Greek Organistn Football

Ladies and gentlemen, thank you for standing by. I am Gayle Jacora's call operator. Welcome and thank you for joining the OPAP conference call to present and discuss the OPAP-SA second quarter 2020 financial results conference call. All participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Jan Karas, acting CEO of OPAP SA. Mr. Karas, please proceed.

Thank you very much, operator, and good afternoon and good morning to everybody. Welcome to the OPAP's second quarter 2020 investors conference call. Although trying to grow any business amid these turbulent times has been a real challenge, We believe that the Q2 figures demonstrate that OPAP is well-placed to face challenges. That's why we will start with our CFO, Pavel Mucha, who will comment on the quarter's financial results. I will then provide you with an update of our business progress and future developments. We will then answer any questions you may have. Pavel, over to you.

Thank you, Jan, and good afternoon to everybody. Like it was the case with the first quarter, the second quarter of 2020 was again split into two completely different periods for both OPAP and most businesses in Greece. After previous closure, OPAP stores opened again on 11th of May and gaming halls opened on 8th of June. As a result, our year-on-year figures demonstrated a material drop, however the recovery path post the reopening was according to our expectations. Before going through the details, let me as always refer to macro projections. It is obvious that all macro KPIs have plunged during the lockdown, with GDP declining by 15.2% in Q2 and final consumption down by as much as 10.1% in the same period. The outlook remains weak, especially since tourism, which accounts for a material part of the GDP, is hardly hit. On the positive side, the government's relief measures are still providing some sort of support to several sectors and individuals, while the EU fiscal stimulus should also help towards the end of this year. Overall GDP estimates for the year still come with a wide range with consensus figures pointing to a sharp drop of minus 0.2%. Going now to OPAF's performance and slide 8, Total Q2 GGR declined by 53.2%, but clearly this metric is heavily burdened by the lockdown period, because between June 8 and June 30 all of our segments have gradually recovered, with some of those, namely online and VLTs, standing above last year's levels. In more detail, lottery dropped by a nominal 45% in Q2, with post-lockdown GGR recovering, but still remaining negative between 8th of June and 30th of June. Kino has been the game that was burdened the most, as the game's structure and successive 5-minute draws usually require more active time within the shop. When it comes to Joker, the addition of a third draw continues to contribute to the game's appeal, providing with a mild increase on average of the weekly sales. Betting-wise, revenues declined by 55%, however the restart of major leagues led to a much improved revenue from June onwards, and Jan will refer to that in more detail later on. VLDs recovered quite promptly, also due to the fact that the return to normal life post-lockdown was more established at the time of gaming halls reopening in June versus when OPA stores opened in May. Overall activity has been satisfactory, leading to a positive double-digit delta between 8 June and 30 June versus the same period of last year. When comparing overall trends, on slide 9 you will find out performance versus the average mobility trends in retail and recreation. While we obviously lost almost all of our revenue during the lockdown period, we managed to gradually come very close to the mobility average in the partial reopening period and returned positive year-on-year between 8th of June to 30th of June, clearly outperforming mobility trends. Through a different perspective and as seen on slide 10, pre-lockdown performance stood at plus 2%, in the first two months of the year, while the period that includes the lockdown and the partial reopening was down by 67%. The full reopening period pertaining to the full contribution of OPAP stores and VLTs, i.e. from 8th of June till 31st of August, was up by 3.1%, thus outperforming even the pre-lockdown period. But the fact that August alone was down by 2.1% together with the COVID second wave makes us cautious for the future. As seen on slide 11, the material diversification of the regional contribution of revenue demonstrates that even despite our shops reopening, certain islands that have gone under tougher local COVID-related restriction measures or experience lower local food flow and spending due to subdued tourism-related income are indeed underperforming versus the average. As a result, although mainland Greece has still been generating marginally positive performance, the why performance differs among different regions make us really worry about the upcoming autumn period. Moving on to profitability, And turning to slide 12, recurring EBITDA for the quarter reached €23 million, which is down by 74.7% for the year. However, looking at this through a different perspective, it took roughly one month of full operations for OPAP to generate positive operating profitability for the quarter, something that we believe represents a substantial achievement and demonstrates operating resilience of our business model. On our part, we have been able to fulfill our commitments with regards to OPEX savings, as our recurring OPEX base was down in the first half of the year, thus delivering on our promises when the lockdown came. Going forward, both payroll and marketing costs will normalize in line with the future development of the business. Below the EBITDA line, we note non-cash impairments of €11.5 million, mostly related to horse races, where the company numbers have been further burdened by the COVID-related implications, and as such, our auditors recommended that we should proceed with such a move. Finally, moving to slide 14, although impairments and amortization charges led to our net profit line to be negative for the quarter, we still managed to record operational cash flow of €70 million for the quarter. As a result, our cash balance remained exceptionally strong at €628 million, with our net debt to EBITDA ratio shaping at 1.6 times. Our solid financial position enabled us to once more deliver an above consensus expectations dividend of 30 euro cents per share on top of the 1 euro dividend which was delivered earlier in the year and this led to total 1.30 euro distribution within 2020 which is probably the highest yield when looking at both our international peers and also at Greek large cap companies. Just before turning over to Jan, I would like to end my part with a short reference to Sticheman, which has now been renamed to Kaizen Gaming, and it owns the success of Sticheman and Betano grants. Its profit for the quarter increased year on year, and in Q2 the profit contribution was 1.8 million euro. So very strong Q1 together with the shift towards online during the COVID period in Q2 has helped the company to grow in the first half of 2020. This is yet another reason why we feel happy that we managed to conclude the second part of the acquisition and we are now holding an effective 69% stake of the Greek and Cypriot business. We do not stop here and we have agreed upon authorities' approval to increase further our stake to almost 85% that together with the acquisition of control would, upon auditor's consent, enable us to consolidate the company. With that, I'm passing back to Jan.

