Aixtron Se Unsp/Adr

Good afternoon, ladies and gentlemen, and welcome to the conference call of Extron SE regarding the full year and Q4 2021 results. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Guido Pickert.

Thank you very much, operator. Welcome to Extron's presentation of our Q4 and full year 2021 results. I'd like to welcome our CEO, Dr. Felix Grauert, as well as our CFO, Dr. Christian Danninger. As the operator indicated, this call is being recorded by Extron and is considered copyright material. As such, it cannot be recorded or rebroadcast without explicit permission. Your participation in this call implies your consent to this recording. Please take note of our safe harbor statement, which can be found on page two of our results presentation slide deck, as it applies throughout the conference call. This call is not being immediately presented via webcast or any other medium. However, we will place an audio file of the recording or transcript on our website at some point after the call under the events section. I would now like to hand you over to our CEO, Dr. Felix Graver, for opening remarks. Felix? Thank you, Guido.

Let me also welcome you all to our full year 2021 results presentation. I will start with an overview of the highlights in the year and then hand over to Christian for more details on our financial figures and our ESG-related initiatives. Finally, I will give you an update on the development of our business, and I will present our new 2022 full-year guidance to you. Let me start by giving you an overview of the key developments in Q4 and the year on slide two. Here, let me start with a very good news about our business development in 2021. This was a very exciting and successful year for us. We were able to increase our orders by 65% and our revenues by 59%. Our operating income and net profit almost tripled. We have achieved our guidance in all metrics with total orders close to 500 million euros, revenues of 429 million euros, a gross margin of 42% and an EBIT margin of 23%. Given the constrained global supply chains and logistics, our team did a fantastic job in achieving such an output and results. But behind all this is the strong demand growth from our customers, particularly driven by the volume ramp of gallium nitrate-based power electronics. The demand growth is fueled by a broad base of application segments coming from the global megatrends of sustainability, electrification, and digitization. We observed that in some areas, such as power electronics, compound semiconductors are moving from their role of being specialty and niche materials to become the workhorse in some of these segments of the semiconductor volume market. Compound semiconductors are a key technology for numerous areas, and they are superior to the incumbent silicon-based semiconductors in many aspects. This will drive our growth on a sustainable basis. By 2022, we see a continuation of the strong order momentum throughout all our key markets. The demand remains balanced across the different applications. Overall, we expect a double-digit growth here again. Let me have a quick look at our Q4 performance starting with our order intake. As in previous quarter, GaN power was again the strongest contributor to our order. Wireless and optical data communication LEDs and lasers also had sizable contributions. In total, Q4 orders came in at 120 million euros. Revenues in Q4 were at 181 million, which is the highest level of the last 10 years, and we were able to meet customer demand. It is important to note that this shows that our manufacturing and supply chain are well equipped for further growth in the years to come. Growth margin in Q4 was 44% and EBIT margin 32%, both being an expression of our profitable business model. So overall, we saw strong profitable growth in 2021, and we will continue to grow also during 2022 and beyond. I will explain the details of our new 2022 guidance to you later in this course. Before I hand over to Christian, I'm happy to announce that we will propose to our shareholders to pay out a dividend of 30 euro cents per share following this successful year. This proposal is subject to shareholder approval on our virtual annual general meeting on May 25. This would represent a payout ratio of 35% of our group net results. Now, I will be handing over to our CFO, Christian Dallinger. He will take you through the Q4 and full year 2021 financial. Christian. Thanks, Felix, and hello to everyone. Before I start the review of financials, I'd like to take the opportunity to give you an update on our ESG performance and related activities. We regularly receive ESG ratings from rating agencies like ISS, MSCI, CDP, or Sustainalytics. While all of our ratings are quite positive already, CDP has further raised our rating significantly by four levels from E to B, and MSCI went up from triple B to A in 2021. You're also aware that we are a climate neutral company already since 2019. To further push and accelerate our ESG agenda, we have recently upgraded our organizational setup in this area. We have established a new position of ESG and sustainability management reporting directly to me. To further document that we are committed to play a leading role in the field of ESG, we