Good day, welcome to the CD Projekt Group Strategy Update conference call. Today's conference is being recorded. At this time, to turn the conference over to Kiciński, please go ahead, sir. Sir please go ahead. You are now live please go ahead. Adam's talking? Hello. Good afternoon, everyone. Welcome to the conference call dedicated to the CD Projekt Group strategy update. My name is Adam Kiciński, and I'll run this call together with Piotr Nielubowicz and Michał Nowakowski. The video presenting the group strategy update, as well as the strategy presentation, are both available on our corporate website, cdprojekt.com. I hope you had the time to walk through the materials. Let's kick off with a Q&A session. We are ready to take your questions. Thank you. To our phone audience, if you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, that is star one to ask a question, and we'll pause for just a moment to allow everyone an opportunity to signal. We'll take our first question from Omar Sheikh with Morgan Stanley. Hi, everyone. Good evening. I'm going to start off with a couple of easy questions for you. Adam, maybe if you could start with just outlining exactly what you have in the development pipeline. I mean, I noticed from your comments that you're streamlining the process, but I just want to clarify, for example, whether you still plan to release two expansions to Cyberpunk, how many free DLCs you're planning for this year, and whether you plan a multiplayer at some point, and obviously, whether or not you still plan to release a new AAA game, which I've always presumed is going to be The Witcher sequel. That's the first question. Secondly, on Cyberpunk specifically, could you maybe update us on when you expect the game to be fully reinstated on all of the console stores, in particular the PlayStation Store, and where you think you are in the process of fully fixing all of the games, perfecting it after your release of your second patch? Finally, on the capacity headcount of CD Projekt, could you just give us a current number of your developer headcount, where you are today, and where you hope to be, say, on a one-year timeframe and on a three to five year timeframe? Clearly, one of the focuses of your strategy seems to be ensuring you have the capacity to work on more than one project at any one time. It'd just be helpful to get some sense of where you'd like your developer headcount to end up. That's my three questions. Thanks very much. Hello, Omar. Starting from the first one. Well, what we just said in our strategy update, we are changing a bit our policy regarding talking about the future unannounced projects. Following this, we are limiting our discussions about projects which are not announced yet. I can confirm we are working on expansions. Nothing changed here. Regarding online, we are changing our approach. We want to have online in our future games, definitely, but step by step. We are working on specific features, enhancing our single players, but we are not working on releasing the next game, the big online experience. We'll be enhancing our single-player games with online experiences. Maybe I'll pass the second to Michał Nowakowski. Hi, this is Michał Nowakowski. The second question was, if I recall correct, about the comeback to the PSN, right? Regarding this process, we have published several patches. We have just published a really big one yesterday, and we have published several hotfixes and each and every one of them brings us closer to going back to the PSN store. However, the final decision, you have to understand, belongs to Sony. We do believe we closed it in further, but of course, the final call is theirs. Let's wait and see. I'll take the third one, Adam again. Of course, we want to grow our team, especially in tech-related areas. We just announced that we are acquiring studio in Vancouver, our long-term partner, and based on this, we want to grow our Vancouver team. Here in Poland, we are recruiting, and we are looking for some other opportunities, and we are enhancing our cooperation with outsourcers, but it's too early to discuss any numbers, but we have to grow, we want to grow, and that's the goal. It's too early to provide with any precise numbers. Okay, thanks, Adam. Just to follow up on that last point, I think your last strategy plan for the four years up to 2021 was to double the head count of developers. If we're thinking about maybe the next four or five years, would it be to do the same again, or would it be more incremental? Could be the same. Many depends on how we can hire and what kind of M&A opportunities we will approach. As I said, I don't want to provide with any precise number, but could be doubling, as well as previously. Great. Thank you very much. Thank you. Our next question comes from Nick Dempsey with Barclays. Yeah. Hi, it's Nick Dempsey. Just a couple of questions. First of all, if we're not going to get Cyberpunk multiplayer as a new launch, can you give us a rough idea of when we might expect a sizable new slug of revenues to come from CD Projekt? We're simple folk. We have models. We'd love to know whether we have a spike up in our models in 2023, 2024, 2025. Just on the online comments that you've made. Our experience of looking at video games companies, Take-Two Interactive Software, for example, is that what really works with online is PVP multiplayer games. Ubisoft had success there as well. At the moment, Cyberpunk and The Witcher aren't in that category, and I'm not quite sure I can envisage how adding online to the games as they currently are would work well for the community. Can you give us a little bit more color on how you might be