Earnings call transcript: Aker Horizons Q1 2025 reveals significant net loss

Aker Horizons reported a consolidated net loss of NOK 656 million for the first quarter of 2025, as revealed in its recent earnings call. This loss highlights the challenges faced by the company in its renewable energy and carbon capture ventures. The company’s stock price saw a slight decline of 1.2% following the announcement. According to InvestingPro data, the company’s shares have declined over 56% in the past year, with current market capitalization around $90 million.

Key Takeaways

• Aker Horizons reported a Q1 net loss of NOK 656 million.
• The company plans to relocate Mainstream’s headquarters to Oslo, aiming for a 65% cost reduction by 2026.
• Aker Horizons is exploring data center opportunities in Northern Norway.
• The company is targeting accelerated exits from offshore wind assets.

Company Performance

Aker Horizons has been navigating a complex landscape in the renewable energy sector, focusing on strategic markets like South Africa, Australia, and the Philippines. Despite the net loss, the company remains committed to its long-term vision of expanding renewable energy projects and carbon capture technologies. The exit from the Colombian market and restructuring efforts at Mainstream are part of its strategy to optimize operations and reduce costs. InvestingPro analysis indicates the company is currently undervalued, though it faces significant challenges with cash burn and debt management. Subscribers can access 13 additional ProTips and detailed financial analysis through the Pro Research Report.

Financial Highlights

• Q1 Net Loss: NOK 656 million
• Total Net Capital Employed: NOK 4.3 billion
• Cash Position: NOK 4,060 million
• Interest-Bearing Debt: NOK 6,700 million

Outlook & Guidance

Aker Horizons is focused on refinancing its balance sheet and exploring new ventures such as data centers, which are seen as having significant value potential. The company is also concentrating on cost reduction strategies and plans to accelerate exits from offshore wind assets, aligning with its core growth markets and innovative technology development. Despite revenue growth of 24% in the last twelve months, InvestingPro analysis shows the company faces challenges with profitability and cash flow generation.

Executive Commentary

Morten Henriksen, Group CEO, emphasized the potential of Mainstream, stating, "Mainstream is a company with high potential." He also highlighted the strategic shift, saying, "We are targeting accelerated exits from offshore wind assets." Christopher Dahberg noted the opportunities in data centers, remarking, "Building and operating data centers has higher value potential."

Risks and Challenges

• The delay in the green ammonia project due to grid capacity uncertainty poses a significant challenge.
• The restructuring of Mainstream involves risks associated with relocating operations and achieving cost reduction targets.
• The exit from the offshore wind segment may impact the company’s growth trajectory in the renewable energy sector.

Aker Horizons’ strategic focus on core markets and innovative technologies aims to navigate these challenges while positioning the company for future growth.

Full transcript - Aker Horizons AS (AKH) Q1 2025:

Lars Bere, Presenter/Speaker, Aker Horizons: Hello everyone. My name is Lars Bere. Welcome to today’s presentation of the first quarter results for Aker Horizons. I will first comment upon some key developments since year end and then we will take you through the status of the investment portfolio and the Q1 financials. The CFO of Mainstream, Wille Berg, will cover the update on Mainstream and CFO of Horizons, Christopher Dahberg, will, as usual, cover some of the update on the Aker Horizon side.

I will start with carbon capture. In February, ACC announced a cash dividend of NOK3.5 billion equal to NOK1.5 billion liquidity inflow to Aker Horizons. The first payment of NOK 1,300,000,000.0 was received in March and the remaining NOK $256,000,000 was received yesterday, certainly well received. Next, after securing the contract for the 400,000 tonnes Just Catch 400 unit for Hofsland Celcio in January, an earn out payment of NOK71 million has been received by ACC from SLB. Furthermore, the SLB Kapturri JV has continued to see significant commercial and front end activity during the last quarter.

So moving on to renewable energy development and our investment in Mainstream. Firstly, Mainstream continues to mature its development portfolio in core markets, and we expect to see a combined three fifty megawatt of solar and onshore wind projects to reach financial close in the South Africa market within the next eighteen months. The announced sale of the development portfolio in Colombia was closed in April. The divestment totaling six seventy five megawatts marks Mainstream’s exit from the Colombian market as part of the Optedo strategy to focus its operations. Finally, on the Mainstream side, Mutten Henriksen has started as the Group CEO of Mainstream.

