Earnings call transcript: Bunge Limited Q4 2024 misses EPS forecasts

Bunge (NYSE:BG) Limited reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of $2.13, which fell short of the forecasted $2.27. The company’s revenue also missed expectations, coming in at $9.91 billion compared to the anticipated $13.73 billion. Following the announcement, Bunge’s stock saw a pre-market decline of 7.64%, with shares trading at $69.29, down from $75.02. According to InvestingPro analysis, Bunge is currently trading below its Fair Value, with a P/E ratio of 8.89x, suggesting potential value opportunity despite recent challenges.

Key Takeaways

• Bunge’s EPS of $2.13 missed the forecast by $0.14.
• Revenue was significantly below expectations, at $9.91 billion.
• Stock price dropped 7.64% in pre-market trading.
• The company anticipates a challenging lending environment.
• Bunge maintains a strong cash position and low non-performing loan ratio.

Company Performance

Bunge Limited’s performance in the fourth quarter of 2024 was marked by a miss on both EPS and revenue forecasts. This underperformance contrasts with the company’s historical trend of meeting or exceeding expectations. Despite the earnings miss, Bunge continues to focus on strategic growth through acquisitions and maintaining a strong cash position.

Financial Highlights

• Revenue: $9.91 billion, below the forecast of $13.73 billion.
• Earnings per share: $2.13, missing the forecast of $2.27.
• Record net profit for 2024: $760 million.
• Return on Tangible Common Equity: 26%.

Earnings vs. Forecast

Bunge’s actual EPS of $2.13 was $0.14 lower than the forecast of $2.27, representing a miss of approximately 6.2%. Revenue also fell short by $3.82 billion. This significant deviation from expectations may have contributed to the negative market reaction.

Market Reaction

Following the earnings announcement, Bunge’s stock dropped 7.64% in pre-market trading. The decline reflects investor disappointment with the earnings miss. The stock’s current trading price of $69.29 is near its 52-week low of $67.40, indicating a challenging period for the company in the market.

Outlook & Guidance

Looking ahead, Bunge has set ambitious targets for 2025, aiming for a net profit exceeding €800 million and an EPS greater than €10. The company plans to continue integrating recent acquisitions and expects a gradual recovery in the lending environment as interest rates stabilize. InvestingPro data shows analysts maintain a moderately bullish stance with price targets ranging from $74 to $100, while the company has demonstrated its shareholder commitment through 25 consecutive years of dividend payments.

Executive Commentary

CEO Anas Abazakou expressed optimism about the future, stating, "Despite our record performance in 2024, our best years lie ahead." He emphasized the company’s strong team and operational capabilities, indicating confidence in Bunge’s strategic direction.

Risks and Challenges

• High interest rate environment impacting lending.
• Subdued consumer confidence affecting market dynamics.
• Potential integration challenges with recent acquisitions.
• Macroeconomic pressures on commodity prices.
• Regulatory changes in key markets.

Q&A

During the earnings call, analysts inquired about the company’s interest rate sensitivity and the expected contributions from recent acquisitions. Bunge confirmed that further details would be shared at the upcoming Investor Day, highlighting the anticipated €30 million profit before tax from KNAB in Q4.

Full transcript - Bunge (BG) Q4 2024:

Conference Operator: Good day and thank you for standing by. Welcome to the Baha’u Group Full Year twenty twenty four Results Call. At this time, all participants are in a listen only mode.

After the speaker’s presentation, there will be a question and answer session. To ask your question during the session, you will need to press 1 1 on your telephone. You will then hear an automated message advising your hand is raised. Please be advised that today’s conference is being recorded. I would now like to turn the conference over to your first speaker today, Anas Abazakou, CEO.

Please go ahead.

Anas Abazakou, CEO, Baha’u Group: Thank you, operator. Good morning, everyone. I hope everyone is keeping well. I’m joined this morning by Anver, our CFO as well as David, our CRO. As a reminder, we have our Investor Day presentation scheduled for this afternoon at 2PM GMT.

We plan to release the presentation around noon GMT and hope you will join us for the event. We have a lot to cover this morning, so let’s jump right into it with a summary of full year 2024 results on Slide three. For the full year 2024, we delivered record net profit of $760,000,000 earnings per share of EUR 9.6 and a return on tangible common equity of 26%. The underlying operating performance of our business was very strong with pre provisioned profits of $1,083,000,000 up 4% versus prior year and a cost income ratio of 33%. Total (EPA:TTEF) risk costs were $82,000,000 with a low NPL ratio of 80 basis points, down 20 basis points versus prior year.

