Restructuring of the Bulgarian sector of electrical engineering Dr. Rumen Atanasov Bulgarian Association of Electrical Engineering and Electronics Bulgaria,

Restructuring Restructuring ofof the Bulgarian sector the Bulgarian sector of of electrical engineeringelectrical engineering

Dr. Rumen AtanasovDr. Rumen AtanasovBulgarian Association of Electrical Engineering and ElectronicsBulgarian Association of Electrical Engineering and Electronics

Bulgaria, Latvia, Lithuania and Slovakia – Comparison Bulgaria, Latvia, Lithuania and Slovakia – Comparison of industrial transition modelsof industrial transition models

CCMI Conference, Sofia, 6-7 October 2008CCMI Conference, Sofia, 6-7 October 2008

07/10/0807/10/08 basselbassel 22

22%

21%

11%

7%

21%

19%

30%

18%

EU

USA

China

Japan

% in WGDP % in EE sector

share in WGDP and EE sector

12,3%

11,7%

8,2%

8,0%

Japan

China

USA

EU

Employed in the ELECTRA sector as % of the employed in

industry

The leading sector after WW2The leading sector after WW2 The basis of the technology development in the last 60 yearsThe basis of the technology development in the last 60 years It is the leading European industryIt is the leading European industry The most important for the Bulgarian industry, defines the technological The most important for the Bulgarian industry, defines the technological

level of the whole machining industry.level of the whole machining industry.

The Sector of the El. Eng. and Electronics The Sector of the El. Eng. and Electronics

07/10/0807/10/08 basselbassel 33

The Electrical Engineering in Bulgaria has a long historyThe Electrical Engineering in Bulgaria has a long history

The rootsThe roots 1878/791878/79 – first electrical lighting system; facilities for telegraph network – first electrical lighting system; facilities for telegraph network

delivered by SIEMENSdelivered by SIEMENS

1888/991888/99 – first electrified factories, collieries – first electrified factories, collieries

1900/021900/02 – first hydroelectric PS with 7 kV transmission line; first thermal – first hydroelectric PS with 7 kV transmission line; first thermal PS; tramway in Sofia starts to rollPS; tramway in Sofia starts to roll

1909/191909/19 – regular import of bulbs & utility material from Austria. SIEMENS – regular import of bulbs & utility material from Austria. SIEMENS wins tender for first 3000 posts distribution telephone exchange; wins tender for first 3000 posts distribution telephone exchange; permanent representation agencies of SIEMENS-SCHUCKERT for HV permanent representation agencies of SIEMENS-SCHUCKERT for HV technique and SIEMENS-RHEINIGER for medical equipmenttechnique and SIEMENS-RHEINIGER for medical equipment

1920/351920/35 – “Bulgarian Ltd Company for electricity-SIEMENS” inaugurated; – “Bulgarian Ltd Company for electricity-SIEMENS” inaugurated; regular import of radio receivers; first X-ray device imported; production regular import of radio receivers; first X-ray device imported; production start of small electric motors, dynamos, transformers, lighting fixtures, start of small electric motors, dynamos, transformers, lighting fixtures, cables, bulbs, switchgear; first 320 kVA transformercables, bulbs, switchgear; first 320 kVA transformer

1934/451934/45 – construction of automatic telephone exchanges; high- – construction of automatic telephone exchanges; high-frequency installations; repair workshops for radio sets, telephone and frequency installations; repair workshops for radio sets, telephone and telegraph appliances, el. motors, transformers, heating devicestelegraph appliances, el. motors, transformers, heating devices

07/10/0807/10/08 basselbassel 44

Subsectors included (acc. NACE codes)Subsectors included (acc. NACE codes) 29.4129.41 Manufacture of portable hand held power toolsManufacture of portable hand held power tools 29.7129.71 Manufacture of electric domestic appliancesManufacture of electric domestic appliances 31.1 Manufacture of electric motors, generators and transformers31.1 Manufacture of electric motors, generators and transformers 31.2 Manufacture of electricity distribution and control apparatus31.2 Manufacture of electricity distribution and control apparatus 31.3 Manufacture of insulated wire and cable31.3 Manufacture of insulated wire and cable 31.4 Manufacture of accumulators, primary cells and primary 31.4 Manufacture of accumulators, primary cells and primary

batteriesbatteries 31.5 Manufacture of lighting equipment and electric lamps31.5 Manufacture of lighting equipment and electric lamps 31.61 Manufacture of electrical equipment for engines and vehicles31.61 Manufacture of electrical equipment for engines and vehicles 33.333.3 Manufacture of industrial process control equipmentManufacture of industrial process control equipment

