Ladies and gentlemen, welcome to the TAG publication of the Interim Report Q3 2024 conference call. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star one on your telephone. For operator assistance, please press star zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Martin Thiel, CFO. Please go ahead. Yeah, many thanks and good morning all. Many thanks for dialing in for our conference call for the Q3 2024 results. Let's start right away with the presentation, and I'm on slide number four, which shows the highlights of the third quarter 2024. And basically, we wanted to discuss on this slide five areas with you. Firstly, the operation and business for financial year 2024 is well on track. FFO I was basically unchanged compared to previous year, as expected. Net income from sales in Poland was even a little bit better than expected, quite a strong increase by nearly 40% to EUR 39 million. And that means also that we had a good development in the FFO II. Looking at the operation and business in Germany, I think we performed here very well. Quite a strong increase in like-for-like rental growth in the German portfolio, now including the impact of vacancy reduction at 2.8% at 30 September 2024. If you compare it with the figure one year before, that was 60 basis points lower at 2.2%. So, good development and also very good development in the vacancy rate in the German portfolio. We've given you today also the number for the vacancy rate after the balance sheet date in October because this is the first time in the TAG portfolio that we are below 4%, now at exactly 3.9%, coming from 4.6% one year ago. Second topic, we are now really ready to grow the Polish rental portfolio. As you know, we have successfully issued a corporate bond in August this year of EUR 500 million. Therefore, currently, we have a quite strong liquidity position of around EUR 670 million. And basically, we have now everything we need to grow the portfolio. We have the liquid funds, we have the land bank, we have the team there, and we actually really now start a lot of projects. I will come back to that later. But just to give you an overview of the impact this Polish rental portfolio growth would have, we point out already here that once we have completed the 10,000 units at year-end 2028, and it will be around already 8,000 units at year-end 2027, we expect a significant EBITDA growth in Poland, up to EUR 65 million-EUR 70 million should be the value in that time. If you compare this increase that we expect in the next four years with the total rental EBITDA that we achieve currently, so from Germany and from Poland, the growth from the Polish rental portfolio alone would deliver a 25% increase in rental EBITDA. On top of this, clearly, we expect also for the future rental growth and rental EBITDA growth in the German portfolio. Therefore, the basis for strong growth in rental portfolio is now really there. Looking at the NTA and LTV development in the first nine months of 2024, I think we can also here deliver positive messages. Firstly, NTA is growing despite the portfolio devaluation that we had in the first half of 2024, so a growth to EUR 18.61 per share. That's a 2% up. We were able to reduce, despite the portfolio devaluation in the first half, the LTV to 46.1%. That means we are almost at our target level of around 45% already. If you ask us what we should expect for the full-year valuation, which will take place, as always, in December 2024, clearly, we have no valuation result yet, but what we expect is a broadly stable valuation. So, that should be something around zero. And that means the times, the quarters, and the last two years where we've seen quite significant devaluations in the German portfolio, up to nearly 20%, are now over. And clearly, this is good for further development that should then be positive in NTA and LTV. Fourth point, and I think that's an important message for today, and perhaps you have already seen our TAG announcement yesterday evening, we are reinstating the dividend. We are proposing for the next AGM that will take place in May 2025, a dividend of EUR 0.40 per share. This is based on a payout ratio of 40% of FFO I. And from our point of view, this 40% payout ratio that should be also valid for the years thereafter ensures a good mix between, on the one side, a sustainable basis for future dividends as the FFO is expected to grow in the future. Secondly, we still have internal cash by using this payout ratio to fund the growth of the Polish build-to-hold business. And as a third point, a 40% payout ratio from our point of view is a good approach to continue the quite disciplined approach we had in terms of leverage in the past. Finally, we are also publishing the guidance for financial year 2025. Today, we predict basically a stable FFO I in 2025. We will see, as already discussed, FFO growth in the future once the Polish portfolio is growing. But for now, we basically need to invest that we have the funds that we have taken on from the bonds, which will deliver growth in the future. So, FFO I should be stable. But if we look at the net income from sales in Poland, we expect quite a significant increase by 31%. And that should also lead to our FFO growth to around EUR 233 million-EUR 243 million, so basically 8% year on year. On pages five and six, you see more details and numbers. I think I have already discussed most important developments, but let me add, as you see on page number five, the disposals that we have