Metlen Energy & Metals PLC (MTLN) Earnings Call Transcript

Thank you. These are matters that are hot in terms of the energy market, and they do not just affect Greece, but more countries in Europe. The truth is that we did predict this. The 0 and the negative prices, not because we are wizards or prophets, but because this is the case in Germany for many years. So the -- to understand how we reached this negative and -- 0, negative values, I think more of you -- most of you are aware. Just a brief history to the great desire of the public to take -- to adopt measures against the climate change. We started many years ago to have subsidized the tariffs, feeding tariffs that were very high. And of course, very high tariffs for wind farms where we more or less started with the generation of green energy. And of course, with the PVs, the solar systems. And now the same thing we see happening with offshore wind farms. They started to drop as the feeding price started to drop as well. And now we have a drop for the PVs, the solars, solar systems, a drop of 90% in terms of the tariffs. So that created to the people that led the people do to want, meaning this feeding tariff prices and subsidized energy. People thought that if they had just some savings, and could invest in green energy projects, for example, a PV solar park. But they have the belief that they could gain a profit from that for lifelong profit. As was the case in the past with buying shares from a national bank, for example, or just to make light of things. In the past, we had the video clubs during the '80s. And every building block had 4 video clubs. And everyone thought that they're going to solve their life problems because we had all the VCRs, everyone had a VCR and everyone opened video club, and they believe that they had solved the problems for life. That was the same thing that happened now with the solar parks and green energy, et cetera. The problem was that, that was the thought of many people and many companies and many agricultural associations and whatever. Because everyone started to build the solar parks. It was easy to take an authorization at the start, then it became more difficult. But one of the results of climate change is that we have more sunlight. And now we have RES potential that far exceeds the needs for -- of the population for the households, for companies, for either during the time when we have sunlight or when we have a lot of wind or even when we have both. So that the supply is much more than the demand, which means, as you understand, when the supply is higher than demand, the price of the tariffs drop, reach 0, and in the end, we're going to see negative there as well. To deal with this effect, this problem, dealing with this is one of the major concerns right now. But vertical companies that have the right know-how and are properly organized, and I'm talking about vertical companies. That's very important find the solutions and are able to use 0 tariffs in favor of the health of their company, and the consumers or clients of those companies. And this is what we are going to do or rather we are already doing. Anyone that is not vertical and has 5 megawatts that they hoped to gain profit, life-long profit from using those, then there was these people -- these companies will start having problems. I also predict that feeding tariffs for the capacity tenders for getting authorizations or connecting to the grid. I believe these are going to be completely canceled. That's my own prediction. The ministry has not taken side yet. But my prediction is that we're going to do away with those completely. And the RES project in order to complete that, it has to have the merchant risk in order to be fulfilled. Meaning that for some hours during the day, they may have 0 profits for the electricity that they sell. If they're lucky, because sometimes they will not even take that electricity in the grid, something that has already started and it's very relevant to what is taking place, meaning that the RES performance is going to drop. They will become -- the return on investment is going to drop. They will become less attractive for investors until we find the balance. I predict that this balance will be reached when the market becomes more concentrated, the energy market to a few strong groups that have the know-how and financial abilities to manage this new reality. The grids -- especially, the national grid that had have been called to deal in a short period of time, not only in Greece, but in Europe, the entire Europe. A great number, real great number of energy electricity quantity for which they have not been prepared. They have not prepared. It's something that we have mentioned many times in the past, they put the cart ahead of the horse. We first beat numerous, created many megawatts for RES energy. And now all this electricity, we don't know how to use it. We don't know where to use it. It's like we furnish the house before finishing the wall or just completing a house and not having installed connections to water mains, for example. And you have a useless home. I don't know if that means something to you, but that's the reality today. And that is very difficult for the banks as well. For loans that they have issued, which are not covered by feeding tariffs by agreed upon prices and for what's going to happen in the future. It's a different thing, a different factor for which -- which is going to hinder the development of the RES. I believe that this is -- but the governments as well are going to take steps to slow down that process. I've already heard that Portugal has taken steps to reduce large investments in RES. So Portugal has started already. You can understand what will happen with the new commission that's going to be the result of the euro elections. It's just a prediction that there's going to be war in Brussels. We're going to be witnessing -- it's not going to be boring. That's for sure. And other question?

Two questions on my side. You mentioned for 2024 that loan -- lending is going to increase. Can you give us an idea, now that we are in June, where we stand and where we will stand next year? That's the first question. And then I will ask the second one.

