Good morning, ladies and gentlemen, and welcome to this interim report session of Alma Media's first quarter two thousand and twenty one. My name is Elena Kupfer, and I'm responsible of the communications and brand in Alma. The agenda for the morning is that first, our CEO, Mr. Zelane, presents the results of the business segment and followed by our CFO, Mr. Johan Nortinen, on the financial position of Alma.
After Mr. Noutinen, Mr. Severinek continues about the outlook and the implementation of AlmaMedia strategy. After the presentations, we'll have the Q and A session. First, we take the questions from the conference call line and then all the questions from the online.
All questions are more than welcome, of course. So once again, thank you for joining the stream and and this session this morning. Hope you can hear and see us all clearly. So now, Mr. Kai Telane, I hand it over to you, please.
Thank you, Jorg.
Thank you very much, Elena, and good morning from my behalf as well. And as usually, I start with the main events and figures of the corporation and the segment figures as well. And Johan Norten, 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 this the COVID-nineteen.
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 operating 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've spent over €200,000,000 according to our strategy to leverage the business, especially the digital business marketplaces and so on.
So due to this, the leverage has increased remarkably. And during last or coming months, the change is in the balance sheet is significant. But 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 slight decline in revenues in all segments, but really nice development in profitability in Almatall and Almatconsumer. According to our plan, but even better than we thought.
We had that 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. So that's what we are expecting to happen also in the near future. So the print advertising is going to decline and print content is going to decline. But we are able to mitigate those decline nicely with the good development in digital content sales and digital advertising.
Digital advertising is an overall digital business in the group is improving step by step from the bottom of the second quarter of twenty twenty when we had minus 17% decline because of the burst of COVID-nineteen. 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 carrier. Of course, in every country, the situation is still difficult because of the COVID-nineteen 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. So the as you might remember, we had quite a tough comparables during January and February, which were quite good also last year, and then the problems came in during the March. The decline of revenues around 12%, we are on a very good profitability level still because we saved expenses more than 5% And but 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 Sergio that you have heard about starting from Czech Republic and now we are leveraging these new services to Slovakia and Finland as well. So on a negative side on revenue side, positive signs on invoicing and sales. And we expect real 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 developed also in telemarketing and talent services. So that means that almost every part of the business is developing favorably. Adjusted operating profit grew nicely, 41.4%, which is a very good better than expected.
The adjusted operating margin of Almat Balan, all in all, 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 Copeletti, Talos, Elevatekchnik, Talos and so on, and 33%. So onethree 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 both countries. And then lastly, the Alma Consumer, this is a reorganized group of intelligent media and different kind of Finnish consumer digital services like houses and premises.
And so those are the services that we used to run under the Alma Media Partners before. Growth is driven by marketplaces like houses and premises and different kind of compartmental services. They are still performing really good, growing on a high profitability level. On the negative side, we had the declining single copy sales of Ilpalepti and also the print advertising sales are declining heavily. In this segment, the role of print advertising is already really small, so we don't suffer that much.
So that is not that remarkable in this sense. But on the other hand, the digital advertising and digital content marketing and mobile marketing, these are really important for us. And the development of those were really favorable. In our case, a nice growth. And because of the declining print related expenses and good development in advertising and digital, our adjusted operating profit grew almost 30% during the first quarter.
So 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 the slide, media and ad finance services almost 60%, housing 23 and comparison and salary economy services, around 9%. So this is the summary of Consumer Group, also a very good start for the year. Really happy with this. And now I give the floor to Johan Sverdrup, 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. I've had several MSA actions on acquisitions during the last quarter and also in December. So that's our focus in this financial position in my review. And those acquisitions will naturally have quite big impact on financial position and net debt.
So let's look at the net debt situation at the moment. At the March, we had interest bearing net debt of €39,000,000 and equity ratio of 40%. These figures do not include yet the Netfix acquisition, which will happen in April. So our net debt will be increased by EUR 170,000,000 because of that acquisition. So from equity ratio point of view, we will be at the level of approximately of 30% at the June.
And so the net mix will have a big impact in that aspect as well. We have the bridge load facility taken in March and that €50,000,000 is taken in March and €170,000,000 in April. Then cash flow, this graph includes the continued operations, but also divested business cash flow. So that explains most of the decrease in cash flow and operating cash flow during the first quarter. But there is also other issues as well.
