Österreichische Post AG (POST) Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by. I'm [indiscernible], your chorus call operator. Welcome, and thank you for joining the results for the first 3 quarters of 2021. [Operator Instructions] I would now like to turn the conference over to Harald Hagenauer, our Head of Investor Relations. Please go ahead.

Good afternoon, ladies and gentlemen. Welcome to this conference call of Austrian Post. We would love to discuss the results of the 9 months and also the third quarter this time. And here with me is our CFO, Walter Oblin, and I will directly hand over to Walter, please go on sir.

Good afternoon, ladies and gentlemen. It's a pleasure to have the opportunity to present to you our Q3 results. I think as a summary upfront, we've seen very good momentum across our business portfolio over the last 3 quarters, and [ according here ] today in a position to present to you good results. Let me start on Page 3. Page 3 provides I think, well-known summary, how we report as a group in 3 segments: our Austrian core incumbent Mail business, our Parcel & Logistics business encompassing an international portfolio of parcel networks, including, of course, our Austrian business and our Turkish business, Aras Kargo; the third segment, Retail & Bank. I think I would like to direct your attention to the revenue distribution graph on the right side, which shows a very balanced revenue distribution, more balanced than ever. About 1/3 of our revenue coming from addressed Letter Mail business, 17% from Direct Mail and Media Post, 30% from our Austrian Parcel business. and roughly 20% from our International Parcel business. Page 4 as a result of the acquisition of Aras Kargo and the strong growth that we've seen in our parcel portfolio over the last 12 months. We are now standing on 2 strong feet, a strong -- despite shrinking, of course, despite the shrinking, of course, a strong and resilient Mail business on the one hand, and a strong profitable Parcel business, which for the first time in the history of Austrian Post, has generated more revenue than our Mail business. Page 5 summarizes the highlights of the first 3 quarters. The first 3 quarters have, as I already said, been characterized by a strong business momentum. A strong recovery, in particular, in our Mail business and strong growth. Strong, however, declining growth on the Parcel side. Accordingly, as a result, group revenue -- group revenues are up substantially. For the first 3 quarters together group revenues are up 22.2%, almost 9% organic growth in the first 3. In the third quarter, stand-alone group revenue up is 10.5%. Please remember, we consolidated -- we started to consolidate Aras Kargo in our group revenues August 25 last year, so Q3 still included 2 months of -- almost 2 months of inorganic growth. You see here also with the plus 2.4% organic growth that the organic growth has come down over the last 3 months as a combination of the pandemic development over the last 3 quarters and over the last 3 quarters last year, but also as a result of a little bit declining business momentum on the Parcel [ side ]. Earnings as based on the strong group revenue growth up substantially, EBITDA up 48.1% year-to-date and EBIT up 77%. Also in Q3, still Q3 comparing us to a relatively normal Q3 last year as opposed to Q2, was compared to a very weak, very turbulent Q2 last year, still Q3 EBITDA and EBIT up above 20%. And we have not only confirmed our outlook but slightly upgraded our outlook. We expect revenue growth of about 15% and have upgraded our EBIT guidance with an increase of around 25% for the full year. Moving to Page 6, which shows you the revenue development for the first 3 quarters. Group revenue, as I said, up 22.2%. The majority of growth coming from our Parcel & Logistics business. which was up 57.1%, very strong business momentum, as I said, across the portfolio and of course, the impact of 8 months revenues of Aras Kargo which hadn't been there last year. Mail revenues also up 1.1%, which is based on a combination of recovery, in particular, in the direct mail side in Q2, a small tariff impact compared to last year resulting from the first quarter. And overall, I would say, also a relatively good momentum over the last months. And the small revenues in our Retail & Bank segment also up 7%. This strong revenue growth was the basis for a strong EBIT development, of course, also including a recovery from, in particular, the weak Q2 last year. EBIT for the whole group up 77% to a total of EUR 144 million. We're pleased to see that all segments improved compared to last year. Mail from a strong basis, up 4.1%. Parcel & Logistics up a huge improvement of 48.7%. Retail & Bank also improved -- declined smaller losses, up 3.4%, and our corporate segment also improved by 6.5%. Let me continue now with an update on our strategy implementation. Page 9 summarizes our strategy framework, which also provides the structure of -- following presentation. Priority number one, to defend our market leadership and profitability in our core Austrian Mail and Parcel business. Priority number 2, profitable growth in near markets, geographically in near market, but also markets