Good afternoon, and welcome to the webinar of Baltic Horizon Fund. In this webinar, the plan is to give the latest update on the fund, talk about the first half of twenty twenty-four. And as well, more importantly, give insight to the expected events in the second half of twenty twenty-four, and first part of twenty twenty-five. I'm the fund manager, Tarmo Karotam, and please, in case of any questions, add them to the questions section. I have received several questions before. I will try to answer them during the presentation, but in case something is left unanswered, then please repeat the question in the question box. As usually, we start with our strategic ambitions and strategic targets, as achieving these targets, we believe that we are able to bridge the gap between the current market price and the NAV. Yes, the market price is at the low end today, we have recognized it and continue to monitor it. The fund is currently going through a turnaround period, and the NOI is not where it should be, but we are making progress with occupancies, with signing leases, and I will also discuss in more detail about it in the next slides. I think it's continuously important to emphasize that based on what we plan and estimate, then we are moving towards our 18 million EUR NOI goal. The plan is to achieve basically 1.5 million EUR of NOI monthly. We estimate that this month will be 1.4-1.5 million EUR of NOI to be during in the next year, as the tenants that we have signed up are moving into the properties. Our occupancy goal remains at above 90% by end of 2024. There's been a question: is this ambitious enough? Then I think for 2024 it is. However, of course, the occupancy goal is 100% eventually. This is clearly in our internal discussions, and I can also confirm that, in this webinar, that 90% is, of course, not satisfactory for us. Well, how we define occupancy is tenants that are in our properties, that are paying rent, but also tenants who have signed lease agreements, not LOIs, not other agreements, but lease agreements, taking financial and other commitments to move into the properties, to investing to fit out. So this is included in the occupancy percentage, just to clarify. When it comes to the LTV target of 50% and lower, this can be achieved by reducing debt overall in the portfolio and improving valuations. And we believe that, despite some devaluations now in midyear, we will recover some of those values by year-end, and definitely keep this as a target, and find various ways how to achieve it. We want to have continuously our portfolio certified. We have currently 100% certification, and we continue to renew it regularly. We still focus on disposing non-strategic assets, even though the market is quite shallow today, and we have certain discussions ongoing. And when commercial conditions are acceptable for both sides, then we plan to consider those actions as well. Last but not least, we want to keep our sustainability benchmark at least four stars. The maximum is five, and working towards a maximum target as well. I prepared this slide to perhaps give more of a summarized view of the activities in the fund over the past four quarters. These are average numbers in many cases, but I think it shows a bit of the trend that, whatever, for example, in occupancy, we were quite at a low level on an average basis, meaning that on a monthly basis, there are some tenants coming in, some tenants moving out, but gradually, the average occupancy has been increasing, and I will have a separate slide on the occupancy a bit later on. Average rent we've been able to keep stable, but of course it's negotiations that are taking place and have been taking effect, so many leases are above the average, but there are some also leases which are below the average but we keep it definitely a goal to achieve normal commercial terms for us, meaning that not renting out premises at big discounts. The main discussions with the tenants have been the fit-out expenses and who covers those. In many cases it's the tenant who covers, in some cases the landlord also partially covers, but I think keeping the average rent in the current market stable is also good. However, the aim is to sign lease agreements that contribute to the increase of average rent in the future. The NOI of the quarter we had the lowest point in the last quarters, and also end of last year, but are now recovering. Our NOI over the past months have been around 1.1 million EUR. As you know, or as I mentioned, the target is 1.4-1.5 million EUR. We still have some vacancies in the properties and have certain also agreements with step-up rents. So, we continue to believe that by latest by 2027 we are able to achieve our targets. The debt outstanding has been fluctuating over the past quarters because at certain moments when we have refinanced the bond, we have taken a cheaper debt on board. So at these given moments, let's say, double debt has been recorded. However, by 2024 July, we have also fully repaid back the bond as a part of the first tranche. So of the EUR 42 million, EUR 20 million has been paid back, EUR 22 million remains outstanding. We continue to monitor this very closely, have a plan to reduce the debt for debt outstanding going forward, and of course, focusing on reducing the most expensive debt. Average cost of debt has been increasing. It is also partly because of the debt that we have had in the balance sheet to pay down the bond, so more than in normal circumstances. Euribor has continued to show downward trend slowly, so this is also to show that hopefully the Euribor level will continue to decrease, and when it comes to the LTV, then it is been mainly affected lately by valuations. It has slightly increased and are above 60% over the past quarters, but as I will