Good afternoon, and welcome to this presentation with Risk Intelligence. With us today, we have the CEO, Hans Tino Hansen, and the CFO, Jens Krøis. First, there will be a presentation, and afterwards a Q&A, where the CEO and CFO will answer all questions submitted via Stock-IO. There have already been pre-submitted questions on Stock-IO for the Q&A, and the Q&A is still open so that you can submit questions live as well. I will now hand over the mic to Risk Intelligence for the presentation. Your line is now open. Thank you very much, [inaudible] welcome to, this presentation, about, the company, about the strategy and the outlook of the company, as well as the, current transaction. It is correct that we have answered, almost all questions that have been submitted, until, to and including, today, in a written form, but we'll get to them after the presentation. First of all, what I can call Jens' slide or the CFO slide. And so here we go. So something about the background, something about our business model, something about our clients, a little bit about our competitors. Then, we will take you through the strategy, and then, numbers and, capital for 2025 to support the strategy. So the aim of this whole exercise is to restructure the whole capital structure, clear all short, all short-term loan debt, reduce-- thereby reduce capital costs, reestablish the equity, and provide sufficient liquidity for operations and for investments, as well as growth initiative during the whole 2025 strategy. So what is Risk Intelligence? We deliver security threat and risk assessments to clients 24/7, 365 around the world. We mainly do it through the Risk Intelligence System that you'll see in a moment. These security threats that we cover is from crime, organized crime, terrorism, piracy, insurgency, war, and military conflicts. And among those are both the war in Ukraine, as well as the war between Hamas and Israel at the moment. They, of course, play a big role, both directly as well as indirectly. Our business model is the main product that we have constituting some 80-something% of our revenue is the Risk Intelligence System. It's a cloud-based solution with three modules, MaRisk, PortRisk, and LandRisk. I'll get back to those in a moment. It's a license-based recurring revenue, 12 months, paid upfront. We've had historically between 0% and 2% annual churn. Most of that has been good churn. Companies that have left the maritime business, changed business area, or what has happened during the last two to five years where we've seen acquisitions and mergers in the business where sometimes two licenses have become one. We do have, obviously, cost of acquiring clients through marketing and lead generation, but we have almost no cost connected to onboarding. That is self-explanatory and takes place through videos, as well as the system is self-explanatory. We also have clients that get our data through API and integrate them into their own platforms and systems. That is mainly big clients or government. The Risk Intelligence System is fully scalable, and it is basically the marketing and the lead generation, and the invoice at the end. So the sales effort is what costs, and the rest is fully scalable. The same applies for the intelligence reports that are weekly and monthly in a PDF. It's either subscription-based revenue or it's and then it's three, six, or 12 months paid upfront, or it's packages of six or 12, where the clients can acquire, or rather request, reports on an ad hoc basis. Since they are PDF based, then they are also fully scalable. Then about 10% of our revenue is constituted by our, you can call it, advisory services, that's the name, but the consulting arm where we do bespoke and semi-bespoke reports for our clients. This is semi-scalable because we are using some of the same threat assessment as basis for several reports to our clients. We use, like government organizations, the Intelligence Cycle, where we collect information from a range of sources worldwide. We verify the information that we get in. We use that together with what we had already, for the analysis of the subject matter. It could be, Hamas threat to shipping and ports, because of the attack from Hamas. Maybe also the threat, indirect or direct threat from Hezbollah, from Lebanon, in the same instance. Then we do an assessment. What does it mean, this, and what does it mean to our clients? And then we distribute it on the system. We gather feedback from the clients, and then we may change or adjust direction. That's why it's called the Intelligence Cycle... The engine room, we built up during, two decades now is a source network that is, quite unparalleled in the private world. It's a knowledge base, it's a database that we built up, and we have maritime incidents going back to 2006, 2007 in 2007 in the system, and maybe 10 years before in our concept management system. We have our own analysis model, and we have developed relationships and worldwide experience during those years. The source network is basically what you cannot copy in a quick period, so it will take at least five to 10 years to get something similar to what we have, while the platform itself, you can have 20 software engineers in India, maybe producing during a month or two. So the barrier to entry to get to our position is the source network and the other items that I mentioned here. We also use AI. It's not only human, but human is the most important. We started the process with our use of AI by gathering all documents that we had from the company's beginning into an enterprise content management system and made it fully searchable both for AI processes but also for normal search. Then we started the project where, while on