PNE AG
XETRA:PNE3
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PNE AG
Earnings Call Analysis
Q1-2024 Analysis
PNE AG
In Q1 2024, PNE AG reported a remarkable 25% growth in total output, reaching EUR 57 million, marking the highest first-quarter figure in the company's history. This growth is notable despite ongoing challenges like turbine delivery issues and delays in construction permits due to adverse weather conditions. The company’s EBITDA remained stable at EUR 8.5 million, but adjusted EBITDA soared to EUR 14.2 million when factoring in hidden reserves created during the quarter.
PNE's cash position increased by EUR 40 million compared to the previous year, totaling EUR 130.1 million. The company also highlighted a robust liquidity position, with available credit lines rising from EUR 219 million to EUR 241 million. The ongoing construction activities are expected to normalize this cash surge. Notably, PNE has 276 megawatts under construction, and an additional 394 megawatts are in various stages of preparation, which positions the company for significant growth in the coming years.
All three business segments of PNE experienced significant output growth. The project development segment saw a remarkable increase of 162%, reaching EUR 54.4 million, primarily driven by construction activities. The power generation segment recorded a 14% increase to EUR 26.1 million, while the service segment grew by 20% to EUR 8.1 million. The power generation segment contributed the highest to EBITDA at EUR 20.1 million, supported largely by stable EEG tariffs.
Looking forward, PNE reconfirmed its full-year 2024 EBITDA guidance in the range of EUR 40 million to EUR 50 million. The company is optimistic about achieving its strategic goals, including reaching an IPP portfolio of 1.5 gigawatts by 2027. As of now, the company operates or expects to operate 764 megawatts within the next 24 months, bolstered by ongoing project submissions in Germany, which add up to 118 megawatts expected to begin construction soon.
While PNE acknowledges challenges such as ongoing supply chain issues and rising material costs, it remains positive about the market environment. The completion of projects planned for 2024 is on track, with no significant delays anticipated beyond existing timelines. Moreover, the management expects to increase external service revenues, despite experiencing some stagnation in initial quarter growth.
PNE positions itself for future growth by enhancing its international market presence, particularly in countries like the U.S., U.K., and Romania. The company plans to expand its portfolio through project sales and aims to mitigate fluctuations in income by stabilizing its revenue streams. Overall, PNE's strong project pipeline, which increased by 43% this year to a total of 19.8 gigawatts, suggests a robust potential for continuing growth.
PNE AG is navigating a complex landscape with a balanced approach, focusing on growth, stability, and profitability. The strong Q1 figures, coupled with a solid cash position and ambitious future plans, reaffirm its potential as a viable investment opportunity. While challenges persist, the company's proactive measures and market strategies are expected to mitigate risks and enhance shareholder value.
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Ladies and gentlemen, welcome to the PNE AG Q1 2024 Conference Call. I am Mena, the Chorus Call operator. [Operator Instructions] And the conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast.At this time, it's my pleasure to hand over to Markus Lesser, CEO. Please go ahead, sir.
Yes. Good morning, everyone, also from my side. Thank you for joining us today in this conference call on the results of the first quarter 2024. Going on, I would like to share with you an outline of the presentation and the procedure of today's call.As usual, I will start with an overview of the operational highlights of the first quarter and will then comment on our operational achievements in more detail. After that, our new CFO, Harald Wilbert will provide an overview of the financial highlights of the first quarter and will then comment on the financial figures in more detail. I will conclude the presentation with some remarks on the outlook for the remainder of 2024.As always, we will then open the line for the sell-side analysts only. All other participants will stay in listen-only mode, as it is our company procedure for years. As usual, our slides can be found on our Investor Relations website. Having said this, I would now like to draw your attention to Slide 3.In operational terms, we had a good start to the year and continues to make good progress in all of our business segments. I