done in Germany so far. All in all, we sold 915 units in the first nine months of 2024. The closing has basically completely occurred as of today. Total selling price was around EUR 81 million. Basically, we sold them around book value, so there was a slight loss of EUR 1.8 million, which should not be material. And we achieved a gross yield of these disposals or in the portfolios that we sold of 5.2%. And now on page eight of the presentation, we've had some comments on details regarding the EBITDA, FFO, and the AFFO development. If you compare the development quarter on quarter, the EBITDA from the rental business decreased slightly by EUR 0.3 million, but this is more or less the effect of higher maintenance costs in the German portfolio in the third quarter of EUR 2.4 million. So, without that, clearly, we have the underlying like-for-like rental growth from Germany plus the growth that is already there in the Polish portfolio. So, EUR 2.4 million higher maintenance cost is a kind of slight burden in the third quarter. But as already mentioned in the last calls, please look when analyzing maintenance and also CapEx expenses on a longer-term basis. So, from quarter to quarter, we have some seasonalities. We will see some pages later that the total maintenance spending for financial year 2024 is very similar so far like in the years before. So, therefore, FFO I is reduced also by EUR 1 million. AFFO, if we look at the full nine months for 2024, is slightly up due to a little bit lower CapEx in the first nine months. But also here, you should see a very comparable development to the previous year when we look then at the full-year figures in March next year. Page number nine gives you more details on the NTA calculation. Again, good to see that despite the portfolio devaluation, we're still able to grow the NTA, clearly 2% is not significant. But assuming that we have now the period of devaluations in the German portfolio behind us, there should be definitely a lot of potential for further growth. We expect, by the way, in the Polish portfolio for the full year as in the previous years, valuation gain can't really give you an exact guidance in terms of percentage, but the Polish market is still on a very good way. So, therefore, as in the past, there should be a positive development coming from the Polish portfolio. Page number nine gives you an overview of the financing structure. After the issuance of the corporate bond that had a coupon of 4.25%, the average total financial debt or interest rate on total financial debt is now 2.5%. As I've said, we are already quite close to our LTV target. 46.1% is the exact figure at the end of the third quarter. 45% is our LTV target, and if we follow the development over the last quarters, you will see that we have basically a very natural way to delever because we are generating a lot of cash from the rental business in Germany and in Poland, and also from the sales business in Poland, and also the new dividend policy, the 40% payout ratio of FFO I will not hurt this development, so therefore, without any significant disposals, that's not needed to further leverage the balance sheet, and assuming that we have, let's say, zero valuation result at year-end, we should be very close to the LTV target in December, and this is clearly, from our point of view, a good achievement. Page number 11 shows the maturity profile. Theoretically, all the upcoming maturities until year-end 2025 are covered. But clearly, our plan is also now to invest the liquid funds that we have, again, EUR 670 million in cash in the balance sheet as we want to grow the portfolio. So, therefore, you should assume that the upcoming bank loans are refinanced and any cash surplus is then really used to grow the Polish portfolio. On page number 13, we show more details on the like-for-like rental growth in the German portfolio. That's on the bottom left of this page. I especially want to draw your attention to the development of what we call basis like-for-like rental growth. So, that's the light blue color, which stood at 2.2% in the first nine months of 2024 compared to 1.8% one year ago and compared to 1.5% two years ago. That clearly shows that the rents in our portfolio are growing even without the impact of vacancy reduction, which is always coming on top. Looking into the financial year 2025, perhaps you have seen in our interim reports also the guidance that we've given for the like-for-like rental growth. We expect that the total like-for-like rental growth next year, so in 2025, should be between 2.5%-3%. You can assume that the basis like-for-like rental growth, that means the rental growth without vacancy reduction, is something around 2.5%. This positive trend that we've seen now over the last two to three years of growing rents without vacancy reduction, without larger CapEx programs, will continue in 2025. On page 13, also on top right of the page, you see what I just mentioned, that on an annualized basis, maintenance and CapEx are quite similar. Again, CapEx a little bit reduced in the first nine months of 2024, but this is more due to seasonality. So, at year-end, you should expect a very similar level like in the two years before. Page 14 shows the development of the vacancy rate. Again, very happy that we are now for the first time below 4%. And if we look into the financial year 2025, we expect a further reduction in vacancy rate. So, therefore, this 3.9% vacancy rate that we currently have should not be the end