Good afternoon, all of those who have joined us today. Welcome to Tallink Group Investor Webinar introducing the financial results for the fourth quarter and 12 months of 2023. My name is Anneli Simm, I am the Investor Relations Manager at Tallink. I will be moderating today's webinar. Today we will have four presenters instead of the usual three. We have here the CEO of Tallink Group, Paavo Nõgene; two members of management board, Mr. Harri Hanschmidt and Mr. Margus Schults; and Tallink Group's Head of Communication and ESG, Mrs. Katri Link. We'll start this webinar by giving an overview of the fourth quarter and full year of 2023. After the review, we will continue with the Q&A session with Mr. Paavo Nõgene.
We have already received a number of questions prior to this webinar, but if you have a question or questions and haven't sent it to us yet, then please write your question to the chat function of the webinar. But let's start with the introduction of the results, and we'll hand the microphone over to Mr. Harri Hanschmidt.
Thank you very much, Anneli. Hello to everybody from my side. Thank you for listening in to the fourth quarter results of the 2024 financial year and also the 12-month unaudited results of the 2023 financial year. We will first go over the key facts about the Tallink Grupp. So Tallink Grupp is the leading European provider of leisure and business travel at sea, transportation services in the Baltic Sea region. We offer short cruises for business and leisure travelers. Sorry about that, I will say it again because the microphone had technical difficulties. So, thank you for listening in. My name is Harri Hanschmidt. We will go over the fourth quarter results of the 2023 financial year. First we will, a little reminder about the key facts about Tallink Grupp.
Tallink Group is the leading European provider of leisure and business travel at sea, transportation services in the Baltic Sea region. We offer leisure and business travel , ro-ro cargo transportation on various routes in the northern area of the Baltic Sea. The Group owns and operates 15 vessels. 13 of these are passenger vessels, and 2 are dedicated cargo vessels. Our operations are on 5 regular sea routes in the Baltic Sea. We had, too, in the end of the year, 5 vessels in charter, both long-term and short-term. We have 3.1 million loyal club members through the Club One program. Tallink also operates 4 hotels, 3 in Tallinn and 1 in Riga. We also have 21 Burger King restaurants throughout the Baltics and 2 standalone restaurants in Tallinn city. We had over 4,900 employees from Estonia, Finland, Germany, Sweden, Latvia, and Lithuania.
We offer shopping on board the vessels, on onshore stores, and also online. We have very strong brands, the Tallink brand, the Silja Line brand, and our Club One loyalty program brand. The overview for the year of 2023, we had a revenue of EUR 835,000,000 with EBITDA of EUR 214.5 million, and I believe this is the record for Tallink Group in Tallink history for a 12-month financial year result. Also, a net profit of EUR 78.9 million. We served 5.7 million passengers and also transported 324,000 cargo units. We are operating a EUR 1.6 billion asset base. This is mainly the vessels, and we had 4,912 employees at the end of the financial year. We have today about 39,000 shareholders on the Tallinn and Helsinki stock exchanges. The key takeaways from the fourth quarter are we made a positive EBITDA of EUR 36.8 million.
Our net debt to EBITDA has dropped to 2.8 times, and this is a very healthy number. We have considerably reduced debt in the past year. There has been an impact to the results from the low fuel market price, but this has partly been set off by a higher logistics component and because of interest and inflation. We have, after the COVID period and in a more flexible business model, been chartering out vessels to support our stable cash flow throughout the years as we are quite a seasonal business. In the end of the year, we had five vessels chartered out, three of these in a long-term charter and two short-term charter. We plan to keep the vessels chartered out continuously to support this business model.
We have also now refinanced our loans in the amount of EUR 298,000,000, and we do not currently have any government debt or any aid or so forth. So we have regular commercial loans. We have extended the charter contract for Silja Europa until the end of 2024, and that happened in the fourth quarter. Also, the cruise ferry Victoria I was added to the Tallinn-Helsinki route from October 2023. After the reporting date, so effectively in first quarter, we sold the cruise vessel Isabelle. More information regarding this will be available in the first quarter report that will be published in April. As in the previous years, there have been changes because of charters and how we operate the vessels on the routes.
