These nine-month results confirm the successful execution of our strategy. Based on this performance, we have raised our full year 2026 revenue and net profit estimates, as you will see later, and we also provided guidance for further growth in 2027. Turning to sales performance by regions in the first nine months, sales of product and services reached EUR 1, 653,000,000 , representing growth of 8% or EUR 124 million. As you can see, growth was recorded across most markets and five out of six regions, with Western Europe with slight decrease. Eastern Europe remained our largest region, accounting for more than 36% of total sales, generating EUR 607 million, an increase of 14% compared with the first nine months of the previous year. The Russian Federation remained our largest individual market and delivered strong growth of 18% in euros, 7% in quantities, and 11% denominated in rubles.
Central Europe, our second-largest region, generated EUR 374 million in sales, up 7%. Poland, as the second-biggest market, continued to perform well, with growth of 5% in euros and well in quantities as well. At the same time, we recorded solid growth across all other markets in this region. In Western Europe, sales reached EUR 267 million, down 2%. Nevertheless, Germany remained our key market with sales of EUR 66 million and growth of 1%. While sales in the region overall were slightly below last year's level, we maintained our strong positions and increased sales in markets such as Portugal, Ireland, Austria. Southeast Europe generated EUR 236 million in sales, an increase of 8%, while our domestic market, Slovenia, recorded sales of EUR 104 million and growth of 5%. We increased sales across all markets in Southeast Europe and maintained our market-leading position in Slovenia.
Particularly encouraging is also the performance of overseas markets, where sales reached EUR 65 million and increased by 18%, which is the highest relative growth among all regions. Overall, I can say that these results once again demonstrate the strength of Krka's geographically diversified business model, and growth was supported by many markets, regions, providing both resilience and solid base for further development. Let us now take just a closer look at sales performance across some of the key markets. I already mentioned the Russian Federation, where we have the leading position among all foreign generic pharmaceutical producer in this country. Good performance was supported especially by RX and also some successful launches of new combinations, I would say favorable product mix and good demand trends, and the contribution of local production. Our Russian site supplied more than 70% of all Krka products sold in the Russian Federation.
I would say excellent product portfolio and very good product mix supported this performance. The average value of the ruble against the euro was 4% higher than in first nine months of the year, supporting just partially all the sales and profit expressed in euros. However, the ruble depreciated by almost 2% from the beginning of the year to the end of the September, which had a negative effect on the net financial result. In Ukraine, despite the challenging market environment, we maintained a strong competitive position, being the second leading provider of medicines on the market, with sales of almost EUR 83 million and growth of 14%. The prescription pharmaceutical sales increased even more by 16%. Poland, already mentioned before, here the sales were driven by RX, most notably statins and sartans and analgesics, and also antidepressants generated very strong sales growth.
We also recorded positive sales results across most other key markets in Central, Eastern, and Southeast Europe, with particularly strong performance in Belarus, +16%, as you can see. Hungary, +15%, North Macedonia, Croatia, and Serbia, +10% on average, Latvia +10%, and many others. At the same time, as previously mentioned, overseas markets, they will deliver double-digit growth sales, reflecting the increasing contribution step by step of markets which are outside the traditional core regions for Krka. China recorded, for instance, two-digit growths also. The good sales were seen in Vietnam and Africa, predominantly Republic of South Africa. The results confirmed Krka's growth, which is not dependent on certain or limited number of markets. We can say that the growth was generated by both our largest and middle-sized and our smaller markets as well.
We have more than 1,000 products in our portfolio, and as I said from the very beginning, prescription medicines remain the cornerstone for Krka business activities. They account for 85% of total sales, and they are providing stability, because basically, we talk and we offer the medicines for chronic diseases, which means that once the patient starts to take the medicine, most probably he or she will have to continue with the treatment until the end of his or her life. Sales of prescription products reach EUR 1.4 billion, an increase of EUR 122 million, or +10%. Our portfolio is well-diversified, and cardiovascular medicines are the largest group, representing more than half of our RX portfolio, including treatments for hypertension, hypercholesterolemia, and anticoagulation. This is followed by central nervous system medicines, gastrointestinal medicines, and painkillers.
