Eldorado Gold Corp (EGO) 2007 Q1 法說會逐字稿

Good morning, and welcome to the Eldorado Gold Q1 2007 financial and operational results conference call for Friday, May 4, 2007.

Please note that the call is also available at www.eldoradogold.com.

Your host for today will be Paul Wright. Mr. Wright, please go ahead.

Thank you, operator, and good morning, ladies and gentlemen. Welcome to the Eldorado Gold conference call.

Please refer to our forward-looking statements as disclosed in our news release and management's discussion and analysis.

This morning in Vancouver I'm joined by Norm Pitcher, the Company's Chief Operating Officer and Earl Price, Chief Financial Officer. Norm and Earl in a few moments will update you on the operational and financial performance of the Company and provide an update of activities ongoing. We will then open up for questions.

Suffice to say, we are extremely pleased with our first quarter results which clearly support the confidence we have in our planned performance for 2007. The production of 88,780 ounces at cash operating costs of $220 per ounce contributed significantly to our net income of $12.6 million for the quarter.

In an industry whose average cash cost to production continues to increase with margins continue to decrease, we believe we're establishing a valuable position for our shareholders. With both Tanjianshan and Kisladag up and running, we are now pushing forward with the Efemcukuru project where we anticipate completing a feasible study by mid year and continue to plan a construction decision before year-end.

Exploration activities are fully underway in Turkey, China and Brazil and we look forward to bringing you results from these programs commencing in the third quarter. We are particularly pleased with our experience to date in developing and operating in China and are building our resources in-country with the objective of further development growth in China.

At this time, I'd like to hand over to Norm who will take you through an operations update.

Thanks, Paul.

Well as Paul mentioned, we are very happy with both the gold production and operating costs in the quarter. And as always, I'd like to thank our personnel throughout the globe who have helped us achieve this.

I will start at Kisladag. The mine and the processing plant both continue to perform very well. As we stated in the last conference call, the block model's doing a good job of predicting tons of ore, tons of waste. (Inaudible) we had really no issues there whatsoever.

On the phase two, which has been the real push for the last several months, crusher installation is essentially complete. In April we reached just under 70% capacity which will put us on plan for the full capacity in Q3 and which will give us about 8.5 million tons of ore to the leach pads this year.

Other phase two projects are advancing as well. We're working on the crusher maintenance shop, the truck shop, a new pregnant pond at the processing plant and we're also adding additional cells on the phase 2 leach pad.

At Tanjianshan, we continue to mine in the QLP pit. We've got one contractor plus our own fleet of equipment as before.

This quarter we'll start stripping in JLG and start mining the oxide ore out of there. The mill is operating as expected and recoveries are actually a little bit higher than predicted so we're quite pleased with that as well.

On the development front, at Efemcukuru we continue drilling with five drills. We've probably got about less than 5,000 meters left in the program now.

We pretty much finished the infill part of it now we're sort of looking more at the down plunge transition zone which is the area between the Middle Ore Shoot and the South Ore Shoot which was under explored previously and also the North Ore Shoot, which I think had only about eight drill holes in it, most of which hit sort of ore grade (inaudible) so we'll continue drilling there. Probably have one more press release on drill results before the feasibility is released.

On exploration in Turkey, the field season is really just sort of getting going there. We've been working on the Biga Peninsula because we can in the wintertime, but now we'll start expanding now into the Demir joint venture and into the pond tight area. We've got fairly projects there that will see fairly significant drill programs this year and we continue to bring the pipeline of grass roots projects along as well.

In Brazil, although we were somewhat disappointed in the final results from the Vila Nova gold joint venture area, we've still got a lot of ground there, we've got over 150,000 hectares, we've identified some new anomalies on that ground already this year. You know, we think the model that we're using in that area is still quite valid so we'll continue exploring there for the rest of the year generating drill targets both at the Vila Nova area and at Tartarugalzinho.

In China, we will have a drill on site this week. We'll be adding another drill towards the end of the month. The targets there are first JLG North, which is an area just north of the main pit that has seen mining in the past by the QI brigades, has never been included in resources and reserves, had some (scoping) in it. You know, we've been in there, we've seen mineralization so we'll start drilling that.

We've also got a drill program at QLT deep underneath the pit to sort of explore the down plunge extension of some of the high grade that we hit in the pit and also QLT (cell) which is simply an extension of the other QLT structure itself. We've also got a couple of more grassrootsie-type areas at Tanjianshan that we'll look at this year.

