PT Vale Indonesia Tbk (INCO) Earnings Call Transcript & Summary

Okay, ladies and gentlemen, welcome to PT Vale Indonesia Tbk Fourth Quarter 2021 Results and Outlook. I'm Lydia Johanna and I will be the moderator of today's call. With me now, we have Ibu Febriany Eddy, the CEO; then Pak Bernardus Irmanto, the CFO of PT Vale Indonesia Tbk. [Operator Instructions] Without further ado, I will now hand the session to Ibu Febriany Eddy to begin today's presentation. [Operator Instructions]

Thank you, Lydia. Good afternoon, ladies and gentlemen. This is Febriany speaking, the President and Director of PT Vale Indonesia Tbk. I'm glad that I can discuss with you our 2021 results. Despite having to focus on anticipating possible impact of COVID-19 to our operations, we were still able to achieve a very strong result for the year. I and the Board of Directors members with other senior management of PT Vale are joining from home. During this pandemic situation, we're still implementing work from home policy to all supporting departments, while maintaining tight control for our operations. Next slide. These presentations and discussions comprise assumptions and forward-looking statements that involve risks and uncertainties. In addition, all opinions and assumptions constitute our judgment and are subject to change without prior notice. Please refer to the following cautionary note and disclaimer. Please turn to next page. We gladly say we achieved our sixth consecutive fatality free calendar year and successfully mitigated the impact of COVID-19 to our operations, although we remain cautious as COVID-19 cases have increased globally and in Indonesia as well. Our total recordable injury frequency rate decreased dramatically over the last many years, as you can see in the chart. We will continue to improve our safety practices. However, the total recordable inventory frequency rate number for the Q3 and Q4 increased. This is due to the increase in personnel incidents, which 65% was related to hand finger injuries. Our team is always carrying out follow-up investigations and prepare to prevent similar accidents and remain committed to working harder to reduce our injury rate. Next page, please. We produced 65,388 metric tons of nickel matte in 2021. This is lower than last year production, as we are working with lower power setting for our furnace four due to its age. The furnace four rebuild shutdown was delayed, as many of you that follow the company know, due to difficulty in getting the international expertise coming into the country during the COVID. However, we are glad to say that we were finally able to start the rebuild shutdown on December 14. We plan to complete the shutdown in Q2 this year, up on which we should be able to run our furnace four at normal power setting and, therefore, bring the productions back to the capacity. Production in the fourth quarter alone reached 17,000 tons of nickel in matte, which was 3% higher than similar quarter previous year. The company will continue to implement high standard for health safety and protocol in our operations. Now our last part, Bernardus Irmanto, our CFO, to continue the presentation of our financial results. Irmanto, please.

Thank you, Febri. So in 2021, the company booked EBITDA of $391.9 million, mainly driven by higher realized nickel price. The average realized price for 2021 was 36% higher compared to 2020. This higher nickel price did leave a positive impact on our financial performance. However, our cost of revenue in 2021 also increased by 12%, from $640 million in 2020 to $717.8 million in 2021. This was mainly driven by higher bulk commodity prices. The group recorded sales of $953.2 million in 2021 or 25% above the sales recorded in 2020. So it is very interesting to talk about our ESG roadmap, and particularly decarbonization roadmap. I think we have talked about this since last year. And Vale has made a very ambitious commitment to reduce the carbon emission associated to our mining and processing operations. And our goal is to reduce the emission by 33% by 2030 and become carbon-neutral company by 2050. In 2021, as you can see in the slide, we have made some progress. And we believe this progress, it will set a good fundamental for us to achieve our target by 2030. In December 2021, for the second time PT Vale received a Green PROPER rating from the Ministry Of Environment and Forestry. This marks the second time such a prestigious rating has been awarded to the company and best fits to an integrated nickel mining and processing company in Indonesia. We are grateful and we will continue to improve our good mining practices in our operation for a better future. Besides Green PROPER, we also received Aditama Award for Mining Environmental Management, and Mineral Conservation Award from Ministry of Energy and Mineral Resources. As you can see the graph, the graph shows comparison between average realized nickel price and unit cash cost of sales. As you may see in the graph, our margin is positive and even wider as we are able to manage our cost prudently despite the increasing in cost of revenue due to the higher bulk commodity prices. In 2021, HSFO, diesel and coal consumption was pretty much in line with the profile in 2020. However, if you look at the commodity price for the HSFO, diesel and coal, it increased significantly compared to 2020. It provides significant pressure to our cost situation. But as I mentioned before, we were able to manage the cost properly, so that the margin is still maintained. In terms of the group’s cash and cash equivalents as of December 31, 2021, the cash equivalent is around $508 million. It is higher than December 31, 2020, position of $389 million. The Group received a higher revenues in 2021 due to the higher nickel price, but also we continue to exercise prudent control over the spending and also preserve cash. In terms of update on the good project for Pomalaa merger status related to the permitting. We are now in the final process of [indiscernible] determination, or you probably understand as PAK, and also [indiscernible] panel ITSP as continuation of fresh permit that we obtained last year. Other major permit related to the Protect as part of the AMDAL process is also progressing well. And also, the permit related to the dam is also progressing well. Major development for Bahodopi project. We are concluding the mine and processing facility study. In parallel, we are also finalizing the commercial negotiation with our partner. On the permitting, we received the operation permit as well for Bahodopi, and we are now preparing the process to do the PAK and also ITSP. The AMDAL process is also progressing. [indiscernible] related permit is also showing positive progress for Bahodopi. In order to show our physical presence on site, we are now also preparing the early works, both in Pomalaa and Bahodopi. It is not only to show the presence, but also to put good fundamental early works so that absolutely FID, we can actually speed up the construction process. I think that that's all of the presentation. I think I'll hand it to you, Lydia, to facilitate the Q&A.

