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Ladies and gentlemen, welcome to Huhtamäki Q1 2021 Results Presentation. My name is Calle Loikkanen, and I represent Huhtamäki Investor Relations. Huhtamäki's President and CEO, Charles Héaulmé, together with CFO, Thomas Geust, will today walk us through the highlights and results of the quarter. [Operator Instructions]Without any further introductions, let's begin with the presentation. So let me hand over to Charles.
Thank you, Enaam. Good morning, everyone, and thank you for joining us this morning for our Q1 2021 presentation. I will take you through, first of all, an executive summary of the keynotes we would like you to keep in mind for our session. And the first thing is that we are reporting during this Q1 2021 an improved profitability with a gradual recovery in the demand. The gradual recovery in the demand is visible on the food on-the-go products that has been seen already in Q4 but is continuing and then we see as well a strong demand for fiber packaging and retail tableware. That's for the demand. Second aspect of the keynotes is that we see a significant tension in the supply and in the prices of raw materials that's particularly for polymers and recycled fiber but not only. A third keynote is the unfavorable currency exchange rate evolution that has been seen during this first quarter and lastly, I would mention that the transformation journey that we started in 2020 continues with a focus on improving our competitiveness, our innovation and sustainability, all this to deliver on our growth strategy. This being said, without any further I'll take you through our business performance for the first quarter. Starting with the sales. The sales which are reported at EUR 802 million for the first quarter. That represents a minus 5% versus the same period of the 2020. And notable is as I said before the currency impact which here is a minus 5% negative impact. So comparable net sales are actually flat globally. And at the same time, they are actually showing a growth in -- of 4% in the emerging markets and we have in the first quarter of 2021 reported a 1 percentile growth from the previous acquisition made early 2020. That's for the global sales. Moving on the next page and breaking down the sales performance per business segment. I would say that, first of all, the foodservice Europe-Asia-Oceania, reporting a minus 2% comparable growth is basically saying that we continue to see the effect of -- and the impact of the COVID-19 crisis globally. At the same time, we see that the demand is gradually improving. We'll come back to further details, of course, segment by segment in a couple of minutes. North America, with a minus 2% comparable growth. We would say that the most important aspect is to consider that this is a relative comparison to a very high, very strong Q1 2020, where we were growing 9% as a comparable growth and therefore, the performance of the first quarter in 2021 is actually quite in line with our long-term ambition. Then on Flexible Packaging, we see a slow progress of the organic growth, and we will come back to much more details as it is linked to varying aspects in depending on the regions where we are operating with the Flexible Packaging. And then we see a solid growth of 4% comparable growth in the Fiber Packaging. And that again, like for North America has to be put in perspective of the comparison with a very strong Q1 2020 where we were reporting 9% comparable growth for the fiber business.Moving on to the consolidated P&L. There, we see that despite the reported net sales decline of 5% linked again to the currency evolution, our adjusted EBIT is improving following the favorable sales mix, but as well continued focus on operational efficiency. So the adjusted EBIT is increasing in euro terms by 5%. But as well, it's increasing by almost 1-percentage-point is as a margin in percentage of net sales.The adjusted EPS is as well growing about 7%, in line with the profitability increase at EBIT level. And the relative decrease that you can see on the CapEx is probably not reflecting the plan that we have for 2021. And this decrease is actually more timing-related in terms of cash out than in terms of how much we are investing for expansion. So this is for the consolidated view. And I will now take you through a -- quickly through some more granularity by business. Starting with Foodservice, Europe-Asia-Oceania, where we see, as I said, a gradual recovery in the demand. The COVID-19, obviously, with all the restrictions and lockdowns that are still in place across the world. COVID-19 continues to have during Q1 a negative impact on the demand, but the demand is improving gradually.The segment's adjusted EBIT in euro terms, as you see ending on EUR 17.6 million remains at the previous year's level, Q1 2020 despite the slightly lower sales. And despite a comparison to Q1 2020, which was much less affected by the pandemic, which had really started only in Asia and -- China and Asia overall. So all this is underlying 1 point, which is the this is reflecting some encouraging signs on the back of the transformation that we have announced in 2020 that we are continuing in 2021 and that is showing some benefits already early this year.Next, I would like still in the context of the segment Foodservice Europe-Asia-Oceania, to announce that we have been signing the acquisition of Jiangsu Hihio-Art Packaging in China, and this agreement has been signed yesterday. This company is a leading manufacturer of paper