We'll walk you through the key financial highlights, operational developments, and our outlook for the coming months. Before we dive into the details, I would like to thank our team for their hard work and dedication, and to our shareholders for their continuous support. Please bear in mind that this call may include forward-looking statements based on current expectations and assumptions, which involve risk and uncertainties that could cause actual results to differ. The financial figures discussed are unaudited and should be read in conjunction with the full reporting package available on our website or on the site of BVB. Participants are advised to review all disclosures before making investment decisions. So, I'm pleased to introduce our speakers for today: Alexandru Filip, Purcari's Group Deputy CEO, and Anatol Belibov, our CFO.
As well, there is an extended team of senior executives and non-executives in this call, and together we aim to provide a comprehensive overview of a company's results and outlook. So let's get started. Alex, the floor is yours.
Thank you very much, Eugeniu. Good afternoon, everyone. Excited to share our results today. Just to remind everyone what we set ourselves to do, we're working towards building a global winemaking champion dedicated to preserving and promoting globally the rich winemaking heritage and indigenous grape varieties of New Europe, and we aim to do this by inspiring people to thrive and excel through hard work, determination, and collaboration. We aim to live this purpose every day, and we believe that the results that we'll share with you today are an illustration of our efforts. If we move on, just to get into the content, some of the highlights, and we try to show you the main ones, knowing that we cannot be exhaustive.
Commercial updates. One of the things we've aimed to do this year, and you will hear more about it in the coming months as an objective for next year, we have aimed to get closer to our consumers in the core markets, especially Romania. So this year, we have become the main sponsor of the prestigious Jazz in the Park Festival in Cluj-Napoca. We have also been recognized as the best winery in the Republic of Moldova by the National Office for Wine and Vineyards in Moldova. We are also continuing to innovate. We've launched new products like the Sapiens range in Moldova. We are also expanding into new territories. Just to give you an example, I think this year it's the first time we sent a shipment to Ghana in Africa. So we continue to expand geographically and also to expand our product portfolio.
I think you might have seen the announcement earlier. We have confirmed the CEO succession as of January 2025. We have also been awarded the Board of the Year by Envisia in Romania. We have added a market maker from October 1st. We have now two market makers, which should provide additional liquidity and price transparency to all investors. We are working now also with InterCapital. We have attended two events this fall, one in Bucharest, the WOOD event, and then in Zagreb, Romanian Investor Day organized by InterCapital in Croatia. In terms of financial results, group revenues have reached RON 262 million in the first nine months of the year, a 4% increase year- on- year. Core revenues performed even better. We have grown 14% over the same period.
The difference between the 4% and the 14% comes actually from the Ecosmart discontinuation, which we informed about in the previous call. Good traction across multiple countries: Romania, Bulgaria, Czech Republic, Slovakia. Also, as I alluded earlier, good acceleration in the rest of the world, also coming from geographical expansion in the Middle East and North Africa. Also, good performance in the Americas, Canada, U.S., Mexico this year. So good spread across different geographies. Premium brands are performing best. Purcari is leading the growth across all our key markets. Gross margin at 47% over the first nine months, 6% higher than last year. Combination of volume, price, and mix improvement, as well as some COGS optimization measures that we have taken. EBITDA margin at 33%, 4 percentage points higher than last year. And on the net profit, we are slightly in line with what we registered last year.
Despite the EBITDA improvement, we have been affected negatively by several exogenous factors, primarily the exchange rate between the Moldovan leu and the euro and increased taxation. Net profit margin at 17% for the first nine months of the year. If we move on, just to dive a bit into the non-financial results. So I mentioned in terms of events, we sponsored the Jazz Festival. We also sponsored one of the largest business events in Romania and Central Europe, which is Brand Minds. We also were one of the main sponsors of the National Olympic Committee of Moldova for the 2024 Summer Olympics. In terms of marketing, I mentioned we launched Sapiens, which is a new range that we started distributing in Moldova, including one brand new product, which is an orange wine made out of Rkatsiteli grapes. We also promoted our, sorry, if we stay on the first page.
