Good morning. Dear listeners, welcome to Linas Agro Group meeting with investors. I'm Emilia from Nasdaq Vilnius, and I'll be moderating today's event. We will start with a presentation from the management, which will be followed by the Q&A session. Please be informed that this webinar is being recorded and will be available for a rewatch. As always, I encourage every one of you to share your questions in the Q&A section at the bottom of your screen, and you can submit them either anonymously or with your name. With that said, I am pleased to introduce today's presenter, Chief Financial Officer of the company, Mažvydas Šileika. Mr. Šileika, please, the floor is yours, and good luck.
Good morning, everyone, thank you for joining me today this morning to go through Linas Agro Group first half year financials of year 2022, 2023. We just announced them recently. Please bear in mind that it contains some forward-looking information and statements, but that's purely management view and don't make any investment decisions based solely on that. Today, I will take you through the main financial highlights. I would like to start with a snapshot of our performance for the first half of this financial year. It was a really successful first half.
We have fantastic results coming through several of our segments, and you can see that the profitability on operating profit level is almost more than 2x higher compared to last year. We delivered a 5.3 EBIT margin compared to 2.8 last year. This is a phenomenal result for us. It will be really hard to keep it going. Our price-to-earnings ratio is really low. You can see that the share now is currently trading at EUR 1.72 compared to EUR 4.75 last year. These ratios are calculated on the rolling basis, and we take the end of half year stock price.
Return on capital employed really looks in line, very high with our operating margin. We delivered a 19.2% return on capital employed for the first half, compared to 7% last year. This is a phenomenal increase, we have to bear in mind that full year results can impact that. However, so far it looks really good. Compared to last year, we delivered almost 4x higher earnings per share, which stands at EUR 0.78. This is also calculated on rolling basis, which means that year-on-year, we are delivering growing stable results for our shareholders. If we look at the composition of the group, it consists of 69 subsidiaries.
Not that many movements, except of sale of two Russian companies and one Belarusian company, which has been closed completely the first half of this financial year. We still remain with one Belarusian company. Unfortunately, this company is not a very attractive acquisition target for other investors. Moreover, we also have some complications with the legal regulation in Belarus regarding sale of shares or transfer of ownership.
If we look at the revenues, we see that we are really reaching probably the peak of our revenues because we delivered EUR 1.1 billion in terms of sales revenue the first half of 2022/2023 financial year, compared to last year, where we had around EUR 850 million in sales of revenues. Why we're saying maxing out, that we are now going to have a different price environment for the second half of the year. We see the sentiment of price decrease in all our main commodities or products we trade. We will see growth in revenue. However, it won't be that steep going forward.
If we look at the composition of our revenues, the share of products, of food products part has increased steadily, since 2020/2021 financial year, and now it is roughly around 18%. One of the targets or one of the strategies of KG Group acquisition really materialized. Now the food production and processing revenues are really noticeable in the group revenue composition. Overall, all the segments had a revenue growth in the area of 25% and 40%, which is a very, very good result for the group. Main factors which increase growth in revenue for grain, for trade of grain, oilseeds, and feedstuff, that's of course, inflation and high grain prices. However, the volatility and uncertainty in the market remains really very high.
Products and services for farmers delivered higher growth due to acceptable farmer financial position, EU support, which gave incentives further to invest, and, of course, previous harvest profits which could have been used for further expansion. Agricultural production, of course, favorable milk and grain prices, that's the main impact for the revenue growth in this segment. Food product segment, of course, this is booming sales in instant food and higher poultry product sale prices which made the most impact for revenue growth. If we drill down to gross profit in terms of segment, we delivered all-time high gross profit for first half of the financial year, which is very untypical for our group. And it stands at EUR 107 million.
Since last quarter or even other historical quarters, we do have 51% of the gross profit coming from our trading activity from the Baltics, meaning trade of Baltic wheat, rapeseed, and of course, feedstock production and feedstock trade. This is very untypical because usually we typically saw that profits or profitability from this segment usually used to come from in the last quarters of the financial year. This year is untypical. We have very high profitability in the first half of the year. I would like to be really very cautious going forward because this segment is working in a very uncertain environment.
