Welcome to all that are on this call for our presentation of our H1 2023 financial report. We will start the recording of the presentation. It will be available afterwards on our investor homepage. We will walk through here. Just a second here. Together with me, I have here Casper Christiansen, our CFO, and its me, myself, Christian Stendevad, I'm the CEO of Penneo. What we are going to do today is making a very short introduction to Penneo, and then we will dive into our H1 report result, that includes, of course, both Q1 and Q2. Then we will have our outlook going forward. Then at the end, have our question and answer. Please, you can always provide your questions, both in the chat and also afterwards, by raising your hand, and then come up. We will answer every questions that we have. Let's dive into a very short introduction to Penneo. Penneo was founded in 2014 by a group of entrepreneurs that had this ambition of reducing the hassle of signing documents by replacing pen and paper with a digital alternative. We have now, after nine years, moved into a business-to-business Software as a Service company with 123 employees here at the end of 2023, and we now have more than 2,600 customers in Denmark, Norway, Sweden, and Belgium. As a key focus of our product, we have our digital sign solution and with all the workflows around it. We have our KYC, Know Your Customer solution, as part of the anti-money laundering regulation that is required that you do your customer due diligence or as part of your customer onboarding. These are the two products that we have, and we still have this aim of being the preferred platform for all accounting in Europe. Yes, just some facts around the Penneo. In Denmark, 81% of all annual reports filed to the Danish Business Authority were signed using Penneo. If you look across all market, a total of 1.8 million Penneo Sign case files were completed. By the end of H1 2023, more than 100,000 client relationships were onboarded and verified using our Penneo KYC solution. Just as a reference to back to when we had our annual report, we said at the end of 2022, we have a total of 40,000 in total, so a little bit more. If we look at from our impact on CO2, yeah, then you can see here that we have expected over 32 million paper of, of, of, that we have saved of a manual paper, and where we save also both CO2 and our whole footprint. That's part of our impact from an ESG point of view. These are some facts about Penneo. Let's dive into the H1 results that we have. Here, first, some performance highlights. In H1 2023, we achieved a year-on-year ARR growth of 25%. This ARR increase is what? DKK 8.3 million, compared to DKK 8 million in the same half year last year. We are reaching a year-to-date total of DKK 79.2 million. This result was achieved in spite of a negative currency exchange-related impact of DKK 0.9 million, which is due to the Swedish currency and especially the Norwegian currency, which are at a historical low level, viewed against the Danish kroner. Penneo reports ARR based on actual currency exchange rate, end of quarter. For background, in a constant currency-based scenario, we would have achieved DKK 9.2 million ARR increase in H1 2023, as opposed to the recorded DKK 8.3 million. The ARR increase from new biz amounts to DKK 4.3 million, compared to DKK 4.8 million in H1 2022. We onboarded 263 new customers in H1, compared to 201 new customers last year. 142 of these new customers joined us in Q2, compared to 103 in Q2 last year. The ARR increase from new biz is less compared to last year, due to an average deal size for a new customer that decreased from DKK 23.9 thousand to DKK 16.8 thousand. Generally speaking, this was due to a more cautious buying behavior, but it's also linked to the binary nature of how and when Penneo closes larger new biz deals. In H1 2023, for example, we did not close any larger new biz deals, which was not the case in H1 2022. Year-on-year ARR net retention rate amounts to 113%. We have observed a continued healthy uplift from existing customer based on increased engagement with Penneo Sign, and revenue from cross-selling of Penneo KYC. The year-on-year amounted to 17%. We maintained a year-on-year customer churn rate of 4%. If we look at EBITDA, that amounted to negative DKK 10.3 million, compared to a negative DKK 9.7 million in H1 2022. That is in line with our expectation. Our gross profit margin was 85%. These are some highlights of our performance. If we look at some other business highlights that we have experienced, as I just mentioned, in both Q1 and Q2, our sales team continued to observe this cautious buying behavior that we also encountered in H2 2022. This applies both to existing and new customer, and led to a lower deal sizes compared to historical performance. This is due to smaller initial sales commitment and longer sales cycle for some larger deals, and this is in line with our expectation. Therefore, we are also happy that we, as a result of our sales effort, we have welcomed more than 250 new customers in H1. We have continued our growth in foreign markets. This was in large part driven by our successful market entry in Belgium. In Q2 alone, for example, we secured 28 new customers, resulting in 57 new customers in total for H1 in Belgium. The year-on-year growth in ARR in Belgium is 299%. We have added additional sales capacity in Q2 in Belgium to secure that we can continue this good momentum that we are experiencing. In 2023, we also have our intention to enter a new market in Europe, based on our market research and dialogue with customers, we continue to expect it to be the German market. The contribution to ARR from new market is insignificant, as we have also described in our