Q4 2020 New Gold Inc Earnings Call
Any statements found in the presentation.
Today's commentary includes forward looking statements relating to new gold.
And this respect we are free.
We refer you to our detailed cautionary note regarding forward looking statements and the presentation.
You are cautioned that actual results and future events could differ materially from.
From those expressed or implied and forward looking statements.
Slide two and slide three provides additional information and should be reviewed.
We also refer you to the section entitled Risk factors, and new Gold's latest MD&A and other filings available on SEDAR, which set out certain material factors that could cause.
Actual results to differ.
Please note that and all amounts are presented and U S dollars.
In addition included and the presentation. There are a number of endnotes that provide more important information and should be reviewed in conjunction with the material presented I will now turn the call over to Rob shows that.
Thanks, Anne and good morning.
Renault did you want to open up with some not and all of that spring and go ahead and work okay.
Hi, good morning, just jumping straight into slide five which provides our operating highlights for Q4 and and year to date details are consistent with our January production press release.
During Q4, the company produced 120005 hundred 67 gold equivalent ounces.
Consisted of 18 5 million pounds of copper and 666000, and 734 gold ounces from rainy River and 16000, and 362 gold ounces from new Afton totaling 83000.
And in 96 gold ounces and higher gold production as compared to the prior year quarters, primarily due to higher grades at rainy River and new Afton operating expense per equivalent ounce was lower than the prior year quarter due to production and sales higher production and sales volume consolidated all in sustaining cost for the quarter were <unk> hundred 90.
And $1 per equivalent ounce, 20% lower than the prior year quarter, primarily due to lower sustaining capital at rainy River and.
Moving to slide six and our financial results fourth quarter revenue was approximately $199 million driven by sales of approximately 86500 gold ounces at.
And average realized price of 16, and 23 per ounce and sales of $17 5 million pounds of copper at.
At $3 34 per pound, our Q4 revenue was 43% higher than the prior year quarter due to higher metal prices and higher grades are operating cash flow before working capital adjustments was 95 million.
<unk> 14 per share for the quarter higher than the prior year quarter, primarily due to higher metal prices. The company recorded a net loss of $21 1 million or <unk> <unk> per share during Q4 compared to earnings of zero cents per share and Q4 2019 after adjusting for other certain charges net earnings.
Or 27, $9 million and <unk> per share and the quarter compared to a net loss of $28 million or four cents per share and the fourth quarter.
2019, a difference was driven by higher revenue lower operating cost and depreciation.
Our Q4 adjusted earnings also includes adjustments related to the previously announced.
Redemption of notes unrealized adjustments on our gold price option contracts rainy River stream mark to market and our new App and free cash flow royalty. Our MD&A has additional details on the non-GAAP measures discussed here.
Moving to slide seven and our Capex.
This slide.
Slide provides a breakdown of our Q4 2020 capital expenditures, our total sustaining capital and and leases for the quarter was $69 2 million and our spend was primarily related to tailings work and Wick drains at rainy River and B III mine development, and VAT and advancement of tailings dam, a tailing dams raised at new Afton.
And with capital was focused on.
And project development at New Afton.
Slide eight provides details of our capital structure at December 31, 2020, we had approximately $185 million and cash and approximately $490 million and liquidity.
During the fourth quarter, and new gold completed a $200 million redemption.
With cash on hand of the outstanding six 375% senior notes due in 2025, leaving a balance of $100 million on those notes.
Also in early Q4, the company extended its credit facility to 2023.
I would refer you to the company's press releases for further information on those specific transactions.
Slide nine per.
<unk> 2021, consolidated guidance, where noble will provide details by operation, but on a consolidated basis. The company is expecting to produce between 440 and 490000 equivalent gold ounces by metal and the estimated gold production range is.
322000 to 352000 ounces and the estimated copper production range and expect it to be $56 million between $56 million and 66 million pounds when compared to the prior year production guidance includes an increase and production from rainy River mine offset by lower production at the New Afton mine are consolidated.
<unk> cash cost are expected to be in line with the prior year with lower cost from the rainy River mine and higher from the new Afton mine. The all in sustaining cost ranging between 12, 30, and $13 30 per equivalent ounce are expected to decline as compared to the prior year, primarily primarily due to lower sustaining capital requirements.
Our rainy river.
