Good morning, good afternoon, ladies and gentlemen, and welcome to Baidu's quarterly conference call and audio webcast to discuss the company's 2018 Q4 and annual results. You can log in to the audio webcast via Besi's website, www.besi.com. Joining us today are Mr. Richard Blickman, Chief Executive Officer and Mr. Cor Tejenehta, Senior Vice President, Finance.
At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, ladies and gentlemen, this conference is being recorded and cannot be reproduced in whole or in part without written permission from the company. I would now like to turn the call over to Mr. Richard Blittmann.
Thank you. Thank you all for joining us today. We will begin by making a few comments in connection with the press release we issued earlier today and then take your questions. I would like to remind you that some of the comments made during this call and some of the answers in response to your questions by management may contain forward looking statements. Such statements may involve uncertainties and risks as described in the earnings release and other reports filed with the AFM.
For today's call, we'd like to review the key highlights for our Q4 year ended December 31 and also update you on the market, our strategy and the outlook. First, some overall thoughts on the year and Q4 results. For the Q4, revenue of €92,500,000 and a net income of €22,700,000 compared favorably to expectations. A higher than anticipated gross margin of 56.4 percent and a decrease in sequential operating expenses helped us exceed operating profit guidance despite a 20.7% revenue decrease versus the 3rd quarter. In addition, net cash continued to build and ended the year at EUR 199,400,000.
There were a couple of items to note in the 4th quarter results. The 11% sequential operating expense decrease versus the Q3 last year was aided by a number of favorable onetime year end recordings. Such recordings included reductions in the warranty provision due to favorable experience in recent years, the pension curtailment benefit related to headcount reductions and some favorable R and D grants received. As such, baseline operating expenses, which include all one term items, variable compensation, restructuring and ForEx effects declined by 2.3% to 25.7 1,000,000 in Q4 versus Q3 2018. In addition, we had a net tax benefit in Q4 due mainly to $4,800,000 in tax credits associated with the Innovation Box program of the Dutch government for the period 2015 to 2018.
This program is ongoing and related to R and D activities performed in the Netherlands. Besi's 2018 results reflected solid performance and strategic execution in assembly equipment market significantly more challenging than 2017. Revenue in total of €525,300,000 and a net income of €136,300,000 declined by 11.4 percent and 21.3 percent, respectively, versus 2017. Our 2018 revenue development was primarily affected by a 2nd quarter slowdown in high end mobile demand followed by broad weakness in memory and other end user markets starting in the Q3 of the year. Revenue development was also adversely affected by ForEx headwinds from a 4.5% average decrease in the value of the U.
S. Dollar versus the euro. In retrospect, it appears that Besi's 2nd quarter order weakness was an early indication of an industry downturn post an extended upward trajectory, which began in the second half of twenty sixteen. In the current downturn, we rapidly aligned production, supply chain and personnel in response to adverse market conditions. As a result, Besi was able to maintain peer leading metrics of profitability, such as gross margin and net margin of 56.8% 25.9% and a return on equity of 33.8%.
In fact, gross margins exceeded 56% in each quarter of 2018 despite a revenue decline of 42.6% between the 2nd Q4 of the year. Further, we successfully reduced costs in the face of decreased customer demand due to the ongoing execution of strategic initiatives, continued reductions of European fixed overhead and the realignment of temporary Asian production personnel to a changing market environment. Also wanted to inform you of a minor change to our supplemental information presented. We are opting to present only orders from now on instead of backlog going forward as the preferred means of viewing basic prospects in future periods. Backlog is now much less meaningful as an indicator than previously given the significant shortening of cycle times to customers, which most often are less than 3 months.
Periodic revenue volatility is nothing new to our industry. Potential to capitalize on the next major industry upturn. As you can see in this next chart, we took action in Q2 2018 to scale back supply chain activities and temporary production personnel once we saw that market conditions were weakening. We realized our objective to reduce total headcount by approximately 16% by year end. In addition, Besi continues to reduce European overhead and has reduced fixed headcount in certain Asian locations post the large production ramp in 2017.