have today already reported EU taxonomy aligned figures on a voluntary basis for 2021, which goes beyond the legal requirement to report EU taxonomy eligible figures only for 21. After detailed analysis and assessment process, We assessed 57% of our revenue, so more than half, 39% of CAPEX and 76% of OPEX to be EU taxonomy aligned and thus considered environmentally sustainable in the sense of the EU taxonomy regulation. At Extron, OPEX as defined in the EU taxonomy regulation corresponds to the company's R&D expenses. Therefore, we are particularly proud on the high results for the two key figures, OPEX and CAPEX, specifically document the sustainability of Extron's investment strategy, especially in research and development. Consequently, a further increase in environmentally sustainable, meaning green, revenues in the next years is likely when the newly developed technologies move into broad adaptation. These taxonomy-aligned technologies are wideband gap, power semiconductors based on gallium nitride and silicon carbide as the key to energy-efficient power electronics, micro LEDs for the next generation of displays, lasers for data communication as a key technology for the digitalization of our world, and some more. All these technologies have one thing in common. They are much more energy-efficient compared to the current technologies available on the market and thus contribute significantly to the reduction of greenhouse gas emissions. Among many other benefits of these technologies, they significantly support the global efforts to mitigate climate change. For further details, I refer to slide nine of our investor presentation and to our sustainability report 2021. Let me now continue with our income statement on slide three. As Felix mentioned, total revenue for the year was 429 million euros compared with 269 million euros in 2020. This reflects almost 60% growth over the previous year. Revenues in quarter four 2021 even grew by 67% year-on-year. The 2021 gross margin of 42% was two percentage points higher compared to the same period last year. In Q4 2021, gross margin was 44% compared to 42% a year ago. The difference is mainly due to a higher share of products shipped with better margins in Q4 2021 versus Q4 of 2020. Operating expenses for the year increased from 73 million euros in 2020 to 83 million in 2021. The increase in annual operating expenses was mainly due to the following factors. Firstly, we incurred higher variable compensation components, and we incurred one-time expenses for the restructuring and the wind down of APVA totaling to approximately 3.9 million euros. With that, all costs of liquidation are provided for and no further costs are expected. Secondly, in the prior year, we had a positive one-time effect in our operating income of 3 million euros. In Q4 2021, operating expenses increased slightly to 22 million euros compared to 21 million euros in Q4 2020. SG&A expenses of 35 million euros in 21 were 8 million euros higher year on year, mainly due to the factors I just mentioned. R&D expenses in 2021 remained roughly stable at 57 million versus 58 million euros in the same period last year. This reflects lower running costs for upheaver during the year, largely offset by increased expenses for the development and completion of our next-generation MOCVD equipment. In 2021, we recorded net operating income of €10 million, which was below the €13 million recorded the year before. This difference was mainly due to the other operating income of almost €3 million in 2020, as mentioned before. Our 2021 EBIT was 99 million euros at a margin of 23% versus an EBIT of 35 million euros at a 13% margin in the prior year. This was mainly due to the year-on-year increase in revenues and with that, the corresponding increase in cross-profit. The 184% higher EBIT at 59% higher revenues in 2021 proves the strong operating leverage effect we have on higher revenues translating over proportionately into bottom line earnings. In Q4 2021, we realized an EBIT of 58 million euros at an EBIT margin of 32% for the quarter compared to 25 million euros and 23% in Q4 2020, demonstrating the same effect. For the full year, we incurred total expenses of €4 million at a tax rate of 4% compared to €1 million tax expense at a tax rate of 2% in the prior year. In both years, we were able to utilize historical tax loss carry-forwards and capitalize some additional deferred tax assets based on expected future profits. We generated a net profit of €95 million in 2021, compared to 35 million euros in the same period of 2020, primarily due to the discussed volume and margin effects. Per share, this means 85 euro cents in 21 versus 31 euro cents in 2020. Turning to the balance sheet on the next slide. Inventories have risen to 121 million euros from 79 million euros at the end of 2020, in preparation for the further increase in boss business volume in 2022. Advanced payments received from customers increased to 77 million euros from 51 million euros at the end of 2020, which represents about 35% of order backlog. Trade receivables increased to 81 million euros, mainly due to the very reason for strong deliveries made in Q4, for which we expect to collect payments primarily in Q1 of this year. year. Our