Motor Oil Hellas Corinth Refineries SA
ATHEX:MOH
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Thank you for standing by, ladies and gentlemen, and welcome to the Motor Oil Conference Call on the First Quarter 2019 Financial Results. We have with us today Mr. Petros Tzannetakis, Deputy Managing Director and Chief Financial Officer; and Ms. Mary Psyllaki, IR Officer of the company. [Operator Instructions] I must advise you the conference is being recorded today.
We will now pass the floor to your speaker today, Mr. Petros Tzannetakis. Please go ahead, sir.
I know my name is difficult, particularly for English-speaking people. Good morning, good afternoon, good evening to some of you. We are all here in Athens. I guess we always gather more and more -- the numbers in my office increase. I think we have 3, 4, 5 people, I think about 14 or 15 colleagues here, which is quite nice because I have all the support I can get with the questions, and it's a good company.
So Q1 2019, let's start. What did we see during this quarter? Crude prices increased. What goes down, goes up, as one can say. So when we saw the collapse of the crude prices and product prices in November, December last year, we saw the reversal of that in the first 3 months. I mean gasoline, to name a few, from $447 at the end of December went to $638 per ton at the end of March; jet $515, $610, so of course, less of an increase because it had not fallen that badly; heating oil, $474, $573, so that is another $100; crude from just about $50 to about $68. So clearly, there was an increase in the prices of both crude and products, which influenced in a positive way the valuation of inventories, which we have included in the numbers.
On top of the movement with oil prices, we had the dollar strengthening. Just to give you sort of some comparatives, the first quarter of 2018, the dollar was just under $1.23. In the first quarter of 2019, the dollar was at just under $1.14. So clearly, there is an improvement there. And the movement from the beginning of the year of $1.145, it went down to $1.12, dollar vis-à-vis euro, and now it is hovering just under $1.12. So it's $1.118. So clearly, when this is translated from your sales mines, cost of sales for your gross margin, it gives you a bigger gross margin from which you will end up deducting your costs, which are in euros.
What happened in our area in the first quarter? We had a cold winter, quite cold compared to last years, so -- to previous years, so you will see that in the numbers in a while. You had gradual getting out of the different memoranda and timid improvement in the economy and people trying to get out of the crisis mode into a more constructive one. But you understand when a country has lived for many, many years in a crisis mode, it takes time and it's quite difficult to suddenly change the attitude and the mentality. So no, we were not in a period of high spending or people driving their cars very much, which was also was influenced by the cold. And so we will see the numbers being lower.
Domestic demand in Q1 was overall increase in the demand for fuels of 5%, but this is influenced to a large extent by the increase of the sales of heating oil, which was up by just over 20%, so a very significant increase compared to the previous winter, as I said before, because of the cold winter. Usually, when people -- when heating oil goes up, it means people are cold, and they stay at home. They don't take the cars and drive around. And the corresponding reduction in automotive fuel consumption was 2% overall, with minus almost 5% for gasoline and a slight, slight increase for automotive gas oil, which gives you a weighted average of 2.10%. So weak first quarter.
I'd give you a little bit of an insight what has happened since. We've got the numbers for April only very recently, and the Greek market is down, continues being down but slightly less. So for April, we see almost flat. Of course, for the first 4 months, it continues being negative. But for April, it's gradually picking up. And of course, we managed to have our good share of what happens both in Coral and Avin.
We will see in a minute that when we look at the other part of sales increase, which we don't consider, we don't call them domestic sales, but we call them the bunkering and aviation category of sales. These were very strong, so we saw an increase of about 15%, with a strong growth in bunker fuel sales and in aviation fuel. And there we had our fair share, which, again, we will address in a minute.
Operations. Operations, the process volume was high. It was, once again, for the first quarter, the highest-ever first quarter as far as processing crude is concerned. And additional feedstocks were a bit lower, but this is a choice every time because it has to do with the overall profitability. And well, we choose how much fuel oil and how much additional gas oil we'll buy for desulfurizing and blending. But if you look at the crude that the volume of 2.4 million metric tons was the highest-ever crude throughput for first quarter of the year.
What do we see with the overall picture here? We saw that the gasoline cracks were very weak since late November. We don't remember this weakness. The sweet/sour differentials narrowed, leading to a decline in benchmark margins. So it was not a very good overall environment. And of course, as we said before, the USD was stronger, mitigating this fall to a certain extent.
