Eutelsat Group (OTCPK:EUTLF) Q3 2024 Sales/ Trading Statement Call May 14, 2024 12:30 PM ET
Company Participants
Christophe Caudrelier – CFO
Joanna Darlington – Head of Communication and IR
Conference Call Participants
Aleksander Peterc – Bernstein
Roshan Ranjit – Deutsche Bank
Stephane Beyazian – ODDO BHF
Bruno Read-Cutting – PGIM
Terence Tsui – Morgan Stanley
Aleksander Peterc – Bernstein
Operator
Hello, and welcome to the Eutelsat’s Third Quarter and Nine Months 2023-’24 Revenues. My name is George. I’ll be your coordinator for today’s event. (Operator Instructions)
I’d now like to turn the call over to your host today, Mr. Christophe Caudrelier, CFO to begin today’s conference. Please go ahead, sir.
Christophe Caudrelier
Good afternoon to everyone. Welcome and thank you for joining us today for Eutelsat’s third quarter 2024 revenues presentation. I am Christophe Caudrelier, I’m the Group Chief Financial Officer, and I’m joined by Joanna Darlington, Head of Communication and Investor Relations.
On today’s agenda, we will cover first the highlights of the third quarter, then Q3 performance, and finally, we will have a look at the outlook and financial objectives.
Let’s start with the highlights of the past quarter. Third quarter on nine months revenues were in line with expectations. Video was in line with the overall market trend of mid-single-digit decline. Now, the base effect of the nonrenewal of the digital contract and Russian sanctions was washed through as of the third quarter. Connectivity applications continue to see double-digit growth, up 22% in Government Services, plus 48% in Mobile Connectivity, and 24% in Fixed Connectivity, driven by incremental GEO capacity and LEO. With all this, we confirm all our full-year 2023-2024 financial objectives.
On the operational front, we saw the successful launch of the EUTELSAT 36D satellite, assuring service continuity for customers on EUTELSAT 36B, and in LEO, the rollout of the OneWeb ground network remains on track. On the commercial front, we secured a major $500 million deal with Intelsat for capacity on the OneWeb LEO constellation. And finally, on the financial front, we completed the successful refinancing of the November 2025 bond.
On GEO operational front, we successfully launched EUTELSAT 36D satellites on March 30th, with an entry into service expected during the second half of 2024 calendar. Embarking 70 physical Ku-band transponders, this satellite will assure service continuity with optimized performance for customers in video over its footprints.
The satellite also includes additional flexibility on coverage options, enabling to balance the loading between its different missions. The EUTELSAT 36D will replace EUTELSAT 36B at the 36-degree East orbital position, where it will operate alongside EUTELSAT 36C. There is no further GEO launches plan until calendar 2026.
Turning to the OneWeb ground deployment. With 34 gateways now open currently, we are now halfway and on track to our targets of 38 gateways by mid-2024. On the regulatory front, we are also on track in terms of lending rights and operating permits with the exception of India. In March, Eutelsat Group signed a major new multi-year, multimillion-dollar agreement partnering with Intelsat on the OneWeb low Earth orbit constellation.
Commencing in mid-2024, the deal is valued at up to $500 million over seven years with a firm commitment of $250 million, including the $45 million deal signed in March 2023, with options of a further $250 million by the end of the period. This expanded partnership significantly de-risks investment in OneWeb, as well as highlighting the necessity in today’s world for major satellite operators to be able to offer multi-orbit solutions to their customers.
On the financing front, Eutelsat completed the refinancing of November 2025 bond at the end of March with a successful offering of €600 million of senior notes due 2029 by Eutelsat SA. The new notes bear interest at an annual rate of 9.75%, and are issued at a price of 100% of their par value.
The gross profits together with cash on hand funded the repurchase of €623 million worth of the €800 million 2% bonds issued due through 2025. The operation was accompanied by a new revolving credit facility agreement of €450 million. The graph on the left shows the objective debt maturity profile. There are no significant repayments now due until 2027 and 2028.
Let’s turn now to the Q3 performance by application. Let’s have a look at the Q3 revenues. As a reminder, all commentary is on a like-for-like basis, i.e., at constant currency and perimeter. Reported indicators include OneWeb since October 1, 2023, and are compared to Eutelsat Q3 2022-2023 performance on a standalone basis. Total revenues for the third quarter stood at €300.8 million, up by 8.3% on a like-for-like basis.
