KB Financial Group Inc (KB) 2012 Q3 法說會逐字稿

Good afternoon, my name is Kyu Sul Choi, the Head of IR at KB Financial Group.

Thank you for taking part in today's earning conference of KB Financial Group for Q3 2012. The access to this conference is being provided via internet and conference call, being webcast real time through Korea and abroad. During the Q&A you may call in to ask questions.

Joining us in today's earnings conference we have with us KBFG's President, Young-Rok Lim, and executives from KBFG's subsidiaries.

The conference will consist of the earnings presentation by our Group CFO, Jong Gyu Yoon, on the earnings results for Q3 2012, followed by a Q&A session at which time you may call in for questions.

Let me now present our CFO, Jong Gyu Yoon, for the earnings presentation.

[Interpreted] Good afternoon, my name is Jong Gyu Yoon, the CFO of KB Financial Group. I will now begin the earnings presentation of KBFG for the third quarter 2012.

First, the financial highlights.

KBFG's cumulative profit up to Q3 2012 recorded KRW1,560.7 billion while the Q3 profit alone, a marked KRW410.1 billion. The cumulative profit for 2012 came down by around 28% year on year. Last year, there was the winning law suit involving NHF resulting in KRW137.6 billion in reversal during Q1, as well as the sales gain of 10 billion C shares of KRW269.4 billion in Q2, making last year's total one off gains KRW407 billion.

This year, however, there was the impairment loss on (inaudible) shares held by the Bank of KRW138.1 billion recognized during Q3 incurring one off losses.

I will elaborate further on the one off items in the latter part of the presentation.

The net operating income before provision for credit losses stood at KRW1,953.3 billion for the third quarter. As mentioned earlier, if you consider around KRW138.1 billion one off impairment loss incurred during Q3, we are consistently maintaining a stable recurring profitability of about KRW2 trillion per quarter.

Including trusts and AUM, the Group total asset mark around KRW374 trillion as of the end of September, up 3.3% year to date.

Next page please.

The cumulative provision for credit losses up to Q3 came in at KRW1,129.6 billion, rising 12% year on year. As shown on the graph, the quarterly trend of the provisions for credit losses edged up slightly during Q4 last year to meet the NPL ratio guideline of 1.5%, but the trend has stabilized since the beginning of 2012. The Group's cumulative ROA and ROE for Q3 were 0.73% and 8.82% respectively.

If you look at the capital adequacy trend on the bottom, the Bank BIS ratio was marked by the rising tier one capital from profit for Q3 as well as the increased tier two capital from the subordinated debt issuance. As a result, the BIS ratio rose 61 basis points quarter on quarter to 13.97%. The tier one ratio stood at 10.7%, up 37 basis points quarter on quarter. The core tier one ratio also improved 38 basis points quarter on quarter to record 10.64%. The Group BIS ratio posted 13.65%, jumping from the previous quarter.

The Group tier one and core tier one ratio is marked 10.61% and 10.55% respectively, showing across the board improvement quarter on quarter.

On page five, I will touch upon the Group profitability overview.

Page five please.

For Q3, the Group net interest income decreased 0.4% quarter on quarter remaining pretty much on par with the previous quarter. Despite the narrowing NIM during Q3, one more working day during the previous quarter as well as the loan growth of 2.1% during Q2, started contributing to the results from the third quarter.

The net fee and commission income for Q3 posted KRW427.3 billion, up 14.5% quarter on quarter. The rather significant expansion of the commission income from investment banking, together with the reduced cardholder acquisition fee from the credit card business attributed to such result.

The net other operating income for the third quarter dropped quarter on quarter, reflecting the (inaudible) related impairment loss of KRW138.1 billion for Q3.

The G&A expenses for Q3 marked KRW1,040.8 billion increasing KRW49.9 billion quarter on quarter. However, if you consider the additional reserving for allowance for employee retirement benefits of KRW74.4 billion during Q3, the recurring G&A actually came down. The non-operating balance for balance for Q3 widened the loss by around KRW20 billion, mainly due to the payout of the dormant accounts in the amount of KRW4.4 billion and about KRW3 billion donation increase quarter on quarter.

Next is the breakdown of the group profitability on page six.

