Hello, good morning. I'm here together with.
Jörgen Gullbrandson, company CFO.
Ingrid Bojner, Chief Commercial Officer.
Good. My name is Jonas Tellander, and we're here to present the Q2 report for Storytel AB. Basically, Q2 was a very strong quarter. We could see that we had 42% annual subscriber growth and 43% revenue growth, which is, of course, very, very strong. In some part, of course, this revenue growth is boosted by the fact that a lot of the VAT rates in many of our markets have been reduced in the third quarter. Last year, we will see on the second half of this year that the relative growth number will drop down significantly. The underlying subscriber growth is very, very strong. I'll hand over to Jörgen to walk us through the highlights of the report and also the numbers then.
Yes. Could you please display the third slide highlighting the report? Just as Jonas said, streaming sales are up 43% comparing to the same quarter last year, which means SEK 459 million, the highest ever in the company history. Subscriber base up as well to on average 1.257 million users, up from short of 900,000 last year the same quarter. Looking at the revenue line, which includes everything in the group, we came in at SEK 554 million, up from SEK 402 last year the same quarter. A significant growth also on the consolidated level. Worth mentioning during the quarter as well is that we renegotiated our financing from Swedbank, so that we now have only a so-called revolving credit facility of SEK 500 million.
This means this is a credit line that we could draw anytime we like, but we don't need to pay full interest for it. We simply pay a small fee to have access to this credit line. As of today, we use nothing of it. We have during the period as well, and in conjunction after the AGM, issued a stock option program for all employees. That means that everyone employed by the company at the beginning of June are part of a free stock option program. The intention is, of course, to create loyalty and sharing the same targets with everyone in the staff. For the first time ever, we also introduced a warrant program for selected key employees and for some of our new directors in the company. This is a program where they need to buy the option with a strike north of SEK 300.
Through this transaction, we pulled in SEK 11 million from our staff and board members, which I think is a great sign of strength and confidence in the company. About 62 persons were involved in this warrant program as well. The stock option program is like 500 in the company that we offer now. Next slide, please. Going over to the fun page with all the numbers on it. Looking to the right where you see the graphs of this total streaming revenue over the last five quarters. You can see that we come in at the highest revenue ever for the group and also the highest contribution margin. Worth mentioning in this as well, you can see that we had a significant increase in contribution margin in Q1 2020, that is when we changed our accounting principles.
You might remember, we started activating cost for our development of our platform, but also developing and creating our audiobooks. Both those two elements are now activated in the balance sheet. We're talking about SEK 57 million in Q2. That's a one-off. Even that aside, we had the highest contribution margin in the group ever in history. Looking at the different regions, Nordics and the non-Nordics, it's extremely fun to see that the non-Nordic region, we improved the contribution margin extremely well. We're up from almost 100% negative a year ago to - 7% contribution margin in Q2 2020. Significant increase, which comes with increased volume, I would say. The higher revenue of SEK 93 million in the non-Nordics in Q2, highest ever, and more than 100% more than a year back, explains the higher contribution margin. In the Nordics, it's extremely good.
A bit lower than in Q1 this year, which is mainly explained by the fact that we have heavy marketing campaigns in Q2. We usually have that in Q2, and that is to attract as many users as possible in the Nordic countries before they go on vacation in that period. I'll leave the forecast until later in the show. Next slide, please.
As you've seen in some of our recent announcements, we made a couple of acquisitions in July. One was of the Icelandic publishing house Forlagið, which is now under competition authority scrutiny. We have a very strong position in the book market in Iceland with our service that's attracting a lot of Icelandic people to listen to audiobooks, but it's also very big in vast book market as a whole. This is a very interesting acquisition. We acquired Kitab Sawti, a competitor in the MENA region, which helped us acquire a big catalog of Arabic-speaking audiobooks. We now have a 4,000-title-strong catalog of Arabic audiobooks that we can distribute throughout the world. Also in July, we announced the acquisition of Earselect, a Nordic production company for audiobooks with a very advanced and progressive technology that helps to streamline the audiobook production process.
Over the years, we made probably some 20 acquisitions. The most notable was Norstedts acquisition in 2016, and also our competitor Mofibo in Denmark in 2016. I think that within that, this is part of our regular business. When we want to acquire new technology, a catalog, or a very strong market position, we always look, of course, to develop that ourselves, but sometimes that's not enough, and we want to speed up things by making an acquisition. I think that's what you will see us doing also in future. Next slide, please. I hand over to Ingrid, who's going to walk us through content.
