This has been an actual presentation of last year in the PGNiG Capital Group. Hello and welcome to all of you. This is the financial results 2021 presentation. With us, we have Paweł Majewski, the President of Board at PGNiG, and Przemysław Wacławski, Financial Director. Safety and security is on everybody's lips today. Therefore, today's presentation is going to start with focus on safety and security. Paweł Majewski will be the first person to speak, and he's going to focus on safety and security in crisis times, and then he'll proceed with financial results of the company. Details will then be discussed by Przemysław Wacławski, Deputy President of Board for Finance. Good morning, ladies and gentlemen. When we met at the previous, last year's results conference of PGNiG, we were most worried about the pandemic. Therefore, we had the virtual meeting. I am thrilled that we can be brought together in a more traditional form. It's so very nice to see you. Almost a year ago, it was the 25th of March when we held our conference. The price of gas was about EUR 18 per MWh at the European stock exchange. Now, it's EUR 118 per MWh. The simple juxtaposition of the two numbers clearly indicates how difficult the last period has been. The difficult situation continues until now. Ladies and gentlemen, it's unquestionable when we raised the argument about Russian manipulation in the gas market. This is what we informed about last year. A Polish saying that we are wise after the damage is no longer a valid one, because well before the damage, we did foresee what would happen. Today, Europe has to bear the responsibilities of the damage, of the manipulation that we mentioned. The Kremlin's activities started a month ago, and it leaves you no doubt. Safety and security are of utmost importance. Energy safety and security in the crisis time is the focal point for all of us. Ladies and gentlemen, we have consequently developed our business in order to provide for safety and security. There's been a number of pillars we based upon. First, our own exploration. We want to maximize the gas. Norwegian Continental Shelf activities served this purpose. Last year, we doubled the number of licenses in Norway. First and foremost, we bought the INEOS E&P assets. INEOS Exploration and Production is the one that operates in Norwegian Shelf. It was 21 licenses that were purchased last year. We are quite successful in the license rounds organized by Norwegian government. This produced four licenses last year and extra four this year. This resulted in incremental production in Norway. It was less than 0.5 Billion m³ in the previous year. Last year, it was 1.5 billion m³. According to this year's forecast, this will be 2.5 billion m³ a year. It's worth mentioning that according to today's status quo, forecast 4 billion m³ from our licenses in Norway in 2027 in the peak production. We also maximize the national production. In order to keep the stable production level, we make use of cutting-edge technologies. You are familiar with the Smart Field project that serves the purpose. Last year, 24 new wells were brought on stream. There is 2,000 wells in production in Poland. Therefore, the production of 4 billion m³ retains a stable position. The PGNiG assets were 88 billion m³ of natural gas. It was the amount of gas. According to our reserves and calculations deposits to be extracted, we utilized cutting-edge digital technologies within the scope of Smart Field program. Therefore, we increased 11 billion m³ of production, which accounts for 12% increase. Let me mention the fact that there was a global production increase by almost 10%, reaching 330 billion m³ a year. There was yet another very important pillar that resulted in higher safety and security, namely the gas accumulation facilities. Such facilities' importance has been clearly demonstrated during the gas crisis, something that we experienced last year. We keep expanding underground storage capacity. In the last decade, we have doubled the capacity from 1.6-1.7 billion m³ of capacity back in 2010 up to 3.24 billion m³ last year. Last year, we made B Cluster operational. This is underground storage in Kosakowo, composed of 5 cavities, 50 million m³ storage capacity. Before the winter season started, PGNiG had the maximum capacity in storage facilities in order to safeguard our position in response to the demand. In other countries, it was well below the multi-annual average. It was the result of Gazprom activities. Gazprom emptied their storage facilities in European countries. I'm sorry to say that some of European countries have released their capacities to be controlled by Gazprom daughter companies, and we can see the consequences. In the consecutive months of wintertime, the differences between Poland's and other countries' storage capacity have increased even further. European Commission post the Russian aggression has seen the importance of storage facility and who is the owner and the operator of storage facility, as well as how storage facilities are used. We wanted to provide safety and security in gas supply this year, getting ready for the upcoming winter season. 