Good day, and welcome to the Zur Rose Group AG 2022 half-year results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Walter Hess. Please go ahead, sir. Good morning, and welcome to everybody. Marcel and I are very happy to present to you the half-year results today. The world is facing many turbulences at the moment, resulting in uncertain markets. Whereas our business with pharmaceuticals is hardly impacted by all of that. On the contrary, our key messages for you today are that we have set all our key priority on achieving EBITDA breakeven already in 2023. As a result, there is no additional cash needed for operational business. Our highly efficient distribution center in Herrliberg is live, and the Medpex brand integration has started. With the rollout of the eRx in Germany, the digitalization of a EUR 50 billion market with prescribed medication will take off now. Let's deepen these topics now by first giving you a business update, followed by a deep dive in our breakeven program, which that we have announced. Then Marcel will give you a financial update and an outlook before we come and move to the Q&A sessions. Executing and delivering is of highest importance for us as a management team. Therefore, we are very pleased that we can report today that we have achieved all our targets in the first half of this year. The slight revenue increase of 0.4% is within expectations. We have improved the gross margin. We have improved our EBITDA already by CHF 37 million by increasing gross margin by 0.6 percentage points, by realizing first cost reductions, and by improving marketing performance. We have CHF 200 million of cash on hand by end of June this year. One of the most important objectives was the go live of the distribution center, the new distribution center in Herrliberg. On the picture, the upper picture on the right-hand side, you see in front the new distribution center, we call it DC2, and in the back, the previous, the existing distribution center, DC1. This target we have successfully accomplished. For us, it is a strategic milestone as it is a precondition for the brand integrations. With that, the capacity increased from 12 million- 27 million parcels per year. With this unique infrastructure, with highly efficient and secure processes, we will now be able to fulfill the eRx demand ahead of us. The improvement of logistics cost per parcel is more than 30%, which will lead to a cost reduction of CHF 10 million per year, with first savings already in the course of this year. The next big milestone for us is the operational integration of the Medpex brand into the new distribution center in Herrliberg. Stiftsapotheke, this is the pharmacy of Medpex, will be closed by its owner by end of October this year. Yesterday evening, the 350 employees concerned have been informed about this step by the pharmacist. The location in Ludwigshafen will continue and operate in the future as a logistics hub of the Zur Rose Group for non-pharmaceuticals and add a capacity of 7 million parcels per year. Therefore, we have offered jobs to about 200 logistics and pharmaceutical employees from the Stiftsapotheke in Ludwigshafen and in Herrliberg. At Visionrunner, a Zur Rose Group company and a service provider to the Stiftsapotheke, we will reduce 36 jobs. The employees concerned will get individual compensation packages out of our responsibility, social responsibility. All in all, the leverage of the synergies out of that and the reduction of complexity will lead to positive EBITDA impact of more than CHF 8 million per year. Let's come now to the eRx. As of yesterday, more than 154,000 eRx have been redeemed from the telematic infrastructure. All of them without any technical problems, and most of them could already be billed without any problems. Our share within this test phase on eRx is three times higher already than with the pRx, the paper prescriptions. This eRx test phase will now end successfully on August thirty-first this year. Immediately, the German-wide phased eRx rollout will start on first of September. All stakeholders, and that's very important, are committed to this step and to this rollout. They have agreed commonly on success criteria for a mandatory rollout in the first two regions, which are Schleswig-Holstein and Westfalen-Lippe. This includes about 11 million inhabitants, which is equal to 14% of the German population and already relevant. The success criteria they have agreed on are that all the patients have to be informed by insurance companies, by doctors, by pharmacies. Second criteria is that 25% of all issued prescription, these prescriptions have to be issued electronically in a period, in an invoicing period of one month. The rate of patients returning to the doctor and asking for an old paper prescription because they had a problem with the ePrescript has to be below 3%. Once these criteria are fulfilled, these two regions will turn into a mandatory rollout phase, and the next six federal states will start the rollout phase as these two regions will start on first of September. With regard to the redemption channels for eRX, there is the Gematik app, the