Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the first three quarters results call. Throughout today's recorded presentation, all participants will be in a listen-only mode. The presentation will be followed by a question and answer session. If you would like to ask a question, you may press star followed by one on your touchtone telephone. Please press the star key followed by zero for operator assistance. I would now like to turn the conference over to Harald Hagenauer, Head of Investor Relations. Please go ahead.
Good afternoon, ladies and gentlemen. Welcome to this conference call of Austrian Post. Here with me is our CFO, Walter Oblin, and we would love to discuss and present the first 9 months and also the Q3 figures. So please, Walter, go on.
Good afternoon, ladies and gentlemen. It's a pleasure to have the opportunity to present to you our Q3 results. As a summary up front, we are operating in a challenging environment. At the same time, I think we delivered another quarter of profitable growth and are looking confident into the full year 2023. Let me start the presentation of page two, shows you the well-known segment structure of Austrian Post, Mail, Parcel, Logistics, and Retail and Bank, unchanged since a few years already. And moving to page three.
Page three summarizes the challenging environment that we're operating in. Three main drivers that we want to highlight. First, our markets, in particular, the e-commerce market on one hand, but also stationary retailers in Austria are operating in a different, in a challenging market characterized by a real decline, high inflation, and a substantial consolidation, in particular in the stationary Austrian retail market, where we have seen a number of exits go through insolvency as well as store closures. Second core driver is persistent high inflation in Austria, higher than in the Eurozone. Prediction for full year 2023 is 8%. At the same time, there is a lack of positive momentum in the economy in Austria.
Full year GDP growth is forecasted to minus 0.8%. So combination of the recession, moderate recession with high inflation. And third driver, Turkey. Again, we are a challenging environment, characterized by high inflation on one hand, and secondly, volatile, volatile currency, which does not move in a linear way, but in waves or in one of erosions. We've seen one such erosion in Q2, where in Q3, we've seen a quite stable, a quite stable currency. And this combined with the hyperinflation accounting is the cause for substantial volatility in our numbers.
In this environment, in this challenging environment, I think we are satisfied to report today quite good numbers both year to date as well as for Q3 standalone. Full year, not full year, but group revenue for the first three quarters, up 8.5%. Both EBITDA as well as EBIT up also by single digits percentage point for Mail business overall under pressure, under volume pressure. Part of this volume pressure could be compensated by tariff increases. As a result, you know, a relatively moderate revenue decline of 2.3%. Parcel and Logistics, very good momentum volume-wise across the portfolio. Austria, up to 11%. Eastern Europe, up to 36%.
As a result, in combination with the already mentioned inflation in Turkey, revenue increase in euros, of course, we grew at 16.6%. Also, very positive news, our smallest segment, Retail and Bank, was the strongest growth, revenue of 40%. This is mostly coming from bank99, where the tailwind from interest rates has been boosting interest revenues. And we have made a substantial step forward also in terms of bottom line. Page five highlights a little bit the volatility that we see coming from Turkey and the Turkish lira in combination with hyperinflation accounting. The core Austrian and CE business, relatively stable growth here of around 4.5%, with limited fluctuation across the first three quarters.
Whereas the Turkish revenue here very volatile, +66% in the first quarter, -14.5% of the strong devaluation of Turkish currency in Q2. And now, again, back up at is a quarterly growth of 50.1%. Hyperinflation accounting means that every quarter, we basically apply the inflation for the full year, and use the final day of the quarter to translate the Turkish revenues into Europe. This combination causes the strong fluctuation. Page six summarizes what I've already detailed in the charts. Group revenue, as mentioned already, up 25% is the distribution across divisions, as mentioned.
And let me directly move to page seven, where I think we can report that based on a good revenue development, we also have a stable, slightly up EBIT development. We've had substantial one-offs also during the quarter, which I come to later on. But overall, I think also on an operational level, for the first three quarters, we have seen a stable, resilient business portfolio with some margin pressure, as you can see here, particularly in the Mail business. But I would say in the core Austrian logistics business at large, very good development in Turkey, helping also profitability in Parcels and Logistics.
As mentioned, a substantial top line as well as bottom line improvement, improvement in bank99, which led to a EUR 19 million improvement in ramp-up losses in the retail and bank segment, and the corporate segment slightly down due to a combination of sector cost increases and one-offs. Overall stable development, and based on this development over the first three quarters, we also look confident into the full year. Our strategy, page eight, I think is working, has proven now in different crises over the last years that we can deliver profitable growth in different market situations, in booming phases, but also in recessionary phases of the economy. We think this strategy will also be the basis for future stable development.
