Earnings Call: Q3 2019

Oct 31, 2019

Good day, and welcome to the Third Quarter 2019 Results Conference Call. For your information, today's conference is being recorded. At this time, I'd like to turn the call over to Korhan Billek, Director of Treasury And Capital Markets Management. Please go ahead, sir. Thank you, Denise. Hello, everyone. Welcome to Truxa's 3rd quarter 2019 results call. Today's speakers are our CEO, Mr. Murakan and our CFO, Mr. Osman Johan. We have a brief presentation and afterwards, we will be taking your questions. Before we start, I would like to remind you to review Hi, good morning, and good afternoon, everyone. Welcome to Turkcell's third quarter 2019 results call. And Black channels a quarter of profitable growth on strong operational performance. We observed the positive result of our customer centric succession. We gained 502 6000 new subscribers, 503,000 of which are postpaid. At the same time, the average revenue per user bought in mobile fixed broadband continued to rise by double digits. We recorded 14% consolidated revenue growth, on top of the 26% realized last year our 2 year cumulative growth reached 43%. Turkshot Turkey continued its momentum while we were negatively impacted by our consumer finance company and termination of our sports betting business. This platform results in our expectation. As for Strategy, the consumer business grew by 15% with a strong ARPU while the corporate segment grew by an impressive 28%. We will elaborate more on revenue segments in the financial sections. With 2,800,000,000 PL EBITDA, our EBITDA margin was 43.1%. Net income was more than 3 point that of last year, reaching ARS801,000,000. We have further strengthened our balance sheet with prudent financial management and cash generation capability. As at theendofSeptember, our net debt to tier ratio has improved by 0.8 times year on year to 1 times. Next slide. Now some more details 6,600,000,000 top line and 2,800,000,000 TR EBITDA in this quarter. Eris stated in previous quarters, due to the new IFRS rules impacting EBITDA, we also started to discuss EBIT in our presentation Our EBIT this quarter reached 1,600,000,000 with a 24.9% margin Capital expenditure remain under control with a 15% operation CapEx share. In third quarter, our net income was TRY 801,000,000,000, this figure there's a negative impact of 160,000,000 tier provision book for wireless tax related to 201820 In the 1st 9 months, revenue rose 19 percent to 18,500,000,000 with a 41 point 6% EBITDA margin. EBIT reached 4,000,000,000 with a 21.8% margin The cumulative bottom line reached 2,500,000,000. These results are in line with our plans as we reiterate our full year guidance. Moving to next slide. Strategic focus areas, our digital services, digital business solution, and our Packaging platform. For digital services, We are services we launched voice over IP on web web this quarter. Deep user now make voice and video calls over the web with alternative devices. Even when their phones are unreached, We also launched an e platform for SMEs that has time to save on expenses. In Digital Business Solutions, Firstly, BOSA is to tell the IT infrastructure of which we installed is now operational. And secondly, In digitalization, the 112 emergency line infrastructure after Istanbul, we now cover 24 additions today across 12 All in all, the business lines 9 months revenue growth is around 48%. Reaching texting We continue to expand the PASA network through agreement with key accounts. Moreover, PASA is now integrated into Istanbul travel card, increasing its value proposition. Meanwhile, Financial has also started provision financing for corporate to ask in the additional transformation. Moreover, as Turk said, we have launched smartphone leasing in the corporate segment, in a first for the sector. Moving to next slide. Now let's look into our operational performance. This quarter postpaid subscriber rose by 503,000. This strong rise result from offer that leverage big data analysis and innovative status rather than price action. This evidenced in the yearly 10% increase new customer output. Our objective is further postpaid growth through structure action that enhanced customer experience. The landline mobile ARPU rose to 45.5 pm on a 17 point 6% increase with up sell to higher targets, positive changes subscriber mix, increasing data usage, and the continued effort of price adjustments. On a like for like basis, growth reached 20.1 Mobile churn was at 2.1%. A regulatory change has been in reduce console and prepaid user without residence permit. This change has led to mandatory closure impacted the churn rate by 0.1 percentage points. We foresee a larger impact in the 4th quarter On the fixed broadband front, our fiber subscriber base rose by 29,000 net additions. Residential Fiber ARPU post all time high growth of 19.8% year on year. This reflected upside performance and price adjustments. Next slide. Inflationary pricing policy remains a key pillar of our business model, playing an important role in achieving strong ARPU growth. Due to contracted nature of business, our price action are reflected in ARPU with a lag. This has been evident in both mobile and fixed residential ARPU trends since the beginning of the year. This slide illustrates the strong momentum of ARPU growth that exceeded installation following the second quarter. A higher postpaid