Ladies and gentlemen, welcome to the Atlas Copco conference call. For the first part of this call, all participants will be in listen only mode, and afterwards there'll be a question and answer session. I will now hand the call over to CFO Hans Ola Meyer. Please begin your meeting.
Thank you very much, a warm welcome to everybody participating on this conference call, which is related to published information today from Atlas Copco. It's general information about the notice to the Annual General Meeting, but more specifically, it also includes some information about the proposed spin-off of Epiroc, and that's the purpose for this conference call. The information brochure that has been distributed together with the notice is available on our website, so you can follow. We will not use any other presentation material for this call, everything that you see is from that information brochure on the web. Apart from myself, Hans Ola Meyer, the CFO of Atlas Copco, as you heard, we have in three different locations participation. I'm sure shareholders on the call will be happy to hear that we are working intensively with many things at the same time. Personally, I'm in London.
The CEO Mats Rahmström, who will speak to you in a few seconds, is in Canada, the management team, headed by the CEO Per Lindberg, the CEO of Epiroc, is in Stockholm. We'll try to figure it out. If you hear something strange of people talking at the same time, we'll try to correct that as soon as possible. The purpose of this call I mentioned already, I'd like just to stress that there is not any intention whatsoever to discuss the current business climate or recent results on this call. It is purely related to the information published today.
On that note, however, I might just as well say that when it comes to the view of the world and the customer demand, we repeat what we said in the end of January following the Q4 results, that we see a continuation on a high level of customer demand in the near term future, that it remains on a high level. The other thing that I'd like just to mention before we kick off with Mats, is that the financial figures in the information brochure is done with a methodology called combined financial statements, which is not a pure pro forma. It is not a pure or a clear consolidation like the normal results from Atlas Copco Group would be. I mention that because sometimes the addition, if you sum up Atlas Copco and Epiroc numbers, you will not get the group.
The reason for it is that, as I said, there has not been a full consolidation, but it's just merely putting numbers of Epiroc entities together and putting the numbers of Atlas Copco entities together. There might be discrepancies, and I can already say that in the balance sheet, when it comes to certain lines, this is noticeable because there are financial relations between Atlas Copco and Epiroc still, and that reflects in that the gross numbers look different than the Atlas Copco Group numbers. It's the same when you look through the combined cash flow statements. You will notice, but I just caution you that don't take all the numbers on those parts as a true reflection of what you will read in Epiroc numbers going forward when it's totally on its own, so to speak.
With that, I hand over for some opening remarks from our CEO, Mats Rahmström. Mats, please go ahead.
Okay. Thank you, Hans Ola. I think it might help to give a little bit of background and reasoning around the suggestion to split the company. It's a little bit more than a year ago, on January 16, that we announced that we will start to prepare for the split and come with this proposal to the annual meeting in 2018. I think the suggestion is pretty straightforward, to have two listed companies, where Atlas Copco will focus totally on the industrial customers and what we now call Epiroc, which is the mining and rock excavation and the hydraulic attachment, outdoor construction technique. Epiroc will focus on the mining and civil engineering to get the right focus. The intention is to distribute the Epiroc business to our shareholders and list it on NASDAQ under the name, also Epiroc.
I think the year that has passed, we were quite early to dedicate a team that worked with the split. That was led by Hans Ola and myself and Lena. The team on the mining community have focused on the business. I think that way of working has been very successful for us, developed the business and progress on the split in a good way. Today with Per and the management team in place, I would say that Epiroc is a fully operational unit and a subsidiary of Atlas Copco. Why split the company? I think Atlas Copco over the years has grown quite a lot. An internal saying, we say, "If we focus, we succeed." It's really been part of our DNA over many years to make sure that we really focus on something to be successful.
You can also see that the different industries have different demand drivers and even operate in different geographical areas then. The intention of the split is to give the organization more focus and more speed to meet customer demands in an even better way then, and by doing that, also increase shareholder value. If we talk about the speed, as I talked about, and the focus, it's a new management team in place now, a very experienced team. We have the board with a full dedication to the company and to the industry. Of course, after the split, then they will have an independent access to capital, and it will also provide present shareholders and new shareholders to invest directly in Epiroc and in the mining industry. The preparation on the strategic level have been under the name of Mine of the Future.
