Speech Klaus Zumwinkel
At the Annual General Meeting 2006 of Deutsche Post AG on May 10, 2006 in Cologne
Check against delivery.
ladies and gentlemen,
On behalf of me and my colleagues on the Board of Management, I welcome you to our Annual General Meeting 2006, here at the Kölnarena. My welcome also goes out to our shareholders who are virtually present via Internet.
Before I update you on our Companies development, I would like at this point to express my thanks to the departing members of the Supervisory Board for the many years we have worked so well together.
Dear Mr. Hattig, you have closely accompanies our Group for the past 10 years. This was a very eventful time, during which our Company underwent enormous transformation. As a highly experienced businessman, you set yourself the task of chairing the Supervisory Board in a period of far-reaching business decisions. At the same time, you ensured that our Company met the requirements of exceptional corporate governance at all times. Our constructive cooperation played a crucial role in many of the Company's successes over the past years. Some examples were the acquisitions of Postbank, DHL and Exel, and also the Initial Public Offerings of Post and Postbank. On behalf of our 500,000 employees, I thank you for your tremendous commitment.
I would also like to thank Mr. Lennings. Mr. Lennings has been a member of the Supervisory Board for 11 years, and has also chaired the Finance and Audit Committee in the entire period. In his highly professional, encouraging and critical way, he lent tremendous support to the Company on its path from a state agency to an international corporation.
On behalf of the Company, I would also like to thank Messrs. Ehlers and Grossmann.
Ladies and gentlemen,
I would like to give you a status report on Deutsche Post World Net. At the same time, I will show you how we have positioned our Group for meeting the challenges of the coming years.
Allow me to first take a look back at 2005.
Deutsche Post World Net - Now No. 1 in logistics worldwide
You may still recall what we promised you back in 2000; that we would become the global Number 1 in logistics. This last year, our tenth as a stock corporation, we were able to deliver on this pledge. 2005 was the best year in the Company history of Deutsche Post World Net.
We've gone down a long road with our Company. We started out 1990 with revenue at EUR 9 billion and losses at EUR 1 billion. Our 2006 revenue will come in at over EUR 60 billion and operating income of at least EUR 3.7 billion.
With the help of numerous acquisitions, we have established a globe-spanning network. We use it to optimally fulfill the needs of our international customers. This offers us a unique strategic platform for the future.
And, as a prudent businessman, I should mention: the set-up was always based on sound financing.
Not only is this a milestone in our Company history, but it is also a moment for introspection and for saying some thank yous.
We know for a fact that it is your support that made this possible. You are not only our shareholders but, undoubtedly, our customers too. Naturally, some of our necessary business decisions, particularly in our German home market, were not always popular with some of our customers. Take for example the closure of some postal retail outlets. Some of these decisions were the topic of lively discussions at past annual meetings. But you stayed loyal and made a decisive contribution to our international expansion and the achievement of this leading position. I thank you for this.
Yes, our Group is a global player, but still has its roots in the German home market. We generate just under 50% of our revenue here, where practically half of our employees work. We are very conscious of our responsibility in Germany.
Through the acquisition of Exel we have grown to around 500,000 employees, making us the largest private employer in Germany and the seventh-largest worldwide. We see this as a special obligation, especially in Germany where young people often do not find adequate opportunities in the job market.
We concluded a apprenticeship pact with our social partner at the beginning of last year. In the next three years, we will be offering 2,300 apprenticeships annually in Germany. This give 7,000 young people new perspectives. We guarantee transfer to salaried employment, and offer a management trainee program for the top apprentices.
Together with the German Federal Employment Agency, we also offer young people without a completed basic education the opportunity to get a job. After a six-month internship, they have the opportunity to apply for a position in our company.
The chart behind me maps our transformation process. It looks so simple on paper. But no one can tell you better than my employees what an enormous job it was to transform this once deficit-ridden state agency into a profitable global corporation.
Our German colleagues have been put particularly to the test. In the face of increasing internationalization and interaction with colleagues from around the world, they have impressively demonstrated their flexibility with regard to different languages, different time zones and different cultures. Our Group consists of many different companies that are now growing together into one large entity. This calls for openness and readiness to learn - and our employees are exemplary in this. Dear colleagues, I have the greatest respect for your work over recent years. At this point, I would like to express my heartfelt thanks.