want to point out that we did this while dealing with still challenging market environment with several external factors that slowed us down, such as delays in transport permits, turbine delivery issues and special thing, especially a shift in COD had been caused by bad weather conditions, like a lot of rain, which made the construction impossible and heavy winds, which is good for our operational portfolio. But if -- but it's a bad thing if you want to construct. In view of these market conditions, we are pleased with the progress achieved in quarter 1.In total, we put wind farms with an output of 25.3 megawatts in operation in Germany. We strengthened our position as IPP. Our own wind power generation portfolio grew from 321 megawatts last year to 370 megawatts as of March 31, 2024. Due to this increase in production capacities, we are able to grow the power generation output by 60% year-over-year. Construction activity is very high. As per end of March, we had projects with a capacity of 276 megawatts under construction, mostly intended for our own generation portfolio.We were successful with 3 projects, 26.4 megawatts submitted in the February tender in Germany and we have submitted additional 91.5 megawatts in May tender. So I think this is a really high number. If you have in mind all projects, if they are successful in the tender, so we start construction of another 100, close to 118 megawatts in the next upcoming weeks.In our PV business, we also had a success. We sold a 240 megawatt peak project in South Africa. Our project pipeline increased 43% year-on-year to another record level of 19.8 gigawatt/gigawatt peak. And last but not least, our service business continued to perform well. It now manages a capacity of about 2.9 gigawatts.On Slide 4, you see the expansion of our generation portfolio, which continues. If you see the total number, we talk about 645 megawatts in operation or under construction. If you put all tender numbers together, then it come to a number which is a little bit higher, we talk about 764 megawatts which will be soon under construction or in operation. So first quarter of 2024 and half of the target of 1.5 gigawatts in view.Why do we talk about 370 megawatts, sometimes the questions occur in Papenrode, we dismantled 19 megawatts. So we put more projects in operation, but because of the dismantling, we had to lower our total amount of operational wind farms. Nevertheless, it's the preparation for the wind farm Papenrode, which was 59 megawatts will be one of our big projects.So in total, we produced 247 gigawatt hours. If you calculate additional curtailments of internal 10 gigawatt hours, it's 257 gigawatt hours green energy, which we produced. This is an increase of 16% more than in the first quarter of last year. And we saved 186 kilotons of CO2. Remarkable is that the hidden reserves accumulated in the portfolio to EUR 214.2 million.The project pipeline on Page 5, we see the project pipeline is increasing heavily. We're talking about 350 projects we have now in Phase 1 to 4, which we are working on. In total, for your information, we talk about more than 520 projects. So this is a remarkable high number. But this is the time where we have to invest in sites due to the situation that we see that this will be always good, which is small, a small good and is very seldom good. So that's why we invest in now there.So we -- the total pipeline grew to 19.8 gigawatts, 5.9 gigawatt/gigawatt peak more than the year before. And the wind onshore pipeline went up by 1.3 gigawatts to 9.7, 9.8 gigawatts and the PV pipeline from 7 to 7.5 gigawatt peak, which is an increase of 2.1 gigawatts. Additionally, we have our 2.5 gigawatts in offshore traditionally in this total amount.On the next page, you see the project pipeline wind onshore, which has increased by 1.4 gigawatts. And I think really remarkable, if you see you look to the numbers of Germany and France and we talked then about 821 megawatts in permitting phase. One additional remark alone in the first quarter, we went with another -- or we put another 165 megawatts into the permission status. From that point of view, you see we have enough potential for the future.So 2 wind farms completed, one wind farm completed for an external investor, 265 megawatts in Germany under construction and 11 in France and another 2 wind farm permits we got in the quarter 1 in our -- we got in quarter 1. So the PV pipeline grew as well. We could sell a project in South Africa, Khauta project, 240 megawatt peak. The sales-wise price was -- is around the middle, 1 digit million euro. It depends on the milestones, which shall be finalized in the next upcoming years.So I would like to hand over to Harald.