We have focused a lot to see and understand what businesses we like to be in and what we don't want to be in. I think the team have put a lot of efforts to really understand the value chain and the processes at our customers to clearly identify areas where we can add very tangible improvements in productivity and safety for our customers, and also be very clear with areas where we say that this is probably not for us. The Mine of the Future projects is to say, of course, we talked about more and we have seen that on the capital markets, the digital mine, I think being safety for our customer, but of course also improve productivity. We can see more and more of the products with automation and also leads to productivity.
We can see the battery initiatives both on the drill rigs and the loaders to give our customer then a zero emission mine, and that will improve sustainability and also drive down costs for them. We also see service as a big opportunity, and we're working on some of the new products as well. To summarize the Epiroc part, I would say that the strategy is in place to drive really customer safety, productivity, and sustainability. We have a very dedicated and experienced management team in place on the board. The purpose of the split is to give really increased speed and focus on these activities in the strategy. The main part is, of course, Atlas Copco, which is a little bit bigger part, which I will be responsible for then.
We have our dedication to industrial customers with the four business areas, with Compressor Technique, we have Industrial Technique, we have Power Technique, Vacuum Technique, and all in all, you have 21 divisions with dedication to a certain segment in the market. Last year revenues around SEK 85 billion, and our presence is really in 180 countries, approximately 34,000 employees, and 30% all our sales is coming out of service. We looked at our financial goals as well. We think they are quite ambitious with the 8% growth annually over the business cycle. I think that's maybe two, three times GDP. To achieve that gap, we continuously work with innovation for market expansion. We also look at market shares, of course, but also add on some strategic acquisitions. With the last year, the group has been able then to deliver approximately 7% growth.
Our financial goals will remain 8% growth annually over the business cycle, sustain high return on capital employed, and to distribute 50% of the earnings in dividends. The focus for us will be very much on our customers to really drive tangible productivity improvements and clear return on investments and leading by a product strategy that we've been seeing success with over many years. We also put a lot of focus on developing talented people and bringing a little bit new talent to this digital world. We will put a little bit extra effort to see what we can do on the organic growth sides, mainly through innovation and new products. Of course, we have a presence in most geographical regions around the world. We can now look forward a little bit and focus on the future.
We truly believe that splitting the company into two listed companies is the right thing to do. It should benefit both our companies, Epiroc and Atlas Copco, our customers, and shareholders. I also picked up a line that I think was a good summary that someone said that the pace of change has never been this fast, yet it will never be this slow again. Of course, with that in mind, I think if two companies can pick up speed and focus, I think that's a great thing. Thank you.
Thank you, Mats. Very good. I'd like to hand over from Canada via London to Stockholm and to Per, who will start just since you are new to many on the call. Perhaps some of you know Per since before, I'm sure. Please go ahead and take the Epiroc part then.
Thank you, Hans Ola. It's a pleasure to be here and to present Epiroc. My name is Per Lindberg. I joined the company at 1st of February this year. Yes, I'm relatively new. Previously, I was the CEO of the leading group, Korsnäs since 2005, which is a listed company in Stockholm. Prior to that, again, I was the CEO of Korsnäs and Vice President of [Shenali]. From a training perspective, I have a mechanical engineering background, and I have a PhD from Chalmers in Stockholm or in Gothenburg, I'm sorry. I have to say, I'm very excited to be here, and I'm very proud to be here. I think we have a great opportunity to make a real difference when it comes to increasing the focus, speed, and agility of Epiroc. Enough of me. Looking at Epiroc.
Of course, the Epiroc is mainly consists of Atlas Copco business area Mining and Rock Excavation, plus Hydraulic Attachment Tools from Power Technique. Old MR is roughly 90%-95% of the business. We have customers in mining and infrastructure, roughly two-thirds of our customers in mining and one-third in infrastructure. Revenues in 2017 was SEK 31.4 billion. We have 13,000 employees, and we have sales in 150 countries. Who are we? Well, we are a leading provider of solutions for rock drilling and rock excavation, demolition, and recycling. We focus on specific selected niches. We're not all over the place. We work selectively, and we're looking to work in niches where we can have applications where there's a need for performance critical equipment and services, where significant aftermarket requirements, and where there's a big focus on productivity and total cost of ownership.
