Robinsons Land Corporation (RLC) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen. Thank you for coming to this meeting. May I request the corporate secretary to please certify on the sending of notices to the stockholders and to the existence of a quorum for this meeting.

Mr. Chairman, I hereby certify that notice of this meeting has been sent to the stockholders of record as of April 5, 2021, via the following methods: by publication in the Manila Standard and the BusinessMirror for 2 consecutive days in both online and print format, by posting on the website of the corporation and by disclosure to the Philippine Stock Exchange. Thus, the stockholders have been notified of this meeting in compliance with applicable rules and regulations. I hereby certify that there are present in this meeting, via remote communication or by proxy, stockholders entitled to vote representing 80.5% of the corporation's total outstanding shares and that this meeting is therefore competent to transact the business provided for in the agenda. A quorum is present, Mr. Chairman.

There being a quorum, the Annual Meeting of the Stockholders of Robinsons Land Corporation is hereby called to order. May I request the Corporate Secretary to share with us the rules and procedures for this meeting.

The rules and procedures are set forth in the definitive information statement and in the explanation of the agenda items integrated into the notice of this meeting. All tabulation results for this meeting are subject to validation by SyCip, Gorres, Velayo & Co. For the information of the stockholders who are with us know during this live broadcast, the corporation has requested stockholders to send their questions or comments by e-mail. Questions which were received by May 5, 2021, have been collated and selected questions will be answered later on. The corporation will reply to the questions and comments not taken up during this meeting through e-mail.

Let us now proceed to the next item in the agenda, the approval of the minutes of the 2020 Annual Meeting of the Stockholders. May I call on the Corporate Secretary to present the results of voting for this agenda item.

Mr. Chairman, copies of the minutes have been distributed to the stockholders by providing the link to the said minutes in the information statement and by showing the QR code on the screen prior to the meeting. The minutes have been approved as submitted by votes representing 80.5% of the total outstanding shares of the corporation.

Thank you. The minutes are hereby approved as presented. Moving on to the next item in the agenda. May I now call on Mr. Frederick Go, President and Chief Executive Officer of the corporation, to present the operations report together with the audited financial statements for the preceding fiscal year.