We're talking about the...

Yes, lending in particular. You said that we're going to see an increase in 2024, where we stand so far. And what do you expect for the rest of the year?

Okay. Well, 2021, if I remember correctly, in the general meeting, I had said that next year, we are going to double and more our profitability. Our profits. Some people would love, some people mocked. Some said that Evangelos is out of his mind. But it seems that they were the ones that didn't know what was happening. And in the end, we more than doubled our results from EUR 350 million to more than EUR 800 million of profit. Then we had forecasted in the midst of the energy crisis that we will make every effort if things don't turn any worse to have more than EUR 1 million in EBITDA and EUR 600 million in net profit. Now let me add. And I want to be very clear to you, to our shareholders that the EBITDA is something different than net profit, after taxes, amortization there because I hear a lot of talk about the EBITDA and just a little discussion on net profits. But shareholders are not interested in that. I may go and acquire a company that may be somewhat expensive. And would give me every year, EUR 250 million in EBITDA. But they will also give me -- they will also damage my net profit. So in the end, I have not accomplished anything. I'm interested in the bottom line. So just to understand how things work. In the end, the net profit is important and even more so the profit per share. That's the bottom line figure. And when Financial Times make an announcement. They always discuss about the profit per share, the net profit per share, out of which a percentage is distributed as a dividend. Now of course, that's a basic knowledge. Yes, but let us not forget it. So when we talk about the results, we need to be -- well, I'll try to be -- to cover everything, to include everything so that I'm very clear. If we don't have in the meantime, because these are times that are extremely difficult. I don't need to explain that to you. Everywhere you look, there are problems. In Greece, we experienced a more or less normal conditions. We feel the results of the wars but are rather far from us, where in reality, they are not that far. We feel that we have political stability and account after many years. And indeed, we do have that. For better or for worse, we have a social call, let us put it like that. The immigration problem, which is a huge problem for Europe. In Greece, we have handled it according to what most people think. I would have taken adequate steps to handle it, and we forget what is happening in the world around us. And for example, we might see that the stock market prices are rising. And suddenly, we see a drop of 1%, and we question it, why did it happen? Well, it's only natural. It can always go up. So results. I started saying that even something dramatic doesn't happen, so unless something dramatic happens, I think that we will continue this year. Our exceptional progress, which start to cement in the market and the minds of our shareholders, that Mytilineos is a company that will always have an EBITDA between EUR 1 billion and EUR 1.2 billion. And a net profit of over EUR 600 million. Already this year, we stood at EUR 603 million, if I'm not mistaken. I mean in 2023, in 2024, if all goes well, we might stand at EUR 700 million. So until our investments start to mature or until we have a major buyout. So that's going to also take us one step higher. Yes, that would have been my second question because as you said, we have triple the EBITDA. We have increased the net profit even in this market. So going forward, the EBITDA generation for the next 2 years, once investments are going to mature, is it going to be organic growth? Or should we expect then buy out the -- new acquisition, either in Greece or abroad? Just to give us an idea. Well, Mytilineos has made some major acquisitions in the past that were proven extremely profitable and have helped the company in different ways. So it could reach its current status. But aside from these 2, 3 large acquisitions in the last 20 years or 25 years, essentially, the growth of the company was organic, which is the difficult thing to achieve because growth through acquisitions usually means that we ask for fresh money, new money from our shareholders, something that the shareholders who are here today have forgotten it for Mytilineos. What Mr. [indiscernible] said before that we ended with a value of EUR 8 million, now stand at EUR 5 billion, et cetera. What he didn't mention was that the last time we did a capital increase was the madness that took over in 2000. And instead of just capturing a lot of money on a personal level, we did one or two capital increases and the money was put in the company so that the company could grow afterwards. We've not done any capital increase since that time. So we reached from -- starting at EUR 8 million, we've reached EUR 5 billion with no capital increase. Why? Because we were based on organic growth. We improved our business. We did a small acquisitions that would complement our own companies in the group and continue to grow. We invested the profit. And that took us here where we stand today. And we forget sometimes that right now, as we speak, we have 4 or 5 projects that are many billions -- stand at many billions. If we forget about Canada, we forget about Italy, I was in Italy last week, and I was talking about investments standing at EUR 3 billion. And all this just goes with our discussion, EUR 3 billion, but we didn't ask from the shareholders EUR 100 million capital increase in order to get this EUR 3 billion. Why? Because we know how to do it, with our asset rotation plan, and we are going to do it without asking any money. Which one of you remembers that 6 months ago, we submitted the first [ CRL ] plan in Greece which included bauxite, alumina, metals with a value of EUR 300 million. You remember that. Do you remember that in Volos, 5 months ago, we acquired the second plant. And today, I can tell you that we are ready to purchase a third one in Volos. Three plants in Volos. For metal constructions that are exported all over the world. We don't sell anything in Greece, and we forget about all that. And we just talk about acquisitions. I know how to do acquisitions, how to handle that. Let us not forget it. But I don't know -- I'm not paying money for nothing anymore. And you must admit that right now, the valuations are on a global scale for Greece, acquisitions that we make material -- that we have a material difference for us are -- not so many, the prospects. Talking about companies that have relevant activities to ours. We're not going to acquire by food companies or anything like that. Of course, you understand. So of course, I'm not excluding the possibility of making a new acquisition, but it has to be in the -- to have the right price and something that is not going to add on the EBITDA, but also on the bottom line for shareholders. Otherwise, no. Please.

