Earnings call transcript: FILA Q4 2024 shows revenue dip, EBITDA growth

FILA Group’s earnings call for the fourth quarter of 2024 revealed a mixed financial performance. The company reported a decline in full-year revenues to €612.6 million, down 2.8% organically, while EBITDA increased by 7.2% to €180 million. The earnings call also highlighted strategic initiatives and future guidance, although the immediate market reaction saw FILA’s stock price drop by 0.78% to €10.3. According to InvestingPro analysis, FILA appears undervalued based on its Fair Value calculations, with the stock trading at an attractive P/E ratio of just 2.97x and maintaining a strong financial health score of 3.1 out of 5.

Key Takeaways

• FILA’s full-year revenue decreased by 2.8% organically.
• EBITDA improved by 7.2%, with a margin increase from 17.1% to 19.3%.
• The company’s stock price fell by 0.78% following the earnings announcement.
• FILA plans to introduce new products in Europe and the US over the next two years.

Company Performance

FILA Group’s financial performance in 2024 demonstrated resilience in profitability despite a revenue decline. The company’s EBITDA growth and improved margins indicate effective cost management and operational efficiencies. Compared to 2023, the adjusted net profit rose by 33.3% to €40.9 million, showcasing FILA’s ability to enhance its bottom line amid challenging market conditions. InvestingPro data reveals the company maintains a healthy current ratio of 3.06, indicating strong liquidity, while generating an impressive free cash flow yield of 17%. For deeper insights into FILA’s financial health and valuation metrics, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

Financial Highlights

• Revenue: €612.6 million, a 2.8% organic decline from the previous year.
• EBITDA: €180 million, up 7.2% year-over-year.
• EBITDA margin: Improved from 17.1% to 19.3%.
• Adjusted net profit: €40.9 million, a 33.3% increase from 2023.
• Free cash flow to equity: €63 million, an €8 million increase from 2023.

Outlook & Guidance

Looking ahead to 2025, FILA anticipates low to medium single-digit revenue growth and mid-single digit adjusted EBITDA growth. The company expects free cash flow to equity to range between €40 million and €50 million, with a dividend payout ratio of 20-40%. FILA also plans to continue reducing financial expenses by €3-5 million. Analyst consensus gathered by InvestingPro shows strong confidence in the company’s prospects, with price targets ranging from €13.02 to €16.60, suggesting potential upside. InvestingPro subscribers have access to additional valuable insights through 8 more ProTips and detailed financial metrics.

Executive Commentary

CEO Massimo Candela emphasized the company’s strategic positioning, particularly in India, stating, "We are very well established in India. This is definitely a competitive advantage." He also highlighted FILA’s ability to maintain stable gross margins despite potential challenges, noting, "We have enough flexibility to manage potential challenges to keep our gross margin stable."

Risks and Challenges

• Potential tariff changes in Mexico could impact supply chain costs and product pricing.
• The macroeconomic environment remains uncertain, affecting consumer spending.
• Pulp price volatility could influence production costs and margins.
• FILA faces competitive pressures, particularly from Chinese manufacturers.

Q&A

During the Q&A session, analysts inquired about FILA’s plans to shift production to India if tariffs are imposed. The company also addressed concerns about pulp price volatility and its impact on budgeting. Additionally, discussions focused on Mexico’s market dynamics and potential opportunities for growth.

FILA’s earnings call provided a comprehensive overview of its financial performance and strategic initiatives. While the revenue decline poses challenges, the company’s focus on operational efficiency and market expansion offers a positive outlook for 2025.

Full transcript - FILA Fabbrica Italiana Lapis ed Affini SpA (FILA) Q4 2024:

Conference Operator: Good afternoon. This is the conference operator. Welcome, and thank you for joining the FELA full year two thousand twenty four results web

Conference Moderator: will be a q and a session. For operator assistance via web call, please press the headset icon on the bottom left side of your screen. Via telephone, press 0 0. Today’s conference call is hosted by mister Massimo Candela, chief executive officer, mister Luca Pelozin, COO, and Christian Nicoletti, CFO. Mister Nicoletti, please go ahead.