Thank you, Mr. Chairman. To my fellow shareholders, to the distinguished members of our Board, friends and guests, ladies and gentlemen, good afternoon. Today, we joined virtually for the second time in light of the extraordinary circumstances we find ourselves in. We would like to take this opportunity to express our sincerest gratitude for your time, support and interest in Robinsons Land Corporation. 2020 was a story of resilience, agility and solidarity for our company. The onslaught of natural calamities and the COVID-19 pandemic disrupted supply chains, business operations and workplace structures, forcing an accelerated shift in mindset, priorities and short-term strategies. Nevertheless, RLC and its dedicated employees quickly adapted to these new conditions and relentlessly served its customers, business partners and stakeholders. Heightened sanitation standards in all our properties were institutionalized, and we have invested in contactless technologies to minimize health and safety risks. While the company ensured business continuity, last year's challenges underscored that our people are our most valuable assets. We provided salary continuance, financial support for frontliners, sanitation kits, nutrition supplies, temporary accommodations as well as free shuttle services at the height of the pandemic. The company also adopted remote work arrangements and supported a digital workplace. Furthermore, eligible employees and third-party workers are given the opportunity to be vaccinated through the Gokongwei Group's COVID-19 Protect vaccination program. Amid unprecedented times, we made important strides in our commitment to develop lasting real estate developments that create shared value for all our stakeholders. To date, we have 52 lifestyle centers, 25 office developments, 5 work.able centers, over 100 residential projects, 20 hotels, 4 industrial facilities and 19 mixed-use developments. As our contribution to nation building, we have built an ecosystem of synergistic assets in 29 provinces, 49 cities and 12 municipalities. Our investment portfolio consisting of malls, offices, hotels and industrial facilities yielded 51% of revenues, 69% of EBITDA and 52% of EBIT in 2020. The balance came from the sale of residential units and land parcels that form our development portfolio. In the first quarter, the development portfolio took the lion's share accounting for 76% of revenues, 43% of EBITDA and 60% of EBIT, mainly due to the recognition of revenues from our China project. By entering 2020 from a position of strength, RLC managed to successfully navigate the short-term headwinds brought about by the pandemic, with positive cash flows generated by all its business units. We achieved revenues of PHP 25.4 billion for the year, 17% lower than a year ago. Efforts to deliver efficiencies by scaling operations at low incremental costs tempered the decline in EBITDA to 21% to close at PHP 13.7 billion. Additional depreciation from new properties caused a 31% drop in EBIT to PHP 8.5 billion, while interest expense on new borrowings and unfavorable foreign exchange impact caused net income to fall 39% to PHP 5.3 billion. In the first quarter, revenues from our China project drove a 35% growth in revenues to PHP 16.7 billion. EBITDA and EBIT fell 28% and 36%, respectively. Savings from the enactment of the CREATE Act in March 2021 significantly minimized the contraction in net income after tax to only 8% to finish at PHP 2.9 billion. RLC maintained its solid financial position with total assets of PHP 208.4 billion as of March versus last December's PHP 215.2 billion. In the same period, shareholders' equity grew to PHP 105.6 billion from PHP 102.7 billion. We have retired all our short-term borrowings and raised over PHP 13 billion through a bond offering last July 2020. This was well received by the debt capital markets, and we obtained the highest credit rating of PRS Aaa with stable outlook. With a net gearing ratio of only 39%, we have the financial flexibility to mitigate the negative impact of the pandemic while building mutually reinforcing flywheels that will drive the business into recovery. Meanwhile, the earnings per share for the first 3 months stood at PHP 0.56 per share and is trending back towards profitability. As you can see from the slide, despite significant slowdown last year, RLC still managed to post minimum compounded annual growth in revenues, EBITDA and EBIT. Kindly allow me to report the performance of each of our business units. The Commercial Centers Division accounted for 23% of total revenues and closed at PHP 6 billion in 2020, down 55%. EBITDA and EBIT fell 53% and 92%, respectively. At the height of the quarantines, our malls remained open for establishments offering essential services such as groceries, pharmacies and banks. However, in compliance with government guidelines, mall operating hours were shortened, operating capacity was limited, cinema operations were suspended and some of our retail partners were unable to operate. In the spirit of bayanihan and compassion, we provided rental concessions to our retail partners to support their recovery. The performance of our malls has started to rebound since the implementation of quarantine restrictions in March last year. Mall revenues are showing signs of recovery as it reached PHP 2.2 billion in the first quarter of 2021 for a decline of 38%. EBITDA and EBIT decreased by 47% and 81%, respectively. We are encouraged by the upward trend we have seen in operational GLA, number of operational tenants and footfall in the last 4 quarters. These performance indicators are expected to gradually rise over time as the government continues to ease mobility restrictions and consumer confidence is restored with the continuous rollout of the vaccines. We are pleased to share that even with the logistical challenges we faced last year, we were able to reopen our mall in Tacloban City last March. This underwent rehabilitation in 2019 after a fire incident. With this, Robinsons Malls capped the quarter with a system-wide lease percentage rate of 92% on a total gross floor area of approximately 3 million square meters and total mall leasable space of 1.6 million square meters. Leveraging on its portfolio of high-quality assets, the Office Buildings Division finished strong in 2020 and contributed 23% to revenues. The success of our leasing activities from Giga Tower, Cybergate Magnolia, Luisita 2 and Cybergate Delta 2 