Good morning, ladies and gentlemen, welcome to this second quarter and first half interim report session of Alma Media 2023. My name is Elina Kukkonen. I'm responsible of the communications and brand here in Alma. We begin with the presentation shortly, as usual, our CEO, Mr. Telanne, will be first to present the overall result of Alma Media and the development by business segments. After Mr. Telanne's presentation, our CFO, Mr. Juha Nuutinen, he will present the financial position of Alma Media today. He will also highlight the principles of our sustainability-linked finance framework, just launched early this morning. Then Mr. Telanne continues with the strategy and outlook and a few words about the operating environment. Then we have plenty of time for all the questions.
We take all the questions from first from the premises of Alma here, then we take from the online chat function. Our investor relations manager and communications manager, Mr. Teemu Salmi, will speak up the questions from the online chat. Please feel free to ask questions. We are happy to answer them. Once again, with this short introduction, welcome to follow us today online and in person. Please, Mr. Telanne, the stage is yours.
Thank you very much, Elina. Good morning, everybody, and welcome to this interim report presentation. Sun is shining here in Helsinki, but unfortunately, the war of aggression of Russia continues. The degrees of European economies continue, inflation rate is high, interest rates are increasing, and consumer confidence is at a very low level. These are the obstacles that we have to tackle with. Despite all of these, we had a pretty solid first half of the year and the second quarter. I will present you the key numbers and elements here, and Juha will continue with the financials, with the balance sheet and other issues. As said, we are pretty happy with the results here.
We were on par more or less compared to the last year. The revenue is slightly down, but the operating profit slightly up. This was mainly due to the cost initiatives that we have had all over the company. As said before, during the first quarter presentation, we disclosed the plan, meaning that we do this kind of cost-effective measures all over the company, mainly from or with the moving costs, like advertising, some personal costs, and so on, without destroying anything to harm the long-term competitiveness of the company. The gearing went down to 82% as expected, and the equity ratio as well, up to 43%.
We are have a very solid stance on balance sheet as said. No big news on any segment here. All segments contributed as expected and planned on the revenues and profitability as well. You can see that the consumer is suffering most on the declining advertising in Finland, otherwise, the business is performed even better than we expected. The share of the digital business at the moment, 82%. As expected, the digital business growth organically on par with the last year. Let's have a deeper dive into the business segment you can get the little bit more clear picture what is happening in different parts of the company.
For Alma Career, I'm really happy that we had all-time second-best performance in the history. That didn't come from the revenues, but from the cost side. The profitability, 43.1%, and as said before, we have a pretty ambitious target for the profitability of this segment. Even the revenues are not growing, and it's difficult to get organic growth in these circumstances. We have very good cost initiatives there. As you might remember, we have this Alma Career project, which is a segment-wide project to get and drive all the synergies inside these businesses between different countries and different businesses. The demand for labor has remained in Eastern Central Europe, especially on really good.
As you can see, like we have in the weather here, the more south we are, the better the situation is. In Croatia, almost 50% growth still, driven by tourism there. In Central Europe, quite okay's developing in Czech and Slovakia as well. The business and the markets has been remarkably cooling down in north, like Baltics and especially in Finland, as well as the economies here. What else? Yeah, the cost savings in this segment came from marketing expenses. Why we were able to do that comes from the fact that we have quite a good unique visitor base in the services. Very wide audience with users with job alerts.
That comes from the market to cool down a little bit more, unemployment a little bit increasing, but not too much. There's a high demand for the service still in all countries. Invoicing is not growing, which means the sales is not growing in the core business. The organic growth at the moment comes from the add-on services, like around 6% at the moment. That means while the invoicing is at below the revenue growth at the moment, that means that the customers are using the credits that we have sold them before, and they're not buying new services or credits.
That doesn't affect very much on the revenues at the moment, we will see that ahead, maybe during the first quarter next year, if the economies are not growing as expected. A very good situation in that segment. Most of the profitability, of course, of the company comes from there. Alma Consumer, this is the Finnish business, a combination of Finnish media and marketplaces and comparison services. Weighed down profitability by the decline of the advertising. That comes from media and services as well. The ad market in Finland is at a very low level. It's still decreasing. It's not increasing, it's still decreasing.
