Q3 2020 EuroDry Ltd Earnings Call
Please continue to stand by your conference.
Begin shortly.
[music].
Thank you for standing by ladies and gentlemen, and welcome to the year it's right.
That's cool on the third quarter Twentytwenty financial results, we have with US today, Mr., Pytosh, Chairman and Chief Executive Officer, and Mr. actually did <unk> Chief Financial Officer of the company at this time all participants are in the listen only mode. There will be a presentation followed by a question answer session.
Sometimes if you wish to ask a question will need to press star one on your keypad and wait for your name to be announced I must advise you that this conference is being recorded today. Please be reminded that the company announces its results with a press release that has been publicly this coveted excuse me before passing the floor.
Just to pick off I would like to remind everyone that in todays presentation. The conference call you ever drive will be making forward looking statements. These statements are within the meaning.
Of the federal Securities laws matters discussed may maybe forward looking statements, which are based on current management expectations.
Risks and uncertainties.
That may result, in such expectations, not being realized I kindly draw your attention to slide two of the webcast presentation, which has the full forward looking statement and the same statement was also included in the press release. Please take a moment to go through the whole state.
Okay, and then read that and I would now like to pass the floor over to Mr. Petoskey. Thank you. Sir Please go ahead.
Good morning, ladies and gentlemen, and thank you all for joining us today for those schedules go through school.
Together with me starts with Us Levy Chief Financial Officer.
The purpose.
Today's call is to discuss <unk> financial results for the third quarter in nine months periods ended September Thirtyth 2020.
Please turn to slide city.
Income statement highlights are shown here.
Well listen I would go to 2002 and see we booked a total net revenues of 6.8 million.
<unk> and net income of $45 million.
Adjusted EBITDA of $2.8 million and adjusted net income attributable to common shareholders of 4.1 million or five cents per se.
Julie this is going to.
2020.
With that I'd benefited from gradually improving shot at them as good as the result of the the opening of most economies after the pandemic it relates it look those.
Since the beginning of October them during the early November the market trades have given up some of the games, but they remain unsatisfactory levels.
I think if you used to economic uncertainty due to the second wave of depend damage and the renewed economic looks down especially in view.
I've seen a food does this lease will go over our financial highlights in more detail later on in the presentation.
Please turn to slide fulfill downsizing in the operations highlights.
N.V. Kneen will speak sort of below one time side. So that's 99% of the Baltic Panamax index for the 74000.
[noise] deadweight tons as I.
I bet, it's four times so do we.
With a minimum durations in April 1st 2021, and the maximum.
Duration of August 15, 2021.
The satellite was fixed in direct continuation of the previous trials at nine point at 98.5 of the BPCI 74, I bet, It's 40 C. index.
The minimum duration till August 15, 2021.
And maximum duration of January 15, 2022.
The overall revenues. These two vessels and received in Q3 and will receive in Q4 after taking into account the phase are actually fixed through the previously sold ffh contracts at an average.
A lot of $11000 per day.
Additionally, we have so that's a phase for 30 days in Q1 Twentytwenty one at the rate of 95000 per day, providing a month's worth of cover the overall for one basis.
There were no dry dockings only bad for this.
Okay.
Please turn to slide five for a summary of human rights current fleet.
As you can see it is comprised of seven dry bulk vessels with the fleet average age of 18.8 years and cargo carrying capacity of about 530000 deadweight tons.
Slide six shows the vessel employment schedule.
As you can see effective covenants as of October 26, Twentytwenty for the remainder of Twentytwenty stood at about 42% in terms of minimum fixed rate contracts, including the vessels that are covered by us as a phase.
This figure excludes shapes on index charters, which are open to market fluctuations, even though they might be sure to having secured employment.
Turn to slide seven where we'll go over the market highlights for the third quarter of Twentytwenty.
The third call.
Similar to an improved performance with the dry bulk market recovering strongly from the very challenging second quarter after the ending of the local items.
However, following the second wave of the pandemic and renewed loved downs, we expects that the dry bulk markets will be affected in the near term by the state of the.
Multiple economies as influenced by the COVID-19 pandemic.
In the medium term we have a we are encouraged by the expected improvement in the wire in the markets. Once the pandemic is brought under control if not otherwise certainly by the introduction of the vaccines.
<unk>.
Well, if the rates for Panamaxes I've never spent $12600 a day in Q3, but currently have retreated to around $9250 per day.
