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spk08: Good day ladies and gentlemen. Thank you for standing by and welcome to the Centro Electric Group Limited earnings conference call for the first half ended June 30, 2022. Currently all participants are in a listen only mode. Later we will conduct a question and answer session and instructions will follow at that time. As a reminder we are recording today's call. If you have any objections you may disconnect at this time. I will now turn the call over to Marianne McInerney, Centro's Chief Marketing Officer. Ms. Marianne, please proceed.
spk01: Thank you, Operator, and good afternoon, everyone. Welcome to Centro Electric Group's earnings conference call for the first half year ended June 30, 2022. We have Mr. Peter Wang, Centro's Chief Executive Officer, and Mr. Edmund Chang, Centro's Chief Financial Officer, joining us in our call today. We released our first half 2022 financial results earlier today. That press release is available on the company's IR website at ir.centroauto.com, as well as from Newswire Services. A replay of this call will also be available in a few hours on our IR website. Before we continue, please note that today's discussion contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as may, believe, anticipate, could, should, intend, plan, will, aims, Can, would, expects, estimates, projects, forecasts, position, potential, goal, strategy, outlook, and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitized autonomous driving solutions. Forward-looking statements involve inherent risk and uncertainties. and other factors that could cause the company's actual results to differ materially from the expectations expressed today. Further information regarding these risks and uncertainties is included in the company's public filings with the FCC. The company does not assume any obligation to update any forward-looking statement except as required under applicable law. Also, please note that unless otherwise stated, all figures mentioned during the conference call are in U.S. dollars. In addition to our results determined in accordance with US generally accepted accounting principles, we use adjusted EBITDA to evaluate ongoing operations and for internal planning and forecasting purposes. Adjusted EBITDA is a supplemental measure of our performance that is not required by or presented in accordance with US GAAP. Adjusted EBITDA is not a measurement of our financial performance under US GAAP, and should not be considered as an alternative to net income or any other performance measure derived in accordance with U.S. GAAP. We define adjusted EBITDA as net income or net loss before net interest expense, income tax expense, and depreciation and amortization, as further adjusted to exclude the impact of stock-based compensation expense and non-recurring or extraordinary expenses, losses, charges, or gains. For reconciliation of adjusted EBITDA, to our US GAAP net loss, please refer to our earnings release that we posted on the company's IR website shortly before this call. Finally, as an Australian public limited company, we are subject to the Australian Corporations Act of 2001, which requires financial statements to be prepared and audited in accordance with Australian auditing standards and international financial reporting standards. The financial information that we are discussing today was not prepared for the purposes of the Corporations Act and is considered non-IFRS financial information under the rules and regulations of the Australian Securities Authorities. For a reconciliation of our U.S. GAAP financial results to our IFRS financial results, please refer to our earnings release that we posted on the company's IR website shortly before this call. With that, let me please Now turn over the call to our CEO, Mr. Peter Wang. Please go ahead, Mr. Wang.
spk02: Thank you, Marianne. And hello, everyone.