We had a very good performance in relation to the market with the classified services like mobility and housing services, especially comparison services. The ad market is bad. It's really bad. We had around 10% decline in advertising. The consumer segment is suffering from that mostly. There's still high demand for journalism, of course, with the global news. The Iltalehti Plus subscription climbs over 47,000. That's a very good sign. Despite the decline of the profitability and the decline of the advertising, we have continued with the investments in the digital services, especially on the housing and mobility markets.
We have this kind of system, services, ERP system that we are developing for the customers. That is burdening the profitability, of course, this year quite heavily in this segment. Finally, Alma Talent, business to business segment, suffering from the poor advertising market as well, but a very good performance in services, as you can see from here. Very nice growth of services, 5.6%, especially the recurring revenues, 17.7%. We've been able to develop the second foothold for this segment, media and nicely growing profitable services. Pretty good profitability, 20.11%. We are quite happy with that. Very good cost control here.
Almost close to 10% profitability growth in a poor market tells us there's a very good and effective initiatives with the costs. Okay, this was the key numbers and key elements of the third, no, sorry, the second quarter and the first half of the year. Juha Nuutinen, CFO, will continue with the finances, and after him, I will say a few words with the current and coming strategy. Juha, the floor is yours.
Yes. Thank you. I continue with the financial position, also a couple of words about the cash flow, and also one slide concerning sustainability, like Elina said in the beginning. Let's continue with the balance sheet. Net debt level increased if we compare the March situation, and also equity ratio decreased from the first quarter balance sheet. This comes mainly from the dividend decision. We paid EUR 36 million dividend in April, and that's the main cause for that. Also, we had cash flow decreased compared to the last year, but I come back to that later in after a couple of slides. Nothing big changes in our debt level. We have loans for EUR 160 million.
It comes from the EUR 140 million is a long-term loan, EUR 20 million is a short-term loan because of this dividend payments. Our balance sheet will be stronger towards the year-end, approximately we will have net debt around EUR 130 million-EUR 140 million at the end of December, we will have equity ratio more than 46% in December. First about the investments and CapEx. Like Kai said, we have continued our investments in mostly in marketplaces, we had CapEx level is over EUR 5 million in this first half year.
This is a bigger amount than what we have had in average during the last years, it comes mainly from the marketplaces in the Finnish units, in housing and cars. One big investment what we have is the system what we are delivering the real estate agents, OviPro, like we call it will be finalized in December this year. We have continued heavily in this development work in these marketplaces. We made also two acquisitions in the first half year. First was this Toimitilat.fi, which is the Finnish marketplace for business premises. That was in January, we made in April acquisition of Suomen Tunnistetieto.
It's a company who offers services to small and medium-sized companies when they have processes, know your customer processes, try to recognize customers which, for example, operates in the fields of sanctions and so on. We sold the Talentum business in. It's a small recruitment business in Czech, around EUR 600,000 revenue per year, and we sold that business to management. The business has not been profitable, and it will slightly increase our profitability in the half, second half-year. Also, we agreed about acquiring North Macedonian online recruitment portal, Vrabotuvanje Online. We bought 70% of that company, which we already owns 30%.
Now, after the local approval processes, we will have this 100% ownership from that company. The acquisition will be finalized in July or latest in August, and the company will have a revenue around EUR 1 million a year. That's the... It's quite small, but it makes the Balkan area, we go ahead in that area. It has synergies with the other Balkan area countries, what we have, especially in Croatia. Operating cash flow, that is the, where we have decreases compared to last year. There is plenty of reasons for that.
One is, like I said, about the customer invoicing, which was decreasing, and the customers are more now using their credits, what they have already paid. There was a decrease in our advance payments what the customer has made in our recruitment business. We had much higher taxes, paid taxes in this quarter, and also the interest costs was higher. There are many reasons for that. If we compare the cash flow after investments, last year, we had this capital gain and capital concerning Bolt shares, and the effect last year was EUR 10 million in that sale. That affected also if we compare the cash flow after investments.
I think this is a temporary thing, and I I think the next quarters will be stronger from the cash flow point of view. Earnings per share. There are also in this quarter, and also the last year's second quarter, there are one-off items or exceptional items in both quarters. Last year, like I said, it was the Bolt shares. Capital gain is affecting there. Also, the positive fair value in our interest derivatives, so approximately EUR 8 million together. This year, we had also EUR 4 million positive fair value change in our contingent liabilities, which are related to our acquisitions, earlier acquisitions, and we decreased our earn-out liability estimates. And they are mostly related to the U.S. acquisition, which we made in December 2021.
