Yes. Hello, a very warm welcome to the zooplus Q1 2021 result call. Very happy to have you all with us. Before we go into exactly the numbers for this quarter, let's briefly go back by one year. One year ago, we have seen the start of the COVID crisis that kept us all busy for longer than we all wanted to. We're still probably not yet completely done with that in many areas of Europe. What did we promise one year ago? We said, we set up with our partners to be resilient throughout the COVID crisis. I think on this one, we have delivered. We're good in all operating KPIs that keep our customers happy, including KPIs like delivery speed, delivery reach, and also availability. The second thing that we promised is that we will use the time of the year of 2020 and 2021 to rebuild the growth momentum. In fact, that operation already had started in the first quarter of 2020 by focusing on customer loyalty and by focusing on increasing the customer base and also the spend per pet. We'll see that the growth momentum we built is here to stay, so we have rebuilt a lasting momentum. Thirdly, we're putting additional focus over the last 12 months on developing the long-term earnings drivers of zooplus business model. That is primarily operational efficiency that leads to supreme levels of cost efficiency, but then also a deliberate shift in where to grow, not regionally, not when it comes to customer cohorts, but by product categories and by brands. What we call the sales structure has been a focus of point of development with a particular focus on developing high-margin sales. We'll also look into this one, have been scoring on this. Lastly, we've seen over the last 12 months that the sector and the channel opportunity, so the pet sector and e-commerce as our exclusive channel for doing business, have shown their relative strength or their relative to other categories. In fact, pet has received lots of well-deserved attention for being a very interesting consumer category, and at the same time, we've seen that e-commerce has been filling, in many situations, gaps left open by traditional retail models. We do see a special situation at zooplus throughout the whole crisis, there was always a level playing field. Operators like supermarkets, like pet stores, were always able to run their offline premises as they would do in normal times. We see there, the channel shift towards e-commerce has received a bit of tailwind, but is not benefiting or did not benefit from the skewed situation that we've seen in other categories. Let's begin with the last point first, and let's look exactly into the features of our category. What you would see here, two major forces at work. The one is the overall market, which grows in the current decade at an elevated speed of projected 6% year-by-year growth rate for the running decade, coming from a level of 3% growth rate between 2010 and 2020. That in itself is very good news. It shows that there is a real interest in pet ownership, pet parenting. There is also real interest into being as good as possible in feeding and catering for your dog, for your cat, or for your other pet. Lastly, it also shows that overall, we see certain markets picking up to the trend of catering with specialized pet food made for pets instead of using household leftovers for feeding pets. Overall, we see that the growth momentum is picking up quite strongly. We'll get also into the details or into some numbers for pet ownership. The second major shift that we can see is that we will see one channel of three dominant channels for catering for your pet will take further and further of absolute market share, and that is the e-commerce channel. In fact, the other two channels are supermarkets, which have been traditionally, that if you look back in the year of 2010, the strongest of all three channels, with e-commerce just being minimal in significance in the year of 2010, and supermarkets still capturing almost 60% of the total market opportunity. We also see that the category in which we work has always been a good home for a specialist sector, and that specialist sector is where we see the greatest benefits for pet owners, but it's also the sector where we source most of our new business from. We take people out of the supermarket, but we are particularly strong at the top end of the market, which is strongly in the hands of the specialist trade. Overall, we will see that e-commerce in the year of 2030 is going to be the dominant overall channel. In fact, what we'll see is that larger parts of the specialist trade sales will migrate, but also some of the grocery sales in our category will migrate to e-commerce. In total, we will see when we look into the total of the 20 years, we see that the supermarket and low-interest products and brands are probably the category or the sectors that develop the least fast. When it comes to retail sectors, we are, with e-commerce, benefiting the most and grow the fastest. Also we see a pronounced shift to better qualities, to niche and craft brands, to specialist products and brands that cater best for the pet. Overall, a wonderful market to be in, and then also a wonderful channel to operate because that, in combination, is just producing a substantial opportunity, which in the case of zooplus, we reap all across Europe. We're not operating in just one or in some markets of