Hello and welcome to Deezer 2023 full-year results conference call. My name is Alan. I'll be your coordinator for today's event. Please note this call is being recorded, and for the duration, your line will be on listen-only. However, you will have the opportunity to ask questions at the end. This can be done by pressing star one on your telephone keypad. If you require assistance at any time, please press star zero and you'll be connected to an operator. I'll now hand you over to your host, Jeronimo Folgueira, CEO, to begin today's conference. Thank you.
Good morning, everyone. Thanks for joining Deezer 2023 full year results conference call and webcast. I'm Jeronimo, CEO of Deezer, and I'm joined by Stéphane, Deputy CEO and CFO. As you probably know, last night we announced my decision to step down from my role as CEO of Deezer at the end of March. Therefore, this will be my last investor call. It has been a true pleasure leading Deezer through a transformation over the last three years that saw us accelerate our growth, substantially improve our profitability, and become a publicly listed company with a strong balance sheet. Deezer is now in the best position it's ever been, as evidenced by the strong results we will present to you in this call today. The board of directors is currently in the process of nominating a new CEO who will be announced in due course.
We will make no further comments on this topic today, and we'll focus this call on our strong financial results for 2023 and guidance for 2024. Moving on to slide three. We achieved a record performance in 2023 as a result of the successful execution of our strategy. During this presentation, we will come back to the actions that have led to this success. At the end of December 2023, we reached 10.5 million subscribers, an all-time record thanks to the net addition of 1.1 million subscribers in 2023, reflecting the success of our partnership strategy and continued growth in France. This, combined with steady ARPU increase, led to an acceleration of revenue growth in Q4 to 12.1%, resulting in a 7.4% revenue growth for the full year.
The acceleration in revenue growth and our continued improvement in profitability led to a reduction by almost half of our adjusted EBITDA loss to -EUR 29 million. Our cash remains very robust at roughly EUR 64 million, well above the required amount to meet our financial targets for 2024 and 2025. We're entering 2024 with strong tailwinds, both in terms of top-line growth and profitability, which allows us to confirm that we will generate positive free cash flow in 2024 and reach positive adjusted EBITDA in 2025. Moving on to slide 4. Our results for full year 2023 are in line with our guidance. We guided to a significant acceleration of revenue growth in Q4 and delivered a 12.1% increase year-over-year. Our guidance for annual revenue growth was between 7%-10%, and we ended the year at 7.4% revenue growth.
We also promised a significant improvement in our adjusted EBITDA in H2 2023, and we have cut our losses by half from EUR -31 million to EUR -16 million. In light of these achievements, we look forward with confidence to 2024 and 2025, and therefore reiterate our free cash flow and profitability guidance. Moving on to slide five. This strong momentum confirms that we are on a clear path to achieve profitability in 2025, and we target another significant improvement in our adjusted EBITDA in 2024, which is expected to be better than EUR -15 million. We have been able to deliver steady profitability improvements since 2021, and we have three key levers to achieve our targets. First, continued revenue growth on the back of our successful partnership strategy, direct subscriber growth in France, and ARPU increase.
Second, gross margin improvements driven by the new term signed with the labels, optimization of the free product, and the addition of new verticals. Together with efficient marketing spend and the sound profitability of partnerships, this continues to mechanically improve our gross margin profit after marketing. Third, we continue to rigorously control staff and G&A costs. In 2023, we were able to generate significant operating leverage with flat operating expenses, and we expect to maintain this trend in 2024 and 2025. We're therefore very confident in our ability to achieve our Adjusted EBITDA better than EUR -15 million in 2024 and to reach profitability in 2025. Moving on to slide six. We will now look at our 2023 business highlights that reinforce Deezer's position as a key strategic player in the music industry. Moving on to slide seven. 2023 was a big year for us.
We adopted a whole new brand identity, bolder, fresher, and more aligned with our company vision. We continue to evolve as an experience service platform with expression and connection as guiding principles to help artists, fans, and partners to be and belong through music. To highlight the transformation, Deezer updated its logo, visual identity, and launched an updated platform around the new tagline "Live the Music" through an intensive and focused marketing campaign. Moving on to slide eight. On the back of the introduction of our new brand identity, we took the opportunity to also launch new breakthrough innovative features, enhancing fans' experiences and reframing our role as a pioneer in the industry. The introduction of Shaker, which connects friends on different music apps, and the next generation of Flow, our signature AI-powered music discovery engine, were great examples of this ongoing evolution. We continue to fuel differentiation and engagement.