Okay. Thank you, Ibu Febri and Irmanto for the presentation. We will now begin the Q&A session. [Operator Instructions] Okay. I think we have our first question, Anthony Angkawijaya from Verdhana.

Congrats on a great set of results. Just a couple of quick questions from my end. Are you already able to share what sort of production you will be able to generate this year? And also, what's the time line on the furnace four rebuild completion so far? Is it on track, or should we expect any changes on that end?

Thanks, Anthony. So for 2022, we definitely will be impacted by the furnace four rebuild. As we have disclosed previously, furnace four rebuild will be executed until May this year. So it will be impacting our production. More or less, as a guideline, our production for 2022 will be at the same level as 2021. So the number is pretty much similar with what we achieved in 2021. As of the furnace four rebuild progress, right now we are progressing with the project. We have some challenges, but we see it as the normal challenges that we see every time we execute a similar project. So we are working hard now in order to conclude the furnace four rebuild on time as we have announced previously.

I guess one last question from my end on the Bahodopi and Pomalaa project. Any key updates on that? And any updated time line on the FID?

Febri, do you want to take that question?

Yes. I'll take it forward and Irmanto, please feel free to add on it. I think for Bahodopi, the progress has been really good. We have obtained last year -- during the last 12 months, it's actually incredible. We have received all the 4 forestry permits. So first permit for Pomalaa, for Bahodopi, as well as for Soroako that we need for our operations and our exploration project in Soroako for the new block. So from the permitting side, we are progressing really well. It has been historically a big challenge, as you all know. I think we see strong support from government and also eagerness to let us execute the major investment as soon as possible. On the environmental permit as well, we are progressing really well. As you know, with the new omnibus law, already requirement changed a little bit. But we need to obtain all the technical approval before getting the actual AMDAL, which in the past you get the AMDAL first, right, then you process all the details. However, we progressed really well. I think we have received almost all the technical review and approval on schedule as we expect. Of course, there are a couple of more permits that is key, like for Pomalaa, particularly it's related to the tailing dam. It is still progressing really well. There are challenges in terms of interpretations of the regulations, but the government side is working on coordinating various ministers to allow us to get a more definitive solution. So we are much more confident today than before in getting all the permit required. Now for Bahodopi, particularly, you probably heard before that our target is to get it by Q1. However, now the deadline is moved to Q2. And the reason wasn't because there was a delay in our side, it was because of ESG consideration. The location of the plant was initially at the north. Now we moved it to the south. The decision to move was simply because we see the location in the north is very close to the community and villages, although it is acceptable for our Chinese partner, but for Vale, with our ESG standard, it's not something that we prefer to do. Anyway, our partners are committed to work with us with our ESG standards and, therefore, has agreed to move the locations to the south. As a result, of course, there is some fine-tuning and study that required to be updated. So with that progress, the updated study should be completed within this week and next week. We see strong commitment from our Chinese partner. Despite the Chinese New Year's period, nobody takes any days off and committed to gear up the revised feasibility study, which is very much needed, because the revised feasibility study is the key document to obtain any revised permit. So far, we are on progress. And in addition to the feasibility study, we also are progressing really well with our definitive agreement negotiation. And so far, I think we are on track to complete in Q1, all the agreement. Unfortunately, because of the change in location that impacts some of the progress, and therefore, we have to move the FID target to Q2. And now I think we are more confident than ever. Hopefully, no major changes again. We don't foresee that. I think all of the FID requirements are at the last mile and we are now at the stage of finalizing all of them. So I think we are very confident for Q2, yes. Irmanto, feel free to add on. On the Pomalaa side, as you can see from Irmanto's explanation, although FID probably will happen in the order of Q3. Q3 is less, yes, we'll see the detail. But the actual activities on the ground are already progressing. I mean for Pomalaa, we can say that we have the port already. We have finished upgrading the port and then we did some of the early works. We will continue with fixing the road required for access in terms of construction period. So for Pomalaa, the requirement for FID is much higher and stricter than Bahodopi, therefore, required more time to complete all the FID requirements. Having said that, we are committed. Therefore, all the things that we can do to ensure a smooth construction, we already started despite the fact we haven't had FID yet, because we think that the timing is very critical and very important. So if you go to the site, there are actual physical activities ongoing already, preparing ourselves. So by the time we get all the FID requirements, we can go up and running very soon, yes. Thank you. So Irmanto, feel free if you want to add more, yes.