Let me start with the net interest income. The Bank's cumulative net interest income up to Q3 posted KRW4,465.9 billion which seemed like a year on year drop, however, since the spin off card income of KRW136 billion up to March 2011 was attributed to the Bank. Therefore, the actual year on year net income interest trend has improved.

As can be seen on the graph on the lower right, the Group's net income margin combining the Bank and the credit card business came down 11 basis points quarter on quarter to 2.82%.

The policy rate cut implemented last July is beginning to make an impact, while the delinquency trend deteriorated somewhat mainly on the collective housing installment loans due to lower recovery. As for the fourth quarter, the policy rate cut of October is expected to narrow the NIM slightly going forward. Nevertheless, we will do our best to defend our margin by recovering delinquent loans and by expanding our low cost deposit base, thereby minimizing the NIM contraction.

Let me move on to the Group's net fee and commission income. The Bank's cumulative net fee and commission marked KRW986.3 billion down 15% year on year. However, it is due to the one off gain on NHF losses last year as well as the inclusion of the credit card fee income before spin off for the months of January and February. The Bank's net fee and commission for Q3 grew by 5.6% quarter on quarter, boosted by the expanded commission income from investment banking compared to the previous quarter.

The cumulative net fee and commission up to Q3 for the credit card business decreased year on year due to the lagged effect of the fee reduction on debit cards last year and the expanded scope of small and medium merchants eligible for a fee discount.

In the meantime, the net fee and commission for Q3 posted KRW47 billion, posting a robust growth from the previous quarter, KRW26 billion.

It is mainly due to the quarter on quarter commission expense reduction including cardholder acquisition fees by around KRW15 billion.

I will now comment on the net other operating income. The cumulative net gains or losses on securities of the Bank amounted to KRW104.6 billion, seemingly decreasing quite a bit year on year, however, it is due to last year's high base effect of the sales gain on Hyundai E&C shares of KRW413.9 billion as well as the earlier mentioned POSCO related shares related impairment loss of KRW138.1 billion during Q3 of this year.

For your information, only those shares with value drop of more than 30% from the acquisition price for longer than 12 consecutive months are subject to impairment on our books at KBFG. Since the Bank's POSCO holdings met such criteria, we recognized the shares as impairment loss for Q3.

The Q3 net other operating income for Kookmin Card narrowed the loss compared to the previous quarter. While there was the dividend income of KRW18 billion from the asset sales to the government credit recovery support program, such as the bail out loans to margin of borrowers during Q3, we did not have such dividend income for Q2.

For your information, such dividend income is paid out during Q1 and Q3 of each year.

In the case of the net other operating income from other subsidiaries, the high base effect from last year's KRW24 billion disposition gain on PEF at KB Investment led to a rather large drop year on year.

Next page please.

The Bank's Q3 employee benefits and G&A expenses came in at KRW892.1 billion, up KRW45.2 billion quarter on quarter. The main reason was the additional reserving of KRW74.4 billion during Q3 for the allowance of employee retirement benefits. If you exclude such non-recurring factors, our Groupwide cost reduction efforts led to a slight reduction in G&A on a quarter on quarter basis.

The additional reserving for the retirement allowance was implemented this time to reflect the lower discount rate as of the end of September which is used as an actuarial assumption. At the quarter end closing, we used to apply the roll forward methodology based on the end of the prior period assessment results in order to calculate the retirement benefits. However, the recent drop in the long dated corporate bond yield which is used as the discount rate for the retirement allowance had to be reflected in Q3 to show the falling discount rate effect.

Considering how last year's G&A expenses for the credit card business include the seven month results post spin off, you can tell that the stable trend is continuing this year as well.

If you look at the top right graph, the cumulative cost income ratio up to Q3 2012 posted 48.3%, showing a notable increase from last quarter's 46.1%. The main reasons for the increase include a large impairment loss recognized during Q3 as well as the additional reserving for the retirement allowance.

Although we will do our utmost to control cost and enhance efficiency throughout the Group going forward, the recent margin compression, the slow loan growth and the resulting lower than expected top line growth will make it challenging for us to improve CIR significantly in the near future.

On page 10, please, we provided Bank profitability data for historical comparison purposes for your reference.

Next page, please.

I will now talk about the Group's balance sheet. As at end of September 2012, Group Total assets increased 5% year to date to KRW291 trillion. Total liability driven mostly by deposits increased KRW12 trillion year to date.

