Turk Telekom :45 Hrs UK time 17/10/2012 Chaired by Hakam Kanafani

Transcription

1 This transcript was prepared by Genesys Conferencing Europe for Türk Telekom s 2012 Q3 Results Earnings Call. For the complete audio recording please visit the Türk Telekom IR Website at Turk Telekom :45 Hrs UK time 17/10/2012 Chaired by Hakam Kanafani Onur Öz Hi everybody, this is Onur Öz the investor relation side of Turk Telekom Group. I would like to welcome you to our results call for the third quarter of As always I want to remind you that there is a notice on our first page of the presentation so please go ahead and read that notice. I will now hand over the call to our Group CEO Mr Hakam Kanafani. Hakam Kanafani Thank you everybody for joining us. It is a pleasure to be here today. If you remember I had always talked about how Avea had made strides during the past two and a half years and we bragged about how the management team is fresh and new and there were radical changes on the ideas and on the way forward. We have created a lot of value based on that. I think today we re also proud and we wanted to say why not do the same thing for Turk Telekom. Before we get to the slides I would like to let you know that we are all here together, members of the Turk Telekom Group Management team and I would like to just very briefly introduce the new appointed members. The first one is my friend and colleague from TTNet who I think has done a wonderful job taking TTNet to the top 10 in the world in terms of subscribers, taking the penetration of Turkey more than anybody had expected in a limited time and not only that, but I think more effectively the last two years showing a very, very steady business model and different against a very aggressive 3G. If you benchmark how TTNet has responded to 3G, kept their pace and even grew a little I think this is attributed to Tahsin. He is now the CEO of Turk Telekom and he has worked in many different areas of the industry as an engineer and a senior executive and he brings us very well rounded experience and leadership from a very important related sector. Also we have our friends and new members in top management. We have Mehmet Ali Akarca. He joined us as Chief Marketing Office; Mehmet Ali joined us from Coach Group. We also have Ali Yilmaz, unfortunately Ali is not new, he is Chief Sales Officer of Avea, and he is now with us in TT to show us some of the wonderwork that they have done in the Avea distribution network, so we welcome him. We have Gökhan Kayalıbay; he is the Chief Strategy and Business Development Officer for TT. He has vast experience on top firms around the region. Last but not least, Murat Kırkgöz he is one of my colleagues and favourite finance people because he gives a lot of solutions and not only critique. He used

2 2 to be the Finance Director of Oger Telecom Group, so I welcome him wholeheartedly, he will bring vast experience and practical knowledge to the team of TT Group. He is the CT CFO, that is his position. Let me welcome them all, congratulate them, you will hear from them soon and always and we are confident that this management team, our new management team will execute our strategy successfully, we believe in the leadership of Tahsin, we think Tahsin is going to take us to a much needed next level because we have vast challenges as an industry and as a Group and we will focus on the dynamic needs of our customers. I think this is key. Let s start and go into the presentation, let s look at page 4. I am happy to report that we have sustained our consolidated revenue growth. Revenues in the third quarter of 2012 stood at 3.2 billion Lira which is an increase of 6% over the same period of last year. In addition to this revenue we delivered a consolidated EBITDA margin of 40% which shows our sustained profitability throughout this year. On the net income side, the good news here is that we have increased 77% year-on-year supported by of course favourable foreign exchange conditions, and to give you more colour on our consolidated revenue growth, just let me briefly mention some of the highlights of primary growth drivers. First on our mobile business, growth has particularly been strong in the third quarter. We achieved double digit mobile revenue and EBITDA growth with improved profitability. We have a very good trend in the mobile revenue mix where share of Q data revenue is increasing phenomenally each quarter, and I think Avea is doing a wonderful job utilising that trend. Second, on our fixed broadband business, revenues in the third quarter maintained robust growth and rose to 775 million Liras, this is a 6% revenue growth when we compare it with the third quarter of last year. A gain we have a very good trend in the fixed broadband. We see more and more the customers are preferring the higher packages in terms of speed and monthly capacity, and I think Onur has put a couple of numbers to reflect that in your presentations. We expect these trends to continue in the coming period. For slide number 5, just a quick financial summary of our consolidated results. We have consolidated revenue growth of 6%, driven by solid revenue growth in mobile business and fixed broadband business, similar to last quarter; we recorded higher construction revenues as we continued with our new investments, primarily in the fibre network. Overall this is a historical quarterly revenue record for Turk Telekom Group. Second, we have EBITDA graphs in the middle, as you will see in the graphs we managed to keep EBITDA flat year-on-year with a strong margin at 40%. Third, we are talking about the net income detail here, we recorded an impressive increase in net income in this quarter, 77 annual growth supported by favourable FX conditions compared to last year, overall net income for the first nine months reached over 2 billion Lira. Page 6 please, some information about the revenue mix and trends over the last couple of years. As you can see on the graph we had a shifting trend in our Group revenue portfolio. Revenues from fixed broadband and mobile businesses now constitute 52% of the total Group revenue, which I think we are at historic landmarks and we are proving ourselves in the Group as maintaining growth from the high potential and future revenues and now they constitute a little bit over 51, almost 52% of total Group revenue. What is good about this trend is that it has combined the largest source of revenue, grew 9% year-on-year. This source of revenue combined has grown 9% year-on-year. As our revenues grow, fixed voice holds less share in the mix, and that is the consensus; that you continue to