90% of the storage capacity before the wintertime has been promoted. This should be ready somewhere in November. This is something we have done for quite some time. We even exceeded this level last year. Having noticed the situation, we started this operation much further. On the day of Russian invasions into Ukraine, we resolved that we would start pumping into the storage facilities as soon as possible. According to yesterday's data, it's 62% of maximum capacity of storage facility. It is not a standard operation, but we decided to do so because we need to provide for secure gas supply. We wanted to stock up this storage facility well before the season starts. Yet another very important pillar of safety and security, LNG. This is one of the most important aspects of diversification. We make the most of Lech Kaczyński's terminal located in Świnoujście. The terminal's capacity is 6.2 billion m³ a year, which is 1 billion more compared to the previous year's situation. We try to make the best use of the maximum capacities and regasification capacities. We use all the slots, so delivery windows, as they call it, whenever possible. What needs highlighting is the fact that March sees five deliveries, four of them in spot delivery mode. They all go to Świnoujście-based terminal. The recent months' events, well, but we need to think what happened before that, only indicate how important it is to have access to competitive market of LNGs. Liquefied natural gas will be one of the pillars to develop gas independence in Europe. According to the latest announcements of the European Commission, they intend to base diversification of supplies on LNG, seeing the threat of overdependence of one eastern supplier. We have been a frontrunner in this respect, too. Ladies and gentlemen, at the beginning of May, Klaipėda Terminal will see the first bunker calling in. It will be LNG-loaded. The pipe infrastructure, Polish-Lithuania pipe, has been built so that this gas will be directed into the Polish market. This is yet another example of how we should diversify. Our LNG portfolio has got free on board format, so this is us who decides where the liquid, liquefied natural gas will be transported to, the LNG that we buy from our partners. There's been the first info that we'll be chartering tankers so that we can decide where the gas is directed to. We informed you about this last year. We decided to charter two tankers. They are being built at the moment. They'll be operational in 2023, and we have resolved to charter two more that will be available in 2024. Having seen the latest developments and the importance of LNG supply for Europe resulted in a decision to charter three existing tankers immediately. These are not built for purpose. These are the ones that are already operational. Two of them will be available for us this half year, and the third one in the consecutive half year, but still in 2022. Ladies and gentlemen, on top of diversification and the gas portfolio expansion with the objective of becoming independent of Russian import, we have also undertaken a plethora of activities for safety and security of natural gas market in Europe, too. The basic activities of supranational character, which also aid the development of Poland's and region's security development are our ongoing attempts to make Nord Stream two subject to European regulations for transparency and competitive rules of the market and the market players that use the infrastructure. Nord Stream two, we can say, is a dead project at the moment. It wouldn't have happened so if it had been resisted well before. These have been Polish governments and Polish PGNiG's decisive activities, American sanctions, and the stance of Denmark. Otherwise, it would have become operational last year. Luckily, we prevented that. We partake in the certification of Nord Stream two as Nord Stream two operator. That's one example, but also we are involved in the derogation of the Third Energy Package for Nord Stream two. Let me also mention the win at the court in Stockholm. That was the court of justice concerning the previous PGNiG rejected application. These are examples of our successful activities carried out towards continued dependence of the European market on the Russian gas. Irrespective of those legal actions, it's worth stressing that we also took action in terms of gas security in the region by supplying the first historically non-Russian gas delivery to Moldova. Similarly, we are working together with our partners in Ukraine by providing natural gas for the needs of the Ukrainian market. LNG deliveries from Świnoujście, American LNG, for the Ukrainian market, by way of an example, through ERU, our Ukrainian partner. Ladies and gentlemen, now let us move to the most important reason for which we meet today, that is the presentation of the results of the capital group. Let me stress again that for all companies in the market, gas market in Europe, last year was particularly difficult. Last quarter, when prices of gas surged to so-far maximum levels. These maximum levels were over 500% higher than last year, and that was a complete surprise to the market. Such extreme conditions of operation are, of course, a challenge in terms of liquidity. For many operators in the gas market, PGNiG was prepared for the situation. We had loan contracts with banks, loan agreements with banks that provided additional liquidity in the form of cash. We operated efficiently at the group level. In spite of that difficult situation, thanks to good investment decisions, thanks to fast action and reaction to the changing market environment, we managed to work out particularly good results. We have over PLN 15.5 billion of EBITDA. That's over PLN 2.5 billion more than in the previous year. Mainly this was possible thanks to