and rental escalations in existing office buildings propelled revenues to PHP 5.8 billion, up 10%. EBITDA accelerated 11% while EBIT rose 12%. Our Office Buildings business continued to generate stable revenues. However, due to the high base effect of adjustment in rental income, which we booked the previous year to comply with Philippine Financial Reporting Standards, or PFRS, office revenues for the first quarter slipped 4% while EBITDA and EBIT dropped 6% and 8%, respectively. Without the PFRS adjustment, revenues would be up 2% for the quarter. With the completion of Cybergate Delta 2 in Davao and our third build-to-suit office development in Tarlac, the Office Buildings Division ended with 25 office assets across 613,000 square meters of total net leasable space. System-wide lease percentage was 93%. Underpinned by the evolving needs of our clients, we continue to strengthen our work.able brand to capitalize on the growing demand for flexible workspaces. Work.able now has 5 operational sites in Pasig City, Quezon City and Taguig City with over 1,200 seats. Accounting for 4% of company revenues, the Hotels and Resorts Division managed to keep operational between 8 to 13 of its 20 hotel properties last year in the midst of the pandemic. The company's hardest-hit business unit managed to post revenues of PHP 1.1 billion and EBITDA of PHP 153 million. Depreciation from new hotels opened in 2019 dragged EBIT to a loss of PHP 264 million. In the first quarter, 14 to 18 of our hotels served as temporary homes for returning overseas Filipino workers and guests under quarantine. Revenues, EBITDA and EBIT were recorded at PHP 258 million, PHP 56 million and a loss of PHP 51 million, respectively. Last year, we adopted a new accounting treatment on revenue recognition for our Residential Division. Realized revenues were booked at 10% equity versus the previous threshold of 15% equity. This was to be consistent with the practice of most property companies in the Philippines. As a result, realized revenues rose 33% to PHP 12.1 billion while EBITDA and EBIT soared by 40% and 41%, respectively. Earlier in the year, we launched 3 new residential projects worth PHP 10 billion, namely, The Sapphire Bloc in Ortigas Center, Sierra Valley Gardens Buildings 1 and 2 located in Cainta, Rizal. These project launches fueled net sales take-up, which closed at PHP 7.3 billion, 36% of 2019 levels. Quarantine restrictions continued to disrupt construction activities, which directly impacted project completion and consequently, revenue recognition. Together with the high base effect of the change in accounting treatment last year, realized revenues dipped 69% to PHP 2 billion in the first quarter of this year. EBITDA and EBIT likewise fell 69% each. On the other hand, net sales take-up declined 50% to PHP 4.4 billion. Sans the joint venture projects, net sales take-up from RLC-owned projects totaled PHP 2.8 billion, showing promising signs of recovery as it reached 72% of pre-COVID levels. We expect to continue posting gradual improvements over time as the economy pulls out of a construction lull and as demand for residential units rebounds. This year marked RLC's first foray into their luxury horizontal property market with Forbes Estates Lipa. Spanning across 21 hectares of prime real estate in Batangas, this sustainable residential enclave offers utmost exclusivity and privacy. It has generous lot cuts, underground utilities, green architecture and superb amenities, including a community lifestyle center and a 1 hectare central amenity area. The Industrial and Integrated Developments Division remained largely insulated from the effects of the pandemic. Leasing revenues soared by 90% to PHP 262 million, driven primarily by its warehouse facility in Calamba. EBITDA ended at PHP 139 million, while EBIT closed at PHP 86 million. Similar to the Office Buildings Division, the PFRS adjustment booked the previous year caused revenues for the first quarter of this year to slide by 15% to PHP 56 million. EBITDA and EBIT likewise dropped 9% and 19%, respectively. All figures would have reflected positive increases without the PFRS adjustments. Developmental revenues from the partial recognition of gains on the sale of prime lots to the joint venture companies we formed with DMCI Project Developers, Inc. and Shang Properties, Inc. reached PHP 133 million in 2020. EBITDA and EBIT both registered at PHP 104 million. On the other hand, revenues of PHP 97 million recognized in the first quarter this year pertained to a portion of the gain and interest income on the sale of land to Shang Robinsons Properties. EBITDA and EBIT stood at PHP 83 million each. Overseas, we have begun turnover of the residential units from Phase 1 of Chengdu Ban Bian Jie, following a successful launch in 2018. In view of this, we are pleased to report that we have realized revenues of PHP 10.5 billion in the first quarter, EBITDA and EBIT both ended at PHP 973 million each. Furthermore, we have recovered 89% of our invested capital with a repatriation of $200 million. To date, we have completely sold out the residential and townhouse components of the project after sustaining the market's confidence and strong positive response. Phase 2 of the project continues to be on track, and we continue to focus efforts on selling out the commercial spaces and parking lots. This success demonstrates the company's ability and expertise to undertake overseas projects outside its comfort zone. Moving on to our future plans and strategies. We aim to bring prime commercial developments closer to consumers by expanding to the provinces, further strengthening our position as a premier mall brand with wide geographic reach. In 2021, we will push through with the expansion of Robinsons Place Dumaguete and the opening of a mall in La Union. Together with the Tacloban Mall, which we had just reopened, total leasable space will reach 1.58 million square meters by the end of this year. In 2022, we plan to open our Antipolo expansion mall and Robinsons Place Gapan in Central Luzon, which will raise gross leasable area to 1.63 million square meters. This year, our Office Buildings Division targets to complete Cyber Omega, Cybergate Iloilo 1, Cybergate Galleria Cebu, Cybergate Bacolod 2 and Bridgetowne East Campus One, which will grow net leasable space by 18% to 721,000 square meters. Next year, we plan to complete GBF 1 building located in our Bridgetowne Estate, which will push