Hello. Good evening, everyone. I would like to thank you for your participation of everyone on this virtual conference, and that we will share in detail the acquisition of the EBS Group, announced in the group today as market information. We have simultaneous translation to English and enhanced signals. And if you want to put your audio in English, you can go to the bar below and/or leave the mute original audio. This virtual conference is being recorded, and the recording will be available in the investor relations website. The information contained in this event are not guaranteed of performance. They involve risk and uncertainties and assumptions that may refer to future events and therefore dependent circumstances, which may or may not occur. This video conference today, our CEO, Sérgio Carvalho, will deliver his message about this acquisition.
Then Ricardo, who is Vice President of Latin America, CEO of the Auto Parts, will provide his insight. And Stefan on M&A, Senior Director, M&A and Financial Corporations. And then at last, Davi, our Investor Relations Manager, will deal with the questions and answers. To participate, you should click on the bottom Q&A button on the bottom of the screen, or send your question by WhatsApp. You can do this at any time during this event, as long as you follow what is written on the screen. If we don't have time to answer all the questions, our investor relations team will contact you after the event. Now, I will give the floor to Sérgio, so that we can start our presentation. Thank you, Caroline. Good evening, everyone. Thank you so much for being with us.
With such a short notice like this one, to be able to talk about one more transaction of our Randon, Randoncorp. We are extremely happy to have advanced and signed this agreement on EBS, which is one of the biggest acquisitions of our history as Randoncorp. This project is very important, because it's the first time, it's the first project of M&A of auto parts in Europe, buying EBS, which is a leader company in the segment of replacement, and it will extend our portfolio of products, our participation, geographically speaking, so it's a very important transaction. So please, Gustavo. When we think about our investment, what, why we're doing this, one more time, we are executing a strategic plan that we had developed years before.
As you should remember the conversations where we had the intention of expanding a little bit more our auto parts going to market. The internationalization is one of the objectives, and also, a big part of the revenue of EBS has to do with replacement parts, which we would like so much. It's also part of our strategic vision. Due to the resilience of its revenue, we have identified synergies that are significant, as we do in all the process of acquisition, and we are expanding our portfolio of products. Buying access to the market through the knowledge and mainly through the strong brands that are fundamental for market of replacement.
Working in a market with a great size, a big size in economies and also markets that are more stable and more mature, that also allow us to have an instability, a resilience of revenue that we look so much for. So strategically, it has everything to do with our plan and our thesis of investment, very strong. We are talking about BRL 290 million of revenues, of GBP 40 million, with an 18% EBITDA adjusted, a growth of BRL 410 million, GBP 56 million, or a multiple of three synergy of 7.6 times. It's the main segment, is replacement aftermarket, and in Europe, and the main portfolio has to do with brake system.
So the brake system here, from that note, that last part of the braking system, so we're talking about a portfolio that is very supplementary to what we already produce today. This company has 24 years of experience, 130 employees, six distribution centers, two in England, one in Ireland, one in Romania, one in China, and one in Holland. Headquarters is in England, in the United Kingdom. The products are sold in over 100 countries. 42% of the sales are in the U.K., 80% of the revenue is, you know, on commercial vehicles, aftermarket of commercial vehicles. And this company, they have 20,000 SKUs in its portfolio of products. It has this characteristic about being a pioneer spirit.
It's a technological forefront, a lot of cash generation, a strong brand in the aftermarket, very important, a lot of synergies, long-term relationships. So what we did in Juratek two years, this for this company is also a company that is asset-light. Here, just to show you a little bit of our journey, especially in the auto parts. Here, we have in the portfolio the first indicators of the acquisition of the company, Master, JOST, Suspensys in ninety-seven, and Castertech in two thousand and six.
All the other points refer to the expansions that we have done, Suspensys in two thousand and thirteen, and then two thousand and nineteen, we also bought the operation of what we call Ferragens Flores da Cunha . Several movement in two thousand and twenty, Castertech in Caxias region, Juratek in two thousand and twenty-one, and then in two thousand and twenty-two, in the foundry, Superc is going to Mogi Guaçu location and launching next month, and then Campinas, and then now EBS in Europe in two thousand and twenty-four. Please, now I will give the floor to Ricardo to talk about the generation of value. So, good evening, everyone.
