Good afternoon, this is the Chorus Call conference operator. Welcome, and thank you for joining the Cementir Holding First Half 2023 Results Conference Call. As a reminder, all participants are in a listen only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star zero on their telephone. At this time, I would like to turn the conference over to Mr. Marco Maria Bianconi, Head of M&A and Investor Relations, and Mr. Francesco Caltagirone, Chairman and CEO. Please go ahead. Thank you. Welcome everybody to Cementir Holding 2023 First Half results conference call. My name is Marco Bianconi. I'm here with the Chairman and Chief Executive, Francesco Caltagirone. Good afternoon. I'm gonna go through nine slides presentation deck that you should have received, and we leave then room for questions. Starting with the presentation on page two, with the financial highlights for the first half year. Revenues reached EUR 840.7 million, up 1.1% year-over-year. Non-GAAP revenues were EUR 868.2 million, up 5% year-over-year. Cement volumes were down by around 5.5%, mainly due to Denmark, Belgium, the US and Malaysia, partially offset by growth in China, Egypt and Turkey. Ready-mix volumes were also down by 11.3%, with the exception of Turkey, where volumes were up. Aggregate volumes were down by 15.3%. EBITDA for the half year reached EUR 200.5 million, up 39.5% year-on-year. Non-GAAP EBITDA was EUR 202.4 million, up 40.9%. It was a higher EBITDA in all regions, with the exception of the United States. EBITDA includes non-recurring income of EUR 7.5 million relating to capital gains on asset sale. Non-GAAP EBITDA, excluding non-recurring items, is EUR 194.8 million, up 35.7% from the same period of last year. EBIT was also up significantly, 68.4% to EUR 138.5 million. Non-GAAP EBIT was EUR 143.6 million, up 65.4%. Group net profit reached EUR 90.3 million, up 35.6%, whereas non-GAAP net profit was EUR 109.8 million, up 78.9%. Net cash generation was strong. We reached a net cash position of EUR 11.0 million, an improvement of EUR 90.5 million year-on-year, including EUR 34.2 million of dividend distribution. Moving to the next slide, number three, with the most important region, that's Nordic and Baltic, accounting for 40% of group EBITDA. You can see that Cement volumes declined as domestic demand was affected by unfavorable weather and slowing demand due to higher interest rates, partially compensated by cement supply to some infrastructure projects like Femern. Lower export also were due to a decline in some markets. Ready-mix aggregates and ready-mix and aggregates volumes were also down 19% and 27%, respectively. Despite that, the EBITDA increased, thanks to a careful management of energy and distribution cost. We return to a pre-COVID profitability level in Denmark. In Norway, ready-mix sales volumes declined by 23%. Due to a slowdown of residential and commercial demand, the EBITDA contraction also was due to lower volumes and higher operating costs, and also the Norwegian krona depreciated by over 13% versus the euro in the period. In Sweden, ready-mix and aggregate sales volumes were sharply down as a result of residential sector demand slump. EBITDA also was down due to lower volumes and higher operating costs, and on top, Swedish krona depreciated by over 8% versus the euro. Flipping the page to page number four, Belgium and France, that's the second biggest region, accounting for around 20% of group EBITDA in the period. Here, again, cement volumes declined by 10% due to a generalized demand slowdown and favorable weather. Ready-mix volumes also were down around 7%, and aggregate volumes were down 14%. EBITDA increased thanks to tight operating cost control and increasing selling prices. Next page, number five, North America, accounting for 6% of group EBITDA. Here, white cement volumes declined by around 14%, in line with the decline in the residential market. In particular, deliveries to Texas and Florida suffered from stronger contraction due to competitive pressures from imports and lower demand. EBITDA was down due to lower cement volumes and higher variable cost, despite a higher contribution from our concrete product subsidiary. There was also a 1.1% US dollar revaluation versus euro in the first half. Moving to Asia Pacific, accounting for 6% of EBITDA. Here you can see that in China, revenue was up 1.5%, with volumes growing 16% and, a lower average selling prices. In second quarter, volumes recovered and were significantly up, like for like. EBITDA includes EUR 2.5 million of capital gains from asset disposals. Excluding or recording items, EBITDA would have been down 18% year over year. We also highlight that the Chinese renminbi depreciated by 5.7% versus the euro in the first half. In Malaysia, the revenue was broadly stable, with decreasing volumes, while cement exports were down 12%, driven by a drop in clinker export and a different calendar for shipments. Domestic volumes increased as a result of good recovery in the construction market. EBITDA grew as a result of higher prices and reduced free cost. The Malaysian ringgit depreciated by around 3.2% versus the euro. We have Turkey, which accounted for 23% of group half year EBITDA. Here, the revenue increased by 