bags, wraps and folding cartons in China with 1 manufacturing unit that is offering us in new capacity. And this company is serving international quick service restaurants as well as national bakery chains in China. So this is basically strengthening and in line with our 2030 strategy to grow more in emerging markets and particularly to invest further in expanding in China. This is strengthening our position, both from a portfolio extension point of view, but as well in terms of channels to market.The net sales that the company is bringing is an amount of EUR 22 million on an annual basis and the purchase price was 20 -- or is EUR 27 million. We expect to complete the acquisition latest by quarter 3 this year. And as I said before, this company will be integrated into our Foodservice Europe-Asia-Oceania segment.Moving on to North America, where we see a continued strong performance. Certainly, the sales growth is eventually suggesting a lower performance, but we have to consider 2 things. First of all, the very strong impact from a currency perspective. So comparable growth is actually only -- or decline is only minus 2% versus the reported decline of minus 11%, so purely currency-related. Second, as I said before, we are comparing to an extremely high Q1 2020, which was linked a lot to the starting point of the COVID crisis where in 2020 in March, we have seen a boom in the sales, in the order of sales and consumption of retail tableware, particularly as a reaction to the commencing pandemic. In line with this the -- and with the previous quarters, our earnings have improved as a result of our continued operational performance. But as well, as in 2020 as a result of favorable sales mix, particularly thanks to the growth of the retail tableware.Moving on to the Flexible Packaging, where we see a slow progress in our plans to deliver organic growth. And this is linked to varying level of demand across geographies. The growth has been in Flexible Packaging, strongest in Southeast Asia. At the same time, we have seen that the restrictions and lockdowns have impacted our sales negatively, particularly in the United Arab Emirates, but as well, we are continuing to leave and do business in an environment that is pretty volatile and uncertain with the pandemic that is continuing to have strong effects, for instance, in countries like India. The earnings growth was driven mainly by improved operational efficiency. And at the same time, it has been offset by some commencing raw material price increases. We may come back to that in the next session of Q&A.Fiber Packaging, finally is demonstrating a continued strong demand and performance, and that's completely in line with all the quarters last year. The net sales growth was fairly strong with a reported sales growth of 5%, a comparable growth of 4%. Again, to be put in comparison with a very strong Q1 last year. The growth was particularly strong in Europe and in Eastern Europe. We have -- it's driven by volume and pricing, but volume, important to highlight that we have implemented some new capacity with a new line in France, a new line in Russia and all this is basically well utilized and therefore, providing more sales. The earnings improvement is driven by this volume growth and the other operational aspects, including pricing actions. So good results on the fiber side.Now we will go into more details with the financials with Thomas.
Thank you, Charles. I jump on to the more detailed profit and loss statement with the heading adjusted EBIT margin increased to 9.6%. Highlighting on this one, the fact that the minus 5% of net sales is translated into a 5% growth on adjusted EBIT. However, if you look at the row on reported EBIT, you see that, that's down minus 13%, and that's explained by the luminal gains we did last year when we reevaluated the assets in relation to our acquisition. So on comparable basis, like-for-like, a good development on profitability, turning all the way down then to EPS growth of 7%. Commenting on the net financial items, you can see that we are trending slightly better on that one. The main reason for that is lower net debt levels, which I will come back to later. And then a tax rate of approximately same level, 23% in real terms, though an increase versus previous year if we go in on detailed levels. The currencies were commented to be one of the main drivers for the growth development by Charles here earlier. And here you see more details around it, the EUR 46 million of net sales impact, EUR 5 million on EBIT comes to the greatest extent out of the U.S. dollar, where you can see that the average rate has been now $1.21 versus an average rate of $1.10 in in the first quarter last year. Other important currencies moving in the wrong direction for us is obviously the Indian rupee, the Russian ruble and Brazilian real, where the movements are biggest. However, if you look on the closing rate, there was some positive movements at that time for the U.S. dollar, still pending to see how that will develop on a more longer term. It's been fluctuating I think quite a lot over the quarter.On the net debt adjusted EBITDA level, we remain on a good level with 1.9 in net debt EBITDA. It's down from previous year's 2.1, and we are clearly down also in absolute terms on net debt level. Gearing is at 0.62, while it was 0.68 last year same period. So we have been able to maintain the level or even improve against the year-end level on gearing as well.Cash and cash equivalents, EUR 272 million and unused credit facilities of EUR 323 