Welcome to the Highlights for our Interim Period ended 30th of September, 2024. We've also added a comprehensive strategy and results update video onto our Investor Relations website. I'm joined by our Group CFO, Raisibe Morathi, as well as our Head of Investor Relations, J.P. Davids. As we celebrate Vodacom's 30th birthday this year, I'm particularly proud of the impact we have made on inclusion in Africa. Vodacom now connects 206 million customers and provides financial services to 83 million customers, each representing significant milestones in our history. While Vodacom is yet to adapt to evolving regulatory pressures and customer needs, our purpose has remained unchanged for the past three decades, which is to make sure that everyone is connected. To achieve this purpose, we are focused on empowering people and protecting the planet while maintaining trust in everything that we do.
At the International Telecommunication Union's recent event at the UN General Assembly, we emphasized the urgency of empowering people through digital and financial inclusion. In low-income countries, only 35% of the population have access to 4G. We have adopted a holistic approach to address inclusion across our footprint that leverages Vodacom's scale and partnerships. From new rural sites to fibre to space, we are expanding our coverage to close the digital divide. This commitment is evident in the 1,133 new 4G sites added across the group over the last six months. As pioneers of mobile financial services, we also contribute significantly to Africa's financial inclusion. Our products are designed to support both consumers and merchants. In just the last 12 months, we added another nine rural financial service customers. Beyond our initiatives in connectivity and financial services, we empower people by supporting communities and schemes.
One of our key medium-term initiatives is to digitally upskill one million young people across Africa through programs such as Code Like a Girl. This is an ambitious target, and which will see us partner with Amazon Web Services to scale digital skills hubs across our footprint. For the planet, we've committed to net zero greenhouse gas emissions for Scope 1 and Scope 2 by 2035. Whether it's through our various foundations or Tech for Good platforms, we provide solutions to meet Africa's environmental challenges, including the impact of climate on agriculture and the need for renewable energy and the scarcity of water. Our purpose is enabled by our strategy called the System of Advantage. A prime example of the overlap between our strategy and purpose is how we are dialing down barriers to smartphone ownership.
With our current smartphone penetration at 62%, I'm passionate about connecting the other 80 million of our customers to a digital world. Our groundbreaking prepaid device financing bundles can help bridge this gap. This model allows a customer to repay their phone in daily installments or as they're generating income. Plus, prepaid handset financing provides scope to reshape our prepaid proposition into a form of annuity or contract-like revenue. As I reflect on our strategic progress over the last few years, I'm very pleased with the shape of our group from a geographic and product perspective. But in my case, the word pleased will never mean I'm satisfied. As we look ahead to the next five years, it is critical that we position Vodacom's strategy to deliver double-digit growth. Combining our innovative mindset with healthy markets is the key to empowering this opportunity.
A healthy market for us is characterized by its pricing dynamics and ability to generate strong returns. I look forward to unpacking this concept in our 2030 vision that we'll unveil at our Investor Day in February next year. Switching gear from our strategy to the results. Over the last two years, we have absorbed significantly higher interest rates in major currency shocks in Egypt and Ethiopia. Pleasingly, our Egyptian business is already delivering hard currency bottom-line growth just six months after a 60% devaluation. As we lap the March devaluation in Egypt, we are well placed to meaningfully accelerate rand-based earnings. In Ethiopia, we are currently navigating through the recent currency reforms, having already seen market prices increase. With that said, both these devaluations have had a material impact on reported results in the period, especially on earnings.
At a group level, the revenue of ZAR 73.5 billion was up 1%, impacted by the Egyptian devaluation. On a normalized basis, an equivalent to constant currency measure, group service revenue increased 9.9%. This compares favorably to our target of high single-digit growth over the medium term. Group EBITDA decreased 2.7% to ZAR 26.6 billion, impacted by the Egyptian devaluation and foreign exchange and one-off pressures in international that I will unpack later. On a normalized basis, EBITDA growth was up 8.5%, in line with our medium-term target. Our headline earnings per share declined 19.4% to 353 cents per share. The decline was largely attributable to the currency reforms in Ethiopia and one-off operating costs and taxation in the DRC. The devaluation in Ethiopia resulted in the restatement of foreign liabilities and negatively impacted HEPS by 53 cents.