Our Rosé range, also our sparkling wines. Then, in addition to the award that I mentioned in Moldova, the Best Winery, we also have continued to receive multiple medals for our wines, 61 medals this year, including Decanter, which is one of the most prestigious competitions, plus Vinalies, the 17 gold medals there. If we move on. Yeah, in addition to Sapiens in Moldova, we also launched a new brand in Romania, Motiv, five new SKUs in the mid-range price segment. Poland, additional six SKUs, two for Moldavska Dolina and four for Terra Vinea. Also in the Netherlands, in terms of new markets, I mentioned Ghana. We also are excited about our first deliveries of non-alcoholic red wine to Saudi Arabia. We hope there will be many more to follow. Otherwise, we continue to promote our wines in the US to multiple wine tastings over there.
Japan, we have a new importer, which should allow us to also penetrate the retail channel more effectively. Canada, we've now exceeded EUR 200,000 in deliveries first year, and an important milestone for us. If we move on.
Yeah, Alex, thank you.
Eugeniu, do you want to cover this
Yeah, sure. Thank you. It is very difficult to beat the productivity of our commercial team, but we had a quarter full of IR events as well. Firstly, we had a successful investor day on October 4, gathering over 200 participants, both on-site at Purcari and online. During this event, we launched our ambitious 2027 strategy aiming to double the key operation metrics by our bicentenary anniversary in 2027. We also emphasized our M&A strategy to expand production facilities and our presence across New Europe. As Alex mentioned, on the governance front, we were honored with the Board of the Year award by Envisia. It was actually recognizing our leadership excellence. Additionally, we have confirmed a smooth CEO succession with Alex Filip, which is set to assume the role of CEO starting from January 1st.
Mr. Victor Bostan is transitioning to CEO advisor for one year. We also strengthened our collaboration with InterCapital. So we already have two market makers partnerships. And all these initiatives underline our commitment to deliver sustainable growth and to strengthen governance and enhance stakeholder value. Now, I will hand it over back to you, Alex, and I guess you will walk us through operational aspects.
Yes, thank you very much, Eugeniu. One of the important updates that I guess those of you who have followed the company for some years know that we provide in this fall, this time of the year. It's an update on the harvest this year. And as you see there, a smaller vintage in terms of volume, both for our own vineyards and also for third-party grapes. We have faced multiple challenges of different variety across our main geographies. So Moldova, Romania, Bulgaria. Just to give you a sense, Moldova and Romania was primarily drought. Bulgaria, we experienced hail. And all of these affected negatively the volumes, not only for us, but also for a large part of our supplier base. So we have focused on sourcing smaller volumes, but of the right quality. And we have implemented measures to mitigate the shorter volumes, the smaller volumes.
We are working on, and we have actually extracted more value from the grapes that we process. We are also securing bulk wines from suppliers that we know and we trust for the right quality, for the right price point that we need. We are also taking advantage of the existing vintages, especially for red wines, that not only were more abundant, but also at more competitive cost structure. Of course, with a smaller available volume, we are also prioritizing the more premium, higher margin ranges across our portfolio. Overall, we are more focused on securing the right margin for the volumes that we can provide to the market by also increasing prices where possible and where justified.
All in all, despite the, I think the key message for us at the moment is that despite the lower volumes of grapes that we have processed this year, we are committed to continuing growing in line with the midterm strategy. We will secure the volumes needed to support the top-line growth that we plan. We are also working to minimize the impact on the gross margin in line with the midterm expectation that we have. It is clear for us after this year that irrigation is a critical element. Hence, we are even stronger at prioritizing the implementation of the irrigation system at Cuza, where we have roughly 700 hectares. A big part of our vineyard would benefit from availability of water. For the context, this is part of a regional irrigation project, which is a public project meant to bring water to that area.
In parallel to that, we will run our own infrastructure project to irrigate the vineyards. Important message, tough environmental context this year, lower production across the key markets. We know it for sure for Moldova. We have evidences that also for some of the key markets in Europe, like France and Italy, the situation is similar. We will secure the growth with very proactive measures to ensure that midterm we stay on track to deliver the objectives that we communicated at our investor day. If we move to the actual results, commercially, as I was making the point earlier, growth across all geographies. You see Romania growing 16%, Bulgaria 38%, Czech Republic and Slovakia 25%, rest of the world also significant growth. We see a healthy spread of growth momentum across the different geographies driven by different factors. We count on this growth continue.
