Dear ladies and gentlemen, welcom`e to the conference call of ANDRITZ AG. At a customer's request, this conference will be recorded. As a reminder, all participants are in a listen-only mode. After the presentation, there will be an opportunity to ask questions. If any participant has difficulties hearing the conference, please press star key followed by zero on your telephone for operator assistance. May I now hand you over to Wolfgang Leitner to take you through this conference? Please go ahead. Good morning, everybody. Welcome to our mid-year analyst conference call. Let's just start with some general remarks. We have communicated today a change in our personnel and on our Executive Board. Excuse me, I just need to sort out here something. Whatever it is. This isn't going. Yeah. We have communicated some changes in the Executive Board. I think we have found a very good combination of continuity and innovation and new blood for the Executive Board. As you've heard, I will retire from the Executive Board with the annual shareholders' meeting next year, and hope to be elected and appointed to the Supervisory Board from then on. It is possible according to the rules of the Austrian Stock Corporation Act. With regard to the succession, continuity is provided by Joachim Schönbeck, who has been with the ANDRITZ Executive Board since 2014. He has been responsible for Paper together with Humbert Köfler, and he'll take over as head of the executive board from April 2024 onwards. His responsibilities for the Metals business area will be taken over by Domenico Iacovelli, who has been with ANDRITZ since 2011. We've acquired him with a small company in Switzerland, that in the following years, he has developed extremely successfully with a really high-tech company, serving the automotive industry, by the way. Then has taken over as CEO of Schuler. In Schuler, he has gained experience in two directions. Number one, restructuring. As you're aware, we have done a very serious, very far-reaching restructuring, especially in Germany. At the same time, and extremely important, he has succeeded and always on the way to sustainability and operations, also on repositioning Schuler, broadening its markets and making sure that Schuler hopefully has a very good future. Much the changes in the executive board. If I move on to some general remarks on the half-year results. Obviously, we had a good development. Order intake with EUR 1.9 billion in Q2 is very good, driven by actually all business areas. It's also very positive that services picked up quite nicely, since we are increasingly gaining access to the respective mill sites. Revenues as a consequence of last year's limited order intake is somewhat down or slightly down. Therefore, I think it's quite remarkable that we have succeeded in increasing EBITDA, and I think we also have reached quite a nice profitability, quite a nice margin. If we move to the presentation, I think on page three, we have covered everything. On page five, the summary of the numbers. EBITDA at EUR 227 million and the margin at 8.3% is up. Continuing favorable development in Pulp & Paper and Separation. Metals continued its positive earnings development. I would say we are continuing the turnaround. We are making progress on the turnaround. Obviously, I would not say we have turned around completely and permanently. I think to be able to say that, we need to wait for a few more quarterly results that hopefully are going into the same direction as we have seen over the last two quarters develop. On page seven, the order intake on the left side, Q2 comparison, 2020 to 2021. On the right side, the first half-year comparisons. As I said, EUR 1.86 billion order intake, very good. Up substantially if you look at the middle. You see that all four business areas have added order intake compared to the admittedly quite low Q2 2020, obviously, which was heavily impacted by COVID. I think it's completely obvious that the percentages may appear to be very high. The starting point has been rather low, apparently. Half year results, half year order intake, +18%. Both capital and service are nicely up. Keep in mind that we have some first-time consolidations, especially Laroche. Basically Laroche has contributed about EUR 22 million to the order intake in Q2. On the next page eight, the quarterly development over the last several years. You see the good trend, the last three quarters. You see especially on the lower right side, that service has gone up from EUR 530 million to EUR 744 million now at Q2 2021. Service accounted now for 40% and capital for 60%. Service slightly lower because of good capital order intake. On page slide nine, revenue slightly down in the quarter, -8% in half year, -5%. Paper down from a quite high level. Reason predominantly that these large orders that are under execution are approaching the final stages, and therefore the invoices decline somewhat, and that has caused a decline in the revenues for Pulp & Paper. Other business areas, depending on quarter or half year, are up or slightly down for the half year. Here, Laroche contributed marginally with only EUR 3 million in Q2 in revenues. On next page, development of service percentages. Again, Pulp & Paper down from a peak of 51% to 43%. Now, sounds negative, can be negative. In this case, it is not negative because the reason for the lower percentage in service is that capital has developed very nicely. Metals, 25%, very stable. Hydro, 38%, and Separation slightly increasing