The Siam Cement Public Company Limited (SCC) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Welcome back to SCG Virtual Analyst Conference for the fourth quarter 2021. As usual, our management will provide you with the results clarification and business updates. Kindly note that you'll be muted while our program is on. We'll open the floor up to questions after our management presents. Now on to this morning's program. Today's presenters as follow: beginning with the consolidated results, the CEO of SCG, Khun Roongrote Rangsiyopash. The business units will be highlighted by the CEO and President of SCG Chemicals, Khun Tanawong Areeratchakul; and he will be followed by the President of the Cement and Building Materials business, Khun Nithi Patarachoke. He will be supported by Khun Chana Poomee. Finally, the financials will be highlighted by SCG's Executive Vice President in charge of Finance and Investment and Chief Financial Officer, Khun Thammasak Sethaudom. Thank you. And now on to today's program, beginning with Khun Roongrote.

Good morning and happy New Year, both Thai and also Chinese New Year. Just a quick update on the past 12 months. I think in terms of the SCG Packaging or SCGP, I think we have delivered growth both in the ASEAN regions like the acquisitions and merger and partnership in Vietnam and also the growing of the already -- SME space in the further expansion . At the same time, we have also expanded into the new area like the packaging for medical's Deltalab in Spain. In terms of Chemicals, I think you're seeing both. You're seeing the growing of the best and also the progress of the LSP project in Southern part of Vietnam is progressing well. We have now achieved 90% progress of the project despite all the difficulties and the constraint as a result of the COVID-19 situation. At the same time, transforming to green polymer and also business model that is based on the circular economy it's another thing that we have shown some progress. In terms of Cement and Building Materials, I think, again, both Khun Nithi and Khun Chana will also be talking about the transformation into the green construction. And at the same time, moving into service solution as well as expansion of the retail outlet for the building materials. So that's very much what happened last year. Now the other thing that I wanted to show is that our HVA also has grown from 32% of the total sales in 2020 to 34% in 2021. New product development. This is another key metric that we have, is also increased from 13% to 15%. Service solution, this part also is growing from 3% of the total revenues to 5%. I just want to highlight that this service solution will also has allowed us to grow the business without taking a lot of the capital commitment in terms of the asset increase. New product development is another thing that I also want to also highlight that as inflationary pressure happens, I think the best way for producers like us to increase the price is to come up with new products, which offer higher values and at the same time, we can also gain higher margins from the new product introduction as well. This is just examples of the innovations in terms of the product service and also solution. Basically, we're talking about the green cement in the form of the hybrid cement. In other words, lower carbon cement. Also the 3D printing, which applies to construction in the sense that it allows free form of the product design as well as the -- in terms of the cost savings, particularly in terms of time. Chemicals, I think we are advancing the HVA and innovation investment in the areas of mobility, sustainably and also hygienic. Packaging, as you can see here, consumer trends would prefer to have longer shelf life of the products. At the same time, the clean and also healthy packaging. This chart is basically showing our mix of sales in terms of geographical. As you can see here, Thailand account for 54% of the total sales whereas ASEAN and also other countries also account for the rest. And ASEAN, as you can see, is growing 37% of the total revenues. Just a quick recap in terms of the consolidated result. Our sales revenue past year increased by 33% to THB 530 billion, whereas the EBITDA grew 23% to THB 91.8 billion. And profit also improved by 38% from THB 34 billion in 2020 to THB 47.1 billion in 2021. This is quarterly profit. Last quarter of the year, we showed a profit of THB 8.3 billion. One thing to note, if you look at 2021, there's a bit difference between the first half of the year and the second half. First half was benefited from the early beginning of 2021 when there was a Texas freeze cold weather situation and that's caused the uptick in terms of the chemical price. And the second half faced the headwind in terms of the inflationary pressure, particularly oil and also naphtha prices. So I'd like to pass it on to Khun Tanawong for the Chemical business. Thank you.

