Good afternoon, ladies and gentlemen. It's a pleasure to have you on our September 2022 results presentation. I will skip together with you through the slides and I invite you to ask questions and to get a discussion thereafter. On the first page of our presentation, you see our Q3 results. Group sales of EUR 385 million. An almost 20% increase year-over-year. These results are presented on a continuous basis. The comparison does not include the results of Hungarian operations, which were sold at the beginning of this year. RGU increased to 20 million units, RGUs, which is a 15% increase year-over-year. This is the first month when we communicate EBITDA as a replacement measure for EBITDA, excluding IFRS 16 treatment. We generated EBITDA of EUR 107 million, which is a 10% increase over the last year figure in the same period Q3. Also, you don't necessarily see it on the slide, but you see it in the financial report that we shared earlier this morning. We generated a net income figure of EUR 21 million in the quarter. For the first nine months, the net income amounted to EUR 441 million, of course, including the results of sale of our Hungarian operations. Just looking briefly at Romania, we posted 10% RGU growth. Overall, we grew 17% in the mobile segment, reaching 4.7 million users. We grew 12% in the broadband segment, reaching over 4 million users. We are very happy to show you the 6% growth in the pay TV segment, reaching a total of 5.4 million users as of September 2022. In Spain, we continued our growth with 39% growth in the customer base in the number of services that we offer. Mobile users grew by 29% to 3.6 million users from 2.8 million a year ago. In internet, we surpassed 700,000 users, representing 90% growth year-over-year. Excuse me. I'm pressing the wrong buttons on the presentation on the screen. Just following our description and narrowing down our numbers, Romania generated sales of EUR 260 million in the quarter, Spain almost EUR 128 million, and Italy had sales of EUR 7 million. Romania and Spain generated EBITDA of EUR 92 million and EUR 15 million respectively. Just as very fresh news, the Romanian national telecom regulator announced early today that the 5G auction was finished. As a result, we were awarded frequency blocks in 2,600 MHz frequency band and in 3,400 MHz frequency band. A total of four blocks in 2,600 and a total of five blocks in 3,400. These frequencies will lay the ground for further 5G rollout and 5G development, but as well will improve our, will strengthen and will grow our frequency portfolio, allowing us to provide even better services to our customers. Moving on. You see just in more detail revenues, EBITDA, excuse me, and CapEx. I'm moving away from EBITDA. As you see, we generated sales of EUR 385 million, an increase from EUR 324 million a year ago, 90% as I mentioned already. The EBITDA with IFRS 16 amounted to EUR 127 million, an increase from EUR 119 million a year ago. EBITDA, an increase to EUR 107 million from EUR 97 million a year ago. CapEx amounted to approximately EUR 405 million in the first nine months of the year. Well, our expectation for 2022 is to generate CapEx of approximately EUR 550 million. Of course, most of it goes into expansion of the Romanian networks and Spanish fixed networks. Moving on. We have RGUs split by segment and by country. As you see, we are very happy to show consistent growth, robust growth across our major segments. Pay TV in Romania, broadband, mobile telephony and broadband in Spain. As well as growth across all geographies, Italy included. Yeah, we are a well-established mature business in Romania, but we enjoy this commercial momentum and very good customer engagement. This is replicated to a certain extent in our Spanish market, also in Italy. We are very happy about these results. We're also grateful to our customers and to our colleagues for helping us achieve this outcome. The last slide from the presentation, this is the financial snapshot. Total gross debt EUR 1.26 billion. Our cash balance is EUR 320 million, and net debt almost EUR 940 million. Net leverage 2.3 x. As you see, we cleared all our maturities for 2022 at the beginning of the year when we made repayments of our financial instruments. 2023 and 2024 are relatively clear of maturities with EUR 33 million due next year and EUR 115 million due in 2024. This is pretty much it. This is my short dive into the presentation. Maybe making a comment just on the before we go into the Q&A. Making a comment on the activity. For us, it was a continuation of our operations and our efforts that we did also at the beginning of the year, but also in the last few years. We are extremely happy that the continuous investments and the high quality networks and high quality services that we provide to our customers continue to generate significant commercial momentum. As you see, we are growing at a pretty good double-digit pace across all our markets and in our major segments, which contributes to our top-line growth, but also to our profitability. We are extremely happy and we want to continue in the same vein in the coming quarters. The fact that we were able to secure additional spectrum at the frequency auctions also in Romania is helping us to consolidate our position even further going forward. Speaking of the new territories, Portugal and Belgium, we are still busy setting up our operations. We're still busy researching, but and yeah, making sure that sometime in the future we will start our activities also there. Pretty much this is the description, and I do