Q2 2020 JinkoSolar Holding Co Ltd Earnings Call

Hello, ladies and gentlemen, and thank you for standing by for jinkosolar Holdings Corp Limited second quarter 2020 earnings conference call at this time. All participants listen-only mode after management prepares remarked. There will be a question in our sections as a reminder today's conference call is being recorded how alone like to turn the meeting over to our host for today's call this report junk. Jinko solar investor relations manager, please press eight people.

Thank you operator. Thank everyone for June yesterday for June 2nd 2020 earnings conference call. The company's results were released earlier today and available on the company's website at ww.w. We have also provided a supplemental presentation for today service call which can also be found on our website the call today from jinkosolar. Mr. Chen camping chief executive officer Mister Chief Financial Officer and cheese marketing officer message and we'll discuss jinkosolar business operations and the company highlights followed by Mister Mill who will talk about the sales and marketing at them is the total will go through the financials. They will all be available to answer your questions during the Q&A session that follows. Please note that today's discussion will contain forward-looking statements made under the Safe Harbor Pig.

Of the US private Securities litigation Reform Act of 1995 forward-looking statements involve inherent risks and uncertainties as such. Our futures may be materially different from the views expressed today further information regarding this and other risks is included in jinkosolar public filings with the Securities and Exchange Commission. Jinkosolar does not assume any obligation to update any forward-looking statements except as required under the applicable law. It's now my pleasure to introduce. Mr. Chen Company CEO of jinkosolar will speak in Mandarin and I will translate his comments into English. Please go ahead and message him off. Good morning and good evening to everyone and thank you for joining us today, ma'am.

yes, so you mean

Honey, just search it and you took the second quarter module shipments 4469 megawatt total revenues were 1.2 billion US Dollars and gross margin was 17.9% demand is overseas markets was negatively impacted due to the covid-19 with nervousness our high-quality product. Well developed Global Marketing Network and the premium customer service stood Out Among the competition and help maintain momentum in shipment volume. Most of our orders were excluded on time and we were able to increase our market share.

I need to change it back to you.

Thursday Thursday Thursday the 2nd quarter with demand for the overseas market led to a drop Emoji prices many Upstream manufacturing companies control inventory in order to reduce risks leave a decline in real material prices as a result stiff competition in the Solar Supply Chain made it tough for companies with limited product competitiveness and cost control capabilities dead.

To remain competitive the smaller companies have had to success successively reduce Your Capacity utilization or withdraw from the market completely costs in a Solar Supply Chain increased in the latter part of the second quarter in part due to the rush in installations in China driving up demand and the overseas Market showing positive signs of improvement from the peak of the health outbreaks. The recent increase in costs were also influenced by the supply shortage of poly silicon, which further squeeze profit margins phone no integrated solar module manufacturers, whereas production capacity and infrastructure of integrated manufacturers demonstrated strong resonance, if she whisks and the price fluctuations, the epidemic has accelerated the survival of the fittest and forced further improvements throughout the industry supply chain substantial.

Increasing the leverage of integrated module manufacturers the combined shipment volumes of the top five solar module manufacturer.

She was expected to account for $65 to 70% of the industry's total shipments this year. Yes, ma'am. Let me change your life with that attitude. That's how it was off Amazon way home quits. It's just jump. Yeah. Yep.

Yes, ma'am in which is until Thursday your boss. So I'm at the market share of the module manufacturing jobs to increase next year when the global market share is dominated by a handful of top solar firms excellence in technology will stand out even more in this land scope in the future wage margins resulting from in balances between supply and demand are going to be less barriers brought by advanced technology and the products product differential.

Will become more significant recently our large area and type solar cell reached conversation efficiency of 24.79 per cent and the second world record for the industry. We believe in the next two or three years Advanced cell technology will make the greatest contribution to the competitiveness of any products. We are optimistic about the direction of our end type of Technology while we currently have the Leading Edge is a market in terms of Technology. We will continue to invest heavily in our home to ensure the matching competence for silicon Wafers and modules in twenty-twenty the popularity of large size and buy facial modules, exceed our expectations and the demonstrated that wage reduction in level lies the cost of energy Remains the court distinction among We Energies together with several leading. Companies. We were working to establish a new standard wage.