We, however, managed to improve the relative performance, which can be attributed to 2 main reasons predominantly. The one has to do with the crude mix. Very interesting here is that our crude mix was the heaviest ever. Historically, I think, it was the heaviest ever. We were close to 90% running sour crudes and only 11% of Arab Light, Libyan and other, so it was a very, very heavy mix. And the second was a further optimization in the product mix. But let's kickstart with the slides because they're all described in the slides.
So Slide #2 shows you a big picture of group EBITDA, group adjusted EBITDA, the debt, et cetera, but we will touch upon it. Page 3, Slide 3 shows you exactly what we said about the crude throughput and the quality of the crude. But basically, you see the numbers there: 2.4 million; 500,000; 322,000 metric tons, with the total marginally less than last year. But overall, the crude is a bigger percentage here, which helps a little bit with the overall margin, if one takes the weighting.
Again, yes, you can see the crude at the top. Page 4 is the products. The products, you see clearly an increase of your Jet, which went up by a full 2 percentage points. And this strengthening of the Jet production and, therefore, the Jet sales, which, price of the Jet was very high, helped us in the overall margin performance.
Then what else can we see on this page? We can see that this yellow little box with the special products, which is almost exclusively asphalt, more than doubled. And fuel oil decreased quite significantly. So a little bit more analysis of that when we come to specifics.
We were up in naphtha, down in gasoline, up in jets, up in gas oil, down in fuel oil, very much improvement in the sales of asphalt. I mean, numbers in the Jet, for example, the Jet numbers, overall, were 39 -- the sales numbers were 39% higher Jet year-on-year. This includes both bunker and jet and expo jet sales. Gasoline, even though, overall, the production was lower in the domestic market, as I told you before, we managed to hold our position. And we were almost flat domestically. In gas oil, we were strong in both civil market, performing better than the country. And in the heating, we did well and in the exports. So even though, overall, the gas oil number was not such a big hike as we saw in gasolines and in -- sorry, in Jet, still it was a very satisfactory performance.
So fuel oil, we were much stronger in bunkering. And the weakness, which is a choice because we moved this into asphalt, was mainly in the export market. So to a larger extent, the fuel oil that was not exported as fuel oil was exported as asphalt, which leads us to the picture with sales -- slide with sales, where you can see these numbers. Okay. So domestic a little bit up, bunkering up, but quite important is to see that the jet one, which is up there, is up. Exports being down doesn't really mean very much for the economics because it is the fuel oil predominantly.
Page 6 is more or less the same because we don't have another quarter to compare to, which leads us to Page 7, which shows you the benchmark, the $27.2, and our adjusted number are at $53.3. Where we have not done the blending because this is clearly the refining, okay the blending is in the little box at the top right-hand side.
Moving on, you see the volumes. So still, there was a need to trade additional volumes, which we did. And then this takes us to the P&L. The P&L gross margin was strong Q-on-Q reported, Q-on-Q adjusted. So even with the adjusted one, it was strong. Expenses, refinery costs, slightly up. And operating expenses almost flat, no FX. No FX, and other income is growing because we try and take advantage very -- of the capacity we have and manage to achieve as much storage income from utilizing our tanks as possible.
Financial expenses, down, even though they have slightly increased because of IFRS 16. So IFRS 16 effect here has been a little bit of EBITDA. And so EBITDA has slightly increased at the parent company by EUR 113 million, so it's nothing big. And the flip side of that there is an increase in depreciation by just about EUR 1 million and EUR 130,000 increase in financing costs. So for the parent company, the IFRS 16 effect was minimal. That, I'll come to in a minute.
When we move on to the group, you clearly see that the contribution of the subsidiaries was quite a good one if one considers EUR 22 million, if one considers it's the first quarter and it's a weak quarter and the heating oil sales are not as profitable as the automotive oil -- automotive fuel sales. I think we are pretty happy. Of course, there are -- the effect of the IFRS 16 is more significant, and it is just over EUR 7 million at the EBITDA line, with 6 point -- for the group, I'm talking about with EUR 6.6 million, an increase in depreciation and EUR 1,150,000 an increase in financing costs. So the importance for the group, for the subsidiaries of IFRS 16 is bigger. The explanation is very easy. Motor oil has very little, very few leases. We don't have leasing as such in motor oil. We don't use it for equipment. And the only reason Motor Oil has is maybe for rents of buildings, so those buildings we rent for our offices or other rents because usually, they're long term, they have to be adjusted to IFRS 16.
