Dear ladies and gentlemen, welcome to the Conference Call of VERBUND AG. And our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen only mode. After the presentation, there will be an opportunity to ask questions. If any participants has difficulty to resume on the conference, please press star key followed by zero on your telephone to call operator for assistance. May I now hand you over to Peter Kollmann, who will lead you through this conference. Please go ahead, sir. Thank you. Ladies and gentlemen, let me welcome you to our presentation for the first half year 2021, and let me thank you for joining today's conference call. I hope you are all well and healthy. Before we move into the analysis of the business development for VERBUND AG, let me make a few general comments about the half year. The business development was satisfactory as the energy business environment strongly improved, especially prices for European CO2 certificates and prices for primary energy sources increased, being key factors for wholesale energy prices in Europe. The sustainable positioning of VERBUND is perfectly directed towards the increasingly ambitious decarbonization efforts within the E.U. and Austria. These positive factors contributed to the value development of the group. VERBUND shares ended the first half with a value of EUR 78, representing a performance of 11% year-to- date, with a corresponding market capitalization of approximately EUR 27 billion. With that, we are by far the number one in the Austrian stock market and among the biggest utilities in Europe. Against this background, let me now present the figures for the first half year 2021. At the beginning, let me highlight the most important influencing factors for the results development, which you already know, and which are, of course, the prices and our hydro coefficients. The average achieved contract price increased from EUR 44.5 for the first half year 2020 to EUR 46.6 for the first half 2021. The hydro coefficients determining the generation from our run-of-river hydropower plants was lower than the long-term average, but slightly higher than in the first half year 2020. Production from our hydro reservoirs was much lower compared to last year. There was a positive contribution from the initial consolidation of Gas Connect Austria. Contributions from flexibility products, especially control energy and pumping, increased compared to last year. The impact of these factors on the key figures is as follows. EBITDA increased by 2.5% to EUR 655 million, and the group result increased by 4.5% to EUR 325 million. The operating cash flow was lower at a level of EUR 426 million. That's -21%. The free cash flow was negative at a level of -EUR 473 million, obviously, due to the acquisition of Gas Connect Austria, higher dividend payments and CapEx. Net debt increased by 48% to a level of EUR 2.6 billion. Based on the strong half year figures and the improving market environment, we increased the outlook for 2021. We expect now an EBITDA between EUR 1.31 billion-EUR 1.41 billion, and the group results between approximately EUR 590 million-EUR 660 million. The payout ratio will be between 45%-55% of the adjusted group result, which is between EUR 580 million and EUR 650 million. In the following charts, I will explain the influencing factors in more detail. Let me start with an analysis of our generation volumes. At 0.96, the hydro coefficients, which as you know is an index quantifying the hydropower generation of the run-of-river power plants, was 4 percentage points below the long-term average and 1 percentage point above the level of the first half year 2020. The production from annual storage power plants decreased by 16% due to less natural inflow and less turbining. Own production from hydropower overall decreased by 430 GWh or close to 3% compared to the first half year 2020. Generation from thermal power plants was down by close to 70% or 459 GWh, stemming from the decreased use of Mellach for congestion management and the fact that the Mellach district heating plant was almost not in operation during the quarters one and two of 2021. Generation from wind power decreased by 13.8% to 444 GWh. What's the reason? Well, let's say with wind conditions in all markets, were the key factor here. A second important parameter on VERBUND's results are the average achieved contract prices at the end of the first half 2021, and obviously based on our hedging strategy, we achieved an average achieved contract price for our hydro generation of EUR 47.3 for 2021. For the full year 2020, we achieved EUR 44.6. Please note that we have already hedged approximately 88% of the volume for 2021, and on a mark-to-market basis, as of the 16th of July, we calculate with the price of EUR 52.5/MWh. You know that when I take the entire generation volume per annum, the sensitivity of power price moves are ± EUR 1, equals EUR 25 million on our EBITDA line. On the next page, flexibility. As you know, one of the major trends in the new energy world is increasing volatility in the European grid system coming from the massive development of renewables. We are lucky that we have very flexible assets based off low-cost pumped-storage power plants, and our very modern CCGT in Austria. Now those are best positioned to benefit from this volatility, through the sale of flexibility products, after result of EUR 58 million in the first half year 2020, we achieved EUR 17 million in the first half year 2021. The increase results mainly from higher contributions from control energy and pumping. Please note that since October 2018, our