Good afternoon. Good morning. Thank you for joining us for the Stolt-Nielsen Limited F irst Quarter 2023 earnings presentation. Together with me here in London is Jens Gruner- Hegge. We will go through the normal agenda where I talk about Stolt-Nielsen, go through each of the divisions. Jens will take you through the financials. We will open up for question and answers. The questions can be posted on the, on the, through this chat function like last time. The highlights for the first quarter, all the arrows are pointing upwards, except for the operating revenue, slightly down, primarily driven by STC. Although otherwise, every other business unit delivered an increased operating revenue.
The net profit for the quarter came in just $200,000 short of $100 million at $99.8 million, which is up from $95.3 million in the previous quarter. Very much driven by the improved trading results like we see in Stolt Tankers. EBITDA came in at $213 million, and that is up from $196 million. Again, driven by the strong results due to higher spot volumes and higher COA rates in Stolt Tankers. The terminal division also high results, primarily driven by strong demand in the U.S. Gulf and in Brazil. Stolt Tank Containers, higher number of shipments, but at lower margins. Again, I will talk about each, go through each of the businesses later. Stolt Sea Farm also had a strong result for the quarter.
The high season is of course December for Christmas sale, and that is reflected in our results from Stolt Sea Farm. Free Cash Flow came in at $133.1 million. That is up from $123.7 million in previous quarter. The board recommended the final dividend for 2022 of $1.25, making it a total dividend per share of $2.25 for 2022. Jens has secured that our company has a robust liquidity position. We're at $479 million, and that is slightly up from previous quarter. If we then move to the net profit variance analysis very quickly, higher operating profit from Stolt Tankers and also from Stolthaven. Lower operating profit from STC. A higher operating profit from Stolt Sea Farm.
Slightly lower operating loss or higher operating loss from Stolt-Nielsen Gas, our investment in gas. Lower corporate costs of $1.2, and lower interest as a result, interest expenses as a result of lower debt, but also some benefits from foreign exchange. When you make more money, you also pay more tax. The income tax is almost $11 million higher than previous quarter. Bringing the net profit again for the first quarter, $99.8 million. Moving to Stolt Tankers. The increased trading results are due to the COA rates that we fixed or booked during the quarter was up 16.3%, while the spot rates fell 6.2%.
The spot volumes were up by 16.1%, and the COA volumes were down by 11.3%. We won't more into detail, but, you know, we have less contracts and therefore less contract volume, and it's been replaced by spot volume. That's again why the spot volume is up, even though the spot rates went down in the first quarter, reflecting the slight dip we saw in the MR market in the first quarter. We had lower net bunker costs, and that was partially offset by also lower bunker surcharges. Lower owning expenses, and that was mainly driven by a recording of the Stolt Groenland insurance claim that we received. But even if you take away that proceed, the operating expense, the owning expenses were slightly down from previous quarter.
The higher steel prices has increased the residual value of our fleet, which then has led to lower depreciation. Higher joint equity income, that is of course in line with our fleet. That is also reflected in our joint ventures are also making more money. We have the lower gain on sale of assets. We sold one ship, the Stolt Shearwater, in the fourth quarter, and also we recycled the Stolt Groenland, and therefore we have a lower gain on sale of assets in the quarter. Bringing the operating profit to $87.1 million for the quarter, and that is up from $78.2 in the previous quarter. The bunker prices, lower bunker, net bunker cost. 99% of the contracts that we currently have has a bunker clause.
The total volume covered by the bunker clauses are now at 56.5%. Again, that reflects why that because we have less COAs than previously. That number used to be at around 65%, so. The spot market is strong, we are able to get compensated for increasing bunker Cost can be charged through the spot rates. The bunker surcharge revenue was down by 9.2% as prices dropped and our COA volumes decreased. Bunkers consumed down by 10.3% resulting in a net decrease in bunker cost by $1.1 million. Moving then to the sailed-in revenue chart. As you can see here, we ended the quarter at just slightly above $29,000 per day.
We gave a guidance the previous quarter, between 5% and 7% increase. As we tried to explain last time, it's very difficult to kind of give for you to understand the COAs renewed, the COA lost, the replacement, because each COA is different in volume and rates. We decided to give you a guidance per quarter. Last quarter, we gave you a guidance of 5% - 7%, and it came in at 7%. It was within the guidance that we gave. The spot rates, the spot versus COA, we are now at 43% spot, 57% COA. 55% of the contracts are being renewed in fourth quarter and in first quarter. To date, we have concluded 26 COAs during quarter. We have added one new COA in the first quarter.
