TBC Bank Group PLC

call. My name is Harry and I will be your operator. Today's call will begin with a presentation from the management team followed by an opportunity for questions and answers. To ask a question during Q&A, please use the raised hand button on your Zoom toolbar or dial star one if you're joining us over the phone. Alternatively, you can submit written questions using the Q&A button also found on your Zoom toolbar. I would now like to turn the call over to Andrew Keeley, Director of Investor Relations. Please go ahead when you're ready.

Thanks very much, Harry, and welcome everybody to our second quarter results call. Thank you very much for joining. As usual, I'm joined on today's call by our CEO, Vaktan Budskirikidze, and our CFO, Georgi Megrelishvili. We'll start with a presentation and then we'll move on to Q&A. And with that, I'll hand over to Vaktan.

Thank you. Thank you, Andrew. Dear all, thank you for joining our second quarter and half-year financial results conference call. I am pleased to announce that the second quarter has been another very successful quarter for our group. On this slide, we see an overview of some of the key highlights for the group. In particular, I'd like to highlight that it was a record quarter of earnings with return of equity exceeding 27%. We continue to grow our digital consumer basis with our digital mass select users now at 5.7 million, while our long growth in both Georgia and Uzbekistan remains very strong, with Uzbekistan now accounting for 7% of the group's earnings. Slide 4 highlights our journey over the past decade as a public company. As you can see, we have stayed very focused on consistently delivering strong growth and profitability. At the same time, our active customer base has grown to nearly 6 million by strengthening our presence in Georgia and by building digital financial services in Uzbekistan's growing market. The next slide provides an overview of our group's second quarter performance. Our group's net profit increased by 12% year-on-year to almost 330 million lari. And we maintained an excellent return of equity of 27.1%. At the same time, our gross loan portfolio grew by 21%. And our digital user base continues to expand with 5.7 million digital monthly active users across the group as already mentioned. Moving to the Georgian business, slide seven summarizes the macro environment, which continues to be very supportive to our business. Economic growth in Georgia remains strong, with real GDP increasing by 9% in the first half of this year. In particular, it has been driven by tourism, remittances, and domestic spending. As a result, we have revised our 2024 real GDP growth forecast to 7.4% from 6.4%. I think you are familiar with our dominant market position in Georgia, which is outlined on slide number 8. One thing I'd like to flag here is the recognition we have received in terms of awards for the best digital bank in Georgia and the best corporate bank. Following on the digital theme, slide 9 shows that our retail customer base continues to become more digitally engaged. This is highlighted by the consistent long-term growth in both the share of consumer loans issued fully digitally and the share of online retail transactions. The next slide provides an update on Inet, our digital lifestyle ecosystem. As you can see, GMV is down slightly year-on-year in the first half of this year, but this is primarily due to a very strong second quarter 2023, which was driven by exclusive ticket sales for several major events in Georgia. Moving to our Uzbekistan business, I'd like to provide you with a brief update on Uzbek economy. The Uzbekistan economy continues to grow strongly, with 6.4% real GDP growth in the first half, and the economy continues to open up and attract new investments. Next slide outlines the key elements of our digital ecosystem in Uzbekistan. I'd like to highlight here that we remain focused and on track in terms of both scaling up the Uzbek business and rolling out new products and services. We have added a new set of features in PayMe in the first half and we plan to roll out a transactional daily banking card as well as a credit card in TBCU in the second half of this year. On the next slide, you can see how our Uzbek business continues to perform very well. We now have close to 16 million unique registered users, with almost 5 million monthly active users. Our loan book more than doubled year-on-year to $400 million, while our deposits stood at around $260 million. Importantly, both our revenues and profitability continue to show very positive dynamics, and we earned $9 million in net profits and $33 million in total operating income in the second quarter. Finally, on the next slide, the next slide shows the increasing contribution to the group that is coming from Uzbekistan. It accounts for 44% in total consumer loans, 8% of the retail deposits portfolio, 13% of the total operating income, and 7% of the net profit. And we continue to gain market share with almost 16% shares of the microloan market in May of this year. Now I'd like to hand over to Georgi.