Thank you, Pavel. Let's go for an operational overview of our business for the quarter. So starting with our retail channel on slide 17. Right since the COVID outbreak, we have put all of our effort into supporting our agents during the lockdown. and the subsequent gradual reopening period. In more detail, we helped them minimize liquidity issues during the closure period. We prepared a set of guidelines to help them benefit from the various governance stimulus measures, while we also provided the direct support wherever needed. At the same time, we have continued on the path of our East Space development by building and upgrading 153 stores in Q2, aiming for completing more than 300 by the end of the year. Additionally, we have proceeded across the entire network with a satellite infrastructure upgrade enabling multi-channel high-definition content transmission. PowerSpin, our new game, is one of the first successful examples using this new technology. On top, more than 1,000 stores as of today have been equipped with smart digital infrastructure that allows for centralized screens, content management, digital communication, and creation of various gaming zones within one store. Finally, video walls representing the best audiovisual experience are now already present in around 140 of our stores. All these elements are further enhancing our customer propositions, pursuing the local entertainment destination ambition. Set aside the changes and enhancements visible to the customer, a lot is continuing to happen also in the back end of our operations. In July end, in cooperation with Salesforce, we have introduced our new B2B CRM platform, making another important step in the digitalization of our back office. In essence, Salesforce is becoming the main collaboration tool of OPAP sales and network support teams, incorporating all the network processes in a single system. At the same time, it enables real-time store view for both headquarters and frontliners. We are also continuing our OPAP League initiative that aims at rewarding the best performing agents through various incentives. As for the VLTs and slide 18, although both revenue and active customers obviously declined when taking into account that VODs were not operational for more than two-thirds of the quarter, we continued with a set of successful initiatives fully supporting our reopening in June. We had launched four new games, raising our game portfolio to a total of 100, while holding several initiatives such as loyalty programs and local thematic events. We also aim to optimize both our jackpots offering as well as our cabinets mix, having already reshuffled around 600 VLTs so as to better meet players' demands. Actually, as a result of these actions, and as seen on slide 19, GGR per VLT per day of these machines that have been operational for a year came in at €44 in Q2, demonstrating a clear sequential improvement versus all the previous quarters. Admittedly, this is also a result of the urge of the players to resume their playing activity post the lockdown, but it is still indicative of the VLT's business dynamics, now contributing for more than 20% of the group's GGR. Sports betting-wise, and slides 20 and 21, we continue to enhance our sportsbook following best practices across the industry. Live betting is now almost 50% of bets placed, with SSBTs accounting for more than 34% of the wagers. In addition, virtuals have gained ground on the back of a successful product relaunch, and customers' interests shift due to the lack of sports events in early Q2. That said, the restart of major leagues in June and the conclusion of the European Champions League in August led to an increased year-over-year betting revenues between June and August. But more importantly, it made clear that sports leagues and events can and most probably will now continue to happen, obviously adapting to the new norm with no or limited teams fans present at the venues. Overall, given the situation, We are satisfied with the game's performance, but know that the delayed conclusion of most league seasons is also meaning that 2020 and 2021 leagues will start later, thus causing a shift in late-August-September revenues. The last day of Q2 was marked by the introduction of Powerspin across the whole OPAP Store's estate. As seen on slide 22, This new game is further enriching our wide portfolio of fast games and perfectly complementing our players' experience. The game's awareness has been supported by a launch campaign, providing with encouraging early performance signs. On the online front, and slide 23, revenues have been sustained at high levels, with both Panathychema and Joker demonstrating materially improved year-over-year performance. GGR moved from just €2.4 million in Q2 2019 to €10 million in Q2 2020, at the same time also generating increased quarter-on-quarter sequential numbers. Both registered and active customers also increased, despite the fact that retail reopened again in May. Specifically, our active space reached new historical heights of 140,000 players in Q2, primarily driven from Joker acquisitions and effective marketing campaigns. Online betting performance that has been affected by the lack of sports events was partially compensated by the launch of online virtuals. We also recently added some new features, such as Joker subscriptions, which enables the player to participate in future draws and pay as he goes. On the operational front, we are implementing additional actions so as to further enhance this important line of business, which has been gaining market share on the back of COVID-related conditions. In specific, we implemented digital onboarding, thus reducing material-related costs. We introduced robotic process automation in our daily operations, positively impacting performance and customer experience, and are constantly improving our VIP customers' handling. When it comes to Sticheman, the company recorded material top-line growth in the first half of the year, with Greek and Cypriot business growing, international operations gaining ground in the mix. Product-wise, the company has been successful into replenishing sports betting losses with casino, and we have every reason to believe that 2020 will be another successful year. Just before concluding our opening statement, our COVID-related approach with regards to our people has been one of abundant caution and at the same time enactment of best practices regarding proactive protection and contribution to the society. Our CSR program is continuing on every front, with the speed of response and collective responsibility being impressive. On top, the reopening of our op-op stores and play stores as well as in-directionals has been successful through our partners' hard work and collaboration and I would like to use this opportunity to thank them both for their professionalism and commitment. Together with the invaluable support of our employees, we managed to successfully resume our business in the best possible way and I am confident that we will be able to stay on the same path. With that, I'm now concluding my opening statement. Thank you for your patience and attention, and I'm opening the floor for any questions you might have.

Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question comes from the line of with your bank equities. Please go ahead.

Yes, hi there. Hope you are all safe and healthy. A few questions from my side, please. Firstly, first one relates to current trading. In your presentation, you touched upon a few recent data points, but maybe if you could elaborate a bit on the latest dynamics, I would be mainly interested in what you've been seeing since the tightening of social distancing measures, for example, the mandatory wearing of masks by customers. I think it was sometime around mid-August, I believe. Have you noticed any effects which you would be keen to quantify. Secondly, as you had promised, you put some effort on curtailing costs in the second quarter, and as you said, this was visible in operating expenses. Could you tell us the extent to which you feel there is more room to lower costs in certain categories, and if yes, which might this be, please? So that was the second question. And lastly, well, I actually have a question on the big elephant in the room, namely the gain-in-duty situation. Has there been any discussion with the relevant authorities? And if not, when should we expect development taking into account that the extension period kicks off in less than two months? Thank you.

So the first one.

So, starting with the first question about the impact of the measures implemented in August. We have shown you on one of the slides the trends we have seen in June, July, August, and as you have noticed there, there is an impact in August. And August, I think, at the same time nicely interprets and represents how much it is difficult to predict any future. A lot of partially surprising developments have been happening on a very short notice during August. we have been reacting and it's very difficult to predict what's ahead of us and predict any trends under these circumstances. What I think is important to highlight though is at the same time the last couple of months nicely illustrate that there is and continues to be a customer interest in our games despite the COVID measures. So we believe that the same way customers will be getting used to the COVID measures across the whole retail industry, the same way this will become the new normal for them also for our own estate.

