Earnings Call: Q1 2020

May 4, 2020

Good morning to everyone. We hope you all are okay and that you keep safe. Welcome to Unica Habanko First Quarter 2020 Results Webcast. As I usually do, let me start confirming that we have published the quarterly financial report and this presentation this morning before market opens in the CNMV website. This quarter, our Chief Financial Officer, Pablo Gonzalez will explain the main trends of the quarter, and following the presentation, we will answer your questions. Pablo, Thank you, Jaime. Good morning to everyone. As Jaime said, We hope you are all right. These are the first quarterly results that we published after the COVID crisis started. The lockdown that has followed the pandemic will change behaviors and we'll need to continue to adapt ourselves and the business to the changing environment. It is too soon to quantify how deep However, we have decided to book some COVID provision this quarter, as I will explain later. Also, before I start with the quarterly details, I want to thank you all for listening to us, our shareholders, investors and analysts and especially our employees that have been Working very hard since the lockdown started to continue offering financial services and help our clients under this new and difficult environment. That said, this quarter, the presentation is splitted into three sections. The first one includes the main highlights of the quarter, followed by the results and the final section with on our asset quality, liquidity and solvency where this quarter, we have also included some additional information regarding the COVID. If we move now to Slide 4, You will find the regular summary. Starting with the business. Performing launch grew 1.7% in the 1st 3 months of the year, supported by public sector growth. In the private sector, we also saw the book growing, although at slower pace. New loan production fell 10% compared with last year, affected by the COVID lockdown, But the trend until the lockdown started showed a 20% increase. Regarding customer funds, The one on balance sheet, customer funds grew 0.6%, while of balance sheet, funds fell 7%, and this was mainly due to the lower valuation More than to the redemptions. If we move to results, net interest income fell 1% quarter on quarter, while fees grew More than 3% in the same period. Total cost fell 1% year on year. Regarding impairments, We have anticipated €25,000,000 of provision related to potential asset quality deterioration from the COVID. Excluding such provision impairments, remain low similar to previous years. This led to a reported net income of €46,000,000 or €63,000,000 when excluded the COVID provision. On asset quality, liquidity and solvency, NPAs Fell by 29% year on year, while coverage levels improved from 57% to 58% in that same period. Regarding liquidity, our provision remains very comfortable with the loan to deposit ratio at 72% And the liquidity coverage ratio at 3 35%. From a solvency point of view, I would highlight that our SEAT I fully loaded remained among the highest of the sector after growing 10 basis points in the quarter to 14.1%. I will continue with the results In Slide 6, with the results and business section, where you can see the P and L details. NII fell 3% year on year and 1 per share quarter on quarter. As we will see later, the small decrease on the quarter was explained by the calendar effect. Net fees showed A positive trend, improving 10% compared with 2019 and 3% above the previous quarter. Dividends, as you can imagine, were below the ones of last year because part of our equity portfolio reflected more conservative dividend policies. Equity method was slightly above the previous quarter, although Significantly higher than in the Q1 2019, owing to the Higher contribution from a specific affiliate that benefited from the disposal of some assets. Trading income was below the one of the previous quarter, but 18% above last year, following the realization of some gains from our debt portfolio. Other operating income and expenses was €5,000,000 falling from €16,000,000 in 2019, Owing to lower real estate results among others. Total cost fell 1% year on year And a bit more than 2% quarter on quarter, in line with what we have guided in the past. Regarding provisions, We have anticipated €25,000,000 of provision for the COVID crisis. Excluding such provisions, our net income was flat Year on year at €63,000,000 However, the reported figure decreases to €46,000,000 when considering such provisions. If we move to customer funds in Slide 7, you can see That total customer funds fell 1.8% year on year and 1.6% quarter on quarter, following A 7% drop in our balance sheet funds. Most of this drop was explained By the lower valuation of our asset under management balances, as you can see in the bottom right side of the slide. In Slide 8, we show the credit and loss and loans trends. Gross loans grew 1.5% in the 1st 3 months of 2020, with public sector growing 14%. NPLs decreasing by 1% and private sector growing slightly below 1%. On the right of the slide, you have the details on performing loans. As you can see, They grew 1.7% year on year and a bit more than 1% quarter on quarter, helped by public sector loans. On the other hand, private sector lending decreased 0.8% year on year owing to the drop in mortgages. It is worth noting that in the bucket that we call consumer and others, not all the exposure are consumer loans. Out Of the €2,600,000,000 there is €1,000,000,000 of mortgages that from an accounting point of view, we consider unsecured loans because