Europe, we do it in all corners of Europe. As you know, we're market leader also in the online sphere in all corners of Europe, and at the heart of Europe too. This would be the overall market situation. You probably have also heard quite a bit of news about the renewed interest in pet ownership. There is one simple reason for it. Having a pet makes people happy, and that's something that was really helpful, as one can see, for many people over the last 12 months, which have been rough, dire, when it comes to other prospects. We've been trying to aggregate some numbers, which are not ultra-reliable, to be honest. They're very indicative for a growing customer base. Here, we really talk about the primary customer, that means dogs and cats all across Europe. We will not go through the details, but you can see that there is, in all geographies of Europe, a renewed and strengthened interest in either having a new pet or just keeping your pet and then other people adding pets. We see that the total pet population is growing or was growing a lot faster over the last 12 months than it did in previous years. It's logical that we will have a larger customer base then for many years to come, with cats and dogs being a member of your household for many, many future years to come when you talk about new puppies and when you talk about kittens. The other thing that we will also see is that people that once have enjoyed living with a pet usually continue to do so. Pet ownership is not just a commitment for 10-15 years, it's a commitment for life. Very happy about that, and we do our best to make pet ownership as joyful as possible. That will be the other important news around the sector. Coming from there, we would now look a little bit more into the zooplus operation as we've been performing in the first quarter, but also sometimes taking a little bit of a broader view. Now let's first start with something which is most important for us, and that's the sales growth, but at the same time, it's a little bit difficult to read if you just do the quarter-by-quarter comparison. This is why we are issuing two quarterly growth rates now. Nominally, we've been growing by 16% over the Q1 of 2020. If you go back into the first quarter of 2020, you will recall that we've seen special purchases by people that simply felt the need to build a bit of extra stock in order to cater for anything that the crisis might force upon them. We were roughly quantifying these extra sales in the first quarter of 2020, with EUR 22 million out of the EUR 441 million that we did last year in the first quarter. If you adjust the comparison basis one year ago, you come with a current quarter performance of EUR 509 million in sales to a growth rate of 22%. We'll go back to this topic of how to read and interpret the sales figures and the growth rate, because we think it's very important. That kind of impact by this shift in sales between April and May last year, front-loaded into March, is also impacting the revenue retention. The revenue retention, now measured exactly for the last 12 months trailing, stands at 97% as an effect of exactly these EUR 22 million that were shifting forward one year ago. The revenue retention is up clearly against one year before, so 97%-94%. Also we see that this-Especially of the basis being slightly skewed is already showing that in April, the revenue retention bounces back to 98%. We are fully confident that the growth rate exactly, or the revenue retention overall, is going to stay as close as possible to the 100%, that green figure that is the hallmark of our business model. One reason for that is that Subscribe & Save, our flagship loyalty tool, continues to gain sales share. We are up again by 4% over one year ago, from 50% to 54%, and that just shows how much of a versatile tool it is for customers. In fact, they're free to choose the moment of purchase and they take the basket of purchase. At the same time, they have very good reason to continuously return to zooplus. We'll look into this one a little bit later, too. Another highlight of the first quarter is that our own brand sales growth is again, very strong. We now look at a growth rate of 34%, which is exactly or a little bit over even, double the growth rate of our standard business. It's even up a notch from the growth rate that we had in the first quarter of 2020, of 32%. I would say brilliant news on this one. We all know that own brands make a real impact onto the margin structure of zooplus, and at the same time, our own brands perform extremely well with our customers, boosting also customer loyalty. Let's move to page eight. Page eight, we see exactly, we'll probably start here from right to left. We see the 12-month trailing sales per account. As you can see in the middle of that green chart, you see the impact of what we call the COVID stockpile that was done exactly when the news broke out that there is going to be COVID hitting Europe. What we've seen then is that people were front-loading their demand, in fact, squeezing, in a sense, the normal demand of maybe 12 and a half months into exactly 12 months. That was boosting that 12-month trailing per account sales indicator. As you can see, after the peak, it moves back to something that is a normalized picture. That means people that did purchase in March, were actually planning to do in April or