ratio is yet another important factor supporting strong ARPU growth in the 3rd quarter. Next slide. Superbox, our fixed wireless access product provides a 5G rated service on our strong 4 and a half g network. It is the ideal solution would cost without fiber access. The customer who are not satisfied by the performance of ADSS servers prefer turbax. It generates twice the ARPU fixed broadband, further monetizing ARPU and how to spec At the end of the third quarter, Superbox subscriber reached $217,000 on a strong add on 88,000 Given the strong demand for this product, Superbucks is becoming the generic name for the fixed wireless access Turkey. Moving to next slide. We enhanced our marketing campaign with the use of our individual intelligence by subscriber profile and network parameters. The cracker campaign offering cost My gift attracted 11,000,000 young subscribers. Comfortable tariffs included in Q2 contributed to new cost acquisition, more than half of the subscription to be started where needed to set. 300,000 customer park space in our new social responsible project's mind. The project made use of face recognition knowledge. All in all, consumer have continued to recommend Tucson to a significantly higher degree than the competition SCNR net promoter score. Next slide. And now update on the data as we usage and foreign housing subscription trends. Average mobile data usage rose 49% in a year to 8 0.1 gigabytes per user. We observe growing data demand for our house as well as non foreign currency subscribers. The main factor of driving this 8.1 gigabyte are greater data consumption of all users, the rising share of our RC user and digital services. Out of 42,200,000 customer sign up for for our house services, 19,600,000 head for our housekeeping compatible smartphone indicating room for growth. 5000 net additional for our house key compatible smartphones. Next slide. Let's look at our performance in the international markets. Turkcell International generated 8% of group revenues. The 3rd quarter revenue of our international operation rose 12.8% year on year. Mainly on higher mobile mobile data consumption and FX impact. In local currency terms, the growth was 13.9% year on year. We started to see a lower positive impact of FX movements in the third quarter, and this impact will likely be even lower in the fourth quarter. This is an expected impact covered in our guidance. This segment has 9.5 percentage point EBITDA margin improvement. On a like for like basis, This is 2.3 percentage points. The analysis eliminates the impact of radio frequency usage costs, capitalization, in accordance with IFRS 16, which began as a fourth quarter of 2018. Our Ukraine and substrate lifestyle continue to expand 4 g penetration and enrich its digital service. Plus has maintained leadership in smartphone penetration with 79%. 3 month active Fortune user exceeded 45% of total mobile data user consuming 8.8 gigabytes per month on average. Last but not least, I would like to remind you that we will be hosting a capsule market day in London on November 20 November 11th. At the event, we will provide an update on group strategy along with our 3 year outlook. I hope to meet you all on that day. Now I will hand over to Osman, our CFO, for the financials. Thank you, Bharat. Now let's take a closer look into the financials. In the third quarter, group revenues rose 13.6% year on year, corresponding to an incremental 788,000,000. 745,000,000 of this increase is from Turkcell Turkey grew growing at 15.2 percent on Strong ARPU. Turkcell international revenues rose by 23.8 percent contributing 101,000,000 in this quarter on strong ARPU with rising data consumption as well as currency movements. As expected, the contribution of Turkcell consumer finance company turned negative in consequence of a declining loan portfolio mainly due to regulatory limitation on installments. This had a negative 1.2 percentage points impact on group growth. On the other subsidiary side, our exit from this sports betting business in Azerbaijan in December 2018, and in Turkey late in third quarter was impactful by as much as two percentage points on the group growth. All in all, the weight of Turkcell Turkey in group revenues has increased from 84.6% to 85.8% in the third quarter. Next slide. Year on year to BRL2.8 billion with a strong margin of 43.1 percent. Seasonally, Q3 is strong in terms of sales thanks to higher usage over the summer. This reflects in higher profitability. Out of the 1.8. EBITDA margin improvement, one point comes from the gross margin and the remaining 0.8. Comes from OpEx. Gross margin improvement resulted mainly from lower cost of funding in consumer finance business and lower universal project sales. As you might recall, universal is a special project covering rural areas and realized at cost. Regarding OpEx, we maintained effective G and A and incentive management, particularly we performed lower number of mass selling campaigns. In line with EBITDA improvements, EBIT increased by 15.7% to 1,600,000,000 on a 24 point 9% margin, representing 0.5 percentage point improvements versus last year. Next slide. Let me give you more color on our consolidated cash position. Our cash position rose by 288,000,000 in the third quarter. Our operations generated TRY 2,800,000,000 of EBITDA. The working capital improvement of around TRY 189,000,000 in Q3 resulted mainly from lower receivables from financial services. As we have stated in previous quarters, we expect to continue positive impacts from Financet. 