Good afternoon, ladies and gentlemen, and thank you all for taking interest in today's webinar and overview of Tallink Group's third quarter results. Today, the results will be presented by a Member of the Management Board, Harri Hanschmidt, Member of the Management Board, Margus Schults, and Financial Director, Joonas Joost. Many thanks to the investors who have sent their question to us in advance. We will address those at the end of the presentation. As always, it is also possible to ask questions during the webinar by writing the question in the question box in the right-hand side of the webinar screen. That concludes the introduction. Now, I will give the word to Harri Hanschmidt.
Thank you very much, Joonas. Hello to everyone from my side. My name is Harri Hanschmidt. I'm a Management Board member for Tallink Grupp. Thank you for tuning in to the third quarter financial results of Tallink Grupp. First time since the beginning of the pandemic, we have seen a profitable quarter. We managed to do a EUR 5 million positive result in Q3, and we believe this is a good sign that we have managed to adapt the business model to the very difficult business environment that is still ongoing. We clearly see a willingness to travel that is hampered by the health concerns regarding COVID-19 and different restrictions and uncertainties.
The pandemic still has a very strong effect on our business and environment, because not all the restrictions have ended. We currently see a higher number of COVID infections in Estonia and Latvia. The situation is much better in Finland and Sweden. Right now, travel is possible and people use the opportunity to travel. During the third quarter, we only had one vessel, the Isabelle, from the Latvia and Sweden route, that did not operate. All other vessels were either on their routes operating or were chartered out. This is what we can clearly see in the positive result on the profit level and strong cash flow level.
However, in Q3 is always our strongest quarter, and the profits have been much higher in the past. Although it's optimistic, we still have very difficult quarters ahead of us. We have entered the low season, and the pandemic numbers are also going up. Maybe we move on. Okay, now we have the slide in front of us already. Just to remind, Tallink Grupp is a leading European provider of leisure and business travel and sea transportation services in the Baltic Sea region. We own a fleet of 15 vessels. We operate seven ferry routes. One route right now is suspended, the Riga route, the Riga-Stockholm route. We also operate four hotels.
Right now, the Tallink Hotel Riga has been suspended for 2021. Past year, our revenues were EUR 443 million. We transported 3.7 million passengers and 360,000 cargo units with EUR 1.5 billion asset base. This is mainly the vessels. We have currently about 4,500 employees and 2.8 million loyal customer members in our Club One program. If we take a look at the developments and key facts of the third quarter, I already mentioned the extensive impact of the lingering corona pandemic, but also there have been many restrictions lifted by the governments. There has been more willingness to travel.
We have restarted the Tallink Stockholm route with Baltic Queen and the Helsinki-Stockholm route with Silja Symphony and Silja Serenade. Also, Victoria and Romantika were on short-term charter agreements and operated briefly in the Mediterranean Sea in July and September. We also had the christening of our new LNG shuttle vessel, MyStar, that is being built in Rauma and will be in operation in next spring.
We did our public share issue where we issued 73 million or almost four million new shares and raised EUR 34.6 million capital to improve our capital structure and have additional liquidity for the coming low season. We also decided to sell the Baltic Retail, our fashion retail business on land to focus more on the core business. We have had short-term charter agreements for Silja Europa and Romantika as accommodation vessels in Scotland in October and also November.
As an overview, for the third quarter, we can see there were less passengers, but spending on board was improved, and there were more passengers with passenger cars, so we could see a higher ticket number and higher on-board spending number. Revenue was affected by COVID-19, and we had a limited effect on the cargo operations. Cargo operations has been more or less stable throughout the pandemic. We also had 13% less departures compared to the third quarter in the past year same time. Our cost of sales decreased by 4%. We have extensive cost control. We only do the investments that are necessary to keep the ships in good health.
Administrative and marketing costs decreased by 6% or EUR 1.2 million. Our EBITDA was EUR 35.1 million, and our net profit was EUR 5.5 million. If you look at the revenue development by the operating segments, then we can see that compared to the third quarter last year, the most revenue increases came from the restaurant and shop sales and ticket sales, and also from the income from charter contracts. Other sales include hotel sales, web store sales and so forth. Our revenue structure in the third quarter looked very much like our classic level revenue in the past has been, and I think this is a good sign.
