Good afternoon. Welcome to AUGA Group Meeting with Investors. I'm Emilia from Nasdaq Business, and I'm delighted to be the moderator for today's event. We will start with a presentation from the management, which will be followed by the Q and A session. As always, I encourage every one of you to ask questions during or after the presentation in the question box of your screen.
With that said, I'm pleased to introduce today's presenter, the Chief Financial Officer, Mendogas Ambrasas. Mr. Ambrasas, please, the floor is yours. Good luck.
Thank you. So good afternoon, everyone. As always, thank you for joining this conference and thank you for your interest in our group. And let's go through the presentation. So as maybe you could already saw from our public announcements or report we published a couple of days ago, For the first half of twenty twenty one, our results were, I would say, very similar to the results we had last year.
Of course, to be precise, we had very small decrease in like major categories: revenue, profit, EBITDA. And almost after 2 years of similar presentations that then every time we had the possibility to talk about growth, about improvement, I would say we stumbled a little bit this quarter of this first half of the year. But there are some specific reasons of this decrease or slower growth, and I will try to tell you a little bit more about such reasons. But despite this, we have, I believe, quite positive developments in our strategy implementation. So I will touch the subject a little bit later as well.
So as always, let's go through main business segments of our group, and I will try to give you more details about results and reasons for that. As always, let's start from crop growing. And for the first half of the year, gain from revaluation for full harvest was €6,500,000 generally in very similar level for what we had last year. And as we accounted almost €2,000,000 in the last year's reports, generally, we have €4,500,000 reported in the first half of the year. If we talk about harvest, I think us and the market in general, we're very optimistic about this year's harvest up till June because conditions for sowing in winter in autumn, winter and then spring were quite good for agriculture.
Unfortunately, the situation changed in July and due to, I would say, extreme heat we had in Lithuania and in our region, which was maybe nice for those who were on holidays during that period of time, it really had the negative effect on yields in agriculture, especially for summer crops. And though it's, I would say, a little bit too early to estimate and say the final result of those changes and how this will affect our annual harvest and results for second half of the year. I think we can say that for this year, expectation of the harvest is really that it will be lower what we had last year. And from what we see from probably public institutions, from comments, from our colleagues that similar situation is not only in organic farming but in conventional farming as well. So if we talk about figures, we already even we are talking about events which happened in the Q3 already, but we already started to make some adjustments in our expectations toward the yields in the second quarter.
But we also see that this trend of changes in forecasts regarding the crops will continue in the second half of the year. And as I said, it seems that factual results will be lower for what we had last year. But I would say we would be comfortable giving much more clear situation and results in the next presentation when we'll have majority of our harvest already harvested and the situations will be clear because still lots of things are changing, which could have either positive or negative effect. From positive changes, we still have a situation in the market that prices the trend of the prices is really positive for us. The prices grow, and this could have positive effect on our financial results.
Secondly, if you remember last year, we had an issue with quality, at least with major culture for us, wheat. And from the first results of harvest, what we see this year, we see that, I would say, we got back to normal and quality of wheat is much better for what we had last year. So generally, these are like positive developments. But I also have to say that those positive developments really will not offset losses for what we have from possibly lower yields for the year. If we talk about second big part of agriculture of Crop Growing segment, it's sales of our previous year harvest.
So as you can see from the figures, we had, I would say, substantial drop in revenues, almost 12%. And this was the main factor why our overall sales of the group consolidated level has decreased. But this is, I would say, more mathematical thing than something which has affected our business. Because if we talk about sales of crop growing, so generally, you can sell as much as you grown last season. So if we compare how the harvest of last year year before that was sold, As you can see from the slide that last year bigger part of the harvest was sold in the 1st financial year.
So less was left for this year. And in previous year, we had, I would say, very similar parts of the harvest sold every year. So that's why the biggest change comes from that. And you really can't do much about this because, as I said, you generally can sell what you have after the harvest. And there are several reasons why this fluctuates quarter to quarter.
First of all, we have some agreements with our customers when we want to buy and when we want to receive the product. There are also timing decisions when we believe it's better for us to sell and to get maximum price and maximum profitability and other reasons. So that was the reason why these revenues decreased. And as I said, they had like the largest impact on overall sale decrease on the group level as well. Combined with subsidies, which has decreased and as it was mentioned during presentation last time, that this year we are getting organic subsidies for all land we are cultivating.