it's a portfolio with relative higher LTVs. In this segment, we also include €250,000,000 of loans to employees and €450,000,000 of advances. Being pure consumer launch only the remaining €900,000,000 This is relevant because it explains part of our more conservative loan mix. In Slide 9, We show the regular information of the new loan production by segments, but this time, we also include details of the trends we had until the lockdown. Overall new production Was growing 20% until the lockdown started, but finished decreasing by 10% at the end of the quarter, While new loans to individuals fell 14%, corporate new loan production was 14% above the previous year. In Slide 10, we start the P and L review with the NII details. As you can see in the top right, the quarterly decrease was explained almost in full By the lower days of the quarter, something that was also reflected in the net interest margin performance, which grew A little bit from 100 basis points to 101 basis points. On the other hand, as you can see in the bottom of the slide, The customer spread of the front book continues to be above the back book 1 more quarter. In Slide 11, you have an update on our debt portfolio, Where you can see that overall balances have grown slightly in the quarter following a small increase in the fair value OCI portfolio, Which is the one that we manage more actively. It is worth noting that during the quarter, we have also generated EUR28 1,000,000 of trading gains. As usually, just to highlight that the big bulk of the exposure remains sovereign debt classified in amortized Cost portfolio and that the yield was also very stable at 127 basis points This quarter compared with 128 basis points last quarter. If we move to Slide 12, you have the fee income trends that were very positive. Net fees grew a bit more than 10% year on year and 3% quarter on quarter, supported By a positive trend in non banking fees, partially explained by a small one off. However, excluding such non Recurrent fees, it was still a positive growing trend when compared with 2019. Now moving to costs. As you can see in Slide 13, operating expenses Fell almost 2.5% in the quarter and 1% year on year. When we compare it with 2018, the drop is above 4%. This trend is consequence of all the measures that we have taken and announced in the past. As we have anticipated to, we have already booked the required for further crystallized cost cutting measures until 2022. In Slide 14, We show impairments trends. As we have explained, we decided of the COVID crisis. Excluding such impairments, total provisions reached €19,000,000 Almost 20% below the €23,000,000 of 2019 and representing an underlying cost of risk Of 13 basis points. However, this figure increased to 48 basis points when included the €25,000,000 of COVID provisions. If we move to asset quality in Slide 16, we have details On the evolution of our NPLs that continue to fell during the Q1 2020, leaving The NPL ratio at 4.6% at the end of the quarter. It is also worth noting That as we show in the bottom, the NPL trends so far continue to be positive. Gross entries remain low And below cash recoveries, something that explained the quarterly drop despite not having portfolio Disposals this quarter. So as you can see, the potential deterioration from the COVID was not reflected in the Q1 2020 trends. In Slide 17, we have updated our credit risk exposure and NPL coverage details. Overall NPL coverage continued to grow to 56% in Q1 2020 from 52% 1 year ago and 54% at the end of last year, a very prudent level when considering that 87% of the NPL Balances are secured and 74% secured by Finnish buildings. It is It's also very important to take into account that the big bulk of our loans are mortgages. As you can see in the bottom Of the slide, 71% of our total exposure have mortgage collateral and less Than 20% of our total loans are corporate and secured loans with very low sector concentration as we will see in the next slide. In this slide, in Slide 18, we have included Some additional details on our loan book that we understand that should be considered when looking at the risk profile of the bank. As you can see in the left hand side of the slide, 62% or EUR18 1,000,000,000 Our lending exposure are loans to individuals of which the big bulk, EUR17 1,000,000,000 Our 95% are mortgages. Those analysts and investors that follow us In more details, know that a significant part of our loans classified in the in what we call consumer and others are mortgages that owing to our Yes, that owing to our prudent accounting policies, we treat them as unsecured loans. Also, if we look At the other main portfolio that include corporates, out of the €7,700,000,000 exposure, €2,400,000,000 are also mortgages, meaning that only €5,300,000,000 are unsecured loans Of which, we have included the breakdown in the right hand side of the slide. In other words, only 18% of our loans are unsecured loans to corporates. And more important, there is not concentration in this exposure. As you can see in the right, The highest exposure is to agriculture with less than €600,000,000 representing 2% of our lands. The remaining sectors have unsecured exposure below €500,000,000 and decreasing very sharply, While you go down through the table, some of the specific sectors that are under focus such as the hospitality sector, where we have less than €150,000,000 of unsecured exposure or others like oil and gas that do not appear in this table because we don't have any exposure at all. The objective of this slide is to share with you that Unicaha