spk03: Thank you all for joining our first half 2022 earning call today. In the first half of this year, the world continues to face challenges in the global supply chain, logistics, and associated rising material costs. We actively address and adapt to the environment and continue to execute our strategic initiatives and grow our top line during the period despite the aforementioned challenges. Notably, we sold 337 units of electric commercial vehicle in the first six months of 2022, up 23% from the same period in 2021 and leads to 105% growth in the net revenue to 5 million. Out of that, we sold 132 units of our newly launched LS200 model, which doubled our average selling price. This reflects our capability for executing a tiered product strategy while meeting various customer demands amidst global uncertainty. We continue our focus on diversifying our products lineup and strengthening our supply, distribution, and the service infrastructure capability. This effort, which I will elaborate further on later, will propel us in our mission to help transform the commercial fleet industry to zero-emission vehicles and will be the foundation of our long-term growth into the future. We have continued a significant commitment to research and product development. We introduced three new ECV products to meet the needs of increasingly diverse market, which complement to the popular Logistar 200 and Metro. In September, we expanded our Logistar series with a new Logistar 260, which targets a wide range of applications in the trade, couriers, express, parcel service, logistics solutions, and the facility management segment. Production of all-electric LS-260 commercial van has already commenced. In August, the first Logistar 100, a light electric commercial van, rolled off the production line as a part of our effort to expanding product offerings that are responding to customer needs for adaptable electric vehicle, particularly in Europe, one of our key markets. With best-in-class cargo space and multiple entry points at the side, the rear of the vehicle, this versatile, compact, light cargo van is ideal for various commercial applications, including package delivery. trade and maintenance services, and hospitality, especially in urban areas with high population density. More importantly, we received tight approvals from the European Union for both LS-260 and LS-100 after completing all homologation tests for the vehicles in compliance with all EU standards and regulations. This will allow us to sell both vehicles model in all 27 EU member states and other countries that adopt EU vehicle harmonization standards. Initial deliveries of the both LS100, LS260 are scheduled for September 2022. and will soon follow with launches in Asian, Caribbean, and the South American markets. In North America, we launched the all-electric Class IV, Logista 400, earlier this year. Designed primarily for urban delivery and freight to cover two significant markets, including last mile delivery and service fleets and upper feeders. Since March, we have showcased LS-400 at various key industrial events and exhibitions, drawing considerable interest and inquiries. The LS-400 is purpose-built for robust duty cycle, and it can support a wide range of applications, including last mile delivery for packages, food, beverage, as well as municipal functions, such as waste management. The ETA certification for LS 400 is expected by the end of September 2022. With the progress on both harmonization and production, we have opened an order box for these three new EV models, LS 100 and LS 260, for our European customers and also LS400 for our North American customers. Aside from vehicle production, as the battery cost increased and the battery supply became an issue due to supply chain challenges and pandemic control, we made a strategic decision to secure supply of this critical component for our electrical commercial vehicles. In August, we set up a separate wholly owned subsidiary, Synergic Power Inc., to manufacture advanced lithium battery for our vehicles. Heavy in-house production of essential battery technology will allow us accelerate the development of our electrical commercial vehicles cut our supply chain dependence from China, and lower the battery cell costs. The installation of the production line at the Synaptic Monterey, Mexico, manufacturing facility is underway, with trial production expected to begin in the first half of 2023. In early tests, Synaptic's lithium-ion battery cells both advanced feature, including greater temperature tolerance, faster charging time, safe operating parameters, longer life cycles, and cost efficiency. As market demand for our advanced market validated electronic commercial vehicle continues to grow, our first and foremost task is to elaborate or remove supply chain disruptions, and raise our production capacity, especially in new markets. Our European assembly factory in Germany is fully functional with the ISO 9000 certification. We have a scaled assembly capability in New Jersey, while Florida assembly capability will be ready soon. Our Jacksonville plan also preparing to scale with the hiring training underway. With the additional assembly, and the company currently has five manufacturing and assembly plans, and we are positioned to meet the increased demand for our EVs. Furthermore, we are actively expanding our vehicle distribution, and service infrastructure. In terms of distribution, we made a strategic decision to end channel distribution partnership, replaced with a directly B2B distribution model. We have already made progress identifying excellent distributors, dealers, and value-added resellers. We will support our global distribution strategy with the introduction of essential EV centers across the U.S., Europe, and in South America and the Caribbean. Initial EV center will be located in Dorsetof, Warsaw, Barcelona, and Jamaica to align with our go-to-market strategy that focuses on the U.S. and the European markets. The center will support customers in all levels of the buying process, from initial inquiry to after sales and parts, and the parts will serve to support our distributors, dealers, and value-added resellers. With our focus on expanding product production, assembly, and product development, the company is in good shape. And we are strongly well-positioned to offer adaptable electrical commercial vehicles to growing customer base. Now, let me turn the call over to our CFO, Eamon Chan, who will provide details on our first half 2022 financial performances. Eamon.