3 3 grow and your P&T (?) holds less share in the mix. Fixed voice business used to bring in 42% of our revenues three years ago, but now it is less than one-third of our revenues. Overall our revenue structure is further optimised with increasing proportion of high growth areas. Just to close I would like to hand over to Tahsin for an update on the fixed line and before I hand it to him I would like to congratulate him, welcome him and tell him how we are all very proud that he has joined us in this position. Thank you Tahsin, the floor is yours. Tahsin Yilmaz Thank you Hakam. First of all thank you very much for your kind words. Good afternoon everybody. I will give you a bit of update on our fixed line business for ()()(). Let me take you to slide 8 so we can go through the financial summary of the fixed line business. We continued our growth ()()() fixed line business. Our revenues increased 4% year-onyear and reached over 2.4 billion Turkish Lira in the quarter. This revenue growth was mainly driven by upsells and price adjustments in our fixed voice and fixed broadband business. We also had a very strong revenue growth in the corporate data services on the fixed line. First I would like to emphasise our upsell effort especially in the fixed broadband business. There is a clear demand towards higher capacity and key packages in the market. As Turk Telekom Group we are in the best position to address this increasing demand for high-speed broadband. With our upsell efforts we provide more value to our customers and generate higher ARPU. I will provide you with more examples than the revealed details of the fixed broadband business. As you remember we added more value to our unlimited fixed broadband offerings and made price adjustments in all unlimited areas and packages at the beginning of the second quarter. This continued to show its positive effects on year-over-year basis in the third quarter. One last point I would like to mention on revenue growth is construction revenues. We had a jump in construction revenues in the second quarter as we had an increase in eligible Capex. In the third quarter we continued our efforts to upgrade our network to fibre to give high quality and speed for our customers. As we continued our investment in the fibre network we also continued to record construction revenue in fixed line business. All this factored in, we expect our fixed line revenues ()()() growth targets. On the EBITDA side, as you can see from the graph, we achieved a robust EBITDA margin of 49% in fixed line. () fixed line EBITDA stayed relatively flat year-over-year, as we recorded higher construction revenues in the third quarter, it had a slightly negative effect on the EBITDA margin. Khan ()()() finance team will provide more details on this while he goes through the financials, but we had some of our EBITDA one-off items in the third quarter. Overall fixed line EBITDA would have been approximately ()()() higher excluding one-off items. On personnel costs which is one of the major cost items in the fixed line business, ewe reduced personal expenses to 18% of total fixed line revenues in this quarter. Access lines per employee stood at 600 as of the third quarter.