Moving on to slide nine. The relaunch of the brand has been combined with an acceleration of our partnership-led strategy. As you know, this strategy sets Deezer apart in the industry and generates a clear competitive advantage. We have gradually built a very strong partnership ecosystem, first by collaborating with leading telcos like Orange and TIM, and now expanding into new verticals with media companies such as RTL or retail companies as Fnac Darty and leading hardware manufacturers like Sonos. This approach not only drives our top-line growth but also significantly contributes to enhancing profitability by reducing our marketing expenditure as we leverage the capabilities of our partners for new customer acquisition. In 2023, our business demonstrated substantial rapid expansion, both with existing and new partners across various countries and industries.
This expansion is evidenced by the renewed agreement with Orange, our partner since 2010, TIM and Fnac Darty, the newly established partnership with RTL, which introduced its comprehensive multimedia app in August, and MercadoLibre , the leading e-commerce player in Latin America that launched its subscription program, Meli+ , at the end of this summer, including Deezer Music. To lead this growth strategy and scale Deezer's B2C arm and drive new commercial partnerships across key markets going forward, we have appointed Ivana Kirkbride as Chief Commercial Officer in January. Ivana brings a very strong background having worked for YouTube, Verizon, and Meta in the United States before joining Deezer. Moving on to slide 10. In 2023, we have continued to lead the industry in many strategically important initiatives. First, with the launch of the new artist-centric payment system.
This is the most ambitious change to the economic model since the creation of music streaming and a change that will support the creation of high-quality content in the years to come. We started to roll out the new artist-centric model in France since October, and we already have nearly all of our content providers operating under this new model now. This new model not only substantially reduces the economic incentives of fraud but also shifts important amounts of royalties from white noise to real artists that create valuable content for our users. Also, since September, Deezer adjusted its pricing in several key markets, leading once again a wave of price adjustments in the industry. This new price increases will gradually be rolled out to the entire direct subscriber base during the first half of 2024.
As for previous price increases, we have experienced minimal impact on subscriber churn since the announcement. This shows the great value for money that music streaming represents for consumers. Lastly, we have successfully renewed several contracts with key rights holders, securing improved terms ahead of schedule. These new terms are already in effect and are expected to have a positive impact in our 2024 profitability. This concludes my introduction, and now I will pass it on to Stéphane for the financial section.
Yes. Thank you, Jeronimo, and good morning, everyone. Let's move now to slide 12. So, as mentioned by Jeronimo in the previous slides, we are now entering into a virtuous circle where we have both the acceleration of our revenue growth, as you saw from Q4, the improvement in our gross margin, and also the continued strict control of our costs, and that will help us achieve our financial goals. So we will have a look at each of these items, starting with our top line. After several quarters with a stable subscriber base, we are currently experiencing a very sharp growth in our subscriber base, and we reached an all-time high on December 31st, 2023. As you saw, we have added 1.1 million subscribers in 2023 to reach 10.5 million subs at the end of the year.
Our two growth engines are contributing to our subscriber growth: partnership on one side, through which we are expanding our global business footprint, and also France, where we keep strengthening our market position. Our direct rest-of-the-world subscriber base is almost stable in Q4, and it is a slight decrease on a full-year basis but with no material effect on our global growth. At the same time, we have also reached a historic ARPU of EUR 4 compared to EUR 3.6 in Q1 2022, representing a growth of 11.5% driven largely by the price increases that we have implemented. Moving to slide 13. You can see the strong momentum that we had in 2023 with a sharp acceleration of our revenue growth along the year, and especially in Q4. We closed the year with the last quarter showing 12.1% revenue growth.
We gained traction toward the end of the year based on the sharp increase of our subscribers, as you saw from the previous page, and also the continued ARPU increase. To give you a bit more detail, partnership revenues delivered a 29% revenue growth in Q4, illustrating the potential of the partnership deals that we have signed and launched in 2022 and 2023. At the same time, Deezer also benefited from the first impact of the new price increase that we deployed on more than 60% of our user base starting in October 2023. We are benefiting from these strong tailwinds as we enter 2024. Moving to slide 14. Thanks to the very strong momentum that we have seen at the end of the year, we have achieved our annual guidance with total revenues of EUR 485 million. This is an increase of 7.4% compared to 2022.