spk14: Thank you, Peter, and thank you, everyone, for joining our call today. I will now go over our key financial results. For the first half of the year, end of June 30, 2022, for the full details of our financial results, please refer to our earnings class release in our 6K funding today. Driven by vehicle sales volume growth by 23%, and improved product mix, we achieved 105% year-on-year revenue growth for the first half of 2022. Our results demonstrate the value of the continuous investment we have made in product development and partnership with the right OEM suppliers to extend our product offerings to address market needs. we also step up our investment in sales marketing, infrastructure, and research and development to support our growth initiatives. However, in light of the uncertain macroeconomic environment, we remain prudent in managing our expenditure and working capital in order to preserve the strength of our partnership versus the need to support business growth. Moving on to our results, our net revenue for the first half of the year was 5 million, representing an increase of 105% from the previous year. The increase was due to both a 23% growth in sales volume, as well as an improvement of average selling price ASE from $7,354 in primarily selling Metro car kits last year to $14,400 in the improved product mix to include 132 units of LS200 at a much higher ASP. Within the revenue, vehicle sales accounted for 96%, with the remainder from spare parts sales and other services revenues. We sold 132 units of RS-200 in the first half of the year, accounting for 60% of total units sold, despite of the fact that we had just launched this vehicle at the beginning of 2022. The number of natural sold was 203 units compared with 273 units in the previous year. We have made a strategic decision to transition away from public label distributors to building our own direct B2B marketing and sales team in North America. Geographically, we generated 59% of our revenue from Europe, 32% from Asia, with the remainder from the United States. With the increase in vehicle sales, we were able to generate gross profit of $0.53 million, up 18% from the prior year. Our gross margin was 10.6% compared with 18.3% in the previous year. The decrease in gross margin percentage was mainly driven by the inflationary pressure on input costs such as battery and the shipping costs. Shipping costs of a 40-foot container to Hamburg or New York has risen to a height of $20,000 for the first six months of this year from the average of 2,000 for the same period last year. Recently in August, the average cost of shipping the same 40 foot container has come down to $5,000. Meanwhile, total operating expenses were 24.7 million compared with 5 million in the first half of 2021. A major portion of this increase $8.3 million was due to one-time cost, which was comprised of approximately $6.5 million related to the compensation to certain directors for the past performances to the company, and $1.8 million for the compensation paid in 2022 related to the FOH by restiture in December last year. Of the remaining $11.4 million increased was the same period of last year. 3.1 million increase was due to higher legal and compliance costs to support our growth as a corporate company. We have already initiated action items to contain the rise in this cost. The remaining increase was primarily driven by headcount growth, 51% year over year to a total of 157% from 104 in the same period last year. Most of the headcount increases were in Europe and the United States. Since we have filled some key positions, we will rationalize the pace of these headcount increases. Net loss was 23.1 million compared with net loss of 4.5 million for the same period last year. As mentioned earlier, 8.3 million of the net loss is considered at one time a non-recurring. Our adjusted EBITDA was negative 12.9 million compared with negative 3 million in the first half of 2021. As of June 30, 2022, our cash and cash equivalents were 183 million compared with 2 million a year earlier. As mentioned earlier, in light of uncertain records, economic environment, we remain prudent in managing our expenditure and working capital in order to preserve the strength of our balance sheet. Now, let me turn the call back to Peter for his closing remarks.
spk05: Yes.
spk03: Despite the remaining challenges in the supply chain and the shipping sector, we continued onward and upward with our business program. We added new EV products with order book already open. These new vehicles come with high price points and will continue to improve our product mix. We made the strategic decision to make our own advanced lithium battery cells, which will enhance our supply chain. We also launched new vehicle assembly facilities in both the US and Europe, with the vehicle distribution and the service infrastructure being built, all of which will lay a strong foundation to speed up the growth of our electric commercial vehicles. Importantly, we are pleased to see favorable policy emerging in the US through the Inflation Reduction Act, which we believe will stimulate more rapid adoption of electrical vehicles and significant investment into the sector. As we move through the second half of 2022 and into 2023, we will further enhance our supply capabilities to navigate the supply chain, and the logistic challenges. With our solid balance sheet, a diverse lineup of quality products, and cutting-edge technologies, we look forward to capture the market share in the electric vehicle market and all the revenue potential it offers. That concludes our prepared remarks Let's now open a call for questions. Operator, please go ahead.
spk08: Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. We will now pause a short moment to allow questions to be registered. Once again, if you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. Thank you. Seeing no questions in today's queue, this concludes the call. You may now disconnect.
spk10: Thank you. Thank you. you Thank you. Music. Bye. Thank you. Thank you.
