Yit Oyj Unsp/Adr

Good morning and welcome to YIT's 2020 earnings webcast. My name is Tommi Ervempää. I'm the head of YIT's investor relations. With me here today are also our interim CEO Antti Inkilä and CFO Ilkka Salonen. We will first go through the presentation followed by Q&A. At this point, I would like to hand over to our interim CEO. Antti, please go ahead.

Thank you, Tommi, and good morning. Hello, everyone. I will start with the safety, as it is in the core of our operations. In 2020, our safety performance improved, and the group's rolling 12-month combined lost time in injury frequency amounted to 9.8. And in 2019, the same figure was in the level of 10. 10.7. It's good to note that this figure reflects our new reporting method. Since the beginning of 2020, we renewed our safety reporting practices, encompassing both own personal and subcontractors. The aim is to lead the safety development of the industry in a more comprehensive direction. Although we made progress, it's clear that more work is needed to achieve a step change in our safety performance, and this is a key focus to our management also in 2021. We made great progress in several areas in 2020. Our measures to minimize the impacts of COVID-19 pandemic were successful, We kept our construction sites open with only minor disturbances, and we completed the project according to plans. We also took a giant leap in digital sales in housing segments, which helped us to achieve good sales results. Our strategy execution remained determined in 2020, and we continued to focus on the core of our strategy, sustainable urban development. We streamlined our business portfolio by completing the sale of Nordic paving and mineral aggregates businesses and made decision to close down our operations in Norway. Our balance sheet was strengthened and our full year operating cash flow of the investment was solid at more than 300 million euros. Furthermore, the target to halve the CO2 emission of our own operations by 2030 got an excellent start in 2020 with a 21% decrease. We have speeded up work in several sustainability areas, including the prevention of the green economy and improving occupational safety. Looking ahead, we had a solid portfolio of projects. We have one, but which have not yet been added to our order book. We also have a strong lottery serve and competent personnel. And we will focus more to select projects in which we can utilize our capabilities and strengths in the best way. However, financially, our performance was very disappointing in 2020. Our adjusted operating profit amounted to 85 million euros, and it's clearly lower than 165 million euros during the year before. The biggest delta comes from fair value changes. Compared to previous year, there was a negative negative 94 million euro bridge impact for fair value changes, mainly related to the Mall of Tripoli investment. The negative fair value change of 60 million euros in the fourth quarter relates to increased market yields caused by the COVID-19 pandemic. On the contrary, during 2019, there was a significant positive fair value change related to mall of Triipala. Operationally, our financial performance in 2020 was mixed. On a positive note, the results in housing segments were very strong. Market situation was favorable for us during the second half of the year, but more importantly, is that we have also been able to increase our market share. Our hard work to develop relationship with customers and enhance digital tools has now started to show tangible results. Customer feedback has been excellent throughout the year and our customer satisfaction rates increased to 62 in housing Finland and CEE and to 60 in housing Russia. compared to previous years 51 and 57. Unfortunately, this good development was overshadowed by project management issues. The three challenging projects that we have been talking about throughout 2020, led to financial settlements of 15 million euros in total during the year. Therefore, our business premises segment posted a heavy loss, which obviously is a big disappointment for us. Thereby, we have already taken decisive steps to improve management to avoid similar issues in the future. Those steps include work in several areas. to change the ways how we operate. We have divided these actions for four categories. First, forecasting and reporting, meaning that we need to perform systemically with high quality and in accordance with common YET-wide practices on all sites and segments. This requires more disciplined ways of working compared to current state. Secondly, supply chain management, which means that all work and materials for each project are and site primarily ordered through common systems. Suppliers will be managed with commonly agreed principle for each type of supplier. And thirdly, yes, thirdly, productivity, LEAP based on well-defined daily management and planning routines on all YET sites and a unified way to resource projects based on operational priorities. Fourthly, a management system that enables high quality project management, uniform usage in each project and thorough risk management in cost estimation phase. This is not actually rocket science. We do all these things already today, but we need to harmonize these processes, decrease variance in managing projects and ensure flawless information flow to improve visibility and enable immediate decision making when needed. As said, The work has already started and is ongoing in all these areas. And we expect to get tangible results already this year. In 2020, our strategy execution remained determined. We streamlined our business portfolio by completing the sale of the Nordic paving and mineral aggregates businesses. and we also made a decision to close down our operations in Norway. Our balance sheet was strengthened, which is visible in our improved hearing figures. On the