Hi, good morning. Welcome to Terveystalo's 2020 full year results webcast and conference call. As usual, our CEO, Ville Iho, and our CFO, Ilkka Laurila, will go through the results with the presentation. We'll take questions through the phone lines and from the webcast after the presentations. Without further ado, I'll give over to Ville. Thank you, Kati. Good morning from Helsinki. Happy to go through highlights from our last quarter and also from last financial year. Let's go straight to the main headlines and the numbers from fourth quarter. Our revenue was up with 3.5%. Profitability improved with adjusted EBITDA up by 21.5%, landing at EUR 39.3 million, as well as EPS, of course, followed that one. NPS, which we have been reporting regularly, still at world-class level. We have been improving this one steadily over the last months and also years. eNPS, the employee satisfaction, our people performance or experience is also record high, which is good news going forward. Of course, one big interesting contributing factor to last halves and also quarters result is a number of COVID-19 tests, which landed at 126,000. Looking at that last number, of course, one needs not to sort of downplay it or either overplay that figure. One point to remember with that one is that this doesn't come automatically. This requires a lot of work. We have been sort of underlying agility in our COVID operations throughout the years, this is how it then pays off. Our agility, just a couple of examples off of that one, just as a reminder. We were the first private provider to introduce COVID-19 tests, of course, after that one, we have been able to scale that one to our vast network, the vastest network in Finland. That's of course now contributing nicely to our results. Continuing with the COVID operations and agility needed and related to that one, we also were the first private provider to start vaccinations for COVID-19. We were the first one to vaccinate with the Pfizer vaccination. We were the first private provider to vaccinate with Moderna vaccination. Also first private provider now very recently to start AstraZeneca vaccinations as private provider. Just goes to show that this agility remains a key. We can then tap into that one and scale these new services, COVID-related services, through our very strong network. Looking at our businesses, both corporate and private businesses grew nicely during last quarter. Slight decline in overall numbers for public. That was sort of forecasted already before because of a couple of ending or ended outsourcing contracts. Also in public business, actually the activity was very high. The service sales was high and grew nicely. Staffing business stable. Demand is very high there. We were able to sort of get back to the normal levels with the staffing business. Maybe shortly commenting on public business because it's obviously very interesting related to SOTE. I think very positive outcome from this COVID-19 crisis has been the fact that now public side and private side are cooperating, I would say seamlessly. Barrier to do contracts and barrier to cooperate is lower than it has basically ever been, and that's a very good foundation, strong foundation for that business to grow also in the future regardless of what happens with the SOTE reform. There's always going to be demand which is growing, and demand will always find supply. Now I would say that atmosphere is very positive to that cooperation going forward. A couple of other highlights. Insurance company sales was developing nicely. Wellbeing services also grew nicely and, of course, digital sales, which I will reiterate in later stage. Looking at the full year numbers it's a little bit shame that we just didn't catch up last year's figures. We were not able to quite fill the gap which was in a way dug during second quarter, but a s said, second half and last quarter we had a very nice run and very strong quarters, and now, starting of the year, we can continue from that run rate basis. Some key indicators from our strength looking at some operational figures. Visits, although the revenue was slightly down during last year, visits grew nicely. Visits to physicians grew also. Digital, of course, skyrocketed early on in the crisis, and we have been able to maintain that level. NPS up very strongly. eNPS up and our new quality index, which is blend of different medical indexes is way over our sort of threshold level. As I said, we have started this year from a position of strength. Our customer base has increased, and our network has, in a way, demonstrated its strength. We continue from that base and pick up in demand. We will continue investing our platform. We have been talking about platform model for this last half. Just to remind you that platform model, light asset model, data-driven healthcare paths are in Terveystalo DNA, and it's very nice place to continue investing into digital models, investing into hybrid models, and investing in data-driven models. There's a lot of fuss around digital and hybrid and remote, and of course, it's a big contributor to future healthcare. This is to demonstrate with two examples how we see the digital and remote and how it's going to contribute to our business and how we are building our platform to cater for new type of services. This is an example of a very short care path. It's a sort of typical infection where you typically are good with one appointment, maybe some labs, and then you take it from there. With that one, typically you are talking about chat appointments, and when talking about digital transformation, that's a typical reference. People typically refer to these very simple care paths and appointment types, and that's fine and good. We are doing that one. Our chat volumes, they have skyrocketed, and we can now with very fast convenient way for the customers cater for their needs