122 millimeter waivers in order to reduce the industry's upstream and downstream coordination problems caused by size diversification and the increase in costs money and promote the efficient and the standardized development of the industry. We were currently increasing or R&D resources into technological research related to high power output of all, how is it eighty-two millimeter modules with the modules as our main product for next year. I'm going to shoot you dead so that you want you dead.

you know, uh

So I just want to change it to Thursday Sunday to Thursday questions was how are you say Thursday Thursday?

Convert back to the global pandemic has been a gradual recovery in between epidemic waves causing restrictions to come back into play in certain markets as a result Global demand for PV installations has gone through extremely loose and then rapid recovery, which have them influenced the annual installation capacity in many regions. The coronavirus pandemic has affected demand to a certain extent. However, the decline in prices has also revived demand as a epidemic situation continues to East We Believe demand will eventually accelerate the shortage of birth.

And trying to mock it has given up prices along the supply chain at the moment press have stabilized and we expect strong market demand to continue on the until June 2020 due to the recent economic environment and the academic situation the growth of the industry has slowed down but the weight of the progressives industry has actually beaten expectations. We remain firmly confident about the future of the solar as a new energy source in the short-term 20/20 is the last year's subsidies in China Market sex to adequate preliminary preparations and the increased participation of more powerful state-owned and essential Enterprises just in case and the completion progress or bidding.

Projects in 2020 expected to be better than in 2019. So overall recovery is overseas markets remains supportive with some regions experiencing wage. I think is a meet a long-term looking back to the last two phase of China's five year plans the actual population rate of projects have significantly exceed expectations. Just we always true of Market subsidies industry drivers have undergone fundamental changes. China's. Installation capacity has entered into a period of steady growth momentum package which increases the probability of accelerated growth over the next five years solar energy has become one of the most cost-efficient power source around the world and we expect our technology in energy storage to usher in a new era of Rapid development for the setter sector and the new growth to be the PV energy storage industry in Georgia.

TV has already been extremely.

Competitive in terms of Technology improvements and cost reduction capabilities as well as potentials resulted from accelerated transformation in the energy sector and diversified applications and errors in the downstream Market General will address more markets later. It took us so long to see whether in the lounge. Oh Father Jose

our in-house production

capacities for model silicon Wafers sale and high-efficiency solar modules has reached $20 and $25 respectively with 5gb package wrapped up in the third quarter our in-house production capacities for model silicon Wafers sales and high-efficiency solar modules are expected to be rich 2011, respectively by the end of 2020 you order to benefit from the high growth in the broader Market space and the total shipments for next year. We are now considering further increases in production capacity for each segment and will increase the proportion of integrated level accordingly. The PV industry is facing rapid changes, and that's why we have to maintain a certain amount of flexibility in our production capacity. This will give our business the advantage to respond to any change in a timely manner while so yep.

The reliable operations and the remaining fully focused on the evolving market demand, but I tell you so cut off our plan to list our principal operating subsidiary. She didn't call on the Shanghai stock exchange Centex Innovation board or the stock market. We believe the listing of jingle silver on the New York Stock Exchange and the junkie jingle all the stock market will raise our profile with investors both in China and glass and provide us with additional opportunities to grow in the future. Yep.

Yes images 6:20 over to dinner. I would like to quickly go over all guidance for the second quarter of 2020. We expect total solar module shipments to be in the range of 5 to 5.3 gig for the third quarter of 2020 total revenues for the third quarter is expected to be in the range of 1.22 billion US dollars to one point three billion US Dollars gross margin for the third quarter is suspected to be in the range of 17 to 9:17 to 19% We generate or guidance for the full year twenty twentieth Street next to be in the range of 18 to twenty Giga watt bulb.

Excuse me.

During the second quarter total shipments of solar modules reach the 4469 covering ninety-one countries worldwide asia-pacific North America China and Europe contributed the largest proportion of the total shipments and are expected to continue to contribute a substantial water, you know total shipment for the third and the fourth quarter in terms of the market in Mount our Rush installations in the domestic Market of jokes significant growth in China at the end of second-quarter as more and more countries return to normalcy and the Health crisis continues to improve overseas. We have seen them for Recovery in global sales.

Strong Market amount in the third quarter have driven prices up sharply throughout the supply chat forcing some installation demand to be delayed and two 2012 and present supply and demand have stabilized which will keep sales forwarding until the fourth quarter. We expect total Global installations to be close to one hundred twenty giga byte in twenty-twenty. Our city man in 2021 is likely to go with attractive transaction active transaction any specific Middle East North America and Europe. There are also a large number of installation projects plan in China in 2021, Is that the origin Target of 15% of non fossil energy consumption in twenty-twenty has already been exceeded. The Chinese government is current job.