In the fourth quarter, 26 COAs, and in the first quarter, we added new contract. We have 21 COAs that are still in negotiations. As we told you last time, we're pushing very hard to get the contract rates up. That means that these negotiations can be dragged out in time. Some of the contract customers decided to go to the spot market but are coming back. Some are remaining in the spot market. 21 are still in negotiation. I also, and you can also see that of the contracts that we renewed in the first quarter, we got a 50% increase on average. We didn't renew 22 contracts. 22 contracts have not been renewed during the fourth and first quarter. We're being very aggressive. We feel comfortable with that.
It results in a lot of contracts volume are now not being renewed. We are now more dependent upon the spot market, which I, you know, I feel comfortable with. The positive effects for these renewals, this 50% increase that we have achieved in the first quarter. We reported 30% in the fourth quarter, 50% on average in the first quarter. Again, a lot of contracts not renewed. The positive impact of these renewals, well, you will see over the next four quarters. To continue to give you an indication of what to expect and what we believe is going to happen, we are giving from flat to 2% increase in the sailed in for the second quarter. We were spot on in our previous indication.
I think you should also put in your model that we will be within that flat to 2% increase. Why not higher than flat to 2%? It is because we saw a dip in the first quarter in the MR market, which influenced the spot rates. We have a higher spot rate, you know, spot exposure now. Also in the second quarter, and this is just a natural cycle of the business, we have more return legs than outbound legs. We have, this is just, it's just the way it is. Some quarters you have more return legs, which earns less than the outbound legs. We will have more return legs in the second quarter. Again, guidance around a flat to 2% increase.
We remind you that 1,000%, a $1,000 change in sailed-in will has an impact of a net income of $6 million per quarter. I apologize. Previously, we showed $7 million, but that was adjusted because we accounted for pool partners and took the full account of that. It's $6 million for each $1,000 increase in sailed-in. Market highlights. On the right-hand side, you have the broker reports and you can see the dip. We saw a dip. Again, that was partly driven by the MRs. We are now seeing that the MRs market is picking up again and we're seeing the spot rates are also coming up again. I do feel comfortable with the spot exposure that we have.
The increased spot exposure that we have in this upward going market will actually give us access to a higher degree of spot and also higher rates faster than what we will get through the COAs. All of the regional fleet continue to deliver strong results like the deep sea. The bottom left, the order book has not really changed. That is the fundamental thing that is driving this market. That's why we are so comfortable with it, is that as long as we don't see a total collapse in global economy, we are, feel comfortable to say that we think that the market is going to remain strong for the next two, three years.
Especially taking into consideration that if you order a ship today, you will be lucky to get it delivered by 26. Now this slide is a new one, and it's really not towards the shareholders or the investors. It's more driven, or more targeted towards our customers, because I know customers listen in. You know, we are asking for 50% -1 00% increase in some contracts. We are an industrial shipping company. We make our living by providing a logistical service to our customers. We don't buy and sell ships, we build them, we operate them for 25 -3 0 years, and then we recycle them. Being an industrial shipping company means that we provide a reliable service. We are providing...
We are the pipeline for our customers to deliver it on time, to the specs that they require, and they can rely on us in good times and in bad times, and we have delivered that service to them. The historical returns in our industry has not been unsustainable. If you look at the chart, the last 10 years it's been 4.9%. The last 20 years return on capital employed is 5.8%. That's lower than the cost of capital.
The new investments, if we are going to continue to build the ships that you require to deliver your service, it is in your interest that this market is as strong as it is now, because we cannot justify towards our stakeholders to continue to build ships and that gives us a return lower than the cost of capital. Just indicatively, 20% return on capital employed for the next five years is required for us to achieve an 8% return on capital employed, and we're not even there yet. I mean, if you look at $30,000, we're approaching $30,000 per day on a ship that costs between $60 million and $70 million.
