Chivabvu 6, 2020 (Thomson StreetEvents) -- Yakagadziriswa Transcript yeWestrock Co mihoro yemusangano wekufona kana mharidzo Chipiri, Chivabvu 5, 2020 na12:30:00pm GMT.
Madzimai nevarume, tinokutendai nekumira pedyo, uye tinogamuchirwa kuWestRock Company's Second Quarter Fiscal 2020 Results Conference Call.(Operator Mirayiridzo)
Ini zvino ndinoda kupa musangano kune mukurukuri wenyu nhasi, VaJames Armstrong, VP weInvestor Relations.Ndatenda.Enderera mberi.
Waita basa.Mangwanani, uye ndinokutendai nekujoinha yedu Fiscal Second Quarter 2020 Earnings Call.Isu takaburitsa kuburitswa kwenhau mangwanani ano uye takatumira inoperekedza masiraidhi kuchikamu cheInvestor Relations chewebhusaiti yedu.Anogona kuwanikwa pa ir.westrock.com kana kuburikidza ne link pane application yauri kushandisa kuona iyi webcast.
Ndiineni pakufona kwanhasi ndiwe WestRock's Chief Executive Officer, Steve Voorhees;Mukuru wedu wezvemari, Ward Dickson;Mukuru wedu weCommerce Officer uye Mutungamiriri weCorrugated Packaging, Jeff Chalovich;pamwe chete neMukuru wedu weInnovation Officer uye Mutungamiriri weConsumer Packaging, Pat Lindner.Tichitevera tsinhiro dzedu dzakagadzirirwa, tichazarura kudanwa kwechikamu chemibvunzo nemhinduro.
Munguva yekudanwa kwanhasi, tichange tichitaura zvirevo zvekumberi zvinosanganisira zvirongwa zvedu, tarisiro, fungidziro uye zvatinotenda zvine chekuita nezviitiko zveramangwana.Mashoko aya angasanganisira njodzi dzinoverengeka uye kusava nechokwadi kunogona kuita kuti mhedzisiro chaiyo isiyane neiyo yatakurukura pakushanya.Isu tinotsanangura njodzi idzi uye kusava nechokwadi mumafaira edu neSEC, kusanganisira yedu gumi-K yegore rezvemari rakapera Gunyana 30, 2019.
Pamusoro pezvo, tichange tichiita zvirevo zvekutarisira kumberi nezve kukanganisa kweCCIDID-19 denda pakushanda kwedu nekuita kwemari.Hukuru hwemhedzisiro iyi, kusanganisira nguva, chiyero uye kuoma kwedenda, haina chokwadi uye haigone kufanotaurwa nechivimbo panguva ino.Isu tichave zvakare tichinongedzera asiri-GAAP matanho emari panguva yekufona.Isu takapa kuyananisa kweaya asiri eGAAP matanho kune akanyanya kuenzaniswa eGAAP matanho mune apendix yemharidzo yemasiraidhi.Sezvambotaurwa, mharidzo yemasiraidhi inowanikwa pawebhusaiti yedu.
Zvakanaka.Ndatenda, James.Tinotenda kunemi makafona kuti tibatane kufona kwedu mangwanani ano.Tine zvakawanda zvekuvhara.
Ini ndichatanga nekutenda inoshamisa WestRock timu nezvese zvavari kuita kubatsira kubatanidza zvakakosha zvigadzirwa kune vanhu pasi rese.Chikwata cheWestRock, chinotsigirwa nehuremu uye kugona kwechigayo chedu uye kushandura network vakapindura zvine mutsindo kubatsira vatengi vedu kusangana nemamiriro emusika anoshanduka akakonzerwa nedenda.
Isu takagadzira mhedzisiro yakasimba yemari mukota, ine yakagadziridzwa chikamu EBITDA chemadhora mazana manomwe nesere.Izvi zvaive padanho repamusoro-soro renhungamiro yatakapa chikamu chapfuura.Tiri kushandisa zano redu rakapatsanurwa kubva pachinzvimbo chesimba remari uye kushaya mari.
Denda reCCIDID-19 rakanganisa misika yepasi rose, rakakonzera kusagadzikana kusati kwamboitika uye nekudzikamisa maonero ehupfumi.Tichipesana nemamiriro ezvinhu aya uye nekuda kwekuita kwechikwata cheWestRock, kambani yakaramba ichiunza sechikamu chakakosha cheiyo yepasirese yekugovera cheni, ichitsigira vatengi vedu neportfolio yezvigadzirwa nemhinduro uye kusvika kwepasirese kwavanoda kuti zvigadzirwa zvavo zviende. vatengi vanozvida.
Denda iri rakanganisa maitiro ekudiwa kwebhizinesi redu rese, uye nepo mamwe misika, kunyanya, e-commerce, yanga yakasimba, vamwe, kusanganisira misika yemaindasitiri, vaona kukanganisa kwakashata.Isu tinoramba tichitenda kuti vatyairi vedu venguva refu vekukura vanoramba vasina kuchinjika, kuti WestRock inoramba yakamira zvakanaka nezano rakakodzera rekubudirira uye kugadzira kukosha kune vese vanobatana nesu.
Ndataura izvozvo, maonero ehupfumi hwenyika akadzikira zvakanyanya munguva pfupi iri kutevera.Naizvozvo, tiri kuita hurongwa hwekuita umo tiri kutora matanho akachenjera uye akakodzera kugadzirira huwandu hwemamiriro ehupfumi nemusika.Isu takatarisana nekuzadzisa zvinodiwa nevatengi vedu, kutsigira hutano, kuchengetedzeka uye kugara zvakanaka kwevatinoshanda navo muchikwata uye nekuwedzera kuvaka pahwaro hwedu hwekusimba kwemari.
Zvinotevera ndizvo zvakakosha zvechirongwa chedu chekuita denda.Takamisa matanho ekuchengetedza akawedzera pakambani yedu yese, kusanganisira kugara munharaunda, kuchenesa zvakadzika, zvekuvharisa kumeso, kutarisa tembiricha uye mamwe maitiro ekubatsira kuchengetedza vatinoshanda navo vakachengeteka uye vane hutano.Chikwata chedu chakaita zvinonwisa mvura panguva ino.Uye mukati mekota ino, tichapa imwe nguva yekuzivikanwa mibairo kune edu ekugadzira uye mashandiro vatinoshanda navo.
Ticharamba tichifananidza kupihwa kwedu nezvinodiwa nevatengi, kusanganisira kuderedza mashifiti pazvidyarwa pazvinenge zvichidikanwa uye kutora nguva pamichina yedu yemapepa inoshandira misika nekushomeka kwakadzikira.Panguva imwecheteyo, isu tichatora mukana wemikana yavanozviratidza, kusanganisira kushandisa chiyero uye kugona kwehurongwa hwedu huripo kushandira misika iri kukura, kusanganisira e-commerce uye kupindura kune kuwedzera kuri kudiwa.
Tiri kuita kudzikiswa kwemitengo yenguva iri pedyo inotungamirwa nemuhoro uye nekuchengetedza kudzikira kusvika pa25% kuchikwata chedu chevakuru vakuru uye Bhodhi redu reVatungamiriri pamwe nekudzikiswa kwemari yekuda kuona.Isu tinoronga kushandisa masheya ekambani yedu kubhadhara mari yedu yegore negore uye kuita mipiro yedu inotsigirwa nekambani 401(k) muna 2020. Izvi zvichapa imwe mari inowanikwa yekudzikisa zvikwereti tichiwedzera kuenzanisa zvinokurudzira zveboka revatungamiri nevatinoshanda navo pamatanho ese kambani nevashambadziri vedu.
Tiri kuderedza mari yedu yekudyara nemadhora zana nemakumi mashanu emamiriyoni gore rino uye tichaisa mazana matanhatu emamiriyoni emadhora kusvika kumadhora mazana masere emamiriyoni emadhora muna 2021. Padanho rino, tichapedza mapurojekiti makuru atiri kuenderera mberi, kuchengetedza hurongwa hwedu uye kuita mari yekudyara inodiwa kunatsiridza kugadzirwa uye kupa misika yedu iri kukura.
Uye chekupedzisira, tiri kudzoreredza chikamu chedu chekota kusvika kumadhora 0.20 pachikamu chimwe chegore negore che $0.80 per share.Iri idanho rakangwara rekutora munzvimbo isina chokwadi iyo ichapa mibairo ine revo, inoenderera uye inokwikwidza kune vane stockholder veWestRock vachigovera imwe $275 miriyoni pagore kudzikisa chikwereti.Izvi zvichabatsira varidzi vedu nekudzikisira kuwedzera, kusimudzira hupfumi uye kuchengetedza mukana wedu kumisika yezvikwereti zvenguva refu.
Sezvo mamiriro ezvinhu neCCIDID-19 achishanduka, isu tichaongororazve chikamu chedu uye tichitarisa kukura chikamu chedu mune ramangwana sezvo misika inodzokera kune yakajairika.Musanganiswa wezviito uyu uchatigonesa kuchinjika nekukurumidza kune shanduko yemamiriro emusika, uye isu tinotarisira kuti ichapa imwe bhiriyoni imwe yemadhora mumari inowanikwa yekudzikisa chikwereti kusvika pakupera kwemari '21.Izvi zvinotsigira bhizinesi redu pasi pehuwandu hwehupfumi uye misika mamiriro uye kuona kuti WestRock inoramba yakamira zvakanaka kuti ibudirire kwenguva refu.
