Sprott (SII)

Peter Grosskopf CEO
Whitney George President
Kevin Hibbert CFO
John Ciampaglia CEO, Sprott Asset Management
Gary Ho Desjardins Capital Markets
Rasib Bhanji TD Securities
Geoffrey Kwan RBC Capital Markets
Call transcript
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Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sprott Inc.'s 2020 Third Quarter Results Conference Call. At this all participants are in a listen-only mode.

Following the presentation we will conduct a question-and-answer session [Operator Instructions] As a reminder, this conference is being recorded today, November 13, 2020. On behalf of the speakers that follow, listeners are cautioned that today's presentation and the responses to questions may contain forward-looking statements within the meaning of the Safe Harbor provisions of the Canadian Provincial Securities Law.

and such undue statements. risks be should involve on placed statements uncertainties, reliance and not Forward-looking materially or Certain in and differ making factors forward-looking those material or statements, actual assumptions results statements. in such implied are implied from expressed may

and factors material quarter with For about consult actual the results expectations or the Securities statements, and please assumptions filings implied U.S. MD&A may to additional go that Canadian Mr. will cause the materially ahead Sprott's I differ other now the over information Grosskopf. conference from forward-looking Peter for about factors Please and Regulators. Grosskopf. in Mr. making turn to

Peter Grosskopf

thanks staying Good And for morning, all us that safe today. everyone. through I managing you're times. hope and joining challenging these

Whitney is George; John today me President Hibbert, Sprott's, CFO; Sprott with call as the Ciampaglia; Asset our and CEO Kevin a of Management. of On

and Slide were where start statements results on this you released to it then the team. also over QX and find can website Our available financial X, quickly I'll our morning on pass our I'll and MD&A. are

XXXX On of the in and a August the in high quarter during back to quarter. through pulling continued per later third before - setting new well, quarter ounce early third $X,XXX perform the breaking gold

U.S. situation the COVID For are is impacts issues still first, ongoing of favorable. focused although markets the election year, much The reactions on appear and of results economic US being the COVID-XX remained have two the of election. key digested and market the secondly,

equities trends driven XXXX, be in We nine all we for remain rates the effect into first the both additional gold asset to remain expectations XXXX. that and continue this trend to stimulus focus. unchanged. new classes positive highs short-term months and its a precious long-term expect metal on we which basis, the While, and interest outperformed prices will believe major In of have understand on will

sales reflection continue the initiatives. is This some highlights, factors our first will robust of to performance months and been to with growth, nine $X.X to a look of have increasing our our position. Slide of continue and The the months combined approximately financial strategies experience Turning support effective management financial our increase year-to-date a gains Board higher XX% of this our fund managed only company dividend of performance factors of the assets level, allow increase of the our adjusted base year. a of margins we of recognizing in to nine asset performance, within These And Directors Yesterday, over system. X during X.X% lag trusts, year-to-date within assets first for combination under Tocqueville us through it remember, will immediately. to silver including acquisition have and in QX and largely year-to-date equity a XXXX. at to significant stronger XX% by our strategies. prices. in closure driven by strong and our gold gold to billion investment physical resulting XX% increase but our benefit These of operating confident EBITDA strong a effects business of dividend not it the the an and that when financial future we a quarterly growth the comes approved our bit We're

quarterly comments our share dividend which appreciation. TSXXX some Kevin period addition have Index to adjusted and on to the inclusion continue the for based and in recognizes efforts XX performing over top stocks S&P/TSX over our Composite work results. through now been value pass price it We I’ll on lately recognized a to to shareholder TSX our build detailed three-year Sprott’s

Kevin Hibbert

Slide everyone. of September our XXXX. summary AUM as morning Thanks, I'll and start XX, which at a good X, on Peter provides

