EVN AG

Good morning, ladies and gentlemen, and welcome to EVN's regular quarter first half of the 2023-2024 financial year. At this time, all participants have been placed on a list in all notes. The floor will be open for questions following the presentation. Let me now turn the floor over to Stefan.

Yeah, good morning. Welcome, everybody, to EVN's conference call on the results for the first half year of this current financial year. The first six months of this financial year were again marked by very mild weather conditions. This March, for example, was by far the warmest March in Austria's measurement history. Temperatures in all our three core markets were significantly warmer than both the long-term average and the previous year. In turn, water flows in Austria, North Macedonia and Germany developed very positively and exceeded the long-term average in each case. In Austria, wind conditions were also above the long-term average and well above last year's level. In Bulgaria, however, wind supply remained slightly below the previous year. We are also still observing changes in customer behaviors towards a reduction in energy consumption. Through energy saving measurements and increasing own generation volumes from customer-operated photovoltaic equipment as well. In addition to the weather and consumer-added effects, wholesale market prices continue to decline. Thanks to our intense investments in rubles and the good wind and water conditions, we can record a robust business development for this reporting period. As of the end of this March, we had an installed wind power capacity of 478 MW, and we expanded our photovoltaic capacities to roughly 80 MW. I also confirm our total annual investment, which will remain within the level of 700 to 900 million euros. Lower Austria will account for around three quarters of this, which is almost half earmarked for the network's infrastructure. Let me now continue with the key finances for the first half year. In the first six months of the current financial period, Group's revenue was down by 70.7 year-on-year to 1.8 billion euros. The main reasons for this development were the lower valuation effects from hashes in offshore due to the downward trend in wholesale prices. Additionally, the reduced use of our size power plants and network stability, as well as price and volume effects in gas networks negatively affected revenues. In Southeast Europe, revenue was negatively affected by the drop in electricity prices and a reduction in network tariffs. In Bulgaria, which reflects regulatory adjustments of their overcompensation of additional costs for covering network losses in the previous year. In addition, revenue at the international project business also declined in the year-on-year because of the already largely completed wastewater treatment plant in Kuwait. The cost of electricity purchases from third parties and primary energy expenses were down year on year, mainly due to the declining wholesale prices and lower procurement volumes for electricity in Southeast Europe and lower primary energy costs for electricity and heat generation. The cost of materials and services also decreased and reflects the development of revenue in the international project business. Personal expenses increased by 16.8% compared to prior year. which reflects the necessary interest in workforce and adjustments according to the collective bargaining agreements as well. Other operating expenses went up by 13.6%, containing an impairment loss on the outstanding receivables from the project in Budva, which was already recognized in the third quarter of this reporting period. The share of results on its equity accounted indices improved, but it is still negative with 42.9 million euros in the reporting period, up to minus 143.3 million euros in the previous year. The main factor for this development is an improved but still negative earnings contribution from the supply company EVNKG. Declining gas sales led to the depreciation of natural gas inventories that were produced in the past as a strategic reserve to ensure supply and security for our customers. The earnings contribution from EVNKG in the reporting period totalled minus 128.5 million euros after minus €223.1 million in the prior period. In total, Group EVDA amounted to €453 million. Scheduled depreciation and amortization increased by 5.3% year-on-year, reflecting our higher investment program. Hence, Group EVDA totals €281.6 million. Financial results slightly improved to minus 25.1 million euros mainly due to the better performance of our funds for pension application. In addition, last year was negatively affected by foreign exchange effects. In total, we generated a scholarly group net result of 199.3 million euros in the first six months of this financial year. Now, let's move on to the next slide which provides information regarding the group balance sheet structure. Balance sheet total decreased by 7.2% compared to financial year end 22-23. The main factors for this development are the decrease in other investment and main resources from the share price of a bond at the end of March 24, the declining development of equity accounted in the seat, and the reduction in