welcome your questions. Kindly use the chat box for that. Questions do start coming in. First question comes from Nicholas Hurst from Amlex Europe. Orange and Másmóvil want to merge in Spain. The European Commission will probably make them give remedies. Would you be interested in taking remedies to expand in Spain? Well, I think we were discussing this question in our previous calls. In a way, we are repeating ourselves. The simple answer is, we will look if remedies are provided, if remedies are imposed by the authorities, we'll certainly look at our options and make a decision at that moment. I don't think neither us nor even Orange, Másmóvil, or the Commission have any visibility at this moment. We don't necessarily have a strategy around the remedies. This question comes many times and a lot, there's little we can say at this moment. Certainly it's a developing story, and we will continue focusing on it, making sure that we do best for ourselves, but also for our shareholders. The next question comes from Jay Heck. Can you please elaborate on the evolution of energy cost in Q3 and how it impacted your margins? Our exposure to energy prices is biggest in Romania, and maybe some of you know that Romania had a protection regime up until first of September 2022, whereby residential users, but also most companies, benefited from fixed price fixed energy prices. Now, this regime was changed as of first of September. The prices are unregulated for businesses up until the end of the year. There is an expectation that these prices will become regulated again since January first 2023. In addition to that, there is a broad expectation that the volatility that we faced in the energy market, since the beginning of the year, mostly, will be somehow managed and controlled by the state authorities or state actors, so that both the population but also the B2B sector has less risks associated with this, let's say, energy issue and energy crisis. All in all, there's let's say, a worsening of the energy situation as of September 1, which already affected Q3 in comparison with Q 2 and Q1. Certainly this effect will be felt even more in Q4, because it will impact all three months of Q4, and not just one month as in Q3. We expect this to translate into a smaller margin, but in the low percentages area. I move on. There's a question from Piotr Raciborski from Wood. Could you please update us on the development of your mobile business in Portugal and Belgium? Yeah, thank you, Piotr, for your question. I think in a way we're just repeating the previous discussion in a way that Portugal is more advanced than Belgium. In Portugal, we are busy at this moment expanding both our fixed and mobile networks. In Belgium, we are still in the design and research phase, and we have not started building the networks as we speak. Now this is pretty much it. This question will keep popping up in the coming questions. We don't have visibility on launching the services. As of now, we will not comment on the date of launching the services. In any case, our intention is to do as early launch as we can. A question from George Curtis. Can you give me an update on the auditor situation and when KPMG are expected to get audited results out by? Is there a risk of receiving another qualified report? Yeah, thank you, George, for your question. Thank you for the question. As we announced to the market last week, we do expect and we're pretty sure that the report will come out today. The report and the opinion are issued broadly as expected by us originally. Meaning if I speak of the report, well, it's a more complex report, first of all. It's a long report with probably more in-depth description of our activities, of our operations. If I were to stick to the numbers, there are, let's say, very small immaterial differences in revenues, EBITDA, and total assets. The numbers that we presented earlier are very much relevant for any analysis that you might have done up until now. We are also. As I said, as I mentioned, the opinion is expected, and the report is expected to arrive later today. This report will replace the report that we have published at the end of May. Sorry, I missed one point in your question. It was about the qualifications. The report clears all the qualifications that we had in our previous report. Except for one, and the last qualification that remains in our final 2021 audit report is the one that is related to IFRS 16 for our Hungarian operations, the ones that we sold. Because our engagement with our former Hungarian subsidiary was limited, and because we did not receive sufficient support from the buyer from the 4iG Group, from the buyers of Digi Hungary, there was no possibility to finalize the analysis of IFRS 16 treatment in Hungary, and that's why this one qualification remained there. Once again, we hope that in a few hours time we will publish this report on the website, and you all will be able to appreciate it for yourself. I'm not sure I'm reading the name right. Noel Venlet. Thank you for the presentation. Could you comment on the audited annual report for 2021? When do you expect it to be issued? Well, thank you. I think I did answer. I hope it was sufficient. Piotr Raciborski again. What level of CapEx do you expect to record in 2022, and 2023 estimated? Yes. So if you maybe I spoke a bit too quickly, but while I was on the slides, I did mention that my expectation for 2022 is approximately or in the area of EUR 550 million. Now, the expectation for 2023 is probably in the same region for the reason that we do expect Romania