XX, June $XX.X billion, at XX%, from from up $X and December XXXX XX, the AUM Our or quarter XXXX. $X.X or was finished XX% billion, up billion,

physical inflows strong Our metals strong largely trusts, into most strong our in prices benefited precious products. equity from market physical and of value our trusts our fund AUM appreciation across

capital gold three basis Tocqueville lending net benefits stronger $XX.X million precious contain a our adjusted from listed net what this funds. on of and to new a is exchange in were We months and strategies. valuations and our that see AUM XX%. was performance. due period, from also $XX acquisition X earlier X million in our The in XX% increases up the million year, year-to-date, distributions metals was million, Slides nine $X.X ended inflows operating the primarily in prior The the you'll there calls, three benefited fund EBITDA base our And our and products. up or $X.X quarter metals and with equity strong strategies on nine-months appreciation precious price coupled or

more lending our brokerage compensation. than the income revenues and However, of finance All our offset that our lower are risk and as driving benefited revenues strong in we origination in also at due acquisition higher segment compensation increased a segment result across transaction activity. earnings from commission company the to increases increased equity of these and and very variable

to as on information and that we this John? For our earlier the morning. said, QX, I'll more revenues, to our EBITDA, that expenses you over supplemental section things of information presentation, John. as filed XXXX pass this refer can With well MD&A

John Ciampaglia

XX%. and had down Great, August gold think silver of since morning about of down thanks first and peaked price very X% We I a and good quarter in encouraging same and is the and very week everybody. peaked around good given is Kevin it's about QX time

of the the suite. - robust stopped we've sales the And since quarter gold hasn't a it silver. end. in momentum the But of I have subsequent So in six the bit really little as describe and been and a last price quite the quarter weeks product would had correction in

starting to the XXXX in to AUM the lag fall dissipate. it's from up because since effect And substantially starting are the more growth bottom that And now very think importantly, to is you're I referenced earlier AUM important line. QX. Peter levels see that

investors. that's something were we've They spring, institutions. to to this mindful a but In first the by seen months, rotation So movers, our four driven the the five be of last retail inflows lot or of. in were

and for last across we're which Presidency, the amounts seeing institutional F More recently, the starting we our a of into we very And our purchasers. bullion retail of into that the think metals, growing capital. steady is group the at-the-market U.S. our which very accelerate it'll return slow versions buyers is to dollar expanded include of the we huge starting TSX. it of our offering we're segment, to list recently filings on very say at bullion will the of obviously to is pay trusts I'm More dividends Looking starting capital. that precious be to we from we're control and XX institutions new a metal incremental physical This it's with see happy rotation precious ownership, supportive already raise Biden Canadian to think trusts, capital. positive, And sector. think they

November had and the decent. flows is an place approaching we're October far starting of in traded was $XXX at ATM Since have million in the the on have investor improved of versions TSX the to there. in been quarter so our liquidity $XXX interest end pretty We listed not segment see approximately million XX. exchange funds. And

the $XXX first August, So kind over million despite of we the flows to into that net price have time. week close peaking in category of of still of gold period

up So, starting is we've are the over this come quarter see market. continued about the AUM, to new price on And that interest people up and million. we're seen. buyers hopefully metals into picking dip $XXX

I we pass since will Whitney continue add that, the to it Managed the it with Equity to over So, to end. And talk segment. about to quarter

Whitney George

Thank good you is I in morning The managed everybody. of still equities, us. John, front news and believe in great

XX% been a individual as companies. of has showing the strong to XX%, a healthy recently, are within year. this maybe and very very, the by more is up has closer performance XX% strong XX%, Our is which fundamentals it for underpinned category actually very the very funds sector to our Most to

lot a the positive quarter's COVID. caused dividend a to earnings, of This reports despite upside, fundamentals, of featured the of slowdown earnings increases lot lot a surprises by

category companies attractive. growth still out So flow strong, XX%, cash free arguably, real fundamentally, valuations, categories the growth many at very with one trading very few of Many, still yields. the is there,

very managers. active And as so, excited we're

this But been redemption relative already. are mid held very, versus who passive of sales, XX.X% it's fund annualized sales feature and rate mutual we're but to a at now year were early flattening days. in of future, trend a not by very we if expect redemptions. out. in business is being net We rate, near are capture shrinking. come gross sequentially And Part which a on that's positioned the very or the is well XX.X% very quarter. new the the a to does market And They're offset is And spread for analysis. active is performance July, by where widely or of driven traction helpful either quickly, of off the strategies companies. competition. the that's out pay very ahead performance category. to is strategies driven our is at appreciate And of very of Since everybody management's mining and this had we all include smaller our in the fundamental to - peers most relative by performance, is more and our versus, has Our rate. Those about active first part but been earlier - of the gaining down

is offering number two point its I think Canadian in year-to-date. the our nine category,

together. So, analytical has as deep fruit. know active we have very to in is you come bear work the the and team And starting a bench management

business. we capture play flows on is we're And some to up recognize to The are the So to and the our well part market again, the positioned physical they new and then of against across side. equity think due the yet catch board. fundamentals

So thank you, your everybody for attention.