million. The debt maturities 3.4 versus 3.2 in previous year same period. And the main recent development has been the syndicated RCF, which we launched in the beginning of January, but highlighting with that one, mainly the sustainability angle of it. But nevertheless, a good maturity on the debt outstanding with the reasonable financing cost attached to it.On the free cash flow bridge, you can see that we are in improving versus previous year. The main driver, obviously, coming from working capital in this case. And then we have lower CapEx as well compared to previous year, but that's a timing thing, as you have been following us know, we are sometimes having projects coming in, in more towards the end of the year or usually, actually, it's more towards the end of the year in our CapEx cycle. Balance sheet, not a lot to comment on this one, equity moving upwards also supported by actually a positive currency movement here. But otherwise, just commenting that the financial position remains stable. Looking at the trends, the long-term trends, unfortunately, the growth is subdued for all the reasons explained here earlier. Otherwise, the EBIT margin now trending -- continuing to trend favorably and in a trajectory more towards the longer-term ambition. And then as stated, the financial performance of the company allows us for having a net debt-to-EBITDA, which is slightly below the corridor setup and obviously, that one then allowing us to both invest and do acquisitions. And then the dividend payout proposal of 47%. No changes to the outlook. And no changes to the short-term risk from the previously stated. The summary slide is there mainly for a bit of summarizing our recovery. So first of all -- or summarizing the quarter, so first of all, a gradual recovery in the food-on-the-go has continued. The Fiber Packaging and retail tableware is trending quite favorably still. To highlight, though, that there's a tension on the supply chain and the raw material situation. And then we are obviously continuing to deliver on our ambition, which was communicated first time in March last year. So a year ago and now 1 year into it, we could note that there has been already several initiatives also externally visible in my view.
All right. Thank you, Thomas and Charles for the presentations. And now we are ready to move into the questions. So operator, please, do we have any questions?
[Operator Instructions] Our first question comes from the line of Robin Santavirta from Carnegie.
Yes. Now this point that you raised about significant tension in supply and price of raw materials, could you sort of go a bit more into details of that we have heard some of your peers have stated that, that the supply of especially plastic raw materials have been basically supply chain a bit broken. And we can see that prices have increased quite significantly. Is that also something that you see? And what kind of impact will that have on profitability in the next few quarters? And could you also talk a little bit about the pricing scheme? Historically, you have been able to offset higher input costs, but normally, there's a bit of a lag so that we understand better what the raw material situation would impact on margin?
Thank you, Robin, for the question. So obviously, a very relevant question in the context. So the simple answer to your question is, yes, we are seeing what the market is already basically escalating, which is both a tension in the supply, but as well a tension in the prices. So tension in the supply, we have seen -- we are seeing it, particularly on the polymer, but not only polymers. And that is linked to a combination of factors: One is the probably not anticipated increase of the demand worldwide in all sectors; second, there has been some very specific temporary events that generated some further tension such as some annual maintenance of different suppliers, which were planned during the first quarter; third, there is a -- there has been the polar vortex in the climate of the U.S. that has disrupted a lot the supply during Q1. That's only a temporary issue, but it takes a couple of months before it normalizes. Then on the side of the prices, this tension is creating much more tension on the prices, repercussions. There is a time lag both to get the impact in the P&L, but as well, as you said, to mitigate the P&L impact into, for instance, pricing actions. We have certainly learned from experience in the past and have a number one, the coverage of our size, a pretty high coverage of our size with contracts which are preventing us from the raw material -- such raw material impact, as well as we are trying in the context because the increases are in some of the commodities extremely high. We are planning, of course, the situation of a force majeure which means that contract on a contract covering or hedging this kind of situation. We are entering into discussion with all our partners. And the value chain is very receptive so far into understanding the situation and absorbing or mitigating the impact.So what will be the impact on profitability? Very early days to say. There will be more impact in Q2 than in Q1 from a cost point of view. Now from a margin point of view, it's difficult to say. We are working on mitigating all of it or most of it. Therefore, Q2 is going to be, of course, tense. But we are working on it. And that's -- the situation is particularly tense on polymers and recycled fibers. Thomas, anything you would like to add on this?
No, I think you gave a quite comprehensive insight to it.