In this way, we aim to keep net margins and cash generation well above prior trough levels. From a longer term perspective, we're on track to further reduce annualized structure costs and reach our savings target of €15,000,000 to €20,000,000 per year by 2021. Our liquidity position improved significantly this quarter with net cash increasing by 39,300,000 or 24.5 percent due to continued healthy profit generation and reduced working capital needs in the current downturn. We ended the quarter with cash and deposits of €475,500,000 or €5.68 per share, equal to almost 31% of basic stock price of 18 point €48@yearend. In this next slide, you can see how Besi's cash generation has improved over the past 5 years.
Cash flow from operations has steadily improved from 19% of revenue in 2014 to 35% in 2018, even considering both industry upturns and downturns. It also underlines the enhanced flexibility and scalability of the business model in recent years. Strong cash generation continues to support a shareholder friendly capital allocation program. For all of 2018, we returned to shareholders €209,500,000 in the form of dividends and share repurchases. We will have returned to investors a total of €608,400,000 or 6 €0.57 per share from 2011 to 2018, assuming the proposed dividend and share repurchases today.
During 2018, we also upped our quarterly share repurchases from upped our quarterly share repurchases from approximately €6,000,000 to €12,000,000 per quarter. For the full year €35,500,000 in share repurchase were made, an increase of 51% versus 2017. Share repurchases are continuing in 2019. Given continued strong cash flow generation and our solid liquidity position, we propose to pay a cash dividend over fiscal 2018 of €1.67 per share for approval at our AGM April 2019. This represents a payout ratio of approximately 91% or an approximately 9% dividend yield relative to our year end stock price.
Next, I'd like to speak a little bit about the current market environment. CRSI Research now estimates that the assembly equipment market was approximately US4.6 billion dollars in 2018 and approximately flat with 2017. They also forecast that the market will decline by 12.4% in 2019, primarily related to slowing global economic growth, trade frictions, cautious customer order patterns and excess memory and smartphone capacity given the large build out in 2016 2017. VLSI expects a rebound in 2020 of almost 10% as capacity utilization rates will increase and new products are introduced. Despite challenging market conditions currently, there are many reasons for optimism about the direction of the assembly equipment market and Besi's prospects.
We have a leading position in the advanced packaging space whose outlook is bright as an important enabler of the digital society and the new applications, which will be generated along with it. The advent of the 5 gs capabilities, artificial intelligence and the ever increasing amounts of advanced logic memory capacity necessary for the build out of cloud infrastructure should be strong drivers of innovation and growth in the next customer investment route. The significant customer focus currently is in the development of die bonding and packaging solutions for ever smaller, highly complex and feature packed 5 gs compatible smartphones, 5 gs connectivity could accelerate advanced packaging adoption over the next 5 years in the mobile Internet and computing markets and in applications such as artificial intelligence, automotive electronics and the Internet of Things. Industry experts estimate that initial 5 gs subscriptions will be available by 2020 and that by 2024, 55% of North American and 43% of Northeast Asian subscriptions, including China and Japan, will have migrated to 5 gs. Now a few words about guidance.
At present, the 2019 outlook for this assembly equipment market is hard to predict. There are many factors which could influence the outlook and timing of any rebound this year, such as slowing global growth and trade frictions between the U. S. And China. Looking specifically to the Q1, we estimate that revenue will decline by approximately 15% versus the Q4 last year as difficult market conditions continue in what is traditionally our weakest quarter of the year.
However, we expect that gross margins will remain in the 55% to 57% range as we further adjust overhead levels to customer demand. Further, we anticipate that OpEx will increase by 25% to 30% versus the 4th quarter, given approximately 3,500,000 dollars of incremental variable compensation expense and the absence of favorable one time recordings from the Q4. In contrast, we estimate Q1 2019 baseline OpEx will increase by only 5% versus the Q4, primarily due to increased R and D spending. And finally, we estimate that our effective tax rate will range 10% 15% for 2019 and that CapEx will be approximately €4,000,000 That ends my prepared remarks. I would like to open the call now for some questions.
Operator?
Thank you, sir. Ladies and gentlemen, we're starting the question and answer session now. Our first question is from Mr. Peter Olsson, Kepler Cheuvreux. Go ahead sir.
Your line is open.
Good afternoon, gentlemen. Quite a few questions, but I will limit myself to some questions on the adoption of new technology and potential demand drivers. So maybe starting on the mobile side of the business and specifically fan out, what are you seeing in terms of the adoption of fan out wafer level packaging? Do you see that broadening beyond the big OEM that drove the investments a few years ago? And what are you seeing in terms of traction with the new 8,800 series for fan out that you launched last year?
