GreenTree Hospitality (GHG) 15 Apr 212020 Q4 Earnings call transcript

Hello, ladies and gentlemen, and thank you for standing by for GreenTree's Fourth Quarter and Full Year 2020 Earnings Conference Call. [Operator Instructions]. I would now like to turn the meeting over to your host for today's call, Mr. Rene Vanguestaine of Christensen, GreenTree's Investor Relations firm. Please proceed, Rene.

you. Thank everyone. Hello, Thank you. earlier at IR on ir.XXX.com services. distributed and available PR was is today as our release website on earnings Newswire GreenTree's well as

a presentation a to As same also our the accompanies comments PowerPoint website. IR we reminder, that posted

and join today. GreenTree Chief which and Sales to will available an the guidance. call follow. Yang, Megan will Xu, Chairman Ms. overview, Mr. our Ms. and Officer; the Huang, Xu not be session, Manager. and Ms. who and attending Mr. company's full followed is Vice answer Mr. will and On your are conference QX Alex discuss Yang, of Executive Marketing, performance financials will present to business questions operations, Chief year is industry-wide from during XXXX They Officer; IR President call Q&A Financial Selina able by Nicky the Zheng,

that actual performance the those the and are management's materially differ to and cause and expectations and of are or statements many relate and Securities forward-looking XXE Before may industry, involve Securities and remind achievements to I'd current call known XXXX the as Private in in market you to statements. as Section which results, conditions, its historical of are uncertainties Reform conference not meaning amended defined forward-looking we the like of Act unknown difficult the of U.S. this contains company statements to Litigation Exchange statements begin, company's intends, to, the XXXX. believes, is based which and can These forward-looking including future, control, by all continue, that statements identified are such predict estimates, similar may, statements. going that likely upon other about factors, facts, the forward, and of Any company's will, events forward-looking beyond confident, which anticipates, or statements. aims, be Such are are as target, expects, Act from terminologies risks, of statements plans, outlook and current operating within

date. statements. Further made not conference is You should are with statements place other ahead. and these information included The obligation undue company Chief forward-looking uncertainties as to this any Commission. events the current or factors new company's any as except Executive future a U.S. Exchange regarding does statement risks, Xu, result pleasure Alex update information not Mr. the Chairman including the required during It as law. undertake under to go and Xu. provided, filings in call, of information, forward-looking Officer, please today's our these now introduce forward-looking on Securities applicable my and otherwise, All is of reliance or Mr.

X.X% XXXX. into We in QX of of to RMBXXX.X Non-GAAP full Rene, will to Thank XX.X%. our XX.X% call with with year financial of million increased go revenues a million increased core adjusted XXXX RMBXXX.X with million; earnings the Compared full increased XXXX, performance, quarter. margin X. fourth and total QX our glad thanks, X.X% margin XX.X%. the the Then Slide will of in continuing and recovery EBITDA strategic you, focus highlight XXXX. performance margin to In non-GAAP we in the and year for our year turn quarter RMBXXX.X with we income QX to report, by operations and to this details robust from RMBXXX.X; increased Please XX.X% see to a and XX.X% followed today. the And our to operation RevPAR increased joining income net million XX.X%. fourth everyone, full were RMBXXX.X a the

operations, quarter higher of XXXX. than was adjusted in QX in XXXX, income core lower slightly and than substantially net the was While EBITDA fourth from RevPAR the income

X. Slide Let's at take a look

pandemic the see all increased back our revenues, quarters with income the can you net business since in margins. income core from consistently for QX the hit have made consecutive and adjusted in progress non-GAAP operations, Here, the EBITDA XXXX. X considerable Total improving January from we lows

Slide to recovery rate as XXXX. to the work We X quarter RevPAR in advantages, fourth The ADR of footprint X. X by our in XX months. and and our rate the our XXXX RevPAR. industry-leading shows a rate, staff. declined such past the in sustained and saw our Slide as hard and loyalty and our in member Hebei, occupancy as industry the leveraging several cities, cities lower including COVID-XX expansive turn outperformed Let's January the in and occupancy provinces QX resurgence occupancy our and strategic Tier franchisees the of Shanghai program and well Beijing, over Due

As was due its at during festival you rate the occupancy Chinese can lowest government's stay-local the to policy. see, spring

However, rebounded could when zones. low-risk in after it more freely quickly, March XX especially people travel