spk08: Good day ladies and gentlemen. Thank you for standing by and welcome to the Centro Electric Group Limited earnings conference call for the first half ended June 30, 2022. Currently all participants are in a listen only mode. Later we will conduct a question and answer session and instructions will follow at that time. As a reminder we are recording today's call. If you have any objections you may disconnect at this time. I will now turn the call over to Marianne McInerney, Centro's Chief Marketing Officer. Ms. Marianne, please proceed.
spk01: Thank you, Operator, and good afternoon, everyone. Welcome to Centro Electric Group's earnings conference call for the first half year ended June 30, 2022. We have Mr. Peter Wang, Centro's Chief Executive Officer, and Mr. Edmund Chang, Centro's Chief Financial Officer, joining us in our call today. We released our first half 2022 financial results earlier today. That press release is available on the company's IR website at ir.centroauto.com, as well as from Newswire Services. A replay of this call will also be available in a few hours on our IR website. Before we continue, please note that today's discussion contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as may, believe, anticipate, could, should, intend, plan, will, aims. Can, would, expects, estimates, projects, forecasts, position, potential, goal, strategy, outlook, and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitized autonomous driving solutions. Forward-looking statements involve inherent risk and uncertainties. and other factors that could cause the company's actual results to differ materially from the expectations expressed today. Further information regarding these risks and uncertainties is included in the company's public filings with the FCC. The company does not assume any obligation to update any forward-looking statement except as required under applicable law. Also, please note that unless otherwise stated, all figures mentioned during the conference call are in U.S. dollars. In addition to our results determined in accordance with U.S. generally accepted accounting principles, we use adjusted EBITDA to evaluate ongoing operations and for internal planning and forecasting purposes. Adjusted EBITDA is a supplemental measure of our performance that is not required by or presented in accordance with U.S. GAAP. Adjusted EBITDA is not a measurement of our financial performance under U.S. GAAP, and should not be considered as an alternative to net income or any other performance measure derived in accordance with U.S. GAAP. We define adjusted EBITDA as net income or net loss before net interest expense, income tax expense, and depreciation and amortization, as further adjusted to exclude the impact of stock-based compensation expense and non-recurring or extraordinary expenses, losses, charges, or gains. For reconciliation of adjusted EBITDA, to our US GAAP net loss, please refer to our earnings release that we posted on the company's IR website shortly before this call. Finally, as an Australian public limited company, we are subject to the Australian Corporations Act of 2001, which requires financial statements to be prepared and audited in accordance with Australian auditing standards and international financial reporting standards. The financial information that we are discussing today was not prepared for the purposes of the Corporations Act and is considered non-IFRS financial information under the rules and regulations of the Australian Securities Authorities. For a reconciliation of our U.S. GAAP financial results to our IFRS financial results, please refer to our earnings release that we posted on the company's IR website shortly before this call. With that, let me please Now turn over the call to our CEO, Mr. Peter Wang. Please go ahead, Mr. Wang.
spk02: Thank you, Marianne. And hello, everyone.