We still have half a year of activity and the challenges in regards of price volatility, quality of grain really remains there. Other segments maintain more or less the same profitability share, meaning products and services for farmers, food production. Maybe only more significant increase of profitability is noticeable in agricultural production. However, I would like to draw your attention at the margins. We delivered a 9.5% gross profit margin for the half-year results. This is the all-time high so far. It looks really very good if we compare that to the market, and we see that grains and oilseeds trade had a gross profit margin of 5.6% versus the historical five-year average of 0.6%.
Really extraordinary half a year, but it's still too soon to judge the full financial result of this segment for the financial year. As I mentioned, we have really still one half of the year to come. The same goes for the compound feed and feedstock trade. The margin we delivered for the first half of the year is 8.9% versus five-year average of 4.4%. You know, all the disruption in supply chains, all the positions and producers and traders took so far were really profitable. If we look at the operating profit level, we see that the products and services for farmers segment really is the stable factor here.
We delivered more or less the same operating profit year-on-year, roughly EUR 25 million. However, the hike or the increase of overall operating profit, which stands at EUR 60 million for half year versus EUR 23 million last year, comes from grain, oilseed and feed feedstock trade, which historically, as mentioned before, usually used to come in the latter periods or later in the year. In terms of operating profit margin, the same trend as with gross profit, we kept the costs under control and we have a 5.3% profitability in operating profit level, which is as well all-time high or close to 2x higher than last year.
I would like to move to the segments of our reporting and I would like to look at grains, oilseeds and feedstock trade. I touched a bit upon that in the overall presentation and of the group consolidated financials. If we look deeper into the segment, we see that EUR 54 million come from roughly EUR 22 million in feed and feedstock trade and EUR 26 million come from grains, oil and oilseeds. We have a very nice increase in elevator service and logistics, but it is not something very unusual or uncommon. We changed a bit of the way we report and we actually made it more visible in our reporting how much we earn from elevator services and logistics activity.
We delivered a nice number of EUR 7 million. What were the main factors influencing the cost profitability? Of course, that, you know, geopolitical reasons, a lot of buying and saving for the future. However, we see that some things are changing in the market and this, and we see slowing feedstock consumption and normalization of the supply chains potentially impacting the, you know, the trade in feedstock. Gradually the bargaining power of buyers is returning. In the grain trade section, we have the challenges of volatility of prices. The prices since beginning of the season have decreased substantially. The main positions as of milling wheat and rapeseed, you know, the prices really are lower, and the sentiment for the farmers is very different.
They were expecting a different scenario, thus not selling all the grain in the first half of the year. Farmers still maintain high stock of grain still to be sold, there is quite a lot of potential activity. The quality of the grain is really an issue this year. We have poor quality grain or majority of the grain is rather poor quality in terms of protein level. This is something which might hurt profitability going forward. We collected less grain through our elevator network compared to last year in the first half of the year. The reason is mentioned before that farmers were expecting higher prices going forward into the year and did not sell full harvest in the first half of the year.
We'll see how that develops because the prices have decreased since since the harvest. I would like to move to products and services for farming. Roughly same gross profitability year-on-year, EUR 36 million this year and last year. However, the composition changed. We have less gross profit coming from fertilizer trade. However, that was nicely compensated by other segments, meaning we have a higher gross profit from seeds, micronutrients, plant protection products, as well as machinery and equipment sales. Roughly same figure overall, however, the composition has changed. Looking forward, we see the downward trend of milk prices, which of course may affect further investments into machinery.
We see that the cost for farmers really has increased in terms of fertilizers, feed, fuel, electricity, spare parts as well. It really will depend how the winter sowings will look and, you know, what the market prices for grain will be. Of course, financing cost is rising for us as well as for the farmers. That might as well influence their decisions to invest and to buy going forward. Next segment is food products. We see that we delivered as well very similar gross profit compared to last year. However, the composition has changed a bit as well. We see really booming sales of instant foods, and thus we are investing there further. We just announced a significant investment into instant noodles plant construction in Alytus.
We have a 50% increase of gross profit year-over-year in this segment. Poultry delivered more or less the same profitability, meaning EUR 8 million versus EUR 9 million last year. Poultry is still highly influenced by high energy prices. First half of the year was still an environment of high energy prices, especially gas prices. However, since mid-January, the natural gas prices are decreasing, and February is the first month where we have really significantly lower natural gas prices than compared to last month. February and hopefully going forward March, which are still quite energy-intensive months for poultry business, will see a lower cost of inputs, meaning lower energy prices. Of course, going forward, electricity prices are playing here.