net leasable space to 774,000 square meters. Our Industrial and Integrated Developments Division continues to pursue new business opportunities and serve as a catalyst for diversifying earnings. In 2021, it targets to complete 3 industrial facilities to end with 173,000 square meters of net leasable space. Substantial progress continues to be made in our landmark Destination Estates, namely the 30-hectare Bridgetowne in Pasig and Quezon City, the 18-hectare Sierra Valley in Cainta, and the 200-hectare Montclair in Pampanga. To further strengthen earnings, the division will likewise explore avenues for growth through its land banking program, the development of integrated townships, innovative real estate formats, new business ventures and strategic partnerships. In keeping with our promise to deliver an elevated lifestyle experience, our Residential Division recently launched its new brand, RLC Residences. In preparation for the anticipated resurgence of domestic tourism, our Hotels and Resorts Division plans to increase the number of keys this year with the opening of Go Hotels Tuguegarao, Summit GenSan, Go Hotels Naga and Summit Naga. Slated to open next year are Westin Sonata; and Fili Urban Resort Cebu, the Philippines first-ever 5-star homegrown hotel brand. To create further opportunities for growth, RLC intends to list an REIT or real estate investment trust company this year to crystallize the value of some of its high-quality office assets. The company spent over PHP 22 billion in capital expenditures last year for the development of malls, offices, hotels and industrial facilities, the construction of residential projects, land acquisitions and for the new investments for its local operations. In the first quarter, CapEx spending was PHP 5 billion. This is in line with our stringent cash conservation measures on the back of quarantine restrictions, construction slowdown and deferral of noncritical projects. Our expansive land bank stretches across more than 800 hectares. We continue to be on the lookout for land bank opportunities nationwide. We are positioning ourselves for the future by increasing and maximizing our online presence and in investing in various digital platforms and other initiatives. We are transforming mall customer experience by leveraging on technology to provide the ultimate level of convenience to customers and retail partners with the rollout of MallDash, Partner's Portal and Robinsons Malls app. Summit and Go Hotels are offering long-stay services under the Just Got Home program for those looking for a budget-friendly abode near the workplace and other key establishments. All our hotel properties are now with a global hospitality solution curated e-commerce platform that specializes in voucher management. While the pandemic tempered real estate demand, we continue to improve customer experience with the rollout of myRLC homeowners portal for all residents and guests who reside in our various condominiums. Also, we continue to strengthen our sellers portal and buyers portal, which facilitate day-to-day engagements with potential residential buyers, sellers and investors. We have also rolled out several innovative initiatives in response to public health and safety concerns. The Robinsons Malls pickup station, Robinson's delivery and Robinson's personal shopper offers safe and easy ways for customers to shop while enabling retail partners to expand their reach. We have partnered with the Philippine Red Cross to set up 20 saliva drive-thru collection sites for RT-PCR testing at various Robinsons Malls nationwide. 17 of 52 malls will be used as vaccination sites, and we have set up al fresco dining areas in numerous malls in view of social distancing protocols. We have partnered with Medical City for the hotel care packages that come with a full accommodation in our hotels alongside an antigen or RT-PCR testing. Our offices, industrial facilities and residential properties continue to operate to serve customers on a business-as-usual condition with sanitation and health standards in place. Our ability to adapt to the context in which we operate is a testament to the company's agility and strength in this time of uncertainty. Emboldened by our customer-centric investment choices, we expect to regain significant foothold in the market as the situation improves. RLC is committed to protect the environment by reducing its carbon footprint and becoming an industry leader in the responsible and efficient use of energy. Last year, the solar power facilities we have installed in 21 of our malls, generated a maximum capacity of over 30,000-megawatt hours, which translated to over 270,000 trees planted, 16,000 tons of carbon dioxide avoided and PHP 210 million of cost savings. This year, the solar panels installed in our malls in Santiago, Iligan and Butuan shall be fully operational. In 2020, Robinson Malls' Gift of Change provided food and medical assistance to thousands of displaced Filipinos affected by the recent natural calamities such as the Taal Volcano eruption and Typhoon Ulysses. We will continue to be steadfast in our commitment to serve our communities and uphold the bayanihan spirit ingrained in our company's DNA. Robinsons Land stands by its commitment to consistently deliver value to its shareholders and sustain its long-standing history of dividend payouts. In line with its dividend policy, on May 6, the Board of Directors has approved the payment of cash dividends at PHP 0.25 per share on June 21 to stockholders of record as of May 26. At one of the most challenging times in our history, we worked towards strengthening the company's foundation and building long-term agility. We will continue to expand our businesses to diversify and invest in scale to achieve sustainable profitability and market leadership in the years to come. We would like to express our deepest gratitude to our Board for their ongoing support and guidance as we navigate our path towards recovery and a sustainable future. We would also like to acknowledge our employees who have gone to great lengths to keep serving our customers, partners and communities even in the most uncertain of times. And lastly, we are incredibly grateful to our shareholders, business partners, patrons and customers for their continued trust and unwavering support in the attainment of our corporate goals. As a company, we have never been more committed to creating shared success for all. [Foreign Language]

