Ladies and gentlemen, good afternoon and thank you very much for joining this conference call on the presentation of the Acea Group for the Q1 of 2021. The results will be presented by the CEO, Mr. Gola, and the CFO, Mr. Paris. During the Q&A, we will also have Mr. Songini, Director of Investor Relations and Sustainability, and myself will also take a part to the Q&A, together with the CEO and the CFO.
Thank you very much, Ira, welcome to the presentation of the results of Q1 2021. Page two of the presentation, we have a snapshot of the highlights of the quarter. Before getting into the details, I'd like to say that I am very satisfied about the results, which from an economic and financial and operating point of view are very good, brilliant results. It shows that we are on track as to the growth envisaged by the company, and we are in advance.
Also, we are well on track with our operating targets and financial targets n ow, the key highlights of the quarter. EBITDA EUR 312 million, up 13% versus the previous year, and this is very important m ost of this growth is organic growth. Only 3% of the growth is accounted for by an M&A transaction carried out in the previous year.
Another thing I'd like to share with you is that within these results, we do not have one-offs versus the previous year. This result is a structurally organic result t he net profit EUR 83 million, up 18% versus the previous year. CapEx EUR 231 million, up 21% versus the previous year, and in line with our guidance of EUR 900 million total CapEx for the year.
Net debt EUR 3,634,000,000 and w e shall see later on that this net debt is also the result of a brilliant performance on our collection capability and therefore on the working capital management w e'll get the details later on. There is a data, which for me is very interesting, which is the cash absorption from working capital over the past 12 months, which went down by EUR 22 million. A greater portion of this is due to the effect of regulatory items.
Our working capital net of regulatory items generated cash. And this occurred in a situation where we zeroed off all of the negative effects due to the pandemic on the collections from customers. This is one of the most important thing of our performance of our company. Net debt to EBITDA 3.05 x. The guidance for 2021, EBITDA between 6% and 8% growing CapEx for the year EUR 900 million, net debt between EUR 3.85 billion and EUR 3.95 billion.
We worked in this period with a particular focus and attention in trying to establish dialogue with all of the stakeholders to be able to use or be an active part in the use of National Recovery and Resilience Plan funds, because we believe that we can play an important role, in particular in the investment in water infrastructures or in the development of renewable sources, decarbonization, and the development of e-mobility.
As we have always said, we believe that our plans, whatever can come from contributions related to the new National Recovery and Resilience Plan or from state subsidies, are not factored in our results, t hey will, if ever, be an upside to our results.
Page three, we have the novelties of this Q1 for 2021. Once again, we have proven to have a very good delivery capability. There is a very interesting data which we presented when we closed our sustainability statement in 2020. All of our investments that we're doing in all of our companies that manage integrated services, we focus a lot on the reduction of water loss rates.
Here we have an important data i n Rome, the water losses in 2017 amounted to 43.2%. 2017 was the year of the water crisis. Back then, we were already trying to reduce the water losses. Investments made in subsequent years not only led to the reduction of water losses, but we also improved the service. And you can see that water losses went down from 43.2% in 2017 to 29.5% in 2020, compared with a national average, which is around 42%.
At the moment, we have the best performance in most cities as far as water losses are concerned. In Q1, Fitch confirmed our long-term issuer default rating as BBB+ with a stable outlook. We continue to remain among the list of top operators at national level, with a notch above the Italian government rating.
Now, t o confirm this rating, we issued a green bond in January, amounting to EUR 900 million, two tranches of this. The short-term tranche, five-year, was issued for the first time by an Italian industrial company with a negative yield, the first time ever in this country. Once again, here we are marking a very important step. In 2021, we also launched our app for e-mobility, which integrates all of the activities that we are carrying out to develop our electric service.
For instance, the installation of charging services that we have already carried out in Terni, but also we are doing in Rome. In Terni, we basically covered all of the city w e are developing this service also in other areas. As to the pandemic, we are at the moment at a stage where we are continuing to carry out all the actions which are important to ensure the continuity of all of our processes and the safety of our people.
We no longer see criticalities here because we have obtained Biosafety Trust Certification, which guarantees that we can keep under control all of the most important pandemic indicators, as far as our companies are concerned. This certification is very important because it testifies to our capability to prevent and control the spread of infections.