As we look into the second half of the year, this weaker exchange rate provides scope for lower translated losses from Ethiopia, helping offset the negative earnings impact in the first half of the year. Given this phase of impact, the board declared an interim dividend based on an 86% payout ratio or ZAR 2.85 per share. While the dividend is down 6.6% year on year, it is flat with the final dividend of FY 2024. Looking into the second half, we are optimistic about our earnings growth prospects, particularly as we lap the impact of the Egyptian pound devaluation. Shifting the discussion now to our performance at a product level. Beyond Mobile, which we have previously referred to as new services, reached 21.1% of group service revenue. Beyond Mobile includes fixed, IoT, digital, and financial services, and we target a 25%-30% contribution in the medium term.
Financial services is key to our global ambitions and the largest component of Beyond Mobile. We remain Africa's leading fintech operator, with $421 billion of transactions or $1.2 billion per day processed through our mobile money platforms over the last 12 months, including Safaricom. Our financial service business was up 7.8% in rand, was 17.6% on a normalized basis, and made up 11.4% of group service revenue. The scaling of this business is important to our earnings and return outlook given the lower capital intensity of financial services. And then moving on to our geographic segments. In South Africa, we delivered modest top-line growth but improved the shape of our P&L with flat EBIT margins. Service revenue grew 1.3% to ZAR 31.1 billion. The result was negatively impacted by a 2.3 percentage point headwind from wholesale services.
So this puts the underlying growth in between 3% and 4%. This is not quite what we want, but better than the reported result. Mobile prepaid revenue grew 2.2% in the half, supported by pricing adjustments implemented in the first quarter. In the second quarter, prepaid revenue growth eased to 1% as we lapped a strong competitive quarter associated with high levels of load shedding. Mobile contract customer revenue increased by 3.6% to ZAR 12.1 billion, supported by good growth in our consumer segment. We also reported good growth now beyond mobile services. Fixed service revenue was up 16.7%, excluding low-margin wholesale transit revenue. Service revenue generated from financial services was up 9.5% to ZAR 1.7 billion, driven by very good growth in our insurance portfolio. The EBITDA margin was stable at 37%, while operating profit increased 2.4% as we modulated our investment into energy resilience.
We were disappointed that the Maziv transaction was prohibited by the Competition Tribunal, especially given that it we had received support from ICASA, our competitors, and the South African government. As we assess our options in South Africa, we remain of the view that fibre co-build is better than overbuild. Egypt's performance was stellar and fully absorbed the currency devaluation. Service revenue in local currency was up 44.1%, well above inflation. The result was broad-based with strong growth in consumer mobile and fixed business and Vodacom Cash. In the second quarter, growth accelerated marginally to 44.4%. Vodacom Cash revenue grew 94.5% and increased its contribution to 7.6% of Egypt's service revenue. EBITDA from Egypt was ZAR 6.2 billion, broadly flat year over year, with the margin improving to 43.4%. Given the extent of the currency devaluation in March, this was an excellent outcome and supported by margin expansion.
The bottom-line result from Egypt was even more impressive. Net income growth was 75.1% in local currency and translated to a 10.1% growth in rand despite the devaluation. Our international business reported good service revenue growth but had a disappointing EBITDA performance. International business service revenue was 14.9 billion rand, up 1.3% or 6.2% on a normalized basis. From a market perspective, we delivered 19.1% local currency growth in Tanzania, 11.2% in Lesotho, and 9% US dollar service revenue growth in the DRC. While Mozambique's year-on-year performance remained under pressure in the period, declining 15.1% due to repricing. Customers across international were up 4.5% to 56.1 million, supported by double-digit customer growth in Tanzania. This commercial transaction growth supported the improved voice performance for the international business in the second quarter, with Tanzania and DRC both delivering local currency voice revenue growth.
International business EBITDA was ZAR 4.3 billion and declined by 20%. This was a disappointing result given the segment's commercial momentum and the reflected foreign exchange pressures, one-off results in the one-off costs in the DRC and year-on-year revenue pressure in Mozambique due to the repricing. The one-off costs in DRC included bad debts and ad hoc supplier escalations exacerbated by inflationary pressures. By contrast, Tanzania delivered local currency EBITDA growth of 18.6%. We expect a clear improvement in international EBITDA in the second half. Our fourth quarter business segment, an important earnings driver, is our associate Safaricom. Safaricom's results were impacted by the shilling devaluation, but delivered excellent growth in the core Kenyan operation. Service revenue increased 13.1%, with Kenya delivering service revenue growth of 12.9%. Kenya's growth was broad-based, with M-Pesa up 16.6%, mobile data growing 20.2%, and fixed higher by 14.7%.