38%, with domestic cement volumes up 16%, thanks to significantly higher sales in both Marmara and Eastern Anatolia. Many new projects were started in Istanbul, driven mainly by anti-seismic investments. Cement exports were down 50% because of a higher focus on the more profitable domestic markets. Our Ready-mix volumes increased by 2%, whereas aggregates were down 14% due to temporary operational issues. EBITDA reached EUR 34 million, driven by cement prices, more than offsetting production cost increase and currency devaluation. EBITDA includes EUR 5.1 million of capital gains on asset sales. This is a non-recurring income, excluding which, EBITDA would have reached EUR 29 million, up 137.9%. We also highlight that the Turkish lira devaluated by 32.7% versus the euro. The last region, Egypt, accounting for 3% of group EBITDA. Here, revenue declined by 5% because of the strong devaluation of the Egyptian pound versus the euro, equal to 74%. Cement volumes increased by 8%, with domestic deliveries being stable and higher export, particularly to the US. EBITDA was higher, thanks to tight production cost and higher selling prices, despite negative effect of the EGP devaluation. The last slide regarding the guidance. As you can see, the guidance is to reach EUR 1.8 billion in 2023 revenues. The EBITDA guidance is being raised from a range of EUR 335 to 345 million, to EUR 365 million, that is up over 7% from previous guidance. The net cash position should exceed EUR 200 million, and the CapEx should remain unchanged at around EUR 113 million. With this, I end my short presentation, and I leave the floor to Mr. Caltagirone, to answer to your question. Thank you. Hello? Excuse me, this is the Chorus Call conference operator. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star one on their touchtone telephone. To remove yourself from the questioning queue, please press star two. Please pick up the receiver when asking questions. Our first question comes from Gallazzi Emanuele, Equita. Yes, good afternoon, everybody. Thank you for taking my question. I have one question about your new guidance. After the very, let's say, strong first half EBITDA, if I look at your guidance for the full year, the implied second half EBITDA is down roughly double digit, 10% to 15%. Can you comment on this and on your assumption for the second half? Is it related to the, let's say, cautious approach to Turkey? Good afternoon. Yes, of course, as you know, with IAS 29, you have to take the exchange rate of the last date of the period and apply to the old period. I t is difficult to forecast, let's say, which exchange rate we will have the 31 December 2023. It is a bit cautious, for sure. I think that most of the competitors released good figures like us, but I think that if you see at our revenues, we are increased only 1%, that is due to the very strong headwind about the devaluation of Turkish lira and the downturn of the Scandinavian market. If you look at the increase of the EBITDA margin and profitability, I think that we are among the best. The resilience of our market and our portfolio and also the hedging strategy, and I also want to remember to some of you that, in the bad times, somebody asked, "Why don't you sell Turkey and buy assets in other place?" Now, Turkey is kicking in with very good results, exactly when Scandinavian market are in the downturn. From my point of view, and from what the results say, I think that we have a well-balanced portfolio. Let's say that, if we just, but this is just a simulation, do a sort of, rolling 12 months EBITDA, the last six months of last year and the first six months of this year, you arrive above EUR 390 million. This is pure math, we want to be cautious, because, you know, look what happened just after the election in Turkey. In one month, the devaluation has been nearly 40%. We have a war; we have an inflation and devaluation in Turkey. Besides this, we are very well hedged in the energy price. We think that we know, especially because of the knowledge that we gained in the last 30 years, distributing white cement, that the distribution is the cost of distribution is something that can hit your balance sheet, and you know that white cement is more complex to distribute than gray cement. I think that, as I said, other times, that this is becoming, especially in Europe, a regulated market, where you have, your quotas of emission, so you have your quotas of production. Nobody want to swap, a cost of CO2 for, let me say, a margin that usually is one third or one fourth of the cost of the CO2. For this reason, you see that anyway, across all Europe, the price are quite resilient. I think, because of, let me say, a linear cut of this, emission rights that we will receive in the next 10 years, year by year, the market, the possibility to produce cement will shrink. With CBAM, I mean, the border tax adjustment that will come early in 2026, in two years, this will also limit the imports of cement. What I want to stress is that in the past, two downturn that we saw after Lehman Brothers and then around 2011, 2012, where the company went back around EUR 100 million of EBITDA. If you see in the last three years, our quantity are slightly, let me say, diminishing