Growth capital is expected to increase over the prior year, primarily related to the new Afton C Zone project development and the Intrepid underground at rainy River with that I'll turn the call back to Renaud to grow.
Thanks, Rob and and.
And so everyone who is joining us today I'm on slide 11.
And before I start.
It's worth and mixed failing that I'm addressing you today.
The year started on a on a tragic way and new gone with the fatality that occurred.
Thank you and you asked and mine.
And we're.
When I looked at the new loft and our team the new often family.
I see a very very strong.
Group with people, so committed to the health and safety and wellbeing of favorite one working up to new Afton.
And and you know we've come along for operating the block cave at new Afton and delivered so much over the years, including tremendous milestone achieved and the health and safety.
The mine ended the year with more than 3.6 million ounce hours worked.
And without L T I injuries.
This represents over a thousand and.
And 50 days.
Significant milestone.
Reductions in every aspect of our frequencies and and and and answer them.
Trending way below the.
Canadian.
Adrian industry, and as a company and general radios or 45%, our overall frequencies and and incident.
New gold comes with a significant commitment and as a per day slide 11, when you look at.
Everything we do some.
Someday environment.
And then and social and.
And R and four main area of focus on the new water tailings and climate and indigenous and this is all in fact at the end of the day going back to one thing is our tremendous commitment to.
And the health safety environment, and wellbeing and everything that has and aspects.
Aspect of people and it.
But the mine was hats on February 2nd with.
And with a mad rush and that occurred are.
And the recovery level, resulting in a fatality.
And this hit.
The whole family of new and family in particular.
And more family.
And a whole group of new Afton and the new gold did hit hard because it hits you right and the metal you know where it hurts the mouse your core value.
And people.
And with the same.
The same strength and know and and solid foundations and and commitment.
We'd have to.
Get back and our feed them.
And move on and and find a way to move on understanding the true.
Tremendous hurt us and incident and like a fatality like this.
But it doesn't take away.
We have been and will remain.
And that isn't always focused on the health safety and put our people first.
And we're gonna line from this this accident and.
And.
And as we've done and the past when it comes to adversity will will overcome and.
And constant need to move on and our solid commit.
And when I turned back as the CEO and I say, it's a mixed feeling when I turned back and I looked at 2020.
I see only a tremendous achievement and they are briefing with beds and everything we do.
Significant progress.
And turning and reposition and discount.
And it started with the health safety has I said, where we've achieved significant milestone.
And jumps to new to de risk, our and every single environment and saw aspect.
<unk> the mine for success.
We've reduced our that week.
We restructure our balance sheet.
And we did so.
While the preserve our very healthy balance sheet and cash and liquidity.
And we're moving forward and a very bright light.
Yeah.
It's a mixed feelings because we've done so much but yes, we started the year on the tragic.
Way and we have to bounce back and.
And it's always a fine line has and we put our people first because we understand what it does and how it hurts.
And how is the CEO of this company and I could assure everyone that day.
New Afton family has been and will remain.
We are committed to the health and safety and.
And with the same creativity, that's been so a part of the story of overcoming technical issues.
Well and find a way to move on.
I'm on slide 12.
When I look at the rainy River and I look back.
2020 was all about repositioning the mind and making sure by the end of 2020 day mine will be positioned to enter 2021.
At and increase production radios cost and.
And and free cash flow stream, starting in 'twenty, one and for the remaining of the mine. This this is how it's been.
Design and so.
And look at the result of 2020 achieved the high end and if their gold equivalent production.
Tremendous effort and controlling and reducing our unit cost resulted in a and the lower cash cost.
Below the revised guidance, we've completed all.
Capital project on a deferred constructions and now moving on to sustaining capital and what I would call them more.
Irregular and sustaining moving forward and we've done all of this by a cheap by advancing a little bit of 2021, as well and ended the year and that low.
And of the sustaining capital, resulting in a day.
And all the.
Below the guidance.
Now as we going to see moving forward, we're extremely well positioned now and that's a rainy and there we're looking at the future of and and is very very bright way.
On Slide 13, you can see how we've transformed and mine with with two main focused operational.
And all cost.
And for the last two quarters, the mine day mail and that's been operating at a design of about.
The 150000 tonnes mined and 27000 tons of mail and.
We've done so by and also focusing on our cost on a unit cost and positioning the cost structure of the asset to compete.
