Good morning, ladies and gentlemen, welcome to this interim session of Alma Media's third quarter 2021. My name is Elina Kukkonen, I'm responsible of the communications and brand in Alma. The agenda for the morning is that first our CEO, Mr. Telanne presents the results of the business segments, followed by our CFO, Mr. Juha Nuutinen on the financial position of Alma. After Mr. Nuutinen, Mr. Telanne continues about the outlook and the implementation of Alma Media strategy. After the presentations, we'll have the Q&A session. First, we take the questions from the conf call lines and then all the questions from the online. All questions are more than welcome, of course. Once again, thank you for joining this stream and this session this morning. Hope you can hear and see us all clearly. Now, Mr. Kai Telanne, I hand it over to you, please.
Take it away.
Thank you very much, Elina. Good morning from my behalf as well. As usually, I start with the main events and figures of the corporation and the segment figures as well. Juha Nuutinen, our CFO, will follow with financials after my presentation. We had a very good start for the year. Actually, it was better than we expected before, despite the continuing uncertainties in the operating environment due to the COVID-19. We had a nice rebound in almost every business and in every country, which is of course a good sign for coming weeks and months for the company. We had a slight decline in revenues, but the adjusted operating profit was almost on last year's level, which was, of course, a good achievement from our businesses in every country. As you noticed, we have put our balance sheet in work, referring to our former prime minister.
We have done what we have promised to you. We have spent over EUR 200 million according to our strategy to leverage the business, especially the digital business, marketplaces and so on. Due to this, the leverage has increased remarkably and during last or coming months, the change in the balance sheet is significant. Luckily, we have a high cash conversion, so we are quite confident that this will work nicely. We have differences in different segments, as you can notice from this slide. A slight decline in revenues in all segments, but really nice development in profitability in Alma Talent and Alma Consumer. According to our plan, but even better than we thought. We had a decline in recruitment and especially in print media content and advertising sales.
We have noticed and said also before that the print business is going to continue the decline and there's no any change seen in the market. That's what we are expecting to happen also in the near future. The print advertising is going to decline and print content is going to decline. We are able to mitigate those decline nicely with the good development in digital content sales and digital advertising. Digital advertising and overall digital business in the group is improving step by step from the bottom of the second quarter of 2020 when we had minus 17% decline because of the burst of the COVID-19. Since then, the development has stabilized and now during the first quarter, we are on a positive side. As you can notice from the left side of this slide, 74% of our revenues are now coming from digital sources.
This is nicely according to our plan and strategy. I will take a very short dive into our business segment figures and main events so that you can get a clear picture of what has happened and what is happening in the different business units. I start from the Alma Career. Of course, in every country, the situation is still difficult because of the COVID-19, and the revenues are under pressure, even though we have now quite a nice development and a positive trend in invoicing, which is picking up in every country. As you might remember, we had quite a tough comparable during January and February, which were quite good also last year, and then the problems came in during the end of March. The decline of revenues around 12%. We are on a very good profitability level still because we saved expenses more than 5%.
That's of course the way we do when we see the revenues going down. We have quite a good development in this kind of add-on added-value services like Senjo, that you have heard about starting from Czech Republic, and now we are leveraging these new services to Slovakia and Finland as well. On a negative side, on revenue side, positive signs on invoicing and sales, and we expect Career segment to perform better and actually quite well during coming months. I'm very happy with the performance actually of this segment. In Alma Talent, which is the business-to-business segment, business media and business services, we had a very good performance across the board in almost every business. We had a nice revenue improvement of 6% of continuing operations. Digitalization rate rose to 55%, which is of course according to our strategy.
We had a very positive revenue and profit development also in telemarketing and talent services. That means that almost every part of the business is developing favorably. Adjusted operating profit grew nicely 41.4%, which is very good, better than expected. The adjusted operating margin of Alma Talent all in all are 21.3%, which is much better than we thought we could achieve under these circumstances. 51% of revenues of this segment are coming from the media businesses like Kauppalehti, Talouselämä, Tekniikka&Talous and so on, and 33%, so one-third of this segment's revenues are coming from different kind of services on a high profitability level. Very good start for our business-to-business service in Finland and Sweden and Baltic countries. Then lastly, the Alma Consumer. This is a reorganized group of Iltalehti media and different kind of Finnish consumer digital services like houses and premises and so on.
