Q2 2020 China Yuchai International Ltd Earnings Call
[music].
Hello, good churn because.
Kevin.
Please go ahead.
[music].
Joining us today and welcome to China.
The limited second quarter 2020 carpets code.
Joining us today are Mr. away, then go and Dr. Thomas.
<unk> Chief Financial Officer.
Absolutely.
We also.
Mr. Kelvin Lai VP of operations of C.
Before we begin.
Throughout this call.
That makes it going forward looking statements within the.
Maybe the private Securities litigation.
Just one back in 1995, the words believe expect anticipate project.
Optimistic confident that continue to predict we 10 aim will or similar expressions are trending to identify forward looking statements.
All statements other than sitting still historical facts are statements that may make.
Forward looking statements. This forward looking statements include but are not limited to big concerning the company's operations.
Andrew.
Performance and conditions.
Well, the current expectations beliefs, and assumptions, which are subject to change at any time.
Hopefully cautions that these statements by their nature involve risks uncertainties and actual results may materially differ materially depending on a variety of important factors such as government Saki seems regulation competition.
Economic and social conditions around the world and in China.
Maybe those discussing the company forms 20-F.
Factors.
Results of operations and business overview.
Another reports filed with Securities Exchange Commission from time to time.
The cobot 19 pandemic, it's not effectively control our business operations and financial condition may be materially and adversely affected.
Deteriorating market for automotive sales and economic slowdown in China and abroad potential weakness in the financial condition of our customers potential adverse impacts to our suppliers that supply chain.
Factors that we cannot foresee.
All forward looking statements or clickable only as of the date there.
And the company's specifically disclaims any obligation to maintain reuptake the forward looking information.
Well there are the nature contained in the release.
Or maybe they during today's call or otherwise in the future.
Oh.
In summary.
And then Dr. phone will review the financial results for the second quarter ended June 30, 20 Twond.
After we will conduct a question answer session.
For the purposes of today's call to fund. These results for the second quarter ended June 30, 2020 are unaudited and there will be presented in RMB at U.S. dollars. All the financial information presented is reported UGI International financial reporting standards as if anybody international accounting standards Board. Mr. Hoe. Please begin.
Her prepared remarks, thank you Kevin.
The second quarter.
I know you, calling me resumed growth at GDP increased by 2.2%.
Below historical trends by the strong rebound from the 6.8% economy contraction of the first.
Dishwasher severely affected by the <unk> friend to me.
After my focus will be nice embed that creates a major disruption in the Chinese economy, and automotive industries as you'd affected customers.
Ladies love to distributors. So these networks and other auto related occupation.
The national into probably show travel restrictions negatively affected many supply chain.
Automotive industry.
Following the reopening of the Chinese economy, the government and I said economy grew steadily including higher fees still spending more proof infrastructure projects.
Loading lending rates and then reserve requirement.
It's actually PBT increases may and China export growth, partially because China was among the flows through east Lasalle action.
I called it the data before that by the China Association of automobile manufacturers.
And the second for the city Twinkie sales of commercial vehicles.
Who didn't gasoline powered electric power that equal.
Precise 50, plus 5%.
<unk> sales increased by 56.1% this baby ABDC Trust is.
<unk> said.
<unk>.
Sales rose by 32.5% and bus sales increased by 1.8 cents.
This growth was attributable to the pent up demand from the first quarter of anybody that's much healthier called me what essentially shut though.
South in trouble destruction.
Medically in PBC spread out the koby at night infection.
Oh operational and financial results.
The second quarter effected the rebound from the disruptions in the first what if anything.
You do the coordinating outbreak.
Total unit sales improved by 52% Euro Ya.
Well work truck engines, and Boston getting unit sales grew by 23 by truth effect in the second quarter if anything.
Heavy duty truck sales rising by 40.8%.
Medium to do just fine if you see policy, but then year over year.
And just sales increased an impressive you want by 7% led by 78.5% growth in these seasonal agriculture missionary Mark.
As a result revenue increased slightly to all by itself to say RMB 6.5 billion. All your thought of 935.2 million.
<unk> sales up on national fixing give in the Chinese heavy duty truck engine market is directly related to the growing acceptance up on that shows.
Thank you again and you brought up.
What are the establish a position as one of the leading suppliers of heavy duty that should those six and use the truck and bus market in China.