Other revenues were up €0.2 million due to a positive €0.7 million variation in hedging revenues versus Q3 last year. Excluding a negative currency impact of €3 million, based on a euro-to-dollar rate of 1.09 versus 1.07 last year. Revenues of the four operating vertical, meaning excluding other revenues, were up 8.5% on a like-for-like basis.
Let’s look at revenues in more detail. Video revenues, representing 53% of revenues, stood at €160.2 million in the third quarter, down 4.9%. The other three verticals include a contribution from OneWeb Consolidated since 1 October.
Government Services 15% of revenues stood at €43.6 million, up 22.1%, Mobile Connectivity 13% of revenues stood at €39.2 million, up 48%, and Fixed Connectivity now 90% of revenues stood at €57.4 million, up 24.2%. Other revenues amounted to €0.5 million versus €0.4 million a year earlier. They included a negative minus €1.1 million impact from hedging operations, compared to a negative impact of minus €1.8 million last year.
Let’s look by vertical now. First, Video. Q3 revenues were down by 4.9% to €160 million, in line with the broader market trend following a wash through of the base effect of last year’s non-renewal of the digital contract and Russian sanctions. On a quarter-on-quarter basis, revenues were down 3.9%, reflecting the non-recurrence of a one-off contract in Q2 for €3 million.
On the commercial front, Eutelsat secured several new contracts in emerging broadcast region, highlighting the ongoing relevance of satellite in these markets where sustained demand is partially mitigating the decline in Europe. They included notably new business on EUTELSAT 117 West A with Mexico’s StarTV for the deployment of StarFlix, its new streaming service, Instituto Nacional de Radio y Television del Peru, which signed a multi-year capacity agreement for large-scale content distribution to homes and IP devices across the country.
We also inked a new business at 7/8 West orbital position with Telediffusion d’Algerie, which increased capacity to consolidate its TV and radio channels on the country’s leading video neighborhoods. iKO Media Group also took capacity at 7/8 West, as well as 16 East and 13 East to bring its new eSports TV package eCLUTCH to screens across Europe, the Middle East, and Africa.
Moving to Government Services. Third quarter revenues stood at €43.6 million, up by 22.1% year-on-year, boosted by the contribution of the EGNOS GEO-4 contract on HOTBIRD 13G since June 2023. They also integrate the carry-forward effect of recent U.S. Department of Defense renewals with a renewal rate of more than 80% in fall 2023.
Quarter-on-quarter revenues were up by 7.2%. The spring 2024 renewal campaign with the U.S. Department of Defense confirmed the improved trend observed in fall 2023 with a renewal rate once again above 80%.
Third quarter Mobile Connectivity revenues stood at €39.2 million, up 48% year-on-year. They reflected the entry into service of the high throughput satellite EUTELSAT 10B, and OneWeb growth. Quarter-on-quarter revenues were up by plus 11.9% underpinned by ramp-up on OneWeb.
On the commercial front, Eutelsat extended its partnership with Universal Satcom, a Dubai-based satellite communication system integrator with a new multi-year capacity deal, enabling Universal Satcom to leverage Eutelsat’s geostationary ADVANCE maritime packaged solutions in Ku-band to extend its coverage in MENA and globally. Elsewhere, Australia’s Sat One, is leveraging the OneWeb LEO constellation for the first-time activation of land-based services across Australia’s remote Northern and Southern regions, maritime services in Australian waters, and commercial service in New Zealand.
Moving to Fixed Connectivity. Third quarter revenues stood at €57.4 million, up 24.2% year-on-year, mainly reflecting the entry into service of KONNECT VHTS, as well as contribution from OneWeb. Quarter-on-quarter, revenues were up by 6.7%. On the commercial front, OneWeb is gaining traction with the activation of contracts where the service is now fully operational, notably in South Africa where Q-KON, a leading satellite engineering enterprise is leveraging the constellation to deliver digital banking services in the region, while NEC XON, a leading African integrator of ICT solutions and part of Japan’s NEC Group, has signed a multi-year multimillion-dollar deal for connectivity for enterprise customers in remote areas, especially in agriculture, mining, and oil and gas.