I would say that the product groups, the family groups of the products containing rosuvastatin, perindopril, telmisartan, atorvastatin, and duloxetine, I mean, mono and combinations, contributing the most to the sales growth in this first nine months of 2026. OTC medicines represents our second-largest segment, representing 7% of the total sales and supported by strong brands in cough and cold, pain relief, and vitamins. Sales declined a bit, by 4%, to EUR 119 million, reflecting simply lower consumption of seasonal products due to lower incidence of flu and colds. We'll see if this can change during the fourth quarter or first quarter of the next year. In vet products, where our sales increased by 7% to EUR 95 million, our focus is on companion animals. This is very fast-growing market segment, already counting for more than three-quarter, actually 80% of our totally vet sales.
Research and development remains one of Krka's key strategic priorities and major driver for our long-term growth. We regularly or consistently invest or reinvest up to 10% of annual sales into research and development activities, supported by more than 800 in-house experts who are currently developing a pipeline of over 170 products. During this first nine months, we further strengthened our portfolio by obtaining marketing authorizations for 10 new products, nine prescription pharmaceuticals, and one vet medicine. These products cover diabetes, cardiovascular diseases, and CNS treatments, as well as new products for the Chinese markets. In addition to that, we completed more than 500 registration procedures for both, I mean, new and existing products across many markets. With this, we actually were able to expand our portfolio to new markets.
Around 60% of our R&D investment is directed towards the development of new products, such as cariprazine or pitavastatin, ezetimibe, which are listed on the left part of the slide. With this, we are ensuring a continuous flow of launches and future growth opportunities. The remaining 40% of the R&D budget is allocated to lifecycle management activities, including quality improvements, regulatory compliance, and optimization of pharmaceuticals and API manufacturing processes of established products, such as sertraline or duloxetine, which were reformulated. We believe and know and prove that this part is also extremely important, because not everyone, I mean, every one of our competitors is doing that. We see this as an important opportunity. This balanced approach enables us not only to expand our portfolio with new products, but also to continuously improve efficiency, quality, and competitiveness of our existing established products.
Our goal is to continuously work on it, to reduce impurities, and to improve product quality. This combination of strong pipeline, regular new launches, and process and product improvements of established products remains one of our key drivers of Krka's future growth as well. Here is the example that we have built a leading position in innovative single-pill combinations, which simplify treatment, improve patient adherence, and support better clinical outcomes. These products are developed using advanced formulations, complex technologies, and in many cases, patented product innovations. We have launched more than 200 single-pill combinations until now, and we have become one of the leading providers globally. Today, single-pill combinations account for more than 30% of Krka's total sales.
In some markets, our combinations share is going towards 40% in total share of sales, and this represents one of the fastest-growing and most important from profitable from profit point of view, segments of our portfolio. Our lifecycle management strategy focuses on continuously expanding the portfolio through new combinations and other value-added products. As I said, actually, with this, we are able to maintain competitive advantage in our key therapeutic areas that I was mentioning just before. Despite the greater development and manufacturing complexity of combinations, we see that they create significant value for patients and for healthcare systems as well. This is reflected in Krka's global position, as we are currently ranked among the world's leading providers of cardiovascular combinations by volume. So we see these combinations as one of the most important drivers also of our future growth.
They are not only a key growth platform, but with this, we also demonstrate how Krka creates additional value through innovation within the branded generic markets. Continuous investments remain also one of the key pillars of Krka's long-term growth strategy. Our investment focus on expanding and modernizing manufacturing, development, and quality management facilities, while further strengthening the efficiency and resilience of our vertical integrated business model. We are currently implementing several projects here in Slovenia, and also in India and China to support production. In the first nine months, we invested EUR 87 million. This is up 30% comparing to last year. The key projects include the key manufacturing sites here in Slovenia, mainly Notol and Notol 2 upgrades and expansion, and also the plant expansion of an automatic high bay warehouse in Ljutomer plant. This is another location in Slovenia.
These projects further improve our flexibility. They will enable us additional capacity, quality, and supply reliability. Particularly important is also our project of our new production facility in India, which is progressing according to plan. We are working intensively to complete this construction by the end of 2027, and with this, we will gain a state-of-the-art manufacturing and R&D site that will increase Krka's production capacity by approximately 3 billion tablets annually in the short term. Together with our fully operational JV in China and all ongoing investments in Slovenia, this project will secure additional capacity, which will support the next phase of Krka's long-term growth. With these investments, we are not only expanding capacity, but we are also ensuring that Krka remains competitive, efficient, and well-positioned to capture all the future opportunities in global market.