It's not that big factor as natural gas prices, but decreasing electricity prices help as well. We see a negative effect in the flour and breadcrumb segment. However, in the following quarters, that should ease out and it should deliver a nice result for the end of the year. We have some cost allocation going forward, which will be changed in this segment, and overall the segment is profitable. We do perform investments into energy efficiency to decrease the reliability on gas consumption and energy prices. We invested heavily into a possibility to change from natural gas to liquefied petroleum gas, which usually trades with a significant discount compared to natural gas.
We have now a bit more diversified view in terms of our e-energy portfolio, and hopefully, even though the gas prices would increase, we have more options here in terms of our inputs. Agricultural production segment which has performed really nicely. We see overall a EUR 3 million gross profit versus last year, roughly EUR 0. Majority of that is coming from milk prices or milk production and milk activity. Milk prices were favorable first half of the year, even though they started decreasing in autumn. It still made this segment really profitable. Looking forward, the sentiment is not that good. Milk prices tended to decrease further in January and February.
We will see how that will change. In the next months, given the milk prices now, we are barely making break-even in the segment. Crop segment or crop activity produced a zero gross profit, which basically in our reporting standards mean that the profit we booked last year is in line when we have the cost coming this year. We sowed approximately 11,000 of hectares of arable land with winter sowings for the harvest in 2023. The crop position or crop quality is really good or good and we have already sold approximately 40% of our upcoming harvest. I would like to move to the composition of our balance sheet.
We maintain a strong balance sheet, even though we are running record high balance sheet, which stands around EUR 1 billion. This year we have the highest or the biggest balance sheet we ever had, because now we have the peak of commodity prices or fertilizer prices, that is sitting in our balance sheet. It's mainly comprised of current assets, and it stands at... The current asset stands at EUR 776 million. If we look at the, at our leverage level, I think it's really conservative or in a good position, even though the borrowing base or the leverage we use in our working capital has increased from 59- 66.
I still think it's overall good ratio. We have a very healthy position of readily marketable inventories, which stands at EUR 108 million. Basically, you know, compared to last year's EUR 156, these are really liquid commodities which can easily be turned into cash. Overall, we are in a good position. We don't have any problems with liquidity. We have secured all our financing requirements for financing credit lines with our financing partners, banks and credit institutions, which stands at EUR 550 million. We performed EUR 14 million of CapEx for the first half of the year.
We have more in the pipeline for the second half of the year, but I think we still maintain a very conservative profile in terms of capital spent. That also reflects in our long-term loan position, which is only 16% of our overall debt portfolio, which is EUR 441 million for the end of December. We employ, we have around EUR 321 million of equity sitting in the group and maintain a solid capital ratio of 31%. We have a quite a high buffer for any unexpected events in my opinion going forward. Our 12-month rolling EBITDA is EUR 158 million, which is a very good result, which gives our debt profile a very conservative view, and the net debt to EBITDA stands at 2.5.
If we adjust it by readily marketable inventories, it's even lower at 1.6. If we compare that to our long-term debt, it's really conservative number in the area of 0.5. Key events during the period, we have announced and we have paid out dividends in amount of EUR 0.0313 per share. We have completely closed the transactions of Russian and one Belarusian entity. We have completely sold the entities, the companies, and we have fully accounted the effect of this sale. The full effect of the sale is a loss of EUR 6.2 million, and this year has taken a loss of EUR 3.4 million.
EUR 2.8 million was already accounted, last year. There is no expected further impact to the profit and loss or balance sheet of the group from this transaction, that is now fully accounted in our financial statements. As I mentioned before, we still have one company in Belarus to sell. We haven't changed our approach, opinion or strategy. We are continuously trying to sell it or looking other ways to exit that market, that country. However, legislation and the environment of the countries, of the market and industry as well is really very difficult, that hasn't yet happened. However, we are aiming to deliver that for our investors. Looking forward, the sentiment in the market is really changing.
We will be working in the decreasing prices environment, meaning both milk, grain, and fertilizers. That, of course, can impact farmer sentiment, buyer sentiment, and that, of course, will have some effect on our profitability, which will put pressure on it. However, we also have decrease in energy prices, which is a opposite effect on our poultry business that is helping them to become or restore their profitability. We also are influenced by increase in financing costs. That of course is rising very steeply, and looking forward, we see there is no easy way from that. We are not really leveraged in term of long-term debt, so we don't have a very hit hard, big hit from there. We are mainly, you know, using short-term financing facilities.