paper printout, and the scan of the tokens already in place and working without any problems. Further channels are under examination, such as the use of the eGK, SMS, email, or third-party apps. We on our side support every redemption channel, which helps to speed up the eRX rollout nationwide. With regard to the eGK, we are in close contact with the Ministry of Health, the BSI, and the Gematik, together with the EAEP, the European Association of E-Pharmacies, to define and find a common solution which is convenient and non-discriminatory for online pharmacies and for our customers. We are convinced at the end of the day, there will be several redemption channels, and the patients will decide, and the patients will choose which channel fits best for him. They certainly will choose the one with the highest convenience and the best value-added services. As in all other sectors, online will play a relevant and major role in that. Let me remind you again on why eRx is really a once in a lifetime opportunity and is the game changer in Germany. As mentioned at the beginning, there is a EUR 50 billion market. It is a growing EUR 50 billion market, where now 500 million Rx per year are getting digitalized within the next quarters. 80% of of these 500 million prescriptions is for chronic demand, where we, as a pharmacy, as an online pharmacy, have most convenient, processes and best value-added services. The online penetration as of today in Germany for Rx is below 1%, whereas the OTC online share in Germany is already 23%, which means and shows that the Germans are very online pharmacy savvy. To the most comparable market in Sweden, the online share there within 6 years went up to 13% already. We on our side have already an eRx potential of more than EUR 1 billion in our hands with our existing OTC active customer base. This comes out of studies which say that in Germany, potentially 26% of the population are chronic patients. This will bring us up the revenue potential that is already four times higher than the pRx revenue we have on hand as of today. Also the unit economics and the KPIs of eRx are outstanding. An eRx customer, an eRx patient with chronic demand has a 10 times higher customer lifetime value than a regular OTC customer. The basket of an eRx is EUR 110, whereas a basket of an OTC order is at EUR 40 only. The contribution margin of an eRx order is EUR 14, whereas the OTC order is EUR 4 only. You see, eRx and OTC is two completely different businesses. We as DocMorris are really best positioned with the largest active customer base and the best brand awareness with an aided brand awareness of 68% recently and already an eRx awareness of 22%. This all summed up explains and shows why and how much eRx will be the game changer in the German market. Let's come to our breakeven program now. Between 2017 and 2021, our focus was on growth. Growth of revenue and growth on active customer base. A space for conversion of active OTC customers to eRx customers. We invested in best talents, in technology, in eRx readiness, and in internationalization, with the result of a revenue CAGR of 20% for this period of time. Now, this year and next year, our clear focus is on achieving breakeven. Therefore, we have defined an accelerated breakeven program, which includes reduction of complexity, operational excellence, and a focus on core businesses and core markets, with the clear target to get to breakeven EBITDA by next year. Based on that, we will focus on eRx-led profitable growth and the further expansion of our digital health ecosystem, with our target to profitable double-digit growth and positive free cash flow. Already in Q1 this year, we have started to implement the transformation program, which would have led us to a breakeven in 2024. Now, we have extended this program, and we have accelerated it to a breakeven program with a positive EBITDA impact of CHF 130 million compared to 2021, which will bring us to the EBITDA breakeven in 2023. In order to realize as many as possible full year effects already in the whole year 2023, we have immediately started with executing the measures, with an effect of a mid-single-digit% negative revenue in 2022. The program includes also a significant reduction on OTC marketing spend, but also a relevant reallocation of the reduction to an eRx marketing budget. Very importantly, and we really would like to underline that, the EBITDA breakeven 2023 will be independent on the eRx scaling. We have set up a full measurement plan with actions behind, and all the measures are backed with clearly defined actions. They are quantified, and there is a clear responsibility behind. We have defined three clusters of measures, gross margin increase, performance improvements, and structural synergies. In the cluster of gross margin increase, we have defined activities and actions for improving our purchasing conditions with the industry, but also with the wholesalers. We have defined actions for selected price increases and product mix. We have further defined actions to extend our assortment, but also to optimize our assortment and to go live with our advertising