as a total, but the EBITDA, compared to 2019, with the same perimeter, is nearly the double. Okay, very clear. Thank you. Our next question comes from Bonizzoni Matteo, with Kepler. Yes, thank you. Good afternoon. I had, basically, the same question of the previous analyst of Mr. Gallazzi, but I would rephrase. You have done EUR 200 million EBITDA in the first half. It's not due to volumes, it's just due to, so this growth is due to the spread between pricing and cost. What you have just said now goes in the direction to think that in the second half, pricing could be, not so much at risk, but, I mean, can you elaborate on this point? If it is the case, why the hell should do in the second half, below EBITDA, compared to the first half in EUR million, when by seasonality, you typically do 40% or even less of EBITDA in the first half and 60% or even more in the second half, for the simple reason that first quarter is a very, very small quarter compared to the other? Again, I would say that your new guidance is definitely on the cautious side, but can you a little bit elaborate, at least on pricing condition for the second half, and what you are seeing in July, just to have one more month of flavor? Thanks. We are seeing that, let's say, what we have seen in the first half is continuing. weakness and the market in the Scandinavian region is stabilizing in terms of decrease. It's not accelerating the decrease. You can see also on the figure quarter by quarter, that is almost the same. The first quarter and the second quarter slide are around about the same. The answer is the same. I mean, if the Turkish lira that, as you know, we are forced to, let me say, report in IAS 29, but normally, as we do every day, we don't keep lira till the 31 December 2023 and change the last day. Every day, we buy and sell raw material, goods, and other things, and we exchange in hard currency. The real EBITDA, I think, is the non-GAAP, but this is, I mean, what the international standard says. If you look at the non- GAAP number that we released, yeah, is about EUR 205 million... [crosstalk] Some of non-GAAP, basically, the EBITDA? Yes, but our non-GAAP net profit, for example, is EUR 20 million above, for the first half, the other net profit, the IAS 29. Let's say that, if we continue with this situation, we can for sure do better. I'm not so sure that I have a crystal ball to forecast the Turkish lira value in five months, because let's say it's difficult. This is the caution, not because we see. With the market, I think, as I said, and probably you already heard from the other players, are stable in terms of price. The Belgian France region, for sure, is still, let me say, supported by the Olympic Games that they will have next year. We, in Denmark, we are starting to see, let's say, a stabilization of the market, and also some of, the big project, that, were announced are started to kick in. The worst market is Sweden, where we have, let me say, a small part of our revenues. Anyway, as you said, usually, the second half, is, let's say, as, good as the first one. We have to be cautious. You know, as from a long time, I want that if next quarter we have, done, another, let me say, miles, that, we can... Because otherwise, if we reach, what you say, that, this, this is just the half of the result that we can reach, we already reached the target of 2025 in one year. I was very happy. It's a challenge, but let's say it's a possibility today. I have to give you the flavor that we have, and this is the average scenario, not the best and not the worst. I hope that you have understand, that there is, let me say, good chances that, this, number can be beaten. Today, we already rise, 7%, that among the peers are one of the highest, let me say, increase. Considering that most of the other players increase the revenue between 20%, 10%, and 30%, and we are more or less flat, imagine if we go back to, let me say, the increase of the normal market, because we share some of the market with the other players, where the company can arrive, not this year, but let me say, also this is a, a target. If this year we will overperform, there should be also space with the same perimeter, if the quantity recover. You can do the math. I don't want to, let me say, do, let me say, weird forecast. I'm happy to see that the company is very resilient, with very two strong, let me say, headwinds, and I think that we are well prepared to go through the second half. Yeah, thanks. Our next question comes from Werner Tobias, Stifel Europe. Yes, good afternoon, gentlemen. Good afternoon, Elisa. Thanks for taking my questions. Just to clarify, the EUR 5.1 million non-recurring item are within the EBITDA, i.e., the EUR 35 million. If you adjust, that would be your purely operating uplift from Turkey. Is that correct? Yes. No, we, this is not a devaluation. This is just we sold some asset in China and in Turkey, and the sum of both EUR 7.5. Turkey is EUR 5 million. In Turkey, it's EUR 5 million, but it's a real sale with real money that we received. This is within the EUR 35 million of EBITDA of Turkey. Just to get a sense of the cash cost in Turkey, should we assume that, I mean, you're talking about here, cement exports were