One year time charter rate average that close to.
$12000 per day, yes, but now hovering around $10300 per day.
Please turn to slide nine.
As a result of the pandemic, the economic and trade world environments. It dramatically decline at the beginning of Twentytwenty.
Initial estimates of its effect was extremely painful but the last two quarters. We are your mask has been gradually increasing its GDP estimates.
The IMF projected world GDP growth in Twentytwenty. He has been revised upwards from minus 4.9%.
And in the previous quarter July two minus 2.4% now.
Among the developed and developing economies, China is the only big economy expected to post positive growth within 2020.
In fact, China's returned to growth seems stronger than expected.
Next the previously with the signs of a more than happy to recover in the third quarter, suggesting a 1.9% GDP growth compared to 1% GDP growth in the previous quarter.
The U.S. economic growth is projected at minus 4.3%.
In the Eurozone is expected to need a steeper road to recovery with GDP growth expected for Twentytwenty at minus 8.3%.
All the remaining important economies are now expected to contract as is clearly evident in this slide on beta.
What age than those expected a quarter ago, except for India, where staggering contraction of 10.3% is expected.
Twentytwenty one local growth. According to the Iron man is projected to return to growth recovering from the declining 2020 of.
Low in this 5.4% to a positive 5.2% growth rate.
In this context, the U.S. is expected to grow by 3.1%, while the eurozone area growth is expected to be around 5.2%.
In China's.
Very strong 8.2%.
Similarly, all other developed economies are projected to show strong a strong recovery.
Looking on the dry bulk trade growth. According to Clarkson collected growth in Twentytwenty is now estimated that the negative 3.3 per se.
Okay.
While the 2021 forecast suggests that the Drybulk trade is set to grow at a solid 5% today.
Please turn to slide 10.
The order book as a percentage of total fleet up until November Twentytwenty stands at 6.3%.
Rent, which is the lowest level seen in the last 20 plus years.
The principal reason for the poor performance of dry bulk shipping during the last decade has been the high number of deliveries, which easily outpaced the growth of the trade for the greater part of the last decade.
With a relatively.
Really small current order book and normal demand expectations for the coming years and fundamentally supported the rebound in the dry bulk market should be expected in the near future.
Also bearing in mind that it takes about one and a half to two years for the vessels to be delivered one cities constructed.
Distance slide 11 to review the dry bulk delivery schedule.
But 2020 deliveries the order book is still dominated by large breasts acos.
According to Clarkson fleet growth in Twentytwenty will be around 4.3% taking into account scrapping another fleet changes.
Has taken place to date.
For 2021.
The order book is estimated at only 3.8%.
If one accounts for scrapping and slippage actual fleet growth will be very low.
This order book for 2022.
And beyond is currently only 1.1%.
Which would imply that through scrapping and slippage, we could see a slinking fleet said to year provided that not too. Many new orders are placed for Twentytwenty two delivered.
Please turn.
Slide two elsewhere, we've summarized our outlook on the dry bulk market.
The unknown duration of the pandemic and its financial consequences of end of any type of modeling very difficult.
Our base case scenario calls for the recent sales uncovered 19 cases in the northern hemisphere to negatively affect.
Some markets through the fast first half Twentytwenty one.
But aided by the progress recently achieved in vaccines, we expect the second half of the year to be very strong.
Current year to date trade decline estimates and full year Twentytwenty projections, we like.
Equally be revised upwards to those discussed before as the charter rates have been higher since May June 2020.
And then what we estimated supply and demand balance implies.
Well with 19 related delays in ports have also likely taken more.
More ships out of the market for more days than estimated value of reducing the effective vessel supply.
In parallel as the ordering of new shapes is expected to be contained in the midst of the above demands and certainty, but most importantly on the lack of clarity of the fuel of the future.
User.
As not knowing the optimal seat for even five years out makes the placing of any new arm than speculative monovisc.
As already discussed we are looking forward to a promising 2021 amidst the load of the book and as we say demand rebound.
We are hopeful for further easing of the trade tensions between China, and the us and likely to additional economic stimulus is worldwide.
Thus the supply demand balance over 2021, and 2022 will likely provide the foundation for charter rates, though remaining volatiles.
Two on average at least maintain the recent levels or probably improve.
Please turn to slide 15.