Thank you. May I call on the Corporate Secretary to present the results of voting for the approval of the audited financial statements for the preceding fiscal year.

Mr. Chairman, we are pleased to report that stockholders representing 80.43% of the total outstanding shares of the corporation have approved the audited financial statements of the corporation for the preceding fiscal year as presented. The report of the President is hereby also duly noted.

The report of the President is accordingly noted, and the audited financial statements for the preceding fiscal year are hereby approved as presented. Moving on to the next item in the agenda. May I now call on the Corporate Secretary to discuss the next item, which is the proposed amendment of the Articles of Incorporation.

Article 6 of the Articles of Incorporation of the company is supposed to be amended to reduce the number of Board seats from 11 directors to 9 directors. Mr. Chairman, we are pleased to report that stockholders representing 80.48% of the total outstanding shares of the corporation have approved the amendment of the Articles of Incorporation, reducing the Board seats from 11 to 9.

Thank you. The proposed amendment of the Articles of Incorporation reducing the Board seats from 11 to 9 is hereby approved. We now go to the election of the members of the Board of Directors. May I request the Corporate Secretary to read the names of the incumbent members of the Board of Directors.

The incumbent members of the Board of Directors are: Mr. James L. Go; Mr. Lance Y. Gokongwei; Mr. Frederick D. Go; Mr. Patrick Henry C. Go; Mr. Johnson Robert G. Go, Jr.; Ms. Robina Y. Gokongwei-Pe. And the independent directors are: Mr. Artemio V. Panganiban; Mr. Roberto F. De Ocampo; Mr. Emmanuel C. Rojas, Jr.; Mr. Omar Byron T. Mier.

Thank you. May we now have the list of nominees for election to the Board of Directors and the voting results?

Mr. Chairman, in accordance with the nomination process stated in the bylaws of the corporation, the following have been nominated as members of the Board of Directors: Mr. James L. Go; Mr. Lance Y. Gokongwei; Mr. Frederick D. Go; Mr. Patrick Henry C. Go; Mr. Johnson Robert G. Go, Jr.; Ms. Robina Y. Gokongwei-Pe. And as independent directors: Mr. Omar Byron T. Mier, Mr. Bienvenido S. Bautista, Mr. Roberto F. De Ocampo. There being no other nominations, the affirmative votes in favor of those nominated have been tabulated and the following are hereby declared as the duty elected members of the Board of Directors of the corporation for the ensuing year until their successor shall have been elected and qualified: Mr. James L. Go; Mr. Lance Y. Gokongwei; Mr. Frederick D. Go; Mr. Patrick Henry C. Go; Mr. Johnson Robert G. Go, Jr.; Ms. Robina Y. Gokongwei-Pe. And as independent directors: Mr. Omar Byron T. Mier, Mr. Bienvenido S. Bautista, Mr. Roberto F. De Ocampo.

Let us move on to the next item in the agenda, which is the appointment of the external auditor of the corporation. May I call on the Corporate Secretary to present the results of voting for this agenda item?