the maritime side, we are talking about maybe 500 incidents per year globally, then for Europe alone, we are talking tens of thousands for Europe alone. Sorry, the other number, 500, was globally. So this means that the number of incidents is much bigger, and each incident constitutes of a number of data points. And we use AI to semi and automate the analysis and the production of incidents, which then will be checked by an analyst, and by that, we saved 1,300 man-hours back in three years ago, so it's probably about 1,600 now. The next phase will be to input all these processes together and use AI as a tool to identify trends, patterns, and organizational networks as our phase three. And in the future, we hope to have a semi-automated analysis, where the solution creates the baseline analysis, and then the analyst, the human analyst, comes on top and does the rest of the analysis and the assessment. This should also be used in consideration when you think about scalability of the company and our current structure. So where are we? We are in Hellerup, north of Copenhagen, and we got one single office in Singapore, and then we have individuals in Middle East, Europe, and then North America. We use our company language is English. It's also the language spoken by all our clients because shipping and also land-based logistics, as well as many government services, are using English as their language. We are 26 full-time, as well as 12 permanent part-time, and nine nationalities. Then we go back to the products. The three modules, MaRisk, PortRisk, and LandRisk. MaRisk and PortRisk being the maritime one, or primarily maritime, because PortRisk, since a port is also a land-based entity, they're maritime and then LandRisk, and to some extent, PortRisk are the land side. If we look at the MaRisk, MaRisk and PortRisk are normally sold together as a solution, but there are not that many clients, but there are some that only have MaRisk. MaRisk provides security incidents, updates around the world, alerts, not only on piracy, but also on other threats that may happen as we speak or in the near future. We do have statistics, recommendation, and guidance on the platform, and we can integrate ships' positions from our clients' position systems into the map so they can see their own ships, vis-à-vis the incidents and the alerts. And as mentioned earlier, we can also deliver the data as API. The same applies for the PortRisk module, which then looks into port security and the threat level on the port, as well as the city that the port is located in. There are some ports that are not located in the city, and we also have some offshore oil terminals on the PortRisk module. We also have something about guidance for crew changes when ships change crews in cities and have to go through the city, maybe to the airport or similar. LandRisk and LandRisk Logistics is something entirely different because here we are looking into mainly truck-based cargo transportation, and we are focusing with LandRisk Logistics only in Europe, while LandRisk is covering globally. LandRisk Logistics looks into truck parking areas, both those that are not secured, as well as those that are secured. And then the users from our clients can use it both to plan voyages, as well as to change voyages for trucks if they are being late due to traffic jams or accidents or similar on motorways. And then if they cannot reach a secure parking area, then they will find the best possible non-secure parking area using the system. There's also the option to have company-specific layers, where the companies have their own data on top of the data that we have on LandRisk Logistics....clients for the maritime is, as you can see, operating 15.7% of the world fleet. It's not the same as we have 15.7% of the market we would like to have, but we have about 6%, maybe 7% of the market. It means that there is a substantial, still substantial, room for growth on the maritime side. Many of our clients also have other providers, which we would recommend as well, and thereby, it's not equal to the market and the world fleet number. Then we have just launched recently, our new cruise risk product, which actually looks into a different business. You can say that some of the threats are the same to the cruise industry, but all the ports are very different because here we're talking about cruise terminals and also some of the areas of interest to the cruise industry is the Mediterranean, especially Northern Mediterranean. You can see the cruise ports that we already have now with the launch product are the white ones, while all the normal ports are the dark blue ones in the Mediterranean here. In the winter, the cruise industry mainly operates in the Caribbean, which is then the other focus area. Then we have government clients for our maritime product, eight NATO countries as well as NATO itself. You have two of the clients here with the Danish Navy and the US Navy. On land-based logistics, we have three main clients, DSV as well as DHL, and then we have Sony Europe, as well from the manufacturing side. If we look a little bit into MaRisk, the maritime competitors, then there are competitors that are mainly competing with the MaRisk module. Not so much with the PortRisk module, but mainly with the MaRisk module. There are very few that have something similar, if any, has something similar to PortRisk, and none of these also have LandRisk, at least at the moment. On the land side, we have no direct competitor for land-based logistics at the moment. Then if we look into our 2025 strategy, what we're looking for in the vision is to be the leading global supply chain security intelligence provider of the entire supply chain market, air, land, port, and