to decline in CapEx. We do expect Spain to continue its activity. We do expect Romania to be somewhat replaced by Portugal and Belgium. All in all, this effect should maintain our CapEx constant. Excuse me. The Zoom is not showing up the names properly, I cannot read all the names very well. A question from Alexandre. Could you please explain how you will handle increasing energy and wage costs, especially as ARPU are down. Question two, do you think the AR for 2021 will finally be published soon? Yeah. Okay. The audit report question we did answer today, and it will replace our previous report, the one that we issued in May. Coming back to the first question, in a way I could translate it into my language, it's a question about price increases. The answer is we're not planning price increases. Certainly, we are just the same as everyone. We're living with inflation, both personally and on the corporate level. So far so good. We can handle it. So basically, we do not intend to increase our prices in the, I don't know, immediate near future. Or just to come to this question from a different angle, we will certainly invest into alternative energy means. We will try to rationalize and cut costs even more if we didn't do it until now, as much as we can, trying to maintain our offering and pricing level at the level where we are today. A question from Nora Nan. Two questions. When do you consider to raise tariffs across the group? And the second question, what is the validity of the newly acquired spectrum usage rights in Romania? Thank you. For the first question, I think we just touched it in the previous discussion. For the second one, it's a pretty specific question. Usually, I believe that 2600 spectrum is valid throughout 2029. I believe that the 3400 spectrum, it has actually a pretty long life. It's in the area of 20 years starting in 2025. Excuse me, I cannot give you a precise answer at this moment, but it's a pretty long life. Question from Peter. What are your plans regarding 5G rollout in Romania? What will be the CapEx on infrastructure? Will you use 2.6 gigahertz frequency for the 5G rollout? Well, thank you. These are good questions. We will, I think, just for you to understand our mobile rollout, our mobile philosophy in Romania. We work on several fronts also today, and we will continue this work in the future. On one hand, we are expanding the coverage of our sites as much as we can. Secondly, we are improving the technology mix on every one of our sites. As you are aware, we acquired frequency spectrum also a year ago in 800 megahertz band and in 2,600 megahertz band. At that time it was 2,600 TDD, while today it's 2,600 FDD. There's a bit of difference there. Basically what we are doing, so we are growing horizontally, if I can put it this way. Increasing the number of towers, the number of sites. We are also growing vertically, if I can put it this way. Increasing the number of technologies that are available on our sites or most of our sites. Now together with this, there's also a third dimension, the 4G/5G dimension. We will certainly continue rolling out the 5G network along with improving the physical coverage, but also improving the technological mix on our sites. That was just a long introduction to explain to you how we think of all this. Second, speaking of money, we don't have a 5G budget as such. We will continue, I mean, deploying naturally 5G in urban areas, and we will continue also deploying it in rural areas in the second stage. For now we will focus on 4G+ technologies in rural areas because these are sufficient technologies going forward. The last part of your question, whether we will use 2.6 gigahertz frequency for 5G. Yes. The answer is yes. We will see exactly when. It's not clear to us when. Next question comes from Peter Jurik. What are your plans for capital allocation for 2023 and beyond? You have multiple markets and options. For example, Spain remedies, Portugal network rollout. Where do you want to spend the most? Seems like Romania is coming to the end of its CapEx cycle. What is the latest you think can start spending CapEx in Portugal, given the minimum coverage requirements you have to achieve there? I think just broadly, the one question I cannot answer from this list is the Spanish remedies, because we don't know what these are, what the cost is, what the opportunity is. Certainly we will have a look at it when it comes. This was an easy answer. Otherwise, the question is quite serious and difficult. The answer is, I think we treasure our markets, well, not necessarily equally, but we treasure all of them. As Romania comes to the end of development, and we are mostly—we're significantly done, if not mostly done here, we will certainly, as I mentioned earlier, we'll replace our capital allocation from Romania with Portugal and, well, with Spain, Portugal and Belgium. As I said earlier, we are already busy building the networks in Portugal, both fixed and mobile. We're not concerned about coverage obligations in that market. Once again, I think we have started, I mean, we have entered these two territories, Portugal and Belgium, in a very serious manner. We will invest in these markets just like we do in Romania, Spain or Hungary previously, where when we used to operate there. I think I don't think there is a priority difference between these. They will all come in due course. Question from George Curtis. Could you also give some guidance on CapEx for 2023? I think I mentioned that it should be pretty much in the EUR 550 million area. Cash on balance sheet