outlook for 2023. We have also here in H1, we have invested in our product development organization, yeah, during this half year, we are focusing on expanding the team, reinforcing some key leadership positions, and also aligning the product development objective with the international expansion plans that we have. We have also strengthened our demand generation capability with the hire of a new Chief Marketing Officer, CMO, Kirstine Møller Pedersen, and she started here on August the first. Earlier this week, we also announced that Viking Venture become our largest investor and shareholder. Viking Venture is a Nordic investment firm focusing on minority investments in selected software company, and they now hold a 9.2% of the total number of shares, and we are happy to have them on board. As a general note, here, looking from to the business, we do not believe that the current economy has changed the longer-term growth potential of Penneo. We remain a company with a solid subscription-based business model, with growing ARR from both existing and new customers, a low yearly ARR churn, and a relatively high contribution margin. Moreover, we also continue to see a strong underlying market trends that translate into attractive possibilities in both our existing market, but also our new foreign markets, across the two distinct solutions areas that we cover, our digital signing and document workflow with our Penneo Sign, and also our Know Your Customer software, with the Penneo KYC. With this, business highlights, then I will hand over to you to continue. Thank you, Christian, and to all of you out there, thank you for letting me take some time, some minutes of your day. Before we dive into the current period, I just want to give you briefly highlight on our historical performance. We are an ARR-driven business. It's pretty important for us that we onboard a lot of new customers. It's not important for us how big the customers is the first year. Of course, we want to have bigger ARR the first year. The most important part, the most important part of our development is that we maintain our ability to grow the customers and bring more value to them throughout the years. With that said, I've chosen to bring this slide, and I have chosen this slide because here you can see we have grouped all our customers into the year they became customers, meaning the cohort is like, if people are if, if, if customers is coming in in 14, they're grouped, and this is the ARR development over the year. What you can see here is that overall, all cohorts are positively developed year, over year, over year, and that goes for all the financial year. In terms of this H1, only one of the cohorts is decreasing, slightly decreasing. All other cohorts is also positively developed this period. And I think it's, it's pretty important for you as a investor, if you are so, to notice this slide, since it's, it's a part of the business that we are uplifting on our customers. We maintain a low churn, and we bring value to the customers. When that's said, let's dive into the last 12 months period. I've chosen this waterfall diagram to show 3 elements of our portfolio development. In the left side, you have churn, you have uplift, and then in the right side, you have ARR from new customers. What you can see here is that in the beginning of the period, approximately 10% of our ARR was based on Know Your Customer. And of course, we're happy to see that this percentage is increasing throughout the years, and in 2020, we acquired this solution. The first part here, churn. ARR churn on 4%. It's not a local churn, it's ARR churn on 4%. First of all, it's aligned with our, our past results. For instance, in Q1, it was 4%, it's also below the 5% benchmark, as we in our guidance had set out that as long as below 5%, we are pretty satisfied in Penneo. Of course, I'm happy that we are maintaining this relationship with our customers, where we are able to bring more value and bring more uplift in terms of ARR. Talking about uplift, it's 17%, and it's in line, again, in line with Q1, while we also have maintained our strong net retention rate on 113%. That said, the new biz ARR coming, the ARR from, coming from, originate from, from new customers, it slightly decreased to 12%. In Q1, it was 14%. As Christian said, the numbers of new customers is very high if you look at the total months period and often this H1. Of course, when I still see a good traction in terms of uplift, I'm pretty glad to see, despite the lower percentages, that we are able to get new customers on board in the fact that the financial environment isn't the same like for instance, for 2 years ago. Concluding this slide, at the end of the period, we ended the ARR on DKK 97.2 million Danish crowns, and it's a year-on-year increase on 25%. When we ended the year, approximately 12% of the ARR was originated from the customer. Of course, I'm glad to see that we are expanding that percentage. I mean, it makes sense to have the second revenue stream. Next slide here. An important part of the development of Penneo is our European expansion strategy. I have chosen to zoom in to this slide because you can see here how much is is originated from the foreign market of our ARR. I'm most happy to see here that we are maintaining the figure that approximately half or 48% of our new ARR is originated from the foreign market, meaning that our focus, our scaling on, on sales and marketing is actually working when it comes to market outside of Denmark. A large portion of this growth is coming from the Belgian market. We have pretty strong solid traction in Belgium. What we have seen this past half year is that we have a loss on currency, as you also talked about, Christian, on