. So that's basically being reflected in selling and distribution. Allowances, again, it's IFRS 9 calculation that we have done. There were certain customers for which we need to take the provisions so we did it. Net change in the pay value of investment, this is basically that link is capped by NAPCO as an investment. This -- when we read the revaluation of that land, we got 60,000 reduced value, which we have recorded this year also. Net financing cost is recorded as OMR 1.329 million as compared to OMR 1.406 million. You could see that there is an improvement. Although there's increase in the revenue, so similarly, the cost was increased, but the net financing cost got restricted to OMR 1.3 million. The reason was that last year, there were certain penalties also put by the banks and the additional charge some of the interest, which was not there. As we have just served interest payment this year, we did not serve any sort of principal payment this year. Similarly, the income tax negative. It's basically a DAF tax, which is not accepted by the auditor itself so we took the reversal of it. The amount that reached to OMR 3.7 million as compared to OMR 4.3 million last year. So this is what we have for the income statement. Now going forward to the balance sheet that we have, we have almost OMR 11.939 million as compared to OMR 1.856 million, mainly the reduction is due to the investment property by 60,000 similarly deal appreciation factor that we have in the property, plant and equipment. On the side of the current asset, the current asset from reduced from 10.5 -- OMR [ 119 ] million to OMR 9.852 million. Direction is, again, there was inventory that a little bit increase, the reason that we have increased our production. So similarly, the impact has gone to the level also. The receivables has decreased because there is much improvement that we have taken. We have cautioned in 2023, we filter our customers. We focus mainly our customer with a good financial health. So that has given us a good result that the receivables has almost decreased from OMR 7.8 million to OMR 6.7 million. So the balance is there from 2 60 to 1 87 in total. Now the capital basically has reduced by OMR 2.5 million. That was because of the adjustment that we have done based on the approval in the EGM and AGM regarding the offsetting of the share capital with the retained earnings -- sorry, in losses, similarly the legal results. So you could see that there is elimination of a legal reserve in 2023 and a reduction in shared capital in 2023. So overall, we retained losses now has reached to OMR 4.961 million, and we have total negative equity of 2.747 against the positive 9 67. As I mentioned in my -- earlier that we have won a restructuring of a loan term for a period of 10 years from one bank. It's 2.620. It's showing in the noncurrent liability. Similarly, the employee and services, basically the ESB lease liability as per IFRS 16 calculation similarly in the current, same. Accounts and other payables is increased from OMR 5 million to OMR 6.9 million. As we have mentioned, that we have a credit sales supplier credit purchase that has caused this increase, and this amount will be gradually decreased as we have started paying them gradually the amount to the supplier. The bank borrowing is basically not changed. In fact, it is reclassified from 15.96, so it's almost OMR 16 million. Now it's reached to OMR 13.448 million. So out of this, OMR 2.62 million has converted into noncurrent. So you could see the -- if you just made a total, it will be the same. So this is basically that we have the balance sheet structure for our growth plan. That we have regarding this financials, so we will just give you enough chance at the end to ask any question related to it. I'll just hand over this further presentation of our future outlook to Ali just to explain to you about what we are doing further to enhance and turn around this. Yes.