is elevated versus historical levels after the Hungarian sale. Presumably we should expect this balance to reduce as you fund the expansion into new territories. This year is 2023, free cash flow will be helpful. CapEx, I did mention already, we do despite the pressures on EBITDA, because of inflationary pressures in the energy and salary costs. We still expect EBITDA to increase in 2023, in comparison to 2022. Other than that, it's difficult for us to give a precise guidance on the free cash flow. Next question comes from Alvaro Mata. Until when do you expect to keep spending in CapEx well above your operating cash flow? Don't you think your current strategy of increasing your debt increases your credit risk? Only reason why your debt is not really high is due to the disposal of the Hungarian business. This was a one-off. If you keep your current strategy for a few more years, I think you will have serious difficulties to refinance your debt. Well, thank you for the warning and the cautionary message. I think I don't know. I mean, it's a point of view, and I think it's a valid point of view. We believe that as long as we have opportunities to expand and to develop, and as long as we have funds to fund this opportunity, we should do so. Now, our logic, our philosophy is that as a priority of capital allocation, we certainly have to service our debt first, and then CapEx follows. We will steer away from any problem or any credit risk issue going in the future, and that was our approach all the time. Once again, at this moment, we have the opportunity to invest and we enjoy this opportunity, or we want to enjoy this opportunity. A question from Piotr, again. Do you plan to increase the service prices in any of the countries that you operate in? I mentioned it and just repeat, not at this moment. A question from Russell Waller. Can you please talk about the strategy for Portugal and Belgium to gain share, and what are the target share goals? What do you see, the peak funding requirement, for both markets in terms of CapEx? i.e., how much it will cost to roll out mobile networks in both countries? How will you offer a fixed product in both markets? Thank you. Well, thank you for the question. Basically, these are new markets for us. We believe that we have a model that works very well for us in Romania. That did work very well for us in Hungary. It works very well for us in Spain as well. Somehow we want to use this model, meaning high quality networks, high quality services, affordable prices. I wouldn't say low prices, but affordable prices for the users. We want to apply this model both in Portugal and Belgium. I believe both markets offer an attractive niche, from this perspective, and we hope that we can be successful in the future. Now, in terms of target market shares, both Portugal and Belgium are three-operator markets. In Portugal, I mean, we used to be five bidders for the mobile frequencies. As you are aware, very recently, Nowo has announced its sale to Vodafone. It's a market that is back to four-operator market. Again, in this context, we clearly see a niche for us. We clearly see an opportunity for ourselves. What else? In terms of targeted market shares, I said there is no such figure, but we aim at least for 10% market share, which should make us breakeven. We hope we can achieve this in a reasonable time. We are also working on fixed products for both markets, as we intend to provide the full package. At this moment, let's say we don't have full visibility on how exactly the entire technology and the product mix will look like, but we are working on it. A question from Lima Charles. Can you please provide any details on your plans to enter Portugal with regards to timing, as well as intentions on possibly building out your own network? Just to repeat, I hope you understand what I'm trying to convey. We are working at this moment, as we speak, in rolling out our mobile network in cooperation with Cellnex, using at this moment, Cellnex towers as our host tower operator. We are also rolling the fixed networks in certain areas of Portugal. We are busy working and we are busy building the networks as we speak. Yeah. A question from François Baudet. Do you intend to increase prices in Romania to offset higher electricity costs, even though you expect that prices will become regulated in January 2023? Not for the moment. Not for the moment, François. A question from Jean-René. Hello. You have been postponing the release of your audited 2021 annual report several times. Can you explain to us the reason, and when do you expect to release it? Thank you. It's probably. I have to stop for a second and explain, and I will gladly do so. As I mentioned earlier, we're expecting to release the report later today, and the report will replace the one that was published in May 2022. I mentioned this a bit earlier. The report in terms of final results is very close or the differences are immaterial. We also did a good thing of clearing all the qualifications on our May 2022 report, except for one IFRS 16 Hungary, as I mentioned earlier. Now on the delays. It's a bit. Well, it's not a long discussion, but to explain ourselves, the idea is the following. As we communicated, as we informed the market, as long ago as almost one and a half years ago, well, not exactly one and a half years ago, but I believe August last year. Our relationship with our previous auditor, EY, was suddenly interrupted by their decision. We had to find a new auditor ourselves in record time. Unfortunately, the Dutch audit market, and we are