Let’s look at the backlog now. It stood at €3.9 billion on 31st of March 2024 versus €3.5 billion a year earlier, and is stable versus end of December 2023, representing 3.4 years of revenues. It reflected natural erosion in the Video segment in the absence of major renewals this quarter, offset by the contribution of OneWeb. Video accounted for 44% versus 61% a year ago, with connectivity therefore representing over half of the backlog.
Let’s now turn to the outlook. On the back of our nine months performance, we confirm our objectives for the full year ’23-’24 on operating verticals revenues of between €1.25 billion to €1.3 billion, and adjusted EBITDA in a range of €650 million to €680 million.
Cash CapEx for fiscal year 2024 remains expected in a range between €600 million and €650 million after synergies. For the period fiscal year ’25 to fiscal year 2030, cash CapEx is expected between €600 million to €700 million on average per annum. We also continue to target leverage of around 3 times in the medium term.
With that, thank you very much for your attention, and Joanna and I are now ready to take all your questions.
Question-and-Answer Session
Operator
Thank you very much, sir. (Operator Instructions) Our very first question today will be coming from Aleksander Peterc calling from Bernstein. Please go ahead, sir.
Aleksander Peterc
Yes. Good afternoon, and thank you for taking our questions. And I just have a couple. So the first one is, can you tell us if you’re looking at any potential asset sales or similar transactions that will allow you to deleverage a bit more quickly in the context of significantly higher financing costs that you now experience? And obviously, the reason for the question is there were reports in the press regarding a potential sale of ground assets that you may be leveraging. So I’d just like whether you have anything to say on that.
And secondly, if you could comment on the impact of SES plans takeover of Intelsat, and both from the general market perspective, what you think this will do to the context of pricing in the market and so on? Is it good? Is it bad? And also, if there are any implications for your significant contract with Intelsat for OneWeb capacity? Do you think that may change in the context of this takeover?
And then a third point, very briefly, if you have anything new to share on the subject of IRIS Squared we haven’t heard about that that much lately. Thank you very much.
Christophe Caudrelier
Thank you, Aleksander. So let me try with Joanna to answer two to three questions. And first of all, on the global, I would say, any asset sales, and I would say that the Group is always analyzing all the potential and the evolution of the market. So – I mean, we are – it’s something that we are currently looking at or always looking at.
To answer more specifically to your question related to the ground infrastructure, and I would say that we have been contacted by infrastructure funds who have come to us with the idea to make something similar to what was done to – in the telecom area with the antennas and with the network. And I would say that we believe that they came to see us as we are really well positioned as a starting point for a venture like this.
And having the combination of GEO and LEO is obviously a plus. And I would say that at this stage, however, we have no further comments on this point. I would say that again, we are always analyzing all the potential options to partner with external investors. And at this point, the analysis is very preliminary, and anyway, we will come back to the market if there was something to materialize. But at this point, it’s a very early stage.
Moving to your second question related to the announced merge between SES or takeover of Intelsat by SES, and the impact on the market. And I would say, first of all, it’s probably a deal that is going to take quite long considering the two actors, and it’s going to take probably many months before it comes first, I mean, reality. That’s the first thing.
And second thing, what we can do – what we can say and I have no specific comments to make, but what I can say or what we can say is that SES will spend probably around $3 billion of cash in this transaction, and clearly, our analysis is that it reduces SES optionality to invest in other projects.
And I would say that in the meantime, we – Eutelsat continue our integration with OneWeb, and we are pursuing, I mean our, you know, being a first mover approach in the multi-orbit segments thanks to this combination. So we don’t really see any significant impact. And I would say also that SES Intelsat is becoming more and more a U.S.-centric activity, and we are as Eutelsat not very much exposed to the U.S. We are, but not that much.
I would say to end on this question – to add to this question and more related to your question on the impacts on the – and I think you are referring to the contracts and the deals that we have signed with Intelsat. I mean, nothing changed. Again, the combination of SES and Intelsat does not offer the option of low orbits, which is a technical solution which is necessary in the mobility segment and more specifically in the aero and maritime where Intelsat has strong market shares.
And the deal with Intelsat has been confirmed because Intelsat, and I believe the combination really do need this capacity. So again, we have a $250 million deal which is confirmed, and an extension – possible or potential extension of another $250 million by the end of the coming years. So I would say doesn’t change a lot except to what I commented for us.