adjacent in value chain. And priority number 3, to develop our retail and digital offering for private customers and SMEs. This includes our retail network and even more importantly, our bank99. And priority 4, the green arrow in the middle, sustainability, diversity and customer focus as a guideline for all our activities. Page 10, starting now with the core Austrian Letter and Parcel business. Page 10 summarizes the developments in our Letter Mail business. Historically an e-substitution decline rate of around 5% last year, given the pandemic 6.8%. You see on the right side, the quarterly development. I think that the summary is with the volatility given the development of the pandemic last year and this year. If we look back 2 years, we are pretty much down 12% over 2 years, so 6% per year, including all the impact of the pandemic, 6% to 6%. At the same time, this is up 1% decline compared to a historic decline rate, which I would say, given the -- that we've seen the biggest digitization boost over the last decades, I would tend to look at our Mail business as quite resilient. Page 11, similar but even more pronounced development on the Direct Mail side. Here, the pandemic hit most immediately and most negative with 25% decline in Q2 last year. We have seen some recovery. You saw in Q2 plus 12% in Q3, where we compare a relatively normal quarter with a relatively normal quarter last year, we are still down, minus 4%, compared to minus 3% last year. We still see subdued direct mail activity in a variety of business sector, in particular, in among SMEs, in retail and tourism, given that pandemic hasn't yet gone away. And of course, there is some uncertainty going forward. I think that we are in a very strong fourth wave, which is developing on a daily basis, and rumors of an upcoming lockdown continue to come up. So we'll see how things develop, but Direct Mail continues to be under pressure, I would say. Page 12, coming to the growing part of our business portfolio. The Parcel business, in particular, and now here, the Austrian Parcel business after a growth of 30% last year, volumes continue to grow very strongly in the Q1, up 36%, also with a strong lockdown for several weeks in Austria, then things normalized. Shops opened up. Still, compared to very strong volumes last year, volume growth of 7% in Q2 and Q3. Q4 now -- last year's Q4 provides a very strong comparison base, so we do not expect to grow compared to last year. But as I said, it depends on what will happen over the next weeks in Austria. Moving to Page 13. We continue to upgrade our capacity. We are in very good progress or have brought new sorting centers online in a number of big projects. I think the next page provides an overview. As a result, we -- CapEx this year will be above last year. We do expect to spend around EUR 70 million to EUR 80 million on maintenance CapEx in Austria, around EUR 20 million to EUR 30 million on CapEx international, given the strong growth we see in CEE, and in Turkey of course, we see also opportunities and need for investment there. And then around 80 -- around or above EUR 80 million will be spent on growth CapEx in Austria, in particular, on the extension of very large sorting centers in Austria. This program will continue for roughly another 2 years, and then we'll -- we will have upgraded pretty much all of our sorting and tariffs substantially. Page 14 shows you this roadmap. We have brought online our new logistics center in the very west of Austria, Wernberg. Our new logistics center in Tyrol is about to come online. We have smaller expansion projects ongoing in lower Austrian Styria, a big one in upper Austria, and we will next year start an expansion program in our oldest and still very important Vienna-South sorting center, which will then last for the next 2 years. Page 15 provides an overview on the development of the staff structure in Austria. I think 2 messages. Message one is given the strong parcel volumes, total staff numbers have gone up a little bit. We continue to hire despite a very tight labor market in Austria. And message number 2 is that transformation from expensive civil servants and old collective wage agreements to new collective wage -- new collective wage agreement. New employees continues -- compared to last year, we have around 800 more employees in the new collective wage agreement around 50% of our whole staff now in this new collective wage agreement. And this transformation will continue over the next years. Coming to strategy pillar 2, our growth in -- our growth portfolio outside Austria. Here, we have seen continued good business momentum in our parcel portfolio east of Austria from Slovakia to Turkey, and we'll elaborate on this a little bit later. We've also seen good development in a number of businesses where we try to add value to the pure distribution of Mail & Parcel. In particular, in e-commerce-based businesses such as ACL advanced commerce labs, which provides e-commerce software solutions. But also our sustained logistic, our fulfillment business in Austria has benefited a lot. We've been able to capture opportunities which have emerged out of the pandemic, distribution of test logistics and a