So firstly, I will repeat and add to what I mentioned in the roadshow a couple days, the evolution that we're having in the vertical, auto parts. When we look at 2019 and 2020, the year 2019 to 2020, the average revenue is around BRL 1.9 billion, within EBITDA of BRL 590 million, and we had eight locations, eight units. Through our strategic planning, we are now in a BRL 3.7 billion revenues. This is the average of the year 2022, 2023. This is our annual average, and the EBITDA BRL 590 million, and 15 units of manufacturing. As you're mentioning, that's a lot there.
Through our acquisition, through the greenfields, we have made several expansions of our units in order to serve the market, and through our, the accomplishments of our business, market share, EBS comes to bring in BRL 290 million and BRL 53 million EBITDA, and six more distribution centers. As Sérgio mentioned, the U.K. in Manchester, and in Holland, and Romania as well, in China. So it's an operation that it's very varied, and it's serving the market in several ways. Some of the pillars that we have in our cycle, two thousand and twenty-five, two thousand and twenty-six. These are our main, we want to expand our portfolio. We mentioned about the Mercedes project.
This is a key year expansion of our pie of our portfolio that we have, and that we're able to capture more business, more synergies, and also expand our revenue. Our pillar point is a geographical one. This is one of our milestones. We're expanding towards Europe, and then no doubt we will also expand the business of manufacturing. We have ROI on our capital investment, and we are, you know, tracking our ways to perform better our business. Now that the vertical start to have more relevant global presence, we had Suspensys in Mexico, and now we have all of these distribution centers from EBS.
They are over six distribution centers across Europe and China, that we start working in the market in a more global way with Vertical. And these are the main products of our portfolio as Sérgio mentioned, when we look at the truck or the trailer or the bus, there is the brake. And so these they have, you know, disc brakes or chamber. Here represents the caliper to have the pneumatic air, to make the brake work. There are several components in the system, so you start to the having these, the compressors, and then the treatment, the air treatment, the valves, the air dryers, and then as we have all the electronic ABS components.
And with this system, it works on the aftermarket, it works on the remanufacturing, and supplies complete solutions to clients in the European market, mainly. Here are the distribution of revenue of this business, as you have here, which is the air dryer. They have some brake chambers. We have the valves, you see there, the turbochargers, they drive the calipers, which is part of the brakes. 70% is the brake system, and that's why our, you know, inventory represents this, through these companies that better adapts and helps us to expand our portfolio. Here we talk about our diversification of a revenue source. We talked about strategic planning, our objectives, and this acquisition is in line with this.
We are not so much dependent on the market, on trucks and buses and trailers, where Master has 73%. So Master has 73% of aftermarket, and 14% of international trade to the United States. We amplify significantly, not only to be an external market, but also to be an aftermarket market. So here, we start to see, through our strategic planning, to have a bigger participation in the international market and a bigger participation in the aftermarket. This is our greatest objective. Here are our main synergies. We have added to our portfolio of brands and a territorial expansion, you know, and enhancing growth in Europe and Latin America. Access to consolidated sales channels with over 1,200 new customers. A greater logistical efficiency, so we have a distribution center already in Asia.
We make the acquisition so we can look for this logistic efficiency with EBS and South American market. We have new sourcing alternatives. As we mentioned, as I mentioned earlier, we have access to EBS, which help us in the Latin American to provide to these other markets. We have corporate purchase such as Randoncorp can also help us in a better purchasing power among suppliers. Also, we have more revenue. We can reduce our back office fixed cost and looking for more synergies is one of the greatest objectives that we have been able to add through this acquisition of EBS. Now I give the floor to Stefan. Thank you, Ricardo.
Once more, congratulations to the deal, Ricardo and all the colleagues at Randoncorp that worked on this deal. Just speaking quickly, with this acquisition structure, here we will follow a model very similar to what was the Maya project. That is, the Master Brazil will be, we have a hundred percent of this Master Europe, which is this company is already founded in Europe, and we have the acquisition of the EBS Group through the Master Europe. A hundred percent of the shares will be acquired from the EBS Group.
So the funding structure will be a part captured by via Brazil, will be BRL 230 million, that will be captured in Brazil by Master Brazil, to which we use these resources as integrating of capital of Master Europe. And as we talked about in the past, this value can have you know an effect on the prices.