They are, of course, becoming more expensive due to increase of EURIBOR, but, that is of course more seasonal, more related with our activity. However, it is impacting the future profitability of the group going forward. Thank you very much for listening, and I will take your questions now.
Thank you very much for the presentation. Before we proceed with the Q&A session, I would like to remind all the attendees that you can send in your question in the Q&A box of your screen. Questions can be sent anonymously too. Let's begin. We have quite a few questions already. The first one will be: How is poultry business result affected by winter season and heating costs? What is EBITDA expectations for poultry business for the year 2022, 2023?
Yes. Months of basically November, December, January, February and March are the most energy intensive, so half of that period was really influenced by high energy prices, which made this business completely unprofitable. We did not break even during these months. However, since beginning of February, we already received lower natural gas prices, which hopefully will influence the profitability of poultry business. I say hopefully because we already see that the expensive parts of chicken, meaning filet, are decreasing in the market because it basically became too expensive for the consumer.
You know, we will need some time to see how the profitability or basically where the profitability of poultry business ends up with lower input prices coming from lower energy prices and what will be the market prices going forward because basically consumers started looking for substitutes for the expensive chicken parts, meaning they switch for cheaper chicken parts, meaning wings, for example, or they switch for substitutes like pork meat. We need several months to see how that equilibrium will end up and what profitability basically we can expect.
Thank you very much for your answer. We have another question regarding another business segment. How is fertilizer business doing, having in mind ongoing price decrease and likely lower demand from farmers? Have you reviewed your stock value, and do you see any potential losses on fertilizer position? Thank you.
We don't expect overall losses on fertilizer position. In management opinion, it will be profitable for this year in general, so to say. Due to decreasing market prices, we feel pressure on the margins, so we will see lower margins coming out of this segment. You can already see that the first half of the year they are not the same as last year. We don't expect this segment to be unprofitable. We haven't yet come to the most active part of the spring fertilizing season. Meaning, you know, the application of fertilizers for spring is only coming. Farmers are still in the position to make that decision, how much and when to buy.
We will have quite important months coming for the fertilizer business forward. I can say now for sure that the pressure and the margins are huge, and we don't expect to see the same profitability going forward.
Thank you very much. Let's proceed. You are having pretty intense CapEx. Recently, quite high investments into noodle production were announced. How much this would generate additional EBITDA for the group? Thank you.
Thank you for the question. You're very correct. You have seen from my presentation that we have booming sales in this segment. We see a lot of growth opportunity and potential here. We already calculate that we have around 10% of European production market for instant noodles. That will increase further. This market consumption grows around, you know, 5-ish % every year. That's very healthy growth for a food industry or food market because usually food is more stable. It grows less. It grows around 1%-2%. This is a perspective market for us, and we brought a really significant investment into this area. I would not like to disclose the full amount of EBITDA we are expecting from this area. You will see that in our results going forward, but I can assure you that the returns from this part of the business is above group average.
Thank you. Does Linas Agro Group consider adjusting its strategic choices for the financial year 2023, 2024? If so, what KPIs are those adjustments linked to, and what are the expected outputs and outcomes for the financial year mentioned?
Thank you. No, we are not considering to change the KPI or the strategic aim or the strategic numbers of the group. We think that we are in line to achieve it or more or less be in line with them, so to say. I would be not in the position to give you a lot of guidance at this point. You have seen that the first half has been really very successful. I would like to express my cautiousness going forward for the second half of the year. As I mentioned before, we are now going to work in a different price environment.
All the indexes, commodity prices, are actually turning a corner, so now we will be working in a decreasing price environment and that, of course, is a bit of a more challenge and that, of course, will put pressure on our profitability. We have some issues with or challenges with the grain trade, which is actually, you know, influenced highly by the price volatility, fertilizer prices, as well as quality of the grain, which is a region-specific thing. This is our region specific thing, the poor quality of the wheat, and we have to compete with this wheat.