of the development. So, we expect that we get also closer towards the 3.5% in the course of 2025. Let's talk a little bit about the Polish portfolio. First, we start with the rental portfolio. That's on page number 16. The rental portfolio, in the meanwhile, comprises more than 3,000 units. We have also finished some units in the course of the quarter. Vacancy rate is already down to 3.2% despite the fact that we have finished a lot of apartments in the last month. If you look at the apartments, by the way, that are since more than one year on the market, the vacancy rate for these apartments is already below 2%. Like-for-like rental growth is still on a very good level from our point of view, 3.7% year on year. As mentioned in the course before, clearly, we had in the past two years even higher like-for-like rental growth. There was more than 10% last year, more than 20% the years before. But please keep in mind that 2022 and 2023 were really exceptional strong years in terms of rental demand as a lot of people from the Ukraine came into Poland and so on. Therefore, we are still happy that we're able to achieve a good, good number in terms of like-for-like rental growth for Poland. By the way, the guidance for financial year 2025 in terms of rental growth in Poland stands between 3.0% and 3.5%. Page 17 shows you in more detail the expected development of the Polish build-to-hold portfolio. We are currently at 3,000 units that are already completed and on the market. We expect another 200 to 300 to come to the market at year-end. As we right now started new projects, and the construction time for such projects takes around two years, you will see that the main build-up of the portfolio is happening then or is finished in year-end 2027. The final target is in year-end 2028 to get at that point in time to the target of 10,000 units. By the way, these 8,000 units that we mark here to be finished at year-end 2027, these are really concrete identified projects where we actually really start construction, where we actually are in the planning phase. So, that's not, how should I say it, something only in an Excel spreadsheet. This is something that we really now turn into reality. On the table on the right side, we've given that in the past quite similar. Now we wanted to give that a little bit more detailed. We give an outlook long-term for the net actual rent that we expect from the Polish portfolio and from the EBITDA, and this is what I already mentioned at the beginning of the presentation, that we expect a quite strong increase in the EBITDA from rental. Again, if we end up at EUR 65 million-EUR 70 million EBITDA from the rental portfolio, then after financial year 2028, this alone would mean an increase in the rental EBITDA for the total portfolio of 25%. And again, for sure, something on top will come from further good development in the German portfolio. Let's move to the sales business. That's on page 18 and 19. First of all, looking at sales numbers. And to be very open, and that is something that we have already indicated in the previous calls, we have lower sales numbers than in the year before. And honestly, 2023 was also a very strong and exceptional year. So, therefore, new for 2024, we expect in numbers or in terms of units, sales between 2,000 and 2,200 apartments. Before, we've been more optimistic, up to 3,000 apartments. But if you look in the current development, and that's perhaps important to mention, if you look, for example, at what we have sold in October this year, we've sold around 200 units. So, on a monthly basis, so that would lead to a run rate of already around 600 units per quarter if this development continues, and we're really optimistic. So, therefore, we're giving in terms of units a guidance also for 2025, and we want to sell in Poland next year 2,800 units. But units is one thing. On the other side, it's perhaps even more important to look at the sales volume as prices in Poland have increased quite significantly. So, still year-on-year, we had a sales price increase between 10%-15%. And therefore, for us, more deciding is not the number of units, though it's the sales volume. The sales volume is indicated, so basically the cumulative sales prices in this dark blue color on the bottom of the page. That compensates a lot from the reduced number of units. Page 19 is more something, how should I say it, technical, important for the profit realization in the balance sheet. As you know, we are realizing the profit in the balance sheet or in the P&L once we hand over the apartment. This is mostly then due in the fourth quarter of every year. Therefore, also for the fourth quarter of 2024, we expect an increasing result from handovers and therefore increased revenues. Therefore, we feel very comfortable with reaching our guidance in the sales business for financial year 2024, as we already a little bit better than expected. Yeah, I already mentioned guidance. Page 21 shows the confirmed guidance for financial year 2024. So, we confirm the FFO guidance, the FFO I, FFO II, and also the adjusted net income from sales Poland guidance. And we even indicate that we should achieve these three numbers at the upper end of the range. So, the business is on a good way for 2024. As already mentioned, new is the dividend guidance for financial year 2024 based on a payout ratio of 40% of FFO I. And this would translate into a rounded number of EUR 0.40 per share that we want to propose to the AGM next year. And finally, on