1,100,000,000 spent on CapEx during the quarter. As seen in the cash flow from financing activities, We were a net payer of debt redemptions in the quarter. Now let's take a closer look at our texting company's performance. In Q3, finance SaaS revenues lost 13% on shrinking portfolio, due to the regulatory limitation on financing in financing installments in place since September 2018. This resulted in flat 9 month revenues growth. Premium sales net income was $83,000,000 in the 1st 9 months of 2019, mainly due to lower interest rates environment as well as lower dividends from its subsidiary pay set. In line with our expectation, Finance SaaS consumer loan portfolio contains declined to TRY 2,700,000,000. We expect this trend to continue to less than TRY 2,500,000,000 by the year end. While this means a lower top line contribution, it is positive for the group cash flow. Cost of risk rose slightly to 3% due to shrinking average portfolio size, but it's still below the market average for general purpose loans. Non insurance penetration of 96% over the past year will continue to mitigate further increasing cost of risk. While EBITDA is improving, thanks to a lower cost of funding, finance asset net income was affected by the mark to market loss of swaps due to declining interest rates. During the quarter, 1 year Turkish swap rates fell 700 basis points to 13% reflectively declines in Consumer Price Index. Meanwhile, our payment services company paycell continued to expand the reach and service portfolio in the quarter with new agreements and launches. Over 4,600,000 customers made use of these services in Q3. Revenue growth was at 21.6 percent year on year. Next slide. Now some highlights from our balance sheet and leverage. Our leverage has further improved this quarter to one time. Excluding the consumer finance business, this was at 0.7x. Our consolidated net debt position declined to TRY 9,700,000,000 from TRY 11,400,000,000 at the previous quarter. The underlying factors that led to RUB 1,700,000,000 decrease in the net debt balance were RUB 1,100,000,000 of cash generated from operations, 491,000,000,000 de leveraging of consumer finance company and 53,000,000 of net FX impact on debt and cash. Next slide. Now I will go to the management of foreign currencies. We continue to hold the bulk of our cash in hard currency as a natural hedging tool. As at the end of September, some 11% of cash was in Turkish, which has already been allocated today's, scheduled dividend payment. With hedging instruments in place, the share of FX debt declined from 83% to 42% as at the end of third quarter. We are in a long net FX position of USD 155,000,000. Going forward, we target a neutral FX position. This concludes our presentation. Thank you very The first question comes from Caesar Perron from Bank of America. Please go ahead. Yes, hi. Good evening. Thanks for the call and thanks for the opportunity to ask questions. I have 2, please. Can you please talk a little bit about the slowdown in prepaid. I understand it's not really material because it's only about 20% of the 30s revenue, but if you could explain please. And then also on the, on the guidance, I mean, given the run rate for the 9 months of the year, on the EBITDA margin 41.6 percent. Can you please explain why the why you reiterated the margin target of 39 41%. Do you expect any exceptional cost in Q4? Have you delayed any expenses in Q4? Thank you so much. Good afternoon. Let me explain the prepaid trend. First of all, we we do see that postpaid is more variable customer for us. And, our customer behavior is moving from the prepaid postpaid due to the better, rich data rich tariffs, etcetera. So we do see that the switching from prepaid to postpaid is the trend in Turkey. I believe it's not just for Tusa, the switching from prepaid to postpaid is also one of the trends in Turkey. For the question number 1. For the guidance side, I think that historically, Q3 is always in terms of EBITDA performance, always a good good quarter. This, this happened again. Actually, we didn't delay or postpone any expenses, but, you know, due to the Q4, seasonality behavior, we have more, sales and marketing expense happen during Q4. So This is mainly coming from marketing and sales expense. And we expect that it impact 2% of our margin. That was very clear. Thank you so much for your help. Thank you. The next question comes from Julia Yborginova from Citi. Please go ahead. For the opportunity. I just had a couple of questions. One is a Superbox that you mentioned on during your presentation. Could you give us a bit more insight where you see the customers are coming from or which areas are you targeting with the product? Is it open or outside of cities where there is less fiber. And also, with, what spectrum you're using for this product? Is it a dedicated band or you're just using your, normal capacity that you also use for mobile? For mobile data. Yes, so if you could answer that and I'll then shoot my next one. Thanks. Yeah. 1st of all, the no. We have, probably one of the widest frequency button in Europe and maybe in the first. So this gave us the fastest mobile network in the world as well. So these 2 things enables to offer, latest technology and