Moreover, to protect further our personnel, but also to help the population at large, we are going to set up a vaccination hub in Rome, which probably will be authorized in the next few days. This hub will be part of the vaccination service provided by the Latium Region, the region where Rome is located. This will be available for all of the population of the area and w henever we are going to be allowed, we'll vaccinate also our group's personnel.
Page four of the presentation, you see here the results of Q1 2021. In Q1, consolidated revenues amounted to EUR 930 million, up 11.6% versus the same period of last year. EBITDA, EUR 311.5 million, growing by 12.7% versus Q1 2020. EBITDA, EUR 155.5 million, up 12.3%. Group net profit, which I believe is the most brilliant result, EUR 83.1 million, growing by 17.7% versus the previous year.
CapEx, EUR 230.5 million, + 21.3%. Net debt, EUR 3,634,000,000, to be compared to EUR 3,528,000 at the end of 2020, and EUR 3,184,000 000 in the Q1 of last year a t this point, I'll hand you over to the CFO for the presentation and the details of the results.
Thank you very much, Giuseppe l et's move on to page five and h ere we see the details of the economics of the group for Q1. As usual, we can say that the soundness of the business is fueled by regulated businesses, as you can see from the chart on the left. See the contribution of the different businesses to the EBITDA. From EUR 276.4 million in Q1 2020 to EUR 311.5 million in Q1 2021.
Water business, EUR 17.7 million, with a contribution of EUR 163 million the i nfrastructure, energy infrastructure p lease remember that this component is presented by distribution of electricity and power generation. EUR 107 million contribution.
Commercial and trading, it contributes to EUR 7.6 million with a total of 25, the environment EUR 2.5 million, and 15 of total EBITDA. We see that all the businesses are contributing positively to the growth. If you look at the difference between 2021 and 2020, is 12.7% in terms of EBITDA growth.
The bottom table, you see the contribution of the different companies or the changes in the scope of consolidation. Organic growth contribution to EBITDA is + 10%. Let's move on to page six of the presentation, where we shall see the water business. Here you can see that all of the water business companies contribute positively to the growth of the results of the group.
The Ato 2 is the one which, relatively speaking, provides the greatest contribution. As you can see, all the companies of our scope of consolidation contribute positively. As to the equity accounted water companies, the difference is due to a time difference in the drawing up of the financial statements of the individual companies and the consolidated financial statements of the group.
The growth of the EBITDA of the water business is + 12%. Here, we also have the application of the tariff regime for the third regulatory period, which is guided by a constant process of investments, which continue to be made in this business. In the period under review, we have a line-by-line consolidation of SII Terni, which occurred in November 2020, and EUR 3 million is the contribution of this in the Q1. Then the acquisition of Alto Sangro Distribuzione Gas, with a contribution in the Q1 of 2021 of EUR 1.5 million.
Page seven, energy infrastructure. Here again, the contribution is a positive one, both in terms of electricity distribution, which is basically in line with what it was last year. As you can see, there is a decisive positive contribution by the generation of electricity. Here, the company is also making investments. If you take into account the total of electricity distributed in the Q1 of 2021, we have a slight decrease, whereas the number of pods is stable. On the contrary, this is the driver of this business, we have a growth of the overall power generation.
The key highlights here. We have a total capacity of 52 MW for the secondary market, whereas in Q1 2021, we opened up the works for the construction of further 60 MW for the primary market. In 2021, we have the year of full application, of full installation of 2G smart meters. We started off last year, we are going to complete this in 2021.
Let's now move to page eight of the presentation, we see here the commercial and trading business. Here again, as you can see, the performance is considerably growing t he EBITDA is up 44.4%, all the items basically grow in line with the growth of the EBITDA, both in terms of energy sold, where you can see the breakdown between the free and the enhanced protection market. The growth is driven by the free market and by a stability of the enhanced protection market.
At the same time, as you can see, the growth of energy sold is driven by the growth of the customer base. The sales of gas, both in terms of volume, in terms of number of customers, has grown in this period. Now, this structure increase and improvement of our commercial capabilities has a direct reflex on investments.
We started off last year investing in a process of relationship management, and in 2021, this will be fully implemented. We also have customer acquisition costs, which are basically related to the widening of the customer base. Page number nine of the presentation, and here we see the environment business. As we said before, now even in this business, the performance is growing a s you can see, EBITDA is up 20% l et me remind you that the environment and the generation businesses are the two businesses where the group is focusing its growth path through acquisitions as well.