Turning to the balance sheet, Krka continues to maintain a very strong financial position without debt. At the end of September, total assets amounted to EUR 3 billion, while equity reached EUR 2.4 billion. We continue to actively manage working capital with particular attention to inventories and receivables. Inventories decreased a bit by 2% because of the strong sales, but we aim all the time to increase our stocks. Trade receivables increased by 7%, mainly affecting the strong sales performance. However, the maturity structure remains stable, and overdue receivables remain within acceptable limits, which means very low. In addition, important to know, more than 90% of receivables are insured. Turning now to the P&L, the revenue increased by 8% to EUR 1.66 billion. At the same time, the gross profit grew significantly faster, rising by 14%, and with this lifting also the gross profit margin.
As I said already, this improvement reflects a more favorable product mix with a growing contribution from single-pill combinations and also reformulated established medicines, as well as improvements in operating efficiency. Operating expenses remained all the time under control, as you can see. Selling and distribution expenses are the only category increasing more than the sales, actually by 9%. This is important because we have more than 4,000 medical representatives which promote our medicines towards healthcare professionals. R&D expenses and general costs increased by 5%, and they grew more slowly than revenue, while costs of goods sold, or COGS, remained broadly unchanged, even though we increased the sales on the top line. As a result, operating profit increased by 24% to EUR 456 million, significantly outpacing revenue growth. Net profit increased by 13% to EUR 364, with a net profit margin of almost 22%.
Basic earnings per share reached EUR 12.02, up 14%. The lower growth of net profit compared with operating profit was primarily due to a less favorable financial result, reflecting foreign exchange volatility during this period, as you can see. The net financial result was negative at EUR 4.4 million compared with a positive EUR 28 million a year earlier. Overall, we are very happy with this performance and with the improvement of in gross and operating profitability. The combination of strong demand and improved product mix, successful new product launches, and continuous efficiency improvements, our gains has enabled us to achieve one of the highest and strongest profitability levels in Krka's history. As you can see, also the nine-month results confirm Krka's ability to combine strong sales growth with operational efficiency. Improved margins, manufacturing efficiencies, and disciplined cost management supported record nine-month EBITDA, EBIT, and net profit.
The gross profit margins reached 60.8% and the EBITDA margin 31.8%. The key message here is very simple. We are not only growing, but growing more profitable. Let me conclude this part with a broader view of Krka's long-term performance. The nine-month results are not just one-off achievement, but they are part of consistent long-term growth trend. Here we have the performance for the last five years, and over the last five years, we have continuously expanded our business, strengthened profitability, and increased with this also shareholder value. Revenue has grown at a CAGR of 6%, supported by the successful execution of our strategy and strong performance across key and many markets, as you saw before. At the same time, profitability has remained at a very high level. Our five-year average EBITDA margin exceeded 28%, while current margins are even higher.
For the first nine months especially, our five-year revenue CAGR reached 7.2%. As a result, earnings per share have increased at an even faster pace than revenue, achieving a five-year compound annual growth rate of about 7%. Our objective remains unchanged, to continue growing faster than markets. While market conditions may change from quarter to quarter, from year to year, we will continue to work hard to sustain healthy margins and deliver long-term value for our shareholders. Turning just a bit now to foreign exchange effects to understand the whole picture. Krka is primarily exposed to movements in the Russian ruble, where we have long position. We also have exposure to the U.S. dollar, where our position is short. But generally, these ruble movements have a significant impact on our net financial result because this dollar exposure is hedged. Other currencies had no material impact on Krka's results.
During the first nine months, exchange rate movements had an overall negative impact on the results, with a net foreign exchange loss of almost EUR 10 million. But the group recorded a net financial result of a negative EUR 4.4 million. What is behind this? The ruble depreciated by 1.1% against the euro from the beginning of the year until the end of September, while in the same period of last year, the ruble appreciated by 22%, created at that time a very strong positive contribution to the financial result and therefore demanding comparison base. As illustrated by the chart, the short-term exchange rate movements related to Russian ruble can significantly affect individually, quarterly, or sometimes even yearly results. However, over longer periods, these effects largely offset each other, as you can see.