product, to our customer. So ShipperBox is kind of kind of products. In our, in our packet. We monetize the unused capacity on our 4 hours to network through Supervox in a in an efficient way, and we have enough room for further growth for the, which area mainly the area, we don't have fiber. And we have capacity for spectrum, and also there are lot of ADSL penetration, etcetera. So we focus on where the customer needs for high speed but they cannot get due to the lack of fiber, from us, actually. So then then we penetrate this this month. That's fair. And maybe just to follow-up on this, but do you have visibility or do you see how many of your ADSL customers are actually taking this product? Is there, is it a good demand from your own customers? To be honest, very limited ADSL customer because, the nature of the fixed broadband is long term contract, maybe 24 months. So it is not easy to switch the existing customer to new technology. So and then second thing is, it is that Supervox, tariff is two times the expenses than the ADSL targets. So it is not we made a target for the others competition customers. Thank you very much. Sorry. My second question is on the corporate the product that you launched, the leasing of devices. If you could give us a bit more color, how popular is this product? Maybe how many corporate customers you have been able to get into this scheme since launch, whether that helped at all your postpaid customer growth Thank you. For the corporate side, actually, we recently started this leasing program. We we hear from our customer, which is there's a demand from our customer for this model. You know, nobody would like to own the product. They would like to lease it for their, employee. And as you said, one of our priorities to priority is priority is to have our corporate customer with their digital transformation. As part of this effort, now we have started to test this leasing model where the cost of customer can release smartphones from Turkcell for 24 months. The scale is small, but we will continue as long as there's a demand from customers and profitable from our company as well. So there are demand, but it is not a significant scale. Yes. Thank you. The next question comes from Atinc has come from Woden Company. Please go ahead. Good evening. Thank you for the opportunity. Three questions, if I may. The first one is On Slide 7, you have an impressive inflection point showing the ARPU growth versus CPI trend. Can you remind us the latest, inflationary price adjustments and whether there are any other plans for 4th quarter? So that's the first question. My second question is, I was also looking at 2 telecoms press release, and I noticed that there is a new regulation imposed by Ikta regarding requirement right of inactive lines where subscribers cannot provide an ID line. And I think they write a written of something like 300,000. Does your quarterly net additions number of 5 26,000 include any such write offs for the quarter? And finally, I noticed that in the new tax package being discussed the Turkish Parliament is a new digital tax of 7.5 percent. If this is ratified, would you expect a significant impact on your margins given that if several digital solutions and types of services? Thank you very much. Okay. First of all, let me start with, inflation, part of the question. You know, inflationary pricing is our policy. And it's a key pillar of our business model. And, it is really important role in achieving stroke ARPU growth along with upsell and thanks to increased data usage as well. So, due to the contracted nature of our business, our press action are reflect in ARPU with the latch. This has been evident in both mobile and fiber residential ARPU trends since the beginning of the year. And also, you know, we follow the inflation and the recent month, I believe, we increase our price based on inflation, but nobody and everybody should I would like to remind everybody that inflation in Turkey decreasing month over month year over year. So the inflation part is becoming more more reasonable these days. Regarding the churn rate, Regarding the Choret, let me tell you about because also everybody is under the BTK regulation. So our average monthly mobile churn rate in Q3 was 2.5%. This regulatory change to close the prepaid lines of subscribers with no reason, permanent, impacted to churn rate by 0.1% so you can see the calculation point, we foresee a larger impact in the fourth quarter as well. So But we see also, Neil, half of these are active or they use active existing line as well. So we'll see them during 4th quarter, what's going to happen on this for the for this quarter, it is like, close to 70,000 prepaid customers. For the Q3. For the tax question, this is actually what we were looking for to happen. The reason for that, we were saying that same service, same tax rules. So before that, we had some disadvantages, adverse resources for a competition on the digital services side, So this cleared everything for our competition. So So this is a draft law, taxation of digital intelligence services. We believe that this is very important step for fair competitive environment, as we always say sanctions and rules. Could you clarify what person did you have your, top line would fall under digital services category to the tax I know it's not very clear about whether you have any ballpark. I don't believe