Well, the answer is very simple. At this moment, we don't see any accelerated investments in fan out. As we mentioned in previous calls, certain infrastructure has been installed and that is apparently at this moment sufficient to support the demand.
Okay. And in terms of panel level packaging, any traction there? Or is that more for future years?
That's more for future, but there are some very interesting development programs where we are involved. And our platform already installed in the world is widely recognized as the most advanced in the industry. So for the future, we can expect very positive interest.
Okay. And then maybe on the memory market, where historically, you were a little bit less exposed, It seems there is an emerging trend towards flip chip. Do you see that happening in a meaningful way this year? And is your positioning in flip chip for memory as strong as in some other flip chip segments?
I would argue even stronger. No, we have launched where is it? Yes. We have launched a new version, flip chip machine, which is currently being qualified by several of the memory manufacturers. And that machine is much faster than any other system on the market today.
However, still in memory, is a very big cost battle. So any way to avoid flip chip will be used by the memory manufacturers. But at some point, they will be forced, whether that is this year or next year, more likely next generation in my view. But Besi is in an excellent position.
Okay. That's helpful. And then maybe finally on the computing side, with your large U. S. IDM customer looking to ramp up 10 nanometer production this year, is that potentially going to drive investments in die attach and die sorting equipment this year?
Yes. Answer is yes. On the previous call, we mentioned that yes, that transition is now, you could say, finally underway, and we are very well involved in that. So if you could also argue, if that would not be the case, our numbers would look worse.
So does that mean there was already some contribution in Q4 and also in Q1?
Yes.
Okay. That's clear. Thank you.
The next question is from Mr. Nigel Kompute, Kempen and Co. Go ahead please, sir.
Hi, good afternoon. I have a question on the gross margin guidance. So it's quite remarkable that you're guiding for a similar gross margin despite having revenue year on year. So and I understand that you don't guide beyond the current quarter, but would it make sense to say that the gross margin should already see a bottom in the Q1 of 2019 and improve from then on? It sounds kind of weird that 56% will be a low point, but you've consistently delivered on margins north of 56% for the last 8 quarters and with revenue at least seasonally improving, I'm just asking that, yes, you see that as a likelihood or a possibility.
Well, the factors influencing gross margin are, in the first place product related. So it depends very much on the product mix going forward. And we have said in several calls that there is a difference between gross margins in the smartphone space, computer space and automotive space. And also, there's a margin delta in the higher end versus the medium end. So you have to define a certain scenario.
So and at the same time, there's ongoing cost reduction. We are improving our supply chain. We are improving our cost structure in operations. So anticipating certain ongoing developments, yes, it's very encouraging that we guided some time ago that the low end of the gross margin would be around the low 50s and it appears to be somewhat higher. Even taking into account the headwind from the U.
S. Dollar and still a major part of our business, over 50%, over 60% is U. S. Dollar based. So also the dollar has an impact on that gross margin.
So will the dollar slide due to trade wars, etcetera? That will have a negative impact. So all these variations, Nigel, it's hard simply to say, well, if this is the bottom, it's also the bottom of the gross margin. But yes, you can say it looks very positive.
Yes. That's encouraging. And then maybe a follow-up on advanced packaging activity at the subcontractors. So I think the largest OSAT has hinted that they might enter a period of what they call disruptive investment and then they point to various new introductions like setup but also system and package. And my question is, do you see any sort of renewed because it's I mean, it's not in your order book, but do you see renewed early activity already maybe building in the year from that side?
I think it's more confirming a longer term trend. At this moment, order activity across the board is as it is. And that has to do with, as we said in the comments, the overall situation, uncertainty. And once that uncertainty becomes less uncertain, you may see investments in directions as you are indicating. Whether it will be really disruptive is always to be seen.
Sometimes there's some wishful thinking, but experience tells us this industry is not so fast in development, whether it's going from 14 to 10 nano or EUV or well, name many examples. So in our view, these new technology introductions will always go slowly. But the key is that you have to be involved and in strong positions. So if it comes, it certainly will
help us.
Very clear. Thank you.
The next question is from Mr. Rob Sanders, Deutsche Bank. Go ahead. Your line is open.