Subsectors not includedSubsectors not included Office technique, computers and other electronic facilitiesOffice technique, computers and other electronic facilities Communication techniqueCommunication technique

07/10/0807/10/08 basselbassel 55

Development in Bulgaria after WW2Development in Bulgaria after WW2

Specialists obtaining higher education in Germany, Italy, Specialists obtaining higher education in Germany, Italy, France, Czechoslovakia availableFrance, Czechoslovakia available

Administrated market of the former Soviet Union orientated Administrated market of the former Soviet Union orientated developmentdevelopment

Natural way of development without ill-founded political Natural way of development without ill-founded political solutionssolutions

Presence of some subsectors (electric motors, Presence of some subsectors (electric motors, transformers, cables, batteries) on the free marketstransformers, cables, batteries) on the free markets

Intensive development of specific subsectors in the Intensive development of specific subsectors in the eighties, licenses from leading companies eighties, licenses from leading companies

State monopoly on export and import; sales of State monopoly on export and import; sales of manufacturers used to be prerogative of the statemanufacturers used to be prerogative of the state

Exorbitant industrial developmentExorbitant industrial development

07/10/0807/10/08 basselbassel 66

The period after 1990The period after 1990

Disappearance of administrated marketsDisappearance of administrated markets: : internal and COMECONinternal and COMECON Suspension of supply sources of raw materials, components and Suspension of supply sources of raw materials, components and

elementselements Drastic decrease in production, closure of enterprises Drastic decrease in production, closure of enterprises Former state-owned factories performed social functions maintaining Former state-owned factories performed social functions maintaining

redundant personnelredundant personnel Difficult access to capital – as a result loss also of free marketsDifficult access to capital – as a result loss also of free markets

Liberalization of the tradeLiberalization of the trade Establishment of many small and micro enterprises, initially in the Establishment of many small and micro enterprises, initially in the

field of servicesfield of services 1997 - Start of privatization of the big state-owned factories1997 - Start of privatization of the big state-owned factories Different forms of privatization, in many cases owners without ideas Different forms of privatization, in many cases owners without ideas

about development of the factory – profiting from assets onlyabout development of the factory – profiting from assets only Restructuring – ownership, markets, products, managementRestructuring – ownership, markets, products, management

07/10/0807/10/08 basselbassel 77

The former state-owned enterprisesThe former state-owned enterprises of the electrical engineering of the electrical engineering industry are utilizing only 30-35% of their previous capacity. Some of industry are utilizing only 30-35% of their previous capacity. Some of them are not-existing anymore. In the last years – new technologies, them are not-existing anymore. In the last years – new technologies, new equipment (usually second hand). Personnel is optimized. During new equipment (usually second hand). Personnel is optimized. During the last 3-4 years, a process to discover “real owners” of the factories is the last 3-4 years, a process to discover “real owners” of the factories is runningrunning

A great number of A great number of newly establishednewly established ((after 1990) SMEsafter 1990) SMEs; ; new new technology, new facilitiestechnology, new facilities

In the last 5-6 years – investment into new production sites & buildings, In the last 5-6 years – investment into new production sites & buildings, new equipment even into some of the former state-owned factoriesnew equipment even into some of the former state-owned factories

The sector comprises about 590 enterprises, 350 of them – actively The sector comprises about 590 enterprises, 350 of them – actively operating; 20 are large (more than 300 wplcs), the rest – small and operating; 20 are large (more than 300 wplcs), the rest – small and mediummedium

Labor force in the sector – about 20 000 employeeLabor force in the sector – about 20 000 employeess

Restructuring still not completed, clusters – in highly introductory phaseRestructuring still not completed, clusters – in highly introductory phase

NowNow 100% private industry100% private industry

07/10/0807/10/08 basselbassel 88

The most important for the sector - The most important for the sector - FDIFDIssUSD mUSD m