Christian Nicoletti, CFO, FILA Group: Good afternoon, everyone. I am Cristian Nicoletti, CFO FIIA Group, and we are very satisfied with our results for 2024. Courses coming at 612,600,000.0, less 2.8% on organic base. The decrease in revenues was largely due to one off factor, implementation of SAP AWM in North America and unfavorable currency FX in South America, coupled with Micronomics DAX in the last part of the year. One more positive note, Europe performed well through the year, coming back to growth.

EBITDA increased to euro 180,000,000 in financial year twenty twenty four, plus 7.2% versus 2023 level, with an impressive acceleration of 41.5% in Q1 alone. The performance is the result of continued focus on industrial efficiency and optimization of our product mix. Group reported net profit at $81,800,000 in financial year twenty twenty four, which includes down placement and significant decline in financial expenses. Adjusted net profit grew by plus 33.3% versus 2023 level to 40,900,000. Free cash flow to equity was particularly strong, reaching 63,000,000, which is 8,000,000 higher than in financial year 2023 and well above our expectation.

The net financial position at 181,100,000.0 at the end of twenty twenty four with 122,300,000.0 net reduction versus financial year 2023 despite the 36,500,000.0 of dividends in 2024, thanks to the strong cash flow generation and disposal of stake in bonds. Net bank debt 124,500,000.0 in financial year twenty twenty four versus 229,500,000.0 in financial year 2023. The board proposes to distribute 40,900,000.0 ordinary dividend with higher payout compared to the guidance, thanks to the strong free cash flow and SaaS replacement of 4.57% stake in bonds. We are confirming our guidance for 2025. We expect the low to medium single digit revenue growth, mid single digit adjusted EBITDA growth, assuming constant currency and tariff, and free cash flow to equity between 40 and 50,000,000 range.

Our dividend payout ratio will remain in the range of 2040%. These slides provide a visual summary of our financial performance for the year. I want to highlight a few key points. Core businesses at 612,600,000 negative 2.8 on organic base. As already mentioned, on organic base decrease in revenue mainly due to set a AWM rollout.

The impact in foreign exchange fluctuation was negative by a few percentage points, mainly to the valuation in Argentina, Pesos and Turkish lira. EBITDA increased to SEK180 million in financial year 2024, plus 77.2% versus 2022 level. Please note the EBITDA margin jumped from 17.1% in 2023 to 19.3% in 2024, more than two basis points great results. Group net profits at R81.80 million financial year 2024, these results clearly include the common benefits from disposal of 4.75 percentage in bonds. Adjusted net profit grew to R40.9 million in 2024 from $30,900,000 in 2023 and increased more than 30%.

Related to the NFP, we highlight an decrease of €122,300,000 after 36,500,000.0 as dividend. Free cash flow of equity at 7 six point six 67,700,000.0 and cash flow front homes 80,700,000.0. The core businesses in the last five years show an average of 1.9% and adjusted EBITDA of plus 3.2% more than proportional and free cash flow to equity over 2.4 to $240,000,000 as cumulative free cash flow to equity. We are available for any question about the results of FLA twenty twenty four.

Conference Operator: Thank you. We will now begin the question and answer session. To enter

Conference Moderator: the queue for questions, please click on the q and a icon on the left side of your screen and then press the raise your hand button. Please do not mute your microphone locally and make sure you turn on your webcam and in the pop up window. The first question is from Niccolo Storer, Kepler Sugar. Please go ahead.

Niccolo Storer, Analyst, Kepler Cheuvreux: Two questions for now. The first one is, if you can comment on your evolution of North American and European sales in Q4. Apparently, both regions have deteriorated sequentially. Europe probably moved into the negative territory. So what has driven such a deceleration?

And what is the entry speed into 2025 that you have been experiencing? The second question is on tariffs. You basically confirmed your guidance at same tariffs, but in reality, we know that tariffs from U. S. To China to sorry, from Mexico and China to The U.

S. Are already a reality. So, what’s the situation? What’s your exposure? And what is the EBITDA at risk here?

Thank you.

Massimo Candela, CEO, FILA Group: Hello, Nicolas. Thanks for your questions. We don’t have particular comments on the sales of q four because I think

Luca Pelozin, COO, FILA Group: The action.

Massimo Candela, CEO, FILA Group: We in in particularly in North America, when you have election period, you have always a kind of instability, everybody was waiting, the results, consequences. So I think that after the good three the first three quarters, we simply have not pushed farther, even for a better year and everybody was more interested in what was happening in 2025. You know that we have such important customers that their decisions on stocking and destocking can have a huge impact. In the fourth quarter I would say it was a kind of a neutral year. The first quarter twenty five, we can anticipate to you that we are going to have a very positive first quarter but in total transparency we have to neutralize the effect of last year.