Given the solid asset quality and reducing NPL volume, we released our management overlay with a positive one off EUR 35,000,000 pretax contribution. The fourth quarter was strong with a net profit of EUR $240,000,000 and a return on tangible common equity of 32%, which benefited from the one off management overlay release as well as two months of contribution from KNAPP. We delivered on all twenty twenty four targets with profit before tax greater than $950,000,000 and ROTCE greater than 20% and a cost income ratio under 34%. We also distributed €393,000,000 in dividends equal to €5 per share in 2024. Our liquidity position is robust with cash of approximately $18,000,000,000 around twenty five percent of our balance sheet.

We have been patient and disciplined with our capital and liquidity and are ready to deploy into customer lending as well as add to our securities portfolio when the right opportunities present themselves meeting our risk adjusted returns. In terms of balance sheet development, average customer loans were up 28% quarter over quarter and up 23% versus prior year. Average customer deposits were up 24% quarter over quarter and up 26% versus prior year. Excluding the Kanab acquisition, average customer loans were up 2% and customer deposits were flat quarter over quarter. We ended the year with a CET1 ratio of 15.2% net of the dividend accrual of €5.5 per share, which we will be proposing to the AGM in April.

On a pro form a basis, which considers the acquisition of Barclays (LON:BARC) Consumer Bank Europe that closed in February of this year, the return to the standardized approach for the retail and SME business and the impacts of Basel IV, the CET1 ratio would land at approximately 13.8% representing approximately 175,000,000 of excess capital above our CET1 capital distribution target of 13%, which we’ve laid out for 2024 and 2025. Both acquisitions closed with higher RWAs given the stronger underlying business growth consumed EUR 600,000,000 of capital and are forecasted to add pre tax profit of approximately EUR $250,000,000 in 2025 and over EUR $350,000,000 by 2027. Both deals were underwritten at a premium to our M and A target ROTCE over 20% and are more than three times more accretive than share buybacks versus our average share price in 2024. Although early days, we’ve been positively surprised with the acquisitions and we’ll dive into this more during the Investor Day presentation this afternoon. In terms of business activity, 2024 was another year defined by staying patient and disciplined given the rates environment, inflation and subdued consumer confidence.

We saw an impact on customer lending volumes as high rates and continued inflation negatively impacted retail mortgage lending opportunities and corporate lending throughout the year. However, we saw a pickup of activity in real estate lending during the second half of the year with fundings in the fourth quarter. We’ve seen this carry over into the first quarter of this year with a solid pipeline of opportunities in both real estate and public sector lending. Once markets settle into a new normal of interest rates and inflation subsides, we anticipate a pickup in mortgage originations and overall lending levels. Despite our record performance in 2024, our best years lie ahead.

Our strategy has been consistent since 2012, when focused on being patient, disciplined, cutting through the noise and embracing a continuous improvement mindset. This patient and disciplined approach focused on risk adjusted returns, not blindly chasing volume growth and thinking beyond the immediate quarter is not always obvious or understood. However, we are rewarded when unique opportunities present themselves such as KNAB and Barclays Consumer Bank Europe. We have the team, operating capabilities, infrastructure, capital and liquidity to act. With the recent closing of both acquisitions, the integrations are in full swing and we’re excited about the local teams and the many opportunities ahead.

Although 2025 will be a transition year and dedicated to integration, we are targeting net profit greater than EUR800 million. We expect to continue delivering an ROTCE greater than 20% this year and through the cycle as the franchise continues to reap benefits of long term investments over the years. Moving to Slide four, our capital development. At year end 2024, our CET1 ratio was 15.2 net of our dividend accrual. We generated approximately three seventy basis points of gross capital from earnings.