0

20

40

60

80

100

120

2004 2005 2006

Companies 85; Private persons 124

07/10/0807/10/08 basselbassel 99

Factories of important foreign Factories of important foreign investorsinvestors

( (former state-owned factoriesformer state-owned factories)) ABBABB:: MV&LV switchgear; 250 wplcs MV&LV switchgear; 250 wplcs

HYUNDAI HEAVY IND.HYUNDAI HEAVY IND.: : power trafos, tap-changers; 600 wplcspower trafos, tap-changers; 600 wplcs

SCHNEIDERSCHNEIDER: : LV breakers (the old one)LV breakers (the old one)

SPARKYSPARKY: el. hand tools; 1300 wplcs: el. hand tools; 1300 wplcs

SETSET: PCBs; 280 wplcs: PCBs; 280 wplcs

MHTMHT: magnetic heads; 200 wplcs: magnetic heads; 200 wplcs

DZU-VIDEOTONDZU-VIDEOTON:: small household appl’s, el.mech. devices; 650 wplcs small household appl’s, el.mech. devices; 650 wplcs

NAYDEN KIROVNAYDEN KIROV: LV installation products; 300 wplcs: LV installation products; 300 wplcs

AROS QUALITYAROS QUALITY: small trafos; 290 wplcs: small trafos; 290 wplcs

07/10/0807/10/08 basselbassel 1010

Factories of important foreign investors Factories of important foreign investors ((green field projectsgreen field projects))

ABBABB: 2 : 2 factories; LV, 150 workers.; now 3factories; LV, 150 workers.; now 3thth LV/MV, 600 LV/MV, 600 wplcs, start May 2009; 4wplcs, start May 2009; 4th th plannedplanned

LIEBHERRLIEBHERR:: fridges, 1500 wplcs; R&D center, 30 eng.fridges, 1500 wplcs; R&D center, 30 eng. SCHNEIDERSCHNEIDER: : new (2new (2ndnd) factory, LV breakers, 800 wplcs) factory, LV breakers, 800 wplcs EPIQEPIQ: PCB assembling; 2000 wplcs: PCB assembling; 2000 wplcs MELEXISMELEXIS: PCB assembling; 200 wplcs: PCB assembling; 200 wplcs FESTOFESTO:: sensors for automation; 200 wplcs sensors for automation; 200 wplcs SIEMENSSIEMENS:: HV measurement transformers HV measurement transformers ARKOMATARKOMAT: automotive wire harnesses, 600 wplcs: automotive wire harnesses, 600 wplcs NURSANNURSAN: automotive wire harnesses: automotive wire harnesses CURTISCURTIS: el. motor-control for forklifts; 140 wplcs: el. motor-control for forklifts; 140 wplcs

07/10/0807/10/08 basselbassel 1111

The success stories of FDIThe success stories of FDI The sector had a good reputation amongst global leaders: with the The sector had a good reputation amongst global leaders: with the

start of privatization SIEMENS, ABB, SCHNEIDER, EPIQ, SPARKY, start of privatization SIEMENS, ABB, SCHNEIDER, EPIQ, SPARKY, HYUNDAI (well knowing the sector) came to Bulgaria and bought up HYUNDAI (well knowing the sector) came to Bulgaria and bought up the state-owned factoriesthe state-owned factories

Subsequently, a series of green field projects were realized and were Subsequently, a series of green field projects were realized and were successfully developedsuccessfully developed

For the last years - $137 million FDI. This is a very small amount For the last years - $137 million FDI. This is a very small amount against the background of the total FDI in this country. However, against the background of the total FDI in this country. However, production FDI drive into the country new products and respective production FDI drive into the country new products and respective markets, new technologies, new management, new industrial markets, new technologies, new management, new industrial mentalitymentality

Production FDIs are generating a new industry of sub-suppliers in the Production FDIs are generating a new industry of sub-suppliers in the region, natural clustersregion, natural clusters

Some new, very large and important industrial areas have been Some new, very large and important industrial areas have been stimulated and established in our countrystimulated and established in our country

In general – all FDIs in new production enterprises are success In general – all FDIs in new production enterprises are success stories.stories.

And yet why?And yet why?