4 4 Moving onto page 9, I would like to mention our ()()(). On the top left chart you can see the trend for minute bundled packages and recurring fee in fixed voice business. The good trend here is that share of home advantaged bundle packages increasing in our customer base. ()()() is in these minute bundled packages. This turns out to give us () recurring share in our total revenue from fixed voice. During the quarter we continued brand partnerships with leading brands of Turkey, giving special discounts to our customers in many well-known retailers. We will continue new partnerships and loyalty programmes while doing micro-segmentation of the market. All in all these efforts have produced churn. On the bottom left chart you can see numbers for total access lines and PSTN ARPU figures. We have a total of 14.5 million access lines including over 600,000 naked ADSL lines. Although PSTN lines continue to decline, we have lines with naked ADSL customers and offset a good part of this decline. If you look at ARPU levels you will see that PSTN is 3% up at 22.6 Lira in the third quarter. We made PSTN price adjustments in June and this supported the ARPU growth. As a continuation of value based () most recently, we introduced new bundle minute campaigns ()()(). With these new minutes, midi and maxi advantage campaign packages new customers receive discounts and bonus all () minutes. Overall we aspire to create value to our customers in fixed voice to make sure that they are satisfied with our services. Moving into page 10 we have more details on our fixed broadband growth and strategy. In the third quarter of 2012 fixed broadband revenues grew by 6% year-over-year to 775 million Lira. This robust growth is supported by upsells, price increases, and subscriber growth. On the subscriber side we added net 161,000 fixed broadband subscribers since the third quarter of last year. We also continued with our fibre network investments and reached 1.5 million fibre to home and fibre to building home pass. With these investments we aim to () higher speed, higher quality and to transform our net () for IT based services. Overall we have 7 million fixed broadband subscribers as of the third quarter, comparing penetration in Turkey and Europe we believe that there continues to be a growth potential here, especially in projects like (), the government s e-education initiative as well as our () campaign where we aim to push internet enabled device penetration up to support growth and broadband penetration increase in the future. To give you an example TTNet s latest campaigns as part of our device initiatives included laptop and tablet PC offerings with data plan contracts of two or three years. One last point I would like to mention on this slide is broadband ARPU. On the bottom left chart you can see that we grow our ARPU to over 37 Lira with our latest price increase and our successful upselling initiatives. Now on page 11 we look at the evolution of fixed broadband usage and upselling details. On the top left chart you can see capacity breakdown of ADSL packages, share of unlimited quarterly subscribers reached 71% of total customer base from 68% year-onyear. This is a very good trend for our business and we will capitalise on it further. In terms of speed, TTNet up to 8 megabytes per second and higher speed packages are now 92% of subscribers, which means the lower end users who are in 1 megabyte per second packages are increasingly demanding higher speeds. As we make higher speeds available to fibre, we believe our customers will appreciate it even more and move into higher speed packages. On the bottom left graphic you can see the trend in ADSL monthly data usage, average usage stands at 25gb as of September, which again is a favourable trend for our fixed

5 5 broadband product. Overall we foresee consumers continue to increase data usage with multiple devices and higher speeds. As Turk Telekom Group we have the right constituency of technology platforms to address our customers dynamic needs. This was a brief preview of the fixed line business performance. Now I would like to hand the call over to Erkan Akdemir our CEO. Erkan Akdemir Good afternoon to you all. Before I start I want to mention that our smart growth strategy is busy working and then today I am pleased to announce once again our very strong results. Avea increased its revenue with a record of 910 million Turkish Lira achieving an increase of 11% year-on-year and 6% on quarter over quarter. It is the case in the recent quarter data revenues growth has had an essential contribution at the top line growth of the revenues. Together with strong growth in the revenue and () measures which has been initiated at early Q2, we managed to deliver () 128 million Lira with a 14% margin. Significant growth by 64% compared to the Q2 and 12% compared to the same period of the previous year. As you will see on the next slide our subscriber base grew by 6% compared to the same period of last year reaching 12.2 million. In Q3, the mobile share of subscribers has slowed down, we can all rationalise market conditions, but growth has declined compared to the Q2 together with the churn rate. At the same time our Avea launched competitive innovative and attractive offers as always to the subscriber like () and BIS in the business segment stimulating our growth in this quarter. Avea is still the market leader at post-paid subscriber ratio which forms 4% of our total subscriber base. Our MoU has still an upward trend with 12% increase on yearover-year basis and Avea sustained its leadership for the past years we can ()()() in the third quarter. Moving onto the next slide, at the end of the third quarter, our blended ARPU reached the 22.6 million Lira which grew by 6% compared to the previous quarter. Focusing on the data and incoming traffic, it improved subscriber mix, are the main drivers of the blended ARPU. Moreover prepared ARPU has reached the highest level ever of Turkey TL and increased by 70% compared to the same period of the last year. I would like to move onto the next slide and mention the ongoing transformation journey. Our investment o network infrastructure still continues to provide the best coverage quality to our customers. For the nine months period our total Capex reached the 415 million Lira and thus today we cover 98% of the population, in terms of the 2G and with the 15% increase in 3G base stations year-over-year, we provide now 3G services to 77% of the population. As a part of our optimisation plan, the number of non-exclusive deals has decrease by 8%, but our exclusive shops reached the 906 points scattering all around Turkey for enhanced customer subscription. Within the scope of the Group, company synergy Avea products now have been sold in more than 1,300 TT and TTNet shops delivering a variety of T-bundle offers mixing mobile and fixed products for the customer needs.