At end of September, Group shareholder equity is KRW24.6 trillion, growing around KRW1.5 trillion year to date. This is due to net profit of KRW1.6 trillion over the past three quarters.

At end of September, Group's total assets including trust and AUM is KRW374 trillion, growing KRW12 trillion year to date.

Next is own Bank and credit card loans.

The Bank's loan in won at end of September is around KRW188 trillion, increasing 2.1% year to date but declining 0.1% Q-on-Q.

Looking at each sector, household lending decreased 0.3% Q-on-Q. With prolonged property market recession demand for housing purchases was sluggish and for risk management purposes we took a conservative approach in originating unsecured loans. Also, from last August, to increase fixed rate loans we started selling qualified loans to Korea Housing Corporation which somewhat negatively impacted household loan growth.

Corporate loans showed a growth of only 0.2% Q-on-Q because our approach to several loans, which was a driver behind first half growth, was more conservative this quarter in consideration of the external environment and, in other words, economic recession.

For credit card receivables as of end of September, for high risk assets like card loans and cash advances, we restricted target customers and lowered the limits in order to strengthen risk management and, as a result, recorded KRW11.6 trillion, similar to the previous quarter. But to diversify our portfolio of assets and to generate new revenue sources, we started factoring business since the third quarter. As a result, credit card asset recorded KRW12.1 trillion, showing an increase of 3.4% Q-on-Q.

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As of end of September, Bank's deposit in won is KRW194 trillion, growing 2.2% year to date. This is due to continued preference for safer assets and also because term deposit increased KRW4 trillion year to date on the back of active marketing by the Bank.

Debentures in won, thanks to continued efforts to improve funding portfolio, as of end of September declined to KRW13 trillion.

KB Financial Group, through new product development and strengthening of product, we are focused on attracting low cost deposits to secure a firm basis for stable growth and to be fully equipped for liquidity risk management.

As can be seen on the lower right-hand graph, the bank's loan to deposit ratio as of end of September is 98.5% being kept below 100% since the end of 2010. Going forward as well we see no particular difficulties in keeping it below 100%.

Next page is on the bank's asset quality. The bank's September end NPL ratio is 1.75% increasing 11 basis points Q-on-Q and the bank's delinquency ratio is 1.22% increasing 19 basis points compared to the end of previous quarter. Although there was KRW260 billion NPL sales in the second quarter, in Q3 NLP sales was only KRW47.3 billion and also delinquencies for collective loans also increased as we entered the third quarter.

September end NPL coverage ratio including the reserve for credit losses is 132% being kept at an appropriate level. For the household sector, collective loan delinquencies increased KRW231 billion. In Q2 as delinquency formation is continuing it seems quality will not improve significantly for the time being. Meanwhile for corporate loans the tight control over issue-prone industries such as construction (inaudible) and ship building and with active handling of non-performing assets and because we strengthen loan management we believe that as long as there is no sudden negative impacts on the macro-economic sector we expect prudential trends to be relatively stable going forward.

Next page is on credit card asset quality overview. NLP ratio for the credit card businesses end of September is 1.15% higher, 14 basis points from end of last quarter. In terms of the size there was an increase of KRW21.4 billion end of June. This is due to the fact that in Q1 and Q2 there was KRW150 billion write-offs respectively but in Q3 write-off was only KRW123.2 billion, lower than the quarterly average.

NPL's new formation is about KRW144.7 billion so it's not significantly different from other quarters. For NPL coverage ratio including reserve for credit losses is 306%. Credit card delinquency which was 1.22% as at June end, slightly moved up to 1.24% as of end of September. Although we need to wait and see in Q3 new delinquency information is continuously falling so we project credit card delinquencies to show a stable trend going forward.

Next is on loan loss provisioning for the banks and the credit card. The bank's Q3 cumulative LLP is KRW884.4 billion, similar on a year-on-year basis and Q3 provisions are KRW295.4 billion, showing a KRW25 billion increase Q-on-Q. (Inaudible) different sector, Q3 household provisions were KRW100.8 billion, an KRW8.8 billion increase Q-on-Q. Although the rate of increase looks large compared to the previous quarter considering the total size of household loans of KRW102 trillion, absolute amount of provisions are being kept at an adequate level.