2005 - STAR successfully concluded
We also delivered on another pledge in 2005, when we successfully concluded our value creation program, STAR. We even slightly exceeded the EUR 1.4 billion earnings contribution target.
During the three-year project, over 10,000 employees, from all divisions, worked on 115 value creation and integration projects. During this time, our share price more than doubled.
2005 - Deutsche Post World Net's best-ever year
Ladies and gentlemen,
Let me show you how the Group's key financial figures developed in 2005.
Deutsche Post World Net increased its revenue by around 3% to almost EUR 45 billion. We now generate some 50% of our revenue outside our German home market.
We increased our operating result (EBIT) by 25% in 2005 to around EUR 3.76 billion, thus slightly exceeding the target result.
We were even able to increase consolidated net profit by around 40 percent to EUR 2.24 billion.
Earnings per share rose accordingly from 1.43 to 1.99 euros.
2005 - MAIL
I am happy to provide you with an overview of the activities and status of the corporate divisions.
In 2005, our MAIL Corporate Division was able to increase revenue slightly and keep EBIT at a high level of around 2 billion euros.
The main revenue driver remained the "Mail Communication" business division, despite the effects of increasing substitution, such as sending invoices and private mail electronically.
In addition publishers and other postal companies entering the market increase competition. The antitrust authorities in February 2005 ruled that so-called consolidators may feed bulk mail into our network at a discount. This offers further options to other market players.
Last year we were able to further improve our already very good mail transit times. Today, 95% of all letters arrive at the addressee the next day if posted before a predefined cut-off-time. We can also show an exceptional level of quality on international items, well beyond the statutory level and among the best in the world.
We deliver 71 million mail items per day and have substantially hiked our productivity in doing so over the past years.
Value-added services and international mail have grown into increasingly important supports, where we have recorded double-digit growth.
The liberalization of the German mail market is underway. With the measures we have already implemented I am convinced we are well prepared. I will elaborate later.
Before I address the other corporate divisions, I would like to bring up a topic that will remain important to us in the future; namely, nationwide services for private customers. In the past, we have voluntarily committed to deliver high-quality postal services at a level far above government requirements.
In the future, we want to be even closer to the customer. I have confirmed that we will maintain the current number of retail outlets and mailboxes even after the monopoly has expired. In addition, we are currently testing the so-called POSTPOINT, a form of stationary service. The initial response shows that it has been exceptionally well received by both city and rural customers. Here, we offer a product range tailored to private customers focusing on letters and parcels.
After evaluating the pilot scheme, we plan to decide in the 4th quarter 2006 how many retail outlets will be transformed into the new format. We are also working on this together with private retailers, who are pleased to include postal services in their product range, since postal services typically bring additional customers to their core business.
2005 - EXPRESS
We now come to the EXPRESS Corporate Division. This is certainly the business segment that poses the greatest challenges to us at the moment. But at this stage allow me to give you a brief status report on last year.
We were able to slightly increase revenue. The result is satisfactory, but we significantly lagged behind our expectations in the USA. I will return to this topic shortly.
Let give you an overview of the other regions first.
DHL Express Asia is by far the leader in its market with over 20% revenue growth. Asia is the growth market. Not only will we defend our position there, we will expand it. Our activities in China and India are a superb example of this.
DHL Express Emerging Markets, contributed to overall results with strong revenue growth in almost all countries. In this light, the "China at our front door," or Russia and Eastern Europe, must be mentioned, where we are posting double-digit growth.
The majority of countries in Europe are developing well. But in France, for example, we need to improve our domestic products. All in all development in Europe is satisfactory.
In Germany, the decreasing volumes from the mail-order business and parcels sent by consumers is contrasted by the booming Internet and auction trade volumes.
We will respond with an amended pricing structure, which we expect will gain us competitive advantage. In April we reduced the price for small parcels from 4.30 to 3.90 euros, bringing savings in the order of 10% to our customers. Other aggressive measures and new products will follow.
2005 - LOGISTICS
We were able to considerably strengthen our logistics business with the acquisition of Exel, a logical step in implementing our corporate strategy.
We are now the Number 1 worldwide in each of our two business divisions, namely Global Forwarding with air and ocean freight, and contract logistics.
Exel and DHL are a perfect match, since they complement one another optimally: with regard to customer base, industry knowledge, geographic coverage and product range.