trade receivables from EFA and KG from liquidity settlement by the event group and investment in cash funds which was litigated by an increase in receivables from hedging transactions. As of the end of March, EVN's net debt amounted to 1.4 billion euros and was at the same level as the end of September 1993. Correspondingly, the yield ratio stood at 21.8%. Our financial flexibility remains solid. At the end of this March, we have contractually committed undrawn credit lines in the amount of 786 million euros. Our declared goal is to maintain this solid A-category of aging in the future. To achieve such ratings, we are strictly monitoring the adjusted target ratio of both our rating agencies. Therefore, we use the net debt to FFO ratio as a KPI to manage our financial performance, investment, and capital structure. Currently, the ratio is about 1.1. With growing investments over the coming years, the ratio will slightly increase. However, our aim is to keep net debt to FFO within a range of 1.5 to 2 times. Just recently, both rating agencies confirmed that the UNEVN's credit worth net. Moody's reaffirmed its A1 rating with stable outlook in April, and Scope again rewarded a rating of A-plus stable outlook in May. On the next slide, I will present the developments of our segments in more detail. First, the energy segment. This reporting period was characterized by significantly mild temperatures in all our core markets. Hence, energy volumes to end customers dropped year on year. This development was intensified by the challenging framework conditions we are currently confronted with, particularly at the sales company Hagi. Increasing competition as well as energy saving efforts for our customers and their growing own generation from their photovoltaic systems have further intensified the decline in energy sales. Hence, volume forecasts are becoming more and more difficult. In the first half year, revenue dropped to 454.2 million euros. The main factors for this development are on one hand lower wholesale prices and the resulting lower valuation effects from hedges. On the other hand, the reduced use of our power plant types. Operating expenses decreased year-on-year by 14%, which mainly reflects lower primary energy costs for electricity and heat generation. The earnings contribution from accurately accounted investees amounted to minus 122.6 million euros after a loss of minus 214.4 million euros in the previous year. This is mainly resulting from the supply business in Iran's country. In particular, the supply company suffered from declining wholesale market prices, which led to lower gas charges and necessity in the payment of natural gas inventories by 61 million euros that were produced in the past as a strategic reserve to ensure supply security. The earnings contribution totaled to minus 128.5 million euros in the reporting period. In the previous years, it amounted to minus 223.1 million euros. In total, segment EBITDA amounted to minus 53.6 million euros and EBIT total minus 67.3 million euros. Based on these developments in the first six months of this financial year, we have to adjust the outlook for the energy segment. write-down of natural gas inventories required at the end of March and the shell-engineering framework conditions will have a negative impact on the sales company EVN Kaki. Hence, the return to a positive earnings level, which was originally anticipated for this financial year, will be delayed. Let us now turn to our generation segment, which has shifted almost entirely to renewable energies over the years. The shares of renewable generation rose through 83% in the reporting period. This is a historic high. This undermines our efforts to support the energy transition. The remaining non-renewable part comprises our generation plants and our tight power plant, which is only used upon request of the Austin Network Transmission Operator to stabilize the grid. Electricity generation volumes in the segment increased by 18.1% year-on-year due to the rise in renewable generation volumes. The main reasons for this positive development are the year-on-year increase in wind and water flows and the expansion of renewable energy capacity. Volume from thermal energy sources further declined year-on-year due to a further reduced use of our type power plants by the Austrian Network Transmission Operator for network stabilization. As you know, the continuous expansion of wind capacity is a key pillar of our strategy in 2013. Our focus on realizing projects in Lower Austria and the legal framework in Austria enables us to develop and realize profitable projects. To give a better understanding, we share additional information on the enumeration of our wind parks. A new slide is included in today's presentation and in our investor relations presentation. We currently have a total wind capacity of 478 MW. All wind parks are in Austria, apart from a 16 MW park in Bulgaria. Historically, all our wind projects were realized under the feed-in-shelf scheme of the Austrian Green Electricity Act, which provided for a fixed remuneration for 13 years. 