able to add online to your franchises without creating, as I thought previously, an entirely new multiplayer game? The third question, you've mentioned adding headcount, you've mentioned sort of parallel development. Can we assume that your costs are going to rise, even versus where they were kind of in 2020 over the next couple of years before we get a new launch? Thank you. I'll start with the first one. As we announced in the strategy, we currently focus on fixing and updating Cyberpunk. We also confirmed the DLCs to be developed and introduced to gamers. As far as Cyberpunk is concerned, we also confirmed the next-gen update for this year. Within The Witcher universe, we plan The Witcher: Monster Slayer mobile game from Spokko, and the next-gen update for this year as well. At the same time, we believe this isn't the right time to discuss specific long-term publishing plans. We are focusing on ongoing large-scale transformation of the studio and our news and future. We do not want to talk about unannounced projects at this time yet for horizon longer than what is to be released this year. I'll take the second one, Adam. Talking about designs of our online ideas, well, the only what we can share is that we'll have different strategy. We are not providing any details how we want to enrich our single-player games. Of course, we have very strong ideas and prototypes, and we are working on this. Actually, we started working on online components over two years ago, and we just continued. The only change is that we continued to work on it, not as a main production line, but as a supportive production line. We believe that our ideas, once they will be revealed, will be very exciting for gamers as an extra experience in our world, which fits our single-player games. One more question about costs of hiring employees. Could you please repeat it or make it more precise? I'm just interested in understanding. We understand roughly where the cost base is in 2020 around the Cyberpunk launch. Will that level of cost be something that we should expect in the next few years with perhaps some of the marketing going away, but offsetting it, hiring more people and doing some of the good things for the studios you've been describing? Most of the marketing that were financed and will be booked into last year's results, I mean, all those related to Cyberpunk launch. This year, we'll have some additional costs of supporting and updating Cyberpunk, but all of the expenditures on developing new projects are capitalized. You will not see this directly in our P&L of this year. They will be capitalized on the time horizon of the development and then depreciated into our P&L upon release of each of the projects. From this perspective, nothing changes comparing to the way we booked and presented expenditures on development. Question? We'll take our next question from Ken Rumph with Jefferies. Hi. Hello, gentlemen. If I could ask a couple of questions. The first one, there's a reference about sort of multi-track development, which you've talked about in the past, that the desire to be doing that and the challenges. You refer to kind of getting ready to be doing that in 2022. Does that imply that you have not been working on, for instance, new games in The Witcher universe with the exception of The Witcher: Monster Slayer? I think certainly people assumed that you'd been doing some work on another game in that universe. Also that frankly, there are people in the organization, concept artists, who can hardly be helping with Cyberpunk at this stage. My second question is to try and clear up, for me at least, maybe for the audience, kind of the online multiplayer question. You seem to be saying that you want to have an online element of the single-player game. Am I understanding that correctly, that you don't propose a multiplayer? I could play the game with Stadia and call that online, but it's somehow a richer experience, but a single-player game online? Or am I misunderstanding that you're planning some kind of social experience, if I call it that? Sorry if I'm misunderstanding, but I'm certainly not clear about quite what you do and don't plan on. Hi, Ken. Adam here. Answering the first question, we are most focused on Cyberpunk, in terms of fixes, in terms of next-gen updates, as we previously planned, that's for sure. Of course, not everyone is on Cyberpunk, we don't want to announce any new projects, that's why we are trying not to talk about anything which is not announced. This is a part of our new policy, not to build too much expectations, but not whole team. I'm talking about AAA development is working on Cyberpunk. There are some other things in the works, we deliberately decided to say that proper parallel development will start next year because we are transforming the studio at the same time. We need some time for new methods for transformation and some more focus still on Cyberpunk. After this, after the first phase of the transformation, because we won't transform the way we work in one year. I believe that after one year, we can sum up where we are, and then we can talk more about how the team is divided into parallel development. Answering the second question is simple. We are referring to multiplayer, so we are not talking about online anything like Stadia. We are talking about some kind of multiplayer, so people playing together. Okay, that's great. Can I ask a follow-up on that point about parallel development? Sure. Does it require new people, new skills to be brought in, or is it something, obviously you intend to recruit, so that will help, but is it, we can't do this until we get people who have certain skills, or