other hand, our return on capital employed peaked, as the result declined. However, our measures to free up capital continued. In light of 2020's weak profitability, our key target is to ensure profitability growth in the future. We will continue to focus on top location plot investments and development in growth areas, which requires a strong balance sheet. Hence, the board of directors has decided to propose to the annual general meeting a dividend of 0.14 euros per share. Why it is a long-term target for climate change mitigation in September 2019, one of them being to halve greenhouse gas emissions of our own operations and self-developed project by 2030 compared to 2019. Last year we achieved minus 21% reduction on the emission intensity of our own operations, compared to last year. And it means that low-hanging fruits have now been picked, and the future progress in the emission reduction is expected to be slower when we move towards 2030. Now I hand over to Ilkka. Thank you, Antti, and good morning, everyone. Just an outlook for our financial performance for the last year. Look at from the revenue side, it was peaked as expected in Q4, and it was about 200 million lower than the previous year Q4, but it's good to remind that at that time. the big revenue recognition over there was related for the triple. More interesting is what comes to the order book. Over there, the drop is roughly about 600 million euros. And the housing operations in Finland and Sweden, as well as in Russia, that covers about 450 million euros, And it's driven by the fact that the startups are on the lower level. And also in Russia, as well as in Finland and CE segments. In business premises and partnership properties, if we combine those two, the order book was somehow higher. And then in infra-project side, the order book was about 300 million lower. There are actually three components over there. One is related for the lower activities in the Scandinavian countries. And the Baltic countries, we have, for example, starting the closing of the Norwegian operations. In Finland, there are big projects coming to the end. which of course means that there is less in order books, and some of the big ones are in the development phase when the amount in order book from the total value is very small. And the third one is that over there, we have also chosen what we want to get to our order book, so that's also a selection question. So roughly, housing operations, lower start-ups, infrastructure, Baltic and Scandinavia, large projects start to get the end, and the selection of projects. Then if we look at the last quarter, result, 56 million, that was burdened by 16 million fair value change in triple or more compared to the last year, 121. We had quite good bridge over there already previously. Then segment by segment, this can be divided for three categories as well. Housing operations, very good result, strong result in all areas, and especially if we look at for the spring when the COVID-19 started, I believe that this kind of picture was not at anyone's eyes. Then the other categories is what comes to business premises and infrastructure. There we have struggled with project management issue in some projects. However, the business premises was slightly positive. And then the last one is related for the market dynamics and the yields in the markets. Last year, we finalized 3.4 and took it to the fair value. That's 79 million at that time. And as the yield increased this year or last year, we took fair values in lost about 60 million and tripled that way. So, three areas. Housing did very well. Business premises and infrastructure was weak. And then the partnership properties related for the market development. Housing Finland and CEE adjusted operating profit 65 million. I did see the strong apartment sales during the last quarter. The apartment startups was at a good level. As you remember, in the end of Q1, in the beginning of Q2, we actually stopped the startups in the beginning of the COVID virus. And then the living services, that continues to grow. Housing Russell. Adjusted operating profit, 11 million. The sales over there developed very favorably, also in Q4. Margins continue to increase. Strategic measures proceeding as planned, as we have announced in the summer of 2019, that we are closing some of our units over there. That's going as planned. One transaction over there was announced in the fall, when we announced that we are selling lots in the Moscow area. And one topic where it's a good stop for a while is that Russian escrow accounts, and that is the change in the local legislation. Previously, the construction companies were able to collect, advance payments from the customers, then the local legislation changed, so that construction companies cannot collect those ones, but those money has to be put for the escrow accounts. So what it means in our side is that our net interest bearing debt has increased by 55 million due to that reason, so we take external loan from those banks, of course, with a very favourable margin, but it is seen in our gearing figures. Business premises side, trusted operating profit slightly positive, The second box is showing that our order book is solid and healthy. Usually this business area is seen as only the offices, but in the real life, 77% of our order backlog is related to the public sectors. There are hospitals, there are schools, different kinds of contracting models, life cycles and so on. So that's good for the coming years. And there are the actions to improve project management. It is ongoing. And during the Q4, we saw several business premises. And in order book side, I want to remind over here is that in the spring last year, we transferred the real estate management from business premises to partnership properties. So the underlying order book in business premises is