I can always come back if you want. Let's momentarily go to Slide 12, which is the debt. The debt profile is pretty much the same as you've seen in last quarters. Let's give you the overall number of IFRS 16. As I said before, the net debt increase for the parent is EUR 20.7 million, pretty much the numbers we gave you as a rough estimate in our previous communication for the full year. And for the group, the number is EUR 146 million, which means for the subsidiaries, it is EUR 125 million -- EUR 126 million, EUR 125 million. There is an increase in the overall net debt number. So before the IFRS effect, the net debt stands for the group at EUR 354 million compared to EUR 250 million at the end of the year. But if one looks at Q1 2018, the number stood at EUR 348 million. So compared quarter-on-quarter, year-on-year, there was always no movement. The only reason I'm putting this forward is because Q1 is one that quite often has a working capital buildup, and this was the case this year as well, with inventories being a bit higher and maybe also with receivables having increased, and these usually are normalized in the second quarter, this is very much the case. Otherwise, the only outflow that was, let's say, not in last year and was different was the acquisition of the 50% of the Alpha channel, which was done at the end of March, and this is in these numbers. Yes, that's it as far as the debt is concerned.
And now let's go back to Slide 11 because I'm sure you all await for me to tell you more. The slide you have here showing CapEx for 2019 is the CapEx as per initial plan and does not include the new project CapEx, which will be added over and above this EUR 90 million. The new project has been approved by the board, and an official announcement is going to follow later today or, at the latest, tomorrow morning, which will be saying, stating that the board has approved the new investment of the construction of the new naphtha treatment complex. This has an estimated CapEx of EUR 310 million. It will increase the production of high-value-added gasoline, kerosene and hydrogen. It should be completed by the end of 2021, hopefully earlier, but let's have this as an absolute deadline. And this addresses, to a significant extent, the whole mass balance of the Eastern Mediterranean market in terms of both feedstock availability and new improved products produced. The estimate, as I'm sure you will want to know, how this EUR 310 million are going to be spent, I do not have an exact breakdown yet, but the expectation is that a smaller amount will be spent in 2019, and the bulk will be spent in 2020 and '21. It is usually -- these projects are absolute backloaded.
The other interesting element is that the estimates that we have made for the expected EBITDA with relatively conservative assumptions as far as the delta in the price of gasoline naphtha because this is one of the determinants of the profitability of the project, is an EBITDA -- an annual EBITDA addition of between EUR 90 million and EUR 100 million. And clearly, this has an influence because I'm talking about euros. But if you consider the euro at $1.10 or at $1.12, you're clearly on the high side. If you consider the euro at $1.20 or $1.19, it's on the lower side.
These are the rough estimates. It is, to our belief, a very good project. And as I said, it addresses a lot of issues in this part of the world, with demand of gasoline and our ability to place high-quality, high-octane gasoline in Greece and in the greater area, taking advantage of the abundance of naphtha and the replacement of our own naphtha with gasoline. And also take this additional kerosene, which is used for jet and hydrogen in the picture because these are very valuable products.
The front engineering, as I told you, is complete. And we are now in the details, in the final details with -- for the long lead items and on all these details with Technip and UOP who are going to be the contractor and the licensor. And that's it.
I think this is the last of the slides, yes, so I will stop and wait for your calls. Thank you for having listened to me.
[Operator Instructions] We will now take our first question.
Ekaterina Smyk, Bank of America. I have 2 questions. The first one is on your crude mix. You mentioned that this -- in the first quarter, it was the heaviest ever. I'm just trying to understand what's the rationale for that. Was it because fuel cracks have been quite strong? I mean because the heavy sour oil was not at a huge discount, and I mean the reverse actually happened. And I mean should we expect some normalization going forward? Or you might stick to that heavy crude mix during this year, and I mean, going into IMO?
And the second question is on the new project. I mean what split between gasoline and kerosene we are talking about? I believe it's like something like close to 90% on the gasoline side and the remaining one is kerosene and hydrogen, is it correct? And if no, can you please correct me?