Our return on equity and on return on investment has been at high level in this quarter, like it has been also in earlier quarters as well. The dividend, like said, it was paid in April, and it was 36 million EUR. Long-term financial targets, we have keep them as they have been. Our revenue growth target, we have 5%. This first half year has been difficult from that point of view, mostly because of digital advertising decrease, what Kai told. This is the major reason for decrease in that sense. Overall, housing and cars marketplace situation is tough and it's... This year, it's really tough to get this target or have positive revenue growth there.
On the other hand, the adjusted operating margin target, what we have 25%, we are pretty close to that, and we make really good performance from the profit point of view, and we are close to 24% in the margin, and we are really close to last year's figure in that sense. We are really close to that target level. Net debt to EBITDA ratio is we have to be on under 2.5 ratio, and now we are 1.8. It has grown from the last year because of this dividend, but we will be under this last year ratio towards the year end. No big drama in that sense either.
Then the sustainability issue, and this is, I'm really happy that we have this project now finalized this week. We have done together with OP Bank and also with ISS Corporate Solutions. We have done a project during this first half year concerning the sustainability. Now we today launched this framework, which we have done, and we're really happy that we have now also financed related sustainability goals here. These KPIs, what are behind this, these sustainability goals are the emissions, what we have had already for years in our sustainability program. There is nothing new KPIs in that sense, but this is the now the first time when we, when we have linked it in our finance framework.
What it means practically is that next time when we will do the finance agreement renewal, which will happen during this year, I think it's our goal is to have new finance agreement before the year end, so we are able to link the sustainability goals in our finance agreement. That's the idea of this framework, and it saves a lot of energy and time from us in this year, in October and November, when we are doing the renewal of finance agreement. ISS Corporate Solutions have given the second opinion provider concerning these KPIs, and like you can see, the valuation, what they have done, they have given the sustainability performance target in the framework.
They have valued it as robust, which is indication of the highest ambition level in that sense. Also, the key performance indications have been valued as best practice, and it's the highest category in this area. We are really happy that we are at the highest category in those areas, and we have really good KPIs in that sense, and we have managed really good. Our emissions have been decreased a lot during this six, seven years when we have measured these emissions, and we have done a lot really good work in that sense, and that's the indication also from that work. Now, first time when we have used the second opinion provider here or auditor.
I'm really happy that this is now finally done, and now we can continue with the new finance agreement in the second half year. Sustainable is now also in part of our finance strategy. Thank you. Kai will continue about the operating environment. Like we heard, that it's really tough at the moment, but hopefully there's some light in the at least in the next year. Thank you.
Thank you, Juha, very much. I'm really proud of the sustainability progress of the company. Elina and Juha have done extremely good work with their teams in all these issues. As you might remember, Alma is one of the first media companies in the world being or having this kind of target-based sustainability targets, we've been in front of the parade in the media sector more or less all the time with this, and that's good for the whole company. As said, all Alma Medians are incentivized with the sustainability issues every year. We have this kind of short-term incentives and long-term incentives as well. Every Alma Median is incentivized in this, that's good.
We have these issues every day on the table, more or less, in every business. As you have said, I will continue with some market data, as well as a strategy and of course, the outlook of the company for the rest of the year. As you know, we have several challenges in the operating environment. And here we have taken four of those to tackle with. Of course, the economic growth, hand in hand with the geopolitical turbulence is one of the key elements which is affecting on our businesses in every country. Changing consumer behavior, there are positives and negatives in here. The consumer behavior change towards digitalization is positive for us.
Because of this, there's high expectations towards the easy-to-use, time-saving, and safe digital experiences, and especially the e-commerce, and that's where we are heading to. As I said, we are going more and more to the transactional businesses. On the other side, the increase in regulation is limiting our possibilities a little bit, especially in the Europe. The data privacy and consumer protection issues are those that we have to tackle with, and these issues are coming more and more on the table of ours. The newest forecast of the European economies or, and commission are here saying that there's a quite rapid decrease in GDPs this year in every country.
We are present in 11 countries actually at the moment. Deep and speedy decrease in economies. Luckily, the inflation is decelerating this year, as they say, the newest news are saying that the inflation in Eurozone will half of this years. Like in Finland, the newest figures should be around 2%-3% as we have seen. The good news is, of course, that the unemployment rates are not increasing in our markets, saying that there's a tight labor market in. Especially the skilled labor demand is high in all over the place, that's good for our recruitment services, of course.
