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Good morning and welcome to the presentation of the third quarter for Marine Harvest in 2018. Together with me to present the results today is Ivan Vindheim, our CFO. And together, we will try to take you through the numbers and with some additional comments. This one we drop. The third quarter for Marine Harvest was a very good quarter, actually one of the -- our best quarter ever for our operation, on the back of very good prices for a third quarter driven by a very strong demand for us, I mean in -- I would say in most markets.For us, we had very high harvest volume. We obviously a little bit from Northern Harvest as well this quarter, but especially Norway had good volumes in the third quarter. We completed Northern Harvest and our consumer products operation had good volume growth and okay margins in this quarter as well. The Board has decided that the dividend for the third quarter will be NOK 2.30 [ sic - 2.60 ] per share and that will be paid out in Q4.Just quickly on the numbers. Ivan will get back to this. Up 14% on the top line to EUR 990 million compared to EUR 867 million corresponding quarter last year. EBIT up by 7% in this quarter, and the harvest volume is up by 15%. So all-in-all, all drivers were good in the main numbers. If you look at prices, I just think -- I will just say that prices for this quarter. When you look into the seasonality here, it is third quarter normally the lowest price quarter if you look historically on it. It was good prices basically in all markets.And then on to price achievement for Marine Harvest in this quarter, and that's built up by contract prices, spot prices and the quality of the fish, slightly above the spot price in –- or the NASDAQ price on Norwegian salmon, similar or same last -- over the third quarter last year, but with a contract share of 29%. Superior share here at 92%. Scotland, high price achievement, lot of fish contracted and very good quality in this quarter.Look at Canada, there is no -– or we have -- doesn't have any contracts on our fishing in Canada and 93% superior share. So all-in-all, we are satisfied with that. Chile slightly down on superior share 88% due to some melanin in the fish. That we think will be better going forward. But good price achievement 106% and 24% on contracts.If you look at this, pretty stable quarter if you compare to the third quarter last year. What's driving it is really the improved result is really volume. And on overall stable cost in the farming units and a fairly stable price as you can also see here.If you then go into the different segments or the different business units, Norway has a strong performance in this quarter. Operational EBIT at EUR 160 million compared to EUR 124 million in the -- in 2017. Good spot prices. Fairly low contract share in this quarter, but also improved cost now for the third quarter in a row. So obviously driven by high volumes, that is important. But as you can see on the -- from the waterfall here, feed cost is lower or the seawater cost is lower as well. So price is slightly down on the fish result in this quarter.We look into the regions going forward here, but in general very good performance in Region North. Somewhat -- we have some biological challenges in Region Mid and Region South and this kind of goes the worse as you go south in Norway. We're going to have lower volumes in the fourth quarter and we expect cost to increase somewhat because of that.If you then look at the contract portfolio, 21,000 tonne in the third quarter, up to around where we usually are in the fourth quarter, around 25,000, 26,000 tonne. And then, down again to 22,000 tonne, 23,000 tonne in the first quarter of 2019. This obviously includes prospects, so here our -- especially for Q1, here our contracts being negotiated going forward.In terms of the result, it's a huge deviation between different regions. I would say Region North is performing exceptionally well cost-wise, volume-wise in this quarter. And then we struggle little bit more as we go south as I already said. And this is a challenge for Marine Harvest and I think also for industry that we need to fix. It's not like it's going to be almost -- it's like -- I shouldn't say that. But it's almost like it's more than EUR 1 in difference. That's not sustainable over time. So we need to fix the issues in Region South. And in this regard, our people work probably harder even in Region South than in Region North, lot of treatments, lot of activities to take care of the fish.Scotland. Around or the volume here in Scotland is slightly down, 1,000 tonne or 2,000 tonne down. So on a -- we have very low volumes in Scotland this quarter. At the same time, quite high cost, still issues on biology, but good price achievement that takes the result to what it is. We believe Scotland will improve going forward. The reason for the low volume is partly the stocking pattern that happened more than a year ago. And we know that Scotland will come back due to new sites and better performing stock and increased stocking on new sites with higher volumes going forward. And that will lead to lower cost in this region in 