services now in Germany. In total, this will lead to a positive EBITDA impact of CHF 25 million. On the performance improvement cluster, we have defined activities and actions for productivity improvements, whereas the DC2, the realization now of the savings, is of highest importance for productivity improvements. We have further defined actions to reduce direct logistic costs, for example, distribution costs. We have defined measures and actions to improve our marketing efficiency, and here very clearly, we will focus much more in the future on profitable orders and profitable customers and customers with a higher potential being converted from OTC customers to eRx customers. We have defined actions to reduce brand marketing costs. All of that in total will contribute with CHF 60 million. In the third cluster of structural synergies, we have clearly defined actions for operational integration of brands. I've already shown to you before and explained to you before what we have started now with the Medpex brand. We have further defined actions to consolidate and reduce brands, the number of brands, and we have defined more actions to reduce indirect costs, including overhead costs, contributing with CHF 45 million and in total contributing to this 130 million EBITDA improvement, which we plan to achieve with a EBITDA breakeven in 2023. All of that will result that there is no external cash required for our operational business until breakeven. Based on the cash balance of CHF 200 million we have on hand by mid of this year. The external financing needs are limited to refinancing of our upcoming maturities, plus some additional headroom. We have prepared various financing options. We are actively monitoring the markets for a suitable environment and for the right moment. Now I would like to hand over to Marcel to continue with the financial update and with an outlook. Thank you, Walter, and welcome everyone to the financial update. In summary, we can say that the half year results are fully in line with our communicated targets. Let's just dive into it, starting with external revenue development. Zur Rose Group achieved a 0.4% growth in local currency. Converted at the current exchange rate, this results in a decrease in absolute numbers, as you can see on the yellow bars. In Switzerland, the acceleration of growth to 9.6% is mainly driven by the B2B development, which was extraordinary strong. This is based on a normalization of the Swiss market after the pandemic. In Germany, the external sales is decreased by 3.9%. This includes the continued decrease of paper prescription business upfront to the launch of electronic prescription, and also reflects the optimization of OTC marketing in a rather weak online market. Segment Europe achieved 2.9% growth. This already reflects the decided slowdown of the international expansion due to our stronger focus on earnings. As Walter said, we have already started to implement measures on marketing efficiency and to focus on high-quality customer cohorts. The development of our KPIs reflects these first results of this program already. The number of active customers came slowly down from 12.4 million - 11.7 million, and is overall in line with H1 2021. On the other hand, the repeat order rate increased to 76%, reflecting the focus on existing customers with high loyalty and a certain reduction in new customer acquisition, for example, via price search engines. Our average basket for prescription drugs went up to EUR 128. The combination with the increase on order frequency shows the improvement out of our marketing measures. On the OTC side, the development of baskets and order frequency remains stable. In terms of site visits, we saw an increase from 234 million - 255 million from June 2021 to June 2022, but a slight decrease compared to full year 2021. The impact on half yearly EBITDA development is shown on this slide. In the second half of 2021, we increased our ad spendings in reliance on the introduction of electronic prescription. Because of the delay, we have turned back this again and started this dedicated program to improve earnings. The preparation and implementation started and will lead to EBITDA break-even in 2023. Nevertheless, we are already seeing the first promising results from the measures that had been initiated. This leads to an improvement of CHF 37 million compared to the previous period, to CHF -49.2 million adjusted EBITDA in the first half of 2022. In the P&L, we see a gross-margin increase by 0.6 percentage points compared to the second half of 2021. This upside trend will continue and even accelerate. The insourcing of specific functions started with an overall positive impact. The increase on personnel spending is overcompensated by reduction on other operating expenses. Marketing expenses still include one-off electronic prescription TV campaign in the Q1 of 2022, which could not be stopped on short notice. Below EBITDA, we see a slight decline of depreciation and amortization, but an increase of net financial results impacted by foreign currency. The actual figures show negative adjustments from the reported