few other services we are providing here. So overall, I would say, good development. Of course, some smaller businesses have also been harmed by the pandemic. The -- I would say the highlight of the last 15 months definitely has been the acquisition and development of our Turkish subsidiary, Aras Kargo. I think you're aware, we acquired the majority of Aras Kargo last year, stepped up from 25% to 80%, started to consolidate -- to fully consolidate Aras Kargo as of August 25 last year. Turkey has shown a very strong growing Parcel market, and our management there has also executed a strong price discipline in a market characterized by high inflation. As a result, not only have volumes grown substantially compared to a very strong growth last year in the first 3 quarters, 15%, but also revenues, which we will see on the next page. But also in Eastern Europe, we have seen volume growth of 17%, compared to an already strong growth last year. Page 18 shows you more details on Aras Kargo. First 9 months revenue of TRY 2.2 billion, in euro terms, EUR 230 million. We operate a strong balance sheet there. And also, the company is highly cash generative and revenues have been up 40% for the first 9 months and volume's up 14%. So you see there has also been a substantial price contribution. Page 19, moving to strategy pillar number 3 and to our bank business. Of course, the major event of the last month was the acquisition of the retail business of ING in Austria. We signed this transaction mid-July, and we do expect a closing over the next weeks still in 2021. ING will be -- the Austrian ING retail business will be highly complementary to bank99 from a regional and demographic perspective. It will add more than 100,000 customers in a relatively young growing segment to the existing customers of bank99 or more or less and more -- more advanced in their age. It is highly complementary in product structure. It brings to the table a well-functioning loan business with a very well-functioning digital sales engine, and around EUR 1.4 billion of loans, which will balance out our balance sheet. And as a result, we will have a bank with a complete simple product portfolio with more than 200,000 customers. The balance sheet, well balanced and much, much better-balanced balance sheet of around EUR 2.5 billion. And based on this, we see a good future for bank99. Page 20, our self-service facilities continue to grow. We continue to invest in them. We see this as a source of competitive advantage in a competitive Austrian parcel market. You see here that we have installed, if you compare these numbers with prior years and prior months, we continue to add pickup boxes, pickup stations and drop-off boxes and our consumers increasingly accept these solutions and increasingly use them as opposed to queuing up in our branch network. Now let me spend a few sentences and pages on our sustainability efforts. Page 22 reminds of the targets that we committed to last year. A growth of -- to a revenue of around EUR 3 billion by 2030. Substantial ambitious commitment in the area of decarbonization, 40% reduction in absolute CO2 emissions, 70% in specific 2 emissions. And most specifically, 100% CO2-free delivery in Austria by 2030. Also ambitious targets on the people and in social dimension. To achieve those targets, we have a very comprehensive sustainability master plan in place, Page 23, with multiple projects and dimensions in the governance area, in the decarbonization area and on the employee and leadership side. Most tangible project is, Page 24, our e-mobility initiative. Already today, we operate, by far, the largest electric fleet in Austria. We celebrated 10 years of CO2 neutral delivery this year and have now implemented a flagship project called Green Graz. Graz is the second largest city in Austria. And as of October, we have eliminated all combustion-driven cars and advance out of our delivery fleet in this city. So we are delivering 100% either by pedestrians, e-bikes, e-mopeds or electric vans and parcel transporters. I think a real flagship project, increasing not only our reputation in Austria, but also proving that this concept of combustion-free delivery is possible already today. And we will continue now to roll out this concept across Austria with the target to have eliminated oil combustion engines out of our delivery fleet by the end of this decade. Also, a new project in the area of sustainability, moving to the next page, Green Packaging. We have started a pilot with 5 cooperating large Austrian retailers around reusable packaging solutions for parcel shipping. And we are very interested in seeing the results of this pilot project. Let me now close the presentation with more details on the numbers. And then, of course, finalizing it with the outlook for of 2021. Page 27 gives you an update on the most important financial indicators. Revenue, as I said, up 22.2% to a revenue of EUR 1.83 billion. EBITDA and EBIT margins up substantially from last year. I think overall, on quite decent levels for our industry. Earnings per share for the first 3 quarters at EUR 1.57, and EUR 196 million operating free cash flow before growth CapEx is strong, strong robust cash flow