As Paul kind of alluded to, we've changed our structure a little bit in China and we're committing a little more to, you know, looking at new projects there and having more of a presence both in Beijing and throughout the country to get a little more aggressive on that side of things.

With that, I will turn it over to Earl.

Thank you, Norm. Good morning.

I would like to take you through our Q1 statements focusing on the significant changes that have occurred. Regarding the balance sheet, our restricted cash. You will note we've had some questions from our shareholders and analysts regarding our restricted cash.

Currently, our restricted cash amount is approximately $86.8 million which is comprised of two areas, a long-term and a short-term amount. We have a restricted cash short-term of $28.5 million, which is up from the December 2006 of 21.2. This increases the result of an additional letter of credit that we were required to place with the Turkish Caterpillar supplier in regards to the trucks that have been ordered for the Kisladag mine project.

We see this amount increasing in the second quarter of this year by an additional $10 million as we continue to place additional letters of credit for this equipment. The Caterpillar equipment is expected to commence delivery in August, September and October of this year and those letter of credits will be acted upon and the equipment paid.

Secondly, we have (a) restricted cash of $58.3 million long-term. Now this consists of the $50 million HSBC facility for the Kisladag mine construction as well as $8.3 million of environmental requirement letters of credit and deposits that must be placed with the Turkish government.

Moving on to our accounts receivable, our accounts receivable are up. The significant change in the accounts receivable from year-end of 2006 is the addition of $1.5 million related to the sale of our [Tiava] project.

Finally, inventories have increased and we are projecting they will continue to increase mostly as a result of the completion of the phase two crushing screening project at Kisladag and the increased inventory, ore inventory that will be placed upon the pad for the remainder of the year, the leech pads.

Secondly, we have an increase in the inventories. With Tanjianshan now up and operating, we have a cycle that is considerably longer from the dore production to refining to the Shanghai Gold Exchange. And this dore, that is in this process chain has now been added to this inventory.

Those are the major changes that have occurred on the balance sheet. I would now like to move to the statement of earnings and deficit.

Q1 2007 compared to 2006 is really no comparison. In 2006 we had a single operating asset, Sao Bento, which had entered its final year of production. Now in 2007 we have two new operating mines producing at substantially lower costs. Our increase in gold sales is directly related to the volume and the price that we see coming from those two assets.

Our interest and other income is up because if you take our restricted cash of $86 million and our cash on hand unrestricted, the interest that we're earning on that cash has added considerably to our interest income.

Operating costs which we're very, very pleased have dropped considerably from what we've even planned in the first quarter. So with higher gold price, higher production and lower costs, the profitability of the Company has increased substantially.

Depreciation, amortization has increased because we are now amortizing and depreciating our assets at two new operating mines. In Q1 2006, the Sao Bento operation at the end of 2005 had been written down to scrap value and so no depreciation on those assets were booked in 2006.

General and administration costs are higher. These have increased because one additional stock options that were granted to employees in the first quarter.

Transaction costs from an unsuccessful M&A activities as well as final costs on our SOx compliance program that we completed in the first quarter prior to our releasing of our 2006 financial statement.

We also had additional legal fees throughout the organization as we continue to monitor legal cases, particularly in Turkey, that have been launched against some of our operations.

Finally, we have a gain or disposal on our assets of $3.5 million. This is the transaction of the sale of our Piaba project in Brazil.

Finally, an area I think we probably will have the most discussion on is the future income tax of $5.6 million. What this is, is at the end -- in 2006, the Turkish government changed the tax ruling. They reduced the tax rate from 30% to 20%.

The fourth quarter of last year, we as a company had to make a selection as to whether or not to adopt the 20% rule or make an election to use our investment credits that we had in the construction of the Kisladag mine and remain with the 30% rule. We elected for the year 2007 to use the investment allowance, continue with the 30% tax rate and then in 2008 we'll select the 20% tax rate that is available to us.

By making the selection at the end of 2006 resulted in the booking of a tax asset, which is on our balance sheet at that time. This reversal of $5.6 million of the tax asset is a result of the differential in making the selection of using the 30% tax rate in the investment tax credit.