6 6 Finally a few words on mobile data revenues on page 17, I will share the mobile data revenue and then our revenue in data grew consistently and constituted 12% of our total service revenue in Q3, means a 64% increase year-over-year. The launch of the smartphones campaigns with competitive offers contributed to the push in data revenue and customer loyalty. In the consequent segment innovative smartphones campaigns like () offering a variety of the products which lets customers freely choose their needs and these offerings in the business segment offering almost anything a company will need, () today important subscriber acquisition and data revenue drivers. Share of the small screen data users also grew by 28% year-over-year in Q3. Now this is the end of my part I switch to () for the financials. Speaker Thank you very much, this is () I will take you through the finance section of the presentation. We are now on page 19 with the TT Group consolidated P&L statement. 65 revenue growth in year-over-year for this quarter and this also brought us to 5% growth in year-to-date, meaning more closer to our guidance. The EBITDA received 2% growth versus the second quarter and this is mostly supported by mobile profits. Operating profits 6% up quarter over quarter and this comes from both mobile and fixed line performance. FX although natural for this quarter but brought more than 200 million Lira net gain in year-to-date, so we have been able to recover an important portion of last year s unrealised losses with that. Finally we see 77% increase year-over-year in net income and again I would like to mention that this is a normal quarter with minimal impact from FX. Now we are moving to the next page, page 20 with TT Group consolidated balance sheet. I will mention you see an increase in the intangible assets to the first line in the page, so this comes mostly as a result of the higher construction work we performed in this year and this is capitalised under (), so you will see a lot of impact from the construction both in the revenue section and the balance sheet. Now we are moving to the next page which is 21, summary cash flow statement, so we see a much better performance this quarter, mostly it comes from the working capital Capex. You see it slightly lower especially compared to prior quarters and now just to mention we are still not changing our Capex in full year although we see some better overall numbers here in this quarter. The next page is 22, summary breakdown for the revenues at the consolidated level. Fixed line revenues up by 1% compared to prior quarters. There is a 2% increase before the construction revenues. You will see a drop in the construction revenue part from second quarter to third quarter adjusting with that fixed line revenue increase is 2%. Mobile, 6% versus the second quarter, well we all know that there are some seasonal impacts here, but looking at the year-over-year comparison it is a very solid strong double-digit growth of 11% for the quarter and 12% for the first nine months. Next page will be the summary of Opex breakdown, well I will skip this one and give you some highlights at the individual pages for fixed line and mobile. The next page is 24, fixed line business summary and P&L statement. We all know we had one-off expenses both in the second quarter and the third quarter, and that mainly

7 7 related to provisions on litigation, court cases, and overdue receivables. Without that EBITDA will be flat versus last year, but since we had this 4% growth in our revenues our margin is slightly diluted to 49% for the fixed line. Last quarter, or second quarter was kind of heavier in Capex, now we are more in line with our guided figures and the Capex to revenue ratio came down to 18%. The next page, page 25, Opex breakdown for the fixed line business, so a few adjustments to better explain the story here, we had 2% growth year-over-year without the construction part, but we also released that we had three percentage point impact from the provision of one-off items, so all excluded actually we are looking at a 1% drop in our consolable cost base compared to the prior year. What will be the drivers behind this, it is mostly a fixed and not variable cost base due to the nature of the business. People related costs are flat year-over-year, although we had the inflationary adjustments throughout the year on wages, this is the outcome of the actions taken last year on headcount. Commercial costs 11% lower year-over-year, a slight change in the commissioning structure and some optimisation efforts. We hope that those will be sustainable in the long term. One-off item, the impact is around 34 million Lira of the fixed line, you will see the impact in the doubtful receivable line on this page. If we move to the next page, page 26 with mobile business P&L statement, we keep the EBITDA margin stable at 14% but with the revenue increase, a strong increase in the revenue () EBITDA grown by 12% similar to the revenue growth, and a four percentage point increase both in EBITDA and operating profit from second quarter to the third quarter. Next page will be 27, mobile business Opex breakdown, so we all know that the variable portion of Opex is much higher in mobile. Having said that the revenue growth is similar to Opex growth this quarter, but there are some again highlights around the controllable cost base. You will see the maintenance, there is a 3% drop year-over-year although we are still going through the rollout in our network. Commercial costs only 2% higher than prior year, although we see significant improvement in the revenue performance. These are all the efforts around () of resources in our () business line. Next page will be the debt profile, our debt is now at 6.4 billion, with an average maturity of 2.5 years, and net debt you don't see in that page but net debt is at 5.4 billion. With that I complete the finance section of the presentation and I hand it over to Onur. Onur Öz Anton we can open it up for questions now thanks. Cesar Tiron Morgan Stanley Questions and Answers Actually I have two questions please. My first question is the DSL segment. Despite a lot of initiatives over the past couple of months we are still not seeing any pick up in the growth of DSL subscribers, and actually most the DSL revenue growth is driven by ARPU