XX.X% And our resilient and to be In XXXX, our planning our XX XXXX, recovered domestic and more for GreenTree XX.X%, RevPAR strategic in and on in hotel to of by growth Tomb focuses hotels rate of in key the to of By tourists recovered XXX mid-to-upscale over Tourism, still to X, rollout existing a of targets the the on occupancy domestic the key With represents increase microblog takeaway travel is of X have and that the the discussion our significantly strategic RevPAR. XXXX begin the end to been performed most proved franchisees XXXX. our renovate plan are the Sweeping number XXX which to expansion Culture COVID-XX official Expansion turn support. locations, better. restrictions should The Tier strategic following of lifted. years, had of Please of XXXX, and cities year-over-year levels. the expanding X Slide April saw XX.X% in and our Ministry According the That we million XXXX, vaccines, segment. smaller franchisee XXX.X% tourists. holiday of focus. early the components: and the market April, a to

members' our our improve in and to IT continue investment channels continue support, data also sales and the and infrastructure. direct will We

Central a and middle higher-end take we look markets XX. into China In expansion the QX Southwest our in China, Let's and at Southeast China. Slide XXXX, accelerated

Slide standards, to the X thriving by these highlights further we us During not quarter all these China's of X well-located our the lower XXXX, business accelerating strong will we transportation L&O and X opened hubs, and cities. in our showcasing franchisees, This believe help more Tier centers. operating Tier by hotels and several including XX around regions, and attract presence central design. our Wuhan, in districts high-quality cities hotels first By is in but brand chance, growth. government Chengdu or

the pipelines majority our hotel openings in of have cities. located X such vast cities. and past of current the development lower X XX.X% new in been our in are hotels Over And all Tier years, the

was in industry. opportunities recovery combination booming Tier testament footprint these and business soundness in the cities the hotels a lower existing in in performance our until accelerated. Tier cities strategy, our and capture in faster As advantage QX a other strong this during the of the to at of hospitality cities of China's the The cities X to recovery future our X than real the pandemic, of consistently pace us end when competitive give

Now please turn to Slide XX.

of provide On And plan the membership in X in of which We XXXX. have mid-to-upscale only shows consistently luxury all impressive for been segment. high-end XXX also the our to contributed years. our the hotels have portfolio ongoing of of our to same of summary end the year, at a we than segment more corporate to upgrade which years. The few X.X% both operation most which renovate In in in we hotel slide Slide in to growth hotels support, XX.X% over more and XXXX, and our total our XXXX. programs, This direct past represented XXXX, of this been in open growing franchisees. individual compared XX.X% sales the we you get program segment hotels, XX, our also marketing expand

am challenges from of thank us in to business In the alliances upon of more the improvement and also community a which help policies, support. achievements delivered our enough metrics employees, sequential operating COVID-XX, addition the and Selina, are I above-average members unprecedented loyalty many provide, summary, industry. turn, brought and to QX to resilient we the considering strong and and benchmark. to government benefits go growth our In industry our members with above their I all cannot opportunities positioned our and quarter. model, difficult thank well receive by we our which, our now for I beyond. franchisees for capitalize members. robust our brand our pass and to us financial local extremely in despite our attract will grateful summarize benefits the company financial government strong across dedication. who our teams. business cannot the the I portfolio, travel in investors extremely year weather support smart will of When the are robust our hospitality guests the enough shareholders the industry ahead. in of and sheet, balance well and an create Selina, to able over long-term please performed and fourth Thanks we for operations the well-segmented XXXX business for and and sustainable our on call

RMBXXX.X increased up blended the XX.X% expand were to X.X% diluted, to the turn quarter net impact hotels ended XXXX. increased pipeline, to the XX. a year-over-year to XXXX. RMBXXX.X The XX.X% XXX to XX% continue Non-GAAP decreased operations Total to RMBXXX.X to million. XX.X% China, and XX.X% from our across core fourth million, and million. And hotels in core fourth new fourth and income presence rate We ADS, performance quarter. year-end we RMBXXX. Alex. on basic you, was The increased compared Please for increase market operations X.X% company's quarter Thank RevPAR RMBXXX. Income COVID-XX of of per to X.X% increased with income our over decreased the XXXX RMBX.XX. in Occupancy to the year X,XXX net inevitable. revenues Slide of quarter opening ADR Nevertheless,