Most of the revenues come from onboard sales, from restaurant and shop sales, 26% from ticket, 13% from cargo, and we had more charter revenue than usual. On slide seven, we can see the revenue development by geographical segments. The Estonia-Finland route was pretty much the last route that was opened. There were still restrictions in place during summer, and even after the restrictions ended in June, there was instantly not so much willingness to travel, and travel started to pick up during the quarter. The Estonia-Sweden route made a good season and there is right now no operation between Latvia-Sweden, and Finland-Sweden also made good results. We see the charter revenues in the other segment.
On page eight, we can see the seasonality in here. I would like to remind you that we are reporting right now the high season, and typically in high season, we have about almost three million passengers. This time we had one million passengers. So, there has been quite a lot of cost cutting and effort. Cargo looks quite usual to our model. Revenues, EUR 170 million, and on the EBITDA level, EUR 35 million. But we can remember that in 2019, it was EUR 83 million. So, we still have a long way to go with the recovery. Here we can see also the dynamics of high seasonality on the profit level.
First time profit during the pandemic. Right now we will have the low season. I will give now word to Joonas Joost who will continue with the presentation. Thank you.
Thank you, Harri. Let's quickly run through the financials in some more detail. As mentioned, Q3, the high season quarter, in general, typically the most profitable quarter of our business model. This year we managed to increase the sales to EUR 170 million. Obviously better than last year's result.
As a reminder, we were still 41% lower than the revenues achieved in the high season quarter in 2019. The cost of sales slipped a bit or decreased compared to last year, and line by line, effectively, all of the cost lines decreased with the exception of fuel costs due to the fact that the fuel prices have been rising quite much compared to last year. Marketing expenses and administrative expenses overall remained fairly similar level close to last year's result, actually slightly lower both marketing expenses and administrative expenses.
Due to the fact that we had the share capital issue in this quarter, the results also include about EUR 500,000 expenses one-off expenses related to the share capital issue in this quarter. I would also stress that in the high season quarter, we did receive only very limited government assistance, about EUR 300,000 in this year. Last year, the government assistance was in third quarter, EUR 4.6 million. Government assistance is reported on the other operating income, so the difference mainly here compared to last year is decrease in the aid we received.
We feel that it's still positive that we managed EUR 35 million EBITDA result with a margin of 20.6% which is significantly better than the last year's result. Net result positive EUR 5.5 million, but again, in a normal year, in 2019 the Q3 result was EUR 55 million net profit, hence actually when we're looking at the 2019 full year result, then all of it was effectively earned in the Q3 and the summer months. Due to the fact that operationally the quarter was positive for us, we managed to end the quarter also with the positive operating cash flows of EUR 24 million.
The capital expenditure was continued to be extremely low focusing only on the most critical items. Expenditure this year was only EUR 4 million. Last year, we were also making investments and prepayments to the new LNG vessel, MyStar, which resulted in higher capital expenditure last year. This year, we also see that asset disposal has a positive impact of around EUR 1 million and most of this has to do with the disposal of the subsidiary Baltic Retail OÜ and exit from the clothing retail business on land.
When we are focusing on the debt financing, the net impact of debt financing in this quarter was EUR 55 million and quite a big change in the debt position was drawing of EUR 90 million Nordic Investment Bank working capital loan over the course of the quarter. The net impact is lower as the row also includes changes in the overdraft balances. The higher debt burden, which we have seen since the onset of the COVID pandemic has also brought about higher interest expenses. Interest costs together with other financial items in this quarter was EUR 6 million. A year ago, the figure was only EUR 4 million.
As Harri mentioned, we had increase of share capital due to the share issue this quarter, nearly EUR 35 million. Overall, due to both strong positive operating results, new debt and new equity capital, the change in cash in this quarter was strong and amounted to EUR 105 million. As a result of the increase in cash, also the total assets now again increase EUR 1.6 billion. However, as well, the liabilities have increased and overall the total liabilities balance also exceeds EUR 900 million. After profitable quarter and issue of new shares and new equity capital, the shareholders' equity totals just under EUR 700 million at EUR 696 million.
Net debt stands at EUR 660 million. Equity and asset ratio remains continuously at 43%, and the book value per share is 0.94 EUR. When we look at the cash balance and also the amounts of unused overdraft, then the total liquidity stood at nearly EUR 253 million at the end of third quarter. As mentioned, there were some sizable changes in the loans during the quarter. The total interest-bearing loans together with the outstanding overdraft amount EUR 689 million, of which the long-term loans amount to EUR 663 million and the outstanding overdraft balance, which is in use, was EUR 26 million.