What is important is, this has no cash impact. This is an accounting entry and you'll notice the offset in the operating cash flow statement of coming back in, thereby offsetting the net income number from a cash standpoint.

What is important is to understand going forward in 2008 we will pay a 20% tax rate in Turkey. We will have used up all our investment allowances.

Finally, the result of this, though, is the net earnings, positive net earnings of $12.6 million. These are record earnings for this corporation since its inception in 1992 of $0.04 a share.

Moving on to the statement of cash flows, we really discussed the operations side and the operating activities. The key point there is that we have cash flow generated from operations before changes in working capital of $20.2 million, after the changes in working capital of $13.9 million.

In investing activities, for the activities that have really occurred on the cash flow statement, we continued with the mine expansion phase two program at Kisladag and we continued with the completion of the construction at the Tanjianshan mine spending capital of $13.9 million.

We have recovery of mining interest costs. What this is, is we declared commercial production at Tanjianshan on February 1, 2007. We have production of gold dore that had occurred (and) gold at the end of December and during the month of January.

The ounces that were sold in the marketplace from the January and December production were treated as preproduction and that credit was credited to the construction and process account. The result of that was a reduction in the CIP of $10.1 million.

Finally, we had the addition of the restricted cash of $7.2 million which relates to what I spoke about earlier, the increase in the letters of credit to the Turkish Caterpillar securing dealers, securing our order of trucks for the Kisladag mine. These are the significant activities and changes and really the business activities that relate to our financial statements.

And I'll turn the call back over to Paul now. Thank you very much.

Thanks, Earl. Thanks, Norm. Operator, we'll open up for questions, please.

Thank you Mr. Wright. (OPERATOR INSTRUCTIONS) Thank you for your patience. Our first question is from Paul Burchell, Dundee Securities. Please go ahead.

Good morning, folks.

Good morning, Paul.

Just a couple of quick questions.

First of all, Earl, with respect to the G&A and thank you for the explanation. Can you give us some guidance, however, going out, let's say, '07, '08 what your G&A expenditures might be?

Yes.

You're all laughing back there.

(Inaudible) because we seem to be always talking about M&A activities but what we basically currently are looking at is $16 million a year, okay?

Yep. That's good. Thank you. And the second question is really more of a general one.

There's been a lot of noise, for lack of a better term, about politics, political situation in Turkey. I was wondering if you have any comments on that in general or with respect to your operations?

I think what we're seeing is some spirited democracy in action. Turkey takes politics very seriously, second only to football, I think. But from our perspective, we don't see, you know, any outcome frankly effecting our operations, you know, the ongoing activities running up to the elections in July we also don't see as affecting our operations, Paul.

We've obviously been in Turkey for a number of years and have lived through various governments and coalition governments and have been able to make good progress in our business throughout. So it's interesting but not concerning.

Okay. Well, thanks very much. Great quarter. Congratulations.

Thanks, Paul.

Thank you. Our next question is from Haytham Hodaly, Salman Partners. Please go ahead.

Good gentlemen, Nancy. Hope you guys are doing well.

Thank you, David.

Just a couple of quick questions. Maybe another housekeeping item to follow-up on Paul's question.

For expensed exploration in 2007, are you still looking around $13 million?

$14 million.

$14 million. Okay.

And just in terms of looking at what happened in the first quarter in terms of production and then trying to compare that with what we can forecast for the second quarter, the first quarter, obviously you outperformed our expectations and what does the second quarter look like?

Will it be closer in line with the first quarter? Do you see a more smoothed out production profile throughout the next three quarters?

Well, look. I mean Norm and I both will give you some comments on that, Haytham.

I think, you know, we're clearly not making any revision to plan forecast till the end of the year and don't expect to us comment on that until the second quarter's out of the way. I mean we have two new mines in their first full years of production. One which is seeing a significant wrap-up, that being Kisladag.

You know, we haven't given quarterly guidance. I would say, however, that clearly in the case of Tanjianshan we benefited significantly from grades well in excess of what we expected in the first quarter and we don't see that persisting.

Norm, do you want to add to that?

Yes. No, I'd just say that we feel comfortable with what we predicted for the year and hopefully the next quarter we'll do better. I think we'd prefer just to stay sort of on target on a yearly basis.

You know, Kisladag is going to probably depend on how the ramp up on the phase two crushing goes. It's going well so far.

Tanjianshan is going to be grade-related. The mill is performing well there. But let's just stick with what we said for the year so far.