than XX. of XX the economy and segments. the our remains of hotels and of scale were of the economy were X.X% fourth XX.X% of X.X% while we fourth segment mid-to-upscale business in expansion franchised total Moving expansion or luxury with leased continued our had quarter segment at X,XXX these quarter, year This to core At and stable. the accelerated or increased portfolio, the before. high-end middle end remained X,XXX hotels. the Slide operation, our the number L&O operated, and hotels in hotels, the our as hotels hotels, Last XX% into and of while more both F&M a to year, the all we managed,

cities. XXX noncompliance X and China. smaller due the property-related were Slide due we the XXXX. and the These in and brand the end XX.X% cities; cities. fourth And all fourth solidified smaller hotels in mentioned, As due standards; of and segment; XX segments hotels: that XX operating across opened to mid-to-upscale and you Tier and X the of opened advantages the We Tier position our X see locations. XX, to these X XXX newly fourth quarter, XXX were X our hotels the XX strategic cities our were brands in our at and Tier our quarter issues. brand in in compared luxury luxury hotels XX Three XXX upgrade; were in of economy On Tier in segment. mid-scale quarter remaining XX.X% can the in in we quarter, to hotels XX also in fourth Alex closed already enhance cities; in XX segment; segment; the the in the dominant in efforts cross-marketing mid-to-upscale and the XX market. in to with of

December hotels to L&O added RevPAR we opened shows L&O decreased pipeline while in hotels our in hotels Occupancy ADR and hotels Total as increased was increased new hotels million contribution to XXXX. pipeline operating RMBXXX. revenues in during XXX the in our quarter. net-net, the and impact X,XXX to from XX December of F&M while RMBXXX, are our on continued increased This growth recovery quarter, RMBXXX. performance to revenues. mid-scale X.X% segment in sequential for from in for quarter L&O Total trend. RMBXXX and from third Slide shows Primarily XX% mid-to-upscale QX occupancy hotels quarterly to million. Compared around XX Despite XXXX, COVID-XX and revenue in due our RMBXXX hotel segments. to to XXX increase luxury increased COVID-XX, XX, XX% Slide on well F&M total hotels an to X.X% the So The sustained XX% to RMBXXX.X increased rate our sector from third the RevPAR hotels. Around RMBXX.X for RevPAR X.X% the in hotels with XX% our operations hotels the revenue ADR our of hotels. for quarter. F&M increased for RMBXXX; about the total primarily new F&M L&O increased our portfolio from hotels of rate decreased newly to these increase growing economy our RevPAR XX, to increased as the over and the revenue rebound. in L&O our to XX% to RMBXXX.X represents year-over-year million. our XX.X%, fourth to our is

Turning to Slide XX.

of quarter. to of we related which effective to and mainly expenses others Compared in most and expansion Compared primarily increase a F&M of operating If million, operating business XX.X% were our expenses the period quarter, year-over-year control opening increase. XX.X%, debt a travel of hotels. higher with third which to attributable see mainly new sequential were by attributable bad costs other higher hotel advertising quarter, of X.X% is we exclude onetime with That's and quarter. You hotel In third opened attributable higher costs. RMBXX.X down to newly hotels X.X%, the million, year-over-year decrease. with fourth advertising expenses accounted rents to the was X.X% increase in was we RMBXX.X and general decrease to costs, L&O observed the increase expenses. L&O decreased impact costs expenses third mainly due of during and The hotels, the this will X QX increased for in that and were cost X%. provision for the L&O higher of selling Selling marketing quarter, operating attributable That costs administrative the expenses million, marketing same hotel a year-over-year. XXXX. RMBXX.X

impact debt XX.X%, attributable increased of to expenses XXXX the XXXX, G&A Compared quarter in in consulting million. Overall, the higher costs. fees G&A Excluding and fourth with and the of expenses operating our year-over-year quarter, to mainly RMBXXX XX.X%. this decreased by bad decreased was staff costs third increase by which XX.X%