from 45% yearly to 50% in spite of quite good revenues. On slide 11, order backlog. Picking up from Q4 2020 onwards, now at EUR 7.4 billion, quite high order intake. As always, dominated by Pulp & Paper, large projects, large orders, and by Hydro, a combination of large projects and rather long execution times. On slide 12, earnings Q2 on the left side, EUR 127 million, up 22% from the second quarter of last year, and half year, up 36% from EUR 174 million to EUR 238 million. Profitability, again, 8.3% in Q2, up from 6.3%. The half year, 7.9%, up from 5.5%. What happens, I think a combination of reasonably good revenues, reasonably good margins in the projects, and the consequences of relatively strict cost containment starting middle of last year. We had the goal to get into shape by the end of last year, meaning to adjust our capacities where we felt it would be necessary, mid-term, long-term. That was done across the board, but obviously predominantly in the markets where we would not expect substantial growth in the future, which is basically European market, where the number of employees went down by more than 1,000 over the last 12 months and overall by about 10% over the last two years. Obviously, limitations on traveling, et cetera, contributed to the overall profitability, maintaining the good profitability. If you look on the next page, 13, EBITDA margins by business area, both Q2 and the first half year. You see Paper is continuing the good developments to double-digit EBITDA percentages. As we will remember, we have increased the guidance for the Paper profitability. I think we are in a good way in this regard. Metals, small numbers, unfortunately, still above the waterline. 2.4% in half year, 2% in Q2. As I said, good progress, again, driven by various substantial cost reductions, but also driven by a pickup in order intake and in increasing or decreasing under absorption in manufacturing and in engineering as a consequence of the restructuring activities. Still a long way to go, to be honest, to get it up to the average profitability that we want to have in the group. I think we will see some increasing or continuing effects of continuing reductions in workforce. A majority has been achieved by the middle of this year, but some minor activities are going on. We expect to see some additional cost savings in the next several quarters, although rather limited. Obviously, we hope to now from here, not only to stabilize this level, but to see a positive trend, which will not explode, but should gradually get us up to the 5% and 7% EBITDA levels. Hydro, 6.6% in the half year and 7.2% in Q2. I think this is a good development compared to last year, but obviously last year has been impacted by under absorption of capacities, which by now have been taken out again. Hydro has done quite substantial restructuring and hopefully has now the cost structure that enables it to provide good profitability in a market that we do not expect to grow substantially. Very positive Separation. Excellent profitability to have. Our doubts, your doubts, whether we can turn it around, whether we can increase profitability, whether it fits into the ANDRITZ portfolio, hopefully are somewhat reduced and we see it definitely as a long-term promising business area that we think can be developed further, both on the top line and hopefully also a little bit on the bottom line. If you now may pass on to Norbert Nettesheim, our CFO, to take you through the detailed source of change analysis regarding EBITDA and other numbers. Norbert, if you take over. Yes. Thank you, Wolfgang Leitner, for passing the mic on to me. Good morning to all of you who are on the call and have been the last calls. I'll take a few minutes to explain everything what is below operational profits in our P&L and give you a short view on the cash flow and on our liquidity situation. As you see on slide 14, starting with 237, which Wolfgang Leitner explained in detail, EBITDA 7.9% in the first half year. Significantly improved compared to last year, first half year. Not very breathtaking changes in the other elements of the P&L. IFRS amortization, regular amortization out of our acquisitions in the past, EUR 38.3 million, including a slight number from the new acquisition, Laroche. Normal development will decrease further on in the future, as long as we don't make much additional investments. This will be a contributor to the constant improvement of our net income when it's at least normal. With regard to extraordinary issues in term of goodwill, we do the regular testing every quarter and this half year, slight adjustments in the Compact Hydro goodwill. It's not very important. Only EUR 3.3 million. That is a pure housekeeping measure. Nothing really important. Financial results, EUR 18.2. Here we have a hidden improvement, which you can see in our direct interest result. Interest expense and interest income improved to EUR -8 from EUR -15 in the year before, due to ongoing improvement in our financing structures. We had an extraordinary effect here of about EUR 7 million for a payment out to a former minority shareholder, which has to be accounted as financial cost and according to IFRS 18.2, but including a favorable development in the interest area. Taxes 27.5%, which is purely the outcome of our ongoing initiatives to improve our tax structure, especially in Europe, we are able to use losses carry forward more intensively and now also to see a tax rate of 27% for the near future