There's a high demand of the services, there's a lot of actions in there, and that will remain. That's more or less the reason for this is the aging population and the demographics of the European countries, as we know. That's it. The negative is the Finnish advertising market. The other advertising markets are declining as well, but especially the Finnish advertising market, in our case, is the most important because we are highly presented here. Ad sales totally more than 5% in June in red figures. Also the online advertising, where we are the market leader in Finland on a negative side. Print business, as you can see here, is really difficult.
Luckily, our exposure on print advertising is quite small in our case, so we are not suffering that much, but still on a negative side, and that's the reason behind our decline in profitability, especially in the consumer sector. Some data from the most important markets and sectors, branches of ours in Finland, meaning housing and mobility markets. I start from the housing market. We are on a very low side at the moment, during the second quarter, almost 36% below the five-year average. As you can see from the left side of this slide, the used apartments' trade volumes during the second quarter, still over 30% negative compared to the last year.
That was already heavily negative. There's a very little demand in the market at the moment, and for the new apartments, 66% minus during the second quarter, and the last year figures are almost already 50% negative. That's a very bad news for the construction sector, of course, but also for us and for the whole value chain. Our services are performing pretty well, especially related to the or in relation to the market. As you can see, there are active listings more than before, but the demand is lower than before, and that's understandable, of course. This is more or less a buyer's market at the moment.
If you are planning to buy a house or flat, it's time to act now. For the renting markets, there's than the positive markets. The active listings is almost 16% up, and also the searches and the demand on a high side. There's a lot of activities in the renting business. This is where we have to live in. The mobility market, a little bit different story, but on a low side still. Last year was very difficult for the new cars as well for the used cars. The value chain, as you know, is combined. New car sales coming up at the moment.
That is mostly due to the unraveling of the order book made last year, which was of course, or has grown high in the recent years due to the shortage of the components, as we know. Initial registrations, during the first half, 50.5% behind the long-term average. There's still lie very low level of activity in the car market as well. On the other hand, our services are performing pretty good in these markets. In Nettiauto, 4.5% more sold cars and gross market value up 2.6%. Sales up in all price categories, which meaning that there's a good movement at the moment also there.
In our case, we are doing pretty good in the classified businesses all over the place, in carrier business, in housing business, and car business. The headwind comes from advertising. Our advertising in Finland has been declining, not only in the media, but also in the classified businesses, and that comes from the low level of new cars and the low level of new houses, of course. If there's not a demand, there's not advertising, of course, so that this is the logic behind this. All right. This was the data from the market. No help from the market, would say, so we have to do all by ourselves if we want to improve the profitability. It is doable, but needs cost-effective initiatives, so to say.
We have to admit that it's really difficult to get organic growth in these circumstances, but you can still improve the profitability if you work enough. You find the new ways to do the work and do it in a proper manner. Few words about the strategy. No big news here. We continue from a very strong market position in all key areas. We have been able to keep the market share and the position in all markets. No big changes here. We continue with the core strategy from media to advanced digital services. We will continue to internationalize the business. As said, we bought the North Macedonian business, and if only possible, we will continue further.
We concentrate on recruitment, housing or commercial properties, mobilities, media and information services with synergies. This is the core of the business. To simplify this a little bit, we concentrate on 3 footholds: advanced marketplace platforms, intelligent information platforms, and inspiring media platforms. In the media side, the transformation from print to digital continues still, we are quite far there, but not finished. In advanced marketplaces, first, we are moving toward transactional businesses and in intelligent information platforms as well, using the data. We use the reach of the media platforms. We direct the user traffics to all services, to commercialize the data, the user data, and to increase the ARPA for the services.
This is the more or less the case, the synergy as a one company that we drive for the future. What does then this advanced platform in marketplaces mean? It means that we are moving from traditional advertising business to transactions. We develop and complement our product portfolio to cover the entire digital buying journey and selling process of the buyers and sellers. Not only the search and provides side or the evaluate and market side, which is like the normal advertising business, but to the full end-to-end solution, like to the negotiate and close and ownership and so on, where we go into new revenue sources, taking our share of the transactions.
We help to streamline our partners' and customers' management and sales in digital environment. To do that, we invest in those ERP systems of the housing value chain customers or the mobility customers, like for the car dealers. Of course, we deal out new features and new products based on the AI-supported data and complement our portfolio through M&A if only possible. The data is heavily in place, and we have a lot of tens or hundreds of initiatives in AI at the moment in different part of the company. This is the strategy. We will continually, decisively with the strategies we have in place, and we have a very solid plan.