Content is key for us, of course, since that is how we reach our customers and what they engage with. We are exploring a lot of investments in the content area. I'm very happy to see that our Storytel Original content catalog is growing. We have also released 10 of our strongest titles from different countries into English and included that in our catalog across the group. We continuously see true crime being very important for us. Following the investment in Var är Olle? in the Swedish market, we have done other follow-on titles in Iceland and other countries. Virus, which is a Storytel Original success, launched its seventh season this spring and has also been explored in other countries, and we're doing re-makeovers for specific other markets for this title.
Children's catalog has been very important to us during Q2. We have seen an increase in the readership across the board in children as a catalog. We've also included more and more titles and invested more in this type of content. Specifically for the Swedish market, we've invested in Sören Olsson and Anders Jacobsson popular title, "Det är ett barn som göms." That's something that many of our customers are enjoying at the moment. Furthermore, all of our exclusive titles have also enjoyed some pull from external production companies who are in negotiations with some of this being explored also onto potentially TV and other streaming services. Next slide, please. When we looked at other highlights, we wanted to explore both people and, of course, also what's going on in the different markets.
When we talk about people, this is why we thrive, and it's very happy to say that we've onboarded our 500th employee. This has also been done in a moment of a fully digital situation where we can actually both employ and onboard people fully digital across the board in our 20 markets. We can see that our employer branding score is increasing, and that's of course important for us to find the best talent out there to continue to invest in our tech platform and, of course, all our commercial and content areas. In addition, we strengthened the board during the spring with Stefan Blom and Malin Holmberg. Thanking Holmberg, sorry. Thanking our committed board members who have recently left us.
Also joining us in the management team, Helena Gustafsson, a long-timer with Storytel and a great contributor to all things in terms of content and publishing and knowing how to really get through in the Storytel spoken word. That's great to have her on board. When it comes to market development, in the Capital Markets Day during January, we said that we were going to start exploring other different types of models to reach a broader audience. That's what we've done. We have launched two services in India during the summer, AudioBites and Storytel Select, which is a limited offer with only the Marathi language available, so excluding the English content from the regular service that the premium service that we have across.
That's going to be interesting to see how that develops knowing that India is a vast market and very diverse. In addition, we have had some VAT improvements, both in Spain in April and recently in Bulgaria from 1st of July. Last but not least, we're continuing our expansion efforts. The things we have talked about mostly lately is the expansion in the APAC region. We're going to launch Thailand later this year and Indonesia in 2021. Next slide.
Looking at the subscriber revenue growth forecast for Q3 this year, we expect to grow our subscriber base to 1,345,000 subscribers, indicating a 33% year-on-year growth this Q3 2019. Looking at our revenue growth about Q3 2019, we expect to grow that by 21% to SEK 483.5 million in the third quarter. I think what we've seen is that some non-Nordic markets have slowed down in Q3. We could see very clearly in July that growth stopped for a while and is now picking up again, I think in August. We want to be a little bit conservative and look at this as a forecast that we are pretty confident with under this unexpected circumstances of changing economics in the world, and in particular in these markets that newly opened up.
The full year forecast, at least for revenues, remains at 32% growth and SEK 1.9 billion, just in the lower end of the range that we communicated in January of this year. Next slide. Launch timeline. What does it look like for launches and the markets we're on? What we're very much focused on now and working diligently on is to bring new markets into profitability within five years. This slide indicates that. We can see that at the beginning of this year, we had four markets at profitability, Sweden, Denmark, Norway, and Iceland. We quickly in Q1 added the Netherlands to this group of profitable markets. Now believe that we will add also Finland and hopefully Russia before the end of this year. This is a very important metric for us.
We're not profitable on a consolidated level for the full company, bringing each market to profitability within five years is the key metrics for us to show that we, on a local level, have found the right product-market fit and are able to grow revenues profitably into a break-even situation. I'll hand over to Jörgen to walk us through the financial targets.