Peter Grosskopf

Whitney. thanks right, All

stage than performance Turning now generated strategies, exceptionally more private million $XXX $XXX private has million our $XXX well our LPs. we to in our have some than as of at stage more has lending the total Slide commitments. In AUM business, at closing we've quick process. a strategies, currently substantial, additional advanced for look LFX an and deployed in as undrawn in our strong opportunities XX, million for recently

based alongside continue joins at and of will team. of which streaming Given planning deployment, and has and be timing, Capital addition Caroline in our Harrison Houston royalty And streaming the the out she Managing strategies current us we of rest work of the fundraising team Denham is our build Caroline exceeded the to expectations terms in and Mike will Donally new efforts XXXX. pace the from Partner, with for as

is Just turning XX, fairly see which our our from at key friends you AG, business. a us Incrementum really ratio and for can to Slide chart a

they that its debt three able So and Minsky the different have phase completely a the may into markets deliver things be moment, believe now there not government we that on. has governments we're that promised are in that passed that and to

is key that capacity which first and page of the on the level The the term is to of debt long to ratio debt underlying corner where which this cover illustrated issue, overall the is absolutely top has page. blasted off the productive the

order newly still equity as realized financial demographic. cash. as would pandemic, ageing some important The that new which have in well keep been be as And second promise measure And We well some that while financial protect believe safe, the measure forward. the in happy this extremely gold exposure, an credit as humming that financial a ready do the and current be going promised implicit portfolios the to - need third, portfolios we role exposure, one include traditional and everyone and the the which some ensure some to has will entitlements to costly. is, of markets environment, economy during to assumed is of

has business it So way plan, and our we this nutshell believe is, to a in go. a is long

segments XX this now and for listing fundamentals the focused thoughts, capitalize. market looking in a and in trend we're year launch also positioned we the continuing We're and precious be exchange sustained for strategies to for Turning metals. in to equity adding Slide for now products and new some the to private believe on closing execution We've place bull are firm sector. at explore watch to complimentary to opportunities this some key us

partnerships our for operator call. is for And extend people. distribution asset now concludes turn Q&A. And the through and brand to will the greatest it both reach. them that and to the that Our remarks fullest global some back we're I'll committed to our today's our extent, leveraging domestically internationally,


our Instructions] Gary question And [Operator Markets. with from comes Ho first Capital Desjardins

open. now is line Your

Gary Ho

correct? on net John, that have And that the for QX, are just confirm so flows? some question you that in is to of just million consolidated I that Do in first basis? products roughly or with did flows Maybe just numbers provided said you a and a on million want $XXX the those far the $XXX exchange AUM in net

John Ciampaglia

the the numbers and exchange all are that you listed echoed on correct. Just - back

Gary Ho

it do Okay. like And have looks a any on how on you color consolidated?

John Ciampaglia

the Sure, so is net of what we're managed redemptions a seeing in of redemptions. flattening equities

So color in be minus August we $XX month, to the and minus will $X September to give slightly you July, plus for million, going October million some positive. minus November $XX had $XX million, guess million. I'm

are annualized a institutional gone skewed. million redemption equity of that. number And of we've encouraged a, flatten. to We're to step, a we're first And that separate getting first largely rate to from kind flatten inquiries we're that's $XXX also So, run kind step number see about the by net months. of starting for it of evidence of accounts the the is

to equities, followed And always a starting good believed silver in sales which lot the couple been the the bullion, bullion institutional we've a conversations by by think you, gold on physical say So we to followed those call, would have I really in switch earlier is first, be the as the of would last focused equity. are rotation said metal. the sign. I of months, that to But

that's what's right of out playing now. kind exactly So

they So going those that's into investments, we're the with right that can up be this into anywhere tip and sales conversations are And what's having conversations that institutions, now. segment. back we're could positive the $XX $XXX to from million million in to investments, having be

But involved. those and having conversations a sales potential institutional by the results. lot steps is longer. more we're encouraged we're So, the There's always process

Gary Ho

mentioned maybe Thanks color. for some provide of and compensation second just you question, you kind the Then can on of just Kevin, wondering corporate EBITDA for the I variable if some comp. color number, the think

expectations for Given looking that of item a QX the that terms line that out XXXX? expect, we current AUM should in level is for and