EBITDA in Kenya grew 13.7%, with margins at 55.1%. This excellent performance supported an upgrade of Safaricom's EBIT guidance for Kenya by 4%. EBITDA for Safaricom Group was impacted by the devaluation of the Ethiopian birr in the second quarter and declined 5.8% in Kenyan shillings. Ethiopia EBITDA losses actually reduced by 18%, excluding the devaluation impact, providing comfort that the business is starting to scale. On that note, Ethiopia customers reached 6.1 million, up 47.1%, and total sites exceeded 3,000. At the net income level, Safaricom reported a decline of minus 17.7%, but encouragingly, net income growth was 10.3%, excluding the foreign exchange and hyperinflation adjustments. As a result of the devaluation, Safaricom revised the EBITDA break-even target for Ethiopia to FY 27 from FY 26 and increased the expected EBIT losses for FY 25 by 15 billion KES.
The medium-term 15-20 million customer target was reiterated, supported by the strong commercial momentum in the business. As I mentioned earlier, there are some early signs of progress in pricing in the market. That concludes my review. Raisibe and I are now ready to answer any questions you may have.
Yes, so good afternoon again, everyone. Sorry about that technical glitch. The good news is you haven't missed much, so we did press pause when we found out about it. We are now ready to move into the live Q&A session, which I will moderate and ask Raisibe and Shameel to jump in with the answers. Just to reiterate or just to confirm that if you did miss any of the messaging, our videos are available on our website to watch on demand, both Shameel's video and Raisibe's video. But with that, let me kick off the Q&A.
And Shameel and Raisibe, we've had, I guess, several questions around similar themes, so I'm going to try and bucket them together. Prashendran from Nedbank, Rohit from Citi, Maddy from HSBC asking similar questions around prepaid in South Africa. And I guess there are a couple of elements to the question, but the overall remark is perhaps 1% a little bit below expectations. So what's driving that? What's the outlook? And then as we talk through that, what does the voice dynamic look like within that trend, that 1% trend? So Shameel, I'll ask you to kick off the discussion there.
Sure. So I think on the prepaid revenue, I think firstly, we had a strong second half last year because of load shedding. So we are batting against a very strong quarter last year.
In terms of the underlying trends and so on, very much similar to the first quarter, with data revenue in the half growing over 9%. So you're seeing good, strong growth in data revenue, offset a little bit by three-point voice decline, where we managed to curtail the overall for the half to around about 3.5% voice decline, but 1% in the first quarter and 5% in the second quarter. But it's also coming from us pushing more and more customers into bundles and into integrated office specifically, which will then help with an improved performance into the future.
Super. Perhaps just staying with South Africa, there are a number of different questions, but related to the same topic being CIVH. So again, Prashendran asking a couple of there. Also, John O'Leary from Absa asking around CIVH. And maybe I'll read off a few of them.
So I guess firstly, reaction to the Competition Tribunal's decision would be question one. Question two would be, what's plan B or plan? What's the plan if the deal is ultimately prohibited? And just more broadly, I guess, what is the strategy of fibre to the home in South Africa from here?
Yeah. So look, I think so for me, it's a travesty for South Africa more than it's a travesty for Vodacom that the fibre deal wasn't approved because I think the pro-competitive benefits of the deal far outweigh any potential competitive issues. And that's it. All competitors that intervened in it actually were in support of the deal at the end and recommended to the tribunal to approve. So that's why it was disappointing.
In terms of the deal itself, I think where we are, firstly, of course, one option could be to appeal, which we're currently considering. We'll have to do that before the reasons actually come out. We will, of course, use the opportunity to also lock in a new set of terms and conditions, including pricing and long stop dates and all of those type of things because it can take as much as six to nine months for the application process. Actual hearing is one day, and the results come out fairly quickly after that. So that's the one option that we are looking at. Further to that, of course, we do have other options. Most importantly for me, the money's still in the bank.