show also in the next slide, we do expect some improvements there by year-end. As I think is quite understandable, that one thing is the operations of the fund, considering the low occupancy and cost of debt, but there has been a need for fit-outs. And here, I've summarized as well the amount of fit-outs that have been needed for our CapEx that have been needed for our properties, mostly that have been fit-outs for new tenants. Of course, the contribution from the tenant side has been a much larger amount than this one. When we negotiate with tenants, we try to find a good balance between rental level and fit-out contribution from the landlord side. So I think so far, we have kept the fit-out levels at an optimal level. But going forward, we do need still to plan certain fit-outs for the remaining occupancies. And we continue to look and search for reasonable financing sources for that. I would like to take a bit more time now on describing the Modern City Life strategy that we have announced several times. We have went through it several times in the presentations, and I think a summary slide is relevant here to once again go through what do we see as a long-term strategy for Baltic Horizon Fund, and what does Modern City Life strategy actually entail? I think to start off with, we do believe in central locations, and despite the COVID and some, let's say, deficiencies in tourism, we believe that central locations will always be popular. When we look at, you know, regionally and globally, the capital cities of the world, then there's always been value growth on a long-term basis and also footfall on a long-term basis in the centrally located areas. More and more, as you know, the trends are around how to make transportation more pedestrian friendly. Are there enough public transport routes available? And we believe, you know, in central locations, that is always a topic that is there, that is improved, that is being developed constantly to help people to visit the central locations, central cities, central part of the cities, for local citizens, but also for tourists. In addition to a car and public transport, walkability and bikability, I think, is a key word. If you look at Generation Z, then many times that's what they prefer. When we look at what's happening with the development of the capital cities in the Baltics, then this is definitely something that the current heads of the cities are considering and planning how to make the transportation and accessibility more diverse. We, with our properties, want to be in the heart of these changes. Absolutely, a key word is mixed-use communities, mixed-use properties in the portfolio, and especially in the central located properties to have multipurpose spaces. We have Europa, we have Galerija, we have Postimaja, where we have some fashion, we have fitness, we have entertainment, we have food, and we also hope to and working towards to have some working spaces as well. So the trend is definitely in the, you know, work-live integration. People are multitasking more and more, are more flexible when working, when doing their daily chores. We want to be there with our properties to offer those premises and services that are needed for these modern pedestrians, modern citizens, modern tourists. When it comes to, again, sustainability, here I can emphasize the green leases. We're not at 100% yet of all leases, including green clauses, but we're getting very close. Green clauses in the lease agreements help to manage and maintain also utilities in proper order and also focus on having good and healthy environments. People are more conscious by knowing that they need to abide by certain principles, and that is, I think, has been an important element in the work done over the past years with our tenants. And more and more health and wellness facilities such as fitness and clinics will be and has become and will be also bigger part of in our portfolio. And I will explain that a bit more in the coming slides. When it comes to the investment potential, and this is the income side, mainly, is we want to achieve with full occupancy a rental yield of 7%, at least 7%. We see the potential is there, and when looking into the future, then that's the target we will on average have for the coming years and in terms of value potential through indexation and asset management capabilities, then I think 3% is definitely a good target to have in increasing and improving the property values on a long-term basis. Now, we have also discussed that Modern City Life strategy can apply mostly to city centers, but it can also apply to certain properties which are in the neighborhoods and in B-class locations, so we continue to work on our office buildings. For example, in Upmalas, we have introduced also a kindergarten, a gym where the police is, and continue to improve the food offering there. So in these are sort of mini versions of Modern City Life. And in addition to that, we aim to diversify our portfolio with long-term governmental tenants. We have several of them in the portfolio, as also seen in the next slide. So this is the current list of our top tenants. Rimi, as a grocery store in several properties. Second tenant is Latvia's State Forests, which we have good relations with and have voiced that they would like to be in the property for a long period of time. Apollo Entertainment Group, with the cinema and bookstores and restaurants in Coca-Cola Plaza, has become a key tenant for us and is currently moving in and fitting out their ground floor premises. Latvian Police, with a long-term lease agreement, currently refurbishing their premises. Also, Lithuanian Tax Agency. Then, a strong company, Narbutas, who is moving into Meraki property, a international furniture manufacturer, a very well-standing