is it that we're working on it's a process and new recruits will be part of it, but not a necessary condition kind of? It's not a necessary condition. Of course, we will recruit, we'll build our technical muscles, but it's more about changing the way we work and changing more to Agile, because this is part of our plan, to be much more Agile in terms of methodology, of the framework, how the work is organized. We need some time for this because we haven't tried it yet in big development. Agile was implemented into one development some time ago, and it works great. Now we know that we need some time to reorganize how we work to start in full speed working on two franchises. Okay. We're all about Agile. Thanks. Thank you. Our next question comes from Robert Berg with Berenberg. Yeah. Hi. Just a couple of questions from me. First, as a follow-up actually to, I guess, the previous two sets of questions on online. It feels like you're, maybe putting words in your mouth, taking a less ambitious view on multiplayer for Cyberpunk. I think historically you had the view to put a decent chunk of the Cyberpunk team into that AAA multiplayer game. How should we think about the size of your online team now? If it's smaller, where are you reprioritizing these people? Am I getting the impression you're putting a greater focus than before on getting The Witcher up and running, and maybe taking some resource away from multiplayer, or am I misreading what you're saying here? The second question is, I just want to dig a bit deeper into why you're communicating less about your games. You've mentioned you don't want to talk about the future, that's fair. You want to announce things at a later date. Aside from allowing you to be more Agile, which does make a lot of sense, did you have learnings from where financial expectations got to ahead of the release of Cyberpunk? Is this in any way an attempt to perhaps manage better those expectations going forward? Thanks. I'll start with the first one. We are not less ambitious, actually, in terms of online. It's just a different way of going there. More step-by-step, less like releasing single player. We are reorganizing things around this as well. We have a new approach. We have online and services part, which consists of CD PROJEKT RED and partially GOG as well, and in this unit, we'll have online development. We are changing many things organization-wise to make our work more efficient. We are not providing numbers of how many people is working in what team, but we continue working on those in this project, but in a different approach towards the final ultimate goal, as I said, step by step. We are kind of de-risking the project, but of course, we are not changing our ambitions. Piotr, can you take the second? Definitely we learned on Cyberpunk launch, many things among them, that the project shouldn't be highlighted or shouldn't be announced too early and promoted too early, building expectations when we are not ready to do this. For future big releases, we aim on later initiation of marketing campaign. At the same time, we would prefer to announce all of the upcoming things in annual cycles. That's why we covered this year so precisely, but in case of longer term things, as I mentioned, we plan to reorganize the studio, learn new ways of developing games, being more Agile, and then when the time comes, announce games, release date, and give more guidance that we can reasonably give you today. Just a quick follow-up if I can. In terms of financial guidance, many companies of your size give a guidance or some kind of nudge in the right direction with regards to financials. Are you still just allowing everybody to kind of their own minds at this stage? Is that the plan going forward for the next few years? Giving financial guidance for future periods, and, for now, we have no plans to change the approach. There was never guidance from us and there is nothing like this as for now. Okay. Thank you. Our next question comes from Adrien de Saint Hilaire with Bank of America. Yes. Good evening, everyone. Thanks for the updates. First of all, I know this is a strategy update, not an earnings call. I was wondering if you could update us on the number of units sold for Cyberpunk 2077, since the last number you gave late December, and maybe you could discuss the performance of the game on PC. About a second question back to the strategy. As far as I understand it, you're saying that you can run the development of two AAA games at the same time, but assuming that these come on the same year or could we envision that they are many years apart between those games? Thank you. Hi. I can start with the sales. The last time we gave the sales figures was the PLN 13 million we announced post-launch. Since we haven't posted the results yet, we're not giving any specific updates just yet. We will have to wait for that for the actual moment when we post the results. Thank you. Our next question comes from Vladimir Bespalov with VTB Capital. Hello. Thank you for taking my questions. First, could you elaborate a little bit on what you are saying in your press release? We also perceive the huge potential of both The Witcher and Cyberpunk 2077, and we want to expand their reach to include new areas, media, and content types. What exactly does this mean? What kind of expansion to these new areas are you planning? My second question will be on your planned M&A activities. In particular, what kind of expertise, apart from the headcount, you are going to gain from the M&A activities that you're going to staff up? Are you going to move somewhere beyond, I would say, your core expertise right now, maybe more to mobile