2019.Canada. This is a combination of both East and West Coast of Canada. But I try to sum it up. On the West Coast, we have had major challenges with low oxygen, gill issues and mortality on some sites. And that has been challenging for the organization. Now we are -- or in October and into November now, we see more oxygen coming into the water because it's colder and it's more wind in the area and more current, and that helps on this issue. So we think it will get better as we speak, but there's no short-term solution on the sites already affected. Northern Harvest integration is going well and they are also delivering good results in this quarter, but low volumes.Chile. Stable result year-over-year. If you take into account the site that unfortunately escaped the cost of that, this result would have been even better. There is a EUR 3 million cost to that. But overall operationally biology-wise in Chile right now, we are doing very well. Cost-wise, it's relatively stable, but at good cost and biological performance is good in Chile as we speak. We see in our operation lower medicine use. Basically I think I will explain it into that vaccine we are using against SRS have some effect. And we also see especially in some areas actually less sea lice now than we have seen before which is very good.We expect the harvest volume have to increase going forward in 2019. And that's partly because we are recovering after the algae bloom that was in '16, but also somewhat increased stocking in '18 on some sites. Unfortunately, the margin is not ideal here. We still more than a EUR 1 or a EUR 1 difference in margin compared to Norway. That's maybe the biggest challenge for Chile to make sure that we get that price gap closed. It's not easy because of the logistic differences we are talking about here.Two small but performing well units. Ireland, another exceptional quarter EBIT-wise, EUR 3.46 in this quarter. They are into the organic, call it almost branded market. They achieve a premium on the fish and do well in that. And Faroe Islands obviously sell a lot to Eastern Europe and have good prices there. We have even bought the processing plant now in Faroe Islands to make sure that we can hit the East European market at the right days of our timing of harvest, which is extremely important to get even better prices in this market. So both units are doing well.Consumer products. If you look at the operating revenue here, it's up from EUR 447 million to EUR 518 million, so a significant increase in revenue. Also in terms of the operational EBIT, it's improved from EUR 14.6 million to EUR 16 million in this quarter. And I will say strong consumption really in and growth in all salmon markets. It is impressive with the price level and -- but again, if you have good products, it shows that the people are willing to pay the price for good food.This quarter we have taken a loss of EUR 9 million due to impairment loss because of this fire in Kritsen. It's fully insured, but just to be on the safe side. I think this is IFRS accounting as well in terms of this loss.So some nice picture here of the salmon we deliver into the European market. And also we are -- we see strong results here in Asia or especially in the U.S. and also a growth in Asia. So it's impressive what we can do with this product which is basically only produced in a few countries market-wise.Feed. Record volume in terms of production. We produced 97,000, almost 100,000 tonne feed in this factory in Norway. And this was a factory that if you remember well was designed for 220,000 tonne when we first communicated this factory on capacity. So it's impressive to see what we have been able to do in this factory. We're almost doing the capacity we thought we could do in a half year compared to what we thought we could do in 1 year. That is -- that's good news.The not so good news here is obviously in this market now it's strong competition and it's going to be stronger. So when we get the plant in Scotland on line, we will fuel this competition even more. But there is an upside to this. We are producing excellent feed. We can almost design feed to our own fish and very few of our competitors are able to do that.And in terms of our Scottish operation, this is delayed. The major explanation of the delay is actually the power company in Scotland and the monopoly that they have in terms of kind of supplying power to a site. That took much longer than we expected, and it had to do with the write away over basically one person's ground. Obviously, we should have seen that, but we didn't, so that took longer time. Now it is in place, but it makes us delay the start until first quarter for trial production and second half of full production in this feed plant, which is close to finish but needs power to operate. That's the important part.Increased CapEx here a little bit due to this delay, but also due to the peer construction in Scotland. It's more expensive than Norwegian peers. And also some equipment in addition here that has become more expensive. So that's regretfully, but still that is the case and that's why we communicated.Then Ivan, if you can take us into the financials and the market side.