company. MyFitness, to complete the mix. Swedbank, IKI, and State Information System Authority, also to name as key anchor tenants in the portfolio today. I think with Swedbank, I can mention that they will be in our property Lincona until end of next year, and but they have said that they will move into the new headquarters in end of 2025, early 2026. Now, the rest of the tenants, we expect to stay in our properties on a long-term basis for at least five years, many of them 10 years, and hopefully longer. Now, when it comes to the segment and country allocation, I think we're at the limit with Latvia's allocation. We definitely would not like to see a larger allocation to Latvia at the moment. But overall, I think we're quite satisfied with our mix. Retail can be considered as well as more as mixed use, because most of the retail allocation is our top centrally located assets. And we believe in the potential of those. And offices are mostly made up of properties that either have governmental tenants or other tenants from the market. Going straight into the... I think the most important element of our work today is getting our vacancies filled out. I think the biggest impact of the last quarter to the occupancy was the LNK lease termination in S27 in LNK property. The lease agreement was finally terminated. We are having discussions on leasing out S27 now in the coming periods. We have had several other negotiations and new leases signed actually in July and August, which are after the reporting period. With newly signed leases and the LOIs, letters of intent, today the expected occupancy is at 84.7%. This is just to show as well that the occupancy figure on a monthly basis may be fluctuating. But what we see and we continue to believe that we are showing an increasing trend. As well, we believe that at least 90% occupancy of portfolio is achievable by this year. Not all of these tenants are moving in this year, but they will be moving in definitely during the year of 2025, during the six to nine months of next year. So there's a lot of work to renew also current tenants. So several leases, approximately 30, have been prolonged. And also during this year, 24 new tenants have been attracted to the properties. As well, the key names that we can announce as of today are written here and repeated. The main activity of signing new anchors were in the spring. Now, also now expected in August and September will be the new wave. When we look at the period from October last year, when we considered our occupancy to be the lowest, then we have still increased the occupancy as of end of July by 6,000 square meters in total. Now, I have put together this slide because many things have happened after the reporting period of end of June, and it was also mentioned in a quarter report that if we have signed all the LOIs or converted them into lease agreements, then we have the expected occupancy to be already at 84.7%. And here I would just like to go through property by property to explain a bit more of the activities and the tenant movements in these properties. So, as of... In Lincona, we had our top tenant there, Information System Authority, expanding. And now the works have started, and the additional lease agreement has been signed with them. So they are expanding and taking additional floor. So the occupancy of the portfolio, according to signed lease agreements, is at around 88%. So the tenant will start paying rent when they've actually moved in now in the coming several weeks. But at the moment, we have recorded an increase in occupancy in Lincona. We continue to search for tenants for the remaining vacancy also in Lincona, especially on the second floor and on the ground floor there. Sky, no major changes over the past quarter. Some tenants have been replaced, a couple of very small tenants have been actually replaced, but overall, the occupancy has remained at the maximum level. In the cinema building, since we have signed new leases now with Apollo, we have some premises in the minus one level, when it comes to storages and dressing rooms, and some office premises also in a top floor, that we have identified could be rented out. These discussions are ongoing currently. So we hope to achieve the renting out of these small premises also by during this year, around 589 square meters. In Europa, the decrease in occupancy has mainly been because of the change of tenants there. There's been also a question that what exactly will happen on the ground floor of Europa, and we have opened the Dialogai Food Hall and we see the demand for additional premises, additional food outlets and refurbishment has been in the process. So all the ground floor facing Konstitucijos Avenue, that side, will be converted into a restaurant space with terraces as well, opened up to the Konstitucijos side. We have signed the leases and LOIs. Expected completion is this autumn, and that's where we also see the occupancy starting to increase in Europa when the tenants have moved into the premises, which are currently vacant because of the fit-out works. There are two anchor lease agreements in the negotiations as well in Europa. So if we sign those, then estimated occupancy of Europa will reach 98%. In Upmalas Biroji, currently the anchor tenant there is police and some other smaller office tenants, but we have a kindergarten now moving in and also the gym, and have one negotiation for about 1,500 square meters of office space in Upmalas. So these are under this negotiations column. These are active discussions and that we currently have. So we aim to reach by signing those tenants up an occupancy of above 80% in Upmalas in this coming period. In Tirgoņu, we have leased out some smaller vacancies. It remains to be well-performing property, actually, and