If we move on just to talk about brands. As I mentioned earlier, Purcari growing above the average. Angel's also growing nicely, Domeniile Cuza, growing from a small base, but at an accelerated pace. Bostavan growing nicely, recovering in the third quarter. You see a plus 37% growth in the third quarter, not only Czech Republic and Slovakia, but also Poland. I think important to acknowledge the challenges that we face with Bardar, a good recovery in Moldova, accelerated growth in Romania, but still an overall challenging pricing environment in Moldova, which is the home core market for Divin. Yes, Angel's, as we indicated also in the past, our commercial turnaround is continuing. We continue to grow versus the previous year. And we continue to expand the geographical coverage. Our distribution in Bulgaria is still lower compared to our peers.
So we still see significant room to grow the distribution in addition to improving the portfolio quality and the marketing and advertising efforts that we will put behind this brand. On Romania, just one point, and then we move on. I mentioned the new brand Motiv, primarily for retail channel, targeting an important segment of the market, which covers the 25-35 lei price segment. And this segment in itself that accounts for 15%-20% of the market by value. So it's an important battleground for us where we start from very small volumes. The previous brand that we had was a very small player in the segment. So we have made an important effort in developing this new brand. And we will invest in the coming years to grow and retain market share in line with our overall market share for this segment as well.
If we move on. I think Anatol, do you want to cover this one?
Yeah, sure, sure. So yeah, moving from top-line performance, because Alex already mentioned our, let's say, good performance, yeah, and especially in core business. In terms of gross profit, yeah, we reached RON 123 million, which is plus 19% year- over- year. Yeah, for sure, it's a great achievement in terms of absolute number. I would like to mention that also like gross margin percentage, yeah, we deliver a qualitative increase, yeah, achieving 46% or 6% increase year- over -year. For sure, this is a very, very good improvement in terms of operation. Yeah, if we discuss more details about what stayed behind this improvement, for sure, the main contributor, it's pricing and mix improvement. Yeah, as we mentioned in previous slide, we managed to deliver the growth not just by volume, but also improving the net price per liter.
And here behind this, it's working closely with product mix, geographical mix, and also with pricing. Another important point to mention here, it's also reduction in COGS. We managed to move from production the more cheaper wine, meaning cost, from 2022, 2023. Also, we have a successful negotiation in terms of bottle, COGS, cardboard, all this together allow us to have lower COGS rate. So all this together help us to deliver improvement in terms of gross margin. Before to move to selling and distribution cost and also overall about OPEX, I would like to mention that Ecosmart or waste recycled business had a significant lower OPEX percentage in revenue. So compared to core wine business. Therefore, by this continuation of Ecosmart wine business, for sure, percentage-wise, OPEX increase in total revenue. So like for like, we need to consider this impact.
Therefore, marketing and selling expense grew up by 25% year- on-y ear or plus 7.3 million, driven by, first of all, more investment in trade and marketing. Yeah, we focused to maintain our brand awareness, yeah, supporting promotion activity and investing in key initiative to support our growth. Payroll cost, yeah, for marketing increased 90%, mostly driven by inflation on salary, yeah, and also expansion of the team. Logistic cost slightly increased, also driven by inflation. Here it's important to mention that start from current year, yeah, with implementation of RetuRO, yeah, in Romania, we have a new cost in selling and distribution, which is accounting for 23% increase year- on- year. If you speak about G&A, yeah, you can see here that year- over- year, it's an increase of 5%. But specific for third quarter, you can see that it's mostly flat, yeah.
So we are looking to manage very careful our spend in order to improve profitability. Next one, it's about other income and expense. And I would like to stress your attention in this part, yeah, because this had the biggest impact on our net profit variance quarter over quarter. As you can see that third quarter 2024, other income and other expense, yeah, it's close to RON 0.1 million versus RON 4 million prior year. Yeah, and the question is, why we have this situation? So I will mention the main point, which, let's say, impact this variance year- over- year. So first one, it's fair value of, or let's say, reevaluation of fair value of grapes. Yeah, already Alex mentioned that current year, it's very challenging, yeah.
And that's why Purcari Group overall, as a result from reevaluation of own grapes, yeah, recorded a loss of RON 0.65 million. Yeah.