Mhinduro yeWestRock padenda kusvika parizvino uye kugona kwedu kubudirira kuenda kumberi kunotsamira pakushanda nesimba uye kuzvipira kwechikwata cheWestRock, icho chakakwira kuti mashandiro edu arambe achimhanya uye kubatsira vatengi vedu.Ticharamba tichitsigira vatinoshanda navo, mhuri dzavo uye nharaunda dzatinoshanda.Nepo tarisiro yepedyo-yenguva isiri kujeka, isu tine zano rakakodzera uye timu chaiyo iri munzvimbo yekufambisa nharaunda ino uye kuburitsa yakatosimba kambani.
Kuwedzera kune akamisikidzwa uye akakwenenzverwa nzira dzekuchengetedza dzatakashandisa mukambani yedu yese, isu tiri kushanda zvakatosiyana nezvataiita mwedzi miviri yapfuura.Tingave tiri kushanda munzvimbo yekuvhiyiwa kana kumba, tiri kusangana kakawanda kupfuura kare kuti tizive uye tigadzirise zviri kukurumidza kuchinja mashandisiro ezvinonetsa pazvinomuka.Izvi zviri kutsigira kuedza kwedu kugadzirisa nekukurumidza kuti tisangane nekushanduka kwezvinodiwa nevatengi vedu.
Uye isu takasimudzira nharaunda dzedu, kusanganisira kubatana nevatengi vedu uye zvakare Georgia Center yeMedical Innovation kuti ipe rutsigiro rwekugadzira kune anopfuura zviuru mazana maviri enhoo dzechiso.Tiri kupa mabhokisi ane marata nemidziyo yekubatsira chikafu kumabhanga ezvekudya, uyezve nekugovera chikafu chinopa rubatsiro munharaunda dzedu zhinji.
Ngatitendeukei kumaitiro edu echikamu chechipiri chemari.Isu takagadzira mambure ekutengesa emadhora mazana mana nemakumi mana emadhora ane chikamu chakagadziridzwa EBITDA chemadhora mazana manomwe nesere emadhora, akagadziridzwa mihoro pachikamu chemadhora 0.67.Mugore rapfuura, takasimudzira zano redu rakasiyana nekukura kwakasimba nekuwedzera 380 mimwe michina yekutsiva.Takawedzera vatengi vemabhizinesi makumi maviri mumwedzi gumi nemaviri yadarika.Vatengi vebhizinesi vava kuita $7.5 bhiriyoni mukutengesa zvichienzaniswa ne6 bhiriyoni gore rapfuura, kuwedzera kwe25%.
Pakazere, isu tine shanduko huru yemari nemari inodarika mabhiriyoni maviri nemazana mashanu emadhora emari yakazvipira kwenguva refu, kusanganisira inodarika mamirioni mazana matanhatu emadhora.Tine zvikwereti zvishoma kusvika munaKurume wa2022, uye chirongwa chedu chepenjeni cheUS chinopihwa 102%.
Munguva yekota, takaona simba mu e-commerce chiteshi uye muprotein, chikafu chakagadzirwa, kurima, hutano hwehutano uye zvikamu zvemusika wezvinwiwa.Zvimwe zvikamu zvemusika, zvinosanganisira zvinhu zvepamusoro uye zvigadzirwa zvemaindasitiri, zvakapfava nekuda kwekukanganisa kweCCIDID-19.
Yedu yechipiri kota mhedzisiro inoratidza yakakwira kutumira kunze uye epamba bhobhobhodhi mavhoriyamu uye mabhokisi ekutakura.Mutengo/musanganiswa musiyano unoratidza kuyerera-kuburikidza kwemutengo wakamboburitswa unodzikira uye gore-pamusoro-gore musika unodzikira mukutengesa kunze uye mudzimba bhokisi remidziyo, pulp uye kraft mapepa emitengo.
Corrugated Packaging yakaunza mhedzisiro yakasimba mukota, ine yakagadziridzwa chikamu EBITDA chemadhora mazana mashanu nemazana maviri emadhora uye yakagadziridzwa chikamu EBITDA mapeji e18%.North America yakagadziridza EBITDA margins aive 19%, uye Brazil yakagadziridzwa EBITDA margins aive 28%.
Munguva yekota, kushanda kwakasimba kwekushanda nemavhoriyamu akakwirira, kugadzirwa kwakasimba uye deflation zvaive zvakanyanya kuderedzwa nekuderera kwemitengo.Kutengesa kwakasimba mu-e-commerce, chikafu chakagadzirwa uye zvigadzirwa zvekutengesa senge zvigadzirwa zvekuchenesa, zvigadzirwa zvemapepa uye manapukeni zvakagadziriswa muhafu yechipiri yaKurume nekudzikiswa kwakanyanya muzvikamu zvedu zvekupedzisira-kushandisa zvekugovera uye mapepa, zvigadzirwa zvemaindasitiri uye chikafu chekudya uye kurongedza Pizza.
Maitiro aya akaenderera mberi muna Kubvumbi, nevanopfuura 130 vevatengi vedu vanotaura kuvharwa kwechirimwa kwenguva pfupi.Ndiyo 130 yevatengi vedu vanoshuma kuvharwa kwechirimwa kwenguva pfupi uye kuderedzwa mashifiti zvichienderana nemhedzisiro yekoronavirus.Kunyangwe zvikamu zvakaita seprotein uye chikafu chakagadziridzwa chiri kutambudzika kuderera nekuda kwemhedzisiro yekoronavirus pavashandi vavo.
Kutumirwa kwebhokisi mukati mekota kwakawedzera 1.3% pachokwadi, nekutakura kuri kuwedzera mukupera kwekota sezvo vatengi vakatanga kugara pamba.Kutakura kwedu kwebhokisi kwakakanganisika nekuvharwa kwemabhokisi mashanu emiti mugore rapfuura pamwe nekudzikiswa kudiwa kubva kumaindasitiri, kugovera uye zvikamu zvemusika wepizza, uye kutengesa kwakaderera kwemashiti akaderera kune vechitatu-bato vanoshandura.Iko kuwedzera kwemaitiro aya kwakaderedza kutengesa kwebhokisi redu ne2.7% zvichienzaniswa negore rapfuura.
Asi ngatiisei izvi mumaonero.Kwemakore matatu apfuura, takabudirira zvikuru mukukura bhizinesi redu rebhokisi.Muchokwadi, bhokisi redu rekutakura organic kukura panguva ino ingangoita gumi muzana, kanenge kaviri kukura kweindasitiri kwe5.5%.Nzira yedu yekutengeserana kune vatengi vedu inoramba ichishanda zvakanaka kuti isangane nekukurumidza kuchinja zvinodiwa nevatengi.
Kusimba kwebhizinesi redu rekutanga rakatiita kuti tikwanise kuvhura nzvimbo nyowani muLas Vegas kuti tisangane nekukura kwekuda kwemifananidzo uye kutipa yedu yakawedzera tsoka nekuwedzera kweKapStone system.Isu tiri kuwedzera nzvimbo yedu yeJacksonville preprint kuti tiwedzere inoenderera inomhanyisa muchina ichapa huwandu hwekuwedzera uye kuderedza mutengo.
Kutengeswa kwedu kwepamba uye kunze kwenyika kwakawedzera matani zana negumi nembiri mukota zvichienzaniswa negore rapfuura.30,000 matani ekuwedzera yakabva kune yedu yepamusoro-yakakosha machena epamusoro liner.Mapurojekiti edu ehungwaru uye kubatanidzwa kweKapStone kunoenderera.Isu takapedza kota nemari yegore negore yekumhanya yemadhora zana nemakumi maviri neshanu mukubatana kubva kuKapStone.Chikwata chedu chafambira mberi zvakanyanya kugadzirisa chigayo cheNorth Charleston zvichitevera kuvharika zvachose kwemuchina we#2 wemapepa.Musanganiswa wemagiredhi echigayo wakagovaniswa pamabasa asara, izvo zvakagonesa kugadzira kwedu uye kupa mutengo wakanaka.Isu tinotarisira kuve pamitengo yedu yakarongwa yekugadzira uye kuchengetedza panopera gore rekarenda.
Muchidimbu, WestRock's corrugated packaging timu iri kuita zvakanaka zvakanyanya munzvimbo ino, ichitsigirwa neyedu yakasimwa mariri bhokisi rekudyara system uye sisitimu yedu yechigayo ine yakatanhamara yenzvimbo yekuvhara uye kugona kugadzira iyo yakakura kwazvo huwandu hwebhokisi uye kraft mapepa mamakisi muindastiri.
Ngatitendeukirei kune yedu Consumer Packaging segment, uko mibairo yaive yakati sandara gore-pamusoro-gore neyakagadziridzwa chikamu EBITDA chemadhora mazana maviri nemakumi maviri nemaviri emadhora munzvimbo ine kusagadzikana.Muchikamu chetatu, chikafu chedu, sevhisi yechikafu, zvinwiwa uye mabhizinesi ekuchengetedza hutano akashanda zvakanaka pamusanganiswa wemitengo wepamusoro uye mabhenefiti kubva kumatanho ekutsiva epurasitiki.
Yedu yakasiyaniswa kukosha fungidziro iyo inosimudzira dhizaini, zvinhu zvesainzi uye muchina zvinoramba zvichiunza kukosha kune vatengi vedu.Kukwirira uku kwakagadziriswa nekuderedzwa kudiwa kwerunako, zvizoro uye mweya wepamusoro.Kudzikira kudiwa kwekudhinda kwekutengeserana muna Kurume kwakabatsira mukutora matani gumi nematatu ekuderera kwehupfumi mukota uye mamwe matani gumi nemana muna Kubvumbi pahurongwa hwedu hweSBS.CRB uye CNK backlogs yakaramba yakasimba pa3 uye 5 mavhiki, zvichiteerana.