games or whatever? Maybe you could provide some color on that as well. Thank you. Hi. Michał Nowakowski again. Regarding the areas where we can expand the brand, we actually did speak about it in the presentation, I believe. It's everything that we understand as part of the larger franchise. A lot of it you can actually see, such as comic books, toys, merchandise, connected with the game. Not only, we also expand going beyond the core game. You've seen that with "Gwent: The Witcher Card Game" in the past. You will see that with the AR game on mobile, "The Witcher: Monster Slayer." These are the announced projects we have within "The Witcher" franchise. Of course, we do plan to go in similar directions with "Cyberpunk 2077" as well. With "Cyberpunk 2077," we also control the movie region. For example, we're working on the anime with Studio Trigger, Japan, and Netflix, "Cyberpunk: Edgerunners," and there's more to be explored there. This is more or less what we meant, a bigger franchise. That is all coming from the main game, that the game is driving everything else, and so on. Sorry, could you remind me the second question? The second question was about the M&As, right? Yeah. What kind of. Yeah. So right now- What kind of expertise you're going to Right now, as is the case with Digital Scapes, we're looking mainly at our technical experts, but we're open to other opportunities within that area. This is the main area of interest for us, I would say, at this very moment. I'll jump on for a second because there was one unanswered question about releases in parallel development. Not revealing any future plans, I can just say that it's much wiser not to accumulate releases in one year. To have development in different phases when you have parallel development. Once one game is released, the second should be somewhere in the middle of development. Would you like to move on to our next question? Yes, please. Thank you. Our next question comes from Matthew Walker with Credit Suisse. Thanks a lot. I hope you can hear me. Questions. The first one is, will you be doing paid DLC in 2022? The second question is, could we get some more clarity on what you mean by online versus multiplayer? You mentioned online playing together. I don't think I'm the only person on the call who is somewhat confused by this definition about online multiplayer. Could you just explain how are you tying this online and what exactly is it? How is it different from multiplayer? I appreciate you don't want to reveal all your plans, but this is a pretty important thing that people have been waiting for quite a long time. I think it's really important to be clear about what you mean on this. Last question is, in terms of units, you don't want to give financial guidance, which I can understand. What would be a reasonable range for number of Cyberpunk 2077 units for 2021? You can frame it as whether you get back on the PlayStation Store or not, but just having some idea about what is feasible in terms of units for Cyberpunk. Those are my three questions. Thanks. Right. Regarding the first one, about the paid DLCs. First of all, there is a distinction for us at least between the DLCs and the expansions. I like to remind about that because DLC is something which is a smaller piece of content, which we have given in the past away for free, within The Witcher 3: Wild Hunt, and that's the plan still for, of course, Cyberpunk as well. When it comes to expansion, which is what the The Witcher 3: Wild Hunt – Blood and Wine and Hearts of Stone was in the past, that is a bigger thing. These are paid, and once we announce something like that for Cyberpunk, it will definitely be paid. I would rather not comment on the timing of that. This is a totally different story. Tying back what we were saying in the presentation, we would like to announce things closer to the actual launch, also for the proper marketing effects. Give us time with that. Yes, if you're talking about the expansions, those will still be paid. These are bigger chunks of codes, bigger chunks of entertainment to be produced for the gamers. I'll take the second, Adam. We are talking about multiplayer, full stop. We are referring to multiplayer elements within our games. First and foremost, we have to be focused to make them fit to our single-player experience. It's too early to talk about monetization, but definitely, we want players to be able to have shared experience, to play together in our future games. In some areas, I would say. Why do you not call that multiplayer then? I'm still confused about why you don't call that multiplayer. Well, actually, we can call it multiplayer. We use it for the same purposes, but maybe we were not too clear, so we can call it multiplayer elements as well. Sorry for that. On the range of units? As the Cyberpunk 2077 sales for this year are concerned, first of all, I believe they will be driven by two major elements that we keep working on. First, patching and updating the game, and this should also result in coming back to the PlayStation Store. Obviously, Sony's decision is much awaited by many gamers, and we believe it may also influence the purchasing decisions of not only those playing on PlayStation, but also on other platforms. This is important to us. The second important milestone is the next-gen edition that we plan for the second half of this year. Since both events are still in front of us and are kind of unprecedented in our history, it's really hard to make a reliable judgment on how the sales will increase after patching, after coming back to Sony, and how gamers will adapt the next-gen update, especially that we are planning to offer the next-gen