Mellach CCGT has been put into a strategic reserve under which we receive a fixed capacity payment and a payment for the generation. As a consequence, we have changed, what used to be an unpredictable volatile cash flow against the secure stable cash flow for a period of three years with a quasi-regulated component there. Due to the positive development of the flexibility products, we decided to increase our guidance, to approximately EUR 120 million, for the full year 2021. On the next page, our regulated business as the closing for Gas Connect Austria took place at the end of May. We now fully consolidate the company, which is also part of our regulatory segment. I will present you our two regulated businesses on the slide which you have in front of you. First, contribution from APG. Our 100% owned subsidiary is responsible for the entire Austrian high voltage grid, with a system length of approximately 7,000 km and very important interconnector capacities into seven neighboring countries. It plays a very important strategic role right there in the middle of Europe. As you know, there is a difference between local GAAP and IFRS. Under IFRS, in contrast to local GAAP, volatility in the results contribution cannot be avoided, because the so-called regulatory accounts cannot be applied. EBITDA for the first half year from our grid business was EUR 122 million, more or less unchanged to last year. The EBITDA guidance for the electricity grid is approximately EUR 170 million, which is a slight decrease of EUR 10 million compared to the guidance we provided when we published our Q1 results. Let me now say a few words about Gas Connect Austria. Gas Connect Austria operates and constructs natural gas high-pressure pipelines. The company is also responsible for the marketing and provision of transport capacity at border points, so-called entry and exit capacities, and the transport capacity required for domestic natural gas demands. Gas Connect Austria operates an approximately 900 km long natural gas high-pressure grid. Five compressor stations positioned along the pipelines guarantee the relevant pressure. In addition to operation, maintenance, and repairs, these are also important tasks. The company plays a very important role in the supply of natural gas in Austria and Europe. The natural gas is transported to the Austrian federal states, but also to Germany, France, Slovenia, Croatia, and Hungary. With regard to the results contribution of GCA, we only report June 2021 on an isolated basis amounting to approximately EUR 9 million. Please note that we do not provide values from last year, as we did not own the asset by then. The guidance for 2021 is approximately EUR 60 million under IFRS. This guidance relates to the time period between June and December. Please note that the difference between local GAAP and IFRS is negligible. We therefore only present IFRS values for Gas Connect. On the right bottom side of the slide, you will find information regarding the regulatory system for our two regulated businesses. On the next page, you will see the non-recurring effects. We encountered a very small impairment amounting to EUR 0.5 million stemming from an Austrian wind power plant project in Kaprun. The measurement of an obligation to return an interest in the hydropower plant Jochenstein amounted to a positive EUR 12.7 million. After considering the impact from the non-recurring effects above on taxes, the non-recurring effects on the actual group results amounted to EUR 9.3 million, which is the EUR 10 million which I mentioned at the outset in terms of reported and adjusted results. We also show the non-recurring effects in the first half year of 2020 in comparison. On the next slide, we show VERBUND's key financial figures for the first half year 2021, and I will hand over to Andreas Wollein. Please, Andreas. Yes. Hello. One second. Going on to slide eight, you see the financial figures. EBITDA increased by around EUR 60 million or 2.5%. I think we have already mentioned the most important influencing factors, the water supply, the sales prices, the flex products, and the positive contribution from the initial consolidation of Gas Connect Austria. On the basis of the segment reporting, we see that the hydro segment, as well as all other segments, were almost unchanged compared to last year. The sales segment was around EUR 22 million higher than in Q1 and Q2 2020 due to the positive valuation effects from energy derivatives, as well as higher sales to end customers. The grid segment was up by around EUR 9 million due to the first consolidation of the GCA, as mentioned before, and the EBITDA contribution of the new renewables segment was down by around EUR 11 million due to the lower wind volumes in all the markets we are operating. The financial result improved by around EUR 26 million due to the significant reduction in interest expenses. This was mainly due to the decrease in interest payments for bonds. Positive effects from repayments in 2020 were higher than negative effects from the bond issuance of EUR 500 million in April 2021, as well as the initial consolidation of debt in relation to Gas Connect Austria. The group result increased by EUR 14 million to EUR 324.5 million. As outlined on the slide before, there were also non-recurring effects in the first half year 2021, leading to a group result on the adjusted basis of EUR 315.2 million. The EBITDA margin increased strongly to a level of 65.4%. The EBIT margin also increased from a level of 25% to almost 46%. In addition to the good operating business, this positive development