Thank you, Febri. Anthony, are you done with the questions? Thank you. Next question from [indiscernible].

Congratulations on the good results. So my name is [indiscernible]. I have 2 questions from my side. The first is, what is your cash cost to invest for this year? And the second question is regarding the nickel price. How far is your feasibility on the price, especially considering the Russian tension with Ukraine, and as we know that Russia is one of the biggest nickel producer in the world?

Irmanto, you're on mute.

All right. So in terms of cash cost for 2022, I think the story will be more or less the same as 2021. There will be still pressures from commodity price. I think last year alone, it was impacted significantly from commodity price, primarily from coal and also fuel. This year is probably no different. And we need to anticipate -- we just read recently about increasing fuel price due to the Ukraine crisis, right? So we need to anticipate that. But nevertheless, we're also doing several things to compensate the increasing of commodity price. We are now still anticipating probably our cash cost in the order of early 8,000. That's what the numbers that we are aiming, probably the same with last year number, but normalized to the commodity price, we're still in the 7,500 level. So if the commodity price is the same with probably the level in 2020, for example, then definitely we are in the 7,500 level. In terms of consumption rate, our consumption rate is actually improved compared to 2 years ago. So we are managing the consumption on the commodity price, because it's not something that we can control. We are trying to compensate, probably not all of them, but we're trying to do whatever we can so that we can compensate the impact on the commodity price. In terms of the nickel price, it is something that is quite difficult to forecast here. But if you look at the situation for the last 2 weeks, I think the nickel price is still in the rally mode. So it is reaching 24,000. There are a couple of contributing factors to that. First is probably coming from the decline in the supply side. You probably heard about the Olympics in China. And China is trying to reduce the pollution level and the government is actually reducing the electricity supply to several industries to reduce the pollution. And the consequence is also impacting the nickel production, right? So the supply side is actually reduced, not to mention probably the sentiment of the market when they received the news from Indonesia about the implementation of nickel or tax additional OpEx. That's also actually affecting the mood of the market. The Ukraine crisis, the Russia, Ukraine position is putting another sentiment because one of the biggest nickel producers is actually in Russia. So if there is crisis, there will be some probably geopolitical impact to the market as well. So that's actually driving a good sentiment on the price. I think the price that we are seeing today, some of them, probably there is some cyclical kind of pattern. The demand and the supply will be balanced, probably in quarter 2, quarter 3. But the concern around Ukraine -- I think there's also a good sentiment on the demand side on the EV that will be continuing. So we expect, again, we expect that probably the high nickel price environment will be sustained for 2022, hopefully.

I see. Thank you for the answer. I have one more question. Do you have any update regarding the new royalty tax of the foreign plans to implement?

No. At this point of time, we're waiting for some guideline from the government. I think I'm not in the position to comment until we have clarity on that. So let's wait for that.