So we have opportunities both locally and in the rest of our markets, where, as you know, we have a lot of different fibre opportunities where fibre to the home, fibre to the business is a nascent opportunity in all our markets. Yeah, we're not short of opportunities, and we will make the appropriate changes to it. I think for fibre in South Africa, I think it's a travesty because I think the level of investment could have shaped fibre in South Africa differently. Frankly speaking, the logic escapes me because we only have 2.5% market share in fibre. That's important. What we're clear on, though, is that we prefer co-builds to overbuilds. That will be the dominant feature of how we pursue fibre both locally and internationally.
Staying with South Africa, but switching gear maybe more to the margin side. Raisibe, maybe you take this one.
I think we've a couple of different questions, but maybe Maddy is asking it the best way, which is, is there more to be done around the margins in South Africa, and maybe just to explain some of the cost initiatives that we were able to deliver on in the first half of the year to deliver the EBITDA results.
Good afternoon, everyone. So yeah, in terms of margin, so we're just mindful that the mix in our business is changing, so from an enterprise perspective, as we do some of the transactions like in the cloud and so on, those come at low margins, but there are still very strong opportunities contributing to service revenue, and obviously, from the bottom line perspective, they continue to be strong, so a little bit of that effect is to be expected.
But in terms of the long-term look, of course, we continue with our Fit for Growth program. It's an old program that has been in Vodacom for a very long time. And we continue to identify opportunities where we renegotiate some of the terms with the suppliers, where we issue RFPs for areas that need to be refreshed, package the services differently, manage the demand side to make sure that we buy right and we only obviously incur costs that are necessary. We've also had some reduction in headcount in SA, where we've had 80 voluntary exits. And whilst we have frozen headcount in terms of the new vacancies or deferred some of the vacancies, etc., so lots of initiatives, how we manage leave as an example. So there's a lot of initiatives and deep sharing, as you call it, to manage the cost.
We're very pleased with the performance in terms of costs in this season. We expect to continue that journey for the rest of the year. Of course, it's not just in South Africa, but across all our markets and managing costs very tightly. In terms of that cost contribution, we do believe that it will continue to support margin. Margin at levels that we reported roughly around 36% is sustainable.
Just sticking with the theme of margins and costs, Maddy's got some follow-up questions on the international markets. I guess firstly, just to help everyone understand these one-off costs we pulled out in DRC, if you can provide a little bit more context there.
I guess his general observation is that the international margin stuck in the high 20s, low 30s seems quite low versus some other markets across sub-Saharan Africa. Is there opportunity to improve here?
Starting with the one-offs in DRC, there are components that I will call out. Firstly, we are talking about some supplier contract renegotiations where we were negotiating some of the terms that we were unhappy with the pricing of a particular contract. And by the time we closed out, I would say that we walked away both ourselves and the supplier slightly unhappy, which is a good thing that we ended up in a much better structured contract. Unhappy from our side in that we obviously picked up a bit of extra cost that we have reported in September.
But from the supplier's perspective, we managed to solve that which we needed to be solved. And as a result, we fixed the contract, not just for the one year, but for the next couple of years. So we're quite pleased with the outcome. But obviously, we ended up with that one-off, so clearly it was not completed in the second half. The second part is relating to bad debts. So here, I need to point out that apart from South Africa, that has a postpaid market that is quite big. The rest of our markets are 99% prepaid. So however, in that small slice of postpaid, and in particular, if I'm talking about DRC, the postpaid we'll cover, there's a lot of mining entities, quite large companies, banks, and a few corporates, and also government.
As you know, governments in the emerging markets, in general, they tend to be slow players. So we couldn't not extend our services to the Ministry of Finance, Ministry of anything in government. But unfortunately, they are slow payers. So while you know that they will pay us, they just have delayed payments. And of course, from a technical accounting perspective, in running the models, it was necessary for us to make some provisions because in terms of the necessary accounting statements that is required. So as a result, we took those provisions, which we do believe that they will account for that on a recovery basis. So it will be cash accounted as the government pays us. So that is really mainly the main issue. Again, I don't expect that to come through in the second half.
So the other one-off, which is below the line, is relating to tax. And here in DRC, we had assessed losses for a better part of the last many years, but we have now fully utilized that assessed loss. And noting that there is a diminishing principle in that even when you have assessed loss, you still pay tax when you have used the assessed loss that particular year. So we have now depleted that. So obviously, then in terms of the tax that you pay, it misses the benefit of that assessed loss. Secondly, as you do the provisional tax payments, like you do in all other markets, when the assessment is done in the following year, then you do the catch-up payment. So our tax included that catch-up, which relates to the prior period. So that will also not repeat. And we also have the withholding taxes.