We will propose a dividend of $0.5 per share, up 10% from prior year and equal to EUR $432,000,000. On a pro form a basis, the CET1 ratio would land at 13.8% with 175,000,000 of excess capital above our CET1 distribution target of 13% for both years 2024 and 2025. This is after having acquired both Kanab and Barclays Consumer Bank Europe, which consumes EUR 600,000,000 of capital or approximately 300 basis points and will deliver over €350,000,000 of pretax profit by 2027. We continue to generate significant amounts of capital resulting from our very strong earnings generation as we are geared to consistently deliver an ROTCE greater than 20%. Moving to Slide five, our retail and SME business delivered full year net profit of €525,000,000

David, CRO, Baha’u Group: flat versus the prior

Anas Abazakou, CEO, Baha’u Group: year and generating a strong return on tangible common equity of 32% and a cost income ratio of 33%. Full year pre provisioned profits were $810,000,000 up 2% compared to the prior year with operating income up 6% and operating expenses up 18% versus prior year in large part driven by the recent acquisition of KNAPP. Risk costs were $102,000,000 We continue to see solid credit performance across the business with an NPL ratio of 1.2%. With the closing of the KNAPP acquisition in November, assets were up 55% with $12,700,000,000 of the Kanab mortgages added. Deposits were up 47% with $12,700,000,000 of deposits added from Kanab as well.

On Slide six, our corporates, real estate and public sector business delivered full year net profit of $188,000,000 up 11% versus prior year and generating a strong return on tangible common equity of 30% and a cost income ratio of 25%. Pre provision profits were $234,000,000 down 3% versus prior year. Our release of the management overlay translated into $20,000,000 of pretax contribution for the full year. We continue to see solid credit performance across the business with an NPL ratio of 70 basis points, down 10 basis points. We had a strong pipeline of real estate deals fund in the fourth quarter and have a solid pipeline of public sector and real estate opportunities in the first quarter as well.

With that, I’ll hand over to David to go to provide a year end update on asset quality and our overall risk profile.

David, CRO, Baha’u Group: Thanks, Dennis. Page eight provides an overview of the asset side of the balance sheet. With the acquisition of Kanab in the fourth quarter, our total assets now exceed $71,000,000,000 an increase of $16,000,000,000 since Q3 of primarily housing loans in the retail and SME segments. Of the $71,000,000,000 in total assets, $18,000,000,000 or 25% is in cash. We conservatively position ourselves across excess with excess liquidity levels to ensure ample capacity for opportunities that may arise and to support all liquidity scenarios.

After $3,000,000,000 of investment grade securities in our treasury book, the remainder of $47,000,000,000 or 70% of our assets is in the customer book. The combination of a conservative risk appetite and disciplined underwriting has built a highly resilient and simple balance sheet that has maintained structurally low risk costs and NPL levels consistently over the long term. Over 80% of our customer book is secured or public sector lending, reflecting a multi year strategy to grow collateralized lending and low risk asset classes. In terms of segments, retail lending now comprises $34,000,000,000 of our customer loans, 85% of that is secured lending primarily in Austria and The Netherlands with an LTV of less than 60%. Corporate, real estate and public sector make up the remaining $13,000,000,000 of customer assets.

Corporate lending continues to be a challenging market for growth as high availability of capital reduces risk adjusted returns and loan protections. We have strategically reduced exposure down to $3,000,000,000 representing a high quality book of senior loans to non cyclical industries with average level leverage levels below four times. Commercial real estate exposure is just over $5,000,000,000 and continues to perform despite the headwinds of higher interest rates. The office sector overall remains distressed. However, we have significantly managed down the portfolio and feel good about the limited exposure remaining, which I will touch on in coming pages.

As of the end of twenty twenty four, our risk metrics demonstrate our continued asset quality and conservative positioning. Our NPL ratio is below one percent where we have run our business since 2021, demonstrating the consistency of asset selection and management. On Page nine, our retail and SME exposure. The portfolio is primarily comprised of $27,000,000,000 of housing loans, 37% are state guaranteed and the remainder bears a comfortable average LTV of 50%. While originations have been subdued with the impact of higher rates, we have remained cautious regarding the risk of value declines on the underlying housing stock.

Since early twenty twenty, the LTV of our new originations has averaged below 70%. After the impact of both M and A transactions, we expect housing loans to adjust down to approximately 70% of our overall asset mix versus the current high point reflecting Kanaa. The remaining consumer and SME segment is approximately half consumer loans and half in leasing, specialty finance and SME, which is primarily collateralized. 11% or $3,800,000,000 of consumer loans focus on our better risk class customers. However, as this is unsecured lending, this product is more sensitive to macro developments and unemployment rates.