is close to 100% let out, so only a small some small premises on the ground floor remain currently vacant. When it comes to now the third let's say property which needs our major focus is S27. LNK has moved out. So we have signed also an LOI with a new tenant cannot be announced yet but we are moving towards lease agreement negotiations. So we have belief that the lease agreement can be signed. The goal is to sign it during the third quarter. And there is potential also to lease out the whole property by year-end. That's all I can maybe say at this point about S27, but there's definitely movement. Vainodes 1 and Postimaja remain fully let. Then the focus is on Galerija Centrs. Currently, the premises that are vacant are part of the third floor and part of the fourth floor. We are in discussions with two tenants. One would each take one floor. If we sign those lease agreements, then the occupancy that we will reach is 95%. There is a lot of events currently happening, and sort of very, let's say, clear discussions ongoing in these properties. Clearly, the goal is to rent out the vacancy as soon as possible and at best commercial terms. It is always a discussion on the rent level versus fit-out, and who will cover the fit-out, and so forth. In many cases, the tenants are willing to cover part of the fit-out, in some cases, even the full fit-out. But in some cases, we also see more reasonable for us to cover the fit-out expenses in order to achieve optimal rental conditions. But again, these events give us belief that 90% plus occupancy by year-end is achievable, and that we're moving towards the target of 1.4-1.5 million EUR of net rental income when all tenants are moved in, in order to achieve the 18 million EUR of NOI. Coming back to the second quarter results. So, overall, in retail, the rental levels like for like improved in office and in the cinema property, it worsened because, mainly because of the vacancies, in especially in S27, and because Apollo is still moving into the or fitting out the premises and currently not yet paying rent. We do expect these numbers to improve in the coming quarters, and this is part of the reasons also that we had our valuations reviewed, but I have a separate slide for that, so the balance sheet of the fund remains intact. Yes, LTV is around 61% today, despite that we have been decreasing the debt amount, but the aim is to improve valuations by year-end. We have paid the bond of EUR 20 million now fully back to the investors. We have refinanced Meraki with a bank loan, use those proceeds to pay down the bond and also to finance some of the fit-outs in Meraki, especially as tenants are moving in. A separate slide on valuations. So just to explain the reasons why our valuer considered, in some cases, an increase, in some cases, a decrease. In Lithuania and Estonia, the valuations remained relatively stable. In many cases, in Latvia, especially, the WACC, the discount rate was increased. There are not too many transactions in the market, so but our valuers need to benchmark their valuations on something. And as well, because of some of the vacancies in Latvian properties, the valuations were affected. As well, we continue to invest into the fit-outs of the properties and evaluators have explained that their methodology includes, you know, discounted cash flow method, where CapEx and fit-out expenses are considered, so in case these fit-outs are completed, they expect the values to recover by those amounts, and due to current market conditions, they have also indicated that certain things such as expansion potentials cannot be considered. Yes, we have discussed these things quite thoroughly with evaluators and have found finally a consensus. But overall, I think, you know, we continue to recover the value by year and by getting the properties filled out and as well prove to evaluators that we can sign certain leases at higher rental levels than the evaluators have currently assumed from a conservative perspective. Exit deals have also been in many cases increased, which has affected the valuation. So our work continues to be on the tenants, on the lease agreements, and that's something that we can best control. Let's see if the market shows some more transactions now in the coming months. Probably it will. We continue to discuss this with evaluators as well during the coming months and especially when the final official valuations are coming out at the year-end. Now, moving on to the debt side. Currently, we have fulfilled or we have so far just continued to fulfill all the obligations in front of our debt holders and prolonged many of our loans, including as well Galerija. It was not prolonged at the end of the 30th of June, but we are in good discussions with our debt holders. When it comes to the bond, then yes, the 8 million EUR bond is not there anymore. It has been refinanced with a Meraki loan, which is currently not in this list, but overall, yeah, we continue to look for ways how to reduce our debt burden, and especially when it comes to the most expensive debt that we have. Our hedges are expiring during this year, and some of the caps we still have until next year by 2025. We are looking again into the market whether new hedges would be reasonable to assume in order to immediately improve our debt cash flow debt debt service coverage ratios and our cost of debt, so that, I think, has been a change compared to the last quarters. We're evaluating the reasonability of this. So, overall, yes, the cost of debt is high, and it can remain high only for a limited period of time, and we have a plan how to reduce the debt, and at the same time, improving the income of the fund also helps greatly. So as a summary, these are the simple and clear goals that we have for us to improve the