And if we compare to prior year, it was registered a gain of RON 2.7 million . Yeah. So here, just to understand that like for like, it's more than RON 3 million decrease. Another impact is the prior year, yeah, in Q3 2023, we registered some one-off gain, yeah, meaning write-off of payables, yeah, some surplus identified during stock count, yeah, and also significant gain from selling tangible assets as part of Angel's Estate modernization project. Yeah. So all in all, you can see that just RON 4 million , yeah, we are losing here in terms of net profit. But moving to the next line, EBITDA wise, yeah, you can see that we achieved, no, stay in the previous slide, Eugene. So we managed to achieve close to RON 86 million , yeah, which is in line with gross margin plus 19%. Yeah.
But moving to EBITDA to net profit, yeah, you can observe that there is a, let's say, imbalance in different pictures. For sure, there is impact, strong impact coming from Forex. Yeah. Prior year, due to Moldovan leu appreciation, we registered again close to RON 3 million . Yeah. And now it's a loss. Also, it's net interest. For sure, we are increasing in our investment and interest. It's growing up also and phasing in taxation. So altogether, you can see that from 19% EBITDA growth, yeah, we are mostly flat in terms of net profit. But it's important to mention that both EBITDA and net profit currently, it's exceeding the guidance for this KPI. Moving to the next slide. Yeah. So Purcari Group is continuing to maintain a strong financial position. Yeah.
For sure, we are trying to achieve the optimal balance between cash, yeah, and overdraft in order to minimize the interest cost. So you can see that cash positions, it's in line with phasing. Yeah. Increasing net debt. It's in line with our strategy to drive strong growth. Yeah. You can see that, yeah, it's higher. But for sure, our strategy communicated prior month was to drive profitable growth. Yeah. Cash ratio aligned with seasonality. Yeah. And for sure, there is no big risk in terms of liquidity to meet short-term obligation. Net debt increase, yeah, due to more loans required to sustain our investment in CAPEX. But also important to mention that we are buying now more expensive grapes. Yeah. And for sure, this has an impact on our loans debt.
All this together, for sure, net debt to EBITDA 1.60-1.7, which is in line with our maximum two times net debt to EBITDA. All together, we have strong balance sheet and prudent liquidity management. Thank you.
Okay. Thank you, Anatol. Just to wrap up the financial part, if we stay on the guidance. And so where are we? Just to remind everyone, we are ahead of the most important quarter of the year for our business. Q4 accounts for anything between one-third and 40% of the revenues that we generate in a year. Okay. With quite an important swing factor, both in terms of growth and profitability. And to take it from the top, revenues, total revenues, the guidance that we provided was between 5%-10%. You see we're at 4%. We are fighting hard and we have expectations that, or let's say we have a lot of efforts in flight to deliver within the guidance range that we provided. Similarly for revenues.
The combination of revenues or let's say the mix of products that we will sell will also determine not only the revenue growth, but also the margin that we will achieve. Yeah. Because premium products like Purcari Wineries or Bardar, which normally have a good Q4 given the seasonality, relevance of these ranges for Christmas shopping, should help both the revenue growth and the EBITDA margin. We have also implemented some price increases in Romania. We are now waiting to see the pickup in sales for the retail channel. Basically expectations, we work hard, the entire team works hard to deliver the guidance that we have provided on the sales side and similarly on the margin side. You might wonder for the profitability why we maintain the guidance as it is.
We do it because there on the EBITDA side, there are many elements that relate to the seasonality of sales, also the intensity of the promotional activities that we are running, plus the seasonality that we experience historically in spending, in expenses for Q4. A lot of it has to do with advertising. We increase the advertising intensity. Others have to do with year-end bonuses that we pay to the different channels depending on the targets that they achieve. So quite a few things could still dent currently above expectation margin for EBITDA. And then there is, as Anatol just illustrated, there is also for the net income margin, there is also an exogenous element that needs to be accounted for. But key message is we maintain the guidance and we work hard to deliver on all four elements on the date.
If we move on, just to remind everyone on the strategy that we communicated beginning of October for our investor day, our ambition is to deliver doubling of the key financial metrics by 2027. So we're working towards RON 200 million EBITDA with a 50% plus gross margin on revenues of roughly RON 630 million. And we aim to double also the dividend per share. We have put in place a comprehensive transformation plan across all areas of the organization. We are now ramping up also the required resources for extending offers for people to join and support the transformation across different areas. We're also planning to invest significantly in digitization already from this year, but with more relevant initiatives next year. And in addition to this, we remain committed also to extending our geographical footprint primarily through M&A in a couple of other New Europe markets.