For example, we paid income taxes EUR 3,000,000 more than the year before and that's affecting also here. And also our EBITDA was slightly weaker than year before concerning continued operation. Also, 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. Now starting this year, this will be more balanced and the cash flow is generated more evenly during the year. And then of course, have a lot of acquisitions and that's why our cash flow from investment activities was pretty big number actually, 64,000,000 we used for acquisitions in NetElla Systems, Quantic, which is a brand name Techloop and also we purchased the remaining shares in Alma Carrier with €59,000,000 This graph we have presented to you also since last June.
So this tells you our recruitment business invoicing to revenue and in Czech Republic in our LMC company. And like Kai mentioned earlier, we had a pretty good invoicing period in the first quarter and this graph tells you also that, that we are in the level where we were in 2019 and early twenty twenty. And so our revenue will increase now starting from the second quarter and this tells pretty positive trend towards the year end. And we are pretty happy with this invoicing amount from January to March this year. Earnings per share, this graph tells you the earnings per share from continued operations.
It was $09 and the last year it was $0.10 so there was slightly decrease there because there were adjusted items, especially last year, 1,000,000 positive, so that's affecting mostly in this earnings per share. This purchase of minority shares in Alma Carrier will have a positive effect on earnings per share starting April and it will increase the earnings per share in that from that quarter. This first quarter, there is a positive effect from the redemption of minority shares in our 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. And digital business growth is one of our main drivers.
We put it here in kraft that's yellow even if we are behind the long term target. That's the reason for that is that we have a quite positive trend now and taking into account the recruitment business positive invoicing in the first quarter, it will bring us revenue growth starting from the second quarter and that's why we have a positive we are optimistic from the second and third quarters this year from this digital business growth point of view. Return on investment is 15%, which is a good level despite our quite heavy investment. So this is we are on a track good track in that sense. Even if they have ratio, we come back to this later this driver not in this review.
So that was the final status. Please, after this presentation, we can go detailed with your questions. But now, I give the speech to Kai. Thank you.
Thank you very much, Joao. I will continue with a few remarks about the operating environment and the outlook and the strategy as well. There's of course a question of the underlying economies and environment during coming months. Unfortunately, we don't have a very new forecast for the European Commission or other institutions. These are the winter forecasts.
But our view is that there's not a big change in underlying hedge. The businesses are running quite surprisingly well in every country, having mined in the difficult situation with the COVID-nineteen, like in Czech Republic or Slovakia, the businesses are running and the companies are trying to keep the businesses open. So we're expecting this the environment and the underlying economies to develop favorably even though we have quite blurry situation and poor visibility. So we don't see any big difficulties in the business environment. So 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 highly negative side. Luckily, 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 good achievements and results on that, like in alpha talent and in consumer as well. We will activate that cooperation within the group and different business units. So 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. And of course, we're going to continue to divest or discontinue this kind of unprofitable or lower 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 talent segment in this kind of diversifying to digital services with a profitable way. We will of course concentrate more on the services with synergy benefits. So we will use all the abilities and the resources that we have for this kind of new initiatives. We will continue diversifying the business in different kind of value chain to new business areas like from classified business to different kind of services around housing and premises, carrier and cars and so on.
And 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. And 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 of 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 to expand and leverage the current businesses in to new businesses in current geographies, like this kind of platform services close to our current core business, this kind of recruiting recruitment verticals or car verticals or whatever. So this is the core, quite simple.
Transform the core, growing digital and international as this is what we're going to continue. Very good. A few examples of this strategy during the first quarter, Alma Carrier, we acquired remaining shares of the Alma Carrier minority 16.7%. So we now own the full package of Alma Carrier, the whole business. As you might remember, we acquired also the other minorities from the media partners, the Finnish classified businesses during last year end of last year.
This quarter, we acquired 60% of a local NetElla system, 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. And the third example is also from AlmaCareer, where we acquired a Czech startup, which is called Quantic, which is a company SaaS based recruitment service, especially concentrated on recruiting IT professionals and businesses. The brand is Techloop. Actually.
So 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 NetBix with €170,000,000 I won't go through this in detail. This is in the material just to remind you what we did, put the balance sheet in work. This is a continuation of our digitalization strategy, and this is a nice add on to our business.
The acquisition was completed on April 1, 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.
So if you remember, we told you that we will put all the Finnish consumer businesses in one entity called Alma Consumer. So this is a combination of leading digital brand of Iltalepti 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. So we get by doing this, we will get all the synergies and keep the leading position marketing position of ours also in the coming months. So the integration is going on and proceeding nicely as expected.