We have also added a slide, where everybody can see where currently our vessels are operating and which vessels are on long-term charter, short-term charter. Very briefly, I will go through these routes. Our shuttle vessels, Megastar and MyStar, are operating on the Tallinn-Helsinki route. Both vessels have six departures a day, so it's altogether 12 departures a day. And also, Victoria I is on the route as a cruise ferry, and we have also announced that Victoria I will have eight special charters to Visby this year and will join Baltic Queen on the Tallinn-Stockholm route in the summertime or high season. On the Stockholm-Tallinn-Stockholm, we have currently one vessel operating to Baltic Queen. Turku-Stockholm, we have the Baltic Princess. Helsinki-Stockholm, we have the usual ships, Silja Symphony and Silja Serenade. And Paldiski-Kapellskär is a dedicated cargo route where we have Regal Star and Sailor.
We have 3 vessels in the long-term charter, the Atlantic Vision, Oscar Wilde, and Isabel. In short-term charter, we had Galaxy I, Silja Europa. Romantika right now is in a layup position, and we are looking for work for Romantika, or we will decide what we do with it soon. If you look at the fourth quarter revenues, then we saw a slight drop in revenue by 4.9% versus last year same time. We saw decreased revenue as we had less charters than the year before. We saw strong results in accommodation and ticket sale segment, and the global fuel prices were lower, so we saw a minus EUR 5.2 million fuel bill that helped also the results.
The net finance costs increased by EUR 3.1 million year-on-year, mainly because of higher Euribor level and also the transaction costs related to refinancing of our debt. The EBITDA in fourth quarter was EUR 13.6 million lower, and net profit was also EUR 14.6 million lower, but it was positive EUR 2.2 million, bolstering last year's results. We had a maintenance Capex of EUR 5.9 million. If you look at the results by geographical segment, we can see that the positive effect came from the Estonia-Finland route in EUR 9.3 million and the other routes where either did not have a big effect and Finland-Sweden had a larger negative effect.
Also, the other segment is charters as there were fewer charters. The same thing for the results. Estonia-Finland has a positive EUR 1.8 million effect. Estonia-Sweden was flat, and Finland-Sweden had a negative effect, and also others had a negative effect.
The sales by operational segments, we can see that the restaurants and ticket sales contributed a positive effect. Cargo had a EUR 2.4 million negative effect, accommodation sales positive, and income from charters dropped by EUR 12.3 million. The full year revenues were altogether EUR 835,000,000 or 8.3% higher versus last year. We had a 53.7% increase in chartering revenues in total and strong results in accommodation and ticket segment. The fuel cost was 32.6% lower than in the last year. The net finance costs were about EUR 11,000,000 higher because of higher interest rates. EBITDA and net profit we already talked about, and CapEx was for the whole year EUR 28.2 million. Our seasonality is, or we have a seasonal business model. We can see that in the first and fourth quarter the passenger numbers are lower. In the second and third quarter passenger numbers are higher.
Cargo is very stable throughout the year, but because of the less capacity and economic downturn that we have felt, the cargo numbers overall are lower. Revenues we can see first quarter EUR 171,000,000 , second quarter already stronger EUR 230,000,000 , third quarter EUR 241,000,000 , and the fourth quarter EUR 194,000,000 . But in the EBITDA number, or let's say the bottom line, we can see a much bigger difference. First quarter EUR 27,000,000 EBITDA, second quarter EUR 69,000,000 , third quarter EUR 82,000,000 . This is the summer high season, so we are still a very seasonal business even with the added charterings of the vessels. We ended up with a very nice EUR 79,000,000 profit for the 2023 financial year, and this has allowed us to make a proposal to also pay a EUR 0.06 dividend, and this proposal will be made on the annual general meeting this year.
Thank you from my side. I will give the word to Margus Schults, and he will continue with the presentation.
Good afternoon also from my side. I will provide some further details about the full financial year 2023. If we start by geographical segments, then you can see that we have improved in terms of sales our result by EUR 82,000,000 , and 2/3 of that growth came from segment other, which basically means chartering of vessels. Also, Estonia-Finland made a good result, on the, because we have now more capacity like Victoria, and in the beginning of year, we had also Star operating on that route. Estonia-Sweden, with one vessel on cruise side and two vessels on cargo side, made an improvement of the sales. On Finland-Sweden, the challenges with the number of passengers were more higher, where we relatively to other routes had less passengers.