Yes. Hi, good afternoon. My first question is just if you could give an update on the tariff situation in China and how that is affecting your business. Clearly, we've heard some stories about companies moving out of China into the Philippines and into Thailand. But I've also heard that some customers are actually even taking the tools and putting ferrying them out of China.
So I'd love to get a sort of sense of where we are on that. And I've got a couple of follow offs.
Well,
we can only confirm what you have heard and not only from semiconductor, but I was sitting next to a person in an airplane from Chengdu to Taipei, and they were moving production of lawnmowers of China back to Taiwan for the U. S. Market. But anyway, so yes, that's happening. Also, our customers clearly are developing more plans for future production expanding, but also new products outside of China.
There's also clear evidence that the investments of China in semiconductor is slowing down. You would expect it to increase, but it's slowing down. So the part of the negative sentiment is due to that uncertainty. Will that ignite a lot of CapEx outside of China? That depends enormously on GDP.
But sooner or later, you will have a different landscape. And we are excellently positioned for what's happening in both areas.
Got it. And when you think about the VLSI, I know you don't tend to guide, but I mean, when you think about this year, 2019, even if just at a high level, I mean, clearly, in the previous years when you've outgrown the LSI growth, it's being driven usually by smartphone cycles. And in years where there hasn't been a major smartphone upgrade, you've tended to undergrow VLSI. So given that they're now putting a number out there, do you think this is a year more of a kind of transition year and 2020 is the big year for you guys? How are you thinking about it just at a high level?
Well, at a high level, if you follow the, let's say, information out of the high end smartphone universe, it's pointing towards 2020 next generation. And that's not unrealistic because if you look back in history, there's always a 2, 3 year lapse and that would fit the
The conference is no longer being recorded.
Okay. Anyway, so
Please wait while the recorder is connected.
Can you still hear me, Rob?
I can hear you. But I think the moderator wants to be able to record you.
Go ahead, sir.
The recording turned off, doesn't make much sense. Anyway, so is 2019 a transition year? It's always hard to tell them. This industry is extremely, let's say, sensitive to GDP, etcetera. My biggest clearly guidance is more what's happening in the world.
VLSI is always behind the facts. They record their observations, which is fine. But we're prepared whether we have a recovery soon, it would be excellent. And we have been able to ramp 60%, even 80% quarter on quarter. If it stays somewhat softer a quarter longer, you've seen our gross margins, you've seen our net margins, you've seen the guidance of the OpEx, that's also fine.
Got it. And then just last one on the OpEx. It looks like I wasn't forecasting that correctly. So you're guiding the headline OpEx up 25% to 30%, but that includes a $3,500,000 one off. So beyond that, it should go back to whatever you're guiding minus 3.5, correct?
Correct, yes.
Okay. Just want to check that. Thanks.
Yes. And the increase is due to some higher R and D spending compared to Q4.
We have a question now from Mr. Marc Hesselink, ING. Go ahead please sir.
Yes. Thank you for taking the question. My first question would be on the application driving demand for the 5 gs, which you mentioned also in the press release. I can imagine that, that is more the 20 20 story you talked before in the call. Could you explain how it's going to drive demand for you?
Is it purely that it is retrying the replacement for the smartphone? Or is it also that the change to the chipset in 5 gs is driving that demand for you?
Well, the answer is not only smartphone. And probably the sequence will be other devices first and smartphones thereafter. So you first need a network, and that's now being rolled out in many countries, cities to start with. And first, you have the networks, 5 gs, and then you have the applications. And these modules, we're involved already since 4 years in the development.
We've installed at several customers already equipment to build those modules. And there will be a whole envelope of these modules, big and small. But not a switch from 1 quarter to the next.
So it's building up over time.
The transition period, as we said, you can expect in the next 5 years and the next 3 years rollout, and that's how it typically happens.
Okay. Then the earlier comments you made on the increase in the R and D spend, is there something particular that you have to understand? Or is that some requests from the clients? Or it's just the usual you want to open up new opportunities going forward?
Well, all of our R and D programs are directly customer linked. So the number of programs and the size of the programs vary. In the last 3, 4 quarters, it has been relatively stable. And it's not because we are increasing for a certain application, but it also has to do with, let's say, the program execution. And for some of the 3 of the programs, they will become in a more critical phase to be launched and then the costs simply increase.
But that's a very natural and it could decrease again once certain programs come to an end.