spk03: Thank you all for joining our first half 2022 earning call today. In the first half of this year, the world continues to face challenges in the global supply chain, logistics, and associated rising material costs. We actively address and adapt to the environment and continue to execute our strategic initiatives and grow our top line during the period despite the aforementioned challenges. Notably, we sold 337 units of electric commercial vehicle in the first six months of 2022, up 23% from the same period in 2021 and leads to 105% growth in the net revenue to 5 million. Out of that, we sold 132 units of our newly launched LS200 model, which doubled our average selling price. This reflects our capability for executing a tiered product strategy while meeting various customer demands amidst global uncertainty. We continue our focus on diversifying our products lineup and strengthening our supply, distribution, and the service infrastructure capability. This effort, which I will elaborate further on later, will propel us in our mission to help transform the commercial fleet industry to zero-emission vehicles and will be the foundation of our long-term growth into the future. We have continued a significant commitment to research and product development. We introduced three new ECV products to meet the needs of increasingly diverse market, which complement to the popular Logistar 200 and Metro. In September, we expanded our Logistar series with a new Logistar 260, which targets a wide range of applications in the trade, couriers, express, parcel service, logistics solutions, and the facility management segment. Production of all-electric LS-260 commercial van has already commenced. In August, the first Logistar 100, a light electric commercial van, rolled off the production line as a part of our effort to expanding product offerings that are responding to customer needs for an adaptable electric vehicle, particularly in Europe, one of our key markets. With best-in-class cargo space and multiple entry points at the side and rear of the vehicle, this versatile, compact, light cargo van is ideal for various commercial applications, including package delivery. trade, and maintenance services, and hospitality, especially in urban areas with high population density. More importantly, we received tight approvals from the European Union for both LS-260 and LS-100 after completing all homologation tests for the vehicles in compliance with all EU standards and regulations. This will allow us to sell both vehicles models in all 27 EU member states and other countries that adopt EU vehicle harmonization standards. Initial deliveries of both LS100 and LS260 are scheduled for September 2022. and will soon follow with launches in Asian, Caribbean, and South American markets. In North America, we launched all-electric Class IV, Logista 400, earlier this year. Designed primarily for urban delivery and freight to cover two significant markets, including last-mile delivery and service fleets and upper feeders. Since March, we have showcased LS-400 at various key industrial events and exhibitions, drawing considerable interest and inquiries. The LS-400 is purpose-built for robust duty cycle, and it can support a wide range of applications, including last mile delivery for packages, food, beverage, as well as municipal functions, such as waste management. The EPA certification for LS 400 is expected by the end of September 2022. With the progress on both harmonization and production, we have opened an order box for these three new EV models, LS 100 and LS 260, for our European customers and also LS400 for our North American customers. Aside from vehicle production, as the battery cost increased and the battery supply became an issue due to supply chain challenges and pandemic control, we made a strategic decision to secure supply of this critical component for our electrical commercial vehicles. In August, we set up a separate wholly owned subsidiary, Synergic Power Inc., to manufacture advanced lithium battery for our vehicles. Heavy in-house production of essential battery technology will allow us accelerate the development of our electrical commercial vehicles cut our supply chain dependence from China, and lower the battery cell costs. The installation of the production line at the Synaptic Monterey, Mexico, manufacturing facility is underway, with trial production expected to begin in the first half of 2023. In early tests, Synaptic's lithium-ion battery cells both advanced features, including greater temperature tolerance, faster charging time, safe operating parameters, longer life cycles, and cost efficiency. As market demand for our advanced market validated electronic commercial vehicle continues to grow, our first and foremost task is to elaborate or remove supply chain disruptions and raise our production capacity, especially in new markets. Our European assembly factory in Germany is fully functional with the ISO 9000 certification. We have a scaled assembly capability in New Jersey, while Florida assembly capability will be ready soon. Our Jacksonville plan also preparing to scale with the hiring training underway. With the additional assembly, and the company currently has five manufacturing and assembly plans, and we are positioned to meet the increased demand for our EVs. Furthermore, we are actively expanding our vehicle distribution, and service infrastructure. In terms of distribution, we made a strategic decision to end channel distribution partnership, replaced with a directly B2B distribution model. We have already made progress identifying excellent distributors, dealers, and value-added resellers. We will support our global distribution strategy with the introduction of essential EV centers across the U.S., Europe, and in South America and the Caribbean. Initial EV center will be located in Dorsetof, Warsaw, Barcelona, and Jamaica to align with our go-to-market strategy that focuses on the U.S. and the European market. The center will support customers in all levels of the buying process, from initial inquiry to after sales and parts, and the parts will serve to support our distributors, dealers, and value-added resellers. With our focus on expanding product production, assembly, and product development, the company is in good shape. And we are strongly well-positioned to offer adaptable electrical commercial vehicles to growing customer base. Now, let me turn the call over to our CFO, Eamon Chan, who will provide details on our first half 2022 financial performances. Eamon.