Thank you so far, Markus. For those who don't know me, I'm Harald Wilbert. I joined the Executive Board in October last year and then taking over the role as CFO April this year. Really happy to be here and I will now take over part 2 of the presentation today.Looking at the financial highlights. The Q1 2024 results reflect the high construction activity for the buildup of our IPP portfolio as well as the ongoing investments in our growing development pipeline. Total output grew by 25% to EUR 57 million, the highest Q1 number in PNE history. And this is remarkable considering the hindering factors Markus just mentioned.EBITDA was stable at EUR 8.5 million. In addition, we created hidden reserves of EUR 5.7 million in Q1, which leads to an EBITDA adjusted of EUR 14.2 million. I will comment on the earnings drivers in more detail on the next slide.Our cash position increased by EUR 40 million compared to end of last year now to EUR 130.1 million. This big increase can be explained by the use of pre-financing lines for 2 projects and will normalize during the course of the year with further construction activities. It is worth to say that our liquidity position, including credit lines increased from EUR 219 million at the end of last year to EUR 241 million at the end of Q1.Equity declined slightly to EUR 204 million, but total hidden reserves in the IPP portfolio increased from EUR 208.4 million at the end of financial year 2023 to EUR 214.2 million at the end of Q1.Looking at our income statement and the key earning drivers. Operating performance and earnings were mainly driven by the results from power generation, which accounted for approximately 56% of group EBITDA. It was driven by general contractor and project development services for wind farm projects and it was driven by internal sales related to build up of our IPP portfolio and it was driven by strong performance of our service business.While total output came in with EUR 57 million, much higher than previous year, EBITDA was stable at EUR 8.5 million. And this reflects the fact that we work slightly more on our own IPP project in the first quarter than compared to the previous year first quarter. However, the first quarter of the year is not really representative.Personnel expenses increased by EUR 2.1 million, especially driven by the increase of the number of employees, plus 68, which is in line with our business growth.Looking at the segments, we see that all 3 segments grew significantly. Total output of segment project development increased the most to EUR 54.4 million, which corresponds a remarkable plus of 162%. Reason here, the high construction and development activities.Total output of segment power generation increased to 26.1, which adequate a plus of 14% and total output of segment service increased to EUR 8.1 million, which corresponded a plus of 20%. Of course, this is the view before consolidation due to the transfer of projects in our IPP portfolio. Consolidation increased as well for total output from EUR 5.1 million to EUR 31.7 million.EBITDA-wise, the segment power generation has with EUR 20.1 million, the highest contribution and this was stable and recurring EBITDA, mostly backed by the EEG tariff.Coming to my last slide, our balance sheet. Our balance sheet remains solid with a cash position of EUR 130 million and an equity ratio of 17.3% adjusted by hidden reserves even 30.0%. Liabilities to banks increased further as the buildup of our IPP portfolio continued in Q1.And it is worth to mention that the majority of these bank liabilities are nonrecourse project financing. On the asset side, we see that most is allocated to property, plant, equipment as well as inventories, what we see as an investment in stable value.Yes, with that, I would like to hand back to Markus for the outlook.
Thank you, Harald. Ladies and gentlemen, this leads me to the outlook. Based on the Q1 results, we are confirming our guidance for the full year 2024 for the group EBITDA in the range EUR 40 million to EUR 50 million. We can also confirm our scale up 2.0 targets for 2027. With the successful work we have done in the past years, the foundation for achieving our ambitious targets have been laid. We are very positive that we will achieve them.We will continue to build up our IPP portfolio. The strong growth can be seen by following numbers. As I already said, we have 276 megawatts under construction. We have another 170.9 megawatts in tender or construction preparation or construction. That means, in sum, we talk about 394 megawatts and that in the first quarter of 2024.If you add 394 megawatts to the already existing operational wind farms, we talk about 764 megawatts, which are in operation or will be in operation in the next 24 months. That is a very good outlook. And I think it's a very good perspective for the outcome.Additionally, we have now reached an IPP breakeven with the size of our portfolio. That means for us that the Power Generation segment will provide more than 50% of group EBITDA outlook for consolidation based on recurring revenues. And this was always a target to get the volatility down when we started scale up. So now we are showing that we are ongoing and now that we have more and more stable income.We are also planning to sell projects in international markets in wind as well as in PV. Having said this, we have now -- we have to always to say that we have a market environment which is challenging. We have still turbine delivery issues, we have still an issue related to costs in material and equipment.And we have, on the other side, opportunities and efficient machines. And we see also that the interest rate situation is not anymore given the pressure to this branch as before.The sales process are ongoing, e.g. in U.S., U.K., Romania. We hope that in U.S., everything on site, we can give some good news in the next weeks. But it's always the same. We have to wait until it is signed and closed and then we can come up with good news.Ladies and gentlemen, this concludes my presentation. Thank you for your attention. We are now open for questions.
[Operator Instructions] The first question comes from the line of Jan Bauer with Warburg Research.
You mentioned in your report that you are currently implementing some, let's call it, internal matter site digitization, more streamlined organization. Can you put a figure on that? So how high will the costs be in the current year?
All right. Maybe you'll give a number. So you talk about the whole internal organization measures we have in front of us. Yes. So we have to -- we have some expenditures related to [ EZ ] and organizational measures. So due to the big growth we have in front of us is always important that we follow with the ovation this big growth.That means changes, we talk about increase of personnel staff on one hand. And on the other side, we talk about organizational [indiscernible], we have a PMO procedure in place. So that we manage -- and we have around about 80 tasks in front of -- in this total amount of these measures, maybe around about a low 1-digit million amount.