The growth of the environment business organically is, however, + 6.4% is the organic growth. Then we have also increased volumes of waste treatment, and the amount of power or electricity sold remains stable. Here, the scope of consolidation has changed following the acquisition of Ferrocart and Cavallari. These were acquired in April 2020, and the contribution of these two companies in Q1 2021 is EUR 1.7 million. Page 10, here you can see the details of the EBITDA and net profit trend. As to the EBITDA growth, well, this type of growth also is reflected in the growth of EBITDA and net profit.
EBITDA is growing by 12.3%, from EUR 138.5 million -EUR 155.5 million, and net profit is growing by 17.7%, from EUR 70.6 million -EUR 83.1 million year-on-year. The growth of depreciation is related to the greater investments, which characterize the constant development and growth of the different regulated businesses. The increase of impairments is related to the growth in the commercial and trading business, which is directly proportional to the growth of the performance and the revenues of this business. Provisions, as you can say, are basically stable or slightly decreasing.
Now, let me now move on to page 11 of the presentation, and here you can see the details of our investments. I'd like to mention once again what I said before, that is that investments have grown by 21%. 82% is related to regulated businesses in line with previous quarters, 18% non-regulated businesses now, l et's look in details at CapEx in Q1.
End of 2020, sorry, Q1 2020, EUR 190 million, Q1 2021, EUR 230.5 million. Water, EUR 15.6 million. Energy infrastructure, EUR 15 million. Commercial and trading, EUR 7.1 million. Environment, EUR 3 million. On slide, you also have a number of events or factors that contributed to the CapEx. You can see that water and energy infrastructure basically are the leading businesses in terms of investments.
In the water business, repair and widening of water and sewer pipes or work on treatment plants, whereas the other businesses contribute less. In the water business, we have the contribution of EUR 1.9 million of CapEx after the consolidation of Acea Terni. As to energy infrastructure, we have the upgrade and the expansion of the grid, the installation of 2G meters, the construction of photovoltaic plants or primary market photovoltaic plants.
Commercial trading, I told you already about this. This is basically related to our commercial growth and also related to information systems. CapEx in the environment business are related to work on existing plants and basically in line with the past. At this point, I'd like to move on to page 12 of the presentation, where you see the cash flow details.
As Giuseppe said at the beginning of the presentation, cash flow also represents or shows the positive performance of the group, which translates into positive cash flow with the improvement of the working capital versus the LTM of 31 March 2020, also improving versus the LTM of the 31 March 2021 by EUR 51 million. The main items, EUR 129 million of working capital versus EUR 149 million, investments of the period, EUR 219 million, financial management, EUR 123 million, and then other, like M&A transactions, EUR 8 million y ou can see the trend at the bottom of the slide.
Page 13, you can see the details of the debt of the group t he net debt at the end of March 2021 amounts to EUR 3,634,000,000 versus EUR 3,528,000,000 at the end of December 2020, and EUR 3,000,000,184 at the end of March 2020.
The net debt EBITDA at the end of the Q1 is similar to the data at the end of 2020, 3.05 x. The debt maturities on the right of the slide, which also includes the recent issue. As you can see, there are no major maturities in the year 2021 and 2022. If we now go to the next slide, page 13. Here you can see the ratings of Fitch and Moody's show a stable outlook. Fitch ratings BBB+, Moody's ratings Baa2. We have already mentioned the issuing of a green bond on the 21 January 2021.
Two tranches, EUR 300 million the first one, and EUR 600 million the second one t he first tranche will mature in September 2025 with a coupon equal to 0%. That is negative yield. The structure of the debt is 84% fixed rate. The average cost of the debt goes down versus the previous data. The average cost is 1.44%, and the average maturity is 5.6 years.
The maturity in 2021 accounts for 4% of the overall debt of the group. On the right of the slide, you see the sustainability ratings, which remain constant. CDP A-, leadership position. Standard Ethics rating, EE- and EE+ . For the first time, we are showing the Gaïa Rating, which is 78 out of 100, a rating which has been improving for the third year running. This is it as far as the presentation is concerned. Giuseppe, over to you.
Well, we can now start the Q&A session and take your questions. This is the Chorus Call conference operator w e will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone.
To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is by Enrico Bartoli.