Next question from Cynthia [indiscernible]. What coal price index does INCO follow, international or Indonesian domestic?

We are following the Newcastle Index. The reality is that the Indonesian index sometimes is too low, right? And when we are dealing with the coal suppliers, almost all of them are not really willing to follow the Indonesian index. Indonesian index is used for the royalty payment and actually, Indonesian index following -- I'm referring to international index, including the Newcastle Index as well. Newcastle Index is the most common index followed by the coal suppliers around the world. Definitely, in our negotiation with our coal suppliers, we want to get as much competitive price as we can. But that's the reality today.

Just to add on Irmanto's comment also, Cynthia. The coal that we are using for our processing plant is a high-grade coal. It's in the order of about $5,500. And therefore, we are competing with export market, not so much on domestic. As you know, domestically, roughly in the order of $4,500, mostly for the power [indiscernible]. Therefore, because we're competing with the export market. So in our procurement process, no suppliers are willing to work with Indonesian domestic index, unfortunately.

Cynthia? Is that first of your questions? Do you have any more questions?

That answers my question. If I may have one follow-up question. Can you be more specific in terms of your improvement in energy consumption? What are the specific measures that you took?

On the improvement of energy consumption, one of the success story that I can share with you is the diesel consumption in mining. So last year, we were actually doing what we call as OBIA in mining. We were trying to collect the data on the diesel consumption in our operation in mining, try to analyze that, try to make improvement based on the data analytics that we did. And it was actually showing a very positive result, right? So in 2020, the diesel consumption, right, in terms of consumption rate, it is below budget. It is actually compensating the increase of the diesel price in 2020. And then we are continuing that initiative in 2022 as well. There are other initiatives that we are doing in the processing plant. And again, the intention is really to improve the efficiency of the use of the energy sources.

The next question we have from Uni Hussain [indiscernible]. The question is, if I remember correctly, nameplate capacity for Soroako is [indiscernible]. In 2023, after furnace four completes, that means that the utilization rate can achieve 100%? Or is there a power constraint to achieve full [indiscernible]. With rising commodity price and inflation, is your CapEx for LKF and H Power projects still same? Can you give us update on CapEx?

Yes. Thank you, Uni. Yes. I think when we talk about nickel production, I think the energy is one thing, right? So carefully, that will be contributing. Once the furnace four rebuild is concluded, definitely, that will bring a positive back to our production. But that's not the single contributor to the production. We need to consider secondly, the nickel grade from the ore, and as you probably know, it is a common problem for edging mining. It's not really a unique problem for PT Vale. The older the mine is, probably you will see, the lower the nickel grade that you can get from the ore, right? So that's the second factor that we have to consider. Currently, every year we have regular shutdown scheduled for maintenance in our plan, right? So that needs to be continued as well. So we have major shutdown. We have regular shutdown in the plant side. That definitely will reduce the physical availability of our assets. So if everything goes well and then operating in the maximum capacity, definitely that nameplate capacity can be achieved, but we need to consider as well the nickel grade in the ore and also the physical availability in the plant side. So that's the 2 other things that we need to consider on top of the availability and the power availability in the furnace itself. On the second question, with the rising commodity price and inflation, is your CapEx for LKF and H Power project still the same. Yes, I think definitely. We discussed with our partner, right? So for example, on the early works that we plan to do, some of the suppliers, they propose to probably increase their pricing because of the increase in commodity price. That will bring impact. I will not say that it will not have impact. It will have impact, but whether this trend is a short-term trend or it's going to be mid or longer term, that's another things, right? So we are anticipating that. And for Bahodopi, we're still talking about CapEx in the order of $1.6 billion to $1.9 billion for Bahodopi. And for Pomalaa, as we have disclosed before, we're still talking about $2.5 billion to $2.9 billion.