higher than a year earlier. Infrastructure. The adjusted operating profit was 2 million, last year 6 million. And as we announced in December, that we sold Murttumäki wind park. And that is impacting positively for the operating profit. So, it's quite clear that we had some challenges in a few projects over there. And also, as we mentioned, that we are closing the Norwegian operations. That also has the impact for the production volumes. In Baltics, it's more related for the market dynamics. Partners in properties side, adjusted cooperating profit minus 15, out of which 16 million was related for the fair valuation change in more of Tripla. We also sold housing stock of Ope Kodit, KU, and then the Workery concept was launched in 2021, in January. And what is Workery Plus? It's related for the using of office premises. It brings flexibility for our customers in their premises need. They can reserve spaces from hoops, and that has been very well taken in the market. The customers are interested And during this year, we are targeting to ramp up that concept to the market. Then to the cash flow and balance sheet side. So, cash flow after investment was very good, 336 million. 250 million out of that was related for the paving deal last year. We take that away. the cash flow was also very good compared to our results. Where we invested last quarter, of course, the plot investments, 36 million, 13 million for associated companies. If you look at last year, the total amount we invested for the plot investments was about 150 million, probably a little bit more. which was exactly the same figure than in 2019. And if we look further into the coming years, we are definitely willing to invest for the ports as well, because that's the source where we get the profitability and cash flow in the future. Of course, when the cash flow was strong, the net interest bearing debt was down 862 down to 628, so about 230 million euros. And that was, of course, driven by the paving sails, but as I mentioned, the operational cash flow was also very good last year. Our maturity structure, we last year prolonged some of our loans or debts, and this year there is 213 million in maturity, out of which 100 million is in one bond. The other bond is in 2000, expiring in 2023. Financial key ratios, yes, the hearing is 68. We are not yet in the target area where we want to be in 30 to 50, but of course, last year was a performance towards that target. Equity ratio 33, and net debt to trusted EBITDA was increased, and that is fully driven by the profitability of the last year. That was shortly about the financial Okay, thank you Jukka. So let's go to the market outlook. As you can see, our market outlook is relatively stable. However, COVID-19 pandemic is still causing uncertainties and limits our visibility. In the housing businesses, demand has been on a good level and it's expected to remain so in Finland and CEE. In Russia, the consumer demand is expected to normalize after a very strong peak at the end of 2020. In Finland, the real estate investor demand is starting to recover and the contracting market is stable. The yield requirements for commercial projects are expected to be impacted by accelerating online sales and uncertainty caused by the COVID-19. In the Baltic countries, the contracting market is recovering in both infra and real estate businesses. Infra demand is expected to continue subdued in Finland, but remains good in Sweden. When we look at the estimated consumer apartment completions in Finland and CEE, we see that we will see a similar pattern in 2021 compared to 2020. Quarter four is expected to be clearly the strongest. This also means that a large part of our profit will realize then. We also see decrease in total amount of completions compared to previous year. And like Ilkka already told that this is due to lower number of startups. during the spring 2020, when we stopped startups for one and a half months. Then if we go to our guidance, we expect our full year 2020 adjusted operating profit to be higher than 2020. And the fourth quarter is expected to be clearly the strongest As mentioned, housing completions are expected to decrease in housing Finland and CE compared to last year. In Russia, solid underlying performance is estimated to continue. In business premises, performance is expected to stabilize after poor performance in 2020. project management issues in the infrastructure segments are still burdening earnings, but those issues are expected to be resolved as the year progresses. In partnership properties, portfolio development is expected to continue. What comes to the Our management agenda remains unchanged if we compare that to last interim report. So firstly, we need to improve our project management. Absolutely crucial is to reduce the number of negative surprises. And to achieve this, promoting an open culture, disciplined and common ways of working And of course, sharing the best practices with better project management improve our profitability. Secondly, we will continue to expand digital service further. It is very important to understand our customers better and hence provide better customer experience. And we have made excellent progress in this area. last year, and we expect that this will continue also this year. Thirdly, sustainability is in the core of our business, and like I have said, we have announced that we are going to halve our CO2 emissions by 2030. Finally, but definitely not last but not least, are the people. Our people are our assets, and improving safety performance in all areas. And especially nowadays ensuring health of our people during this pandemic are the key priorities. We really have a good, great team of people, and I'm sure that we will be successful in these four priority areas this year. Thank you for your time, and now I hand over to Tommi. Please, Tommi.