Okay. So you can see that you're designed in more now at this stage?
Yes. But there's no structural. So my comment is a good question. It's not that our R and D is structurally increasing. It is increasing in 1st quarter versus the 4th quarter, but just because of the stages several programs are in.
If it would increase structurally, I would certainly inform you that we will have a higher spend in the next quarters going forward to adjust your model, but your model should not change.
Okay. And then on the revenue guidance of 15% sequential decline, looking at the order intake, I guess most of the weakness is still there in smartphone, offset by some strength in cloud applications. Is it fair to say that automotive is then somewhere in between those 2?
Yes, yes. But also there's a seasonal aspect there. The Q1, as we mentioned, is always slower. And key is to see what happens in April May. And that will determine, yes, very much what will happen in Q2.
But that's too early to tell. And the biggest factor to repeat that again is how will this U. S.-China negotiation settle?
Good. Thanks. And then final question on I still want to ask a bit about M and A. I know in previous calls you said that the valuations were not right yet. So you cannot I know that you cannot share anything like a re imminent or anything.
But just in general, what are you seeing on the side of potential sellers? Well,
I could answer it maybe as follows that we are still, as always, very much interested to expand our product offering to the leaders in this industry. So if an opportunity along those lines occur, then we are able to act and that will determine then whether something will happen or not. It's not just because prices are interesting. And as you said, of course, if something will occur, we will be able to timely share that. But what often happens in downturns, certainly customers realign their strategies.
Also, the suppliers like us look at their strengths and weaknesses, but also the others. So in those downturns, sometimes opportunities arise. But again, customer driven because it has to, in the end, improve our product position visavis our main customers. And at the same time, due to 100% integration like KLM and Air France, that should reduce our cost.
Okay. And the acquisition that Shinkawa did, was that something that could have been interesting for you? Or is it because it's in the Japanese supply chain, it was not really something for you anyway?
First of all, you have to ask the question, would that improve our position with our current customers and offer better positions with other customers? Well, the answer to that question is negative. But then if you look at the entire transaction, where Shinkawa and Yamada have joined, I think for Japan itself, it is a very good development. But for us, it's very far away.
We have another question from Mr. Peter Olsson, Kepler Cheuvreux. Go ahead please sir.
Yes, thanks. I had a few follow ups. Maybe first for Cor. Following the tax credit in Q4, does this affect the effective tax rate going forward?
Yes, there will be a slight effect. Usually, we guide between 12% and 15%. Now we can say for the rest of the year between 10% 15%. Fluctuations are simply because of profits and jurisdictions and certain facilitations or arrangements, but it's between 10% 15%, so there will be some effect of this credit.
Okay. And then there may be a follow-up on one of the earlier questions on China. At the Annual Analyst Meeting in June, you set out some ambitious targets to grow the revenue share of China. Can you disclose what proportion of revenues in 2018 did come from China?
Well, your first China, there are 3 different sets of customers in China. 1 is the China China customer side, Chinese companies number 2 is joint ventures with outside China companies and 3 is outside customers having factories in China, like an ST, like an Intel. And if you look at that landscape, clearly, Chinese semiconductor industry will continue. And over time, we will gain certain market shares. The question is, of course, with the outside companies, that situation has, I would say, changed in anticipation of whatever outcome.
So that part will be affected. On the other hand, for us, there is no difference whether these machines are installed in China or in Philippines or in Thailand or in Vietnam, we're happy to install anywhere. So as a percentage, China will change, but as a total, probably not.
Okay. And then maybe another question on your revenue exposure. In the past, you have disclosed your exposure to mobile, computing, automotive, etcetera. Is it already something you can disclose? Or are you still compiling those data?
We're still compiling the data. By the way, to your earlier question, China, what is very interesting, our revenue with some exceptions, but on average in China has been about 20%, 25% of revenue. Our main competitor and peers for over 50%. So bottom line, it can also have a very positive effect on us.
Yes. So it's a big opportunity for you? Yes. Okay. So but on the end market disclosure, that is something that will follow at a later stage then?
My guess would be that smartphones, high end smartphone communication, which was 35,000,000 maybe is now around 30,000,000. Computing is definitely 25, and auto may have gone up from 17 to 20. That's difference mix. Spare parts has gone up. And so spare parts gone to 15.