These were the news from the second quarter. We bought some new businesses, as said. We have got the license for the Alma Finanssipalvelut, which is the payment intermediation service, to use, for example, for the vehicle trade, for the vehicle transaction between consumers and for other purposes as well. Juha told about the Macedonia, Vrabotuvanje Online, we are continue with the investments in the Balkan area. We sold Talentum, we are selling unprofitable businesses in order to increase the profitability. That's one part of the profitability improvement in carrier segment, for example, and other things as well. This was it.
Here we have some information about the Otava mandatory public tender offer. I won't read this through. You have all the information. Just say that on July 5th, the board of directors of ours deemed that the offer price offered under the tender offer must be considered low from the perspective of the shareholders of Alma Media. This was the conclusion of the board. It's not enough to be considered. An outlook for the year, we have had this for the full year. We expect our full-year revenue and adjusted operating profit to be close to the last year, at the same level or decrease slightly. There's no need to change this outlook.
I'll thank you very much for your attention, audience, and we are ready to answer any questions you might have. Please.
Hi, Pia Rosqvist-Heinsalmi from Carnegie.
Hi, Pia.
A few questions, maybe starting from the Finnish advertising market.
Mm.
I think I saw a comment in your report that the June number already was slightly moving in a better direction.
Yeah.
The outlook for the remainder of the year, and particularly now, in July, can you give any comments on the performance?
Yeah, we saw a slowing down of the degrees, if that's positive thing on the ad market. June was better, yeah, that's right. That tells that there's more confidence in the market from a company's perspective than possibly from the customer's perspective. We are not too positive on the development, we are not relying on the ad market development in our forecast or in, in our measures. We are continuing with the cost cuts that we have at the plan that we have there. We are positively surprised if there will be a big change in the ad market in Finland.
My personal view is that we should see some positive signals from the global economies and the events like the war, with the inflation, with the interest rates to stop increasing, to stabilizing. That is what is needed in the consumer market, more or less, and also to the ad market to bounce back
Thank you. Maybe continuing on, what you mentioned, the cost savings, can you quantify the cost savings you've achieved in the first half, and what do you target for the second half?
No, we have not disclosed the numbers of the cost cuts, and there are differences between the segments because of the different situation. The cost cuts are coming from personal costs, marketing costs, some buys from outside of the company, like print costs, delivery costs, and those. We haven't disclosed the exact amount, but it's really difficult to, for me to say that what is the exact number for specific business, really.
Okay, thanks. During the presentation, I think you mentioned a profitability target for Alma Career, and all of a sudden, I can't recall if you have published one or if you're talking about an internal one?
We haven't published an
Mm
Profitability level, I've said that we have ambitious target for that. Meaning that it's remarkably higher than the, than where we are at the moment.
Good, thank you. Then, a final question from me. Do you want to comment in any way or give any comments on the bid from Otava, from your perspective as a CEO and from the operations of Alma Media?
No, it doesn't have any effects on our, you know, normal businesses. It's business as usual, more or less.
Thank you.
Thank you.
Okay, thanks. Simon Särkila Danske Bank. 2 questions from me. Starting from Alma Career, you mentioned that, you know, there's been cautious customer behavior. Has the situation gotten worse during the first half of the year, or do you have visibility on things actually starting to improve during the second half of the year?
No, well, as we have seen, we have had quite a good invoicing level, meaning a good sales in the services. The customers have been buying the credits and the services during the first half of the year. Now they're using the credits that they already bought, which means that they don't need to buy more. There's a quite stable level of usage at the moment, or needs, would say, from customer's point of view. I wouldn't doubt that we can see a remarkably improving invoicing or sales during the last part of the year.
Of course, if the economies start to increase or bouncing back, then there will be a new bounce in the invoicing, of course, and the high demand of the services. The cautiousness of buying or using the services has come firstly from the small- or medium-sized companies, understandably. The big companies have been used at and using the services as before. They have a huge demand of the skilled labor, while the small company has been more and more cautious, of course, all over the place. That's not any big news. Those are the companies that will start buying when they see some light in the future and in the demand, of course. That is understandable, yeah.
Was your point that, unless the situation starts to recover during the second half, early next year could actually be fairly difficult?
No, it depends very much on the development of the last part of the year. Of course, if the invoicing is at a lower level than the revenues, so we have some work to do with the first part half's revenues, of course, next year. Depends very much how the first half overall starts in the markets.