Drafting is 14 5-year plan to amend the original Target to 20% of non fossil energy consumption by 2030 in the next five years average annual installations in Chinese market will most likely reach 60 gigawatts.

After US economy started to recovery length the amount from the residential Market has gradually recovered from the loads of the epidemic and approved small rooftop solar PV installation have returned back to January three level the US imported approximately fifteen years of modules in the first seven months of the year and the average months. They import volume was over 2 gigabytes after falling to the lowest the record in June month monthly Imports rebounded to 2.2 gigawatts level in July recently the US Iraq US president candidates, Joe Biden proposed a new substantial sustainable infrastructure and a clean energy plan, which aims to achieve carbon-free Pig.

What generation by Twenty $35 and the set clear objectives for the entire economy to be climate neutral with NetZero ghg emissions by 2050 in general Europe has gradually returned to normal demand has been relatively stable in several major TV markets including Spain Germany, Netherlands Poland Portugal and Italy actually installed capacity in the European market this year is expected to be significantly higher than our previous expectation. Recently the second round of the solar auctions in Portugal attracted worldwide attention and set a new world record at the price of 0.01 316 u.s. Dollar per kilowatt-hour Germany has a mandated renewable energy act to extend beating for a job.

so in a single lot of people power generation projects by 2028

which compromise of 5.3 equals rooftop installation and 13.5 gigabyte of large-scale ground power stations are done. How long is first a large-scale bussola auctions for renewable energy and the solar dominated with the largest share of 796 megabytes.

Conversing in country 21 the eu's 27-member stays are planning to adopt 20-30 climate and energy framework that will require renewable energy to account for at least a survey 2% of primary energy consumption by 2030. This framework will certainly stabilize a long-term development of clean energy in Europe South. India has been one of the most severely affected countries in the world and the coronavirus epidemic continues to intensify with new infections climbing over ninety thousand cases each day as restrictions continue to ease national wide local transmission of the tunnel wires is expected to continue in India for some time for the more Indians were seeing economic ties and the trade barriers with China will further affect them.

a projects currently under the rug

As well as some previously commissioned the PPA projects in particular. The Border adjustment tax in India has lowered our expectations for. Installation in the market. This year coronavirus cases have spoken sharply in Middle East and the new daily cases in major countries have remained below 2000. It's a house pet Dynamic countries to take his toe in Latin America as a Brazil emerge as a top Global coronavirus Hospital. Well GT and Mexico I both seem some improvements.

On a brighter note Brazil has removed the import tariff for 101 specific items including solar modules trackers and the inverter service just reducing taxes from 12% to zero since August 1st. This is expected to help the distribution Market to recover from the impact of probably life is short. Although periodic outbreaks of the real current epidemic to trigger some concerns. We see economic activity that in most of the regions of the world improving significantly despite the fact that policies and economic slowdown in certain countries due to covid-19 dead.

Will act as a drag on solar installations.

So increasing incompetence of the global Solar Supply Chain and the hybrid advantage of clean energy have one growing support from governments and installers off in the meat too long. We expect that reductions in solar cost will continuously beat expectations and as a grid parity is welcomed everywhere or so. In fact, our foreign policy cycle will greatly diminish.

Which continue to cost the reductions and the incremental growth coming from the expanding energy storage business? We are facing exciting new opportunity and our potential Market size is expected to grow substantially.

Recently, we were ranked as a top solar Grand in debt Finance the project and the named one of the most bankable TV manufacturers in the world by Bloomberg new energy Finance hundred percent of survey respondents consider the company as a highly bankable and this outstanding brand recognition connect with us more customers in the Bronx. Market space. We will continue to dedicate the resources to strengthen the quality control of our high efficiency products to improve customer service excellence and the to work more closely with our clients for customized product Solutions according to their project requirements.

This year we have been able to accelerate.

It's a promotion of applications that enable further reduction of lcoe. We have also joined up with several leading TV companies to establish a new standard for wage or eighty two millimetre waivers and the launch to the p-type hyperpro and and type type of proof module with Max long power output of 581 and 610 black piece, respectively.