loan book and its risks Exposure has a very low risk profile as a consequence of years years of a prudent and conservative credit risk approach. On top of this, we have other metrics that are better known As our relative higher NPA coverage, the highest CET1 ratio among Spanish listed banks, One of the lowest, if it is not the lowest loan to deposit ratio of Europe at 72% And probably the highest LCR at 3 35%. All these metrics are explained by the relative conservative and prudent management that we have been following in the The impacts ahead from the COVID are probably difficult to assess and to quantify in details, But under our view, Unikaha is in a very good position to absorb the potential impact that is In the next slide, Slide 19, we have included some information related to the COVID crisis. It is too soon to provide specific information and expected impacts. However, we believe that this is positive to give you some color regarding some of the relevant measures taken. As you all know, the different governments, supervisors and regulators, Some and others have put in place several measures trying to mitigate or at least reduce the potential negative impact that the pandemic might Half in the real economy. Among them, there are 2 specific measures that for the Spanish banks And their clients are very important. The moratorias for individuals and the guarantees from For corporates, SMEs and self employed, in this slide, we share with you some information regarding these two measures. Starting with the guarantees, so called eco lines, we have already received requests for the first two available tranches From 8,000 clients representing around €600,000,000 This is in line with our market share Regarding the public moratoria, we have received around 9,000 requests For a little bit more than €500,000,000 of which 97% of balances Our mortgages, moratoria and only the remaining 3% are moratoria for consumer loans. We understand that both measures will help and will contribute to partially mitigate the potential negative impact From an asset quality point of view, in this sense, we believe that Unica is In a relative good position, owing its financial strength. In Slide 20, you have an update on the foreclosed assets. This type of assets were more stable this quarter Owing to the lack of portfolio disposals, however, on the right, you can see the provisions released and outflows details That continued to be positive as a result of our coverage levels. In the Slide 21, you can see how overall NPAs have decreased during last years and quarters. Total gross NPAs fell 29% last year to €2,500,000,000 In net terms, this represents Less than 1.8% of total assets with a coverage of 59%, one of the highest of the Finally, I would only highlight that our Texas ratio continues to decrease quarter after quarter, Reaching level close to 46% in Q1 2020. In Slide 22, We have a summary of our liquidity position of the bank that, as you can see, remained very comfortable. Our LTD Ratio was 72% and the liquidity ratios continue to be among the highest of the sector. In terms of wholesale maturities, We have some small costly maturities this year. And finally, We show in Slide 24 the solvency position of the bank in March. As you can see in the top left, the positive impact from retained earnings that is considering Around 50% of Q1 2020 net income and the 2019 dividend Enable us to compensate the negative impacts from the treasury stock, the increase in risk weighted assets and the valuation Adjustments, while still generate close to 10 basis points in the quarter. The regulatory capital ratios remain well above the SREP requirements with €1,100,000,000 buffer over total capital requirement, and I usually do, all these relative higher ratios Are calculated in full under very conservative assumptions, as you can see in our credit risk density Thank you, Pablo. We will now To answer the questions that we have received. Starting there is one specific on Caser. What is the pending impact coming from the deal announced with Hervetya and Cassel? And what is the use and the timing of the pending gains, Paolo? As we announced at the end of January, within the process Of acquiring a controlling interest in Casa by Elvetia, we confirmed 2 positive impacts. On one side, the deal has enabled us to update the valuation of our stake in Caser with a positive impact in our solvency that was already included this And on the other hand, we also reached an agreement with Elvetia, whereby and due to the change of control, we've resigned to our right to finish the distribution agreement with Caser in exchange Of a €47,000,000 gross payment that will be accounted in our P and L once we receive All formal approvals. In other words, we will have a positive EUR 47,000,000 impact In our P and L in the coming months, something that, as you can imagine, give us further flexibility and leaves us Thank you, Paolo. Another one also very specific on the high yield deposits, if we can provide the exact dates of the high yield deposits maturity in 20202021. Paul? Sure. As you all know, we have more than €1,200,000,000 of customer deposits at a cost 4.3% maturing next month. At the end of next quarter, in June, we have 80,000,000 maturing. In the Q3, we will have almost €500,000,000 And in the 4th We have another €250,000,000 and the remaining balances that are a bit more than €400,000,000 will mature in 2021. Considering current cost of deposits, these maturities will enable the bank to reduce its Annual interest expenses by around 30% or in other words, lower cost of