Consumer Packaging inotora chikamu pane dzakasiyana siyana dzekupedzisira misika.Isu tinoona bhizinesi kuburikidza nelenzi yezvikamu zvina zvakakosha: Chekutanga, chikafu, chikafu uye mabhizinesi ezvinwiwa anosanganisira 57% yezvikamu zvedu zvekutengesa.Isu tinohwina nevatengi vedu neakasiyaniswa, akabatanidzwa kupeta katoni zvinopihwa uye yedu yakazara yakazara yepepaboard substrate yekutengesa kune yakazvimirira inoshandura.Aya mabhizinesi anounza kukura uye kukosha kuburikidza nehunyanzvi, zvigadzirwa zvakasiyana, michina uye basa revatengi;chechipiri, mabhizinesi edu ekurongedza akakosha anosvika makumi maviri nemasere muzana ezvikamu zvedu zvekutengesa.Yedu kukosha-yakawedzerwa muhunyanzvi kurongedza kunoyerwa kudivi rekushandura rebhizinesi.Bhizinesi rekuchengetedza hutano rave rakasimba kwazvo uye rinotsigirwa nekupa kwedu kwakabatanidzwa kwemakatoni, mavara uye kuisa.Nepo kuita kwezvimwe zvedu zvehunyanzvi zvinopihwa zvevatengi, makadhi ekubhadhara uye midhiya zvakasanganiswa, zvimwe zvichikura, zvimwe zvichiderera nekufamba kwenguva;chikamu chechitatu hunyanzvi hweSBS mapepa efodya, kudhindwa kwekutengesa uye kurongedza kwemvura.Izvi zvinokwana 13% yezvikamu zvedu zvekutengesa.Chikwata ichi chakapikiswa mumakore achangopfuura nekuda kwekuderera kwehuwandu hwepasi mukudhindwa kwekutengesa uye fodya, iyo inopa mamiriro, yakaderera kupfuura 20% kubva pamari '16;chechina, tinoshandisa pulp kuenzanisa hurongwa hwedu.Kudzikira kwemitengo ichangoburwa kwadzikisira mihoro neinosvika madhora 28 miriyoni gore-kusvika-uye $12 miriyoni mukota zvichienzaniswa negore rapfuura.
Tiri kuona mikana yakanaka yekukura tichishandisa sainzi yedu yezvinhu, hunyanzvi, mipiro yemichina uye nzira yekutengeserana nevatengi vedu.Takaisa mari mukushandura zvinhu zvedu, uye takaisa mari muhurongwa hwedu hwechigayo kuMahrt, Covington neDemopolis kuti tivandudze chimiro chedu chemitengo uye kunaka kwechigadzirwa.KuCovington, tave kugadzira iyo yakaderera density SBS pasi rose yekupeta katoni uye mamwe maapplication.
Saka kunyangwe zvikamu zvakawanda zvebhizinesi redu reConsumer Packaging zvanga zviri kuvandudzwa uye zvakamisikidzwa kuti zvirambe zvichivandudzika nekufamba kwenguva, kuvandudzwa uku kwakagadziriswa nekuita kwezvikamu zvedu zvepasi-yakawedzera kukosha uye kuderera kwemusika wekupedzisira.Isu tinoramba takazvipira kuvandudza kushanda kwenguva refu kwebhizinesi iri.
WestRock yakamisikidzwa zvakanaka kutarisana nemamiriro ehupfumi aripo.Isu tine kugona kushandira akawanda akatevedzana ekupedzisira musika zvikamu, isu tine shanduko pane yedu yekugovera cheni, kusanganisira kugona kushandisa ese ari mhandara uye akadzokorodza fiber.Chiyero chedu chepasi rose chinopa redundancy uye kuita zvakasiyana mumusika uyu uri kukurumidza kuchinja.
Kupera kwemusika kudiwa kuri kukurumidza kuchinja.Slide 11 inopa tarisiro yemamiriro azvino mumisika yedu.Sezvambotaurwa, kudiwa mu e-commerce chiteshi kwakasimba kwazvo.Tinotenda kuti izvi zvicharamba zvichikura.Misika yakagadziridzwa uye yekutengesa chikafu, chinwiwa uye yekurongedza yemvura yaive yakasimba munaKurume sezvo vatengi vaidzivirirwa munzvimbo uye vachishanda kubva kumba.
Misika yemaprotein yasimuka kubva kune yakasimba kuenda kune yakaipa mumavhiki mashoma apfuura sezvo makambani ekugadzira mapuroteni akanzwa kukanganiswa kubva kuCOVID-19.Kudiwa kwevatengi vemaindasitiri nekugovera kwakakanganiswa nekuvharwa, uye mimwe misika yakaita sevhisi yechikafu uye kudhindwa kwekutengesa kunoenderera mberi nemaitiro avo ekuderera kwemusika kubva pakota yapfuura.
Kubva patiri nhasi, zvakaoma kufanotaura kuti ndeapi mafambiro enguva pfupi, uye acharamba aripo.Neraki, yedu yakasiyana-siyana yemapepa uye zvigadzirwa zvekurongedza zvinotiisa isu kuti tigadzirise uye tisangane nevatengi vedu zvinoshanduka zvinodikanwa munzvimbo yakakura yehupfumi.Kunyange maonero anoramba asina kujeka, isu takatora uye tiri kugadzirira kutora matanho ekufambisa mamiriro emusika sezvaanokura.
Ndatenda, Steve.Pamusoro pekugona kwedu kugadzira mari kubva kubhizinesi redu, manejimendi anoshanda echikwereti chedu maturities uye kuchengetedza akakosha mazinga emari zvinhu zvakakosha zveWestRock's yakasimba mari hwaro.Mugore ra2019, takawedzera mari inodarika mabhiriyoni matatu emadhora ezvikwereteso zvechikwereti uye zvinodarika mabhiriyoni maviri emadhora muzvikwereti zvenguva yekubhanga.
Pamusoro pezvo, gore rapfuura, takabhadharazve $350 miriyoni mumabhondi aifanira kubhadharwa muna Kurume we2020. Tine mashoma mabhondi maturities kusvika Kurume we2022, nemadhora zana chete emamiriyoni emadhora ari kufanira muna Chikumi wegore rino.Pakupera kwaKurume, takanga tine mari inodarika mabhiriyoni mazana maviri nemazana mashanu emadhora emadhora akazvipira kwenguva refu, kusanganisira madhora mazana matanhatu nemakumi mana emamiriyoni emari.Sechinyakare, tinoburitsa kuyerera kwemari kwakasimba muhafu yechipiri yegore redu rezvemari.Sezvo takavhara muna Kubvumbi, takakwanisa kuderedza chikwereti chemari nemadhora zana nemakumi mana nemashanu emamiriyoni.Nekudzikiswa kwechikwereti uku muna Kubvumbi, takazvipira -- yedu yazvino yakazvipira liquidity uye mari ingangoita $2.7 bhiriyoni.
Tine cushion yakawanda pazvibvumirano zvedu zvechikwereti zviviri, uye izvi zvinotipa shanduko yakakosha yekumhanyisa bhizinesi redu.Pamusoro pekugadzirisa zvikwereti zvedu maturities uye liquidity, zvirongwa zvedu zvepenjeni zviri munzvimbo yakasimba.Sezvakataurwa naSteve, chirongwa chedu chemudyandigere cheUS chakapihwa mari yakawandisa, uye mari yedu yepasi rose kuhurongwa hwedu hwakakodzera mumari ya2020 inongova mamirioni gumi chete.
Kuenda kuSlide 13. Tiri kubvisa nhungamiro yedu yegore rose nekuda kwemamiriro ehupfumi akaomarara ane chekuita neCOVID 19. Kunyangwe tisiri kupa nhungamiro yeQ3, maitiro achangoburwa anogona kukonzera kutengesa uye mihoro kudzikire zvakatevedzana.Steve akasimbisa shanduko yekuda mafambiro kune mazhinji emisika yedu yekupedzisira, ayo ari kukanganisa mavhoriyamu muzvikamu zvakati zvebhizinesi redu.
Pamusoro peiyo isina kujeka vhoriyamu maonero, Q3 mhedzisiro icharatidza kuyerera-kuburikidza neyakaburitswa index kuderedzwa kwe linerboard muna Ndira uye kudzikiswa kwaFebruary kweSBS uye kudzokororwa kwebhokisi remabhokisi.Uye kunyangwe mimwe mitengo yekuisa iri kudzikira, mitengo yefiber yakadzokororwa inokwira kudarika madhora makumi mashanu patani kubva muna Zvita.Sezvo mamiriro ezvinhu achidzikama uye isu tine kuoneka kukuru mune ramangwana rekuda mafambiro, isu tinodzoreredza gwara redu.
Tiri kutora matanho akati wandei atinotarisira kuti achapa imwe bhiriyoni imwe yemadhora ekudzikisa chikwereti kusvika pakupera kwemari ya2021. Mutemo weCARES uchangobva kugadzwa neCongress unobvisa mari inosvika madhora zana nemakumi maviri emitero yemitero muzvikamu zvitatu zvinotevera. inobhadharwa muna Zvita we2021 uye Zvita we2022.