Good morning. And for Chemical business -- Okay. Let me begin with Chemical Business highlight last year. As Khun Roongrote mentioned about our shipment that -- what we have last year, even with the COVID situation, I would say that we have a good achievement. For example, I think in our growth project like Long Son Petrochemical, our forecast is still approximately 90% even with COVID situation in Vietnam as well. So it means that we can maintain, and I can give you more detail later. And the second one is the MOC debottlenecking. This one, again, we have COVID seen, I think 2020, and we can complete our debottleneck at around February last year. So 2 months ahead schedule. And for BST, we have a CAP expansion. This is we call the synthetic rubber that we can use for the medical glove. And again, this one, we finished in February. So this is also contributed in terms of our top line as well. And the next one, the Vinyl business, is it -- I think maybe it will be the first time that we try to explain more about our Vinyl business. But what we would like to share with you that we are the only integrated PVC to fabrication player in ASEAN. And level of integration is approximately 50%. And we're still looking forward to expand further. And you [indiscernible] I would like to mention -- to say that we can maintain our [indiscernible] and our commercial activity. And this year, actually, is quite a good year for Vinyl, as Khun Roongrote mentioned about the Texas freeze that happened in the first half. And the second half, we also -- the construction demand come back. So Vinyl business is quite good for this year. And in Green Polymer platform, we will share with you that what we did last year and what we plan to do in the next phase. For High Value Added and New Product Development, you may know that when we're talking about the product development like we have R&D to do for technology. But at the same time, we have the application development center that I would like to share with you, that this one can help us speed up the product development. What we can compare with the previous, we can speed up 3x higher than what we did before. And it is in a big picture that what we have kind of highlight. And if we look at -- this is to give you more detail for Long Son Petrochemical complex now, the progress, like I said, allowed 31%. And now we served -- many utility already in demineralized water. We're already commissioning some -- we already start boiler and all the main column already installed and storage tanks are already complete. So it means that now we -- most of the common facility already complete. And we think that we can maintain our schedule even with COVID situation in Vietnam. And in terms of the market, actually, like I mentioned, Vietnam now, we see that -- of course, they are still the import country. We're talking about 4 million ton a year. And in terms of polyolefin and PVC demand, as you may know, that foreign investment in Vietnam is quite high for many years and the economic growth is quite strong. So it means that polyolefin and PVC demand is still growing. And for our preparation in pre-marketing activity, actually, we already engaged our target customer, and we do pre-marketing activity already since last year. So this is -- we prepared that when the plan come up, so we can sell the product smoothly. And again, startup time line, we, like I said, with the COVID challenge -- with COVID challenging situation, we still can manage the construction, and we believe that our commercial startup still in first half of the next year. And for the Circular Economy business. Actually, what we have here, we call Green Polymer platform. And activity that I would like to share, the first one, what you have seen here that we collaborate with many brand owner, for example, like Unilever that we produce the PVC formulation that can improve the PCR property. And now we get some product sample already. And we also collaborate with, for example, lube oil bottle. This is also we use the PCR application. And on the right-hand side, I'm not sure, maybe a bit difficult to see, but this is we collaborate with [indiscernible]. We produce what we call the mono material. And this one will be the product that what we call 100% recyclable. So it means that this is quite one-off special product that we're quite proud of. And the second one, we used to mention earlier that we acquire 70% stake in the leading PCR in the [indiscernible] and actually, they are #1. And we expect that we will have a closing in the first quarter. And after that, like I said, now in European countries, the demand for the recycle project, that would be double-digit growth. So a lot of room to grow, actually. And while recycling demonstration plant, I think we announced last year we complete our construction and test line. And finally, we got ISCC+ certification across the value chain. And now the next step, we will collaborate with Toyo Engineering to do the scale of the unit. And next one, bioplastic. We have MOU with Braskem and that they are the ones -- they are the leader in the bioplastic player. So we expect that our study will be complete this year. And next one, HVA. Actually, like I mentioned, our direction, we try to speed up the product development and our HVA product to serve, make a trend of what we have seen the opportunity. For example, the urbanization. Urbanization, we're talking about infrastructure or maybe the food or consumer packaging. That's what we see a high growth in terms of the urbanization segment. And for the mobility, actually, again, we are one of the major suppliers in the automotive industry. And we also keep -- develop our product to meet the requirements in terms of the new trend like EV, I mean, in term of the body of the EV car. Typically before EV car, they may need more polymer because they need a lighter material. And health care, we have now we -- like I mentioned, we have synthetic rubber for medical gloves. Now the capacity after we complete 30,000-ton expansion, now we have 130,000 tons. And we also have PVC for medical use. And for