is primarily attributable to valuation effects in the area of the electricity trading. Finally, I would like to mention the additions to tangible assets, which were based on our CapEx plan above the previous year's level at EUR 248 million. The additions concerned mainly investments into hydropower plants, as well as the investments into the high voltage grid. When we move on to slide nine of the presentation, we move to the development of the cash flows. VERBUND's operating cash flow in the first half year decreased compared to the first half year 2020. It showed a decrease of around 27% to EUR 426 million, mainly due to changes in the working capital and additional margining payments for the energy trading business, due to the strong increase in wholesale prices. Due to the increase in investments in hydropower plants and the Austrian high voltage grid, higher dividend payments, and the acquisition of Gas Connect Austria, the free cash flow after dividends amounted to - EUR 473 million. It should be taken into account here that the dividend of VERBUND AG was paid in the second quarter in 2021. In the third quarter in financial year 2020, because of the postponement of our Annual General Meeting last year because of the COVID-19 pandemic. Net debt increased to around EUR 2.6 billion. This is mainly due to the issuance of a bond, the Green & Sustainability-linked Bond, and the acquisition of Gas Connect Austria. The gearing therefore increased as well from 27.4% to around 38% at the end of first half year 2021. Moving on to the next slide, to the financial liabilities. The debt maturity profile shows now a total repayment of EUR 30 million for 2021. You can also see one peak in 2024 with a repayment of EUR 672 million, mainly consisting of a fixed interest bond in the amount of EUR 500 million and one peak after 2028, which is around EUR 552 million, which is mainly triggered by the new bond issuance in 2021. The total amount of our financial liabilities is approximately EUR 1.7 billion. The average interest rate on our debt is 1.7%, and 73% of our debt is subject to fixed interest rates. The increase in financial liabilities is mainly caused by the issuance of the green bond and the acquisition of Gas Connect Austria in first half year 2021. The ratings are stable, the S&P rating of the bond remained unchanged at A stable outlook, and also the Moody's rating unchanged at A3 stable outlook. Thank you, Andreas. Moving towards our CapEx plan. You know that we have increased our CapEx plan from EUR 1.8 billion to approximately EUR 2.3 billion in comparison to our last three-year plan. The main part of the growth CapEx, approximately EUR 728 million, will be invested into the regulated grid business, specifically into our 380- kV Salzburg line in order to increase the capacity to integrate new renewables and of course better address the volatility and congestion in the grid system. We are also investing into new renewable projects and selected hydropower plants. The investments relate to Austria and Germany. In addition to the growth CapEx, we are also planning to invest around EUR 884 million into maintenance between 2021 and 2023. That is approximately EUR 295 million per annum. Please note that the CapEx plan does not include the acquisition of Gas Connect Austria, nor the hydropower project Limberg III, as it is based on the autumn 2020 midterm planning, so that would come in addition to the existing CapEx plan which I just described. We are coming to the end of our presentation and to the outlook. As you know, key parameters for the development of the operational business are prices and hydro volumes. At the end of the first half year 2021, we have hedged approximately 47% of our hydro generation for 2022 at an average price of EUR 56.3. On a mark-to-market basis as of July 16, the average achieved price for 2022 would be at a level of EUR 65.6. We have also hedged approximately 13% of our hydro generation for 2023. This at an average price of EUR 55.1. Again, the mark-to-market valuation shows a level of EUR 64.1. With regard to the year-to-date hydro situation, we have a hydro coefficient of 0.96. As we mentioned before, that is 4 percentage points below the long-term average. On the basis of the aforementioned developments, we increase our guidance for the full year 2021. I already mentioned the EBITDA of between EUR 1.31 billion and EUR 1.41 billion and a group result of approximately between EUR 590 million and EUR 660 million. All that under the assumption of average hydro and wind generation for the third and the fourth quarter, as well as the chances and the risk situation of the group. For the financial year 2021, we will pay out between 45%-55% of our adjusted results. As always at this point, I would like to highlight the remaining sensitivities. A deviation of ±1% in the generation from hydropower has an impact of approximately EUR 7 million in the group results. Wind power, relatively small, EUR 0.3 million. Because we have already hedged so much, a deviation of ±EUR 1 in the wholesale price will have an impact of EUR 2 million. With that, I would like to start our Q&A session. Ladies and gentleman, we will now begin our question and answer session. If you have a question for our speakers, please dial zero one on the telephone keypad now to enter the queue. Once the name has been announced, you can ask a question. If you find a question then you propose that you can't speak, you can dial zero two to cancel your question. If your using speakerphone today, please understand that before making a selection. One moment please for