Thank you. Next slide, please. These are the financial targets that you have seen before. We have polished them slightly. Those of you that know these by heart can see that we have said that we're still going to reach the 1.5 million paying subscribers at the end of this year, so no change there. We also say that we want to grow our streaming revenues to SEK 1.9 billion. Previously, we said anything between SEK 1.9 billion and SEK 2 billion. Now we conclude and see that we think we will hit the lower of this range, and there we want to be more specific. That also means that our percentage growth is priced into 32%, which is what it is, and took out the 32%-35% that we used to have. The negative EBITDA margin, we maintained -1% to -5% over the year.
This we changed last quarter, just following the change in accounting principle. Underlying, we see the same positive development in EBITDA. We also said, as Jonas just mentioned, that we think we should reach streaming profitability on a local level in two to four markets. We have done one at least, so we need to add at least one more to reach the target, and we think we can do it. We're going to launch in one to three markets, and that also corresponds with exactly what Ingrid told you before, where she said we're opening up in markets. Looking at our long-term financial targets, maybe even more interesting. This is unchanged. We still believe we can grow the paying subs by 40% on a year-by-year basis, while our revenues will come in somewhere slower. Between these two, of course, the revenues is the important bit.
We want to be clear that we will prioritize growth before profitability, as long as we improve our customer lifetime value compared to the acquisition cost of the subscribers with time period. As Jonas mentioned as well, we want to reach streaming profitability on a local level within five years from launch, and it seems like we are able to do that. Launching the additional at least 20 markets over the coming two-year period, that's also in line with what Ingrid mentioned, that we are on that and continue to do that. I think it's time for next page and Q&A.
Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. There will be a brief pause while your question will be registered.
Our first question is from Joachim Gunell from DNB Markets. The floor is yours.
Thank you. Good day's work, team. When we think about your Q3 guidance, there seemed to be no clear seasonal boost in Q3 for your non-Nordic markets. You talked a bit about this, but we have historically seen a Q3 boost even in these markets. Can you talk just a bit more about what drives this conservativeness other than, say, uncertain GDP outlook?
Yeah. Sorry. For the Nordic markets, we had very strong Q2, and then also strong Q3 guidance now growing by almost 60,000 subscribers. I think that's all well. That's where we've seen the seasonality historically more. I mean, Sweden and Denmark and Norway are very strong in countries where you had historically very strong people going on vacation at the same time in July. We've seen that effect very strongly over the years with Storytel. That effect is not as accentuated in the non-Nordic markets, and it varies a lot. What we could see this year was that, as you know, the corona quarantine situation brought incredible growth to Storytel in April. In particular, we could see that extend into May and then in some parts into June as we had lockdowns in many of our markets.
Most notably, we saw Russia, Turkey, India, and also countries like Italy and Spain. We saw some really good growth. All of a sudden in July, we could see that this growth totally disappeared. Basically July was the lost month, more or less, where there was no growth in these markets at all. Now we can see that it starts to pick up again. It basically means that the growth for Q3 will be a lot lower for the non-Nordic markets as a whole. We see some examples from markets that are growing pretty well, like the Netherlands. Apart from that, no, it's much lower than we've gotten used to historically. You can ask yourself, is this a long-term trend? What's going on here?
Fundamentally, personally, I believe that the strong need and interest in listening to good stories will continue to grow in these markets as we do a better job at marketing Storytel and getting more and more people to know us. Here and now, this is what we can promise, or this is what we can estimate and want to communicate to you today.
That's clear, Jonas. Having increased the credit facility, can you elaborate a bit on if you believe the organization is ready to pursue even more acquisitions, say, by the end of 2020? Will the focus be entirely on consolidating the three you've recently announced?
Joachim, as you know, we cannot comment on any future acquisitions, if we're doing or not doing. As Jonas mentioned before, when we talked about the ones that are done, this is part of our ordinary business of the company. We, of course, need to look at these opportunities in all the markets we're in. We just recently hired an M&A manager that will join the company in a couple of months' time. Maybe that gives you an indication.
Thank you. Jörgen. Just a final question. Now that you have a relatively, say, new setup with your first pure technology acquisition in Earselect, are there any, say, growth plans or strategy that's maybe out of the ordinary that you're thinking about? In what way would you believe Storytel will be different over the next, say, five years than it has been in the past time?
In terms of what? In terms of technology buildup, or?
Exactly. No, more from a strategy point of view as you've complemented the traditional publishing-based acquisitions now with more technology-oriented ones.