Q3 corporate provisions are at KRW194.6 billion, only a slight increase from Q2 showing a stable level. This is a result of active handling of NPLs and conservative approach to provisioning so far. Credit cards Q3 cumulative LLP on the back of additional provisioning from write-offs increased KRW96.4 billion year-on-year to KRW253.1 billion, an increase of KRW3.9 billion on a Q-on-Q basis.

Lastly, I will talk about the provisioning ratio by each sector of the group. Group's credit costs on a group consolidated total asset basis for 2012 on a (inaudible) basis is 0.53% and for Q3 it is 0.52%. On the upper left graph you will see that to adjust to 1.5% NPL ratio additional provisioning took place in Q4 of last year but since then credit cost is showing a stabilizing trend.

By sector, household Q3 cumulative credit cost is 0.4% showing a slight increase against a 2011 figure. On a Q-on-Q basis there was an increase of three basis points. Corporate sector cumulative credit costs without any particular one-off factor recorded 0.76% compared to last year's cumulative figure of 1.04%. It is an improvement of 28 basis points. Credit cards Q3 cumulative credit cost is 2.80% somewhat of a rise on a Y-on-Y basis and also showed a slight increased Q-on-Q. However, we don't believe it's a cause for concern considering its absolute size.

KB Financial Group since last year have implemented pre-emptive risk management on high risk assets thereby minimizing formation and addition of non-performing assets. So we expect asset quality to show a stable trend going forward as well. This has been the 2012 Q3 earnings presentation. Thank you very much for your attention.

That was an earnings presentation by our CFO. We will now begin the Q&A session. (Operator instructions). So questions please? We will now take a question from SK Securities. Please go ahead sir.

[Interpreted] Can you hear me?

[Interpreted] Yes, we can hear you fine.

[Interpreted] I have the following two questions. First of all, many investors I'm sure are mostly interested in this topic. It has to do with the ING Life Korea related acquisition prospects. Can you give us some update on the progress to date to the level that you could disclose? Secondly FSS, it has actually announced new guidelines on the loan spread so based on the recently announced guidelines, do you have any guidance that you could provide for us regarding NIM outlook for next year.

[Interpreted] My name is DongChang Park, the CSO of KBFG. First of all, regarding the acquisition of ING Life Korea, we have submitted the offer on July 16 of this year and we are continuing the negotiation with the seller side and to date we have achieved quite a bit of progress. However, still we are in the midst of the negotiations at the moment so please understand the fact that we cannot disclose any further details at this point but from KB's perspective as we have emphasized over and over again, our top priority always is to maximize the shareholder value so we hope and we will do our best to make sure that this possible discussion will lead to such expansion of shareholder value.

Yes, let me also address your question regarding NIM outlook. As you said, FSS today has announced their guidelines on the loan spread and loan-related practice. Regarding 4Q NIM outlook for instance, on 17 October the policy rate in Korea was dropped. So in the case of the one year dated bonds I think that in the past, I think that the market response was too radical every time the policy rate has come down so we have not actually lowered the rates too much. But in the CD rates I think that during Q4 we might have some negative impact on NIM by about three to four basis points.

At the last quarter's earnings call last quarter we have given you the guidance of 2.9% NIM outlook going forward but I think that it could be slightly lower than that figure. Regarding the recently announced guidelines by FSS it has limitations on the loan spread and also regarding the disclosures to the consumers about the comparison choice regarding the loan spread between banks. So I think that that can have some negative impact on the pricing. So, of course, we are in the middle of the review process for the business plans for next year so next year or this year I think that the market expects additional 25 basis points policy rate drop going forward. So accordingly, if you look at the recent trends coming from FSS, I think that it would be unavoidable to experience some NIM contraction.

So, of course, we have to wait and see but next year's NIM would be around 2.8% range.

Thank you. We will take the next question from AIG Life. Hello? I think the call dropped. We'll just wait for a couple more seconds. When we provide the internet there is actually a 30 second time lag between the phone call and the screen shown on the web page, so please be mindful of what 30 second time lag and we will be waiting for the next question. We have waited for around three minutes but I believe that there are no further questions.

As our CFO was making the presentation he provided a very specific and detailed explanation regarding the performance so thank you, but I think there is another question that's coming in. Foundation Securities, Mr. (inaudible).