Let me highlight a few elements of our development along this strategy framework. Starting in our core business, and there, in the addressed letter mail, we have seen a decline of around 5% over the last years. We have seen unadjusted, a somewhat stronger decline in the last quarters. However, this compares with a previous year with a number of one-off mailings. One-off mailings resulting from anti-inflation measures from the government, one-off mailings resulting from steep price increases from utilities. If we adjust those, we roughly see this around -5% for the first three quarters. However, we are alert here and volume decline is under observation. Also, there has been, there have been presidential elections last year.
This year is not a very strong election year, but next year, a number of country-wide elections in Austria will happen, among them, the election to the European Parliament, as well as to the National Parliament. A very important milestone was achieved in the beginning of September, where a quite substantial product reform was implemented in the mail market. The combination of increases in the core letter mail tariffs was a substantial expansion and a substantial opening up of the Economy Letter. Basically, the whole retail and SME segment is now able to access the Economy Letter, the standard product for the mailbox stream. So the address letter mailer that is posted in mailboxes is now the standard product, is now the Economy Letter.
This product reform was approved by the regulator already quite a few months ago, and was now implemented September first, with, I think, a good acceptance from the market, a good acceptance from the yeah, public, public space in Austria. And this of course will add both to the top line as well, as well as it will enable further cost savings in the operations. Moving to direct mail. Direct mail of course is under particular pressure whenever the retail market, the retailers market, our most important customer segment is under pressure. And the stationary non-food retailers in Austria are in a difficult situation right now.
We see a number of insolvencies, among them names like Superliner, Forstinger, a number of German names in the classical mail order houses like Klingel or Peter Hahn have moved into insolvency in the last months. At the same time, we see store closures also among SMEs, but also among bigger chains in retailing, and as a result direct mail revenues are under pressure. We continue to be a strong direct mail market compared to other countries, but volume is declining here above the rate of the last years. Decline rates are in the order of magnitude of around 10%. Moving to the growing part of our business, to the Parcel business, starting here with Austria.
Here we see very good growth rates, both in Austrian Parcel business in the first 3 months of +11%, volume-wise. And is a trend that makes us confident that we'll also should have a good Q4, +13% in Q3, of use that we are gaining market share also in Austria. The overall market growth, we believe, is smaller than that. To continue and defend our market leadership in the parcel market, we have invested heavily over the last years. We are now coming to the final stages of this big investment program. We've successfully started production in our last, and one of the biggest expansion projects, a new sorting center in the south of Vienna.
This center is up and running, it has already sorted up to 200,000 parcels a day over the last days. As a result of this big project and a number of other investments, among them are investments in the green transformation, in particular of our fleet, but also PV and other investment types. We will have another high CapEx year with CapEx coming out for the full year somewhere between EUR 160 million and EUR 180 million. After three quarters, we sit at roughly EUR 100 million.
We do expect CapEx to come down, not to where we, where we've come from, before we started this big investment program, as the group has become bigger, and as we will also see, investment needs, in Eastern Europe and in Turkey, but CapEx should come down substantially, already next year. Page 14 shows you, once more, the overview of our CapEx expansion program in Austria. As mentioned, the Logistics Center Vienna, that was opened a few weeks ago, is the last big project here for the foreseeable future. Page 15, our staff structure in Austria. The usual graphic, I think no big news here. The staff transformation is moving ahead. Less than 4,000 civil servants in the group.
In Austria, more than 10,000 for the first time in our new collective wage agreement. Let me remind you that the average cost per hour in the new collective labor agreement is roughly 50% of that of outgoing civil servants. So this staff transformation continues to provide some compensation to the extra cost increases that we of course see. Again, here a reminder, we have negotiated a collective wage agreement with our unions in spring, where wages will rise starting January first by roughly 10%. In the second 6 months of this year, we are paying a fixed amount of EUR 300 per employee across all critical skills categories.
Pretty much that is a payment that is free of taxes and social security costs, both for the employer as well as for employees. And that's essentially less costly than the full 10% that we see as of January first. And so in Q3, we already had to digest this additional payment. Page 16, moving to our international portfolio. Eastern Europe with strong volume growth + 25% more parcels in the first three quarters. Whereas in Turkey, again here also, a double digit growth + 11% in the first three quarters. Our newest addition to the group, our expansion to Azerbaijan, is also well developing month by month.