47% of our wind capacities are still within such a feed-in tariffs theme. The next wind park to expire from the feed-in tariffs will only be in October 2031. The remaining expires will be between 2033 and 2043. The fixed feed-in tariffs for the individual parks range between 81 to 95 euros per megawatt hour. 30% of our wind field are already expired from this world board scheme and are now being operated as merchant plants. They hedge up to 80% of the plant production on a 12 to 18 month rolling forward basis. The remaining 23% of our wind capacity are governed by the Renewable Energy Extension Act from 2021, which is now the valid legal framework in Austria. It is a market premium system which provides for a guaranteed floor. The floor for our project range between 82 and 93 euros per megawatt hour. The market premium system also foresees that results gained through above floor prices stay with the company. With this, I will continue with the financial development and the generation segment. Revenue increased despite higher production volumes by 3.8% to 243.9 million euros. The main reasons for this development were declining market prices. Operating expenses were up year on year because of inflation effects. Higher personal expenses due to the increase in workforce, which is related to the capacity expansion and higher cost for electricity purchases. In contrast, the energy crisis contribution on electricity dropped to 10.6 million euros compared to the same period last year, as no contribution was due in the second quarter of this financial period. This January, the Austrian government announced an amendment of the law. The threshold, which includes a little both investment, raised to 200 euros per megawatt hour. Hence, we do not expect this to result in any further financial obligations. The earnings contribution from as equity accounted for Bund Inkraftwerke also increased year on year. All in all, EBITDA amounted to 147.1 million euros. Considering a higher scheduled depreciation amortization because of our investment program segment, EBIT stood at 123.7 million euros. We confirm the given outlook on the generation segment. EBIT is still expected to be below the previous year's level as the recent downward trend in electricity market prices continue. Let's continue with this network segment. The mild weather conditions and the change in consumer behavior in terms of energy savings on one hand and the increased proportion of prosumers on the other end also impacted our network segment. Because of this development and the lower use of our type power plants for network stabilization, network distribution of oil for electricity and natural gas decreased year on year. Despite the lower distribution volume, segment revenues increased to $367 million due to the higher system network traffic electricity, which compensated lower revenue from natural gas. A positive revenue contribution was also recognized by KOPV Internet and Telecommunication Services. Operating expenses decreased due to lower upstream network costs because of decreased sales. In total, ABDA was up to 177.8 million euros. Talking into account higher depreciation and amortization due to the high investment level, ABDA totalled 94.8 million euros. As of the beginning of this year, the new regulatory period for electricity distribution network became effective. In the appendix of this presentation, you will find an overview of the current regulatory parameters for both the electricity and the natural gas distribution network. With the beginning of this calendar year, e-control adjusted system network pairs for household customers. Network gas for natural gas increased by 15.2% and for electricity increased by 12.7%. The data is mainly driven by cost for network losses. After the first six months of the financial year, we confirmed the outlook for the network segment EBIT is expected to be slightly below last year's level. Let's move to the South East Europe segment. Electricity generation volumes in the segment this year Waterfalls in North Macedonia were above the long-term average, but still below the high level of the prior year. Energy sales volume slightly declined compared to the prior year, mainly because of the high temperatures in Southeast Europe, which were also well above the long-term average in the reporting period. In Bulgaria, temperatures were even warmer than last year. In contrast, network distribution volumes increased due to higher sales volumes to household customers in North Macedonia. The revenue decreased to 746.5 million euros due to the downward trend in electricity prices in lower network terms in Bulgaria. The data are used to offset the overcompensation of costs from network loss coverage in the prior year in accordance with the regulatory methodologies. Corresponding to the development of revenue, operating expenses are lower due to a decrease in cost for third-party electricity purchases and energy carriers and lower natural gas procurement costs for the cogeneration plants and blueprints. All in all, EBITDA amounts to 160 million euros and segment EBITDA totals 74.8 million euros. We also confirm the given outlook for the Southeast Europe segment. Based on the first half year, April for this segment is expected to be at the upper end of a range between 70 and 90 