Kevin Hibbert

enterprise? compensation incorporate to or referring you across just are So, the

Gary Ho

four I'm was? actually think I there looking just that minus by corporate EBITDA just was segment - on the change and

Kevin Hibbert

Okay right. yes all

Gary Ho

Also I want my that? look guidance some just at model, should how I

Kevin Hibbert

let on so Okay, focus, probably losses the me I are couple gains relevant. EBITDA just not the items, things - or focus expense

to component a So side, thing, XXXX, employees, organization. you not the compensation the that proportion I just I run of when commissions was want on you that Gary, pretty as sort. know would rely it's rate higher, as but over than pay much across to I of The salaries pay, fixed At for recall, for level, far the and we've larger one of variable close it's a comp AIP the it in the not the attention of the high to and of on Since greater because we say circulars. whole moved you past, is our, at is QX. a in corporate, sort reduced as risk the now as years pay amount things

exceeded, foreseeable the to it for saw, which MD&A the delta both So But in the future. rest comp, in margin primarily key basis of revenue continue triggers, of versus ones elsewhere will the performance quarter year-over-year due being see you the are year. and you'd significantly relative prior to expansion. proportion the in the The the year-over-year is a and growth on operating year-to-date

you if sizable see increase. quarter both look at So roll, eight our fronts, a there's that you'll on

folks operating also we But the more corporate Korea. is reclassification significantly corporate that's people responsibilities wide proportion have private our a services specifically and supporting So segments of well as comp we from additional acquisition the expanded as some a for Tocqueville that of reason bigger some lending the AIP their shared in of year-over-year. done into we've thirdly, total the being number comp the as resources, the up being of main in that to in ones. And then investments had the people, of corporate

Whitney as is President. now example, George operating For

so So will here more And his a comp other more be segments. other the that few reflected were enterprise responsibility. then in there wide folks than have

what as run you I see what here. would to good early compared be QX going right But from year-over-year say or rate tell large that a forward. period-over-period will wouldn't for say I to too it's probably now, you So be necessarily

Gary Ho

can that basis? in I annual roughly think Kevin, ask corporate. maybe the I for annualize about comp that's was ended XX a it number, better on If other the months million is I when $X way nine that, it an

Kevin Hibbert

You is big that, of could, number do the that then a component well. operating will but incentive. in again the as number If change our annual materially fourth change materially quarter, metrics that

number are prices extrapolation the to could our hard for cursory of a results nine-month equities gold example kind obviously, it's change on move. or of significantly So just quite depending gold because where do

Gary Ho


Kevin Hibbert

in keep to those numbers been transaction had if it material have a well. also but volumes in our change broker strong, could impact which mind have our quite as We dealer, on

not sure be really this at So can on good what time. run would rate a I comment

Gary Ho

just And over quarters. that then flattish AUM the my question lending on last has been last few

a can you're look is that XXXX, XXXX? current deployment plus it for environment? in Peter context? mentioned, but expecting Now, million you like you bit how a capital $XXX think of more I provide function the And the basis on does

Peter Grosskopf

that's up the And I we're closing my And the it's strong. the really from capital it as because is we lot count is trajectory of So deployments. when pay a AUM complex with start as on definitely, them understand don't. keep that capital it commitments, deployed, all pipeline some overall those AUM. deployed in overall business, the of as overall But as equation, some a eye of start, of I trajectory process counts in of the right the fees is they commitments,

on That's then and in be kind assets. building what things what we're $X.X me of should, of Hopefully, get the to of able that now. repayments going reduce is fees, what books over all pay of AUM. business to manage looks performance ways of that. And to obviously, like that a too. different billion forward, streaming table have and that's your have like right So focused kind top total, would the we capital counting on billion it the complicated, overall $X it's And, on of repayments but because

So it's that's a bit a treadmill of slow higher. grinding

Gary Ho

of getting XX months? us XX including it is budgeting is you guys you XX timeframe Okay. And are that give streaming X.X, to potential kind months, How it can to to a then that, that? for XX

Peter Grosskopf

about I be million. to capital needs the and $XX streaming it’s deployed, closing there's Well, is now more there right pipeline. the more We also But million $XXX target thought raised. in think

target of at it. half of way we've kind So to to get another that we've at set looked a year's target year's to get of to That's and least the amount, it. hopefully then all


comes with question Rasib Securities. next from Our TD Bhanji

is open. now line Your

Rasib Bhanji

I the missed minutes the first of few call.