This is an area which is very important for us going forward as well. We will not deviate from these types of niches. I think it's also a great opportunity for us to exploit digitalization going forward and increase in productivity for our customers in both mining as well as infrastructure. We will report the Epiroc business in two segments. First of all, the bigger segment will be equipment and service. Here's the typical equipment that you may be familiar with, which is rock drills and loaders and haulers, a variety of equipment. You can see that in the brochure. These are relatively large investments for our customers, and they typically go to the same customer, same geographies, very often bundled with service contracts. We report equipment and service as one segment. In 2017, it was roughly 72% of revenue.
The other segment will be tools and attachments, typically smaller investments or even operational expenditures, typically sold through more sales channels and a variety of tools used for a variety of machines. That consists of roughly 28% of the business in 2017. Those will be the two reporting segments. Looking forward, we have stipulated financial goals and prior to going through the financial goals, I would like to say that our key target or our key goal is to provide a superior value creation and to focus on delivering results rather than promises. The key basis here is to continue to leverage the strong operating model that we have and to continue a very efficient use of capital and also to have stable and rising dividends.
We will do this through agility and adapting to cyclicality in capital equipment, because capital equipment tends to be cyclical, whereas the aftermarket business is definitely more resilient. Here again, agility in the capital equipment part of the business is important and also the resilience in aftermarket. Focus will be on maintaining and growing aftermarket business. Some comments on the financial targets. The first one is growth. We say that our goal is to grow 8% over the cycle, which should be compared to 4.7% over the last three years. We would like to grow better than the market throughout the cycle. This is quite an ambitious target given that we see that over the last three years we've seen 4.7% growth. We believe that this is possible through innovation and through focus and again, through speed. Second goal is margins.
We have, as mentioned, a relatively cyclical capital equipment business and more resilient aftermarket. We have been historically a top performer throughout the cycle, and this is where we intend to remain, even though it's not easy to exactly specify where the margins will be over time. We will compare ourselves to our best-of-the-peer going forward, and we would like to have industry-best margins. Over the last 3 years, between 2016 and 2017, we've seen an operating margin of 17.9%. Capital efficiency, we will remain agile and continue to strengthen the operating model. This is, of course, very important and we're prudent in value creation and investments. Return on capital employed over the last 3 years, 24.3%. Capital structure, we intend to be investment grade with the prudence that entails. Finally, dividend, we intend to distribute 50% of net profit over the cycle.
Looking at the financials as presented in the brochure, a couple of comments there as well. There is a difference in operating margin between the old MR and Epiroc in 2017. MR reported 20% operating margin and Epiroc 18.9%, so there's a difference of 1.1 percentage points. The difference there consists of corporate costs for the split and for starting to build up a corporate office, and also provisions for long-term incentive programs. Balance sheet, we had in the Epiroc balance sheet, also the former Atlas Copco Financial Services. Should also be noted that the intention is to have a net debt at end of March of roughly SEK 3 billion, corresponding to a net debt in relation to the group of roughly 0.4 times. More information about our Q1 result. I'm sure you're interested how things are going at the moment.
We cannot comment that, more information about the Q1 will be available in Atlas Copco Q1 report. Epiroc's first report will be presented on July 19th. The prospectus, of course, will contain more information that will be available end of May. Finally, I should say also a reminder of our Capital Markets Day, which will be on May 30th. If you have a time and a piece of paper, please note that down. We intend to go to Edinburgh and visit the operations there. A formal invite will follow soon, and we, of course, at the Capital Markets Day, will present more details in terms of who we are and where we are going. With that brief presentation, I turn it back to Hans Ola Meyer.
Thank you, Per. Very good. We are approaching the Q&A session, just before we do that, a very quick summary. You heard a few dates or indications of timing from Per. Just to repeat them, that we are, of course, the next point, so to speak, is that the AGM for Atlas Copco, where the final decision of the proposal to split will be dealt with and hopefully decided upon in a positive way. In the meantime, the audit by the stock exchange is going on full speed right now. That will carry on until the beginning, middle of May, when that will be then handed over, the audit that is, to the listing committee of the Nasdaq Stockholm stock exchange, end of May, then follows what Per alluded to, the Capital Markets Day for Epiroc, et cetera.
We are targeting a listing in the latter part of June. That's what we're aiming for right now. I think we will do like this, that when you pose a question, please limit it to one at a time. We don't have so much time available, so allow just one question per participant. Please, if you have a specific intent that you want to address the question to someone specifically of us, then please say so when you address the question and obviously who you are. With that, I hand over the word to our operator for the call. Please go ahead.