Growth in the Logistics Corporate Division is based not only based on the acquisition, but also driven by organic growth. Without considering Exel, 2005 revenue in the Logistics Division grew by 17%, and profit by 73%.
We took over the distribution logistics for Karstadt/Quelle department stores starting on 1st April, 2005, and distribution logistics for large and part load operations from 1st July, 2005. The contract has a total volume of 5 billion euros over 10 years.
The outsourcing market will show further strong growth in the future on a global basis: in the USA, Asia and Europe. With our platform expanded through Exel, we see ourselves as very well positioned for the future. In a moment, I will go into the opportunities offered to our Group through globalization.
We were able to gain John Allan as the Board Member responsible for Logistics. Under his leadership Exel achieved the high reputation and international standing it enjoys among its customers. I am pleased that, with his expert knowledge, he will further expand our business. At the same time, I would like to thank Frank Appel, who was the responsible Board Member for logistics until last year. Together with his team, he made a decisive contribution to its successful growth.
2005 - FINANCIAL SERVICES
We were able to keep revenue stable at 7.3 billion euros in the FINANCIAL SERVICES Corporate Division, and significantly increase EBIT by 11% to 790 million euros.
In new customer acquisition, we significantly exceeded our target with around 700,000 new customers. In addition to the traditional products such as savings and current accounts, we have also been able to post growth in mortgage lending (+45%), and successfully establish ourselves in the pensions growth market.
We made a second important acquisition in 2005. Through the acquisition of BHW, Postbank now has the largest customer base of all domestic banks with 14.5 million private customers. The acquisition of BHW and 850 Deutsche Post retail outlets have more than doubled staff from 10,000 to around 25,000.
BHW has a large sales force. Around 4,200 mobile advisers reinforce our stationary retail outlet network. The presence of mobile sales will make it possible to advise and support customers even more intensively in the future.
By acquiring the 850 largest retail outlets, which generate 87% of business with new customers, and through its access to the 9,000 Deutsche Post retail outlets, Postbank has the densest retail outlet network in the German banking market.
All in all, I feel we can all take great pleasure in such good development at Postbank. It is, and remains, a key element in our success story.
Deutsche Post World Net supports crisis regions with disaster response teams
In closing, I'd like to talk about an initiative that we set up in 2005 and is very important to me.
We believe that companies that are successful in business must also sustainably commit themselves to social responsibility. One way that Deutsche Post World Net does so is through the disaster response teams, or teams which are deployed in crisis regions.
Every one of us can doubtless still recall the frightful pictures of the tsunamis in the Indian Ocean region, the aftermath of Hurricane Katrina in the USA and the earthquake in Pakistan. DHL sent crisis teams to these regions to coordinate the aid shipments at the airports in the crisis areas. These teams, consisting of volunteers from our Company, worked long and hard to ensure that the aid shipments were sent quickly to those in need and were not blocked at airports.
This is our core competence as a logistics provider. Thanks to our extensive expertise in this area, we can accomplish something when the chips are down. We have concluded an alliance with the UN so as to be even better able to help and apply with our know-how.
2005 - Share price development
Development of the share price was satisfactory in 2005. The price of Deutsche Post stock, with 21% growth, lagged only slightly behind the DAX.
When we compare our share price development to that of our competitors, particularly those in the USA, we can see that we are very clearly ahead of the game here.
The Postbank stock increased by an impressive 51% in 2005. This is a great source of delight to all of us, and to our Postbank shareholders as well.
We have unfortunately seen a considerable decline in the stock price in the recent weeks, compared to our direct competitors as well as the DAX. Although the stock price has now stabilized the most recent development is not satisfactory.
2005 - Dividend increased again
Dear shareholders, our financial ratios show that our Company is in good shape. You have placed a great deal of trust in us in the past years. We are very grateful for this, and want to participate in your Company's success. We are therefore proposing a dividend of 70 cents per share, corresponding to an increase of 40 percent year-on-year. That corresponds to a payout ratio of 37.4%.
In the medium term, we plan to further increase dividend pay-out to our shareholders. As in past years, the Deutsche Post dividend is tax-free for domestic shareholders.
Management and shareholders are pursuing the same goals of achieving an increase in the share price and returns, and thus securing the attractiveness of the Company over the long-term.