approximately DKK 1 million, DKK 0.9 million. If you adjust for this, it would have been a growth in 29% in the foreign market. It is still a strong traction in the market outside of Denmark. What I'd also like to highlight just before I get to the next slide, is that now the Belgian market has approximately the same size as Sweden, it proves that we have a strong traction in Belgium. SaaS metrics. Later on, we'll go to the slide where you see the total negative free cash flow compared to the ARR growth. A big part of why it makes sense for Penneo to have a negative free cash flow, instead of just having a positive free cash flow, is when you dive into the SaaS metric, you will see that we have a positive relationship between what it costs to get new customers in and what we are receiving from the new customers. In this table, I have mapped out new customers, ARR from new customers, the customer acquisition cost, and the net retention rate, and the average revenue per account. Let's start out with the new customers. As you also said, the numbers of new customers is pretty good, looking at, also looking twelve months or half year. It's also true that in Q2 last year, we have grown in the same period. I will not say more about the number of new customers, but just say that, of course, the CAC is pretty solid in this quarter, and it's a result of getting a lot of new customers in. What I normally focus is, is that, okay, our customers is invoiced 12 months upfront when they sign up for a subscription, and as long as the relationship between the, the ARR from new customers is below 24 months, it means that our customers is cash positive after just 1 year or 12 months. This still, despite the lower initial ARR, helps the business to get more new customers in. That's, that's the main thing here. Then we are in a situation where we have a very big portfolio compared to the number of new customers, while the net, while the average revenue per account is also growing, even the fact that we in the last three quarter have a slightly lower ARR for new customers. EBITDA or our P&L. First of all, as you could see in the overall ARR growth, we are growing year-on-year, 25%, and it's the same amount in percentage if you look at our revenue. If you compare to the last period, it's an increase on 25% compared to 19%. We have a stronger growth rate in terms of recognized revenue. Cost of sales is mainly consist of, for instance, MitID, MitID in Denmark, it's itsme in Belgium and so on, and also Amazon Web Services. That's the main, two main features when you look at our cost of sales. When you look at the improved gross profit margin, now up to 85%, a big part of that is that in Denmark, we have transist do a transaction from MitID, sorry, from NemID to MitID, and the price model is different. Meaning that when we have a fully financing year, we actually expect the cost per the transaction and so on to be the same, but it's, it's different price model. What I'd like to say that this positive effect, the H1, it will not continue throughout the full year in terms of MitID. A positive thing is that we are working with Amazon Web Services and the structure behind, and I'm pretty positive that we can keep on this okay traction on the gross profit margin. I just want to highlight that do not expect us to grow out up almost 100% or so on. Do not adjust going forward. Other external expense, first of all, when you see the top line of the revenue is growing 25%, I'm pretty glad to see that our cost base is only growing 19%. A part of it is software, but also the marketing effect of the investment into getting leads in and so on, is increasing. That's a part of being a scaling up organization. We need to buy more software and seats for the new employees, but we also need and want to invest into, for instance, lead generation. On the other hand, a very positive thing about our other external expense is that our provision for our expected loss on credit, it's based on the historical performance, and now we actually see an increase, an improvement in that figure. In this period, we have a very positive impact for the provision in our loss and debts. As you can see in our report, and we do not have the numbers here, but it's. At the end of H1 last year, it was 95 persons, and now we are 123, meaning it's an increase in the headcount on approximately 30%, and it's more or less the same% here. It's actually following that we are scaling the team, and of course, the staff cost is going the same direction. Just to highlight, and we'll also come back to that in the next slide, that in the spring last year, we raised capital. We start hiring a lot of new people, so it's pretty okay and natural thing for us to have this increase in staff cost. That's a part of why we raised the capital. Talking about capital, this chart shows the relationship between the AR growth divided into 12-month period and the negative free cash flow. Since I know it's pretty hard to, to read this slide, I'll just zoom into the AR growth. This is the short-term outcome of the investment we are doing. We're doing a lot of investment, which is not for the short-term purpose, but more mid-term and long-term. Just to highlight, how much are we actually in short-term getting out of having a negative free cash flow? The negative free cash flow, for itsme, it represents the cost of doing all what we do. We invest into getting better product and so on. It's more mid-term and long-term, but we also invest into having more lead spend, having more people in sales force and so on. That's the, that's the short term. Here we combine all the negative free cash flow and say, "Okay, let's, let's see the ratio between the negative free cash flow and the ARR