As a reminder, the vessel MyStar, which was christened in this quarter, is expected to be completed and delivered to us in next year. The financing for the vessel, the loan financing has been secured, and it will be drawn on the delivery of the vessel. I will now pass on the microphone to Margus, who would discuss briefly about the events after the reporting period and the outlook.
Thank you, Joonas Joost. Yes. My name is Margus Schults, and I'm member of the management board in AS Tallink Grupp and responsible for Finnish operations in Tallink. There have been no major events after the reporting period. We know that we are entering the low season in normal year, and of course, in this time, this low season will be affected more by different external factors like COVID situation, speed of vaccination in our major home markets and also of course by different authorities which lift or ban our operations. We can say that overall, the vaccination has helped a lot comparing last autumn or last springtime. We can see definitely positive sentiment in people's behavior in all our home markets.
We can read that different travel industry companies, hotel companies, restaurant companies report that there has been clear interest of people and consumers to come back to travel or consume food and therefore we of course are looking somewhat positively ahead of us. On the other hand, we know that COVID-19 situation is still severe in some of our home markets like in Estonia and Latvia, and even we don't expect any major travel restrictions put by governments for vaccinated people or people who have had COVID-19 during last six months. We still know that there are some client groups which are very careful yet to travel or to participate in different events, therefore, we do not think that normal, so to say, business will be restored in the coming months.
Knowing that of course, we are working ahead with different other alternatives for our vessels. We know that we have routes which are suspended, and we have some routes which have reduced capacity during Q1. We are therefore exploring different opportunities for renting, chartering these vessels to third parties like we had opportunity to do for Silja Europa and Romantika during October and November this year. Also we continue of course to work with the Burger King opening. We had after the reporting period one restaurant opened in Vilnius, and we expect that four more restaurants will be opened during the Q4 in Latvia and Lithuania. Thank you.
Thank you. Thank you, Margus, for the overview. This now concludes the presentation part of the webinar, and we will now proceed to the questions -and -answer section. We will start with the questions which were sent to us by email and in writing prior to the webinar. The first question is that Tallink's biggest value for me as an investor is the fact that the company's equity is higher than its market value. What is worrying is the fact that from quarter -to -quarter, company is losing money and historically, we are facing quarters whereas Tallink is losing the most amount of money, and the next year does not promise fewer restrictions in the society. What are the red lines below which assets would be either partially or fully sold?
How can I as an investor be sure that my money will just not melt with all these losses?
Yeah. I will maybe answer this one. The COVID situation has had significant negative impact on our results since March 2020, and with the low level of vaccinations and high level of infections and hospitalizations in Estonia and Latvia, it does continue to have a negative effect in at least the coming months. Hopefully not for the whole year next year or for forever, you know. No doubt the low season will be difficult and when the company makes a negative profit, then this is reflected in the equity and there is nothing to do about this.
We now made the first profit and hope to make more profitable quarters in the future as well. Looking forward to spring 2022, we are heading into the start of the high season with generally higher level of vaccinations than we did in 2020 or 2021. We are optimistic that these quarters will be overall better for our business and then for all businesses in the travel sector. The Management Board and Supervisory Board are also investors of the company, so their interests are aligned. So far the Management Board and Supervisory Board have opted not to sell the assets. Partially we can't sell anything.
What we have done is we have found many opportunities for chartering the vessels. This has already brought an impact to the results and if the day is there where we have to sell something, then we will obviously let everybody know. Theoretically, all the vessels are always available for the selling. We can always sell them but I guess we still believe it's better to use them long-term. They're tailor-made and built for this region, have ice class and very high quality. So, to just sell something too easy would not be in the best interest of the business. Thank you.
Thank you, Harri. The next question. The average ticket price looks to have increased substantially. Please elaborate the reasons and will this continue?
Yes. Well, the ticket prices are obviously based on demand and also based on which quarter we are in, based on passenger mix, also if people are traveling more with passenger cars or more by foot. Here we have seen a positive trend, but it will be different for every quarter, and it will be very much dependent on demand.
Mm-hmm. Thank you. Do you foresee meaningful support measures in the last quarter of this year and the first half of next year?
Well, we cannot foresee support measures if currently there is this crisis ongoing and the government offers aid, we are happy to receive it. I think it's quite important that these sectors survive. Obviously we see that there is a decline in government support and in the third quarter we did see already quite little support. If the winter situation should be worse, we do hope that there will be different support measures available and we can use them. Our business needs to be sustainable also without support in the future.