We see the already substantial volumes and, more importantly, increasing volumes. Page 17, some more details on our Turkish business. You see here that, despite or apart from, fluctuations in currency, and the challenging inflationary environment, our business here is in a very robust growth mode. Parcel volumes up 11%, revenue more than doubling in the year, and given the currency development and also the hyperinflation accounting in Euro terms, we are up 45% from last year. And that combined, this is not mentioned here, or actually is mentioned, is an EBIT margin that is quite strong and above average. Let me continue with page 18. A few words on bank99. bank99 continues to grow.
We see growth in customers. We see slight growth in total balance sheet despite a very difficult mortgage loan market in Austria. We have seen good new production of mortgage loans, also good production of new customer loans, very solid portfolio in terms of risk. Strong tailwind from the interest rate environment. As a result, interest income more than doubling from EUR 22 million to EUR 56 million. We are currently busy with merging two core banking systems into one. We have decided to work with Accenture. Accenture has acquired the core business banking system provider, ARZ, or it was renamed into TiGital .
In the course of this takeover, TiGital has been the core banking system provider of bank99 in the first years. We have now decided to move all customers and the whole banking operation to Accenture. This project is in a good first half and developing according to plan. At the same time, there is a substantial one-off cost associated with this migration project in two areas. One is additional IT cost, and second is the accelerated depreciation of the acquired ING core banking system with the name Orange Lion. So, these additional costs are impacting a little bit our P&L. Nevertheless, a strong big step towards breakeven.
We do expect the operational break even next year, as next year will also be burdened by a substantial one-off cost. We do expect a slightly negative bank PNL still next year. Moving to page 19, a brief snapshot on our self-service solutions. We are starting a next phase of going even deeper into the country with smaller self-service solutions. We have come to an agreement with Telekom Austria to take over old phone cells, which we will use as sites to establish small postal stations where you can pick up and also deposit and post parcels.
The first pilots are ongoing, and with that new phase, we do expect a much stronger density of self-service solutions to be achieved over the next year. Page 20, I think we have started to regularly report also on four ESG indicators. I think the core messages here is, first, we are moving according to plan in Austria, where electric mobility, the transformation towards electric mobility is running at full steam. We will have more than 3,500 vehicles on the streets by the end of this year. Target is to deliver last mile free of CO₂ emissions, so with no combustion engine in the last mile by 2030.
Change was last year in CO₂ emissions in Austria, -2.3%. On a group level, CO₂ emissions are up. Why? Because we have this substantial volume growth in Eastern Europe and in Turkey, and this has overcompensated the savings in emissions in Austria and from measures that we are also taking in our international portfolio. And some progress also on the social indicators, women in leadership positions. Here, quarter by quarter, we see an increase, decline in employee turnover, still higher than we would like it to be, and there are a number of programs and measures aiming to reduce employee turnover, in particular, in our new collecting region.
Page 21 shows you the ramp-up of our electrical heat as well as of photovoltaic facilities on the roofs of our buildings in Austria. We'll have around 8 MW each up and running by the end of this year. In the pipeline, in development, that should lead us to around 16 MW peak by end of next year, which means that we should be able, as of 2025, to generate around 20% of our own electricity capacity by our own photovoltaic facilities on our own roofs. So much on as an update on important developments in the group. Let me now come to more financial details.
Page 22 shows you the core KPIs, commented on revenue, EBITDA margin, EBIT margin on a, I think, stable development on different levels, managed to share and cash flow slightly up. I think this is actually we are well on track towards delivering a cash flow for the full year. That also be the basis for another attractive dividend payment. Page 23 shows you that within our group, P&L, we have a number of one-offs. Let me highlight two or three of them. We have sold, this is among other operating income, a piece of real estate where until last year, we had a logistics center in Tyrol. We sold this for roughly EUR 23 million, was a one-off profit resulting from this sale from around EUR 19 million.
So this was a big positive one-off. We last year had a larger one-off resulting from the assessment of the liability around our put option for 20% of Aras Kargo. So for the put option, that is in the hands of Aras. So that last year was around EUR 9 million, together with a number of other impacts from Turkey. We this year had one-off depreciation impairments totaling around EUR 11 million. One source of that, Eastern Europe, we exited from a subsidiary called Weber Escal in Croatia that was distributing leaflets. We had some impairment on a facility that we took over when we reintegrated the DHL network.