fundings represents Almost 10% of 2019 net interest income, something quite positive considering current We thank you, Paolo. We have some questions regarding the TLTR-three. What are the benefits compared with TLTRO2 and the initial expected maturities? There are several benefits from the TLTRO III versus the TLTRO II. As you know, in the case of Funicaha, we can increase the funding from €3,300,000,000 with TLTR TRO2000000000 to €5,000,000,000 with this new TLTRO3. This larger funding amount on a better and the better conditions of this new TLTRO We'll be positive for our NII in the coming quarters and will help us to offset Coming headwinds from short term and negative rates or the redemption of our TLTRO II bond portfolio. Although it is too soon to be more specific among others because we haven't Taking the formal decision until TRO 3. However, we expect in any case that this will be positive for our NII. Thank you, Paolo. Related to this, there is one question regarding our debt What is the expected contribution from the debt portfolio going forward, Pablo? We expect The quarterly contribution of our debt portfolio to be higher than the EUR15 1,000,000 per quarter in the following quarters, in line with what we have had this quarter. There are no significant maturities Over the rest of 2020, but as you all know, in 2021, we have the maturity of our TLTRO2 Pending to have a better view on how much the TLTRO III proceeds will be required for the business. Any excess of funding will probably be invested In the debt portfolio, increasing the contribution of this line in the NII and offsetting the impact of this redemption. Thank you, Pablo. Related to this, there is a question regarding Our ALM strategy, we can update the strategy regarding our debt portfolio and explain increase in this morning increase of the balance this quarter. Okay. The increase in the bond portfolio size last quarter It's related with the fair value OCI portfolio as it grew €400,000,000 And as we mentioned in previous results presentation, this portfolio is managed Actively trying to obtain capital gains due to the volatility in the fixed income markets. Regarding our ALM strategy, it remains very similar as in the past. The structural amortized cost Portfolio has the role to invest the structural excess liquidity of the bank To obtain interest income, the portfolio, as you all know, is mainly invested in sovereign debt, Around 90% of the portfolio with a medium term financial duration to hedge the interest rate risk coming from our stable customer funds from our whole banking book. This portfolio size was €11,100,000,000 the end of the quarter, but in amortized costs, we also have 2 additional portfolios, the Sarepta portfolio that holds The legacy Sarab bonds and the TLTRO portfolio holding bonds with the maturity of the TLTRO to facility. Thank you, Paolo. Moving to P and L and before we discuss NII trends, There is we have some questions regarding our trading income. It was a strong trading income in the quarter. We can provide some guidance on or an update What they can expect in the future? Yes. Well, this it's Extremely complicated to provide guidance on next quarter's trading income. As you can imagine, it depends on market conditions. 1st quarter trading income will not be constant figures for the next quarters, although We might deliver additional gains in the year based on the fixed income portfolio management we've done We have been doing in the past that allow the bank to crop out some capital gains Thank you, Paolo. Moving to NII, if we can update our guidance for the short and the medium term. Yes. First of all, Let me say that all our guidance are obviously under continuous review, especially It is very difficult to quantify the final impact of this pandemic in the economy at this moment. This means that all the guidance given in this call has to be considered under the current exceptional situation. We will share with you our views, but All this guidance will be under review. And probably until Half of twenty twenty, we won't have full visibility. That said, regarding NII, There are some positives and negatives as always. On the negative side, new individual loan Production will decrease with the lockdowns. However, this will be compensated by guarantees and equal lines for corporates, SMEs and self employed. Regarding moratoriums, one part of Regarding the moratoriums, one part Of them, it could have a negative impact in interest income, the public moratorium. But on the other And moratoriums and current environment will help to reduce the speed of the amortization of the back book. On top of this, Moratoriums requests, as I mentioned in the presentations, are not really significant so On the positive side for NII, we have the TLTR-three, as I mentioned, which Terms have been just improved. And the Eurivor 12, which at the moment is higher than what we were expecting. And in our specific case, the maturity of the expenses Deposits during the coming months, as I mentioned. So net net, it is too soon to quantify All the impacts, but it looks like we could mitigate the negative previously mentioned. So with current information, at this moment, we expect to maintain a pretty stable NII for 2020. Thank you, Paolo. Related to Net interest income, if we can update also our views on the loan growth and the impact from Michael Lyons granted warranties on the monitoring requested, I think this was already answered in the presentation. Okay. As I said, it's too soon to have visibility on lending volumes. Individual loans, new production