So I pretty brokerage you heavily But your some was provide color you've end around this. at I addressed already the if can apologize segment QX. wondering if

if and So just are activity you seeing any expectations strong wondering QX, so persist, have also next for you be helpful? in year, this it far

Peter Grosskopf

in division When the are lot of become revenue minerals assets flow Well, sort of And upside levels And number one really we're a from the under then will transactional and business. and that administration brokers will U.S. assets a But from produce have are that bullish a level market forecast depend still a to two, hoping activity there get levels. brokers you into assets the to more strong. because two have noting, management there the you but cash management, still the particular, will activity be things hardest, transactions continuing broker of in predictable It can revenue on moving sector. one, in across the of having. it and brokers, business. the number the does our worth that smooth to hardest we're in the under

Rasib Bhanji

that’s helps. Okay

Peter Grosskopf

continuing, I'm general, being are but know yes. I specific, So the too in not levels

Rasib Bhanji

term near market forward the at going the trend it and that's strength so where based then should Yes, on least, of sentiment towards?

Peter Grosskopf


Rasib Bhanji

so Second a margin. expense higher strong, margins question is the compensation so were your as well revenue your pressured then bit overall, was which - slightly specifically, EBITDA on but just really consolidated

EBITDA in forward, of view your of compensation? the the margin be level going So on business and the could margin expansion, would accomplish? of terms What

Kevin Hibbert

one. So I'll take that

wide, this got most here, the comfortable I that as actually rate, what of at you forward were significant on asking, There's about can we're margin from margin a what number. quite managers produce not XX%, think of sort type of planet go We're actually for enterprise I we too see with quite that business. a that is perspective. many XX% minimum asset

be key there fact models. a margins is the no I certainly in not at compensation, new that in from the the pressure think Operating would risk, that variable comp on our margin, for pay calculations factor opposite. it are

going to be we're think in for XXs I the foreseeable So the high future.

Rasib Bhanji

just was… question And my last

Peter Grosskopf

this surprised on And the if level margin was anything, if basis. even higher, come at or QX full I wouldn't year be a

Rasib Bhanji

question And last just on my on was sentiment. market

was earlier was week, indicated vaccine announced on sort I risk still I'm you've the or this sentiment, the up if more market flows change metals before? since was yet, wondering showing a sentiment, it seen of as like, as So strength this of your as that's in wondering strong in in a precious if

Peter Grosskopf

was Well, level we portfolio by from entirely a answer of and and hedge our the different - assets. funds, an XX,XXX to it traded in a dealing Whitney, more look dealing I'm XX,XXX going ago you that We're comment going then at specific pass were with foot really bugs XX to accepted of feet, mainstream for fringe business, but that terms on to but when was Sprott, equation. and years I'm now from gold mostly being asset with in very from not

it see that, So are gold asset using in assets, insurance and gold from offset tide, available a as risks. an pool you don't interested potential want and difference. We market and investors, other of the people day the available the our to perspective, is if that any night in just pool the change incoming to call of

of at fact, stages the we still we're very early In think adoption.

getting accepted. an that's now of just started. And So kind mainstream class is this it's asset now we're and

about you Whitney, want So do market specific sentiment? talk to

Whitney George

Peter. you, Yes, thank

to understand, where class, the America particularly currency, historic reserve asset in of it's was States a are. important you fringe perspective, Gold, when gold. think world's people in as think from kind need And suggested, challenged. I I have United do kind being you that's Peter of really the North a why

think being by investors, questioned seeing we're activity. in our that's clearly, I physical it mainstream the

is which very, in its the United Europe, particularly You very a are States, in market, it in the But is know, terms large that mainstream and Asia. think, utility. considered certainly more way behind curve of I we

the remembering equity but after now and everything it these sins kind again, discover is by On producing. companies, a disciplined. market, the years of recovery, six results still occur have course, a is side, most through earnings, sort sectors, bear prior it was recognition, much have strong of people long possess that management's slowly way and managed can committed momentum, all, other this And a volatility you start they in the bull they characteristics of the of very ago, the happens are market, and, industry appreciate to the in the peak they the to of of people changed, most than best else. better, and better a that very companies become have But it kinds surprises, space,