We are glad to see Mutten coming in. He brings extensive management experience and deep sector expertise to the Mainstream team. And this comes as part of the broader reorganization and the relocation of the corporate headquarter of Mainstream from Dublin to Oslo. The next up is the developments within the sustainable assets development portfolio. During the quarter, we have continued together with our partner, Norcraft, to explore to build data center business in Northern Norway.

Here, we will leverage the ready to build Kvaandar site, which offers access to two thirty megawatts of stable renewable energy in a very attractive energy pricing area. And we do see potential for value creation through expanding on PowerLand to build an integrated data center business. We are currently working with data center industry players to develop the best possible business solution for this opportunity. On the other side, for Narvik Green Ammonia, the project is awaiting feedback from StartNet on the application for the additional 200 megawatts of grid capacity. This is taking longer than previously anticipated and therefore the DG2 milestone has been postponed until we obtain clarity on the grid allocation.

And consequently, we’ve seen the need to also reduce project activity in order to do cost savings. Finally, over to Supernode, a portfolio company that specializes in the development of next generation superconducting cable systems for bulk electricity transfer. Supernode has successfully completed its initial testing of the superconducting technology. The test was held at the facility in The UK where electricity was transmitted through a six meter prototype utilizing their proprietary polymer based cooling system. This holds a temperature of 200 degrees Celsius below zero.

And next up is then a first full scale demo, which will be a 30 meter transmission distance, which is planned for the middle of this year. This test will be certainly an important milestone for the technology verification process that Supernode is working on. Now we’ll move on to the more detailed updates starting off with our investment in Aker carbon capture. As mentioned, Aker Horizons received the residual dividend of $256,000,000 yesterday, which brings the total received dividend proceeds to NOK 1,500,000,000.0. Aker Carbon Capture has a remaining cash position of approximately 1,200,000,000.0 after disbursement of both dividend tranches.

Through our ownership in Aker Carbon Capture, we continue to follow the industrial development of the SLB Kapturi JV, where ACC holds 20%. Looking at the industrial and development activities. In January, the JV completed commissioning and handed over the carbon capture plant at Twentz Waste To Energy facility in The Netherlands. The facility is now in operation with CO2 offtake to the market. Further, there is also good progress on the other industrial projects in the JV as shown on the bottom right side of the slide.

Looking at the front end and development activities in the portfolio of SLB Capturi, one key activity is the cooperation with CO280, which is SLB Capturis’ partner for scaling up carbon removal in U. S. And the Canada market. CO280 has recently announced an agreement with Microsoft to capture and permanently store biogenic carbon emissions from a U. S.

Pulp and paper mill. Microsoft will purchase 3,700,000 tons of CDR over twelve years, marking one of the largest engineered carbon dioxide removal processes to date. And this agreement will certainly improve the likelihood of the project to be realized. And with that, I hand it over to the CFO of Mainstream, Jure Berg, to take us through the updates in the Mainstream business. Thank you.

Jure Berg, CFO of Mainstream, Mainstream: Thank you, Lars. I will now take you through Mainstream’s developments during the first quarter of this year, starting with the key highlights. In Chile, the commercial margin for our Andes Renovables platform, which has one gigawatt of assets in operation, was affected by the nationwide electricity blackout that occurred in February as well as the temporary reduction in transmission line capacity that followed. The construction of our Currie Wind farm is experiencing delays, however, is on target for COD in the second half of twenty twenty five. And in South Africa, our two projects in construction continue to progress with the first one on track to reach COD in the second quarter and the Eliquis project remaining on schedule for completion in the first half of twenty twenty six.

In addition to those two projects in construction, we also have a further three projects with an expected combined capacity of three fifty megawatts, advancing towards financial close within the next eighteen months. And in April, we announced the planned sale of our six seventy five megawatt wind and solar portfolio in Colombia to local energy company, Celsia and Aguirre. The sale of these assets, which are predominantly in the early stages of development, marks Mainstream’s exit from the Colombian market as we continue to focus on driving value creation and growth in core markets. And in February, we announced our intention to relocate our headquarters from Dublin to Oslo during 2025. This relocation is in line with our global cost reduction program, which aims to reduce our cost base by approximately 65% by 2026 relative to 2023 levels.