Just a couple of more questions. [ Dimitris Tudos ] is my name. First of all, let me congratulate you because I've been standing by your side my whole life now from when you started. Now you've answered my concerns because you have given me your insights in the geopolitical issues. And my question is, have you studied Aristotle so that you have reached this point, this understanding?

I didn't understand the question. It's an observation rather. Okay. Yes. I don't aspire. Thank you. Thank you for your kind words. I don't aspire to be considered a philosopher, but my goal is to always be informed and to travel around the world, talk to people that have influenced, change my views, my mind, read a lot -- like all our executives are of the same mentality. We work over the weekend. We don't spend our weekends on the beach, and I mean that. Unless the beach is very close to our home. You can squeeze in a swim otherwise. So I don't know if it is Aristotle, but we do try to read the future because in the end, that's what the entrepreneurship business is all about to be able to predict the future. If you cannot do that, you cannot be successful. Another question, please?

Please one question. Looking at the balance sheet, I see that the turnover of the company will -- of course, because of the situation is approximately EUR 800 million lower, but I need to congratulate you because despite of the lower turnover, the profit per share has increased and reached EUR 4.5. So how did that happen?

Well, it's a good question, and thank you for asking. Some other shareholders might have the same question. So when you have a company that has 2 major sectors of activity, large ones of operation and another one that is now growing, the relationship between the turnover and the profitability, the profit depends on which part of your activities of your operations are going to give you the profit because each part of their activity doesn't have the same. All the parts of the different components don't have the same profitability. So your question is a very valid one, but it's a different thing because the profit margin is different in retail business. It's different in renewable business. It's different in the aluminum business. So over a particular year, in order to know where the profits come that depends on the relationship between turnover and the net profit. In this case, a large part of the net profit as it was published came from the renewables, which had a very good year with very good profit margins. So -- or it came from trading as well. Also very good profit margins because the operating costs, the overhead are rather low. So that's the answer. And when I talked about EUR 1.2 billion, this is something that I keep in my mind.

Athanasoulias from Eurobank Equities. So I want to ask about the aluminum because of the high prices that we see, when are we going to see the impact of those prices on the company results since your prices are hedged for this year? And you talked about investments. Can you tell us a little bit more about that? Have you made plans in order to exploit this high prices to benefit from them?