[Interpreted] Yes, hello. My name is (inaudible), Foundation Securities. It seems like you're selling more of these qualified loans compared to other banks. So for 2012 and 2013 do you have an internal target that you're shooting for and in terms of the recovery of the written-off, I think that the recovery rate is going lower. Is there any reason behind that? Is that because of the economic recession? I think there is also a corporate tax impact and in terms of the reversal of the guarantee allowances, can you provide a little more color on these topics?

[Interpreted] Yes, thank you. In terms of the qualified loans, as you know, Korea Housing Corporation's qualified loan is about 4.25%. That's the rate so I feel that a lot of customers for those people who actually quality for these types of loans wants to convert to disqualified loans. So that is, I think, the fact. We're thinking of this from two different perspectives. Out of our existing customers and who wish to convert, we want to provide support so that we can expand the options for these existing customers but from a long-term perspective -- and we are looking at how the interest rates trend is going to play out. For instance, if the interest rate is going to be low for quite some time, I believe that for these qualified loans, and our strategies regarding the qualified loans, we would have to consider whether we were going to be more aggressive on qualified loans or on our own independent products.

But if it's not going to be a low interest rate environment for a long time then it's for the -- if we sell too much of a low rate product now then it's going to be a burden at a latter time. So for the time being we're going to try to settle a little more qualified loans. So on a quarterly basis we're looking at the sales performance of these qualified loans and we're looking at those numbers as well as we're very flexible with the limits.

In terms of next year's sales volume, we have set any specific target. We will be mindful of the interest rate movement going forward and according to that number we're going to determine the adequate size of the qualified loans. So we will be very flexible and agile in looking at the quarterly movements of the interest rates and respond accordingly.

In terms of your questions on the recoveries of these written-off receivables, internally we have a credit rating subsidiary who's working quite hard. So yes, we're slightly below the target that we've set for ourselves. But when it comes to these collections or the recoveries, I believe that we have a very effective scheme in place, management in place. So regarding these receivables, I think we should put a little more effort in order so that we can increase the recovery rate.

Regarding the third question, on Q3, out of the allowances for payment guarantees and for specific receivables it's difficult to name specific names of a company but with regards to issuance of [LGs] there was a lawsuit and we actually won in that lawsuit and there was a reversal of about KRW50 billion from that winning of the lawsuit. And in the Q3 there were some of the problematic companies, like [UngJin Group] and [Kukdong Construction] and [CSB] and [Halla Construction] and [Handong]. So these are quite sizeable Korean companies that have recently gone into court receivership. So with regards to the reserving and provisioning for these companies, we have reflected fully the potential loss that could arise from these problematic companies.

For specific items -- and if you would just contact our IR team -- and because we have to name specific company names I don't think this is a right venue for me to actually talk about this. So please do contact us later on.

(Interpreted) Next question please.

(Interpreted) (Inaudible) from JP Morgan, please go ahead.

Yes, thank you. My question is in regards to asset quality. I noticed that there's certain increase in the NPL as well as the delinquency, particularly in the Household sector. If you can give some general colors in terms of what's behind these increases and what are your thoughts? Thank you.

(Interpreted) As you have just mentioned, on the Household side I believe that the market is rather concerned about the quality of the assets. But if you look at the NPL ratio increase and the delinquency ratio increase coming from the Household loans, it's mainly focusing on the collective loans. As we told you during the last call, first of all these loans, collective loans, are guaranteed by the construction companies fully. And also Korea Housing Guarantee Corp is also providing the necessary guarantee as well. So the actual likelihood of these loans going bad at the end of the day will be very low.

However, as the housing prices are going down in terms of the market value, those buyers of these newly built houses who are about to move in, they're trying to actually have a court fight with the construction company, to lower the house price. So we have actually dedicated a taskforce team to collect -- to deal with these collective loan issues so that we can listen to the borrowers' views, so that we can act as a mediator between the borrowers and the constructors.

So starting from 2013 I think that we will have more color as to the direction of the development of the collective loans. But against the backdrop of continuing house price drop in the market I think that we will be seeing some NPL ratio going up and delinquency ratio going up on the Household part. And it could have some impact on the loan loss provisioning as well somewhat, but as I told you before, we are looking at an [LTV] of about 20%. So ultimately it won't be that large.