down 50%, which is a lot, what sort of volume should we assume in tonnage for the overall business on the back of that? You mean in Turkey...? [crosstalk] Including domestic to... [crosstalk] ... [inaudible] In Turkey. [crosstalk] Yes, domestic plus exports. Okay... [inaudible] Just one moment, please. Thank you. We think that we should have both, I mean, domestic and export. That should be above 4 million tons. For the year? Yes, for the year. For the half year, where were we there? Uh. Roughly. We're at, more or less the half, I mean, because in Turkey, there is not a strong seasonality, but let's say that more or less we are. Mm. Yes. Okay, it sounds like your cash cost is around EUR 65 per ton, which sounds high for Turkey. I would have assumed it to be lower. Is this really the devaluation and local inflation kicking into the cost space? I mean, I would have assumed Turkey has a cash cost of, let's say, at the higher end, maybe EUR 50 or so. Maybe I'm not up to date. you know, there is a lag, especially for electricity. To know, today, you are aware that, in Europe, the electricity came back to around EUR 120, EUR 150, right? Yeah. In Turkey, they are around 250. There are six months of lag because it's a different country. We started, we last year, we were, when the market was skyrocketing, above EUR 300. In Turkey, we were buying electricity at EUR 100, and now, let's say there is a delay, but at the end, let's say it's also important, it depends also on the stock, which is the cost of the stock that we have, and is not the actual production, but let's say, is at which price, let me say, you have produced. If, let's say, now, for example, the average inflation this year for the first six months has been 20%, last year, 40%. The government think that they can end up around 35. We don't believe that they will end up at around that number, but above. Anyway, let's say when you have this kind of inflation, there is a space, not every week, but once or twice a month to, let's say, increase the price. If you just make, let me say, the calculation at a certain point, it seems that the cost of cement is high, but it depends, that cement that I produce today, at which price I will sell in few weeks, and if the inflation is above the devaluation, this increase the return in euro. I know it's, it sound weird and difficult, I mean, at the end, in euro, if you, if you look at Turkey, two or three years ago, where it was below EUR 10 million and with the inflation single digit and devaluation not so high, and now it seems that the higher the inflation and the higher is the valuation, the best is for the market. This I already told this last time, that even in 2001 to 2004, when we were for three years in the IAS 29, for the same reason, we, let me say, recorded a very good result. I don't think it's the right way to just make at a certain point, the calculation, because the profitability that today in Turkey is around 20%, is our driver. The last year, 10%, the half. Okay. Thanks for that. I mean, one more question, if I may. You talked about electricity and, with solar energy becoming so competitive, I'd like to get an understanding what the cement industry would gain by investing in more renewable energy or solar energy here. In other words, when you look at your costs today on an annualized basis, just remind ourselves, how much is your electricity cost, and how much could you reduce that by investing in solar across the board? Thank you. For sure, from the moment that we are piling up cash, and we don't have, let me say, a target, as an M&A, as I said a few times, our main, let me say, target to invest the money is to lower the cost of energy, the intensity of energy that we use all around in our perimeter. If we consider that in 2019 the cost of energy were around EUR 190 million, this year is around EUR 400 million, you can imagine that the perimeter is the same, the quantity, they are more or less the same, that I have space and possibility. There are a return today if you invest in wind and solar power, especially in the Nordics for the wind and in solar in the French, Belgian region and also in Turkey. We are look at several project. Some projects are also co-financed by some states, some country and funds. Also, there are a lot of activity in some, let me say, play, energy player, to let me say, is to share this kind of project because we are a big energy consumer, and so they want. They come and say, "If we build a solar park for you, and you assure me that you buy for the next 10 to 15 years, the electricity at this fixed price, we will take charge of the investment." This is, let me say, we are investigating which is best from the moment that we have cash, that if we want to invest anyway directly or if you want to go through this kind of, let me say, proposal that are arriving every week. Because let's say today, even in Denmark, it seems that to produce energy with solar panel is, let me say, lower in terms of cost than buying from the grid directly. There is the issue of the intermittency of both of them. You need to balance this. The maximum that you can, that we think we can use from these renewables' energy are around 50% to 60%. 