Thank you. Should we expect income from charter of vessels to continue at Q3 level in Q4? When will the level normalize under current agreements?
I would comment that in third quarter, in addition to the Atlantic Vision, which is on a long-term charter agreement, in third quarter, we had Victoria and Romantika both chartered out effectively for the entire duration of the quarter. So, this was quite strongly supporting the charter revenues this quarter. However, this deal has now been concluded and ended. There will not be support from this field anymore.
However, as we've said that at the end of September, we signed agreements to charter Silja Europa and Romantika out for another short-term charter in the fourth quarter. I could comment that due to the fact that there is additional charters in Q4, the result should be higher than in Q1. Due to the lower duration, it will likely be difficult to have the same level as in Q3.
As we are continuously looking to find opportunities to employ the vessels, it's difficult to forecast what would be a normalized level or when the situation could normalize.
The next question is, should we expect positive operating profit to continue in Q4 and H1?
We haven't generally been providing any financial guidance. I think it makes sense to bear in mind that we have in general very seasonal business. Right now, in addition to entering the low season, we are also facing additional risks from the development of the COVID.
This, as Q3 is typically our most profitable quarter, and the situation with the COVID-19 is not good in Estonia, so it will have its negative impact in the Q4 result. Just as a reminder, if you think about the first half results then, before COVID, looking at 2019, then our operating profit in the first half was only EUR 6.5 million. I think this should give some indication. Obviously, it depends whether the situation with the COVID and restrictions will remain in the coming months.
The next question is, Finland has two or three different places with travel restrictions recommendations, which is quite confusing. In your view, which source is the most important, and what is the recommendation from that source currently?
Yes, that's true that recommendation for consumers to travel or not to travel have been quite confusing all the whole period of COVID-19 pandemic, and not only in Finland, but I would say also in the other countries. I would say that for Finns traveling abroad, more problems, the most relevant source of information is Ministry for Foreign Affairs homepage. They are considering the travel restrictions and recommendations based on health authority recommendation on that country, but also on other security developments on that country. At the moment, the recommendation overall is that within European Union, it is fine to travel for vaccinated people and people who have had COVID-19 during last six months. Overall recommendation is that you can travel without any major concerns. I understand the background of the question.
Estonia has not been somehow highlighted as a red country in these recommendations. At the moment, head of health authority, Mika Salminen, said in the beginning of this year this week in the media it's safe if you are vaccinated to travel to Estonia. When it comes to the foreign people, non-Finns, coming to Finland, the best probably is to follow the Ministry of Social Affairs and Health authority homepage. Currently the requirement is that you should have proof of vaccination or proof of past COVID-19 during six months or negative test with you. At the moment, this requirement continues until end of the year. It has been already prolonged several times, and there might be possibilities that it will be prolonged also over the year-end.
Unless you have these documents, you can freely travel to Finland. Thank you.
Mm-hmm. Thank you. There's another question concerning the sentiment of Finnish passengers. I'd ask this one now, and then the question is, what is the Finnish passenger sentiment in the situation when the Finnish media has been communicating that the medical assistance may not be accessible in Estonia? What is the communication between the Finnish state authorities and Estonian authorities on the topic of traveling to Estonia?
Yes. The overall sentiment in media and among population, I think, is mixed. There are definitely people who want to travel to the neighboring countries because it's probably the easiest and most safe way to travel. Those people, after the recommendation that within EU it's safe to travel, they started to come also to our vessels. As I mentioned, definitely there is a group of people who are more careful. Even the official recommendation is now that it's fine to travel for vaccinated, they want to wait a little bit longer and prefer to stay home. I personally, as I follow the Finnish media on daily basis, I would say that it's not as dark sentiment as you might imagine.
Of course, everybody says that you should have a vaccination, and you should follow the common sense and security when you go to Estonia.
Regarding authorities, of course, I cannot comment how much cooperation is between Estonian and Finnish authorities, but we have good cooperation with authorities in both countries and we are represented as a whole industry, as a shipping industry in Finland and also in Estonia. Of course, we give our opinions when different restrictions or bans have been implemented during the last one and a half years. We, of course, continue the dialogue in order to find the best place for safe traveling. Thank you.
Thank you. Is traveling between Finland and Sweden trending up, giving consideration to the high level of vaccinations in both of those countries?