periods, which we considered also in the first half year. Leads us to EUR 134.8 or 4.5% net income, which is a significant improvement compared to last year, where we had a 2.8% in the first half year. We are very proud that we go our way up to the 5% net income, which we target to achieve in future periods. A slight remark which you don't see on the slide, OCI plus EUR 43, in the first half year due to exchange rate development, leads us to an equity quota of 18.6% in the first half year. Next topic is cash flow on page 15. Starting with the numbers you see already, net income adding back the taxes result, and considering now in the first half year, EUR 28.3 million from release of provisions, which is included in results but not included in the cash flow. This is simply from the restructurings which we are doing. We accrued all these things in the former periods, now we have to spend for the severance payment and also the layoffs of people. This will be a slight burden on the cash flow in this half year and also in the next half year, in these ranges, EUR 30 million. We come to a gross cash flow, which is despite the improved net income in the range of last year's because of the higher spendings for the severance payments. Going down from gross cash flow to cash flow from operating activities. Major topic is the increase in working capital, which is lower than in last year's first half, but still EUR 53 million. Mostly driven out of normal increase in work in progress from completed contract orders and more or less a typical development that in the first half year we, let's say, increase the work in progress and then in the second half year comes invoicing. This will hopefully turn in the next half year. Also, maybe it was to mention, EUR 74 million taxes paid. This is simply a temporary effect. We will see in the second half less cash payments for taxes. This is purely because of the prepayments of taxes were adjusted to the higher profitability level which we expect. In total, EUR 163 million operational cash flow, which is a significant increase compared to last year's first half cash flow of EUR 100 million. Coming to the total financial position. The cash flow of EUR 153, deducted then by EUR 60 million investment spends, EUR 100 million dividend and EUR 50 million for acquisitions and earn-outs, leads to a slight increase in the net liquidity of EUR 36 billion or a decrease of EUR 48 million in the cost liquidity because we paid back a slight amount for loans. Overall, let's say for the first half year, also very satisfying picture. The second half-year, we will not have these high spends for dividends and also the investment level will stay on the level as it was in the first half. We expect in the second half the typical increase certainly to a level which hopefully will bring us back to a EUR 1.8 billion net liquidity level. This gives us the opportunity to do something in our financing structure, as I said. We have planned to pay back some of the loans in the second half. EUR 150 billion is announced to the banks that we pay back, which will have the net liquidity a little bit down then again, but we maintain the level we have currently, and we consider it as highly sufficient for our business that we are in. This is for net liquidity and then a summary slide. This is slide number 17. I will not go to individual numbers. Simple interpretation of the overall view. Everything better than last year, despite the small decrease in revenues and a little bit unfavorable development of capital employed. This will turn certainly better in the second half. When we look into profit, cash, and liquidity, everything is significantly improved. Double-digit numbers, see the 86.9% improvement of net liquidity or the 60% improvement of net income. I would say, a very favorable first half year 2021. That's from my side, and I want to pass back to Wolfgang Leitner. Thank you very much, Norbert. I will now continue briefly through the four respective business areas, starting with Pulp & Paper on slide 19. Overall, a very good development. EUR 1.7 billion order intake in the first half year, if you compare it. This is really a very good level. Also driven by continuing very high order intake or project activity in our nonwoven division, which, as you may remember, has shown dramatic flexibility in the spring of last year by converting a pilot line into a mask, COVID mask production line, and selling I think more than 30 lines of this mask production globally. It's now also benefiting very substantially from the overall trend to nonwoven, which is an important raw material for many hygienic applications, but also other applications. That last year accounted for nearly EUR 500 million order intake within this Pulp & Paper business area. This year we are on a very good track. If that continues, then it could be another year on the same similar level as last year in order intake. Looking at the margins, they improved in spite of some decline in revenue. I explained this with this late phase order execution, and, I think, nothing special by the regions. Also looking forward, I think it's good activity and we are happy with the performance of this business area. On the next page, Metals. Order intake significantly up, although from a low level, in those areas, or those parts. Revenues decreased slightly, a consequence of the low order intake in last year. Earnings and profitability improved as a consequence of lower costs, especially on the metals forming side. I