40%, till the technology won't give us a battery that can last, let me say, 12 hours during night or during bad weather. Let me say, 40%, let me say we still have to let me say, take from the normal grid or normal production. Let's say our target and in our industrial plan, the aim is to lower by investing in energy. To enlarge the platform of every plant, where today we just produce and distribute building materials, we can also, as we already do since let me say since the last 30 years in Aalborg, where we sell district heating to nearly 60% of the population, nearly 100,000 family. There is the possibility to sell, to use the energy or to sell the energy to the surroundings. With this, the price, I mean, with price above EUR 100, projects that probably three, four years ago, with the electricity that, you know, were flat around EUR 40 per megawatt, now are becoming, let me say, profitable or very profitable. What you say is right, and I think that I am more keen to invest in the next two or three years in this kind of project, including also carbon capture and sequestration. That is, let me say, the mantra of our, let me say, sector. We have to solve this problem in the next 10 years. This is the way we see we can invest the money and to have a good profitability. Not to buy, let me say, other, heavy asset, I mean, cement, because Ready-mix and aggregates, let me say, are, let me say, lower in terms of, scope one e-emission. You can, let me say, we can continue to invest, in both of the, even in precast, let's say. There are these three sectors that are, let me say, close, to the cement production. For sure, now we are aiming to lower, the cost of the energy, for the long-term period. Thank you for this very comprehensive and exciting answer. You pointed to sort of diversification into lower carbon materials. Is that gonna feature more strongly going forward as well? Sorry, can you rephrase the question? What is the... The question is, Mr. Caltagirone referred to lower carbon materials with scope three, two, exposure to clinker and others. In other words, are you, on top of improving your carbon footprint via investments in renewables, also considering investing into other product areas, close product areas, investing more in these areas? Yes. Yes, yes, this is, I mean, you know, one cement plant can cost hundreds of million of EUR, or Ready-mix or aggregates are in the range of tens of million of euros. We are investing around our perimeter that is already in 18 different country. In the distribution, because I think that, let's say till five years ago, let's say, if you were able to produce cement that more or less are the same between among the various producer, I mean, so especially gray cement, with EUR 1 million less, you have EUR 1 million more of profitability. Probably some player understood in the last two years, that if you are not good at hedging energy, if you are not good at distribute cement, then you can have even EUR 3 million lower when you produce. If you pay electricity EUR 10 more or EUR 100 more, the direct cost that we'll have on cement is EUR 5, EUR 10, EUR 50, this can hit your balance sheet. This is the way that we started three years ago, four years ago, to see this, let's say, energy transition. We need not just because it's good for the environment, but just because it's a waste of money, frankly speaking. If today there is the possibility to help the environment and to lower the cost, and to increase also the quality of cement, because future cement goes in that direction, this is our, let me say, path. In this path, there are also the investing in ready-mix aggregates and probably some, let me say, build, concrete elements. We don't think, to make, let me say, big jump like other players in a very insulation or completely different, let me say, type of, material. We think that, in the next 50 years, there will be a huge need of cement, to change the quality of our life in the city and to lower the emission that every city produce. I think that let's say, the important is to produce the cement, when the technology will be available, with the lower CO2 footprint, but when the technology will be available. We are just, let me say, trying to work on lowering the direct cost of energy. Thank you so much. You're welcome. As a reminder, if you wish to register for a question, please press star one on your telephone. Our next question comes from Permuti Bruno, Intesa Sanpaolo. Yes, good afternoon. I have a question related to China. I was surprised in seeing a rebound of the volumes there. I'd like to understand if it is something occasional or if there is a trend that could continue in the remaining part of the year. How do you see the other situation? A second question or is related to prices and it is partly connected with your cautiousness on the guidance for the second half of 2023. I was wondering if you see some room for a price decrease if the volumes will continue to go down in the second half of the year. If you believe that at the current margin level and at the current cost level, the industry could be forced to reduce a little bit the huge price increases that we saw in the last year. The last question was related to the Turkish lira. If you have the data of the exchange