That was not the case in previous years when we were getting these organic subsidies, only 26,000 hectares instead of 4,000. So this gave us some boost in subsidies amounts, and this allowed us to have better gross profit on the segment, though some other areas we had some, I would say, negative developments. And just to elaborate a little bit on this positive developments, which still could have at least partly compensate negative development related to yields. Here you can see prices of organic and conventional wheat in Germany. That's our benchmark we are using just to understand the trends and understand how we are doing with our sales.
So as you can see, maybe I have to explain this fluctuation of organic wheat prices because this is like the top quality wheat, which is and there are very small amounts of this wheat sold, and that's why there is quite a big fluctuation. So it not always shows the real trend. And usually, just before the harvest, there is always a drop of the price because everyone is selling remaining last year harvest, and this creates some additional supply, and that's how it froze. But overall, as you can see, the trend is quite clear that prices are going up. And if we just calculate an average, so we have like 10% growth for organic wheat price in Germany comparing first half of the year this year with the same period last year.
If we talk about AUGO Group, we already for 2 days ago, generally end of August, we contracted 69% of our expected harvest. So there is still quite significant room if we strain to continue to benefit from that. And if we talk about wheat price especially, so as you can see from note in the presentation, if we just calculate what's the average price we are selling our wheat this year and expect to sell remaining part of the wheat, So it's 16% higher with our result last year. Of course, it's affected not only by increase in price, it's affected by better quality, as I mentioned previously. And I would say this increase in price for wheat is above total increase for total portfolio of crops, but still this is just a point to prove that there are some areas where we see some positive developments.
Dairy, I think it was already mentioned last time during the Q1 presentation that we had some problems in production, which led to 2 things. First of all, we didn't achieve growth of the yields, which we were hoping for because this trend of growth of yields really continued for a couple of years, and we still see a lot of room to improve that. But this has stopped and also this increased our costs in dairy. So as I told last time, we just made some changes in our feed structure. We put more expensive feed, but unfortunately, result which came at the end was not positive.
And it takes some time to correct that, to change that and to improve the situation. So what we can say that we already started to see from the results in the Q2 that at least in June, we already see, I would say, maybe 4% doesn't look that impressive. That is quite a significant figure for us. So we already see 4% growth in yields if we compare yields in month a year ago. So some changes we did in terms of feed, in terms of management, in terms of technologies and people, it already starts to show some results.
Totally, we are still working with our herd. We are still working with plan to increase this to 3,600,000 cows. Maybe it doesn't materialize as quickly as we would like to have. But overall, we had slightly more bigger number of cows. And the similar yields, we produced almost the same, slightly more tons on milk in the first quarter of in the first half year of twenty twenty one comparing to the last year.
Due to some changes, just like logistical changes in sales and also just because we have bigger number of Jaefers, so we will have to use more milk internally for some period of time till we reach age of the cow. So bigger proportion of milk used for our purposes led that even though production was on the same level, sales decreased very slightly if you talk about the milk for the Q1 of the year in terms of totes. But overall, I would say we have quite positive situation in the market in terms of sales. For the 2nd year in a row, we are selling almost everything, 90 plus percent of our milk as organic. So I think this situation will not change.
So that's why we even don't have this graph in our presentation anymore. And we also started to sell in a few new markets, Germany as an example. And all this led that we were able to achieve slightly better price, so 4% growth of price comparing this year's results to last year's results. So all those developments together with revaluation of biological assets, as I said, we are still working on this improvement of our herd, which means that we are changing cows, we are writing down some older, not productive cows. And what led to having higher negative revaluation, so which all this led to some negative gross profit for the segment for the first half of the year, comparing to some very small plus last year.
But I would say latest developments are quite positive. And if we will be able to continue with increasing yields, we will hopefully, we'll see positive changes in the final results of the segment as well. And just to add some information about those changes in the yields. As you can see from the graph, as we said, we had last year very positive development and we had this issue, then our growth of yields really stopped and we had even lower yields in April, May. But now we already see positive changes, and that's really our target and our goal.
We still see room for improvement in this area. So together with some changes in our production, renewal of the herd and hopefully, possibility to already start some of technologies we are developing, and maybe I will elaborate about this a little bit later. So this really gives belief that this segment still has room for improvement, and we should see this in the upcoming periods. Mushrooms, I think for the last year, we were saying that this is the segment which faces the largest risk related to COVID. And as it is really labor intense and though previously we had some effect from the COVID on results based on sales, on customer behavior, changes in the market.