I agree with Thomas. Very good answer, very clear. Then just on the acquisition, you made seems like a quite interesting acquisition. Can I just ask about the current profitability of this business and then perhaps the potential? And maybe if you don't want to talk about specific numbers compare it to perhaps the division, the Foodservice division?
So basically, if we take the comment on the profitability, and as usual, we will not give a very detailed answer on this one, not to your surprise, I assume. I could comment maybe on the multiple. The multiple is very much in line with where we have been trending over the -- with our earlier acquisitions more on the upper end of the 8 to 10 multiples where we have been trending. From a profitability point of view, it is not decremental to the Foodservice margins, I would say, pretty much in line with Foodservice margins as such.
What's important with this acquisition is what I maybe quite rapidly tried to outline during the presentation is that it's clearly strengthening our position in China because it's -- and not only in China going forward because that acquisition comes with a certain level of capacity and possibility to implement further CapEx into it, particularly when we look at the boom of the food delivery sector or segment that is very important for us to utilize better in terms of growth wave. So the paper bags, for instance, is something extremely important for us. And we were looking for such an opportunity to enter in that category. So we're very pleased with the expansion -- the extension of the product portfolio.
And the next question comes from the line of Maria Wikstrom from Danske Bank.
Yes. I have a couple of questions. And if I may, a little bit follow-up on Robin's earlier question. I think it was a good answer on the raw materials. Just the one that a little bit wonders means the -- I mean the -- it's easier to follow from here the raw material trends in North America and Europe. So can you a little bit give a light what happening currently in Asia when we talk about both of the polymers as well as the recycled paper, please?
So I would say when it comes to -- so for recycled paper, I don't have any strong view as we are not that much doing business with the recycled side in China as we don't have have molded fiber operations there. But the situation and the picture in Asia is very much the same when it comes to the polymer situation, as described already by Charles. So I don't see a significant deviation to any of the markets when it comes to polymers.
But on the recycled fiber, maybe it could be fair to give some granularity because of your question, Maria, on Asia, and I guess you meant as well as China, particularly. Last year, China -- 1st of January 2020, China started to prohibit the import of the waste from the rest of the world, and that has created a huge decrease of -- temporary decrease over a couple of months of the fiber prices on the overall market in western countries. So both in Europe and in the U.S. by 50% to 60% at the time. Now we see the other way around, not just because of China. So China has restarted to import selectively some waste, particularly as we understand recycled paper. And globally, there is a huge demand of recycled paper. Why? Because of the boom of the e-commerce. And that's -- this trend is nothing new that we are giving us an information, but the impact it has is a huge demand on corrugated cartons and all the materials that are supporting the e-commerce and the delivery of products. And that creates attention, which means that the prices that we have seen now since the beginning of the year are basically exploding compared to a very low Q1 2020. So everything is always relative to a period a year ago. So that's the additional granularity we can give. But nothing else on the other commodities like polymers, it's basically a global. It's not specific Asia or Europe. It's very much a global situation.
Okay. That's clear. Then I had a question that I mean more about, I mean, what is your view that we learned an interesting initiation from Starbucks that they will test a reusable cup system in South Korea, and that would be implemented there by the -- by 2025. So do you think, I mean, this would -- I mean, would be like a global phenomena, this is just a market to start? And do you think I mean, if that would be the case that you could actually like focus your efforts to other product categories and therefore, the mitigating the change what could happen for the takeaway coffee. So how would you -- like how do you read this news?
So I would say that it's -- it is clearly appearing as a disruption. However -- and with all respect for the decision taken by Starbucks in South Korea, which is -- which has been a discussion going on for quite some time. In isolation, this specific decision in South Korea doesn't have a significant impact for us. At the same time, it speaks to the wider consideration, including in Europe that we have seen that a reusable material or reusable container many believe that it would be better for the environment, which is basically raising the question of thinking about the end-to-end life cycle assessment of products. We are very much convinced that we have to drive all of us in the value chain including our customers, including the global brands. We have to think based on facts and evidence of what is really -- what really matters for the environment and what is really a benefit. If you remember, a couple of months ago, and I don't have the exact date in my mind, but it was during Q4 probably in October, there was a life cycle assessment, which was conducted by Ramboll who is a very well -- very high reputation agency doing such analysis. That -- and this LCA was clearly demonstrating that the carbon footprint of reusable containers is higher than the carbon footprint of single-use packaging. And I know that to many consumers or many stakeholders in the value chain, it doesn't look how should I say, intuitive versus assumptions that we often make, but that's the reality that is demonstrated by the fact. And that's particularly linked to the fact that in the reusable containers and packaging, there is a washing process that is involving a lot of water, lots of chemicals, energy and even more logistic that drive a negative sustainability impact. So with this, we are -- our position is to say that this is 1 more example where we think that wronged assumptions are bias in making decisions, should drive all of us to make more evidence-based decisions rather than based on bias or assumption. But all in all, we don't think this will have a significant impact for us. And I would say, we have a core business which has lots of opportunities, and we cannot move or change direction every time there is a niche or a sporadic or local initiative on the specific product.