through digital channels. Going forward in our model even more important is that we will transform more or longer care paths, more demanding care paths to hybrid models. There we are sort of putting steroids into this development with the introduction of these focus units. We are introducing those in three different medical disciplines. This is sort of orthopedics example where you typically would think about surgeries and such very sort of heavy medical services. Even with that one this is a knee injury example. Even with that one bulk of the services, bulk of the delivery, bulk of the touch points can be delivered through digital channels. This is very important. This also allows us to sort of tap into full network strength. We can reach each and every professional through digital channels. We can benefit our customers with the full knowledge of our network and experts and professionals early on. We are not tied into one location to one expert whenever we are taking care of individual customers' need. We are rolling this model out. We are increasing the digital side of these care paths whenever this is convenient for customers, whenever this is convenient for professionals, whenever it increases productivity, we are for digital. These focus units which I mentioned they have now been introduced in three different medical disciplines which I already mentioned. Those are the first ones to go are wellbeing, musculoskeletal, and abdominal diseases, and there's more to follow. This is sort of modern way to organize even demanding healthcare. It's network driven. It's a multidiscipline approach targeting at the true customer needs. It's transformational transition from a local expert-driven model to network-wide best practices model and from physical to hybrid or digital. We see a lot of growth potential in rolling this type of model out. We are of course targeting disciplines where we all in all see growth potential in Finland. Outlook, based on what we have seen and what we have heard. As I said, we are starting this year from a position of strength. We have been talking about agility. We have been talking about different scenarios, basically three different scenarios throughout the year. We had a lockdown scenario. Now we have been living this middle scenario, which is live with COVID scenario, and then there's a normal growth scenario. We are still in this intermediate scenario, live with COVID, but as we have been able to demonstrate through last half, we are comfortable in operating in this environment. Of course, everybody wishes that COVID-19 crisis will pass soon with the vaccinations. For the first half, of course, our expectation is that the scenario is what it has been for the last six months. No major changes there, but as we have shown, we are fine with that one. We have agility to optimize our business with that environment as well. With that one, I will hand over to Ilkka with details and key takeaways from our financial performance. Thank you, Ville. Good morning on my behalf as well. As usual, we will go through some financial numbers and the latest development and the development of the 2020 as well. Starting from our achievement versus our financial targets. For the top line, our updated target since the Capital Markets Day has been that we are targeting at least 5% revenue growth. The last year result, at the end of the whole sort of pandemic year was that -4%. Our profitability target is to achieve 12%- 13% in adjusted EBITDA level. You can see that 2018, we were already almost achieving that. 2019 included that diluting impact from the Attendo acquisition and the sort of the lower margin level of that business. Now, obviously, when we have roughly that 80% of our volume is this fee for service, so-called retail type of healthcare. It means that the operating leverage typically works in both ways, so that especially in a second quarter when we had a lockdown also here in Finland and faced a drastic sort of close down of the operation, that obviously declined the profitability quite considerably. Sort of the operating leverage obviously works on that way as well. Third target is to have that net debt to adjusted EBITDA below 3.5x. The current level at the moment is the 3x. We are well below our financial target. We will take a bit closer look on that at how we have been able to sort of achieve and improve that development as well. Our target is to distribute at minimum 40% of the earnings in dividends. Our board is proposing to the AGM that EUR 0.26 dividend payment in two payments which is about 72% of the net earnings. If we take a bit closer look on the quarterly development, you can actually see on the left-hand side that already last two quarters and especially last quarter, like Ville already explained, we were able to grow in basically all relevant KPIs, in revenue, absolute profitability, and relative profitability as well. As you can see on the right-hand side, you can see that in Q3 and Q4, we also achieved our sort of financial target profitability level, achieving now that 14% EBITDA margin compared to 12% a year ago and 13.7% before the Attendo acquisition back at 2018. Now we are already in a better level before the Attendo acquisition back at 2018. Obviously, it's easy to see here that the second quarter, how exceptional that was in our case and what kind of sort of profitability and top-line development we faced at the time, and therefore sort of the negative operating leverage on that end as well. If you take a look to sort of couple of underlying trends that we have sort of communicated continuously. In this slide, you can see that even though that the top line development has been, let's say, during the last two quarters, that low single digit, the well-being sales has continuously, you could say, grown with the exception of that second quarter of last year. If you would