Unfortunately, in the Q2 of this year, we really had an effect on our employees. So generally, we had a significant number of employees in our production facilities in the mushroom growing segment, which either were ill or which either had to be in quarantine. So generally, they couldn't be in the job. And this really created challenges for us because, first of all, production cycle is quite long, 5, 6 weeks. Generally, you have to go through the process.
And if at the end of the day, you just don't have production capacity or people to pick up the mushrooms, generally, you are losing your production capacity. And that's what would really happen in the Q2 of 2021. As you can see from the comments, our produced number or amount of mushrooms decreased from almost 6,500 tonnes to 6,200 tonnes in the quarter. And it's for the first half of the year, and majority of that happened in the second quarter. So generally, what how this affected our P and L, Unfortunately, we didn't we couldn't sell the product, but generally, we had to occur majority of costs.
Due to long production process, we had either to, in some technological way, to stop growing of the mushroom or if we are not able to pick them up, we generally had to throw some of our production, which was already in the compost away. And this is we thought we'd implemented lots of procedures to minimize the risk. There are lots of things done to keep our employees safe, and we're still doing a lot, but this situation really affected our results in the Q2 of the year. Looking forward, of course, what we did and what we believe would help us to avoid this situation in the future, vaccination was really a priority of the company, and we did a lot to motivate people to do the vaccination. So up to date, almost 70% of employees in production units are fully vaccinated.
So hopefully, this will have positive effect, and we will have noticed this issue in upcoming periods. Because other than that, I would say, summer and COVID created quite good environment for us in the market in general because due to hot weather, due to the same issues with COVID in other production for sale facilities in the market, then demand for the mushrooms really exceeds supply side. So the biggest problem and the biggest challenge is really to get all the production facilities working in full capacity, and this should get back to normal situation as we planned and as we have for a couple of years. FMCG, and here, I would say, we have maybe more positive developments. And though some detailed analysis could raise questions that growth in the 2nd quarter stand alone was not that big.
I think it's only 8% if you just take figures only and compare them. But still, we believe that results are quite good. What happened in the segment and how this affected our results? We had some changes in logistic, which had effect on our business because I think you know that right now, we have a situation in the world that logistics costs are increasing significantly. And in same cases, there is a problem really to find the logistic capacities if you want to transport something to U.
S. To Far East. So though in terms of results, logistic in bigger part of our contracts, The costs are on our consumer side, but we had effect from different angle. What our consumers changed in their behavior even started to reduce quantity of orders but increase the value of orders. So what we see, and I will elaborate on that a little bit later, that we have larger orders, and it happens that we just switched from the Q2 of this year to the Q3 of this year.
I will elaborate on that a little bit later. But talking about overall results, as you can see, we have still good growth in terms of revenue. And what is maybe, I would say, even more important, we will we are able to continue this quite sustainable and good profit margin for half year. So this profitability of 25% is, I would say, already sustainable. And this really gives us a good feeling about segments development in the future.
And just to elaborate on those changes of logistic issues, which maybe just created for us, It's not a big issue. You just have to organize your production in a little bit different way. So just to prove my point, here you can see a graph showing sales in one of our key markets. Maybe it doesn't matter what market it is and maybe it's not important overall figures, but as you can see from the graph, sales in the Q2 were almost on the same level what we had last year. But generally, sales really picked up in June July August, and that's really the story in the segment overall.
And as you can see from the comments that already in July, we had sales growing by 69 percent comparing to the sales in July last year. And also, if we just look at our standing orders amount at the end of the quarter, so at the end of the quarter, we had orders which will be done and executed and sold in usually 1, 3 months for almost 1 point €1,000,000 And that's not all orders we will have because orders will new orders will come during those periods as well. So overall, yes, 2nd quarter showed less growth, but this is just like technical correction. Overall, segment is still showing good results in terms of growing, in terms of profitability, and we still believe that this trend will continue. If we talk about growth, majority of growth this year comes from same customers.
So generally, we are selling more to our existing customer base. And maybe that's, I would say, bigger focus from our side because now we already have very broad geography. Where we are selling our products, the list of our customers is quite long. So we need somehow to make everything effective. So that was like the bigger focus to increase cooperation with existing customers, and that's where the growth really comes from this year.