Good evening, ladies and gentlemen. I have a few questions to ask. First of all, a question on the commercial and trading business, which has shown a considerable growth in the free market in terms of volumes and margins. Can you give us some ideas about the drivers of this growth? and what is the outlook of this business going forward?
Second question about solar installed capacity, 60 MW, the capacity which is being installed. Can you give us an indication about the level of capacity that you think you will have installed at the end of 2021, and whether we can, I don't know, see M&A transactions or deals in the quarters ahead of us?
Then you mentioned the possible upside coming from the use of the projects of the recovery fund or the projects within the PNRR. Can you give us some ideas or some examples of the type of projects that you see can help you within the recovery fund, and the type of investments that may be attributed to A2A?
Well, thank you very much, first of all, for this question. Let's start from the question about commercial and trading business. There, the performance was particularly brilliant, not a surprise, I have to say. This is the result of, first of all, a reorganization and then strengthening of the distribution network, if you wish. This has led to a structural improvement of the results, which are related to the free market, both in terms of electricity and gas.
From this point of view, we do not have special reasons behind this type of economic performance, with the exception that we continue to defend the customer base on the enhanced protection market. On the free market, we are growing, on the contrary, the customer base. The customers of the free market have margins which are structurally very different from that of the customers of the enhanced protection market, w e do not have, in this case, extra reasons.
We are working on e-mobility, certainly on electricity efficiency, but these are not yet producing tangible results. As to the outlook for this business, now, we don't really have a precise data to give you. But, we can say that these, for us, are structural results so w e believe that the performance will be at least confirmed in the next few quarters. As to the question about generation.
Now, we have, at the moment, 52 MW already installed on the secondary market of solar plants. This is the results of M&A, the M&A's that we made in the previous two years. We are continuing to work in this direction. At the moment, we are not looking at M&A's on the secondary market w e act in an opportunistic manner, perhaps with smaller deals, in the next few quarters. On the contrary, on the primary market, we are continuing developing our plants. We have about 50 MW, where the plants or the work sites are already open.
We only need to make all the necessary work to connect them to the network. In the next few months, certainly before the end of the year, they will be up and running and operating. But we have a pipeline. The total pipeline is around 500 MW, on which we are working, and this is fundamental for us to be able to meet the results of the business plan.
Please remember that the business plan has a target of 750 MW of photovoltaic energy within 2024. As to the primary market, we are working on development. We do not have, at the moment, big M&A's deals. The development is either Acea working independently or the acquisition of authorizations. After the authorizations, we start installing the plants. Everything is proceeding in line with our plans, perhaps a little bit better than what we had envisaged.
As to the recovery fund, it's very difficult to say what the contribution for Acea will be. This is due to the way with which the recovery fund is structured. We do not expect funds to be given to us directly. We expect funds or money to be invested in the development of new infrastructures or for the strengthening enhancement of existing infrastructures.
Therefore, in those areas in which we operate, we may take advantage of these investments. They will not directly affect our tariff structure. We will continue doing our own investments as per our business plan. But, we can say that the impact for Acea will be related to the actual physical implementation of the investments and perhaps the subsequent management of such investments. It will not be related to funds given directly to us.
I can't answer the question about the investments defined in the recovery fund. There are no investments already envisaged t here are projects for development, and there are amounts of money to be used in certain chapters, which will then be given out based on a competition process w e will take part to all of the competition especially as to the infrastructures, building all development of infrastructures in the areas in which we operate.
Now, let me tell you that the doubling of the Aqueduct of Peschiera is a fundamental work here. We've seen a step forward with the appointment of the government representative. The main part of the PNRR, so the main part of the doubling of the Aqueduct of Peschiera, the part that will be financed by public funds, will not be specifically financed by the PNRR, because it can only finance works that are completed within 2023, but s ome other public funds will be used to double the Aqueduct of Peschiera. This investment will be made within the regulatory period of the Ato 2 area.
If I can, another question, if I may, on the photovoltaic plants. Have you started to look for possible financial partners? for the idea of consolidating your assets in this business and trying to find financial partners?
We have started to work on this project as envisaged in our plan. This is a project of investment, but we are still at the beginning, if you wish, of this project.
Thank you very much.
Now, the next question by Sara Piccinini with Mediobanca.
Thank you very much, and good afternoon t hank you very much for taking my questions. The first question is about the guidance. You are confirming the guidance for 2021. Is it right to say that the EBITDA will be slightly towards 8%, so in the upper part of the range that you have given?