In 2024, we have experienced a return to a normalized pre pandemic delinquency and loss rates, which have clearly stabilized at this point and represent the majority of our risk cost composition. Given the sensitivity, our underwriting quality and monitoring is critical. We price for through the cycle risk levels and focus on customers with high income stability and debt service cushion. This limits our market share by such focus, but it benefits in the stability of the asset class. On Slide 10, an update on the real estate portfolio.

Commercial real estate grew to $5,500,000,000 in the fourth quarter. Stabilized interest rate environment brought a slow return to transaction activity and some attractive lending opportunities. Our pipelines has been selectively built and several low LTV multi asset portfolio financings were completed in the quarter. The headwinds of higher rates have not fully cleared yet and therefore we continue to be highly selective about this asset class. The portfolio is performing well, a reflection of the underlying residential and industrial logistics assets composing 72% of total CRE.

These sectors are supported by continuing high demand and lack of supply. Underlying cash flows at the asset levels have generally increased while the rate impacts are being digested. As senior lenders, we are always first out and typically with granular cross collateralization that provides diversity and liquidity. The average LTV in the portfolio is 50% with an NPL ratio of 1.5%, demonstrating the overall high quality maintained throughout this rate cycle. Our office exposure in The U.

S. Stands at $317,000,000 This is down 50% from 2022 and thirty one percent from the beginning of the year. The growth in the fourth quarter was driven by a multi asset portfolio financing as well as FX impacts. The financing included a medical office component that was cross collateralized with other asset classes supporting conservative risk metrics. The performing U.

S. Office portfolio remains resilient with an average senior debt yield of 9% demonstrating sufficient and stable cash flows and an LTV of 70%. The U. S. Office exposure is currently less than 40 basis points of our total assets and only 4% of our total commercial real estate portfolio.

In 2024, our book reduced as deals refinanced away and from pay downs resulting from supportive sponsor activity. We proactively manage credit issues to ensure the protection of cash flows and value. While the market will likely see some stressed assets in the office space continue as maturities work through, we anticipate that our remaining portfolio is well protected and will remain resilient. Moving to Page 11 with details on our reserves and asset quality. The fourth quarter was quite stable.

Asset quality improved with a reduction in our Stage two loans from 5% to 4% of total customer assets. Our NPL ratio improved to a historically low 80 basis points on $6.00 $1,000,000 balance, down from one percent. We completed an NPL sale of Austrian unsecured in the quarter and our active management processes of problem loans through the life cycle results in the long term consistently low NPL profile. During the quarter, we reallocated 50% of our management overlay to increase our modeled ECL reserves as part of a broad model update and to improve coverage on CRE reserves. The remaining $35,000,000 of overlay was released to P and L as excess.

This maintained conservatism in our reserve levels, while transparency related to our commercial real estate assets has improved, which resulted in a reserve surplus. Reserve coverage remains healthy at 47% on our non performing book, and we continue to see steady performance looking forward on our retail and SME segment. With that, I’ll hand it over to Andrew.

Andrew/Anver, CFO, Baha’u Group: Thank you, Dave. I will continue on Slide 13. A strong last quarter of the year with net profit of EUR $240,000,000 and the return on tangible common equity of 32%. All numbers include two months contributions from comp. Core revenues at CAD450 million, up 16% versus third quarter and 14% versus last year.

Operating expenses at CAD165 million, 30 percent up versus third quarter and 34% versus last year. Cost income ratio came in below 36%. We had a net release in risk costs this quarter after we released our management overlay with a positive one off of EUR 35,000,000. On Slide 14, balance sheet, a few things I would mention here. Custom loans at EUR 45,000,000,000, up by almost 40% in Q4 and 36% year over year.

Similar changes in customer deposits, which stand at SEK 46,000,000,000 at year end, up 3739% respectively. This is in large parts driven by KNAPP. Risk weighted assets are in this context only up 16%, given Knop’s focus on mortgages. Our cash position for that increased by $2,000,000,000 and stands now at 17,600,000,000 or 25% of our balance sheet. This leaves us with a very comfortable liquidity buffer to address potential organic and inorganic market opportunities in the future.

On the next slide, our customer funding, which is made up of customer deposits and AAA rated mortgage and public sector covered bonds is up by 31% versus prior quarter. In terms of customer deposits, we have not seen any relevant structural changes in the fourth quarter. Deposit betas are now at around 41% including KNOB. With all the KNOB, we would be at 36, which is completely in line with our expectations. With that, moving on to Slide 16, core revenues.