Thank you. Ladies and gentlemen, if you do wish to ask a question, please press 01 on your telephone keypad now. The first question is from the line of Klas Bergelind from Citi. Please go ahead, your line is open.
Yes. Hi, Mats, Hans Ola, and Per. It's Klas at Citi. First, on the growth target, if you could remind us of how you define a business cycle. Do you include the bad years and then the good years, and then you do an average? Because 8% is broadly in line with the expectations in the market out to 2020 if we use 2015 as the base, which is the first growth year this cycle. If you include the negative years, obviously the ambition is for accelerating growth. If that's the case, I assume that you're betting on the aftermarket to pick up further on more automation, Mining 4.0, given the relatively limited M&A opportunities within your current niche. If you could elaborate on the growth target, please.
I suggest-
Yes.
Oh, Per. Sorry. No, you go ahead, Per.
Okay. Thank you. Yes. You're right. In the definition, we include both the bad years as well as the good years. Given that, we think the ambition of growing 8% is relatively ambitious. It's not only targeting aftermarket, but also targeting the equipment sales, because we believe there's opportunities there, not the least to exploiting innovation and digitalization and automation.
Okay. Just to follow up, if we think about Mining 4.0 and automation, increased positioning, et cetera, wouldn't that extend the life cycle of the equipment, i.e., it will be able to be run longer, but it will be better for the aftermarket because obviously it will increase the utilization. How should we think about automation driving higher unit sales? Are you betting on price mix to go higher, if it's not M&A, if it's more organic?
It's clear. My limited experience is that the automation that we've seen so far, the relatively advanced automation, what it gives is higher utilization of the equipment, which drives, of course, aftermarket sales increase and such. Also, of course, it tends to shorten the lifespan of the equipment as such. It could be a combination there, I think also there's opportunities to be, if you do have speed and agility, I think you can capture the market for automation, versus if you don't have speed and agility. We hope we can do that.
Okay, my final follow-up is on M&A. You are well-protected in your upstream segment, particularly in underground hard rock. Doing M&A mid and downstream would dilute your margins and returns, particularly as the miners rarely ask for a supplier to be active in all parts of the value chain. M&A around Mining 4.0 would come at quite punchy multiples. Shall we see M&A more about partnerships such as Sandvik CombiTech, or will you do any more large scale M&A? Obviously you are quite protected on where you are in your niche currently.
That is correct. It most likely is going to be a combination of those two. I think, of course, it is difficult to find acquisitions which will not be dilutive to our margins, but certainly we will definitely not do acquisitions which will not be value-creating for our shareholders. That is the key.
Thank you, Per. Do we then take, I was a bit lean there on letting the second question, let us be more strict going forward then. Next question, please.
Next question is from the line of Graham Phillips from Jefferies. Please go ahead, your line is open.
Thank you. I'll stick to one question. Graham Phillips from Jefferies. On disclosure, Hans-Ola may have been very good with mining and rock. We've seen three parts disclosed on this: equipment, consumables, and service. I see you referring to just equipment and service together, and then attachments separately. If you do have this aim to grow the aftermarket and service, we can see that historically going back 12 years in mining and rock. Please inform me, what is your intention to go forward? To reduce the disclosure now and lump equipment with service, which would seem a retrograde step? If you're still going to provide something in terms of your aim to grow aftermarket and service, how can we measure that if it's lumped together with equipment?
Well, we will actually report sales for equipment and service separately going forward, let's say. Within the segment of equipment and service.
Okay. Well, that's good to hear. Maybe then my question. I'll get back in line. Thank you.
Thank you.
Next question is from the line of Guillermo Peigneux-Lojo from UBS. Please go ahead, your line is open.
Thank you. Guillermo Peigneux-Lojo from UBS. Hi, Mats, Hans Ola, Per. One question or two questions into one question, actually. Referring to what you just commented on innovation, could you give us an indication of your content of innovation in the last year, for example, new product contribution to sales during 2017, and you can define new products as basically product launches that you announced over the last two years, or help us understand the innovation content of Epiroc during 2017. Secondly is how much of your current production is assembly that is outsourced outside of Epiroc? Thank you.