But also, in the beginning of year, we had two Helsinki-Stockholm vessels in long docking, so therefore the sales dropped somehow. But the result, bottom line, improved basically by EUR 87,000,000 , so everything from growth of sales went down to bottom line, and you can see that all the geographical segments improved the result. If you look at revenue structure by operational segments, then the same growth, EUR 82,000,000 , and you can see that most of that is coming from charter, like I already mentioned, EUR 35,000,000 . But also, ticket revenue was very strong throughout the year, so there was an improvement of EUR 26,000,000 , and restaurant and shop sales were most stable per passengers. And since the passenger number grew a little bit for the full year, 3%, then also we saw a small improvement of this segment by EUR 13,000,000 .
If you look to the income statements, then EUR 835,000,000 of sales, like I mentioned already, out of that, EUR 194,000,000 is from the last quarter of 2023. Then we have, we had, of course, cost of sales, so basically all operational costs, which is related to sales, then marketing and administrative costs onshore, and some other costs. We ended up with EBITDA of EUR 215,000,000 , comparing the growth from 2022 is quite significant and mostly explained by a longer period of charters comparing 2022, the total number of months where vessels were chartered. In Q4, the Q4 was, 2022 very strong. EBITDA was EUR 50,000,000 , and this year slightly less because we had two vessels, not chartered during last year Q4, but in 2022, we had seven vessels, chartered out.
The margin improvement for the full year was quite significant, so from basically 18% of EBITDA margin, we increased almost to a 24% level. Cost breakdown is quite traditional. We have a cost of goods as the largest item representing almost one quarter of the total cost, and this cost item increased 6%. Of course, we had more volumes, but also we can see clearly that there is an inflationary pressure for procurement of different items, so this is also reflecting the increased cost of goods. The second largest item is our staff on vessels and onshore, totally almost 5,000 people, and this represents around 17% of our cost structure. And the cost increased by 10%, partly also because of the crew. For instance, we had to hire a bigger additional crew to operate Victoria starting from October last year.
But also, of course, inflation of salary in all countries is quite big. And the third biggest, largest cost item is fuel cost, representing [inaudible] of the cost. The cost of fuel decreased quite significantly by over 30%, reflecting the decrease of cost of fuel per ton, but also reflecting that we operated in 2023 relatively less chartered vessels ourselves and chartered them out. So therefore, the tons which we consumed in 2023 were also lower than in 2022. And if we go to cash flow, then you can see that we had a positive operating cash flow of EUR 200,000,000 for the full year. Capital expenditure is now normal, so to say, on a normal level. We usually spend EUR 20 million- EUR 30 million per year on Capex for improving our vessels, technical maintenance, and also different IT-related development.
In 2022, in December, we got delivered our new vessel MyStar, and therefore, of course, capital expenditure was exceptionally high. We also paid a quite significant amount of debt, so the net effect for the full year was over EUR 210,000,000 . Out of that, EUR 40,000,000 we paid in the fourth quarter of last year. In the total year, we had a change of cash minus EUR 73,000,000 , but this is normal because we have stated several times that during COVID years and during crises, we had to keep very high liquidity to keep our company in a safer side financially. But now we have reduced our loans and reduced also overdrafts, and liquidity is more normal level. Our balance sheet structure is very much the same and unchanged, and we have in assets, it is our vessels, EUR 1.5 billion.
On the liability side, we have loans and shareholders' equity. As you can see, that shareholders' equity now, equity ratio has now reached the level above 50%. At the end of last date, it was 51%, so we are standing on a very healthy level. Also, net debt/EBITDA ratio, which was 5.4 just a year ago, is now on a very, very healthy 2.8x . Total liquidity, like mentioned already, was reduced comparing 2022, and now it is on EUR 117,000,000 level. Our loan portfolio consists now of three loan agreements: two are vessel building loans and one is syndicated loans, which we rearranged during December last year. The maturity of these loans is between 5 and 11 years now. They are all euro-denominated and have some of them have fixed rate and some of them Euribor floating rate.
As you can see from this chart, from pre-COVID times to COVID years and now back to normal operations, we have from a very high 8.4x net debt to EBITDA. In 2020, we are now on a healthy 2.8x net debt to EBITDA. Our total long-term bank loan portfolio is EUR 555,000,000 . On top of that, we have overdrafts in the amount of EUR 75,000,000 , which is the same as pre-COVID years. As we have stated also in COVID years, we got extra overdraft, but now this overdraft is removed. Thank you from my side. Last but not least, Katri. Oh, sorry, one slide. Yes, like it was already mentioned by Harri, on the shareholders' meeting, we propose a dividend of 0.06 per share for approving on the general meeting. Thank you. Right.