spk14: Thank you, Peter, and thank you, everyone, for joining our call today. I will now go over our key financial results. For the first half of the year, end of June 30, 2022, for the full details of our financial results, please refer to our earnings class release in our 6K filing today. Driven by vehicle sales volume growth by 23%, and improved product mix, we achieved 105% year-on-year revenue growth for the first half of 2022. Our results demonstrate the value of the continuous investment we have made in product development and partnership with the right OEM suppliers to extend our product offerings to address market needs. we also step up our investment in sales marketing, infrastructure, and research and development to support our growth initiatives. However, in light of the uncertain macroeconomic environment, we remain prudent in managing our expenditure and working capital in order to preserve the strength of our partnership versus the need to support business growth. Moving on to our results, our net revenue for the first half of the year was 5 million, representing an increase of 105% from the previous year. The increase was due to both a 23% growth in sales volume, as well as an improvement of average selling price ASD from $7,354 in primarily selling Metro car kits last year to 14,400 in the improved product mix to include 132 units of LS200 at a much higher ASP. Within the revenue, vehicle sales accounted for 96%, with the remainder from spare parts sales and other services revenues. We sold 132 units of RS-200 in the first half of the year, accounting for 60% of total units sold, despite of the fact that we had just launched this vehicle at the beginning of 2022. The number of natural sold was 203 units, compared with 233 units in the previous year. We have made a strategic decision to transition away from public label distributors to building our own direct B2B marketing and sales team in North America. Geographically, we generated 59% of our revenue from Europe, 32% from Asia, with the remainder from the United States. With the increase in vehicle sales, we were able to generate gross profit of $6.53 million, up 18% from the prior year. Our gross margin was 10.6% compared with 18.3% in the previous year. The decrease in gross margin percentage was mainly driven by the inflationary pressure on input costs such as battery and the shipping costs. Shipping costs of a 40-foot container to Hamburg or New York has risen to a height of $20,000 for the first six months of this year from the average of 2,000 for the same period last year. Recently in August, the average cost of shipping the same 40 foot container has come down to $5,000. Meanwhile, total operating expenses were 24.7 million compared with 5 million in the first half of 2021. A major portion of this increase $8.3 million was due to one-time cost, which was comprised of approximately $6.5 million related to the compensation to certain directors for the past performances to the company, and $1.8 million for the compensation paid in 2022 related to the FOH by restiture in December last year. Of the remaining $11.4 million increased was the same period of last year. 3.1 million increase was due to higher legal and compliance costs to support our growth as a corporate company. We have already initiated action items to contain the rise in this cost. The remaining increase was primarily driven by headcount growth, 51% year over year to a total of 157. from 104 in the same period last year. Most of the headcount increases were in Europe and the United States. Since we have filled some key positions, we will rationalize the pace of these headcount increases. Net loss was 23.1 million compared with net loss of 4.5 million for the same period last year. As mentioned earlier, $8.3 million of the net loss is considered at one time a non-recurring. Our adjusted EBITDA was negative $12.9 million compared with negative $3 million in the first half of 2021. As of June 30, 2022, our cash and cash equivalents were $183 million compared with $2 million a year earlier. As mentioned earlier, in light of uncertain records, economic environment, we remain prudent in managing our expenditure and working capital in order to preserve the strength of our diamond sheep. Now, let me turn the call back to Peter for his closing remarks.
spk05: Yes.
spk03: Despite the remaining challenges in the supply chain and the shipping sector, we continued onward and upward with our business program. We added new EV products with order book already open. These new vehicles come with high price points and will continue to improve our product mix. We made the strategic decision to make our own advanced lithium battery cells, which will enhance our supply chain. We also launched new vehicle assembly facilities in both the US and Europe, with the vehicle distribution and the service infrastructure being built, all of which will lay a strong foundation to speed up the growth of our electric commercial vehicles. Importantly, we are pleased to see favorable policy emerging in the US through the Inflation Reduction Act, which we believe will stimulate more rapid adoption of electrical vehicles and significant investment into the sector. As we move through the second half of 2022 and into 2023, we will further enhance our supply capabilities to navigate the supply chain, and the logistic challenges. With our solid balance sheet, a diverse lineup of quality products, and cutting-edge technologies, we look forward to capture the market share in the electric vehicle market and all the revenue potential it offers. That concludes our prepared remarks Let's now open a call for questions. Operator, please go ahead.
spk08: Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. We will now pause a short moment to allow questions to be registered. Once again, if you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced.
spk05: Thank you.
spk04: Seeing no questions in today's queue, this concludes the call. You may now
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