Ladies and gentlemen, thank you for standing by. I'm Moritz, your call's call operator. Welcome, and thank you for joining the AMAG Austria Metall AG H1 Year 2023 Results Presentation. Throughout today's recorded presentation, all participants will be in a listen-only mode. The presentation will be followed by a question-and-answer session. If you would like to ask a question, you may press star followed by 1 on your touchtone telephone. Please press the star key followed by 0 for operator assistance. The forecast, budgets and forward-looking assessments and statements contained in this presentation were compiled on the basis of all information available to AMAG as of July 14, 2023. In the event that the assumptions underlying these forecasts prove to be incorrect, targets be missed or risks materialized, actual results may diverge from those currently anticipated. We are not obligated to revise these forecasts in the light of new information or future events. This presentation was prepared and the data contained in it verified with the greatest possible care. Nevertheless, misprints and rounding and transmission errors cannot be ruled out entirely. In particular, AMAG and its representatives do not assume any responsibility for the completeness and correctness of information included in this presentation. This presentation is also available in German. In case of doubt, the German language version takes precedence. This presentation does not comprise either a recommendation or a solicitation to either purchase or sell securities of AMAG. I would now like to turn the conference over to Christoph Gabriel, Head of Investor Relations. Please go ahead. Good morning, ladies and gentlemen, welcome to our conference call for the H1 of 2023 of AMAG Austria Metall. Today, Gerald Mayer, CEO of AMAG, will present the development and results of the first 6 months of this year. As usual, after the presentation, you have the opportunity to ask questions during the Q&A session. Gerald, please start the presentation. Thank you. Thank you, Christoph. Very warm welcome from my side. It's a pleasure having you with us for our half year earnings call. It will give you some insight to the development of the first six months and also, of course, of the outlook. I think turning the page to page or to slide three, the highlights of our H1 2023. The first bullet summarizes our H1 very well. It was a successful one. We managed our production portfolio or product portfolio very well. Comparing our H1 year performance to prior years, it was strong in terms of results. On the other side, we also saw a demand which is going down, in particular in some areas, since Q2 2023, which also will impact the outlook, and I will elaborate on this a little bit later. In terms of revenue, after a record year 2022, in the H1, we saw a roughly EUR 800 million of turnover. This is still strong, or the second best we had in history, in our group. Still strong, but of course impacted, in particular, by reduced prices for aluminum. EBITDA or in total results are also strong, but down compared to the prior year. We had clearly a very positive H1 2022, which I always have to remind you here in this presentation. Net income, EUR 51 million, a strong one. Of course, also down compared to EUR 78.4 in the comparing periods. Cash flow is up compared to last year to EUR 68 million operating cash flow, compared to minus EUR 84 in the year 2022. The first six months, the main reason there is this year, aluminum price came down. Last year, aluminum price increased, and in addition to that, we built some safety stocks. In terms of outlook, we reduced a little bit our bandwidth to 106 to 190, and this reflects actually in particular the order intake situation in the Q2. Of course, it assumes that also no unexpected significant deterioration from the current situation is occurring in the next month. Let's turn the page to slide four. As you all know, our strategy builds in particular on two main pillars, which is sustainability, innovation, and we account on a big variety of products. This was also confirmed again by different ratings, awards, certifications, in the 1st 6 months. I want to mention here, with regard to sustainability, we were rated in the 1st place in a group of 39 aluminum companies from Sustainalytics. So we stand out there, and in their group of diversified metals, it's a group of 223 companies, we were rated at 2nd place. A big success there, and this confirms our path as a sustainable company. We also were rated again in the top, platinum, top 1% by EcoVadis, which is also very important rating, in particular for many of our customers. As you might know, we are also part of the VÖNIX, the Sustainability Index of the Viennese Stock Exchange, and we are still there. Next slide five. Here you see that, we are really proud of that, because again, as the only company in our industry, we were credited award by Airbus, which is an award which confirms the highest rating in terms of quality of the supply chain and so on. This is a very important proof for us that we are on the right track there, and we are a very strong partner also for important customers like Airbus. We also have additional things to report there. We got, again, the Nadcap certifications, which confirms the continuous compliance with high quality standards in the aircraft sector, and we qualified for JIS, for the Japanese Industrial Standards, which is again a standard which stands out in terms of quality for our products. We are proud that we were awarded, and this confirms actually our path. Let's flip the