So a number of one-offs, I think overall, there has been those last year as well as this year, a single-digit million figure as a positive net from these one-offs. Overall, I would say that the trend that we see here in profit development are more or less stable, slightly upwards development. We also see when we adjust for these one-offs. Let me now dive a little bit into the divisions. Main division, starting on page 24. Total revenue -2.3% was a negative trend over the quarters.
That is, as I said, coming from a negative momentum in the market, in particular in the stationery retail segment, where, as already mentioned, we have seen big customers exiting or going into insolvency, with a resulting decline in direct mail volumes. Also, letter mail, as I already said, in the absence of positive one-offs, compared to the year 2022, where we had a number of one-off mailings, we have seen a substantial volume decline, which could not be fully compensated by tariff increases, but still here was not - 1.2%.
I think we still see a quite resilient Mail business, and that is also shown in the Mail division, EBIT, where it was a EUR 102 million EBIT contribution after three quarters. I think we can show here another year, a strong and resilient business. Parcel business, page 26. I have already commented a lot on the positive volume development across the geographies, which also is combined with also price increases, resulting in quite good volume increases that you see here on page 26. Overall, 16.6% increase, even if you take out Turkey. Turkey with its special environment in the group portfolio. Outside Turkey, also a growth of 9.1%. Again, here, good volume development.
We see certain mix change towards smaller and less costly products from our customers. We also see a particular growth of Chinese customers, was a little bit different volume and product mix. But overall, I would say quite positive momentum here in the Parcel division. That is also reflected in, I would say, a decent EBIT margin is mentioned in both years. Some positive one-offs, but still, with EUR 61 million absolute EBIT, one of the strongest years in the history of our Parcel division. Last, and I think most positively, revenue development, as mentioned in our retail and bank division, +39.3%.
I have already explained the increase in interest income in the bank, which was the main driver for that. As a result, page 29, also, ramp-up losses coming down substantially from EUR -25 million to EUR -5.6 million. This number is still including one-off IT integration and depreciation costs of around EUR 7 million in Q3. Balance sheet, page 30, I would say pretty much unchanged. A healthy rather conservative balance sheet with little leverage, stable equity position, and I would say little impairment risks. Page 31 shows you our usual cash flow overview. We will, as of this quarter, highlight also our share of, call it, let's call it green transformation CapEx.
This includes our spending for electric fleet, loading infrastructure and PV. Roughly 35% of total maintenance CapEx going into this, what we call here, green transformation. We have seen, you also see here the one of proceeds from the sale of the real estate in Tyrol, EUR 23 million, with all those effects and operating free cash flow of EUR 177 million, and a free cash flow of EUR 105.8 million. With that, I think we're on a good track for generating a cash flow also for the full year. That will be the basis for next activity. Let me close on page 32 with our outlook for the full year. Pretty much unchanged. We confirm our outlook.
There are some nuances where we have moved to a slightly more optimistic wording, particularly on the revenue side. So also confirmed growth in group revenue, at least in the mid-single digit range. Of course, that is to some extent dependent on the development of the Turkish lira in the remaining weeks until end of the year. So far, we've seen a quite stable lira over the last weeks. And on the earnings side, we confirmed the target for 2023 to generate an EBIT at the prior year level. And while we're not yet providing specific guidance for 2024, we want to emphasize here that we also have the aim for next year to achieve a revenue growth, and we are confident that we can deliver on that aim.
Clearly, it is also our objective to maintain our track record of stability in earnings development. With that said, thank you very much for your attention, and I look forward to your questions.
Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star, followed by one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star, followed by two. If you are using speaker equipment today, please leave the handsets before making your selections. Anyone who has a question may press star, followed by one at this time. The first question comes from the line of Paul Kirjanovs, Bank of America. Please go ahead.
Hello, Walter. Hi, hi, hi, hi, Harald. Good, good, good afternoon, Paul Kirjanovs from Bank of America. Two questions, please. On parcels, another good quarter of volume performance for domestic parcels. Can you talk about the trends through the quarter and what you saw in, September and October? And I appreciate visibility is quite limited, but perhaps you can also talk about overall expectations for the peak season. I mean, you increased your expectations for the full year in the division, so I assume that's somehow related. And then my second question, also on parcels, and I think you mentioned that in your opening remarks, but could you also talk about how your market share developed through the quarter and what development you're seeing in the market overall? Thank you.