Isu tinoronga kuita yedu 2020 incentive mubhadharo uye 401 (k) mipiro muna 2020 neWestRock common stock izvo zvichawedzera kubuda kwedu kwemari nemadhora zana emamiriyoni.Tiri kudzikisa mari yedu yekudyara kusvika pamadhora mazana mapfumbamwe nemakumi mashanu emamiriyoni emadhora muna 2020 uye ikozvino fungidzira huwandu hwemadhora mazana matanhatu emamiriyoni kusvika mazana masere emamiriyoni emadhora mumari 2021, kubva pakutungamira kwedu kwekutanga kwemadhora bhiriyoni mazana mapfumbamwe emadhora muna 2020 uye madhora mazana mapfumbamwe emamiriyoni emadhora mu2021.
Tichapedzisa mapurojekiti edu ezvigayo kuFlorence neTres Barras mumwedzi gumi nemiviri inotevera.Uye kunyangwe isu takafanirwa kufambisa maitiro epekugara munzvimbo dzakatemerwa uye kuwanikwa kwekondirakiti uye zviwanikwa zvehunyanzvi semhedzisiro yeCCIDID-19, isu tinotarisira kutanga-muchina mutsva weFlorence mapepa muhafu yechipiri yegore rekarenda. 2020. Iyo Tres Barras chigayo chekusimudzira chirongwa chinofanira kunge chakazara muQ2 yemari '21.
Pamatanho aya ekudyara mari, tine chivimbo chekuti ticharamba tichiisa mari mukuchengetedza kwakakodzera, kwezvakatipoteredza uye kugadzirisa zvirongwa uye kupedzisa mapurojekiti edu ehuyo tichiitawo mabhindauko ekutsigira goho nekukura mubhizinesi redu.Kudzikiswa uku kunopa mazana matatu emamiriyoni emadhora kusvika mazana mashanu emamiriyoni emari yekuwedzera inowanikwa yekudzikisa chikwereti kusvika pakupera kwegore ra2021.
Kudzoreredzwa kwechikamu chedu chegore kubva pamadhora 1.86 pachikamu kusvika kumadhora 0.80 pachikamu chimwe nechimwe kuchaunza kuwedzera kwemadhora mazana mana emamiriyoni ekuyerera kwemari mukati memakore 1.5 anotevera.Sezvo isu tichigadzirisa mashandiro edu nekudyara kumazinga ekudiwa kwevatengi, isu ticharamba tichigadzira kuyerera kwemahara kwakasimba, kuchengetedza pepa redu remari uye kuve nekushanduka kwemari kuita zano redu.
Ndatenda, Ward.Tichipesana nemamiriro ezvinhu edenda iri, nekuda kwekuita kwakanaka kwechikwata cheWestRock, takatsigira vatengi vedu neyakasiyana portfolio yezvigadzirwa nemhinduro uye kusvika kwepasirese kwavanoda kuti vatore zvigadzirwa zvavo kune vatengi vanozvida.Tiri kuita maererano nemaitiro edu akasiyana, uye tiri kuzviita kubva pachinzvimbo chesimba remari uye hupfumi hwakawanda.
Takatarisana nenguva dzisina kumboitika, uye maonero ari pedyo-nguva anoramba asina kujeka.Isu tiri kugadzirisa uye kuita pane yedu zano mukupindura.WestRock's denda rekuita chirongwa chinozotigonesa kupindura nekukurumidza kune shanduko yemamiriro emusika sezvo isu tichifananidza kupa kwedu kudiwa kwemusika.Isu tinotarisira kuti izvi nezvimwe zviito zvichawedzera kusimbisa chinzvimbo chedu chemari nekupa madhora bhiriyoni imwe mukuyerera kwemari iripo yekudzikisa chikwereti kusvika pakupera kwemari '21.
Isu tese kuWestRock tine chivimbo mune yedu kukosha chirevo, kuti isu tine chaiyo yakakamurwa zano, timu chaiyo iri munzvimbo yekufamba nharaunda iyi uye kubuda yakatosimba kambani.
Ndatenda, Steve.Sechiyeuchidzo kuvateereri vedu, kupa munhu wese mukana wekubvunza mubvunzo, ndapota dzikamisa mubvunzo wako ku1 nekutevera sezvinodiwa.Tichasvika kune vakawanda kana nguva ichitendera.Operator, tinogona kutora mubvunzo wedu wekutanga here?
George Leon Staphos, BofA Merrill Lynch, Dhipatimendi Rekutsvagisa - MD uye Co-Sector Head muEquity Research [2]
Ndatenda nezvese ruzivo uye nezvese zvauri kuita paCOVID.Ini ndinofungidzira mubvunzo wekutanga wandaive nawo une chekuita nekuti iwe ucharamba uchibata sei portfolio yemabhizinesi nekuenderera mberi.Steve naWard, zvaiita senge -- uye wazvitaura, kuti pane musiyano wakakura mune zvauri kuona maererano nemaitiro ekudiwa.Zvakaoma kutaura kuti ndezvipi zvepanyika, ndezvipi zvepamwe chete.Zvingave zvakanaka here kutaura kuti kana waona izvozvo, kuti pachave nekuwedzera zviito zvekugadzirisa mashandiro, bhizinesi, iyo portfolio.Uye pamwe tangonzwa zvataida kunzwa, asi zvinoita sekunge mutengi ane rimwe basa rakawanda rinofanira kuitwa kana iwe uchinge waongorora izvi nekuda kwenyaya dziri mupreprint uye fodya.Saka dai waikwanisa kutaura nazvo, uye ndakava nekutevera.
George, uyu ndiSteve.Ini ndinofunga iwe wakawedzera kana kushoma kupindura mubvunzo nekuti ndinofunga isu tichatarisa zviri kuitika mumusika, uye isu tiri kutarisira kuti pave nekuchinja nekufamba kwenguva.Handikwanise kufanotaura kuti mashifiti achange ari chii.Ini handikwanise kufanotaura kuti tichatarisa sisitimu yedu uye toshandisa sisitimu yedu uye portfolio yedu nenzira yekuikwirisa zvachose.Uye ndinobvumirana newe kuti tine -- ndingataura zvawakataura pamusoro pemutengi, ndinofunga kuti tine basa rakawanda rekuita kune mutengi, ndinobvumirana nazvo, nezvikonzero zvekuti iwe ...
George Leon Staphos, BofA Merrill Lynch, Dhipatimendi Rekutsvagisa - MD uye Co-Sector Head muEquity Research [4]
Zvese zvakaringana.Uye zvino sezvainosvika kune chikamu, zviri pachena, chisarudzo chakakosha.Tichifunga nezvekuwedzera kuri pamusoro pe3x, uchipihwa chibvumirano chemusoro chawakati chakakosha uye rimwe basa rese rawakaita kuvandudza hupfumi, pane chimwe chinhu chakanyanya kukupa kumbomira uye nekudaro, catalyse dividend?Nekuti zvaiita sekunge wanga uine nzvimbo yekuenderera mberi nekubhadhara chikamu.Chii chirikunyanya kunyanyokunetsa pari zvino maererano nekuichengetedza iri padanho raimbove pairi?Isu pachena tinoremekedza chisarudzo uye ndinoonga ruvara.
Zvakanaka.George, ndatenda nekubvunza mubvunzo nekuti iyi haisi nyaya yekushomeka zvachose.Uye ndinofunga waratidza chinhu chimwe chete.Kana pane 1 chinhu chiri kukanganisa isu tose, zvisinei kuti tiri kupi, iko kusatarisika kwezvichaitika maererano nemamiriro emusika.Uye isu tinongofunga kuti zvakatinakira kuti tiedze kubuda pamberi pazvo uye tive nechokwadi chekuti takagadzirira kubata nekusagadzikana kwatinako muhupfumi uye mamiriro emusika kuenda kumberi.
Uye izvi zviito, uye ini handizvitarise --sezvo mugove uchingori 1 wenhevedzano yezvinhu zvatinoita.Ini ndaitarisa pasuru yese yezviito zvatiri kutora kutibvumira kufamba mukusagadzikana uko isu tese takatarisana.
George Leon Staphos, BofA Merrill Lynch, Dhipatimendi Rokutsvagisa - MD uye Co-Sector Head muEquity Research [6]
Saka chikamu chayo chinogona kunge chiri capital iyo iwe yaungazodikanwa paunenge uchiwedzera optimize portfolio nekufamba kwenguva, zvingave zvakanaka here?
George Leon Staphos, BofA Merrill Lynch, Dhipatimendi Rekutsvagisa - MD uye Co-Sector Head muEquity Research [8]
Saka urikuchengetawo hupfu, sezviri pachena, uchipihwa mamwe mafambiro aungangoda kuita mukati mepodfolio kuti ugone mashandiro.Ndicho 1 chezvikonzero zvekuti zvingave zvakanaka kuve nekuwedzera mari.Ndizvo here?
Ehe.Ini ndinongozvitarisa zvakazara, inyaya isingatarisike, uye ndinofunga zvese zviito zvatiri kutora zvakafanira kuti isu tibude pamberi penguva yekusagadzikana yatiri kuita tese.
Mark Adam Weintraub, Seaport Global Securities LLC, Research Division - MD & Senior Research Analyst [11]
Steve, ini ndinongoda kutevera pane izvo - mhinduro pamubvunzo wedividend, nekuti ini ndinofunga zvakakosha kuti vanoisa mari vanyatsonzwisisa.Ndinoreva, pfungwa yako ndeyekuti -- hapana nyaya dzemari yauri kuona izvozvi, asi pamwe, uri kuita izvi se--------------------------------------------------------------------------------------------------------------------------------------- ke, unenge usiri kuzvitarisira. chiito kuti, sezvaunotaura, kubuda pamberi payo.Ndiyo nzira chaiyo yokuzvinzwisisa here?Nekuti ini ndinofunga vanhu vazhinji vachaiverenga nepamusoro soro uye voti, wow, vanofanirwa kuve nehanya nechizvarwa chavo chemari, vanongocheka chikamu chavo, uye izvo zvakashamisa vanhu vazhinji.