Looking through the next steps before we finalize, we still have the approval of analysis of economic defense of agencies and bodies. These are conditions that are common in this type of transactions, and also conditions and other provisions that are, you know, stipulated that are, you know, in all contracts which are common in these acquisitions. And this M&A deal, we have a closing in a much shorter time. We're talking about maybe between October, November, where we will have the closing of this acquisition with 100% of the payment of this amount.
And then now I'll give the word to Carol, so we can talk about question and answer. Thank you, Stefan. So now, for those who would like to participate on this Q&A, you should follow the guidelines that are on the screen. We have already some questions on hold, and the first question today comes from André Mazzini, which is sell-side analyst from Citi. Good evening, André, you may ask your question. Hello, team. Thank you for the call of the acquisition, and congratulations. My question is about, you know, this geography in Europe. How do you see the cost of production in Europe? Certainly, it's a region where you have production cost that is higher than in LATAM, and 70% of the sales is not done in UK. You put that in a slide.
How do you have this trade-off to be in a region of production cost that is higher, less competitive, but you have a lot of technology, of course, and possibly, and through the technologies, you have this trade-off and how the production is really more automated than it is? Maybe here in Latin America to compensate this labor force that is higher in the United Kingdom. Thank you. Thank you, Mazzini. Thank you for your question. I will give this answer to Sérgio to start, and then, Ricardo, if you can, complement. And then remember that this is an asset-light model, so it's a model that has characteristics, not to have so much industrial process, but I think Sérgio can make a better comment together with Ricardo. Perfect.
André, thank you for the participation. Thank you for the question. André, this is a distribution company, and it has their own products as in Caxias here in Brazil, where there are projects of EBS, and then most of what it is commercialized is not manufactured by it. They have a global supply chain involving China, involving Eastern Europe, Turkey, and it has some remanufacturing of an assembly. The level of activity of industrial activity locally is very small. Answering your question, it really is a transaction very similar to Juratek, to Nakata, and therefore, we don't have this concern related to production cost, but higher as you mentioned. Thank you. Thank you, André.
Good evening, André, thank you for your question. Just to complement the second part of your question related to after sales, 40% is in the UK, but it has also in Eastern Europe, where they should concentrate on another 30% of the sales, and also has sales in the Middle East and in North Africa, and this complements 100% of the sales. These 100 countries that were presented, that are all the countries of Eastern Europe, as well as, you know, Western Europe as well. Thank you for your question, André. Now, we will go to the next question this evening that comes from Gabriel, from sell-side analyst from Santander. Good evening, Gabriel. We will open your microphone, so you may ask your question. Good evening, everyone.
Thank you for your time. So two questions. The first one is just to understand better, you mentioned your objective to increase expansion of the aftermarket in a general way, even through this acquisition, but thinking in terms of strategy related to, you know, producers and aftermarket, how do you think ahead? You know, how can we think in a general way for the segment of the aftermarket as a whole? And then synergy, the second question: in a general way, we saw the last acquisition, you can do certain forecast, which you have this synergy as a total. How do you - How are you working with this? How do you see as in timeline, you know, what can you share with us in this way? Thank you for your question, Gabriel.
Ricardo, if you can make a comment about the first question that Gabriel has brought up, which I think is very interesting to bring our vision. And Sérgio, about the synergies, if you could also make some comments. You also make a comment that our last name, we have a policy of synergy, so we try to bring synergy in everything we do. So can you make a little comment about what is behind this aspect that we're looking along with EBS? So, Ricardo, can you start, please? Thank you, Gabriel, for your question. If I understood correctly, the first part is, you're asking about related to our strategy in terms of aftermarket.
The Auto Parts Vertical already works in the aftermarket in the South American market, and then also in the Mexican market through Suspensys. So we already have our work in this aftermarket, and then other components that we end up supplying to the manufacturers of trucks and trailers and buses. We work and provide to these to the suppliers and to the market of the dealers of Randoncorp and manufacturer, our company of trailers. In Europe, we are making expansion of our activities and focusing on this aftermarket, where there is a stronger resilience and also a strong currency where we can work in a more consolidated way. Our main objectives are related to this.