think so much to Metals. We are in the late phase of the restructuring and the realization of the cost containment. Certain things are still going on. Maybe some very minor adjustments happening in the balance of this year. Some long-term retirements that have been agreed upon one ot two years ago will go into next year, but the vast majority should be done by the end of this year. Hydro on page 21. Solid business development. Order intake up. I am not promising any very large orders for the second half, although there is hope, so you will smile when I continue saying that, but at least in Q2, we had a kitchen order with about EUR 75 million, roughly, order intake has been booked. Yes, there are some projects that should be either decided or one or the other only needs to come into force in the next few quarters. Again, we see this as stable. We do not expect a dramatic pickup. Also stable profitability. More dynamic is on the next page, Separation, 22. Very favorable business development. Order intake up 7%, revenue up 8%, and a very nice EBITA margin of 9.7%, up from 6.5%. 9.7% may be a very high level, but we are confident that we can maintain an above average profitability compared to the overall group profitability level. Coming to the outlook. The Pulp & Paper, good project activity, in Pulp predominantly. We are optimistic that some larger projects will be decided in the balance of this year. If everything goes well, I think we should see, can expect another year of good order intake in Pulp & Paper. Metals Forming and Metals Traditional, Metals P part, continuing good investment activity, also competitive. On the Schuler side, it's obviously still dominated by the automotive industry, which is pondering investments. Much of that we will really go through remains to be seen. Overall, we hope that Schuler will have a reasonably good order intake for all of 2021. Obviously, the high steel prices from the Metals Processing division benefits more from the high steel prices than Schuler. Hydro, I think we have covered in Separation. We have covered. To conclude, once again, regarding the change in the executive board, I think with Joachim Schönbeck and Domenico Iacovelli, we have established a very good succession for me. Both have come from the outside, by the way, have been with ANDRITZ now five, eight years, something. Represent also a good combination of age, with Domenico Iacovelli being in the mid-40s, obviously important for good diversity, so to say, age diversity on our executive board, if not we achieve. Unfortunately, we have not yet achieved other forms of diversity on our executive board. Looking forward, clearly, COVID has continued to have an impact on our business in the first half year. I'm not going to repeat the countries where COVID is raging, countries where we typically are quite strong in employees, in order execution. I think you probably will agree that we cannot assume that this will go away immediately. We will have to continue to live with COVID, some ups and downs in activities, in some lockdowns, also again to be expected for the second half of the year, especially in the northern hemisphere, especially in Asia, for example. On the other hand, we have learned to live with COVID, and I think we have shown that we can maintain profitability in COVID times. Therefore, we are optimistic that we have the right setup. Overall economic activity is good. Commodities are expected to go up, which should result in some new projects. Again, the overall environment currently looks good, although probably is to a certain extent volatile. Our main industry is steel, pulp, mining. Do not forget, nonwoven are well positioned to benefit from a hopefully continued good economic activity. As a consequence, we excuse me, still expect a slight decline in group revenues, which would compare to the EUR 6.7 billion in 2020. We expect a significant increase in the reported EBITA compared to 2020. Baseline there is EUR 392 million. Expect the profitability to hover around the 8% level, comparing to reported EBITA margin in 2020 of 5.8%. Currently, we do not expect any substantial non-operating expenses, extraordinary effects. There may be some smaller, but we do not expect that should have any substantial impact on the profitability. Much my presentation, and I look forward to your questions. Dear ladies and gentlemen, now we will begin a question and answer session. If you have a question for our speakers, please dial zero one on your telephone keypad. Now it's your turn to speak. Once your name has been announced, you can ask a question. If you find your questions answered before it is your turn to speak, you can dial zero two to cancel your question. If you're using speakerphone today, please lift your hand before making your selection. One moment please for the first question. Zero one if you want to ask a question. The first question is by Sven Weier of UBS. Yeah, morning. Thanks for taking my questions. It's three. I go one by one. The first question, Wolfgang Leitner, is on your decision to retire from the Executive Board. Congratulations on a great career and all of your achievements in the last 24 years. Quite impressive, of course. Maybe the question is a bit more rhetoric, I guess, because, I take that as a sign, the timing of the decision that you probably believe that now all the turnaround at Schuler is clearly more sustainable. Also, when I look at the implications in terms of your shareholding, to me always seems like