in May, then didn't do the purchases in April and May. That led to the fact that this KPI of 12 months trailing sales per account did go back a bit in the month of April and May, so it normalized again. What you see is that we have a steady trend upward with exactly that 12-month trailing indicator. If you now look into April 2021 and March 2021, you see then a kind of flip side of that peak that we had one year before. That's logical because all of a sudden the front-loaded sales fall out of that 12-month trailing window, and at the same time, the new March, so the March that would just passed six weeks ago, doesn't include stockpiling from April. This is why you see a mirror picture, exactly what happened one year ago. That's so important to understand, because that also influences what you see left of the chart, the revenue retention. The revenue retention, of course, now looks into the 12 months between April 2020 until March 2021. That is the current 12 months, and that benchmark against one year ago. What happens is that in the current 12 months, we have in April, a little bit less sales, April of 2020, because these sales were front-loaded into the March. At the same time, the basis of comparison, the 12-month trailing a year before, has been slightly inflated. This is why we see now exactly for a brief period of time, a dip in revenue retention. We can also see that in April it already bounces back, and will bounce back further during the course of the year. What moves more steadily is exactly the growth of our active repeat customer base. Whether you're active or not is defined by at least two transactions. If you front-load a bit or not, it does not influence that indicator. We see here steady progress, a 15% increase in our repeat active customer base. In fact, that is a very strong figure given the fact that we're already 21 years in the business. We keep on growing our customer base at such a consistent rate. We do so better than the year before, and we also do that with increased sales per account. This is the double driver for our growth. It is a consistently growing customer base plus a higher transaction intensity, or multiplied to be precise. What is behind that is a clear focus at zooplus for doing the best for your best customers. What is probably the most prominent element of that customer centricity and customer focus is our flagship loyalty tool, Subscribe & Save. As you can see, we're expanding the sales share of Subscribe & Save consistently or continuously. Now it's 54%, one year ago it was 50%. We do grow exactly that segment of our sales, not really at the average of 16%, but with 32% growth speed. Of course, we're happy that this segment grows faster than the rest of the business because we have sales per account of more than EUR 500 exactly in that customer segment. That generates roughly 80% higher sales per active account compared to the average. You can multiply the two numbers so everything stacks up. We have 2.1 million accounts. We have the EUR 500 sales per active account. Gives exactly that part of the business more than EUR 1 billion relevant to our business. The good news don't finish here. In fact, the long-term activity rate of such customers stands at a staggering 62% after six years of doing business. What we see is, and we showed that in other presentations, as the customers stay with us, the sales per account increase consistently from already high levels. Also year to year, the loss rate of accounts is very low. That's exactly the beauty of, let's say, being good to your best customers. The other good thing about a, let's say, very deep customer relationship, as we are now more and more able to develop it, is that customers that stay with you for longer periods of time appreciate the spectrum of brands that you offer, including the own brands in which we put, let's say, a lot of care, a lot of love, and a lot of attention. That pays because now our sales exactly with our own brands portfolio for food and snacks is approaching in total, let's say, 20% of our sales. We're not yet there, but if you just look at the momentum of growth, which is again increasing over previous periods, it's just a matter of time till we get to more than 20% sales share with our own brands of all sales. Of course, there is another sector that is very relevant for our margin profile, and this is accessory sales. That has been probably not our strongest suit for the years of 2017- 2019. Thus between 2020, we are also making good progress in offering quality accessories that make our customers very happy. Combined, we see that the high margin part of our business is growing substantially faster than the rest of our business and has overall substantial impact because the size is now entering relevant territory with combined sales of accessories and own brands of well above 30% and a growth rate of more than 30%. We will see that once we move to the financial highlights, that is now, let's say, the next sector of our presentation. Let's start again with the sales number. The EUR 509 million is well above the level of Q1 2020, EUR 440 million, which includes exactly the previous year's comparison, the EUR 22 million that we were mentioning before. The growth rate is dependent on how you look at it, nominally 16% adjusted or with a normalized comparison basis, 22%. Very strong sales in the