Thank you, Raees. So if you look at the future outlook, especially at this specific market. Next slide, so this is highlighting the GCC region. Actually, we've done a study last year in 2023, trying to really motivate enhancing our financials and easing the process with the banks. Throughout the study, we have done the market study as well. And this is a full structure of those market study, giving you the direction of this business going forward. And indicating [indiscernible] read it both. If you look over here, this is for the GCC countries. And you can see clearly the main domain actually, there is UAE and KSA. And at that time, actually, not many of the giga projects from Saudi Arabia have been announced but it clearly indicates the growth in those countries. Actually, all the Gulf region, as you can see in the graph by about 4.2% is expected to grow all the way down to 2030. Beside this, if we look in details, now we're looking Oman itself, if we look at the next slide, Raees, we have seen in Oman, we expected as well a growth of 3.8% in the coming few years. And this is aside from what we have experienced and been announced this year about the big project, especially related to the construction, just like the [indiscernible] City and other big projects actually in Jubail [indiscernible] or all the other different areas. And we have mentioned as well NAPCO now has been registered under the tender bought and for any aluminum extrusion, let's say, product in Oman [Foreign Language] for the bigger project, they will definitely consider NAPCO to be part of it, and we will have the chance to participate. So it's a market there. If you look at and overall in the Gulf region, it's growing. In Oman itself, there is a big chance for us to grow our market share in the country and specifically, bigger projects we see as coming. And if we look as well where it will be more -- where there to be more demand for our product. We flip to the next slide, Raees, we can clearly see actually Saudi Arabia announce a project. It's a huge potential. And along with what Raees has mentioned as an achievement we have done last year where we managed to get all what's required for the certificate of origin and NAPCO products now can be important to Saudi Arabia without paying 15% tax. So having said that actually give us a huge potential in Saudi Arabia. Actually, if you look at the demand in Saudi Arabia, the volume in Saudi Arabia will require all of NAPCO production only contributed 8%. There's a huge project. We've been in discussion with the Neom project specifically, and we've almost qualified to provide the project. Actually, we've been providing, as I have mentioned, our product in Saudi Arabia, just like the Red Sea and other areas through our customers in UAE for the reexport. And we have our product in there. But what it says over there, the growth as Saudi Arabia is big, expected more than 10%. What we can see, actually, it's much even more than that. The good news is actually the company last year managed to get this tax waiver, I would call it, where our customers can claim back their money if they purchase it from Oman. Maybe to give you a glance as well as long as I'm talking about the Gulf region, if you look at the extrusion industry itself is really saturated more in, I would say, Saudi Arabia and UAE. In Saudi Arabia, there is around 34 extrusion company, and in UAE, there is around 16. As I mentioned as well at the beginning of this presentation, we are #7 when it comes to the volume and the size. While we are as well one of the high competitive company as well it come to the sort of the product we can do at different level of complexity and as well shapes in serving the different industry. So talking about such great projects going on in our neighboring country, Saudi Arabia, we can see a big potential for NAPCO to participate in. If you go to the next slide, so where we do see NAPCO in the coming 10 years and how we can overcome our current challenges. It's clearly been mentioned by Raees, we did really have some losses in the last few years. We believe and in the coming few slides, we will give you an assurance that the company can really turn this back. It's really all matter about how we can source our raw materials, so we can really cover the markets and fulfill our customers' requirement. So if you look at what NAPCO can do in the coming 10 years, if we manage to get the refunds -- if we can manage to get, sorry, the funds required to purchase the raw materials and then acquire the markets, clearly, where we can mention over and it's appropriate at the end, if we really go in this plan and we hit capacity utilization of around 80%, we can make the breakeven within the first year. And then throughout the coming years, actually, the company would be back on track. If you go to the next slide, Raees. So that the financials and that's what we -- is happening, but in reality, it is doable. Yes, it's doable. If we talk about the market, having 40 years present in the market here in Oman and across the world actually made NAPCO as a big trademark, and we are known with our qualities. We have a strong presence across the continent. And we do have a deep understanding of our customer requirements and needs. So when it comes to the sales and market, NAPCO has the strength, technical skills definitely. We do have -- when it comes to the equipment, the best equipment. And actually, we have the best people who could run it in a very effective and productive manner. Capacity, when it comes to the capacity and utilizations, we do have -- we can even reach up to 36,000. We have reached the best production rate in 2019. We produced around 32,000, and there's still room for more. We really have the fund required to push forward. And this is the last one, the working capital. This is what really the company is required and in need. This is the fuel, which if we have, we can really apply and then activate our recovery plan and turn it