But what we're also doing, we're trying to introduce new products. So just as an example, I'm using this possibility to do some PR work for our colleagues that new products are coming for our most important and the most popular product group, soups. They are already in some of the markets, and hopefully, we will have some maybe marketing campaign, and it will be better here than known for general public in Lithuania as well. Some financial information, you already saw overall figures that we had a slight decrease in the EBITDA this year comparing to the first half of last year. And as we discussed through the segments, there were some negative developments in crop growing dairy, mushrooms and FMCG.
This is really the segment which provides some positive change year on year comparing talking about our result. Another important thing which we always try to show for everyone is our financial situation with financing. So generally, after all those major changes we did last year, I think now we are in quite stable situation and our debt level remains quite stable. Yes, there is some fluctuation, but it's mainly due to seasonal activities, and that's usually how the situation changes during the year for the last couple of years. More importantly, this stability in our financing, our overall activity really gave us the possibility to invest or spend more on our investments and on our R and D, which, as I mentioned in our very beginning, that this is really focus of the Group because as the Group, we are really focusing a lot on implementation on our sustainability strategy because we really believe that that's really the future of AUGO Group, where the largest part of our growth and value will come in the future.
Just a reminder, if you remember from our strategy presentation, there are several technologies we are currently working and we are working on those technologies for 2, 3 years already. So biogas cycle, biogas we have since FEED technology. And this year, we invested significantly more into these areas than we did last year. So as you can see, more than EUR 6,000,000 comparing to a little more than EUR 2,000,000 last year. And as we also wrote in our financial reports, we really believe that we made some progress in those R and D developments.
And we believe that we will be able to show and present those developments to the public in the nearest future. So as also what we mentioned in the report, we still maybe need to do some final things, the final stretches, and that's not the topic for today's discussion. But as I said earlier, we see really significant improvement and significant achievements in those programs what we are doing. And I would say that I'm quite sure that we will have more news on this subject up till the next similar presentation, the next quarter results. So this is really important for us, and this is really, I would say, our key area of focus for the last year and the largest investment in terms of financing, in terms of people because for agricultural company, we already have team of engineers working completely on those new technologies.
We have several agreements with 3rd parties which are helping those technologies. But as I said, I think we will have separate event and separate presentation for this topic in the nearest future plan. And as always, information about the performance of August stock. I think maybe it's difficult to comment on that. We're always happy that we are becoming more popular in terms of investors, not only talking about shares, but also our bonds.
They, for quite long period of time, are the most popular corporate bonds in the Baltics. So we're really happy that more and more investors are interested in AUGA, following AUGA and seeing what we are doing and what's the situation. And as always, you can find more information in our web page, Excel files with the figures and other information, which was presented here today. So I think that's it from my side for the presentation. And maybe now we can go to the questions.
Thank you very much for the presentation. And now I would like to encourage everyone of you to use the question box of your screen for the questions. We have received several now, so let's proceed. The first question is as follows. Has there been any recent progress in selling more FMCG products to Europe?
Thank you.
Thank you for the question. Very good question and I would say quite painful question for us because obviously Europe is our key target. This is a huge market, huge organic market, and we were not very successful in the market up to today. In the first half of twenty twenty one, we had some small developments, but I wouldn't say that there is some huge success or something we could really tell to the investors and show that this is really sustainable and this will have positive effect in the longer perspective. Because, yes, we have some small first sales in Germany and Denmark, which both are very important markets and big markets, but it's really the first steps only.
Other new sales, we really came more from not from Western Europe, but from Central Europe countries, Czech, Hungary, Slovakia, I believe. So up to date, I would say, as I said, it's quite a painful question for all of us in our group because we really see U. S. Our home market. And of course, there is really focus and goal to break into this market more successfully than we did up to date, but we're still working on that.
Thank you very much for your comment. Another question is as follows. Could you please comment on development of innovative technologies in the latest financial report? Thank you.
I think I will just have to repeat myself that I think we have some really success here, but we will come back with more detailed information, much more explanation about this in the nearest future.
Thank you very much. And maybe you could also comment on the business in the U. S. A, how it is going? Thank you.
Yes. Opposite to EU, we already are in U. S, and this is a good thing. So generally, U. S.
Is now the largest market in terms of countries for our FMCG business. And for this year, we still have substantial growth in the market. I think up till September, we already will reach the same sales for what we had for full year 2020. Overall, we had agreements with quite big number of retailers and the largest retailers in the U. S.