Yeah, I would say that in general, the answer is yes, that we have seen the high level of vaccinations provide an increased interest for traveling as well. Most recently, the high level of infections and hospitalizations in Finland and sorry, in Estonia also seems to have an interest of a less interest to travel to Estonia and more to Sweden.
The next question would be, when will fuel price fixing agreement end?
Yes. We currently have no fixing agreements. The last one ended last year, so we are buying fuel in market or spot price in 2021.
The next question concerns related party transactions, or which services, goods, the purchase of which services and goods is the biggest contributor in those reductions.
As the largest group, it's rent payments for the hotels, logistics centers and office buildings. The single largest item is the energy cost from Eesti Gaas in relation to the LNG and operation of Megastar. This quarter, we were conducting also COVID-19 testing services on board of the vessels. There is some increase from those services which were not there a year ago.
Next question, what is reflected in other sales in addition to chartering, and what increased the other sales in Q3?
That's true that the chartering revenues contributed the most to the increase in the other sales. The rest is rising from several various items. There isn't any specific one to highlight too strongly. These are mostly all related to retail activities, including webshop sales, Burger King restaurant sales, and other sales activities. These also reflect increased advertising sales revenue, which is related in turn with the onboard shop sales activities. There was also a slight increase in the hotel sales. The intragroup eliminations are also counted in this segment. There were less of those this year compared to last year.
Next question, how is Tallink Takso performing in the situation when there are a lot of cheap service providers on the market?
Yes. Thank you, Joonas. I will take this one. Just to remind that Tallink owns 34% of the Tallink Takso company. The company has about 80 taxis right now, and during the crisis was mostly doing business to business client transportation. Right now, the taxis are more gaining market share on the retail market. The taxi business is important for us because when hundreds or thousands of people arrive in the port, there is always not enough ways to transport to the hotel or somewhere else. Overall it's a very small part. Obviously the taxi business has been negatively affected by the reduced amount of tourists.
It definitely serves its purpose. Yes, that's about it.
Thank you. The next question is, maybe you said it, but could you please repeat what have been the cuts in costs under the line cost of sales, especially compared to 2020 and 2019?
Yeah, I'll reiterate that, compared to the third quarter of 2020, effectively all of the costs in the cost of sales were declining, with the exception of the fuel costs due to the fact that the fuel prices were higher, compared to 2019, due to the significantly lower business volumes and overall cost reductions, all cost items were lower. Here, the only exception perhaps is the depreciation and amortization expense, which has remained throughout the years fairly similar level.
The next question: why did you draw down the remainder of the NIB loan of EUR 90 million fully in Q3? Do you see complicated quarters coming?
The answer is, in a way, yes, we see that we are heading into the off season and the coming months are clearly not as strong as were the summer months. But the other part is that the loan had also the guarantee of the Ministry of Finance in Finland. Due to that factor, legal restrictions related to the loan. The loan wasn't available indefinitely due to regulatory reasons.
The next question is, maybe you could add some color on the Burger King contribution to group sales this quarter? From my side, I would just say that the Burger King franchise, which is also impacted negatively by the COVID and the restrictions, still relatively to the entire group is very limited. I don't know, Harri, if you want to comment or add anything?
Yes. I believe right now we have 11 restaurants open, and then this year we've opened another five. So, it is limited. Obviously, Burger King is affected by the restrictions, especially right now in Latvia, where there is a curfew and shopping centers are restricted or closed, et cetera. I believe most restaurants are positive on the EBITDA level. It's still. We are still starting this business. When we have about 20 restaurants, then we can start to better measure. We still believe strongly in the Burger King business. It is the first business that we are able to do throughout the Baltics.
We right now keep opening the next restaurants. Definitely we'll see a boost in sales when the pandemic also recedes.
Thank you. The next few questions concern the Finland-Sweden routes. I will address those to Margus. First question is, how will the Helsinki-Stockholm route operate in the first quarter, one or two vessels or none?
Yes. We are of course constantly monitoring the situation and based on the development of external environment and demand of customer, we make our adjustments and decisions. Currently, we plan to operate most of time of Q1 with this route with one vessel, Silja Symphony. We are currently assessing the need of having maybe for certain higher demand periods like winter holidays, two vessels on that route. This is based on maybe quite encouraging results, what we had during the autumn holidays now in October on that route.
Thank you. The next question concerns the Turku-Stockholm route. Will you make any changes to the Turku-Stockholm route next year as the competition will increase?