In the light of this- now where do you think you have overperformed or exceeded your expectations? Another question about M&A's. Are you assessing any deal? or any transaction in the waste business or in the gas distribution business? Are you assessing something there?
Then i'd like to go back to the question asked before on the recovery fund. Now, you talked about a strong reduction of water losses that you have achieved in the city of Rome. Can you tell us what is the current state all over the Acea network, and what are the investments which are going to be made during the business plan period, and whether these investments are going to be part of the investments envisaged by the National Recovery and Resilience Plan or the recovery fund?
Now, as to the guidance, what I have to say, that we have performed somewhat better than envisaged y our analysis is correct, and we have slightly overperformed versus expectation in the water generation and commercial trading businesses. Perhaps we can think about the upper part of the EBITDA range in 2021, but we should then have to see whether we have to further give an update of the guidance, if we have to, during the year. As to the M&A's, we are working on a number of transactions in the environment business. We can't disclose anything at the moment.
Well, as we know, the sellers are private companies, very often family-owned businesses. From the moment the file is open, the moment the transaction is closed, there are always some critical steps in between. I can't say that these deals are going to be closed very soon. We're working on them, especially in the environment business.
As to the water losses overall, we have a data that we presented at the end of 2020. Our overall goal for all our companies, the goal is that of reducing the water losses on average by 11% from 2019 to 2024. Now, at the end of 2020, we had achieved a reduction of 3% out of this 11%.
We are performing quite well, b ut, you know that technically speaking, the reduction of water losses is easier to bring about or to achieve at the beginning of the process of trying to reducing water losses. When you have already achieved very good levels of water losses reduction, then it becomes more difficult to further reduce them.
Now, the reduction in the city of Rome by 29%, that includes physical water losses of the infrastructures, but also malfunctionings or non-perfect functioning of the measurement systems of the meters and also possible frauds. Here, you have a portion of the losses which cannot be eliminated structurally speaking. We are, however, in line with our target of reducing water losses by 11% within the business plan period. It is within 2024.
Next question by Stefano Gamberini with Equita SIM.
Good evening. I have a few questions to ask. As to the water, I'd like to understand why the contribution of the equity activities is going down? and what can we expect in the year? Like-for-like, I think EBITDA is around 10% in this business. 5% is due to an increase in tariffs in Rome and 7% of tariff increases in Frosinone. Can you confirm this?
What can we expect in 2022? There is a doubt I have on 2022. It should be the year when you have the midterm update of the WACC. Is there some risk? Perhaps I'm wrong, perhaps it will not be the beginning of 2022 where you have an update of the WACC.
Another question about the sector of waste in general. In the recovery fund, there is some contribution in the waste treatment sector. Rome has major difficulties there. I'm reading that AMA is increasing investments in waste treatment. Where will Acea find itself? Will it have a positive role in this favorable period, considering the big problem that Rome has here?
Can we expect also some strategic repositioning in terms of waste? I'm not asking whether you are interested in AMA, but whether there are some opportunities of M&A's in the waste business. And then, have you made any step forward as to the consolidation of businesses in Tuscany? Can you tell us something about them?
Let's take your questions a s to the state of approval of tariffs, at the moment, all tariffs have been approved by local bodies, whereas we still have ongoing the authorization process of ARERA. As Ato 2, there is a dialogue ongoing, but we do not see major criticalities. As Ato 2, growth is 5.2%. This is the growth expected for 2021. As to Ato 5, the expected growth amounts to 4%. Here we are still negotiating, now t he contribution of equity accounted companies.
As I said in the presentation, the approval of the financial statements of the equity accounted water companies, the financial statements are not approved in the same period of the financial statements of the group. This is why you see here a negative data. It's basically a time difference. There's nothing structurally speaking that needs to be underlined.
Then we have the consolidation of SII Terni, which is a small company, but it's contributing in an interesting manner. There was a question of WACC for the distribution at the beginning of the year. The new WACC will be approved for 2022. At the moment, we are just waiting for the opinion or the view of the regulator.
It's possible that there may be a reduction, basically related to the number of interests involved. The regulator will have to assess the opportunity to step in or to review the update, considering also the very difficult moment the country is going through because of the pandemic.