Ehe.Saka ndinotenda kuti muri kubvunza izvozvo.Iyi haisi nyaya yemari.Ini ndinofunga kuri kunyatso edza kubuda pamberi pezvisingafungidzirwe seti yezviitiko.Uye ipapo ini ndinofunga nezvazvo zvakakomba kubva pamaonero evane stockholder, uye isu tinogadzira mari inozoenda kunobhadhara pasi chikwereti, uye ndinofunga izvo zvichawedzera kubatsira kune vane stockholder.Saka kana ndiri muridzi wemasheya, ndinofunga ndinotenda izvi nekuti zvinoita kuti tikwanise kubhadhara chikwereti, icho chichave chiripo kune - izvo zvichawedzera kubatsira kune vanogovana uye zvichawedzera. liquidity uye kutipa kwenguva yakareba kuwana kune chikwereti misika yemari, zvese zvandinofunga zvakakosha.Uye chikamu chemadhora 0.80 chichiri chine zvachinoreva uye chakakura uye chiri kukwikwidza kune dzimwe nzira dzakawanda dzekudyara.
Mark Adam Weintraub, Seaport Global Securities LLC, Research Division - MD & Senior Research Analyst [13]
Zvakanaka.Uye ipapo nekukasira pa-- nekuona kuti imamiriro emvura.Pane here zvimwe zvaungakwanise kugovera nesu maererano nematarisiro arikudiwa iye zvino maringe nekwazvaive, zvawanyanya kutarisira muna Chivabvu pamwe, uko zvinhu zvinotaridzika?
Hongu, Mark, ndicharega Jeff achipindura kune iyo yecorrugated uye ipapo Pat mushure meizvozvo, pindura kune iyo yevatengi.Saka Jeff?
Jeffrey Wayne Chalovich, WestRock Kambani - Chief Commerce Officer & Mutungamiriri weCorrugated Packaging [15]
Ndatenda, Steve.Mangwanani Maka.Saka zvave kukasika kutaura muna Chivabvu ndingati zvatakaita kumashure musvondo rekutanga zvakagadzikana.Uye ini ndichapa kujeka kwakawanda sezvandinogona pamavhoriyamu aApril, kunzwisisa kuti uri kutsvaga ruzivo mumisika chaiyo yekupedzisira.Ini handisati ndave nemaonero akadaro kusvika parizvino.Uye zvakare sezvawataura, zvichibva pahuwandu hwevatengi vedu vanovhara zvidyarwa kwenguva pfupi, kusagadzikana mune yekuda profiles, zvinogona kunge zvisiri kuratidza izvo kota ichave kana isingazove.Saka takapedza Kubvumbi pasi nezve 4%.Takatanga mwedzi takasimba nekusarira shure uye vhiki yega yega yaiwedzera kuipa.Saka isu tine, sekutaura kwaSteve, pamusoro pevatengi zana nemakumi matatu vakavhara kana kudzikisa mashifiti mubhizinesi rese, vana vevatengi vedu gumi vaive nezvirimwa zvakawanda kusvika mukupera kwaKurume kusvika kutanga kwaKubvumbi.Saka takaona izvozvo muzvikamu zvakasimba muzvokudya zvedu zvakagadzikiswa uye bhizinesi redu reprotein.Ndiyo US neCanada.Uyezve mabhizinesi atino -- anopa chikafu chekudya kana mabhizinesi ebasa rekudya akadzikawo.Uye takazoona izvi muzvikamu zvekupedzisira-kushandisa izvo zvaive zvisina kusimba senge zvigadzirwa zvedu zvemaindasitiri uye kugovera kwedu uye bhizinesi remapepa, iro chikamu chikuru.
Bhizinesi ratakabuda uye mabhokisi emiti yatakavhara acharamba ari mhepo.Uye isu tabuda mune imwe yakaderera kukosha shizha bhizinesi munzvimbo iyoyo yekugovera uye mapepa.Saka izvo zvingave zvishoma zvekukwevera kwegore rinotevera rezvemari patinobuda.Asi zvakare, kana ukatarisa macomps, isu takakwira 1.7% muna Kubvumbi gore rapfuura.Musika uyu waive wakadzikira nezve 1.4%.Isu takanga takwira 2.7% mukota gore rapfuura, uye musika waive wakapfava.Saka macomps akaoma.
Asi tataura izvozvo, bhizinesi redu rakafamba zvakanaka kwazvo.Takafananidza kugovera kwedu nezvinodiwa nevatengi vedu.Miti yaimhanya zvakanaka.Vaive nemamiriro ezvinhu akaoma zvikuru nemabhizinesi aive kumusoro, mabhizinesi aive pasi.Takafambisa bhizinesi kutenderedza zvirimwa chaizvo zvisina mhosva.Uye Steve akataura nezvevashandi vedu vakaita zvehugamba.Uye saka isu tiri pahurefu hwekuvimba kuti tinogona kuenderera mberi nekubatanidza bhizinesi iri uye nzira yedu yakakamurwa pakutengesa kwemuchina, preprint graphic kutengesa kunoramba kwakasimba.Isu tine chivimbo mukugona kwenguva refu kwedu kusimudzira bhizinesi iri.
Patrick Edward Lindner, WestRock Company - Chief Innovation Officer & Mutungamiriri weConsumer Packaging [17]
Hukuru.Ndatenda, Steve, uye ndatenda, Jeff.Uye saka handikwanise -- saJeff, handikwanise kutaura zvakanyanya muna Chivabvu.Ini ndichaedza kupa mamwe mamiriro eKubvumbi, kunyanya, kuti anowirirana sei nezvakataurwa naSteve kutenderera kota.Chaizvoizvo, zvatakaona pakupera kwekota kusvika mwedzi waKurume zvakaenderera mberi muna Kubvumbi.Takaona kudiwa kwakasimba uye kugadzikana muchikafu, mazhinji emagiredhi ebasa rekudya uye maapplication, chinwiwa uye hutano hwehutano.Kumashure kwedu muna Kubvumbi paCNK kunoramba kwakasimba pamavhiki mashanu uye CRB inenge mavhiki matatu.Uye saka tinonzwa zvakanaka nezve -- uye netarisiro nezvesevhisi yechikafu, zvinwiwa uye hutano hwehutano.
Isu takasangana nemamwe matambudziko akakosha pane zvekutengesa kudhindwa kunyanya.Uye saka pamwe ndichatora chinguva ndongotsanangura izvozvo.Takanga tabva kune imwe nzvimbo munharaunda muna Kubvumbi, ingangoita 50%.Iyo ingangoita hafu yemutengo wemazuva ese wekutengesa muna Kubvumbi sezvataizowanzoita, uye ingangoita hafu yezvataive nazvo muna Kukadzi.Zvakawanda izvo zvinongofambiswa nekudzikiswa kwekutumira zvakananga uye kushambadza uye kumwe kuwana pamapurojekiti ane sheetfed ayo anowanzo kuve akasimba panguva ino yegore, zvakangokanzurwa.Uye saka izvo zvakaenderera muna Kubvumbi.Ehe, sezvatakurukura, zvakaoma kutaura izvo zvichange zvichienda mberi.
Uye zvakare, takava nekupfava munaKurume, kunyanya, uye izvo zvakaenderera mberi muna Kubvumbi mune yedu yepamusoro-soro mweya pamwe yakakanganiswa neimwe nzira nekusabhadhara.Uye zvakare muzvizoro uye nekuchengetedza runako, izvi zvimwe zvingangove zvine discretionary, zvemhando yepamusoro zvigadzirwa.Uye zvimwe zvezvigadzirwa izvozvo zvaionekwa sezvisina kukosha, uye vatengi vedu vanga vasiri kufambisa zvivakwa zvavo.Uye saka Kubvumbi, ndingati, vakanyatsoenderera mberi nemaitiro atakaona munaKurume aakatsanangurwa naSteve.
Mark Adam Weintraub, Seaport Global Securities LLC, Research Division - MD & Senior Research Analyst [18]
Uye dai ndaigona -- saka kana mukaisa izvo zvese muna Kubvumbi, kurongeka kwehukuru, zvingave zvakaita sei?Pat?
Patrick Edward Lindner, WestRock Kambani - Chief Innovation Officer & Mutungamiriri weConsumer Packaging [19]
Panyaya yemutengi chaizvo?Saka zvakazara, ndingati inofanirwa kuputsika nechero yega yega mamakisi.Asi ndingati Kubvumbi kwaive pasi gore-pamusoro-gore.Haikwanise kupa nhamba chaiyo izvozvi nekuti yakanyanyo kurumidza neruzivo, asi pasi zvine mwero gore-pamusoro-gore pamwe chete naKurume.Uye iwe waiona - Steve akataura mune zvaakataura, kunyanya zvakatenderedza SBS, zvakanyanya nekuti zvakakanganiswa nekutengesa chirimwa isu takatora matani zviuru gumi nezvina zvenguva yekudzikira, kuderera kwehupfumi mumwedzi waKubvumbi, zvichiratidza kupfava kwataive nako mukutengesa chirimwa.
Uye Mark, iyi iWard.Ini ndaingowedzera, ndinonongedza kumashure kune angu akagadzirira zvirevo patakataura kuti mihoro uye mihoro yaizodzika zvakatevedzana.Uye kazhinji, tiri kuenda kunguva yemwaka muhafu yechipiri yegore uko mari yaizowedzera.Saka ini ndinofunga zvirevo izvo Jeff naPat vakakupa iwe pamwedzi zvinopindirana nemaonero edu ekuderera kwekutevedzana kwekota.