Okay. And with regard to your cost per ton that you're seeing, for example at Kisladag and Tanjianshan, is it in line with what you are forecasting? It seems to be a little better.

Let's just leave it in line with what we've sort of predicted for the year.

Okay. Maybe I'll move over to Earl for a quick question.

Is the depreciation levels that we saw in the first quarter, are those indicative of (inaudible) depreciation levels we can use going forward at this time?

Well yes, but they will increase because as we of course continue to ramp up at Kisladag and we use--

Right, additional capital just factored in in total commercial production.

Capital but also they're going to produce more, right?

Right. So what would you expect it to be roughly around this time next year based on what you've seen?

Once (inaudible) you're going to be looking at depreciation on an annual basis as approximately $18 million a year.

Okay. And that's, you're saying on a combined basis?

That's on a combined basis, yes.

Okay. Perfect. Thank you.

Thank you. (OPERATOR INSTRUCTIONS) Our next question is from Kerry Smith, Haywood Securities. Please go ahead.

Paul or Norm, I had a couple of questions on Kisladag. Can you comment even generally on how the recovery curve has been in the pad and just how the water balance has been?

And then also maybe on Efemcukuru how the land acquisition stat is coming along? I think you said you were at 40% when you put out your year-end numbers so I was looking for an update on that process and also on the zoning plan and the construction permit process for Efemcukuru?

(Inaudible) Norm will sort of take off on the operational question on Kisladag and I'll step in for Efemcukuru.

Yes, I mean obviously, Kerry, it's a little early to be talking about recoveries on a heap leach pad this big but so far it appears to be in line with what we'd expected. We are running column tests all the time and those are coming back, you know, generally where we think they should.

In terms of water balance, we've got the three wells going now. We're putting in additional storage capacity to increase that so, you know, so far so good.

You can't obviously in a heap leach this size, you can't have too much water but we're certainly okay with what we've got right now. The pad isn't consuming more water than we expected it to. It seems to be pretty much where we thought it would be.

Okay. So everything's kind of as you sort of expected it to be?

No real surprises there yet.

The only surprise I just interject it's probably on the positive side and we've mentioned this previously is that we did in the early months, early quarters of the operation's life experience in the conditions whereby we were actually able to place (inaudible) mine material on the pads. You know, and the test pads that we, or the test pad that we ran indicated that we were getting recoveries in the early 70% range on (inaudible) of mine. And that's a plus because we never envisioned that we would have material suitable for (inaudible).

Okay. Okay. Thanks. And what about from Efemcukuru, Paul?

On Efemcukuru we're butting it around the 50% mark right now in terms of land acquisition. You know, there have been some changes in the mining regulations, and which, you know, we're -- we've yet to see the detail of but at this stage it appears to be designed to, frankly, further improve and streamline the permitting process for mining projects which could be relevant in terms of what remains to be done at Efemcukuru.

The present set of regulations have outstanding for us, you know, the principle permits being the application and zoning plan and then, you know, the construction permit. You know, again, just to refresh your memory, we need to complete the land acquisition before we apply for the zoning plan. But, you know, without being more specific, we still believe that we will be in a position to make a construction decision by the end of the year.

And Paul, to make that construction decision, do you need to have the construction permit in hand to do that?

I think, you know, I think there's different elements to this. I think having the land acquired and having the zoning plan at that point we would, and obviously having the feasibility behind us to go to the board for approval, we would be making the construction decision.

It's more of a matter of level of confidence in the outcome and the schedule of that outcome. And for us, getting the feasibility complete and getting the land acquired is really what we would see before we would make that decision.

Okay. And so when would you think you'd actually complete the land acquisition then, Paul, if you're at 50 now and you were at 40?

Again, that's a bit like asking how long a piece of string is, all right?

Uh-huh.

In the coming months.

Okay. Okay. That's great. Thank you.

I'm sorry, I'm not trying to be vague, but it is difficult to --

Right. But you can't apply for the zoning permit until you get the land done and so I guess --

Yes. But I would, you know, there are suggestions that the changes to the permitting regime in Turkey that's now being approved by both the Parliament and the President's office would actually eliminate the requirements for the zoning plan.

So, you know, we're not saying that's the case yet, we need to review these details. But there's a real possibility that what remains to be done on the permitting front in Efemcukuru could become a lot simpler fairly quickly here.

