Solutions 30 Se

Good afternoon, everybody. Gianretti Fortis, Solutions30. I'm here together with Amaury Boileau, our CFO, and Nathalie Boumandier, Investor Relations. Sarah, please move to the next slide. Thank you. Okay. We are here to comment our revenues in the second half, and I opened the presentation with a few reminders concerning the first half. Major things we did in these past six months has been to publish our 2019 financials under IFRS format. This is something that all investors were waiting for, and now it's done. It's been a lot of work from our final department, but it's gone pretty well in the end. And just after, we have moved the company, as already promised, to the A compartment of Euronext, the regulated market. This was done just a few days ago. In the first half of this year, we also carried out several ESG initiatives with the objective of being more and more compliant with the rules of the regulated market. There is now one of the members of the executive committee who is in charge of ESG matters, and we are going to have an ESG report that is going to be implemented in the second part of the year. Several charters have already been published concerning the governance of the company, the supervisory board, management board, and also some codes of conduct that are being applied by the company. We had a very exceptional second quarter this year with the impact of COVID. We were very scared when that began in March with a severe lockdown in Italy and then coming into all of the other geographies. But in the end, we believe that we went through this crisis in a very acceptable way and we came out stronger than competition. We saw volumes dropping beginning in March and reaching a bottom in the middle of April. We were down by 35% in terms of revenues in April compared to February. But then the situation began to stabilize, and we got back to normal during the second half of May. We then had an exceptional month of June. It's been the highest ever in our history. Part of it is related to a catch-up effect because some work was not done during April and May. But there is also something more structural that is going on now in June for the rest of the year, and that is related to investments that are coming into our telecommunications vertical and investments that are coming into our energy verticals, and that's more structural. It's the same drivers that we had before the crisis, but now after COVID, you see a political drive to push these two verticals with that investment, and we are going to take advantage of this. The last point is some new wins in terms of sales, especially in the 5G field. This is going to be an important leverage for us in the coming months and years. We now have signed agreements with all the major manufacturers of 5G equipment. We had already signed with Ericsson and Nokia. During COVID, we signed also with Huawei and B2B. We began working with Celnex, an infrastructure management company for mobile network infrastructure. And we had a very active sales activity, even during COVID, in all of the verticals. We also have a very furnished sales pipe with lots of M&A opportunities that are ready to be taken. We put M&A on hold in this past six months because with COVID, It was not clear how the situation would evolve. Now the situation is clear. Even if COVID is still around, we feel now that we are better positioned to take advantage of our strong balance sheet situation and do some M&A deals. So we are working on this in the second part of the year. Then, of course, we will continue in 2021. Next slide, please.

Next. Amory, I'd like to continue.