All activities and geographies contributed to this growth. Looking at our revenue performance by segment on the left side of the slide, we reported revenue growth of 4.4% in our direct segment, mainly driven by the continued expansion of our subscriber base in France, which grew 5.9% in 2023, and also the further increase in our ARPU resulting from the first effect of the new price increase. With respect to partnership, we posted revenue growth of 14.5% in 2023. Driven by the strong subscriber acquisition, we added 1.1 million subscribers during the year, essentially from the success of Meli+ offering in Brazil and Mexico, and also the ramp-up of RTL and Sonos. In addition, the ARPU increased by 11% in partnership, mainly due to the improved geo-mix and also the residual impact in first round of price increases.
The other revenues are made up mainly of advertising and ancillary revenues, and they were also up 15% compared to 2022. On the right side, when you look at the revenue performance by geography, we recorded a solid revenue growth of 5.5% in France, driven by the continued direct subscriber growth. In the rest of the world, the revenues were up more than 10% thanks to the strong performance of our partnership business, which more than offset the anticipated decline of the direct subscriber base, which resulted from our strategy to focus on selected key markets where we have more attractive economics. Moving to slide 15. As a consequence of the higher level of activity and revenues and also the positive impact of the optimization of our freemium business, the adjusted gross profit of Deezer reached EUR 110 million in 2023. This is an increase of 12.6% compared to 2022.
This led to a higher adjusted gross margin at 22.7% in 2023. This is up 100 basis points compared to 2022. We were really happy because we were able to increase our adjusted gross profit and gross margin percentage in each of our segments in 2023. Our direct adjusted gross profit was up 4.8% year-on-year, which reflected higher revenues. It was partially offset by an increase in publishing rates, and this led to a slight increase in our direct adjusted gross margin at 24.2%, up 10 basis points compared to 2022. Partnership adjusted gross profit was up 15% year-on-year, driven by a higher level of activity. It was also partially offset by increased publishing rates, and this resulted in an increase of 20 basis points year-on-year in our partnership adjusted gross margin, which reached 20.8% in 2023.
Finally, the other segment delivered a positive gross profit of EUR 2 million, which compares to a loss of EUR 3 million in 2022. This is the positive impact of the free offer optimization. As you remember, we shut down that offer in long-tail countries, and it's also the positive contribution of new verticals revenues. Moving to slide 16. We achieved our profitability target. In order to achieve our profitability targets, we need to continue to increase our gross profit and maintain a very efficient marketing spend and a strict control of our operating expenses. On the left part of the slide, you can see the result of the actions that we have taken to optimize our marketing expenses.
Overall, we reduced our spend by EUR 15 million compared to 2022, and this is in line with our strategy to focus on our partnership business, which has a lower amount of marketing spend, and also to focus on selected key markets for direct subscription. Of course, as you can see, we increased our marketing spend year-over-year in France, and this is where we see the best return, and we continue to grow our subscriber base in a profitable way in this country. On the right side of the slide, you can see that we managed to keep our staff and G&A expenses under very strict control. They are flat in basis points year-over-year as a percentage of revenues. This illustrates our ability to generate operating leverage, scale the company, to grow the business while keeping our fixed cost flat. On slide 17.
We ended the year with a very robust cash position of EUR 64 million at the end of December. That compares to EUR 114 million at the end of December 2022. As you can see on the bridge, the main components for the change in our cash position compared to the end of 2022 are the following. First, we had a significant reduction of our run rate cash burn, which for the year 2023 amounted to EUR -22 million. That reflects the improvement in our profitability and also the positive working capital that is coming from our revenue growth. As our growth accelerated in the fourth quarter of 2023, we ended the year with a higher level of trade receivable, which will contribute to our positive free cash flow in 2024.
Our run rate cash burn also reflects our structurally low CapEx model as well as leases and net interest, which are quite limited. We also had the impact of exceptional one-off payments in 2023 amounting to EUR 22 million. They are not related to our normal course of business. They include tax regularization in certain markets and a few other one-off cash payments that were related to previous years and which are now behind us. Last, we started to repay the government-backed loan that we raised during COVID. Therefore, we end the year with a strong position at EUR 64 million, well above the resources that we need to achieve our financial objectives for 2024 and 2025. I will now turn the call over to Jeronimo to discuss the roadmap 2024 and our outlook.