Good afternoon also from my side. Because Tallink Group has recently started to receive more and more questions also about our sustainability activities and how we are getting prepared for tighter regulation and new reporting requirements, then we will also give you a quick overview of where we are with this today. So, at the moment in 2023 and also in 2024, our key focus from an ESG point of view will be on achieving compliance with the CSRD Corporate Sustainability Reporting Directive requirements and the new reporting standards, ESRS. So many steps were already taken in 2023 to prepare for this, and we will continue taking more steps in 2024. The CSRD compliant sustainability report from Tallink Group will be published in 2025 with limited audit assurance as well.
Our current activities in this area then to meet this regulatory requirement are to complete the double materiality assessment, which we started in 2023, and we are making good progress with this. Following on from finalising the double materiality assessment, we will move on to clearer and more detailed ESG target setting and also policy and data review. These activities are planned for quarter one and quarter two in 2024. From the double materiality assessment point of view, we have already got to a point where we have identified some of these key impact areas. These, of course, from Tallink's point of view, meaning transport company operating ships are climate change and tackling climate change, reducing emissions, topics related to our own workforce, and being a huge company with a large supply chain also, supply chain management topics and issues, plus data protection.
So the next couple of months and quarters will be very busy preparing for the new reporting. But like I said, we have made good progress, and some of the progress you will already be able to read in the 2023 financial overview and report, which will be published in spring this year. And we will also publish a slightly more detailed sustainability report before the AGM in spring. And as you can see from the slide probably as well, Tallink Group has already made quite great progress with, for example, one of the core impact areas for us, the CO2 emissions.
The baseline year 2008, and when we look at where we are in 2023 and 2024, then a significant reduction has already been achieved, which of course today, when the shipping is also part of the ETS and CO2 emissions buying scheme, is a good result and also means that it has an impact on our bottom line. So these are some of the core areas that we are focusing on at the moment, and Tallink is always happy to answer your questions on ESG and any questions you have on sustainability. Thank you.
Thank you, Harri, Margus, and Katri. We will now start with the Q&A session. The process is so that I will read out the question or questions we have received so far, and Mr. Paavo Nõgene will be the one who will give the answers to those questions.
I will start with the first one. Please elaborate on the strategic and market position of the group.
Yes. Good afternoon also from my side. First, thank you to all the investors for having this time with us today. Tallink has had, after four years of different crises, a very successful year. And I'm grateful for all the 5,000 Tallink employees to helping the company to come through from different crises. Also thankful for our customers and all our other partners who trust Tallink. Regarding the question, we put our effort to customer satisfaction, profitability, market position, quality of services, optimizing the fleet as well as the cost efficiency and optimal debt level. We continue to balance the most optimum number of vessels on the company's core routes and the number of vessels chartered out where possible.
This model has been working well, and we want to keep it like this. It helped us manage risks significantly over the last four years, while the passenger numbers have slowly recovered. We will continue to focus on the technical improvements, innovative solutions to drive greater efficiency and more sustainable operations, and even greater customer care and comfort.
Thank you. Please elaborate on the current financial position and the future outlook of the group.
Yes. Actually, you just got a very detailed overview about our financial situation. We had a successful year, EBITDA more than EUR 214,000,000 , net debt/EBITDA level 2.8. We lowered our interest-bearing loans close to EUR 100,000,000 during just one year. So the financial situation is strong, and it supports the group dividend policy of paying a minimum of EUR 0.05 per share. So therefore, as Margus Schults already mentioned, we propose to pay out EUR 0.06 per share for the financial year of 2023.
Thank you. Please elaborate on the group's risk management and related challenges?
The challenges are all the same. It doesn't matter whether there is a pandemic or there is a war in Europe. Every year, there are some challenges. At the moment, currently, low consumer and business confidence levels, as well as geopolitical tensions, continue to impact the coming tourism in our core markets. But however, we see also stable demand in our home markets. And additionally, as Katri Link already also mentioned, we carried out an extensive risk and opportunities review as part of its double materiality assessment, analyzing both short-term and long-term risks and opportunities for the business and involving a wide range of stakeholders in the process. Tallink Grupp is tackling each of the key risks and opportunity areas through even greater analysis and target action policies setting throughout 2024.
Thank you. Please elaborate on the group's approach to innovation and new technologies.