back to profitability. So we are really looking after funding from our main, I would say, stakeholders, including our shareholders and lenders. Next one. So in conclusion, and if I take them one by one, just to summarize as well, yes, NAPCO is operating in a very challenging and competitive environment. We have too many extrusions. Actually, if you look at the Gulf region, we are leading when it comes to the aluminum manufacturing. And even if you go down to the profile and extrusion, we still have too many companies here in the Gulf region who produce more than what is required to be spent in the region. What happened recently, as I have mentioned, few giga projects and mega project being announced by some countries in the Gulf region, which will make it really competitive and advantage for the present of this capacity in the region. And NAPCO is really well established, well-known as well and being required and being needed for those big projects. So yes, challenging environment, but opportunities is huge as well in the region despite as well the fact that the requirements for the different continent, just like Africa and the demand as well growing in that region. Talk about the metal price fluctuation. This is a fact. This is a challenge for the aluminum industry continue facing. Fluctuation, I would say, in the last year, the LME was -- I won't say completely stable but was really fluctuating in some stable manner. This year started stable, but we can see now actually, it's trending high. Well, we are not sure what will happen in 2022 will happen again where the LME actually hit the roof and scored more than $4,000 per ton. So this is a big challenge. This is not in control, but definitely to have a better control on it, you need to have a strong working capital and to ensure that even though it's a fluctuating, you continue pushing and passing this on to your customer but by having and securing your raw material as well. If you look at the unseen duties of tax and high financial rates, this is another uncontrolled matter. Things have been changes and it does really change your work environment as well and your financials. Well, we can see different things happening. We've been very close to the changes here in Oman, and we managed to mitigate it through. But globally, thinks it changes, and we need to be ready for it. The financial rate we've only seen in the last few years, just increase trend year after year. We are not sure where it continue trending up or it will stay as it is or maybe it will really improve at the coming years to come. That's a huge challenge we do see forward, but we know as well how it can be mitigated and how we can really strengthen yourself further going forward. The other concept I would summarize it as well, which is lean management. Yes, we do admit in the last few years, we have financial challenges, especially when it comes to the working capital. And the management and the Board of Directors actually working hard in order to improve it, and there is several initiatives being taken in place. But that doesn't mean that we don't even further push the improvement wheel over here in the company with whatever we have to further really utilize and enhance our performance. So we have started since last year introducing the lean manufacturing system in our plan, targeting eliminating waste, really focusing in creating value and at the same time, see how we can further improve and as I said, eliminate waste. We can see a lot -- we've seen a lot of low-hanging fruit, which we manage to capitalize and gain the profit out of it. But we continue really running it, having in mind things will improve. And when really we have working capital in place, having as well as CapEx in place, there is great opportunities for NAPCO to even further enhance its cost reduction and cost optimization initiative we are running in a place, which is the last point I wanted really to prove you about. We are really challenging everything when it comes to sourcing the materials, sourcing consumables and as well being in the market looking for the good-quality supplies, but at the same time, the most competitive one, which we can rely on and depend on. We are working not even with the suppliers. We do as well introduce, as I told you, the waste elimination and the utilization of our own, let's say, supplies, which we have, even with some small things. I would say whenever it can be reused, it will be reused rather than waste it. If we do have waste, we think about actually how we can manage that waste rather than spend the money to get rid of it and dispose it, how we can turn it to a better product, and in the worst-case scenario, how we can use the product rather than throwing it and being hazardous waste, convert it to nonhazardous waste and reduce the cost of the expenditure and our waste management. So there is a few and many initiatives we have already taken place. As a conclusion, we can -- and it is not -- the aluminum is the future metal for the future metal. There is a huge demand coming from different industries, specifically to the transportation industry. New energy relies a lot on our metal and in our product. We do serve many segmentations. We see future challenges to remain there. We did have -- we do have a year last year, I would call it an improved year but we still scoring losses. Having our working capital will definitely help this organization to get back on track. We do have plans which, unfortunately, some of them faced some challenging last year and didn't go through. We do have another plan, which we are really pushing forward for this year and hopefully, it will be really materialized and we can see on here the improvement actually with a result. We've taken us around 30 minutes taking you through the whole summary of the last year and the current state and future state of NAPCO. I believe the time now is to leave the floor for you. If you have any question, please do raise your voice and ask.