And also in February, we announced the appointment of Morten Henriksen as Group CEO of Mainstream. The Offshore Wind segment continues to experience challenges related to supply chain, regulatory environment and political uncertainty, impacts project viability assessments. MRP continues to review the commercial viability of its offshore wind portfolio with a target to realize accelerated exits. In Chile then, the Andes Renovables platform continued to maintain a positive commercial margin in Q1, which was broadly in line with target. The margin declined compared to previous quarters.

This is primarily due to a nationwide wide electricity blackout, which occurred on the February 25, leaving a large portion of the population without electricity. Following the blackout, the main North South central transmission line experienced reduced capacity. This meant that the grid’s ability to transmit electricity from northern and central regions to the southern areas was limited, which continued through to March 18, impacting our commercial margin. On the regulation front, further adjustments from the tariff stabilization law are expected to be minimal in 2025 as the historical pickup resulting from the 2021 price freeze has largely been settled. And now on to the construction update, where I am pleased to report that our three wind and solar projects in construction continue to make steady progress towards their respective COD targets during 2025 and 2026.

Starting in South Africa, our 97.5 megawatt solar PV project, which is a partnership with our local BBBE investors and supported by a twenty year corporate PPA with Sasol and Air Liquid, is progressing well towards its COD target in the second quarter of twenty twenty five. While Iliqua, our 50 megawatt solar PV project in partnership with Investec Bank Limited, is in the early stages of construction, having achieved financial close in Q4 twenty twenty four and is making solid progress towards its targeted commercial operation date of in the first half of twenty twenty six. The power from this plant is one of the first of its kind in South Africa to supply multiple private, commercial and industrial customers with more flexible energy contracts of between five and ten years through an aggregation platform. In Chile, our 109 megawatt Curi wind farm located in the north of the country in partnership with Ares Management continues to progress well, with COD still targeted for the second half of this year. Having received full construction release from the Chilean National Monuments Council in July 2024, our contractors are now mobilized across the main site, substation and overhead line.

And as a reminder, the successful termination of the project’s DISCO PPA in 2023 provides the project with interesting PPA optionality going forward. And then moving on to our development pipeline, we are advancing a number of key projects across our core markets, South Africa and Australia, demonstrating our ability to progress diverse opportunities globally. In South Africa, we have three wind and solar assets with an expected combined capacity of three fifty megawatts at the late development stage and advancing towards achieving financial close in 2026. The first asset, the 100 megawatt of Vereda solar PV project, is targeting the private C and I market through renewable energy supply agreements, RESAS, similar to Iliqua, with financial close expected towards the second half of this year, early twenty twenty six. The project is in the preconstruction stage with grid capacity reserved and project procurement and debt financing underway.

The second project, the 150 megawatt Vajjuk onshore wind farm, is targeting financial close within the next twelve months. The project moved to the preconstruction stage in April with permitting completed, land secured and grid capacity reserved. And the third asset, the 100 megawatt of Lac Fontaine solar PV project, which anticipates achieving financial close in mid-twenty twenty six, is also at the preconstruction stage with permitting completed, land secured and grid capacity reserved. Moving to Australia, we continue to make progress on our two priority onshore wind projects in the promising market for renewable energy development. Starting with the five thirty three megawatt Sunny Corner project in partnership with local developer, Sumiva Renewables.

In 2024, the project was awarded a development permit by the Forestry Corporation of New South Wales for what will be one of the first wind farms to be hosted in a New South Wales state plantation forest. The installation of the MetMast is taking place in quarter two and development work streams are ongoing to submit applications for planning approvals. And then the six thirty nine megawatt Haramai onshore wind farm is in the process of securing long term land agreements and development studies are ongoing in preparation for the submission of planning approvals. And to conclude, mainstream is sharpening its focus on core growth markets, South Africa, Australia and The Philippines, where we see the greatest potential for value creation. This is demonstrated by the significant milestones achieved in 2024, including financial close on key projects, ongoing construction progress and the development of our high quality pipeline.

As we move forward in 2025, we remain committed to capital recycling opportunities and are actively exploring new partnerships to support future growth. With a robust pipeline of projects, deep partnerships and a clear focus on operational excellence, we are well positioned to deliver on our mission of sustainable and innovative energy solutions globally. And with that, I hand to Christopher.