edition of Cyberpunk for free to all those who already purchased it on the old generation of consoles. This is all in front of us. We believe it will have a significant influence on the sales results, but at the same time, it's really hard to give you an educated guidance on where it will exactly lead us to. Okay. Thank you. Our next question comes from Marcin Nowak with IPOPEMA Securities. We'll move on to our next question with (Sharar) with HSBC. Hi. Thanks for taking my questions. Just on the employee side, do you think it will be difficult to retain employees under the 2020- 2025 employee incentive program, given the high exercise price that's been set up for the market goal and the net profit goals as well from the results element? The second question is just, could you give a bit more of color on how employee morale is at the moment? Has there been a higher employee turnover than expected at this stage, or is employee retention then increasing or decreasing? Hello, Adam here. In terms of the program, well, it's just started, so it's too early to judge, and I truly believe that this is not the main motivation for our teams. We'll see in this regard. Definitely, we want to improve the working conditions. We want to implement new initiatives. Some of them are already in work. We want to be more focused on our teams and to make our environment more friendly. By this, we believe we can retain most of the talent and we can prevent high rotation. Rotation after finishing project is natural. This is another thing. We have to be ready that rotation this year will be probably higher than on average. Same happened after all three Witchers. It's kind of natural state. Thanks. Just to check, do you think that it will be higher than what you would have expected, I guess, the end of the AAA project regarding employee turnover? To be honest, we don't know yet. We've just finished. We'll see by the end of the year. Then we can compare it, for example, to the situation after Witcher 3: Wild Hunt. On the other hand, all those changes we are implementing, we truly believe will be very motivating for the team because we are really changing many things. This strategy update is mostly focused on this because this is a big transformation, the first big transformation in our development history. We were preparing for this before launch. It's not like after launch, we decide, "Let's transform our studios." That was long plan. Now we have even bigger motivation to be a better place to work and be more productive, still being focused on quality studio. I truly hope this is the best way to keep the most talented people here with us. Great. Thanks so much. Our next question comes from Matti Littunen from Bernstein. Good evening. I've got two questions. The first one on adding talent. In the Digital Scapes press release, you mentioned that you see Vancouver as a good foundation for growing a sort of fourth developer team for CD Projekt. Is this in recognition that it might be harder to organically scale the existing three CD PROJEKT RED development teams in Poland, for example, because of the limitations of the local talent pool at this stage or the fact that these are development teams already in that market? The second question is on governance. You mentioned an expanded role for the CTO. Of course, all the changes at the operational level. Are there any other meaningful changes at the top of the organization in, say, reporting roles, changes in how communication works between the different parts of the group? Is there anything to add on that? Finally, could you just give us any color on the role of the supervisory board in formulating this strategy update? Thank you. Regarding Vancouver and our limitations in Poland, definitely Poland can be more difficult to grow organically for us because we are the biggest developer here and the talent pool in Poland, and it's not small. It's a very dynamic market, and we have many developers, but still, in terms of very experienced developers, there are some limitations in Poland. We are bringing people here to Poland, but it's not always possible. Vancouver, to us at least, seems to a great opportunity because talent pool is huge, many experienced developers, and we have very strong foundation. This is our way, to start working with someone, to know each other, to like each other, and then decide to do things together. We same with it with our Wrocław studio three years ago. We started working with external company, we just bought them, and based on them, we built our Wrocław studio. We're kind of repeating the same scenario, and we hope to repeat the same scenario in Vancouver. The second question was? Sorry, just to remember all those questions. Second was about what? Yes, it was on governance. First of all, you mentioned the expanded CTO role. Are there any sort of other notable changes at the top of the organization in addition to that and the sort of operational level changes you mentioned? Then, sort of relating to the supervisory board, could you give any color on their role in formulating this new strategy? Yes, there are some other changes, but they are not announced yet. We are rather trying to empower those who've been with us for some time. We are empowering people who are eager to be leaders of this transformation, but we can't announce things which are not announced yet. In terms of supervisory board, they are part of our discussion board. The board itself is the main constructor of the strategy update. Of course, we are working closely with supervisory boards as well. Very helpful. Thank you. Our next question comes from Tomasz Rodak with BOŚ Brokerage. Yes. Hi. Good