Operating profit increased by 53.6% to RMB 448.7 million all U.S. dollar 63 point formulas and basic and diluted earnings per share rose by 66.4% R&D pipeline I just thought of it if I said.
In the second quarter, if any 20, but total R&D expenditure, including capitalized cost was RMB 280.3 million.
Paul U.S. follows the city like 26 million.
For the six month and it shows that you maybe 20, though the R&D was RMB 402 by 7 million U.S. dollar 56.9 million.
R&D or send a full by 2% of net revenue in the second quarter, if any credit.
And focus our net revenue for all.
And it shows that the affinity credit.
We continue to improve on nationalistic and fuel for technologies and production.
As we are progressing on.
Upwards that 40, new energy Moffat.
We see continuing national.
But my station all.
It's more stringent that's you know six I mean should stand to a hopefully they'll nationalistic complaint is included.
Followed by natural gas.
Positions us well with our existing customers and attract new ones as well.
In fact, I didn't realize assembly spread get strategic partnership with.
He also will build holding company.
Well the group a leading for the yourself heavy duty trucks in China, and the fourth on what the muscle either.
And we'll be equal segment.
We also entered into a strategy new studies fun to ship in the second quarter funny 20 to become a threat they get William supply side, he crop, but will be funny group covenant limits, the vicious China's leading Michigan Goodman maker and has a little what president.
Neil partnership will flow to improve our market position in the future.
We have used newly developed and just technologies.
Bill or modify in June 4th but faced market.
I think the 2020 plus quarters and Avant hi, Paul we're in good was introduced the benefits of growing them.
Demand for vessels into Europe.
Class.
The second one has historically breed dominator biking for the engine malls.
David I know you step increase the into power and reduce the dry did driving up the white. These six m. gave meridian good so Mickey competitive.
For the engine.
During the first half a penny Cindy.
Ill now that is why see herofive, one so five dash finder engine.
European stage five commission based tests and did you change. It you can now be marketed utopia inevitable.
We didn't know if I'm just trying to find the disruptions of sales and operations plus top Affinia 50, this cash and bank balances of RMB six flexibility, while you're solace that went to the once I mean, it at June 30th City for Andy and we paid a cash dividend of 55 cents you. It was share on July.
For the first phase.
Similar to the rest of the will China column is you'll see something they because.
However, this China successfully real please call me and automobile.
Industry or the experience of without refile beginning in April we remain cautiously confident that Chinese economy.
For the remainder often.
With that I will turn to publicize to go over that financial.
Thank you we mean.
Now, let me review second quarter results for Twentytwenty.
Revenue for the second quarter of 22, <unk> increased by 34.7% to RMB 6.5 billion.
<unk> dollar 925.2 million compared with RMB 4.9 billion indecision, what they've been Pete and I Didnt.
The total number up and Didnt show by Chew MCR during the second quarter of 50 to a deep.
<unk>.
145258 units, an increase of 32.0% compared with.
110000, Kryptonite unit in the second quartile 15 19.
The increase was mainly due to high end just shows to the truck market and corporate segment, but typically.
And it shows.
Two.
The heavy and medium duty trucks Mckee, which.
More than upset and overall sales decline in D. bus and shouldn't settlement.
According to data reported by de trying to association <unk> automobile see him.
Recruiting shows up get sleep poet and yet because.
The second quarter opportunity through a deep shows.
Awesome increased slightly.
By 1.7, well.
Truck sales rose by 56.1 person.
According to see.
The second quarter, two <unk> E commerce should be good excluding shows focusing public peer trick pony because.
Increased by 50.5% compared to the second quarter up 59.
Well sure I'm show sales to the auto <unk> home, we should be good.
Bucket increased by 30 Tripointe treat per se.
[noise] jumped show unit shows through the ultra.
Bucket increased by 51.7 per cent compared with the second the 50 19th.
[noise] gross profit increased by 33.0% to RFP.
For the 8.1 for me let.
US dollar 133.9 million compared with RMB 712.9 million.
In the second quarter booked it didn't I didnt.
Gross margin was 14.5 per cent compared with 14.7% in the second caught up in Pete and I didn't.
Other operating income was.
RMB 61.8 million U.S. dollar <unk> point 7 million compared with RMB <unk>.
It, but it really into second quarter talked with you and I did decrease.