But again -- once again I would like to emphasize that because of all these guarantees provided the likelihood of these loans really going bad is very low. And I think that there was a news report lately that some loans are exceeding the LTV ratio because of the house value drop. And there was a report that KB is showing such trend more prominently. And I think that it is only obvious because we have larger share in the Mortgage market, so obviously compared to other banks it is only obvious that we would have more number of borrowers who are now exceeding LTV ratio. But then again it's not a problematic level.

And also let's say the -- the amount that exceeds the LTV ratio of 70% is less than KRW1 trillion in total for the entire bank. And if there are any problematic loans that could seem to be rather cautious, we might face some issues if we go all the way to the auctioning process if we don't get to actually recover up to 70% of the house value. But once again I would like to remind you that while the total, I guess, liability is about KRW14 trillion, I think that those exceeding the LTV ratio of 60%/70% is only about KRW500-some billion so -- and at the same time we have set aside about KRW2 trillion worth of provisioning for that part -- type of possibility. So we are fully buffered. So the only concern we have is the elongated process that this type of situation going on too long because of economic sluggishness. Thank you.

(Interpreted) From [Kubo Securities] Mr. [Sub Ku Wong].

(Interpreted) Can you provide some guidance on your growth and [soundness] for 2013?

(Interpreted) When we gave you asset quality guidance we consistently mentioned the fact that there is a high level of Household debt and also related Credit Card impact that that may have. So for the time being Household debt and Credit Cards, it will -- it could actually go up. The quality could actually degrade. But we have been very focused on prudential management for the corporation loans. So we don't have any big changes to the original guidance's, [well] in terms of Household loans, for the time being. As the current situation continues, delinquencies and NPL ratios may continue but we think that it's mostly -- the problem is mostly around the collective loans. So in -- to the actual P&L line item it's not going to impact significantly, it's just a temporary provisioning related impact.

For Credit Cards, for Q2 and Q3; after Q2 and Q3 we see the growth rate moderating and of course, we have to see for the time being whether this is a long-term stabilization or whether this is a one-off temporary phenomenon. But we think there's low probability that things would aggravate suddenly. These are more of a secular trend that are taking place. So I believe for Household and Credit Card for next year things will be quite mild and for Household debt maybe slight increases in those numbers surrounding -- around collective loans could take place.

For the Corporate loans, although they are quite stable, but recently because the macroeconomic situation is fluctuating -- and as I said, as the macro economy actually turns for the worst -- and it will, of course, definitely be impacted, the Corporate sector. So with Household debt and with Credit Card, slight increase in terms of those figures and reduction in the figures for the Company on a Y-on-Y basis, our provisions are about the same level or slightly lower. That's our guidance. But so for next year we think there will be either slight increase or slight decrease. If the macro situation aggravates, then there could be a possibility that there will be a slight increase.

(Interpreted) Next question please from [Prudential]. [Mr. Wattana] please go ahead. Yes, please go ahead with your question.

(Interpreted) Regarding the Mortgage loans I have some questions about the LTV ratio. Can you talk about the LTV results for this quarter? And if you could compare that with the previous quarter or previous year that would be appreciated.

(Interpreted) You -- you asked about the LTV ratios. I believe that you are asking about the average LTV. On the average level it's about 46% which is pretty much on par with the previous quarters. So it has not really gone up too much. But if I may talk about very recent days, now as you are well aware, in the local, regional areas real estate prices have either gone up or have remained flat. But when it comes to the metropolitan Seoul area, especially [Gangnam-gu] areas and around the Incheon city area, we saw a rather large drop of real estate prices. So the Seoul metropolitan area and Incheon area are showing the LTV ratio going up recently.

But as I told you before, the absolute amount of the loan amount outstanding that is exceeding the LTV ratio limit is not that significant. Last year actually it was about KRW9 trillion but recently actually the KRW5 trillion to KRW6 trillion additional amount exceeding the LTV ratio actually has taken place. But when it comes to the details I will actually give you the breakdown if you call the IR department. And I believe that we have provided such information to the analysts prior to this call.

(Interpreted) Thank you very much for the answer.

(Interpreted) Yes, we have conducted the Q&A session for about 20 minutes and we have no more questions in the queue. So at this point we would like to conclude today's earnings call for Q3 of 2012. The presentation and VOD of this conference will be available for access anytime on the IR website of KBFG. Also, if you have more questions please contact our IR department. We will do our best to address your questions.

Thank you once again for your participation today. Thank you very much.