The left side of the slide shows the evolution of one year time charter rates of Panamax drybulk vessels since 2000.
And does it October as of October 30, Twentytwenty. The one year time charter rate for Panamax with carrying capacity of 75000 deadweight stood at around $10375 per day.
As you can see on that item slight side of the slide.
Slide the current price of a 10 year old Panamax vessel is around $13.8 million.
In the last two three years dry bulk prices have been gradually increasing towards historical levels. Its prices above the all time low values that we have established at the beginning of 2000.
16, but have still not to reach those levels.
With the freight rate environment close to the media and the rate, we would expect asset values to increase closer to the median is wells.
In view of this we tried to position ourselves to benefit from the developments and.
We continuously evaluate opportunities for investments in vessels open shoe combination with other fleets, especially focusing on using our status as a public company, which can perhaps provide the consolidation platform.
To help achieve these goals. We are also focused on efforts to improve our.
Capital structure by reducing our capital costs and create additional liquidity.
Let me now pass the floor over to our CFO tassels as leave this to go over our financial highlights in more detail.
Awesome. Thank you very much.
Good morning, So he is well.
I will now take you through our financial results highlights for the three and nine month periods of 2012.
Well, let's turn to slide 16.
The third quarter of 2020.
We reported.
Total net revenues of $6.8 million amounting to add like 1.3% declines.
Back to topple multibillion shop 7.7 million that we achieved during the third quarter of last year.
Our net revenues decreased by $1.9 million due to.
Lower.
Chartered bank charter equivalent HR, where some share compared to the same period of last year.
The company reported net income of 4.5 million.
Income attributable to common shareholders of 0.1 year EPS.
Compared to net loss of one.
For me on the net loss applicable to common shareholders for 0.8 million for the third quarter of 2019.
In those another financing costs for the third quarter of this year amounted 2.6 million compared to 48 medium for the chain theater to.
As of last year.
Our interest expenses during during the third quarter of 2020 were lower due to the lower average outstanding debt and also the decrease LIBOR rates with our launch experience has come back all the way to the same period of 2000.
We produced.
The station expenses for the third quarter of 2020 amounted to.
About $1.7 million compared to 1.6 media for the same period of 2019.
Again for the quarter ended September 32020, the company recognized as more low.
There is more lost something they're straight swaps.
And to your point 2 million realized loss on interest rate contracts as compared to a loss and be able to reach 4.6 million for the same period of 2019.
Comprising 4.5 million on loss are perfectly contracts and point to.
Our loss on one interest rate swap that we did last year.
Adjusted EBITDA for the third quarter of 2020.
2.8 million and that compares to 2.2 million, we achieved during the third quarter of 2019.
Basic and diluted earnings per share.
Attributable to common shareholders was occur till 2000, 24.6, 0.0, $6 calculated on approximately 2.3 million basic and diluted weighted average number of search outstanding compared to a base case that knew that loss per share from zero point 35 Bowl.
Dollars for the third quarter of 2019.
Excluding the effects on the income attributable to common shareholders for the quarter.
Of the unrealized loss or gain on the British the adjusted earnings per share attributable to common shareholders for this past quarter.
Well I wasn't granted which is being 0.0 $5 compared to a loss of zero point $26 per share base could diluted for the same period of last year.
Usually security analysts do not include the above items in there probably just as much affirmed for sure.
Let's now move on the second half of the slide to discuss the nine month results for the year.
For the first nine months of 2020, we reported total net revenues for 15.9 million.
Presenting a 19.1% decline over total net revenues for 96.
Thanks, 19.6 million that we set during the first nine months of 2019 again. The result of lower time charter rates are versus fairing during the corresponding period.
The company reported net loss for the fourth quarter and first nine months of this year, So 5.6 million immensely.
Most attributable to common shareholders of 6.7 million as compared to a net loss of 1.4 million connected and the net loss attributable to common shareholders of $2.9 million for the first nine months of 2019.
Egos another financing costs for the.
Last nine months of 2020.
Amounted to $1.9 million compared to $2.7 million for the same period of last year again. This decrease is due to the lower average levels of debt outstanding and lower LIBOR rates that we experienced during these years nine month period.
Depreciation expense.
And just for the first nine months of 2000, Brendan were 4.9 million compared to 4.8 million during the same period of last year.
And for the first nine months of 2010 to be recognized as 0.5 million loss on three interest rate swaps centers Eurone point 3 million loss on as I say congrats.