Mainly due to lower government grant in the second quarter book with between <unk>.
Research and development expenses.
Sorry, resurgent <unk> R&D expenses.
Increased by 24.0% to RMB 137.
Well in zero Millet, U.S. dollar 19.4 million compared.
RMB 110.5 million in the second quarter booked it didn't I see.
R&D expenses beaten decision with Dr. <unk>, mainly due to higher <unk> cost for national six compute engine testing and it's probably meant that calls.
In the second quarter of 52, and see the R&D kept sorry should a mall was.
RMB 143 point.
Treat Mulan U.S. dollar 50 point.
2 million.
The company continue to further development new National six at Q4 engine for the on and Monkey, respectively. In the second quartile Fiftytwenty. The total R&D expenditures, including capitalized costs was RMB 200 and.
<unk> 280 point treat me, let U.S. dollar 39.6 billion.
And it represented 4.3 puts it revenue compared with <unk>.
3.6% into second quarter booked it didn't I did.
Selling general administrative SG any expenses increased by 3.7% to RMB 434.1 million.
US dollar 59.9 million from RMB 408.9 million, Indeed ticket was up 59.
The increase primarily resulting from higher warranty expenses and what freight expenses in the second quarter opportunities with deep.
Yes, you any expenses represented.
6.5% of revenue compared with 8.4% indie ticket growth book with the Nike.
Operating profit increased by 53.6% to RMB 448.7 million U.S. dollar 63.4 billion from RMB 292.2 million into second quarter book with United.
The operating margin was 6.9% compared with 6.0% indecision worked off didn't didn't I did.
Finance cost decreased by.
In 0.4% to RMB.
26.7 million U.S. dollar tree, but <unk> million from RMB 32.4 million indecision cost of goods didn't I didnt.
Lower finance cost was mainly resulted from reduced be discounting.
Well compared with the second quarter, two with United.
Net profit attribute to try and each I sure hope to increased 66.4% to RMB 244.7 million U.S. dollar 34.6 million compared with 147.0 million into second quarter booked it didn't I didnt.
Basic and diluted earning per share rose 66.4% to RMB.
5.99, U.S. dollar 0.5, compared with RMB 2.60 into second quarter with United.
Basic and diluted earning per share in the second quarter opportunity to de into didn't I did well based on.
Average.
40 million 850290 shit.
So I'll go over the first six months result of 22 in <unk>.
Revenue was RMB 10.0 billion U.S. dollar 1.4 billion compared with RMB 9.0 billion indeed.
<unk> thoughts here.
Total number of engine so by Jim show into plus pop up 53, D was 200, and but Didnt thousand 182 unit.
Turing 11000.
Sure and 59 unit in the same period last year. The increase was mainly due to higher engine shows in the heavy duty truck and off.
But typically our culture in June.
We should more than offset the chose decline in a bus segment.
[noise] gross profit was RMB 1.5 billion U.S. dollar during <unk> point 8 million.
Compared with RMB 1.5 billion in the same period last year.
Gross margin decreased to.
<unk> import it per cent compared with 16.3% you a cool.
The decline in gross margin.
I mean do you attribute to <unk> mix.
Oh, the operating income declined 26.0% to RMB.
105.7 million U.S. dollar 14.9 million compared with RMB 142.
<unk> into <unk> loss you.
The decrease.
Was mainly due to go lower government grant compared with the same period last year.
R&D expenses increased by 16.8% to RMB, one 215.0 million U.S. dollar, but the point 1 million compared with RMB 182.4 million in the same period last year.
Your R&D in the first hop off to a deep in the was mainly due to higher development costs for national six in Q4 and engine.
Testing in experiment because.
In the first top 50 to eat the R&D kept pricing a mile was RMB 189.7, billet U.S. dollar 26.8 million to complete.
Do you knew we initiative to people, who knew and you comply with China Nicks.
You'd be should spend national six in Q4 and to improve engine performance and quality.
First off of Twentytwenty.
The total R&D spend it should including capitalized cost was RMB 402.7 million U.S. dollar 56.9 million representing 4%.
<unk> revenue compared with 3.3% in the Citrapure last year.
<unk> expenses.
Chris by 3.5% to RMB 757.4 million U.S. dollar 107.0 million from RMB 785.1 million innocent Peter last year.
The decrease was mainly due to lower warranty expenses.