Thank you, Vakhtang, and thanks all for joining our quarterly call today. I'm going to take you through our second quarter and half year results, and I will start with slide 17. I'm very pleased to reiterate that we had a very strong second quarter. In Q2, our net profit stood at nearly 330 million Lari, that marks a 12% increase compared to last year. This high profitability is translated into a superb 27% plus ROE. So now I'll go to this next slide, slide 18, that provides more details about the main drivers. Our total operating income is up by 16% year-on-year, reaching nearly 680 million lari. This growth was driven by a 15% rise in net interest income and 17% increase in net fee and commission income. On the next slide, slide 19, I will discuss our margin dynamics. Our NIM decreased by about 10 basis points, quarter or quarter, but still stands at a very strong 6.4%. In Georgia, we continue to see margin pressure from the lower ref rate and higher ethics funding codes, but we think that the majority of the downward pressure now is behind us. And notably, our Uzbek operations contributed more than 70 basis points to the group NIM. Now moving to the slide 20, that's cost slide, we remain committed to managing our cost growth while simultaneously ensuring that we retain long-term sustainability of our business. OPEX grew by 26% compared to last year due to our continued spending into technology to drive future growth. Uzbekistan remains the major driver, which actually accounted around 40% of this increase. And as a result, our cost to income ratio stood at 37.8% in Q224. We generally target to be below 40% on full year basis. So now slide 21, that shows that our credit quality remains very healthy. The NPL ratio declined to 2% due to the strong performance of our portfolio. And at the same time, total coverage ratio was 142%, while the provision one stood at 76%. As you can see, our cost of risk improved both quarter on quarter and year on year due to strong asset quality across all segments, as well as one of recovery of around 9 million Lari. So on the next slide, slide 22, you can see that our balance sheet continues to grow at a very good pace. Gross loans is up by an impressive 21% on a constant currency basis. Meanwhile, the customer funding grew by 10% over the same period on the same basis. So now let's move to the next slide and have a look at our very solid capital positions across the group. As you can see from this slide, we continue to maintain very strong capital positions, well above the minimum regulatory requirements for all tiers in both countries. I would like to highlight that TBC has received additional around 38 million USD capital in 24 with up to 12 million in June and the rest in July. This lays a great foundation for future growth that we are committed to. And as importantly, from the 1st of July, the risk rate for the new uncollateralized consumer loans in Uzbekistan is based on PTA levels versus loan rates. It's still a bit early days, but going forward, we expect new loans to be issued at a materially lower risk rate versus current 200%, which is very positive news. And finally, continuing the same note, slide 24 shows the exceptional financial performance of our Uzbek business. In Q2 24, we generated 33 million USD in total operating income and 9 million USD in net profit there. That contributes around 13% and 7% of the group totals, respectively. Over the same period, the ROI was a superb 27.8%, supported by Nemo above 24%. And despite our long book more than doubling year on year, we remain committed to very strong underwriting, as reflected in our cost of risk of 5.5%. Now, thanks for your time, and I'd like to hand back to Vakhtang for some final remarks.

Thank you, Georgi. And finally, I'm pleased to announce that the Board has declared an interim dividend of 2.55 Lari per share, payable in November. This is in addition to 50 million Lari share buyback program and reflects our robust profitability and strong capital position and underscores our commitment to delivering value to our shareholders. And finally, we remain focused on hitting our strategic targets for 2025. And I'd like to thank you for your ongoing support. And we are now ready to answer any questions you may have.

Thanks very much, Gilgi and Vaktang. So we're ready to ask to hear questions now. Okay, the first question is from Robert Peelhunt. Robert, please go ahead and your line is open.

Yes, hi there. I was wondering whether I could ask a first question relating to net interest margins in two parts, really. First of all, I hear what you say, Georgi, in terms of probably most of the worst of the downward pressure has now ended in terms of your Georgian margin. Do you think, therefore, that you're able to keep it fairly stable on the Q2 level? I think that was about 5.6%. The second part of the question was looking at the Uzbek margin which has continued to go up and just sort of trying to think through the implications of these lower risk weightings for your new consumer lending. Do you think that sort of given the fact that there will be now lower capital intensity this could actually affect net interest margins and pricing on those loans going forwards or do you envisage you'll still be able to charge the same amount even though the capital allocation is lower?