very long-term commitment of the foundation and the fact that you go on the Supervisory Board. It probably also implies that the strategic direction of the company will not change after you retire from the Executive Board. Is that the right perception of the situation? Partially, I would say. Regarding the first part of your question, I took the last exit before turning 70. Yeah. I will be 69 next year, when they have the shareholder meeting, and clearly it's time to close that. I was waiting for a good year and could not have waited longer. To be honest, I stayed on for probably two years longer than I had intended to stay initially. As you probably can understand, obviously I like and I love what I do. Clearly now it's time, and I look forward to work on the supervisory board. There will be a regular member according to the legal regulations. I cannot take over the chairmanship of the supervisory board, which is no problem whatsoever. Regarding the shareholding, yes, it's a long-term shareholding. I have no plans whatsoever to reduce my stake in ANDRITZ. Because of that, I have really done everything possible to make sure that my successor and the future executive board will not only be as successful as we have been in the past, but hopefully be more successful. Yes, continuation I think is an element that is good for the company, but innovation, new blood, new ideas is also very important. My long term as CEO obviously was not the worst thing to happen to the company. In the long run, it's also a risk and a danger, and therefore definitely I am not expecting that everything continues as it has been in the past years. We see new ideas and new directions and innovation, and being a large shareholder, the best thing that can happen is if my successors are much more successful than I have been. Does it answer your question? Yeah, absolutely. I was just wondering, according to the Austrian law, how long is the cooling off period until you could theoretically become the head of the Supervisory Board? It's not my- Kind of a legal requirement there or? It's not my most important plan. That needs years. I'm not sure. Okay. Yes. Okay, fair enough. Okay. Okay. Yeah, thanks for the answer. Yes, 2 years. Yes, it's 2 years. Yeah, okay. Thank you. That's very clear. Second question, probably more a normal one, I guess, on the pulp situation. You talked about how good the pipeline situation. In terms of your own capacity to take on new projects, how is the situation there? Are you having enough capacity to take the projects that are coming? Because, on the recent one, you probably sounded a little bit more reserved. I guess that is good for you. Just wondering about your stance on that. We are open for business, very clearly. No problem to take orders. Obviously, there is a level of overheating, but we definitely have not reached that. I think also some of the large projects are approaching, as I've said, the final stages of the execution. We have experienced people that are eager to move to the next project, so no problem with limit capacity. You said it's at least one that could still come this year, or could it be even more than one? It could be more than one. No, I'm not forecasting a super boom, but obviously there is quite a good probability that one large will be decided, and we'll go ahead. There are one or two others that definitely are mature enough to be really started. Let's see what really is happening then. Okay, understood. The last question is on the Hydro. You announced this scope in the AN on hydrogen. Maybe you could give us a little more color about the prospects of that very cooperation. If you already see more momentum in the pipeline you have driven by of course, demand for more green energy. Does that do anything already to the progress, or is that more a long-term option? If I may start with the hydrogen market. We look at it as a real opportunity for various parts of the ANDRITZ universe, specifically. On the one side, it hopefully has a positive impact on future capacity increases in hydropower, because clearly that makes, for example, remote hydropower locations feasible. If you can transport, let's say, high-value fuel in the form of hydrogen to locations where that is needed, it's not as expensive as having to build large electric lines. It's also an opportunity for our Metals business area, and here, both for Schuler, they are in production processes, in products to produce the, how do you call it? Lamellas for these fuel cells. We on the Metals B side, we're also looking into certain production technologies for hydrogen. We have been building electrolytic galvanizing lines for many, many years. We electro galvanize steel coils going into the automotive industry, the high quality and stainless steel are. That opens also or creates a basis for electrolysis technologies. There we are also looking into that. We consider this complex of hydrogen together with our Hydro business area and our Metals business area. It's one of the, let's say, innovation opportunities. Growth opportunities will not show up next quarter, but next two, three years, I think that could create an interesting growth island for us. On the general Hydro pipeline, any kind of stimulus from all the climate change discussions there already, or is that something you saw more in the outer years? A lot of talk. A lot of talk on the basis of a stable business. We see no really dramatic and tangible pickup in demand. Really, I think I'm not concerned about any decline. I