a Dutch company, is very small because there are only six companies authorized to audit listed entities. These are the Big Four companies, plus BDO and Mazars. Our list of possible auditors was very small, and the ability of any auditor in the Netherlands to take new clients is delayed by the highly regulated sector. As a result of this, while we announced to the market subsequently in September that we have changed the auditor and that we are progressing to engage KPMG. The onboarding procedure for us took long time, up until early 2022, and as a result, the audit started effectively in spring, well, in late winter, early spring 2022. That made the audit report come later in comparison to previous years, and it made also the audit procedures to be performed at a later stage. So, to summarize the answer and to answer briefly to the question, late appointment of the auditor, the onboarding procedures, the procedures related to the first-year audit, which are different in comparison to subsequent year audit procedure. Well, not different, which are more extensive in comparison to the subsequent year audit procedures. The fact that we had complexities around the sale of Hungary, around getting information from Hungary, this all made this process long, lengthy, and unfortunately, it made us and KPMG postpone the deadlines for a few times. We do hope that we do not repeat ourselves next year, and that we have a much better and a much clearer financial and communication calendar. All in all, in between, we were in time with our quarterly reports, as you can see and as you may appreciate. As you see, the company has performed pretty well, pretty robust, and in pretty comparable terms with its past performance. We certainly do not have any financial issues or issues of any other kind. It was really late appointment of the auditor and the fact that the first-year audit is, let's say, more complex than another year audit usually, that made us be so late. We apologize for this. We are sorry for this. Again, we will work to make sure that we sort out the 2022 audit in better ways. But once again, thank you for the question. Thank you for the opportunity to answer it from, also from this angle. Yeah. Excuse me, I need to find my next question. What is the EUR 62 million additional debt issued in Q3, major characteristics, price, etc.? We did not issue any new debt in Q3. We have except, yeah, excuse me. One second. We have the Spanish facility, which we announced to the market, which was arranged in the summer. In addition to the Spanish facility, we did not have any other instrument. I hope it helps to address the question. What is the CapEx expectation for 2023, 2024, 2025 in total? I think we have only visibility for 2023. For 2024 and 2025, we will have to assess our markets, our opportunities, our repayment maturities, as we were discussing previously, and we will address this question later on. That was a question from Elena Iacob. A question from Vlad Popa. Can you comment on EUR 45.5 million you will have to pay for the newly secured frequency rights in Romania. Is there more or less than what you had previously anticipated? We did not make plans to pay EUR 10 million, EUR 20 million, EUR 40 million or EUR 100 million. We wanted a certain spectrum, and we got that spectrum. I think this is not asked by you, but I'd say that overall the prices of the Romanian auction were significantly high. They were pretty high. They were high, I would believe for the Romanian market, and they were high in comparison with other frequency auctions that we attended in Europe or are taking place elsewhere in Europe. Yeah, we are let's say happy with what we got. Maybe a small addition to this. Out of EUR 45 million, EUR 13 million have to be paid this year, while the remaining is deferred over the next years. Cash flow wise, it is not an intensive exercise. Yeah. I'll move on. The question from Peter, can you remind us what your current infrastructure mix is in Spain? How much mobile is owned versus MVNO network, and how much fixed is owned versus wholesale? In Spain we are 100% MVNO operator. We have zero mobile network that is our own, except for the core network and other network elements that we have to run alongside Telefónica's network. But all of the radio network belongs to Telefónica. As I mentioned many times on our previous calls, we are very happy with this cooperation because we believe Telefónica has and provides a very good technology and very good service to us. In terms of the fixed network, it's a difficult question to answer because we are building our own fixed networks in certain areas of Spain, in areas where we believe we should expect better traction from our customers. We also cooperate with Telefónica, and as you appreciate, the size of Telefónica's network to our network is, I mean, infinitely bigger. Basically Spain is a Telefónica market, and we are using more of Telefónica's infrastructures than of our own. Let me move on. A question from Zoltán Pálfy. Are we expected to incur additional external financing for the build-out of the Belgian JV, and what kind of financing structures have you considered so far? Yes. Medium and long term, we are open to financing solutions, and we are pretty much open to any solutions, be it classical debt, be it, I don't know, some sort of infrastructure sale, and so on and so forth. It's an open-ended question. We are open to, and we will be looking for financing solutions, but that is it for now. Next question also comes from Elena Iacob. What are you planning to do with