do those arrows also for the years between or the quarters from 2018 to 2019, the same trend has continued. It has in almost every quarter has grown with double-digit numbers and therefore outgrown the rest of the business. Now the revenue of that sort of sales is if you sort of take a corporate and private business in total, it's roughly or a bit more than 10% already of that business. Secondly, we have communicated those digital visits and the trend line you can see there. It's quite obvious that it has grown quite rapidly during the last year and especially since the COVID-19 hit the market. That also links to sort of the P&L structure and some variations there. If the top line in the last quarter was growing to 3.5%, the external services were declining that 0.8%. The reasoning for that is that as the sales mix has changed so that we are now selling more diagnostics compared to sort of appointments that has had an impact for the external services and therefore for the private practitioner payments. On the other hand, we have also communicated that we are heavily investing in digitalization, and we can take a look at that number as well later on. As we all went to sort of remote mode during the second quarter and started to work remotely, that increased the infrastructure expenses for the IT as well. We have launched new digital services and the maintenance impact of those services can be seen then in the P&L structure and therefore the IT expenses has grown at almost 80%. Maybe one more thing to highlight is that obviously the PPE procurement has had a significant impact for the purchase of the material expenses and most likely continue to be so also at least during the following months before we get the vaccinations. From the balance sheet perspective, we are in a quite strong position, especially if you take a look at the sort of the financial indebtedness excluding IFRS 16 impact. We are in that 2.8x EBITDA on our leverage ratio. Our financial liabilities is that close to EUR 326 million excluding IFRS 16. The leverage ratio has developed so that during the last quarter it has, like I said, already come down to 3x EBITDA from that 3.4x EBITDA. One of the main reasons or one reason for that is that we have been continuously able to improve our working capital efficiency as can be seen on the right-hand side and also in this slide so that our DSO has improved from that 32 days a year ago to 13.5 during the last quarter, and our DPO has increased from 15.6 to 53.4 days during the last quarter. That has obviously had a positive impact to our sort of cash flow development. Still on the cash flow, our CapEx development when we listed the company back at 2017, I still remember when the blue column there was roughly EUR 4 million or EUR 5 million. Now it's that roughly EUR 20 million. That tells a story that how much we have invested in tangible assets, meaning digitalization and other sort of IT development and IT infrastructure development of our business. As you can see from the trend from 2018, 2017- 2020, it continues to be so also in the near future, most likely. Roughly a year ago, a bit more than a year ago, we made a refinancing of that roughly EUR 400 million financial package that included sustainability targets, three sustainability targets. This was the first year that we were measured against those targets. We were able to achieve all criteria for those targets and therefore have a sort of also slightly positive impact for the financial expenses going forward by achieving those targets. Financial calendar and AGM in 2021 annual report will be published during the next week, and the Q1 and the rest of the reportings you can see on this slide, and then I think that we have time for the Q&A. Thanks, Ilkka. Do we have any questions from the phone lines? Thank you. If you would like to ask a question over the telephone lines, please press zero one on your telephone keypads to register. Once again, that's zero one on your telephone keypads to register. We have now had our first lines register for questions, and the first line comes from Alex Gibson from Morgan Stanley. Please go ahead. Great. Thank you for taking my questions. I have three. It probably makes sense to go one by one. My first question is, stripping out the COVID-19 testing from your corporate business, it looks like it's declined around maybe 12% even in the quarter and 10% for the full year. Can you give us a bit of an indication of what amount of this lost services in 2020 could be shifted into 2021 from maybe pent-up demand or a delay of servicing? Do you think that there's just unlikely to see any pent-up demand coming back in 2021? That's my first question. Do you want to take? Yeah, if I start commenting on that, Ville can then continue if needed. If you split the corporate business into sort of separate business, there's a preventive business and there is a sickness care. For the preventive business, we have said that it has almost, at the year-end, sort of achieved the normal level. Therefore, in that business, we don't expect to have any major pent-up demand for this year. Even though that some of the health checkups and etcetera was not carried out during the last year, the impact of that is going to be, let's say, rather mild for this year. On the other hand, the sickness care has gone down during the, obviously, because all kind of infections have come down, like we have said. The sort of the pent-up demand related to that is obviously pretty much linked to normalization of the society. You're able to find many funny details if you are digging out the ICD codes. Just as an example, the ear infections are currently down by, say, 72% versus last year. Lung fever is down by 78% versus the last year. That sort of tells a story that all kind of infections are significantly down versus the sort of normal period and normal working