And then last outlook for the year. So 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. So 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 you had noted in us as well. Please put your questions.
Okay. Operator, I hope you can hear us. We will be ready for questions.
Yes, no problem. First question comes from the line of Ette Kouya from SEB. Please go ahead. Your line is open.
Hi. It's Ette Kouya calling from SEB. Thanks for taking my questions. Just if we start with the AlmaCareer minority share acquisition, can you discuss a little bit about this? Why you decided that this is now a kind of place in 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 say possibility to acquire the shares?
Well, that's a good question. Thank you, Vivek. It was not a very long discussion. We came to the conclusion quite easily. But 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 benefits of the cooperation inside the company, especially in the carrier unit.
And after we organized in a new way, it's quite a natural thing that inside the Almat carrier you have all the resources in one hand and we can develop the business from our purposes and according to our targets. So this is quite a normal thing. And the timing, of course, is more or less coming from the ability to fund this kind of acquisition after we divested the regional media business. So we had room of proceeding with this kind of things as we did with the 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 Careers 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. But it seems that almost every country is developing favorably in terms of invoicing and sales at the moment. As you noticed, the LHC development also in revenues were, was it minus 10%? And in the worst case, it's about, was it in Croatia, Slovakia, minus 20 or minus 21.
So 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. So we have a bit different stance in sales or organizing the business in Czech Republic and Slovakia. So in Slovakia, our carrier 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.
So there are differences. Like in Baltic countries, the revenues or the revenue was 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. But to summarize this, we see that the sales are picking up in all countries. We will still face difficulties, of course, in the markets because of the disease. But things are running to a right direction at the moment.
So we are expecting our revenues to develop favorably during coming months and quarters as said before.
Yes. Thanks. Very clear. And lastly on AlmaCareer from my side. If I remember correctly, you mentioned that you had reduced some marketing expenses in the segment.
But if invoicing and when invoicing was very strong in Q1, shouldn't this kind of be kind of tied with higher marketing expense if the market demand is quite strong? So 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. So we have like sales dependent cost, of course. The sales expenses are increasing, which is natural. And then 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. So we are increasing the marketing. And we have had marketing expenses like launch in the Zeduo in Czech or Slovakia, and we have marketing expenses put on the table in Finland where we're launching new services. But 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-nineteen is still unclear. So our way of running the business, you have to be careful with the cost if you don't know how the revenues are continuing.
So if we are seeing the good development of the revenues as we expect, so we are releasing the costs, of course, hand in hand with that.
Yes, makes sense. Thank you. Then 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 like profitability differences are there between these different businesses?
Are there significant differences?
Well, broadly, I could say that this kind of classified marketplace is 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. So broadly, you can say that the new businesses in talent like marketplaces or this kind of data businesses that we are creating and innovating at the moment are very profitable ones. And the new initiatives like DS, it will be really profitable also. It's growing nicely on a profitable way.
So we are expecting that part of the business of the segment also to develop very favorably in the future. And then 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, but at the same time increasing the highly profitable digital business. So the machine is working as expected. So during the times, I think also the media business profitability will increase as it does in the digital marketplaces and service business.
So long story short, the service business and the marketplace is business also in talent segment is really profitable. But our mega telemarketing business have been surprisingly good for years and it is still improving, which is also a nice surprise for me. So we are doing that very effectively. We have a very skilled management and personnel there and it's been running nicely also during this quarter. But you will see the favorable development and the split between the businesses from now on also in the talent segment.
All right. That's all from me. Many thanks. Thank you.
Thank
next question comes from the line of Ahmed Sarkamis from Nordea. Please go ahead. Your line is open.
Okay. Hi, it's Ahmed Sarkamis 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 courier and consumer. Are you planning on maintaining such a lower level also in the coming quarters?
Are you not completely dropping the temporary cost measures from last year? And what would need to happen for you to completely drop these temporary cost measures?
Actually, don't have this kind of temporary cost measures anymore in place. So we are more on a normal cost lever. The on consumer side, the decline of the course came from the print related course with the volumes. Like the single copy sales are declining and of course, the advertising as well, it doesn't have that big effect. But especially the single copy sales are declining, which means we have a declining paper print and delivery costs.
So that is the main reason on that side. In Carrier, main decline came from marketing expenses. And with the increasing sales, the sales force will increase. But 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, was a normal more or less a normal level.
It was a top year. We had a high sales cost. But if we are going to reach the good level of 2019 in sales, will expect that our sales costs are approaching to that level. So to summarize, we don't have, at the moment, this kind of COVID related savings in place in any business. So we are trying to exit the situation.