first quarter. We also see that the gross margin has been reacting positively, very positively, on three factors. The one factor is accessory sales. The other factor is exactly the strong sales of our own brands portfolio. Lastly, we've been less promotionally intense, which usually is short-term a drag on margin. We see that the gross margin is within that bandwidth of 30% ± 1%, but here at the upper end of exactly the bandwidth that we see as very appropriate for our business short and midterm. We see that this combined with a high level of cost efficiency in sales and marketing and in logistics translate to a record EBITDA of EUR 25 million, which is almost a 5% EBITDA margin. I think we've plenty of proof in that quarter that we're consistently growing and at the same time that we operate a business model that has powerful levers for structural earnings capability. We also do so with a cash flow profile that continues to be positive. That is the direct consequence of a lean business model to start with. A very efficient setup of operating in 28 different countries, but using a shared infrastructure, shared and common, let's say, merchandise stock. Also, it comes as an effect of clever strategic partnering. We have very good working relationship with our industry brand partners, with our own brands partners, and lastly also with the logistics operators, which allows us to grow the business at such a speed while maintaining cash flow positivity. Put together, I would say that is the best ever quarter in the history of zooplus. We keep on going back exactly to the question of how to interpret the growth numbers. We show you on page 13 and 14, two more, I would say, attempts on this one. Not attempts, I think carefully designed views. Since last year has been impacted by special, let's say, movement in sales or shifts of sales between quarters, we took now an approach of looking into the two-year CAGR. Here on page 13, you would see the two-year CAGR, in Q1 2020. Over Q1 2018, that CAGR was at 16.8%, or in absolute, over the two years combined, we had a growth of 36.4%. If you look into the first quarter of 2021 and compare against the first quarter of 2019, leaving out that special situation that we had in Q1 2020, you come up with a two-year CAGR of 18.3%, or combined over these two years, we've been growing by exactly 40%. That is something that shows that the sales momentum is only increasing, and that's very good news. It also increases if you do the comparison against the quarter before. The two-year CAGR in the year and in the fourth quarter of 2020, over the fourth quarter of 2018, it was standing at 16.9%, equivalent to roughly 37% of the growth rate. One quarter later, the growth rate, the two-year CAGR, which is immune to exactly that special sales peak that we have seen, that indicator goes up from 16.9% to 18.3%. If you take the two-year growth rate, we come from 37% and we go to 40%. We see this as very important because it just shows that we have real confidence for the remaining year, because exactly the growth momentum is strong at zooplus. You can see the same thing in yet another view where we kind of simplify things. We just do one thing here on page 14. We take out these EUR 22 million of the extra purchases of stockpiling in the first quarter of 2020. We adjust the first quarter to the EUR 418 million that would have come normally. Now we calculate exactly the growth rates, the classic way, against the previous year's quarter. What you see here is that for the last six quarters, we've been consistently increasing the speed of growth from levels of 14% pre-corona. After a kind of slightly problematic year of 2019, we were ending with 14% of growth rate. We look at it, 15% already, that's a first impact of better care for our premium customers and better care of our loyalty programs. That trend continues throughout the summer. The growth rate is at 16%. We've been doing particularly good in using the growth opportunity that we usually have in the winter months in e-commerce. The growth rate then really accelerated to levels of 20% and 22% respectively. We see that all things eventually pay off, both for the top line performance and for the bottom line performance. That takes me on page 15, to our, let's say, strategy when it comes to margin management. In fact, we spoke about the impact of above average growth rates exactly for our own brands. We spoke about the stabilization of accessories, but we also see that the share of loss-making orders and the share of sub-average margin sales has been kept steady. We see that as we go now into post-COVID situation, we might have the need for doing a little bit more of sales promotions. We just want to inform you that there is always a natural kind of volatility in the margin. As mentioned before, on a 12-month trailing basis, zooplus feels perfectly comfortable with margins at around 30%. That's a short-term, ±1% corridor. Of course, long term, as explained when doing the outlook for 2025, we see a clear upwards long-term trend. That's because the own brand share continues to accumulate over time. That's going to have a long-term, very strong impact on the margin baseline or the mean or average, whatever you prefer, for the margin. Right now, the news is, we are pretty much stable with the gross margin for the last four years. In the next four