I continue and will now talk about the figures. Good afternoon, everyone. At the end of June 2020, as you can see on this slide, the group posted a revenue of 362.8 million euros. Again, 318.4 million euros one year before. On a year-on-year basis, despite the impact of COVID, revenue grew by 14%. Again, this growth was very well balanced between organic growth and external growth. Organic growth actually accounted for 6.8% of the revenue. And this organic growth represents 49% of the total growth in revenue in H1. So what you can see here on the left-hand side of the slide is that the organic growth remained positive in all the geographies despite the COVID crisis. Regarding external growth, the acquisitions realized by the group in 2019 generated a total revenue of 22.8 million euros over the first half of 2020, with a strong contribution of the Polish entities that we acquired at the end of 2019, beginning of 2020. We now go to the next slide. Let's have a focus on the on the COVID-19 crisis. Obviously, this first half of 2020 and especially the second quarter has been impacted by the lockdown measures and travel restrictions. So what you can see on this slide, if you assume a revenue base of 100 in February, revenue went down then just after by almost 35% between middle of March and middle of May. Actually, the impact was very different from one country to another, with Germany and Poland being almost unaffected by this COVID crisis, when the impact was much stronger in other countries and especially in the south of Europe. So, obviously, in the early stage of this lockdown, the focus of Solution 30 management team was definitely to ensure the protection and safety of our own employees, then to adapt our operating model in order to ensure business continuity and continue to talk with our customers in order to prepare the restart of the activity. Finally, we also had a very strong focus on the monitoring of expenses and cash in order to protect the companies. Then, with the decrease of the activity, the group activated all the temporary unemployment measures that were implemented by the different governments in Europe. So that allowed us to absorb the drop in volumes that we had in the activity, together with the decrease of the subcontracted activity. And that's how we managed to minimize the impact on our profitability of this situation. In this context, as early as mid-April, we have been focused on the restart of the activity because we have kept on talking with our customers and we knew that they will provide us with higher volumes at the end of the lockdown and we wanted to be ready and we wanted to prepare this ramp up that was going to happen. So we had, as Giambetti was saying just before, we had very, very strong months of June, even higher than the volumes. So we managed higher volumes than we had before the COVID crisis. And that can be explained by several reasons. First, there has been a small catch-up effect in June. That is one reason. Second, the reliance on digital technology has been even more highlighted by this situation, and we see a positive push on our market based on this. And finally, maybe the most important factor, Solution 30 has been very fast to restart the activity, probably faster than the competition, and we showed our ability to scale up the business very quickly. So we then improved our relationship with our customers at the end of this period. If you now go on the next slide, number seven. Yeah, thank you. What you can see is that despite of the lockdown, revenue in Q2 has been growing by more than 10%. And the organic growth remained positive during this period. As I was just telling you, we had a very strong month of June, with June accounting for approximately 45% of the group revenue in the quarter. And with 174 million euros in Q2 2020, the group even achieved a new high in terms of monthly revenue in June. And again, even if there has been an impact on the revenue of Q2, we are still close from the best performance achieved by the group during the previous quarters, and that concerns the structural growth trend of our markets. So, in this context, we can be positive for the second half of the year 2020. If we now go to the next slide. Yes, thank you. What you can see on this slide is that all the geographies showed a strong resilience despite the lockdown. Actually, in France, revenue went up by 10% over the semester and even by 5.8% over the second quarter. This growth being mainly organic. In Benelux, revenue grew by 11.9% over H1 and by 10.4% over Q2. This takes notably into account the contribution of iProjects Group, our last acquisition in the Netherlands, which helped us to develop the business in Holland, but also to diversify the activity in the energy sector. In the other countries, revenue went up by 29.4%, and even 26.4% in Q2, under the influence notably of Poland and Germany, which remained almost unaffected by the COVID situation. If we go now to the next slide, number 10, then we will have a more detailed focus on the impact of the COVID and the development of our business across our different verticals. Here in France, what you see is that the telecom business continued to grow very quickly, above 30%. And that's because, actually, this activity never stops, even during the lockdown. And then we even had increased volumes after the lockdown. So as you can see, this activity is very dynamic and remains very dynamic under the influence, notably, fiber deployment led by public administrations in the rural areas. Regarding energy segments, as you can see, revenue decreased by 30%. This results mainly from the upstop of the deployment of smart meters between mid of March and mid of May. So basically during this period, the activity was totally stopped. And the activity started again end of May, middle of May, and we are now back to the normal run rate. Regarding easy charges, installation projects were also delayed during this first half of 2020, but we had a very strong sale activity over the semester, and several projects will start in the second half of 2022. Regarding the other activities, namely the IT assistance or the payment solutions business, well, the activity was impacted by the shutdown of offices and by the shutdown of shops. Even if we had some additional projects in order to provide the people working from home with mobile devices, Well, most of the deployments of IT hardware equipment were postponed. And so, in this context, the activity on these segments is currently recovering gradually, and we think we will be back to normal by the end of Q3. We now go to slide number 12 regarding Benelux. The next one, please. Well, on this slide, we have almost similar trends. Even if the telecom activity slowed down a little bit over this first half, it continued to grow by 8%. And what we are currently seeing there is that telecom operators, especially in Belgium, are now considering to invest significantly in the fiber deployment, and we see that as a big opportunity for the future. On the energy segment, it's almost the same thing as in France. The rollout of smart meters almost stopped in Benelux during Q2, but it started again at the end of the quarter. And we even see additional tender offers coming regarding the rollout of smart meters in this area. On the IT assistance segment, well, again, the activity was impacted in the same proportions as in France by 24% because of the shutdown of offices. Regarding the other segments, what you can see here in gray, you can see that the activity grew quite significantly. That is because of the new security business that we developed notably in the Netherlands. But it remains quite small for the moment. If we now go to slide number 14, then you will have a view on the development of the activity across all the other countries. So what you can see there is that the revenue grew quite instantly by 13% in Germany, 100% organically. That is because we, you know, the lockdown was not a civil lockdown in Germany, so we continued to develop our relationship with the main telco operators and with the key utilities. So just doing the maintenance activities that we were doing previously. The impact that we had there is that the tender offers for the rollout of smart meters, the new ways of rollout were actually postponed But the activity is going well and continuing to grow. Regarding Italy, that is probably the area of the country where the lockdown has been the most severe and the longest, where the recovery is a bit longer than in the other countries. And so we had a drop in the revenue by 18% over the first half. The activity is still recovering, but we were quite happy to have the IT activity of CFC, the last company that we buy, showing strong resilience and even a strong restart beginning of the summer. Regarding paying, well, revenue went up by 32% over the first half, going up to 17.5 billion euros. So this is supported by the external acquisitions that we made at the end of 2019, when we decided to reinforce our presence on the telecom segment, especially for the rollout of fiber in Spain and the installation of the first 5G antenna there. And finally, Poland. So, Poland posted a revenue of almost 12 million euros over the first six months of 2020. This is pretty much in line with our expectations since the lockdown has almost no impact on the activity in this country. I don't know, Jean-Baptiste, if you have additional comments on these countries? No, you're doing pretty well. I think you said more things. Not much to add. Okay, thank you. So maybe we can go to slide number 16. Yeah. And 17. And I will leave the phone to Jean-Baptiste.