First as compared to a gain on derivatives of three point.
Zero point $3 million for the same period from last year, which comprised so.
0.6 million gain and that will save senses 0.2 million loss on interest rate swaps.
Adjusted EBITDA for the first nine months of 2012.
Randy was 1.8 million compared to 6.5 million active during the first nine months of 2019.
Basic and diluted loss per share attributable to common shareholders for the nine month period of this year was $2 or 977 cents.
Totally.
Good.
2.3 million.
Search basically diluted.
Compared to one.
Pointless, Ronnie dollars basic and diluted loss per share for the first nine months of last year then.
Again, excluding the effect on the loss attributable to common shareholders for the first nine months.
Much of the year of the unrealized.
Loss on derivatives, the adjusted loss per share attributable to common shareholders for the first nine months of this year, which have been 2.7 dollars compared to a loss of one point $13 per share.
Basic and diluted for the same period of 2090.
Tim.
Let me now turn to slide 16 to review our fleet performance.
We will start our review by looking first at our fleet utilization rates.
As usual, our religion utilization rate you broke it down into commercial and operational.
During the third quarter of this.
Our commercial utilization rate was 100%, while our personnel utilization rate was 98.9% compared to some of the pressure on commercial and then 9.5% of the rational for the third quarter of last year.
I would like to remind you here that are related.
Gary calculation does not include vessels in schedule guidebooks, our schedules that.
If such eventual cure during the period.
On average seven vessels were owned and operated during the third quarter of this year area.
Eric.
Time charter equivalent rate of 11008.
From that $73 per vessel per day compared to $12088 per vessel per day during the third quarter of 2019 during which we also operated the same seven vessels.
Our total daily vessel operating expenses, including management fees then Marilyn.
On the administrative expenses, but excluding guidance forge averaged 6000.
$387 per vessel per day during the third quarter of this year compared to $5722 per vessel per day during the third quarter.
2019.
If we move further down the list.
And then maybe we can see that cash flow breakeven rate that we kept during this past quarter, which takes into account drydocking expenses and cash interest expense loan repayments and preferred dividends we stayed in comps.
For the third quarter of this year, our daily cash flow breakeven.
Selling rate was about 9000.
$846 per vessel per day.
Compared to $10845 dollars per vessel per day that with debt during the third quarter of 2019.
Let's now look on the right part of the slide to review our nine month figures.
During the nine month period of 2020, our commercial utilization rate was again, 100%.
Our parents metallization rate was 99.6% compared to a 100% commercial lines.
Slide 9.2% operational quarter for the corresponding period of the previous year.
Increased.
Nine month period of 2020, we own the not very good seven vessels and were a time charter equivalent rate of 8000 tons of $27 per vessel per day compared to 10000 children from then and $50 per vessel per day that we added during the nine month, because nine months of 2019.
During which we operated again same them certain vessels.
Our total daily operating expenses for the nine month period, including money.
Management fees, DNA and thick, but excluding drydocking costs amounted to $6195.
Per day compared to $5839 per vessel per day during the corresponding nine months of 2019 again at the bottom of the table, we can see our breakeven rate for the period.
Our country low breakeven rate was 10800 $600 per vessel per.
A day in 2020 compared to 12000.
Click on guidance and make dollar per vessel per day for the same period.
First nine months of last year.
Let's now move to slide 17 to review our debt profile.
In this slide on the top part you can see our loan repayment.
It was when I saw a balloon repayments.
And on and on the bottom of that slide we can see the.
The projection of our cash flow breakeven level.
11 for the following 12 months.
As of September 32000, blending we capped an outstanding bank.
Debt of about 52 million.
In 2021, and you can see from the chart is there to make a balloon payment of about 8 million, which is collateralized by three of our Panamaxes.
We have also a balloon payment of 2.1 million to make in 2022 with this column.
Bye Bye all remaining panamax vessels. This probably balloon payments are below that the scrap price of their respective vessels and we anticipate it will we care.
No issues with financing them or when you.
We have as you can see from the chart additional balloon payments coming into the later.
In 2023 and 2025.
I would like to make a quick note on the cost of funding.
The average margin of our debt as recent as you can see on the comment on the right part of the slide is about 3.3%.
Since our show me the library to Europe.
Your 0.5%.
On the top of.
Our cost of senior debt would be around three and a half person.