sea, in the future. This is a vision, so this is beyond 2025. We have five strategic milestones. The first one is, remember, it was launched in 2022. This was refocusing the core business on maritime security because maritime, the maritime business had actually generating all of the growth that we saw in 2020, 2021, and 2022. And we also needed to refocus investments from the land side that we spent money on in 2018, 2019, 2020, and 2021 into the maritime. The major investment here is the new platform that we are launching in November this year. We decided that, as a consequence, the land-based business should be seen as an independent business area. We were actually overtaken by events because we got already in during 2022, we got discussions going on with DHL and also DSV, and we started to invest together with them in developing land-based logistics further and secured them as clients during the first half of 2023. Going forward, the land-based business in the 2025 strategy will be dependent on client business. When there are contracts to be had, we will also be ready to invest, but we will not invest massively on the land side yet. Another thing in the strategy is to address parts of the market that we haven't been able to address previously, and thereby increase the market horizontally as well as vertically. The best example on horizontal is MedAire International SOS that we made in partnership agreement with, where they are very strong in the luxury leisure market with super yachts and mega yachts, where they have 50% of the world market on the super yacht side and 80% on the mega yachts side. We are developing a feed to them, and then they will integrate that in their product that they will launch in 2024 to this specific market. This is a market that we previously could not address from our sales efforts. The same goes for an agreement with NAVTOR. NAVTOR produces fleet management and navigational systems that addresses other parts of the shipping companies operation, and thereby, we are addressing parts of organizations that we haven't been able to address previously. So that's a vertical integration of the market. Then the fourth pillar is or milestone is an average year-on-year 50% growth to 2025....and this is based on the invoice revenue, because after we'd made the strategy, we also took a decision six months later to change the revenue recognition from invoice date to full periodization in order to have figures that were more comparable to other companies that have the same sort of business model as we do. It means that there will be a time lag on the revenue, and we won't hit - presumably, we won't hit DKK 50 million in the reported revenue by 2025. As you can see here, there is a model where you can see the invoice figure compared to the reported figure, which, of course, includes revenue that comes from the year previously, as well as the revenue from the year in question that stays in the same year, and the rest is then moved on to the next year, and that gives the time lag over time. But I'm sure you know all about that. We also are forecasting with the strategy positive net results from 2024. We will see a kind of a breakthrough the line during fourth quarter. So this quarter, not necessarily for the full quarter, but during this quarter, where we will have positive cash flow from operations, and then positive EBITDA in 2024 and positive net result, EBT, in 2024 and onwards. Then something about the funding of the 2025 strategy and some of our figures where we are right now. I will hand over to Jens. Thank you, Hans. You can rest your voice for a while. Yeah. Yes, the guidance, the current guidance for 2023 is on ARR. We expect a growth between 15% to 30%. The system ARR, which is solely the system recurring revenue, we expect it to be between DKK 18.5 million and DKK 20.9 million. We still have a negative EBITDA for the full year. We'll have a negative result for the full year as well, for 2023. The net cash flow, which is the total cash flow, will be positive, and that's of course due to the current capital increase as well. Yeah, we have been in the market for publishing this. Then I will just say a few words about the previous guidance and the reason why we failed the guidance that we provided at the IPO in 2018. Which is mainly connected to LandRisk, which was the main growth provider for the strategy, where we launched LandRisk in October 2019, and when we were about to roll out LandRisk in early 2020, the world was hit by COVID, and none of the logistics companies or the major manufacturers had time to talk to us about software. We did have some discussions, and luckily, we landed Sony Europe as the one main client, and they assisted us in few further development of what was to become LandRisk Logistics. This meant that, this lack of sales from LandRisk impacted P&L as obviously as well as balance, and led to the decision in the 2025 strategy to refocus investments on the maritime side. As already mentioned, we started securing clients and major clients from Q1 this year. Over to you again. Yes, and rather busy slide with numbers, but, and it's, as you can say today, old numbers. But again, it's the latest public numbers we have, which is the Q2 and the half-year numbers. And we actually think we should address them, because if you look at the second line, the invoiced revenue, which is the solely invoiced revenue and not the periodized, in Q2, we were 42% ahead of last year. And for the six-month period, we were 76% ahead of the same period previous year, i.e., 2022. The system ARR, we grew 55% for the second quarter and for the total half year, 15%. And the total ARR, we were 44% up, and for the second quarter and 13% for