If you probably recall in March 2024 we had the implementation of the new warehouse management, so new software. We had six weeks problems, so from the March until the April. So we already see that our first quarter will be very strong but for the moment we can comment that the year is looking like our expectations. Concerning the questions, and the same by the way for Europe. Concerning the tariffs, first of all, I cannot agree with your comment.

So when you say that Mexico and Canada, the tariffs are already in place, I do not agree and frankly speaking my personal opinion is that tariffs with Mexican Canada will not be confirmed but this is just personal. So in turn, we have confirmed the guidance so far for two reasons. Number one, as I mentioned several times, we have a very complex supply chain and we always said that this was a strong competitive advantage from Fila, that cost by the way, but give us a certain kind of flexibility and we do confirm that we will be ready in few months as soon as we understand the final strategy of the new precedent, we will be ready to adjust our cost structure so we do not expect really negative consequences or just minor. In terms of 2025, we have confirmed the guidance because you probably remember that we have an important seasonality. So as of the April 2, the majority of our products are already in house.

So, really, the impact on 2025 will be minor and probably only after after August when we will have the replenishment. That’s the reason why, for the moment, we feel confident that we will not have impact on our margins. Different is that if we see some initial signs of weakness of The US economy, If this will be confirmed, I would rather see a weak last quarter for 2025, why we have already a good visibility on the second and third quarter that are the most important and this quarter confirm our positive view. So Direct to School is looking positive for 2025.

Alessandro Chiquini, Analyst, Equita: Thank

Niccolo Storer, Analyst, Kepler Cheuvreux: you. Maybe a very quick follow-up. When you say that you are ready to adjust your cost structure in a few months, it means that you are basically moving production out of Mexico to India?

Massimo Candela, CEO, FILA Group: That is one option, of course, not the only option. Please remember that Mr. Trump is talking of proportional tariffs. So I think he’s still questioning also the tariffs that are in place in India against US goods. Why, for example, in Mexico, there are no tariffs against The US goods and the same for Canada.

So I repeat that India is our first option. By the way, the company is growing and is supporting us more and more. So it will become the most important hub we have worldwide but I repeat I don’t think that with Mexico and Canada we will experience tariffs.

Niccolo Storer, Analyst, Kepler Cheuvreux: Okay, okay. Perfect. Thank you.

Conference Moderator: The next question is from Alessandro Chiquini, Equita. Please go ahead.

Alessandro Chiquini, Analyst, Equita: Hello, everybody, and thank you for taking my questions. The first one actually it’s on financial charges. So you had a very, very good work on these. So at, I mean, P and L level, we can say that we had $26,000,000 of financial charges, while at cash flow ’23 including year first twenty sixteen cash out. So given your deleverage that is very good, can you provide maybe sort of indication for net financial charges reduction in 2025?

This is my first question. My second question is you said about still India. First of all, I would like to better understand how much was the sourcing from India on total grouper sales in 2024. So I mean, out of EUR 600,000,000 of sales, so how much coming from India? And what are your expectation at the ramp up in 2025?

And I mean, is not about this, but is strictly related despite that when you expect to start to sell Dump’s products in Europe to increase your offer. Instead, my third question is instead still about free cash flow. So you were very successful in reducing net working capital sales below 40%. So I would like that was a target that some years ago probably was, I mean, something very difficult to reach, but you were able to do that. So I would like to understand if this is something that you can continue to do over the next two years.

And finally, it’s just a technical question. So you had the D and A that I mean, in the last quarter was minus 50,000,000 versus a rate of 10,000,000 in the third quarters first, third quarters of the year. So I would like to understand if you had some special extraordinary write down, etcetera, just to understand this pickup in the fourth quarter? Thank you.

Christian Nicoletti, CFO, FILA Group: Thanks for your question. I propose to analyze my hands were using the Vitesse Pro at page 11.

Alessandro Chiquini, Analyst, Equita: Hello?

Christian Nicoletti, CFO, FILA Group: No. Just a moment because we are Okay. Okay. We took the 2024, we are analyzing that free cash flow to equity over the performance of the last year. As you analyzed it correctly, we have a positive cash generation in net working capital.