Those are the services that we used to run under the Alma Media Partners before. Growth is driven by marketplaces like houses, premises, and different kind of comparison services. They are still performing really good, growing on a high profitability level. On a negative side, we had the declining single copy sales of Iltalehti, and also the print advertising sales are declining heavily. In this segment, the role of print advertising is already really small, we don't suffer that much. That is not that remarkable in this sense. On the other hand, the digital advertising and digital content marketing and mobile marketing, these are really important for us. The development of those were really favorable in our case, a nice growth.
Because of the decline in print-related expenses and good development in advertising in digital, our adjusted operating profit grew almost 30% during the first quarter. This is also a very good start for the Alma Consumer segment. In this segment, the revenue split by vertical is as seen on the right side of this slide. Media and ad finance services almost 60%, housing 23%, and comparison and sharing economy services around 9%. This is the summary of consumer group. Also a very good start for the year. Really happy with this. Now I give the floor to Juha Nuutinen, and he will go through the financials, the balance sheet issues and others, and then I will come back after that with the strategy and the outlook of the remainder of the year. Thank you very much.
Thank you. Thank you, Kai, and good morning also on my behalf. Had several M&A actions on acquisitions during the last quarter and also in December. That's our focus in this financial position in my review, and those acquisitions will naturally have quite a big impact on financial position and net debt. Let's look at the net debt situation at the moment. At the end of March, we had interest-bearing net debt of EUR 39 million and equity ratio of 40%. These figures do not include yet the Nettix acquisition, which will happen in April. Our net debt will be increased by EUR 170 million because of that acquisition. From equity ratio point of view, we will be at the level of approximately of 30% at the end of June, and the Nettix will have a big impact in that aspect as well.
We have the bridge loan facility taken in in March. That EUR 50 million is taken in March and EUR 170 million in April. Cash flow. This graph includes the continued operations, also divested business cash flow. That explains most of the decrease in cash flow, in operating cash flow during the first quarter. There is also other issues as well. For example, we paid income taxes EUR 3 million more than the year before. That's affecting also here. Also our EBITDA was slightly weaker than year before concerning continued operations. These new businesses will be more balanced from the cash flow point of view during the year and then compared to the earlier years where the most of the cash flow was generated in the first quarter.
Starting with this year, this will be more balanced and the cash flow is generated more evenly during the year. Of course, we have a lot of acquisitions and that's why our cash flow from investment activities was a pretty big number actually, EUR 64 million we used for acquisitions in Netello Systems, Quantiq, which is a brand name Techloop, and also we purchased the remaining shares in Alma Career with EUR 59 million. This graph we have presented you also in last June. This tells you our recruitment business invoicing to revenue and in Czech Republic in our LMC company. Like Kai mentioned earlier, we had a pretty good invoicing period in the first quarter, and this graph tells you also that we are in the level where we were in 2019 and early 2020.
Our revenue will increase now starting from the second quarter, and this tells pretty positive trend towards the year-end. We are pretty happy with this invoicing amounts from January to March this year. Earnings per share. This graph tells you the earnings per share from continued operations. It was EUR 0.09, and the last year it was EUR 0.10, so there was slightly decrease there because there were adjusted items, especially last year, EUR 1 million positive, so that's affecting the mostly in this earnings per share. This purchase of minority shares in Alma Career will have a positive effect on earnings per share starting April, and it will increase the earnings per share from that quarter. This first quarter, there is a positive effect from the redemption of minority shares in Alma Media Partners. That's affecting already in this first quarter figures.
We have keep our long-term financial target the same that they were previously. Digital business growth is one of our main drivers. We put it here in graph as a yellow, even if we are behind the long-term target. The reason for that is that we have a quite positive trend now. Taking into account the recruitment business positive invoicing in first quarter, it will bring us a revenue growth starting from the second quarter. That's why we are optimistic from the second and third quarters this year from this digital business growth point of view. ROI is 16%, which is a good level despite our quite heavy investment. We are on a good track in that sense. Dividend pay ratio, we come back to this later, this driver, not in this review.
That was the financial status. Please, after this presentation, we can go detailed with your questions. Now I give the speech to Kai.