So it depends on them. With Some of them, Costco, for example, we are significantly expanding our cooperation. And generally now, this year, we are selling to all regions of Costco, as we started from only few regions in U. S. With them.
So now we are all over U. S. In Costco. With some this cooperation and growth of cooperation is not that successful. But overall, as I said, we are growing.
I think we will have at least 30% of sales growth year on year in U. S. Stand alone this year as well.
Thank you very much. Another question that we received is as follows. Do you expect to see an increase in share of organic mushrooms? Organic mushrooms share price seems to be higher year over year as well as margins look better than in nonorganic. Thank you.
Another question and another very painful topic for us. Switching to organic Mushrooms is a long term plan for us, and this is like the biggest possibility to improve results of mushroom business because as it's clear, it's also stated in the question that margins are much, much better in organic Mushrooms. And for different reasons, we are not able to increase share of organic market for the last couple of years. That was really the focus of sales organization in the mushroom business for a few years already. We have dedicated team in place.
We have dedicated people in place. For a long period of time, we had COVID as maybe an excuse that it's difficult to introduce new product categories with our customers. But this is still a major focus for the company. It's still biggest upside in the mushroom business, and we still need to focus more and more on that. So this is really will continue, and hopefully, we will get results sooner than later.
Thank you very much. I would like to remind everyone of you that you are very welcome to send in your questions in the question box of your screen. And another question that we received is the following: First half year crop sales were at a loss in both 2021 2020. Does this mean the year and fair value gain is too high? Thank you.
Thank you for the question. It's really complicated question to give a very simple answer. If just to give an answer, I would say, I believe that it doesn't mean that we give not fair value of the gain at the end of the year because there is a methodology how we calculate the value. And it's really based on contract prices. It's based on prices in the market if the product is not sold yet.
So generally, there are specific things we have to evaluate and set the price for our stock we have for the year. But yes, for the last 2 years, we had this negative result from sales activities. And I would say this was affected by 2 different things last year and this year. Last year, we had the trend of decreasing prices of crops. So if you have part of your crops not contracted, so this change in price affects your remaining inventory, and you could have negative results from sales.
And that was actually happened last year. We also could lose in terms of sales that we have some changes in quality of the inventory we have. So actually, that's what happened this year. For some of type of the crops, we had some problems with storage and then quality of the crops decreased, and that's why we had to sell with the lower prices when it was booked with our fair value calculation. So overall, I would say we are really trying to have this value on the market price, and there is methodology for that.
We are proving this methodology, and then we also have auditors looking through that. So we are trying to show a realistic situation, but some situations give positive or negative effect. And unfortunately, for the last couple of years, effect was negative. This year, with the developments I showed or at least for the second half of the year, with the developments I showed you the prices, there is a chance that if this trend will continue, we could have positive effect from sales of not contracted crops in the second half of the
year. Thank you very much for your answer. We have received quite a few questions, so let's proceed. Comparing your estimated EBITDA this year versus your midterm guidance, where do you stand now? Do you believe you can still achieve your 2023 EBITDA target?
And what would be the main drivers for the EBITDA growth? Thank you.
As we are not publicly announcing our targets, I can't comment how we see our achievement of budgeted figures for a year. But obviously, if we say that some developments in crop growing activity mainly will be confident it was so actual result will be lower what we forecasted in the beginning of the year. Talking about this longer term target of EBITDA in 2023. Yes, if we look at current results and ambition in 2023, the gap is quite big. We also have to maybe remind that when we did this announcement, we also said that this €45,000,000 of EBITDA, which we said that we are aiming to achieve in 2023, are based on the conditions we had in 2019, meaning cost level prices, etcetera.
So these indicators changes, and they have some effect on the result, what we can achieve. But this is not like excuse from my side, but just a clarification why this figure could be slightly different from what we targeted. But overall, we still believe that we can improve our results significantly to the level which was announced. Because when we did this plan, our gain in, for example, yields, gain yields of crops or gain yields in dairy business came not only from like daily activities, what we do every day, but also from some technologies which will be implemented. So though I would say maybe we were too optimistic with development of technologies and maybe we are a little bit late with some of them, But if we will start using those technologies, this should give us the result we planned in the very beginning.