Thank you, Stéphane. Moving on to slide 19. As highlighted in the previous slides, Deezer is now in a very strong position to achieve its financial goals. Our 2024 roadmap is clear, and we have already achieved in 2023 major milestones on many of our key levers, creating significant momentum. This gives us a clear and safe vision for 2024, ensuring that we will achieve our targets for both 2024 and 2025. Our top line will continue to benefit from the contribution of subscriber growth, rollout of price increases, and the ramp-up of existing and new partnerships. Our profitability will also further improve on the back of operational excellence while continuing to invest in our brand. We will keep innovating on fun experiences, in particular by improving sharing interactivity and the contribution of AI, which brings value to users, artists, and partners alike. Moving on to slide 20.
In conclusion, 2023 was a fantastic year for Deezer with record results, and it positioned us really well for a strong 2024. Deezer is now on a very clear path to generate positive free cash flow in 2024 while delivering an acceleration in terms of revenue growth and another significant improvement of our Adjusted EBITDA loss, which should be lower than EUR -15 million in 2024, and to achieve positive Adjusted EBITDA in 2025. This concludes today's presentation, and Stéphane and I will be pleased now to respond to your questions.
Thank you. Ladies and gentlemen, if you'd like to ask a question, please press star one on your telephone keypad. To withdraw your question, please press star two. You'll be advised when to ask your question. We'll pause for just a moment to allow everyone an opportunity to signal for questions. Our first question comes from the line, Silvia Cuneo, Deutsche Bank. Your line is open. Please go ahead.
Thank you. Good morning, everyone. First of all, let me say best of luck to Jeronimo for your next adventures, but sad to see you go. Now, onto the questions. I'd like to ask three if possible. The first one is on the price increases. If you could please discuss a little bit the expected impact of this latest round of price increases to your 2024 growth guidance in terms of what you expect to be the price benefit against the risk of potentially subscriber churn. So how are you thinking about this contribution to your 10% revenue growth? Then the second question will be on the gross margin. You reported a solid improvement in 2023, and I wanted to ask a little bit more color on expectations in 2024.
What impact do you expect the new artist-centric model to have, and just trying to reconcile your message on higher publishing rates? And finally, wanted to ask about superfans . We're hearing in the industry lots of talks about the potential to increase monetization of the superfans and wanted to ask if at Deezer you see potential to create new products or services in your app. Thank you.
Yeah. So hi, Silvia. So this is Stéphane. I'll start with the first two questions. So on the price increase, as you know, we announced it in December 2023. We started implementing it at the end of October in France and a few other markets, and then it's being deployed progressively. And you saw from the page on the roadmap that we're going to continue to deploy the increase in 2024 in Q1, and it will be pretty much done for all our customers, all our subscribers in the course of the second quarter, including partnership subscribers. So it means that we had a little bit of an impact on our top line in the fourth quarter in 2023. And of course, we expect to have almost the full-year impact in 2024.
So indeed, this is one of the drivers for our 10% revenue growth because we will see that incremental impact in the course of 2024. Of course, our 10% revenue growth is not based just on that effect. It's also the impact of the growth that we are seeing in partnerships and the acceleration we saw in Q4. But indeed, the price increase is also part of the acceleration of the revenue growth for 2024. On a question regarding the gross margin. So yes, we were quite happy with the 100 basis point increase of 2023. We know that based on the number of things that we have already done in 2023, we will have a further increase of the gross margin percentage in 2024. As you probably remember, in the third quarter, we announced that we had renewed a number of rights holder agreements with improved terms.
We will not provide any particular detail, but this is also contributing to our gross margin improvement on top of all the other actions that we have taken in 2023, which will also have an impact in 2024. So yes, gross profit in absolute value and gross margin in percentage will be a contributor to the improvement of the Adjusted EBITDA in 2024. To your question around ACPS, that model in itself doesn't really affect our gross margin. As you know, this is the way the royalties are being distributed to artists as opposed to the level of royalty that we pay to rights holder . So there is a little bit of a friction because we need to manage currently the two models, the one and older rights holder that have moved to ACPS and the one that have stayed so far on the previous model.
It doesn't really change the average. It has a minor impact, and that one will go away. But again, nothing that is material at all on the gross margin.