Thank you. Thank you very much. I will continue with a few remarks about the operating environment and the outlook and strategy as well. There's, of course, a question of the underlying economies environment during coming months. Unfortunately, we don't have a very near forecast for the European Commission or other institutions. These are the winter forecasts, our view is that there's not a big change in underlying shifts. The businesses are running quite surprisingly well in every country bearing in mind in the difficult situation with the COVID-19, like in Czech Republic or Slovakia, the businesses are running and the companies are trying to keep the businesses open. We are expecting the environment and the underlying economies to develop favorably even though we have a quite blurry situation and poor visibility. We don't see any big difficulties in the business environment.
We will continue with the current strategy and run the businesses as expected. In Finland, the ad market is on a quite negative side still, and that is because of the poor performance of print advertising, especially the newspaper and magazine advertising which is still on highly negative side. Luckily, we have the digital advertising, online advertising on a positive side as we had also in Alma Media. Our market share is developing favorably, and the businesses are running nicely. The decline of the Finnish market as well as other European markets are coming from the print side. We have had also the news from the printing forest sector lately, which shows how difficult the situation in the print business is.
Well, 75% of our businesses are coming from digital sources, so we don't suffer that much of this poor development of print sector, but still it has also some effect on our businesses, unfortunately, and that will continue. A few words about the strategy. I just want to remind you the key elements of Alma's strategy, our transformational strategy that we will continue. The first thing is to continue with the transformation of the core business, which means of course to accelerate the digitalization of the print media business. Still we have the print media. We are in a good way to transform it to digital, and a good achievements and results on that, like in Alma Talent and in Alma Consumer as well. We will activate the cooperation within the group and different business units.
We want to have all the benefits of this kind of group-wide cooperation and use all the abilities and skills that we have inside the group for the benefit of every business unit. Of course, we're going to continue to divest or discontinue this kind of unprofitable or low profitable businesses if we see those. We don't have any big problems at the moment with unprofitable businesses, which you can see from the profitability of the company of course, but we will have a close look at every business all the time. The second part of the strategy is of course to continue growing in digital businesses, which means that we continue to diversify our business from media to marketplaces and digital services. We have a very good initiatives like in Alma Talent segment in this kind of diversifying to digital services with profitable way.
We will of course concentrate more on the services with synergy benefits. We will use all the abilities and the resources that we have for this kind of new initiatives. We will continue in diversifying the business in different kind of value chains to new business areas, like from classified business to development of services around housing and premises, Career, and cars and so on. Of course, one of the key element is to continue on developing this kind of world-class digital capabilities, skills, human resources and technology. This is one of the key elements of course and that development will continue also in the future.
The third part of the strategy is to continue on internationalizing the company to expand to new geographies if possible in order to speed up the growth and to decrease the dependency on Finnish economy, which is not growing that well as we wanted. We want to go continue on expanding our business in current geographies and then also expand and leverage the current businesses to new businesses in current geographies, like this kind of platform services close to our current core business like this kind of recruitment verticals or car verticals or whatever. This is the core, quite simple. Transform the core, grow in digital and internationalize. This is what we are going to continue. Very good.
A few examples of this strategy during the first quarter, Alma Career, we acquired remaining shares of the Alma Career minority, 16.7%. Now own the full package of Alma Career, the whole business. As you might remember, we acquired also the other minorities from the Media Partners, the Finnish classified businesses during end of last year. This quarter, we acquired 60% of a local Netello Systems which is a company that provides this kind of digital marketing solutions to SMEs, especially. This is an add-on to our extremely good advertising or marketing digital services. The third example is also from Alma Career, where we acquired a Czech startup, which is called Quantiq, which is a company SaaS-based recruitment service, especially concentrated on recruiting IT professionals and businesses. The brand is Techloop.io actually.
These are very good examples of the transactions that we have made and the way of going forward with our strategy. This is only a reminder of a major investment that we did. You all know that we acquired Mepics with EUR 170 million. I won't go through this in detail. This is in the material just to remind you what we did with the balance sheet work. This is a continuation of our digitalization strategy, and this is a nice add-on to our business. The acquisition was completed on 1st of April, so it will be in our books during the second quarter. At the moment, we have the TSA period going on and the integration process is ongoing nicely. We are in a good speed with this. We will hear, of course, more of this during the coming months.
We organized in a new way inside the Alma Consumer. If you remember, we told you that we will put all the Finnish consumer businesses in one entity called Alma Consumer. This is a combination of leading digital brand of Iltalehti and leading digital verticals in Finnish scale, in houses and premises, cars, different kind of comparison services and so on. Highly digital, 78% digital business on a high profitability level. By doing this, we will get all the synergies and keep the leading position, marketing position of ours also in the coming months. The integration is going on and proceeding nicely as expected. Last outlook for the year. We will repeat our outlook. Even though the uncertainty is going to continue, we expect our full-year revenue and adjusted operating profit to increase compared to last year.