Very fair.
And then finally, Maria, a very small addition to that one and on to Charles' last point. Typically, all the big chains, always pilot and test things in various markets. So that to be recognized that many of the experiments never materialize and become scaled. Normal markets where we see piloting is markets like South Korea and Australia, which are big enough and have a trend similar to many other markets. So it's a good test market.
Perfect. And then just finally, on the -- you had an extraordinary or item of EUR 5 million in the EBIT. And just really wanted to get a view that, I mean, what that was as the -- like EBIT was more in line with the estimates if you look at the reported number and then there was this EUR 5 million. So where did that come from? And is it really nonrecurring?
Yes, it is, it is really, really nonrecurring as such. And you might recall that we talked that we have initiated a lot of programs, and some of them are not necessarily yet ready for materialization, so consultancy and similar stuff. So that's the main drivers in it. So the -- as I said, it's a restructuring and it's write-down of assets, but in this case, mainly restructuring in to what we communicated in Q4.
[Operator Instructions] Next question comes from the line of Cole Hathorn from Jefferies.
Just a follow-up on the recovered fiber raw material input costs, which have been going up. Could you give a little bit of color how those pricing contracts work in your Fiber Packaging division? My understanding is there not really kind of pass-through contract, it's more kind of gentlemen's agreement contracts where you go back to your customers and push through those higher pricing? Just a little bit more color there would be helpful. And then on the Foodservice restructuring, how is that progressing? And are there any key items that you would call out on that restructuring program?
Okay. So I can take that one. So yes, on the fiber side, it is typically, the way you do it, and now we are talking the rough molded fiber side. As you recall, there are not the same level of multinationals in here. So it is more local dealings and local businesses. So the negotiations are typically on a local level, and they are typically either annual or then, as I said, when there are interruptions you go in and discuss and agree on new levels. And then on the Foodservice restructuring -- on the Foodservice restructuring, it is very much progressing in line with our plans, which we have not been very open about what it all includes, but it is about the efficiency measures to adapt to what we consider to be the new normal in a way, and it's progressing quite in line with our expectations.
Just 1 follow-up on the retail tableware. You mentioned that demand has been good. capacities being under some constraints and you've sold out a lot of your inventory. Could you give a little bit of color around the capacity in that market? Or do you still -- do you need more there in the retail tableware is that the next kind of space for investment in North America?
So on retail tableware, where we have continuously been investing and that has been, over the last years one of the biggest growth elements of our business. You recall, going back to where we used to be, we used to be very much on the branded side with our Chinet brand. Chinet brand has been a more incremental single-digit growth story, well, then the new leg, which is private label tableware has been growing quite strongly. Investments into being able to continue to grow in both categories are always there. For the private tableware it is easier as it is lighter assets to add capacity, and we have been keeping up on that area with the normal growth. The only deviation we have had to being able to keep up with growth was, I would say, the abnormal continuous demand throughout last year. So normally, what we are doing, especially with the the fiber side of the business is building stock for the seasonal peaks. Now we are producing and selling all the time basically out of stock. So selling immediately.
And this was not just linked to equipment capacity, but it was linked in 2020 to some tension on the labor market in the U.S., tension linked to, of course, COVID and availability of high absenteeism due to the COVID, but as well the labor conditions with all the subsidies or helps which are given to the people. And therefore, it has been more challenging to get the labor up to the capacity needed in 2020, we need to recover that to normalize the employment level.
And the next question comes from the line of Jutta Rahikainen from SEB.