Okay, the second question about the cost going forward. Yes, indeed. In Q2 and during the lockdown, we managed to reduce our costs very significantly. And as I mentioned in my introductory speech, we are now aligning the costs in line with the business development. So basically, many of the costs are back to the normality because naturally with the reopening of our network of both pub stores and gaming halls, There are some ongoing operating costs which are required to run our normal day-to-day operations, but we remain extremely cautious about the future development, and basically we are ready to come up with extra savings should the situation dramatically change. So, yes, we are always looking for ongoing savings, but we need to really invest into our business for the future growth, But invest cautiously, and as soon as the situation, if the situation would worsen again, be ready again to come up immediately with some cost savings again. And those are normal running operating costs of the retail network IT, and of course also the marketing costs.

Second question, it will be answered by me, Kamil Tigler, Executive Chairman. Hello, Stamatik. Related to the, you call it, gaming duties, as we informed you last time that all relevant Greek authorities are already informed about existence of this contract which is valid since the year 2011 and which is consisting of the OPA prepayment of the TGR contribution for the period October 2022, October 2030 in amount 1.83 billion euros. And since that moment that we are not, there is no further update about any negotiations and what is quite clear that OPAP is fully ready to implement this contractual agreement during the coming period.

Okay, that's clear. Thank you. Okay, and may I ask a follow-up on actually the non-gaming activities, if I may, which is slightly correct. They were actually surprisingly... strong in Q2, I would say they were back to normal levels, looking at your other operating income line. Could you maybe elaborate a bit on what you've been doing there and what your plans are in the coming months, please?

Yes, basically within agro-operating income it's not only non-gaming activities. They have been unfortunately impacted in a similar way as the gaming activities. But we have some one-off items within agro-operating income which are helping our performance in this line.

Okay, so you mean that your non-gaming activities were down in rolling things with the rest of the business?

Yes, in a way they were, because obviously our non-gaming activities still happen mostly in OPAP stores, although part of them, very small part of them happens in the independent retail where still the stores were open, but open stores were closed, so obviously our non-gaming activities were also impacted.

Okay, and sorry about the questions, may I ask a final one and follow up on this? So in H1, what's the amount in other operating income, which is like, you know, non-recurring or one of? Or if you don't have the number handy, we can take it offline.

I don't mind.

But when you look at light-for-light basis, which we reported there, it's all adjusted there. So that's probably what I would mention.

Great.

That's fine.

No worries. Thank you.

The next question comes from the line of Matavrasparis with Padellakis Securities. Please go ahead.

Yes, good afternoon from my side. Two questions, if I may. The first one refers to the disclosures you make about the performance in the islands during August. Would you say that this is because of lower incomes related to tourism from the residents in the islands, or Do you believe that there is a direct impact from less tourism also? And secondly, can you update us, please, on the CEO succession process and how we stand with that? Thank you very much.

So on the islands, yes, you are getting right. It's both. And it's not only current disposable income of the people. It's obviously the high level of cautiousness of the locals that is connected with the decrease or significant decrease, as we all see, in the traffic industry. So it's not only here and now. It's also about the people being way much more cautious about what's coming later in the year. So you pretty much correct it. Okay, thanks.

Related to second question, that will be answered by me. Yes, we are continuing in the selection of the new CEO, and just only what I want to stress is that we are in, let's say, pre-final stage, and we expect it will be concluded relatively very soon.

Okay, clear. Just a final thing, if I may. Can you give us any indication on the timeline of the completion of the third leg of the human transaction because I understand that only then you're going to be starting to fully consolidate the Greek and Cypriot operations. Thank you.

We have a clear step plan for the next stage where we will acquire additional 15% stake and sole control, but that time plan is really within this year. So by the end of the year, that's our clear step plan. We would like to acquire additional 15% sole control and being able to fully consolidate Sticheman. However, we have some regulatory approval spending there, so it's not entirely in our hands.

Okay, clear. Thank you very much.

The next question is from the line of Ms. Misoglu Osman with Ambrosia Capital. Please go ahead.