This is what I had in mind. Thank you very much. If you have any kind of questions, I'm more than happy to answer those, and Juha Nuutinen as well. Please put your questions.
Okay. Operator, I hope you can hear us. We will be ready for questions.
Yeah, no problem. Just a reminder that if you would like to ask any questions, please press 01 on your telephone keypad. There will now just be a brief pause while questions are being registered. First question comes from the line of Petri Kuula from SEB. Please go ahead. Your line is open.
Hi. It is Petri Kuula calling from SEB. Thanks for taking my questions. Just if we start with the Alma Career minority share acquisition, can you discuss a little bit about this, why you decided that this is now a kind of good place and time to acquire these shares? Was this a long discussion with the previous owner, or did it come as a kind of a surprise that now we saw a possibility to acquire the shares?
Well, that's a good question. Thank you, Petri Kuula. It was not a very long discussion. We came to the conclusion quite easily. The idea, of course, was to use the balance sheet and the resources that we have to run the business as a one entity with our own targets and our way to get all the benefits of the cooperation inside the company, especially the Career unit. After we organized in a new way, it's quite a natural thing that inside Alma Career, you have all the resources in one hand, and we can develop the business from our processes and according to our targets. This is quite a normal thing. The timing, of course, is more or less coming from the ability to fund this after we divested the regional media business.
We had room of proceeding with these kind of things as we did with the Alma Media Partners minority.
Yes. Thanks. Very clear. Moving on to more of the business side. You mentioned that invoicing has gone very well during Q1 and that you expect growth in the Alma Career segment in Q2. Do you expect this growth to be broad-based across the different countries or are there some differences? Are some countries lagging behind or is this very even kind of growth year-over-year across countries?
Well, there are differences. It's a good question. It seems that almost every country is developing favorably in terms of invoicing and sales at the moment. As you notice the LMC development also in revenues where, was it -10%? In the worst case, it's about, was it in Croatia, Slovakia, -20 or -21. There are differences still, and that's of course partly because of the differences in the COVID situation, but also with the differences of the way of running the business. We have a bit different stance in sales or organizing the business in Czech Republic and Slovakia. In Slovakia, career business is more based on self-service, and in Czech Republic, we have a strong sales organization pushing the sales and driving the sales on. There are differences.
In Baltic countries, the revenues or the revenue was it on last year's level more or less, or plus 1% or something like that, which is of course quite an interesting thing even though there are difficulties also in Baltic countries with the COVID situation. To summarize this, we see that the sales are picking up in all countries. We will still face difficulties, of course, in the market because of the disease. Things are running to a right direction at the moment. We are expecting our revenues to develop favorably during coming months and quarters as said before.
Yes. Thanks. Very clear. Lastly on Alma Career from my side. If I remember correctly, you mentioned that you had reduced some marketing expenses in the segment. If invoicing and when invoicing was very strong in Q1, shouldn't this kind of be tied with higher marketing expense if the market demand is quite strong? How should we think about the expenses in the career segment as we move forward?
Yeah. The sales expenses are increasing with the invoicing and sales. We have a sales-dependent cost of course. The sales expenses are increasing, which is natural. The marketing expenses are highly dependent on the new initiatives that we do or have there. We have new launches or new product features and so on. We are increasing the marketing. We have had marketing expenses like launching the Seduo in Czech or Slovakia, and we have marketing expenses put on the table in Finland where we're launching new services. All in all, we are careful of course. At the moment, we are careful with the marketing costs in all segments because the situation with the COVID-19 is still unclear. Our way of running the business that you have to be careful with the cost if you don't know how the revenues are continuing.
If we are seeing the good development of the revenues as we expect, we are releasing the costs of course hand in hand with that.
Yes. Makes sense. Thank you. On Alma Talent, it seems the margins keep on continuously surprising at least myself. Can you discuss a little bit the different businesses when we split it to media and services and then the direct marketing which you show also in the presentation? What kind of profitability differences are there between these different businesses? Are there significant differences?