It's also reverse way, so besides, you know, gaining more knowledge and more know-how in the products that we already sell as an assembly. So for example, a brake cylinder, a brake chamber, we are able to through our contacts and our, you know, companies, we are able to work and supply to manufacture in the European market. Also, to complement the comments from Ricardo. In general terms, we build a business structure where we have, let's say, 30% of your business, be it, you know, OEM or assembly manufacturer of original products, 30% of aftermarket, 30% in exports or international business. Why this?
Because if the economy of the country is going well, these 40% will surely grow, and your business, the OEM, will guarantee so a success to your initiatives, but if the economy of your country is not well, so some things end up not being produced, and new vehicles, and the old vehicles end up being used along with the fleets are not renewed, and old vehicles start being used, your sales in the aftermarket starts growing. And in...
So in other way, when the economy of the country is not going well, and the business of these manufacturers, OEM, goes down, you start losing value in the currency of your country, and your international business, you start helping, you start having a better result. Besides what you already gain in competitiveness, and if you are selling your products, you have the conditions to you know, improve these margins and these revenues. We are looking at this balance, trying to create a better resilience in the business. This is our vision.
Obviously, we will never tell someone, "Look, if you say, you know, don't do this in OEM, because you take 80% of our revenue," of course, we're not going to do that. In the, as we do a transaction that, you know, move us away from these theoretical potentials. So people say we need to grow more in aftermarket, we grow more in the international business, because your fellow here, you know, in the domestic market, has got a greater business.
So just to detail a little bit more our way of thinking and why we look for this combination of domestic market, aftermarket OEM, and international business that involve applications of aftermarket and OEM, and the aftermarket has this characteristic of to be very resilient and bring good margins, and we, of course, we're always looking to get better margins. And as Ricardo already exemplified in the synergies, we prefer not to quantify these synergies. What I could say is that we've developed a deep knowledge, very expressive in order to evaluate these synergies.
And all of our transactions that we have done, after two or three years, we have shown that a reduction in the multiples equivalent to very significant, you know, one time or maybe two times, even three times. So the multiple after acquisition is. They should be substantially smaller, lower. And then we have synergies that start by the growth of revenue, as Ricardo mentioned, and as you have access to all the distribution network from EBS, and we are able to put more products and then reach even more those so many SKUs that they have.
In a reverse logistics, we can bring components from the portfolio of the EBS to Brazil as well, probably not selling in Brazil as EBS, maybe another brand of our auto parts. But a great synergy is in this cross-selling and in the client bases that we have, motivated by the expansion of portfolio of products. But most of the synergy in the administrative side, a lot of synergy in the administrative side, in the economies of scale. Many suppliers of EBS are also our suppliers with a greater efficiency in the logistics side.
So a purchasing power leverage more our purchasing power, and also, it, it's a great way, and we are very serene that we will be able, through this transaction, as we have done in many others, deliver a lot of synergies. Sasha, if you allow, in addition to the question about synergies to Lucas, to BTG, back, because we had a lot of synergies with Juratek to, with the light vehicles. So if we can see similar synergies like Juratek, of course, they're different business, but he has this question. So Lucas, thank you for your question, and your comments are exactly correct. So the answer is yes, yes, yes. We have done this with Juratek in a period that is relatively shorter.
Yeah, we were able to see substantial improvement of results. Juratek focuses so much on the light line, and so we are in our mobility area, and we have this EBS is more commercial heavy and it's more related to our auto parts. So the comparison between them and the parallels are very similar. The roadmap is the same, and the expectations are pretty much the same as well. Sérgio, I will seize this moment, and Marcelo Motta from J.P. Morgan has a question that asks us, as you mentioned, Juratek should be, and now EBS in Master. So what is the rationale of the acquisition to have by Randoncorp? And then, if you want to explore it a little bit more on this question. So perfectly.
So we have with the Fras-le. The Fras-le is a company that is predominantly in the light line. There are some exceptions. It produces material for friction for the heavy line. Many decades, it's a leader in friction material, but the biggest part of its activity is related to the light line. And all of this portfolio of products that we are acquiring, compressors, valves, it has everything to do with the portfolio of products, and braking, which is their main scope of Master brakes. So, it's a perfect fit for what we have within our Master operation.