But we will confirm that data once it is fully settled and in the annual report.
Okay. This is already settled. Okay. Thank you. Thanks.
Our next question is from Mr. Edwin de Jong, NIBC. Go ahead please
sir. Good afternoon gentlemen. A few questions left. On 3 d sensing, Has there been any developments in the last quarter? Your Austrian client is, I think, saying that Android is also adopting this technology.
And does that require equipment from your side? Or can you tell a little bit about that?
Well, there's an ongoing development on the next generation in that 3 d sensing where we are certainly involved. And that is likely to be part of the next generation for 2020. So you will have some further testing in early 2019 or late 2019 models or model and then a full rollout for our next generation in 2020. That's what we hear. But we're involved in many of the development programs.
Okay. And then maybe also for on working capital. You've had quite a large inflow in Q4, €31,000,000 in working capital. Of course, that's for a large part due to the decrease in revenue. So is there also a seasonal effect in it?
And if so, can you maybe give a little bit of a feeling on how much that will be?
No. Usually, there is a seasonal effect. You see we always look at and those numbers you can calculate. You look at the DSO net inventory return In a rapid declining market, as we've seen it now, inventory turn usually worsens a bit before it goes up when all inventory is worked out. DSO usually stays flat or increases a bit when business is down.
Customers tend to sit on their money somewhat longer. So there's a seasonal effect when revenue goes down, your working capital will be less. But if you look at the metrics, they will go up a bit before it will be back to normal once specifically looking at inventory, once the inventories are back on a normal level. We are organized in a way that there's no risk for obsolete stock. There's no it's not a big topic.
But we do see some relatively some higher revenue as compared to earlier days, but that's to be back to normal in the course of 2019. And so if you look at the development of Besi's net cash, we always see 3 quarters of growth, then we pay out the dividend. Of course, then net cash is back to the levels where we would like it to be and then it goes up. So there's nothing specific about that.
Okay. Okay. Thank you. And then maybe on the InnoFati box tax benefit. That was one for a couple of years, I think, you said in
the 2018. Yes.
That's a technicality. Once you start to apply for an inflation box, you have to do that when your tax cost carry forwards are lagging behind the current filings. So we could go back to 2015 because that was still not finally assessed. But that's normal. That's a normal term.
Okay. And then that's also something that we can expect going forward?
Yes. But this is, of course, as you can see for 2015, 2016, 2017, 2019. But going forward, it will have, as we mentioned earlier, an effect on the ETR. So that's why we now say the range that you can expect is a bit wider, but it's
between $10,000,000 and
$15,000,000 and $15,000,000 So there is some effect, yes.
Okay. And then finally, one last. We talk regularly about the developments in solar. Is there anything new there?
No. There's continued evaluation of our technology at those major solar companies. There are some programs in a well advanced stage, and it could be that they will materialize this year. So there's no adverse development. It's only it's market acceptance.
It is cost. It is life cycle and lifetime guarantee, and that is the testing that takes very long. But the interest is still very positive.
Yes. And that could be an issue for later this year maybe.
Yes. Okay. Thank you.
And we have a question from Mr. Rob Sanders, Deutsche Bank. Go ahead please sir.
Yes. Thanks for taking my follow-up. It's just a few housekeeping ones. One is on the dividend payout ratio. You're averaging, I think, 96 percent over the last 4 years of your dividend payout ratio.
So should I start modeling this going forward? Because I think you've said historically it's a 40% to 100% range. So just from a modeling purposes, that would be good. And the other question is just on if you can give me an update on your activities in silicon photonics. Are you doing anything there?
I mean, your competitors moving forward. So I'd
love to get
initial view on that. Thank you.
Well, dividend is very much depending upon our continued performance. So if we continue to perform as we are doing, also in relative terms, There's no reason to change our allocation policy. So it may go up and down our profitability, but the policy is as it stands. On the second question, I already answered them. We're very much involved in photonics, Also, the photonics related to the 5 gs modules in a very good position.
So a major installed base already. So yes, that's a very interesting segment of the market.
Okay, great. Thank you.
Gentlemen, we have no further questions. Please continue.
Well, then I thank everyone taking the time to listen to this call and your questions. If there are any further questions, don't hesitate to contact us. Goodbye.
Ladies and gentlemen, this concludes this event call. Thank you for attending. You may disconnect your line.