Maybe I'll add on a little bit, yes. I think the model that we negotiate with our partners is there is a CapEx protection. So definitely, we will have impact. But therefore, the feasibility -- I mentioned in Bahodopi, for instance, we changed the location, therefore, they need to pass the feasibility study. That is important because whatever the numbers that we validated in the feasibility study will be a reference number. And the model that we agree with our partners is there is a CapEx protection for Vale, because the project will be executed by the partners, not by PTPI. So therefore, we negotiate for protection, right? There will be some cushions, obviously, built in, but they are also limited threshold, and there are a lot of complex criteria, which we are unable to explain here. But the whole point is we will get some protections in case things go up, yes. On the H Power was pretty much the same. We are negotiating that, almost in final round. On the first question, I think capacity, it's maybe better to match the capacity, not from a nickel production point of view. As Anto mentioned, the grade varies year to year. So the way we normally match the capacity is to throughput. So from a throughput point of view, definitely, we will go back to the 2015. I think the highest record production was 2015, 81.5 kiloton production. However, the grade at that time was also much higher. Therefore, grade method. So in terms of throughput, yes, we will go back there. In terms of power after rebuild, the reason why -- during the year, as we prolong and delay the furnace four rebuild, we have to work with lower power setting because we're dealing with furnace integrity due to the age. Now as we rebuild the furnace, the integrity will go back to the normal setting. From a power setting point of view, we should be able to go back to the normal setting. And if the power constraint that you referred to is the availability of power, then there should not be any issue, because today our furnace is running full based on our hydropower capacity. But if we were able to produce more, for instance, if the processing plant can increase the throughput, then we still have a backup for diesel and HSFO based generator. Although today we are not using it because it's far more expensive. But with today's nickel price, if processing plant can gear up with higher capacity, it makes sense to burn the fuel. But again, we have to calculate the impact to the emissions and others, as our KPIs also include the greenhouse gas emissions. So that hopefully answers the questions here.

Okay. We have next question from Wesley [indiscernible] Sekuritas. Wesley, we cannot hear your voice.

Wesley, If you don't mind, maybe post your questions in the chat room considering the challenge with the Internet, yes.

Okay. While waiting for Wesley to write down, we have next question from Ryan Winipta of Citigroup.

Yes. Maybe just one question from my side. I remember that to fulfill your contract of work requirement that you have to add another 10,000 ton of capacity in terms of the nickel containing products. I'm just wondering if there's any update on that and what will be the time line to fulfill those requirements before the contract of work expires in 2025?

Okay. Thanks for the questions. Very good memory. Indeed we do have our contract of work coming [indiscernible]. The commitment was to increase 10,000 ton capacity in existing processing plant. However, given the significant [indiscernible] in the nickel industry in the last few years, as you know, now people are moving towards H Power battery rather than LKF, even government side was trying to -- there's some discussions. You probably are aware of about setting up a moratorium. So considering our greenhouse gas emissions target and LKF is always power intensive. If we were to do that project in Soroako, we would have to burn fuel essentially, because the hydropower is fully utilized at this point in time. So our decision was actually to switch to another project. So in Soroako, as you know, we are utilizing only the saprolite, but the limonite today is the overburden. So it makes a lot of sense to monetize the overburden. So we are now concluding the study, this month should be concluding the study with our partner. So it's going to be another partnership. The plan is to build H power and to consume limonite. However, the reason why we haven't really talked about it is because we're still studying the options. So we appreciate if you just keep it for your stuff today and till we are ready to announce it. We're very close to that now.

I see. And that will be able to basically complete the requirement for the contract of work?

Yes. So contract of work, there was a clause allowing for substitutions, and we have consulted further with the relevant government officers and they support. I mean, no-brainer, right? This is better for the country, the people, and also economically makes a lot of sense. But again, the reason I'm mindful that we don't announce it because we're still completing the study.

I see, I see. Maybe just one follow-up question to that, Ibu Febriany. Any idea on the location and -- I know you cannot say about the potential partner, who that is, but any clue maybe will help us to navigate this kind of capacity expansion in the future?

I think I have spoken too much. In fact, maybe be patient. The study is almost completed. Hopefully, finger crossed, everything okay, Q2 we'll have a good news, yes. So not that I don't want to share with you, but I think until now I have spoken too much I think about the project itself.

We have next question from Andreas Jordan, Henan Putihrai Sekuritas, in the box. How much increase in nickel price is needed to maintain today's EBITDA margin, let's say the average oil price increased to $100 per barrel and the average coal price increased to $220 per ton.

Thank you, Andres. I think I need to calculate that first. I think I'll come back to you later, yes.

We have next question from Anthony of Verdhana.

One quick follow-up question from my end. I'm not sure if you've ever disclosed this, but if possible, could you share with us what sort of limonite reserves excess in Soroako.

A lot, basically sufficient to support a proper H power plant.

Got it. So if, let's say, Pomalaa kicks off, it will be fully internally supplied, so to say?