Christopher Dahberg, CFO of Aker Horizons, Aker Horizons: Thank you, Julie. Starting with some highlights from Arc Horizons asset development, which develops industrial decarbonization assets. Leveraging the ready to build Kvaandan site, which has two thirty MW of electrical capacity installed today, we are exploring the opportunity to build a data center business in Northern Norway together with our local partner Nullgraft. We experienced strong interest from a variety of data center players for this opportunity. At Vandal, we have also applied for a grid concession from NVE for additional capacity.

The application is progressing. The Parlangsleira site zoning plan has been on public hearing and feedback received has been implemented in an updated plan submitted now in April. The Nordic Green Ammonia project is still awaiting feedback on the application for additional grid from StartNet, and consequently, the project has postponed its DG2 decision until clarity of the grid capacity is obtained. As a reminder, Powered Land is an eightytwenty joint venture with regional utility company Nullgraft to develop industrial sites in the NO4 power zone in Northern Norway, offering stable renewable energy in a very attractive pricing area. Our nine industrial sites are strategically located close to the four twenty kilowatt central grid, and are at various stages of permitting for power intensive industries.

We continue to experience significant interest from the data center industry from our Kvaanwald site. As mentioned by Lars, we are exploring the opportunity for the data centers at Kvaan Dal. Our Powered Land initiative has so far focused on the three stages of securing land, bringing greenfield land through zoning, and securing megawatts on-site. This new opportunity will also look at building and operating large scale data centers for customers. The data center market is rapidly growing, driven by growth in AI and cloud computing.

Building and operating data centers has higher value potential than Powered Lam, but also increased capital requirements, risks and longer timelines. Strong partnerships are key to realize the full potential of this opportunity. The Kaandal site, where there is two thirty megawatts of electrical infrastructure already built, is well positioned to attract customers, with significant short term need for computing capacity. We will update the market on these developments as they mature. Moving to our Nalvec green ammonia project in Northern Norway.

The project has two fifty MW grid reserved with StartNet and has applied for additional 200 MW. The outcome of the application for additional MW to StartNet was previously expected in the beginning of twenty twenty five. We have received feedback that this is taking longer than anticipated, and Aker Horizons is implementing cost reductions due to the increased uncertainty. The target DG2 date has consequently also been postponed until we receive feedback from StartNet. We will therefore revisit the project timeline once we have clarity on the outcome of the application.

This marks the end of the update on asset development, and I will now move on to Aker Horizons financials. On the financials, the consolidated income statement for Horizons shows a total net loss of NOK $656,000,000 for the first quarter compared with a loss of NOK $575,000,000 in the previous quarter. ACC reported a net profit of NOK 79,000,000, of which Aker Horizon’s share is NOK34 million. The profit reflects ACC’s share of loss of NOK41 million from the S and P Kapturi JV. This is counted by NOK65 million in financial income, being interest income and a positive fair value change on the financial instruments on the put call arrangement related to ACC’s retained 20% shareholding in the S and B Kapturri JV.

In addition, 71,000,000 is booked as an additional gain from the sale to SLB, as a milestone based earn out was met with the Sensi award in Q1. Mainstream, the commercial margin in Andes was positive 14,500,000.0 Euro, equivalent to million. Revenue of NOK631 million mainly relates to energy sales in Chile. Operating expenses consist of around NOK441 million related to production cost in Chile, payroll of NOK108 million and overhead of around NOK159 million, with the balance related to other items. Mainstream EBITDA for the quarter was negative NOK104 million.

Cost reductions in Mainstream are on track. EUR34 million in savings on payroll and overhead was realized in 2024, equivalent to NOK400 million. Another NOK40 million or around NOK500 million in annual cost savings are expected to be achieved in 2025 and 2026 through further cost optimizations. Depreciation is mainly related to Chilean production assets and amounted to million in the quarter. Share of net loss in JVs is mainly related to offshore JVs with development activities.

Net financials in mainstream were negative NOK265 million in the quarter, consisting mainly of about NOK125 million related to the corporate financing facility put in place at the end of twenty twenty three million in deferred interest on project finance and mezzanine debt in Chile and positive foreign exchange effects of around NOK73 million from revaluation of receivables and corporate borrowings. Net loss for the quarter was $514,000,000, whereof Aker Horizon’s share is NOK $285,000,000. Moving to AAD. AAD reported a net loss of 35,000,000, of which Aker Horizon’s share was 30,000,000, reflecting development of the land portfolio, commercial efforts related to Powered Land and costs related to the Hydrogen business. Total consolidated loss in Q1 was NOK665 million as mentioned, whereof Aker Horizon’s share is NOK467 million.