investment in production. Let me. We'll comment on that in a minute. EBIT standing at PLN 11.5 billion, over PLN 11.5 billion zlotys. That's also over 21% more year-over-year. Net profit was slightly lower. That was PLN 6 billion, mainly due to high taxation in Norway and significantly higher production in that area. Last year, and particularly Q4, was a period of turbulence and changes in the market, in the gas market, and this is why the revenue in the group increased by almost 80% and stood at almost PLN 70 billion for 2021. Also, volume increased in terms of gas by 9% to 34.5 billion m³ in the last twelve months of 2021. Now, the contribution of individual segments are a bit down. There is significant change compared to the previous year. PLN 2.5 billion increase to over PLN 15.5 billion, and a change in proportions in terms of the segment's contribution. The share of generation in EBITDA stood at 7% unlike previously. In terms of Distribution, we were very close to the previous year, 19% compared to 17% in 2020. We've seen a significant shift from Trade and Storage to Exploration and Production. Exploration and Production in 2020 stood at 7% of our EBITDA, and in 2021, it was 87%. This is to a large extent due to the transactions in the INEOS transaction acquisition in Norway. Ladies and gentlemen, all this shows you that PGNiG has succeeded in finding solutions to very concrete challenges, and good results stem from good decisions. Now let me hand over to Przemysław Wacławski, who will lead you through the details of the presentation. Thank you very much. Now, ladies and gentlemen, let's comment on the results in the segments. Let's start with Exploration and Production. Like Mr. Majewski said the segment that impacted the EBITDA by 87%, which is completely different than in the previous year. In 2020, the pandemic caused a drop in the prices of hydrocarbons. Upstream companies or the upstream segments and gas companies had record low results. In our case, 2020, let me remind you that a very low result in exploration and production was offset by very good results in trade and storage. Now, the situation has reversed. Due to very high increases in prices of hydrocarbons, naturally, this is to the benefit of upstream companies, while trade companies, like in our case, the trade and storage segment, has seen much lower results due to the fact that purchases do not translate to prices of sales in the market. We've seen threefold growth of revenue up to almost PLN 16 billion, and 60% increase in sales of oil, and almost 400% increase in sales of gas. This is a growth of almost PLN 10 billion. Why? Well, in fact, the prices of gas in the market were much higher, and the hikes were higher than in the case of oil. The arithmetic average for day-ahead was 343%, so average of 225 PLN per MWh, while the average of Brent Crude stood at 65% only or a lot. That's much less compared to the gas hikes. That's an increase to 273 PLN per barrel. What's very important is what Mr. Majewski mentioned, the merger with the acquisition of INEOS. They are very important licenses that we took over. Many of these were at the production phase already. Mainly these are gas licenses, so ones that really nicely align with our portfolio. This macroeconomic factor did impact the exploration and production segment. Also, there's the operational segment. In 2021, thanks to our high activity in the Norwegian shelf, we increased our production of gas by 19% to 5.39 billion m³ and 1.4 million tons of crude oil production up by 5%. These volume growths paired with the increases in prices of hydrocarbons meant that we had very good revenues. In terms of margin, we had EBITDA standing at PLN 13.5 billion, which is fifteen-fold higher than in 2020. This EBITDA is higher than our very good EBITDA in 2020, where we also saw this one-off factor where we had PLN 6 billion from Gazprom. This clearly demonstrates that these investment decisions, the INEOS transaction, a decision made in a period where the price of hydrocarbons were much lower, which was finalized in Q3, and that this contributes to the Norwegian part of the portfolio and Q4, and this all translated into very good results of this quarter. In Q4 2021, these were really record results because we had PLN 8 billion profit in that quarter, so in that period of maximum prices of hydrocarbons, of course, talking about 2021. The reverse has happened in trade and storage. It receives gas from Polish production at market price. Like I said, these increases last year were at around 343%. The average price in transactions, both spot and otherwise, were at 56%, which is not the average for PGNiG. This is the entirety of the commodities market exchange. Of course, it does reflect the big part of the market, but not its entirety. Our price did not catch up with the prices of acquisition of hydrocarbons, in this case, gas by trade and storage. In terms of volume, Mr. Majewski already told you that volumes in sales of gas, we saw 9% increase. Total 34.5 billion m³. Our imports of gas increased by 9% to 16 billion m³, which is comparable to previous years. In terms of sales volumes, of course, post-COVID these volumes increased both in retail and in the commodities exchange. Post-COVID, we also saw quite a rebound in sales in PST in Germany, overseas. There were some declines in wholesale market. We also recorded limited sales into the Ukrainian market without these volumes being so important. Now speaking of the financial