I think it's difficult to tell, but I would say that, of course, data mining and data processing is more and more important for us in order to service our customers best and also our publisher partners. Data is very important, and on that, of course, comes artificial intelligence. There are, of course, a lot of different areas in terms of technology that we're exploring.
Thank you.
Our next question is from Derek Laliberté at ABG. The floor is yours.
Thank you. Yeah. Outstanding growth in Q2 and also strong guidance there for Q3, although it is clearly lower, and you are slightly low in your full-year guidance. Clearly, you are talking about this higher churn in some markets. How much of this is currency or FX related, and how much is subscriber growth? You are keeping your end-of-year subscriber target of 1.5 million while only lowering the revenue target. Thank you.
Yeah. As you see in the current market, for once, the Swedish krona has strengthened against more or less all other currencies. There is definitely a negative effect that hits us both in Q2 and in Q3. However, I cannot honestly say that this is the explanation. The main explanation to the somewhat softer Q3 is that we actually attract less people to the service. The currency definitely has a negative effect, but it's also driven by less people. Both are the parts of the equation play in.
Okay. Yes.
Yeah. If I need to weight them, I don't have a specific number, but I would say, the fewer people on the service following the very weak July is the main driver. I would say that's more than 50% of this.
Okay. That's very clear. I know I mentioned a couple there, but are there any specific markets to highlight in terms of this higher churn?
Yeah. I think we said before, we see this in Russia, Turkey, those that grew really strongly. Russia, Turkey, India. Ingrid, do you have other markets to add there?
I think you have to go back to the behavioral aspect of an app. It takes some time to understand how and when and where people want to use the app. I think some of these markets are in quite a bit of turmoil in terms of how people live their lives. First, you have been in a very tough quarantine situation, then summer comes, and that's a different type, and you want to meet with your friends and family again. I think it will stabilize over time. I would look at the countries who have been in the furthest quarantine to see that where we're a little bit more uncertain of the churn situation.
Got you. Thank you. On the back of the Kitab Sawti acquisition, I was wondering if you could elaborate a bit on your expectations for the Middle East market now that you have this great content catalog and a strong team to drive it locally. What's the status in this market in terms of adoption to audiobooks and streaming services and what's your focus now? Will you really start to ramp up marketing spend, et cetera?
Yeah. At Storytel, we always appreciate the value of a strong local team and also in particular, I think that a strong local leader that can really drive the local market entrepreneurially and understand what to focus on and when. I think that's one part that we think that we acquired with this acquisition of Kitab Sawti, to have a very strong local team that also have a much better adapted app to the Arabic market, actually, than Storytel has at present. With this consolidated catalog of 4,500 titles in total, I think that we are in a very strong position to be able to seriously start to invest in the Arabic market, which we haven't really done historically, to be frank. It's a good setup. It will take time, and every single country there in the region has its own challenges.
We hope to be able to see strong growth for this market in coming years, but it's coming from very low levels. Before that makes a meaningful contribution to the overall growth at Storytel, I think it will take two to three years, to be frank. Big hopes for that and also big hopes that the strong Arabic catalog will be of great value for us in the Nordic area where we already have a lot of customers that will be willing to pay for this content. It's super exciting and we're looking forward to this, and it's going to be fun to follow and to also get the 20+ Kitab Sawti employees to integrate into the Storytel company.
Exciting. That's very clear. Thanks. Just finally, I was wondering if you could give some sort of update on the Finnish market here. Sounds very positive with being close to profitability. Has anything changed on the market? I'm thinking about an improved position versus your main competitor. How are things going there? Thank you.
Yeah. I think that what we can comment on is that the subscriber base is growing. We have a good pricing level. Gross margins are coming up. All this is leading to a situation where we break even soon and will be profitable. I think that's what we can say here now. Do you have anything to add there, Ingrid?
No. I think you asked before about when does the market become profitable. Of course, it's an equation of both the gross margin, but also, of course, the volume of customers in the market. I think we're coming to a pretty good situation in Finland with a stable growth and a stable customer base.
Penetration of audiobooks is very similar now in Sweden, Norway, Denmark, Finland, Iceland even higher. It's very high penetration in all the Nordic markets. What we're placing our bets on is really to see this penetration grow as much in non-Nordic markets. That takes some time for us to really figure this out. Hopefully market by market, we'll nail it and be able to deliver very strong growth as we expect in the coming 10 years.
Thank you. That's very clear. That's all from me.
Thank you, Derek.