will decrease, but on the other hand, the corporate loans We'll grow. Final volumes will depend on how long the new production in individuals, especially in mortgages, will remain We don't have much visibility, but probably one effect will compensate the other, leaving total lungs flattish or slightly decreasing in 2020. Regarding the eco lines, as we showed in the presentation, We have access to around 1.5% of the balances in line with our market share in these segments. So for the first two tranches, we have around €600,000,000 guarantees available And it is worth noting that self employed and SME line has been already covered in full. In the case of the moratoria for individuals. It is too soon to quantify the potential final request from our clients Because there are some lag effects, but we have seen a reducing number of requests lately. And The amount at, I think, last Friday was around €500,000,000 And this looks like it will continue to grow, as I said, but probably at a lower And with this, we will provide More details on the coming quarters when we have more visibility on how these measures will develop. Thank you, Paolo. Moving to fees, if we can provide more color on the trends and the guidance that we expect, please. Yes. On fee income going forward, obviously, it will reflect that the lower Than initially expected activity explained by the pandemic and the lockdowns that it brought. So it was already some part reflected In the Q1 2020 payments and collection fees, so we don't expect to maintain The Q1 2020 fee income level, because as I said before, the reduction on the Action on the activity and the one off of around €3,000,000 in non banking fees that we have included in the Q1. So probably, it will be lower going forward, at least for this 2020, But it is also too soon to quantify in full the potential impact of COVID for 2020. In Q1, the fees grew, as you have seen, 10% year on year, which was Partially supported by this one off that I mentioned. So it is difficult to maintain such level of growth Going forward, so at this moment, it is too soon to quantify or to be more specific Thank you, Pablo. We have lots plenty of questions regarding the cost of risk, impairment, Sensitivity to different macro scenarios, the COVID provisions, GDP sensitivity. So probably you can elaborate a I think the first thing in this answer that I would like to remember you is how conservative we have been in the past And some of today's relative strengths of the bank that we have after following a relative conservative approach in the past. As we explained in the presentation, 71% of our private sector exposure are mortgage related. On top of the €15,000,000,000 of individual mortgages, We have a significant portion of our corporate and other individual exposures that has mortgage guarantee. And in the as I mentioned in the presentation, our unsecured exposure by sector, It's quite well diversified. We don't have concentration and the profile It's quite prudent with very low exposure to the most affected sector like airlines, hospitality or oil and gas. Also, let me give you some color on our NPLs. Out of the €1,300,000,000 of our existing NPLs, almost 40% or around or close to EUR 500,000,000 continue to pay and also the NPL ratio of the production, the new production For the last 3 years, since 2017, it's around 10 to 15 basis points. So bear in mind also that 80% of the non performing loans balances were With recent trends in gross NPL formation that as you saw during the presentation are historically Hello. And finally, our pre provision profit in the last 2 years represented 3 25 basis points of our performing loans. So with all in this We think that we are ready to absorb a significant of our loan book, we expect that our cost of risk won't grow as much The sector, it is very difficult to quantify the final Cost of risk, as you can imagine, we were expecting it to below 30 basis points until 2022. And obviously, this figure will increase. And our first and still very early numbers are between Maybe 50 to up to 90 basis points in the for this year and but we don't really No, it's yet, but we can ensure that we are in a good position to absorb The NPL shock if needed. It is also worth noting that we are waiting, As I mentioned, when the with the Caser question, the approval for the Caser deal, something that This year, as you can imagine. So finally, bear in mind that some of the measures taken will help to mitigate the potential Deterioration of asset quality like the moratorium, the public and the private one that we They are running with our customers and the government guarantees and these Ecolines are very welcome because they reduce significantly the risk on the corporate on SME sector. Regarding the Q1 2020, as we have explained in the presentation, We have included €25,000,000 of provision for the potential deterioration on asset quality from the COVID. We are currently expecting Macroeconomic assumptions that are in line with the ones recently reported by the IMF, however, you should take into account that the situation could change and become more negative, but also more positive. So we need to be flexible. So it is still too soon to quantify in details or in basis points With more narrow interval we have done. So however, as I said before, I'm sure the relative lower risk profile of Unicaha and our current relative higher solvency and coverage leave us in a Very good position to absorb this COVID crisis. Thank you, Paolo. Moving to Solvency. If we can please provide more details on the quarterly Solvency and the