And our expectation for 2024 is the 2025, sorry, is a stable generation in networking capital, considering that field at the moment is in a reauthorization phase. Relating to net financial expenses, we are on a decline of 8,300,000.0 for interest related our senior facility agreement, is on a greater results. I confirm that at the end of twenty twenty four, FILA has not the external credit line. At the moment, FILA is using all proceeds received by the placement of Dansett to work to efficiency of our net working capital and in some cases to have a positive cash flow for interest for these proceeds. Our intention for the 2025 is to continue this trend.

Our expectation is a further backlash of three between 3 and €5,000,000 interest lower than the results of 2024.

Luca Pelozin, COO, FILA Group: With regards to India we repeated many times India we have many opportunities from this very big hub At the moment we are not searching too much from downs. Let’s say we are approximately 5% of our COGS. The ramp up for the future is related to your second question I mean Dom’s introduction in the country covered by Hila Group. We are

Christian Nicoletti, CFO, FILA Group: introducing

Luca Pelozin, COO, FILA Group: the selected Dom’s product line in Europe during this year and we are preparing everything for US for 2026 and we expect sales for the current year not to be relevant because the timing of the customer selection is normally between May and September the latest for the following year. So we expect a much stronger sales next year and clearly the volume we purchased from us is related also to how much we will be able to sell for Dom’s product in addition to other production relocations that are still ongoing and on pipeline. So I do confirm our target is to reach step by step the purchases from Domse and the value is also related to our commercial success in Domse introduction. With regards to net working capital we have been working very well I believe this is my opinion during the last two years despite all the challenges indeed if you consider in 2024 we improved the net working capital despite sales have been down compared to 2023. There are other actions to do better but in the same time due to Dom’s introduction and the planned entrance in other minor markets there will be working capital and inventories which will be needed to boost the sales in the projects we are developing.

So all in all plus and minus our expectation is to have a stable working capital.

Massimo Candela, CEO, FILA Group: Alessandro can you repeat the fourth question because we did not yet?

Alessandro Chiquini, Analyst, Equita: Yes, of course It was on depreciation and amortization that for the full year was 45,000,000. So basically the fourth quarter we had 50,000,000 D and A rather important pickup versus minus $10,000,000 roughly during the first three quarters. So just to understand if you had the special extraordinaries on write down etcetera just to account these and to consider to better analyze estimate what could be the number for regular numbers? Thank you.

Christian Nicoletti, CFO, FILA Group: Yes, in the last quarter of twenty twenty four, we have a extraordinary write off due to the some intangible assets for more or less EUR 4,000,000.

Alessandro Chiquini, Analyst, Equita: EUR 4 million?

Christian Nicoletti, CFO, FILA Group: More or less, yes.

Alessandro Chiquini, Analyst, Equita: Okay.

Christian Nicoletti, CFO, FILA Group: We will have all the things about the nature of them in our financial statement that will be published in the end of the next week.

Alessandro Chiquini, Analyst, Equita: Okay. Thank you. And finally, more strategic, if I may on the so you are I mean, on capital allocation, you are paying, I mean, some, I would say, extraordinary dividend, thanks as to, I would say, the good, very good free cash flow and cash in from India. I would like to understand if you think that you can in the future also consider, I mean, something regarding buyback more evident than, of course, the 1% that you have in the press of the capital? And maybe what is the M and A market at the moment if you see something in the margin market, something that you can add to your portfolio to increase maybe exposure to fast growing markets and so on?

Thank you.

Massimo Candela, CEO, FILA Group: So, Sanjul, if you read the different press, we have given now an indication on dividend policy. We have given an indication also of a buyback, which means that it’s not one or the other, but, it’s going to be both. And, thanks to the fast, deleverage, I think, feel it’s a little bit, in the features of our business. One day, we start looking again into M and A opportunities. I don’t think nothing will happen in shorter term because as I mentioned in the several times, today, the price expectation of the sellers are not realistic.

And, I would like to add that there is too much uncertainty related to tariff strategy in United States for us count 55% of the global revenues. So I think that, M and A will come back to be a priority immediately after our leverage. We go towards zero, and we will have more clear on the on the tariff strategy. What is important is that if we go back three years ago when we had our business plan and we gave us a priority, the deleverage, we can fortunately say that we are even in advance versus our projections. So the company is continue targeting a strong deleverage in order to be ready to take the opportunities that in two, three years would come for sure will come.