Pamubvunzo wangu wekutanga, ndakashamisika kana iwe uchigona kungotaura zvishoma nezve kurongeka kwehukuru hwemhando yefiber yako inowedzera, yako yakadzokororwa fiber inowedzera, kubva pasi, iyo yandinofunga kuti ingangove muchikamu chekutanga chemari uyezve kugona kwako. kugadzirisa izvo zvinowedzera.
Jeffrey Wayne Chalovich, WestRock Kambani - Chief Commerce Officer & Mutungamiriri weCorrugated Packaging [24]
Maka, hongu.Saka isu takave nekuwedzera kwakanyanya mufiber yedu.Isu takwira pamwe $50 kana zvakadaro tani kusvika zvino.Uye ne -- kudiwa kuri kuramba kuripo kwefiber yakadzokororwa, asi chizvarwa chakapikiswa.Saka kutanga munaKurume, takaona kudzikira muchizvarwa, kunyanya nekuti bhizinesi rakawanda nderekutengesa.Saka zvitoro zvegirosari zvinoramba zvakasimba, asi rimwe bhizimusi rekutengesa rekutengesa rakapfava chaizvo.Uye ipapo iwe waive nekuchinja kwekutenga online.Uye saka yakawanda yeOCC munzvimbo dzekudzokorodza ine mwero wakaderera wekudzoreredza pane waunayo kuzvitoro zvezvitoro nezvitoro zvegirosari.Saka izvo zvakonzera pressure kusvika kumusoro.Zvatiri kuita kugadzirisa mubhizinesi isu tinomhanyisa iyo yakanyanya virgin fiber kana recycled fiber zvichienderana nemutengo uri pazvigayo kusvika pakugona kwavo kuita izvo zvichibva pakuyeresa simba, zvichibva pakukwanisa kwavo kupuruzira, saka isu tinodzora izvo se pedyo sezvinobvira kubatsira kubvisa mutengo.Isu tinoderedza -- tinotarisa kune edu ese Lean Six Sigma mapurojekiti.Tinoedza kupedza inflation nekubudirira gore negore.Uye zvino zvichienderana nekuti OCC inoenda kupi, isu ticharamba tichiedza kudzikamisa mitengo yese yatinogona.
Uye ini ndinofunga pane imwe nguva, kana ukatarisa kumashure makore matatu apfuura, yaive $300 miriyoni mhepo yemhepo yaive yakaoma kutiza.Asi izvozvi, isu takabata zvedu nekubvisa mimwe mitengo uye kusanganisa yedu - musanganiswa wefiber, tichikwenenzvera musanganiswa wefiber zvichienderana nemutengo uri muhurongwa.Uye zvatichapfuura gore, tichaona kana kudzvanya uku kuchienderera mberi.Ndinofunga kuti inoenderera kusvika muna Chivabvu, uye tozotarisa zvinoitika.Asi sezvatakambotaura, zvakangooma kufembera chero chinhu izvozvi mumusika-zvichienderana neCOVID mamiriro.
Zvakanaka.Izvi zvinobatsira, Jeff.Kutevera kwandaive nako kwaive kwakatenderedza Gondi uye ndiri kuda kuziva nezvekutanga kwemuchina mutsva uye kuti zvingaite sei pakutengesa kwako kunze kuMexico.Asi ndiri kudawo kuziva kana paine chiri muchibvumirano chekudyidzana chingaite kuti uwedzere muridzi wako kuGondi, toti, kubva zvino kusvika pakupera kwefiscal '21?
Maka, ndichatora mubvunzo wechipiri.Maka, ini ndichatora mubvunzo wechipiri, uye Jeff, iwe pindura mubvunzo wekutanga.Hapana chiri muchibvumirano chekudyidzana chingakonzeresa kuti isu tiwedzere hunhu hwedu.Saka takagadzikana...
Jeffrey Wayne Chalovich, WestRock Kambani - Chief Commerce Officer & Mutungamiriri weCorrugated Packaging [29]
Mexico yakatarisana nemhando imwechete yemusika wekuchinja isu isu, Mako.Saka chizvarwa cheOCC chakaderera kumusoro kudzvanywa, ivo vari kuona maitiro akafanana.Saka kumwe kunonoka mupurojekiti yechigayo zvichibva pamamiriro ezvinhu eCCIDID, saka zviri kutambanudzwa zvishoma.Uye ipapo ndingati misika yavo yekupedzisira-yekushandisa yakanyanya -- iine mhedzisiro yakafanana neyedu ikozvino muUS. Saka mamiriro akafanana muMexico kune zvatiri kuona muno muUS.
Maka, tichawana -- tichaisa chimwe chinhu pa10-Q yedu chinotsanangura mhinduro kumubvunzo weGondi.
Anthony James Pettinari, Citigroup Inc, Research Division - VP uye Pepa, Packaging & Forest Products Analyst [32]
Kungotevera pamubvunzo wepakutanga kuna Jeff, zvinokwanisika here kuverenga kuti inguva yakareba sei iyo vhoriyamu yemhepo kubva kune yakavharwa bhokisi zvinomera zvinogara?Uye zvinokwanisika here kuikura?Uye ipapo, Jeff, ndinofunga wakaratidza Kubvumbi mavhoriyamu aive pasi ne4% nevatengi vakakura vachiona kumwe kudzimwa kwechirimwa.Zvinokwanisika here zvachose kuverengera kukanganisa kwekuvharika, ingave iri chikamu chidiki chekudzikira kana hafu kana yakawanda yekudzikira?Kungoyedza kunzwisisa kuti rudzii rwezvakajairwa organic kukura kungave.
Jeffrey Wayne Chalovich, WestRock Kambani - Chief Commerce Officer & Mutungamiriri weCorrugated Packaging [33]
Chokwadi.Saka chikamu chekutanga, Anthony, kuvharwa kwechirimwa chebhokisi kwakatanga muna Chivabvu wegore rapfuura, uye vakamhanya kusvika munaNdira kusvika zvino.Saka pane -- uye iri pakati pe0.6% kusvika pane imwe nzvimbo yekuvharwa.Saka sezvatinofamba nemakore, mazhinji acho anodonha sezvatinofamba mukati megore.Zvino muna Kubvumbi, ndinofunga kuvharwa kwakakosha.Ini handisati ndave nesaiti nhanho ruzivo pamusika wega wega.Asi misika yekupedzisira yakapikiswa munaKurume yakaramba yakashorwa muna Kubvumbi.Saka kugovera mapepa, mapepa, maindasitiri, vatengesi, basa rekudya.Uye zvakare takave nemhedzisiro yezvekurima yaive kumusoro, zvikamu zvinoenda kushumiro yechikafu, ingangove isiri hafu yebhizinesi redu re ag, asi ichiri chidimbu chakakura, chaive pasi zvakanyanya.
Kana iwe ukatarisa vatengi vedu gumi vepamusoro kuti une vatengi vakuru veprotein, une zvimwe zvigadzirwa zvikuru zvevatengi, makambani emidziyo, chikafu chakagadzirwa, ipapo - icho chikamu chakakosha chemamwe mamhepo atakatarisana nawo.Saka isu takanga, sezvandakataura, mamwe emabhizinesi aya aive nezvinomera zvishanu, zvese zviri mutengi ane zita, mune yakavanzika label uyezve mapuroteni, uye ndiyo Canada neUS kwatiri.Saka izvo zvaive zvikamu zvakakosha zvekuderera.
Uye kana ukatarisa, pane chati mudhishi redu pazvikamu zvakakura, paunotarisa kugovera mubepa, uye ini ndinogona kukupa chaizvo mukota yaKurume, yaive pasi 6.6% pazuva.Uye saka izvo zvinoramba zvichiuya mubhizinesi iri.Uye iwe unofunga nezve hombe 3 kwatiri, chikamu chebhizinesi ravo bhizinesi remotokari, zvikamu zvemotokari, zviri pasi zvachose.Uye ipapo bhizinesi rinofamba, kufamba mukuchengetedza kuri pasi zvakanyanya zvakare.Uye ndiyo 1 yevatengi vakakura, Dhipatimendi reDziviriro, vakamisa mafambiro ese emasevhisi kuburikidza neJune 1. Saka ndicho chimwe chikamu chemhepo.
Saka munzvimbo dzakakura idzodzo, zvikamu zvakakura izvo zvaive zvakaderera.Uye kunyangwe chikamu chedu chePizza chave chakasimba uye chiri kukura chiri kuuya muna Kubvumbi.Uye ini handisati ndave nazvo izvozvi zveApril.Asi kuravira kwezvikamu kwakangofanana kuuya muna Kubvumbi.
Anthony James Pettinari, Citigroup Inc, Research Division - VP uye Pepa, Packaging & Forest Products Analyst [34]
Zvakanaka.Ndiwo mashoko anobatsira zvikuru.Uyezve wangova mubvunzo we, ndinofungidzira, kune vese vane marata nevatengi.Takaona dzimwe nyika dzichitanga kusimudza pekugara munzvimbo dzemaodha uye kunzwisisa kuti imazuva ekutanga, ndiri kungoshamisika, paunenge uchitaura nevatengi vako, ingave iri mubasa rekudya kana rekutengesa kana zvimwe zvikamu zvebhizinesi, ichi chinhu kuti iwe uri kuona sechinhu chine musoro chinokonzeresa chekuraira kutora?Kana kungoita chero ruvara rwaunogona kupa ipapo?