growth, and see how is the ratio actually developed. I've chosen to show the historical years here, since it represents the first round. We raised DKK 50 million at the beginning of 2020 and start applying the money by hiring a lot of new people. What we saw is that before the new people actually generate value to the company, it will take time. The ratio between negative free cash flow and the ARR growth was pretty high, 1.7. The year after, we saw the result of all the investments, and that's the same for this current investment period we are in. Spring last year, we raised capital again, and now we see a negative relationship between, negative free cash flow and ARR growth. As I stated in Q1, we have pretty solid numbers for Q1, please expect the numbers to be worse in Q2 and 3. When we end the year, we expect to see, okay, now we are getting closer to the end of this investment period, while you also might expect the numbers to be better. This investment period end of, end in the last part of, 2024, but we also in the report tells about if we want to, we are actually, when we look into our KPI and our model and so on, we are able to go cash positive, and start just having the cost base, which is fit to our AR at the end of next year. That's simply a part of, of why we raised, capital last spring, is to deploy them and see the AR are following after. If we choose to raise, further capital, you'll see the negative relationship again. If we do not, yeah, then we can decide to be a, a profitable company or just reinvest when we are having growth and so on. Do not expect the numbers to be better in Q3, but when you're coming out of Q4 this financial year, then you might say that, "Okay, we expect the numbers to be slightly better." With that said, thank you for letting itsme talk to you, and the mic over to Christian. Yes, thank you so much. Now I will go into the outlook for 2023, and when we have here our ARR guidance, we can see here that we have maintained our outlook and guidance that we have previously released for 2023. We continue to assume that we have an ARR level of DKK 87 million-DKK 95 million at the end of 2023, corresponding to an ARR growth rate of 23%-24%. This outlook is based on a currency exchange rate per end of 2022. With the recent increase of the Norwegian kroner against the Danish kroner since we closed the books, the impact from currency exchange rate seems to have been reduced. The guidance is based on a number of key assumptions that have stayed the same, so they are both described in our annual report and, and, the Q1, and also here in our half year report. That is that we assume that we have a continued conservative buying behavior, so, and that's across our markets, that we still do not see any indication that these short-term economic prospects, or in that short-term economic process, that we are about to improve, this, buying, patterns that we have seen. We continue to assume, the pattern that we have seen so far. We have also unchanged strategic priorities, with the focus on both the upselling to our existing clients and, and, and new base, and then both in our domestic market and in the foreign market. We also expect to continue to see the result of our increased demand generation capabilities, which here in Q2, resulted in more new customers. We also continuously assume this low churn and our continued uplift. That's for the guidance of ARR. If we then go into the guidance for the EBITDA, we are also maintaining the guidance for EBITDA. Looking ahead, we anticipate a negative EBITDA between -10 and -15 for the full fiscal year for 2023. Here we had, we had, by the end of H1, we have a negative around ten, a nd we also expect that by the end of Q3, we have a negative, and that could be even below the guidance range. We are confident that we will meet the guidance for the entire year, because we have fluctuation in our billing cycles, and that's the primary reason that the EBITDA varies between quarters. The guidance remains like that. That also ends our presentation of our H1 report. Now we are open for all questions, and then we will answer them. Then, either you, you speak up directly, or raise your hand, or you write in the chat, and we are ready to turn. Any questions? Yeah, Nicholas, go ahead. Yeah. Thank you, Casper and Christian, for the presentation. I just have one question, given that you answered most of my questions during your presentation, and that's related to employee intake going forward. Q2 sorry, Q1 saw quite a significant increase in the employee base, whereas Q2 grew more moderate. Should we expect the same in the H2 intake? Yeah. Basically, what we are looking in from an overall, let's say, we don't expect the same rates that we have. We have hired a lot, that doesn't continue. It will be less, but we do have hired also here in Q3, but it will go down, and in general, we always look at our investment on how much we can invest up against what we achieve from our sales metrics. It will flatten out, but we have still increased the headcount, and we have continued this hiring. Yeah. Perfect. That was all for me. Thanks. Anas? Yeah, perfect. Thank you. Anas from Stokk.io, and I will ask some questions by other investors. The first question is: Looking at the cohort slide on page seven, it seems like there is a significant uplift in the second year of each cohort, meaning that the ARR in H1 2021 is uplifted significantly in H1 2022. What can this be explained by? Is that a strategy focus, a part of the upstaff, or a way the contract is made? Well, you can see, I think it's pretty natural for us to see that the newest cohort is growing more than the oldest cohort. A big part of the historical perspective is that back in