Thank you. I will give you a dual answer. That's interesting. So when the aluminum prices go up, as it is the case in the last 2 months -- it is a mistake to say or to try to identify it is increasing prices, try to understand what is going to be the profit for the company today. It doesn't work like that. With metal companies, there is a time delay. You have hedged contracts for bauxite or natural gas. So different things that are hedged. And of course, you have prices -- sales prices that are also fixed. But when the market rises, and you know how to do your job well, it gives you the opportunity to also lock high prices, locking high prices for future use, which is more important than what's happened today because this year, aluminum is going to have an exceptional year. Even if prices are fixed at lower levels than the levers that LME is today. But next year is going to be a new discussion. And if you want to know about 2026, that's a whole different discussion. So if you see high prices, you should be happy about the good health of aluminum and for the coming period. That's important. The second thing I want to say, that's also important. When we talk about aluminum, we forget -- we tend to forget bauxite and alumina. What changes and the reason why aluminum in the rise right now is that globally, finally, we have a deficit in bauxite. This is why the steps we have taken by buying IMERYS by making this move in Ghana, but I'm sorry to say that was not at all discussed by the analysts, 300 million tonnes of bauxite 300 million, the best quality. And I assure you that the problem with aluminum has already started, and it has started where the copper problem also started that we don't have enough raw materials. And what's the problem? The worst thing about that, when did we see the problem first in China. From the overexploitation of the reserves in China to start from 5 million tonnes to 14 -- and reached 45 million tonnes. They exploited, they -- all the best reserves. And now they become less and less, less and less rich in aluminum meaning that they want more quantities, larger quantities of bauxite in order to get the same quantity of aluminum. So in the end, you reach a point where you need imports. And when China goes to the market to buy, you understand what that means and something more, 74% of the Chinese imports, a huge number, many, many millions of tonnes come from Western Africa, Guinea, which is a very unstable country. A year ago, there was a revolution. There was [ Handa ] dictatorship. They almost extinguished one another. A few months ago, there was an explosion of fuel tanks. And that country now accounts for 74% of China's imports. You can understand, if something were to happen to that country, a very small country, you can understand how that would impact the Chinese market, which means that the market right now has a risk premium in bauxite in terms of who has it. Now you understand why we buy bauxite and alumina. Alumina right now, stands at approximately $500. A year ago, it was less than $300. Why? Because there's no bauxite to work with. In Australia, Alcoa has shut down 2 plants. The balance is in terms of commodities. We're not talking about any large changes. Demand and supply is approximately at 50%. If you are 5% off, that's a large number. Is that clear? So if you are interested in aluminum, and I'm very happy to hear that because it's also one of my favorite things, then you should be happy.

Congratulations for the company. I wanted to ask about the new people finding new human resources. Do you have a problem to find the right people in order to support the company's development growth plans.

That's another very good question. One of the major problems we are facing right now in Europe, not just in Greece, and Greece is finding the talent experience that people with the know-how. This exerts, of course, the pressure to the salaries that's it's pushing salaries upwards. And we're talking about highly qualified and knowledgeable people specialized people. For example, we are participating in the underwater cable between England and Scotland, we need very specialized personnel and we have difficulties in finding them. I'm sure that I cannot give you a better answer. Unfortunately, that is the case. But even -- if we were to go lower in the ladder, less skilled personnel, less specialized people. We are also, again, facing problems. We see it in our plans in Greece. Mr. Benroubi and the projects that they undertake, there is a difficulty there, not just with us, but with every company. Thank you.

I would like to ask you 2 things. Could you tell us about the process of being listed in the London Stock Exchange, you talked about investment buyout if you are attracted to the refinery sector.

I wonder what this means. Question number one, the procedures of relisting in a big exchange market abroad proceed us as usual. So we will be listed in the London stock exchange. It is a procedure, which is exceptionally complex and a burden to our executives that already work hard because of the workload to grow the company more, which means we don't have delays. The banks are after this issue. But be patient. Well, I will make a forecast. I don't know if I may. Next year, I think that our general meeting will be carried out elsewhere. Well, refinery. You talk about repair, probably with all these things that you have seen in the press, et cetera. Well, first, we hear about percentages of shares that do not respond to reality, the company and I have [indiscernible] shares, but at percentages that cannot be announced yet. Second, [indiscernible] is a company with 2 big shareholders. None of whom has shown any interest to sell [indiscernible] neither [indiscernible] nor Latsis family. It's totally different to increase the value of the share, and it's totally different to sell. I respect the Latsis family and I also respect the procedures of the state. So I don't want to surprise anyone. If something changes, and we have new data, we'll think about it. Refineries belong to the wider energy, part of the wider energy sector in which we have been present for long. We will revise the situation when something comes up, but for the time being, I have nothing to tell you. We need to be serious when we talk out these issues, talking about you were quite discrete with your question. We need to be serious because figures have skyrocketed, and discussions were different back in 1997 with regard to buyouts. But now things are totally different. Another question.

Nestoras Katsios from Optima. The third sector of activity constructions and concessions. Prospects for the years to come. If you have a critical mass, we have a different listing in the market.