Thank you, Alf. Again, good morning, everybody. As usual, we start with the P&L. A record high seasonal turnover this time on the -- our best global price achievement in a third quarter equivalent to our growth of the 14% similar to the volumes. Volumes are also a record high for us for the third quarter. Operational EBIT as Alf-Helge has just said also a record high in a third quarter, EUR 207 million driven by volumes and also a very good global price achievements, plus a stable cost year-over-year for the farming units.Further down in the P&L, negative biomass adjustment this time of EUR 32 million euro. Income from associate companies EUR 10 million. This is Nova Sea. Underlying earnings EBIT per kilo of EUR 2.52 which is very good, although somewhat lower than what we achieved in Marine Harvest Region North. Impairment losses related to the fire in Kritsen, EUR 8.8 million. Net financial items, negative EUR 77 million, heavily impacted by the increase in share price we saw through the quarter and the fair value adjustment of the last outstanding convertible bond. We will revert to that one later on in this presentation.Underlying earning per share in the quarter EUR 0.31. Net cash flow per share EUR 0.17. Third quarter is the quarter we tie up working capital. And volumes we have been through, the same goes for the margins. Return on capital employed annualized close to 27%. So to sum up, a very good quarter for us.Then over to the balance sheet, close to EUR 5 billion, up by EUR 500 million year-over-year because of the Northern Harvest acquisition, but also because of the higher buy months in sea year-over-year approximately way up from 258 to 289. Some is because of Northern Harvest, but the lion's share is organic growth which is supposed to support our growth in harvest volumes for next year.Then over to the cash flow. We started the quarter with a net interest-bearing debt of EUR 951 million, tied up some working capital, some tax expenses, but still a very good cash flow from operations of EUR 209 million. Net CapEx as high as EUR 119 million. I don't think we have had so high CapEx in one quarter before, heavily impacted by the feed factory and the completion of it in Scotland, but also because of an extensive CapEx program we will have a closer look at later on.Other investments is Northern Harvest. Net interest expenses at the normal level EUR 10 million. Dividend is equivalent to NOK 2.60 per share that the Board decided after the second quarter which ended. And that's bottom line with EUR 1.2 billion in net interest-bearing debt.Then over to the cash flow guidance. The working capital guidance is unchanged since last time. Consequently, we will tie up a big amount in the fourth quarter mainly related to consumer products and the Christmas season. We also hope to build some more biomass. But I guess that part is a little bit more uncertain than the seasonal tie up in consumer products.CapEx expenditures for the year changed EUR 270 million to EUR 295 million, of which EUR 20 million is related to the increased CapEx budget for the feed factory in Scotland. EUR 5 million is the acquisition of the primary processing facility we did in the Faroes standard. This also including -- this also includes an upgrade, so -- and has made us a fully integrated farmer also in the Faroes. So an attractive acquisition I would say, and also very important to us from a strategic point of view. Now we control the entire value chain, which is the ideal thing in this industry.In Northern Harvest, we have talked a lot about as I will not spending time on it here. We also have both say farming capacity in Norway, but that was water under the bridge in -- after the second quarter. Interest paid unchanged EUR 40 million on a full year basis this year. Taxes paid EUR 10 million lower than what we expected, EUR 130 million for this year. And the quarter dividend after the third quarter of NOK 2.60 which is to be paid in the fourth quarter, NOK 2.60 per share.Then over to the financing. The bank facility is unchanged. We are in the middle of a conversion process for the last outstanding convertible bond, provided the market we see now, this will be completed in the fourth quarter, i.e. in December, and will be accounted for under equity after the fourth quarter. Equity ratio-wise, it amounts approximately 9% like-for-like compared to the third quarter. High-yield bond, we did in the second quarter, is unchanged and the long-term debt target is still EUR 1.4 billion.So much about the financial figures. Then over to the fundamentals. First, the supply development in the quarter -- in the third quarter. A global supply growth of 3% in line with what we expected, but the mix is different. Europe is -- the growth we saw in Europe was much lower, the growth we see. And instead of having a modest growth harvest volume-wise, we ended at 0 growth. This was offset by a very good growth in Chile. Harvested volumes were impacted by both higher harvest rates, but also by higher harvest of the individuals. But all-in-all and from a global point of view, as expected.Prices seasonally good in Europe in the third quarter. Also in Northern America