that we can impact on this one. And the law is dropped. So when the law published, we can see much better figure, but I don't think it's going to be impact our top line. Very helpful. Thank you very much. Because since the lowest draft, we see that this drop low, we are under the threshold level. So it's not going to impact, our outline. If the loan fee comes with the existing drop Thank you. The next question comes from Slava Dectoris from Goldman Sachs. Please go ahead. Yes, thanks for the presentation. Also a question on Slide 7, your mobile ARPU has accelerated while inflation is going down. Trying to understand how sustainable is that trend? Or in other words, do you expect mobile service revenue to outperform inflation in the medium term by a certain percentage points? Thank you. 1st of all, it was under plan. That's why we were sharing like for like ARPU growth level so that you can compare that what's gonna come next quarter because in telecom work, you cannot, immediate the react inflation increase or decrease. The reason is we have, we are in a contracted world. So then we have contraction, contract with the customer. You cannot immediately take action, on pricing. So you need there is a lag between that. So that's why This is sustainable. Also, we share our, like for like ARPU basis as well. It's close to 20 percent. So we'll see a little more better than inflation. But at the end of the day, everything will come to the similar level. So in the long run, we see that, you know, they match each other. On average basis. But probably a couple of quarters, we're going to get in favor of versus installation. Thank you. The next question comes from Jamal Demirthash from Ata Invest. Please go ahead. Thank you for the presentation and congratulations, for the very good results. My first question is related to your ARPU growth, coupled with subscriber growth see, you know, significant increase in your subscriber base. And this is similar picture, in 2 telecom mobile sites. So we see in boats in your company and in 2 telecom, we see some increase. And in this time, why don't you manage to increase your ARPU you know, a very impressive level. I would like to understand how much, of the impact was related to your upsell to higher tariffs and contracts with needs, customers does there any effect on that? And how sustainable it's for the rest the year and for maybe for next year? That's my first question. First of all, I think you know, we have higher double digits close to 20% year over year, like for like ARPU growth. I would rather have a look, the numbers more carefully, to see the difference. On the other hand, are to grow, we will continue, as I mentioned, for another couple of quarters better than the inflation rate. And then they're gonna match each other, and we'll we'll continue do our inflation and pricing. The good thing about this, we're gaining, customers from, postpaid site, which is lot higher ARPU versus prepaid ARPU, which gives us more benefits, on the other end. Okay. And, and other questions about your financial expense side. When we look at the bottom line, we see higher negative impact of, you know, financial expenses and you'll do all the hedging and all those accounting. And most of the better than expected operating results was just overshadowed by some financial expenses side. And we see similar levels of financial expense in second quarter and third quarter. I'm just including a fixed side and the expense side. How could we see the following quarters? At least in Turkey, we are just getting into a low inflation and low interest environment. And I know you are protecting yourself through hedging, but, you know, it's the the most difficult part to just maybe the estimate, but I just want to understand how could we look going forward in the is in the low interest rate environment going forward, maybe fourth quarter. And maybe you can just elaborate the mechanism in the third quarter, how maybe, you know, it was higher than maybe I thought you can compare maybe from your perspective. Let me give you the stage to Osman. So Osman will answer on that, but hedging is instrument that we use especially high FX currency fluctuation. So role, with our, treasury department. And so far, we did good and we'll continue to do hedging with the with the consult fair, but let me give you the stage to Osman. You can explain better than Actually estimating the net interest expense, net financial expense for Tuxat is becoming easier because we implement hedge accounting. And the quarter variation in financial expenses is getting more and more smaller. And the main underlying factor is hedge account. So applying hedge accounting since last year gives us more visibility, for net finance expense and also for the bottom line. Actually, what impacted us during the last quarter was the mark to market losses on the swaps that we hold on our balance sheet. And most of these, swaps were related to our consumer finance company where we do not apply hedge accounting. Since the ages in this company are relatively shorter term, but it is, what mentioning that over the last quarter, 1 year Turkish virus swap rates fell more than 700 basis points. It's the biggest a moment in almost dedicated, the biggest downward movement. And being in a net payer position in those swaps, gives us some downside in terms of trading losses. That was another factor