Hello. Many thanks for your time and the presentation. Could you share with us how much of the GGR comes from the islands? And also with this minus two, if we could get maybe, I understand, you know, islands are impacting it, but is there any more color you can give such as performance of different segments of the business? foot traffic and any other color that you can provide. And I guess is autumn after the summer season goes away, are we going to potentially look at easier comps for the islands? That's one bit. And then on the online side, given the very solid results in Q2, what kind of market share you would say you have now with your own brand and also Stickerman and What's the output for that market share once we get the new licenses in place? Thank you.

Okay, related to the first question, the islands stand somewhere in the mid-teens. In terms of the total GGR contribution, they stand somewhere in the mid-teens. Now, really, as Jan explained, the issue with the islands is basically local people really didn't have a very good season. The tourism was significantly down. But also, there is a large number of workforce is coming from the mainland Greece because there are lots of seasonal jobs in hotels, restaurants, cafes. And many of them have been shut down during the whole summer. So also people from mainland didn't have their normal seasonal income. So this also pretty much impact the performance in the rest of the year and into the 2021.

And the segment performance, was it similar for VLTs, Lottery, Letting in August?

You mean in the islands?

Overall, so you said minus two in August. I was just wondering if, for example, betting was lower because of, you know, a lot of the activity was in July, right?

Yeah, well, it was pretty much across the board, yeah, without going into any detail.

No worries. Okay.

Related to online, I will answer this. The single, or let's say, op-up position on the online market is really in the single digit percentage. Stichemann position, that's what we can see, Stichemann is market leader. Now it's very hard to estimate, to provide some more correct estimation about market share of Stichemann, because what seems to be a little bit evident that some of other operators, and especially new operators, are playing some games with the customer basis and sometimes if you can see the official results or somehow published results of them, of their GGR, it seems that it's not reflecting fully the reality. But definitely what we can say about Sticheman is that this is an undisputable market leader online in Greece.

And regarding the outlook for the competitive environment and how you... We hope it will stay the same.

And with Tichyman and of course for OPAP the whole target, the very tough target for the whole management team is to definitely increase the market share of OPAP especially once we will have this permanent, let's call it, license framework and environment. Let me expect that this will be the fair environment, competitive environment for all participants, and definitely we want to increase our market share.

Okay. Thank you.

As a reminder, if you would like to ask a question, please press Char and 1 on your telephone. The next question is from the line of Mitra Jason with Safira Investment Advisors. Please go ahead.

Hi there. Thank you very much for your disclosures again. Could I ask you to repeat your response to the question regarding the impending expiry of the GDR tax position in October? I didn't understand your response there. I'm just trying to clarify how we should think about how your GGR tax position will alter into Q4 of this year? Thanks.

Yes, so our answer again is that there is already existing contractual agreement between OPAP and Greek State. And starting October, this contractual agreement assume that the public start to pay 5% GGR tax because there is prepaid GGR tax for the next decade in total amount 1.83 billion euros.

Right, so would it be reasonable for us to assume that in 2021 and beyond that 5% GGR tax will be the steady state? Or is there a... Is there another discussion going on?

Yes, that's something what this existing contract assumes.

And is there any other discussion to suggest that that would be anything other than 5% going forward?

As we were saying, the Roman Greek authorities were informed. They are fully aware of this contractual agreement, existing one, and about this prepaid GGR tax. This is anything what we can say, and there is currently anything on the table.

Okay. So there's no dialogue or expectation or understanding of any adjustment to that?

There is so that if you can consider a dialogue that there was a common exchange of information, then this is dialogue.

Okay. Okay. Thank you very much.

The next question is from the line of Kourtesis Iakovos with Piraeus Securities. Please go ahead.

Yes, good afternoon, gentlemen. Taking into account the cost containment measures you took due to COVID-19, would you see your capex returning to normal levels towards the second half of the year, and where you would see your capex figure to shape for fiscal year 2020? Thank you.

Thank you for the question. Our capex will definitely finish lower than what would be the standard level. We declared in the past that our standard investment into capex per annum stands somewhere between 20 to 25 million as an ongoing replacement and maintenance capex. For 2020, we will definitely stay much lower than this level. Because A, already during the COVID, we not only were trying to do the cost containment measures, but also the CAPEX containment measures, because we were cautious of CAPEX. And frankly, some of the projects could not be executed due to the lockdown. So as a result, we canceled a number of the projects or postponed them for the next year. In the second half of the year, like with the OPEX, even with CAPEX, we are quite cautious. So we're not stopping it completely, but we will come lower than would be the normal level of the 20 million plus.