Jeffrey Wayne Chalovich, WestRock Kambani - Chief Commerce Officer & Mutungamiriri weCorrugated Packaging [35]
Chokwadi.Ini ndichatanga ndozoishandura kuna Pat sekuenderera mberi.Kwakasira kutaura.Uye sezvandakataura, zvikamu zvakatosimba zvine nguva yekudzikira nemhepo nekuda kwekuita kweCCIDID pane yavo yevashandi.Saka tine tarisiro, sezvatinotanga kudzoka, tinotanga kuona mamwe maitiro ekuda kutora, asi zvakanyanyisa kutaura musvondo rino rekutanga raMay.Pat?
Patrick Edward Lindner, WestRock Kambani - Chief Innovation Officer & Mutungamiriri weConsumer Packaging [36]
Ehe.Uye ndatenda, Jeff.Uye kungowedzera padivi revatengi, ndinobvumirana nazvo.Ini ndinofunga iyo - pamwe idzo nzvimbo dzine simba izvozvi dzatinoona dzakatenderedza sevhisi yechikafu uye mukombe uye ndiro stock yeSBS, kwatiri musika wakavhurika SBS board supplier ipapo.Saka --asi kuchiri kumberi kutaura chaizvo zvingangoitika ipapo, asi pave neshanduko dzakawanda.Uye ipapo imwe ichiri mukudhindwa kwekutengeserana, yandambotaura, yaona kumwe kuderera kwakanyanya.Uye saka tiri kutarisa kuti nokungwarira.Asi nekusagadzikana kwese kuri kunze uko iko zvino, kwangori kare kuti tinyatso taura kuti nyika iri kuvhura here kana kuti chimwe chiitiko chakatenderedza magariro chichaita zvine musoro munguva pfupi iri kutevera.
Steve, ingori mubvunzo wakawanda, pamwe huzivi kana kureba kwenguva, pamusoro pekuti uri kuona sei kuwanikwa.Zvimwe zvezvibvumirano zvakaitwa izvi zvakanyanya kutenderera, hazviratidzike sezviri kuita zvakanaka mukuderera, MPS nevamwe vemweya wekupedzisira uye fodya uye KapStone, iwe wakataura mamwe ematambudziko mukukunda.Zviripachena, kukwidziridzwa kwacho kwaifanira kunge kwakakwira zvishoma, uye isu taifanira kucheka chikamu.Saka ingori nguva yakareba, zviri pachena, yanga iri kukosha kwekugadzira lever yeWestRock yaive yekutenga.Asi iwe unofunga kuti kuenda kumberi, pamwe tichave takanyanya kutarisisa uye pamwe mukana wacho hauzove wakakwira sezvazvaive kare uye pamwe kutora kunotora zvakawanda zvekumashure kudzikisa simba remangwana rinoonekwa. ?
Ndatenda nekubvunza mubvunzo, Brian.Ini ndinofunga nezve kugoverwa kwemari, kubva kwatiri, ndinofunga kuderedzwa kwechikwereti kunoiswa pamberi pekutora.Asi ini ndinotarisira pamusoro penguva refu, tichakwanisa kutenga kuti tiwedzere kukosha kukambani yedu.
Zvakanaka.Uye zvino ingori yemhando ine hukama neizvozvo, uri kutora akawanda matanho ekugadzira mari uye kugadzirisa liquidity.Ingori mukati meiyo portfolio, pane chero zvinhu zvaungatarise kutengesa kana kudhivha kuti uedze nekumhanyisa maitiro iwayo?Uye pane mamwe masosi emari iwe aungakwanise kudhonza, senge, toti, kubva kumari yekushandisa?Ini ndinofunga pakutanga, zvaizova mhepo huru yegore, asi zvinhu zvachinja.Saka uchingofunga kana paine dzimwe nzira dzekugadzira imwe mari munguva iri pedyo?
Ehe.Isu tinotarisa bhizinesi redu se -- basa redu nderekugadzira mari, saka tichatarisa mamwe maitiro.Isu hatina chero chinhu chakananga pane yedu portfolio chinomira pachena.Ndinofunga ndiri kutarisa Ward Dickson naJohn Stakel uye vanotarisa mari yekushandisa zuva rega rega.Saka isu tiri kutarisa akasiyana marever ku--atinokwanisa kugadzira mari.
Uyu ndiJohane pana Marko.Chekutanga kubva, ungangotaura kuburikidza neiyo bleached board bhizinesi uye sei - kutaura nezvekuti tiri kure zvakadini kubva pakuwana mutengo wemari?Uye zvino ndeipi iyo yakazara bleached board inoshanda mwero yaive panguva yeQ1?
Patrick Edward Lindner, WestRock Kambani - Chief Innovation Officer & Mutungamiriri weConsumer Packaging [44]
Ehe.Saka uyu ndiPat.Saka zvakatenderedza bhodhi rakabvongodzwa uye SBS chaizvo, sekutaura kwaSteve, fodya uye kudhindwa kwekutengesa zvave mukudzikira kwenyika, uye tiri kuona mamwe matambudziko ari pedyo-neiyi ane chekuita nekudhindwa kwekutengesa, zvakare zvishoma pashumiro yechikafu.Saka isu takatora imwe nguva isina kujairika yehupfumi munaKurume naKubvumbi, zvichiratidza kuti mitengo yedu yekushanda yanga isina kukwira sezvazvaive zvisati zvaitika.
Zvino tichiuya panguva iyoyo, ndingati takanga takasimba chaizvo.Uye zvanga zvakadaro, sezvaungatarisira, neSBS, nemitengo yekushanda ichikwira uye nemashure kutenderera mavhiki mana seyakajairwa.Asi zvakajeka, izvo zvatakaona mune zvimwe zvikamu zvatinotora mukushandisa SBS kana bleached board zvakazara, takaona zvigadziriso izvi mukudzikira kwemwedzi mishoma yapfuura izvo zvave kukanganisa mitengo yekushanda.
Zvakanaka.Izvo zvinobatsira.Uye wozongotendeukira kuMPS zvakanyanya.Iwe wadaidza kushaya simba kweEurope asi ndeapi zvikamu zvebhizinesi reMPS zvisina simba?Pane chimwe chinhu kunze kwemweya wepamusoro-soro here?
Chete - uyu ndiSteve.Ndinofunga mafambiro avo muEurope akaremerwa kuBritain.Saka vanga vaine -- uye saka ndinofunga Brexit yanga iri dambudziko kwavari.Uye saka tiri kufambisa iyo kugadzirwa kusvika kure kumabvazuva sezvatinogona muEurope.Saka takatamisa bhizinesi kuPoland.Ini ndinofunga zvikamu zvacho hazvina kunyanya kusiyana nezvatinoona zvakazara.Bhizinesi rekuchengetedza hutano rakaita zvakanaka kwazvo.Uye bhizinesi rine zita revatengi rakapokana zvakanyanya nekuda kwezvakataurwa naPat nezvezvitoro zvisina mutero uye ini ndaizozvidaidza, iro bhizinesi rine hukama neCOVID.
Ndinovimba imi nemhuri dzenyu muri kuita zvakanaka.Ndinoda kuziva kana iwe uchikwanisa kutaura zvachose nezve mafambiro, kunyanya mubhizinesi remakorokoza muBrazil.Ndinotenda kuti iri kupinda mumwaka inononoka, asi zvatakaverenga kusvika pari zvino kunyangwe muna Kubvumbi takazviona uye zvinoratidza kudiwa kwakasimba kuzasi uko.
Jeffrey Wayne Chalovich, WestRock Kambani - Chief Commerce Officer & Mutungamiriri weCorrugated Packaging [49]
NdiJeff.Ndichatora izvozvo.Saka Brazil, ndinofunga kuti zvawaverenga zvinopindirana.Ivo vane yakanaka containerboard kutengesa kumusoro-pamusoro-gore, ingangoita 11%.Yakakwira kunze kwenyika mudunhu reSouth America muAfrica zvakare.Mavhoriyamu akakwira 7% yebhizinesi redu reBrazil.Ivo vakapfuura musika, asi izvo zvakakura pahutano 6-pamwe muzana.Iyo Porto Feliz inokwira kumusoro inoramba ichienda zvakanyanya.Vanoramba vachikura bhizinesi.Vari kuseta marekodhi pamakorokoto avo matsva uye maEVOL uye iyo inokwidza inoenderera mberi ichienda zvakanyanya.
Tiri kuona dzimwe mhepo kubva kuhutachiona hweCOVID, asi hazvisi kusvika padanho ranhasi sezvataona pano.Zvakare, chirongwa cheTres Barras chiri munzira uye chakarongerwa kutanga, sezvakambotaurwa Ward, muhafu yekutanga yekarenda 2021. Takatora nguva pfupi, kunonoka kwemazuva gumi, zvichibva pane zvimwe zviito zvehurumende, zvakabvisa, asi zviri kudzoka uye kushanda uye mugwara.Saka iro bhizinesi rose rinoramba richiita zvakanaka kwazvo, uye misika yavo inoramba yakasimba izvozvi.
Uye mubvunzo unotevera, ndinofungidzira, pa pulp.Wakataura kuti iri mhepo yemadhora mamirioni makumi maviri, ndinofungidzira, kusvika kuhafu yekutanga yegore.Pave nenhevedzano yezviziviso zvemitengo zvatakaona.Kungoda kuziva kubva pakuona nguva, tingaone sei chikamu icho mukati, iyo yakawanda yemubhadharo we2021?Kana kuti zvimwe zviri nekukurumidza nekuti iwe unotengesa mumusika wenzvimbo?