We have other global suppliers of wheat, whereas we see that countries like Russia had a bumper crop, meaning record high harvest, and they are easily exporting the grain to the market, which puts a lot of pressure on the profitability and the premiums of grain trade. We're not changing it. We are thinks we are still in line or in position to achieve it. However, you know, we are going to work in a very different environment for the second half of the year.
Thank you for your answer. How might the current situation in the dairy sector affect the group's results for this financial year?
You have seen that we already booked a very significant result from dairy production for the first half of the year. With current prices, we are breaking even. We expect that the prices will basically increase at least slightly going forward. We will be slightly profitable in this segment. Even we will continue only below average profitability in dairy production. The full year results for this segment should be really good. We have faith in price stabilization in raw milk because the global milk product prices have really stabilized.
You know, the local, hopefully the local pressure for price due to oversupply of raw milk will also even out in the upcoming months because the milk price is of course influenced by several factors. One of them is global product prices, the product prices dairy processors get in the global markets, but also it is influenced by local oversupply of raw milk, which basically happened in our area, which puts additional pressure on the milk prices.
Thank you very much. Could you please tell whether, KLM Group has been sold in Belarus, and if so, who acquired it?
No. The only company we have left in Belarus is KLM. It's a single company. We don't own the full control of the company, so we have 75% of it. Basically, we haven't yet sold it, as mentioned before. We have not changed our aim and strategy. We are going to exit the market, either divesting or in other possible way. However, the time horizon has increased, unfortunately, basically due to position of the company as well as the change in legislation and laws in Belarus.
Thank you. And could you tell us who acquired Belfidagro?
We haven't disclosed the acquirer. We haven't done that before, and we are bound with our confidentiality by the sale and purchase agreement, unfortunately, I cannot do that at this point.
Thank you. André congratulates you on booming results and asks, "Could you please share your expectations for the second half of the year in terms of EBITDA?
Well, I would not like to give forward-looking statements at this point. I think we should maintain cautious, as I said before, and all the guidance I provided with you. This is something, you know, we are working with as well. We are in a good position in management opinion to be successful this year. However, we have more, how you say? We have more risks going forward than we had the first half of the year.
Thank you very much. Could you please indicate an expected return on investment of EUR 32 million of an instant food business?
We expect an ROI from this kind of food processing business to be above 15%, and that goes for the majority of our food production and processing area businesses.
Thank you very much. We still have quite a few questions. Let's continue. What kind of effective interest rate would you expect for the full year, given that interest rates rose and Linas Agro Group uses a lot of short-term financing? Thank you.
For this year, in terms of the margins we receive from our financing partners, we are more or less fixed. They won't change, and we were quite in a good position to negotiate them on the lower side this year, so that helps a bit. However, the quite steep increase in EURIBOR is very significant, so to say. Of course, of course it comes with a lag, and we're still dependent on the decisions by the central banks. However, I think that in the end of the year we can face an effective margin for the working capital facilities close to 7%, somewhere in the area of 6%-7%.
Thank you very much. Could you please briefly describe if there were any change in the competitive environment in your main grain sourcing markets?
Well, the main changes in co-competitiveness. These are of course not long-term. These are short-term, related with every season specific. One thing is that this year the grain quality of our region is below average or on the poor side, which was not the case or usually is not the case about our region. We usually have a above average grain quality to trade. This year is below average, so that, you know, makes us less competitive in our regular markets. The other thing is that we have a record high crop in Russia. Even with all the sanctions, other challenges, payments, financing, transporting they face, they actually are really successful in exporting their grain.
Russia is supplying and filling in the gap of grain supply globally, which came from Ukraine or other areas of the world, and that puts a lot of pressure on our margins because it is actually coming with a discount in the market due to the reasons I've just mentioned before. Other reasons are that they lack storage capacity. They lack financing, so they tend to sell their grain faster with a higher discount. The other thing is that their quality is really good, is above average, so they can fill the wide gaps left by Ukraine or other regions. This is this year specific. Long term, I don't see that we have challenges globally or locally. More or less, the competition has remained, not changed.
More or less the position of our business is the same.
Thank you very much. As we have only several questions remaining, I would like to remind all the attendees that you are welcome to send in your questions in the Q&A box of your screen, and I will read them out loud. Let's proceed, and the next question would be: Could you please elaborate on the noodle plan, on the new noodle plan project, and what is the estimated capacity and completion year? Thank you.