EBITDA of CHF -43.1 million to adjusted EBITDA of CHF -49.2 million on the right graph on this chart. The 12 million adjustments for M&A are mainly driven by an earn-out valuation related to the share price decrease of Zur Rose Group. The 5 million integration costs or adjustments are in connection with the initiated breakeven program and especially the brand integration of Medpex. Finally, our balance sheet remains in good shape with a solid cash position of CHF 199.2 million. We could again successfully reduce the capital need for net working capital by CHF 13.6 million. The main impact came out of the reduction of inventories, where we have implemented additional tools to increase efficiency. The management of net working capital and inventory will stay in our focus. Other positions of the balance sheet remain broadly in line with previous year. With this, I would like to lead you through our outlook. Due to the strong focus on early EBITDA breakeven, including the concentration on more efficient sales channels and customer cohorts, Group external revenues 2022 are expected to decline in the mid-single-digit% compared to previous year. The clear market leadership of Zur Rose remains untouched. The non-RX growth rate of our main brand, DocMorris, is also impacted by this short-term priority on overall earnings. We still expect a positive growth rate on the DocMorris brand. Despite these lower sales, we are pleased to confirm the outlook on adjusted EBITDA level in 2022 in the range of CHF -75 million - CHF -95 million. As explained, we now target adjusted EBITDA breakeven already in the financial year 2023. According to our assessment, the inflationary impact will not be very significant, and will be balanced out by throughout the whole income statement. Our midterm EBITDA margin target is confirmed at around 8%. Before we get into the Q&A session, Walter will conclude the presentation with a few final remarks. Thank you, Marcel. Let me highlight again on the key takeaways of today's presentation. First, we fully focus on achieving EBITDA breakeven in 2023. Second, as a result, no additional cash is needed for our operational business. Third, the digitalization of a EUR 50 billion RX market in Germany takes off now. Before moving to the Q&A, I have the pleasure now to introduce to you our new head of investor relations, Daniel Grigat. Some, or probably most of you already know him, and you can address your question after the call already directly to Daniel. Christoph Herrmann, who did this job and function before, he will take on a new job within the Zur Rose Group. Now let's move to the Q&A. Thank you for your attention so far. Yeah, please ask your questions. Thank you. Ladies and gentlemen, 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. Once again, that is star one for your questions today. We will pause a brief moment. Our first question today comes from Alexander Thiel of Jefferies. Please go ahead. Hi. Good morning, gentlemen. A few questions from my side, and I would like to take them one by one. First, on your new full year revenue guidance, which implies a potential double-digit decline in the second half, assuming a -5% FX impact. Could you provide more color on the different markets? I mean, as I expect the Swiss market to perform strongly and pRx seems to be very stable based on the conversation we had in the morning. So the two levers are OTC Germany and rest of Europe, and I understand that Europe is not core at the moment. So what is your planning on OTC in the second half, and is part of the decline also driven by the Medpex consolidation with potential customer churn? Thank you. Yeah. In general, you are absolutely right. These are the two channels where we see the decline. In Europe, as explained, we slow down actively because it's not in the short-term focus and we have to prioritize on EBITDA. It's about OTC Germany, where we optimize our marketing spending, where we focus on high-quality customer cohorts and also reduce some of the sales channels as price search engines or Google Shopping in order to improve profitability. All of that under the clear target of keeping our clear market leadership position. Okay. My second question is on the eScript side. As we have heard from your competitor, eGK is a priority topic for the BMG. My question is on your discussions with the BMG and BSI to find a non-discriminatory solution for online pharmacies. Could you provide more color where you stand in your discussions and how likely you see an open solution for online pharmacies? Thank you. Sure. The discussions are quite intensive. We meet with quite large teams with all the three of them almost on a weekly basis. The discussions are very constructive and we elaborate different options and work on different options. At the moment, we are quite positive to find a common solution with them. Okay. Lastly, on your marketplace strategy. We have seen a draft which is not in favor of a potential RX strategy. Could you provide an update if this is still important for you and how many partner pharmacies you have at the moment on the marketplace side? Yeah, sure. Yeah. First