Okay, thank you, Robert. I'll start with Georgia. So, actually, as I mentioned, and you also agree with this, probably the worst is over. There may be some small variations, plus 10 basis points, minus 10, Generally, we do target to be 5.5 plus in Georgia in the medium term. So I would think that in the medium term, that's the line of target for our thinking. And moving to Uzbekistan, as you see from the numbers, the loan yields went up compared to last quarter. Funding costs going down, NIM is increasing. as you rightly mentioned we need to refinance our capital need with the funding but generally we do expect our name not to compress we are comfortable at this level we expect it to continue at this level therefore it will be the less capital requirement would impact our kind of roya very positively we would need less capital to achieve the same results while maintaining the need because we don't expect any loan interest compression or funding cost material increase in Uzbekistan.

Thank you. Thanks very much, Robert. Okay, next question is from Sergey Dubin. Sergey, please go ahead.

Yeah, good afternoon. I have two questions. The first is on Georgia. Obviously, there's been a lot of headlines recently with respect to politics and this law that went into effect on August 1st. I'm not going to ask you about predicting political outcomes, but what I do want to focus on is your cost of risk, which seems like it's abnormally low right now. And I think the situation in the country is not as calm or predictable as these numbers are suggesting. So how is it that your cost of risk is so low?

and what is the expectation for cost of risk for the full year 2024 and what is kind of the base case and the worst case scenario there that's the first question yeah thank you sergey for this question i will uh answer the first part of this question and you'll try to answer the second part so you are sergey you are right that we for the georgia is very important parliamentary elections we will have in Georgia at the end of October. But on the other hand, as we had in our presentation, the economy is doing very well. The first half of this year, the real GDP growth was 9%, and we upgraded our growth for the total for 2024 from 6.4% to 7.4%. So on that side, we feel very comfortable level. And as always, when the elections are coming, there are volatility. You understand that politically, I mean, the volatility will be, but fundamentals are very strong. If you take any kind of the micro fundamentals strong, we upgraded it. our real GDP grows forecast and we don't forecutting that cost of risk will grow up during the second part of the 2024.

Okay, so Swartang and I'll take it from here. As Swartang mentions, we are kind of nicely changing our baseline. It's even stronger. We see very big growth in portfolio as seen in our numbers. Customer behavior not changing. At the moment, they are getting better. Our NPL is going down. Therefore, there is no reason or no signs at the moment like that there's some stress happening of course we have all the scenarios and we are ready for all scenarios but at the moment that's not the case and we do expect our cost of risk to come to continue perform strongly so probably Q2 is a bit exceptional for the one of I mentioned we drive kind of guide market generally for georgia through the cycle normalized cost of risk at around one percent we have been below that for the last few quarters even kind of without one of and we we do expect also to be a bit below of these levels in the following quarter so i don't think we will get there uh so for the next few quarters that's our actual let's say expectations and generally in a medium term through the cycle one percent is a good number to take for you let's say medium term let's modeling

Okay. Okay. That's helpful. And then the second question is regarding Uzbekistan. Could you comment a little bit on competitive dynamics there? Because obviously you guys are a strong player, but I'm sure there's other, you know, players even outside of the country that may be coming in or local players that are ramping up consumer lending. It would be helpful to get a bit of a context of where you stand versus maybe some of your stronger competitors and what are you seeing in terms of specifically on consumer lending is there anybody who's being very active there uh you know or is that just a blue sky and up for grabs just some context around competition would be useful thanks yeah thank you sergey for this question so i think we i will try to split to answer this question in two parts first

The population of the market of Uzbekistan allows us to do very well. So why? Because if you look, the market is under-penetrated. And this market for KPC, but also for other nuclear sources, for the existing players to grow out its business is the first. Secondly, the economy is doing very well. As you have seen in our presentation, real GDP growth is 6%, and we are forecasting approximately the same growth next to medium-term growth. on the other hand we are doing very well we doubled our portfolio there are competition but openly said we are the leader in this market and as you have seen the presentation quarter by quarter months by months we are increasing market cheers in the micro loans so on the market today it stands around 16 when we began as you remember our business around four years ago but in addition to that to even put ourselves stronger on the market, we are bringing new products. So before the end of this year, we will launch credit cards, which will be a new type of the product for the market, and probably it will be launching of the product by 2025, 2026. Also, we are very fast in very high growth also by this new product. and also we have in our pipeline for this year which we have in our presentation but also in 2025 what kind of new products new technologies you want to bring to this new market so to summarize to answer on your question the macro the under penetration allows us together with other players to have high growth but in addition to that we are the leader we are bringing new products and we see ourselves more growing up in next two three five years