So far, we have secured over 1 gig of orders for high efficiency modules from the tiger Pro Series and the first batch is scheduled for delivery in August, June October this year next year large-size way for products. I expected to account for over 70% of our total shipment while significant wage growth in demand is expected for higher power output by official products. Finally. We are currently conducting market research and accelerating technological three service associated with new products to better understand how we can serve the needs of our customer and the facilitate the provision of more differentiated products and the services for our Global clients.

We start I will turn it over to charge.

Thanks to a generous support a strong operational and financial results for the quarter with total shipments and gross margin in life with our guidance and total revenue Thursday our kind of financial indicators such as total revenues gross margin and net income have all increased dramatically compared with the same period last year the company's increase in house integration level of sensibilities to this year-over-year close.

Let's go into more details for the quarter. Now total revenue was 1.2% in US Dollars up 23% year-over-year gross margin improved to 17.9% compared to 16.5% last year if it was 119 million dollars club house to 66 million dollars in the same period last year long Gap net income was 53 million dollars significantly wage increase year-over-year this translates into langkamp diluted earnings per radius of 1.2 dollars total operating expenses account is 4018 percent of total revenue and increase from 12.6% sequentially and flange with the same period last year the sequential increase wage.

Was primarily due to an increase in shipping costs associated with a significant increase in solar module shipments during the second quarter of 2020 and wage increase in just for loss. For example, it's moving to the balance sheets at the end of second-quarter our balance of cash and cash equivalents worth 970 million US dollars compared to 670 million dollars by the end of q1.

account switch

Receivable turnover days were so many around days compared to 76 days in the second quarter last year England tourism overs were ninety days wage compared to 120 days in the second quarter last year total that was 2.3 billion Stoners compared to one point eight billion dollars a month end of q1 in Bridge 128 million stars first related to International solar projects. Now that was one point three seven billion dollars as compared to 1.14 billion by end up to 120 on Monday this week. We announced our strategic plan to let our principal operating subsidiaries. Jingle on the song High Stock Exchange after certain.

In intra-group restructuring if the last thing is successful, we expect to have greater access to cheap resources or Capital which will support us am having a greater share of Market goes and value-creation. We are committed to maintaining our New York Stock Exchange lasting for jinkosolar month financing, which is expected to be completed by the end of next month will be used for the advanced capacity expansion pack underneath or working capital. This concludes. Our prepared remarks. We are now happy to take your questions operator, please proceed.

Thank you management. We now begin the question-and-answer factions. If you have a question for today speaker, please press zero one on your telephone keypad. Now, you'll be able to walk after you announced it. Please ask your question. If you find that your question as has been answered before you turn to speak, please press zero to to cancel. So once again zero one on your telephone keypad now to ask you questions.

So operator is there any questions from analysts?

Yes, first question is Phillip from Rose Capital, please go ahead.

Hello. Hi everyone. Thanks for the questions in terms of would like to talk about the Q4 Outlook. I think I applied shipping guide is for 6 gigawatts, which would be up 30% year-over-year. How do you expect your margins to try and queue for you know, I think back on the q1 call you guys have talked about being 75% booked for the full year of 2020, you know with pricing through the entire supply chain going higher than putting, you know, Polly and glass. You know, how how are you able to, you know, kind of can you talk about your margin outlook for as well? As you know, how you're able to maintain the 17 219-6423. Thanks.

Yeah, and I'll look forward to the gross margin, you know comparing to the third quarter. It's roughly it's like today, you know going down given, you know, the you know, the situation is production costs particular. The material costs is is increasing, you know due to age of the certain materials, but at the same time, you know the market price in China, we are expecting you know, and to be you know, you know on the outboard sides, you know compared to particular unit second quarter and third quarter, but given, you know, the the situations where I'm expecting the game, you know, how we have some questions and it's going to be slightly lower compared to the the quarter.

Okay. Thank you Charlie. Yeah, I think you guys have fixed pricing for your contracts. Have you been able to raise the pricing on customers which had fixed pricing for example in law three or four to four shipments?

You know, we we are expecting you know in the second quarter were expecting China will be very strong. So we you know, we have sufficient, you know home and you know open capacity at that time back to second quarter to catch up the you know, opportunities market price increase and in general, you know, if we signed the, we will stick to the original contract terms.