Yes. Maybe I can add. So we have on the organizational side measures we have on the professional side measures, digitalization, than on the employee side, the management side. So there are a lot of measures are defined. They are all connected to scale up 2.0 that we will fulfill our goals.We are in a good way to do this. This is the program. This will, for sure, needs a couple of years. So nothing is done in 1 day or so of course. So some measures will take a while, 1, 2, 3 years. But we think that we are then really good prepared to fulfill our targets, long-term targets with these 80 -- roughly 80 measures.
All right. Last question regarding offshore wind business. Can you shed a little bit of light [Technical Difficulty] will be the outlook for the company? And is there any probability that we will see some positive earning contribution from those projects in the next year?
Sorry, can you repeat? We have a little problem with the line here. We can't hear you really well. So can you give us again the question, please?
Sure. Regarding your offshore wind business, can you shed a little bit of light on the books there and where you're standing with those projects? And also maybe is there any positive income that can be expected from that side?
So we work on this to have a positive impact, one time. But it is in Vietnam. We are waiting still on a detailed regulation in terms of getting -- they will come up with projects which are preferred and we worked on this to be one of these preferred project. And the tariff is not clear until now. So these are 2 points.So secondly, we have in Latvia, we are waiting for the tender. And so this is what we are expecting in the second half of the year. So this is what we're working on, if you see during these times, we look on studies to show that these projects are -- that the construction runs right, we're working on a lot of studies around fishes and birds and we make wind measurements. So this is what we're doing now to have the basis for financing.
The next question comes from the line of Karsten Von Blumenthal with First Berlin Equity Research.
My first question is regarding the electricity generation segment. We had more favorable wind conditions and [indiscernible] power prices, but still a bit more to excellent Q1 results. And in the Q1 report, I found that you could lower your OpEx from EUR 6.7 million to EUR 4.6 million, perhaps if you could shed a bit of light on this?
The OpEx. Do you mean the OpEx on the IPP?
Yes.
Let me think about it, Karsten. In a moment, I don't know any more why we had this increase or this differences.
Yes, no problem. You can give me...
There are no special effects. I'm not aware of, yes, so in a moment.
Okay. Because I was surprised to have much higher revenue, but OpEx down. That is particularly good. But I would like to know why if you can tell me later what is -- why this is the case.My second question is regarding the service business. The remarkably good EBITDA margin in terms of external sales, anything in the product mix that was better than last year? Or just the internal sales that had increased to have resulted in this good result?
Yes, we could increase the amount of external services and amount, I think, above 60%. We started originally with mainly with a lot of internal earnings and turnover. So that's what we flip now and this is a good result from our side that we become more and more independent from the internal business and shows that we are competitive with these units.
All right. You mentioned the supply chain issues, late transport approvals, weather-related problems at the construction site. So will this lead to a postponement of commissioning of the wind farms beyond 2024?
No. No, no. No, it's only -- some of these projects, we wanted to finalize this winter. So in December or January and some of them -- so some of them even cables we couldn't put in because we had the ground water already 10 centimeters below the surface. And so therefore, you can imagine how if you want to go with heavy trucks and with heavy cranes on these areas that you have a lot of problems and that's what we lead to delivery times shift of 2 to 3 months.
Okay. But no postponement beyond 2024, you can do what you want to do this year? That's a...
Yes. I think there is no impact on this -- on the future project. Only for the projects which planned to be finalized in the first quarter and now some of them are upcoming now, I think in the next week, then it will be done.
All right.
Mr. Blumenthal, you asked the question before was the power generation, why we are better there with other operating expenses. And the reason we looked it up is that in the last year, we had to build a provision for the [indiscernible] price brands. This was a onetime effect and this was not necessary for 2024.
All right. Yes. I remember. Yes. Now I understand it perfect. I had to look at your equity ratio, which is now roughly 17% and 19%. Does this pose a bit of problems with the banks for you?
Can you repeat?
Equity ratio.
Yes. Can you repeat the question because the line is not so good?
Yes. I'll try it again. Your equity ratio was 17%, which is relatively low. I know that this had to do with the IFRS, but does this cause any problems with your banks in the financing of projects or is it still okay?