And as they are even better with the 43, one O. One assessment that we've made early in the year.
So if I move forward and I look at slide 14, and I look at our fresh operational outlook for 2021.
I see a tremendous and improvement.
And.
And we've made those assumption and the 43, one and one that les and a year and you're looking at a.
The COVID-19 situation and we bounce back from it and reposition the mine.
275% to $2 95000 ounces equivalent a significant reduction in cost.
Low cash cost.
While the 800 and May six and the midpoint slightly below the $200, an ounce equivalent and reduction of sustaining capital.
This is a significant improvement over 2020, and this will bring a good margin and free cash flow.
The first part of the year.
We'll see the mine.
Below the higher strip ratio and a little bit of a lower grade.
As we come to new our effort.
Stripping, but and the second half day, a year, we should be back into phase, two and benefit better and grade and lower strip ratio.
The mine will continue to operate and then average.
So it's about 151000 tons of all year round, but it would be a beneficial shift from higher stripping or grade two and lower stripping and a higher grade and the second half the mill will be GAAP with this force capacity and will continue to improve on the recovery side.
Very good upside as the underground mining.
And we've made a decision in 'twenty and 'twenty to accelerate the development of the Intrepid zone <unk>.
Originally planned for mining and 23 and.
We'll spend the first part of 2021 really understanding and fine tuning.
Our block model and.
And and lungs of a mining method.
With the view that maybe we can accelerate day on the Intrepid zone and and now that Intrepid is all pretty much all within their reserves and will be part of the 22 to 28 mine plan.
There is a there is unfortunate to hear too and accelerated the entropy zone capital.
Capital project as I mentioned most.
Most of the sustaining capital and tailings, the tailings and Kreis the capacity tailings and the stripping.
And some basic maintenance.
On the main components with the reductions of nearly 50 per cent compared to previous year.
On slide.
Inc.
Our significant progress with regards to how do we bring back as many ounces possible and the mine plan underground.
And potentially extend the life of mine and the M F 2000 and.
<unk> and 'twenty as you can see on the upper.
Or are the upper figure.
The the Intrepid zone was basically all transferred back to reserve as a result of a higher gold price used.
So now we have the basically the whole Intrepid zone now back into the reserve and will be incorporated in that.
And fifth and 22 2028 mine plan.
What provide better grade at the earlier stage than the current plan and.
And may extend.
The life of the stockpile as we would be incorporating more underground during the period originally.
2000 bed was has only a small portion included in the current plan.
But now we're moving the whole and ship it into their reserve.
And as you can see at the bottom right.
There is still a significant amount of resources that are outside of the reserve, but with and their reach.
Potentially.
And for being there.
And the mine plan and extending the life of mine beyond 28, as a standalone underground.
To do so will be carrying and 2021 that Ah study and economic study looking at the visibility and bringing back and of course.
With the milling scenario.
It would be adjusted.
As a as a potential standalone underground so more to come on this but.
Significant progress the day.
Almost replays that deflation.
Of mining deflation of 2020 by operating and trip in and a little bit around the open.
Oh that was low.
But the big upside here is eventually to migrate back from resource to reserve a significant amount of ounces from underground.
And 2021.
And on slide 16, and exploration guns, and you're not a rainy river, where we've launched it and the fourth quarter.
And.
And we have the first a total of 4000 meters that are complete and assay spending and.
And we intend to to release before or late Q1 and.
And exploration update, which we will be ramping up all worked oh will be rep rap.
GAAP up you know aldi.
<unk>, a day that rainy river and will incorporate and as well they are the new app.
And so more to come on the exploration front.
Yes.
I'm on slide 17.
Yeah.
So.
Looking back at that and you often and 2000.
And 20, new Afton is engage of course.
And the construction development and construction of the Beach free zone, and the C zone and.
And significant progress were made in 2020 and first achieving the mid range of our gold equivalent production.
And we've done so.
And so with the unit cost within our cash cost awards, the lower and.
We have with and then advancing if I can play to be three zone and by the end of that.
And at the end of 2020.
We were well positioned to initiate there'd be three zone and the first half.
For 2021, and this discounts and inks.
On a gross capital side, mostly around the C. The C zone development and we ended the year at 110 per cent of the development.
And we're fully engaged and the construction of the Pic and amended tailing.
Facilities by the end of 'twenty.
Working hard on the stabilized.