Yeah, okay. I can conclude here. Thank you, Maurice. Well, I think it's been a very hard crash test for us because we basically went down by 35% in a matter of a couple of months and managed to absorb the shock without losing money. So we have proven that we have a machine that can scale down quite quickly. And it was even more difficult then to bounce back again because basically we doubled volumes between April and June. And so we did the crash test and the other way around, being able to scale back and double the size of our machine in a matter of months. It's been a useful exercise. We have implemented new processes of cost control and new operational processes to be sure that we can adapt quickly to volumes. So it's been a useful test. And I think, as Maurice said before, that we came out of COVID faster than competition. So we don't have public numbers yet, but our feeling is that we should have gained some market share, reacting faster than competition. We also are now very comfortable with the fact that the trends that were the drivers of our growth in the month previous to COVID-19 are still there and even stronger. People need what we do and even more so during COVID because everybody was at home relying on this internet connection. And now there is a clear tendency of people willing to improve their home environment in terms of communication and IT. And our activity, our service activity, our support activity is considered now essential by all of the countries in which we operate to be able to support people that use these tools. So the trends that were there before COVID are still there today. Two main ones are related to the deployment of digital technology, and the second one is the investments in green energy. It's trends that were very important for us before COVID, and now They are even more important. We have seen sales of electrical vehicles jumping all across Europe. France in the first half of the year 2020 has sold more electrical cars than the full year 2019. And so we see that the projects to deploy the infrastructure to charge the cars are sped up. And it's the same in telecom. We see that people want to have good connections. Operators are introducing new offers during the summer, which is quite unusual because summer is a quiet period for us, but not this year. We are expecting a strong momentum during the summer. And you also see a political willingness to invest in infrastructure to foster the economies all across Europe and Europe. What we mean by infrastructure is not only roads and bridges, but also telecommunication infrastructure and energy infrastructure. So these two divers are even stronger now than before COVID. And then the last point is that our clients have been shaken by COVID, and the processes have changed. You know, lots of people have been working from home, and all of our clients have had a look at their costs and concerns. And they've tried to implement new measures to reduce costs. And that's good news for us because outsourcing our activities is a source of savings for our clients. So that's also another trend that we will benefit from. So all in all, we reiterate our objective of reaching 1 billion euro revenues in the midterm with a good year, even 2020 during COVID. It's a year during which we will have double-digit growth. as in the past. Next one, I think we are done with our presentation and now it's time for Q&A. You can do it through the telephone or you can also use web to send us questions.

If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star 1 to ask a question. And we'll go ahead and take our first question from Remy Grenou with Berenberg.

Yes. Hi. Please go ahead. Yes. Can you hear me? Yes, absolutely. Thank you for the presentation. Just a few questions on my side. It seems that the Recovery, especially in June, was mainly driven by the telecom, and that the energy segment was a bit slower to recover. Should we see increasing volume regarding smart meters in H2 to compensate for the one that were not deployed in H1? So this is the first question. And the second one is on teleconductivity and the fact that you set new records in June. Should we expect that level to be extrapolated for the rest of H2? Or do you think that you'll see a slowdown somehow because you've benefited from this catch-up effect in telecom? And just one last question on guidance. Could you just clarify if the double-digit – I think that you mentioned double-digit growth in your press release. If you could just clarify if this includes any NNA pipeline or if it's just purely organic growth.