Yeah, that's helpful, Ohtan. I appreciate it. But I was kind of also hoping to get some color on competitors as well. Because I think when you entered the market in 2019, it was very rudimentary. And the banks there were serving primarily SOEs. And it felt like it was a very big market. on the open space but you know it's almost five years since then and uh i'm wondering if there's anyone who uh you think is uh you know in a stronger position now for you know uh that could be posing a challenge and also i want to tag another question on that like do you see any signs of credit cycle in Uzbekistan turning? And what would be the trigger points or kind of flags that you would watch for to see if there's any downturn in the economy or anything that could impact your lending and the credit cycle?

So there are the existing players, but in addition to that, two, three years, we see that the new players, such as, you know, that the Hungarian group OTP made the decision to come to the market and they bought one of the state banks in the Uzbek market. This is one of the competitors which we have recently in that market. There is a Uzun bank. They are growing also very fast, but compared with the existing ones, but also with the new ones, we see our competitive advantages and how we could say it. So comparing our market shares in the loans, in the deposits, and month by month, quarter by quarter, we are increasing market shares. It means that we could compete and even after bringing the new product to the market, probably in 25, 26, we will even increase our market shares much more than we have today.

Yes, I'll cover credit cycles and also just to elaborate a bit on competition. As Vakhtang mentioned, the Uzbekistan market is about 70% through the state banks. We have, as Vakhtang already, OTPs that's in another player, so let's say, more or less, Universal Bank. In our space, there are not many players at the moment. We have some Tajik Bank, Alif, who does some BNPL, like small credit card interest from Russia, nothing material. Uzum is more kind of ecosystem driver, ecosystem player. It's not a financial digital ecosystem that we are. And like it's already mentioned by Vakhtang, in our niche at the moment, we are almost the strongest and only player. Of course, people may come. They may join to the market. There are some rumors, but we are far ahead. We have a very strong team. We have our product pipeline we have experience so we can give rest for anyone to this but at the moment it's quite scattered market provides a lot of less opportunity and that also this great macro playing uh we don't see any like at the moment anything that indicates the credit cycles of course cycles happen that will happen at some point but at the moment they have no science we are building our credit underwriting system credit underscoring systems to ensure that we can withstand any weather that may come. We have a team, experienced team, who has gone through various cycles and came out very, very successfully. For example, in Uzbekistan, we do have, let's say, an NPV model that we built, and we have very high hurdle rates there. So, for example, we are building certain FED that is providing us greatly for any cycle so that we remain profitable, we can withstand it, along with our credit, let's say, underwriting standards. Does it cover your question, Sergei?

Yeah, I guess it does to some extent, but you're saying that you're I think he said it very fast. What will help you withstand the credit cycle? Could you just repeat that, please?

First of all, observing the early warning indicators, we have a system. Second, the very strong underlying standards, managing risk properly. Then having a plan in place, if cycle happens, what we are doing, how we are doing, what we are switching off, when we are switching off. So it's like a credit risk cycle. also as you know there is a and let's say let's let's say mpv model like we calculate our profitability of our loan based on this because they are 45 percent hurdle rate it means that the loan need to generate at least that amount of the profitability it has a lot of fat built into it so if for example certain credit risks pick up we have already a very good profitability built in into our loans so they can withstand sort of, let's say, variations when it happens.

So you're saying that when you originated loans in Uzbekistan, you built in 45%? So the minimum amount of profitability generates is 45%? That's 45% of like...

So I'm not exactly clear, like 45% of what, of the- So the hurdle rate when you get the NPV positive, like it's- So it's basically like internal rate of return of 45% that you're looking for? Yes, so we are looking loans that has profitability above 40%.

And so if things go sour, you feel like you have a cushion because at the origination, it gives you 45% profitability.

exactly that comes on the top of our credit risk management observing the science of cycle and also having a plan if that happens what we are doing for example switching the let's say let's have the letter hey hook handle very quickly doing different actions so and the team we had has gone through this a few times and managed it very successfully

I don't want to like monopolize the call, but very quickly, I was looking at Uzbekistan. I think the inflation there is maybe nine or 10% or something like that. And the bank deposits rates are very high, right? In the 20% range. Why is that the case? Like why is the bank deposits rates are so high in the country?