<unk> as well and short we're now fully engaged and all front.
And some capital there were deferred to 2021, but overall at the end of 'twenty, where we're extremely well positioned to continue to deliver with the view that 2021 is about getting basically up to speed and initiate the <unk>.
And ramp it up and and been in position and at the end of 'twenty. So we enter and 21, sorry. So we enter 2022 with the B three as a lead.
Ore source for new Afton as we come to new to build on the C zone.
On slide 18.
While I will not talk.
Of the <unk>.
Details of the accident and the investigation and come to me at New Afton.
And I thought it would provide with a with a three day sketch to better picture and you know where it would be incident occur.
As you can see.
See the recovery zone is this very small zone sticking out at the bottom of the lift one.
With.
White quite a space that day, capaldi and space with the B three and the C zone and as the as a result, all activities and there'd be three and C zone has resumed.
The view to initiate there'd be three.
Sequence and mining.
And and.
The second quarter.
While we complete the permitting and and development to get ready and the fees on that as well as you could see even further down.
The development and has resumed as well, but W. Two and deliver on our capital plan and 2000.
And only one.
They left one located above is as well most of the area and the last one and in fact has no interactions with their recovery zone.
So as a general view and the recovery zone that the stages and the remote mucking and the assumption is made that will.
And then remote mucking for the rest of the year.
And therefore extend the remaining extracts and a recovery want a recovery zone, and most likely and the first half two and it too.
And the left one will now be ramping up to over the next week.
The Q2, where we.
We expect to be back and the pre incident mining rate.
On slide 19, looking forward for new Afton and 2021.
There is two aspects of it there is the operation and all of course and there is building the future so on the mine.
Reman.
The revised mine plan that was released this morning.
And basically what is the main plant about is is obviously.
A limitation around the recovery level.
So from the original top of 2021 and as.
Mine plan, they disclose their recovery level and was expected to be more towards the three or 4000 tonnes a day.
And now with average program and be more around the 1700 tonnes a day and therefore would extend next year.
And that would be basically replaced by some stockpile on surface as the lift one and will ramp back.
To what do we expect to be the pre incident mining rate at some point in Q2 and would represent about 66 to five per cent of the town.
And the plan to initiate phase III.
And the second quarter Hasnt changed a little bit tough ramping up from the incident and of course, but beef.
<unk> is expected to represent 20% to 25% of New York for the year.
In terms of capital project, a more sustaining this year has become played the b three development and put and in production and on.
And the gross capital side, it's all about C zone.
Increased GAAP at all because.
Now engaged and the offense and we expect a dip.
C zone to be significantly their risk and by the end of 2021.
On slide 20.
A lot of work has been done so far from the first space.
Whereas duration and the Cherry Creek, and the bottom right to figure.
We are.
Our waiting a lot of assaying and and interpretation pending and as I said, we'll we shouldn't position to release and data exploration.
Sorry by the end of the first quarter.
And we continue.
This effect underground as well, but it's really from 'twenty two when we have better angles from.
And that Ram going down to see zone that would be more actively looking for a potential continuity of the C zone and the S. L. C. Adapt Meanwhile, there's a bit of delineation, taking are taking place but.
And to work and I think it's fair to say that the exploration program was 2021 will be mostly focused around and around the Cherry Creek area.
With some of the underground picking up more and that starts and 22, so more to come and our.
Exploration update planned for late Q1.
On.
And that the L. A and that will complete the most formal part of the call and I will pass it back to the operator for the Q&A section. Thank you.
Yes.
And as a reminder, I ask a question you will need the price star one on your California, but again that star one to ask a question.
He spent a lot and we compiled and Iraq.
Your first question comes from Anita Soni from D. I B C and World markets. Your line is open.
Hi, good morning, Rob.
And burnout and and I'm just.
Thinking about the capital numbers that Tom you've provided for both new Afton and rainy River and there's a bit of a range on on that quite a wide range and particularly on the new Afton. So can you just give me and understanding like in my case, and you would spend a lower amount and what can't you would spend and higher amount like why and why is that range.
Well you see like the capital project for a new Afton is a four year project right. So there is a as we as we experience and.
And.
And 2020 at rainy River for instance, where we are we are we were in position to accelerate some 21 for instance, and.
And.
So you look at the new laughed and generally speaking are we we make and that you know we made our estimate based on and.