years, we're going to tilt the margin upwards as promised till 2025. That translates exactly into EBITDA numbers that look very good on absolute terms. Also when you look where we come from, you can see the strong momentum in rebuilding the earnings potential at zooplus. We come from the first quarter of 2019, with an EBITDA of slightly above zero. We took it to an EBITDA level already that's a bit of cost efficiency as a driver or optimization as main driver. We took the EBITDA level to around 2% in the first quarter of 2020. Now in the first quarter of 2021, we're clocking in a very strong first quarter with EUR 25 million EBITDA and almost 5% EBITDA margin. This gives us very comfortable position when looking into the ambition set for the full year. Of course, the first quarter was also, I would say, almost perfect constellation of supreme levels of cost efficiency, high sales and accessories, and a low level of promotions. On this one, we will comment when we're commenting on our guidance for the current year. The free cash flow, as mentioned before, continues to be very strong, and puts us into a very comfortable position that we can afford to grow as fast as we currently do without having a liquidity challenge. As mentioned before, I think now let's compare how does that one first quarter fit into the big picture for the full year. We have been guiding to a sales performance of EUR 2.04 billion-EUR 2.14 billion for the full year. We're very confident that we are not only within that guidance, but that we will also be in the mid to upper range of that guidance given for sales. The same is true for EBITDA. EBITDA, we were announcing EUR 40 million-EUR 80 million of EBITDA. Of course, everybody is quick in doing the mental math. You take the EUR 25 million of the first quarter, it would take us to EUR 100 million. That's exactly why we say that now for the post-COVID situation, for the normalization of some consumer behavior, we would like to keep the sleeve up a bit for the unexpected. We would like to be able to invest a bit into sales promotions that stabilize the growth momentum that we have. We would again here, say, on the EBITDA level, we're comfortably within that range, but we already made quite a good stuff, with EUR 25 million already in the books of the first quarter. We can also expect there the EBITDA for the full year to be in the mid to upper range of that guidance. I would say all good news around, and that's particularly important because we are on a mission here, and the mission is to be, let's say, a 10% total market share company by the end of 2025. We want to take sales at zooplus to a level of EUR 3.4 billion- EUR 3.6 billion in the year of 2025. We see a market opportunity, which we would like to embrace. We see own brands as extremely value-driving activity, both for our financial performance and for our top-line performance, but also for our customers. We simply see that all the KPIs that we've been showing for the first quarter pay towards being fully on track exactly for that mission 2025. Put together, I think we have only good news, and we'll finish that with showing you a bit of a view on how we see the long-term earnings potential of zooplus. We've been explaining in detail that the three main drivers exactly for the structured profitability are the sales and marketing efficiency. The other one is operating leverage, and lastly, exactly the sales structure and the continued development of high margins and sales is driving the profitability. In, I would say, a perfect quarter as you've seen it, in the first quarter of 2021, you can already see how close we are to the lower end of our EBITDA targeted margins. We say, given these building blocks for structured profitability, we're perfectly convinced that we can do a minimum of 6% or well beyond 6%, as we have time to build in particular the high margin sales over time with our business model. That first quarter showed that with, let's say, a supreme level of marketing efficiency with already substantial operating leverage and with, let's say, continuously growing impact of high margin sales, we can do a 5% EBITDA. That 6% and 6% beyond is clearly, I would say, something that is well within reach. As explained before, we put a focus on growing the business as fast as possible, reaping the market opportunity, reaping the channel opportunity, the category opportunity. We just wanted to share with you that whatever we have there as a long-term target earnings model, it's perfectly backed up by exactly the operational numbers that you see in the first quarter or in other quarters we've been reporting too. It all works as advertised, I would almost say. On that note, I would hand over to Q&A. The moderator, please take over collecting the calls from our audience, and then handing them over. We'll now move to our first question over the phone, which comes from Elvira Raheel from Barclays. Please go ahead. Your line is open. Good morning. Thanks for taking my questions. I've got two. The first is, as discussed, you spent very little on marketing this quarter. How should we think about the amount and cadence of marketing spend in the remainder of the year? The second is just around logistics costs. The logistics cost ratio increased, in the quarter versus both Q1 2020 and Q4 2020. Is that due to higher freight costs? If so, how do