This is in your interest, because unless we can get these types of rates and these types of return, there is a reason why there's a shortage of ships, because nobody's been making money on it. Our time has come. The market owes us. Somebody told me this, said this quote, and I love it. "Our time has come. The market owes us a lot of money." For us to be able to go to our stakeholders, to our shareholders to build new ships, these are the rates that we require. We're not being arrogant. We should never be arrogant. We never say take it or leave it. We are always willing. We bend over backwards to provide you the service and the reliability that we are known for. We need higher rates. Moving on to Stolt Tankers.
This is a beautiful picture of our terminal in Houston. It really is. You know, it's difficult to see the size of the land, but if you look on the left-hand side, you can see the east property land, this is the area for expansion, including all the way up, the closest part of the picture. You can see our jetty number 11 where Stolt Ship is. You move one, two, three, four jetties to the right is our other two jetties. This is the land where we are expanding our terminal. We have ample land to do this organic growth that we're planning on doing. The improved results is driven by higher rates. We had particularly high rates in the U.S. and in Brazil.
We had slightly lower operating expenses, that was primarily due to one-offs. We had higher A&G costs. You can also see that we have higher A&G costs in each of our divisions, and that is driven by the salary adjustment that we did at the beginning of the year. We also did give a one-off payment to the, what we call band, the lower bands in our organization to help them manage the cost of living. That brings the operating profit for the first quarter up to $25.1, and that's up from $20.8 in the previous quarter. Stable demand but lower throughput volumes. We are seeing a very strong demand in the U.S. Gulf. There's a shortage of space in the U.S. Gulf.
We are building, I think we announced previous quarter, we're building additional capacity and the board has approved that we're building additional capacity both in Houston and New Orleans. If we wanted to, we could have already filled those tanks up already. That's in the process. We are achieving a double-digit increase on the renewals that we see in Houston and in New Orleans. European terminals, the demand is actually recovering. Utilization is stable but lower seasonal throughput in volumes. The demand is recovering because the European market is becoming an import market. The energy cost in Europe makes the manufacturing uncompetitive. It's more competitive import. The local market, the European market, instead of being supplied by European manufacturers, they are being supplied by imports.
We are seeing a pickup in inquiries for additional storage in our terminal in Europe. The Asia terminals are varied. Utilization and throughput volumes stable, but signs are picking up and especially in China, we are seeing an increased inquiry. We do expect to pick up, as China continues to, well, they have opened up, but as the economy picks up pace, we do expect an increased activity in our terminals in Asia. Steady, as always, but at the improving trend. Moving to Stolt Tank Containers. Transportation revenue decreased by 14.8%. That's driven by lower transportation rates, so the container lines and trucks. We had a lower demurrage revenue that decreased by 12%, as customers are returning the tanks quicker.
During the pandemic, during the logistical nightmare, they kept the tanks for a long period of time. They used the storage. They wanted to build up an additional kind of inventory because of the unreliability of the logistical, you know, bottlenecks. In the later stage, there's been a slowdown in demand, so that has caused them to hang on to the tanks longer because they used the product, took a longer time to use the product. Now they're starting to redeliver those tanks quicker. That's why the demurrage revenue is down. When you have a lower transportation, you also have a lower move expenses. High repositioning expenses slightly up, and a lower other operating expenses of $1.6.
$39.3 operating profit, that down from $44.9. I state in the earnings release that it's holding up surprisingly well. I would say that, as I said in the previous earnings call, we're going back to, you know, a normalized scenario in that industry. We are actually now. Yeah, move to the next slide, I think. We are actually seeing East of Suez, so that's Middle East, India, Asia, very strong volumes and margin improvements. It's picking up significantly. We are also seeing a pickup in Europe. The only place we're not seeing any pickup is in the U.S., but we're seeing a pickup from Europe, but from very low levels.
Okay, demurrage level decrease as supply chain demand in food grade sector remains strong. Guidance for going forward, you know, what is normal? I kind of remind you a normal quarter for STC was between $40 million-$45 million EBITDA per quarter. That's what normal. I'm hoping that we're going to be able to hold on to the current market, and that's going to slow down the decrease to normal. Just to give you an indication of what normal is, $40 million-$45 million EBITDA. Moving to Stolt Sea Farm. A good quarter. Again, this Christmas season, higher turbot sales. The volume was up by 13.3%. However, the price decreased slightly by 1.8%. The same with sole. Sole prices, sole volume was up by eight...