cash balance, including other financial assets and post our €12 million dividend payment in May, increased to €352 million at the end of the year, from €310 million at the end of 2020. Moving to our cash flow statement on slide five. Maybe due to the increase in net income for the year and the increased trade receivable at the balance sheet date, Free cash flow for 2021 was 49 million euros. In Q4 of 2021, it was 21 million euros. With that, let me hand you back over to Phil. Thank you, Christian. Before concluding with the outlook for the rest of the year, I would now like to give you a quick update on the key developments in our address markets. In all our address end markets, we continue to see strong momentum. In 2021, our revenues in power electronics, which includes the material systems GAN and silicon carbide SICK doubled year on year. Also revenues in optoelectronics, which included wireless and optical data comm, 3D sensing, and compound solar almost doubled year on year. Our LED-related revenues went up by 39% compared to 2020. We see further growth potential in 22 and beyond as the demand for our technology is fueled by sustainability, electrification, and digitization, all of which are global megatrends. In GaN power, we are at the beginning of a multi-year growth cycle. GaN-based power switches are being increasingly adopted for a widespread number of applications in the areas of IT infrastructure, renewable energy, data centers, or white goods, just to name some examples. Please remember that some time ago, we were only talking about fast chargers for cell phones. Some customers are now even telling us that their roadmaps have been pulled in by two to three years due to the acceleration of adoption. So overall, this market is developing very dynamically, and we are supporting large app expansions of our existing customers while also supporting still new entrants to this industry. In silicon carbide power, we are very pleased about the development of orders, having accelerated in the course of 2021 to representing 15% of equipment orders in Q4. And based on our current order pipeline, we expect this positive momentum to continue in 2022. Our new silicon carbide epitool, which is suitable for 6-inch and 8-inch wafers, is getting great customer feedback. And even though it is still in development, we are already receiving sizable orders for it. This makes us confident that silicon carbide-based orders and revenues will already make a significant contribution to our business in 22, especially in the second half of the year, as we continue to be in contact with all industry players. For LED applications, momentum also remains strong, driven by the demand for red, orange, yellow LEDs, which are used at fine-pitch displays but also in horticulture applications such as indoor farms. In microLED, we are part of major development projects of large customer, electronics players, and LED specialists, such as HC Semitech, with whom we announced a collaboration yesterday. We get clear signals from customers that innovative displays of the next generation will all be based on microLED rather than OLED. This is very good news for us, as our MOCBD API tools are very well positioned here, and the same properties become relevant that make us so successful in GAN power and in lasers or pixels. Hence, we have decided to close down our OLED subsidiary, Apiva. But this is good news, as the alternative also brings us into the display market, but with a much stronger position right from the beginning. We expect a growing contribution of micro ABVs to our orders already during 2022 with shipments taking place this latest year or in 23. You can see we enjoyed a very positive momentum from our address market. However, we continue to watch the development of the global supply situation very carefully and we remain ready to take measures should it become necessary. With that, Let me now present our 2022 guidance on slide six. First of all, it's very important to note that our guidance is based on our 2022 budget exchange rate of 1.20 US dollars to the euro. In the quarters to come, revenues and profit margins will be reported based on actual exchange rates, which may differ from our budget. So, for 2022, total orders received I expect it to rise further year on year to a range between 520 and 580 million euros from the 497 million euros in 2021. With an opening backlog of 217 million euros for 2022, we expect revenues in the year in a range between 450 and 500 million euros, growing further from the 429 that we had achieved in 2021. We expect our growth margin to be around 41% and an EBIT margin in the range between 21% and 23%. This guidance includes our R&D spending from the completion of the development of our next generation products, as well as our activities to strengthen our organization in anticipation of further growth ahead of us. We have made our guidance based on the assumption that our business will not be impacted by any global crisis or pandemic. In summary, we are looking forward to see another growth year in 2022 as the strong momentum driven by multiple end markets continues with the underlying trends being fully intact. And with that, I'll pass it back to Guido before we take questions.