The business is definitely too fragmented and we will for sure there will be important opportunities in the future three, five years.

Alessandro Chiquini, Analyst, Equita: Okay. Many thanks to all. Thank you.

Conference Moderator: The next question is a follow-up from Niccolo Storey, Kepler Cheuvreux. Please go ahead.

Niccolo Storer, Analyst, Kepler Cheuvreux: Thank you. Quickly on Dom’s governance. I read some documents from Dom’s with some details on your shareholders agreement. And it seems that you do not need to remain necessarily at current level to name the Chairman of the company. And also, if we look at other rights such as being entitled to an affirmative vote on certain matters, you need just 20% and not 25% of the capital.

So my question is, do you think that with this in mind, it’s possible to imagine Fila further in lowering the stake in domes towards 20%? Thank you.

Massimo Candela, CEO, FILA Group: Thanks, Nicolas. First of all, let me highlight that we have a 26,100,000.0 and not 25,000,000. Today, 1% of domes is more than 20,000,000. So I do not forget one. Second, you are right.

The shareholder agreement will be completely being published after the shareholder meeting in May because it’s an Indian law that the shareholder agreement has to be approved by the board and immediately after by the shareholder agreement. So we started to publish the main contents because the board has given its approval. I do confirm that the relevant participation is 20% and not 26.1. I will be nominated, chairman of of the company. So theoretically, we have the possibility to dispose this 6%.

Practically, as you probably have seen, there is, one of the important synergies we have with Dom’s is that in the future we could make synergies also in M and A. There are important targets in which we can have they can have industrial synergies, white fill, I can have commercial synergies. So until the strategy will not be completely clear, so I would say in the next two, three years, I think to have a relevant percentage in domes can be extremely important. In the future, I think the two companies will be more and more connected. The strategy will be more and more overlapped and so we will see if, we want to take the opportunity to dispose, to dispose that share.

For sure, the combination of Philadons in this moment represents an exception in the world market because we are in the most competitive market in the world in terms of production, a country that just recently signed a good agreement with Europe so to produce India would be extremely efficient. Same for United States, United States has a very positive approach with India just in the last two weeks, they have substantially reduced the tariffs from United States in cars and this will be followed by other businesses. So Modi has clearly said that he does not want to trade war with The United States. So the fact that we are very well established in India is definitely a competitive advantage. So I think that what we have done so far, it’s an important step, but it’s going to be much more in the future.

So only when the strategy will be clear, we can dispose these 6%.

Niccolo Storer, Analyst, Kepler Cheuvreux: Got it.

Conference Moderator: The next question is from Isaac Obramila, Mediobanca. Please go ahead.

Isaac Obramila, Analyst, Mediobanca: Hi, good afternoon, everybody. Thanks for taking my questions. I have two. The first one is on CapEx, which were again quite limited this year. Should we assume a similar level in February well, actually, should we assume a similar level in 2025 or maybe some increase of some million euros compared to the million of 2024?

Second question is on gross margin. You had a significant help to your profitability from this item. So after the good results of 2024, is this incidence of COGS sustainable for this year? What are you assuming in your margin guidance for 2025 from this item?

Luca Pelozin, COO, FILA Group: Thanks. With regards to CapEx in this year we will recover some investments we didn’t implemented in the last year. So 2025 we do expect to invest up to 20,000,000 Euro. The majority of this CapEx are intended to improve the efficiency in combination in some cases to have Filler Group more sustainable which means sustainability which is going together with efficiency I mean cost efficiency or cost reduction.

Massimo Candela, CEO, FILA Group: Concerning question number two, gross margin is ATCO. We are so first of all you have to know that the budget of this year is by definition difficult to be completely predicted because when you invoice 55% of your turnover in North America that is, has an historical level of uncertainty, it’s definitely a difficult homework. At budget level, in order not to make mistakes, we have put a stable gross margin. In reality, after the April 2, there are scenario in which our supply chain can have an important competitive advantage. Just let me make an example.

Today, if you make the picture of what is happening in North America, we have two times 10% from China, Zero from India, Zero from Mexico, and zero from Canada. So we produce in Canada, in Mexico, and in India. Our competition is in China. So if the situation will remain like it is today, we are going probably to beat the budget and we are going probably to increase gross margin. After the second of April, we can be more precise.