energy transition, of course, renewable will be one of the high growth and we have our polymer supply in those segments as well. I mean, including the cable wire and cable application and solar panel back sheet. And highlight what we did last year. For the HDPE Pipe, what we call the PE-112, what we did last year. Typically, this one we can use in the mining industry, but now we get approval to supply to gas pipe application in China. So this is something that has still a lot of room to grow for this type of application. For LD coating for aseptic, we developed the new property of the product to supply to the brand owner, I mean the one who do the aseptic application for food. And PP copolymer high flow. This is something -- I mean the new product that we can use, and we can have a very good productivity and at the same time, we can reduce the energy use. Okay. This is just to highlight last year. Financial performance for the first -- for the fourth quarter, to give you an idea. Actually the oil price, you can see that oil price and naphtha price come up in the fourth quarter. And the situation, that happened in the fourth quarter. Actually, the third quarter in terms of the demand for the polyolefin is quite soft because of the lockdown situation happened. But after third quarter, I mean fourth quarter, what we have seen that demand pick up and mainly due to the COVID -- they relaxed and lift the lockdown. So the demand's come back quite significantly. And that's why the gap for PE and PP is still quite okay for the polyolefin. And Vinyl business. Actually, there's many things happened in the fourth quarter. I would say that early in the first half of the fourth quarter, what we have seen that you may have heard that in China, they have a dual control policy. So there's the top impact of supply of PVC. So that's why the price come up sharply. And at the end of the quarter after the crude price decline. So okay, the PVC casually come down based on those situations. But in a big picture, if you look at the whole fourth quarter, the PVC cap is quite good compared to the third quarter. And if we look at polyolefin sales volume, I will say that we are still quite landing at high rate. And now if we compare with last year, you can say that now our volume will be approximately around 500,000 tons. This will depend on seasonal as well. But in a big picture, you can see that compared with the previous year, now because we have -- because we have MOC debottleneck, so it means we have more supply, so we can learn, and we can keep our volume at higher rate compared with the previous year. PVC volume slightly declined around 5% -- 6% Q-on-Q and mainly from the tightness EDC supply. And due to the -- actually, there's many situation happened in the fourth quarter. You may have heard about Hurricane Ida and some players in Middle East. They have turnaround activities, so the supply a bit tight. So that's why the volume declined 6% compared to the previous quarter, but still high at 20,000 tons. And look at revenue segmentation. What we have here to give you an idea that the Vinyl is around 20% to 25% for our portfolio. And what we have here actually, in term of absolute, I mean Vinyl also grow up because we -- the price increase and also, we have some application product that maybe expand some application for that segment as well. Financial performance revenue. In the fourth quarter, revenue improved Q-on-Q from the increase of the product price. And if we look at the full year revenue growth, 62% year-on-year for a higher product price and also volume, as I mentioned earlier, about the MOC debottleneck. And EBITDA, if we look at the full year compared to 2021 to 2020, EBITDA grew 34% from the previous year and from higher product spread and sale volume. But if you look at the Q4, you can see that EBITDA from operation slightly lower than the third quarter. But actually, as I mentioned about the -- our polyolefin spread, and previously we have a good spread. But at the same time, we would like to say that in terms of byproduct -- of the factor like PVC it's quite weak for those applications. So that's why the EBITDA operation is slightly less than the third quarter. But what I would like to mention, that even though we have those byproduct situation, but in term of loan, I mean for the full chain of the polyolefin, we are still quite healthy. We have our product that we supply to the end market segment are still growing, and we can adjust the product mix and product destination depend on the situation. And we believe we can land a high rate. For the net profit, I think the net profit slightly dropped Q-on-Q from higher feedstock costs. And for full year, net profit grew 64% year-on-year from improved cap. And we also increased the sales volume. And even though, like I said, we have the COVID situation, but we adjust our product mix and product destination depending on the situation of COVID and sales tightness. So this is -- that's why we -- I mean if we compare 2021 with 2020, profit is quite -- and we grew up quite sizable. And in terms of return on asset, I think you can see that we can deliver return on assets compared to the previous year. Associated performance. This is the first time that we give you some information about the associated, but what we have here in terms of the revenue, you can see that revenue is still growing and mainly due to the price increase from the -- because of the cost push. And at the same time, we have some volume increase as well. Like I mentioned, about the synthetic rubber that we complete the expansion. So this is something that we can improve in terms of the revenue of the associate. And in terms of the proceeds. In the -- if we look at the full year -- actually, for associated company, if we look back for 5 years, I would say that the associated company contributes approximately around 30% to 40% in our portfolio. So this is the situation. In the fourth quarter, you may see that maybe slightly because of the cost push, but at the same time, in terms of profit, like I mentioned, it's still in a proportion of the 30% to 