Okay, taking this into account, should we estimate higher than the normal level of CapEx for 2021 or it will stay in 2025 million?

It's a bit difficult to say now. We are currently undergoing the strategic discussion for the next long-term period for OPAP. We have a lot of initiatives which we are discussing, so at this stage I would not like to comment on this one, please.

Thank you very much.

Once again, to register for a question, please press star and 1 on your telephone. As a final reminder, to register for a question, please press star and one on your telephone. The next question is from the line of Boynton Russell with Edison. Please go ahead.

Good afternoon, all. Just a quick question, please. Could you just talk about what consumer behavior was like as they returned to venues? You know, were there fewer people spending more or, you know, was pretty much similar people coming through. And was there a difference in demographics in terms of, you know, slightly younger people more willing to come out versus older people? Thanks very much.

Thank you for your question. Inertial consumer behaviors It is something that we see evolving in time, but as you would expect, we obviously see customers being more concerned about the safety and security, so they kind of think twice if they want to walk into the store and spend time in the store. We see a large part of the customers preferring to stay on the outside, which, thanks to the good weather in Greece, is at these moments possible. We see customers being generally cautious about the safety and security. We generally see a very positive feedback from customers about how OPAP has approached the security and safety and all the measures we have taken. At the same time, customers are concerned, though, about the other customers being responsible and behaving responsible. And that is something, especially for those who are living in Greece, You certainly observe the same trend. Every week this is changing and improving in a good way, the compliance with the measures and people being responsible in their behaviors of wearing masks and behaving responsibly. So that is evolving, but we obviously do see an impact on customer behaviors, and that's something that we are also reflecting in our plans going forward where we will be trying always to provide customers with a safe environment and with solutions that will be addressing this relatively new insight that I am afraid are here to stay for some time and some of them even for long. So we need to adjust to this new norm.

And do you have any feel for spend per customer? Has there been some, I don't know, catch-up spend from those customers who perhaps haven't spent over the lockdown period?

Again, I think it would be very irresponsible to say that we have no fear. Many things may change in the months to come. Many different developments may happen. And even though we obviously pray and hope for the best for the people in Greece, we are obviously prepared also for some of the bad scenarios, the worst case being again some significant lockdowns on specific geographical areas, hopefully not Greek-wide. So we will see how that evolves. Spend per customer is one of the categories where many different evolutions may happen depending on how the whole economy will be doing and what people will see in terms of the macroeconomic situations and measures applied. Difficult to forecast.

Yes, I know it's still a good forecast, but how was spend per customer when they were back in the shops? Was it fewer customers spending more because there was a bit of pent-up demand having not spent through the summer?

We have seen, we haven't seen dramatic decrease, we have seen slight decrease, we have seen also slight decrease in time spent, not that much in occasions, so it seems like people continue to come following their usual habits, but they tend to spend less time, or they are trying to avoid spending, excuse me, they are trying to avoid staying on the inside. because of the security concerns. Okay, thank you.

We have a follow-up question from the line of Memisoglu Osman with Ambrosia Capital. Please go ahead.

Hi, just wanted to touch upon your capital allocation, i.e. the dividend angle, obviously. How frequently are you considering this? You just made a payment, obviously. If things were To normalize, and I realize there's uncertainty, could we expect another announcement along with the third quarter results, or is it totally off the plans now given the various moving parts? Any color there would be helpful. Thank you.

Yes, as you know, we've made very high distribution already during 2020, in total €1.30. Yes, in normal circumstances, we would be thinking about the endearment dividend. Currently, we have to be extremely cautious about what COVID will bring going forward. So I think it's too early to discuss that topic. We have to wait and see how the COVID develops, how the business develops.

Got it. Okay. Thank you. Once again, to register for a question, please press star and 1 on your telephone. As a final reminder, to register for a question, please press star and 1 on your telephone. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Gara for any closing comments. Thank you.

Thank you all very much for your participation. I wish you all stay safe, and I will be looking forward to talk to you soon. Have a great day. Bye.

Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling, and have a pleasant evening.