life in that sense as well. Therefore, the so-called pent-up demand is mostly related, I would say, in a sort of normalization of the working life as well. As we get people vaccinated, and we will come back to the offices and working places, then we most likely will see the normalization of the corporate business as well. Okay. The only one that I would actually add is that there's basically, as Ilkka said, there's two layers, the second layer, sickness care can be even divided into two. There's these, let's call them short care paths, for example, infection-related appointments, etcetera, which are down radically due to the fact that people are not basically they are socially distancing, etcetera. Then you do have this positive trend from our side, a positive trend in longer care paths. We can use, for example, mental health as an example. There you can see a positive trend, and you can easily sort of say that there's also some pent-up demand in there. Yeah, that's true. Okay. That's very helpful. Just quickly clarification on that. Are you saying are those both the preventative and sickness, are you adjusting for the COVID? They don't include the COVID revenues where you're saying preventative care is back to normal levels and sickness declining. That's excluding COVID. Secondly, if you can, it'd be great if you just give us an approximate split of how much is each business of corporate? Yeah. We were describing sort of the underlying development excluding COVID-19 related services. The split, if you meant what is the split between the preventive and the sickness, it's typically historically been quite close to half and half. Obviously has a variation between the customer groups and between the time periods, but historically, it's been roughly 50/50. Okay. That's great. My second question is just on the EBITDA margin. You've seen a nice improvement, Q3, Q4, I think probably due to the COVID-19 testing. What do you expect for 2021? Should we think that this is going to go back to 2019 levels, or are there other things that have changed in your cost base that think maybe once we get out of the pandemic, we should be thinking your margins are structurally higher? It's obviously really difficult to estimate at this stage because no one really knows when we are able to sort of get out of the pandemic and when we all get vaccinated. Like we have said historically or during the earlier quarters, we haven't yet done any sort of material changes to overall underlying cost structure as such, as t he underlying trends we have described, it's the digitalization, it's the increased demand for the wellbeing services, et cetera. For the cost structure as such, we haven't done any sort of dramatic changes during the COVID-19 pandemic. Yeah, I would basically split this one into two. Of course, this COVID-19 or middle scenario, which I described earlier in the presentation, is where we have now demonstrated that we are able to navigate nicely there and the margins are quite nice as well. For the normalization, we still have the financial targets intact. Basically, that's what we are targeting at, and we have not changed the financial targets for the margins. Okay. This one might be difficult, too, but do you have an EBITDA margin if you excluded COVID-19 testing? Could you provide that? No, that we haven't sort of communicated. Okay. Can you work it out or is it just too mixed services? Yeah, we haven't and basically it includes a lot of allocations and such, so it's really sort of relates to the definition, and that's why we haven't started to communicate it at all. We provide integrated care chains and just to sort of setting EBITDA for separate one service is a bit artificial. Yeah. Makes sense. Last one is just could you give a bit more detail on the impact of the new healthcare reforms that are being proposed and how they impact your services in both private and public sector, and in which ways? Maybe I will start. As I said earlier in the presentation, the public market, regardless of the SOTE discussion in Finland, is very active and ability to cooperate over the sort of fence between these two way of delivering healthcare is lower than it has been, which is very positive for sort of future of our public business. SOTE reform itself, we have, of course, analyzed that one. Maybe the chances are 50/50 if it's now going to materialize. The impact of that SOTE reform in our business is, I would say, it's not material. Will it come or not, the public business sort of future, I would say looks quite promising. Okay. There's nothing specific that whether the way things are being paid for or how they're going to allocate budgets that you think will impact your business? Well, of course, you can speculate how the things will turn. The demand is there, as we have said many times, and demand is actually growing. There's a lot of pent-up demand building on public side. That's in a way can, to a certain extent, already be seen on private side so that people are opting out from the queues to private services. I don't see any drastic change happening even if SOTE comes, the sort of fundamentals of the structure and public's ability to provide services will not change dramatically. Okay. Thank you very much. Maybe to sort of still highlighting its sort of level of importance to us, so far, I would say that we haven't done any preparation for the coming social and healthcare reform, and that sort of explains also its importance to us at the moment. Makes sense. Thanks. Thank you. Next question comes from the line of Sami Sarkamies from Nordea Markets. Please go ahead. The line is open. Hi, thanks. I have three questions. Starting from the private trends in the fourth quarter. You did have 5% growth after 9% in the third quarter. Can you help us to understand why the growth rate was slower? Was it the case of third quarter benefiting