think there's definitely much more upside than downside, starting from the current level. I think there's many quarters to announcing that next few quarters will show some large orders. They are still not lost, but still delayed. I'm being cautious. I'm learning. Okay. Fair enough. Thank you, Wolfgang Leitner. Next question is by Sebastian Growe of Commerzbank. Thanks, everybody, and good morning. Three questions from my side. The first one would be on service part. We have seen obviously a strong uptick since the fourth quarter of 2020, after the second and third quarter last year. My question here would be, what are the key drivers and measures? Are there any particular areas that are worth mentioning? In this regard, can you mention also comments on how Xerium has performed in the acquisition? Is there any really particular area that sticks out? The question is sort of going into the direction that we have seen with other companies as their equipment plateauing eventually on the more spare parts-related part of the business. I would be interested in getting your thoughts here, and then I would continue on that as well. Obviously the quite strong growth for the last four quarters cannot be extrapolated indefinitely. That's clear. Do I see a plateau currently? No, because there has been a, as I said, a demand that has accumulated over the last at least four quarters. I think that still has not been removed completely. Therefore, I think, yes, I would rather see a normalization. Going back to a reasonable growth, to what we have seen the last years, prior to 2020, I would say. No particular, I would say, video trends where we can say, okay, this is something that has popped up and will disappear. Nothing in this regard. I would say back to normal business, which means back to normal growth rates. For Xerium, any update? Xerium is also developing as expected. Good profitability. We are investing quite substantially in China to expand capacities there, where we have been completely limited and not been able to fulfill the demand or have had to ship it from Europe, which in certain cases is not really economic. We continue to be happy with Xerium. No clouds on the sky. Okay. That's helpful. Moving on to the Metals segment. It's a bit picky, quite frankly, but nonetheless, the margin has been down sequentially. That's more just for clarification. Is there any sort of mix-related issue in a way here or any other aspect that would be worth mentioning? The other part around Metals that comes to mind immediately, also high steel price that we currently see. I'd be interested in your thoughts around the pricing quality, especially the legacy part of the business when it comes to the recent orders that you have taken. Maybe the question goes into the direction that the business has historically been operating at rather low margins. Could there be any sort of windfall gains because of that very, very strong steel price rally we have seen? To start with the last one, I would not expect much of that. Obviously, with a pick-up in project activity and with all the capacity reductions that we have made and others have made, obviously the price pressure was not extraordinary. Companies still have their older projects. Things have been discussed before. You cannot increase the price by 10% just because it's now you feel that the customer has a lot of money in the bank. If you look at the guidance we gave for business areas, Metals continues to be on the lower side. I think we have to live with that, and need to be realistic. Coming to this quarter-to-quarter difference in Q2 versus Q1. First of all, I would not over-interpret that. Secondly, clearly the situation is fragile. I'm waiting quarter-to-quarter to see a continuation and the confirmation of the trend, and therefore I think we are making progress in the turnaround. I have not used the perfect that we have achieved the turnaround. That would be too early. Why was the first quarter more profitable? If I remember correctly, I think there was a really small release of some small provisions we've had, which have not been needed. Again, I would not over-interpret these tens of percentages from quarter to quarter. We have made progress, substantial progress compared to last year, but we are not yet there, and we have not yet a fully stable situation. Okay. Makes sense. The last one is around Separation. Actually very strong momentum now for the last quarters, especially on the margin side. Also now with the more than EUR 200 million of orders in the segment. I'm just curious what is behind this, or is there any kind of change in the offering that gives you a much better touch there with the market? How should we think about this business going forward, which has been hovering around EUR 100 million plus minus in terms of revenues? Can that be an EUR 800 million business? Any thoughts here would be appreciated. I think that is the beauty of the business, that there is no simple straightforward explanation. They are active in so many different segments. Clearly what we see is that as you probably remember, we have this part of Separation that goes into environmental industry, into mining, into food industry, and then we have the feed division within this Separation, which produces equipment to produce animal feed, fish feed, other animal feed. Both are doing well. I think that is more a result of overall economic activity. Again, demand has been not fully fulfilled in the last year, therefore now life