page now and go to slide number seven, and I would like to give you some insight about environment and about our numbers. First of all, let me talk about our environment, and then I move to the financials a little bit later. On slide seven, you see PMI for the manufacturing sector. PMI, as you know, is a very good indicator of also the order index situation in our industry. What we see there is that in particular in the Eurozone and its driver, Germany, we are in the dark red right now, and this and Austria is in this table, let's say, rated as the worst country here. This also reflects a little bit our order index situation for at least some industries. In general, the sentiment we see here turned really negative, and it is the worst month was June since the worst COVID month, actually, in April 2020. The overall sentiment is not very positive right now. I would consider it as negative. All in all, the expectation in terms of global growth forecast is still on the positive side. For the Eurozone, of course, it is more or less effect and not really a growth there anymore. Yeah, as I said, in general, this mirrors, this reflects very well our order index situation. I will give you some more insight on the next slides then. Slide eight show us what the experts expect from primary aluminum development and rolled products development in the next years. Specifically, the expectation is a slight growth in the year 2023 for primary metal, 0.7%, and a compound growth rate of 1.9% until 2027 on a global perspective. Going into more detail there, and we mentioned it here, that for 2022, the expectation is negative for Europe, -5%, and positive in particular for China, which is the driver there. In average, until 2027, we expect a growth rate, or CRU expects a growth rate of 1.9% per annum. Also Europe, if you go to the details there, will be positive at 1.3% per annum. On the right side, in the right chart, you see the rolled product development, which is expected by CRU. CRU expects a growth, a total growth of 1.1% here, and 3.5% compound growth rate, until 2027, which is fairly positive. Going into details here, again, a similar, I would say, as for primary metal, not as bad as for primary metal. Talking about Europe, still negative, -4% is the forecast for 2023. In average, for the next years, 2027, on a global scale, but also for Europe, the expectation and the outlook is positive. Slide number nine, global demand for aluminum rolled products. I have to say the long-term view here is definitely healthy, and the big driver is transport. We consider as transport, aerospace, ships, automotive industry in particular, and the expectation is a compound annual growth rate of CAGR of 5.9% annual. Packaging, plus 3.4%, mechanical engineering, plus 2.9%, others, well, let's say construction, 1.5%, and also others industries, plus 2.7%. The long-term outlook is a healthy one. On slide 10, I give you an overview of the development of energy prices, the last years, or quarters. The chart to your left shows the electricity price developments in Europe and megawatt hours. On the right side, you see the same for natural gas. What I have to say here is, of course, we see a reduced and a sharp decrease in price levels, but we are still far above compared to what we saw, if you look to the left of this chart, in fact, charts in 2020 and also in the years before, actually. Levels came down, but it's still very high and compared to prior years, but yeah, this is the situation and different environment right now. It's often for us, this data still above going back historically to 2020 and before. Slide number 11, aluminum price trend. We also see a significant decrease there after the highs after the beginning of the war in Ukraine, where we shortly even saw a level of $4,000 per ton. Things normalized there. We are roughly at the level of $2,200 as we speak, or a little bit below $2,200. At the right chart, you see there that this means for us that the aluminum price was sharply reduced if you compare quarter by quarter, Q2 2022 and Q2 2023. Also even a sharper decrease comparing the numbers of H1 2022 to H1 2023, with a reduced price for aluminum of more than $700 per ton. This, of course, has an impact in our, let's say, top line sales turnover, which I mentioned before, that we are definitely down there. This is the main reason. The price for aluminum has impact not just our turnover, of course, it also impacts directly our results, but also our financing requirements, and this is also one of the reasons why cash flow was positive. Not everything negative in aluminum price comes down. Aluminum price trend is more flat. If you look at absolute numbers, it's slightly down, but in relation to the aluminum price, it's even up. This means that this adds some pressures to the margin of our upstream business, which in general is doing still very well. Of course, softened compared to the prior years. In terms of shipments, you see some details on slide number 13. You see the shipments are down compared to the prior year, from 225,000 tons to roughly 221,000 tons. Going into the details there, you see the metal divisions here are up by roughly 3,000 tons. The main reason is there, as we run this plant twenty-four/seven, very stable production in 2022, but also in 2023. This increase is mainly to do with a cap off, it's more a cap off event, so that in the prior year, a part of the shipments were shifted to the Q, Q3, or had to be shifted to Q3. In cast, it's more or less stable development and very positive. Casting, plus 1,700 tons. Demand was stable there and