As I also take, there's a few reasons. One is that ref rate is high as well. Also, it's a bit unstructured market that is being developed just lately, recently. Supply is not high, it's getting higher. And now we see the deposit market increase. So it's just market structure. So at the moment, it's around 25 to 27%. That seems optically quite high, but also the loan yields are very high. As you see, we are about 44%. However, at the moment, probably as you can see from our slides, our cost of funding is going down. At the moment, we are diversifying our funding structure. So in addition to the customer funding, we are getting sort of, let's say, I-5 fundings that are cheaper and kind of very sticky. So we are working on different directions to optimize our cost of funds. From deposit perspective, we do expect it to take some time until they come, like, Jochen Breuer- material law, we don't expect it suddenly to become very, very cheaper, but our structure, the loan yields will give us comfort set again, we are like committed to our profitability targets and we don't expect need to compress in kind of in the foreseeable future.

Jochen Breuer- Okay, thanks appreciate it.

Thanks, Sergey. Next up is Jan Demir from Wood. Jan, your line is open. Thank you.

Yes, thank you, Andrew, and thank you for the presentation. I wanted to ask a question about the cost growth in Georgia, which seems to, I mean, it has been this way for a while, but I wanted to ask a specific question in this quarter. So there seems to be, there doesn't seem to be a connection between the Georgian inflation and the cost growth in Georgia despite the fact that the business is more mature at least more mature compared to Uzbekistan so I was wondering if there is some upside here as the opex growth converges more towards inflation in the future years and you get more operating leverage out of your business thank you very much

First of all, to start, Georgian cost growth, as I recall correctly, was around 14%. So it's more or less our business growth that follows it. The inflation last year was zero, like for the latest zero or 3%. It's very difficult when the business scale is growing to, for example, maintain the same growth. It depends on business scale. For example, when you issue more laws, make more income, you just pay more bonuses to staff. You may need more selling points. So there's a lot of things to be going. Also, we are... let's say enhancing our business capabilities it's not only on technology side but on a different side so we are in georgia as well it's very matured very strong but again there's a lot of business things that we are doing that will ensure it's georgian business also is against the long term let's say sustainability so from that perspective uh like it's as i mentioned it's more or less let's say let's align with the revenue growth is there any room to kind of moderate in the future for georgia probably yes there's more room as we go over time um probably not in 24 but it will be difficult to be aligned with three percent inflation georgian growth when business is growing ten percent or more okay i got it so maybe some room for operating leverage but

not necessarily, you know, possible to grow OPEX 3%. Okay.

No, that makes sense.

Yeah, that was an unfair question, I guess. No, but thank you, Georg. No, that makes perfect sense. Thank you.

Thanks, Jan. Okay, next up is Charlie Gushi from Kiklos Capital. Charlie, please go ahead.

Hi, guys, thank you very much for the rundown. I have a broad question related to macro risk and any related operating risks for you in the current environment and news flow that we all see coming from Georgia. Are you running into nervous counterparties who are and is there any new discussion on changes to your funding or interbank transactions that for example, might require higher collateralization on transactions or cost elements or anything else that would seem to have implications for your net interest margins going forward. And this is all stemming from macro instability that we see on the markets in Georgia.

Thanks. At the moment, we don't see anything, frankly. When the situation started, we did the daily monitoring on anything. I saw probably, let's say, from, let's say, its internal perspective, like deposits, cash withdrawals were more than normal. Nothing really was happening. It continues. From the external funding perspective, we don't see any identical spreads or anything. You probably have seen our, let's say, R&S. We just signed a $150 million deal, one of the biggest financial institutions, and that was like... Radek Machanian, Spread was as normal, they at the moment is there, even from intrabank credit institutions, everything is very, very normal, as I would say. Radek Machanian, there's no signs that give us any comfort of anything and, as I mentioned, of course, generally to the audience, we do have few scenarios we don't see anything we don't think we need to use it, but if anything happens, we are ready for a few different scenarios, but there's no signs and no need for it.

Great Thank you.

Thanks Charlie I think there's a call on the phone line. Harry is that right?

Yes, we have a question from the line of Rahim Karim of Investec please go ahead, your line is now open.