No. We see this, by the way, as a temporary effect. The goal is, of course, to raise the equity ratio above 20%. But this can happen interim -- interim quarter, Q1 now. So this is temporary. But this is not a big problem, the 17% for us. If it's lower than 15%, of course, then you can raise the flag. But in the moment, we have a good business.
Okay. Great to hear. Once I have a look into your PV pipeline in the Q1 report, I was quite puzzled to see that you have 1,250 megawatts in Poland in Phase 3. But when I saw your presentation, I think it was 125. So perhaps there is a 0 too much in the Q1 report, or what is your figure for Phase 3 PV projects in Poland?
Yes. Good that you saw it, so there's a mistake in the report. I think we corrected it. So the presentation is right.
Okay. Perfect. And then one last question from my side. In Q1, you sold the 240 megawatt PV project rights in South Africa, as you reported internal sales of EUR 1.4 million. So if I put these 2 information together, it's just roughly EUR 6,000 per megawatt you got for the project rights that...
No. So you see in South Africa only to describe it, the important thing is an environmental permission. So if you have this, you have a project with a special value. And we have the opportunity to find a customer who really steps in and takes these projects, wanted to take the project because it's close to their region.So -- and they wanted to get this sorted on early stage. So that's why we said, okay, we sell this project on a early stage. And final sum will be middle-digit, 1-million digit -- million digit -- million amount. But you know you can need to have the permissions afterwards and we have to work on this. So this is -- and we have a prepayment -- first payment which is lower than EUR 1 million.
Okay. So then I understand why this is the case, perfect.
The next question comes from the line of Guido Hoymann with Metzler.
Two questions, please. The first one is again on your 1.5 gigawatts target for the IPP portfolio. I think it is relatively clear how you're going to get to the 750 megawatts maybe by beginning of 2026. But then the next step from there to 1.5 2 years later is still quite unclear for me.I assume and maybe you can confirm, I assume that then the additional, say, 800 megawatts would have to come from projects which are at the moment in Phase 3, which I think is around 800 in France and Germany. But if we use those, then this implies that you are hardly going to sell anything to third parties until 2027. Is that right, or...
Yes. So our plan is, in general, 1.5 gigawatts, as you mentioned, in operation or under construction. So we have to face the situation that we said, okay, in some other countries than only in Germany and trends, we have stable conditions, see, for example, Poland, Spain or Italy. So it's a pan-European portfolio we're talking about.So -- and that means from our side that we talk about much more potential as we -- as you can see now. Yes. So -- and from that point of view, it's not only Germany, but even with Germany, we get only with Germany, we did become close to 1 gigawatt in wind, which is remarkable.So -- and I think see the numbers, 640 only from the overview of 645 megawatts in permission phase and another 265 -- 270 megawatts under construction close and maybe not every project comes. But with a high chance and probability, the project of Phase 3 will come in Germany. So -- and that means the total amount, which is the potential of close to 900 megawatts plus that what we have already in operation. So you see there is a huge potential only in Germany and then we would like to add some other country-defined portfolios.So that from that point of view, even if we sell projects, which is always possible due to the fact that we have this high opportunity and this high opportunity to have a big growth in front of us, which have to be financed all the time. And if there are, we don't want. But if it is necessary, we will do so.
Okay. And maybe in this context and maybe also part of the answer, can you give us a rough indication how much you expect per annum to be, let's say, shifted from Phase 1 and 2 into 3? I think in Q1, you managed actually to get, I think, almost 200 megawatts, yes, shifted from 1 to 3. So do you have a rough indication how much that could be in the coming years per annum?
No. We have our internal planning, but it depends all the time from the environment and from the project there is a special uncertainty and probability. I can only say now in the first quarter, we are ahead of our plan. And that means with 165 megawatts now putting from Phase 2 to 3, so bringing projects into the permission, we have a high level. So -- and we see that we will go ahead in this speed.
Okay. And then second question and I don't want to bother you too much with accounting details, but, again, looking at this consolidation segment and I understand that this is sort of a reversal of those projects you developed, which are then say, dedicated to be part of your IPP portfolio. But still, you made -- you showed EUR 13 million in project development EBITDA and minus EUR 28 million in consolidation. Maybe can you explain a little bit why there should be sort of a similar, let's say, accounting treatment of revenues and costs related to those specific projects? And why is there such a big discrepancy in Q1?