I would like to continue on cost savings. If you think about the expense level you had in the second quarter, is this sort of the level you plan to have in the second half of the year? There's obviously seasonality, but are you planning additional cost measures, or did we see sort of everything in the second quarter already?
We. The cost level compared to the last year's second quarter will be lower. We have the plan, and we have driven the plan. We don't have started a new initiative. We have the plan that we started, and we will continue with the plan. That is the case. There's no specific need at the moment to start something new, I would say.
Okay. I have a question for Juha. What would be a good guess on the full year CapEx level? Where do you see a, let's say, a more normal CapEx level going forward?
Yeah, in the long run, in average, we have had around EUR 6 million CapEx level per year. Now, we will be much higher levels. EUR 5 million was the half, first half year CapEx, so it's somewhere EUR 8-9 million, roughly, the whole year CapEx. This year.
Specific investments?
Yeah, yeah, without acquisitions or. No, normal CapEx level.
Normal CapEx level.
Yeah. Yeah.
Okay, then, one more question for Kai. You obviously know Otava quite well. They are interested in Alma Media. Do you think they are interested in the whole of Alma Media or mainly the domestic operations?
I don't have any answer to that. You have to ask Otava. Otava. I don't have any comment on that.
Okay. Thanks.
Any more questions? I think we take it online. Please, Teppo.
Yes, we have three questions from online community, starting from Joel. In which business segments are you expecting growth at the end of the year?
Business segments?
Yes.
Well, It's very difficult to see organic growth in any segment, but there are businesses inside the segments that are growing. The reason for the segments not to grow comes from the fact that the markets are not growing. Like, for the career, the add-on services are growing there, but the core businesses are more or less not. They are stable at the moment. If markets are not developing, the situation will stay. The profitability improvement comes from the cost measures that we have there. In consumer segment, the marketplaces business might grow, the comparison services business will grow, but the media business doesn't grow because of the decrease in advertising.
We are not waiting for the ad market in Finland to bounce back that quickly, which actually inhibits the whole segment to grow. Then on Talent, the same story. The ad market is not growing. The subscription business might grow, and there are some fluctuation there as well. The service business will grow, and it's growing nicely as expected. The ad business inhibits the whole segment to grow more or less, or then if it grows, the service business will grow or should grow remarkably much more than we have seen here. This is more or less the view at the moment, if the market is not changing to a positive direction quicker than we have anticipated.
Moving on to Maria Wikström from SEB. Could you provide more color how invoicing is developing in different career markets, especially, interest is for Czech?
Which it's, the invoicing has stabilized or even decreased a little bit during the second quarter in Czech Republic or in the Central. Slovakia is a little bit better. The Czech has been declining slightly. Croatia has been increasing still, and Finland, Baltics been declining. The further north you come, the more red figures you see.
Also from Maria. In Alma Talent, recurring revenues were up by 17%. Could you please enlighten us what has been behind this success?
We have kind of three services there. They are commercial premises marketplace, like Objektvision in Sweden and Toimitilat.fi in Finland, which has been growing nicely. We have law-related services. They are this kind of data services, books, and trainings in Finland. This is one part of the, you know, service portfolio, and that has been growing. The need for this kind of law-related services could be even countercyclical. Looks like it's growing nicely. The fourth one is company data, traditional company data that we have and of course, the DIAS. The DIAS has been declining because of the low volume of housing transactions.
That's been on negative side, but the others have been growing. The markets are. There's a high demand of the services in the market, and we've been doing good work there. Our markets has been improving.
Fair enough. The final question, as far as we know, from Maria Wikström, also from SEB. Could you please be more specific, what are these add-on services in Career which are currently growing?
There are many kind of services like for handling the labor inside the company, like this kind of HR-related services in the value chain. We are providing services not only for the core business of the companies to recruit people, but to develop the people as well. We have also the education services like Seduo in Czech Republic, which is profitable there. We have this kind of like, how do we call them? Like some personal service, salary service, and that kind of you know, services. Many kind of services inside the value chain of HR.
That is the question, of course. There are differences between different countries. We have a little bit different services in different countries. The biggest portfolio of services we have in Czech Republic, so that is the biggest company in the segment and the most varied service portfolios as well. Okay, thank you. Any other questions? If not, I will thank you all very much for your attention and we'll welcome you back in October 19th. We have our third quarter result presentation. Thank you very much. Have a nice summer. Thank you.