And on IRIS Square, and the project is still ongoing, and I have not much to comment on this specific project. I mean, obviously, we are still very supportive of the IRIS Square project as it is in line with the LEO development. So we are still very much supportive and we are working on this IRIS Square project. But taking into consideration also the timing for the European Community, and the very near election obviously, it takes a bit of time. So again the process is still ongoing but nothing much to add on this point.
Joanna, do you want to add something?
Joanna Darlington
No. I think that’s very clear. We haven’t got an update at the moment so as soon as we do, you’ll be the first to hear it.
Aleksander Peterc
Great. Thanks very much.
Operator
We’ll now move to Roshan Ranjit of Deutsche Bank. Please go ahead.
Roshan Ranjit
Great. Good evening, everyone. Thanks for the questions. I’ve got two, please, and two quick follow-ups on the previous ones. Firstly, on the OneWeb backlog, where we’ve seen some reports that I think one of your big customers is adjusting their demand for some of their projects in the Middle East, I guess, of the NEOM project. Given the capacity agreement they have with you, does that alter the – any payment terms or the size of the deal they have with you? Is that a take-or-pay deal? Anything you could say there would be very helpful, please.
Secondly, what is the latest on the RF piece for Gen 2? I think they had been issued or in the process of being issued at the beginning of the year. So have you got anything back? And what is the kind of timing on that? I know previously you were thinking about run it in parallel with the IRIS Square project, but given that delay, I guess you’re going to be pressing ahead.
And just the quick follow-up. On the Intelsat capacity agreement, in terms of the logistics of how easy it is to move capacity between LEO and MEO, I guess it’s dependent upon the terminals and multiband orbits. Are there any other considerations if one wanted to switch between LEO and MEO capacity?
And the other follow-up is on the infra discussion, and you came out with your release last week, and Christophe you mentioned that you were approached by investors and you made the read across to what we’ve seen in the tower side. What is the potential to, I guess, have multi-tenants within the ground infrastructure? So could a potential buyer use the ground infrastructure for another provider? Is that easy to do? And what kind of multiples do ground infrastructure go for? Because I guess we haven’t really seen a deal or potential deal like this before. Thank you.
Christophe Caudrelier
Okay. Thank you, Roshan, for your questions. Maybe I will start by the second question and I will – Joanna and I will come back on the first one on the backlog. And really your question related to the RFP on the next-gen. I mean, the process is still ongoing. We are still in line with timing which is beginning of the summer, I would say, to finalize the process, and we will come back to the market, obviously as soon as we have defined more in detail obviously, the providers, the industry, and also the technical aspects of this – of the next-gen. So still have to wait a bit more. Probably again, we will come back on this around the full-year results.
Related to or coming to your question related to Intelsat and the logistics to move the capacity from MEO to LEO. Yes, obviously, one of the biggest or the biggest impacts are they are not at all the same structure or the infrastructure, meaning obviously, the modems and the antennas are really or at least the antennas are very different.
But what we can probably add to this in terms of other considerations is obviously, they are not the same. I mean, the coverage is not the same. Today MEO doesn’t have full coverage and obviously, for aviation and for maritime, it’s very different compared to what LEO can offer at this time.
So, definitely, this is a big difference. And then I would say they have the same kind of difference between LEO and GEO and LEO and MEO in terms of capacity and in terms of internal latency. But again, the two biggest considerations to be taken are one, the equipment and then the coverage and the application, and mainly related to Mobile Connectivity.
On the question related to the infrastructure on the multitenant, I would just quickly answer that it is already the case. And I would say it’s more and more the case. And we are having other customers in some of our teleports. This is, I would say, mainly true currently for the GEO equipments and for the geo facilities. It’s not the case currently for LEO as they are really specific to the constellation.
Having said that, I mean, you have two parts in the – you have the infrastructure – you have the location on the infrastructure. And clearly, I mean, this could be shared with other customers or other users than Eutelsat Group. And then you have already in the GEO environment, I mean multi customers using the equipments.
And back to your question to the backlog on OneWeb, and Joanna, do you want to answer to this?
Joanna Darlington
Yes, sure. And just on – before I do, just on the infrastructure. I mean, I think, Roshan, I’m not sure if I quite understood your question, but we’re talking about financial investors who are infrastructure funds. So we’re not talking about selling a portion of the teleport to other operators. I mean, the fact is that we already provide third-party services for other operators, I mean typically smaller operators. But I don’t think that we will be looking at changing the governance of the ground infrastructure. So I just wanted to clear that up.