For the time being, any suitable financial instruments for hedging with the ruble are still limited, or they are available, but they are very expensive or they are not sufficiently attractive, I would say. Therefore, we continue to apply natural hedging whenever possible and will also use factoring from time to time to reduce our ruble exposure and manage currency and credit risk at the same time in this case. As I said, overall, the higher average ruble exchange rate supported sales expressed in euro partially, while year-to-date currency movements had negative impact on the net financial result. But strong operating performance nevertheless enabled us to deliver double-digit net profit growth. Capital allocation remains one of Krka's key, I would say, power. We continue to follow a stable dividend policy, distributing at least 50% of annual profits for dividends.
This year dividend of EUR 9.1 per share, approved by the AGM and paid in July, marks our 27th consecutive dividend increase and reflects a 10-year dividend CAGR of 13%. Over the last decade, we have returned more than EUR 1.7 billion to shareholders through dividends alone, and the total dividend payment this year amounted to approximately EUR 275 million. At the same time, additionally, we continue with share buybacks. In the first nine months, we allocated EUR 31 million to share repurchases. At the end of September, treasury shares represented 7.8% of total share capital, compared with 1.5% 10 years ago. Given our strong balance sheet, robust cash generation, and moderate leverage, shareholders have approved a new three-year buyback program. This program is intended solely for the cancellation of acquired shares and is aimed to further enhance earnings per share and return on equity for shareholders.
We believe that this balanced approach, combining dividends and, in addition, share buybacks, remains the most effective way of creating long-term value for our shareholders. Here we have some additional highlights related to Krka share. I will not go into details, but an important fact also of Krka's equity story is that we have stable and diversified shareholder structure, which also provides long-term support for the share and contributes to lower volatility compared with some emerging market peers. At the end of September, the market cap was EUR 8.5 billion. If we deduct the treasury shares, the market cap was nearly EUR 8 billion. To conclude, the first nine months of 2026 confirm that Krka remains firmly on track to deliver its long-term strategic objectives.
Between 2005 and 2025, sales revenue increased by a CAGR of about 7%, while net income grew even faster at 9%, both outpacing growth in the global pharmaceutical market. We are proud that this performance has been driven by a combination of expanding sales volumes, which is really important to grow continuously in volumes, then a diversified product portfolio. Here we talk about many products and strong market positions across East, Central, and Southeast Europe. Today, Krka holds leading positions in many of its key markets, providing a solid foundation also for the future. I can say that we are targeting average annual sales growth of at least 5% while maintaining of EBITDA margin about 25%, supported by continued investment in R&D, manufacturing capacities, and product portfolio expansion. For 2026, we have raised our revenue estimate to EUR 2, 179 ,000,000, up 7%.
Our net profit estimate, we raised to EUR 439 million, up 9%. This compares with the initial plans, which was lower, and you can see on the left-hand side of this slide. We expect CapEx of just around EUR 115 million, which is 23% growth in comparison to year before. For 2027, we plan revenue of EUR 2 , 308,000,000 . This is up 6% on the 2026 estimate, and net profit of EUR 474 million. This is up 8%. Planned CapEx of EUR 141 million will be directed again primarily towards expanding and modernizing our production facility and infrastructure. The key message is that Krka growth story is built on consistency. Over the past years, we have steadily increased volumes and revenue. We have increased profitability and earnings per share while maintaining one of the strongest margin profiles in the generic pharmaceutical industry.
With this slide, I would end, and we can start the Q&A session. Thank you for your attention.
Thank you, Mr. Bratož. Yes, now we will move to Q&A session. If you would like to ask a question, just raise your virtual hand, and you will be given a word. We have one question already. Mr. Górzyński, the word is yours.
Hi. Congrats on your results. I have quick three questions. First on this upgraded this year guidance and the net income level. As we can calculate, this indicates drop in net income in Q4 year-on-year. My question is why you are so conservative on the fourth quarter? This is more about FX impact, potential FX impact in Q4, or maybe lower gross margin. This is the first one.
Okay. Thank you, Mr. Górzyński, for this question. Yes, so we still have one quarter until the end of the year. Actually, we are in the middle of the last quarter. There will be growth in the fourth quarter of this year if we compare the fourth quarter, if you compare the performance of the estimated fourth quarter of this year with the last quarter of the previous year. This is something which is important. But as you said, and as you notice, there will be no such a growth as it was during the first three quarters of this year. Why? Because some of our buyers, I mean, wholesalers are optimizing at the end of the year the level of their stocks. This is one of the reason.