A few questions. I'll follow up on the U.S. or North America scene just to get the comparison and -- or year-on-year and forward-looking thoughts correct. So 2020, you had a lot of positive mix effects because of weak Foodservice and strong retail. And I'm just thinking now if we assume that North America would be normalizing reopening as the year progresses, does it then automatically mean that the profitability EBIT margin will decrease in the coming quarters? Or is there something that I missed in such?
In North America, we have a higher margin, we are above 12% in Q1, and we haven't seen yet the effect of -- the potential effect unless we mitigate the raw material price increases. To your question on the mix impact, this was, of course, a clear concern in 2020 when we saw the very favorable mix impact to see the contrary in 2021. So far, we don't see it. And the reason is that the demand on the retail tableware is not going down at all. We are growing double digit on the back of already growing double digit in Q1 last year 2020 in retail tableware. So the -- it's not -- it was not just a temporary increase. This market is structurally growing, which is very positive and which links back to the previous question about capacity. So we are cautiously optimistic that we may continue to have, maybe not to the same extent, but a relative good mix impact versus normal in North America. But at the same time, as you clearly point out, Foodservice, which is still with sales kind of double-digit affected by in Q1 in Foodservice by the continuation of the lockdown, particularly the schools, the stadiums and of course, the QSRs. When this comes back to normal, which we should expect in the second semester that may have a slight negative mix impact. However, what is already in the pipeline is already a good level of margin with this plus 12%.
And then the second question, sorry, if you kind of covered it already, but I'll ask it once more. On the Foodservice sales or organic sales, it was down only 2%. And the main reason for it being this good. Was it the rebound in Asia, for example? Or was there some other things were not? Or why was it? I mean, you were saying it's down 10% or so.
So it's -- the minus 2% is -- of course, I'm always insisting is in a relative comparison to the previous quarter of last year, which was a little bit of a disruptive quarter already. Why? Because the COVID has been impacting very strongly our sales in China and Asia overall, around minus 50% in Q1 last year. So that's 1 thing. So we're comparing to a quarter which was affected in Asia, not in the rest of the world. Now we're not affected really in China and Asia overall anymore, but still in Europe. At the same time, what we're seeing, and that has been particularly in the month of March. But gradually through the quarter, we see the gap to normal demand reducing. We were talking about a double-digit gap back in Q4. Now we're talking about probably high single digit gap and even less during the month of March, but we should not make a forecast based on 1 month. That's why I'm talking about more the quarter. And that is linked to a very strong push from the food delivery and the takeaway channel that is compensating very strongly the fact that many or most restaurants, sorry, are still being closed in, particularly in Europe.
Yes, is promising, I think then for the coming quarters. So let's see. And then my last question, if I may, on India. I think here sort of general perception is sort of was that India will be very difficult, but quite difficult for you? And would you mind giving us the organic sales development in Q1 for India? And any other thoughts on how you think it will be in the coming quarters?
Yes. So India -- and India, of course, for the background is only flexible packaging in our case, we're selling only Flexible Packaging there. The development in Q1 this year has been better than in the fourth quarter last year. The sales have been increasing from basically volume. And we've seen a double-digit growth in terms of volume, which was then a bit lower by some necessary pricing actions. We continue to see an impact from the shift in the consumer behavior between going away from premium brands to commodity products. And we believe it's temporarily linked to the pandemic and should revert back later. That has a negative product mix impact for us because we are playing mainly on premium brands. The business situation overall, so to try to extrapolate or give you insights towards the near future Q2 is difficult because the business situation in India remains very uncertain, and you follow, of course, the news. It's right now the country in the world that is most talked about in terms of COVID contamination between 200,000 and 300,000 more cases per day, about unfortunately, 2,000 people passing away from COVID per day in the last couple of days. So this we can expect is going to continue driving further restrictions, even though the Indian government is trying to avoid full lockdown in order to avoid the economic impact. So it's -- from 1 side, from a global perspective, we see the overall economic production, which are pretty strong, actually, if we are looking at the IMF, for instance, forecast with double-digit GDP growth, but there is still a lot of uncertainty in India. So it's a very uncertain and volatile context still in 2021.
And as there are no further questions, I'll hand it back for any closing remarks.
All right. Thank you very much, operator, and thank you for the questions. This thing concludes the event for today. We will report our half year results on 22nd of July. Thank you very much for participating. Stay safe and have a really good rest of the day.
Thank you.
That concludes the conference call. Thank you all for attending. You may now disconnect your lines.