page number 22, the new guidance for financial year 2025. I already mentioned that briefly. Again, FFO I slightly up by 1% at EUR 172 million-EUR 176 million. Strong increase expected in the net income from sales in Poland, leading also to an 8% year-on-year increase in FFO II. Looking on the left side of the guidance slide at the guidance for the EBITDA, also in the German business, we are able to grow the EBITDA from the rental business despite the disposals that we have realized and that are now fully effective in 2025 in the past two years. Clearly, the Polish rental portfolio is growing as we are now increasing the portfolio size. Further details on the development, and it's perhaps also interesting, can be found on page number 23, where we show in an FFO bridge the difference between the expected FFO for 2024 and the expected FFO I for 2025. Clearly, we are benefiting from the like-for-like rental growth in Germany and from additional rental growth from the growing rental portfolio. On the other side, we are losing rents from the disposals in Germany, which is an amount of around EUR 4 million. We have some, but I think managerial cost inflation also in, for example, property management costs, and then on the other side, perhaps not surprising, also some higher financing costs. Yeah, that's it from my side. A quick overview on the results for the third quarter of 2024. Thank you so far for listening, but I'm now, of course, very happy to take your questions. We now begin the question and answer session. Anyone wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you've entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Anyone with a question may press star and one at this time. The first question is from John Vuong with Van Lanschot Kempen. Please go ahead. Hi, good morning, Martin. Thank you for taking my questions. On the 40% payout ratio, I understand that it should be a bit lower than previously as you're not overreached and that you want to retain more earnings as you focus on growth. At the same time, it seems that you intend to distribute less than AFFO. Could you share your thoughts here and how it has been decided to be 40%, for example, based on AFFO? Yeah, good morning, John. Sorry, the second part of the question was a bit hard to understand, but I'll try to answer as good as I have understood the question. So, indeed, it's a 40% payout ratio of FFO I. That means you're not paying out the full cash available from the rental business. So, even if you look at the AFFO, it's not the full AFFO that we pay out. There is something left in the company in terms of rental business. That's not a super huge amount. We think also to keep here something as a part in the balance sheet makes sense because if we put this on top to the cash surplus that we have from the sales business, which is really a free cash between EUR 50 million and EUR 60 million a year, then we have really enough equity to grow the Polish rental portfolio in the future. Therefore, we tried to find a mix between on the one side paying out, let's say, reasonable and hopefully still attractive dividend to shareholder with a 40% payout ratio, and on the other side, ensure that we have not only enough cash, but also a solid equity position to fund further growth in the Polish rental portfolio. Okay, thank you. So, if I understand it correctly, the cash that you retain on the balance sheet will be fully focused on Poland and not on any opportunities that may arise in Germany? Yeah, we're not that strict. So, you should not expect a strategic huge acquisition in Germany. I mean, you should never say no, but that's not really on the agenda. But of course, as we have now a strong cash position, why should we not look at some opportunities? But this would be more something, just to give you an idea, perhaps EUR 20 million-EUR 30 million portfolio, something around that in a location that we know very well that comes along with an attractive price. So, we're not excluding acquisitions in Germany, but perhaps more opportunistic, perhaps a smaller size. When it comes really to the focus of capital allocation, that's clear, that's the rental portfolio in Poland. Okay, that's clear. Thank you. And then maybe moving on to the build-to-sell business in Poland. The sales prices remain strong, but obviously it's fallen off the peak of +20% year-on-year. How do you see this trend of normalization going forward? And I think you mentioned you expected 2,800 units that you want to sell for 2025. Does that include any one-off impacts, for example, from subsidies? Yeah. No, this is without any impact. So, we're not assuming that a new subsidy program, which is, by the way, still under discussion, and we are not really betting on that, that is what needs to come. So, that's really the current regime. So, therefore, we are optimistic for Poland. Again, we have seen really strong price increases here in a not easy environment. Yeah, also in Poland, interest rates increased. So, therefore, seeing such strong sales numbers in 2023 was very good to see. Seeing such strong price increases not too long ago, we talked about a 20% increase, was good to see. So, keeping that on that level. So, coming to a normalization that is more or less perhaps slightly growing prices is already good to have. So, we don't expect any downswing. We don't expect reduced prices. And as I also mentioned, the number of units is one target. Clearly, that's always an easy target, but for us, price optimization