the full half year. Yeah. So if you look at the full year, and especially at the fourth quarter, if we can kind of... Our cost is stable, so the light blue line is representing the quarterly cost. So by kind of prolonging that, we will up the known revenue we already know and have confirmed, the two lines will actually cross during the fourth quarter. So during the fourth quarter, we will actually have a positive EBITDA. The rather steep line is the invoiced if we continue invoicing the way we have been.... Yeah. Any comments, Hans, or? Yeah, it won't obviously give positive EBITDA for the year, but it will go through the line in with the positive cash flow from operations in Q4. And I think it's important to see how we push up the line of the invoiced revenue, while the reported or recognized revenue is having this time lag that we showed previously. But this is the funds that we spent on actually paying our bills. So that's why it's important. If we look at the pipeline to support all this, then we have a quite strong system pipeline at the moment. We have a strong maritime advisory pipeline. We also have a growth in the land-based logistics pipeline. And mind you, as I have told earlier, maybe not today, but in earlier presentations, then the lead time for land-based logistics with the big clients is up to 12 months, while the standard maritime client is probably three to four months, just in comparison. We also need to involve more people from different departments in selling land-based logistics, while when we sell a maritime standard license, it can be one salesperson or one account manager doing this. We also have a range in early phases as well. Renewals are according to plan. We had no churn in Q3 and, until now, which is obviously early days, we have no churn in Q4. Most of the renewals takes place in November and December. And that's for the calendar year, running from first in January and onwards. The interesting thing with the new platform is, there are many, I think, interesting things, mainly seen from a user perspective and a client perspective, but from the shareholder perspective, the existing platform has one type of license fee, which is based on the number of users. While the new platform will still have that, it'll just do it in a much more tailor-made combination, where you can have different number of users having different access levels to different features in the license. We will have an about 20% increase on the license fee. Then we will have new features that will be against an additional fee, and then we will have third-party data. So for instance, weather, AIS, which is a ship's position system, and similar. And this means that the platform goes from having one revenue stream to three revenue streams, plus the price increase. So we are strongly believing that this will be the main driver of our growth in 2024 and 2025, and onwards. The rights issue is consisting not only the rights issue, but also the total long-term funding, which will have up to DKK 14.4 million, with 75.2% guaranteed through pre-subscribers, including what was until Friday, DKK 1.6 million from board and management, which is now 2 million, a little bit more than 2 million from board and management, and then the rest from underwriters. Then we will have an additional long-term loan of up to DKK 5 million based on a commitment from EIFO, which was formerly known as Vækstfonden, the Danish Growth Fund. In addition, as already mentioned a couple of times, we will have positive liquidity from operations from Q4. What are we going to use this for? DKK 2 million will be used for investments, mainly in the new platform. DKK 2-6 million will be for liquidity and growth initiatives, and on top of that comes with the liquidity from operations. Then about DKK 13 million will be used to remove all short-term loan debt going forward, which will actually give us about DKK 1 million in net savings per year in financial costs. So what is the outlook? We will reestablish the equity. We will remove all short-term loan debt, with substantial savings in financial costs that we can turn into growth initiatives and profit. We are going to finance the investments in the new platform, which will be the main driver for growth, as I already mentioned. We do not see any further capital increases during the 2025 strategy, unless there will be some strategic opportunities that arise, because we are working hard towards getting positive liquidity from operations for the year, turning into positive EBITDA and ultimately profit. So basically, a foundation for fully scalable growth. The Rights Issue, there's been a little bit of confusion because some of the banks have not been, unfortunately, presenting the rights issue in the way it should have been. But basically, if you have a share, it gives you one right to subscribe to a share. 13 of these rights entitles the owner to buy one new unit at the price of DKK 15.6, which will then provide you with 12 new shares. That actually results in a share price of DKK 1.30, and the subscription period is 11th of October to 24th of October. There are some of the banks; they are actually closing the subscription period earlier, just to take note. That was all we had for now in the presentations. Then we have questions over to Johannes. Perfect. Thank you both, Hans and, Jens. Let's move directly into the Q&A. So, the first question here: Is it possible to exemplify how your platform delivered information, warnings, actionable intelligence to your customers in the run-up to and during the early stages of the recent terrorist incursion into Israel? Yes, it's actually a very good question, a very good question that we're very happy actually to show what we've