At the moment, we don't plan any changes. Turku-Stockholm route is operating until year end. We're based on the support from Traficom, which is a Finnish state authority. The idea, of course, is to ensure that Finland, which have 80% of import and export traveling on sea, will remain also connected to the rest of Europe during pandemic time.
We have had this support already in place for more than one year, and we expect also the government will prolong this at least in the first half of last year, next year, sorry, when the high season has not yet started. We had also the same situation in 2014 when our competitor brought new Glory, a new vessel named Glory to that route, and we didn't make any changes, but we started to answer to the competition with the service level, service quality, entertainment, and of course, we try to make the same also this time. No, at the moment, no plans to make any changes.
Thank you. Next question. Do you currently foresee any other chartering opportunities in Q4 or for first quarter of 2022?
We cannot comment on future charter contracts. We have said that, especially when we have ships available, we would like them to always work. If they are not on the route, then they should be chartered out. We will definitely keep our eyes open and also let the investors know first thing when the charter contract actually is signed. Let's see.
Just as a reminder, the Silja Europa and Romantika are being chartered out on short-term deal in Q4. Next question. Given the inflationary environment, how much higher would the price be for MyStar today?
This is, I think, a very difficult question for us to answer and should be directed to the factories, but I'm pretty sure it would not be cheaper because steel prices are up and then the electronics prices are up. Not only are the prices up, but the commodities are not always available when it's needed and so forth. I think shipbuilding definitely is right now challenging. We are very happy that we ordered MyStar when we did and that it's almost ready.
Mm-hmm. Thank you. Next question. Are there any concerns to let the vessel be chartered outside Europe? Your competitors say it might affect the condition of the vessel.
Charter contracts are drawn out very carefully and there are insurances and all kinds of restrictions regarding the charter contract. When we give out the vessel, we have to get it back in the same order. Whoever charters first is very carefully chosen, and not everybody can charter out vessels. There needs to be a track record and so forth. I don't think this is a concern. Our ships have been chartered out and currently are as well. One is in Canada. Silja Europa previously has been in Australia, and we have received the ship just in fine condition. I don't think this is a special concern.
Thank you. Question, how much does competition with Viking and Eckerö affect the survival in COVID times compared to previous years?
Uh.
I can answer.
Yep.
Or.
Go ahead, Margus.
Yes. Yes, basically, of course, we have always said that, first of all, we are not competing only with Viking Line and Eckerö Line. Basically, already many years, we are competing for the free time of customer, and therefore we are competing our competitors also Netflix and Nintendo and Facebook, et cetera. I don't think that therefore the competition landscape has been changing or will be changed too much comparing what has been the landscape during the years before the crisis. Therefore, it's very important that the vessels are green because consumers are voting with their feet to have a lesser CO2 emission. Therefore, it's important that vessels have new concept of service and entertainment with where we have been in the past investing quite a lot.
What I want to say is that even, yes, there are definitely further attempts to make very low ticket price, but competition is much more complicated. The single ticket price is not the only thing which counts when the consumer makes a purchase decision. There are many more other things to consider. Therefore, I don't think that situation of competition will be so much different from the pre-pandemic time.
Thank you. Another question is, you have repeated multiple times, and it is also obvious that the COVID situation has affected everything from transport, cargo transport, and even hotels and taxi transport. It is also obvious that this COVID-19 virus is here to stay. What are your actions to increase traveling, even if this COVID virus will never go away?
Well, from our perspective, although this is a terrible pandemic, for our business, COVID virus is not the main reason that it's a very challenging environment. It's the endless different restrictions and rules. If the COVID virus will stay, and so far, it most likely looks like it does, people will have many tools to fight it. We will have, hopefully everybody vaccinated. We will hopefully also receive different medications for it, not only the vaccinations. It will not be, you know, show-stopping medical problem where the hospitals are overwhelmed and so on. Yes, there are other viruses as well. There is flu that's also a terrible virus, and we have learned to live with it. I guess something like that should happen relatively soon as well.
We will not be talking about coronavirus anymore. We will be talking about other issues that affect business. We already see today that we can offer a very safe travel experience and vaccinated people use it and have no issues. Hopefully this situation improves by time.
Thank you. Thank you, Harri. With that, we've exhausted all the questions, and we've exhausted almost an hour. Thank you very much for your time and attention and questions and interest. The next webinar, we'll meet on the next webinar, most likely in the end of February. Thank you very much. Goodbye.
Thank you, everyone.
Thank you. Bye-bye.