the first question. The first question received is from Lueder Schumacher of Société Générale. Your line is now open, sir. Please go ahead. Good morning. Lueder here. Three questions on my side. The first one is that I'm a bit surprised that your 2023 hedge volumes have not changed since Q1. I guess that must mean that you see upside to the Cal 2023 contract, which is currently trading at almost EUR 66/MWh, which would be quite a bullish view. Kind of linked to this is my second question, which is a bit more general. What is your view on fuel commodities and power prices here? It seems like the squeeze in gas prices has moved the whole complex higher, but could this come to quite a swift end once Nord Stream 2 is operational and presumably the squeeze on gas prices comes to an end? The third question is also, well, a traditional one from me. That's me questioning your full-year guidance and if it's not still a bit conservative. If I take your mark-to-market power price on the 2021 volumes, that's about EUR 8 above the 2020 level. On your own sensitivities, that would add EUR 200 million, roughly, give or less, to EBITDA. You add to this the EUR 170 million from APG, and you're already at the bottom of your guidance range. Now, that's before we go to new renewable sales, Gas Connect Austria. If you could elaborate on that a bit, that would be very useful. Yeah. Sure. First of all, on commodities, you're absolutely right. We have seen a dramatic increase since the beginning of the year. In coal, we had approximately 40%, in gas, 50%, in CO2 certificates, 16% increase, all that obviously feeding into a very high power price. When we look at the forward curves, the coal, the gas forward curves are all in backwardation. I think there's a good reason for that. Lueder, you have already mentioned the squeeze, I think you said, on the gas side. You're absolutely right as far as gas is concerned. We see a number of factors. We had very empty storages in Europe. We had LNG demand in Asia, so less LNG to keep prices honest in Europe. I don't want to comment on the export strategy of Russia, but that certainly has an impact as well. We almost had a perfect storm as far as gas prices are concerned. I can only give you my personal opinion. As always, when we have those conference calls, I don't have a crystal ball. I would agree with you that we could well see commodity prices to come down. Is it going to be relatively soon or will it take time? I don't know, but I think prices will come down. When you translate that into power prices, again, into the power price, all the stars are aligned. The marginal prices of power stations that are still very important within the German power system, they depend on input factor coal or gas. Of course, you add the very high CO2 price, and what you basically get is an extremely high power price. The one thing that is probably going to remain relatively stable, simply because there is such a tremendous will on the political front, is on the CO2 price. However, I still maintain my old theory that I think there is a lot of speculation in the CO2 price and it is not a pure function of the strategic needs of buyers. We will also have. A number of people have already commented on that. We are going to have negotiations over the next two -three years on the new package, and we shall see how the interest of the European Union is going to play out against national interests. That is something we need to observe very closely. The second point, in terms of power price changes. Now, since our last guidance, the power price moved up by approximately EUR 4. The hedging has obviously increased, which is why the hedged prices have gone up as well. When we gave our last guidance or when we had our last conference call, we were at around 77%. We are at approximately 88%, 89% with the hedged level at EUR 47.3. The interesting thing is that short-term prices, which are now relevant for 2021, are super high. When we take the Austrian prices, we're talking around EUR 90, which basically means that if we were able to price in the last remaining piece, which we haven't hedged yet, at those short-term prices, that will obviously move up our price for the full year 2021 to around EUR 52, maybe slightly more. You asked about 2023, you were surprised about the relatively small increase since our last conference call. Yes, you're right. It hasn't moved up dramatically because as I said, we don't really change our hedging policy short term as a result of momentum. Over a long-term period, we have realized that keeping our hedging policy makes a lot of sense. Just to give you an example, we had a very strong move in power prices, but there was a strong move towards EUR 50 and EUR 60. If we had accelerated at the time, I mean, strongly accelerated at the time, we would not have been able to take advantage of the very high power prices now. It's a classic case of, in hindsight, the optimization always works. Looking forward, we are just faced with huge volatility in power prices. To sum up, in terms of what our hedging levels are per now, for 2021, as I mentioned, we are 88%, 89% hedged. For 2022, we are slightly above 50% hedged. For 2023, we are 14% hedged. We shall see where prices develop given the discussion which was had. Okay, sir. Thanks for that. If I can just follow up on the guidance. If I just use the sensitivities you give, and then this means that for hydro, the EBITDA should increase by EUR 200 million. You add to this then APG, and you're already at almost EUR 1.3 billion. That's before all the other divisions. Is that something we should