So we have running an active M&A agenda across multiple geographies. We will report on this progress as we make and we reach meaningful milestones that we can share with you. That being said, I think we can move on. I don't know, Eugeniu.
Yeah. Alex, Anatol, thank you. And yet we have arrived, gradually arrived now to the most dynamic part of our presentation, of our call, so the Q&A part. So I kindly ask you to write your questions in the chat section, or you can unmute yourself and address the question by yourself. The first one to address a question will receive a bottle of wine. Just kidding. Okay. Alex, I think we have a first question in the chat. It's from Mihaela. Thank you for the presentation. What were the volumes sold in the three new markets?
Okay. Should we take more questions or?
Yeah. We received one more from Oliver. But I think we can take one by one.
Okay. Anatol, do you have data at hand for the first question? Ghana, Northern Cyprus, and I don't recall if we were talking about those familiar in the Netherlands or?
I think I will check and I will come back in the chat, Alex.
Okay. Okay. I mean, I think approximate. We're looking at order of magnitude. Okay. Let's move to the next question and we'll come back to Mihaela's question. What was Oliver's question? Sorry, I don't see.
Yeah, sure. The question from Oliver. How confident are you of still reaching guidance?
As I mentioned, we are confident that we can reach it. Otherwise, we would have changed the guidance. We believe that it's a hard fight to be fought. Also, if we aim to protect the brand reputation and price perception of the different ranges. So of course, we could have total certainty if we wanted to run very aggressive price promotions or push volumes in the market. But we do not want to harm our midterm perspective, Oliver. So we are confident. We are not necessarily certain about. Yeah. Let's move on. If there is more.
No other questions in the chat. So yeah, you have an option to unmute yourself and address the question directly because sometimes it takes you much longer to write it in the chat.
Hi, it's Adrian Hornea here from BT Capital Partners. I have some questions for you. First, I want to congratulate you for the results, especially as regards operating profitability, and this is the first question. I saw that the harvest for 2023 and 2023 were quite good, and as I know, it were for a lower cost. So can we expect a gross margin above 50% for FY25, FY26? I know it's quite early to say, but it would help.
Okay. Do you want to shoot more questions, Adrian? And then we should answer.
Sure. The next question is regarding the net financial expense. I saw that it's around four million. Can we expect the same trend in the fourth quarter? I don't know, around the 4%, or do you expect a decrease on a quarter-on-quarter basis?
Okay. Any other questions?
It was quite clear, and this is why I want to congratulate. It was a quite detailed presentation, and it helped me as an analyst, so thank you.
Super. Let me try to keep it up with the answer to the first question. And the story is a bit the following. You need to understand that every year, what we sell is a mix of different vintages. So in 2025, we will sell primarily whites and roses from this year's vintage and reds from previous year's vintages, okay? Which is the same thing to say that this year's red vintage will affect positively or negatively 2026 margin. Okay? So this is the first point. Every year, there's a blend of vintages in the sale portfolio. Point one. Point two, every year, we have a guidance for each product and each range, what should be the midterm margin that we want to have. Of course, the prices cannot fluctuate every year depending on how generous the vintage is.
So we try to keep a balance and try not to confuse consumers with different price swings that are not sustainable midterm. But we also aim to optimize margins where needed and where there is scarcity of volume versus the margins that we generate. Lastly, and everything what I'm saying is to tell you that we are working and we're confident to maintain the margin in line with the midterm guidance that we provide. But I cannot tell you what the number will be next year because one of the other things that we aim to do, and we also indicated this, we aim to launch new product ranges, new brands, which initially require investments in establishing them on the markets. Okay?
So although for a new brand or a new range, we have a midterm profitability guidance, a target that we want to reach, for sure, initially, the margin will be lower. Okay? Now, how successful those new brands are in the total portfolio and the total sales mix will also determine the average margin. So bottom line, Adrian, we are not particularly concerned about margin erosion midterm. We are proactively manage this, but we cannot give you a clear indication as to whether the number will be just like this year, slightly higher than last year or slightly lower than this year. Okay? But you should acknowledge that we're handling quite a big swing in vintage cost this year and volumes. Anatol, I think I've bought you enough time to answer the second question.