you expect these costs to trend in the remainder of the year? Thanks. Yeah. Thank you very much for both questions. The freight cost would be part of the margin. What happens with the fixed cost is that we continuously invest into developing the best possible product. What we do is that we not only hire, but also retain the best possible IT people, that we continue to build our team, for example, also the private label, our own brands team. We've seen a little bit of an uptick in personnel costs, but that is perfectly in line with our growth strategy, and it pays towards creating more value for our customers. What we also see is that personnel costs are slightly impacted by the higher share price that makes the adjustment for our stock options program a little bit more expensive. The other highlight when it comes to the cost structure is clear. We do work with a very high level of efficiency in marketing or in traffic acquisition. We see two things coming up on the horizon. We might have slightly elevated marketing spend for the rest of the year as a result that organic traffic might be a little bit less strong in growth than it was over the last 12 months. We also will see that we'll be a little bit more promotional when it comes to sales. Expect both of that to be impacted. We will have a bit more marketing spend. We will see a bit of detrimental impact on the overall margin due to increased sales and marketing activity. Thanks. just on the logistics costs. Those increased- Yeah. Well. What was the drive for that? We struggle a bit to really get your point there, because what we see is that we are more as perfectly in line with logistics cost. We fluctuate between 18% and 18.5%. The main impact there is basket size. There is an impact coming from exactly changed shipping terms and conditions. We still have been operating in Q1 2021 with certain restrictions due to COVID. One prominent example, easy-to-understand example, is that the maximum weight for what you can put into one parcel has been decreased by some parcel operators because they simply say, one guy can only lift one parcel up to 23 kg. Where previously they were able to lift the parcel together up to 30 kg, you now have to pack it smaller simply because two people shouldn't stand so close together for lifting a parcel jointly. Stuff like that is impacting, but in fact, for us, it's practically speaking, fully within target. That's really helpful. Thank you. We'll now move to our next question over the phone, which comes from Fausto Covolan from EOS Capital Partners. Please go ahead. Your line is open. Hi. First of all, thank you for the results. Very, very good. I wonder if you can give us a little bit more color on your sales and EBITDA long-term target. If I'm not wrong, in your target, there's zero contribution to a better revenue contribution from subscription revenues. You have less than 50%, if I'm not wrong, subscription revenues on sales. Your, let's say, main comparable is in the region of 70%. Given the much higher contribution of sales per customer if you run the subscription revenues model, this could help you to outgrow a lot the rate of growth of your sector. If I'm not wrong, if you catch up 50% vis-a-vis Chewy, means another 3% of revenue contribution more. If you reach the same level of Chewy, was slightly less, is 6% in the year 2025. With a much better, I believe, EBITDA margin contribution. Could you tell us if in your targets there's a higher contribution of subscription revenues, you stick to more or less 45%, 46% of percentage of sales? Yep. I think it's worth going into both aspects. Let me first take your question around sales. In fact, you're absolutely right. To increase the share of some Subscribe & Save sales is very important. As we can see from the data, we've been improving. We took it from 50% to 54% in just one year, or in the last 12 months. Of course, for new customers, Subscribe & Save is relatively low. This is why we take it out of this KPI. The 54% we see as a stop gap to even higher values exactly for Subscribe & Save. We see two drivers at work when it comes to the top-line performance. Build a loyal customer base, acquire good customers and keep your customers tightly with you, also increase the sales per account. This is exactly what Subscribe & Save is doing. Let's probably look at it specifically for zooplus. We don't feel that we should do a direct comparison to Chewy. They work in a different market, and they also have a different advertising strategy, spending a lot more money exactly on short-term customer acquisition. We feel perfectly comfortable with gradually but consistently growing the number of Subscribe & Save customers. This is what we've been doing with the short glitch, I would say, in the year of 2019. We've been gradually and consistently building the Subscribe & Save share. At the same time, we made sure that the positive impact, the leverage of Subscribe & Save over the average account is still there. You can also try to give everybody Subscribe & Save, but then it would come at the expense of not being as impactful per account as it is. This is why we take it a little bit slower, but we take it consistently to better levels of penetration in our customer base. When it comes to target earnings model, please specify a little bit what kind of color you would like to have. Sorry. Is it true that your subscription model gives you 30% higher sales per client, right, vis-a-vis, let's say, normal client? No. Well, 80%. Not 30%. 