Okay. Okay. And as you said the (inaudible).

Once we acquire the land, we would be in a much stronger position to push forward (inaudible).

Okay. That's great. Thank you, Paul.

Thank you. Our next question is from Terrence Orton, [TSON] Associates. Please go ahead.

Hi. It's Terry Orton.

Paul, how much local politics in Turkey is happening just by the elections suspect that your operations and your land acquisitions and the issues? Is it heavily (inaudible) and fragmented as the cities are?

No, it doesn't affect our operation other than perhaps there's more time spent in the tea rooms discussing politics. The dynamics as it relates to Kisladag as an operating mine really aren't political and really, the issues that we're working our way through in Efemcukuru in terms of advancing the project through permitting aren't political.

I mean I would say it's, you know, we're entering into obviously the run-up to the election where it becomes more difficult to at times get the ear of the people, you know, you want to talk to simply because they're busy with electioneering, but I think that would probably be the extent of impact on our business.

So there's no local political issues pro or against you, which kind of filters on from Ankara whatever it is?

No, no, no. I mean, I think we, I would say obviously it's being self congratulatory but I think the work that our team in Turkey has done, particularly as it relates to the Kisladag project has resulted in pretty broad support across the political parties for the business.

Okay. All right. And also, when is the election again in Turkey?

July 29th, I think, Kerry.

July 29th? That's quite a head start. Okay. Thanks.

Welcome.

Thank you. Our next question is from Michael Fowler, Desjardins Securities. Please go ahead.

I apologize if you've answered this question, I joined the call a little bit late. But the difference between the gold sales and the gold produced at Tanjianshan, can you explain that?

Yes. What we have, Michael, is a case of it is -- it has been at least in the start-up quarter and now we're addressing this as an issue. It is quite a lengthy cycle from when the dore bars leaves the mine site to when they're sold on the Shanghai Exchange.

A great deal of that is just driven by the transportation complexities of moving dore from the mine site to [Dalwan] to make sure, especially in the wintertime, that it arrives on the same day that a flight leaves Taiwan so we can get it to Shanghai. Then it must be transported from Shanghai approximately 100 kilometers to [Tujou] to get it to the refiner at then which time that the refiner has to refine it.

There has been cases where this has taken as much as 28 days because if you remember in February, we had the Chinese New Year at which time everything shuts down. So gold can arrive at the refinery and be placed in their vault and would sit there for a week before it would be refined.

So that's the significant issue right there. It's the pipeline issue from when the dore leaves the mine site.

Now I was there during the first two weeks of April and have been refining the contracts and also refining when we do pours to make sure we can properly interface those dates properly. So we will see an improvement in that, but it still will remain a longer cycle.

Mm-hmm. What sort of price would you get, Earl? Do you get the price at the time that you poured the gold or when it hits the Exchange?

Oh, no, no. We book our sales when it is sold on the Exchange.

Okay. So -- all right. Okay.

So how much is in inventory right now?

Ounces?

Yes.

Well basically, I think at the time they were looking around 11,000, 11,500 ounces.

Okay. Thank you very much.

Thank you. Our next question is from Phillip [Lenpoin], private investor. Please go ahead.

Hi. Congratulations to good numbers.

Thank you.

Are there more productivity improvements that we can look forward to in your mine in Turkey and your mine in China going forward?

I would hope so, otherwise we're not doing very good job. I mean these are two new mines that are being vetted in and as you work, you will seek to improve the mining operations. That's part of what our business requires.

That will reflect in the production costs, correct?

Usually does, yes.

Yes. With great news and a great quarter, can we look forward to, and I've asked this question before, the stock price, the equity price share has always kind of lagged some of the others.

There are some mining companies out there certainly that are having some problems and issues with their equity share pricing, Newmont for example, as such and they have some issues that are going on. Can you comment on that? Are you building a head of steam now going forward?

I think we are and if you look at our cash costs compared to the industry standard and we're way below. And I think sooner or later that's got to be reflected in the share price.

And as we continue to, you know, what we're really focusing on here is performing to the plan and doing what we say we're going to do. I think sooner or later we've just got to get credit for that because, to be honest, a lot of mining companies aren't.