Initially, I need to tell you that there is no construction and concessions sector, we have 1 construction and then concessions, which is a different company, constructions have started their operations 2 years ago. Concessions have time ahead to mature and be -- so as to allow us to be serious about that. Mr. Benroubi, his team and the President of METKA, who's here, do an excellent job in METKA and have promised that in the [ 2023 ] will have results around EUR 25 million. In 2025, we will have doubled that amount. And in 2025, we will have double the amount of 2024 with regard to results, Mr. Benroubi says I'm right. So if he says, I'm right he feels confident about himself. With our backlog jobs projects and the projects we bid for, and with the increase of the construction industry in Greece more in the private sector, I believe that after 2025, 2026 METKA will come back to the stock exchange in a different form as a construction company with a healthy balance sheet, a very healthy one, I dare say. And will have a career in the field. I'm sure that this is the case, and let me say something more. Since we grew up in the Athens Stock Exchange and now we might bid farewell to it. And I'm well aware that it's not good for the Greek Stock Exchange, my responsibility is vis-a-vis the shareholders of the company, nonetheless I recognized the future of the Greek Stock Exchange and the efforts made to upgrade it. So we will keep dual listing in Athens and replace Mytilineos in stock exchange by METKA. We have that in mind as well, clear. Any other questions, please?

Could you comment the -- on the geopolitics and the energy. We have seen recently increase of [ TDF ] prices. How that can affect the profitability of Mytilineos?

The way is that the European Commission has managed the energy issue, a lot of [ block ] Books will be written in the future. I'm afraid that, again, a lot of mistakes will be made. Why do we have an increase of the debt. And we have the issue with the energy bills, et cetera. There is a suspicion in the market that Russia will stop providing gas to Austria because Austria cannot pay Russia because there is a pending issue with a German company. And then everybody expects that if something goes wrong, the Russians will stop providing gas, and we have the Energy Commissioner from Estonia. So the whole German energy is based on the Estonian energy commissioner. And she says every day that we need to stop energy imports from Russia as soon as possible. What she doesn't tell us is that [indiscernible] goes to EUR 300 or EUR 500. And then when the people justifiably complain, she isn't interested in that, though, what she is interested in the Estonian commissioners how to destroy Russia, Estonia is the size of Patras just to have a size in mind. So what kind of comments am I entitled to make here. Whatever you ask me for this kind of commission, this European Commission. Well, I have publicly expressed my views on that commission. The lady?

Congratulations on everything. We haven't heard the new name yet, be patient, but you said releasing -- bid farewell to the other stock exchange that will coincide with the listing in London about METKA. You mean about Mytilineos? I mean, Mytilineos will be in London releasing, you will leave METKA behind?

No, no. This dual listing at the same time. So you remain in the Athens Stock Exchange, yes. Of course, we will remain there. Will I leave all these shareholder behind us? So METKA is totally different. No. And it -- we will decide if it will be listed in the stock exchange as METKA not as Mytilineos because you talked about bidding farewell to the Athens Stock Exchange. Manos?

I'm glad that we'll be here to the next year again under a different umbrella, but we will be. You have been judgmental against the Brussels, the policies that concern energy support of industries. And there are a lot of complaints with absenteeism of voters and your comments about all this. And if these help Europe move ahead.

Thank you, Manos, for this political touch in your remarks, be patient, we will announce their name soon. Well, if you have -- if we had announced the name first, all of you wouldn't have been here. So I hope for a better commission that is my comment. I hope for a better parliament -- European parliament. Let's leave the benefit of doubt. Absenteeism that you have mentioned. I'm not a politician myself. If we want to change something, my comment is that we cannot be absent. I don't know what you vote, but absenteeism from elections. This means perpetuation of all bad things that are happening in Brussels. Let's vote those who will do something to change things. If things don't change with this new commission, the future of Europe. If I'm a pessimist right now, I will be more than that. So I'm against abstention from the elections. The 27 leaders agree on too few things. And we have a lot of blackmails and compromises to reach unanimity. If things do not become any better from these elections, I will be more pessimistic. I will go to vote.

The comments of the mic, but I think that the lady says that the candidates for the second term are the same. Are you talking about the elections of SEV. Someone asked me why don't I be a candidate for the SEV elections?

If I had submitted my candidacy, we wouldn't have any quarrels. I'm glad that we have 2 candidates after 120 years, SEV cannot have only 1 candidate. My presence is not necessary in SEV. But this is important. My candidacy and presence in SEV is not necessary. And as you can understand, I don't have the time to do that. So I don't feel there is a need for me to be candidate. Spyros Theodoropoulos will be a candidate. He is an exceptional businessman, and with long experience in a lot of things [indiscernible] of SEV if elected, our group will be represented by [indiscernible] in SEV. He will do his best. And if Theodoropoulos is voted for, he will be an excellent -- I don't know if that was the question, but this is what I answered.