the first years of Penneo, when we got into one of the big auditors, then we was lucky that a small portion of the auditors actually used the platform. When the other colleagues saw that, "Okay, that actually makes sense to use this new tool, we will also do it." The engagement in the platform is growing over the year, and Christian also talked about this initial commitment at the moment. I think that's one of the reason why I highlighted this, that I was glad to see the high numbers of customers, even the fact that the total amount of ARR from new customers in itsme, measured in%, where it was decreased from 14% to 12%. Yeah, I don't know if, if, if it was a question otherwise, then just, please feel free to ask again. Yep, I think it was, it was perfect. Then there's a question about the foreign MitID comparables. How is the cost of this, foreign, digital IDs? Is it more expensive or less expensive to use foreign digital IDs, and how significant is the difference? I think the answer is, is different from country to countries, but they have different price model. Also, this my promise, like, Christian, not to be technical, but, this is a Q&A, and you ask yourself, MitID is based on a low transaction fee the entire year, and NemID was based that we buy free the unique users, meaning that we pay a high price for our friends and CEO, but that CEO use can give a lot of time during the year. It's completely different. All the countries, some have a fixed fee and small transactions, some have this unique users, some have transactions. It's pretty hard to say that overall is more, is it cheaper or, or more expensive in, in the other countries. It is also a small part of our delivery, also in terms of new customer. It's, it's like almost 100% gross profit margin on that revenue stream, and on signing, it's like 90%. It's, it's not that, big amount going to the eIDs. Perfect. I will take, one more question and let some, some others, come along as well. With Viking Venture' recent share purchase, will they take an active part in the company, and what is the objective for Viking Venture? They have been part of numerous companies that has been delisted and acquired by private companies, for example, EcoOnline, Ørn Software and Mercell. Is this a risk for current shareholders? There was basically two questions as I see it. If we take the first one. First of all, we have welcomed that they now have become a shareholder, Viking Venture, by their recent purchase of shares. General speaking, then we are treating all our investors equally. Currently, Viking Venture, they are shareholders, but they are alongside also our other shareholders, including some of the large ones like ATP and others. Just to start off, it's important for Penneo to underline that they do not have any active role in terms of our strategy or daily operation. They are shareholders like the other ones. It-- at the same time, it's also true that, that, with now the recent investment, yeah, then they do offer us an, you know, assistance if we would like to have, and they have access to a knowledge base and experience because they are very experienced investors, and they have invested in 40 other companies that are, that are similar to ours. They do have a lot of knowledge sharing around, and that we can tap into. That we are looking forward to, and I'm sure we can take advantage of that. That was the first part of the question, as I remember it. Then you had the second, and that was the objective behind the investment. Then, I guess, that's not really itsme to, to answer. I suggest that you, you to ask a Viking Venture directly for that. From our point of view, we are just happy to see when, when, when investors have evaluated our company, and then, and then are investing it, because they see the potential that we are laying out in our strategy and with our performance. Perfect. Thank you. Cool. Do you have more question, Anas? I have a few more, but, I can take them, after some of the others have asked, a few questions. Even the fact that Tobias just raised his hand, I think we'll take this, before we go to the chat. Tobias, just, speak up. Good morning, Casper and Christian. I hope you can hear me? Yes. That's perfect. I have a question regarding the level of new customers. It has been trending upwards the last couple of quarters, and again, that's because of the increased investments in sales reps and demand generation. Should we see this trend to continue going forward? I know there's some seasonality in Q3 and in Q4, but, like, the average level should we expect that to increase? Can you give us some input on that? Yeah. Yeah. In general, because it's completely correct, we have enhanced our, our demand generation capabilities, and we now see the effect both in Q1 and Q2. Compared to last year, then we expect that also to have been increased in the second half. That's, that's... Yes. I just, I just want to elaborate a bit, since I actually forgot a point on this chart, the assess matrix. In Q2 last year, we got one big auditors in the region, which was a new customer. Normally, we have all the bigger ones in the Nordics, so it- it's normally an uplift if, if we see the big, you know, customer deals. If you adjust the average AR from new customers in Q2 last year, it was actually, actually approximately the same deal as, as this year. Just, just want to say it, since I forgot this point. Fair enough. That's also my, like, my second question on the average AR for new customers. Like, it's a bit lower than last year, like you mentioned also in the report, but it has been trending a bit lower since Q4. Do you expect this trend to reverse sometime soon? I know Q3 is typically a low quarter, but given that the current market