And reduced freight costs, but into first quarter of 50 50.
We just said Peter it last year.
But she had its best <unk> expenses represented 7.6% of revenue for this for top twentytwenty compared with 8.7% into simpler Austria.
[noise] operating profit decreased by.
5.6% to RMB six heat 615.2 million U.S. dollar 86.6 million.
From RMB 649.4 million in the same period last year.
Operating margin was 6.2 per cent compared with 7.2%.
The same period last year.
Finance cost increased to RMB 63.2, millet U.S. dollar 8.9 billion from RMB 57.6 million in the same period last year the increase.
Approximately RMB 5.5 million.
Are you finding costs, mainly result from an increase in boring compared with the same period last year.
Net profit attribute to China, each high shareholder was RMB 305.7.
Mulan.
U.S. dollar 43.2 million compared with RMB Chairman 45.
Well in zero million in the same period last year.
Basic and diluted earning per share was RMB 7.4 it.
U.S. dollar one point or six compared with RMB 8.44 in the security posture.
Basic and diluted earning per share photos for six months of 50 to a deep and didn't I Didnt was based on a with a bridge.
<unk> 40.858 million touring Nike shoes.
Now, let me walk you true all balance sheet highlight as of June that yes.
Cash and bank balance were RMB 6.6 billion.
Stolen by hundred 31.5 billion compared with RMB 6.4 billion and.
Good thing I Didnt.
M.B. receivable were RMB 9.2.
<unk> U.S. dollar 1.3 billion compared with.
Going to be somewhat <unk> billion, but an opportunity Tonight.
[noise] human tree, well RMB 4.0 billion U.S. dollar finer in 65.0 million compared with RMB 2.8 billion at end of.
<unk>.
And Bill Parable, RMB 7.9 billion U.S. dollar 1.1 billion compared with RMB 6.2 billion at an opportunity and I didnt.
Long.
And show them back Bullring were RMB two point so.
Billion U.S. dollar tree, and 77.4 million compared with RMB 2.1 billion an opportunity it might be.
Now I'll turn the call over to Kevin's for your comments before we begin Oh acuity.
Thank you Thomas.
Please note that due to the cobot 19, the officers of China, Yuchai, our remotely calling into the conference.
This may result, in a slight delay and providing answers to some questions. We apologize for any inconvenience and thank you for your patience.
With that operator, we're ready for this year in excess.
[noise]. Thank you Sir.
Ladies and gentlemen.
Sorry.
Your next question.
One more for the first question.
[noise] and your first question comes from the line of.
Good.
Some green.
Yes.
It seems.
His line.
His question.
So your next question comes from the line.
Yes.
Capital.
Line cells.
Good morning, all nice quarter.
Thank you few questions here yeah.
Please provide more color.
Gee why in fields easy powertrain.
Most current sales in future prospects.
And fuel cell development program.
Okay.
Maybe we launched the NPV.
So for that.
Last year.
The products are still in development stage.
Except for the range extender.
The richest any that silver feel about 17 said the amount since those are all of that is quite honestly material.
So and as far as a fuel cell phone suggest you're still in development stage.
Yes.
Got that no one for the time, a wish for 35 kilowatts of fuel cell and they're looking to run a way of partners.
Due to have that fall into <unk>.
She was a number three in market share in national six HD truck engine market in the first half of 2020.
How long before you see this metric improvement and number two.
That's a good question.
Well that.
The this industry in China, it's a it's a highly competitive industry.
Right and many players in there.
No I think you have to wait to see.
I'm, sorry, I can give you a definite answer or even the and any indications of that.
Okay.
Switching gears.
Does the current U.S. administrations accounting audit proposal.
Affect see why de assuming that company does not move its.
Main listing to China Hong Kong.
Well, the obviously, they're moving through the development in China in the U.S. very closely.
So we will update.
Yes, as I said when a this further development and as and when we have Oh they call for the talk on it which will be should really.
I believe that it's appropriate to share with or without shareholders. We will do so that.
As it is all they couldn't do is it with how the the U.S. situation right now and wanting to de lever as closely.
Okay.
Oh.
As a long term shareholder.
Yes why.
Wait shy and comments have so massively out performed.
Over the last 135 and 10 years.
We'd like to hear your view on this dynamic and.
Maybe how you plan on changing this.
Well I'm initiation each has its own right I mean.