And then for the contract, I think you’re referring to NEOM and the press articles that have said that they’re scaling back their ambitions or their time frame. And it doesn’t – the answer is it doesn’t affect our agreements. And as you know, typically the contracts that we sign on the LEO constellation are take or pay. So what goes into the backlog is a minimum amount that they have committed to that’s a firm commitment. And you know, I’m sure when they signed it, it gave them plenty of leeways to adjust the capacity based on changes to potentially to timeline and scope. So the answer is no. It doesn’t affect the backlog.
Roshan Ranjit
That’s great. Thanks both for the answers.
Operator
Thank you for your questions, Mr. Ranjit. We’ll now move to Stephane Beyazian of ODDO BHF. Please go ahead.
Stephane Beyazian
Thank you. I’ve got two – one follow-up actually regarding OneWeb. Is it possible to have a little bit more color on, let’s say, the ramp-up of the revenues over the next couple of quarters, and whether you have still some big contracts potentially on – in the pipeline?
And the third question is regarding Starlink. Are you increasingly seeing Starlink or its partners bidding in OneWeb segment in the different tenders? Thank you.
Joanna Darlington
Thanks, Stephane. So on the first question, the answer is, as you know, we’re not going to report OneWeb separately. Although I think if you look at today’s numbers at this stage, it’s still fairly easy to back out the OneWeb contribution. But you have our objectives for the current year. You also have longer term CAGR for the next three to four years. But we won’t comment specifically on OneWeb. But obviously, as you know, the geostationary side is reasonably mature so obviously, we expect the growth – the revenue growth to come from the LEO side.
And in terms of contracts in the pipeline, well, we publish on those fairly frequently. I mean, either when we win a new contract which goes into the backlog, or alternatively as we’ve announced in the past couple of months, when we have a market that is open, it means that we can activate contracts which are already in the backlog. But obviously, no comment at this stage on future contracts that we might sign.
And then your second question was – sorry.
Stephane Beyazian
It’s regarding Starlink that seems to be increasingly interested in the B2B segment. So I was just wondering whether you are seeing them more frequently in the bidding.
Joanna Darlington
Well, you know, we know that Starlink is addressing the B2B segment. It’s not a surprise. You know, I think we said in the past, you know, number one, we have a certain, I would say, an advantage in the B2B segment, which is that we have a long history of after sales services. We have a strong ethic of or a strong track record and a high level of customer loyalty with regards to our after sale service. And Starlink is starting to make ventures into the B2B space, but obviously, their product is still very much geared towards a consumer market. And I have no doubt that that will change over the course of time. But I wouldn’t say that at the moment it will – it’s a major issue for us.
And the other thing, I think looking at the big picture, we know obviously, Starlink is a very big constellation. It will go into other areas, for sure. But we’ve always said that we can live quite happily with the – with a chunk of the LEO market, knowing that that market is restricted to the number of entrants. So we’re not – it’s not our ambition to go head to head with Starlink, but we can live quite happily with maybe a 15% to 20% market share of the total LEO market.
Stephane Beyazian
Okay, that’s fair enough. Thank you.
Operator
Thank you very much, sir. (Operator Instructions) We now move to Bruno Read-Cutting calling for PGIM. Please go ahead.
Bruno Read-Cutting
Yes. Hi, guys. Thanks. And thanks very much for the presentation. And could you – I mean, obviously, we’re on the debt side, so could you just maybe talk about the revenue growth at the Eutelsat SA level? That would just be useful to understand. And then similarly, just related to the launches and the launch schedule you have coming up on the GEO side of the business, could you just kind of talk about what you have there in ’26 and beyond, and I guess what those projects – what the kind of CapEx envelope is for those specific projects?
Christophe Caudrelier
So, yes, thanks for your question, Bruno. First of all, on the revenue of the GEO side, I mean, even though we do not communicate specifically on GEO and LEO, and as you – as we have communicated and as we’ve already mentioned, this year is the first year where Eutelsat, I mean, I would say the legacy Eutelsat is back to growth, and this is really related to the addition of the high throughput satellites and the additional capacity that we have added in the last years. Meaning – I mean, we have launched four satellites in the same year last year – well, in ’22 sorry, and these were the two hot birds and also K VHTS and EUTELSAT 10B. And those last two satellites are bringing a significant additional capacity in connectivity business mainly. And that’s where we were able to return to growth and we are on track on this. And this brings me to move to your second question related to the next launches.