Well, thank you. It's a very good question. I'm afraid I don't have a specific answer to it. I think we have been launching automation products. We have launched battery-driven products in 2017. I don't have a specific number in terms of what portion of the mix that contributes to.
Regarding how much of the assembly of the overall Atlas Copco, Epiroc at the moment is outsourced?
Okay. This is Anders Lindén, CFO of Epiroc. The assembly part is obviously referring to the equipment. Equipment sales, it is about 33% of the revenue in 2017. For the most part of that is assembly. The vast majority of that is assembly. In-house.
In-house assembly?
Yeah.
All right. Understood. Thank you.
Next question is from the line of Peter Folling from Handelsbanken. Please go ahead, your line is open.
Hi, gentlemen. This is Peter from Handelsbanken. Okay. You want to outgrow the market, and you want to have a higher profitability. Could you help us how you define the market appearance? Is it in total? Do you look at the aftermarket guys that are the best, the service guys that are the best, even niche players? It's pretty hard to find a strong enough peer, to be honest. How should we think about your definition of the market? Thank you.
Well, there's actually quite a few research studies pointing to the growth of the mining and infrastructure markets, and we will refer to those when we compare our growth. That growth is actually lower than the 8% as far as least we have seen. That will be the definition of market growth, which we will compare ourselves to. When it comes to profitability, we compare ourselves to industry, and we will again compare ourselves to basket of peers when it comes to that deployment.
Okay. Very clear. Tiny follow-up. Will you also provide service part of the tools and attachment in sales? There will also be some type of aftermarket as well.
There's a very limited aftermarket as well, and we will not disclose that or break that out in terms of the tools and attachments, because it's a very small portion.
Thanks a lot for your answers.
Next question is a follow-up from the line of Graham Phillips from Jefferies. Please go ahead, your line is open.
Thank you. Obviously there are not a lot of people on the line, but I wanted to ask about CapEx. Can you give us indication of what CapEx has been in the last couple of years on the information disclosed, and what you think going forward will be the specific CapEx to Epiroc?
We are assembling an answer here, and I think Anders needs to help me here. If you could just leave us a few seconds and perhaps let another question prior to give you the more specific answer.
Okay. While you're looking at that, Hans-Ola Meyer, if I could say, will the disclosure for Epiroc equipment, consumables, and service be comparable to the equipment service and attachment on a comparable basis?
The intention with the whole split is not to reduce the transparency that you are used to from Epiroc.
Okay. Although they're calling it attachments, that'll be equivalent to the consumables then perhaps?
Oh, it's really difficult to define what is an attachment and what is a consumable and what is an integral part of the equipment. I think that for the time being, I think you will have to rely on the information that is in the brochure, and then of course, when Epiroc comes back and reports on its first official results, et cetera, I'm sure that you will find that the level of disclosure on sales, et cetera, at least mirrors what you have been used to when it was in Business Area in Atlas Copco.
Okay.
Thanks.
Do we have the CapEx answer yet?
Yeah. This is Anders. Yeah. The total CapEx is around SEK 1.5 billion, thanks.
That was last year or that's the forecast for this year?
No, that was last year.
Okay. Going forward with 8% revenue target growth, would we assume that in absolute terms it rises, that percentage of sales stays the same? What would be the thinking around that?
You could assume the same ratio.
Okay, thank you.
Next question is a follow-up from the line of Guillermo Peigneux-Lojo from UBS. Please go ahead, your line is open.
Thank you. Looking at your free cash flow from operations, I basically saw that it decreased actually, 2017 versus 2016, 2015. I was wondering to a great extent, obviously this is driven by working capital expansion, but I was wondering whether there is rooms to optimize this to accommodate growth, or is this driven by the supply chain issues that the industry faced through the sharp ramp-up of order intake? Can that be optimized?
I think clearly there's plenty. As an overall observation, I would say that I think there's plenty to do when it comes to our capital employed, and not the least working capital. The expansion that you're seeing is driven by inventories for basically handling the orders that we have received because the expansion of our order book. That's why I say.
Yeah, no, this is Hans Ola here.
Yeah.
Again, since I assume that part of your question came from looking at the numbers presented under combined cash flow statement.
Correct.
Actually, also that line on working capital is affected by these things that I said are not really the equivalent to a full consolidated view. You have to be very careful when you look at those numbers because with all due respect, they don't provide the best guidance actually at this level. It will be much clearer once you get into a full disclosure, so to speak, of Epiroc as a listed company.