5.7%, but the prices also went up by 3.2%. Operating expenses increases as higher result of higher volume. Our OpEx per kilo was down by 7.5% because we had a fantastic growth during the quarter. The team at Stolt Sea Farm, you know, there's a lot of writing about land-based recirculation agriculture. Gotta remind you that we've been in this business for 30 years. Recirculation we've developed over the last 20 years. It's up and running, it is working, and these guys are really in control of their operation costs. The fair value adjustment of biomass was $2.4 million in loss, compared to with a loss of $1.8 million in previous quarter, reflecting volume and price impact on inventory levels for turbot.
I remind you also what we now call the Stolt Investments. The strategy here is to use Stolt-Nielsen's platform knowledge in each of our respective industries to make investments where we think we have a good knowledge, we can create value, and we see opportunistic investments that we can take, and hopefully one day also find an additional leg for just Stolt-Nielsen to stand on. This is our portfolio. It's currently at $202 million. It is, that's why we're presenting it. It's, you know, it's significant. It's, you know, over $200 million. We participated in the IPO of Cool Company. We made a $10 million investment.
We have sold that investment and booked it a gain of $2.5 million profit. We no longer have a Cool Company position. We also have what we call Stolt Ventures, which was established in the last year with the aim of investing in sustainable technologies that will contribute to the decarbonization and support our core business. We have made some small investments. These are just, you know, products that we are being presented for our business and if we see that those things are working or those new technologies can be a benefit for us in the industry, we take the opportunity to see if we can invest in it too. We continue to maintain our Odfjell shares. It's been a good investment, 8.3% stake.
Moving on to the financial. I give the laptop to Jens to take you through the financials.
Thank you very much, Niels. As always, I will remind you that our fiscal quarter is skewed, and the 1st quarter runs from December 1st, 2022 through February 28th, 2023. Also, we have posted the materials, the earnings release, the interim financials, as well as this presentation on the company's website. You'll find that at www.stolt-nielsen.com under Investors. Moving on to the net profit. Niels has already covered really the operating revenue and to a great extent also the operating expense. The only thing to add on the A&G is also, it's impacted by about $2.5 million FX.
The depreciation Niels mentioned is related to the increase in residual values, and that $2 million differential will carry with us through the year. $2 million a quarter impact on that. You will see that the loss and gain of loss on sale of assets versus a gain in the prior quarter had a swing impact of $4.4 million, and that was related to really gain on the two ships sold in the prior quarter. That gives us an operating profit of $142.1 million versus $132 million last year. Moving to below that line, you can see the net interest expense was down slightly.
That is driven by somewhat higher interest rates in current environment, also tied to a reduction in our overall debt levels, and hence an $800,000 reduction. We had a slight FX loss down marginally from the previous quarter. The income tax expense is tied to the higher profits at Stolthaven and Stolt Sea Farm. Also there was a $3 million tax credit in the fourth quarter that contributed to that swing. That gives us a net profit of $99.8 million, up from $95.3 million, and an EBITDA of $213 million, up from $196 million. We've now breached the quarterly $200 million mark. Moving on to capital expenditures. So far in 2023, we have spent $47 million.
We have a remaining $249 million for 2023. What we mentioned last time was that it is an ambitious program. The difference from the last time that we spoke was the expansions at Houston and New Orleans that Nils mentioned. You see that in the Stolthaven Terminals, capital expenditures having increased to $101 million remaining this year, and a bulk of it coming in 2024, and this expansion will also possibly drag on into slightly 2025. Stolt Tank Containers reflects new tanks ordered that are currently being delivered into the fleet. Stolt Sea Farm is ongoing expansions and preparations for expansions, including land purchases.
For Stolt Tankers, the $71 million that reflects progress payments on a barge that's to be delivered, but also two ships, the 15,000 tonners that were announced about a week ago in the press, that we are acquiring, two second-hand ships that are each 15,000 deadweight tons and scheduled to go into our Caribbean service. Moving on to the cash flow. You see the operating cash flow, the cash generated by operating activities is down this quarter. That is driven by changes in working capital. It's really tied to the profit sharing payments that were made in this quarter, but accrued in the prior quarter. Therefore, we're slightly down due to that swing. If you were to exclude it, we would have been slightly up. Interest payments are down.