Mr. Chairman, the accounting firm of SyCip, Gorres, Velayo & Co. has been nominated as the external auditor of the corporation for the fiscal year 2021. After tabulation of the votes, the appointment of SyCip, Gorres, Velayo & Co. as external auditor of the corporation has been approved by stockholders representing 73.40% of the total outstanding shares of the corporation.

Thank you. The accounting firm of SyCip, Gorres, Velayo & Co. is hereby appointed as the external auditor of the corporation for the fiscal year 2021. Let us proceed to the next item on the agenda, which is the ratification of the acts of the Board of Directors and its committees, officers and the management of the corporation. May I call on the Corporate Secretary to present the results of voting for this agenda item?

Mr. Chairman, the list of acts for ratification of stockholders are shown right now on the screen. Copies of the said list have been distributed to stockholders present by showing the link and QR code to the said list on the screen prior to the meeting. After tabulation of the votes, we are pleased to report that stockholders representing 80.37% of the total outstanding shares of the corporation have confirmed and ratified the acts of the Board of Directors, its committees, officers and the management of the corporation for the period beginning from the last annual stockholders meeting after the current stockholders meeting as duly recorded in the corporate books and records of the corporation.

Thank you. The acts of the Board of Directors and its committees, officers and management of the corporation for the period beginning from the last annual meeting of the stockholders up to the current meeting of the stockholders as duly recorded in the books and records of the corporation are hereby confirmed and ratified. We will now respond to questions which were earlier submitted via e-mail.

For the first question. It has been a year since the COVID-19 pandemic. Are there any changes in the way you plan your malls, offices and residential properties as a response to the changes in market dynamics and client behavior and preferences?

By and large, our long-term strategies remain intact. We believe that consumer confidence will return after the world has been vaccinated and people feel safe again to conduct their daily lives. But one thing is for sure, digitalization of almost everything we do has been accelerated. And the company has responded to this in numerous ways. Our malls, for example, have created new ways of shopping, both digital and nondigital, to make it safer and more convenient and more comfortable for the customers, such as our pickup stations, our delivery service and our personal shopper service. As a digital solution, we are also coming up with an e-commerce platform so that our customers will be able to conveniently go online to shop at their favorite Robinsons Malls stores, and we are calling this MallDash. For our residential business, we have also created several digital solutions to ease the life of both our sellers and our buyers. We have a sellers portal for the sellers, a buyers portal for our would-be buyers. And for people who have already successfully bought and reside in our various condominiums, we have the myRLC homeowners portal as well as a Ring Rob Concierge app. So for homeowners who have specific needs inside their unit and concerning their building, there is the myRLC homeowners portal, and for services that they may need from outside third-parties for their units, they can just tap into the Ring Rob Concierge app that we have already made operational for some time now. Our hotels, as another example, have their own several adjustments to this pandemic or quarantine situation and have managed to survive and keep afloat.

For the second question. What are the initiatives the company is doing to ensure the health and safety of its workforce?

At the height of the pandemic early in March 2020, we provided financial support for frontliners who continue to serve our customers. We provided sanitation kits and nutrition supplies, temporary accommodations as well as shuttle services for our employees who wanted to come to work. The company also, up to this day, has adopted remote work arrangements and supported a digital workplace. We process a lot of our documents now through digital apps. We also have empowered our people to use digital signatures. Furthermore, eligible employees and third-party workers are given the opportunity to be vaccinated through the Gokongwei Group's COVID-19 Protect vaccination program. We await for our orders of vaccines that are expected to come in the next 2 to 3 months, and we hope to be able to protect all our employees and third-party workers through this vaccination program.

Last question. Can you give more color on RLC's plan to do a REIT listing?

Yes. We have made several announcements in this regard. It is our intention to have an REIT, a real estate investment trust, IPO this year. We plan to list 14 out of our 25 office assets into this REIT. This REIT will also have gross leasable area of over 400,000 square meters. And based on our expectations, which is, of course, subject to regulatory approvals, especially from the SEC and the PSE, we're looking at a possible listing in the second half of this year.

Thank you. Are there any other matters to be taken up for consideration of the stockholders?

There's none, Mr. Chairman.

This ends the 2021 Annual Stockholders Meeting of Robinsons Land Corporation. A link where a replay of this meeting may be viewed shall be made available at the website of the corporation. Thank you very much for joining us.