Net capital employed reflects our initial investment in the portfolio company, adjusted for any profit loss since then, additional investments and FX revaluations. This is calculated as total assets less total liabilities. As of Q1, we have NOK 900,000,000.0 employed in ACC, two point one billion in mainstream, whereof billion is related to offshore wind, billion in AAD, billion in supernode and NOK0.6 billion in other assets. Total net capital employed of NOK4.3 billion, whereof NOK2.6 billion is funded by debt net of cash and billion by equity. During the quarter, the net capital employed was reduced by NOK1.5 billion from our share of ACC, mainly due to Aker Horizon’s share of ACC dividends.

Further, MRP was reduced by NOK430 million, of which NOK285 million is loss in the period, and additional NOK145 million is translation effect of MRP equity, reflecting weakening of the dollar and euro versus NOK in the quarter. Net capital employed in North Horizons Asset Development increased by NOK50 million, reflecting funding from Horizons of around NOK80 million and a loss in the business of NOK30 million. Supernode was reduced by SEK 16,000,000. Lastly, other changed by negative SEK $2.00 2,000,000, driven by a combination of sponsor fee income from MRP funding, dividend receivable of SEK $256,000,000 from the second tranche of dividend in ACC, offset somewhat by Arkhorizons SG and A costs, changes in working capital and losses on FXHS related to MRP sponsor commitment. In sum, net capital employed was NOK4.3 billion at the end of the quarter.

This is an overview of Aker Horizon’s external financing and commitments. We are currently in the process of optimizing Aker Horizon’s balance sheet. At the end of the third quarter, we had about NOK 4,100,000,000.0 in cash and interest bearing debt of NOK 6,700,000,000.0, which matures in the next nine months. The subordinated shareholder loan and convertible bond matures in January and February next year, respectively, and amounted to NOK 4,200,000,000.0 in total. Aker, our main shareholder, holds over 90% of this debt.

We continue to have constructive dialogue with Aker regarding these debt maturities. Cutting costs and rightsizing the cost base is key for us. The currently undrawn 500,000,000 Euro RCF is costly to keep, and as previously mentioned, the company has decided not to exercise the option to extend it by one year. In April, Mainstream announced that new funding arrangements had been finalized. As part of this, Horizons will provide a shareholder loan to Mainstream of 129,000,000 replacing the previous DNB facility to be faced over this year and 2026.

In addition, Aker Horizons will provide a shareholder loan of up to EUR45 million and guarantee an LC facility of up to million. Drawdowns on these facilities are contingent on reaching certain milestones under the new MRP strategy. The next slide outlines the new MRP funding in more detail. In early April, we announced that new funding arrangements for Mainstream have been finalized, enabling Mainstream to deliver on its updated and more focused strategy. In 2023, as part of the refinancing of the Aldece Renovables platform in Chile, Mainstream secured a corporate facility of $2.00 $4,000,000 with DNB, supported by its shareholders.

Aker Horizons share of this sponsor commitment was $129,000,000 This amount will be provided from Aker Horizons to Mainstream as a shareholder loan, disbursed in phases, which was achieved through an extended letter of credit expected to be converted to shareholder loans in 2025 and 2026. ’70 ’5 million was disbursed in April. Going forward, the expected neutral profile of the loan includes $16,000,000 later in 2025, and the remaining $38,000,000 is expected in 2026. Moreover, Aker Horizons and Mitsui have agreed additional shareholder loans in the form of our shareholder loan facility of up to SEK 64,000,000, provided through data 70% by Ark Horizons and 30% by Mitsui, along with a letter of credit facility with DNB for up to SEK 64,000,000, also backed through data by Horizons and Mitsui. Both facilities may be drawn until maturity at year end 2026, with drawdowns contingent on reaching certain milestones under Mainstream’s updated strategy.