Heavy vehicles, I know that there is a little bit of overlapping there, but heavy vehicles is the most important activity of Randoncorp, and then and Auto Parts from Randoncorp. Thank you, Sérgio. And just to complement, Caroline, and the dimension of the market, when you sell an aftermarket piece to such a, to like a person, there's a whole dynamic of participation of the mechanic in the market of enrichment and selection. So when you sell the product to a company, then it has a totally different characterization, assessment through a different process. So these are segments that both of them have similarity on one side, but the process of commercialization, the process of decision-making, of purchase, they follow different lines. Perfect, Sérgio. Thank you. Thank you, Gabriel.
Thank you, Lucas, and Motta, for your questions. And now we will go to the next question by audio that comes from Fernanda Urbano, which is sell-side analyst from XP. Good evening, Fernanda. You can ask your question. Good evening, everyone. Congratulations for one more acquisition. The rationale of the movement, thinking of internationalization and also increasing the name to the aftermarket. So my question is related to profitability of EBS of 18%. So I'd like to understand, based on what you know of the company, what are the characteristics that you give to this margin level among the characteristics that you mentioned of stronger brands or distribution network. I'd like to understand what you see as more significant to this margin level, and how do you see a potential for improvement. Thank you. Thank you, Fernanda.
Sérgio, I would like to start with you to talk a little bit about this margin potential. So it's a business model that brings, you know, good resilient margin, as you mentioned, and we can explore it a little bit more. Ricardo, the second part of the question that you wanted to comment a little bit is related to the company of EBS as it fits into this strategy. And just repeat the second part of the question, because I lost a little bit the part. So any room for improvement for how can we connect it to other geographies and improve this footprint that we have that is global of EBS to operations of Master that we have in Brazil. So, Sérgio, I'll start with you on the first part related to profitability.
So thank you so much for your participation, Fernanda, for your question. So the margins are very robust, and the main driver of them, of this performance of EBS, has to do with its with its brand name and its products. So big part of the revenue of EBS are from products that bring this EBS brand that were were thought of of for the aftermarket, and this is the strong point. This makes it that we're able to to bring a premium price is, you know, seeing the other competitors in the market. So this is a point that has surprised us since the beginning. We exploited this a lot during the process of due diligence.... And I know that Ricardo will come in right after.
But all of the synergies that we mentioned some short time ago, they are spaces for us to improve and continue to improve our margins without increasing our fixed cost. Ricardo? Thank you, Sérgio. Thank you, Fernanda, for your question. 70% of the revenue of EBS comes through the U.K., not exactly U.K., through the U.K. unit. And they have this, this extension, this expansion of their through Romania, Holland, in China, which is, which is a consolidation center for its parts. And then they also have some opportunities in the South of Europe. And they're seeking one of the reasons that it's a bigger group, that they could give them, you know, muscle, so that they could increase even more their sales through this segmentation of of products that they have.
As Sérgio mentioned, they have products that are, they have the manufacturing also through manufacturing, those that they buy, and then they remanufacture, and then they sell in the market. This is part of the story as we can maximize their revenues, and also knowing their systems of control, sales control, of a CRM, of knowledge of the market is very good. So there's control, internal control system, and the system that we have within Randoncorp, they are better. So we've seen in 18 months, a space of the potential that we're able to deliver and capture synergies and gains in this process. And no doubt, we have the sourcing. We also have products that we have purchased.
We have acquired in the Asian market, as I mentioned, products that we can take to Europe as well, and also manufacture over there. We also see an opportunity in the sourcing part in order to work on. So in different layers, we see we have identified some synergy practice to in order to optimize revenue, maximize it, and operational performance, and also sourcing. Thank you. We thank you for your participation, Fernanda. And now we will go to the next question that comes from André Ferreira, sell-side analyst from Bradesco. Good evening, André. You can go ahead with your question. Thank you, so congratulations. Two important points, Ricardo, coming back on the sending products from here to Europe.
If you can detail a little bit more, how this acquisition opens doors in the European market, European manufacturers, sending auto parts over there, and or would it be what aftermarkets here, over there? And another point would be, Sérgio, you mentioned very quickly on the decision-making process being different from light and it has a difference to heavy. So if you can detail, what are the drivers in order to gain market share in the aftermarkets for the heavies? Thank you, André. Well, I have, Sérgio will start and Sérgio right after. Thank you for your question. When I mention, it has a little bit of technical aspect in the answer. The braking system that we use in Brazil is a little different than the one that uses in Europe.