As an example the Company will no longer arrange management stock option programs through the issuing of new shares. On option we could consider is the a share buy-back and we will be reviewing this.
Shareholder structure today
2005 was an important year for us in terms of our shareholder structure. For the first time since becoming a stock corporation, the free float rose to over 50%. The federal government is now only an indirect owner, via KfW Bankengruppe, and no longer the majority shareholder.
Overall, it can be seen that the federal government's participation was reduced by around 14% from May of last year to the present, while the share of free float has grown accordingly.
The government's withdrawal opens new horizons for our shares, as it makes them a more attractive investment for international investors. Since the federal government's withdrawal, we can see an increasing interest from American investors.
Today (2006) - Major challenges
Ladies and gentlemen,
Now that I have given you an overview of last year, I would like to elaborate on the five major challenges that we see our Group confronting in the coming years.
2006-2008 - Five challenges
We are facing five challenges:
- The liberalization in the mail sector in Germany is well underway and will be implemented on 1st January 2008.
- Setting up and securing the DHL express business in the USA. Here, a major target is continuously reducing losses and making a positive earnings contribution to the total earnings of the Group.
- An important milestone for the current year is the quick and efficient integration of the two acquisitions, Exel and BHW, and with future significant improvement in profits.
- Globalization offers fantastic growth opportunities for our Group well worth exploiting.
- Through our new Company-wide "First Choice" program, we want to focus even more on customer needs, thus driving the Group's organic growth.
2006 - Our forecast for the fiscal year
Before I go into the challenges one-by-one, I would like to preview our 2006 financials for you.
For 2006, we are expecting Group revenue of over 60 billion euros, and EBIT of at least 3.7 billion euros.
In the Mail Division, we are aiming for a slight growth in revenue, whereby the international business will once again offset the declines in our domestic business. We will hold earnings steady at 2 billion euros.
Revenue in Express will post single-digit growth, whereby we expect EBIT to remain at the previous year's level before one time write-downs, i.e on the basis of around 450 million euros.
Logistics, including Exel, will generate revenue of over 18 billion euros and an operating result of around 500 million euros. Integration costs are already considered in these figures.
Financial Services should show slight revenue growth, particularly with inclusion of BHW. In earnings, we expect EBIT of at least 900 million euros.
2006-2008: Challenges in the mail area
We now turn to the opportunities and risks that we expect for our mail business.
The exclusive license in Germany is due to expire on 1st January, 2008. We are enthused about this development, as it opens up the playing field for all market participants. We have had very good experience in the past: the postal reforms in Germany were a fantastic accomplishment especially in the legal area - clearly forward-thinking, pragmatic and successful. We have hosted many delegations in Bonn over the past years, from Japan, for example, and shared elements of the German postal reform success story with them.
For reasons of fair competition in Europe, it is very important that the same conditions apply to all market participants and that liberalization takes place in a harmonized manner across Europe. It is not acceptable that we as a nation proceed onward alone and that the other countries do not open up their markets in reciprocity. That would be contrary to the very core of the European Union and the Treaties of Rome.
We have already had to absorb slight losses of market share in our German home market. Liberalization is already underway today.
As mentioned at the outset, we have worked hard in the past years at building a world class, unique level of quality in the mail area. We see this high quality level as a unique competitive edge in defending our market share, as liberalization takes its course.
It is indispensable to have high flexibility in controlling costs, in the face of increasing competition and declining volume. We already have an automation rate of 89%. We have also taken such measures as reducing the number of our delivery districts from 57,000 to less than 55,000. We have done so without reducing quality levels. I already reported on the successfully conducted measures successfully implemented to increase productivity.
We have determinedly pushed forward with the expansion of our international mail and value-added business over the past years.
We offer everything related to mail within our value-added services, all along the value chain. Examples of this are our address updates, document archiving, bill and letter printing, and running the internal postal services of 170 other big companies. With this business division, we are positioning ourselves as a full-service provider in the mail area.
2006 - Global presence Mail
A further important pillar that we have expanded in the past years is the international mail business. We have achieved a lead position in the cross-border mail market under the DHL Global Mail brand. We have a global network encompassing 200 countries, and today offer our business customers extensive solutions for mail.
We are represented in the world's most important mail markets. After USPS, we are the second largest mail service provider in the USA. With last year's acquisition of MailMerge we have become the largest private mail services provider in the Netherlands. We are also present in other significant mail markets such as France and Spain, and most recently in Japan through the joint venture with Yamato.