40%. And market outlook, the demand. I will say that after Chinese New Year, we now see the signal of the demand pickup. And also, there's an agricultural season that will boost up the sentiment at the end of the first quarter. And PVC, we still see because a lot of ASEAN and Asia, some countries, they have a similar package. And the construction activity, I think, is still quite good in terms of the demand of the PVC. We will see some demand pickup after the -- especially after the end of the Chinese New Year. In terms of supply, of course, there will be a supply addition especially from China. But what we foresee now, we say that there will be a limited supply from other region like Middle East because of the freight situation. So they will choose not to send to this region. And for the PVC supply, I think in terms of supply, because in the fourth quarter, there are some players, they have a turnaround activity. So there will so maybe sentiment in terms of supply. There will be additions -- some of the capacity will resume. And cost, in terms of cost crude and naphtha, I think now you -- what you have seen there, there's a lot of factor that happened, especially the geopolitical tension. So what we have seen, the oil price quite high at the range of $87 to $80. But -- and naphtha still come up with crude oil price. But at the same time, what we have seen, the naphtha price may not come up that high because the demand of naphtha is a bit slow. Some of factor, they have -- this is like a turnaround season at end of the first -- of the third quarter. So this is we see some room that even though the oil price come up, but naphtha also come up, but at some certain point. In terms of the EDC supply, we see that the supply is still tight. And now in the first quarter, there's some Middle East player. They still have a turnaround activities, so it means that the EDC supply will be tight. Freight situation. The freight cost and we see tightness still along. So this one, what we have to manage, like product mix and product estimation will be our name of the game. So this is what we have for the Chemical. Thank you. So may I pass to Khun Nithi.

Good morning. For CBM today, I would like to start with the overview of business called CBM Group. We have integrated business related to building materials that we take apart from cement. Starting from left to right. In cement, we are the leading cement producer with sustainability focus in Thailand. Our key strengths are our comprehensive range of cement and downstream [indiscernible] cement related products and services as well as differentiated construction solution. For housing building materials, we have housing products and solution business that focus on the concept of we call smart and better living. We are one of the biggest manufacturing of roof tiles, ceiling, and wall, as well as ceramic tiles and sanitary ware. On top of manufacturing base, we also offer various solutions that cater to evolving customer requirements and living trends. We also have ASEAN logistics business that operated in 7 ASEAN countries and South China. Our service span from multi models of transportation as well as warehouse services. The last one, we have ASEAN retail and wholesale distribution channels. This business not only have physical store to interact with customers, but also has omnichannel to better reach and serve customers. Our key strategy for cement and green solutions for sustainable living, we embed the net zero carbon emission and corporate strategy into our action, such as promoting low carbon cement, which we call as SCG Green products. Besides, we focus on strengthened cost competitiveness by using alternative fuel and more renewable energy to reduce CO2 and achieve more cost savings. Apart from products, we raised construction standard in Thailand by using digital and construction technology to provide end-to-end service solution with green concept. We do this with the aim of producing more value and reducing waste in construction process. As of now, we have introduced solutions such as low-rise building construction solution and 3D printing. For housing products and solution business, we promote and innovate new and high value-added products and solution incorporated in our comprehensive portfolio that cater our customer behavior. We also focus on scaling up our smart living solution by using digitized platform to provide smart and better living standards. For the logistics business, we offer into a logistics solution and capture opportunity from e-commerce trend, which allows the manufacturer to reach the customer, especially in electrical and electronics, food, and consumer products. We plan to expand more business scope in Indonesia and Vietnam. Last one, in retail business. We expand more multi-format store with wide range of products and services. We promote seamless online and offline channel with customers along their journey. And definitely, we expand business model regionally. Last one, in distribution business. We digitized traditional wholesale and transform distribution network into a new distribution platform called Prompt Plus. This is to increase efficiency by online ordering and enhance our data visibility in the value chain. Our highlight and update for the 2021. First, we increased our service solution on sales to 9% from 4% in 2020, and we have commercialized 3D construction solution, drone solution, low-rise building solution with the model and smart living solutions. We implemented agility and design thinking to develop wide range of products and services such as Air Ion Tiles and touchless sanitary ware. We also scale up new retail by expanding SCG home physical store to 27 stores. And we introduced Prompt Plus, as I mentioned earlier. And now we launched e-procurement platform for small and medium projects, we call Rak-Mao. Last one, we also reinforced our position in ESG and low-carbon economy by clearly announcing the pathway to net zero. For instant, launching hybrid cement to -- in the fourth quarter, using renewable energy totaled over 200 megawatts and introduced 92 SCG