Yeah. Well, thanks, Paul, for your questions. I think you're right to say, you know, we have limited visibility going forward, but of course, looking at September forward, I think we see a continuation of the trend over the last three quarters, where we have strong parcel volumes. And if we will try to see a trend, I think it's rather a positive a trend of increasing growth compared to last year as opposed to a declining trend. But of course, you know, the very strong weeks are yet to come, and we do have limited visibility on how our big e-commerce customers will perform in the upcoming quarters.
Yeah, but overall, it's good trend, and what we've seen over the last week has confirmed the trend over the last month. Second, market share development, of course, we do not have any precise numbers. Just judging from the development of our big customers, I think what we see here is that the European big e-commerce players are not growing as strong as we have grown in our total volumes. We see new Chinese players where we were able to win some important ones, not only for Austria, but for the group portfolio as a whole, in particular for Eastern Europe and for Austria, are winning share.
So we see, the consumers being obviously more price sensitive and more inclined to, you know, to try out, some new Chinese players who are aggressively expanding into the European e-commerce market. And finally, you know, what, what we see from reported numbers in terms of real e-commerce, revenue development, I think we rather see a favored to, in real terms, strengthening European e-commerce market. And that's our conclusion, that we are, probably, winning market share.
Great, thank you.
The next question comes from the line of Nikolas Mauder, Kepler Cheuvreux. Please go ahead.
Hi, good afternoon. Thanks for taking the question. I have three, please. First, housekeeping. On the EUR 19.3 million profit from the logistics center sale, I'm struggling to identify where this one was booked. You called it a logistics center, so was it in Parcels or was it in Mail? That was the first question. Second one, on the mail volume decline momentum. Is this sort of an effect of the price increases that were pushed through in recent quarters, and will that calm down again? Or is this sort of a new level of decline that we have got to get used to?
Then finally, I appreciate the thoughts on 2024 already, and I know the slide on the CapEx plans, but do you have, like, a more precise idea of what you're going to spend in cash CapEx next year? Thank you.
Yeah. Well, thanks for your questions. First question, you know, this was a logistics real estate focused by Mail and Parcel in the past. So I would say roughly, the one-offs are split evenly across those two divisions, roughly. Second, on the mail volume decline, you know, we do not have the crystal ball going forward. I think what we in particular see is that, we had in 2022, a smaller decline than the years before. Why? Because we had, as mentioned, a number of one-off mailings, and inflation measures from the government. A lot of one-off mailings communicating price increases from utilities. We had elections, presidential elections, large elections.
We had some international volumes where one big parcel customer is now using less mail and more parcel volumes. So there are a number of positive one-offs, 2022, which we are not seeing again this year. Yeah. And that explains a large part of that additional decline that we see this year, last year. At the same time, you know, a weak economy and price changes from our side, of course, you know, lead to activities on the side of our customers to find ways to send out less mail. I think we are not at the point yet where we would say we see an acceleration in the mail decline.
I think we need to push more forward to better understand whether what we see there is just a readjustment of a very strong year, 2022, or a slight acceleration. But we're watching this closely.
Thank you. And on CapEx for next year?
Yeah, so sorry, I wrote down your question, but did not look at my sheet of paper again. Yeah, I think we're talking about probably order of magnitude 20, 30 less than this year. And, you know, over the course of the year, I think we'll be able to do a better guidance.
... Okay, that helps. Thank you.
The next question comes from the line of Marco Limite from Barclays. Please go ahead.
Hi, good afternoon. The first question is actually a clarification on what you just said in terms of allocation of the one-offs that you had this quarter. So if I got that right, I think you said that the EUR 19 million were equally spread across the Parcel, Logistics, and Mail and Branches. So can you just confirm that, basically, the Mail EBIT reported this quarter is, let's say, EUR 10 million higher than the underlying number? So if you could confirm that, please, and then probably, I'll move, I'll move to the second question.
Yeah. So again, we had positives and negatives, one-off this year. The big positive one was, the sale of this piece of real estate that was in Mail and Parcel, roughly, roughly evenly split. We had a negative, one-off, which was same division on a real estate, where we moved out, a rented real estate. But with IFRS 16, it's, it's also an impairment, which, was shown in, in the same divisions. EUR 5 million. We had, one-offs, resulting from migration and, and accelerated depreciation in the bank. Overall, we had a few million positive impact, across the group, less, which is a, an order of magnitude that we also saw last year. Yeah. So I hope it, it helps a little bit.