The capacity of braking and then the systems of sealing are different. So as we have a great production, we are market leader in South America. We've supplied to many all the manufacturers, they have, the headquarters are in near. We see a potential to have a in a short space of time products that we can adapt here for the European market, and then we can sell over there. This is one of the lines that we see as a potential, and then nothing stops us. That other line of products we cannot add in through our expertise of auto parts vertical auto parts, where we have several suspension systems of bearings, and maybe we can expand our revenues in the European market.
So we have two sides where we can go and sell to manufacturers and also expand our portfolio through different lines and products that we see as a potential. Sérgio, you are on mute. Can you hear me now? Yes. Don't have such a strong signal. Can you hear me now? You can move on. Yeah, I believe that it's not coming out clear. Let's try once again. In the segment, and thank you for your participation. In the segment, on the light segment, obviously, in our automobiles, we have we do the traditional maintenance, you know, we change the oils from time to time, and then there's a moment in which you have to change, you know, a brake pad or another component.
The maintenance breakdowns that are not foreseen, and the availability of auto parts is important. It's important part, which we have these auto parts in the light line. If you have this availability, which components you need to use is the mechanic that which of those that opens the toolbox. So that's why it's so important to be connected in the light line to make to the mechanic, because they know if they have substituted the brake pad and put a brake pad that it has a bad quality, after some time, he will come back. If he puts a product, a suspension product that is not good, after some days, he will come back and he will complain. He will have to do a rework.
There is a necessity of this mechanic to specify the parts and components that they trust in a way that they are able to keep their profitability, because the clients do not come back complaining of the replacement that was done. In the heavy line, it's quite different. In the heavy line, you have a businessman with a big fleet, and the level of professionalism and follow-up of the wear and tread of what you expect when the piece will fail. This level of knowledge of these great businessmen they have. They can prepare much better when they have to do this replacement, this maintenance. It's not just one vehicle, maybe it's a thousand, two thousand, five thousand.
In the United States, you have a fleet of 120-125 thousand vehicles. So they develop an expertise and knowledge that is really, really big over what are the products that are good, that have strong durability, a great quality, what kind of cost they can expect. So these are some of the points that differ. These two sectors, one, it is more. So let's wait a little to check if Sergio's connection is back. Sergio, are you able to hear us? So there is a better scheduling system. I hope to have clarified the answer, the question. So, yes, you clarified. Thank you, Sergio. Thank you, Ricardo. And now we will move on to the last question in the evening.
It comes through writing from Victor, who is a sell-side analyst from Puma Capital, and he's asking: Due to the higher level of margins and the manufacturing model having less capital, is it possible to also take to understand the level of ROI is also better in EBS than vertical auto parts? I think, Stefan, this you could answer this one, and then we can also make some comments on the capital allocation that we have done recently, so much through auto parts. Perfectly. Thank you for the question, Victor. Thank you for also listening to the call.
The answer, it goes to what we have shown in the Investor Day, when we showed our capital allocation that we have done through the auto parts company by organic growth or non-organic M&As, that Sérgio had the opportunity to present earlier today. It is a results call, and yes, because it's an asset-light model through, you know, a natural nature that has a higher, you know, ROIC that we have shown in a capital way. Also in the vertical auto parts, this operation, this acquisition will help us the ROI of this of this vertical.
Remembering that as we have a guideline, and speaking to the market, and we have talked to you every time that we're going to evaluate a new business, the guideline is that this new acquisition obviously has to follow the strategic criteria, has to be according to our strategy. But part of our strategy is also to be a minimum requirement of return, maybe a fee of attractiveness or an ROIC or through integration. Perfect, Stefan, thank you so much. Thank you everyone that participated in the Q&A session, and now I will give the floor to Sérgio for his final consideration, so once again, thank you so much for the participation. This is our third movement in this last part of the year.
I don't know, it was June or July, you know, the trend, so Randon is as a mobility part. Last week, we disclosed the details of the digital products, extremely important part of our future vision. And today, the acquisition of EBS through our auto parts and also with a link, an adherence, very big to our strategic planning. So we are really happy, and now we have to wait the approval by the authorities, as Stefan has already mentioned. But now in this case, we believe that this process will be much shorter, and soon, we will conclude this transaction. Any other question, doubt, clarification, our whole investor relations teams here will be at your disposal. And thank you so much for your participation, and have a good night, everyone. See you soon.
Good night. Bye-bye.