[indiscernible] Dimitris. I wanted to ask about the [ Galia Metallurgy -- Gallum ]. Are you going to just keep it with metal works? Or are you going to have a processing plan in Greece instead of exporting and leaving the profit to another country?

Well, we haven't really discussed this, but we have a research department that does great work. And it's actually working under the radar, as we say, not making too much noise. It helps us a lot in our operations, in issues of waste of new composite materials, et cetera. We -- according to the plan we have submitted are going to proceed with the production of gallium in the traditional way. At the same time, with the research department, we are looking for alternative methods in order to reduce -- significantly reduce the production cost for gallium. If we cannot solve that, then we cannot be thinking about what you discussed before, what you asked? But this is something that we are moving on with. If you see us delaying or not taking fast action, please listen to what I'm going to say. We are proceeding with this investment to whether or not we will be assisted by the European Union with the Critical Raw Materials Act with -- because all the materials that I mentioned bauxite, gallium and alumina are all included in the critical raw materials. So if we get the support by the European Union, we're going to see and that will affect a decision that we have made this investment in Greece. We're going to see if it was the right decision or we should have made the investment in the U.S., we will see. So thank you for your patience. I think it is time that we recede. We are going to change the positions here, so you can enjoy the video. No, the name change has not yet been approved. I have not asked for your approval. I wait for you to look at the video or maybe you will check that. Now with that, Mrs. Bouzali to tell us a few words on the issue of the name.

Thank you, Mr. President. I welcome all to a very important moment for us. Today, let me say -- good morning or good afternoon to all of us watching online from 15 countries, as I just learned. So today, we're opening a new page that I think justifies the efforts of all of us. Hard work, as the President said, perseverance, boldness and pioneering decisions that led us here. But I don't want to bore you. Nonetheless, I want to move on to a small short video that summarizes everything that we have achieved to date. [Presentation]

We saw some of the most important milestones that have led Mytilineos to these figures, but to this day as well. And now is the moment we've all been waiting for. Let us now watch the proposal for a new identity. [Presentation]

So this is the proposal for a new identity. I'd like to give you an idea about how we arrived at this. It was a process that took more than a year. The goal was to support the top strategic goal to further strengthen the globalization, highlighting our intention to grow and create even greater value for our company. A key element is that we are a company that constantly reinvents itself. And our dynamic and extra radar view is part of our DNA. In a changing world, change as the only constant. So we carried that 4 qualitative service with internal and external stakeholders, 3 quantitative service with more than 3,000 people in Greece and abroad, 7 different names. We tested 26 different image suggestions. We did 3 rounds of globally focused legal research by leading names in order to register the name. The aim was to create a new name and a visual identity that reflects our ever-increasing presence and influence on the international scene. Design and creative thinking were born out of our strong core and our strategic position that we have pioneers in improving the lives of everyone through innovation and resourcefulness. We have the power to continuously grow and deliver value in all dimensions. The name Mytilineos with a business history of more than 100 years was a challenge in itself. Much more because it is a name that we found in all our research or our service beyond recognizable, it was also very loved. So I don't want to overlook the challenge that in the beginning, no matter how beautiful the new image and name maybe, it will new and like anything new, we may have a hard time getting used to it. However, as a value of change, and the change is in our DNA, we are sure that we will love it and we begin with substance that will feed our vision. We were inspired by the unique dynamic way that the company operates through the absolute synergy of its operations in the 2 sectors, energy and metallurgy. We combined the planet's primary energy source, the sun with a symbol of a pulsar rotating [ neutron star ] that emits beams of energy from its pokes, one of the most striking and powerful phenomena in the universe. A new symbol is a binary star, the sun and the pulsar together harmoniously and inextricably linked, offering an adjustable power rapidly and, of course, energy. This versatile and powerful symbol combined with a clear modern form and its own color heritage creates a corporate identity that is worthy of our company's bright future. Now to give the floor back to the President to address our shareholders.

First of all, I would like to ask the approval of the shareholders for the new name. I want to thank you all for being here today. I want to thank all shareholders, all these years, the people that stood by us. I want to thank all the executives, all the members of the company. And I want to ask all to embrace the new name as you have embraced that family name for all these years.