We have budgeted, I repeat, a stable gross margin because from one side we have already imported substantial amount of products for the back to school 2025. And second, we have enough flexibility to move and to manage the problem that Taltz will create in order to keep our gross margin stable. And I hope my answer was clear.

Isaac Obramila, Analyst, Mediobanca: Yes, that’s very helpful. Thanks.

Conference Moderator: The next question is a follow-up from Alessandro Ceccini, Equita. Please go ahead.

Alessandro Chiquini, Analyst, Equita: Thank you. Talking about maybe Mexico that I mean you had a very good 2023 performance, 2024 was I mean maybe lower than usual. Could you better highlight the current framework in Mexico? Consider that probably, maybe I am wrong, but probably Mexico is imposing tariffs to Chinese products for the local market. So for you could be nice to have these.

So just to understand what you are seeing in the market, the current dynamics and in terms of orders and Bactuckel, but also in terms of competitive landscape? Thank you.

Massimo Candela, CEO, FILA Group: Thanks, Salter for the question. It’s very interesting because Mexico is becoming a very important portion of our cake. So far, so good Mexico is performing well also in 2025. What you just described, so the possibility that Mexico will impose duties on China is fulfill, of course, the ideal scenario. Why is the ideal scenario?

Because we almost do not have competition from domestic market. We are a strong leader. Our competition come exclusively from China, but here we have to make two comments. Number one is the official import in which if Mexico established this 20% definitely we are going to be in a very comfortable position. Probably, we’ll be able to complete that.

And second, the unofficial import, which that is huge. Huge, so far. I mean, this is historical. This is this is not now or this year. And by the way, this is the main reason why Trump has threatened the tariffs with Mexico.

So Trump is tired of Chinese product vested in Mexico. Unofficial import in our business is a huge percentage and the positive thing is that the new president, Claudia, has promised us during a meeting with our organization, business organization of stationary manufacturer has promised that she will start fighting illegal imports and illegal retailers and illegal market, and this is starting. So it’s not only a problem of the 20%, but also it’s a political problem. If really Mexico start to fight illegal import, we are definitely in a very nice position. The next few weeks will be crucial because if Mexico find an agreement with the Trump and with Canada in order, as Claudia has mentioned, a strong, unified Central North American market, we are in the perfect position.

Everything else, we need to see what will happen. For sure, in the first two months of 2025, our customers in Mexico has recorded this attack against illegal import. And this is helping us tremendously because they know we are very well established, we are solid, we produce in Mexico. So it’s a very interesting development of the history and hopefully we will enjoy the situation.

Alessandro Chiquini, Analyst, Equita: Okay. And in gross, your stable gross margin expectation, what is your assumption for pulp that pulp price that so I don’t know, but it’s extremely volatile, but what is the context for these raw materials that could be interesting for you, of course, important for you, sorry.

Massimo Candela, CEO, FILA Group: For sure, as of now, consumption is weaker in a difficult macroeconomic situation. So if pulp is volatile because the suppliers try to speculate on the price. It’s difficult they are able to sustain, but I can ask Luca what we budgeted for pulp. Luca?

Luca Pelozin, COO, FILA Group: At the moment we are below our budget assumptions despite in the last three months indeed suppliers have been able to raise by $50 -sixty dollars per ton each month. As Marcin said consumption made in Europe this week so they are leveraging or better there are still some logistic issues which are helping suppliers. Someone is closing the facility for maintenance but as I said we budgeted this cost increase at the moment. We are I cannot say well below budget but we have still a lot of margin to have to close the year within our budget assumptions.

Alessandro Chiquini, Analyst, Equita: Okay. Many thanks.

Luca Pelozin, COO, FILA Group: And luckily we use more short fibers compared to long fibers and the price pressure luckily is more on long fibers.

Alessandro Chiquini, Analyst, Equita: Thank you.

Conference Moderator: Gentlemen, there are no more questions registered at this time. I turn

Conference Operator: the conference back to you for any closing remarks.

Massimo Candela, CEO, FILA Group: So if there are no further questions, I thank you for attending this call and I think we are going to meet soon in different opportunities and places. Thanks and enjoy this weekend.

Conference Moderator: Ladies and gentlemen, thank you for joining. The conference is now over and you may disconnect your devices.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.