of all, the direction it goes now completely confirms the strategy we have chosen to build our ecosystem around our pharmacy and the pharmacy platform and not on a, let's call it, a third-party platform with no detachment to a pharmacy. This is confirmed, so we are very happy that this is now also going into law. Regarding the marketplace expansion, we have somewhat more than 200 pharmacies, between 200 and 250 already connected. We can cover with the demand we have now on orders roughly 50% of the regions where people type in their postal code and are looking for a same-day delivery. The total number is already very low relative to the total number of orders. Even then, the demand for a real same-day delivery is even much lower and, in fact, is below 1%. Therefore, the importance and relevance is not that high, what we see at the moment. Nevertheless, for us it's important to have it as a value-added service and as part of getting all of the share of wallet of a patient and the customer. With regards to eRx, we have set up the processes in a way that it's never us as a platform or a pharmacy who would hand over or redeem an Rx and then forward it to a pharmacy. It is always the patient who decides, and it's always the patient who has the token and who has the prescription on hand. Then the patient decides in which pharmacy and when he would like to get his medication. Therefore, also there, the way we have chosen is confirmed by what we have seen so far in this draft. For us it's a favorable development. Okay, maybe as a quick follow-up, does this also impact your competitors on the platform side, so gesund.de and IhreApotheken.de. Are they still in or are they still possible or are they not possible with the current draft? Well, we have a clear opinion on it. As it is said, pharmacies, clinics, doctors, are allowed, so the healthcare providers have a direct connection to the Gematik infrastructure. And also, applications with value-added services, the so-called DiGAs. But to qualify their platform and their service, I think we are not the right ones. We have clear opinion about it, but for us it's important that our solution is exactly the right one and we have chosen the right strategy. Okay. Thank you. You're welcome. Thank you. We now move on to our next question, which comes from Christopher Jones of HSBC. Please go ahead. Yes. Morning, everyone. Thanks for taking my questions. I'd also like to do them one by one. First, on your external financing needs. So you say no external financing needs except for refinancing plus some additional headroom. I mean, what does additional headroom mean here? How is that not external financing? Yeah, first of all, we still have this CHF 200 million on balance sheet, and so no immediate need. The focus is on refinancing of the majority of next year of the CHF 115 million bond. The headroom for our operation business, we see somewhere in the range between CHF 50 million and CHF 75 million just to cover all uncertainties. For the moment we do not have any indication for this, but it's, as you know, the responsibility of the management to prepare also for such topics. Okay. On the various financing options, I mean, let's say on the rollover of the maturities, I mean, does that include a potential capital increase or would you rule that out? We have a range of transactions available. For the decision on timing and instrument, we will take into account the market environment, and also the interests of shareholder stakeholders, and we'll decide at the relevant time. Okay. That's clear. On the eGK, I understand you are quite convinced that there will be a discrimination-free possibility, but I mean, discrimination-free does not mean hassle-free, right? I mean, we have the example with the paper script right now. It's free from discrimination, but it's still a major pain to send that, you know, via post to the Netherlands. What kind of options are we realistically looking here? I mean, we hear a lot of things about a digital token, but I mean, the technicalities are not necessarily clear to me, so I'm kind of curious how hassle-free that will ultimately be. Is there any way for you to elaborate on what the, let's say, most relevant options are? Well, we certainly hope that the hassle will not be as it is now for the paper prescription, where you have to take an envelope and walk to a postal box. It must be much more convenient. As said, we are elaborating with them several options. We have already looked at other sectors, how other sectors handle such kind of identification. Not the video ident. This is not an option. It was not an option we were talking about with them. Therefore, this has no impact on our proposals to them. Yeah, I think it's not the right place to go into details now, but I can assure you, they will be much less, or much more hassle-free than the process that we have in place today. Okay. That's understood. One final maybe if I may on the 20% threshold for the eRx, that seems, I mean, at least to me, like a very high threshold. I mean, what's your view on that? Is that realistic, you know, between first of September