Thank you. Okay, Remy. So, okay, first question is how energy is going to be in third quarter and second part of the year. You know, there was a hard stop on smart meter deployments, except in Germany. And then the situation got back to normal in a matter of a couple of weeks. So June was almost normal. There is not really a catch-up effect there because we were running at nominal rate before COVID, and now we have just resumed our rate. Well, a little bit faster, but not much. So basically, in energy, it is back to normal. What we are seeing, but I do not think we will see the effect of that in Q3. It could be in Q4. What we are seeing is additional investment in energy. That's what I said before. There is subsidies for people who are buying electrical vehicles, and therefore these people need solutions to charge their car. So we are seeing additional investment coming in energy with some effects for us probably last quarter of this year, and then certainly in 2021. And this goes together with investment in the whole distribution network of energy. We were talking to a utility on Friday, and it's clear that, for example, if people live in a building and buy an electrical car and want a charging station, Then, you know, depends on the number of people that live in the building. But if it is several people, you can support easily one person, two people. But then if it is more than three and four, you need to upgrade the infrastructure of the building. Otherwise, you cannot support the charge of the cars. So there is going to be significant investments in the energy sector arriving Q4 and then 21 and onwards. That is good news for us. So that's your first question. Second question was on telecom. And the question was, are you going to see the same kind of drive that you saw in June for the rest of the year? And the answer is yes. What we are seeing now is not only a catch-up effect. So there is a little bit of catch-up in telecom. But we really see a strong push by operators because they are just answering to this demand of good quality internet connections. So there is new offers. that are pushed by the operators now, you know, in July and August. That's very unusual because usually operators launch the new offers in September where people are back to school, that gives them back to school. This year is different. These offers are coming out during the summer, so we are expecting a strong Q3 and then a strong second half, I would say. That is also because, like in energy, we see a political willingness to push telecommunication infrastructure, and that's true in all of the countries. I don't know if you have seen the announcements of Proximus, the Belgian operator, doing COVID. They said they would speed up the fiber deployment projects they have. Pelenet entered into negotiations with Fluvius, a Belgian utility, for deployment of fiber. And in Germany, we see clients asking now to deploy fiber. It's still small. Germany is moving slowly, but it's a very good sign. We have the feeling that this process of deploying fiber has been accelerated by COVID, even in Germany. That was the country more reluctant to adopt this new technology. And then you asked the third question, but you should remember, please, Remy. What was your third one?

Yeah, yeah, sure. I think that you mentioned in the press release that you are targeting double-digit growth this year. Oh, the double-digit thing, yeah.

Yeah, I just wanted to know if you could do them an AO. No, at the moment, you know, we don't like to give short-term objectives, you know. So let's say we are sure, we are confident that it's going to be double-digit polling, all included. We don't feel comfortable saying how much organic, how much external. Also because COVID is still there. So, you know, we see numbers of cases going up almost everywhere except maybe Italy because they got very scared in March. So we don't know how second half is going to be. It's not going to be worse than what we have seen already in March or April. So we went through that. We are going through a second wave, if there is one, but we don't feel comfortable enough to give short-term objectives.

Okay, thank you very clear. Thank you, Genevieve. Thanks.

Once again, if you would like to ask a question, please press star one. And we'll take our next question from Charles Lepetipa with Odo, BHS.

Yes, hi. Hi, Jen, Bepi, and Amaury. Hi, Charles. So maybe can you be a bit more specific on margins for H1? Because you said you remain profitable during the period, but still should we expect a pressure on margins due to sanitary measures, for example, the reduced activity in March and May.

Yeah, I take it. And we received two questions very similar from Benjamin and Alistair from Comjet. So I will answer your question. Well, actually, when we had the drop in the revenue in between between March and May, we have been able to absorb part of this growth using union employment measures and by reducing the share of the contracted activity. So actually, at any moment of time, we had a negative profit. We have been able to remain positive. cash positives to generate cash and to generate our margins. So over H1, our margins were at normal rates before the crisis in March. And they have been a little bit impacted during the COVID. And then they recovered almost back to normal at the end of June. You know, we had to, we did not maintain, we did not manage to maintain our margins at the run rate, I would say. because when you have to scale down, scale up the business, and you need to recruit people to train them, that can use part of your margin. But do not expect a significant impact on our margins. I mean, we are talking about some points, but profitability will have a first half of 2020 profitable, a little bit lower than the previous semesters.