Net interest income was up by 19% versus prior quarter with a strong net interest margin of three zero three basis points. The increase was clearly driven by KNAPP, while BAMAK’s stand alone NI would have been largely stable quarter over quarter. In terms of net commission income, up by 5% with an overall good performance across securities and payments business in our retail SME segment and Knopf’s contribution. On a pro form a basis, as they’re considering our newly acquired credit card business in Germany, we would expect a quarterly NI run rate of more than EUR $450,000,000 and a pro form a NCI run rate of more than EUR 85,000,000. This leads us to a 2025 outlook or core revenues of greater than EUR 150,002,000.

On Slide 17, operating expenses are up EUR 38,000,000 in the quarter, around two thirds come from comp and the rest is mostly share price related tied to bonus awards from prior years. With Barclays Consumer Bank Europe, we expect the quarterly cost line to be about $200,000,000 and around SEK 800,000,000 for the full year 2025. This includes any integration costs. On regulatory charges, nothing to mention in Q4, but we expect an increase in 2025 based on the published Austrian government program, introducing a higher bank levy. Our estimate is that total regulatory charges will go from $15,000,000 in 2024 to about $40,000,000 in 2025.

Moving to Slide 18, overall strong asset quality with our lowest reported NPL ratio of 80 basis points. During the quarter, we reallocated approximately 50% of our management overlay to increase our ECL reserves and to improve coverage on CRE reserves. The remaining $35,000,000 of overlay was released and that release completely offset our underlying quarterly risk run rate and the day one ECL effect from now. For 2025, we expect risk costs to be around 40 basis points, including securitization costs and the day one ECL impact from Barclays. On Slide 19, our new 2025 outlook and targets.

Although 2025 will be a transition year and dedicated to integration, we are targeting a net profit of greater than EUR 800,000,000 and earnings per share of greater than EUR 10. We expect continued delivery and ROTC greater than 20% this year and going forward. All targets do not include any additional M and A or excess capital distributions. And with that operator, let’s open the call for Q and A. Thank you.

Conference Operator: Thank you. We will now go to our first question. One moment please. And your first question comes from the line of Foya Ramirez from Citi. Please go ahead.

Foya Ramirez, Analyst, Citi: Hello. Good morning. Thank you very much for your time and for taking my questions. I have two. The firstly is, if you could kindly remind me of the interest rate assumption for the NII 2025 and linked to this, if you could also update on the interest rate sensitivity?

Thank you.

Andrew/Anver, CFO, Baha’u Group: Thank you, Gaurav. So the interest rate assumption for 2025, we assumed an overnight year rate of 180 basis points in 2025. And on the sensitivities, we are not disclosing the exact numbers. We’ll talk about it at the Investor Day later today.

Foya Ramirez, Analyst, Citi: Thank you. And just to confirm, this 180 basis points is at year end?

Andrew/Anver, CFO, Baha’u Group: I think we expect it to be around summer, the 180 basis points.

Anas Abazakou, CEO, Baha’u Group: Okay. Thank you.

Conference Operator: Thank you. Your next question comes from the line of Xu Jahn from Bernstein. Please go ahead. Hello, Sujan. Is your line muted?

And your next question comes from the line of Joven Sikkemitch from ODDO BHF. Please go ahead.

Joven Sikkemitch, Analyst, ODDO BHF: Hi, good morning. I hope you can hear me.

Anas Abazakou, CEO, Baha’u Group: Yes, I can hear you.

Joven Sikkemitch, Analyst, ODDO BHF: Great, great. Super, thanks. Question actually, could you maybe guide us through what was really the impact from FNAF in Q4? And also what’s the breakdown of the split of NII per segment? Because there was a bit of kind of quarter to quarter swings also in the corporate center, right?

You are. And the second question would be, like for like long growth, particularly in retail segment. Was there any moves or is this still subdued as I think you specified somewhere in the presentation? Thank you.

Andrew/Anver, CFO, Baha’u Group: You were unfortunately cutting out

Anas Abazakou, CEO, Baha’u Group: a bit. Can you repeat the question? We heard half of what you said. So maybe

Joven Sikkemitch, Analyst, ODDO BHF: you repeat the question. Okay, sorry. If you maybe can guide us through what was really the impact from Knab Bank in Q4 on the net. And also if you could elaborate a bit on what’s really the quarter to quarter development on NII per segment because I think there was some quarter to quarter bit of higher fluctuation in Q4, right?