We are now represented throughout the world in the value-added services sector through the acquisition of the UK company Williams Lea, which has 6,510 employees working in 24 countries. Last year, this company had a turn over of 648 million euros, and in recent years has grown enormously. To sum it up, with this global presence we have an unbeatable advantage with regard to our competitors and we also see good prospects for "topline growth".
2005-2006 - DHL Express USA
Whenever you heard a report in the past weeks about Deutsche Post World Net, there was something said about the US business. Let me be perfectly clear: Yes, there are problems in our express business in the USA. We had accept a loss of 400 million euros in 2005, which was an improvement compared to 2004 with a loss of 500 million euros, but worse than our forecast of 300 million in 2005. No one is more disappointed than we are. John Mullen and his team are working at high pressure to eliminate these issues.
Our goal in the USA is to offer our customers a high-quality alternative to UPS and FedEx, and to be a strong Number 3.
For this to happen, we need to offer our customers domestic as well as international products at high quality. With a 14% market share in the international express business, we have a good starting position that we want to further expand.
With 7% market share in air domestic and ground-based, or national transport by air and land, we are far from being as strongly positioned as we would like. We are committed to make all efforts to change this.
We were able to show growth in revenue and improvement in earnings in the first nine months of last year. In the fourth quarter we had to absorb serious problems in regards to quality and, ultimately, revenue losses arising from the needed integration of two existing hubs into one location in Wilmington, Ohio. These are still having an effect and have put a painful strain on our earnings.
Significance of DHL Express USA for the Group
When problems arise, the first question that comes to mind tends to be: why is it necessary to be in the US market in the first place?
I would like to say the following: the USA is an important strategic market for us. It is indispensable for us as a global logistics service provider to offer our customers a global network. 20% of our express volumes flow into the USA, or move out from there around the globe. It is absolutely necessary to have a presence on the US market in order to secure our business in other world regions. An example is China, with its enormous trade flows to and from the USA. Not to mention: More than one-third of all global Fortune 500 companies are headquartered in the USA where decisions on logistics and transport orders are increasingly made.
We knew that establishing ourselves in the market would be a difficult and drawn-out process. We are also not deluding ourselves as to the enormous integration job. But we still need some more time in order to establish ourselves more firmly and more profitably on the market. That's why we now have to accept that becoming profitable in the USA will take longer than planned. Our target is for DHL Express USA to make a positive contribution to our 2009 consolidated earnings.
The US express market is the largest in the world with highly attractive margins. We are convinced that we can establish ourselves there as a strong and profitable Number 3 by 2009.
You may ask yourselves: where do they get their confidence?
It's because elsewhere in the world or DHL business model has proofed to produced good returns.
An example is Asia with highly attractive results, or the international business in Europe. Canada is an interesting example. Here, in a short time we proved how you make a deficit-ridden business profitable. In 2002, Canada was the first non-European country where we purchased a national business to complement to our international activities. We were deep in the red in the first year of integration. Within less than two years, we were able to reach break-even through rigorous cost management and a convincing level of quality.
A further example is that of Mexico - also a member of NAFTA (North American Free Trade Agreement). Here, we are Number 1 in the overall Express and parcel market. We have been active in the national business for many years, and also enjoy a strong market position. We enjoy great success in Mexico, with double-digit growth rates and returns.
Ladies and gentlemen, allow me to assure you: the set-backs in 2005 in connection with the integration of the hubs do not lead to a change in direction. Rather, they lead to a strengthening of our efforts.
2006 - Express USA and logistics USA
Now allow me to give you a broader overview of our business activities in the USA. I have already reported on the difficult situation at Express.
What is the situation in the Logistics Division in the USA?
The business volumes of Express and Logistics are more or less the same size: at logistics, 22,000 employees generate 3.1 billion euros in revenue. However, the earnings situation is different. We achieve good profits and returns in global forwarding and contract logistics. Our market positioning is also somewhat different. Here, we hold the Number 1 position, and are very pleased with this business.
Overall, we generate almost 7 billion euros in revenue in the USA, with approximately 40,000 employees. This affords us a good and sufficient market presence in the world's largest logistics market.