8 8 increase. What are you going to do in the future because this is probably not sustainable. That was the first question. The second question would be on the mobile business and the fact that the decline of pricing seems to improve compared to the previous quarters, and also we are hearing that most of the operators have increased their M&P prices for most of the offers, and also some price adjustments for existing offers. Can you please say what you have seen in the mobile market over the past couple of weeks. Thank you very much. Let s start with the first question first about DSL, we are still in the midterm, long term, we know that we can push the penetration higher. We are facing tremendous competition from 3G. We have to note that 3G is in its maybe growth stage, introductory, passing to growth stage, and we are between growth and we are between growth and maybe maturity stage, so we are working on that. I think the success is that you note that we have maintained a level and we will not get hit. You will see that in other markets you will get actually a hit. Now we have done a lot of initiatives on ADSL and there are more initiatives to come. I am confident that it will respond. On the mobile well we are getting mixed signals from the market, so that is why we are cautious. There are some tight increases that we have done and parts of the other competition has done, but there is also some aggressiveness that we have seen in the last week or so, even today. We are getting mixed signals and that is why we are very cautious. Now the effect of our own price increase is still we need to take a look at it. The growth that you have seen does not include that and we need to analyse it. The answer is mixed signals and we are cautious about how to respond and what is happening to the market. Just if I can quickly follow up on that, if all the operators are increasing the prices for M&P offers, are we not going to see some decline in churn in the next quarters. That will be good news. We are always looking for lower churn, but you are talking to the M&P leaders, so I think we are hurting them more, and this is the logic. It is happening, as I said we re getting mixed signals and we are cautious, so I cannot take a position on that. Erkan is going to hit me in the face if I continue to talk about this. San Dhillon Barclays Hi guys just a couple of questions. The first one, in order to hit the bottom end of your 2012 revenue guidance, you will have to achieve 4Q growth of around 8.5%. That looks like that is ahead of anything you have achieved year-to-date. How confident are you of achieving this? Secondly, looking forward to 2013 the consensus you sent around last week implies that analysts are expecting Group EBITDA growth of 4% in Again given you're looking like you're going to achieve 2% EBITDA growth in 2012, are you happy where consensus is positioned at the moment. Thanks. On the first item we are sticking to our guidance, our guidance is clear, we are sticking to it. We feel that we are committed of this guidance to the investor community. We faced difficult two quarters but that is our guidance, we are sticking to it. On the second question I have no future statements to talk about any consensus in the future about either EBITDA growth or revenue growth. We re focusing on this year, so we have no comment about next year and we don't want to cause any mix up for you guys or confusion. Is that okay for you San?