Thank you very much. Can I refer to whether you do have any net debt to EBITDA target? Just to understand how can you usually balance it in the future?
The only comment for the time being, as you know, we have not had that type of target historically, and we will not going forward either. If you do the rough math from what Epiroc target net debt and gearing will be when in the beginning, you will find that considering dividend and redemption, et cetera, that the Atlas Copco ratios will be somewhat higher in terms of financial leverage, not by a big difference, but still. Otherwise, no, we cannot comment more on that. We don't have a target for that going forward.
Thank you so much.
Okay. Thank you.
Ladies and gentlemen, as a reminder, if you do have any further questions, please press zero one on your telephone keypad now.
Unless, operator, I don't know if we have any more questions online.
Yes, we currently have two questions registered, which are both follow-ups.
I suggest we take those two questions, we finish the call. I think that will be appropriate. Let's have those two questions. Thank you.
Great. The next question is a follow-up from the line of Klas Bergelind from Citi. Please go ahead, your line is open.
Yes, thanks for taking the follow-up. A question on margins. It seems like the Construction Tools business from Power Technique is a low double digits margin, but I would assume that the tools and attachment business in mining is a higher margin, taking total tools and attachment to a higher level, maybe 15%. If you could help us with the margin of tools and attachments relative to Construction Tools then, if we could get a feel for the pure service versus equipment margin. Obviously, we've talked about this before, it depends on the cycle, but is it currently two times equipment or maybe three times currently? That would be really helpful.
We can say that the tools and attachments margin is obviously lower than equipment and service margins are higher than equipment. That's pretty much all we can say.
Okay. All right. Yeah, I'll leave it there. Just one quick one as well is, could you help us anything with average growth in services versus tools and attachments? I would assume that tools and attachments, that's a more cyclical part, but if we get some feed for the average growth currently between the two.
The most cyclical part of the portfolio, if you break it out by equipment service and tools and attachments, is actually equipment. Whereas the aftermarket, the combination would be, in a certain definition, would be the combination of service and tools and attachments is definitely more stable. When you look at tools and attachments, it's actually consumables to a very large extent. That's more stable. Actually quite stable, I would say.
I understand that. I understand that the equipment business is the more cyclical. I was more interested in the growth rate between tools and attachment versus services currently, pure services excluding equipment.
I think we don't have information to disclose that right now, to be honest with you. I think, if we have appropriate information on that, we will let you know at perhaps the Capital Markets Day.
Thank you. Bye.
Yeah.
Next follow-up is from the line of Graham Phillips from Jefferies, which is our final question for today. Please go ahead, Graham, your line is open.
Yeah, thanks for taking my final one. Okay, of the net debt at SEK 3 billion in March, how much is pensions? And just confirm, Hans Ola Meyer, there's no more payment in the second quarter that will contribute to the special or ordinary dividend that Atlas Copco will be paying. That won't be paid out of the Epiroc balance sheet. It'll only be paid out of the Atlas Copco balance sheet.
Correct. It will be paid out of the Atlas Copco part. When it comes to the amount of pension and post-retirement benefits, et cetera, but I don't have it off the top of my head here, it's not a significant part compared to the pure debt part of the loans. Of course, the net debt also includes an assumed cash position of a couple of SEK billion. That's how we've modeled it. You mentioned that the target is for March, but in reality, it's also a target which we think will be pretty accurate when it comes to the actual start post-spin-off, because there will be generation of cash in the meantime, but there will also be a specific configuration case for Epiroc to put the hedge in place for historic long-term incentive plans, like the option plans that Atlas Copco has carried.
Of course, Epiroc will carry part of that going forward. Those are the main things. There will be a couple of pluses and minuses in the second quarter and in the beginning of the third quarter, which will leave us pretty close to this target net debt at the end of the day anyway.
Great. That's very helpful. Thanks very much for taking my call.
Thank you. With that, I thank all participants for participating, and of course, also Mats in Ottawa and Per and his team in Stockholm. Thanks a lot, and I hope we touch base again when it's time to announce the Atlas Copco Q1 numbers on the 25th of April. Thank you very much. Goodbye.
Thank you.
Thank you.
This now concludes the conference call. Thank you all for attending. You may now disconnect your lines.