Yes. First of all, it's good to hear you, and we must arrange to meet either in London or somewhere here because I'll explain you a little bit of this whole decision of choosing the crude. We have a daily meeting at the head offices, with people from the refinery, planning and the specialists, chemical engineers, who are the computer experts in running the LP models and sales. And we assume that we have freedom to choose whatever crude we like, of course, except what we are not -- we cannot use, like the uranium or things like that, or crudes we have no availability because they are too far away. And we see what's the optimum way of running the refinery. This determines, at any given point, the choice of crudes. We are in a fortunate position because we have in Eastern Mediterranean and we have very good relations and strong relations, both with producers, oil producers and with the big trading companies. And this is something that we built, particularly over the years of the crisis, and it was why Motor Oil today is where it is. The crisis became an opportunity for us to open up completely as far as the whole credit story is concerned. And therefore, if Kirkuk is the desired crude, or is it Basrah Heavy or is it Libyan or is it Ural or is it Saudi or is it a U.S. cargo, then this is going to be the one we are going to choose for the next month. Plus, the fact that because we are near to most of the sourcing of the crude, so the distance is no more than 3 days, let's say, not from the U.S. but the others, we can order this crude at the current month for the next month. And as we buy 6 cargoes each month, 6 million barrels each month -- in tranches of 1 million barrels, we can optimize this continuously. So it's purely economics in the refinery that make us do this. That's why it's very difficult to understand it because other refiners that are very good may be better than Motor Oil, but they're in a different location. They don't have this optionality because they have pipeline crude or they have geographical limitations. We, because we are where we are, and we have this model, we can simply choose.
Why am I telling you that this is not so much this quarter? Because, purely, from experience, from what I see every day -- I mean, I don't know have a statistical result in front of me, but my daily sort of signing the documents, I see it is not as heavy as the last quarter, but it's purely again with economics.
On the second one, you are probably right, even though I haven't done my math, but let's do it now because it's all new to me as well. We are a bit less than 90%. I would say between 80% and 85% is the gasoline out of the total new products, gasoline versus kerosene.
Yes. I would be happy to meet with you either in London or Greece, where you can like tell me more about the crude selection process, but I was rather like asking what -- given you are using this model, what were the exact drivers behind this crude mix? I mean if it was heavier, then would the economics should have been better? So what were the drivers? Was it on the crack side, or was it on the pricing side and you were able like to get more attractive pricing that we could...
Because what we do, we do it as a total yield. We don't do it as a specific crack of one particular product. We do it is a total yield, and we adjust this continuously on what operating mode you choose. So if you see the Jet is doing very well, you can see there is a flexibility, you increase the percentage of Jet produced, or if suddenly, fuel oil, you find is not that strong, you can obviously reduce it, as I said in numerous occasions in the past. So it's purely -- it's an overall -- don't think of specific cracks of one particular product, think of it as a total refinery yield.
[Operator Instructions] We will now take our next question.
Hello? I can't hear anyone.
No, the caller has cleared. I'm sorry, sir. They do not wish to ask a question. We have no further questions at this time. Please continue.
I'm sorry. We do have a question coming now.
This is [ Jane Knight at BP ]. [indiscernible] just to ask a couple of questions because I've probably just meet you just a couple of weeks ago. I just wanted to see -- hear the exact explanation of the difference between the group and the company, and in terms of your petro stations, the contribution it gets from that part of the business, and that's it for now.
Yes, I think we -- I think you -- we exchanged maybe a couple of weeks ago, if I remember it very well. But can you -- again, I didn't understand. What is the difference between the group and the parent was the question?
Yes, exactly.