I will take your last question on superfans . First of all, thank you, Silvia, for your kind words. On superfans monetization, we have been engaged with all of the major content providers to explore that. It's a hot topic for the industry, and we all believe that superfans monetization will be the next big thing to drive ARPU increases in the industry. We share the enthusiasm that the record labels have on the potential of this, and we're working very closely with them to figure out what is the best way of monetizing that. We're still in early stages, so we cannot announce anything in particular. Just to be very clear, our 2024 expectations and guidance does not assume any revenues from superfans monetization. So whatever happens on that front will be purely upside for Deezer.
Understood. Thank you.
We will take our next question from Christophe Cherblanc, Société Générale. Your line is open. Please go ahead.
Yes. Good morning. Good morning, Jeronimo. Good morning, Stéphane. First question was just to come back on the first question, which was about pricing. Does the 10% guidance exclude any additional increase in 2024? And given the way the market is behaving, what do you think is the earliest window to potentially further increase prices at some stage? That's the first question. The second question is on the AI issue. A year ago, people were very concerned we would see a flood of AI-generated songs. So is it something you've actually experienced at Deezer? I have in mind that at some stage, there was something like 100,000 tracks being uploaded every day to the platform. Can you give us the number today just to see whether that has actually happened? The third question is on the Meditation app, the Zen project.
That was a project to have a higher gross margin product. Can you give us an update on the uptake of the product? Finally, a very last one, which is a numbers question. Stéphane was mentioning positive working capital in 2024. Can you be a bit more specific on the number or at least a range? Thank you.
Perfect, Christophe. This is Jeronimo. I'll take the first two, and then Stéphane will address the last two questions. When it comes to pricing, we basically have not really seen much churn once again with this new wave of price increase. So we're very pleased with that. We are progressively rolling it out. I think by Q4, by the beginning of Q4, we would have probably rolled out the new price increases everywhere. We do not expect to do another wave of price increases in 2024. Also, we're currently ahead of the rest of the industry in that sense. So I do not foresee additional price increases in 2024, although we do benefit from what we have already announced and started to roll out. When it comes to next wave, pricing is very sensitive, so we will do it whenever.
We still see a lot of potential for pricing in this industry, but obviously, it's a competitive industry, and we need to do it when the time is right. We will not comment or anything on that. It will really depend on market conditions on when and how we decide to do another wave. Right now, only the rollout of the existing announced wave is underway, and nothing else is planned. On the topic of AI-generated content and flooding of the catalog. This is precisely one of the drivers of adopting the new artist-centric model. We are tightening and strengthening our provider policies to try to reduce the amount of useless content that people upload into our platforms. As part of that initiative as well, we're doing a catalog cleanup.
We have been deleting millions of tracks in our catalog, and we will probably be making an announcement relatively soon about that. The amount of tracks uploaded continues to increase, but nothing really, it's not a flood of AI-generated content that we expected. So we remain above 100,000 new tracks a day. So that has not really changed. But with the cleanup that we are doing, basically, we're managing that well, and we're deleting more than what we get at the moment. Plus, with ACPS, you start deleting a lot of the economic incentive for people to do that in the first place. And this is why I think artist-centric is the future model for the whole industry, where you take the incentives away for people to do that.
We also see that machine-generated content is really cheap and really easy to do, so you can create a lot of content. The problem is that no one finds it in an ocean of content, and actually, no one cares because what people care about is content created by artists they love and music that actually means something to them. So that connection with real artists is extremely important. And this is something that the machines do not have now. Obviously, AI is a fantastic tool, and you can create incredible things with it. And the AI content that we have seen works really well is when you use, for example, the voice of an existing artist. So you basically leverage the fan base of an existing artist with AI. But obviously, that has a lot of IP issues, and that has to be clear.
We are also very strict when it comes to IP infringement, and we will not tolerate any of that. We're also building detection tools to make sure that AI cannot be exploited with voice cloning.
Yes. So hello, Christophe, on your two other questions. So on Zen, so we don't provide particular detail or data regarding Zen. What I can tell you is that you remember that in 2022, we invested quite a lot in order to get the app and all the content ready and up and running, and then it was launched in the second quarter of 2023. So that means that for us, from a P&L standpoint, we have a much more limited impact, negative impact of Zen in 2023 than what we had in 2022. So that contributed to the improvement of our profitability to some extent. And also, we know, and this is really important, that from now on, since now the second half, we have a P&L cost element on Zen that is now very limited.