Thank you very much, Felix and Christian. Operator, we will now take questions, please.

Yes, sure. Ladies and gentlemen, if you would like to ask a question, please press nine and star on your telephone keypad. In case you wish to cancel your question, press nine star again. And the first question comes from Stefan Uri from AutoBHF. Please go ahead with your question.

Yes, good afternoon, everyone. My first question would be about the guidance for the orders for 2022, which is strong. Could you share with us what will be the proportion of each of your key markets in your guidance, i.e., if... silicon carbide will take a bigger share or if it will be still GAN-related or even if micro-LED will start to take a share. The second question is about the market share gains in silicon carbide, just to know if you feel confident in gaining new significant customers or, let's say, incumbents already in 2022. Thank you very much.

Thank you for your questions. So let me come to the first part, the rough order intake split or anticipation for 2022. So while, of course, it's difficult to foresee the future, we have a rough indication. We believe that in 2022, order intake, again, will come roughly around to be from the power electronics domain. I would say maybe two-thirds gallium nitride, one-third silicon carbide, something like that, rough numbers. The other half of the order intake I would expect from the optoelectronics business. And within the optoelectronics, I would expect the smaller portion from lasers and pixels. Another smaller portion from datacom telecom. a reasonable portion from the LED and the remaining portion then from the LED world. And here I would expect from the LED world maybe 50-50 between fine pitch and mini LEDs and 50% for micro LEDs to give you a rough indication. So that was the first part of the question, giving you a rough split on the order intake, how it could break down. And now I come to the second part of your question on the silicon carbide and market share game. I think at this point in time, we can say that we are working very closely together by now with two of the very large players in this market. And from two of the very large players in this market, we have received very sizable orders, and we expect throughout 2022 additional very sizable orders. And at the same time, we have been qualified or we have been chosen and are in the process of getting qualified from roughly 10 other customers in silicon carbide, who I would not count into today's group of the top five. But, of course, all of them having the aspiration to rise into the top ten. We know how it is, right, in a competitive environment. Everybody wants to be among the top five and the top ten. So I think this is a pretty good pipeline of the overall market, given that we have been a new entrant in this market and we are gradually gaining market share. And I see us on a good way forward.

Yeah, just to just to confirm what you've just said, because my line was not so good. You've said that among the two among two among the key, let's say players in the market, you have been qualified by two, and you have received order from one. Is that correct?

No, that's not correct. I said we are working closely together with two of these players, and from two of these players we have received large orders, and from two of these large players we expect to receive additional large orders in 2022.

Okay, that's clear. Thank you very much.

The next question comes from Olivia Honeychurch from Jefferies. Please go ahead with your question.

Hi there. Thank you for taking my question. I've actually got a couple. One is on micro LED and the other is on your margin guidance. So on the micro LED side, you said, and it's very exciting that the market should be adopting that technology quicker than you previously expected. And obviously you've announced a contract with HC Semitech yesterday. You've also just said on the call that you expect shipments to start for micro LED systems at the end of this year. My question really is when exactly do you expect to receive commercial volume shipments from micro LED? Is that something that we can think about happening as early as the end of this year or will that commercial level be more of a 2023 story? So that's the micro LED question. And then I'll just quickly go ahead on the margin guidance. 41% gross margin for this year seems conservative given that you printed 42.3% last year. What's stopping your margins from growing this year? Because obviously we've got to think about the fact that your product mix is becoming more favorable and obviously you're doing a lot of work on higher productivity systems. So I'm just trying to get my head around what exactly is stopping margins from going upwards this year. Thank you.

Yeah, thank you. Thank you very much, Olivia, for the questions. I'll take the first one and Christian will take the second one. On the micro-LEDs, we expected the volume ramp to be starting towards the end of 2022, sometime in the fourth quarter, and then to come with us throughout the whole year of 2023 and continue in 2024. So the starting point I would put somewhere in the fourth quarter of this year. And here we talk about commercial volumes, not an R&D system, but sizable commercial volumes. I hope that answers your question. And, Christian, maybe you take the margin topic? Yeah, the margin topic, of course, has two aspects. I mean, the gross margin, as you see, is, yeah, we keep it quite consistent. I mean, there's always product mix effect in there. There's always FX effect in there. Not 100% easy to really predict precisely. On an EBIT margin perspective, We could be able to squeeze out more, but we are also, on the other side, very committed to keep our R&D spend high, and that limits a little bit, maybe, the translation into EBIT, but as you see, it is quite consistent with the last year, and we deem the investment into R&D to be the best investment possible. That's why we continue keeping it at a high rate. Let me build on what Christian said with respect to the gross margin. Olivia, you also asked about our product mix. Yes, for sure, the new products come with a much higher productivity, which reflects the margin. Of course, we continue to run also some of our older products. I think within either Q1 or Q2, there will be one quarter where the product mix will still be largely comprised of some older products. So, meaning a lower gross margin. So, across the year, there will still be, based on product mix, as I think everybody is used to from Extron, quite some fluctuation. But the overall trend that our new products deliver higher or significantly higher gross margin, that remains intact.