be aware of? Why it doesn't seem to be adding up with your current guidance range of EUR 1.3 billion-EUR 1.41 billion? Rather, it seems rather conservative. Yeah. When you look at the full year, when we take the hydro coefficient, which we have year to date, if we take one for the remaining of the year, we will be below everything we know today. We will be below the hydro coefficient of one, so there we lose on the volumes. With the grid, we are lower because of control energy. There is the possibility that the cost for control energy will continue to go up. So far, we have reduced the grid by EUR 10 million. There is a little bit of potential that it could be slightly more than the EUR 10 million. On the remaining power prices, we are not sure. At the moment, we are at a very, very high level. As I mentioned, there is a lot of volatility. It could well be that the remaining 10% will not be hedged at the EUR 90 or EUR 85, which I have mentioned, but that we see short-term, potentially slightly lower prices. On the flexibility products, we are slightly higher. That is just the guidance. You know that there is always volatility on the flexibility products, particularly congestion management. As a result of that, we feel pretty comfortable with the guidance. The one thing I would like to mention at this point, which is something I said at the last conference call, given the very large amount of projects which we currently have in terms of hydrogen, in terms of call it digitalization and many other aspects where we're doing pilot projects, we're doing research where we need other operating expenses and personnel for innovation and being prepared for all the aspects of the energy transformation. Our cost basis has gone up. Our OpEx has gone up. I mentioned EUR 40 million-EUR 50 million in the last conference call. Well, that is a factor as well, when you compare it to previous years. Very clear. Thank you. The next question received is from Teresa Schinwald of Raiffeisen International. Your line is now open, Mrs. Schinwald. Please go ahead. Yeah. Thank you. Good morning. I have three and have a follow-up questions, if I may. The first one is a quick one. Maybe I missed it, but could you give us the hydro level year to date, so as of the end of July? The second one is on the headline figures for your CapEx plans. I'm aware that the one in the presentation is from last autumn, but now with Gas Connect Austria, Mellach, and the PV cooperation, some idea about 2022 and 2023 CapEx would be nice. The third one is, CEO Strugl recently mentioned that in the new Renewables Expansion Act, the support for green hydrogen could have been improved, especially when it comes to being fed into the gas grids. Could you tell us a bit more about that? The last one is also a more general one on power prices and operations. The base peak spreads have declined for the summer months, increased, of course, for the winter months, and other utilities like CEZ have already said in the midterm, they're going to run their lignite plants rather only in winter than through the whole year. What's your view on that, please? Yeah. Okay. On the year to date, hydro, it's 0.96. On the CapEx, the key components which will be added is Limberg III. The cost of Limberg III is approximately EUR 480 million. Obviously, it will be distributed over a number of years. Let's just say, to keep it simple, EUR 100 million per annum which would be added to the existing plan. On Gas Connect Austria, the CapEx depends. This is related to the first question which you have had. That is a very important one, that is a European one, and Austria plays a role in that. Green hydrogen is one of the favorite topics of European politicians. It is one of the favorite topics of the EU Commission. It is a wonderful topic because it's almost like a panacea for all the difficult questions you don't want to answer. How about base load? How is the energy transformation going to work when you take out coal and when you take out gas? How are you going to make the steel industry, the fertilizer industry, the chemical industry greener? The answer is hydrogen. It's always hydrogen, yeah. Obviously, the problem is in the detail. What we need in Europe, we need a framework, we need a regulation, and we need an incentive. A decentralized hydrogen system will not work. We need to transport. This is where Gas Connect Austria will play a very, very important role within Europe, because we are right there. We are right in the middle. We have the pipelines coming up through Italy from Northern Africa. Everybody assumes that Northern Africa will be a production hub for hydrogen, and then it will be produced down there and connected to Italy. From Italy, it will go into Austria. Austria is sort of like then the core, and then it will be distributed from Baumgarten into the various parts of Europe. People are also talking about Ukraine, and they're saying, "Well, wait a second. We can't just rely on Northern Africa. Ukraine is perfect for wind power, potentially for solar as well. We produce hydrogen in Ukraine, and there we have very good gas pipelines, which could be turned into hydrogen pipelines to send hydrogen into Europe." The Ukraine pipeline ends up in our network as well, in Gas Connect Austria. Again, it would be distributed further from Gas Connect Austria into the rest of Europe. In order for that to take place, we need, and we actually want to invest, like all the other transport operators in Europe, into refitting our compressor stations, possibly even next to our existing gas lines, build new hydrogen lines or