[Foreign Language]

[Foreign Language] Thank you. Maybe just for the others who don't didn't understand the language. Mr. [ Hussam ] was wondering about the plans for really getting the fund. He asked as well if we didn't get the fund, the required fund, how are we going to have to run the organization. So similarly, the answer, as you can see, we do have a [ call ], we do have a state-of-art equipment. We have talented people, skilled people. We are practicing this business for the last 40 years. Some of them exceeded 15 to 20 years experience. And the market for NAPCO is there. It actually is a matter of just supply. If we can manage to get the working capital, we can supply. So having the fund, last year, it'd not work out, as Raees had mentioned. We -- with the direction of the Board of Directors and as well the general assembly meeting last year, the decision was to go for private -- sorry, for the right issues first. And in the private placement issue that we would inject the fund quite at that stage. At the same time, we will approach the commercial bank structure that unfortunately, and neither of them actually worked out successful, the right issues or the private placement. So just like if you have a brand-new car but you cannot move it without a fuel. That's what NAPCO has. Really, revenue, I would say, even though we do have 2 lines since the inception, but the other 2 lines we didn't have a lot of tonnage in them as well. And it is -- we have a talented team, and we'll keep the equipment all the time ready. So that's where the cash is required for the raw materials. And we are dealing with the aluminum that it's really high, fluctuating, and we need to have that purchase power. So if we got it, we will manage it. But if we don't, last year, it didn't work out. This year, again, our Board of Directors, along with the executive management, we explore other opportunities. We involve more stakeholders. We involve the government as well, and we're trying to secure this fund in order to move forward. Mr. [ Hussam ] also asked the question if we didn't have it. So unfortunately, if we didn't have it, the company, it's a manufacturing plant, you need to achieve set capacity in order for you to earn a profit. If you don't do it, the opportunity, you continue scoring losses. Continue scoring losses and making your situation worse and worse. So at NAPCO, currently, we're operating at 38%. We need to grow more than 73%, 75%, even 80% in order to start to make profit and recover the organization. So this is clearly -- Mr. [ Hussam ] as well he appreciated the work done the last year. He noticed the improvement in our figures. And he wishes that we can really have the fund we need because he believes in NAPCO and he believes NAPCO as a investment for somebody just to come and take over. Thank you again, Mr. [ Hussam ]. Anybody else has any questions?

[Foreign Language]

[Foreign Language] Thank you. For those who aren't getting the Arabic again, Mr. [indiscernible] actually raised a few questions. And some of the questions he has raised when it comes to the present of NAPCO product in the local market at the same time, the challenges we faced in the past and we continue facing when it come with the receivable. And he highlighted the fact as well the fluctuation of the LME and the impact when it comes to the LME fluctuation and as well the other point is the receivable. It is an existing market. It's continue happening. Simply and actually briefly, I have answered them, and we did mention, even Raees has highlighted during presentation of his financials, 2023 actually scored better receivable performance than in 2022. So we really started to focus. And actually, the focus was there. But if you look at it without having a working capital about it, all you depend on the receivables, so if you don't really focus there and really pay attention and put all the effort, and that -- it will be very difficult, harder than what it is now. So we did really focus on it last year, and we've seen a good improvement, which we have reported to you. Further to that, this year, we continue really focusing it, having in mind -- this is actually our blood for NAPCO. We don't have our own capital. We have only receivables, so it's better to collect them quickly. And as we have mentioned, we are running at around 30% to 35% capacity of the organization. So we are limited as well to customers that we started to be selective, really trying to see how we can improve our payment terms. Rather than forecasting in 120 days, we are motivating the customer with less than that when it come to the payment terms. And those who's really poor and perform at the same pay, we do really change and we try to get the best. And talking about the margin and Oman, Oman market, Mr. [indiscernible] actually try to find, try to purchase NAPCO product in the local market, it was difficult to find our product. I've told him last year we did run a campaign, an Oman campaign targeting the local market. It was successfully, even participated in one of the exhibition over here. So NAPCO as a brand is not in Oman. The problem as all we know is actually availability, how we can really bump more product in the market. And what I assure him and I assure you, NAPCO will be really seeking the margin market. Wherever we can get more margin, this is where we need to be. And Oman market is one of the best competitive markets in the Gulf region, which we will really continue having a focus and providing it. But what we need, we need really to have stable financials so we can really continue steadily supplying the customers. And the last, actually, we concluded, when it comes to the LME, it's fluctuating. It's nothing in our hands actually. We pass it to the customer. But the problem, it kills your purchase power. If the LME is still high, and I'm limited with my receivable as my fund, it will just drain my financials. And even if we have a working capital now, depending on how big the working capital will be will define as well how big you can have a market share. So that's a summary. Thank you again. If anybody else has any questions, we still have time. Actually, we have 4 minutes to go. I can see Robert James, Mike and who's out there. So gents, if you have anything, please feel free to ask. If you're happy, we can end and conclude our session for today. I believe silence is an agreement. Raees, dear audience, thank you. Thank you, everybody.

Thank you. Thank you, everybody.