Next question is from Oscar Erixon, Carnegie. The floor is yours.
Thank you. Good morning, guys. Few questions from me. First of all, regarding the Q3 guidance on subscribers and revenue, is that on the conservative side, i.e., is the improved trend in August as well as the Kitab Sawti acquisition fully factored in?
I think historically our forecast, we did an analysis of our forecasting accuracy and looked since we started with the forecast four years ago, and then compared it to Netflix actually, and we could see that our forecasting accuracy was actually twice as good or half as bad as theirs. On average, I think we missed the net add growth by 8%. We intend, of course, to keep that forecasting accuracy. We want to provide a reasonable picture. What's different now is that we're not really sure what's going on in some of these markets. I think that's all really we can tell, and this is our best guess right now, to be frank. Jörgen, you have some other thoughts there?
No, I agree. It's not like we're trying to downplay it in any way. We really try to hit it, as I think you know, and Jonas mentioned historically, we've been very successful with that. We want to keep that. As we said last quarter as well, when we gave the indication, the uncertainty in the marketplace following what's happening with Corona and the rest of the world is still there. We don't know what the comeback will be, what will happen with the GDP development in these countries, et cetera. The uncertainty, I would say, is greater than ever in this forecast. You asked specifically about Kitab Sawti, and just mentioning that will not rock the boat. It's not the big numbers coming from that region in Q3. That you should not expect.
Got it. Very clear. Perhaps a question for Ingrid, actually. What effects have you seen from Penguin Random House withdrawing its Spanish and English language content earlier this year? Any markets that stand out? I suspect a positive gross margin effect, but perhaps likely how you've shrunk.
I think the thing we're doing in the particular Spanish markets, which are the ones that you're referring to, investing heavily in content and also talking to other partners to be able to offer a great catalog with different types of categories, of course, to our customers. In terms of other figures, I haven't really seen any strong signals in any of the ways. I think that's pretty much it.
Yeah, if you say the English content, I think we said it multiple times, but on each single market, the English content consumption by our subscribers makes up less than 10%-
Yeah
typically of total consumption. Having one, we still have an English audiobook catalog that's a couple of hundred thousand titles and very strong. That doesn't make such a huge difference to us.
Understood. On the topic of English content here, obviously Amazon announced their entry into Sweden earlier this week, or actually last week. Do you expect any change in strategy for Audible, and risk, of course, for them gaining market share? Also if you could discuss sort of the main challenges for Audible in competing in the Nordics. Thank you.
I think Audible typically, when they have a chance to build up a local catalog that can be exclusive, they typically want to take that chance. I think that's not possible for the Nordic markets, where the investments in content have been very strong for many years now. I think launching in Sweden in 2020 is very different from launching in the U.S. in 1995. The streaming audiobook market is not overheated, but very competitive here already. That's for one. Looking at the book e-commerce market, we have a couple of pretty strong local players in Adlibris and Bokus that's doing a good job in providing books at a low price with slim margins and doing it quickly and conveniently to people. I think that's not a huge revolution to make there.
What Amazon does well, and they'll do well in some markets, is to build up a strong Prime catalog, a big number of Prime subscribers that can benefit from a couple of different things within the Amazon ecosystem. I think that if they manage to build that up in the Nordic markets or in Sweden, for a start, I don't know. If they do, of course, they will be a very strong competitor in the online space for anyone. Short term, I think we're not going to see a big effect from it. Audible's been on the Swedish market for a year and made some marketing already. Again, it's a very competitive market as it is.
Great. One final question from me regarding your long-term financial targets, where you target 20 new markets until 2023. Could you just say something about what local hubs you expect to be the main drivers behind this expansion? I suspect you have a much stronger position now in the MENA region, content-wise, following the Kitab Sawti acquisition. Thank you.
Thank you. Yes. I'll just start with the MENA region. Of course, investing in Kitab Sawti as an acquisition is also something that provides a very strong catalog. One has to understand that the region is built up of several different countries with different dialects and different tradition in terms of content. We're going to explore, of course, this opportunity, including North Africa. As we've already stated, we're going to launch more markets in the APAC region. That's going to be very exciting to follow up on. We're continuously investing in local languages in India, for example. That also is a vast country, which is made up of several sub-language groups. Those markets are, of course, very interesting for us.
We have already launched several markets in South America, and I believe that's also a region where we will explore many more opportunities going forward.