We expect it to be operational in the last quarter of 2024. We will have a roughly one year with a bit building period. We are estimating that our capacity will double in quantities because now we are operating two plants, one in Kėdainiai and one in Alytus. Basically we will build another one in Alytus. We will have a very nice cluster of instant noodle production in Alytus, where we will have a concentrated team, management and of course production facilities, storage facilities. We estimate that our market share of instant noodle production will increase. We have roughly now a 10% market share in terms of production.
That will increase, but it won't double in terms of size because the market is growing as well, and it's growing in a very, very healthy pace. We see this as a very strategic investment. It is a substantial investment of EUR 32 million, and it will provide a quite a significant impact for the Group profitability, and it further will increase the share of profits coming from food processing and production. We are really in line with our strategy to increase the share of our food production and processing businesses because they are a bit more stable.
They have higher return on capital and equity than trading businesses. They are more volatile, but of course, trading businesses are very important because this is the businesses where Group started from. We have a one. Number one position in the area, in the market. We have a very good scale. However, they are a bit more volatile. So to decrease the volatility of earnings for the shareholders and of course, that also affects our profitability returns and dividends, we are investing more into food processing and production.
Thank you very much. What are your plans for the pet food business? Any investments planned there?
For this moment, we don't have any significant investment in this area. However, the business is actually growing nicely. They have gained market share. They have gained more scale, which positively impacts their costs. We are aiming it to develop further and see how it gets market traction. So far, we see that we are able to attract customers, which is a good sign that our own brands are recognizable in the market, as well as that we can fill parts of the private label production. We haven't yet decided. We don't have any particular vision of investments here. We will maintain more or less the same production capacity, facilities and area. We will work on profitability of this business as well as on scalability to increase the market share and our sales.
Thank you very much. As I see that we have only several questions remaining, I would like to encourage all the attendees to send in your question if the question wasn't voiced out during this Q&A session. Please send in your questions now. The next question that we received is this as following: Can we expect news on dividend policy?
Yes, you can expect. We have been promising this for a while. This year is where we would like to deliver a extensive dividend policy for the market. It will be before the close of the financial year.
Thank you very much. How do you see the future of milk production business, and are you considering your own processing plant to better manage regular price changes in milk prices?
No, we are not considering our own processing plant. We don't have a strategic focus or a strategic decision move into dairy processing business. This is something we haven't actually considered that much. We don't believe that it would provide us a lot of stability in that area. It is really influenced by the supply and demand of milk and global product prices, to say more of that. However, we see that the decrease in grains and other feedstuff will also decrease the cost of producing milk, because now the milk decreased faster. The raw milk price decreased faster than the decrease in input prices, meaning feedstuff, or feed that remained at a high level compared to the raw milk prices.
That should even out in the longer term, and, you know, also, put less pressure on the profitability. Basically, we think that this is something, you know, of a very high momentum, and looking forward that the milk prices will bounce back. Maybe we don't expect to see that high profitability in the coming months, but at least to come back to our regular one. That has to come from both raw milk prices as well as decreasing input prices meaning feed.
Thank you very much. What about competition among grain purchasers, traders in the Baltics? Thank you.
It has remained high. We have really high competition in this area. We have strong players, local players, as well as companies coming from Scandinavia. The more or less the market has settled down, meaning that we don't have maybe new entrants. However, the existing players became really competitive, strong, professional, and, you know, in all three Baltic states. It hasn't changed in a way that it became less competitive. We expect it not to change in any way to make it easier. We think that the high competition will remain. Infrastructure is there. After several good years, companies really have strong balance sheets, and they can compete in the market going further.
Thank you very much. It seems that we have the last question for today. Are you considering starting energy business, wind, biogas, and sun electricity?
We are looking at energy projects which would allow us to become more competitive, not as a area of new business, but to increase our competitiveness and production. We will invest, or we will go into investments where we see that we can increase our competition either in poultry production or agricultural production, and we are considering several opportunities, meaning biogas, sun panels, or wind production. We are more looking that as an area to make the group more resilient to any changes of energy prices rather to separate business area or center.
Thank you very much. As all the questions are answered, on behalf of Linas Agro Group and Nasdaq Vilnius, thank you everyone for joining us today. Dear management, thank you very much for the presentation and a great Q&A session. Have a good day, everyone, and goodbye.
Thank you, everyone.