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 expect in 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. And it comes from digital advertising, digital content sales and digital marketplaces and data businesses from mega, the telemarketing and was it actually more or less. So we have several nice performing businesses in the segment. Almost every business speaking up and proceeding at least according to the plan or even better.
And then the transformational strategy from print digital is working nicely in this group. We have 55% approximately of digital business in the company. So 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. And then secondly, we have a focus in developing the profitable digital services in the segment.
And 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. And and the investments that we are making like the DS and other service investments inside the group are working according to the strategy and and they are they are growing and and we want to grow organically inorganically inside this segment. So the transformation of current businesses and the new investment into new businesses are the reason and the profitable ones. That's how it goes.
Okay, thanks. Then on Home and Courier, I've asked that which year do you expect revenues to be back at 2019 peak level?
What's the
current 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. But it seems that the invoicing level, the sales level is close to the top years invoicing and sales level in many businesses, which is a very good sign for this, 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 the same change in invoicing and sales.
But the invoicing level at the moment is a good sign for a good development also in the coming months. So 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. So it is implying that next year revenues for Courier could be at twenty nineteen level.
Yeah, we are absolutely. Like we know the poor performance of invoicing during the first half of last year is burdening the revenues of this year's first half and the second half should be better. And if the good performance in sales and invoicing continues, 2022 will be good. It will be good in the business. So we are expecting a highly improved revenues and profitability, of course, in that case.
Okay. And then finally, I'd 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? And then secondly, as you continue to deleverage, are you planning on paying a rising dividend?
Yes, I'll start from the last part of the question. So we have our plan is to continue in paying increasing dividends stable, but increasing dividends. So 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 the high cash conversion rate and a good profitability. So it might take some years before we are in the same situation with this balance sheet to this kind of major investments. But 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 and also continuing development of the businesses also inorganically in different segments.
So like we have said before, we think that the net debt level 3.5 is quite okay and healthy level in our case. And we are now after this net debt investment and new debt, are close to that. And we want to deleverage from that a little bit in order to leave room for some extraordinary things if those happen. But, like I said, things are going into right direction, so we are confident in ability to to to hand hand this situation very well.
Okay. Thank you very much. I don't have any further questions.
Thank you.
Thank you. The next question comes from the line of Rosecliff from Carnegie. Please go ahead. Your line is open. Hi.
It's Pia from Carnegie. I think my questions on costs have been answered. But can you please remind us on any particular seasonality in your business in terms of costs or revenues for this year?
See, if I try to repeat if I heard it right, so so you're asking about seasonality of the businesses on also on the cost side?
Yes, please.
All right. Well, on this kind of 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. And then on the other hand, in Alma Carrier, for example, the last month usually are quite silent. So there are differences. And also like the book business, they are it is heavily concentrated on the last quarter during the Christmas time and so on.
But 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. So I would say that the seasonality of the business with the increased diversity of company has lessened than increased.
Okay, thanks. Then looking at the regional sales split, Sweden has due to divestments decreased clearly in size. And if I remember correctly, Objekt Vishune is only service you have left in Sweden. How committed are you to the Swedish market? Or what are your plans?
Well, as said before, Swedish market is interesting. At the moment, we don't have any other activities that are not for sure, which is running nicely. But in road sense, we are interested in Swedish market as we are interested in Finnish market. So the time will show if we find or 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. I will pass back for any web questions.
Thank you, operator. We have some one question from Petri Gorsowski from the online. It's a two party question. First, about the guidance and then about the marketing spending. It goes like the guidance upgrade was obviously driven by the NetEase 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 twenty twenty? And the other part is that you had some savings from lower marketing costs in a sample 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 questions. Good questions, actually. So we will release the marketing costs hand in hand with the increase in revenues in Career. So that is the question. So if the business is running nicely and favorably and increasing as expected, so we are releasing hand in hand the costs, not in advance.
And the other part of the question, we don't want to go ahead the development. So we want to see how the COVID develops, how the economies are opening and so on. So we are holding on the current outlook. But the good start of the year is quite encouraging. So if the things are changing heavily, there is a chance, of course, for a better than expected development.
But 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. But the first signs are really good. So we are confident with the current outlook.
If something more positive happens, we will out with new outlook, of course.
You. Currently, 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. And in the meantime, anytime if you have any questions, post those via e mail or call us. Are here to serve you. Thank you very much.