million euros in this dimension. And finally, an environment segment. In our international projects business, we are currently working on nine projects. At our project in Kuwait, we reached the peak in the summer of the previous year. The wastewater treatment plant was completed at the end of December, and the first test run was successfully finalized. The second part of the project, which relates to the infrastructure of the pipe system, is also about two-thirds complete. I would also like to inform you today about the status quo of our intention to de-invest WTE. On the 4th of April, we announced a top determination of the structured sales process. This announcement was necessary as all bidders had either withdrawn their interest in the acquisition of WTE or were rejected by us during the process. We are now evaluating the implementation of further strategic options as it remains unchanged for the EVN Group to focus on its energy business in the future. Against the backdrop of all this development, revenue in this segment decreased near and near to 209.3 million euros. This is the result of the advanced project status in Kuwait, correspondingly operating expenses declined. In addition, an impairment loss of 22.5 million euros was recognized on the outstanding receivables from the project in Budva in the third quarter of this reporting period after the decision of the Geneva Court of Arbitration. In total, segment EBITDA dropped to 10.6 million euros and EBIT amounted to minus 1.2 million euros. Financial results nearly matched last year's level and stood at minus 13 million euros. All in all, results before income tax amounted to minus 14.2 million euros. Based on their business performance in the first six months of this financial year, they had to adjust the outlook of the environment segment. They felt they expected to be below private years left. The next slide shows the development of our gross cash flows. Gross cash flow was lower year on year at 518.3 million euros. The main drivers for this development were lower earnings recorded in the reporting period, Non-cash earnings components, in particular, related to the earnings contribution from EFRA and KG, which are still negative in the reporting peers, but improved compared to last year, and higher dividends from equity-accounted investments. Cash flow from operating activities totalled 414.9 million euros, reflecting the development of working capital. Please also consider last year's negative effects caused by the equity settlement for EFRA and KG and the related higher capital commitment for Wrapping Capital. Cash reform investing activities was positive at 49.7 million euros. The increased investment level was compensated by the sale of cash funds. The high investments were also contrasted by higher construction and network subsidies in the network and heating business. The position cash flow from financing activities amounted to minus 446.3 million euros and included scalability payments and the dividend payment for the previous financial year. The net change in cash and cash equivalents amounted to 18.2 million euros. As already mentioned, EVN has committed on-prong credit lines of 786 million euros as of the end of March. As you concluded, I have $500 million revolving credit facility in May in order to replace the $400 million facility, which should have become due next year. Let's come now to the outlook for this current financial year. After the first six months of this financial year, we confirm our outlook for this financial year. Under the assumption of a stable regulatory and energy policy environment, we expect the group net results for this current financial year to be within the range of 120 to 460 million euros. You may also find an overview of the outlook of all segments in the appendix of this presentation. Mid of May, the fund paid its dividend for its 23rd financial year. The earnings contribution amounted to €182 million, which exceeds last year's dividend by €24 million. Please keep in mind that the dividend is already included in our guidance for the full year. Additionally, I again want to highlight our dividend policy. Future dividends will equal at least 82 cents per share, and we are committed to let our shareholders proportionally participate in additional earnings growth. In the midterm, we are aiming for a payout ratio of 40% of group net results. As already mentioned at the beginning of this presentation, Total annual investments will be in the range of 700 to 900 million euros. The core areas are investments in network infrastructure, renewable generation, and drinking water supplies. Finally, I would like to inform you that we plan a virtual event for investors and analysts in early October. The energy future requires various initiatives and innovations to make it happen. We would like to inform you on EVM's positioning and how EVM will engage and benefit from these opportunities. Earlier in October, we will also give you an update on our midterm financial ambitions. And finally, a new executive core team will be complete, so we will then introduce you to our new CTO and new CFO. That's the end of my presentation. I look forward to answering your questions.