We made a study whereby a reduction by 100 basis points on the distribution in Rome would have an impact of EUR 22 million. We do not expect a data like this t here should be a marginal effect on the group following the review of the WACC. I have a question about this. You're speaking about electricity distribution. No, I was talking about the water distribution. Isn't there a mid-period review of the WACC? No. No, there isn't t his is why I talked about electricity, because there is no mid-term review for the WACC gas.
The National Recovery and Resilience Plan envisages funds for the circular economy. Now in the areas in which we operate, when competitions are issued, we will submit our bids. But at the moment, we do not have specific information about the investments that may be funded by the National Recovery and Resilience Plan. We are still at the beginning of this process.
As to the consolidation of Toscana, we have no news here. We are talking, but as I have always said, our stake in Toscana or in Tuscany and in Florence, well, there, our role is that of an industrial company. We hope we can preserve this role, even when the conglomerate grows, but we are always ready to assess and talk about possible solutions.
Well, thank you very much. Yeah. Thank you. You answered all my questions.
The next question by Emanuele Oggioni , Banca Akros.
Good evening, thank you for your presentation. I only have a couple of questions left. I have a question on the renewable sources of energy, and in particular, about the pipeline. Over and above what you have already installed, you are building 60 MW so i d like to know what is the residual remaining portion of the pipeline, more than 350 MW. Can I have the details? meaning how many megawatts are being authorized or will be authorized at the end of the year?
How many megawatts are you going to see authorized in 2022? I'm speaking about organic projects here. Second question about acquisitions. Perhaps you answered the question already. Where are you focused in this moment when it comes to acquisitions? As to the waste business, what do you think is going to be the contribution of acquired businesses that you acquired in 2020, which will be the contribution in 2021 in terms of additional EBITDA?
As to the renewables, we have an overall pipeline of more than 500 MW. At the moment we have 60 MW, which we are developing, but 100 MW have already been authorized. 60 MW are already in an advanced state of development. 300 MW are already undergoing an authorization process. In this moment i do not know whether they will be authorized in 2021 or in 2022. We will give you updates when the authorization is given. And for me there is an important variable which impacts all of the industry.
That is one of the fundamental factors of the National Recovery and Resilience Plan, which does not only envisage plans, but also projects and a change in the vision for the future. Here, there are strong statements about the speeding up of authorization processes.
Now, we are going through the authorizations with the traditional process, but we hope that the reform of the National Recovery and Resilience Plan may also lead to an acceleration of these authorization processes. It would be really a major step forward for all of the industry. Otherwise, the growth of the installed capacity increase or the growth of the installed capacity will be very limited.
Now, as you know, in order to reach the goals of 2030 in this country, we should install 7, 8 GW per year. As to your question about M&A's in the waste business, we already answered the question h owever, as I said, we are working on this. We're working on different possible acquisition files, if you wish, in the waste business. As to the impact of the change in the scope of consolidation, Ferrocart and Cavallari in 2020, EUR 1.7 million is their impact in the Q1 of 2021. Those acquisitions were closed in April 2020 b asically, that's the difference.
The next question by Peter High with Atlas. You have the floor, sir.
Thank you. Just one question. I was just looking slightly longer term. Could you talk about the water concessions and why you are certain that you will keep the water concessions after their expiry? I know it's 10 years away? but I'm very keen to understand why you should be able to keep the concessions post 2032, let's say, for Ato 2.
Now, as you rightly said, the main water concessions expire after 2030. We are structurally optimistic, so to speak, we think that we will be able to maintain these concessions. But certainty cannot be there in absolute deterrence, because at the end of the concessions, there will be a competition and we will have to put forward our bid.
There is no structural reason why we believe that we can keep our concessions a ctually, we have never stated that. When it comes, however, to the concession of Rome, the size of the concession, the investments that we make every year lead to an increase of value, which may represent quite an important barrier to anyone who wants to put forward an offer, a bid for the concession in the future. Do you have any other question?
Well, just one follow-up on that.
As a reminder, if you want to ask other questions, you may press star and one on your telephone. Once again, if you wish to ask a question, please press star and one on your telephone. Ladies and gentlemen, at the moment, there are no questions registered at this time. Ladies and gentlemen, thank you very much for attending this conference call. The investor relations office is always available for further clarification. Thank you very much and have a nice evening. This is the Chorus Call conference operator. The conference has now been concluded. You can disconnect your phone. Thank you very much.