for these first 9 months. Page 28 provides you more details on our profit and loss statement. Of course, Aras has been added in all lines of the P&L, so I think it's -- it doesn't make a lot of sense to now comment on individual lines. Of course, the growth in revenue has also triggered growth in a number of cost lines. In particular, materials and services used, but also staff costs. EBITDA at EUR 266.3 million in absolute terms, EBIT EUR 144 million, and profit for the period at EUR 110 million. Now a few more details on the financials of our 3 segments. Mail division. I would say, of course, summary, of course, impacted negatively by the pandemic, but compared to last year, some recovery and you see at least stability on a decent level. Letter Mail revenue is up 0.7%. Of course, a small tariff impact in Q1, resulting from the tariff increase in April -- on April 1, 2020. Q2 recovery and then in Q3 comparing to relatively normal quarters of the impact of e-substitution, absence of any tariff impact. And on the Direct Mail side for the first 3 quarters, a revenue increase of up -- of plus 2.0%. Of course, this is more recovery from the pandemic than real growth. We continue to be substantially below pre-pandemic levels and continue to be under pressure here in this field. So for Mail division, total revenue close to EUR 900 million for the first 3 quarters. And our Mail division continues to be a strong profitable pillar of the group. Of course, this is also the cash generating part of our business portfolio. Parcel & Logistics, Page 31. Revenue up 57.1%. Of course, a lot of this coming from Turkey, almost EUR 200 million coming from the full consolidation but also organic -- some organic growth coming from Turkey. And then strong organic growth in Austria, plus EUR 110 million in absolute terms of 24.5%. And also in Eastern Europe, growth of 15%. As a result, also a good profitability of the Parcel division, EUR 81.3 million. So with EUR 110 million for Mail business and EUR 81 million from Parcel business, we are, as I said, standing on 2 strong feet. A balanced portfolio, which we've never had in this -- at this level in the past, so I think it's really a clear indication that our strategy is working. Moving to Page 33. Retail & Bank division. Revenue up 6.7%, which is a combination from growth of the bank, which is the financial services part of this -- of these columns, and a small decline on the branch services side. Here is still some revenues of the former corporations with other [ PSK ]. [ PSK ] has been included in 2020, and we have seen a little bit weak telecoms business, also given supply chain disruptions, which have caused a decline -- a small decline in revenues. EBIT-wise, we have seen some improvement and expect further improvement in the quarters to come. Page 35, our balance sheet. Our balance sheet continues to grow given the growth of bank balance sheet and will, of course, make a substantial jump in size when we closed the acquisition of ING's retail business. At the same time, our balance sheet continues to be conservative. We -- as of October 30, we are -- have a substantial cash surplus, a free of bank liabilities, have a low level of intangibles, a high level of provisions and a strong and stable equity position. Cash flow, Page 36. As I said, our business has been highly cash generative. There is still some higher investment volume to come in Q4. We are lagging a little bit behind our cash plans -- our CapEx plans in the first 3 quarters, also given some delays and some supply chain bottlenecks. But I think also the full year we'll show a good cash generation. So let me close with the outlook for 2021. We do expect a fourth quarter where the major trends continue. However, where compared to last year, we compare ourselves with a very strong Q4 last year where several factors fueled very strong Parcel volumes. In particular, a longer lockdown prior to Christmas, which had very strong impact on Parcel figures, so all that said, we expect a revenue growth of around 15% for the full year. We -- I already, I think, commented on the CapEx level, and earnings-wise, we upgraded our guidance where we -- on the EBIT side, we now expect an EBIT of around -- an EBIT increase of around 25% based on the last year's EBIT of around EUR 161 million. The business visibility is still low, so we do not yet provide guidance for full year 2020. I think in terms of mega trends, we see stability. We do expect our Mail business to decline further with the decline rates that we've seen over the last 2 years, we do expect stability in Parcel & Logistics. Of course, some market growth, but also some factors where we compare ourselves against strong quarters this year. And we do expect, of course, an increase in Retail & Bank top line-wise, but also an improvement bottom line-wise. So with that said, I think we're -- we have a general confident look into the future. Of course, the strong tailwinds that we've seen have weakened over the last months, but I think we're -- in general, we are up to a very good full year, of course, also with all the ingredients in place for an attractive dividend. So with that, let me now take your questions. Thank you.