becomes more active. No, I cannot say that we have become much more competitive or that we have now introduced this fantastic new product. It's really an aggregate of many, many small orders, which, as I said, is a beauty because it provides stability, it provides good margins, it provides a low-risk profile, and therefore we are happy to have it. Can there be an EUR 800 million business? For sure, there can be. The question is whether we can make it an EUR 800 million business. We have hopes for that. We have some plans how to continue to grow the business, both organically, but also by acquiring one or the other smaller mid-size company. We need to be successful and need to demonstrate that we can develop the business. Clearly, it makes only sense long term to have this division if we can create both growth and above average profitability. The high percentage of service, and this is approaching 50% of aftermarket service content of total volume, obviously helps and again, makes it an attractive business machine. Yeah. Makes sense. Okay. Yeah. This concludes. I can only echo Sven's comment with regard to a very impressive career. Congratulations on that and wish you all the best for your future. Thank you very much for all. Don't forget, we will see each other for the full year also. Don't say goodbye too soon yet. Okay. Last question is by Daniel Lion of Erste Group. Good morning. Thanks for taking my questions as well. I would like to focus a little bit on the profitability trends. You've mentioned this already during your presentation, of course, starting maybe down, seeing a profitability level of actually close to 8% already in the first half-year. Having the strong order intake, order backlog in all the divisions, the restructuring in place. It rather seems that, historically, this is anyway the case, that the second half-year is stronger than the first one. It rather seems that, of course, you would be, especially in Metals and maybe Hydro, improving profitability going forward, based on economies of scale. It seems overall guidance for this year is rather conservative, actually we should start thinking of a new guidance that could eventually be communicated sooner or later here. What are your thoughts in this direction? My thoughts and our combined thoughts have been expressed in our guidance. The guidance is what it is. Is it overly conservative? No. Is there some upside? Yes. Is there some downside? Yes. I think it would be dangerous to extrapolate some short-term trends indefinitely or for several quarters. Again, the guidance is what it is, and the guidance is our best guess. It's in the middle of the range that we foresee, and we could easily give you some scenarios where it looks much more difficult in the second half of this year. Just to mention COVID. If that deteriorates substantially, if there were lockups, if, again, the mills shut their doors to outside vendors, to outside service providers, things can change very quickly. We need to keep our feet on the ground and not become too optimistic. Yeah. Okay. With regards to Metals also, now given the order intake, what do you see on the one hand, on demand side going forward? How would you expect, especially the automotive now to pick up maybe orders further? What's going on there? Related also to the profitability trend, is it only a question of scale that will help improving profitability now going forward, or is it also a question of the sales mix? How are the relations here? It is not only a question of scale, of revenue volume. We need to develop the non-automotive markets. I am not here to explain the automotive industry, but just one sentence. In my opinion, we should not mix up the very good profitability now of the automotive companies. This is not predominantly not volume-driven. It is certainly also a consequence of them being limited in chips, and therefore, probably I would assume that the discounts they have to give on their new cars probably are much smaller than they used to be last year, which doesn't help us, obviously. We live on volume and on new models and, obviously, also electric mobility. Electric will continue. Do I expect a dramatic explosion on the automotive side for us? No, I don't. On the steel side, regular steel industry, yes, the prices are now very good. Again, there we will see, in our opinion, a few more quarters of a good project activity. The steel industry is a steel industry, and it will remain a steel industry, meaning that it is very competitive, and there are more bad years for our customers there than good years, and it just will probably also continue. There, if we, and that's what I explained before with regard to our activities in hydrogen, et cetera, we need to find some growth segments, some innovative segments within the steel industry or adjacent to the steel industry, or using the technologies we have developed for the steel industry to create some sustainable growth for this business area, independent from the general state of the steel industry. Obviously, we cannot depend on the boom years only. Yeah. Clear. Erich, we have to step out to another meeting. I would like just one final question here from Daniel. Otherwise, I think we should step out of the meeting and come to another one. Yeah. I just wanted to thank you for your- Okay, perfect. Perfect timing. Thank you so much. Thanks. Thank you. Thank you, and bye-bye. Thank you for participating. Thank you. Bye. Bye-bye. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.