80%. 80%. Yes. It means that if you're able to increase the level of your subscription from the current 54% to 60% In the near term. Your targets in 2025 would be, I mean, easily reachable. The thing is, we set ourselves targets which are, I would say, ambitious but reachable. We put a lot of focus in keeping our customers, and we put a lot of focus on making them more transactional. That gives us quite a bit of, let's say, room to maneuver when it comes to new customer acquisition. Many people mistake that the number of new accounts opened up is the best proxy to your future growth. You're taking a different approach. You look into the sales per account and the size of the customer base being the prime drivers, and we're perfectly with you. This is how you should look at our business model. Thank you very much for the question. Thank you. This is a reminder, ladies and gentlemen, it is star one on your telephone keypad to ask a question on today's call. We'll now move to our next question over the phone, which comes from Anubhav Malhotra from Liberum. Please go ahead. Your line is open. Hi, guys. I have a couple of questions, if you don't mind. You're talking about increased trend of pet ownership in Europe. I would like to see if that is reflected in your new customer acquisition pace, if it is matching that increased trend of pet ownership, or are you lagging behind, or are you leading that? Secondly, on the low level of promotion that you saw in the quarter, was that a company specific decision to decrease promotion, given that you were probably a bit more promotional last quarter? Or was it a market level thing that you saw all other competitors going a bit slow on promotion because there was just so much organic growth coming in the market? Thank you. Yeah. Good question both. If you look at the number of new accounts, in fact, one could say, couldn't you have acquired more new accounts? We say this is secondary as an objective over getting quality accounts and increasing exactly the loyalty of the account and the spend per account. The true value of new customer acquisition is not visible in the moment of the acquisition. It is visible when you look into consecutive quarters. This is why we're quite happy to say that our, let's say, loyal customer base grows faster than the new customer acquisition. We are more targeted, which at first sight looks as if we're probably not fully utilizing an opportunity of new pet owners out there. In fact, it's much more important that out of the new pet owners and out of the people moving from offline to online, you get the best ones into your system. At this point, we're perfectly on it. We would, as mentioned before, not rule out to increase gradually but carefully the marketing spend in order to optimize reach. We will be very careful on this one. We've seen in the year of 2019 that if not done right, you could practically increase the marketing spend without any material benefit to the company. We won't do that. When it comes to promotional activities, I think everybody was happy that the market was taking a more, let's say, relaxed approach to promotions. We are in the business primarily of demand coverage and not that much of demand creation. For example, if you do an overfill a promotion of 12 kg instead of 10 kg, there is one sure impact. The bag of dog food will last longer. Quite often the promotional activities might be helpful for, let's say, creating attention to a specific brand. Overall, they do not increase the level of sales. Quite often, promotional activities also incur extra logistics costs. We would see that there is some need for promotional activities. Much like in the marketing field, it would be more focused than in previous years on doing promotional activities. Thank you. Can I just ask a follow-up on how do you define and how do you find what a good long-term customer would be for you when you're trying to acquire new customers? Any thought process that you can share with us? What you can do is you take the total market figures as published, for example, by an open source, like Euromonitor, you divide it by the number of pets that are out there. Then you would come to a certain level of spend per pet. The numbers here for Europe are, let's say, well below EUR 200 spend per pet per year. If you look at our Subscribe & Save customers with a spend per year of EUR 530, you clearly see that we're massively over-indexed. The spend per pet there is much higher with our customer base. That proves two points, that we are extremely strong with quality-focused customers that are willing to spend on their pet health and pet wellbeing, and secondly, that we have a high share of wallet. It doesn't make sense to pin an absolute, let's say, maximum number on this one. We are, let's say, happy that overall the spend per account does go up. We also see that on the individual account, it does go up over time. These are two very important quality indicators. We have a customer base that gets better over time rather than having, let's say, problems of declining average revenue per user. That will be an indicator of a saturating market. Also what you see is that as the customer stays with us, we're able to develop