07/10/0807/10/08 basselbassel 1212

FINANCIAL STABILITYFINANCIAL STABILITY Currency board since 1997 Currency board since 1997

The Central Bank does not act as a lender to government and The Central Bank does not act as a lender to government and commercial bankscommercial banks The exchange rate to foreign reserve currency (EURO) is strictly The exchange rate to foreign reserve currency (EURO) is strictly fixed, 1 € = 1,95583 BGNfixed, 1 € = 1,95583 BGN The Central Bank will issue only one unit of local currency for each The Central Bank will issue only one unit of local currency for each unit of foreign reserve currency it has in its vaults unit of foreign reserve currency it has in its vaults The country has not the ability to set monetary policy according to The country has not the ability to set monetary policy according to domestic considerationsdomestic considerations

4

POLITICAL STABILITY

NATO member country sinceNATO member country since April 2004 April 2004 EU member country sinceEU member country since January 2007January 2007 All political parties support NATO and EU membershipAll political parties support NATO and EU membership No ethnical problemsNo ethnical problems

07/10/0807/10/08 basselbassel 1313

FAVORABLE INVESTMENT CLIMATE

Corporate Tax: 10% Manufacturing companiesin high-unemployment municipalities: 0%

17

EU TECHNICAL LEGISLATION IN FORCEEU TECHNICAL LEGISLATION IN FORCE Transposed directives: Transposed directives: LVD, EMC, R&TTE, ATEX, LVD, EMC, R&TTE, ATEX, MachineryMachinery, ,

liftslifts, , gas appliances, simple pressure vessels, pressure gas appliances, simple pressure vessels, pressure equipment, toys, NAWI, refrigeration appliances, hot water equipment, toys, NAWI, refrigeration appliances, hot water boilers, noise emission, etc.boilers, noise emission, etc.

WEEEWEEE (effective from 01.07.06); (effective from 01.07.06); RoHSRoHS (effective from 01.01.07); (effective from 01.01.07); Batteries (since 2005)Batteries (since 2005) Transitional period - Directives on medical devicesTransitional period - Directives on medical devices Most enterprises ISO9000 certified by TUV, SGS, LR, BVQiMost enterprises ISO9000 certified by TUV, SGS, LR, BVQi

07/10/0807/10/08 basselbassel 1414

WELL EDUCATED AND HIGHLY SKILLED LABOR FORCE

43 Universities; 45 000 graduates (BA or MA) annually 350 vocational technical colleges, 65 000 graduates annually 30 000 Bulgarian students in foreign countries

13

THE LOWEST PRICE LEVEL IN EU !!!

07/10/0807/10/08 basselbassel 1515

Price Level Indices 2005 (%)100

76

64

64

60

58

58

57

55

53

43

EU Average

Slovenia

Estonia

Hungary

Poland

Czech Rep.

Slovakia

Latvia

Lithuania

Romania

Bulgaria

15

1000

1200

1400

1600

1800

2000

2200

2400

2003 2004 2005 2006

el.eng.

electronics

Annual average gross Annual average gross wageswages,, EE sector BG, EE sector BG, EUREUR

07/10/0807/10/08 basselbassel 1616

Monthly emoluments in electricalMonthly emoluments in electricalengineering sector, large cities, EUR, 2006engineering sector, large cities, EUR, 2006

PositionPosition Gross salaryGross salary Total costTotal cost

Low-skilled workerLow-skilled worker 110110 136136

Skilled workerSkilled worker 190 190 toto 300 300 236 236 toto 372 372

Engineer (MSc)Engineer (MSc) 330 330 toto 450 450 409 409 toto 558 558

ManagerManager 400 400 toto 500 500 496 496 toto 620 620

07/10/0807/10/08 basselbassel 1717

Produced/employed (BGN/empl.)

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

1999 2000 2001 2002 2003 2004 2005

Productivity rises, but still too unsatisfactory Productivity rises, but still too unsatisfactory