Ladies and gentlemen, if you would like to ask a question, please press my follow-up by the star key on your telephone keypad. If you wish to cancel or withdraw your question, please press my follow-up by the star key again. So, please go home. Now, just save or ask your question. Thank you. All right, and the question is going from Patrick Steiner from Kepler Sugar.

Good morning. Two questions from my side. The first one would be on the NKG. I mean, you mentioned a generally more difficult environment. They can hire competition as well as customers on electricity generation through their own PV equipment. Could you give us a bit more background information on these two points and their impact on the business? This would be the first one. And the second one is, I mean, given that you confirmed your full-year guidance and that the four-points dividend in the amount of 182 million should be reflected in Q3, why are your expectations on the second half of the year? I mean, if I subtract the H1 as a result and the four-points dividend from your guidance, I would have a drop of 40 to 80 million for H2, which is quite low, right?

Okay, thank you for the two questions. First of all, the high energy prices in the last 24 months resulted in a strong surge for photovoltaic installations. Today, in our grid area in Lower Austria, there are more than 100,000 private photovoltaic installations done. This is, of course, influencing the consumption by our supply company because of this change in behavior. And there is an additional effect regarding around 6% on the gas sales side coming from lower consumption from household customers in the consequence of the warm weather. So we have on the electricity and on the gas sales side a change in customer behavior in this ongoing current year and which we also expect will influence The wholesale prices during the year, especially in the summer season, much more than you have expected three or five years ago. Therefore, the kind of value of energy produced in time during the day in the summer period will be less valuable than energy production than it was in the past. And if you take over this energy and sell it on the market, you also are not able to gain any additional kind of money anymore. Therefore, there's a change in the structure taking place. Of course, if you look on the last 24 months, you also see that the strong surge in wholesale prices led to higher end customer prices. was coming with a certain delay, and now when wholesale prices sharply were going down, this was also, of course, supporting strong competition. Also, with the new regulatory framework and the legislation, which is not allowing us to give our customers a longer contract than 12 months, we have only two ways to service our customers. Either with a 12-month contract or with a float which is following a monthly pricing. So these are the two main dimensions which we can offer to our sales side. On the other side, we have the issues regarding prognosis on procurement. So this is the situation which we are facing which will change also a lot of positioning of the group in the relationship to energy procurement in the future. And if you look on the second question regarding our expectations on this year, as I said before, I confirmed our December outlook, which tried already to include verbundsdividend in an expected level. And now, as I mentioned, it's 24 million higher. But we also didn't see this necessary to re-evaluate our gas inventory through this exchange of gas market prices. So these are two factors which are extraordinary factors. which were influencing our overall expectation for this year. And just take into consideration our industry is strongly framed by the winter half of the year, the second half, where we are only able to have less money than in the first half of the year.

Okay, thank you very much. Are you expecting any further negative effects from the natural gas storage location?

If you look on the market, since April, gas prices on wholesale markets have increased again. So in March, there might have been the lowest point in these years of energy wholesale prices for gas, and therefore I don't see this in the real future.

Okay, perfect. Thank you very much.

Ladies and gentlemen, if you have any further additional questions, please verify and qualify with Sparky now. And the next question comes from Teresa Schoenberg from i5 Bank International.

Hello, good morning everyone. I've got three questions. The first one is about the story that has been resurfacing recently, concerns about gas supply to Austria, following various verdicts by arbitration tribunals. Could you remind us of your supply strategy and Any security measures you're facing when it comes to gas?

Okay, this is a question which is heavily debated in the Austin public. There are clear opinions from the regulatory authority that they don't see a crisis for gas supply in the upcoming winter. We can confirm this for our customers because our gas storage facilities on a historic high at the end of May. So in comparison to previous years, we are on a higher level of stored gas in the facilities than we have been then. Therefore, we expect that our gas storage facilities in Austria will be two months earlier on this kind of than it has been the last year. So from this point of view, there will be enough gas stored in Austria to overcome any kind of restrictions in the upcoming winter. The general situation is that we, of course, are buying gas from different suppliers. We are not importing ourselves, and therefore there is a variety of gas suppliers in the market. For us, it's more a question of the price, not of the volume. And EVN AG, as the company, has no long-term gas-to-fly contract anymore. Only EVN CAGI is having such a contract, which is running out in a couple of years.

Thank you very much. Another topic that has been in the media, because other Austrian utilities have terminated off-take contracts for private TV installations, which seems rather harsh. And I assume Austrian utilities have different contract structures, actually. So, at the end, the situation might be different. But how is the situation here with the end customers? And what changes are you expecting for the whole market, probably also in coordination with the regulator?

Can you just rephrase it there? Yes, of course.

So it is, what's the situation with the private PV installations?

There is, I got it. Yes, of course this is a big issue, because at the beginning when PV installations were more for experts than abroad used customer production facilities, there were tribes which were helping these kinds of PVs to get them into the market. So it was more or less, you're taking over the electricity to the price you are paying for the electricity used in the month. But working quite well. But with this change of structure, as you're seeing now, that due to the oversupply of photovoltaic prices, The short-term value of this energy has completely dropped. Of course, the infrastructure is changing. We are only giving our customers now any more contracts which are more or less affiliated to the monthly pricing of energy. 0.7 relationship to that. So the price we are offering to our customers is now 4.03 cents per kilowatt hour. So the value of the short-term production of photovoltaic is mainly in their own consumption. And this is, by the way, also now how the stakeholders like the Photovoltaic Association is now claiming Photovoltaic on private level always has been meant to support their own consumption, not to participate in the market, because then you have to get a market price for it.

Okay, that's very good. And the last one is related also to my beautiful question about the order backlog in the project business. Also, what's your take on the current infrastructure environment? If you see a slowdown in project activity or tenders coming up, if you could give us some color here.