In paying the dividend from M-Pesa entity to the GSM entity, there's a withholding tax of 10%. In some markets, that will wash its face because it is within the same group, but that doesn't work like that in DRC. So that is also somewhat not something that will repeat in the second half. So our outlook for saying that DRC will look better in the second half is based on those number of one-offs. And we are encouraged by the fact that the top-line growth was fairly strong at roughly close to 10% in dollars. So margins from the IB markets perspective is largely affected by this DRC situation. So 20% is definitely not the run rate for margin in this environment. So we expect that to normalize post this period where we have gone through the one-offs in DRC.
Thanks, Raisibe. A couple of questions from Nadim.
I might take one or two and then ask Shameel to jump in on one or two. So Nadim from SBG asking a couple of let me start with the ones I'll answer, excuse me, is what drove the acceleration in fixed service revenue in 2Q? And then what percentage of SA recharges are from airtime advance? So just quickly, the answers there being fixed service revenue, 2Q had a very good performance in fibre to the business. So nice strong result in the enterprise segment there. And then what also helped in that segment was cloud hosting and security, a really excellent quarter for cloud hosting and security supporting the fixed results in the quarter. Percentage of SA recharges from airtime advance in Q2 for South Africa, that's around 50%, about half of recharges.
I'll hand over to Shameel for the second part of that question, is could it go higher from here? I'll let him chat to that. And then also Nadim has asked a separate question around the 5G investment and opportunity in Egypt. So referencing the $150 million we're investing into the 5G license, any color we can add around the 5G market potential in Egypt.
Yeah. So on airtime advance, to be honest, there is always opportunity, but we're reluctant, of course, to push too much because effectively what then happens is you start to increase your NPL rate. So we carefully manage it and make sure we only provide credit to those who can afford it.
What we instead focus on is trying to get the customers that are using it to either increase the amounts that they utilize, but also looking at opening up new opportunities like buy now, pay later type opportunities that use similar kind of capabilities that we use in airtime advance, but beyond airtime for vouchering and so on. In terms of Egypt, basically where we are is we've now obtained the 5G license. The opportunity is huge because of the strong data growth. Your data is growing between 35%-40% consistently. So effectively what that means is that if you can divert some of that into 4G, into 5G, effectively what will happen is it gives better network optimization in terms of how you utilize it because on 5G, let's say the costs are lower, but also opens up more of the fixed wireless opportunity going forward.
Given the big growth of data generally in the Egyptian market and the price stability, that helps us because of the regulated pricing. That gives you a nice opportunity to further expand your revenue growth.
Okay. Just staying with Egypt, again, I'll probably just quickly take these ones. So Prashendran from Nedbank is asking about the split of service revenue between some of the components being you've pulled out voice and data. So data makes up more than 50% of the revenues in Egypt and voice is in the teens. And you just wanted clarity of whether that growth rate for data of 46.9% was the growth rate for data for the quarter. And yes, that is the case. I mean, data in that market is growing at that sort of level, high 40%s, close to 50%.
Then perhaps a couple of questions back to you, Raisibe, in terms of firstly on free cash flow, and then we're going to talk a little bit about tax. On the free cash flow side, John is just pulling out the working capital outflow in the first half of the year, noting that there was a step up relative to this time last year. It calls out a ZAR 1.3 billion delta. And so asking if we can expect a similar unwind in free cash flow, working capital into the second half of the year as we've seen in prior years. And then separate to the free cash flow question, asking around the tax rate for the second half of the year.
Based on the discussion you were running us through earlier, could we see the effective tax rate normalized back into historic levels of call it between 27% and 30%?
So in terms of the free cash flow, the working capital, this is likely as a result of the acceleration of payments in Egypt. So just a reminder that the devaluation in Egypt happened on the 6th of March, and soon thereafter, liquidity started coming into the market. And the payment of kind of the backlog of suppliers and so on continued progressively for the next couple of weeks. So part of that is closing out of that as liquidity became available. And again, noting that as FX became available, liquidity became available with the banks. For as long as you had been waiting, you were obliged to take and of course, the suppliers would also be waiting for those payments.