is not really improving, do you see this trend, the downward trend continuing, or should it, like, flatten around this level of DKK 16,000? I think we basically believe that we are on the level where we are right now, that, that's the, around the level. As you can see from every quarter, it goes a little bit up and down. You can also see that on, on these metrics that are shown here, depending a little bit on the size. But in general, it has been a downward trend and, but it's not that just going down, and down, and down. We somehow, we believe that we are this, the more cautious buying behavior, we can see the result of that, so we have a good average around this. Yeah. Without, of course, knowing exactly the future, but that's, that's how we expect it to be. I'm allowed to elaborate just a bit on this also? Yes. I think if I now talk my person and as a CFO from Penneo, when we buy and people ask for new software here, I'm more, I'm more focused on, okay, can we actually get just a smaller commitment at the beginning than I was just before the Ukraine crisis and so on? I think it's a part of the financial situation right now that also our customers is, okay, it seems to bring value to our company to go with this Penneo you're talking about, but can we please just start out with the smaller AI at the beginning instead of taking the full package? If you can answer whenever this financial situation is stopped, I can answer when we do expect the numbers to go up. In terms of our guidance, it's not the expectation that it will explode. It is like, okay, this is the level for now, and then we're focusing on upselling and bringing value to the customers. Fair enough. Makes sense. You know, you've also grown your average revenue per account quite nicely, so it shows you're able to uplift them once they get in. Just have a final one from itsme, if that's okay. Kasper, you mentioned the investment period ends in 2024. I'm just wondering if you can elaborate how far you are in, in that investment phase, in, in deploying your cash, and how much more investment you have left to go? I think that Christian actually talked about it when you talked about the numbers of headcount, in terms of that question. We have hired the majority, I might say now. It is, you know, it's more or less normal operation that, okay, can it be one more and one less, and so on. We are, in terms of hiring, in the, in, in the second part of this investment period, meaning now we now we should start seeing the performance from all the new headcounts that we have invest into it. A lot of the new headcount is is placed in product development, so it's not fair to expect the AI exploding month two after they're hired. It is a process to see the value, exact like it was in the first period. Does it answer your question? Yeah, that's fair enough. Yeah, that just means we should begin to see some increased operational leverage going forward since you are holding back some investments, I think. Is that correct to assume? Yeah, you can say we have, we have played our cards from the first round now, and now, now we need to see that exactly the result is coming. For now, we are following the plan. Okay, fair enough. Thank you. I guess it's time to go to the chat, so I need to find my mouse. Yep. You, um- You can do that. Christian, you have asked, What is the average LTV of your customers? I think the last question, since I could have given you the numbers, but since we have a low churn, we also have an expected lifetime of our customers, which is so long, measured in years. We do not normally give you this LTV numbers since we have given you the average ARR from for the first year, and in our annual report, you can see that we every year uplift 18%. You have the churn, right? You can decide to give it, like, a shorter period than the over 20 years you will have if you calculate backwards. I will not give you the numbers since I think it's if I calculate on the exact numbers, it will be too bullshit, sorry to say the numbers, since we are only, we, we are, we was founded in 2024. so it's, it's not. Fourteen. Since 14, sorry. It doesn't make sense to give you the exact numbers, since we haven't proved that our customer relation is actually lasting for more than 20 years. I have given you all the numbers in the report for you to calculate it. Hope it's a fair answer to that question. Yes. Look, let's looking into the next one. Let's begin the competitive landscape and market maturity. If you are mainly acquiring new customers that are first-time users of the category, or forced to take customers from competitors, and what are the expectations for the coming year? That was the first, that was the first question. I think I would split it into both time and KYC, but also the market. If we look at, at, at the sign, then, and, and, and the Nordics, and looking at the auditing accounting, we do have a lot of, of auditors and accounting already in those markets, and those that we do not have, they often have another one. There we, we will, there we will have to replace a competitor. If we look at some of what we call the new market, like Belgium, is a, a lot of the auditors, they do not have a solution in place, or they have maybe have implemented and, and only engaged very little, with a competitor. They are, they are very often a first-time user, and especially when we then look at, at the type of solution that we come with, where it's integrated into their, their platform, so they really get all their workflows automated, and really get that efficiency. That's where, that's the reason why we win, in it. That's also when we look into the market, as like the German market as an example, from a sign perspective, yeah, they do not