[Operator Instructions] and the first question comes from Ivar Billfalk-Kelly from UBS.

Maybe if we start with your outlook for the quarter. It looks to me like it implies a material slowdown relative to 4Q '20 of almost $20 million, if I've done my numbers right. You mentioned that you don't expect parcel volumes to grow, but is that the only factor feeding into this? Or are there other elements that you think probably lead to an expectation of slowdown? Or alternatively, can we assume that the guidance is actually conservative and there might be a scope for upside to the increase of 25%? And secondly, within Turkey, it looks like volumes have dropped in 3Q relative to 3Q '20. Can you please tell us a little bit about what's driving the slowdown? Is it a loss of market share? Or is the overall market slowing. And linked to that, finally, are you still seeing margins well above 10% like you did earlier in the year or have they started to normalize?

Yes. Let me start with your question on Turkey. I think we continue to see margins substantially above 10% and still a very good execution both on the price side as well as on the cost side of the company. Yes, volumes are coming down. I think that's an observation across business -- across the business portfolio. I think the main reason is that we are comparing against months in the -- against the seasonality, let me put it in those words -- this way. Against the seasonality last year where we had a Q1 -- pre-pandemic Q1, where Q1 this year, of course, was substantially up. A very turbulent, distorted Q2, where also this year, volumes are -- have been up. Then last year Q3 where everybody was already better capable of handling the pandemic, volumes were up. And where I think the good news is that across the business portfolio, we continue to see growth. However, the growth substantially coming down. And now we are entering Q4 where last year across markets, and of course, every market was a little bit different in terms of lockdowns and pandemic, but where we are now comparing ourselves against a record Q4 both revenue-wise, volume-wise and EBIT-wise. And I think that explains the volume trends, which are also -- which you also see in Turkey. I think on the outlook, and I already commented, I think, on the margin question. On the outlook for the -- for group revenues. I think the plus 15% translates into a flat Q4. Pretty much, again, visibility for the weeks to come is mediocre. And -- but yes, flat means that we do expect Parcel growth that will compensate the decline on the Mail side. On the Mail side, we do not have any tariff impact left and we do expect the decline rates that we've seen historically, 5% to 6% over the last 2, 3 years. And we do expect partial growth across the portfolio, which will compensate this decline. That results in a flat Q4, again, compared to record volumes last year.

But just to follow up on that, sorry, I wasn't very clear, but I was referring to what looks like a step down in EBIT actually. So that would imply that there's a decline in margins that you're expecting across the domestic portfolio as well, is that correct?

Yes, I think overall, we continued -- as I think we are in general to be on the rather cautious side when we have low visibility. But I think just the development on the Mail side, volume decline, revenue decline with no tariff impact means that the domestic business is a little bit under pressure and will also decline a little bit in EBIT, compared to the very strong Q4 last year. We also do to face substantial headwinds on several cost factors, including the labor side, which is very tight in Austria. But again, I would say it's -- it is a quarter which is quite difficult to forecast and we do prefer to be a little bit on the cautious side.

The next question comes from Muneeba Kayani from Bank of America.

Firstly, I just wanted to ask about dividend expectations. Consensus is at around EUR 1.95 for the year, if you could just comment on that. And then secondly, following up on the cost comment you just made. Your union wage reset would be in mid next year. So if you could explain to us what are the cost headwinds you're seeing into peak season? And how are you thinking about that into next year, please?

Yes. Thank you for your questions. I think please bear with us that we do not provide dividend guidance -- precise dividend guidance at this point in the year. We still have a few weeks to go and then we will see what we come up with in terms of profit for the period. And -- but I think do expect something between the prior pandemic dividend and last year's pandemic. So I think the bandwidth here is between EUR 1.60 and EUR 2.08 and sorry for not being more precise in our answer. I think we continue to, of course, to be committed to an attractive dividend policy. Our formal dividend policy is that we pay out at least 75% of net earnings. And let's see what net earnings we'll come up with, and then we'll have a decision on the dividend. On the cost side, we -- I think you're right, we see -- or we still have 6 months to go for the next negotiation on wage increases. At the same time, we have, in certain areas, quite tough labor markets where we might, in a very focused way, have to pay a little bit extra to get labor, direct labor or indirect labor. And across the business portfolio, we also have subcontracted labor where we might see some more immediate increase in factor costs. It's all not very median, but it's clear that inflation is also coming to Austrian Post. That has, of course, an implication on the cost side, but yes, also creates degrees of freedom on the price side, given that in some contracts, we also have index clauses and our regulator historically uses their consumer price inflation as a ceiling for our price increases in the -- on the USO side. And when inflation increases, of course, that creates a little bit more degrees of freedom; [indiscernible] that will come probably a little bit earlier than the opportunities on the revenue side. So I think -- I hope that answers a little bit your question.