07/10/0807/10/08 basselbassel 1818

Labor productivityLabor productivity in 2006 – GDP per employee in 2006 – GDP per employeeon PPP basis as a percentage of the EU–27 on PPP basis as a percentage of the EU–27

averageaverage

Top 5 statesTop 5 states Bottom 5 statesBottom 5 states

CountryCountry % of the % of the EU-27 EU-27

averageaverage

CountryCountry % of the % of the EU-27 EU-27

averageaverage

LuxembourLuxembourg g

183.3183.3 PolandPoland 61.561.5

BelgiumBelgium 134.9134.9 Lithuania Lithuania 58.558.5

Ireland Ireland 132.1132.1 LatviaLatvia 52.852.8

France France 125.2125.2 RomaniaRomania 38.338.3

AustriaAustria 121.1121.1 BulgariaBulgaria 35.335.3

07/10/0807/10/08 basselbassel 1919

Important el. eng. sub-sectorsImportant el. eng. sub-sectors

Power equipment (Power equipment (transformerstransformers, , switchgearswitchgear)) Motors, generators, alternatorsMotors, generators, alternators Cables and wiresCables and wires Batteries, start and tractionBatteries, start and traction LV apparatus, building installation productsLV apparatus, building installation products Control, measurement and automation devices and systemsControl, measurement and automation devices and systems Industrial electronics, PCBs, electronic modules and systemsIndustrial electronics, PCBs, electronic modules and systems Automotive partsAutomotive parts Lighting fixturesLighting fixtures Optical devicesOptical devices HHousehold appliancesousehold appliances Sub suppliers (plastics, metal parts, ceramics etc.)Sub suppliers (plastics, metal parts, ceramics etc.)

07/10/0807/10/08 basselbassel 2020

0

100

200

300

400

500

600

700

800

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

productionexport

Production and export, EUR mProduction and export, EUR m

07/10/0807/10/08 basselbassel 2121

Production of electric motors, Production of electric motors, batteries, switchgearbatteries, switchgear

€ m

0

20

40

60

80

100

120

140

2000 2001 2002 2003 2004 2005 2006 2007

motors, transformers batteries switchgear

07/10/0807/10/08 basselbassel 2222

Export of assembled PCBs, € mExport of assembled PCBs, € m

8,2 7,7

17,3

25,2

33,2

41,9

52

80

0

10

20

30

40

50

60

70

80

2000 2001 2002 2003 2004 2005 2006 2007

07/10/0807/10/08 basselbassel 2323

0

50 000100 000

150 000

200 000

250 000300 000

350 000

400 000

2001 2002 2003 2004 2005 2006

fridges geysers

ProductionProductionof electrical household appliancesof electrical household appliances, , pcspcs

07/10/0807/10/08 basselbassel 2424

Import of electrical household appliancesImport of electrical household appliances, , pcspcs

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

2002 2003 2004 2005

refrigerators washing machines vacuum cleaners

07/10/0807/10/08 basselbassel 2525

Proportion of the population aged 25–64 with Proportion of the population aged 25–64 with completed secondary educationcompleted secondary education

0

10

20

30

40

50

60

70

80

2000 2001 2002 2003 2004 2005 2006

EU27

EU15

BG

Human resourcesHuman resources

07/10/0807/10/08 basselbassel 2626

Proportion of the population aged 25–64 with Proportion of the population aged 25–64 with higher educationhigher education

0

5

10

15

20

25

2000 2001 2002 2003 2004 2005 2005EU25

2005EU15

07/10/0807/10/08 basselbassel 2727

University graduates in science and University graduates in science and technologytechnology

per 1,000 population in the age group 20–29per 1,000 population in the age group 20–29

0

2

4

6

8

10

12

14

1999 2000 2001 2002 2003 2004 2005

EU27

BG

07/10/0807/10/08 basselbassel 2828

Lifelong learning – proportion of the populationLifelong learning – proportion of the population aged 25–64 involved in training and education aged 25–64 involved in training and education

0

2

4

6

8

10

12

2001 2002 2003 2004 2005 2006

EU27

EU15

BG

07/10/0807/10/08 basselbassel 2929

Number of graduatesNumber of graduatesin electrical engineering subjects, in electrical engineering subjects, 20052005

There are 5 technical universities and 65 vocational There are 5 technical universities and 65 vocational

schools with el. eng. & electronic disciplinesschools with el. eng. & electronic disciplines

SubjectSubject BachelorBachelor MasterMaster TotalTotal

Mech. engineeringMech. engineering 247247 113113 360360El. engineeringEl. engineering 00 2424 2424El. devicesEl. devices 130130 3434 164164El. installationEl. installation 263263 106106 369369