As 97% from our CO2 emission coming from our vessels, then we constantly monitor technological and innovation advances and gradually introducing them through a process of pilots and trial runs into the business where we see real benefits. Example, in 2023, in September, Baltic Queen were in dock, and we changed the propeller plates for Baltic Queen trying to increase energy efficiency of the vessel. And actually, the outcome is that we reduced the fuel consumption more than 10%. Such innovation is constantly sought by our teams in all business areas. Also 2024, an example, we are focusing on artificial intelligence and opportunities offered across our businesses and services by the various artificial intelligence solutions.
Thank you. Even though it was shortly covered by Katri, but still, please elaborate on the group's goals and approach in sustainability.
Yeah. I think I'm not going to tell it again. Just Katri Link gave a very good overview. If you didn't listen, then you can do it afterwards from recordings of the webinar.
Please elaborate on how the market and microeconomic challenges impact the group.
Of course. Macroeconomic factor have an impact on our business, of course. But we work to manage the different risks. We have had different risks during the last 4 years. We have been adapting our business model firstly for the COVID, then to the war. What we expect is to see the moderate passenger number growth, but with less vessels on the core routes than four years ago. Analyzing the demand, and we don't want to increase the capacity if there is no demand on our core routes. So optimal capacity to all the routes is the key to have the good financial results as well. And of course, it means that same time, we need to have alternative work for the vessels which are not operating on our core routes.
Thank you. There is a question about Cruise Ferry Romantika, which has been back from Netherlands since September. And the question is, is there a plan to or does Tallink consider bringing Romantika to Tallinn-Helsinki route for summer?
We are looking at charter opportunities for Romantika because, as I just mentioned, we can add the vessels to the routes only if there is demand. Currently, we have enough vessels on our core routes.
Thank you. Still another question about Galaxy I as well and whether there are any plans to bring it to Turku-Stockholm route, for example.
Galaxy I is chartered out for the government of the Netherlands, and we are not planning to bring the vessel back before the end of the charter agreement. How long it's able to keep Galaxy I and also Silja Europa chartered out, it depends also on the need. At the moment, they are covered with charter agreements, and we don't have a plan to change it.
Thank you. Question about Turku-Stockholm route, and how do you see the future of the route?
I hope that the route has a successful future. Due to the competition situation, we don't want to tell what our plans are on that route.
Thank you. Tallink has not operated from Riga, Latvia, for a few years now. The question is, why is that so, and does Tallink plan to return to Riga with its vessel?
Yes. Currently, we don't have a plan to open the Riga route again. We don't see that it's possible to operate that route on a profitable basis. And therefore, we don't want to take this risk to the company.
Thank you. A few questions regarding the sale value of Isabel. Can you comment on that?
No, I can't. It happened during the first quarter. And all the sale agreements are confidential. But definitely, when we report our first quarter results, there is some information coming up in April when we disclose it to the stock exchange.
Thank you. Does the company plan to build any new vessels in the future?
Yes. The question is when. So definitely, Tallink Grupp aims to have the most modern fleet. But when we are going to build the new vessels, it's hard to predict. But the answer to the question is yes.
Thank you. Another question about the number of vessels. How many ships do you see in operation in 2024 and 2025, and where?
Currently, we are operating our core routes: Tallinn-Helsinki, Tallinn-Stockholm, Turku-Stockholm, Helsinki-Stockholm, Paldiski -Kapellskär. We don't have at the moment any other plans. So we keep the schedule which is available. Everyone can buy the ticket and welcome on board.
Thank you. Since you have so many ships on lease, what are the limits regarding staff, goodwill, fuel efficiency, and the conditions of the ships to restart operations?
Definitely, to bring the vessel back to the core route, having some extra costs, one-offs. But it's not so significant. It more depends on how long ahead we can make the decision that the vessel is coming back and we need to or we want to reopen or add the capacity. So if you know it long ahead, the costs are not significant. But of course, if we are doing some quick changes, then there can be one-off costs which are higher.
Thank you. How big do you estimate the cost of emissions trading will be for 2024 and 2025? Are they lower or higher than expected?
We don't know how the price of the quota will change in the stock market. So if someone knows, you will be rich. But we estimate that it will be between EUR 10,000,000 and EUR 20,000,000 . It depends on what price we can buy the quotas from the stock exchange.
Thank you. And then there is a quite specific question about the vessels and their dockings in 2024 and 2025.