Yes. Then the group is -- sorry, the parent is Motor Oil, the refinery and only the refinery. I should send you because most of the other people on the call, who've known me for a long time, have this full presentation, while in the quarter results, we only show a few slides. So I'll definitely send you tomorrow as soon as we finish the full presentation. It's the one that comes out of the quarter, which shows the additional companies which comprise the group. So these are almost predominantly the retail companies, which hang under Motor Oil, which is Coral, which is the subsidiary of -- which is the ex-Shell franchise in Greece, which we acquired from Shell in July 2009, it's called -- sorry, '10. It's called Coral, but it is a Shell licensee for a number of years. We also acquired Coral Gas, which is the gas, gas LPG and gas at the petrol stations from Shell. We used to have Avin, which is another retail company which we owned for many, many years. So we have 2 brands in Greece. And also, we have Shell-MOH Aviation because from Shell, we bought 49% of their aviation business, and so this is part of our very strong sales in Jet because we buy Jet from Motor Oil. Also, there is a smaller company called OFC, which is the hydrant system of Greek at the Athens airport. So again, it's something related. And there are some smaller ones as well. And LPC, which is a lubric generation company producing lubricants from used lubricants. And some others we know. We bought a small electricity company, we have a little bit of upstream presence and others. I mean they're all listed in the -- in our annual report or in the site, if you see, there's a number of companies, but the main ones are the ones I just mentioned, okay? So that's the difference between -- and of course, it is important for us to have these subsidiaries because through these, the retail subsidiaries, through these, we secure our domestic market sales. And it was an important element of my discussions with your colleagues back in the difficult years of 2012, 2013, at Canary Wharf, when it comes to credit risks. Because if, for example, you sell to your own subsidiary, you have a receivable from someone who you know and you're willing to take the risks. So we -- it was our sort of model. We expanded our sales in Greece through the years, something you can see on Slides 5 and 6. And we expanded this using our own network of local sales, local companies. Okay?
There's no retail income coming into the parent EBITDA?
No, no. Only -- no, there is no, only in the consolidated. The parent -- the way your question is interesting, the parent sells to the subsidiary. So Motor Oil sells to Coral and Avin automotive fuel and heating gas oil and have it as a receivable, which then becomes its cash.
Can I just confirm that you [ have now complexities ] around the 11.5 at the moment? And I guess, it will...
Indeed, yes, it will go up, yes. I believe it will go up, [indiscernible] chemical engineer. So...
And you're financing that CapEx probably with a combination of debt and free cash flow?
I guess, so, yes. We have numerous ideas on the table that are offered by banks and by suppliers' credit and by bond issuance. So we will see what is the most -- what's the cheapest one, I will tell you.
We will now take our next question.
Henri Patricot from UBS. Can you hear me?
Absolutely, Henri. I was wondering where you are this time.
I have 3 questions for you. The first one I wanted to ask, it's interesting that you actually reduced a bit the fuel oil production and increased asphalt. Have you actually maxed out your production of asphalt? Or is there room for you to produce more of it?
Yes, there is. We keep increasing it.
Actually, what's your...
Trying, we are trying. No, I can't give you a number. I can't give you an estimate. I will not commit. I will not commit, but we are trying.
Okay, got it. And then second question I had was just on the timing that base case would start-up of the new unit. Actually, will the first quarter 2021 be the best estimate?
For your numbers, as you know, we always want to be conservative, so I would say, yes. For an internal challenge, I want it to be at the fourth quarter. But I conveniently put end of the year, so we might be able to surprise you positively. But for your numbers, put beginning of the year.
Understood. And the last thing is wondering if you could comment on the performance and the macro environment so far in the second quarter. It seems to be as challenging as the first quarter so far.
Yes. And even more so, I guess. Things in the domestic market are better. They are picking up, and hopefully, with the tourist season, I don't know how the tourist season will be this year. Many states are not going to be as good as last year, but who am I to know. But we are doing well. And don't forget that the whole network is improving as far as the core costs are concerned, the RBAs. So year-on-year, we are not comparing the same thing as far as the ability to sell through our own retail network. So on this hand, it's going to be good, better maybe. On the margin, it's tight. It's not a very strong quarter, but we are still at the beginning of the driving season as far as Greece and the tourists and everything, so we are waiting. Volumes are good, okay? Volumes are good, but...
We will now take our next question.
This is [ Victor Labate ] from [ Piraeus Securities ]. I had a question. I just wanted to confirm something about the new naphtha treatment complex. So you said it will start in -- it will be operational in Q1 2021, right? And also...
End of Q4.
End of Q4 2020, beginning of 2021, that's the target. And so you plan to finance it mostly with debt or bonds, right? Or with a bond issue, or...
I don't want to comment too much on that because when you commit on a bond issue, then the market starts looking when you will issue your next bond. On this front, I am quite opportunistic because this was a [indiscernible] bond. So theoretically, as of April, it is up to be called, if we choose. But we would only choose to call if we can achieve very competitive pricing. So we are examining all the alternatives, which is, again, suppliers' credit and club deal with banks for financing. And we are very close with our banks, and we have had talks on that. And of course, maybe at some point -- don't forget, we have some time ahead of us because the requirements for this year are going to be quite low for payments related to the project. Okay, so things evolve, and this gives us options.