Maybe a follow-up question on another topic regarding FTTH across Europe. Here, what specific country do you expect to ramp up a nationwide FTTH program? You talked about Belgium. Do you expect this to be quicker than Germany or Poland? Yeah, we are going to see FTTH investment everywhere. It's just a matter of speed then. France is running full steam. France deployed 2.4 million connections in the last 12 months. 600,000 were in the first quarter of 2020. And I'm pretty sure that in the third quarter, the speed will be even faster. And I would say it's the same all across Europe. Basically, The countries that were reluctant adopting this technology, in particular Germany, are now moving towards that. And the countries that were doing it already are speeding up. I mentioned Belgium before. It's the case for all of the geographies. I would say there is a little twist concerning Italy, not because they are not doing it, but because of the way they do it. Now there is 7 billions that are going to come from the European community to Italy. It's going to be the largest beneficiary of these funds. And the country is basically trying to organize itself to see how to best use these funds. But the political situation in Italy is what it is. I think we will need a few months to see exactly what happens and then how this money comes to the real economy. The good news is that, contrary to the previous governments, now the government has a task force of experts that is advising on how to invest this money. And the chairman is Vittorio Collao, the former CEO of Vodafone. So he has a natural tendency to favor investments in digital technology, in particular in telecommunications. So we are expecting good news there. It's just probably going to be slower than in other countries. So, yeah, I think that's in a nutshell what we believe would happen in FTTH.

Very clear. Thank you, Genevieve.

Once again, please press star 1 to ask a question. We'll pause for just a moment to allow everyone an opportunity to signal.

There is questions also coming from the web. Maybe I can... Answer to them if there is no questions on the phone. Yeah, okay, go ahead. So a question coming from Charlie Trenad, the capital markets. When can we expect the next M&A operations to be made? As I said before, the pipe is full, so we have plenty of opportunities for M&A. We put them on hold in the first half because visibility was not good enough. Even if COVID is still around, now in the second half, we have much better visibility, so we are ready to resume. Don't take it for granted because then it's for some other, you know, it's a negotiation. But we are resuming M&A activity in the second half, so there should be some deals closed in the second half, and certainly in 2021, you know, and pretty much with the same rationale Priority is to strengthen our presence in geographies that are not covered or strengthen our skills in a vertical that is important for us. This is the case, for example, of 5G. We have begun doing 5G in Spain. The way we began doing 5G has been through an acquisition of a small company that had the right skills. We are looking for similar deals in other European countries to be able to follow this deployment a bit faster. So the two main rationales are cover a geographical area or cover a vertical. Oh, there's actually another question that came from the web on this point, Carlos Sereni, RST. What are your thoughts on M&A, regions, vertical size? So I just spoke about regions and verticals. So priority is a geography that is not well covered. Second is a vertical where we do not have enough skills. Then in terms of size, I would say it's going to be much of the same. So the bold zone that you have seen already in the past. There may be a couple of exceptions of these that are a bit larger that we have seen coming to the market and we are going to have a look. But we do not take it for granted. So it's most likely that you're going to see in the second half of the year, next year, something similar to what you've already seen in the past. Another question, Olivier Perrin, Crystal Asset Management. Could you give us an update on your plans to enter the UK? Also, could you please update on your pipeline of potential sourcing deals. UK, so UK is an important topic for us now. As I said before, all of Europe is investing in telecommunications and energy, and UK is the same. And COVID has been an accelerator of that because the companies that have shut down have sent people working from home. So in the UK, lots of people have gone out of London and they've been working on the countryside, and some of them have lots of problems because the quality of the natural is really poor. So we are seeing a good opportunity in the U.K. with investments coming. We are looking at that market now very closely, both organically and inorganically. We are just waiting for a positive signal concerning these investments to start. It's really high in the priority list. I don't give it 100% in the second half, but I will give it with a very high level of probability. It's very likely that we enter UK in the second half or latest in 2021. And then the second part of the question was, it's going to disappear now. Natalie, can you remember what was the second part of the question from Olivier Perrin?

It was related to the outsourcing deals.