okay there, from automotive, but also internally, things are going well in casting division. In rolling division, minus 8,300 tons. Here we have to differentiate a little bit more in terms of demand from automotive, from aerospace, from packaging, everything is quite stable. We have other markets, like industrial application markets, architectural areas, but also sports, where we are still down, and where we saw, in particular from industrial applications, a reduced demand beginning in Q2 2023. Slide number 14 gives you the split as you're used to it, and as we always present it, and going into the details there, it's confirmed that we have a positive development. We are up in automotive, we are up in aerospace, we are up in heat exchangers, which go partly also to automotive. Where we are down, this simply confirms what I just mentioned, is industrial applications, where we, for example, ship to machine building industries and so on. A very important market for us is also Germany. We are also down in sports and architecture, which sometimes has to do, to a certain extent, has to do, with, sometimes de-stocking, sometimes also simply less demand, because after COVID, they had a special type of boost in demand there. Everyone bought bicycles and also, by the way, skis. This was very positive in the past, and we see a correction there. Switching to slide number 15, order intake, or order backlog situation, actually, you see it looks at least fairly flat or stable. The level, I would say, is not high. It's more on the low side right now. Order intake, as I mentioned, and also in this order backlog, which is strong, is aerospace, is automotive, is packaging, and so on. Where we are definitely on the low, very low side is industrial application and also architecture, and to a certain extent, sports. Slide number 16, revenue, the bridge. Of course, I mentioned and presented that the aluminum price is down, also volumes are a little bit down, and this is what you see in the bridge there. Aluminum price is responsible for, let's say, a reduction of EUR 90 million, roughly. This is more or less the bulk what you see there. Of course, with lower aluminum price, and every ton we sell, is affected by that, of course, leads to a lower level of turnover, but it's the second highest we had historically in a half year of presentation. It is high, it looks perhaps a little bit lower than it is. Slide number 17, the same bridge for EBITDA. We came down from 155 to roughly EUR 120 million. Going into the details there, aluminum price responsible in terms of result for roughly EUR 29 million. This actually, is, can be attributed or can be allocated totally to the metal division. This is aluminum, where we of course, are also suffering, and aluminum price is down. The other side, we see positive impact from raw materials and energy. Where we saw big inflation, inflationary tendencies and trends last year, we saw positive impacts there, as in particular, energy prices came down, and also positive prices and premiums there. Negative, of course, is volume. I mentioned in particular in the rolling division, we are down in terms of volumes. This has an impact of EUR 34 million, and it's mainly allocated to the rolling division. Slide number 18 shows the development compared to the H1, 2022 by division. Metal division, minus EUR 97 million, but still high. Casting division, minus EUR 2.5 million, but this is the baseline for all the divisions was a record year. This is what I have to remind you here. Rolling, minus EUR 12 million. Yeah, this is more or less the summary. I mentioned actually the reasons to summarize it in with EUR -27 million in metal. We are still at a very strong level of EUR 36 million, which is very strong for Metal Division. Operationally, we are doing very well there. Casting, the absolute number, EUR 7 million, which is also strong operationally. In rolling, we are down EUR 12 million. This is good operationally, but also impacted, of course, and this is what I will tell you a little bit later, by some valuation effects. Slide number 19, which gives you an overview of the Q2 performance for Q2 only. Same development actually, and same bridge, in the 16.2. This is what I would like to point out there, 16.2 in others. This is includes the release of a risk provision we had, which we had to end up last year because of high energy prices. We released EUR 7 billion roughly in the Q2. Slide number 20, net income after taxes, interest, and depreciation. Starting point is, of course, EBITDA, nothing surprising there. We end up at EUR 61 million, which is also historically quite strong. Of course, we earned less. Therefore we paid less income taxes. This is the positive development here. Yeah, all in all, I would say it's a satisfying H1 in terms of results, and you see the summary on slide 21. No surprises in terms of tax rates, so this is, I would say, yeah, the development there. On slide 22, we summarize some ESG numbers there, some ESG KPIs. Just two, three sentences there. We managed to keep the capacity utilisation rate at 75%, which is quite high. The share of specialty is up dramatically there. On the one side, we understand this is on the one side, of course, our approach in terms of innovation and innovative specialty products. On the other side, this is also a big extraordinary effect in there. Let's say, standard type of products, industrial application products, were in decreased, perhaps market-wise, decreased in our portfolio, and this of course, brought our this number up, and this might correct down when the market stabilize