Thank you, Anssi and operator. We are now ready for the questions.

Thank you. If you would like to ask a question, please press 01 on your telephone keypad. If you wish to withdraw a question, you may do so by pressing 02 to cancel. Our first question is from Anssi Kiipinen from SEB. Please go ahead.

Hi, guys. Thanks for taking my questions. It's Anssi Kiviniemi from SAP. I have a couple of them, so I will take them one by one, if that's okay. Firstly, one of the reasons you are now cutting dividend is the increasing profitability focus and plot acquisitions and the development business. altogether. Could you elaborate a bit on this side? What will happen in the next year, so that you need more room in your balance sheet, in large projects, but also in the housing business? What are the kind of ambition levels to tie more capital?

If we look at that, that's not only tie more capital. If we look at that for the last year, yes, the cash flow was strong driven by the cash flow from operations, but especially from the paving deal. On the other hand, if we look at from the balance sheet side, there we had a drop in equity, which of course has an impact negatively for our gearing. And there was, of course, the drivers over there was the dividends we paid last year, but especially the the translation difference in ruble and also the result didn't distribute it as much as it should have been. And as our key target is really to ensure the increased profitability, it means that we have to be able to invest for the plots and startups. And at the same time, we have the gearing target in 30 to 50. And that is the the rationale behind the dividend proposal for the last year.

Okay, and what should we expect from the housing business? How much are you going to increase your startups on that side? I mean, the consumer market, especially in Finland, seems to be quite okay, or even booming currently. So what are your ambitions there?

Well, let's say so that last year we had a one and a half months break in startups. And if there won't be any big surprises related to pandemic, we could see that we don't have to use that break this year. But at the same time, I have to say that especially in Central Europe, that this pandemic has been more difficult than in Finland, and it has had effects to building permits. So we hope that there won't be any postpones of startups, but it is possible. It is related to building permits and how authorities are able to handle our applications.

Okay, thanks. Then on large projects, is there anything around the corner? I mean, mostly Keilaniemi, Helsinki Garden, Maria Hospital. Are the projects looking attractive in the current market environment, and when will they go ahead with full steam?

Well, those all big projects are on our table, and we are developing them further. And when it's possible to start up, we will see. But anyway, we are developing them all at the moment.

Okay, is it a good assumption to assume that this will kick off this year, or what should we expect?

Sorry. Oh, I didn't hear.

Yeah, the question was, is it a good assumption to assume that these projects will kick off this year, or how should we look at the development phase?

Yeah, I think that, yes, the target is that, anyway, we are planning at least some of them to start this year.

Okay, thanks. Then on the guidance, you highlighted in business premises, you expect the performance to stabilize. So probably this means no additional bookings from triple, right?

Could you repeat, please?

In the CEO comments, you highlighted, no, in the guidance section, you highlighted business premises. You expect the performance to stabilize this year. So probably this means no additional bookings from Tripla or from any other sources, right?

It's quite good reading, meaning that if you look at the three challenging projects from the last year. Not those kind of negative topics in the projects. Those have been more or less closed. In Tripla, we still have some last financial settlements under negotiations. take Q1, Q2, but not that kind of performance than last year. Yeah, you're right.

Okay, thanks. Then the last one is on intra-business. You highlighted that project management issues are expected to burden earnings. Are we talking about tens of millions, or are we talking about single millions? of the kind of potential burning from project management in infra.

It was more a helping that not too much expectation for the first half of the year when we still are struggling with a couple of projects.

Okay, thanks. That's all from me.

And our next question is from Svante Krokvars from Nordea. Please go ahead.

Yes, good morning and thank you for taking my question. I hope you can hear me. Yeah, we can. Great. So yes, I have a few questions left after Anssi. I also wondered regarding the infrastructure, if you could be a bit more specific on the sizes and what kind of issues it really is, because I couldn't or I didn't find what kind of magnitude it would be. I guess it's significantly smaller than or the projects are smaller than in business premises where the problems have been. But could you try to be a bit more specific on that? on the size.

Yeah, you're right. What comes to the challenges in the business premises compared to infra projects, the size of the projects are different. And it is related for a couple of projects. But for the size, we haven't stated that one. It's more related for helping that the expectations are not too high in the infrastructure side in the first half of the year.