And then the average productivity and and timeline around but.
Because most of it is all about you know there are a lot of men and there is always a.
A possibility where you could you could improve on your performance and you wanted to do maybe more of a development or maybe your advance more stabilization and plan.
And because those activities Oh care over four years. So you have a lot of room based on performance and we and and equally important.
We're doing very well under Covid, as well where case free new afton rainy as we speak but there are some some aspect out there and that sometimes you the 100% control. So without you know we will feel comfortable with you know guidance been set and the mid range of what we could achieve per week.
And have a bit of room should we.
We've got better perform to to increase some aspect as well rainy River is.
As a somewhat.
More focused on the on the tailings so we'd have a good handle on that one a stripping wise.
We have the gold price and so forth. So there's maybe a bit of flexibility around how we we want to operate that debt as well.
And that's why if there's depending how it goes it's can reaccelerate a bit some aspects so.
I would say that that would be the thinking behind and nita.
Looking and and again, if you look at our mid range of our capital it's Programmably.
Where we feel comfortable to achieve but but we have the proper room should we shall be better performed.
Or maybe something else, they're slowing us down and events.
Yeah, and just wondering if and capital allocation and you know and Ida.
You know sort of hitting that free cash flow inflection point I think as most people and expected the terrorists part of them and planning like I do.
And you do you really have any kind of focus on whether or not and you've got free cash flow negative or or or you try and maintain positive.
It's all about the price you apply to it but if you look at.
The rainy river today beside the 10 and 12 million Canadian enough.
Perfect and accelerating our accelerating are the the entre beds.
The euro and an ASIC are you now slightly below the 1200, so it's a significant margin rate and will bring a lot of free cash flow.
And we have the second payment this year has wells per market mess and so.
Yes, we remain very confident that we'll be.
Again, we don't control the metal prices, we all know what's happening with the copper as well a new.
And it is all about that shaping a self funded you and our approach over the four years no.
No doubt, but but globally, and Utah and and all when I look at the current prices and and.
And and the work we have to do a new afton can we'd be close to the to the natural cash flow and benefits from the rainy and and second payments are definitely we're targeting free cash flow this year.
Okay.
And then and other more technical question typical of me and can you give us an idea of where you're mining and milling and G&A cost are sitting for both of those offers.
Oh I don't I don't have this handy right now, but I would say if you look at rainy River.
Looking at our plan for the year and you're looking at for instance, the 43, one O one where we have shown on a year by year basis, I would say it remains a very good reference when it comes to rainy.
New often is a bit of a different situation considering the new plan. So again.
Again, if you if you use the 43 one.
Human reference on a year by year or yes, we would be a unit cost higher and that's it.
Current situation, but we should be back on our feet and 2022, So I don't have and the answer but please refer to the 43, one and one.
Sure and then on the unit cost as you mentioned off where new often a would that be a little bit.
On that I noticed you said, we're not marking so I was increasing not by a little bit and because it's only about 10 15 per cent and then also the processing side looks like the perfect thing.
Rate is a little lower than what you were pushing locked yourself. Similarly.
Is it a little bit life, and a little bit higher on that plan and if you took the ratio.
And I know one if it's more than that on.
On the unit Yeah, it's on a unit basis right. So when you do a recovery zone that plan and remote mucking up 1700 tons. A day. When you were supposed to do manual mucking up three or 4000, and there is an impact there.
And there is an impact obviously on our global and sedan.
And ramp up and the impact of the downtime of course like low.
Billy but once you're back on your feet and term off let's say lift one and the productivity and the second half.
What we have planned for the B three unit cost again, all the restaurants are pretty true on a one off.
And we still feel very.
And then longer fuel wise I think we can achieve better than usually plant and then originally planned so we'll be very close and some aspect, but unfortunately, a will be a it will be impacted a bit on our unit cost for the underground as a result of what's happening there and.
And last question for me is and the capital.
And is there any kind of them sort of waiting between the quarters that we should be aware of you know I typically people tend to understand and Q1, and then really try and make it up and Q4, so I'm just.
Curious, if it's an even spread that youre looking at or if there and.
And obviously, new Afton things had to be pared back in and Q1, but outside of that is there anything we should be aware.
No I think our I think our disclosure of dress as well and as you as you say are.
Definitely the second half new Austin will be stronger.