Yes, as I mentioned before, we are working on nine projects internationally currently. The volume is 725 million euros. And, of course, there are tenders going on. And we also see some support that's also in Austria now. this kind of regulation in the future that you are not allowed to put the huge anymore on the fields will take a very effective from 2033 on so therefore I see that there will be a demand for sewage racing generation coming up because there will be a new standard in Europe regarding the treatment of this. There will be an increasing demand for this kind of facilities and WTE will participate in tenders for this kind of facilities.

Thank you very much. Thank you.

Ladies and gentlemen, if you have any further questions, please write them in the chat tomorrow. Thank you. And the next question comes from Richard Alderman from VTIG. Richard, we don't hear you.

I can hear you.

Yeah. Not so good, please. Are you going to stop me?

Can you hear me now?

Yeah, much better. Thanks.

Sorry. Apologies, I had problems with my headset. Just on the subject of WTE and the announcement you made in April that you've not had any offers for 100% of the business, on the answer you just gave to the last question, what are your options now with that business? Would you consider selling off projects individually? will you scale it down over time? Or it sounds like you're still obviously active in the projects you've got on the slide, but is the intention to make it more focused as a European business or to keep it multi-international? Is there any way that that process of disposal will be reenacted? And are there any other assets that you're considering disposing of or filing down, such as renewable assets? That's the first question. And then second question, your guidance towards the upper end of the range of 70 to 90 million in South East Europe is probably as high as you've achieved in the last decade. What's the cap on that being higher in the future? Is there much scope for that to grow over the next couple of years?

Okay, thanks a lot. A couple of good questions. First of all, we are looking for options for WCE. As you mentioned, they're 100% on the basis of the 30th of September. One of the arguments from some of the parties interested in was how to judge the Kuwait business. As I tried to mention before, we are quite optimistic that the Kuwait business, which is on the sewage side already done and completed, and on the pipe side two-thirds are done, will be mature in 2025-2026. Therefore, this is not such a long period anymore. What we're going to look at is that we look at all the different parts of WT and see if there's an interest in the market. What we have seen is

special interest on the European part of the business.

So maybe this is one of the options to exit the business, to partner, to find strategic investors in part of the business. We are looking now on different kind of interest. What is clear is that we don't want to scale it further up because this would have been the other option but we don't see this as a future WCAE on EDN groups kind of investments and also on the balance sheets we see their limitations so therefore we want to exist this kind of business in time we hope that we will get some feedback from interested parties and can make a decision during the year 2024 beginning of 2025 so this is a The southeast business last year has been an extraordinary historic situation due to the support from state aid and of course they scale it back now and therefore this kind of outlook which we raised in the capital markets day last October that we expect on the mid-term, around 70 to 90 million. This is the more moderate kind of realistic expectations for the group. What we're trying to develop over there is also not just the grid business as it is, but also to combine it with renewable energy. because we see on a group level also a risk diversification by renewable production in different geographic regions. And the big question behind it, we had in the capital markets the vision of this 2030 investment with the ability also to take a higher debt to finance these investments, but then also a higher group result, which should be above $400 million over the next year. So this should give a sound financial policy for potential investors. And what I also tried to mention is that We see a chance also to give capital markets a clear picture, not just for the next year, but for the next two or three years. And we will do this after the budgeting process in September. So in October, in this virtual conference, we will try to give actual new information what we see for the next two or three years up to 2030. And it should be quite a clear picture also for long-term investors.

Thank you for that answer. That's very helpful. So with that answer in mind and with regard to the fact that you're looking ahead at your budgets and presenting that in October, what would be the reasons why you could raise the base dividend of 82 cents? What could draw you to a higher dividend payment this year?

Given the term dividend policy in December, I reconfirmed it now. Let's see how the half year is now developing and then let's talk about real figures, which are the basis for the dividend of this ongoing year.

Okay, so does that mean you will give us some guidance in October?

I will try to give you guidance and understanding how the half year is developing now so that we have then a complete picture of the financial year, but due to restrictions also of capital markets and the capital market regulations, the board has to decide. then we go public and then we can define this in detail. But what I confirmed is the 82 cents as a base dividend on basis of the expectation of the 420, 460 million euros as we did in the past and which I confirmed today.

Okay. Thank you.

Bye. Thanks a lot.

Mr. Sikovic, there are no further questions left.

So thank you for joining today's conference call. We will publish the results for the first three quarters of the financial year on Thursday, 29th of August. Have a nice day and good day.