This brings us to available liquidity. At the end of the first quarter, Aker Horizons had a cash position of NOK 4,060,000,000.00, and the RCF of €500,000,000 was still undrawn. As previously mentioned, we did not renew the RCF and therefore the facility will no longer be available to us going forward. At the end of the first quarter, total available liquidity, including the RCF, was 800,000,000.0. Book value of the net interest bearing debt position was down from 3,600,000,000.0 at the end of the year to just below 2,600,000,000.0 at the end of first quarter, reflecting the received dividend from ACC, offset by operating costs, interest paid and investments in our green projects and companies.

Thank you for your attention. This concludes today’s presentation and we will now open up for questions.

Matt Sektwerd, Corporate Communications, Aker Horizons: Yes. We will now answer some questions related to the quarter and going forward. My name is Matt Sektwerd from Corporate Communications. And in addition to Juli Berg and Lars Bade, we have Christopher Dahlberg and the CEO in Mainstream, Morten Henriksen is joining us. Our first question is for Christopher Dahlberg.

How will Aker Horizons refinance its upcoming debt maturities in 2025 and 2026?

Christopher Dahberg, CFO of Aker Horizons, Aker Horizons: As stated in the presentation, we are in the process of refinancing the balance sheet. We have debt maturities over the coming nine months, the senior green bond in August and the subordinated debt in Q1 next year. Aker, our main shareholder, holds over 90% of the subordinated debt, and we continue to have constructive dialogue regarding these maturities. We will update the market on developments as they are concluded.

Matt Sektwerd, Corporate Communications, Aker Horizons: And again, welcome to you, Morten Hendriksen, our new CFO in Mainstream. You state that you are looking to exit offshore wind. How should we think about timeline and what that for the form that might take?

Morten Henriksen, Group CEO of Mainstream, Mainstream: Thank you. Mainstream has defined a new and more focused strategy, which targets key growth platforms. Our floating offshore assets is not part of that key growth platform. We are targeting accelerated exits from offshore wind assets we have in the portfolio with an aim to realize exits in the near future.

Matt Sektwerd, Corporate Communications, Aker Horizons: All right. And next question is for Lars Spara. What do you see as the key strategic priorities for Aker Horizons going forward?

Lars Bere, Presenter/Speaker, Aker Horizons: For Horizons, it’s still to seek to realize a comprehensive recapitalization of the balance sheet certainly and then also to increase cost focus and the investment policies in our portfolio companies. This will involve certainly to be an active owner of Mainstream to ensure the implementation of the revised strategy. And then also, I think we will prioritize to try to realize the opportunities for data centers sitting in the PowerLAN portfolio. Thank you. Morten, you

Matt Sektwerd, Corporate Communications, Aker Horizons: have been here about a month. What are your key takeaways on Mainstream from your first weeks as CEO?

Morten Henriksen, Group CEO of Mainstream, Mainstream: Mainstream is a company with high potential, while historically the financial performance has been challenging. With the new and focused strategy, are taking steps to enhance our core platforms and position the company as a leading player in the renewable energy industry. We need to be more focused in our approach and make sure we strike the right balance between projects in development, construction and assets in operation. It’s time to start harvesting on the large portfolio of projects we have in the pipeline. Finally, I’d like to say that we have excellent people in the organization and I’m very positive with respect to the significant restructuring we are carrying out right now.

Matt Sektwerd, Corporate Communications, Aker Horizons: Very good. Thank you, Martin. There is also a high interest in the data center opportunities in Northern Norway. So I think it’s a question for you, Christoph, to elaborate on what potential data centers at Quandl could mean for Aker Horizons and what capital need this might entail.

Christopher Dahberg, CFO of Aker Horizons, Aker Horizons: Yes, thanks. So as communicated earlier, we are exploring opportunities for our site in Northern Norway, including a data center opportunity. We have for some time seen a quite significant interest in our industrial sites in the Najjavik area, both due to abundant green baseload power and an attractive climate for operating data centers. And particularly, the Khandal site with with two thirty megawatts ready to build is interesting. Building and operating data centers certainly has a higher value potential than mainly that power LAN, But it also comes with increased capital requirements, risks and longer timelines.

Strong partnerships are also key to realize the full value of this opportunity. It’s still at an early stage, and I think it’s a bit premature to give further details on how this may shape up. But we’ll certainly work back to the market when we have concrete news to share.

Matt Sektwerd, Corporate Communications, Aker Horizons: Thank you so much for that, Christopher. With this, we conclude our presentation for the first quarter. Thank you all for your interest and your participation.

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