Got it. Okay, great. And then can you talk about you know, I think one of your peers talk gave some very specific Outlook and even guidance 4021. Can you share you know what your thoughts are for twenty Twenty-One. So specifically, you know, I think you increase your module capacity to 30 gigawatts. Is that a good number to use for shipments for next year? And how do you expect your margins to Trend as we get through each quarter cups in 21

You know, it's wrong, you know, the the world the market situation were expecting pretty good here. And you know, we have lost our plan is to get access to the China Captain market and we are expecting to close three point one penny, you know R&B the financing end of the month and Thursday. We have the plan to invest particularly the you know, the sale capacity as well as the monolithic capacity and if you look at the situation now, you know, the chairman company is the dominating the market seers and they were expecting

More I think you know compared this year we are.

Our clothes rate will be ready to hire next year. So 6:30. Okay, We are reaching you know capacity of the module. I think it's a it's a kind of a reasonable maybe something that'll base case. You know, we we are still working until we are still working on our 2021 plan yet. But yeah, we have not finalized yet. So we're still working on it, but I think somewhere around Thirty what will definitely will be our Target 222.

Great. Okay, that that's helpful and and it's coming back to your you know, 415 million. You got to the valuation at which that Equity comes in, and and also what the use of proceeds will be. I'm imagining a big chunk of that is going to be for a oil capacity expansion in Twenty-One. So I I know you're you just mentioned Jenner that you guys are still evaluating. But any additional color on that would be fantastic. Thanks.

Okay, so, you know for the you know, it's three point one point in US Dollars. I'm sorry R&B, you know, it's including wage is a beautiful investors like, you know, the Investments or reputable commercial Banks and investment fund focus on any sector. So back to your first question all we come out come out the evaluation is based on the negotiation with third-party investors and for the needs of the you know, for the founding wage. Yeah. It's it's the majority party will be you know for the advanced, you know capacity expansion. And if you look at our capacity, we have very low income pass the insert ourselves that will be our key Focus as well as we we plan to, you know, increase our model with your capacity and mm.

to solidify our competitiveness

Great. Okay one last housekeeping question. Can you share with the depreciation and capex was for Q2 and then your expectations for Q3 and Q4?

I need to get back to you the lumber, you know, maybe I have to call as soon as roughly depreciation should be, let me get get get get back to you after a call. I need to check the numbers by the cab. Actually, the topic is still roughly, you know straight point five billion dollars here.

Great. Okay. Thank you, Charlie and Jenner. I'll pass it on thank you. Thank you. Is there a reminder please press zero one for walk-ins.

Next question is Brian from Goldman Sachs.

Hey guys. Thanks for taking the questions. Do you just maybe a quick housekeeping follow-up from from Phil's questions. Do you have the cash flow from operations and free cash flow results for the quarter?

No, we have the lumber right we are announced, you know, give me the number as well as the Bell Bell's Crossing of depreciation. I have the number now. He's forty million restaurants and the operating cash flow. It's it's an egg shape because this year this quarter we can Vesta anticipation, you know next quarter week or simmonsville convenient to increase and in some of the detail numbers. I will get back to you after call.

Okay, fair enough, we'll follow up and then on the balance sheet, I noticed that the debt, you know, the number was up about five hundred million dollars from q1 too cutesy. You can you talk to what that was related to and then any kind of bigger picture thoughts around delivering.

You know from the deliveries perspective, you know, we we are in the process of close. We have your financing Street, which will offer our efforts as full and the in terms of the second quarter, which is the first quarter the dash the total debt increased a little box. It's in connecting with the capacity expansion as as well as working capital for the inventories accounts receivables.

Okay fair enough and then I guess related to the debt and and next steps in the star listing process. You mentioned some inter-company restructuring wage. Did you elaborate on what that means? You know how long it takes and then does it have to do with some of the inter-company loans and and can you just kind of give us a bit more detail around what what has to happen here on and and how long that will take? Yeah. It's it's a workshop and in terms of you know internal organizations because I need to put one hundred percent assets or manufacturing assets under you know, the China entities and it's for us it's not easy because the the you know, it's we we only need to reorganize, you know certain it's not all you know into this particular the same.

Tentative under the China entities control and in terms of scope. I just want to emphasize this one hundred percent manufacturing assets, including a cell module everything and but we we still have some worst, you know, two or three international solar Downstream in projects, which we plan to sell them, you know to in the future. So the international solar Downstream assets are not in scope know the entities we plan to to to launch the IPO in China.