Excellent. Thank you very much. That's it for me.
Thank you.
Our next question is from Hjalmar Ahlberg, Kepler Cheuvreux. The floor is yours.
Thank you. Maybe one more question on the outlook for Q3 and maybe Q4 as well. As you said, it's kind of uncertain into Q3, but you're still keeping your full year subscriber estimate. Can you say something about what you expect, if it's based on a pickup in this market where you see uncertainty, or do you see some new markets adding growth, or what's the growth for the full year? I'd say if you can add anything there.
Yes. I'm not sure who should answer. Looking at the Q3, I think it's like we said, July was the last month. We see positive signs coming in August, and we know we have good things coming later on this fall. We dare to believe that we will be able to deliver the numbers we said in the beginning of the year. We had a good first half of the year as well, so we had a good starting point. I think that's why you can combine a somewhat softer Q3 forecast with keeping the full-year target. That's what we do. We also said that the full-year target would be in the lower of the range previously communicated as well. A very small change to that as well.
Okay. Got it. Looking on the contribution margin in the non-Nordic, it was quite strong now in Q2. Is that related to some decrease in marketing spend as you saw maybe a lower uptake in the end of the quarter, or is that just that you're growing and improving profit in that way?
Yeah. Partly it is like Ingrid explained about Finland with, when you come to a certain point, when you grow the subscriber base and you grow the revenues, we very quickly could come to a positive contribution margin in the country. It's a volumes game that we see in many of these territories, and that's positive. Secondly, as you mentioned as well, our contribution margin is directly hit by marketing spend in the present quarter. We typically, in the Nordic Scandinavian countries, where we have this vacation pattern where people go on leave, and we usually grow much during the summer months. We usually do a lot of marketing as well as do the competitions. You need to be out there and invest heavily in these markets. I think we have not invested that much in the non-Nordic markets.
Partly that we saw that some of the out-of-home campaigns simply were canceled because we didn't think anyone would see them in the beginning of this period. The lower spend in marketing in the non-Nordic countries brought up the contribution margin, and that could then be one of the explanatory factors to the softer growth in these countries, and vice versa with the Nordic countries. It's plausible that they are connected.
Okay. Got it. Maybe a last question on these new markets where you see some lower growth. Are you changing your marketing here, or are you doing the same as before, or is there any reason to look that over? Or do you think it's more a temporary slowdown?
I think we have strong country managers heading up our local operations in each our markets, and they are continuously looking at the best go-to-market strategy. For some markets, we're working more with partnerships in growing also the brand awareness in the countries. In some countries, we have seen that once we are the first in place in terms of building really the audiobook industry, it takes different types of measures. I think we have a very strong best practice catalog of efforts that we continuously work on, and we are pruning our digital marketing efforts all the time, having strong partnerships, of course, also on the digital side with Google and Facebook. I think this is a mix that always is going to change slightly. Yeah.
Okay, thanks. Just a last question on print publishing, which at least compared to my estimate, was quite strong this quarter and then also in Q1, both in terms of growth and profitability. What kind of trends do you see here? Do you think this is a sustainable change in this business or some temporary that this is improving the profit and growth in the print publishing?
Just as you mentioned, maybe I shouldn't say this loud, but we're also positively surprised by how well our print publishing companies hold up in Q2. Q1, we're really not affected by the corona because everything has already been done. In Q2, we could see that. Looking at comparable units in our print publishing business, we just declined 2% on the revenue lines in our printing business, actually growing, adding our acquisition of [Pluma] at 16% of the period, so extremely strong. The gross margins are hit partly because you couldn't save all the costs you had during the period, but we also save on a lot of marketing and other initiatives, so the profits are not hit that bad either.
Forecasting what will happen to this business in Q3 and Q4 is probably even more difficult than before. We were wrong about Q2, where we thought it would be worse. No, the Q2 definitely gives the color, and we think that we will be able to stand up better than we expected in March, April. Where this will end, we honestly don't know.
Okay. That's all from me. Thank you.
If you do want to ask a question, press zero on your telephone keypad. We do not have any more questions at the moment. I hand the floor back to you.
Good. Thank you very much for listening in, and I am looking forward to talk to you all in three months from now. Keep listening. Tune in on an audiobook, and just enjoy it. Thank you very much.
Thank you.
Thank you.