Patrick Edward Lindner, WestRock Company - Chief Innovation Officer & Mutungamiriri weConsumer Packaging [51]
Ehe.Saka pamwe ndichatora izvo nekuti zviri mumudziyo wevatengi.Uye saka ruzhinji rwemapulp atinoita ari muSBS system yedu sezvatinoienzanisa - kuenzanisa iyo system neimwe nguva yakavhurika.Iwo - mavhoriyamu edu akawedzera munguva pfupi yapfuura, sezvauri kuona mune zvimwe zvezvinyorwa zvatakaburitsa.Uye sezvamunoziva, mitengo yakadzikira, mitengo yakadhindwa yakadzikira.Saka izvo zvave nemhedzisiro yakakosha patiri pachikamu chese.Nezve izvo zvinogona kuitika muna 2021 kana kupfuura, zvakatiomera kwazvo kuti tiite zvese zvisina chokwadi zvese, isu hatingakwanise kuzviita.Asi ne -- chokwadi, Kurume naKubvumbi uye kudzokera kumashure kwegore rino-kusvika-rizvino gore remari, rakave nemhedzisiro yakakosha, saka zvinongotungamirwa nemitengo yemitengo mumusika iwoyo sezvakamboburitswa.
Ndinoreva, Gabe, kwatiri, chikamu chidiki chebhizinesi, sezvamunoziva.Asi zvakateerana, takaona kumwe kukwira kukwira mumitengo yedu.Zvichiri pasi gore-pamusoro-gore.Asi kota yekupedzisira kusvika kota ino, takaona kuwedzera muhuputi.
Saka ingokurumidza kudzoka pa capital allocation.Isu tinonzwisisa zvawakaita nedividend uye nei.Unogona here kutiyeuchidza kana uine imwe payout ratio?Uye pamubvunzo wakabatana, iwe hauna kutaura chero chinhu pane repo.Tinoziva kuti uchashandisa masheya kupa mari yekukurudzira.Asi unogona kutiyeuchidza here kuwanikwa kwaungave uine pane repo?
Tine mashares angangosvika mamirioni makumi maviri, uye hatisati tatengazve mashares kwenguva yakati rebei nekuti tanga tichinyatsojekesa kuti kukosha kwedu kwekugoverwa kwemari kwave kuri kuderedzwa kwechikwereti.
Patrick Edward Lindner, WestRock Kambani - Chief Innovation Officer & Mutungamiriri weConsumer Packaging [59]
Ehe.Ehe.The dividend, ini ndinokuudza, isu takaita senge takapedza nguva yakawanda tichifunga nezve iyo nhanho chaiyo yaive.Uye zvakaoma kutsanangura yakatarwa payout reshiyo.Ini ndinotarisa iyo $ 0.80, inonzwika se $200 miriyoni.Tinogona kuburitsa mazana maviri emamiriyoni emadhora uye tinofanirwa kunge tichidzosera mazana maviri emamiriyoni emadhora kune vagovani vedu uye nechero mamiriro ezvinhu atingafungidzira.Uye sezvatakataura mumhinduro dzakagadzirirwa, isu tichatarisa kuwedzera izvo sezvo zvinhu zvinowedzera kuoneka.Uye saka ini ndinofunga, zvakaoma chaizvo kutaura nezve chaiyo payout reshiyo munzvimbo ino.
Ndazviwana.Uyezve mubvunzo wangu wechipiri, 1 wemasosi akavanzika eWestRock, zvirinani mumaonero angu, ndiwo masisitimu emuchina aunawo munzvimbo dzevatengi vako.Saka zviri kuramba zvichioma here kushandira michina iyoyo?Kana kuti kana dzangoiswa, zviri kumutengi kuchengetedza michina?
Jeffrey Wayne Chalovich, WestRock Kambani - Chief Commerce Officer & Mutungamiriri weCorrugated Packaging [61]
Uyu ndiJeff.Saka iyo COVID chiitiko chaita kuti zvitiome kuita izvozvo.Asi kwete, tiri kutumira mameseji nePPE kits, yekufukidza kumeso, magurovhosi.Isu tinotaura nevatengi vedu pane zvavanoda muchirimwa uyezve zvatinoda.Saka isu tine zvakajairwa sevhisi zvibvumirano zvatiri kuzadzisa uyezve chero emergency apo vatengi vachatida.Saka icho chikamu chebhizinesi isu tinoramba tichifambisa vanhu kuburikidza uye zvakachengeteka.Takava nekubudirira kukuru kuita izvozvo.Uye kutengesa kwedu mune izvo - mubhizimusi redu remuchina rakaramba richikura.Sezvakataurwa naSteve kare, takwira pamusoro pemadhora mazana matatu emamiriyoni mumwedzi gumi nemaviri yadarika.Zvinofadza, izvo zvinoramba zvichikura, uye isu tinoenderera mberi nekukura bhizinesi mumusika iwoyo uye nekushandira iwo misika.
Adam Jesse Josephson, KeyBanc Capital Markets Inc., Dhipatimendi Rokutsvagisa - Director uye Senior Equity Research Analyst [63]
Jeff, kungodzokera kune yako Kubvumbi yekutaura kwechinguva.Ndaida kubvunza zvinhu zviviri chete.Saka ini ndinofunga wati kutumira kwadzikira uye kuseri kwacho kwaramba mukati memwedzi nekuda kwechikonzero ichocho.Iwe unogona here kutipa imwe pfungwa yekuti yako containerboard mill backlog ikozvino yave kuenzaniswa nezvazvaive pakutanga kwaApril, kungosarudza zuva?Uyezve pane e-commerce chidimbu, zvakapihwa kuti e-commerce yakasimba chaizvo kupfuura basa rekudya riri kutambura, une pfungwa yekuti mambure ekukura kwe e-commerce kukura kusvika padanho rekuti iri kutsiva chikafu chakarasika. bhizinesi rebasa?
Jeffrey Wayne Chalovich, WestRock Kambani - Chief Commerce Officer & Mutungamiriri weCorrugated Packaging [64]
Zvakanaka, saka ndichatanga nechikamu chekupedzisira.Iyo e-comm bhizinesi iri kumusoro kwakasimba kaviri manhamba, uye izvo zvasara.Uye iwe une kukura kukuru kwepamhepo uye zvakare tenga pamhepo uye utore muchitoro, icho chaive chikamu chinokura nekukurumidza munzvimbo ye-e-comm kubva Kurume kusvika Kubvumbi.Nezve sevhisi yechikafu uye yekumisikidza, zvakaoma kutaura sechikamu nekuti kune akawanda mabhizinesi akasiyana anopa mushumiro yechikafu, mukaka, kubheka, kurima.Saka zvakaoma kutaura kuti chiyero chingave chii semari chaiyo.
Nezvekumashure, isu tinotarisa kumashure mubhokisi system.Uye saka tiri -- inguva yemazuva mashanu kusvika gumi kumashure.Uye sezvandakataura, kuuya muna Chivabvu, pakave nekudzikama kubva muna Kubvumbi uye nekamwe kapikicha kubva pane zvatakaona muvhiki rechipiri nerechitatu muna Kubvumbi, asi zvave kutanga kutaura kana iri maitiro kana kwete izvozvi nekuda kwe kusagadzikana mumisika yedu.
Adam Jesse Josephson, KeyBanc Capital Markets Inc., Dhipatimendi Rokutsvagisa - Director uye Senior Equity Research Analyst [65]
Ehe.Ndinozvitenda.Uye imwe imwe 1 pa-e-commerce, zvinova, mumakore matatu apfuura, yanga iri murimi akasimba, kukura kwenhamba mbiri, panguva iyo, kudiwa kwebhokisi kwakabva pakukura ne3% kumashure mu'17 kusvika lining gore rakapera.Saka ndiri kungofunga kuti chii chaunofunga kuti kukura kwe e-commerce kuri kuita pamusika wese kana zvichiita sekunge e-commerce inoramba yakasimba, asi kudiwa kwebhokisi kwakadzikira mumakore mashoma apfuura?
Jeffrey Wayne Chalovich, WestRock Kambani - Chief Commerce Officer & Mutungamiriri weCorrugated Packaging [66]
Ini ndinofunga zvangori -- zvinobva pachiyero chekuti e-commerce parizvino yemusika webhokisi, Adam.Saka kana ukatarisa kuhwerengedzo, kana iri 10% kusvika 12%, ndinofunga kuti pamwe ingori basa rehuwandu mu e-comm.Uye wobva wawana zvinotsiva, une zvipekeji zvidiki, wanyoresa, pane zvimwe zvinhu zvakawanda zvinopinda mazviri.Asi ini ndinofunga zvakadaro kuti ukatarisa kumashure pakukura kwakasimba, kukura kusingagari, izvo zvinhu, zvimwe zvezvisingagare zvakashorwa.Uye munharaunda iyi, zvakatonyanya kupikiswa nekuda kwemaindasitiri.Asi kugona kwedu kukura muzvikamu mukati memakore matatu apfuura kwave kwakanaka.Uye kune bhizinesi redu, ndine chokwadi chekuti tinogona kuramba tichikura mumisika, tichipihwa iyo pfupi stint yeCCIDID pano, tine tariro, kuti nekufamba kwenguva, ticharamba tichikura uye kuhwina mumusika wedu.
Ndatenda mushandisi, uye ndinokutendai kuvateereri vedu nekujoinha kufona kwanhasi.Senguva dzose, svika kwatiri kana uine chero mibvunzo, tinogara tichifara kukubatsira.Ndatenda, muve nezuva rakanaka.
Nguva yekutumira: May-11-2020