Yes. Actually, we have just two dockings needed. And it's next year, Baltic Princess going to dock and Regal Star going to dock. If there are coming up some changes in the charter agreements, then there can be some extra needs to make the dockings. But actually, currently, there is no more need than Baltic Princess and Regal Star.
Thank you. And now the questions that have been posted on the webinar site. What can you say about the charters market so far? Do you still see similar interest from potential customers for vessel chartering? Or has this been reduced on an economic downturn backdrop? How much have the rates changed?
Actually, the market for the charters is good. It's always a question of how good a rate we can get and with what kind of rate we wish to charter out the vessels. But as COVID is over and people are traveling again, the goods need to be transported. And there are not many ferry-type vessels in condition Tallink has the vessels available. Then actually, our situation in the charter market is rather good. But of course, we are also sometimes very picky. And we are not going to charter out vessels without profit. So sometimes it takes more time to find a good opportunity. But the market actually hasn't changed. And we see that there is an opportunity to charter out the vessels.
Another question about chartering. Please give more color on the nature of chartering business. Do charter vessels only on fixed term and special situation basis, like governments hire ships for refugee housing or for larger summits events? Could there be any possibility for a new permanent business line for Tallink that you permanently station your older vessels to global coastal cities as permanent housing stock? To cities such as New York, London, Amsterdam, Sydney, Melbourne, Tokyo, etc., affordable housing is the most pressing socioeconomic challenge in global cities. If you could park your vessels in higher-rent areas, then you can book larger rental income permanently and over a long time, therefore significantly extending and increasing total lifetime value of your ships. Is there any obvious obstacle, such as local regulations explicitly prohibiting it against parking vessels permanently in ports of marinas abroad and turning vessel stock into housing stock?
Yes. It sounds like one of our investors has kind of a business plan. So give a call to us, charter the vessel from us, and you can make the business there where you wish. But seriously speaking, we need a partner who wants to have the vessel. Is it government? Is it a private enterprise? It doesn't matter. It matters of guarantees, trustful partners, enough financial. But we are not going to build up kind of a hotel business based on board of the vessels in some other countries. So yes, for housing the people, are they refugees or are they construction workers or someone else? There, we need a partner who takes the risk. We can offer a good quality-level vessel with technical crew or without. It depends also on the negotiations.
Thank you. Regarding dividend policy, what do you think: is EUR 0.06 per share a new normal or just one-time event? And there are two more questions in the same questions. Do you have plans to pay out EUR 0.06 per share as well in the future? And what is your future dividend policy?
Yes. So our dividend policy based on 2018 hasn't changed. If our financial results are low, we like to pay out a minimum of EUR 0.05 per share. How much we are able to pay out next year, it depends. But dividend policy hasn't changed during the crisis years.
Thank you. Question about debt maturities. What is your debt maturity wall, both in bank loans and bonds, if you have any? Okay. Where on time-wise are the largest payback dates, and how well do you think Tallink is positioned to climb over maturity walls in the current fairly high-interest-rate environment? What is your rollover redemption policy?
Yes. If you take that during the last year, we paid back almost EUR 190,000,000 in loans. Our net debt to EBITDA is 2.8. This is made in purpose to have also lower interest costs. So normally, our loans are for seven-year loans and some of them shorter. And we don't see at the moment, currently, any problem to serve our loans.
Thank you. What needs to happen to get back to passenger levels of 2019? What is in Tallink's control?
Firstly, we need to see the demand. As soon as we see there is demand, we have enough vessels to bring them to the routes very quickly. We are a very flexible company, and we can really act quickly if there is a need and demand. But as long as the market is recovering, as long as the geopolitical situation is challenging and passengers from other continents are coming back slowly and also export markets between the people and goods transported are in kind of challenging situations, then currently, we don't actually need to have 9.7 million passengers. Tallink needs to be a profitable company, sustainably profitable, and able to pay the dividends to our investors.
Thank you. And the last question. How do you plan to use the proceeds from the sale of Isabel? Is capital return to shareholders among the options considered?
We just today announced EUR 0.06 dividend for our investors. All future plans will be launched someday in the future.
Thank you, Paavo, for taking all those questions, as that was the last one today. I think we can thank everybody for attending and for the questions. We will hold our first quarter results webinar on April 25. From my side, I enjoy all of you the rest of the best of the rest of the day and happy upcoming Estonian Independence Day as well. Thank you.