Based on this, as you already mentioned, there could also be some unpredictable volatility of the Russian ruble at the end of the year, which can affect basically or predominantly the bottom level of the P&L, especially the net financial result, which can have impact on the fourth quarter and, of course, then at the end also on the whole year. Nevertheless, we will deliver a very strong full year 2026, even though the fourth quarter seems not to be the strongest one. Then we expect very strong first quarter of 2027.
Okay, thanks so much. Second question on CapEx guidance for this year. It was reduced quite visibly, and looking into next year CapEx guidance, I do not see the level being inflated, so the CapEx guidance being higher than usual. I wonder why, what reasons reduce this CapEx for this year, and why do you not expect the money that will not be spent this year to be just delayed for next year?
Okay. Yeah, thank you for the second question. You are right. We have been slightly lagging behind our CapEx objectives. More or less, it is just because we are not able to obtain all the permits for the certain projects, which can take more time than we expected. That has not endangered any growth of our potential investments anyhow. In some countries, we have to wait longer to obtain permissions to start to build the new facilities. That is the only fact. Nevertheless, we have growth in comparison to the previous year. Then the second fact is that we are all the time, of course, negotiating the prices of the projects, and we are quite successful with this. Based on this, the result of the CapEx is like it is.
We continue, we are very progressing, we are implementing several major projects here in Slovenia, which include the upgrades and expansion. We also invest abroad. Everything is in line with the timetable, so according to schedule, we plan to finish the Indian facility until the end of the next year. Based on this, it is really important that we will get the additional capacities, which are really important to be able and prepared for further volume and value growth for the quarters and years to come.
Okay, thank you. The last one on next year guidance. Is it a bit more optimistic, like in both in terms of revenue, like 6% growth and implied net income growth, which is 8% for next year, more optimistic than your usual 5% growth? I also wonder why. You mentioned strong first quarter, maybe that's the reason. Thanks for clarification.
Based on the fact that we are growing very successful, as you saw in the last 20 years, in the last five years, in the last three years, in the current year, we see very good demand on many markets. This is one of the reasons. Secondly, we are able to produce and deliver the goods to the markets. This is the second important fact. We have very broad portfolio of high quality and also, I would say, affordable prices products. Based on this fact, we are able to plan 6% growth for the next year.
Based on this, as you see, we are working a lot on improving our profitability, and the results confirm the facts that in accordance to our strategic objectives, we plan to grow more than 5% in the next year, based on all assumptions that we can have right now from the markets. Based on this, we also plan to deliver net profit in the level of EUR 474 million, which is also, I would say, a decent growth of more than 5% in the very next year. Basically, yeah, we are doing very well, and we don't see any obstacles why this could be changed in a negative manner.
Thank you so much.
Thank you, Mr. Górzyński, for the question. Moving on. The next question is from Mr. Buring. Mr. Buring, you can ask the question.
Mute. Do you hear me now?
Yes, we can hear you now.
Yes, we can hear you.
So, two broad questions. The first is to do with Russia. How has the competitive landscape changed in Russia for you in the last year or so to be driving such strong results? And part of that question is also, I'm going to assume that it is destocking at Russian wholesalers that will be driving the fourth quarter, and also part of the reason why sales in the third quarter were so strong, if that is correct assumption or not. That's the first question.
Thank you, Mr. Buring, for your question. We don't see any dramatic change of competitive frame in Russia in the last month or in the last year. Of course, there are many competitors. Some of the local ones are very ambitious and very successful, but also all international one, including us, are fighting for the market shares and for the positions on the market, and we are doing pretty well. This is because we are present there on this market for more than 50 years. We have production site, we have excellent portfolio, and we have good relationships with the, I would say, with the opinion leaders, with the healthcare professionals, pharmacists, doctors, and other important stakeholders. Then you were asking about, you were referring to the destocking.
No, I just wanted to answer on the question, Mr. Górzyński , and the fact why the fourth quarter is not stronger based on the very good results for the first nine months. We just estimated that it can happen that some of the competitors can also optimize some of the stock levels in order to have better, I would say, financial results at the end of the year, which is not necessary to happen, but it can happen. It's also due to the some geopolitical facts or situation on the mentioned market, which is going on that some of the warehouses can be attacked or partially destroyed. This is also one of the fact. But nevertheless, we don't see, taking into account the, I would say, the geographical diversity of wholesalers, branches all around this and in other countries, we don't see this as a risk.