rate that you used in for the first half, for the first half results. Okay. Starting from China, let's say, I remember that we produced white cement, and the white cement of our quality, we are the only producer. Let's say when you have, is like a luxury goods when, let's say the market also downturn, luxury continue to overperform. We have, let me say, we continue to have good numbers in China, even if the market, I know for the gray is weak, but we sell a different product. For the exchange rate in Turkey, you are forced to use Not the average of the period, but yes, TL 29 force you to use the exchange rate of the last day of the period. That is probably the TL 30s or TL 28, TL 29, but I remember should be around TL 30 per euro. Mm-hmm. TL 17, TL 18 of the same period of last year, nearly 70%, 80% of the valuation. About [inaudible] the re-resilience of the price, let's say, we, if you see that, it's already happening, for example, in Scandinavia, I repeat, we are in a regulated market. Today, if you don't sell, you save the CO2, right? Mm-hmm. If the margin that you have is, as I say, EUR 20 to 25 million, and the CO2 are at EUR 90 million, you are not pushed to say, "Okay, now I'm going out. I will sell 10% more of cement because I have capacity." The market is going down. Now, it's better to save the CO2, especially because with this, let's say, linear cut of 3% for 10 years, that will become EUR 30 million at a certain point, and most of the players are short, like us, of CO2. If I sell in Europe now, for the time being, less cement, I save CO2 rights. For this reason, I think that, I cannot put my hand on the fire for, let me say, all the players, but I think that, most of the player, won't push to lower the price, because, let's say, they can save the CO2, that have a profitability that is three or four times higher than the profitability of cement in every single country. Okay. This is the same for probably still suffer more import, but aluminum, glass, they are more or less in the same game. Okay, thank you. Our next question comes from Grimaldi Giuseppe, BNP Paribas. Good afternoon, everybody, and thanks for taking my questions. The first one relate to volume development. What is basically your view for the remaining part of the year? If it's fair to, let's say, to assume, still, single digit to a double-digit decline, or it's something that should improve quarter on quarter, especially if we consider that in the second part of last year, volume were still weak. The second question is on 2022 figures. If I got it correctly, you restated revenues for last, from, for second half, first half 2022 last year. If you can give some color on why numbers are different? The last point is on the M&A, considering you plan to generate still a lot of cash, you have definitely a healthy balance sheet if there is something that is moving on the M&A side? Okay, starting from the restatement. The restatement is just because the auditors asked to put, the net, let me say, sale of CO2, or because we buy CO2, and we sell the CO2 to the customer, let me say, to put on the revenue. We, in the last year, we didn't do that, because we thought that, it wasn't, let me say, our normal business. At the end of the year, they asked to everybody, not just to us, to put, revenues coming from CO2 in the revenue. For this reason, we realigned the first half of last year of nearly EUR 20 million. That is, just the CO2. This is just a technical reason, because the last year was the first year when everybody started to adopt the CO2 cost in the invoice. This is the one of the question. The other was we continue to see, as I said, that the market weakness, but a weakness that is stabilizing in the Nordics, and in most of the other perimeter, let's say, we see the market that should continue with the same pace. As you see that we are around the -5% with cement and with the other Ready-mix and aggregates on around 10%, 11%. We think that we should continue. We should end up with this kind, let me say, or level by the end of the year. M&A, as I probably say to the previous question, today, we don't want to buy, let me say, big asset, because we are not aware of the profitability that you can have in the medium long term, because we are not aware of the technology that we will use to abate the CO2. For the time being, we are investing, or we will invest our cash to lower, but investing in producing energy that we use directly with renewables, both solar energy and wind energy. Probably in the next year industrial plan, you will have some visibility of some projects that are, let me say, not huge, but quite big, quite, let me say, cash absorbing. On the other hand, the return is that, let me say, we will have the energy at a fixed price that it is much lower than the price that we have today. This is the way that we think we are going to invest in the next... Some small, let me say, opportunistic asset buying, but, let me say, in Ready-mix or in aggregates, or in concrete elements, because they are less, let me say, CO2 exposed. Thanks for the answers, very clear. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephone. Thank you. Thank you. Thank you. Have a nice day. Bye-bye, everybody. Bye-bye. Bye-bye.