And the next question comes from Marco Limite from Barclays.

Just to follow-up to your last answer on costs. When do you expect the next price increase for Letter to come through? I think the last one was in April 2020, so when do you expect the next one? This is my first question. And the second question is about your early outlook for 2022, where you expect stability in earnings for Parcel & Logistics. I was just wondering what are the underlying assumptions for the stability in that division? So what do you expect broadly for volume? Do you still expect volumes to grow at, I don't know, mid-single digit? And therefore, what do you expect also for margins compared to the 2021 performance? And still on the outlook. Do you expect -- what do you expect for the Banking division post of the ING acquisition? When do you expect the division to get to breakeven?

Thank you for your questions. First, on the price increase on the USO side, I understood the question in this direction. I think we do not yet have precise plans. We just have implemented a price increase on the Retail Parcel prices in, I think, September, which basically has used our degrees of freedom on the regulatory side. But with every month of higher inflation currently in Austria, we typically see a 3-point something inflation. Of course, degrees of freedom are created for further price increases, and I think we will have to observe what inflation does over the next months and then decide whether something in '22 is possible or whether this will rather happen in 2023. Of course, this is on our table. And when I'm talking about price increases, I talk about kind of an increase in the published price increases. There are, of course, also certain contracts in our Mail business, in particular, on the Direct Mail side where we do have index clauses and where we have an impact on prices also in absent of larger price increases. Outlook for '22 on the Parcel side, we do expect single-digit growth across the portfolio, probably rather in lower to mid-single-digit numbers. And I think we are optimistic that we can, at least for the foreseeable future, maintain the order of magnitude of margins that we have shown for the first 3 quarters of this year. And then on the banking division, our target is to break even by 2024. And next year and in 2023 make good progress towards that direction.

That's, I guess, before the ING acquisition. Is that right?

That's including ING acquisition.

And the next question comes from Bernd Maur from Raiffeisen Bank International.

Good afternoon. First, a follow up on the recent price you mentioned for the retail parcel segment. On average, can you share a number what -- over the portfolio, the magnitude of the price increase? And my second question would refer to the staff costs, which are considerably lower, looking at 3Q versus the previous quarter. Some EUR 15 million to EUR 25 million lower scheduled staff costs in Q3 versus Q1 and Q2 this year. I think the devaluation of the Turkish lira had some impact, but they also calculate some 500 -- more than 500 less FTEs on average in Q3 versus Q2 and Q1. You plotted the Austrian stuff, those increase? Did you lay off people in Turkey, or it's other reasons that is staff base lower over the group? And just some explanations for quite reasonably lower scheduled staff costs in Q3, I would be interested in.

Well, I'm not sure I can fully -- I fully understood your question. You said Q3 staff costs were below Q1 and Q2?

Yes.

So we have not had any major restructuring efforts in the group. It is not that I'm aware of. I would -- my first guess is that we have this seasonal impact of Q3 just being a vacation season where -- with the way you account for it, you end up with lower staff costs. And yes, you have some seasonality. We had very strong volumes in Q1 and Q2, and maybe there has been some dip in staff numbers on Q2, but no major discontinuities there. Help again with your first and second question, the Parcel price. So I think if you -- if you talk about -- so we're talking about the retail parcel prices in Austria. And of course, this is the small share of total Austrian revenues. And as far as I remember, this has been in mid single-digit percentage areas on the retail volume, yes? And of course, the big business customers are outside of that.

Yes. Yes.

The third question, what was the third question?

No, the first -- only question are 1 and 2.

There are no further questions at this time. I hand back to Harald Hagenauer for closing comments.

So thanks once more, ladies and gentlemen, for being in this call. If you have some further questions today or the next days, just feel free to call us. We are available, and I hope to see you soon in the next couple of months. Thanks, and bye-bye.

Ladies and gentlemen, the conference has now concluded, and you may disconnect your telephone. Thank you for joining, and have a pleasant day. Goodbye.