results, the hydrocarbon price increase resulted in sales results with PLN 60 billion with negative EBITDA, PLN -1.7 billion. This only indicates that this year with such high price increases and what needs to be remembered, high market volatility with daily volatility, a few dozen percent on particular days. It was a very difficult period for trade and gas selling companies. What is worth mentioning also is the fact that in retail, that has also been included in this segment, PGNiG retail ran a loss at PLN 600 million. Q4 loss last year with great increases of 400. It was PLN 1 billion. Speaking about LNG supplies, 35 in total. The number can be compared to what happened in 2020. Now, two regulated segments will be discussed. These segments have increased EBITDA result level because this is stable on income and result side. The first of the two is the distribution segment. What is very important is the temperature factor. As you may remember, the winter of 2021 was pretty cold, not to say very cold, with the average year-on-year temperature decline by 1.3 degrees centigrade, 8.8 for 2021. This being a very important factor in distribution. We are going to speak about production and generation sector, heat generation. This is a very important factor for results and heat volumes. Speaking about the operational part, 14% increase in gas distribution, which is a very important increase that is very much attached to gasification and the development of the distribution network with more users being connected. This is the result of cold winter. 13 billion m³ in distribution was the result of this change. The 16% increase, up to PLN 5 billion, is attached to the development of the distribution sector. Starting 2021, it was the 3.6% increase in the distribution tariff. As the result, we produced very good results in this segment in 2021. Up to PLN 5.4 billion, as I said, with EBITDA PLN 2.9 billion, which is very good and has got a very nice impact on the results of the Group's, PLN 1.6 billion EBIT. Speaking about the other of the two segments that are the subject of regulations and which aid in keeping up and flattening the result is the generation sector. Please remember that this is heat and CHP sold in this network. Heat sales income are higher in the center compared to electricity sales because we focus on heat generation, mainly for the capital city of Poland. The increase of 90% up to PLN 1.75 billion. This revenue on sales was accompanied by 6% increase in volume. We were also able to generate the income of electricity sold by 19% up to PLN 1.08 billion, with a slight 4% decline in electricity generated and sold. Speaking about financial results, 23% increase, PLN 3.4 billion. EBITDA, pretty stable, PLN 1.1 billion, 22% increase. We need to remember about one thing, the EBIT operational result at PLN 55 billion is lower compared to the result of last year. This segment is largely impacted by CO2 permits. It's included in EBIT. It is associated with the number of free certificates and CO2 prices impact EBIT level. This EBIT last year was PLN 55 billion. To sum it up, the results seem to be okay, pretty stable. You are more than welcome to analyze and see the results of production and exploration, because these depend very much on the market situation. They are complementary to the regulated segment that provide the stable cushion for our results. As President Paweł Majewski said in his pie chart, last year it was quite a stable and very important impact on our EBITDA. Thank you very much for giving me the chance to present. President, thank you very much for presenting. It is the Q&A time. Ladies and gentlemen, if you're interested, ask your questions. Hello and welcome, Wojciech Jakóbik, BiznesAlert. I wanted to ask about two things. The PGNiG's perspective reduction by two-thirds of gas demand from REPowerEU program at the European Commission level and liquefied gas, how attractive it is in contrast with Yamal compared to the market situation when we see record-breaking prices in Europe and bit lower in the United States. Sir, speaking about the first question, as I understand it, you are speaking about the things that are being announced at the European Commission level, reduction of demand for gas from eastern direction, which means being independent. Yes, so we can help outside Poland, for example, to help Germans. What we need to start with is quite a firm thing that we've been doing for years in PGNiG. The basic assumption that dates back to 2019 when we resolved to be independent of gas supply from Russia. Discontinuation of Yamal Contract no later than the end of the year. It is going to terminate on that date. We, as the country, a global supplier in the market, we do not intend to buy Russian gas starting from the end of this year. The deadline of 2027 is not a scary thing for us. It's not a surprise for us. Speaking about trade, how can we possibly support the European market? PGNiG, what is worth highlighting is the fact that all the trading activity is not concentrated in Poland only. Let me remind you that PGNiG Supply and Trading GmbH has been registered in Munich. We've got PGNiG Upstream Norway for Norwegian Shelf. We've got a trading office in London. With these being the companies that are into trading and supplying the broader market. In order to put you into the picture, the natural gas volume sold, as you could see, 35 billion m³ last year, and domestic demand a bit more than 20 billion m³, which