have anything yet, in for those specific workflows that we are supporting and that we have specialized in. If we look from a KYC point of view, the majority, absolute majority, do not have anything in place, like a solution like, like the one we have. They might have some as they often we say, the, the Excel sheet or, or the homegrown solution, that, that, that they have built because they need to be compliant already, but they do not have such a solution that we do have. The clearly majority of that is the first time users, even though we also replace the competitors now. That was it, and then there was the second half, I can just see any specific remarks on the German market, which you're considering to, to enter into 2023. What we have done, just from the process point of view, we have looked at many of the markets that we have, because what we would like to do, and as part of our own growth strategy, is the geographical expansion. Now with, with the, what we have done, successfully in Belgium, that's very much what we would like to do in other countries, too. Then we have, evaluated and done, done a, a field research and talked to a lot of customers, and right now we are very focusing on evaluating the German market, because we have done proper, proper search, and we have talked to potential customers, we have talked to the authorities, to the eID, the ones that are providing the eID and so on. All the fundamental part of that, and, then we're also preparing our solution to be ready for it. We are quite far in it, but the exact timing and when it is, yeah, then respectively, then we will enter. At a later stage, we can see that from an AR point of view, but right now, the most promising thing is the German market, because they seem to be at that level where, for example, Belgium were some years ago, now the market is ready. That was it. You can take the next one. I think the next is me. Thank you for asking it, because it's a part of my daily operation to, to overlook this area. Please repeat the question so everyone can hear. Okay. Yeah. As Christian asked you, "How do you handle the exchange rate risk? Do you hedge your future cash flow in foreign currency?" The short answer is no, it is in our risk assessment that we have this currency risk. It's like, our traction in the European area of the foreign markets is, is pretty strong, and we have a large portions of our AR coming from Denmark, and all our cost is at all, but the majority of our cost is, is in Danish krone. What we do is to simply, you know, take the risk, because if we have hedged the, the current, the foreign currencies, we could have seen the opposite situation, that we do not have this positive effects. The risk is not-- It's simply not, how can we say, big enough, that we have chosen to bring in the tools that we could have used. I'm, I've talked to our bank and follow webinars and so on, and I'm pretty glad to see that the Norwegian krone now started being more positive. I do not know where the development will go, but, but I know the effect on Penneo is not big enough to actually take this tool into, into play. Yeah. Then we can see the next question in the chat. That is: "Can you elaborate on your strategy to enter the German market and what main challenges you see?" Part of it I maybe already answered just before in the other one, but the main challenges, if we look at that, and that's what we would like to achieve, is the right timing of entering a market. There are some criteria for that. One of them is, in general, the adoption of the electronic ID. We can now see a really big push from the German authorities, that now they would really like to push it out. They have a whole agenda on the whole digitalization. They put that into law, they have put a lot of funding into it, that now it needs to be pushed because they can really see they are behind from others. Is to find that, okay, when is that? That we find out by talking to the, to the, of course, the authorities, and when also talking to potential customers of our auditors, and also when is that? Then at the same time, also evaluate when do they accept it. We do have talk to the authorities, that we can easily make a reference to them and say, "Okay, yes, they will confirm that, you know, the electronic ID, you know, the digital signature with our level of security is good enough for it." Just the same way as we saw in Belgium for some years ago, they need to accept the requirement also in Denmark, but that's even. That's many years ago. Is to find that right, right, timing of that. That's what we see right now, both from a, from our digital team, but also from our KYC, because it's basically the same regulation that they have to live up to, that we are also seeing in Nordic. They are also now starting to, to, to enforce and go around and, and verify that it is done properly. Today, the majority of these companies, that we are looking at, at our auditors, they, and accounting companies, what they do is they manual processes to try to do that, and that's difficult. We can now see that, that trend, that the market is now mature enough that we can start. We want to be on the station when the trains pass by, not two years before and not two years afterwards, and that's the timing we have, and we're looking at. It also, of course, also to find the challenge, is to find the right timing. I hope that answered. I think it concludes the chat for now. Yeah. I can see that, Anas, you are here again, and it's so lovely. Just go ahead. Perfect. Thank you. Just a few more questions here from a few investors. The first question: "Are you looking into additional digital solutions that would fit industries impacted by AML regulations? Further, are you