Again, we do tend to pay, we have certain loans that are on six-month interest payments, whereas the bulk is on quarterly. Those that are on six are typically paid in the fourth quarter and the second quarter. They tend to be slightly higher. It brings us to net cash generated by the operating activities of almost $150 million in this quarter compared to $164 last quarter. Capital expenditures, that includes the CapEx that you saw on the previous slide, plus money spent on dry docking of ships. That's $54.4 million, down from $68 million in the prior quarter. Also, Nils mentioned we have sold The Cool Company shares, and you see that $11.7 million in the sale of shares.
In prior quarters, we have actually been buying shares. It's a nice turn. Net cash used in investing activities was down to $43.7 million, it's down from $78 million in the prior quarter. If you look at the financing activities, you see we have repaid about $46 million of debt and capital leases. You have the dividend that was paid out in December of $53.6 million. We expect if the AGM signs off on the dividend that was recommended on February 23rd, that will be a payment in May, and that will be about $67 million cash outflow during May. For first quarter, it means we use $99 million in financing activities.
It gives us net total positive cash flow for the quarter of $6.3 million, and that brings our cash and cash equivalents up to $158 million for at the end of the quarter. If you look at the bottom right, you'll see that comes on top then of our available revolving credit facilities of $321 million, so for a total of $479 million in available liquidity. Our debt has been reducing steadily, even though we have been investing as well. That's really credit to the cash flow generation capability of the businesses. You see that in the top left quadrant. Average cost of the debt is, as one would expect in today's interest rate environment, creeping up slightly.
We're at 5.13% average for the first quarter. If you keep in mind, we have been fixed almost 80%, and that's why we've been well-shielded from the increase in rates that we have seen. At the bottom part, you will see our debt maturity profile. The first quarter has the $33.7 million has already been repaid. The next significant one we have is the June maturity of a bond, $132 million. With that's that was a bond that we did back in June of 2020 during the pandemic. Interest rates were low, we have a fixed dollar rate on that of 5.19%.
Six months later, we have the SNI08, $841.5 million to be repaid, and that has a fixed coupon of about 5.4%. To the extent that we need to draw on the revolving credit line, to pay those off, that will see our borrowing cost or average cost of debt increase further, as it stands today. The Singapore loan that you see there, $101.7 million, that is currently in the process of being refinanced. We expect to conclude that probably during the third quarter. That will also most likely include an increase in the facility amount to about $200 million.
In addition to that, with the delivery of the two 15,000 deadweight tons, we have secured or in the process of securing financing about $38 million for those. For the barge to be delivered during the second quarter, we also have are in the process of securing financing for that. To combine those two would add about $50 million in debt. Moving to the next, as you see the financial covenants are improving. Both Debt to times net worth on the top left at about 1.07. EBITDA to interest expense at 5.85. Both improving the limits are 2.25 for the Debt to times net worth and minimum two for the EBITDA to interest expense.
This is, this and the net debt to EBITDA, which is now down close to 2.5, are driven by the steadily improving EBITDA that you're seeing on the bottom right-hand side. Next quarter, the second quarter, you will see that the first quarter 2022 of 159 will drop off, and we will add a quarter at a higher level, that will see our last 12-month run rate improve significantly is our expectation. Moving over to ESG. On the top half of the screen you have our AER ratio that we show you every quarter. At the end of 2022, we were at 10.91, which constituted a 30.4% saving. We have not moved much away from that.
With a stronger market, there is a tendency to speed up slightly. We are maintaining that level. We still are very confident of reaching our goal of a 50% emissions intensity reduction by 2030. Between now and then, a number of older ships will be recycled, and that will be replaced by newer tonnages presumably, and that would help drive down the ratio. Very happy to also state that Stolt Tankers earned a gold medal for EcoVadis. That's the Sustainability Rating Agency, which is a first for Stolt Tankers and that's something we're very proud of. To that view Stolthaven Terminals and Stolt Tank Containers have both maintained their silver rating and improved on that. It's a good performance by all the three logistics businesses.
In Stolt Sea Farm, there is ongoing improvements, targeting zero waste to landfill, as well as the reduction of the fish contents in our feed, which they are continuously working on developing. With that, I would like to pass it back to you, Niels.
Thank you, Jens. We are continuing the strength across all of our businesses.