and for Chile we also saw an increase. And I think it's right to say that the price achievement from in harvest was higher in the third quarter than what we put in our original guidance internally. So still a very, very good market in Europe. Although percentage-wise, it doesn't look that impressive. Then remember that last year's prices were rectified. So still a very good market environment.Then over to the consumption demand. Europe grows in line with the supply growth in Europe. Americas continues with a very impressive 2 digits growth. Asia, this time around maybe a little bit disappointing flattish. Bear in mind that there has been shortage of the large size salmon for Asia in the quarter. We have also struggled with the access to sanitary qualified fish particularly for the Chinese market. So adjusted for that, we still find the demand in Asia very good and we also have faith in the future post price, although this quarter was low compared to what we have seen in the previous quarters.Then over to the supply outlook. For the fourth quarter, flattish on global basis based upon the lower growth in Europe. So it's taken down compared to the numbers we announced after the second quarter. This low growth we have seen in Europe has also led to lower harvest volume guidance for '19. Our numbers are a little bit lower than [indiscernible] explained by Norway. And why? Well, we look at our own numbers. We also look biological issues we are facing in Norway. And then we expect that we at best would see some modest growth in Norway next year. So all-in-all, we think just for demand, there will be a shortage of fish in 2019, which will give a very good ground for the price environment in the quarters to come. So it looks good.Then over to our internal guidance. For the fourth quarter, we still stick to 110,500 tonnes and 380,000 tonnes on a full year basis, so somewhat down in the fourth quarter. But we -- the volume for the third quarter was a little bit up. So I'm talking about Norway. So all-in-all, 229,000 tonnes for Norway is more or less in line with the number we guided at or guided for in the second quarter. Next year, 236,000 tonnes, so just a small growth for Norway. And then this is consistent with the supply outlook we have just been through in -- on the last slide.Scotland, up from 40,000 tonnes to 60,000 tonnes. Scotland this year is very, very low, so it's up to 60,000 tonnes. It's actually getting back to previous levels. Alf-Helge will explain the stocking pattern at their new sites, et cetera. So the growth in Scotland area is recovering, so all the time, it's not the growth. Canada from 42,000 tonnes to 55,000 tonnes. Bear in mind that this is including Northern Harvest. Adjusted for Northern Harvest, we are actually a little bit down. Excuse me, a little bit up, but just the minor amount.Chile, up from 54,000 tonnes to 62,000 tonnes. It's a partial recovery from the algae bloom in 2016. Here we are at 670 if I remember correctly before the algae bloom. So 62 is -- yes, it's not back on track, but we are closing in. Ireland, 9,000 tonnes versus 6,500 tonnes. Faroe, 7,500 tonnes versus 8,000 tonnes. So not -- a modest growth also for Marine Harvest and in line with the supply outlook we see for the entire industry.With that, I would like to say thank you and pass the word to Alf-Helge.
Thank you, Ivan. Just to go through the outlook, I think Ivan summed it pretty well already. Strong demand globally. Fish Pool prices have increased since August with EUR 0.4 to EUR 6.8 on the 12-month contract. We have high beliefs in China and we hope that additional export restriction will be removed and we see further growth here.On the supply outlook, you have just heard it. They are very favorable for in terms of the price environment going forward. Organic growth, we have the potential throughout the value chain. You've seen the farming side of things. It's not a lot next year, but it's partial recovery in some of our operations. Feed, we will grow next year and processing we will continue to grow in the markets we are in. I think the first plant that we will open in next year is in Miami in January, which increases the capacity in Miami dramatically actually.And that is good because we see the growth in the U.S. market and we need processing capacity there. So a really good market to grow in with new and more consumer friendly products. Dividend, we have already mentioned, but again NOK 2.6 per share to be paid out in the fourth quarter of 2018. And then again, if you have not signed up for the Capital Markets Day, this is the time to do it. Kim is here and this will be in Edinburgh in Scotland and I think it will be very exciting event.So with that, I think we will open up for questions. I'm sure there are some, and just state your name and shortly your employer and we open here. So Kim is already on it.
Christian Nordby, Kepler Cheuvreux. Your growth in Chile is remarkably strong and you're talking about all the potential in volumes in Chile, but how has the new regulation in Chile impacted your potential in Chile? And how do you see the government facing you now with your new stocking or increased stocking?