And Oh, you know as we ramp up from the Q1, but Q1 Q2, but no I think I think other than that.
Our disclosure is that.
And obviously every aspect to guide.
Okay. Thank you.
Thank you and again thanks.
And.
Yes.
Again to ask a question. Please press Star then the number one on your telephone keypad.
Your next question comes from.
Mike Parkin from National Bank. Your line is open.
Hi, guys. Thanks for taking my questions are on rainy you.
Bumping up against the permit limit on your processing.
And as you're moving into the second half you've indicated you know more favorable kind of mining scenario, where you are.
Dress into a lower strip.
And also a better grades.
Is there can you just give us an update there in terms of what you're thinking about in terms of the permit limit or are you looking to get that revised if it.
So any kind of details you can shed there.
And you've got conversation you and all was somewhat initiated a if you look at this from watch weekend peak, Mike I mean, we we can pick up to 32, right and the outrageous when your seven and I'm not saying, we're speaking 32 every day of course, it depends the hardness, but but generally speaking.
And we've been for two quarter and their role.
Of course, you would take a little more downtime to not surpassed the 27 and then you have the life of mine attached to this as well.
Expanding the mine and mill capacity to let's say, a something that would be reducing the 20% between the peak the peak and be average.
And where it could.
Could be eventually possible are very important and is the are there. The net charting the life of mine and continue to do so and progress and expand as we also extend the life of mine. So this whole exercise and 21 is very important for us because it's it's about them.
A more efficient more profitable, but also continue to to grow this enterprise and and the region, which is very important to us and to everyone and all stakeholders, including the government.
So.
It's kind of link it to this whole exercise there's maybe.
And our conversation to be how to increase a bit but it has to be well capture and all the effort are fixed and being the life of mine as well and bring back more on the ground as well and so we'll see where it goes second half a day year may be a stretch.
I think we wanted to fully understand and potentially how this whole thing is going to reshape and then you go after the optimization of that so could be could be a more conversation and the second half, but I'm not expecting any increase for milling capacity, if you will permanent and 'twenty one.
And we'll see how as we advance and the age of size does that this survey 22 are talking maybe.
Okay. That's great thanks, very much growth.
Thanks.
Your next question comes from Mike Callen, and trends and Bank of America.
And children.
So robin and I are.
And I'm sure you noticed and I am gold just sold a bunch of royalties for up to $47 million, none of the royalties and production.
And I'm, obviously and how the stream on Blackwater, which is moving to production.
And I guess.
You know like free.
Oh wait and they probably haven't forgotten your phone number so just wondering why.
What you're thinking on that stream or is it something that would be sold a.
They have buyers [laughter]. Thanks.
The we're definitely not questioning ourselves and it could be a buyer out there.
And.
Crowds without more specific I think our I think definitely you know as you look at the the stream where we.
One on the Artemis Black water in Canada.
Solid project on its way to be developed and so we understand that.
And the interest.
With that I think are Rob and the team did an unbelievable job and 2020 to restructure it is bound and sheets of the company and and maintaining cash and cash liquidity and so forth with only 100 million to be repaid if you will before 'twenty five and all of that basically the whole long term debts.
And 27, and so is there any need and the short term to monetize or no.
And you know, we we saw black water we sold.
And if you will a portion you know and and all of our pharma pipeline and retained very strategic a stream on that and and.
Some equity and more payment this year and and as we move forward is a it would be always the question for us how do you build more value from those.
So.
Of course, we have this a very very solid stream that you could eventually.
Surely monetize and.
And maybe down their role and accelerates on debt repayment, but I would think I would think the stream for us represents something more strategic than this.
We worked hard and repositioning this company and and build on the free cash flow with no need to use this dream for any debt repayment.
Repayments.
And if you ask me I would say, we're very pleased to own it and and we're very pleased with the progress of our demand and we see the value increasing over time.
But my preference would be to to non gist.
Now for the sake of even though there was some interest out there.
But it'd be a little more strategic about it.
Okay. Thanks.
Uh huh.
And I don't see any for a great question and at this time I would like to try and to call it that way.
Thank you operator and thanks.
Everyone for joining us today, you know as always should you have any additional questions and require more information please feel free to reach out.
But that completes today's call. Thanks again.
Ladies and gentlemen, and closer.
Today's conference call. Thank you for participating you may now disconnect.
Yeah.
[music].