Andrew/Anver, CFO, Baha’u Group: Yes. No, I’ll take this. So cost contribution overall was as forecasted around $30,000,000 profit before tax contribution. And as I laid out on the individual P and L lines, you can pretty much assume stable Q4 comparable to Q3 for VAVA and the difference coming from cob. This is true for almost every P and L line.

And then on these segments, you’re absolutely right. So still what we need to do after the cloud integration as well as the Bartus integration, we have to adjust the allocation system because a lot of the NII went to the corporate center, not to the retail segment. That’s why you see these moves.

Joven Sikkemitch, Analyst, ODDO BHF: Okay. Okay. So this is kind of technical stuff, right, issue?

David, CRO, Baha’u Group: Yes.

Joven Sikkemitch, Analyst, ODDO BHF: Okay. And if you maybe can answer on what’s really the like for like loan growth in the quarter? I think there was a bit of minor upside in corporate segment, but how about retail? I think you specified some in the presentation that housing was still subdued, right?

Andrew/Anver, CFO, Baha’u Group: Yes. Johan, net like for like it was 2% loan growth in the quarter.

Joven Sikkemitch, Analyst, ODDO BHF: Okay. Thank you. Thank you guys. We see us later. Thank you.

Anas Abazakou, CEO, Baha’u Group: Thank you. We’ll see you later.

Conference Operator: Thank you. Your next question comes from the line of Sue Jan from Bernstein. Please go ahead.

Gabor Kamay, Analyst, Autonomous Bernstein: Hello. Can you hear me please?

Anas Abazakou, CEO, Baha’u Group: Yes. Yes, we can hear you.

Gabor Kamay, Analyst, Autonomous Bernstein: Hi. This is actually Gabor Kamay from Autonomous Bernstein Autonomous.

Andrew/Anver, CFO, Baha’u Group: There you go.

Gabor Kamay, Analyst, Autonomous Bernstein: A couple of questions please. One is just on a follow-up on Kanaab. It looks like your MII is running ahead of the indication we got a few weeks ago. I think it implies a two month contribution somewhere around $350,000,000 and you guided below EUR $290,000,000. Can you perhaps talk a bit about the difference and the conservatism built into this NII guide from KNAD?

My other question will be on the synthetic risk transfers. I understand you include the costs in the provision outlook. Can you please split out how much and what is your pipeline for further SRTs this year? Thank you.

Andrew/Anver, CFO, Baha’u Group: Yes, sure, Kavrin. So the first Robert,

Anas Abazakou, CEO, Baha’u Group: let me start by congratulating the rebranding that threw us off. Go ahead.

Andrew/Anver, CFO, Baha’u Group: So on the you’re absolutely right. So Q4 was probably the strongest run rate for comp. And just given the rate sensitivity data we have at comp, that’s why we guided for a lower annual run rate a few weeks ago for ’25. So nothing has changed. It’s just a different starting point.

On the risk costs, so yes, we do have the risk for SRTs or securitizations in the risk cost outlook and it’s greater than five basis points of that around 40 bps that we forecast tied to the stabilization

Gabor Kamay, Analyst, Autonomous Bernstein: cost. Above five basis points from SRT, you said?

Andrew/Anver, CFO, Baha’u Group: Yes, greater than five basis points up to 40 basis points.

Gabor Kamay, Analyst, Autonomous Bernstein: Understood. Thank you. And does this foresee further transactions or just the ones you have in place?

Andrew/Anver, CFO, Baha’u Group: Yes. We do assume further transactions in that number as well.

Gabor Kamay, Analyst, Autonomous Bernstein: Okay, got it. Thank you.

Anas Abazakou, CEO, Baha’u Group: Thanks, Doug.

Conference Operator: Thank you. I will now hand the call back to Anas Abazakou for closing remarks.

Anas Abazakou, CEO, Baha’u Group: Well, that was quick. Thank you, operator. We look forward to seeing and hearing from you this afternoon. Let me just reiterate the presentation will be at the Investor Day presentation will be at 2PM GMT and hopefully the material will be released no later than noon GMT. Thank you everybody and look forward to seeing you later today.

Take care.

Conference Operator: Thank you. This concludes today’s conference call. Thank you for participating. You may now disconnect.

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