the more than EUR 300 million on the balance sheet? Well, these funds will be available for CapEx, for expansion, possibly for debt repayment. We will see. Question from Andrew Webb. Hi. Thanks for the presentation. Would it be possible to provide further clarity on the likely path of CapEx in the new markets? On the Q2 call, it sounded like you will spend EUR low hundreds of millions over a couple of years in each market. Does this mean EUR 100 million in Portugal and 50% of EUR 100 million in Belgium? Will you be able to offset increases here with reduced CapEx in Romania and Spain, such that the CapEx envelope remains at EUR 100 million? Well, thank you very much. Andrew, you got it very well. This is the logic behind my statement in Q2. Yeah, you pretty much got the picture and the idea. The only thing is that by the way, it's correct that the expectation is to use 100% of our funds for Portugal and to use 50% of our own funds for Belgium. In both markets, we will use some sort of external debt financing one way or another. It will not translate as if we are spending 100% of our own money in each of these markets, let's say, for the full project life. The only comment to your question is that most likely it will not be 100%, it will be over 100%. Still, it's in the low hundreds of millions EUR. Now, beyond that, it's difficult. I mean, I'd rather not provide this guidance at this moment. You got it right. Thank you. A question from Lena Corrosano: Any plans on how you will deal with the 2025 bond maturities which are trading at 90? Could the cash be used to buy back some of the debt like competitors are doing, Eircom in Ireland, or do a tender? We have this on our mind. We have not made a decision, and if we do, we will come back to the market. It's a serious question, and let's say we are still considering this as a possibility, but no decision. Next question comes from George Curtis: How did the spectrum cost in Romania compare with your expectations? Look, George, there was little competition in the auction, as we see the result of the auction, there was little competition in the auction, meaning there was no external bidding. In my understanding, the three operators that joined the auction, Orange, Vodafone and us, pretty much got all the spectrum that they wanted, and they got it at the starting price. It's not so much the competition between the operators, but I think that the authorities have set the price high. This also may explain the fact that not all of the spectrum was sold. A question from François Baudet: When is the payment due for 5G auction in Romania? Any installments? As I mentioned, this year, only EUR 13 million, and the rest will be deferred in installments for the next years. Sorry, I don't have the precise lineup of this information. Question from Peter Jurik: How do you evaluate capital spending? You say you look at all markets, but presumably these markets compete for capital allocation, and you use some metrics to make decisions. Do you look at ROIC, IRR, payback time, et cetera? What financial metrics do you look at to make a decision to spend more capital in one market as opposed to another? I'm not sure we have such, let's say, detailed framework. The idea is that we are looking for market segments, niches that allow us to be profitable on a long-term basis. It allows to generate 30%-40% EBITDA margins, and that allow us to have payback, but this payback does not have to come in the first two years of the project. Now, saying this, I know that I'm not very helpful, but historically, we undertook opportunities with the payback of three, four, five years, and we were pretty happy with these opportunities. I think if you look at our history, the way we developed, we mostly like to replicate our historical operations also in the new markets, and that's how we more or less think. Yeah. A question from Vlad Popa: Could you please comment on the rather volatile, PP&E, property, plant, and equipment depreciation expense over the last three quarters? Thank you. Yeah. Sorry, Vlad. I personally would not be able, but maybe we can just address this very specific question offline, and we'll try to be helpful in the coming days. This was it. It's almost five o'clock in Romania. We'll wait for a few moments, and if there are more questions, we'll address. If not, we will close the line. There's a question also from Pilar Vico. Excuse me, Pilar Vico. I would like to understand, you're rolling out 5G in Romania after awarding spectrum, but you just mentioned you are planning to reduce CapEx in Romania. I think, yes, we can, we can clarify it. The CapEx reduction in Romania comes primarily from the fixed networks area because our coverage has been improved significantly over the last few years, and we do expect the effort in this area to decrease. Having said this, we will still continue rolling out the mobile networks as I was explaining earlier on the call horizontally, vertically, technology-wise. For this reason, we do expect mobile CapEx to persist in the next 2-3 years. I think the two answers do not conflict each other. Okay. Well, thank you. It was pretty intensive for me to read the questions. I hope it was clear enough, and I hope you could follow both the questions and my answers. Once again, thank you. It was a pleasure to discuss these outstanding results. We hope to follow up in a few hours' time with our 2021 audit report. In the meantime, I wish you all the best, and we'll speak probably in mid-February discussing the Q4 results. Thank you, and speak to you all soon. Bye-bye.