And please understand we are not, so I hope that it helps. And then you have other questions with you?
Yep. Sorry, there was some background noise, but I didn't get the EUR 10 million impairment allocation across. Can you repeat that, please?
Yeah. Again, +19, positive, across Mail and Parcel.
Yeah.
A good -5, also a real estate impairment, netted, also evenly split. And then we had order of magnitude +7 on the retail and bank side.
Okay, that's, that's very clear. The second question-
[inaudible] Small things, but not worth mentioning. Yeah.
Thank you. The second question I have is on the Turkish business. Clearly, there is the numbers were somehow inflated on the top line by inflation and currency. Was just curious about the broad margin level of the Aras Kargo business for this quarter, if is materially different compared to let's say the historical, let's say, 10% average we've seen in the past. And the third question actually is on the outlook. And just to confirm that the outlook implies, I think you mentioned that in the call, but yeah, if you could confirm, would be great, that you're still assuming breakeven, you're still assuming breakeven level for the retail and banking unit for 2024. Did I get that right? Thank you.
Yeah. What I said is that we will, on an operational level, most likely achieve our breakeven next year. However, there will still be one-offs that will burden the segment P&L, so that we do not expect a breakeven after one-off migration and depreciation costs for 2024. Yeah, so operational breakeven, yes, including migration and depreciation, not fully breakeven next year. Yeah. Second question or first question was on Aras. So, you know, Aras was not always on the margin level where we see it today. In particular, 2022 started out quite, quite difficult. I think we improved a lot over the second half of last year.
So, I would say last year was more on average, on the group level. And this year we are substantially as mentioned above group average in the order of magnitude of the numbers that you mentioned.
Okay, clear. Thank you very much.
As a reminder, to ask a question, please press star and one. The next question is from Teresa Schinwald, Raiffeisen. Please go ahead.
Thank you. Good afternoon. I want to come back to the direct mail revenues. Can we assume the high 60s as a new run rate for this segment after some clients or customers reduce their mailings, or would you expect further declines in this segment? And I'll follow up with my second question because it's also a housekeeping one. What's your expectations for a tax rate or taxes for the full year 2023?
... Well, can you repeat the first question? I did not-
Um.
What should be a new run rate? I didn't understand the word you were using.
Sure.
The line is a little bit yeah.
The direct mail revenues in the third quarter were below EUR 70, so in the high 60s. Can we assume this to be a new run rate for the direct mail revenues, or do you expect further declines in this segment?
Well, to be honest, I'm not prepared to talk about quarterly revenue run rates because we don't have a linear business, and I'm not saying you imply that. Of course, direct mail has also a strong seasonality, with Q4 being typically the strongest quarter, and Q1 with Easter and so on also a strong, and Q3, of course, being the weakest quarter. But I think the general trend in direct mail is downwards. Yeah, there are at least three drivers that drive direct mail revenues down. One is the consolidation in the stationery retail market and the loss of revenues in that market segment to e-commerce players who are using direct mail to a much lower extent.
Second is the increasing digitization also of advertising. Accordingly, the loss of market share of printed advertising in various forms, be it in newspapers, magazines, but also in the postal products. I think we've stood against this trend quite successfully over the last years, but this trend is happening in 36 GDPR, which has also forced a number of players to shy away from, you know, sending direct mail in a very intense way. So overall, we have to expect that there will be further downward pressure on direct mail. However, I do hope and confident that we will not see this -10%, hopefully, as a run rate going forward. Yeah.
On the corporate tax rate, yeah, we see a lot of volatility, and we apologize for that. In our tax line, that is mostly coming from Turkey, and they are mostly from the Hyperinflation Accounting standard, which moves our deferred taxes a lot, quarter by quarter. In Austria and as a group, you know, most of our taxable income is underlying the corporate tax rate in Austria, which currently nominal is at 24, with you know some deferred tax effects every year, but overall, this order of magnitude of 25%. And I think you are all aware that in Austria, corporate tax is currently being reduced over 2 years, I think from 25%-23%.
I think it's a tax rate we have, and everything else is pretty much paper tax coming from deferred tax effects.
Thank you.
There are no more questions.
So if there are no more questions, I would like to thank you for participating in this call. If you have a couple of questions or some more questions the next days or today, we are available here, so don't hesitate to call us up. And so I would love to say thank you and goodbye.
Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for joining, and have a pleasant day. Goodbye.