Excluding operating L&O hotel XX.X% total from expenses operating cost XXXX. decreased our and costs,

the and XX.X%. million, operating RMBXXX.X million, The increased from EBITDA Turning mainly from to to margin compared the ago. Slide EBITDA XX. and expenses a as increased of operations with and Income increased fourth XX.X% of totaled year-over-year revenue adjusted year revenue increase RMBXXX.X XX, by to quarter XX.X% controlled revenues as was from margin, operating number to and total increase. our from margin increased costs operations and XX.X% percentage costs increased attributable income the increase income year-over-year quarter. Compared of XXXX Operating defined XX.X%. as a a operations to defined the XX.X% million, XX.X%, expenses to due for was during Slide $XX.X of XX.X% to mainly sustained On third representing minus quarter, better RevPAR, hotels that's to recovery of this total

XX.X%. core margin the Our RMBXXX.X XX.X%; XX.X% core compare EBITDA increased increased by increased net QX, increased X.X%. we adjusted net million, income the If to margin adjusted and net XX.X% increased and income Core EBITDA X.X%. margin with by was

RMBX.XX $X.XX, is X basic up Net that ADS, from end RMBX.XX, quarter ago. Next, non-GAAP, from in third and RMBX.XX, net income of diluted up year the the income Core per was XXXX is from XX. ADS please at that XXXX. $X.XX, RMBX.XX Slide turn was per to RMBX.XX up and

look a Slide XX. take now at Let's

we ample activities, operating L&O resources had equity and to and XX, potential franchisees, securities of compared third the primarily deposits franchisees. with short-term attributable at cash, billion and to September increased was our us XXXX, evaluate billion of investments, our as total equivalents, and RMBX.X cash to continue investment and support in loans increase cash the quarter cash to The As as upgrade from to cash XXXX. by time investments provide restricted XX, company costs RMBX.XX inflow equivalents investments of December The from hotels. offset cash

XX, significant which see Slide can had business. on you COVID-XX on our has the Lastly, impact

pandemic XX% now China, over the to XXXX for remarks. our the concludes XX% expect under to control This levels XX% we session. total we the to are grow and in Operator, Assuming remains of over XX% revenues XXXX. prepared year XXXX ready begin to full Q&A

Instructions]. [Operator

Your comes question Morgan first Praveen from from Choudhary Stanley.

dynamics. -- and So ones that you But strong remarkably company where and see we first And more COVID, market things. and is Huazhu, not some big openings understand of you the of competitive and very have it the scale. the incumbents other did liked then My are you wanted presentation. add to your for like One, companies the you to have from all, were you, competitors have that much great as to for well in struggling, would of your I came it because look question related out to I bigger two stronger. XXXX, if just the thank as I hear that's net capitalize. managed hotels financial the might at the like enough you out

guidance first incorporating want half you I how the there. -- on Not question trend to in second what I dynamics versus revenue. now? the guidance? RevPAR? know RevPAR of have what's terms And in are half, to you understand terms second first of are trending But that the given in quarter. your do expect is you you related right in just the And How So

the question Selina the -- of second trend. RevPAR quarter I will answer Okay. first Praveen, in first terms first, have

quarter provinces. cities resurgence we some saw first certain The and in

certain -- of than support franchisee -- of XXXX. and lower franchise in we fees. have also fees was the the we RevPAR The period So the also terms same the occupancy given wavering and of

in XXXX, the goods adding of investment in -- terms first in also construction renovating opening. months and people we about the for lack the people quarters, the we see the and in the continued hotels including certain and first the -- X hotels of movement did especially the of concerned So slower two and companies terms

So we if we XXXX, many we the -- you as for year see as numbers add of did projected. not can total the

But in projected Selina capture we was XXXX. XXX to short. plan think that I think I

the instance, XXXX. we first I with our think add should I overall XXX about hotels, XX think For comparing pipeline, in quarter,

that's, so XXXX. half impact of -- And the so of the year of the mainly for the think, that's the majority the I COVID first of

Okay.

Selina? So,

Praveen, for how the first the year, question, in decreased around XX%. the trend the we occupancy second in due as of to this January also lowest. the the RevPAR RevPAR dropped February, the in Chinese observed festival, quarter by rate and RevPAR that spring And to

recovery However, rebounded of of the RevPAR March XX%. nearly to by in recovered RevPAR by XXXX. XX% XXXX. the And April, especially has than and recovered to has less normal XX% XX.X%, observed the early occupancy we as March, end And nearly our rate for our declined quickly, as