Well, in terms of -- I will not arrest you, but it's not remarkably strong. It's like we are going back to where we were. So because we've been down because of this algae bloom as Ivan mentioned. So now we -- next year a little bit north of 60,000 tonne. A steady state of Marine Harvest in -- is in the 65,000 tonne, 70,000 tonne range. So, but you're right in terms of from one year to another, that is correct and there are growth. But it has its explanations. In terms of the regulations, well, they keep changing almost like every second week. That was a joke. But what has been stated is this poor kilo per cubic meter that will be in place from January 2019. That will have an effect in terms of the potential to grow for everybody really. So going forward, that is might be right in terms of biology and effort. But it's going to be hard for anybody to grow. What's also calming is this is a proposal, but is this antibiotic regulation linked to use of antibiotics. That's still on hearing, but done right, that is a good thing. If it's -- and it -- they actually link growth to how much the antibiotic use. That will be a good thing. So if that's the solution, then I think we are on the right track. But we'll see how that comes. I won't speculate. But it is like those who use 0% -- 0 grams antibiotics going forward are allowed to grow, fantastic. We're all for it. And let's hope that is the case. Then maybe we can grow a little bit in the future on the basis of sustainable operations.
Carl-Emil Johannessen, Pareto. Two questions. First on volume guidance. For Norway, you seem to be quite conservative. I remember same time last year you got it on 245,000 tonnes in Norway for '18. Can you say something about your assumptions for '19 versus what you have seen in '18 and what you expected in '18 one year ago? And second one on contracts. I think you have said 3 quarters in a row that supply outlook for '19 looks favorable and that Fish Pool forward prices are, yes, EUR 6.4 and now EUR 6.8. Can you say something about what we can expect on your contract portfolio in terms of prices next year versus this year?
[indiscernible] on the volume, volumes?
I can take the volumes, yes. So let's start with '18. And you suggested that we have missed our guidance and that's correct. So we started year with a much higher number than what we are going on now. So I guess you could say it's a lesson learned that we are a little bit more careful with anticipating biological improvements to put it like that. So this is more like for like.
But you don't expect improvements in mortality yield result for in '19 versus '18 or...
We are working every day and night to take down mortality, to increase harvest ways, to do this better to cope with the sea lice in a better way, et cetera. So yes, we do believe in this. But when we are guiding for the next year, it's a short period than the -- then decide to be a little bit more prudent. So the assumptions in the guidance here are more prudent for '19 than what they were at -- what they were for '18. So -- but hopefully, we will beat it big time.
I agree to that. In terms of contracts and prices going forward, we don't really comment on prices going forward. That is just the way we do it. So we -- and this is contrasting constant negotiations. Obviously, we understand the forward price, and we see the market and we see the supply outlook. So we have high expectation of contracts going forward.
Tore Tonseth in Sparebank 1 Markets. What are expectations for cost in Norway in 2019? You mentioned barely, but should we expect them down or is it the same trend that we are seeing at 2018?
Well, it depends on -- generally, it depends on the volumes. So if we can manage to produce 236 next year or harvest 236 versus close to 230 this year, I don't think they will be so very different. But if we can manage to take down mortality, increase harvest ways, all this you have heard a lot of times, then you will see some very different cost figures. But before we can fix the biology, I'm afraid that the level we are at right now, not only us, but the industry is there because the input factors, they are not declining. So...
Last question. The Faroe Islands, has there been a change in the stocking patterns because you're expecting the same volume in 2019 as you had in 2018? Is there a -- previously I asked this, but that's been one good year and one year with lower volumes. Has there been any change?
Yes. We have basically done 2 things. We have increased our hatchery capacity and we have started to operate in a new site. So it's going to be much more even going forward. It's not fully utilized yet. We haven't taken a full step yet, but I think you get it on 9,000 tonne going next year. And I think we would be 9,000 tonne, 10,000 tonne, 11,000 tonne every year going forward. We get it right.
One thing more. Northern Harvest in 2019, you mentioned it barely, but the exact volume in 2019, 20,000 tonne, '18?
We didn't say it.
You didn't.
It was on a purpose. So this is Marine Harvest, Canada. So we will not report this as west and east and Northern Harvest versus old Marine Harvest. We will integrate this. Well, geographically, it's not that easy, but at least in terms of spirit and culture, et cetera. So we have chosen not to, yes, to report Northern Harvest specifically. So I think I don't -- I could, but I don't want to give you the number. But you have the total numbers, you have what you need.
Vidar Strat, ABG Sundal Collier. I had a quick question on Canada for me as well. What is now the true capacity that you see in Canada with the Northern Harvest acquisition done and also Gray Aquaculture back? And what is the total capacity and can you give some hint on where we could see this -- when we could see this utilized? That is the first question. The second question is related to Chile and the sea lice situation there. We have reports of increased observations of resistance sea lice also in Chile. Is that something you are experiencing? And what is your take on that situation?