If we include the cost of the.
The dividend that we paid to our preferred equity.
Which we pay in kind, which adoption to paying kind and in January 2021, the other it's blended cost profile.
Non equity funding, which has been around.
Around 5% as of the end of the last quarter.
Our loan repayments over the next 12 months expressed on the vessel per day basis amounted to about $2381.
They.
They make a contribution to our daily cash flow breakeven level and you can see that on the on the chart of the bottom part of the slide.
He will make assumptions for the remaining items that make up our cash flow breakeven right like our operating expenses, our gms expenses dry docking.
Thinking to the Tetra Tech.
Come up with a number on cash flow breakeven level per vessel per day that we expect over the next 12 months of approximately $9850.
Let's move now to slide 18.
Where we can see some highlights from our balance.
This is really you can say high level snapshot of our assets and liabilities.
He asked inside.
First we can see that we can have the accounts another car innoswitch to about 7.1 million and of course, the book value of our vessels, which amounts to about it from.
Then in one media, making our total book assets to about one one contaminated.
On the liability side.
We said this will be integral oak for last quarter bank debt of about 52 new units.
Which approximately which represents 48%.
Of the book value of our assets.
Also we get preferred equity outstanding of about 16 million, which account for another 15% of our book assets and other assets and other liabilities was about 4.3 million accounting raffi for about 4% of our assets.
This leaves us.
With a net book value of about 35, five and a half medium.
[laughter], which are amounts to about 15.4 dollars per center.
You will replace the value of our vessels with a market value, which we estimate to be about 10% below.
No the integrated book value, we can calculate our net asset value to be over $10 per person.
Clearly before Sharon says below that level, they present, an investment with significant appreciation of person.
And with that I will pass the floor back to our chairman and CEO or Cds continue recording.
Thank you Doug So I can now open the floor for any questions that you may have.
Thank you, ladies and gentlemen, as a reminder, slight try ask a question. Please press star one on your telephone keypad and wait for your name to be a nice step star and one for any questions.
This question comes line of Tate Sullivan from Maxim Group. Please ask your question.
Hi, Thank you for the background and one thing that jumped out was the extensions on on I think it was five of your southern vessels to the contract timing can you give some feedback you get from customers I mean, what keeps them from committing till.
The longer terms when you have those contract extensions I mean, if there's limited fleet growth next year and then the end of Lockdowns, maybe do they should they start to have urgency or can you get some comments on the feedback.
Yes.
Absolutely.
The older vessels in our fleet.
The 2000 built ships.
She said that most of the favorable to buy up at a dose of that want to have to.
Be viewed the B b view of the business. So these we are trading on the spot market and we expect to continue to trade them in the spot tomorrow.
And the remaining vessels.
So radically will could fix for longer periods than the mid you made shapes that to fall to two or five built panamaxes.
Could be could be fixed for up to a year, we see these kind of trials.
It's happening.
For the youngest seats.
Beyond the five years old.
They do they have existing markets for one two years it never goes for longer the early on these type of soups.
And we could to consider.
Sales fixing them for the year.
At this specific rate when we feel the debate is good because right now we've seen the correction in the south of eight.
And to that because we think that the 2021 at least from the third quarter.
Or maybe even from the second quarter, we will see improved charter rates, we prefer to keep sort of term durations at today's levels.
Great. Thank you and not tales of my next question for 2021, you mentioned rates I think you said around 10400.
Today versus a breakeven of 9850, a day what I thought you common next year you see average rates suddenly did you say closer to where your rates were in Threeq, you 20, or can you review that comment.
Yeah, I mean, it's a vote, it's a volatile period.
As you've seen the rates have moved the this year. The from a you know 6000 up to sort of theme there may be even 14.
On the spot market.
So it's been very volatile side, we think that the first five to over 2021 because of the.
The pandemic.
We and the Lockdowns that follow will not to be a strong half certainly the first quarter.
Now the second quarter will depend a little bit on how the pandemic.
Uh huh.
Develops and of course on.
If the what happens with the with trade worlds and.
And all that stuff, but.
We do expect that starting even in the second to the third quarter, we will see a tie of eight the average for the year, we expect it to be.
Higher than the than what it is what was the average over this year.
It's good to be closer to the Q3 to date it could be around the Q4 of eight it's very difficult to say honestly and make a.
A better estimate.
Okay, well, thank you for those comments.