the customer, which is tremendously good news, not only for us as a business, but it is also very value-creating for our industry partners, because we are the ones that make customers aware of high-quality products and the benefits of spending more for your pet. Thank you. That's very clear. Just to confirm, Dr. Pat, no further questions queued over the phone at this time. I would like to turn the conference back over to yourself, sir. I do apologize. We now have one further question queued, which we'll now move to, which comes from Gilles Daiton from [Sudameris]. Please Please go ahead. Your line is now open. Hi, gentlemen. Good morning. Just two quick questions, if I might. One is wondering, where do you stand in terms of rolling out medical products or insurance products? I know you're doing it in some countries, but just doing this on a broader basis. Just in terms of your capacity adds, if you could just update us on what's the latest in terms of capacity adds. You had several plans. You have plans for several new centers. If you could speak to that. Thank you. Yes. Thank you. We're almost getting perfect because we have another three minutes to answer these two good questions. Let me ask, I will start with the capacity addition first. Of course, when we have a network design that allows us to, let's say, plug in extra capacity quite easily, we stand at 10 fulfillment centers at present. Four large sized, two medium sized, and four that we call market fulfillment centers, which are, let's say, speeding up delivery in certain geographies of Europe, like in Spain, like in Italy, and in the U.K. We're planning over the next 12 months to add capacity by adding three more fulfillment centers, let's say give us 12 - 15 months for that. These additional capacities offer two benefits. One is exactly more throughput. Also, we expect that the additional capabilities will come at a slightly better cost position than the overall network as we have it now. It helps us, because some factor costs, like the shipping cost and transportation cost, do have a bit of a tendency to creep up. We're entering now, Moody's aware of that, a bit of an inflationary phase for all kinds of commodities, starting with oil, but many other raw materials. We're happy that we are adding capacity while improving the structural cost efficiency. When it comes to rolling out additional or offering additional products which go beyond what you would usually sell in a specialist store, you end up, clearly, with medical and prescription products. We have a bit of a challenge here because the regulations are not harmonized all across Europe, so it is much a country by country, say, battle to get the legal approval and fully compliant ways of selling these products with on this one. Secondly, of course, we see after having brought valuable, very good service when it comes to selling products and accessories, food and accessories, we also see an opportunity to use the trust that our customers have in order to be a market maker, intermediary or platform operator when it comes to services that you need as a pet owner, be it insurance, be it veterinary services. Stay with us and you will hear news on this one in the short and mid-term future, but right now, nothing we can reveal in detail. You're suggesting it would be more like a marketplace approach? Well, we're looking into various options. The main thing is how do we create a maximum of benefit for the greatest number of customers. We come from a customer-centric approach. With the marketplace, we want to make sure that if you operate a marketplace, it's a well-curated marketplace, so you make sure that customers have a consistently good customer experience. We see that as very important for the business model that we operate. We talked a lot about loyalty. We talked a lot about the confidence that customers have with us. Any marketplace concept, also for services, would need to acknowledge that it needs to be consistently a good customer experience. Sure. One last, if I might, very quickly on hard goods. Where do you stand on hard goods? On hard goods, as explained previously, we had a declining share of hard goods, of accessories, in the years between 2014 and 2018. We've been stabilizing 2000 into 2019. We've been stabilizing now the accessories sales share, compared to all sales. That means we all of a sudden have a growth momentum in accessories that previously we didn't have. Again, here, we focus on high-quality products, which are helping in making the best out of your pet parentship or your pet life, rather than going for the quick buck and selling something that eventually lets down the people. We take exactly that customer centricity very, let's say, seriously in all of our activities. That's the reason why customers continue to increase their spend, increase their loyalty, and that's a plus. Perfect. Thank you so much. Okay. I would say, really, it's exactly 60 minutes after we have started the conference. From our side here, from zooplus, thank you very much for dialing in. Thank you very much for the competent questions. Thank you for the coverage. We'll hear you, I think it's 17th of August, that we're going to have the quarterly presentation for the second quarter of 2021. For the moment, enjoy a moment with us, the very good results on the first quarter. Thank you, and bye-bye.