Green Choice products in 2021 compared to 43 in 2020. Apart from that, we implemented a resilient and proactive supply chain to mitigate COVID-19 situation, supply chain disruption by expanding our customer base in export market, such as Pacific Island and USA. For key updates, we have collaborated with domestic and global organization, such as Global Cement and Concrete Association to ESG commitment and industry leadership. We also opened first SCG Home flagship store in Cambodia and opened BAUEN flagship store that provide interior service at the PARQ on Ratchadapisek Road. Next will be the situation in Thai market. In Thailand, for this quarter, grey cement demand gradually improved, but still minus 5%. In the fourth quarter, the situation improved a little bit by the -- you can see all the segments. We have like minus 2 digits to my -- not only 1 digit. And for the building materials and housing product, the contract only 2% year-on-year, and ceramic tiles grew 3% year-on-year. So the overall situation for the Thai market is improving from the third quarter. For ASEAN market, you can see cement demand this quarter improved in most countries, thanks to better COVID situation. Meanwhile, big contraction still seen in Cambodia as a new wave of COVID-19 outbreak led to strict lockdown in many area in Phnom Penh and major city. For ceramic tiles, ceramic tiles sales volume increased 3% year-on-year, thanks to improving COVID situation in most markets. For Thailand sales segmentation, domestic sales in this quarter rose 10% year-on-year from increased sales in our business segment. You can see the full year despite we have like crossing construction side we have crossing some modern trade store. During the third quarter we still have sales improved 6% total year. For ASEAN ex Thailand and other sales segmentation. Total ASEAN sales rose 21% year-on-year. This comes from increased sales in both export sales in ASEAN and non-ASEAN market. Revenue from sales. The total revenue from sales in this quarter increased 14% year-on-year as a result of higher sales in both domestic and regional markets from improving the economic situation. For EBITDA and profit for period. Normalized EBITDA, excluding asset impairment for this quarter, dropped 6% year-on-year due to improving but still weak domestic demand. This has forced us to increase export sales in regional markets, which by nature is of lower margin. Meanwhile, normalized profit for this quarter registered an increase of 30% year-on-year due to lower depreciation and increased equity income from associates. Outlook, we foresee a better demand outlook in the first quarter of 2022 as business and demand improved, both in Thailand and regional markets. Government spending on infrastructure projects is expected to continue to be a major driver of domestic cement demand. We see the key challenge to be in the form of cost-push inflation. To combat this, we are implementing ID4 and automation offering HVA new products to serve customer requirement. We're also doing price adjustment to compensate for the production cost increase. Finally, we are working proactively to keep fuel costs at bay by securing additional alternative fuel supply from various locations to serve cement plant at competitive price. That's all from CBM. May I pass to [indiscernible].

Thank you, Nithi. Let me recap the performance of the SCG Packaging or SCGP. As you know, SCGP still demonstrate a very solid performance amid COVID pandemic and high energy price and high freight cost. So this is the exceptional performance. Sales revenues registered at THB 124 billion, up 34% year-on-year, thanks to growth from the integrated packaging business and M&A of the growth strategy, including the food packaging. Core EBITDA registered at THB 20 billion, up 16% year-on-year and core profit registered at THB 7.4 billion, up 14% year-on-year. And this includes the reverse earn-out provision. So 2021 for SCGP still achieving a very high-quality growth. What I mean high-quality growth means that it's linked to the consumer portfolio, and for the strategic M&P and our organic expansion also well on plan. Very focused in terms of the customer solution operation. You could see that all the solutions are tailored to the customer and consumer. Operation-wise, internal operation still very agile and resilient amid those challenge of the COVID pandemic. And last but not least, ESG, SCGP set the target for net zero by 2050. This is one of the new level of the ESG standard. So that's for SCG Packaging. May I go to the next session on the financial results. Start with net debt. Net debt has increased from THB 154 billion to THB 235 billion, mainly from Long Son Petrochemical CapEx, capped to that we follow through and M&P for the Packaging business. Net debt to EBITDA increased from 2.1x to 2.6x. In terms of the CapEx, we spent THB 91.7 billion for CapEx and investment, 63% from the Chemical business, Packaging 23%, and Cement and Building Materials 10%. Dividend for 2021 full year is THB 18.5 per share and this is consisting of the interim dividend in the first half of performance, THB 8.5 per share and dividend from the second half performance, THB 10 per share. For financial highlights against -- this is a strong dividend per share for the full year performance and strong profit [ THB 74 million ]. And again, this is up 38% year-on-year and strong EBITDA generation at THB 92 billion. And if you listen to [indiscernible] Tanawong and Nithi, you see that we have a record high polyolefin sale volume last year. And for Cement and Building Material, you could see that we still grow the revenues a bit of those challenging environments. For Packaging, sustained the growth strategies. For cash at the end of 2021, we have reduced cash to THB 68 billion. Our balance sheet is still pretty strong. Net debt to EBITDA at 2.6% and so interest coverage ratio of 12.7%. CapEx and investment, as I mentioned, almost THB 92 billion last year and LSP projects amount around 40%. This year, we estimate the CapEx and investment to be around THB 80 billion. May I pass to Roongrote.