State.
Thank you good luck.
Your next question comes from the line of Paul Front, how noble capital markets. Please ask your question.
Hello.
Just wanted to clarify I.
Students if you could just clear.
By year your strategy.
On your you're facing a little bit of weakness care term you look at softness in the first half we probably certainly in the first quarter, just a 2021 just because of seasonality.
But you you're using that that they spend could you have.
Eric cover more of the fleet without that base looking into the first quarter because right now you're only have 90 days that fleet covered and I was just wondering sort of what your strategy is do you think your layer layer on more FX stays as the year ends or is that sort of you're going to just.
Just play the play the market from now.
Very honestly follow our intention was to get to more of a cover if we saw after phase it's $10000 a day and so we would have taken more covered if we saw that at.
We didn't feel very comfortable in taking.
Looking at more cover.
Actually at levels below of actual.
All cost breakeven cost. So we were hoping that we would see them go up to 10000 again in which case, we would take some additional cover we haven't seen that.
Q1 is trading right now with the of $8000 a day.
We wouldn't do something at this level, but if there is.
A new peak that we see with you in November of early December which is possible and we see levels of turning to those levels.
We will indeed to get some more fsh governance.
Yeah, you're being opportunistic just based on what you see what arm can you clarify.
Sorry could you.
Clarify the I am.
I I, if you said it I missed it but on the 42% of days that are.
Hovered in 2000 <unk> fourth quarter does that include the EPS phase that are in place or does that exclude them and then if you could also offer potentially a rate that's associated with those with that contract cover 42%.
Yes, I mean it does include.
Alluded to this facility to Petsense includes the two vessels that will make 11000, because the covenants to the phase.
Andy It includes the accent come sort of Max we discovered that 11000, because it's it's a guaranteed floor. So it includes those three.
This is clearly and the.
Some five to over the past so some of the pentair lease whose charters expire for now and we have not extended yet so that is an average of $10000 for those two as well so I would say that our average slightly below 11 for the 42.
But for the 42% that discover them the remaining is severely open.
Okay and.
You do have that floor on the xennia.
You know at 11002. So is that included in there or is it that these included yes that does include that the okay.
Great and then when you look at the contract and then on the Zen here that does you know.
It appears to expire at the end of the year.
Can you sort of give us a flavor, whether you'll be able to you think Keith.
Keep that floor in place or whether there will be a different structure and that contract no.
No the this vessel.
We'll we'll let and its charter and we are due to bypass the special survey over that shape, we could pass it in January but we decided that we will pass. These immediately after the completion of disguise themselves to.
And that and we.
We'll see how we will employ the sheep afterwards, it doesn't have an employment.
Okay. So that would be one special survey that you're looking at any other services.
No. This is the only vessel.
We will we need to pass through a survey in the coming.
Coming quarter and I think.
And so if you have the figures correct me, but I think that we have nothing in Q1.
I believe so.
Okay. Thanks, a lot.
Great and touched us if we could just double check on it looks like the cost structures. There's.
You know pretty stable looking forward you know, it's bounced around quarter to quarter, a little bit you know it looked like it was a little bit at least from a geographic standpoint them third quarter.
Are there any major changes it doesn't sound like it but I just wanted to double check any major changes on the opex side looking.
2021.
No I don't think we don't expect to hear of any major.
Structural changes on the Opex side.
We should see opex shipment to similar levels through this year.
1% to one of our percent higher but.
No matrix.
Sure James.
And.
Thank you alluded to on the balloon payment is due in 2021 year, you're you're thinking about that are you actually in discussions with your your banks on that one payment and potentially extending that out.
What then in later than next year. So we are not.
That for about two specific date and not many discussions yet but.
In addition, we I'm sure like on top line about software for Scott Brown shows on vessels, which I'm not.
Yes cutbacks anyway.
So I don't expect any problems doing fine themselves.
The profit levels.
You might be able to get anymore, we want.
Great. Thank you so much.
Thank you contemplating thank you both.
Thank you I'd now like turn the conference back to the CEO Mr. Aggrastat is tough.
Please continue sir.
Well I think this concludes our <unk> session of today.
Thank you all for listening in and we.
We love to talk together again in February when we come out with though the results for 2020. Thank you.
Thank you everybody brought them.
Thank you that does conclude our conference for today. Thank you for participating you may now what disconnect.
Thank you.
[music].