Hi good afternoon gents. Three questions, if I may, from my side. The first was just around non-interest income in the quarter. It showed quite strong momentum, queue on queue. I think some of that was FX related. Could you perhaps just elaborate a little bit on what drove that and how sustainable you think that is for the rest of 24? The second question is just on the strong loan growth. It surprised me. just how strong and especially in Georgia, given what's been going on. Can you perhaps just talk about how you see the loan growing over the rest of 24 and how sustainable the strength that we've seen in the first half is? And then the third question, I think you kind of touched on it in the answer to one of the previous questions. You've moved a little bit in terms of definition from moving, as far as I understand, moving from cost of deposits to cost of funding in Uzbekistan. Can you perhaps just elaborate on why that was and what the partnerships might be able to do in terms of your long-term outlook for your cost of funding in that business?

Okay, thank you. I'll start with the non-operating income. On ethics, it was really very strong. The concept was driven by volume growth, because Georgian economy is growing very strongly, as well as, as you may like, there was a certain, let's say, volatility on the ethics market. The interest rates was high as usual, and our treasury did a great job. to let's say build on this higher profitability. So how sustainable is it as a guided market? Like if you look last year profits that we generated in FX, that's our baseline and we are going to grow from there generally. So we should expect quite a sizable growth compared to 23 generally. So that's again, quite sizable number. So that's on a fix. On loan growth, both Václav and myself mentioned, we don't see any things like it's actually BAU business as usual. The loan growth is very strong. Q2 was particularly strong. It may moderate in Q3 and Q4. However, we do expect to the loan growth to be quite strong in the like coming quarters. So for fully a basis, we definitely expect to be 15% plus, maybe at higher ends. So that's our expectation. So nothing to complain there as well. And as you know, in the over-medium term, Georgian growth, probably we keep saying it, but it's did not materialize is around 10 to 12%. But for the last few years, we are 15% plus that we expect this year as well. so on uzbekistan cost of funding the first of two starts that we are increasing our deposit market share we have three percent retail market share we are doing very very well but we as on this slide we have a very ambitious target to increase 80 percent loan cargo that lets around one billion portfolio in usd terms by end of 25. So it will be very difficult to fund all of this through customer funding and let's say deposits. And therefore we are enhancing our funding base through the wholesale funding. It has few streams like locally issued bonds, some funded from PLC and also leveraging our very strong partnerships with all IFAs you may name. So we already closed few deals with them in pipeline. So we expect that to become as strong and as long term as we have for Georgia. So generally those funding, even if you consider the hedging costs and hedging market is at the moment very active, it's like you can really get a good hedge for some to USD because our wholesale funding on USD generally comes cheaper than the customer funding. otherwise it doesn't mean that we will switch generally to the let's say wholesale funding we will retain an optimal mix that ensures the stability and like i would say robustness of our balance sheet so once it continues probably funding costs will be more like optimized but you should not expect a huge uh like i would say savings absolutely helpful thank you very much

Michael Kenyon- Thanks very much. Michael Kenyon- I don't think we have any more. Michael Kenyon- Questions on the. Michael Kenyon- web hurry, are there any more on the phone line.

We currently have no further questions on the phone line or on zoom we have just had a written question submitted by zoom here. Michael Kenyon- Okay hold on.

Do you have any short-term plans to acquire the Uzbekistan bank minorities?

No, this question is shortly no, because as we explained during our call that we see a lot of opportunities for two businesses, PayMe and the Uzbek Bank, full digital bank, to continue to grow. And as you see on this slide, by the way, we are forecasting a minimum 80% plus growth, but probably it will be much higher than the 80%. So we... Radek Machanian, Our strong position it's better to go deeper and to continue building very strong growth in pay me now payment business and respect digital bank and to go to buy minorities in other banks and to lose the time for integration.

And I think also the question also touches upon the minorities, EBRD and IFC, and whether we have any plans there in terms of buying them out, etc.

No, I've said EBRD, our local partners, already beginning of TBC, Georgia operations for 20, 25 years and will continue with a minimum medium-term partnership in Uzbek operations. Minimum five years we are not planning.

Thanks very much, Vatang. Okay, I think that's all the questions we have. Just to say thank you very much, everybody, for joining this call. We hope you found it useful. Enjoy the rest of your summers, and we'll catch up with you again in the autumn with our third quarter numbers. Thank you very much. Goodbye. Thank you.

Goodbye. Ladies and gentlemen, this concludes today's webinar. You may now disconnect from the call.