That's perfect. Thank you so much.

The next question comes from Uwe Schupp. from Deutsche Bank. Please go ahead with your question.

Yeah, thanks. Good afternoon. Hi, gentlemen. Two for me as well. Firstly, a follow-up on the micro-LED. What products really should consumers and should we expect to see in shelves first in terms of commercial products? I think in the past you indicated that on the smaller display sizes it would be more on the smartwatches side of things on the and on the upper end it would be you know high-end televisions um is that still the case or do you see a change here in the potential applications and secondly christian can you update us on your foreign exchange exposure i'm just trying to read that guidance and that margin guide in particular with the budget rate of the 120 that you have been alluding to thank you

Hello, yes, good question. So the guidance we had given about the initial product for micro-LEDs is still fully intact. So we, in fact, anticipate the first product to be smart watches and then also high-end televisions, and then at a later stage, smartphones. AR, VR glasses, laptop displays, and maybe a medium-sized or large but not gigantic size TV, television, gradually, step-by-step coming in. Yes, it will be a multi-year roadmap of different types of displays.

And, sorry, Felix, that's very helpful. Just the evergreen question that I think we have to ask on every conference call, of the big micro-LED projects that you are seeing across the globe, Do you believe that you are part of them in, you know, 80%, 90% higher?

Oh, I think the exact quantification would be dangerous in this place. I say that with a smile because I think many of the big consumer electronics players will try to run the projects in a stealth mode and we might not see all of them, but I would clearly expect that we are part of many, many, many of these projects given that we work with quite a sizable number of consumer electronics players together in large collaboration projects. Thank you. Okay, and then I'm happy to give you some insights here on our US dollar exposure. Historically, we run at a US dollar share in sales of between 30% to 40%. Um, that is always fluctuating a little bit. It has been decreasing, but that's about the range. And, uh, I mean, consequently, as the US dollar became stronger, we also, um, uh, changed the rate to 120. Recently it is much more favorable. And, uh, with that, I think you can run your numbers and quantify what a potential upside would be.

That's very helpful. And the, basically your cost exposure is still virtually 100%, uh, in, in euros. Is that correct?

Yeah, 100% is, I would not confirm 100%, but it's minor.

That's very clear. Thank you.

The next question comes from Charlotte Friedrichs from Berenberg. Please go ahead with your question.

Hello, thank you for taking my questions. The first one would be around the quarterly phasing, both for the order intake and also the shipment. So are you already seeing an uplift here in order intake in the first couple of months of the year now. And on the shipment side, should we expect again a year where shipments are largely geared towards the fourth quarter, or is it going to be a little bit more even this time around? And then the second question would be on your cost development and procurement. Are you seeing any significant pressure here from input cost inflation or difficulty to pursue certain components. Thank you.

Yeah, thank you. First question, order intake and revenue split across the quarters of the year. I think order intake is always a bit difficult to forecast. When exactly is the customer placing the order? You know, the dateline of an exact quarter is a bit arbitrary. So I would say let's get started with the assumption of an even order intake and let's be ready for some surprises around that. So I wouldn't want to get more concrete. I think on the revenue side, we are not expecting to see such an extreme and pronounced peak towards the fourth quarter. That is what we are not expecting. Nevertheless, we would be a bit softer in the first half of the year, and then a bit stronger towards the second Q3 and Q4. I mean, I take the midpoint of our guidance, and I take a couple of millions down for the first two quarters, and a couple of millions up on the second two quarters. if you know what I mean by that. So it's not that we start with whatever 15% of revenues in the first quarter and end up with, I don't know, 65% of revenues in the fourth quarter as we did in 2021. So I hope that answers your question. A bit less in the first half, a bit more in the second half of the year. I come to the second part of your question, cost of procurement and also limitations of supply chain, if I got your question right. Our supply chain is very well capable of keeping up with the growth and with the demand. We, of course, work very closely with our suppliers. We prepare them for the orders where needed. We support them and very actively secure and make sure that the supply capacities are given. So we do not see bottlenecks or risks that would block us from realizing the guidance that we have given. In terms of cost, In some aspects, we are expecting the costs, the procured input quantities to go up. However, our business is a very long-term, forward-looking business, so the purchase contract for the material that we need for the 2022 revenues have already been closed. or have been quoted. So we do not see in the year 2022 cost increases. So the guidance and all these elements that we've put out in terms of financials, you could say are based on a 2021 cost level. And then for 2023, yes, for sure, we will see a certain amount of cost increases, but we also expect to be able to pass on part of those cost increases depends on which elements to our customers.