and, you know, December to get such a high number done in the starting market, if you want to call them that? Mm-hmm. Well, it's even 25%. First of all, when we have seen the criteria, our first reaction was great because they have agreed it together, so they are all committed and stand behind it. This, in our opinion, is first a very important fact to mention. Then the 25%, we said that's good because it is ambitious. What would you have asked us if this number would have been 5%? No critical mass, no ambitions in it. We thought that's good because as everybody is on the radar now, mainly in these two regions, and we know that they are preparing intensively. Marketing materials are prepared by several participants in the market and that the patients have to be, and this is important, that's why I highlighted it in my part as number one criteria. The patients have to be informed by the insurance companies, doctors and pharmacies about the eRx opportunity. Therefore, going up to 25%, is it possible within three months? We don't know. I think it is ambitious, but frankly, if it takes one or two or even three months longer in the first two regions, so what? We talk about the EUR 50 billion market, which is getting digitalized now in the next quarters. If it takes one, two or three months longer, I think this is really not the decisive factor. What we can do and we can say is we will do everything, and we will also focus on these two regions to make it known to the eleven million people in these two regions. We will take our part of the information and. For us, it's anyway, it's just a great move and, so let's start now with these two regions. Let's learn, and if it is three, four or five months, frankly, it doesn't matter, for us at least. Okay. Thank you. Thanks for taking the question. Thank you. We now move on to Gerhard Orgonas from Berenberg with our next question. Please go ahead. Thank you. Also a couple of questions, please. In 2021, you spent around CHF 120 million on marketing. On an absolute level, by how much do you want to reduce the pure marketing spending by next year? As you can see, the half year result, we are at about CHF 38 million. We will do savings on the OTC side in order to have enough power for the eRx side. Overall, the marketing spendings between 2022 and 2023, there we do not see a relevant difference on the absolute amount. H1 is a good run rate, even though there was an extra TV campaign. Yes, that's a good run rate. Yeah. Okay. Second question is, are you giving up any of the brands that you've acquired over the past couple of years? Are you stopping any of them? Well, I can answer it from a business, not the financial aspect, but the business aspect. We have acquired on one hand, brands and customers, in order to be ready and having as large as possible active customer base then to convert them into eRx. Our task now is to make this happen. As I've said before, the precondition for all of that was the new distribution center two in Herrliberg. That's why for us it's such a strategic milestone, and we are very glad to have delivered on time, and we can ramp up now this DC2. This will help now to continue the strategy we have had with all these M&A activities on the pharmacy side. The other companies we have acquired, they have added value either to the technology platform or to added value services like telemedicine. Here we do not change the strategy. We stick with our strategy. We want to be and we will be the preferred health destination, digital health destination, our customers, and patients. Therefore, these services will be needed. The platform will be needed and therefore they remain strategic for us. Therefore, there is no plan whatsoever as you just mentioned. Okay. There's no risk that in a consolidation of brands you would have to have a goodwill write-down? No, we do not have any indication that this will lead to a write-off. We do this impairment test on a regular basis. Also based on our break-even plan, we feel comfortable that this does not lead to a reduction of this goodwill amounts in the balance sheet. A question on your finance costs in H1, CHF -17 million is quite elevated. Is there a significant FX impact in there or any one-offs? There are the usual interest rates in it, and the one-off, if you would call it like this, is the change in currency rates during the first half of this year. This reduction also led to some financial expenses in the P&L. Okay. My last question is on free cash flow guidance. Do you have an idea where you're gonna end up this year and what would be the free cash flow if you end up on EBITDA break even next year? How much CapEx would you spend? In general, we confirmed the EBITDA guidance for 2022. On the cash flow for 2022 there is no relevant change compared to the March presentation. There we talked about roughly CHF -150 million on free cash flow level. This will be significantly reduced next year due to the EBITDA breakeven, but still lead to a cash need for 2023. In general, we see cash flow breakeven roughly one year after EBITDA breakeven. Okay. Thanks very much. Thank you. We now move on to Otto