Well, broadly, I could say that these kind of classified marketplaces from marketplaces also in the business-to-business side are more profitable than the traditional print media business. That is not any news for anybody. Broadly, you can say that the new businesses in Alma Talent like marketplaces or this kind of data creating and innovating at the moment are very profitable ones. The new initiatives like DS, it will be really profitable also. It's growing nicely on a profitable way. We are expecting that part of the business of the segment also to develop very favorably in the future. On the other hand, the traditional media business is also trending nicely because the transformation from print to digital brings the favorable profitability along that. While we are getting rid of the print-related costs, at the same time increasing the highly profitable digital business.
The machine is working as expected. During the Times, I think also the media business profitability will increase as it does in the digital marketplaces and service business. Long story short, the service business and the marketplaces business also in Alma Talent segment is really profitable. Our Mega telemarketing business have been surprisingly good for years, and it is still improving, which is also a nice surprise for me. We are doing that very effectively. We have a very skilled management and personal there, and it's been running nicely also during this quarter. You will see the favorable development and the split between the businesses from now on also in the Alma Talent segment. All right. That's all from me. Many thanks. Thank you.
Thank you very much.
The next question comes from the line of Sami Sarkamies from Nordea. Please go ahead. Your line is open.
Okay. Hi, it's Sami Sarkamies here from Nordea. I'll first come back to the topic of operating costs. You did disclose that operating costs were about 5% lower for both Career and Consumer. Are you planning on maintaining such a lower level also in the coming quarters, i.e., not completely dropping the temporary cost measures from last year? What would need to happen for you to completely drop these temporary cost measures?
Actually, we don't have this kind of temporary cost measures anymore in place. We are more on a normal cost level. On Alma Consumer side, the decline of the cost came from the print-related cost with the volumes. Like the single copy sales are declining and of course, the advertising as well, it doesn't have that big effect. Especially the single copy sales are declining, which means we have a declining paper print and delivery costs. That is the main reason on that side. In Alma Career, the main decline came from marketing expenses. With the increasing sales, the sales force will increase. The overall situation in the company is that the continuing businesses costs are developing more or less according to the inflation rate.
If you want to somehow calculate the cost base, I think a good target is to compare this year's cost to 2019 cost, which was more or less a normal level. It was a top year. We had high sales costs, but if we are going to reach the good level of 2019 in sales, I will expect that our sales costs are approaching to that level. To summarize, we don't have at the moment this kind of COVID-related savings in place in any business. We are trying to exit the situation, and we are exiting the situation according to the strategy and trying to normalize the business as soon as possible which means, of course, that we're expecting the second half of the year to be more close to the normalized situation like 2019 situation than we have had during the last year.
Okay, thanks. That's very helpful. I would continue on Talent. Could you still briefly summarize sort of the reasons for strong development at Talent in Q1?
Well, first of all, we had a good development in continuing businesses. The revenues grew nicely. That comes from digital advertising, digital content sales, and digital marketplaces and data businesses from Mega, the telemarketing. That was it actually, more or less. We have several nicely performing businesses in the segment. Almost every business picking up and proceeding at least according to the plan or even better. The transformational strategy from print to digital is working nicely in this group. We have 55% approximately of digital business in the company. There are still room for improvements. 45% of the business are non-digital, and the transformation is working as expected, and the profitability is improving. Secondly, we have a focus in developing the profitable digital services in the segment.
We are in an early stage, more or less, we have had these businesses nicely, but still we have a lot of room to improve. The investments that we are making, like the DS and other service investments inside the group are working according to the strategy, and they are growing, and we want to grow organically and inorganically inside this segment. The transformation of current businesses and the new investment in the new businesses are the reason and the profitable ones. That's how it goes.
Okay, thanks. On Alma Career, I would ask that which year do you expect revenues to be back at 2019 peak level? What's the current thinking?
By the end of the year, we are at that level. It remains to be seen. Of course, we are heavily dependent on the underlying market, as you very well know. It seems that the invoicing level, the sales level is close to the top year's invoicing and sales level in many businesses, which is a very good sign for the revenue development. We have this kind of revenue recognition problem, which is of course a bit annoying when you don't see very quickly the change in revenues when we have a change in invoicing and sales. The invoicing level at the moment is a good sign for a good development also in the coming months. I hope that by the end of the year, we are in our sales especially and hopefully in revenues we are at a good and decent level.
Yeah. Is this implying that next year revenues for Career could be at 2019 level?