Taking into consideration the first quarter usually is a slow quarter. We are pleased with the performance in the first quarter. Stolt Tankers, the improved COA terms are now starting to show in the financials. I, you know, when we show you 50% increase on average on the contracts that we renewed, there is, of course, a risk to our strategy. Being market leaders, we need to push, and we are. As a result, we are losing our some contracts, which, you know, we wish we hadn't lost, but, you know, that's part of it. Yes, we're pushing. We believe we will be able to replace the lost contracts with other business.
I feel again comfortable with the supply side of the equation, but there is of course risk to it if something should happen with the global economy. I think we have to do it. Stolthaven Terminals continues to see a steady and higher utilization, and we are achieving higher rates on the renewals. Tank container results are resilient as capacity opens up and margins come under pressure. Even though we had a phenomenal, fantastic year in 2022, I think that 2023 and beyond is still going to be a healthy performance from STC. Stolt Sea Farm, we're expanding our in new markets. As we produce more fish, we are pushing and really focusing on the marketing side of the business.
Jens showed you the strong balance sheet and liquidity position, which has allowed us to pay a higher dividends for this year of two and a quarter. Hopefully that will that trend will continue going forward. That completes our presentation. We will now open up for any questions that you may have. I see that we have received two questions. Somebody called J.W. asks, "Odfjell says they will sail ships up to 30 years age. Does Stolt plan to do the same?" The answer is yes. I mean, we have historically sailed our ships. Actually, some have actually gone beyond 30 years. Depending on the new building capacity, we most likely have to sail them until 30 years.
We are at least maintaining our ships, as if they are going to sail until they're 30 years old. Bart ask, "Thank you again for another stellar quarter and your honest and upbeat outlook. How many of the COA renewals in the Q1 were fixed price option that were declared, and how many of your COAs have fixed price option attached?" I'm not going to go through. I can say that very few have an option period, and even less in the future. Already several years ago, we saw the order book, and we were expecting, we were just waiting for that balance to happen, which is, you know, started in 2022 and is continuing in 2023.
We started already a couple of years ago only extending our contracts by one year and not giving additional optional years. That we are benefiting from now so that we are not locked into the older rates. Very few have an additional option period, and less so, going forward. Somebody called Anonymous, "When do you expect the new CEO will be selected?" We are continuing to search. We have some very good candidates that are being interviewed, and hopefully we will be in a position to announce it, relatively soon. As I stated earlier, this, it's better to use the time necessary to find the right candidate. Petter Haugen from ABG Sundal Collier, "If treating non-renewed COAs as spot, what is your spot exposure for Q1 and Q2?
If treating non-renewed, we will come back to you on that one. Can you find out or Sindre? If we assume that all of the ones that haven't been renewed, that we don't renew them, what is our spot exposure? I think we will be coming to 50% spot, but we'll come back with the numbers shortly. Can you comment around recent news about vessel purchases and if there are any changes to your communicated fleet renewal strategy and consolidation/spin-off? Over the last two, three years, we have been active in the second-hand market and been able to pick up two nice ships, and we just recently announced another two ships, still at a discount to the new building equivalent.
Today, we don't expect to be able to pick up such any further second-hand ship because the prices are what we think is too high. If we're going to pay a high price, that high price would be for new buildings. You know, with a fleet of 160+ ships, we need to build ships and we will build or order new ships at the right, you know, eventually.
Our consolidation, and spin-off, I think I said this in the previous quarter, in this strong market, I don't think there's this appetite for consolidation, but, you know, we are open, and we continue to look and look at opportunities. We are still committed to an IPO to be able to achieve or be in a better position to achieve further consolidation. The exact timing. We are ready. It's just a matter of when the timing is right. Both the shipping market and the equity market needs to be right. Our balance sheet is now getting stronger and stronger by the day.
We are in a position now to do an IPO, and it is something that we discuss each quarter, quarterly board meeting. When we make a decision, we will of course announce it. COA. Petter Haugen asked the question about this spot exposure. If we don't renew any of the COAs that are under negotiation, we will come back to you with that answer once we have calculated it. I don't see any further questions. That completes our earnings presentation. I thank you for your participation, your support and I hope to be able to present to you good results in the second quarter.
I gave you kind of an indication, where I think the market, so pretty flat for same or slightly off for small tankers. Steady, slight improvement in terminals. Slight improvement in Seafarm. A slight decrease in STC. That's kind of the guidance without saying specific numbers. That completes our presentation. Thank you very much for participating.