only indicates that quite a big share of the volume of the gas that is sold by us is also directed into European market. In this sense, we are able to aid Europe becoming independent of Russian gas. What was the other question? As you might have noticed, I cannot speak about details of contracts that we have entered with our counterparts because this is the subject of business secrecy. But I could give you a highlight in price levels between Polish and American markets. You can reach out to see the charts which show the price shape. This is the reference price for American contracts. Henry Hub prices compared to European stock exchange, TTF or THE. Henry Hub prices for LNG increase. There has also been increase in global contracts. However, this volatility, these up and down swings are not that crazy as the ones associated with Russian manipulation in European market. The prices are more foreseeable decisively. You can hedge much more securely. Therefore, we put cooperation with American partners high on our list. Is the mic on? Wojciech Krzyszkowski, Polish Press Agency. I've got two questions, the first of which being: how will the company react if a gas supplier from eastern partners, Gazprom, sends a motion to pay for gas in Russian rubles? Let me answer this question straight away. It will be easier for me to remember the content of the question. Not necessarily is this possible. The contract, whose details cannot be revealed either, the Yamal Contract that is binding until the end of the year stipulates price regulation. It's not our partner that has the possibility to change the way the contract payments are settled at their discretion, so it can be seen as breach of the contract. We will deliver the contract as obliged by the contractual provisions. The second, the government's announcement and tariffs post-2027. PGNiG, have you run any kind of assessment how much you can lose on it, put in inverted commas? How much compensation will you need in order to equalize the gas price sold should we see the continuation of this until 2027? In order for us to foresee how much that is going to cost, we would have to have a glass ball. We do not share the price level forecast for Europe at the moment for this long period of time, even for the next year. We use gas spot prices available in the market and stock exchange, but we cannot responsibly stipulate about gas prices in 2027 and the tariff shape either. One thing is worth highlighting. What has been a very good move from the point of view of economy and the general public was the government's decision to give the tariff protection to a broad scope of susceptible gas clients. It's beneficial for us because, well, you can imagine the problems that gas suppliers would have had if gas buyers would have gone bankrupt as the result of high prices. Therefore, the tariff system, which is exquisite on the European scale, this is the tariff protection for gas, so price regulator, that is independent, has a positive impact. Not only do we speak about the clients, but also about results and activity stabilization on the supplier side. It's a positive aspect. Hello. Maciej Martewicz, Bloomberg News. My question is about the LNG deliveries. I've seen this mBank analysis showing that you could earn, not to say generate profit, PLN 24 billion in 2023 and 2024 from importing LNG from the U.S. only. Could you comment on that? Could you refer to that analysis? If not, could you say whether the next two, three years will be even better than this year financially due to these LNG imports? Could you remind us what the volumes are in the next two years to come? Well, I cannot obviously comment on analyses based on unsure elements because these prices and contracts are covered by business, it's a business secret. No comment on that. Let me comment on this by saying that we are developing our competencies in contracting. We are developing our partnerships. Last year we annexed the Venture Global contract, doubling the volume with that supplier. These activities provide security, energy security to Poland in the long run, but not only that. These are also activities that optimize our results trade-wise. Free on board format providing the possibility to trade in gas worldwide for flexible selling all kinds of unloading slots in Świnoujście and Klaipėda, and possibly in Gdańsk. The FSRU Gdańsk, which we hope for to be quickly executed is a good thing. Briefly speaking, we assume that this is going to be very profitable in terms of activity as well. The second part of the question was? Let me add on this commenting on those PLN 24 billion. That analysis probably assumed that we're going to bank on that spread between Henry Hub and TTF. Ladies and gentlemen, let me say very clearly that we are not going to play on that in terms of hedging. We are going to continue on our hedging policy, which of course provides you know security in terms of spread for Henry Hub and TTF. You know, this would require recalculating. Possibly we have that secured according to our policy in the three-year period. We are not planning on any opportunistic, any kind of speculation hedge to, you know, earn on the particular hedge because something might happen like two years ago and the, you know, the price might drop to a completely different price, and we might left out in the cold. Of course, we are providing this kind of security, but in a three-year horizon, so that we avoid any kind of speculation. The combined volume