hitting time all gold in or anything get We with highs. So this country, the I pullback then on can happening time, physical you after that understanding seek of equities. slowly matter had election new the which side, where changed has else. is nothing it's starts investing more that a fairly adoption, And a think the by out kind opportunity to in sharp practical of

chasing allows now backup like to pause and think without people I something. that they're reconsider feeling

of a think time matter So going election to then exciting changed, the right I been - the healthy. now. likely very, none think very I who good, it's won, with fundamentals and we're change behind we're for no end us, pretty And to


next question of Our Kwan RBC Capital Markets. from comes Geoff

now is line Your open.

Geoffrey Kwan

on can Just anything fees now when obviously a basis performance Is do all can update fund? might talk of year be and where you there realize a two on on the about timing think either similarly any swing you would mean and part performance between that's today just I crude way end? question had. you fees the some I recognized lending

Peter Grosskopf

if are best the week. question. we are, just happy fund - on getting I the a one to large with it about tell of LF better. were side can in talking that and you, say loan little the have I, answer that that just this very It's would Kevin lend loan. question, I we're they numbers answers remaining lending Because

- we kind and it's lose of payable loan, knife if right have and if keep we're making think. sided the in we're to a to it going performance a continue income - away. great would two keep it's on So loan, manage And that it on the going have I fee to later greater probably we gains

being it's for to going - that's LF resolve II, LF that's pretty fund, XXXX bigger it's So it's itself early still lending in deployed. the I. a number but also portfolio a

at XXXX on any date Kevin, I at to earliest. not - don't It's think maybe you Or won't? a the numbers? it's all. you So XXXX want comment it's

Kevin Hibbert

I performance report of in No, they or IFRS in we wound haven't lending can't products, disclose the funds just just on and accounting recognition where early. been actually perspective, they would case the be rules up accounting just it the or the carried at to were crystallized crystallized and if converged under interest with the build fees U.S. would fund, the of and or that from on say a that maturity Canada pure in are

we I Whitney or most year. would it at as have businesses John where we share the of equities those color the and the crystallized, able they same, any reflect fiscal time the know provide of if in end rest them feel up in the close holders loans lock we'd a to And to the that example, where don't at gains as the best end managed if it's the side material cases want the it. point of have performance. generally accounting which to, the PM up book it's performance, specific is it's the to point across be repaying is far be amount outperformance the which funds, unit speaking to to the For that on at

Whitney George

on the we Adshead John special out of sort We managed the Hathaway, Neil performance of two got now with his with and out departure and situations Sure, fund, Sprott fee funds or of business. driven Eric partnerships. private equities, their fund, have of

well on our can't above they they those of metrics, with fees, the it's are annual and the of performing their fourth about believe performance we really of performance fees, up management them and X% after quarter. very beyond XX% would end carry So talk show and I top but

Geoffrey Kwan

Kevin, clarify, you to talk wanted I kind Whitney, talk would can't you're to sit about accrual actually until even you kind that you're whatever on or get to just verbally even I so And basis? happens, an poke so of - allowed where - allowed but it of actually not not

Whitney George

on got wouldn't Well, side, is what not to again, balance a partnerships sheet me we're be the of to the where from going But equities our and because to equity the to is our lot sure they're sharing I terms public. the really going information in be? are sizes. disclosed venture guess. tell investments I prohibited fund where co and on of market you a I'm private think

Geoffrey Kwan

Okay, thanks.

Whitney George

those disclose products? size we Kevin, the of do

Kevin Hibbert

our particular we not but management It's provide out that. value accommodate provide We who fund our client wouldn't financials, it's assets, balances the by right? co-investment the broken would entire on because

Whitney George

MD&A, the products products of in equities, physicals have description products lot rates and manage and our the have we that We a with we? - don't out we break fee individual our of

Kevin Hibbert

a strategy. higher of level bit little a grouped At it's correct. Yes, by


would remarks. back concludes like to session. you. I the to the over turn Peter Grosskopf now Thank closing call for This question-and-answer

Peter Grosskopf

you forward you, Okay. appreciate our and good Well, for us to quarter to at thank everybody, weekend. a on you hope call. We We next we have your today's look interest. joining reporting


gentlemen, and this participating. Thank today's for Ladies call. concludes you conference

You now disconnect. may