Yes, and no tells us how Lisa.
Each multinationals, let's throw look president.
Hi, a they there there is strong for those segments.
And they have they also have OEM plans to sell.
Oh, yes.
Currently from from book them now case, we have a group brought Rachel products of itself and D.V.. Our sales are mostly from the domestic market in China, Although we try to the or will the was close to explore a spot market. We feel Sam's club <unk> based in the last.
Couple of years. This year, we are affected by the Kuwait, 19th Panda me.
So going forward I think.
Oh, sorry, you will see with the same we will.
Of course move on to this explore more spot market issue, which is a v. so big market out there.
And I have a better products.
R&D will love it with our national seeks and.
Right now right now our service I still feel service network is still there.
He or she bought this list right now still a in servicing our end users right now in China.
We will do what we can to maintain those to compete with our customers in both the mess pick mountain as far as India International markets.
Okay. Thank you that's all from us.
Right.
Thank you so much once scammon, it's far in one English classes question.
Yes.
Question comes from the line.
Great.
Yes.
Hello.
Hi, guys, great quarter, I'm, just kind of going out on glass thing about the export are you guys seeing.
I mean much demand you know coal that are not coven environment.
Export side and is there any.
Hi, guys, having any issues with your supply chain.
Okay now we have no issue at the supply chain, but I think the core market has been affected by Colin I did as I mentioned earlier.
So we actually saw a decline dropping our sports field.
Well for this year. So okay can you can you quantify but what.
What percent of your sales our export.
Uh huh.
Now it's dropped to perhaps the but let's let's send a 10% in about 10% of less than 10%.
Okay, and where do you think that was about a you're.
Same period last year.
Serious about fell to.
Try to 40%.
Okay.
On the on the margin side. It looks like you know gross margins were down quite a bit how do you see that trending for the for the remainder of the you're okay I.
I think this one.
If you look at the second quarter, especially if the weather last year second quarter. So it's actually do the product mix and also a though so I think there with the Netflix or something a sound that should have six inches of something yourself at the SM when di di unit.
We'll take sales go go up we will see a improvement in India in D. in the gross margin when you get it.
Michael.
Looking at skills, Elsevier, now looking hospice or to bring out the costs of healthier new products too.
To do a level that we we have now for the for those metrics product, though that have already mature.
So we we hope to see that and then the next Toplofikatsia and hopefully next year some improvements.
Okay. So do you do you think getting to around 18% next year or so.
Feasible.
Yeah, what is the what's that.
I don't think we will be too far away.
[noise] okay.
[noise] and the last question was obviously you know.
Sales have been very strong.
Since the kind of thought the restart in China. How are you seeing that you know trending the rest of the or [noise].
We I believe the a the for the rest of yell you will see will be but you would be better for us compared the same reputed last year.
We're actually seeing a quite a good numbers coming in for the month of July for ourselves.
Okay. So we would take.
The lead the second half.
Although it will be slower than last for top wishes novel enough business is seasonally lower but we believe he will be.
Better than the previous years second Uh huh.
Okay, great. Thank you guys. Thank you.
Thank you so much.
Ladies and gentlemen, if you wish to ask a question, yes, sorry.
Uh huh.
Again, it's the star anyone if your question.
Question.
Okay. That's a question here from the webcast and it please give us more color on his son, you sort of did you find the ship any guidance on the number of incremental units this will bring.
The strong second quarter in Italy results benefited from the Sunny partnership.
No the Sandeep on issue, it's a it's a very new partnership.
No skill sets and.
And it feels from them.
Yes on the yet.
So oh I'm, sorry can you give any guidance, but I'm going forward, we expect it to improve maybe in the next year. So.
Okay.
Oh.
Yes.
Yes.
Hi.
Yes, Hello, I'm, sorry, it's hard to hear you can you hear me.
Yeah exactly how are you.
A wonderful how are you and I apologize I was on another call. So I might be asking a question that was already asked.
Can you give us a little bit of a timeline of the NSX rollout and some sense of the price points of the and six product.
Versus existing products. Thank you.
The the rollout that India the gas engines for nationalistic slow was ER.
Implemented or middle of last year.
Let me there this year middle this year the government vehicles has to be on national six and to be fully implemented by middle of next year.
So in terms of price point, yeah, they're having a higher.