for LNG in our portfolio under the current contract stands at 12 billion m³ of natural gas after regasification per annum. This is what we've had since. This is what we're going to have in place starting from 2024, 9 billion out of that stems from the American contracts more or less. The remaining part is Qatar and other directions. Yesterday, a ship was unloaded from Africa, if I'm not mistaken. That was a delivery from Nigeria. Marek Strzelecki, Reuters. Hello. The collaboration with ERU, if I may ask, could you tell us when are new deliveries planned through Świnoujście with LNG and the deliveries to Ukraine via the gas pipe? What is that collaboration based on in more detail, please? In every such transaction, do you have an open procedure to pick a partner, or do you have a different procedure with ERU? Can you give us some details, please? I can't give you any trade details, any commercial details. I can just tell you how this is executed in terms of individual transactions. It is a rather complex thing. The operation goes as follows: Our trade company, PST, again, PGNiG Supply and Trading based in Munich, buys gas from a supplier. They buy LNG from a supplier with shipment. Soon, possibly with own shipment. That is delivered to the Świnoujście terminal, because between PST and PGNiG, there is a contract being concluded. We have framework agreements, and individual contracts are executed based on those framework agreements. When we buy gas from our supplier directly, that supplier is PST, who also has its framework agreements with its suppliers from the market, from the American market, the Qatar market, and worldwide. Excluding Russia, of course. Still, we have a framework agreement with ERU, under which we can import, and we do import. In the five years of the contract, we have had such transactions, quite a number of these. They are our main commercial partner in Ukraine. As a result of the subsequent transaction under a larger agreement, we buy that gas for them and deliver it. Of course, these are not the same molecules that were shipped to the port. It's all about the amount of gas in the system that finally reaches the interconnector between Poland and Ukraine. Let me follow up on that. Now, you said that ERU was the majority of the transactions. What are the numbers and what other partners do you have in trading with Ukraine? Let me tell you that we are in a conversation with Naftogaz, which is a state-owned company similar to PGNiG, and we are also in a negotiation. We're in negotiation with them, aimed at having a more stable delivery system, a fixed system to deliver gas to Ukraine. Remember that that's a war zone. The key to the picture is providing security to such transactions, both physically and financially, briefly speaking. Are there any remaining questions, please? I would like to ask you to comment on what happened in the stock exchange last year. We had lower volumes in gas exchange compared to 2020, and then a rapid surge. Where did that come from in terms of those record volumes? Because looking at the volumes of gas that reached Poland, you will see that there was an increase, but not such a significant one. And secondly, are we going to use the financial opportunities created by the act of law adopted early this year, the particular solutions for the gas market, the loans by the state, and if so, when? Let me start with the second question. That special act of law indeed creates certain possibilities that were not there before. Still a few weeks back, we saw these opportunities as a safety valve if anything happens in the market. At one point, indeed, the conflict in Ukraine erupted and, you know, all depends on the situation in the gas market. A lot will depend on whether sanctions are put in place on gas fuel, whether volumes are high or low in Europe, and whether there is high uncertainty in Europe towards the gas market. All that will impact the prices of gas in the market. TGE, they closed this pricing, but it's all about our TTF and the Dutch hub also. If the situation becomes critical, and we saw three, four, 5 EUR per MWh a few days back, and it's impossible to exclude the possible use of these sources of funding. The rule that we follow is to operate without such tools and cope with our current liquidity, and these additional opportunities created in the past months is there. And the bank loans, remember, they're worth around PLN 5 billion. Of course, the special act of law carries much higher possibilities with higher amounts, but that's, you know, earmarked for extraordinary situations. For us, what's most important is the price of gas in the market, simply put. The first question was about? Sorry. Inaudible. The situation of the first quarter, where volumes in a forward market was much lower than in the previous year, and it suggested that people were expecting a further drop in price. Are we talking last year in the Polish exchange? Yes, I'm talking about page 24 of your financial report. If you allow, we are happy to comment on this via email or after the conference, if possible, because I find it difficult to comment at this point. I don't know which diagram you're talking about. We'll comment later, if you allow. Thank you. Any more questions? If there are no more questions, we'd like to express our gratitude for being with us on-site, off-site, online. Presidents are available for you, should you like to have a chat further offstage. Thank you very much indeed. Thank you.