refit existing gas lines into hydrogen. That is CapEx, and that CapEx needs to be properly incentivized through regulation. i.e., the basic assumption would be that you get a regulated return plus a premium, because hydrogen is obviously a top priority. That is something that needs to be discussed on the European level, and that's very important that instead of just talking about how great hydrogen is, sit down and do something. Come up with a European regulation so that we are then, together with all the other gas transport operators, able to properly invest into the grid. In terms of power prices, well, Teresa, incredibly difficult. The reason why it is so difficult is because we have a lot of different factors which have moved dramatically. When you assume a regression to the mean, and when you assume that coal is going to normalize, gas is going to normalize, and when possibly even CO2 goes down a bit, you obviously have completely different power prices. The one thing we should never forget, we all talk about the build-out of renewables. The build-out of renewables is slower, particularly in Austria and Germany, as most people would expect. I'm not even taking into consideration the huge amounts of power which you need for the hydrogen production. I'm only talking about meeting demand through new renewables, and nobody wants to talk about the bridge technology, which is gas. Because gas obviously is CO2 emitting, and people don't talk about the bridge technology, and that is one of the key issues. It will be important, and the more gas you have in the system, the less coal you have in the system, the price will be determined by gas. If the gas prices come down, then of course you will have lower power prices. All that, before we get there will be huge amounts of volatility in my view. Again, to the base peak spread, sorry to bring it up again. Do you see already an impact, especially when it comes to pumped-storage, which could benefit from higher volatility in base peak spreads, but on the other hand, these spreads seem to increase more seasonally, even pointing towards more seasonal products. Prediction of the spread between base and peak is a complex science. When you look back and when you look at predictions 5, 10, 15 years ago, almost everybody has been wrong. That is a very difficult prognosis because there are even more parameters which need to be considered. When you assume a very strong build-out of renewables, it could well be, then in combination with storage and in combination with bridge technology, that during the summertime, when you have a lot of renewables in the market, the spread should be lower, and during the wintertime, it should be higher. Thank you very much, and also thank you for getting the power plant right, that I had wrong. Thank you. You're welcome. Ladies and gentlemen, before we take the next question, just a reminder, if you would like to ask a question, please press zero one on your telephone keypad. The next question received is from Wanda Serwinowska of Jefferies. Your line is now open, madam. Please go ahead. Hi, it's Wanda Serwinowska from Credit Suisse. Just one very quick question from me on the regulatory surplus at the end of this year. What is your expectation, and has there been any update on the repayment of the surplus? Thanks a lot. Wanda, sorry. I had a very bad line or bad acoustics. Would you be so kind as to repeat the question? Yeah, sure. The question is on the regulatory surplus. What is your expectation for the end of this year? What will be the amount sitting in the regulatory surplus, and what should we expect in terms of the repayment of the surplus? Yeah. Well, my expectation for the end of the year in the regulatory account would be between EUR 270 million and EUR 275 million. That would be quite a reduction from the year-end level, which was at EUR 315 million. We would like to decrease the regulatory account over the next few years by anything between EUR 30 million and EUR 40 million. Obviously, that's something we would like to do. It always depends on the regulator. At the end of the day, he has the last word, but that is our plan. Brilliant. Thanks a lot. We receive the follow-up of Lueder Schumacher from Société Générale. Your line is now open again. Please go ahead. Yeah, just a very quick follow-up. It is on Gas Connect Austria. On slide six, are you saying that you expect EUR 60 million for the second half, so your full year contribution from GCA should be EUR 69 million? No. The number for the entire period since closing would be somewhere between EUR 55 million-EUR 60 million on the EBITDA. On the results, it would be around EUR 10 million. Going forward, from 2022 onwards, an assumption for you and your models would be approximately EUR 100 million on the EBITDA line and approximately EUR 20 million on the results line. Obviously, when anything changes, we will update you on a regular basis. Okay. On slide six, the guidance for 6- 12. Okay. That's the entire period. Excellent. Thank you. Yeah. Exactly. As we receive no further questions, I'll hand back to Mr. Kollmann for closing remarks. Well, thank you very much. As always, a very interesting discussion. We are in the middle of very interesting times. We have alluded on commodity prices that have moved up dramatically. I think we will have a very interesting next two quarters. In the meantime, I wish you all a great summer, great summer holidays, and I very much look forward to seeing or talking to you in the not-too-distant future. All the best. Thank you. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.