Yes. So Pomalaa will be supplied with Pomalaa limonite. Soroako will be supplied with Soroako limonite. Because the problem with limonite is the limonite is low grade, right. So it does not make sense to transport for a long distance. So distance matters when you decide where to build and where the limonite comes from. It's not so much for saprolite, because saprolite grade is higher, and so it makes sense to do the logistics and transportation even in the past we had to export to China. But for limonite it is a different setting. But let me emphasize again. See I don't want to get into trouble, but I think the Soroako limonite, we're still studying the options, okay? When we are ready, we will make the announcement. Yes?

I think I missed question from Eun Young Lee from DBS, in the box. What will be the production volume in first half 2022? Is there any other maintenance schedule in 2022?

Perhaps Anto can help.

Yes. I think, later on [indiscernible] if you want to add. I think, just considering that we are still having the furnace four rebuilt in the first half of the year, in the first half we are producing 30% to 40% of the target production for 2022. In terms of, as we mentioned, yes, we still have some maintenance schedule in 2022 definitely, but it's not like major maintenance schedule as you can expect like the furnace four rebuild. It's just regular maintenance that we plan in order to maintain the roof of our facility to fix some of the problems that we identified during the regular PM checks, for example, that definitely that needs to be done as well. [indiscernible] if you want to add, please?

Oh, perfect. No, your reply was quite precise, yes. So no big maintenance planned, yes. So this is what Anto explained. This is, I mean, routine maintenance every year, we have. We need to repair the roof of the furnace. So this is what Anto said. And also the normal schedule. So about the production in the half of the year, because we have the furnace four shutdown. So you expect a little bit lower, but in the second half of the year, a little bit higher. But as he mentioned, in overall, it will be more or less the same as last year. Yes. Perfect.

Okay. We have next question from Wesley [indiscernible]. In order to better understand the cost, can you provide your current fuel energy mix, proportion of coal and diesel? And how is the dynamic of domestic diesel price?

Yes. It's probably not between diesel and coal. It's probably between HSFO and coal. Because diesel is more specific. I think the use of diesel is quite small in PT Vale. I think the major contributor to the cost, if you're talking about -- in the order of 28% and 32% of the total cost is coming from the HSFO and coal. Coal is more dominant now compared to HSFO. I don't have that number on top of my head. Definitely, I'll come back to you with the number. And how is the dynamic of domestic diesel price? I don't know whether your question is related to the HSFO or diesel, but diesel is much more stable compared to the fuel and coal.

Wesley, if I may suggest, in our press release there was a table that shows various fuel consumption and coal. So HSFO, diesel, and coal. There's also the volume per production tonnage and price. So if you're eager to know that and you have your own price assumptions, for instance, you can basically recalculate using that table that we provided. Because I'm mindful that every company analysts perhaps have their own assumption, right? So hopefully, it is helpful. If you can refer to the table we provided here. Thank you.

Wesley, do you have a follow-up question? Okay, audio participants, is there any further questions? [Operator Instructions] Okay, we have from Dony Setiady. Can you share the expected cash cost from H Power and LKF project?

I think we will share it when we have all the FS completed. We are still in the process. When it is finalized, we can be more confident to share the numbers.

Okay. Next question from Cynthia [indiscernible]. What is the limonite ore pricing at the moment in the market?

We're not selling limonite yet, right? So of course, Pomalaa come on board, which is the next few years, right, because it takes time for H power to be constructed. Our deal with partners is basically, we follow government's price, because we have to follow the rules. Rules suggest that government [indiscernible] has the minimum floor. So today, we understood that the government benchmark prices only apply to the saprolite, not so much for limonite, but we also understood the government is designing and in the final stage of finalizing the limonite government mark price. So whatever the price is, that will be the reference for the floor price.

[Operator Instructions] As there are no further questions, I will now hand the session back to Ibu Febriany Eddy to give the closing remarks. Please go ahead, Ibu Febri. Thank you, Lydia, and everyone.

Thank you, everyone, for the support. Looking forward to meeting you again in the next quarter earnings call. My warm wishes for all of you. Stay safe and healthy. Thank you.

Thank you, Febri and Anto. Ladies and gentlemen, this concludes our today's conference call. Thank you for your participation, and you may now all disconnect. Again, thank you and stay safe.

Thank you. Bye-bye.