Sieber of Barclays. Please go ahead. Good morning, gentlemen. Otto Sieber here from Barclays. Thank you so much for taking my question. I have one question on the COGS improvement. If I understand you correctly, you are guiding for CHF 25 million to strength improvement in COGS to get to EBITDA break even next year. Your gross margin on external was about 13% in 2021. My question is, what kind of gross margin improvement on external is doable by next year, especially given an adverse mix effect if Switzerland becomes a bigger part of the mix? Maybe a follow-up to that or correlated to that, how much improvement do you foresee from advertising that you mentioned? Thanks so much. Overall, it's not only COGS, it's about gross profit. There, we have improvement of procurement, but we also have product mix and selected pricing increases. Of course, the gross margin as a percentage will increase significantly, and we are on several percentage points to achieve this CHF 25 million increase of gross margin and gross profit. Thank you so much. Thank you. From Deutsche Bank, we have Jan Koch with our next question. Please go ahead. Hello. Thanks for taking my questions. I would also like to ask them one by one, starting with your cost saving program. Why have you decided to implement this program now? What has changed since the last earnings call back in March? Is it solely driven by changes in the funding environment or is it also driven by a slower expected ramp-up of the eRx rollout and online penetration? Well, I maybe can do the first part of the answer. No, it is not at all in connection with eRx. Because as I've said, the achievement of the EBITDA breakeven next year is completely independent of the eRx scaling. We have already set up a program to come to EBITDA breakeven in 2024. I have informed about this transformation program already end of March. We have now just taken and enlarged and accelerated this program. Of course, this is also due to the changing environments and the need of becoming profitable for the future business, faster or as fast as ever possible. Therefore, we decided to accelerate the 2024 program now into this breakeven program 2023. The good thing is, with distribution center two now running, we also have the base ready and in hand to also proceed faster than previously planned. Okay. Very, very clear. One clarification. Thanks for providing your free cash flow expectations for the next few years on Slide 15. I understand that your adjusted EBITDA breakeven is not dependent on the eRx. What are your ex-ante assumptions on the eRx ramp up behind the free cash flow numbers on Slide 15? As explained, for the breakeven for 2023, we can achieve this with or without eScript scaling, so there is no impact on this number. Of course, we expect to have significant upsell on prescription drugs in 2024, and there will be a positive impact out of this. For the next 12 months-18 months, this does not have any impact at all. Okay, great. Finally, two quick questions on eRx. On the 25% eRx share that Gematik wanted to see, I understand that the 25% share is based on the latest billing run, but how long is this period? Do we have to reach the 25% on a daily, weekly, or a monthly basis? It is a monthly basis. You bill the. Okay. Since the first or second day of the month to the insurance companies, and this is for weekly turners. Okay, great. Then, could you update us on the number of e-prescription you have processed so far? Based on your comment in the prepared remarks, I arrived at roughly 2,000 prescription. Is that a fair assumption? Well, please understand that for competitive reasons, we would not like to give any numbers. Just stick with what we have said, the share within this test phase. You have to understand the test phase. In this test phase, there was mainly a pairing of doctors and local pharmacies. Even under these circumstances, our share of electronic prescriptions compared to the 154,000 is three times higher than the paper prescriptions. The rest, sorry, I have to leave up to you for aforementioned reasons. Okay. Understood. A quick follow-up. Is it fair to say that the number declined since the latest update in percentage? The latest update was yesterday, and the latest before was the day before yesterday. Sorry, your update in April, where you mentioned that you processed about 350, which resulted in a market share of 3.5%. Okay. Is it fair to assume that this? Yeah. I can't give you a fair answer there. I would have to go back to the figures then to give you an answer to that. Okay. Thank you. Thank you. That will conclude today's question and answer session. I would now like to hand the call back over to you, Mr. Hess, for any additional or closing remarks. Well, there are not many. It was a pleasure for Marcel and myself to have the chance to present to you and finally also to inform you about we are working on and what our plans are. Thank you for your time. Thank you for your attention and have a good day. Thanks a lot. Thank you. Thank you. This concludes today's call. Thank you for your participation, ladies and gentlemen. You may now disconnect.