9 9 Maybe a quick follow up on the first one, so the sequential tick up implied by confirming your guidance, I guess where do you expect that sequential growth to come from, is it more the fixed side or the mobile side and maybe a bit more colour on that would be great. Fixed and mobile? Both. They both have grown 9% so far, combined and they are a bigger chunk of our revenues. All of these are great signs and we are seeing them and they are bringing in a lot of confidence for us. We are very confident in the new team. They have new ideas. They have been there, done that, they have been challenged, so we are confident in these two factors. Erkan talked about the smart growth strategy, it is working in a very, very aggressive market and you will know that Avea and there is a lot of upside, because we have the shortfall in many departments, from third operators to the frequency to the price wars, so I think these are all actually upsides and we are very optimistic about Group growth and Avea s growth in particular. Haim Israel Bank of America Good afternoon guys, Hakam you introduced us with the new management team in the beginning of the call, but what can we expect in terms of strategy, vision, view, from the new team talking about a lot of changes in the last couple of weeks. If you can just give us some kind of clarity of what should we expect, what is going to change. I think there are two anchors. The first anchor is Tahsin, he is the anchor that is going to manage this change, and I will tell you why, because he has been there and he has been in our highest growth industry. He has seen it from a client to TT, which is very important. When you see TT as a client you have a lot of dreams and things that you would want to do. the other anchor is the relationship between Avea and TT which is Erkan and Tahsin and their relationship is very solid and they have the incentive and the initiative and also this is how they will be compensated is on the Group numbers, how we can bring about the Group numbers and increase. The management team has not yet... they are supermen, I agree, but they still need a little bit of time to look into that, but what we have agreed with the Board today and there is a Board meeting today is we are focusing on shareholder value. That is very important, growth, shareholder value, add to that our dividend, wink-wink, so you would see that this is the company to stick to and to continue being optimistic about. I don't think that we are going to see we want to go back to the fundamentals, some of the things that we need to do, we need to redo. We want to look at the quality of service, but we want to look at new products. That is very, very important. The big change, it wasn t sudden, but it was a big change, I think it will be anchored by this man in the middle who is Tahsin who has seen from around TTNet a lot of that and he has a lot of plans for this. Let s give them a chance, you will see them and we are going to go on road shows and we want to introduce them and we want you to hear their ideas, but beware of a new manager who speaks quickly and has a manual for success, if they don't take time then we will doubt what they are able to do. They will take time and think this over and then you will see I think a lot of good development. The good news is that we see

10 10 momentum in Q3, so this is good, and it shows you how the decision making process has improved tremendously with the collaboration of Tahsin and Erkan, this is very important and I attribute a lot of this momentum to them and their teams. Vera Sudedja Erste Bank Good afternoon, the question is about the fibre to the home to the building, could you please update us how much of this home pass that you mentioned in the presentation has been subscribed to the fibre to the home service. Could you also give us a bit of flavour how much is this priced, I just want to know whether actually it is affordable to the people in Turkey. We believe that the people in Turkey like any other people in the world respond not only to discounts but they respond to value. We have shown this and we have shown how Turk Telekom Group is a disciplined playmaker in this wonderful market. We need to look at value and offering and also the price and that has been taken care of and we have looked at that intensively. Today we have about 175,000 fibre customers and about 180,000 ex- DSL which is partly fibre on part of that, but I think the good news is and we started early, we only started early this year. The good news is that we have a good uptake on out TV, IPTV and that is a successful story for us. It is better than our expectations and it is driven by TTNet and you see the common factor there and I think this is good. It proves that our strategy in the beginning is right, is that we upgrade the capacity, we will be able to add value-added services. We are also happy with some of the bundles that we have put out, in terms of mobile and PSTN together. Just a follow up question, in the IPTV uptake can you quantify how much it is at the moment? No Vera I cannot quantify. They will start throwing things at me from the IR team. This is good and it is creating a nice niche for us, and it gives a good indicator that the strategy works. We are happy about that and I would like to congratulate the team for this success. The final question, how much again is the home pass number target of the fibre to the home or to the building home pass if you can give us. I think we have that in the documents that you... you will see it in the documents, if it is not in the document then we will probably not be able to announce it. The targets, I was just about to tell but I was stopped at the right time. There is a considerably big target for next year. If that is the last, I wanted to make a couple of points further about mobile what they are doing, but I think this is it, there are no more questions. Not from me no. San Dhillon Barclays Just one quick follow up, just quickly on Avea and the 9-or-so-% stake that Isbank Group own, if they were to attempt to IPO that stake do you have in your powers the ability to stop it and acquire it at a predetermined value. Are there any put options or call options that cloud anything.

11 11 Oh my god I think you are mistaking this for a different group. We don't do these things on our board level. Our Chairman believes in consensus, believes in building bridges, believes in unanimous decisions, we don't do that. I want to tell you, it is Isbank s decision. If Isbank decides to do anything with their stake, they will see that Erkan and the team is there to support them and help them, they're our respected shareholder, and you have seen an indication what happens when we recapitalised the company and it happened slowly but surely and without any fist fights or animosity, that is the way the Group is run and we re very, very proud of that. This is a shareholder decision for Isbank and we will support them however they want to do, they are our shareholders too. Closing Comments Thank you very much everyone, this is the end of our call, thanks a lot.