Understood. And then a follow-up, if I may. If I heard correctly, you said in the beginning, in the prepared remarks, that in your order intake in the fourth quarter, about 15% was from silicon carbide. Did I hear that correctly? And can you maybe give us the contribution of the other end markets?

In the fourth quarter of 21, which just passed, let me have a look here. Yes, it was silicon carbide for a For a sizable amount, I think we then had about a quarter GAN power. I think we still then had quite sizable telecom optical data communication. And we also had quite sizable micro LEDs and quite sizable affine pitch displays. Let's put them all on an equal level.

And the next question comes from Jürgen Wagner from Stiefel Europe. Please go ahead with your question.

Good afternoon. Thank you for letting me on. What is the split of your equipment order backlog? I mean, amongst the products you just mentioned and the follow up on your micro LED comments earlier, how much micro LED orders are in your order guidance for 22? Thank you.

So for the split of the backlog, I can only give you a rough indication. Let me think how we can derive that. I think for the split of order backlog, honestly, I don't have the numbers with me, and it would not be serious to give you an indication.

Yeah. Okay.

Yeah, so let's come to the second part of your question. That was, please help me.

I mean, you talked about micro-LED that you expect the inflection or commercial inflection in Q4. How much orders are in your order intake outlook for the current year?

I think for the current year, 2022, I mentioned that about half of our order intake we're expecting to be from the optoelectronic side. And out of this, for the micro-LEDs, it could be around one-third.

Okay. Good. Thank you.

And there is one follow-up question from Olivia Hooney Church from Jefferies. The floor is yours. Or maybe this was a mistake, Ms. Hooney Church. Okay. There is one follow-up question from Stefan Uri from AutoBHF. Please go ahead with your question. Mr. Uri, your line is open. Okay, no questions. There are no further questions.

Okay, then with that, I see, could there be another one coming? The microphone's on mute.

Is there a technical problem, or is there no more questions?

Let me check. Maybe there's a question from Yannardin Minon from Jefferies. Please go ahead with your question.

Yeah, hi. I just wanted to follow up, actually, on the micro-LED question. Just wanted to know, you know, is your order momentum for 2020, which you saw last year and through 2022, is that – from one customer who is going to start commercializing by the end of this year or is the commercialization quite broad and you're seeing quite a few customers reaching commercialization point at the same time and they will start commercializing from the end of this year?

That's a very good question. As mentioned before, we are working together with multiple customers, and the orders we have received in 2021 and the past year were also coming from multiple customers. I mentioned that one. We are aware of one customer starting with a very concrete plan, which I was mentioning. I think other customers are in the preparation, and I would expect them to kick in throughout 2023. But the concrete end of this year was one concrete customer that I had in mind when answering the question.

Understood. And then just going back to your silicon carbide question, I mean, answer, just to clarify, so are you saying that you are working closely with two customers and two large customers who will convert to volume orders this year, but you have already got orders from two large customers, so it's two plus two, is four totally of the large sort of incumbent players. Is that the correct way to understand this? And the two that you've already got orders, does that include your traditional big customer in North America? Is that already included in that number?

So I mentioned that we have received volume orders from two customers, two of the The very big ones, yeah, and we expect further orders. So with those, it's a big revenue ramp ongoing. And I also mentioned that we are closely working and have received orders and also expect to receive further orders with roughly 10 other customers. So we are getting into a broad adoption of our tool into the market. And this is continuing through 2022. but, of course, then gaining further momentum in 2023. So it's a very good moment for us to gain market share.

And the two large customers, you already had one already, if I'm right, so you've added one more into a firm order category. Is that the correct way to think about it? Absolutely. Okay, understood. Thank you.

Okay, thank you very much. to the audience, listeners, and questioners. With this, we would like to close today's call. Thank you, as I said, for attending. Our next earnings call will be our first quarter 22 results. That will be on May 5th. And in May, also, we will have our AGM. And I hope that all our investors will participate and cast their votes. Thank you very much, and bye-bye.