As we said, I mean, we have realized a big portion of the investment with those late – those satellites that have been launched in the recent – in the past at least one or two years. And the EUTELSAT 36D that we mentioned today is a replacement of the current satellite, which is at the end of his life.
And beyond that, in our plan, there is only one satellite for which we have commitment, which is, I would say, more focused connectivity, satellite and Flexsat, so – which is going to be launched after or in 2026. And I would say we have no further commitments for new satellites at the moment. Obviously, we will replace the current fleet of satellites as they are ending their life and according also to the markets and to the customer needs and to the continuity or service.
Bruno Read-Cutting
Okay. So thanks. That’s helpful. And just for that one that you have commitments for like what is the CapEx envelope for that?
Joanna Darlington
Well, we don’t generally give specifics, but the average CapEx for a geostationary satellite program is probably in the region of €250 million to €350 million. And just as a reminder, so we pay the CapEx in installments upfront so by the time that that satellite is launched, it will have been fully paid. So it’s the cost of that satellite is embarked in the guidance that we give for CapEx for the current and the coming years.
Bruno Read-Cutting
Okay, that’s great. Thank you very much.
Operator
Thank you very much for your question, sir. We’ll now move to Terence Tsui calling from Morgan Stanley. Please go ahead.
Terence Tsui
Yes. Thank you. Good evening, everyone. Just a couple of quick follow-ups from my end. And on the OneWeb revenues, are you in a position to maybe disclose a bit more on the split between hardware sales and just regular subscription service revenues? Because I know, obviously it was a big talking point in the trading update you announced in January earlier in the year.
And then secondly on IRIS Square, just been reading the press reports and various comments from a number of ministers, is it fair to say that the cost of the project has probably been underestimated by the European authorities? And from your perspective, do you still have good conviction that they are going to really proceed with building a LEO network from scratch? Thank you.
Christophe Caudrelier
Thanks, Terence. Tough question. Well, under OneWeb revenues – well, that’s not a tough one, but under OneWeb revenues, we don’t split the breakdown between hardware revenues and what you call subscriptions. And having said that clearly, – I mean, you have, you front-load your equipments so a significant portion, I would say, of the OneWeb sales for the past month and for the coming months are obviously, linked to hardware sales. But at the same time, the service revenue – what we call service revenue is ramping up. So obviously, the proportion of each one are going to move in favor of a higher level of service revenues compared to hardware. But at the start and with the ramp-up of the sales, a significant part of the sales are related to hardware.
On the IRIS Square, I mean, I would say – I mean, you’re probably right in what you mean in terms of the cost assumptions taken by the EU for a constellation. And clearly, we – these we have of the consortium has long discussions with the members of the European community related to the overall cost. But at this point, we are still confident that the project is still moving.
And it’s something that seems to be really needed at the EU level, at least with the team who is working on the subject. And as I said before, I mean, we cannot comment much more on this. There’s no more to comment. And we – obviously, we will come back to you and you will be the first one to know as soon as the project moves.
Terence Tsui
All right. Thank you.
Operator
Thank you very much, sir. We’ll now go back to Aleksander Peterc of Bernstein. Please go ahead.
Aleksander Peterc
Yes. Hi. And just a quick follow-up on the SES Intelsat deal. From your perspective, would you in principle have any objections from the perspective of I don’t know dominant position, anything like that to this deal? Or do you view this as fully neutral for you and you’re quite friendly to it? Thanks.
Christophe Caudrelier
No, I don’t think, Aleksander, we would have any objection to this deal in any way. We don’t – no.
Aleksander Peterc
Great. Thanks very much.
Operator
Thank you very much, sir. As we do not appear to have any further audio questions, I turn the call back over to Mr. Caudrelier for any additional or closing remarks. Thank you.
Christophe Caudrelier
Well, with that, so if you – there is no more question, and I wish you a very pleasant evening, and we will talk to you again at the occasion of the full-year financial results for Eutelsat Group. Thank you very much to everybody and have a good night.
Operator
Thank you. Ladies and gentlemen, that concludes today’s presentation. We thank you for your attendance. You may now disconnect. Have a good day and goodbye.