cash flows of the fund, and currently, we are in a challenging moment, where our income has not yet picked up. It's around 1.1 million EUR. In terms of NOI, many of our tenants, including Narbutas and Apollo, and several other tenants, are expected to move in over the next three to six, and let's say six to twelve months. So, we expect, and I think it's also a reasonable expectation of the investors, that the NOI will continue to slightly and gradually increase now over the coming quarters. Now, we have discussed the situation and the plans with the investor base and, for us to quickly increase the occupancy, then we have discussed that it would be reasonable to approach investors for a capital injection. We have received on the sixth of August the general meeting and approval in order to move forward with the idea. The management currently has the mandate to increase slightly the capital base of the fund. What I can say is that if we complete the private placement successfully, then we are confident that we will reach our goals by next year, including all the fit outs completed as well, lowering the cost of debt and the debt amount. At the same time, we are also refinancing still some of our bank loans at more optimal terms. Again, in order to have better amortization schedules and in order to reduce some amortizations or potentially also the bond further. So this is definitely also under discussions. And I think last but not least, we are in a market to sell potentially one or two of our non-strategic assets. So these discussions are also ongoing. So the key focus right now is definitely on cash flows, as one can imagine, on getting the tenants in into the properties and improving terms with our debt holders. So I think the work is definitely cut out for us. In our estimations and our sort of view, the DSCR of one point two in the coming periods is definitely achievable, and by when we have completed you know these previous actions. So let me see if I have questions here. I have a question here, actually three questions. First question is that, do we consider issuing new shares at a discount to be in the best interest of the existing unitholders? So, we have analyzed that from many perspectives, and at this point, in order for us to really be in a strong position going forward, then a small capital increase is important, in order for us to execute the plans that we currently can execute with tenants, without too much, let's say, stress or financial burden. We believe it is in the long-term interest of the unitholders, and to take the fund into a stronger position when it comes to the balance sheet, reduce also the perceived risk. I think that currently still is among our unitholders about the future of Baltic Horizon. Considering all the options that we have, yes, I think the answer to that question is yes. Can you confirm... The question is, can you confirm that based on the management estimates, the NAV reflects fairly the value of fund's net assets? That's a good question. I believe that if one would sell all the properties in today's market, then probably the valuations are more or less reflecting the market or the prices that can be obtained. Of course, real life can be plus, minus, but I think, considering the discount rates that are being applied and the exit deals currently, then that's probably what the investors are looking for when investing into new properties. Whether we believe that's the long-term value of the portfolio, then it is a function of, of course, discount rates and occupancies and the rental levels. I think we believe that in terms of valuations, there is more upside than downside potential, considering the current, the latest valuations, now that happened during the mid of the year. There is a question on management fees on the fund, and we've received that question several times, and this is an ongoing discussion as well within the management company. The management fees are currently calculated as 90% of the NAV. Yes, the NAV has reduced, and so has also the management fee by approximately 30-40% compared to 2019. Further, I think discussions are happening, so I cannot give you more of an answer today, but other than that, we're looking at what is the best solution for the management company and for the investors, considering the current market environment and, as well, where the fund is in the current stage. So I think that's the answer I can give at the moment. Then there is a question on Meraki occupancy and why it decreased by a certain percentage in Q2. The answer there is that one tenant that moved in into the property as one of the first ones actually went into insolvency. So one tenant had to be replaced. Currently, another tenant is moving into the fitted-out premises. So, that's the reason why Meraki occupancy fell slightly in the last quarter. So the market is, in that sense, turbulent, maybe not the right word, but it's still dynamic that, you know, new tenants are coming in, but there are tenants that either for some reason are reducing their business or are having difficulties. So, we continue to work with these tenants and then find replacements as soon as possible. Then there is a question about prolonging our debt still this year. So, when it comes to Galerija loan, that has been prolonged already. When it comes to LNK S27 and Vainodes loans, then these discussions are ongoing. With SEB Bank, we have good relations, and we expect to also prolong them. Of course, the bank is monitoring the process quite closely. With Vainodes, as with the long-term tenant of Latvia's State Forests, you know, it will be prolonged quite as a regular process. We expect that this to happen. In S27, as I mentioned, there are some movements there, and we believe that if when we have signed a new