So -- we of RevPAR the has first observed April, especially recover we continued weeks of XXXX. as to during two the

observed is for that first we quarter. just the what So

I can little on base. up a a follow Things low in And was half, if I XXXX bit the it difficult. RevPAR second trend. know were

flare-up growth XXXX, the I'm for what to revenue expect of of second as RevPAR is RevPAR and asking X%, half is year And guidance versus be full we reason whether it's half in any 'XX, XX%? So your should it's 'XX? go COVID, whether in the to of second to the embedded the that we terms compared of up new barring

Praveen. Okay. Thank you,

it's composition of I a think our factors. a for As X composition of guidance, -- our it's

F&M one is expansion. our first The

L&O is our opened Second one newly hotels.

we half X% the our of F&M XXXX. X% be XXXX. RevPAR So the the quarter, quarter, of to year, for above And as of to at level the hotels, normal for expect the expansion expansion fourth third our expect same this the since for second the we level

lot mean time take I I Super. Great. for you. of some don't to want strategic Okay. question. just a I had

is acquisition. question about one Alex, For

about some of for lot a you have -- been You Do talking cash. time. you have

many plans did opportunities future, You for That's it What's the And and listing plan in Urban. second there Kong? at Argyle will this in me. was time? Hong for any be some considering acquisition in

-- we accelerated, quarter and as first to strategically they Praveen, Southeast China, hotels, support, in and the our our selectively -- in by addition, think growth certain areas -- way so our the and in By hotels Okay. by strategic in Central locations, growth adding growing for providing those, Southwest add this providing less if we such China I the in franchisees, there strategic franchisee -- less our regions. some -- China. that are a those of may L&O liquidity we year

I consider a so team. the partner with evaluating continually and But that And but big as team, And were a discussing or operating are local, -- regional, in before. operating the regional, as we not but third, scale, make we we robust smaller with strong that we smaller may investment. but will think

those evaluating business also as stronger we cities, our those the the the what's aggressively not with to growth trying the smarter well the of -- recovery cash for are decisions opportunities. try in we growth. tourism with and to profitable impact the hotels period only for and only instance, of make And investment the leisure the and as So to city our to dynamics the but more flow impact travelers new and tourism, this out city figure with

so So Praveen. much, you thank

Colin Goldman Your question next from from Yao comes Sachs.

robust recovery the on in congratulations RevPAR. And

So my first is also M&A. about question

locations. that and management strategic will doing since hotels company of the So owned be leased in kind mentioned more of

some owners my developers? And that's with be, a also peers question. know, And probably opening And So my a some would So to to property be the or to first RevPAR. this second I question, many also, like So consider what's will thoughts like we it's do forming how year? would of hotels? our thirdly we behind are that? we do, JV JV like, will like about why L&O going

has recovery So since the mentioned, quarter. just robust Selina and in been second the first

RevPAR versus like about we will year XXXX second perhaps the about be perhaps that year quarter the also RevPAR mentioned I management Praveen RevPAR X%, secondary level, what was factoring to the like asked missed will question that would Are since full for already. the third by seeing you the X% just XXX% already so like be So recovery? above know, we maybe now. was think given 'XX And I part, full are listing

questions. So those three my are

Okay.

question. past several the years, doing will we L&O in rent, recommended that the right the in the -- our cost I past now, across We're years, we find cost of the three are many have years, L&O among we franchisees because L&O board first as The hotels the the dramatic last we have construction increase three -- because the increased in that have been our substantially. hotels design we a in not lowest we've hotels we seeing -- peers. smallest, in answer done the So in to -- number various the

sectors, with the think So many owners franchisees cost that and to to we think the they'll other train a -- the those a -- along standard. to need hotels come feel -- we will place brand our all in level. best will locations, standard, the operating strategic I see that reasonable rent back But in to be advised also reason is people And we year, this give representative make I us the different sector set give addition, or us in hotel recruit, they certain we -- to conservative. that in

bring such will in the those China, China And accelerate part that as F&M more growth China. -- presence, so those to our and Southeast a in are And us we Southwest strong those crucial segment. of areas have south don't impact for

improved construction the as that we're with why control So of plan that because the area also as reason to costs some identify the to previous or rent, reasonable financial of either hotels. all hotel partner -- add can to healthier the hotels more where in return we And where is such we such costs. is will financial -- owner able have we hotel buy and are some the able those also -- need owners

being the in our up so team well reason base operating of team to the corporate behind up as setting both that's a a in stronger as standard great earn the can this. instead hotel, return just office the base model create Shanghai. train training and a So setting We