Okay. In terms of Canada in full capacity, this is something we are assessing now. We're working on the long-term plan that has to do with really the first and foremost the hatchery layout on the East Coast and what we are doing there. In terms of bays and bay managements on the East Coast of Canada, we have secured tremendous area. So I will not speculate before we have assessed the total area on the capacity on the East Coast. That would be wrong. On the West Coast, it is in the area of 40,000 tonne to 50,000 tonne in that area. So we will have to come back to you on that like combined Canada because of that. In terms of the sea lice situation in Chile, it's certainly -- it's always a concern in terms of resistance towards any medical treatments. That happens with sea lice. We see signs of it in Chile too, but we are preparing accordingly. The good thing about the sea lice in Chile is that it is a lot smaller than the Norwegian sea lice and some of the treatments we are using in Norway would be very effective. We know that, we have tested it in Chile. So maybe not as concerned as in Norway, but obviously if the industry doesn't take care of the sea lice situation and it comes out of control, then sea lice is -- it can be a nightmare. And I think the Chilean industry learned that in 2007, '08. But we are preparing. Right now, situation is actually quite okay on ours -- in our operations.
Kolbjorn Giskeodegard, Nordea Markets. More general question. You were mentioning the Asian market and the potential there. And what is Marine Harvest's take on the obvious sort of gap between a very promising growth market and the lack of available fish and sizes, especially from Norway? What's your plan on sort of matching those 2 factors better than it is now?
I think it goes 2 ways. I think it goes to work with call it Food Health authorities in China and Norway and learn from each other there and understand that some of their restriction put in place maybe doesn't have any effect on human health at all. We know that because -- so I think that understanding needs to become better. That can increase the capacity -- our export potential of fish because right now there's a lot of restriction on PD for example. So -- and the veterinary governments in China on that, so that's one. And then at least -- for Marine Harvest, at least we have the potential now with more fish from Scotland coming on. Also to take a broader look on where we can export the fish into China from what origin. And then at the end of the day, it is which has proven challenging in 2018 and that has been to make sure that you have steady big fish from Norway at all times. And that needs to be sold through solving the biology. And we -- to be honest with you, we are not there yet. I don't think anybody is that you can steady just promise you 6 kilo plus fish from that site because the sites are being hit with sea lice or being hit by diseases connected with that, PD and CMS and so on, which makes you take them out a little bit too early. And then you don't have the size of fish that China wants.
Do you also consider this as a major challenge to fulfill the potential with the recently signed agreement with Alibaba for instance?
No, no, no. I think this is going to take time. It's not like this is tremendous volumes. Yes, so it's going to take time before for -- and that is the case.
[Indiscernible] I see on your outlook slide here organic growth throughout the value chain. Does that mean M&A is now less available or nothing left to buy?
Absolutely not. So if there is some -- I guess to answer that question properly. In terms of feed, we don't buy, we build. In terms of farming capacity, we will look at all kind of farming capacity available to see if this is beneficial for us to go into and buy it if it fits into our strategic plan. In terms of downstream processing units, we have the experience. We can build plants all over the world and we can make products all over the world, so there we build. So that that is the full picture.
Lars Johnsen, Fearnley Securities. In terms of call it the biological situation in Norway, could you try to give us some color on how the summer of 2018 was compared to '17 and maybe '16? I mean in terms of the upcoming new status for the traffic light system?
Well, I will not take the job of people evaluating a traffic light system. But I think it's fair to say that it's -- it was very good situation in the first half of the year, maybe even into -- yes, July with very low -- I see less numbers. Maybe on the back of a cold winter last year and some improved activity but -- or treatments. But then in the fall, it's been challenging along the coast. But I think -- and this probably should know, but I think they assess this when the -- while smelters going out to see for the most part. That's how they assess the traffic light system. So I will not speculate on that. See, on our sea lice numbers at the end of this quarter, actually in Region South, we have had lower sea lice level and we had the corresponding quarter last year. But in Region Mid and Region North, it was slightly higher. But then again, you have to be -- or exact here. So Region North had extremely low lice numbers last year. So let it mix in the situation. But I'm not taking on the traffic light judgment hat thankfully. Any more questions? Seems like we have taken out most of you. Very good. Have a good day or a great day.