looking to expand the product portfolio? Yes, so that's a very good question. Right now our current focus is to exploit the potential that we see both with our Penneo Sign and Penneo KYC. We see a lot of potential in both of them, and also in the markets that we are looking into. That's the current plan. Having said that, we are always and we're also looking, and that's also our vision, to expand the product portfolio to more and more. In this whole, in the customer-facing processes that, that, our customers experience. When they interact right now is when they get a new customer or, or we engage with them, then they have to, they do the customer diligence and the customer onboarding. We do with the KYC, all the interaction with them, they need to be signed, the documents forth and back, we take care. There are other areas where there are also this interaction where we could get into it. It is clearly, it's a part of the, the long-term strategy that we look into could we add additional revenue streams? When we talk about, okay, how is that? We always can dream up of this and this and this, but the current focus is the, the potential of the market we have now, right now, with our current thing, is focus on that and then get that into the full extent before we open up into new one. We have done it before with the KYC, so it can clearly be also something we do in the future. Yeah, perfect. The last question here is about your press releases. It has been some time since you have released the news of the new big deal for Penneo. Is that a sign of the company has grown? What was a big deal a few years ago is not that significant today. Have you changed how you do press releases, or is there a longer lead time on the bigger deals today? Yes, with press release, now I translate that question into announcements, maybe the formal announcements we send out. As we grow, we have set some thresholds internally, when you're a very small customer, then a new customer of, for example, DKK 500,000 kroner, that can be big, that we have set that the threshold, that we announced it. As we have grown, yet those thresholds have come up. Then we sometimes do, they are completely new market. We won the Big Four because that was a part of the strategy. It can be a strategic new segment, like we did with the, in our finance, with the bank data and, and others. That's some criteria, but as we grow those criteria, they do change, to answer that. That's for the announcements and then our press releases, and so on, how we release it. Often that is done in the, we have different channels for that. Maybe if you follow us on LinkedIn, then you can see a lot of these customers that are coming in. That's, that's to answer that directly. Having said that, as we also, I think I said in the beginning, when I did it, when I look at the new bids, it is also true that the number of new bids, customers, these are large ones that we go out and announce, and that we have got. We have not got the same way as we did, in the first year, half year, last year compared to this. There is some, some seasonality on when we close these, these deals. Perfect. Thank you. That was all the questions from itsme. Good. If there's anybody else that are raising hands or any comments? Christian, yes. Yeah, it's Christian Koller here. First of all, thank you for a good presentation, as always, and congratulations on the entry into the Belgium market. That is really a success. During the presentation for Q1, Christian mentioned, or he was specifically asked, "How many countries are you planning to open this year?" The answer was one new country. Is that still the case? Yes. We plan to go into a, to a new country. By open, that means then we finally decide to do it, and that's why we are also preparing our product for and, and so on, and going so we in the future can take, just like we did in Belgium, get the first visionary customers on board, they take our product and accommodate to it and then, and then start to have it. That's what we expect to do, that I have that final selection of, of the market and say, "Okay, now that's when we go into it. Okay, fantastic. I have a follow-up question that was also asked, during the last, quarterly presentation. That was: Have you set, you know, what market is it? Now you're being asked specifically for Germany, but are you reviewing any other countries or are the eggs now in, in, so to speak, the German basket? Right now it is true that when we started up, also last year and also coming into this year, then we then evaluated also other countries in Europe. And our vision is that we take a market and then we go in, just like we did with Belgium, and then we focus on that and secure that we get success out of that. So that's our, as we call, our featured strategy on going into new markets. And in that sense, we have a longer, we had a short list of countries that we looked into it, and it could also have been others. And out of that, right now, we are focusing on Germany, in the sense of finally evaluation when the timing is ready or not. But it can also be that others, there's also some of the times, some of the opportunities comes out. But the focus right now is on, on the German market. Perfect. Thank you very much, and keep up the good work. Thank you. Okay, that's it. I would like to say thank you to all of you, and also both for attending the whole presentation, but also for some very good questions here. Very good with this kind of interaction that, that we have. Thank you very much. As always, if there are further questions that you would like, you can always reach out to us directly if you have any other things. Thanks for now, and this will conclude our presentation of H1 report. Thank you.