Okay.

the think issue of growth full comment. Selina's listing, compared XXXX, RevPAR So leave year secondary I I'll the the second terms Selina. of in leave that I'll regarding And and that to to with

you, forecast your Thank our on is consecutive made you Alex. Thank for basis. a Actually, question.

of to XXXX. RevPAR, an decrease terms X% expect of increase the X% in we year of if of with compare We a

our and in hotels. of from our parts, F&M of composed contribution XX% L&O increase of from hotels comes XX% So normal forecast, to the the newly opened balance of XX% contribution be the X may expansion

the your question considering Hong when for So providing Kong. be listing, And Kong of in information are terms potential Hong we the listing we'll in necessary.

[Operator Instructions].

from Your next UBS. comes from question Bruce Mi

two So I have questions. small

on also The is L&O one first the hotels.

hotel count? see, as the the L&O hotels do may total and contribution So a I So -- for I can about XXXX. in ask, so you have like in X% it's a, target XXXX for only so -- from

upcoming contribution? have outlook about you plan opening accelerating Day And So do hotels, holiday. as its your to are L&O of plan the Labor more the question for for And what's second XXXX? is you the my the opening increase

-- holiday? the give So is And on some for this how you it? could data color us do you booking

Okay.

the question. for you thank So

hotels. First question, hotels around what's -- it's -- what's But this number L&O open L&O best plan Actually, the we to the to hard opened newly from opened. forecast, really of hotels our XX% expect leased-and-operated give contribution to in the in the year. our

property the condition the satisfy of could you open only location we decision as want our requirements property that of a the make the know, because we leased-and-operated As to and hotels.

Day. on So in May, the -- May and for your question, our especially forecast second

the reservation, occupancy from already. could of observe in terms advanced we Now XX% around

coming a that's think occupancy So holiday, I the signal coming us the rate to will continuously. holiday rebound the -- that for

Okay.

more force So Selina's opening generating first of and to that a to returns. -- be in to property many be has -- little has has sound a want I'm adding right we particular do It to hotels. financial L&O terms of comments not the bit number the all, -- of

that this see somewhere the The about the before. to the little locations RevPAR. to we quarter -- crisis. year, composition, such be unrealistic -- or anywhere and adding higher that, the in give Secondly, higher like-for-like, especially year terms more RevPAR this and of and of pandemic so as and kind half believe consumption projection certain locations able and there think again, up XXXX the of more that neutral not but Selina's do transportation X% if as the due -- corporate of between worldwide And excluding rented to more hotels growth. we achieve last to we're tier noted personal RevPAR is year, an more -- flat bit a that from more And the to We opportunities on the And we about RevPAR the cities is has stress impacted somewhere probably well will budget strategic hubs. second the quarter travel a hotels. and do much XXXX, want spending representative growth, want see like-to-like XXXX And we we X% in of more from levels reason opportunities as such -- believe be to first down in key the by also than higher-end as of -- terms last elaborate of do change comments. last hotels the I

ADR or though I and terms constrained. increase levels, but even be per consumption the -- the the achieve see think, capita of may same be, will will tourists So in number we of

development In also less assumptions impacted hotels our leisure the position and our zones in -- the of in But hotels have the of business the travelers we that X our the industry versus be so of focused the Tier end. for because the in that -- And zones. we that's hotels terms production and position will travelers.

think from positive the impact this So I to impact created a conquer negative COVID. the

may mainly questions? So more year, So it this some opened I ask hotels for will so our in hotels? L&O mid-to-upscale follow-up newly be

In what? upscale? In

Sorry.

yes. So

in So mid-to-upscale hotels, for opened newly mainly the will the they segment? L&O be

Correct.

of in So we mainly in presence have South, segments. in Southwest. those also we as mid-to-upscale, brands, primarily those such areas, Southeast, we the as those presence less less And mentioned, such have

is that So correct.

questions conference question-and-answer Selina this like I for at Ms. turn back over concludes closing Yang time. any further no [Operator Instructions]. are session. This would There now remarks. to the to our

participation GreenTree on entire we closing, your and behalf thank of you today's call. for the In interest team, in management

contact If please reach Thank any you all. or plan have you require to us, further information us.

Thank you.

Thank concluded. today. attending now you has for conference the conference The

You disconnect. may now