Now, on the business itself, yes, we do have increased our B2C subscribers for Zen. Where we see the biggest opportunity is with partners. We have plenty of partners that are quite interested to add this type of content to what they propose to their clients or to their customers. And so we are having this discussion. So stay tuned. But this is where we see largely the opportunity when it comes to generating revenues or significant revenues for Zen, and we are working on that. On your question regarding working capital for 2024. So of course, we won't give you anything specific in terms of guidance. What we can tell you is that as we generate more revenue growth and additional revenues and you can see based on 10%, we are talking about around EUR 50 million additional revenues.
That does generate a significant amount of working capital that is going to be higher than what we generated in 2023. We generated around EUR 12 million of positive working capital. We know in 2024, based on the growth that is also starting earlier in the year, that will increase our ability to generate cash from working capital compared to 2023. Indeed, that contributes to the positive free cash flow target that we have, along with the reduction of our losses.
Okay. Can I add just a quick follow-up to Jeronimo and Sir on the superfan ? What is your guess about the share of subscribers or music consumers? What is the percentage of those consumers which would qualify as superfan ?
That's an excellent question. And basically, it really depends where you set the bar of a super fan. So obviously, there are very heavy superfans , and that would be around, let's say, 2%-5% of the fan base that are absolutely crazy about an artist and will buy much and will buy a lot of things. Will probably go around Europe and go to different tours and see the same concert in different cities. But that is a very small percentage. Then you have a larger group of fans that are very, very passionate about an artist, will follow it, will go to a concert, and that will probably be, let's say, 10%+ of the user base. And then you have superfans that really care about the artist, are not completely crazy about it, but will spend additional money and will follow those artists.
There's opportunities to monetize them as well. That level is probably around, let's say, 20% of the user base. So obviously, the more kind of passionate you are, the more you can monetize, but also the smaller that will become. So this is why it's important when we talk about super fan monetization to put the definition and the line in the right place and then have the right offers to actually monetize the different kind of superfans .
Okay. Thank you.
There are no further audio questions on the line. Now I will hand over to a company for web questions.
Yes. So let me read the question. So we have a question here, which is, what are your expectations with MercadoLibre in terms of subscribers? So our expectations are high. So we're not going to be specific, but we've been very, very pleased with the ramp-up since the months of August. We ended the year very strongly with MercadoLibre . We know they are also very happy with the contribution of music to their loyalty program. It fits really what they were looking for. And this is why I think it opens up also a lot of other partnership discussion in that area, which we are having. And then on MercadoLibre , right now, we only have two markets. For sure, they are biggest markets in Latin America, but only two of them. And we are discussing with them to expand also from a geo standpoint to other markets.
So this is a very exciting and very promising partnership. And it opens the door, as I mentioned, to many others in that industry and also in other industries. We have a question on the 10% growth guidance. Regarding the 10% growth guidance for 2024, what is the split between price increase and net ad subscribers? So I think along the lines of the answers of Jeronimo on that point. Yes, of course, the price increase does have a contribution to our acceleration of growth in 2024 because we will have not a fuller impact, but a much larger impact in 2024 compared to 2023. Now, out of the 10% growth, it's probably a relatively smaller part compared to the increase in the subscriber base that we have had in Q3 and in Q4 and that we expect to continue.
That one will have a bigger impact out of the 10% growth. We have a question on the cash flow guidance. Just to make sure to understand the guidance on positive cash flows, are you talking about cash flow from operations or CFO minus CapEx? Here we are talking about the Free Cash Flow before the repayment of the loan. The only thing we exclude is the funding, meaning the repayment of the loan. We will have in 2024 EUR 5 million to repay for the loan like we did in 2023. Now we exclude that. But all the rest is part of our Free Cash Flow. It includes Adjusted EBITDA. It includes variation of working capital. It includes CapEx. It includes leases. All the rest is included in the Free Cash Flow.
That's it with respect to the questions that have been asked on the web. Any other question on the line?
We don't have any audio question on the line, Sir.
Good. So thank you, everyone, for attending this conference call. We remain at your disposal in case you have any further questions. In the meantime, we wish you a very good day. Thank you.
Thank you very much.
Thank you for joining today's call. You may now disconnect.