Yeah, we are. Absolutely. Like we know that the poor performance of invoicing during the first half of last year is burdening the revenues of this year's first half. The second half should be better. If the good performance in sales and invoicing continues, 2022 will be good. It will be good in this sense. We are expecting a highly improving revenues and profitability of course, in that case.
Okay. Finally, I would like to ask about your plans for deleveraging. Firstly, for how many years do you think you will be paying down debt and will not be in a position to do any material new acquisitions? Secondly, as you continue to deleverage, are you planning on paying a rising dividend?
Yeah. I start from the last part of the question. Our plan is to continuing in paying increasing dividends. Stable but increasing dividends. We are not planning to decrease the level of dividend payments. Which means that we are now in a phase of digesting the investments and make sure that they are running as expected with high cash conversion rate and, of course, profitability. It might take some years before we are in the same situation with this balance sheet to do this kind of major investments. We have a high cash conversion rate, which means we are quite confident in being able to pay back the debt and continue with the add-on investment that we have in plan. Also continuing the development of the businesses also inorganically in different segments.
Like we have said before, we think that the net debt level 3.5 is quite a okay and healthy level in our case. We are now after this Nettix investment and new debt, we are close to that. We want to deleverage from that a little bit in order to leave room for some extraordinary things if those happen. Like I said, things are going into right direction, so we are confident in our ability to hand this situation very well.
Okay. Thank you very much. I don't have any further questions.
Thank you.
Thank you. Just a reminder that if you would like to ask a question, please press 01 on your telephone keypad. The next question comes from the line of Pia Rosqvist from Carnegie. Please go ahead. Your line is open.
Hi, it's Pia from Carnegie. I think my questions on costs have been answered. Can you please remind us on any particular seasonality in your business in terms of costs or revenues for this year?
If I try to repeat, if I heard it right, you're asking about seasonality of the businesses also on the cost side?
Yes, please.
All right. Well, in terms of revenues, of course, the seasonality in cash flow, like the subscription business, the big part of the subscription revenues are coming in the first quarter of the year. On the other hand, in Alma Career, for example, the last month usually are quite silent. There are differences. Also like the book business it is heavily concentrated on the last quarter during the Christmas time and so on. I think that our portfolio is more balanced than ever because of the increased part of digital services and different kind of digital marketplaces that we have, which are more stable in that sense than some other services. I would say that the seasonality of the business with the increased diversity of the company has lessened than increased.
Okay, thanks. Looking at the regional sales split, Sweden has, due to divestments, decreased clearly in size. If I remember correctly, Objektvision is the only service you have left in Sweden. How committed are you to the Swedish market, or what are your plans?
As I said before, Swedish market is interesting. At the moment, we don't have any other activities than Objektvision which is running nicely. In broad sense, we are interested in Swedish market as we are interested in Finnish market. The time will show if we found any new ways of approaching Swedish market or investing in there.
Okay. That's all. Thank you.
Thank you very much.
Thank you. There are no further audio questions, but I will pass back for any web questions.
Thank you, operator. We have one question from Petri Gostowski from the online. It's a two-part question. First about the guidance and then about the marketing spending. Goes like this: The guidance upgrade was obviously driven by the Nettix acquisition, but it seems that the economic recovery is picking up. Do you see that your outlook has improved recently compared to what the situation was when your previous guidance was given the last quarter of 2020? The other part is that you had some savings from lower marketing costs in example Career segment. Will you accelerate marketing spending in the short term, or do you expect the current level to hold in the coming quarters?
Well, I'll start from the last part of the question. Good questions, actually. We will release the marketing costs hand-in-hand with the increase in revenues in Career. That is the question. If the business is running nicely and favorably and increasing as expected, we are releasing hand-in-hand the costs, not in advance. The other part of the question, we don't want to go ahead the development. We want to see how the COVID-19 develops, how the economies are opening, and so on. We are holding on the current outlook. The good start of the year is quite encouraging. If the things are changing heavily, there is a chance, of course, for a better than expected development. Of course, there's a chance, of course, to the other side.
If we don't manage in handling the disease, the businesses might go to the other direction. We have also almost, of course, that possibility. The first signs are really good. We are confident with the current outlook, and if something more positive happens, we will come out with new outlook, of course.
Thank you. Currently, there is no other questions at the moment.
Okay. In that case, I thank you very much for your attention and hope we will see after the latest, after the second quarter result presentation. In the meantime, anytime if you have any questions, just post those via email or call us. We are here to serve you. Thank you very much.