But nevertheless, when preparing the full year estimation, we have to take into consideration all the circumstances, all the assumptions, and this is the fact that maybe the fourth quarter doesn't look so strong as it could be. But based on the previous years' experiences, the ruble can depreciate in December stronger than in average. And this is also the fact that maybe the fourth quarter doesn't look so strong as it was. But as I said, we believe that the first quarter and the next year will be very promising one.
Okay, thank you very much. The second question has to do with your gross margin, which have been particularly strong these last three quarters, and it sort of corresponds with an increase in the weight of the Eastern European markets in your overall geographic sales mix. The question is, could you help me disaggregate, let's say for just the whole nine months here, how much of the improvements in gross margin are coming from the geographical mix, and then how much is coming from the product mix, i.e., higher share of fixed-dose combinations in your sales mix?
Okay, thank you. Actually, we do not disclose very precisely the participation of geographical and product to gross margin. Nevertheless, based on the share of the markets in total sales and based on the products which is disclosed, you can see that there is correlation. If we have growth in certain markets which we are mentioning, and with the certain products that we are mentioning, this matches both. Based on this, you can get out of it that we tend to be focused on the most promising markets from business perspective. This is how do we behave. Based on this, both of the things are important. The margin comes from the markets, from the products, but as I said, we do not disclose this in very precisely as maybe you would wish or expect from us.
Understood. Thank you very much.
Okay, we have a question from the chat from Mr. Bhaskar. Your gross margin reached 60.8% in nine months and held at 60% and 61% in every quarter this year. How much of that improvement, 3 percentage points more above last year's, how much comes from currency, meaning the stronger average ruble and weaker dollar, and how much from product mix and pricing you expect to keep? Can we expect these levels in the future?
Okay. Thank you for interesting question. Once again, the most important element for growing gross margin is improvement of our product mix. I was trying to explain and repeated many times in my presentation that we are growing faster in fixed-dose combinations versus mono tablets. I also mentioned that we are growing in reformulated products. These both things have a lot of logic behind and sense. We are focused on targeted products, and this is where the margin is coming. I believe you noticed that our COGS are not growing. We are working a lot on production efficiency, on raw materials costs, and on technology improvements. These are far the most important elements.
Improved product mix towards more and more combinations, towards more new launch products or renewed products, and this is something that brings the vast majority, the bulk of the contribution to the growth of the gross margin. Just partially, there is effect of the, I would say, appreciation of the average exchange rate of the ruble, which was on the level of 4%. Just 4%. This is the participation in this part which comes from Russian market. From USD, we can say that this is neutral effect because this is only on the purchasing part of our business, and we had this part of it. The answer is that product mix is far the most important contributor to the raise of the gross profit and all the other margin of Krka business.
Okay. Now we have just one question from the chat. First part of the question was, I think, already covered, I will skip to the second part. From the strong profit guidance for 2027, can we also expect this kind of gross margin going forward? Can you comment if this is connected with your establishment in India?
Sorry, can you repeat once again the second part of the question, or the whole question?
Is the gross profit margin going forward anyhow connected already with establishment in India?
As you can see on this slide, on the right part, we have strategic objectives where it is stated that our growth of sales will be on average at least 5%, on average. Then we keep saying that we will reach at least 25% of average EBITDA margin. And of course, those things will be realized through our business model, which is vertically integrated business model, currently based on the existing, I would say, facilities, but in the future also with the help of the newly added sites. One of them will be also in Hyderabad, India. But I cannot go into details when this will happen precisely, during which quarter of which year, et cetera.
Yes, of course, on the mid or the long term, all these new investments will be extremely important to continue with the similar pace as we have it in the last quarters or in the last years.
Okay. Thank you for all the questions. And ladies and gentlemen, this brings us to the end of today's webcast. Thank you very much for joining. If you have any further questions, please feel free to reach out to our investor relation team, and a transcript on today's webcast will be available on our site, in the coming days. Thank you again for coming, and have a great rest of the day. Goodbye.
Thank you. Goodbye.
Bye.