Thank you. Last year, we did a few things. One is that we outlined our path on ESG, basically making sure that everyone within the organization do understand the commitment and working toward the commitment in order to meet our ESG pathway targets. On one hand, we're making sure that our business and our supply chain is resilient. On the other hand, I think we're trying to make a transition towards net zero, both in terms of the intermediate targets of the 20% reduction within 2030, and at the same time, trying to achieve net zero in 2050. Circular economy is another tool that we use in order to meet this commitment, basically enhancing the use of the resource and also implied renewable energy as much as possible. The Chemical business, we also increased the Green Polymer sales to 20,000 tons a year. And the Packaging business, I think, we have achieved way much over 99% of the recyclable and reusable products, at the same time making sure that we do our part in terms of the corporate responsibilities for all stakeholders in terms of sharing the values with the stakeholders. Last year, and this is the only 11 months, we need to audit the figures. So the final audit figures will come in a few months. Anyway, we have achieved about 4% reduction of the greenhouse gas during the past 11 months. Another thing that we did was the increase in terms of the Green Choice. We see a big jump in terms of the Green Choice to THB 215 billion in terms of the total revenues. These are the products that, for example, there are some green properties in the products. We use the products in place of the natural resources like, for example, like synthetic wood where we use the cement-based products in place of the wood products, which in a way to save the natural resources. So these are the type of product that we have intended to continue to introduce to the market going forward. These are the innovations that we invented during the past 2 years for the COVID-19, Modular ICUs, the Paper Field hospital beds. This one, we have donated more than 100,000 beds throughout Thailand and the rest of the region. We operated 2 vaccination centers. And also, we invented a positive and negative pressure isolation room and also the isolation capsule for transportation of the patient. In terms of governance, I feel that the key word is the transparency. So making sure that we're being transparent in terms of the figures and also the key metrics in order to use that transparency to improve our performance. And these are the commitment towards sustainability best practice, basically making sure that we are in line with the world-class and acceptable practice by the comparable industry. Lastly, just a quick summary of the full year of 2021. We achieved 38% growth in terms of the profit to THB 47 billion. I think the risk is the inflation, particularly energy and oil or in fact the impact not only our energy costs, but also raw materials in the form of naphtha. In the medium term, we do expect that we should recognize the benefits of our investment in various areas. SCG Packaging is leading the way, at the same time, our Chemical business. We also accelerate our overall growth for the group. Execution. I think Chemicals will focus in terms of the achieving not only the volumes, but also values. Growth in Indonesia, particularly for the CAP #2 has already been secured, whereas the LSP project in Vietnam, we reached over 90% completion. Packaging, as I mentioned, delivered growth not only in terms of sales but also in terms of EBITDA and profit. I also think that in terms of the Cement and Building Materials, despite of all the obstacles and all the constraints as a result of the government measures to close or to shut down temporarily the construction site, we nevertheless have weathered the situation. At the same time, making sure that we're not only looking at short term, but long term in terms of transforming our business model into green construction. I think, keep in mind that as the world economy is now thinking about transitioning from the COVID-19 situation, we are making sure that we're not only trying to meet the increased demand and also making sure that we run the business good enough to handle the inflation, but also thinking about long term in terms of the ESG priorities as well. So that's about all of our summary and the key points that I would like to share with you for the past year. Thank you.

Okay. Thank you.