Okay, thank you. And then on housing Finland CEE, Do you expect, I mean, when the coronavirus broke out, you correctly estimated that there could be perhaps more need for larger apartments. Can you comment on what kind of mixed changes have happened after that? And also keeping in mind that there appears to be an oversupply of smaller apartments for rental purposes. So could you elaborate a bit on the mix? in your housing projects?

That's true that the demand for bigger apartments has increased, but now we are in the same situation than the last year, so we are not increasing the average size of our apartment anymore, but we have done that before and it seems that also bigger apartments maybe not just in the helsinki city area the demand is increasing and and that that is something that we are we try to find good project and also make startups over there

Okay, thank you. And then the last one on the mall of Tripla. If I remember correctly, you earlier said that the holding company or entity that holds that there's roughly 50% debt and 50% equity. Has there been any equity calls from the lenders regarding this write-down and how do you look at that going forward?

No, if you look at the Tripla last year and its performance, yes, the number of visitors was lower. Of course, the sales in the Tripla was also lower, but it was probably one of the best ones in Finland anyway. It was lower than the budget, but I would say that taking account that there was corona or the coronavirus going on, the triple more made a good year for that one. And of course, when the COVID will start to ease, we also believe that people wants to be once again together and one place to be together is triple. But there hasn't been extra equity call from the owners.

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

And just as a reminder, if you do wish to ask a question, please press 01 on your telephone keypad now. Our next question is from Mattias Raudina from Ganske Bank. Please go ahead.

Good morning. A couple of questions. Firstly, could you elaborate more on the strong figures in Housing Finland and CEE during this Q4? Was there any effect from the sale of the housing fund in partnership properties, or was this just driven by the good sales?

No effect from housing funds in that sense that if you think about uh selling selling this housing fund it it is in in partnership properties because so good sales in in in uh in in housing yeah one one which i would like to also thanks for on this team is is that uh the uh uh unsold ready apartments uh there was there was a good good performance in Q4, which of course has impact also for the balancing.

Sorry, could you repeat what kind of apartments?

Unsold completed.

Okay. All right. Then another question concerning housing business. Can you help me to understand the low level of housing startups that you have currently? And if I look correctly, the amount of units under construction is now on the lowest level that I can remember. And to me, at least, it seems that housing markets are performing well, even if not even booming. Are you held back by resources or some timing issues or is your increased leverage affecting your willingness to start or is it the project financing which is still burdening you or can you help me to understand this?

The main reason that we have that startup break during last spring and there is like a postponement of one and a half months. And that is seen in our figures, in startup figures. And also, like I said earlier, in CE countries, we have those billing permit issues related to COVID and authorities. And that is one thing which has postponed our startups.

Okay. Okay. Then question concerning partnership properties. So was there this Keila Lampi development project included? Did you sell the project in Q4? No, it hasn't been closed. It hasn't been closed.

When do you expect it to be closed? This year it is tied for the city plan. process in the court. Yes, there is an appeal in court related to city plan, and when it's valid, then it's possible. And it's not related for the business premises. It's related for the... The appeal is related for the housing plans, but they are in the same plot. So that's the reason why the Keila Lampi deal hasn't been closed either.

Okay. But you have a binding agreement that Sele is obliged to buy it when the conditions are right?

Yep.

Okay. Then about inframarkets a little bit. You know that this slow phase in the market, but some bigger projects in the bidding phase. So when do you expect these new development phase projects start to contribute in revenues?

I think it will be quarter three if we are successful. Starting from quarter three, quarter four.

Okay. Am I correct that the one big one could be these ground bridges?

It could be, yes.

Okay, all right. Then a question on your net debt position. So how do you expect net debt to develop in 2021? So you highlighted you want to invest in plots and last year, cash flow was good, but how to see it going forward?

Yes, if we look at our main target is to get the gearing to 30-50%, our net debt came down last year, and of course the gearing is a combination of net debt as well as the equity. I would say that it's not only the absolute absolute figure, but it's also about the combination what comes to the, where the net debt is put. And definitely the, as we see in the housing Finland and CE, there we see that capital allocation for that one is worth. On the other hand, what we have stated for already a couple of years, that the risk level in Russian operations, we want to get at that lower level. And that is the, those are the drivers. Then if we get for the net debt, one technical topic, which increased that one, is the escrow accounting in Russia. But generally, yes, we want to get for the lower level in the gearing, and it comes for increasing equity, and also we have room to decrease the net debt in the long run.