afternoon. I'm sorry, I just want to clarify on these online elements. I just want to make sure if I understand it correctly. Does it mean that for now, you don't intend to develop a big standalone multiplayer game based on your universes, which have their own monetization systems, but rather small online expansions, like, I don't know, for example, like a cooperation mode? This is the first question. The second question is related to the first one. Does dropping a big multiplayer mode for now mean that future games, for example, next Witcher game, may come out earlier than you previously planned? Another question is regarding your marketing campaigns, because in the presentation, you said that marketing and PR campaigns will start closer to the actual launch. However, new projects might still be teased early on. I wonder, isn't teasing a part of marketing campaign? What did you mean by this exactly? Could you give an example of a tease? The last question is, could you please describe and specify the Agile ways of games development that you want to adopt since now as compared to what you have been doing until now, and what made you change your development process? All right. I'll take the first two and the last. We are changing our way towards multiplayer, and we want to add, as we said, online elements. I'm not talking DLCs or mods. We are not ready to talk about any details. The major change is that we want to be there step by step, and parallelly, we will, of course, develop big AAAs as well. Online parties, mods, and we'll have two parallel AAA single player development teams and online along with them with a different organization, I would say. Organized in a different way. Multiplayer plus online components will enhance one day our single-player future games. (The next one may come up early, right? No. Sorry. The next one may come up.) Will it accelerate the- The game earlier. It's too early. We're not ready to talk about dates and plans. That's deliberate decision. I know it's hard for everyone, but we are trying to change our approach towards talking about the future. We are more focused on how we work, less focused on our release plans. I'm not going to tease anything about dates. Maybe the last one, and Piotr or Michał will take the third one. I'll take the last one. Agile way. Agile is fairly well described, and it's about having multidisciplinary teams working sprints and delivering things which can be. The progress is tracked by delivering features and having constantly working the same, we can build the game on every stage, seeing the progress, because in our previous development, we had been working in waterfall model. We were preparing many things in silos organization. Some programmers working on one part of the feature. Designers were working on a different part of the same feature. At the fairly late stage, we saw the effect. Here, it's about seeing the effect of our work on every stage of the project. It's Agile. Some call them Scrum. Of course, not everywhere we have to be reasonable, it's about multidisciplinary teams working on features and being able to deliver things which can be judged and seen on working games. Okay. I'll take the tease question. The difference between tease and the proper marketing and PR communication is that tease, looking at the examples from the industry, could be as little as, I don't know, a small trailer with logotype reveal and the announcement that the game is coming. Teeny tiny trailer or maybe even not very obvious sort of mention or a hint that something is coming to leave the audience semi-guessing. The actual way that it's done for each franchise is a technicality and part of the tactics that a given marketing team wants to execute. Giving those examples doesn't mean that I'm saying this is how we're going to do it, right? I'm just giving you examples as you've asked. For example, Skyrim did a tease of Skyrim 6, I think a year ago when they showed that landscape and The Elder Scrolls. Not Skyrim 6, sorry, The Elder Scrolls VI, showing the logotype and that's it. The proper marketing campaign and PR campaign is when we want to go in, show proper footage, start discussing the details of the game mechanics, what a game is about, what's in the game, what is special about the game, and so on. It's the proper feed of the information and the assets is what we consider a proper kickoff of the marketing campaign. That's the part we want to have much shorter. The tease can happen earlier, but the actual marketing campaign, we will have it much shorter and much closer to the actual launch of the game. All right. Okay, thank you. We'll take our next question from Marcin Nowak with IPOPEMA. Once again, we'll move on to our next question from Tomasz Sokołowski with Santander. Hi. I'd like to ask about the expansions to Cyberpunk. Could you confirm that you're working on them and you're going to issue them? I mean, paid expansions. Yeah, that's my question. Hi. Yeah, we've been talking about the fact that there's going to be expansions for Cyberpunk for a while. While we're not giving any details in terms of their names, size, any potential SRP or anything of the kind, yes, we can confirm we're working on them, and they're part of our plans. Okay, thank you. That concludes our question and answer session. I'd like to turn the conference back to our presenters for any additional or closing remarks. Thank you very much. Thank you for being with us. Thank you for the interest in our strategy update. Probably see you on our yearly results on 19th of April. Thank you. Bye-bye. That does conclude today's conference. We thank you for your participation. You may now disconnect.