impacting giving any minimum impact on our bottom line performance. Going forward, we can say that, will be, similar to debt levels. Our financial expenses, will be close to debt levels, as we can easily say that our, the natural run rate of bottom line will be relatively close to what we had this quarter. Thank you. Thank you very much. Ladies and gentlemen, let me remind you again Thank you. The next question comes from Ana Casa Del from VTB Capital. Please go ahead. Good evening. Thank you for opportunity to ask the question. Could you clarify your view on the competitive environment in payment services? And in particular, could you, give us an update whether Big IIM Express was shut down and EPS. So what impact? It might have on Paycell Business? Thank you. Thank you very much. The Turkish testing ecosystem is fragmented, whereas PACE is present in our various domains. With its wide portfolio solution. In terms of revenues, peso is the 2nd in terms of market after Belgium, which is the transportation subsidy of the municipality. Paycell is well positioned to grow in a fragmented market, leveraging Turkcell, text know how, customer base and why it says network. On the they they come at the best side, IP you know, this is this is decision by, anti competition course, so we cannot, comment on the work decision. But, as far as I see, they were not so strong players in this market. So, I don't think it's gonna impact a lot. Okay. I see. Thank you. Thank you. The next question comes from aslo Kumberger from Hippo Credit Autonomous. Please go ahead. Hello. Can I give some color on the provision that you recorded in this quarter about the tax, virus tax? Thank you. First of all, for our digital services part, We have tax called TRx, which is a wireless usage fee. You know, we believe that we shouldn't pay wireless tax provisioning for our digital services. On the other hand, from the regulation authority wise, they, they believe that tariffs should be paid, on the, on the digital service side. As we said before, you know, same rule for same services. So, this, this should apply on this side But unfortunately, we couldn't come to the agreement with authority. And, we provision this this amount starting from 2018 to 2019. But I believe we're going to go for legal action on this side because we do believe that this is this is not a right approach, as you said. Thank you. Yes. By the way, just I want to remind you, if this thing doesn't happen, our net income will be 1,000,000 dollars, $28,000,000 higher. Thank you very much. Ladies and gentlemen, this is the last reminder. If you Thank you. The next question comes from Yvesi Mandesi from Unle Henco. Please go ahead. Hi. Thank you very much for the presentation. I have 2 questions, if I may, one is about, again, pay sell. When you look at the quarterly growth figures on a year over year basis, the revenue growth figures, we are seeing a slower growth in the 3rd quarter on a year over year basis and a slight decline in the EBITDA margin of pay side. What was the reason for that and for the coming quarters, how much growth should we expect for Pesa specifically And you were mentioning before that double digit growth around 50% growth could be possible in Paycel going forward? And also, you mentioned about a potential partnership in Paycell in your earning release. So could you overall comment on your prospects on Paycell and revenue generation going forward? This is my first question. And the second one is about Digital Business Solutions. I assume that the growth, revenue growth in that category was around 25% to 30% in the third quarter, possibly due to lower equipment sales because you were also mentioning about the normalization in the revenue growth. So could would it be fair to assume around 30% sustainable growth again for this category on a year over year basis for the coming quarters. 1st of all, regarding Paycell, to be honest, we don't look at Paycell as a revenue driver at point of time. Paycell is our long term strategy to create value for our company. So on this side, also, regulatory changes are helping us to make this happen. Instead of looking at just revenues, we looked at other KPIs like number of app download, number of transaction, number of contracts, for one term like we did with Istanbul, travel card, agreement, etcetera. So the KPIs for Paycell are different than the just revenue and EBITDA. 1st of all, so we see a lot of value on this side after this regulatory changes, it also proved that we are on the right track And in this aspect, we will create more value in the futures. Regarding the other question, it's about DBS Digital Business Solution. First of all, DBS is quite sustainable on this 30% revenue growth, 25% to 30% revenue growth. And 1st, 1st of all, we generate almost 1,000,000,000 Turkish dollar revenue 1st 9 months which has 48% year over year growth. Obviously, there are, you know, base impact of the revenue, but we'll we plan to keep it, 3rd percent, the cover level for next, next years. Thank you very much. Thank you. This was the last question. Dear speakers, the floor is yours. Okay. This is the end of our call. Thank you very much. Maratte, Osman made for your wonderful presentation. And thank you all participants for your time, and hope to see you at our Capital Markets Day event on this well. Have a good day. Thanks for the contribution. Thank you.