Okay, one question related to Russia. So, do you see that the double-digit margins are sustainable now in Russia, At least if I look at your competitors, for example, Bona, they just reported 16% for the whole year last year. So now you are also making double-digit margins. So would you see this to continue?

Yeah, yes, yes. We see that there is no, at the moment, it seems that it's quite stable situation. And in that sense, yes.

Okay, thank you. That was all from my side.

And our next question is from Olli Kopponen from Inderes. Please go ahead.

Yeah, hello. It's Olli Kopponen from Inderes. Thanks for taking my question. I have a couple of questions left. First on the housing fill and the CEE. You had a very good year end there, but now we see that consumer completions are coming down this year compared to 2020. Should we expect this to materially affect your profitability in that segment? Or do you expect you can keep it on the same level as year 2020? Or how should we read this?

Well, if the volumes come down, it has some effects, of course. But I guess not so big drama. I think that we have quite a nice portfolio going on. But of course, if the completions are in a smaller, a smaller amount, then it will have effect to the profitability. And one quick point over there to remind is that there is actually more than 2,000 apartments under construction for investors, which is coming with the POP method throughout the year.

Yeah, and just on the geographical mix there, is there any change to previous years, or is it all the same?

At the moment, no changes, but of course we want to forecast the market, how we see it, and then if we see that some changes will happen, then we can change the mix, but Right now it seems quite stable, but like we have told already, the pandemic is uncertain in some sense and we are very thoroughly investigating the market situation and luckily we have many selling offices and we have a very good grip what is the demand situation in Finland and also in other countries. And if we look at the last year's startups, it's fair to say that, which we also mentioned in Q2 reporting, is that when we stopped and restarted, the capital area was, after that, following 100% its plans. There were some postponements in Turku-Tampere, and more postponements in the other area in Finland. So even the startups are lower, the capital area is quite close to the initial plans last year.

Okay. Just on the guidance to wrap up, How should we rate this higher than in 2020 guidance in operating profit? You have previously given us numerical guidance and what is the kind of range we should expect here? Is it like five to 10% higher or could it be also be like 50% higher? How should we rate this? Do we want it?

Yeah, I can take that one. Yeah, we say that it is higher. There is some uncertainties when we look at for this year. And the one is of course related for COVID, and about the fair valuations, which is coming from the market development, that we saw also in the end of last year. The other one is that there are transactions, let's say binary transactions, which are related for the timing. And is it a, in the business premises side, or is it in the infra, especially in, or in infrasite, for example, the wind power projects, where we, the one like that was Murto Mäki in the end of last year. We have more of those on the pipelines, depends on how the negotiations goes over there, how the signing, how the closing, so there are timing questions during this year will be more than in a normal year. So those are one of the factors why we decided not to give a guidance at that time, or very tight guidance, because there are uncertainties, and especially when it comes to the timing. So that is in our hands. So that is maybe the main reason.

Okay. And we believe you have given us also a revenue guidance. Is that also the, or those reasons are also the reason you didn't give us any revenue guidance this year?

No, we didn't. And if you look at it for this year, definitely it's for the profit. That's in the focus.

Okay, thank you. That's all from me. Thanks. Thanks. Thank you.

And our next question is from Mattias Stroudinan from Danske Bank. Please go ahead.

I still have one question remaining. uh looking at finland and see the housing business you provided some guidelines how to how to see the consumer business but about this investor side so uh could you could you help us understand what is now the uh how the revenue progressing and profitability in investor business uh no big change

from past, but anyway, the investor demand and interest in residence of businesses in quite high level, but we don't see any big changes what comes to that demand.

Okay, how about the revenue? How about the revenue recognition there? I see that startups for investors were down last year. Do you expect the revenue from investor production to be stable this year compared to last year or to decline or to increase?

At the moment, we see it is quite stable, but like I already said, that if we see that there will be some changes, then we can change our mix. Okay. Consumer projects and investor projects.

Okay. All right. Thank you. Thank you. Thank you.

And just as a final reminder, if you do wish to ask a question, please press 01 on your telephone keypad now. And there seems to be no further audio questions. I will hand the board back to the speakers.

Thank you. And thank you everyone for the questions. YIG's first quarter 2021 result will be published on April 30th. Until then, thank you and have a great day.