done, because it actually gives us an opportunity to show how we are actually working with these types of things. We did not, like the Israeli intelligence, forecast or predict the actual attack from Hamas. So we cannot actually take pride in saying so, but we were quite early, as you can see in the red circle. Maybe it's difficult to see, but it says 07:50 CEST, so Danish time. We sent out the first notice to our clients on the platform, and we continued during the day updating the system, both incident-wise, but also started updating threats on a country level, the threat assessments, as well as the ports that you see in the southern area. These are from the afternoon during Saturday. Here we have an update from about midnight. That has been done by our team in North America. After that, we work eight hours in Central European Time. If something like this happens, we sometimes in kind of increase the number of hours. But then it goes on at 5:00 P.M., so 1700 hours, to North America, and they work 8 hours in their daytime, and then it's handed over to our office in Singapore and then back to Europe. So that's how it works. So this has been updated by our team in North America, at the port of Ashdod, and also Ashkelon, which are the two closest ports to Gaza and well within the range of the missiles. So that was just some examples on how we do that, including on top of that, all our clients can write to our duty watch team if they have specific questions about ports, shipping areas, threats or similar, or questions to something that we send out, or added to the system. So there's been communication with clients, because there were clients that were going to these ports during the weekend. Perfect. Thank you for that. And, the next question: You previously mentioned that the price of the Risk Intelligence System would increase when the new platform is launched at the end of this year. Can you provide us with an estimate of the price increase? Yes. The price increase is about 20% and has already been implemented in the first contracts. These contracts are multi-year contracts, so they will start from 2024 with the new price increase. When we did the launch of the recent or actually our current platform in 2015, the price increase was 24%, and we didn't lose any clients at that time. I cannot guarantee that we don't do it this time, but it was actually when you do a launch with a new platform, which has many more features and actually provides the client with many more opportunities and actually gives them a better product, they usually understand that it's also, it comes with a price increase. The impact will not be as of the first of November. It will come into effect as over the next 12 months as clients renew their contracts. So the ones that have a contract that is from, let's say, first of March, they will obviously have until first of March on the old license, even if it's the new platform, and then it starts to accelerate from there. Perfect. The next question: How sure are you that you will reach a positive EBITDA for 2024, and what will that require in increased revenue? Yes. The forecast is based on the known operational cost base. And the reason why we say that, and you could see it on the light blue line on the graph that Jens went through, is that our production kind of cost is as is. We're going to add maybe one or two analysts during the next couple of years. But that's about it, because we have the organization that is needed to support and produce the updates to our clients on intelligence every day. We are going to invest more on the commercial side, including we are building a client, a customer success team, as it's called. And we're going to hire some people there. But otherwise, the structure is as is, and is relatively stable. Then we know more or less due to our low churn and our NRR of 116%, that we basically know the recurring revenue in the forecast, including the license-based price increases. So that's not only the platform increase, but also after that, the year after that, there is a minimum of 3% or the net price index going forward... that is of course applicable then to 25 and onwards. There is an estimate of upsell to existing clients based off the new platform and general upsell. Remember that we went from having one revenue stream to two more, and those two more are the upsell that will come on top of the license fee. Then we are looking into an estimated sales of advisory services, based on the last couple of years average plus some growth. It's not on the advisory services where we are going to see the 30% growth. Then we have a target for new sales to new clients, and obviously after they have been acquired as clients and welcomed into Risk Intelligence, then there is an upsell strategy to follow up to those as well. And then we have estimated partnership revenues, mainly from second half of the year 2024. Right now, the revenue from partnerships is quite low, but we expect that it is going to become more significant during 2024. However, the main basis for reaching a positive EBITDA will be from one to four. And how sure we are about that? Actually, when it comes to recurring revenue, it's actually relatively quite sure because of the elements I mentioned before. While obviously partnership sales is probably the one with the lowest kind of certainty level, we will most likely reach the positive EBITDA in 2024, then it's a question about how big it will be. Perfect. The next question: Do you have estimated revenue impact from the new cruise line product you can share or some numbers for us to do our own calculations? Like, how much do you expect to charge for the features? How many cruise line customers do you have today, and