So about finance cost, for sure, it's important to mention that interest, it's growing. Part of finance cost, so interest will grow close to 20% year- over- year, in line with increasing loans portfolio. If we speak about Forex, so for sure, prior year, it was 1.0 for the last four years. So it was EUR 4 million gain, which slightly decreased to EUR 2.5 million end of 2023. Current year, our projection is that we will be close to zero impact coming from Forex. The reason behind is that now we have more stable, let's say, National Bank of Moldova, let's say, acting in the Forex market. So Moldovan lei, it's more stable to trading maximum 5% during the month. So current year, we expect zero impact.
But for sure, this 4 million from prior year will stay with us when we make the assessment of variance year- over- year.
It was quite clear. Thank you.
Okay. Eugeniu, can you read the other question?
I have another question in the chat. It's from T Pavec. How much grapes was bought this year from your subcontractors and how much was obtained from harvest? Is this data publicly available? So yeah, it is available. We have this data in our presentation. It's both published on Bucharest Stock Exchange, and you can find it on our corporate site. Just to give you some figures, we have processed this year almost 24 million kilograms of grapes. We usually use third-party providers in order to counterbalance our needs. And usually, we can purchase between 50% and 60% of total needs we can buy from third-party grapes. So this year, we had ensured our grape requirements like 40% from our own grapes and 60% from third-party grapes. To give an example, last year, we have secured 42% from our own grapes and 58% from external sources.
So at this moment, we have sufficient stocks like bulk wine for next year in order to secure double-digit growth. Okay. Yeah. Anatol, I think you can voice over your comment, which you have put.
I already got some information from the commercial team. For the new market, we deliver close to 5,000-15,000 bottles in this new market. For sure, this is just a start. And already, let's say the biggest volume expected for each. From 5,000-15,000 bottles, it's by each market. For sure, this is just beginning. We are setting up the new business, and we expect significant growth in 2025.
Thank you, Anatol.
It's Adrian again. I have a last question. It's regarding Poland. I saw that in the third quarter, it registered a significant increase year on year. The market started to open up after some weaker quarters. Or what is the thing in Poland?
Yeah. I mean, first of all, I think you might have noticed we indicated there that we launched four new SKUs of Terra Vinea, which we actually started selling in a new key account network, plus the extension of the Moldavska Dolina, which is our best-selling product in Moldova, sorry, in Poland. So it's primarily expansion of the distribution in Poland that is driving this increase.
Thank you.
Any other questions? We can receive the big one in our chat. Just give me a second to read it. Okay. From Georgi. So welcome from Bulgaria. Bulgaria seems on track of becoming a key market for the group, evident in your midterm strategy. What share of revenue do you target for 2027 for the Bulgarian market, and on what product mix, as the current sales structure is queued to the Angel's brand, I assume?
Okay. So I mean, it's very difficult to talk about a share of the portfolio when the other parts of the portfolio are also moving. For us, the more important thing is to relate to what we plan for the market. And our ambition midterm is to become a top five winery in Bulgaria. So this is a bit how we look at it, which should be roughly, I think, 10%-15% market share should give us there probably the right number. For top five, it would be 10%. We would imagine a mix that would still be dominated by local brands, given that local consumers across Central Europe, we have this evidence, are fundamentally loyal to domestic producers. So from this perspective, we would still expect Angel's Estate local brands to dominate the sales.
But we also plan to grow Purcari in the premium segment, primarily for HoReCa specialized wine shops, but also premium retail shops. So it's hard to give you a hard number, but it would be probably a large part Angel's and the rest Purcari. I hope this addresses the question. Let me know if not, so.
Okay. It was informative.
Okay. Thank you.
I think the presentation was so comprehensive that we received not very many, only a few questions. So Alex, I think we can proceed with the ending.
Okay. Thank you, everyone, for joining. It's always a pleasure to connect with you and share our updates and also get your challenges. As always, if any questions pop up, do let Eugeniu and Victoria know. We'll try to address them. Also, look us up for the next investor events. I think Eugeniu will be in Prague in December for the WOOD. I don't know how it's called. It has a funky name, event.
Winter Wonderland on December 4th.
Winter Wonderland. Okay. December 4th, we'll be there. Also happy to connect separately on other occasions if needed. Yeah. And we look forward to the next update. Thank you very much, and we wish everyone a great week.
Thank you.
Bye-bye.
Thank you. Bye-bye.
Bye.