is also important. So, therefore, the cash situation also in the Polish sales business is very strong. So, therefore, we're not under pressure to sell as much as we can very quickly. So, we're really looking also on optimizing pricing. And again, yes, we are open. The sales numbers are lower than the year before and also lower than what we expected at the beginning of the year, but still, let's say, on a very reasonable, and if we look into 2025, optimistic level that makes us optimistic. Okay, that's clear. Thank you. That's it from my side. The next question is from Simon Stippig with Warburg Research. Please go ahead. Hi, good morning. Thank you very much for the opportunity to ask a couple of questions. First one would be on page 23, your FFO figure. I see you have reduced rents from disposals in Germany. Just, is that actually a fading effect from this year, or do you assume additional disposals? Good morning, Simon. This is without any additional disposals. So, this is really something also from disposals that occurred in 2023. Perhaps we lost then the rent in the course of 2024. For example, if the closing was in the course of 2024, we had still some rents in the P&L. Now, 2025 is completely gone. This is without any disposals for 2025. Perhaps just to add this, if you ask us, are there any major disposal plans in the German portfolio? No, that's not the case. Sure, that's all clear then. The second one would be in regard to your portfolio. I see you have a very strong rental growth guidance for the next year, which is higher than in the past years. Given the current gross yields of your portfolio, what would be your expectation here? Is it flat yields, or could you give any indication in that regard? Honestly, we cannot really give a very concrete guidance for valuations in 2025. Two trends are clear. Rental growth is on a very good way, so stronger than in the past through support valuations. If you look at the interest rate environment, hopefully that's now stable, slightly going down. So, this all points towards valuation growth, towards NAV growth. What quantum of that we already see in 2025, or as you know it from the past, it takes another year until this comes into the valuations. Let's see. So, as you see, I'm hesitating to give a concrete guidance for 2025, but the trend should definitely be positive. Okay, thank you. And then in regard to your dividend payout, just to follow up on the previous question. So, now you're paying out 40% of FFO, you're keeping something because it translates to 70% of AFFO. You're keeping some cash on the balance sheet, I understand. And on the same time, you probably delever just by revaluing the portfolio automatically with higher rental growth. But a part of that, as I understood in the past, you always mentioned that the Polish business is a self-financing business. So, you finance that with your EUR 50 million-EUR 60 million additional cash. And while you keep the guidance 2028 stable, you still say you invest in Poland. So, if I add that together, either you have higher costs in your Polish business, cost inflation and development, or is your guidance 2028 probably a bit on the low end and you expect to grow even stronger there? I think it's important to keep something in the balance sheet also for opportunities and things that you perhaps have not today on the agenda in a positive sense. So, whether we talk about, as discussed, acquisitions in Germany or more growth that is possible in Poland, and we're now reinstating the dividend at a 40% payout ratio. And I understand it was 75% until financial year 2021, but reinstating the dividend should be, from our point of view, something sustainable. So, it would be a mistake if we see it now to go back to a very high payout ratio, which perhaps potentially works looking at the current cash position. And we know that capital markets are very open, but better do something on a sustainable basis, keep something in the balance sheet for opportunities that may come in the future and operate on this basis. That's the way we would prefer. It's not that we expect now higher cost or any other developments, especially in the Polish rental business, than before. Okay, that's clear. And maybe one small follow-up in that regard. In regard to your prioritization of capital allocation, so is it number one that you invest in Poland, number two you would acquire units in Germany, and then number three is potentially also share buyback or special dividend in that regard? Or how can I understand that conceptually from your side? If you put it in a simple way like this, I would say that's not wrong. So, I mean, you know that life in a company in the day-to-day business never works that strict. But yes, again, we've got now a really good chance to grow the Polish rental portfolio in the future. And by the way, we also want to continue the Polish sales business. So, we are also investing in new land bank. Perhaps you've seen that if you look at the total number of potential units in the future, this number has increased as we've acquired a new land bank in Poland also in the first nine months. This is not a business we should forget, but this is really self-funding. Poland, yes, a preference. And again, Germany is not excluded. If you want, so it's number two, but it's good to have these two markets. It's good really to look in both markets into opportunities. That's also an advantage of the diversification that we now have when looking to two