So that acceleration comes from Egypt in that sense, and it is not expected to repeat because it was dealing with those particular circumstances. In terms of the second half, therefore, the second half we expected to be normal as per usual. And in fact, the shape in terms of our cash flow tends to be more strong cash flow in the second half than in the first half because in the first half, well, so normally we would have been paying things like CapEx and so on. So for that reason, we do not expect that to be any different. So the next question about tax, yes, the effective tax rate was high at 38%. There are a few factors that drove that. So I spoke about taxes in DRC.
The second, and however, the bigger contributor to that is the withholding tax with the dividend that we received from Egypt. So there's a 10% withholding tax. So this is that will be in that line. And then we also, as per usual, received a dividend from Safaricom. So that also included the withholding tax, which is also 10%. We also call out the non-deductible costs and that bucket into the finance costs. So I'm glad to say that that has been de-risked because in the first six months, we managed to refinance part of the debt that was not tax deductible as well as pay back some of that as we had indicated that we would be looking to optimize our debt structure and to reduce the burden of finance costs. But in the line, in terms of what contributed to the 38%, we also include that.
And lastly, normally one of the key offsets for the tax rate is the contribution from associate income. So given that Safaricom included a fairly tiny piece of the losses from Ethiopia, so as a result, we lost out on that offset. But the long-term picture is that our effective tax rate we're guiding at levels of roughly around between 28% and 30%, not the 38%. 38% is inclusive of the one-offs in DRC as well as this withholding taxes that did not have a base, particularly the one from Egypt did not have a base. So the normalization is expected.
Super. And while you've got the microphone, Raisibe, there's a question here from Prashendran just to follow up on the Please Call Me matter. He's asked for an update then specifically around whether we do or don't provide in our balance sheet for this.
And if so, if you can just provide a little bit of color around that.
So this gives a contingent liability as we indicated in terms of the whole process. And obviously, once the Supreme Court judgment came out, the fact that we had lodged our appeal suspended the execution of that and therefore crystallized as a contingent liability. But in our notes, we do say that we hold an immaterial provision.
And then perhaps next steps in terms of the Please Call Me matter, court dates, etc.
The court date, thank you. The court date, so the Constitutional Court has given a date of the 21st of November where they will debate the merits of the case. The judgment will not be issued on the same day. So normally after going through that debating of the matter, they do need time to go and document their verdict.
So we'll be waiting for that. Obviously, with courts, it's never definitive how long it will take, but hopefully a couple of weeks or months from the time that they will hear the matter on the 21st of November.
Okay. Super. So I think in short, a lot of the themes today around the CIVH transaction, but around prepaid growth in South Africa, the international margin, the tax rates. I think Raisibe's covered those last two. But Shameel, we're done with the Q&A. So maybe just in your closing to reiterate a couple of messages around the growth outlook for South Africa and I guess where to from the SA fibre.
Yeah. So I think, look, so maybe a couple of messages. I'll do a little bit broader than that. I think firstly on the international side, I think about the second half is anticipated.
We'll see some abatement of the repricing in Mozambique, so that should help as well in terms of a better overall result, both in revenue and EBITDA for the second half. Also, in the international numbers is the day one impacts of Ethiopia, and then that, of course, will improve in the second half because you divide the losses by lower exchange rates, so that will also improve some of the numbers, so that's the one part. Then, of course, Egypt will continue on the trajectory. It's growing strongly. Currency is a lot more stable, so that will help. Kenya continues to do well, and Ethiopia outside of the Ethiopia is gaining quite a nice traction as well in terms of customer numbers, and we have seen some price adjustments already, so I think that is definitely improving.
In terms of South Africa, well, firstly, we do see a better second half performance coming from essentially lapping of stronger Q2 results last year. So we should see a better Q3, Q4, but also continued focus on the cost containment will deliver a better result in SA in the second half. In terms of the fibre deal, I think, well, I think really I've said it all, but essentially we are considering our options and whether we should appeal, but also using the opportunity to make sure that the value equation is correct and will stand the test of time if one can put it that way. That takes into account that the process lasts for six to nine months. So we need to make sure that whatever the pricing is reflects that weight and so on. So that's part of what we busy negotiating.
Good. Okay.
Thank you, everyone, for dialing in. Thank you very much for the questions. Obviously, we are available to take your questions offline, and you can direct those through the Investor Relations Department, and then if we don't catch you on our roadshow, then you're very welcome to set up and request follow-up calls if that is required, but otherwise, look forward to seeing you in person over the next few days and wishing you a good Monday. Farewell.