Okay. Also regarding fuel marketing, I just want to confirm, so fuel marketing was stronger in Q1, right, versus last year?
Which marketing?
Fuel marketing, like the petrol stations were -- did better in Q1 this year versus last year -- marketing.
I know, I know, but wait, let's see. Yes, a little bit. Not much, though. I can't -- not much. Yes, I think it was -- it's better this quarter, yes, but not much better.
Not much better, okay. And one last question, regarding your refining margin, your clean refining margin, clean blended refining margin in Q2. So you said it would be worse than Q1 like in Q2, like you expect it to be worse in Q1 or improved versus Q1 this year?
We are talking about end of May, and so the numbers I have are only April numbers and a little bit of May, so it's very difficult to make any comment.
We will now take our next question.
It's Geydar from Goldman. Congratulations on great results. I just have one small technical question. So basically, I noticed that you had a pretty significant buildup in inventories during the first quarter. I just wanted to have some indication if that's going to be at least partially reversed in second quarter or, potentially, in the following quarters, just so we know the working capital dynamics into the rest of the year.
Again, I can give you an answer from the sales volumes, which are strong. So most of this buildup has been sold. But again, it is early to tell you for the end of June, which position it's going to be.
Yes, I understand. But...
Really, it is weak, it is lower at the end of the second quarter, customarily. But if you want ton-for-ton, the tons that you saw at the end of -- the higher tons you saw at the end of March have been sold effectively. So if it is going to be another buildup at the end, I doubt it really, I doubt it. Fairly well, okay, sales are good.
[Operator Instructions]
Just a quick one for Victor's question. To be clear, the reform is going to be ready at the end of '21, in case I said something else. Okay, '21. Thanks.
We will now take our next question.
This is Argyrios Gkonis from Axia Ventures. Congratulations from my side on the results. If you could elaborate a bit on your conservative answers regarding the new naphtha complex, can you give us, at the level that you can disclose, some underlying estimates regarding the cracks that you assume and the volumes that you target, just to be able to better digest this?
Cracks here is almost irrelevant because it has to do with the delta between the price of gasoline and naphtha as we are replacing naphtha with gasoline. So look at the delta between these 2 products and you will see that we have used lower numbers than the ones -- much, much lower numbers than the ones that are currently prevailing. And so it was an easier exercise because it was simply the assumption of the gasoline naphtha price. And also related to the quality differential between the gasoline produced, where again it's much easier to put a number to higher-octane gasoline vis-à-vis a lower-octane gasoline because this delta is there regardless of the gasoline crack. If you sell V-Power gasoline or a 100-octane gasoline, clearly, the delta between this 98-, 99-octane gasoline and 95- one is regardless, is there. That's why I say these numbers and these assumptions were easier to estimate, and so we could proceed with a bigger certainty on the commitment and the economics of this project. Okay.
Now volumes, volumes are approximately, the increase is approximately close to 700,000 metric tons. But of course, there is a relation -- there is a reduction of naphtha. So the absolute volume of gasoline plus kerosene plus hydrogen is about 700,000 metric tons.
700,000 metric tons is the additional output that we can...
It's not because -- part of it is a switch. It is a switch from naphtha.
Switch, okay. And may I ask if this investment can potentially have a next leg, which could further increase volumes at the latest data? I know it's too early to ask.
I'm not aware of it. Other investments, we are studying. Yes, continuously, something I've been telling you for some time, not you in particular, but generally. Be patient. We have ideas, and we do things continuously. We have people devoted in the refinery. We have people in strategic planning in Motor Oil, which is recently being also strengthened. And we are -- we are looking at alternatives. It's something I was telling a lot of the analysts and fund managers during the past couple of years, with the excess cash flow generated, but we are working hard to find good use.
[Operator Instructions] There appears to be no further questions at this time, sir. Please continue.
Thank you very much to all of you. Thank you for good questions, as always. And hello, and nice rest of the day. I'm going to be in London next Thursday for the CS Oil & Gas Conference, so I'll probably see some of you. So thank you very much from all of us here in Athens -- from us on the Athens. Bye-bye. Bye for now.
Thank you, ladies and gentlemen. That does conclude our conference for today. Thank you all for participating. You may now disconnect.