from pent-up demand or was kind of the flu season milder in Q4? I would say there's several different sort of levers for that development. One is exactly like you mentioned that in Q3, we faced some pent-up demand clearly, especially in dental and in specialty care in private business. On the other hand, in Q4, which is typically quite strong period for different kind of infections and it's a high flu season, typically, like I said, now all kind of infections were in a very extremely low level. That had a sort of impact for the Q4 development. Also I would say the overall underlying demand is in Q4, especially in December when the sort of the number of the COVID-19 incidents started to increase again, it slightly went down. The private business as such like we have said, it reacts really sort of quickly to COVID-19 situation development. That in a local, if you have a sort of bad local situation in some of the cities, you can clearly see that the demand is declining in that city for the certain period. On the other hand when the situation easens or evens out and starts to stabilize, you can see the pent-up demand coming back and demand increasing in that city. Fluctuation in private business continues to be, I would say, as long as we have the situation, the swings are going to be bigger than in a corporate or in a public segment. It reacts certainly much faster than corporate and public business. Okay, thanks. That's very helpful. Moving on to the public segment. Can you remind us on the revenue headwind from ending outsourcing contracts impacting this year? Do you expect to be able to offset some of this with new contracts? Yes, we have said that during this year the outsourcing we are estimating that at least during the following six months, the revenue will decline as there is some ending outsourcing contracts. On the other hand, there's a sort of tender pipeline ongoing and obviously we don't know what will happen with those tenders. If we are successful in those tenders, we can most likely then see impact of those incoming contracts during the second half of the year. During the first half of the year, we have said that it will decline, but we have also said that it will not decline significantly like we said during 2020. Okay. Finally, on the COVID-19 vaccination programs that have started, could you elaborate on the potential business opportunity for Terveystalo in case you will end up vaccinating your corporate healthcare customers? How much could you get paid per sort of patient and who will be actually paying this? Well, the vaccination rollout for the sort of mass vaccination rollout is still highly speculative at this stage. Of course there's potential since there's a sort of a high push for using occupational health for delivery of sort of working population and then you can sort of estimate the potential from the contracted customers. There's a caveat of this logistics being still unclear and who is leading the operation right now the system is such that municipalities they are the sort of governing the logistics and rollout and of course then it becomes quite sort of a scattered picture there are tens of different ways how to do it and hence even based on that one it's difficult to give sort of a precise estimate. Price point for vaccination is also something that will develop over time. There's a certain Kela compensation that's being sort of anticipated for this one. Most probably that's going to be topped with some of our own. It's going to be a combination of Kela compensation and then sort of our margin. Okay. Can you give us a ballpark range on how much that could be in total per patient? I would say that it's too early to say that one. Of course, we will not vaccinate with negative margins. Okay, thanks. I don't have any further questions. Thank you. Our next question comes from the line of Panu Laitinmäki from Danske Bank. Please go ahead. Your line is open. Yes, thank you. I only have one question left, and it's about the public sector business. When I read the report and listen to your comments, it seems that there is clearly a more positive tone about the kind of outlook than previously. Can you still kind of clarify where is this coming from and what in practice does it mean for you? Are you referring to these tenders that you mentioned that could kind of support the second half outsourcing business, or is this service sales to clarify the queues created by COVID-19? Also related to that, what is your capacity to provide services if there would be a large-scale demand from the public sector? Maybe I will start and then Ilkka will continue. First of all, in our new structure, which basically started from start of the year there's in sort of my thinking and how I lead the company, public business has more independence in creating their own business plan and strategy. We can clearly see that as a sort of a potential growth business going forward. As a sort of practical examples of that, they have already been mentioned here, but as Ilkka said earlier, the pipeline for new outsourcings is actually strong right now. The outsourcing cases there's a variety of them. They can be large or small. The pipeline is getting stronger. The other practical thing that I mentioned already is the fact that really when you look at how public procurement is done, who is calling the shots, who is organizing that one, it's a regional game. With these regional entities, the cooperation capability and willingness is higher than I have seen ever due to this COVID-19 crisis and our strong cooperation with the public sector on that one. These funnels to do business are open and pipeline is there. The third element obviously is that the demand, as we have said many times it will not go away. SOTE reform will not solve basically anything. The system is going to be roughly the same, and whenever there's