Oh, outsourcing deals. Yeah, thank you, Amore. Outsourcing deals, there is some of them in the pipe, but it takes time. And even though our large accounts are looking at reducing costs and outsourcing is a good option, they've been through COVID. And especially the large ones, their process is a little bit disrupted. So it's taking time. Do not count on such a deal in the short run. We have some of them in the pipe, but it's going to take more time. Then there is a question from Xiao Tian from Nokia. How do you plan to ramp up in 5G, which needs a lot of value knowledge? It's what I said before. We are looking for external growth opportunity in the radio market. Our idea when we begin working on mobile networks in the geography is to acquire a team, not necessarily a large team. A small team is enough, but a team that has the right knowledge and the right contacts, and then we deploy it. And that's something that we are looking for in all of the geographies. It's something we did in Spain last year, buying a small company, Provisiona, with such skills. And now we are doing... you know, a nice development of this company in 2020, we want to do something similar in the other geographies. So that's the way we're going to do it. And how is the 5G business progressing outside of Spain? That comes from Lindsay's part of Glalerni Capital. Now it's basically answering to tender offers. It's happening in almost all of the geographies. with some of them having delayed the tender offers for the attribution of frequencies. In the case of France, the tender offer was supposed to come in the second quarter. It's coming in the third or fourth quarter. Still not clear whether it is September or October. So there is a little bit of delay. And overall, also in other geographies, like in Poland, saying, you know, we were expecting something coming in the first half. It's going to be second half. So a little bit of delay, but it's just a matter of months. So basically we are getting ready to work on 5G all across our geographies. Question from . Could you please comment recent changes in the management board carrying leading and new members joining? Yeah, that's something different. Karin has been working with me from the very beginning. I'm the man of the outside and he's the man of the inside. He was and he is very good on operational matters. He's the guy who goes to the field, talks to technicians, and looks at the machines. He loves to do that and he's very good at that. He has left the management board, but he has not left the company. So basically, he's doing the same today as what he was doing a couple of weeks ago. So he's still working with us on missions related to operational matters. What he's not doing now is something that he didn't like to do even before, which is all the part that is more related to the management of the company, the governance, the administration, the board member, the board meetings, and all of that. And that is something that I've been comfortable with. So basically what we have done has been to make it official. So it's not in the management board anymore. So it does not take part of all the initiatives that are related now to the fact that we are in the regulated market and need more structure and a different kind of governance. But it's still with us on the important operational matters. Then we have a question from Jan de Perlong. Hello, in terms of human resources, do you see any difficulties recruiting, notably in Germany? No, actually, good for us because now there is lots of people that are looking for a job. By the way, we have hired several hundred people in June. As we said before, June has been a strong month, so we hired several people in June, employees and subcontractors. And there's been no problem finding them. So even in Germany, that has been always a difficult geography for us in terms of recruitment. Now it's easier. It's easier because there is more people looking for a job. There is also another piece of good news, which is the incentives of the government, in particular in France. Basically, there is a subsidy that is paid to companies that recruit young people. And since we recruit lots of young people, we are going to take advantage of that. It's not something that is going to change our P&L, but it's an interesting plus that we are going to get into our books in 2020. So no problems recruiting people.

I don't see other questions. Yeah, question from Carlos Serena, RFP.

If the OCO wants to sell shares, would you have to report? Oh, that's a good question. I'm not sure I have the answer. Well, he's not planning on selling shares, but of course he's not a member of the management board anymore. I'm not sure we are obliged to report, and I'm not sure he's obliged to report. So I would say probably not. I don't think we have to. But I'm not 100% sure. I'm sorry. I cannot answer fully to these questions. I just don't know how the law works in this situation. Marie, do you have an idea of that?

Have you spoken about that with the auditors? No. Well, the only thing I know is that he is not willing to sell all his shares. Now, it's not part of his... He's still attached to the company and doesn't want to... to do that and but obviously all the laws that are applicable applies also to Karim if he goes below or beyond a certain threshold then he needs to declare everything yeah and so as part of the company and as a big shareholder he will be considered as a related party in our financial statements that's the only thing I can I can say about this point

Well, I don't see other questions.

So unless there is new questions coming now, I think we covered the most important things. Yeah, no questions anymore. So thank you very much for your participation. And, of course, if there is other questions, something that we have forgotten, don't hesitate to contact our investor relations. Thank you all. Thank you very much. Have a good afternoon. Thank you.