how big is the market or cruise line companies for you? Yeah. Remember that until very recently, until this month, actually, we did not have a dedicated cruise risk product. So the cruise operators that used the system used it on the basis of the general threat assessments for maritime shipping operations. The ports were mainly of no interest to them because they are container ports, oil and gas terminals and similar, which also means that it's a very low figure that we have of the total revenue that came from cruise clients. We have four cruise clients, where two are quite small. They are single ship cruise operators doing very specialized sailing cruises at different parts of the world. We do have in the pipeline a number of the major cruise companies, and we expect some of them to join in as we develop the products and getting more cruise terminals on also in the Caribbean and so on and so forth. The cruise market is finite. As is mentioned here, it's about maybe the total the TAM is 4 million, but the main kind of interesting kind of pitch with this product for shareholders and investors is that the same information, not necessarily the cruise ports, but the same information on the threat areas in the Mediterranean and in the Caribbean, can be used for the luxury leisure clients that I mentioned earlier. So the super and mega yachts is the same areas where they sail with their principals, so their owners. So this means that we can have scalability between the two products and use the same information going forward. And there the TAM is substantially bigger, but it's on the other side of 24. Perfect. The next question here: Why is it in investors' best interest to participate in the Rights Issue and use a great amount of the proceeds to pay back short-term loans, while you at the same time take on a new long-term loan from EIFO? What is the interest rate on this loan, and who is short-term lenders that you are repaying with these proceeds? Is it shareholders and management? As we see it from the board, and management, it is in all shareholders' interest, for the company to reduce short-term debt, both to reduce the fine- refinancing schedule as well as the financial costs. The loan from, Vækstfonden or EIFO, will have a lower interest rate than what, is, on the, on the short-term loans. At the same time, the long-term loans from EIFO will provide additional funding and stability on the debt side for up to six years. Obviously, with the forecasted positive EBITDA, the debt side may be reduced further during this period. So we're not saying that we're going to necessarily have the long-term loans in the full length of the, agreement. All short-term loans have been provided at the arm's length principles from shareholders and top management, as well as from professional investors that are not shareholders. Perfect. And, the next question: In Q4 2022, you explained that the funding of the strategy has taken place partly by two capital increases of about DKK 9.5 million, and in Q2 2023, you explained that you were looking to decrease short-term debt and reduce financial costs.... So why do you find it necessary to raise another DKK 18 million to fund part of the strategy and not just reduce debt, as I understood was the plan? Yeah, maybe the question has been written before our presentations and press releases and our memorandum. Because actually, a large part comes from the short-term loan removal as we've been communicating. And now, as I also just mentioned in the presentation, for the very reasons that I just mentioned above in the previous question. Perfect. We are at the last question here. With the current Rights Issue, can we expect this to be the last capital increase before reaching break-even? Yes. As mentioned in the presentation, and with the positive cash flow from operations during Q4, the funding will be sufficient to support the entire 2025 strategy. However, as I also mentioned earlier, if there are any strategic opportunities that may arise during 2024 and 2025, so that's of a large scale, it may look different, but otherwise we are continuing as per the strategy and with the aims and goals that we have there. And one of those is not to have any further capital increases during the strategy period. Perfect. That was all the questions. So, before we end the webcast, I will hand over the mic to you for some final remarks. Yeah. Thank you for joining us today. I hope that you got a better idea about both the company, our products, and what we are doing to implement the strategy, including the launch of the new platform, more revenue streams, and providing growth, as well as the funding question and the transaction that we are in the midst of. I hope that you will participate in the transaction like I do myself and the management team and the board do, and many other shareholders that have signed up as pre-subscribers. Jens, do you want to add something? You are muted. Jens, you are muted. Yeah. Old habit, I'm mute. No, I would just urge people actually to read the memorandum, because a lot of both the slides that we've been going through here, but a lot of stuff is in there and who's participating in the pre-subscription and so actually it's 70 to 80 pages, but it's good reading. And if you're not convinced today, then I would assure you that you might be reading the memorandum. It's to find it on our homepage and different places as well. It's actually a very good point, because many of the questions that are addressed here, partly in the presentation, but also in the questions, are also to be found in the memorandum. Perfect. That was it for all of us here. So thank you for listening in, and see you at another point. Thank you very much. Yeah, bye.