So maybe with some delay in time, we will still have a possibility to improve results what we're having today. Not to be very, very general and give you maybe specific example. Even today, if we look through results of our different farms and different companies in the Crop Growing business, We have very different yields per company. We can have like 50%, 60%, 70% difference of yields in different companies. And there is the reason behind that, because some of them, they are already using some of technologies we are developing, some of they are working on like normal old time methods.
As one of the examples, we can use organic fertilizers. And we see that if we can use them in liquid form, it gives much better result. So it's just a matter of technology, how you create that, how you apply that, how you use that. But we already see that some of the farms which at least use part of the things we are developing right now, we already get better yields. So then we will be ready to have full product cycle in place, then we'll be ready to use the same technology in all our farms.
We can expect better yields in agriculture. We can expect better yields in terms of dairy business. So we still believe that this can be achieved, though of course, as I said in the beginning, we have maybe some projects with some delay that it was the first plan, but we don't have any, let's say, setbacks that we said that some of the things we planned doesn't work or we abandoned it at all.
Thank you very much for the very comprehensive answer. And another question is also related with the future, and it says, looking 10 years ahead, could fast moving consumer good business become number 1 business segment for AGA because this business segment looks more attractive from growth and scale perspective? Thank you.
It's difficult to as just a question few minutes ago pointed out, it's difficult to project what happens with our crop growing business in 6 months' time. So it's very difficult to talk what could happen in 10 years' time. But yes, I think if now we move from our today's business to our vision and strategy, how we see ARG in the future, so definitely, as maybe you know, our goal as a company is really to create a new way how agriculture can be done in sustainable way. So generally, we want to create technology how agriculture, which is generally the largest, 2nd largest polluter in the world, how all these processes can work differently without negative cost to nature. So the next step in the strategy is that if you really need if you really want that this technology will be used, so generally, you have to have a link directly to your final consumers, because only then you can go to consumers and say that we want to offer you key products, food products, which are produced in completely different way than others are doing today.
It's not conventional food, it's not organic food, but it's organic and it's also sustainable, meaning that it was produced without cost to Tunisia from CO2 emissions, etcetera, etcetera. So if final consumer and we see that final consumers, they are this really becomes the key priority for them when making buying decisions. So if we could come up with the offer and today there are no similar offers offerings in the market. If you are consumer and if you are thinking about sustainability and this is really important criteria for you and our service all over the world shows that for younger generation, for generation with higher income, this is really like a key priority making buying decisions, you can't find anything to buy. You can buy organic, but organic is not always sustainable.
And if we will be able to produce this new type of product and we will reach and the only way to reach those consumers is through FMCG products. So this is the only way how we can implement our strategy. So definitely, FMCG is very important business for us, and we really see this as a key element of our future.
Thank you very much for your answer. And it seems that we have the last question remaining for today, which is as follows. What is the significance of high bond turnover? Doesn't it simply mean that someone's gaining interest, but somebody's losing interest in the bonds, hence insignificant? Thank you.
Okay. Thank you for the question. No, it's the same question when you have like glass of water. Is it full or it's full half full or half empty? So you can, of course, look into this from different angles.
But I think from our perspective, we are a listed company. We have a couple thousands of shareholders. But I think everyone knows that liquidity in the Baltic market in general, we would like it to be higher. We would like more and more people coming to the market, investing into companies, not only AUGA, other listed companies, because we believe that there is benefit from being listed company. And if the market grows in general, if number of investors, either to bonds, either to shares grows, it really creates more opportunities for everyone in the longer term.
So if someone decides to invest into bonds, hopefully he or she will read something about Tawba. Maybe she or he will find something which is interesting and maybe someday we will decide to invest into that. From other perspective, the more public we have investing into financial instruments in longer perspective, I believe this is really useful for all financial markets. So yes, this is really a long shot. And in a short period of time, of course, a person asking this is really right.
There is no significant gain, financial gain, just right away from bigger monster Nova. But in a longer perspective, this I think all of us will benefit from that.
Thank you very much for the last answer to the last question as we have covered all of them. So on behalf of Nasdaq Vilnius and AGA Group, thank you, everyone. It was our pleasure being with you today. The recording of Dear Mr. Ambrose, thank you for the presentation and a very good Q and A session.
Have a good evening, everyone, and goodbye. [SPEAKER MARCO
TRONCHETTI PROVERA:] Thank you, everyone. Goodbye.