again. Specific energy consumptions, very stable. The only thing which stands out there negatively is TRI. This means our health and safety KPI. We managed to do this quite well in the last years, so we improved dramatically there to below 1. This year we had some accidents. We set countermeasures there, and we are doing everything to improve there again. Slide 23, in terms of cash flows, I mentioned this is the positive development, in particular, also driven by a lower price for aluminum. Compared to the prior year, we also didn't increase the levels of safety stocks, for example, and so on. We are working on that and optimizing, constantly optimizing. All in all, operating cash flow was positive, and we had a good performance there. Cash flow from investing activities is EUR 50 million. The free cash flow, as a result, is roughly plus EUR 20 million and on the positive side. Solid key financials on 24, slide 24, show that we are stable there in terms of, you see an increase there in net financial debt. It had to do that we distributed the dividend in the Q2, and if you deduct then the positive free cash flow, this is roughly the number. Slide 25, equity is stable, cash and cash equivalent came also down, in particular, because of the dividends we distributed. Nothing spectacular in there. Let's have a quick look to the divisions. Slide 26, metal division. In metal division, after two record years, which were that were really outstanding high, I would define the year, the H1 of 2023, as a normalized year at high level. We saw a performance there at EUR 35.9 million, which is definitely a very positive one, given a long year, let's say, a period or in the context of decades, this is still a very high, at a very high end. The performance is good and production is very stable there. In terms of valuation effects, there are some in there. It was roughly, I would say, compared at least to the... There were, if I compare 2022 to 2023, we had a positive impact of EUR 8 million. As last year, we had minus EUR 8 in there. This year, in 2023, we do not have valuation effects there which affect the results. It is an operational result of metal division, what you see there. In terms of casting, let's switch page to slide 27. Slide 27, we are, of course, down to the comparing period, but still at a very high level, given an historical context there. We are satisfied with the performance of casting division. I have to say, very stable demand still from the automotive industry there. The productivity on our side is high, we enabled also solid level of shipments, as we mentioned there, and our guys are doing really well and good job in casting division. Rolling division, if we look at the and compare the level of these last three years, of course, as I mentioned, 2022 stood out. 2023 is still a strong year, but of course, compared to 2022, the performance is... Yeah, not as good, but in the long-term context, definitely a good H1. The interesting part there is, and this is what I mentioned now repeatedly, during this presentation, we have still good and strong demand in automotive, in aerospace, stable demand in packaging. Where we are impacted right now is industrial application business, machine building business, where the demand is down since in particular since Q2 of this year. In sports, we see some developments there, where we had very strong economy and especially economy during and after COVID. Everyone was buying bicycles, and stocks have built up there. We see some sort of a movement there, and we expect that this will soften and will get better beginning of next year and H1 next year. In terms of architecture, we are also down the whole building industry. I think this is an impact we see there. Of course, we also see there and there's the reactions there of many other things like the measures of the central banks which increased interest in order to bring down inflation. This wasn't effect everyone wanted, and we also have it now and feel it now in our order, where the in particular, from building. Some words about our outlook, slide number 30. We put it together there. I think I mentioned many things now. On the one side, the overall sentiment is not really positive right now, in particular for some industry and in some areas. On the other side, we have strong demand and stable demand from many of our customer industries. If we put together everything there, we feel a decreased, all in all, some sort of a decreased demand, in particular of our rolling division, and this was also the reason why we reduced slightly, at least, our, let's say, guidance here to EUR 160 million-EUR 190 million. It's, I would say, a soft adjustment there, still, and we optimistically that we will be somewhere in this guidance by end of this year, as long as we do not have unexpected and significant deterioration somewhere in the economic situation or in the aluminum price, or as long as we do not have other Black Swan events, as we also saw them many times in the last years. This was my presentation. Thanks for listening, and I'm definitely there to answer your questions. Thank you. Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star followed by 2. If you are using speaker equipment today, please lift the handset before making your selections. Anyone who has a question may press star followed by 1 at this time. 1 moment for the first question, please. The first question comes from Christian Obst from Baader Bank. Please go ahead. Good morning, and thank you for the quite very detailed, again, presentation. I just have a broader question concerning the long-term outlook from CRU 2027. The overall growth per annum is 3.5% for raw product, only 1.9% when it comes to primary aluminum. Can you give us some kind of your thoughts about that kind of growth, which not really exceeds GDP growth? This is despite massive state support for structural changes in the industry and so on and so forth. Normally, one would think that demand for aluminum will grow faster, also during that time frame. What do you think about that? It's a good question, but I think still 2% is a sound development. In addition to that, we are growing. We know that it's limited possible. We're also growing in areas, let's say in rolling 3.5, in areas like recycling and so on. We are doing this. In addition to that, of course, we have to have a look, and perhaps this is an impact there. In particular, China is development and all in all, and so very difficult to say how directionally we come to this outlook and why it is that different between primary and rolling. What we assume here, and given the fact that we have in our portfolio, we have strong demand still in outdoor and transport in the long run. We have to do and manage the transformation. I would be definitely positive. What we also saw is, by the way, some build-up of stocks. Is it the Russian production, and so on? Perhaps, yeah, this is also included there, but for me, difficult. I do not know the details why they came to that. Okay. Do you see some kind of accelerating switch coming from aluminum to other products? Does the construction in the car industry or in the industrial space, it's changing away from aluminum to what, other materials? Not really. No, not really. This is what we do not see. We still see strong demand out of the transformation, still strong demand in aerospace, still strong demand in automotive. I don't see that. That, I think we have a very good material with a lot of good and good future in front of us. Okay, the last one on that is, years before, you mentioned that you don't like to have too much of a share in one industry. Now, auto is exceeding 30%. I know that this is partly due because of the commodity demand is going down. Nevertheless, auto 20% plus, are you fine with this kind of number? You still think, okay, 20%, that's enough, so we have to keep our portfolio a little bit broader? Christian, I think you guessed the answer. I think we see the downturn, in particular in industrial application, which has an impact there on the split. On the other side, I also have to say, we have limited capacity for automotive, and we have a natural cap there, and this is how we set up the plant. So we roughly stick to that. Of course, what we do there within automotive, we try to have a diversified portfolio there, from different OEMs, and also a nice split between, let's say, electrical vehicles, combustions, and so on, premium and not premium, and so on. This is what we are working on strategically, but all in all, it is still there, what we said, and unchanged, and it is also simply given by our setup of our, site and facilities. The last one is on cash flow. Of course, you described why you were a bit now in the H1 compared to the last minus. Going into the H2, can we expect some more of a working capital release because of lower activities overall, and so an increase in a free cash flow in the H2? One reason why the outlook is where it is, has to do that we definitely reduce production levels for the H2, also to reduce working capital. We are working on that constantly. We take out, for example, some select production, which we did in the H1, because in the beginning of the year, the output was that the H2 should do better than the H1, and economy should, let's say, recover quicker. Now we had another pattern, I would say, to what we thought the economy would look like during this year. We had, I would say, quite a good H1 there. Of course, with now a downturn in demand. What we included in our outlook then, in our internal forecast, is some sort of net working capital measures there, of course, and reduced production, so we are working on that. It will definitely highly depend, depending on the development of the economy in the next weeks. We are actively managing it and trying to bring it down, and this would, in principle, have a positive impact, as you mentioned it. Very important KPI for us and for working capital at the end of the year, how high the sales levels are, in particular in the month of, let's say, November and December, in particular, because this has then to do with high levels of receivables or lower levels of receivables, which we always have then with definitely an impact on working capital number. We're working on that and actively managing, and this is also part of the reason why the run rate looks a little bit lower than perhaps it is in the H2. Okay. Thank you very much. Welcome. The next question comes from Markus Remis from RBI. Please go ahead. Good morning, gents. Actually, just two questions. Firstly, on the downstream, and the pricing side. Basically, guiding for lower volumes, I mean, what's your perception of the pricing environment? Did you bake in some incremental pricing pressure in the H2 as well? A little bit. What we actually see is right now, this is, this is definitely interesting in industrial application, we are also testing the market, what we see is on our side is even if we would reduce prices, the market is not there. It's not, it's not that, the, our pricing that we are down. We try to keep, the pricing more or less where it is. Of course, with, we have to do some reductions, that's