mark to market impacts. And if we can clarify if we revaluate the stake in cash this quarter? Yes, We have updated the valuation, as I said, when answered the cluster. And this had a positive impact that helped us to compensate all the negative impacts from mark to market of our debt and Equity Portfolios and the negative impacts from the higher Treasury stock from our formal buyback program that was stopped and also the higher risk weighted assets So all this was more than offset and allows us To improve by 10 basis points our capital ratios And also, we have retained the 2019 dividend. Thank you, Pablo. The next one is on the IRB models. We can update distribution regarding the IRB models. And no significant news here. As we have confirmed in the past, We've been working internally with the internal models for some time now. However, we still haven't received the formal Approval to apply them in terms of solvency. So we continue to use standard approach In full, meaning that we consider very conservative risk weighted assets densities. So when the COVID lockdown started. We were working with the regulator in the process as it was planned. And since the lockdown We have continued working with the supervisor in the process. In other words, the process hasn't Being stopped owing to the COVID crisis and keep on performing as we were expecting in our calendar. However, owing to these circumstances, we prefer not to consider any potential benefit in our solvency plants. Thank you, Paolo. The next one is on dividend. If we can update our dividend policy, what can we speak to what can we clarify in terms of dividend, share buybacks, the approval of dividend in 2020 and in this quarter? Okay. In the 7th April and following the recommendation from the ECB, We decided to remove from our AGM the proposal for the 2019 dividend. At the Same time, we confirm that in October 2020, our Board of Directors will decide after updating And analyzing the situation, hopefully, with more visibility, what we will do with our 2019 dividend and potential amortization of our current treasury stock. In the meantime, we have included back In our solvency, the 2019 dividend, and it's also worth mentioning that we have included In the Q1 2020, solvency around 50% of the quarterly net income. Thank you, Paolo. A couple of more questions, more general. The first one is regarding A potential update on our targets on the targets of the business plan that we announced in the previous quarter. I think it's still Very soon to update or change our targets. The situation has changed significantly in the last couple of months, And we still don't have full visibility to assess and quantify in details the final implications of this pandemic. So as our Chairman said in our AGM held last week, We will update our views and our targets once we have more visibility. We haven't decided yet when We will update the targets. However, we will keep you informed, and we will provide an update whenever it's possible and it is Thank you, Pablo. One last one is also a general one. If we can summarize The different measures that we have taken since the lockdown has started. Yes, sure. The bank has taken several measures during the last couple of months. Most of our employees, Those that owing to their work can do it are working from home. Out of all employees in central services, only 7 Percent are working at the office and the remaining 93% are working from home. We are opening a significant part of our branches, although we have Some of them, for example, in those towns where we have more than 2 branches. And we have activated contingency plans with several tax and specific committees following and monitoring very closely the situation. We have taken Safety measures for employees and customers and some commercial specific offers On top of the public wants to help our customers in these difficult times. On top of the moratorium and the equal lines, we have implemented measures like advances of pensions and salaries that we understand that were needed. All these measures have been taken to support our employees, our clients and the economy in general. And for the last thing I'm going to say, I would like to thank you To thank our employees, especially those at the branch level for the great job that They're doing because as you can imagine, this time, the banks are part of the And we are all working very hard to deliver and make sure that our clients Has the right support and help from our side. As recent GDP data show, the economic impact will be high. The good news is that Unicaha Bank is in a very good position to continue supporting its customer base Thank you very much, Paolo. Before we finish, let me do a quick comment. As you can imagine, this quarter, we won't be traveling and we won't be able to meet in person with many of you. However, we are attending some virtual conferences and organizing several conference calls directly and through different analysts. Let me remind you that we are open to organize as many additional conference calls As requested and needed. So if you are interested in organizing or participating in one of these conference calls, please feel free to send us an e mail to Maria, to me or Dali to the IR inbox that is irunicaha. Es or ask your research analyst to organize to help you organize it for us. We will be delighted in attending as many requests as we receive for sure. In the meantime, please keep safe. We will now finish the webcast and office day to contact the IR team for further details. Thank you very Thank you very much. Keep safe. Bye.