demand, supply will meet the demand at the end of the day. As to capacity, we do have capacity in our network to increase service sales and of course staffing business that's a capacity-restricted business. Demand is always there. I think our foothold there is strong, and we can further increase the supply and outsourcings then the capacity is basically limitless because then we are taking the resources from public side over. If I still sort of continue on that. Basically what it means is that in outsourcings, what we have said that there's a tender pipeline. At least we are aiming to win some of those cases. Staffing business as such, it's a supply game, like Ville said. The demand is huge. If you are able to build a supply we are successful. The third business, the service sales and the occupational health services, you saw that it was growing close to 40% during the last quarter. That was mainly related to some, let's say COVID-related services, sample taking and that kind of services, and new occupational healthcare contracts for the municipalities. That's something that we've been awaiting, I would say, to have that cooperation with public sector quite a long during the pandemic, and now we are seeing the first signs. That's probably a reason for that positive tonality. On the other hand, to put things in perspective, as you can see this service sales and the occupational health care sales, the volume is EUR 22 million compared to that our well-being sales, it's in the same ballpark. The significance of that is not that huge, even though that we see it quite positively, at least at the moment. When it comes to capacity, it's good to note that outsourcing and staffing business are not operated within our network and therefore it's not so much on a capacity issue. Service sales obviously and occupational health care services is produced within our network and sort of is tied to our capacity, but there is existing capacity like Ville said, because overall underlying demand obviously is not that huge at the moment. Thank you. It was a very good answer. I still have a follow-up, if I may. About the tender pipeline of outsourcing, can you kind of describe what kind of outsourcing are there? Is it more primary healthcare in the municipalities, or is it something like specialized healthcare with the hospital district, or what are those? The primary healthcare outsourcing, that's what we can see as the strongest in the pipeline. Yes. Okay. Thank you. Thank you. Once again, if there are any remaining questions, please press zero one on your telephone keypad to register for any questions. If there are no more questions registered, I hand back to our speakers. Thank you. We have three more questions from the webcast. First from Jefferies, James Vane-Tempest. Given the success with Oma Terveys app, what is the potential to export this IP to other countries and further monetize your digital investments by helping other providers with digital services who may not be as advanced as Terveystalo is currently? That's a great question. We have been in a way thinking about our digital platform with a combination with physical services, and we are talking about hybrid models. We have in a way done one or two test cases where we have analyzed certain new market and what's the fit between our digital offering and that specific market. Certainly there's a potential, but as of today, we don't have plans to roll out digital offering as a sort of independent business to some other market. We are still looking at that being hybrid, and that relates also to markets outside Finland. The Oma Terveys app and digital platform is a sort of huge enabler for scalability of our business model. Thanks. Another question from Anssi Raussi, OP Markets. Could you go through the planned expiries of outsourcing contracts and the financial impact of these contracts in 2021 versus 2020? We actually sort of made a decision not to publish separate outsourcing contracts and municipalities of those that we have anymore. That's why we only sort of providing the overall sort of guideline to top-line development and said that it will decline, like I said, there's ending contracts. It's a portfolio of agreements and obviously some will start and some will end, but we will stick into that business. Thanks. One more question. Can you provide some color on cost pressures, if any, particularly regarding personnel, if there's inflation pressure? When it comes to the personnel expenses, it's good to note that starting from January this year, we are not anymore in Finland have this pension premium discount, which had an impact of EUR 500,000 per month during the last three quarters, if I recall it correctly. That has ended in January 2021. Secondly, I think that there's a sort of already agreed salary increases for the sort of personnel, which is, I think it's close to 2% for this year, and that's the number for the personnel expenses or the salary increase there and the pressure for there. For the doctors, we don't see any sort of specific pressure to sort of increase their sort of payments or salaries. Yes. All in all, quite stable situation, so normal collective agreement increases, but no other inflationary pressures. For the rest of the cost structure, like I said, obviously the protective gear expenses will continue to be on a high level as long as this pandemic will continue and we continue using those. Like I also said before, the IT expenses will continue increase as we have invested on that. As you invest EUR 1, it will have some, say, EUR 0.20 impact to operate and maintain that CapEx item, and therefore, it will continue to increase the operating expenses of the IT-related services and the infrastructure. Great. Thanks. No further questions from the webcast or phone lines, I assume. Thank you everybody for your time and have a good day. Thank you. Thank you.