also included, to a certain extent, in this outlook. We try to, to sell perhaps a little bit less, but at the prices where they should be, because also cost is high. We know we have inflation, we have, the next, let's say, collective agreement round in front of us. I think it's not the right solution now to get nervous there and reduce prices dramatically. This is what we wanna keep. Okay. What's your, kind of perception of the competitive environment? Are they, also acting as prudent as you or, I mean, maybe they have a higher incentives to be a bit more, yeah, giving on pricing? As I just explained, even if we reduce prices for industrial application, it is the only area I'm talking now about, even if we reduce there, we would not make, let's say, significantly more volume. It is not worthwhile doing this. Now, it does not seem, it does not make sense, and at the end, we and our competition, we all need higher levels because also costs simply increased compared to what we saw, let's say, pre-COVID and so on. It is, simply, we have to reflect this in our pricing methodology, and we are working there very cautiously. Of course, they will come down. There's normally, with the lower demand, also prices have to go down. We included this partly in our in our forecast and guidance. I actually, for the time being, you know, visibility is quite not really there right now. We exactly what I explained very well in the first month of this year. This is also one reason, we had also result was a good result, given the low volumes. Yeah. Okay, fair point. Secondly, on the automotive industry, I mean, do you kind of, yeah, see any changes in the demand pattern, or how would you describe the dynamics here? As I'm hearing from a couple of players, it's pretty stable over the H1. Is that also kind of the perception that AMAG has discussed? Same as you just said, and for us it is stable. I just had an internal discussion yesterday with my guys there. Our expectation is a stable one for the rest of the year. Hope no Black Swan is coming and approaching there from somewhere. We are optimistic that it stays stable for this year at least. Okay. Okay, thank you. That's it from my side. As a reminder, anyone who wishes to ask a question may press star followed by 1 at this time. We do have a follow-up question from Christian Obst from Baader Bank. Please go ahead. Yes, thank you. I have a question concerning FX. With dollar impact, could remind us a little bit about current hedging position going into the H2 and into 2024? I, you will somehow interrupted now, and I had some a deadline there. I don't know if I got your question now, right, it had to do with foreign exchange, I think. Yeah, repeat it. Yeah, of course. What is the current position, hedging position in the H2, and what do you expect, especially from the US dollar, the impact on your profitability in 2024? Regarding US dollar, I think we are right now at the level of 1.11.11, 1.12. We normally, you know, our hedging philosophy is that we hedge orders when we get them in US dollar. This is what we are doing. If we talk about long-term contracts, we simply hedge them in the market and try to fix the margins there. In particular, that we do not want to have impacts there. This is what we did in the past. We also see some impacts there, perhaps in our bridges, if you look at the H1, because we had hedged at different levels in the past, and this is what we're continuously doing. I do not expect a big impact there from this side. We do not have big budget type of, or discretionary hedges there in terms of foreign exchange. We try to hedge our outlying exposure there and like for aluminum prices. No speculation at all. Regarding energy prices, we did hedges in the past, we did hedges this year. We also try to focus on our position there mainly, and this is what we're doing. The impact there is a minor one, I would say, and also for the upcoming years. Right now, if we can fix the long term, let's say, contract right now, we seem to try to build the position there also in terms of energy, like we did it in the past, and this was also a part of the success, I would say last year. Yeah. I hope that I don't know if I got the answer really correctly. I would say there was a positive impact coming from FX in the H1, right? Not really. You know, what we have here is we do simply fix when we close a contract, when we take in an order, for example, from our customer, then we try also to fix the exposure in terms of FX, and this is part of the calculation. On paper, this might have an impact there on the base, but this has no impact on the profitability, actually. Where we have FX impact is, for example, in translating the results from our operation in Canada, because this is an all US dollar, of course, operation. It makes a difference if the US dollar is at 1.30 to the EUR or at 1.10. Of course, we like 1.10 more than 1.30 there. This is, I think the concept and, yeah. If you want, we can clarify details there if you call Christoph afterwards, so I think. There's no impact there. Yeah. Okay. Thank you very much. Thank you. There are no further questions at this time, and I hand back to Christoph Gabriel for closing comments. Many thanks to all of you for having attended our conference call. As usual, you are invited to give me a call in case of any further questions. I wish you a pleasant summer, and hopefully hear you again in October when we publish Q1 2023. Thanks a lot and have a good day. Goodbye. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for joining, and have a pleasant day. Goodbye.