In the selling price will initial six somewhere the regional they deal with 10%. So far you see so I'm still is still see I love is still under negotiations with with our.
Ah customers right now.
Well, so I guess given in the past, but fixing that huh.
Well. Thank you Miss in the past as you know some of the deadline sort of get moved around specialty in some of the non major cities, but at this stage, you're not seeing any change in the application of the deadlines.
What I'm hearing yeah definition, okay, but not relevant so.
And when do you think the majority.
Of the trucks will have NSX for your sales.
Do we need to get to end up 21 middle of 21, I think by the middle of anyone you should you should be a the new sales structure should be mostly national six, especially for TV medium duty trucks.
And given the 10% higher price point.
Would you argue even at the initial ramp up the transition that the margins are higher for those engines for you than the existing or does it take a little while the typical you know higher warranty expense on a new engine does the margin help not show up until say 2022, just for a sense of mix.
Modeling okay.
You're right right now we are not seem to be or not.
Even the margin honestly highs hopeful and it's something that's good to see a they sit in a national Fyfe margin.
I Love, there's still a lot of looked at nipigon due to to improve on our cost base. So going for the rest of this year, we had a second how do you feel they still seem Brooklyn.
And then I will say.
It was it until that even the ones maybe went 2022 to re should level off a.
Margin of you hope to achieve.
Thank you very much I appreciate it.
Okay.
Thank you so much once again, ladies and gentlemen, Im sorry, one if you wish to ask the question.
Again, if the fire and the one if you wish to ask the question.
[noise] once again, ladies and gentlemen, if youd like to ask a question you can get splashes pot M.
Okay.
And again its size and once the finished lots of questions.
And we have a follow up question.
Sounds front line of roughly from Evercore.
So my question.
Thank you. Thank you for the time for the follow up again I apologize. If this was asked earlier given the strength you're seeing on highway.
And obviously even off highway.
What are your thoughts about next year I know, it's early but obviously the strength this years, it's been fairly dramatic.
So folks do get a bit nervous about the tough comparison 21 versus 20 anything you're seeing in your order books offer on highway to lease set some baseline for how we should think about 21 on and off highway.
Thank you yes.
We do they do not as much visibility on the order book for for the need for any one.
But for DC I think they'll feel better. So we should be should you can talk about one is that because of the Clinton 19.
Actually the first quarter, where.
China Heather.
Uh huh that quarter.
There was a pent up demand full suite for these.
Uh huh.
So they sort of recent strike. So that's why the second quarter. So not the before there is strong for us.
In addition to that the two to stimulate the economy, either <unk> or that the government came out with a few measures. We should also help in okay. So how are these the measures will continue.
Into the next quarter.
Hopefully hopefully for rest of your as well. So this this year. We believe it will be will be better than last year overall I'm not going to next year. We see if he had a good year. This year, then it's going to be very difficult to expect.
The same kind of growth or even seen khalifah performance.
So sequentially to next year, but [laughter], sorry, David I can't give people are mostly on sort of but it's a super hot to actually anybody visibility right now I don't have too much of visibility right now.
No I appreciate that I mean, I'm, just trying to figure if I'm modeling it down 10 to 15 off of a tough comp.
Is that.
You know just some sense of like no. One is expected in the same kind of growth. Obviously are the most people are figuring it's got to be flat to down almost through new levels of stimulus specifics, but people just getting nervous when they see how high. It is you know could have dropped 30% and I was just wanted to give you a chance to level set people.
A little bit on how to think about it but it just feels like your order book doesn't have enough visibility.
Or there's enough conversations with them with customers to really know what's at stake here. Yes. That's there right now here. This idea and then next year is here. The other issues are you sure via the six implementation.
Nationwide as well so that that's the other factor that's going to come to play.
Yeah.
Okay, well I appreciate it very much. Thank you so much thank you.
Thank you so much.
Once again, ladies and gentlemen, it's SAR and one if your best asked the question.
Again, if you wish to ask a question you can just press Star then one.
Thank you again, it's sorry.
We have now rich.
Our QNX session and I will turn the call back over to convince yourself.
[noise] [noise] secular much for joining us in.
In the conference call issue, which I feel good health and please be safe given this crisis.
Look forward to speaking with you again bye.
[noise] that doesn't go over time French for today. Thank you for eating me I'll now speech I suppose you can buy.
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