lease agreement for that property, then we will be able to prolong also the S27 loan as per our plans. Then there's a question on the private placement timing, and, as announced, also previously, we have a mandate to consider completing this private placement during 2024. Assuming that, of course, we have interest from the investors, and we believe, as I said previously, that when accomplishing this small private placement, the fund will have a considerably stronger balance sheet to go through these plans that we currently have and execute them as soon as possible in order to increase the NOI of the property and the overall financial performance and cash flows of the operations. I think, as we have mentioned, this is a private placement, so it goes under certain rules. Interested investors have been contacting us and are welcome to contact us. We will probably make a more specific announcement when we are closer to the actual transaction. And we expect this to take place during the autumn. So, there's not many months left now in 2024. But I think the final schedule will be agreed with the investors interested. As I mentioned, you know, welcome to have any kind of discussions around that, in case there is any interest from the investors to participate. And yes, once more, let me confirm that in the occupancy figure we include signed leases. But many of these tenants are moving in over the next, let's say, 3-12-month period. So we expect income to kick in in the coming months, especially at year-end, and beginning of next year, and also early spring next year. It's just how sometimes it works, that the fit-out works take time. Planning takes time, especially like in Apollo's case, the lease is 10 years. And they want to do it right. They want to have the proper design, proper fit-out, and it takes a bit of time until they're able to move in. So it's not all the time the cases like this, that the tenants only start paying when they move in. There are cases when, you know, tenants are already paying, and they haven't been able to move in. But, but yes, that's what we expect for the next six to 12 months. Then there's a question on how do we structure our rent reductions? We don't make any rent reductions currently. Well, well, not, not, not as, as we used to, you know, or, or we had to, you know, during COVID periods, to give some relief, you know, for, for, for, for the tenants, you know, sir, that were, that were affected by lockdowns. So, I think our approach to any kind of discussions is that always the utilities expenses have to be covered, and as well, all kinds of debt has to be covered before we can discuss any kind of temporary support or reductions in rent. And, our approach has been that even in case we do offer some kind of solution or some temporary reduction, we always want to get something in return. Either it's a lease agreement prolongation or a premature pre-termination right. So that if we don't believe in a long-term business of this tenant ourselves, we will find a new tenant for the premises. Maybe, hopefully, that answers this question. The question comes up, are we selling currently any of our assets? We have considered and have had some discussions we continue to have, I think, throughout the discussions to potentially sell some of our non-strategic assets, but achieving terms that are acceptable for both parties has been, I think, a bit difficult. We're not selling anything, you know, at unreasonable levels or you know, we're not here to make any fire sales, and there's also been a question that, you know, why don't you liquidate the whole portfolio then? You know, I think in today's market, that will be a fire sale at property prices, which I think are not reflecting the long-term value of these properties. Especially considering that I think beginning of this year and probably this year will be or as currently expected to be the low point of the market. Plus, you know, selling a portfolio entails all kinds of costs. It entails also time, so it will take several years, actually, probably, to exit the portfolio of this size. And that's not in our plans. And as I said, we don't believe that selling at NAV today or close to NAV today is-... is the long-term value of what we can achieve this portfolio over the next. I'd say three to five years. That's what we believe in. There's a question on Meraki, and yes. Meraki, we have refinanced Meraki with a bank loan, and we used, you know, most of those proceeds to pay down the remainder of the bond. But also we have financing for Meraki fit out from the new mortgage holder, new bank, who is financing Meraki. We look for ways how to refinance some of our loans as well, in case we can achieve better terms, continuously, as this is one thing that we can do as fund management company. And no, there has been no proposal to buy all the assets of the fund, so over the past years, yes, we have been approached on a selective basis to buy certain assets, but at price levels, we don't believe it's reasonable sell at the moment. And that's especially when we see potentially in filling in our properties with new tenants, long-term tenants. So and this is what we continuously aim to prove for the market, for the investors, and for ourselves as management company, as also a long-term investor in the fund, me personally, including, so that's what we believe today. Okay, thank you for the questions. So hopefully this was informative. We continue our work, and we aim to keep you informed and deliver improved results now in the coming quarters, and I hope I have explained it in these terms what to be expected over the next quarters. So stay tuned, and in case of any question, any other discussions or interest, please contact us directly. Thank you once again, have a good weekend.