Yes, yes, yes. With that at some point them catching on and looking, you know, at your numbers that you are executing the plan that you said, will some of the exploration costs going forward, is that going to put somewhat of an issue with future numbers, earning numbers and some of your costs for exploration or is that just not going to be as much of an issue?

I think our exploration costs are going to be, you know, we're saying about $14 million this year. What it's going to be next year is going to be partly depending on what we find this year, of course. But I would expect it would be, you know, it's going to be in sort of the same range so not much different going forward.

One of the things we are doing as well this year, and I should have mentioned it before, there's going to be a little more of a focus on so-called brown fields exploration. We're going to be drilling at Kisladag.

We're going to be drilling pretty aggressively at Tanjianshan aggressively as well with an eye to increasing our resource and reserve (inaudible) which is something we really didn't focus on much last year because we are in construction on two brand new mines. It's just not the time in the cycle when we do that.

But now we're in a position where we can so now we're going to have more of a combination of our usual exploration type on sort of grassroots and early to mid stage development projects plus more exploration around the existing mines.

I would think from, you know, from following the industry that, you know, you increasing your reserves announcements such as that and maybe in a significant way would certainly would help in the cause for the equity price appreciation, correct?

Well, yes, I mean, look, the big disappointment by and large in the gold equity sector is because of the fact of the gold price has being going up but margins have been shrinking. We, I think, are setting ourselves aside in terms of where we are with our lower cost profile.

And the other big disappointment for equity investors has been the inability of gold mining companies to, frankly replace reserves, never mind add reserves. An obviously, as we, as Norm has described, our plan and our history would suggest that we're capable of not falling into that trap.

Well, thank so you much for your time. I do want to thank you for your time. There's some companies that don't allow some private investors to get on and ask questions. And I do very much appreciate it, and congratulations again on good numbers.

You're welcome. Thank you.

Thank you. Bye.

Thank you. Our next question is from Anita Soni, Credit Suisse. Please go ahead.

Sure. Congratulations, gentlemen and Nancy.

I was just wondering at Kisladag, is there going to be any brown fields exploration there this year?

Yes there is.

Can you give us just an idea of how much?

Right now, we're looking at a program in probably the sort of $1.5 million range. 5,000 (meter) something like that. And that'll be sort of extensions to existing mineralization, down dip of the ore body and also to the western part of the pit.

And cash taxes, you guys I think indicated on the year-end conference call that you'd be paying them in the fourth quarter. Can you give us a little bit of guidance in terms of how much you're expecting for this year and the breakdown for cash and deferred taxes for 2007?

In deferred taxes> In deferred taxes, you know, we're talking about this future tax, you will note, I think, on the balance sheet that we continue to have, I think it's around $6 million, it's $6.3 million of a future income tax credit, and at the current price level, that's all going to come back to the balance sheet. Or that will come back to the P&I, pardon me. At 674, that will all be coming back this year.

And in terms of cash tax as an overall amount?

No cash tax.

No cash tax. Okay. I thought there was going to be some in the fourth quarter.

No.

No? All right. Thank you. Thank you. Our next question is from David Christie, Scotia Capital. Please go ahead.

Hi, guys. Just wanted to quickly follow-up on Michael Fowler's question there.

On the gold that wasn't sold, now should I assume that you guys will catch up on this eventually? You'll have, you know, the inventory from each quarter passing forward so you'll get about the same production and sold every quarter?

That's correct. And we hope when I, if we have this 12,000 ounces, we hope to reduce this cycle time so there will always be an amount of gold in that cycle but hopefully we'll be able to reduce it not from 28 days down to maybe 14 days, so that would cut that in half. But yes, there will always be dore in that cycle.

Right. Okay.

And at Efemcukuru, we won't be getting a new resource statement there until the end of the year. Is that right?

You'll get as part of the feasibility study, David, you'll get a, obviously an updated reserve and resource statement.

That's mid year, right?

Yes, that's right.

Okay. Perfect. Thank you.

Thank you. Our next question is from Paul O'Brien, Raymond James. Please go ahead.

Good morning. All of my questions have been answered, thanks.

Thank you. There are no further questions registered. At this time, I'd like to turn the meeting back over to Mr. Wright.

All right. Well thank you, operator, and thank you, everybody, who's attended the conference call. As always, we appreciate your time and attention and are available for questions in the future. Thank you very much.

Thank you. The conference has now ended. Please disconnect your lines at this time. We thank you for your participation, and have a great day.