So first, this is related to the reporting date Q1. So during the course of the year, this can change in the one other direction. Q1 is not really representative. And then it was that the activities in the Q1 were especially for internal projects.This is why we have this high consolidation effects in the Q1. And yes, that's more or less the explanation, but this can look different than in Q2 or Q3 accumulated. But we did a lot and I mentioned this before, for our own IPP portfolio and this is the main reason.
The next question comes from the line of Holger Steffen with SMC Research.
You mentioned already the growth of your external service business. But the external revenues at this segment in the first quarter were at previous year's level. Why didn't we see any growth at this figure?
Yes, maybe from my side, only one remark there. If we acquire projects, you will usually get into next year in effect. So -- and they are not big sums per project if you have only a partial service done in the year. So this is -- this will change in the future, yes.
Okay. So we will see growth in the next quarters?
It should be the case. If not, I will speak with the responsible guy.
Okay. Okay. Another thing about your segment business. Your depreciation was below previous year's level in the first quarter, especially in the power generation segment, despite the further expanding of your portfolio, is this the effect of dismantling of Papenrode, or is there any other thing behind?
Yes, we have to look up. It's EUR 0.6 million less compared to previous year. We need a breakdown of this. We have to provide this answer to you then afterwards, please.
Okay, fine. No problem. Another question about your pipeline. When we take a look at your PV pipeline, some projects in Germany at stage 1 disappeared in the first quarter. Are there some special reasons for this besides usual business risk in the project development?
Yes, we made a review. We have -- we looked and focused more on the project where we have a higher chance to get the projects finalized in a shorter time. So that's why we said, okay, let's focus on them. And so we put some of these projects out of the pipeline.
Okay. Okay.
So you see in PV, there is a more -- these projects are a short-run project and you will always see in a shorter run, if they are functioning or not. So there will be always much more movements is in wind because in wind, so you have so long-lasting projects.
Okay.
Regarding your question, we looked it up now for the depreciation, what we did is we extended the useful life of our wind projects from 20 to 25 years. This was always not a finding, but a comment from the auditors why we have only 20 years useful life. And so now beginning 2020, we extended it from 20 to 25 years. And of course, then we have less amortization depreciation.
Okay. The explanation, okay.
And that's only for IFRS. So it's not for HGB or local capital.
Of course. I find a new information in your quarter report. You know you act as a service provider for the development of wind parks for third parties with a volume of 85 megawatts. Can you give us some more details about this business? Will you expand this service?
Yes, it's always -- we always say we do services with the exception of the project development if we do this with the project development. Then it is related to get projects and partly these projects are projects from landowners, for example, and they would like to have in participation.So -- and this kind of projects, this is usually what we say as third-party projects in terms of project development. So -- and this is -- these are the numbers which are collected or the other issue is that they are the rubric sold and services that we do for third-party, the construction. So we made a special rubric because you, as an analyst, should know that the margins are lower than if we would do it at the usual development and construction for our own.
Okay. So you will not expand it? It's a question of special situations at some projects?
Exactly. And if we do the service of construction management, for example, that's what we do for third parties and what we offer. And they will be here as well. But this is a special issue. These are not the big margin business, but it gives us a much better position for if we want to purchase equipment or in the construction because the amount we are ordering is much higher. So this gives us advantages in our own projects as well. So this is a mix in the calculation. Yes.And again, for the project, sometimes you have one machine for the landowners and one machine -- and 2 or 3 machines for us. So this is -- then we divide projects and sell these and construct projects for the third party as well and these are summarized in these numbers.
Okay. I understand. And my last question is about the U.S. business. You already mentioned that we will hear or may hear good news in the next weeks. But I want to ask one till now. In the past, you have mentioned 2 options. You could sell the whole pipeline or single projects. Can you tell us yet which option will be more probable?
I think more probable is in the moment that we sell the whole business.
Okay. That's a clear answer. Okay. Thank you very much even for all the time we work together and I wish you all the best for your time when you will leave the company in summer.
Thank you very much for your good wishes, and thank you for your interest in this company. Yes. Are there further questions?
No, sir, there are no further questions at this time.
Okay. Then I would like, Harald, maybe you would like to...
Nothing special. So thank you for your interest and Markus, you have the last word.
Yes. Yes. And thank you for your interest from my side as well. And mainly, I hope you will follow our AGM. Firstly, you're heavily invited. See you. Bye.
Bye.
Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call and thank you for participating in the conference. You may now disconnect your lines. Goodbye.