2006 - Integration of Exel and BHW on track
The motto for our two new purchases of 2005 is: quick and efficient integration.
I am pleased to report that we are on the right track with both integration tasks. Both teams have used the first 100 days to define the integration areas and fill the key management positions.
Both are now in the implementation phase.
The goal is that the integration remains our internal task and will not be either visible or tangible to our customers. To date, this has worked very well for us. Particularly in the case of Exel, where we had multiple-year contracts in contract logistics with key customers. We are pleased to say that only very few customers exercised their right to switch logistics provider in the event of a change in ownership. This shows us that we are on the right track.
We plan to have both companies integrated into our Group to a large extent by the end of 2006.
2006 and beyond: Increasing globalization
Globalization and increasing trade flows need a transporter - and Deutsche Post World Net is ideally positioned for this.
Everyone is talking right now about China and India as growth markets. Around 9% growth in gross domestic product is forecast for each of these countries.
It is expected that the Asian transport market will increase from today's USD 400 billion to USD 1.3 trillion in 2020.
But the "old" economies, such as the USA and Europe, also display strong cross-border trade flows.
On the whole, international trade is consistently growing on a stronger basis than the gross national product - this year double the growth is forecast. This development offers our Group enormous growth potential which we intend to make use of.
2006 and beyond: Deutsche Post World Net with best platform for globalization
Today, Deutsche Post World Net is the leading logistics provider in just about all market segments where we are found. Our approximately 500,000 employees will generate revenue of over 60 billion euros in 220 countries and territories this year. There is no logistics corporation with better strategic positioning in global competition than Deutsche Post World Net.
And by the way I hope that that goes for Germany as well when we soon experience a global competition that we all are looking forward to: the world soccer championship.
Over the six weeks of the competition, we will experience first-hand in our cities what we experience in our day-to-day as a Group: a lively mixture of different cultures and mentalities. And through a passionate effort to be able to win over our global competitors. I am sure you all are familiar with the saying of the English footballer Gary Lineker: Football is a simple game; 22 men chase a ball for 90 minutes and at the end, the Germans win. I am sure that this will become true on July 9th in the Berlin Olympic stadium. An should we on this day win against Brazil it will be the only day that I am happy to see that the color yellow for once will not have the upper hand.
First Choice - Deutsche Post World Net as first choice
We know that we cannot rest on our laurels. Yes, we are now the Number 1, but we also know: size alone is not enough. The size of our global platform gives us the needed presence and cost advantages. We are in the network business, and networks live from volume and from economies of scale. Ultimately, what really counts is quality and customer satisfaction. We are aware that there is still room for improvement in certain areas. We will be working on eliminating weak points.
We are placing customer satisfaction together with increasing our level of quality as the next logical step at the heart of our corporate strategy for the years to come. We want to become the first choice for our customers.
To reach this target, we launched our new corporate program, named "First Choice." With it, we see three clear targets for our Group for the years to come:
- We want to be our customers' first choice, worldwide.
- We will motivate all our 500,000 employees to achieve world-class levels in quality and productivity everywhere. In doing so, we want to
- Increase our organic growth and our profits to over 5 billion euros.
We achieved similar increases in the last three years with the STAR program. That is the source of our confidence that we will also achieve these financial targets by 2009.
Deutsche Post World Net is a profitable and financially healthy company. We have done a great deal in recent years to build an exceptional platform for the future. At the same time, we will use the opportunities that globalization opens up to us. We have thus set ourselves financial targets as well, and are confident that we will reach these, just as we have achieved our previous targets.
Medium-term forecast of the Group for 2009
I would now like to briefly present the medium mid-term to you.
We plan an overall target of at least 5 billion euros in EBIT for 2009.
The MAIL Corporate Division, as already mentioned, finds itself in an increasing liberalized setting. We are thus assuming a potential EBIT risk in the order of 10-20%.
For the other corporate divisions, EXPRESS, LOGISTICS and FINANCIAL SERVICES, we are assuming respective earnings of at least 1 billion euros.
Ladies and gentlemen, from now on, we will are acting from a platform as the world market leader. Our Group has a wealth of opportunities stemming from globalization and the growing trade flows. We intend to make use of these, and in your interest.
On behalf of all employees, I thank you, our shareholders, for accompanying us on our path.
My wish is that you will stay with us, as customers and as shareholders.
Many thanks for your attention.