countries. Okay, great. One quick last one or a quick follow-up. In regard to capital allocation, share buyback is actually not what you would actually consider? Not as of today. I think we've got good growth opportunities, and we should use the liquidity and financial funds that we have for that in the first place. But I mean, we've done that already some years ago. That's the larger share buyback. So, the thinking of capital allocation that also potentially share buyback can make sense is in our heads, but that's not really on the agenda as of today. Okay, thank you. And a very, very quick last one in regard to the Polish rental business. In the BTH segment, you said that you have a guidance for 2025, and you show on the bridge a six million gap in rental growth for the next year. And what's the underlying figure of units you're assuming here for the next year in regard to the BTH business? And then also, I saw negative rental growth in Łódź. Can you give some additional details to the underlying reasons for that? Thank you. Regarding your first question, on page number 17, we indicate a set development of the rental units in Poland. So, you will see that the portfolio will increase by roughly 400 units next year. That's then also clearly included in the guidance. Basically, the total increase in rents is coming from this 400 units more plus a little bit more than 3% rental growth. Regarding the rent development in Łódź, it's indeed slightly negative, but we don't see this as a trend. Therefore, also Łódź should contribute to a positive rental growth in 2025. We're in Poland in an unregulated market. So, that's something we need to get used to, that perhaps in some projects, and in Łódź, it's basically one project that we have finished now for a longer time, that we have then also perhaps in one quarter slightly reduced rents as the contracts are short term. But we are very sure that also in Łódź we see a good rental development from 2025 onwards again. Okay, and the units, the additional units, you would expect in H2 or H1 in the residential portfolio in Poland? There's one project coming to the market at the very beginning of 2025, as I remember well. And the second part is more the second half. So, if you model that, if you put that in the middle of the year as an average, that would be a good estimate. Okay, great. Thank you very much. Apologies for the extended questioning. No, my pleasure. The next question is from Manuel Martin with Oddo. Please go ahead. Thank you, Martin, for taking my questions. Two questions from my side. I hope it's not a repetition because I had some technical problems with my internet telephone. The first question would be on the potential valuation results of 2024. You said that, of course, you don't have any exact figures right now. But the potentially balanced valuation results, do you refer to the H2 valuation or the full year valuation? Because I think for the first half year, you had a devaluation of something like a bit more than 2% in the portfolio. So, to have a zero valuation by the end of the year would imply some valuation gains in the second half of the year. Yeah, Manuel, good morning. And thank you for the question. I'm happy to confirm this broadly unchanged portfolio value refers to the second half valuation. You're right. In the first half of 2024, we had a devaluation of a little bit more than 2.5%. For the second half, we expect something at around zero. Okay, understood. And my second question would be on Poland, maybe a bit too distant, the question right now, but would you consider also additional M&A in Poland? That means to enlarge your platform that you have there. Could there be potential targets? That's also an option that we have. But as you know, in Poland, we are one of the first institutional landlords. Therefore, the number of potential acquisitions should be not that huge, but that's not necessary to grow the portfolio as we have this base case, the plan, how we can grow the portfolio from our own projects. But clearly, we would look at that and let's see how this develops in the next one to three years because some of the investors that started some years ago with us in Poland potentially also seeking exit options in the future. And yeah, clearly, we would look at that and we would be a natural buyer for that. So, clearly, we would look at that and we would be involved in such initiatives. When it comes to the sales business, it's not a strategic goal to buy now the next development company because we have a very good platform, we have a good team there. If there's an opportunity to buy a company to get access to an attractive land bank, yes, we would look at that. So, therefore, M&A is definitely an option in Poland, but with this background, right? And again, good to have the potential to grow also from internal sources. Okay, I see. Thank you very much. As a reminder, if you wish to register for a question, please press star one on your telephone. There are no more questions at this time. I would now like to turn the conference back over to Martin Thiel for any closing remarks. Yeah, thank you very much all for joining our call and for your questions. As always, if there's anything else, please feel free to contact the IR department or myself. Thank you again for listening and hope to see you soon on the road or at our next conference call. Many thanks. Ladies and gentlemen, the conference is now over. Thank you for your participation. You may now disconnect your lines. Goodbye.