Okay, appreciate that color. Maybe just last one for me. I know Charlie you said that gross margins are you know, they're being guided flat basically in three q and you're saying down slightly and Fork you and can you help calibrate that a little bit just given there's so much volatility in the supply chain and specifically I'm still looking cause you know, one of your peers talked about, um, gross margins being down kind of five hundred basis points in the back half of the Year versus the first half of the year and being in the mid-teens is that how we should think about sort of that slight, you know downtick for you or you going to be back into the kind of the mid-teens gross margin level in for Keurig.

Yeah, I think you know back to the second quarter, you know, originally we we we have relatively domestic, you know for a second half a year off because you know, the global, you know, coronavirus situations, but you know the situation and I think most of the participants are not exactly the cover is Faith so, you know the new address and as well as the price is you know upwards You Know Rich to the bottom, you know bottom your second quarter and after traumatic birth the surfboard and fourth quarter and but on the other side, you know as certain materials including party Solutions classes English song You Know supplies and the wage puts some pressure on the cost of internal production cost. So we that is why we expect you know, the fourth quarter of the club.

Tomorrow will be you know in the downward Trend comparing to the quarter and the second quarter.

All right fair enough, but but would you say mid-teens is too simplistic of you or is that about the right the right range?

You mean the fourth quarter, right?

Yeah, fourth quarter specifically.

Oh, I think it's slightly it down, you know comparing to Circle 15% It's I don't expect that number for scored. Okay fair enough. Thanks guys.

Thank you.

So next question is Paul Johnson from ghe.

Hey guys. Thanks for taking the question. Can you hear me?

Yes, please. Hey, so there's been a lot of talk about China's next five year plans and there's been some speculation that the target should go up to 50 gigawatts a year. Uh, but then on the flip side of that clearly infinite Vin next year. So the any any any any country where we've seen and been event you've seen a big decline in demand. So, can you talk about what your view is on what you see with respect to demand in China next year and then I have a follow-up.

Sure.

I think for China's 14s Five-Year Plan currently is a market Intel suggesting. You know, the total demand side wage is substantially increasing and the draft has not been released yet. There is no public information on it. But according to the rumors we have reading or we are seeing in the market right now. I think the if you convert the total installation number into a manual instillation number, I think the number is indicating over 60 gigawatts maybe at the range around the Lexus 6270 even higher.

Yeah, on top of that. I'm not sure you know or not and our you know, the presidency, you know had that speech at the United Nations wage. And you know and China is committed to reach the peak of the carbon emissions by end of twenty Thirty and as well as Thursday and we will trying to achieve the carbon zero carbon emissions by the 2060 so which is it showing, you know China's commitments to renew renewable energy. And so as well as you know, the the the next five years ten, I think it's under you know, just like the general said it's under discussion. But we we think the possibilities is that the high possibilities and China will raise upwards, you know, the the targets dead.

Okay, that's very helpful. And then there's been a lot of focus on you know, relisting and subsidiaries listings of USA in China on the Shanghai job based on our understanding a lot of us investors are expecting, you know lifting on the Shanghai stock exchange. And then that profit to be used to buy us ADR stock. So am I understanding is it we we believe it's illegal in China who list on the Shanghai stock exchange and then use those proceeds outside of China. I outside of Shanghai you guys know if that's true or not. And and and and do you agree with that?

I think you know it's you know, the the actual part is typically, you know in China. Let's say you you issue this year 10% and the time you have the the the use of the the targets you typically it's useful the some, you know Camp acts as well as working capitals. But in China there, you know for the public companies there is some the comments. Let's say 10% Net income each year, you know, the public companies are required to disabuse, you know dividends to investors. I'm from that perspective. I need to check through the lawyer but from that perspective the 10% net income distribution, you know, as as you age evident, I I think if from my perspective, you know, I need to check about I think on dividend perspective, you know, it's okay, you know and the the China and yep.

able to do

The dividend to to Auto China and the ultimately dividend to the shareholders, but I need to check.

Okay. Thanks a lot guys. Good luck. Thank you. Thank you for question.

Is there a reminder please press zero one for questions?

As a reminder, please, press zero one for questions.

There could be no more questions management. Do you have any follow?

calling

remarked

If that's his know, then this the end of today's call and thanks everyone to join this call and you may disconnect now. Goodbye.