07/10/0807/10/08 basselbassel 3030

State economic strategyState economic strategy According to “STRATEGIC TRENDS OF BULGARIAN ECONOMY”According to “STRATEGIC TRENDS OF BULGARIAN ECONOMY”, ,

published July 2007 by the Ministry of Economy and Energypublished July 2007 by the Ministry of Economy and Energy:: DELOITTE’S SURVEY -DELOITTE’S SURVEY - most perspective sectors and most perspective sectors and

competitive advantages in Bulgaria are:competitive advantages in Bulgaria are: ITIT, , outsourcingoutsourcing, , electrical engineering and electronicselectrical engineering and electronics;;

UNCTAD’S SURVEY 2007/2008 - UNCTAD’S SURVEY 2007/2008 - electrical engineering electrical engineering and electronicsand electronics is most perspective industrial sector for is most perspective industrial sector for investments in Bulgariainvestments in Bulgaria

Sector strategySector strategyA “National Strategy for the Development of the Electrical A “National Strategy for the Development of the Electrical Engineering Industry in Bulgaria up to 2013” was jointly Engineering Industry in Bulgaria up to 2013” was jointly elaborated with the Ministry of Economy and Energy. Yearly elaborated with the Ministry of Economy and Energy. Yearly Action plans.Action plans.

07/10/0807/10/08 basselbassel 3131

R&D expenditures in ELECTRA (% of the GVA)

24%

17%

11%

0%

Japan

USA

EU

China n.a. ?R&D expenditures, % of GDPR&D expenditures, % of GDP

0

0,5

1

1,5

2

2,5

2000 2001 2002 2003 2004 2005 2006

EU15

EU27

BG

07/10/0807/10/08 basselbassel 3232

NIF NIF - - Projects financed byProjects financed by

NIF SessionProjectsSubmitted

Projects Selected

Success Rate %

Agreed Subsidy( BGN m)

Average Value of the Financed Project ( BGN)

1st session 118 43 36 6,7 156 000

2nd session 120 67 56 8,3 124 000

3rd session 146 108 74 16,6 154 000

4th session 168 102 61 16,9 166 000

Projects’ leading sectorsProjects’ leading sectors ICT ICT - - 26.5 %26.5 % electronics and electrical engelectronics and electrical eng.. - - 15.7 %15.7 % biotechnologiesbiotechnologies & & food industry food industry - - 13.7 %13.7 % mechanical eng. &mechanical eng. & metal processing metal processing - - 10.7 %10.7 %

Bulgarian National Innovation PolicyBulgarian National Innovation Policy

07/10/0807/10/08 basselbassel 3333

Other instruments to promote Other instruments to promote innovationsinnovationsVoucher schemeVoucher scheme;;

Techno-starter schemeTechno-starter scheme; ;

Tax incentive schemeTax incentive scheme;;

Loan guarantee schemeLoan guarantee scheme;;

Venture capital schemeVenture capital scheme

07/10/0807/10/08 basselbassel 3434

But !?But !?

Lisbon Lisbon 20102010

BG 2003BG 2003 Nat’l Str.Nat’l Str.20062006

Nat’l Str.Nat’l Str.20102010

R&D % R&D % GDPGDP 33 0,430,43 0,450,45 0,510,51

Share of Share of business business for R&Dfor R&D

6767 2222 18,818,8 2323

07/10/0807/10/08 basselbassel 353529/02/0829/02/08 nceebnceeb 3535

Social DialogueSocial Dialogue

Sector councils for social collaboration with the Ministry of Sector councils for social collaboration with the Ministry of Economy and EnergyEconomy and Energy

Law on health preserving and safe conditions of workLaw on health preserving and safe conditions of work, including a , including a separate system for social dialogue at national, sector, regional, separate system for social dialogue at national, sector, regional, company levelcompany level

Two trade-union partners of the Association.Two trade-union partners of the Association.

A collective labor agreement is signed for the EE-industry A collective labor agreement is signed for the EE-industry between the sector organizations of employers (NCEEB) and the between the sector organizations of employers (NCEEB) and the trade unionstrade unions

Very strange!. The dialogue between employers and trade unions Very strange!. The dialogue between employers and trade unions is far more spontaneous and constructive than between business is far more spontaneous and constructive than between business and the state administrationand the state administration..

07/10/0807/10/08 basselbassel 363622/04/0822/04/08 nceebnceeb 3636

Thank you for your kind attentionThank you for your kind attention