You have joined the meeting as an attendee and will be muted throughout the meeting. All right. Good morning, everybody, and welcome to Titomic's Full Year 2022 Investor Webinar. Before I introduce our speakers today, I just wanted to remind you how to ask questions. In the Q&A box on your screen, whether it's the bottom or the top, please enter your questions throughout this presentation, and we'll endeavor to get to them at the end of the presentation. Don't use the chat screen. It's easier to moderate the Q&A. Without further ado, let me introduce our lead speaker. Herbert Koeck is the CEO of Titomic. Herbert, over to you. Thank you, Adrian, and hello, everyone. Thank you for joining us today to discuss Titomic's Fiscal Year 2022 Financial R esults. I'm Herbert Koeck, Managing Director of Titomic, and with me today is Jon Nield, our CFO. As always, it's my pleasure to have this opportunity to speak with you and share progress on our efforts to commercialize and grow Titomic's business. You know, there is much to be optimistic about, and we have utmost dedication to position Titomic as the global player in the cold spray technology. Now, it's somehow clear to me that the current trends in the economy support the adoption of additive manufacturing solutions across almost every industry and every country. Even compared to six months ago, the world today looks totally different. The simple shipping of products around the globe has become cumbersome, and costs have increased significantly for many companies. The lengthening and the cost of the supply chain, so it's forcing companies to rethink their approach to servicing and repair solutions. These factors actually are all tailwinds for many areas of our business. We have growing confidence that the solutions offered by Titomic will lead to great business results following in from the successes over the last year. Adrian, please go to the next slide. Before I begin, I would like to refer to our safe harbor disclaimer on slide number two of the presentation. Some of the comments we make today will include forward-looking statements, and as you know, actual results may vary based on several risks and uncertainties. Can we go to slide number four, 'Path forward?' Now let me run through some of the highlights from last year with a summary of the achievements. I'm actually very proud of what we have achieved in this last year, leading to good results and major breakthroughs. Importantly, we stayed focused on the execution of our strategy outlined earlier in the year. In terms of the numbers, we actually saw a seven times increase of our customer revenue compared to the year before, to AUD 3.4 million. Currently, we saw growing revenues consistently from month to month, enjoying a record quarter in June with AUD 2.3 million revenue in one quarter. I'm very pleased with these results, as they are evidence that our strategy is working. You know, driving a balanced mix of machine and material sales, a push for joint ventures to establish real manufacturing businesses, a rollout of our workflow solutions in the glass manufacturing industry, and combine all that with parts production in our Melbourne Innovation Center really works. It allows us to generate short-term revenues while building at the same time platforms for recurring revenue streams in the future. Now, let me provide a little bit more color on the status of our distinct revenue streams. If we can go to the next slide, please. Our machine and material sales have been outstanding. On one side, we have built, shipped, and installed our first large-scale TKF 7000 system for our customer TWI in the U.K. A customer actually I'm visiting tomorrow. There were some challenges, but despite all odds, the job got done, and we could recognize revenues in the fourth quarter of fiscal year 2022. Installation of this machine has created a true template for the delivery of other TKF 7000s in the future. At the same time, we strongly believe that our mobile low-pressure D523 product offering has a unique value proposition and is very competitive. The system allows service partners and customers to do in-situ repair of components. It opens tons of opportunities, especially in mining, oil, and gas fields. You know, partners like Groundhorc have seen this opportunity early on and now work with us offering these services and machines across New South Wales and Queensland, with more partners and territories to come. We also sold our first machine to a partner in Singapore, again, using our technology and product to repair service metal parts and products in a very efficient and cost-effective way. In the Australian market, I can see the need for at least 250-300 of these machines. For many years, you know, welding has been the traditional way to repair corrosion and still works great today. Using our D523 cold spray solution provides a significant productivity increase as, for example, fuel tanks don't need to be emptied before the repair can happen. The cold spray doesn't transfer heat to the inside of the tank, and as such, significantly doesn't inflame any fuel left inside the tank. Coating shafts, for example, to increase wear resistance is another great use case and can be easily done with our solutions. Repairs costing normally AUD tens of thousands can be done in a few hours and at a significantly reduced cost for the customer. Let me share the outstanding process that we made when it comes to joint ventures. Joint ventures allow us, as shared with you earlier, to integrate our technology in existing or new manufacturing processes, complementing what's there already, and by doing so, creating opportunities for products which couldn't be built without us. On top of it, our joint ventures allow us to enter industries with partners who are already experts in these businesses. They allow us to enter faster and at a lower cost than if we would try to do this on our own. During this year, 2022, we really moved from design to implementation. Moved from having heads of agreements to solid, well-thought-through, and legally binding contracts. Specifically, you know that we signed two joint venture agreements, one with Neos in the U.K. on the manufacturing of tools and for the aerospace industry, and another one with Repkon on the manufacturing of barrels and charges. In both cases, we started to form a physical presence with corresponding companies. We currently discuss the specific functionalities and options for the machines involved, which will lead to firm machine orders in the weeks ahead, and in consequence, will allow us to become operational in the future. You will hear from me whenever we have more information that is material. We will then disclose as we move forward. Our service bureau in Melbourne is fully operational and actually has become an innovation center. This is the kitchen, as I call it, to my employees and then within our team, where we validate applications for and with customers and where we produce demo center parts on one side for partners and customers, and also our engineering team, which I can tell you, has stepped up significantly during the year, delivering customer reports which are based on facts and on data. Details which are very necessary for future businesses. Some of these revenues are definitely one-off, no doubt about, but many times they create the foundation for future big production orders and laying the foundation for future joint ventures. We have worked with external experts, for example, like ANSTO in Sydney, to validate radiation shield solutions. The data we gathered earlier this year then enables us to reach out to companies like Fleet Space, who gave us then an order earlier, to create a radiation shield. This is something what we have in place. Can you go to the next slide, please? Again, on our execution strength, we continue to make strong progress also with all our strategic pillars. What you see up here is just an example of the many projects we have been executing throughout the year, and we continue to work diligently to meet stringent requirements with the aerospace and with the defense industry. At the same time, we have made tremendous progress over the past year with both additive manufacturing and repair and coatings. You know, we installed the TKF 1000 installation in the U.K., adoption of multiple resellers, and continuous progress with materials testing and validation for barrels, ballistic protection, and radiation shielding. We now have a sharp focus on a few applications and have a clear pathway to recognizing significant value in these areas in the future. Finally, we continue to build out our geographic presence for our go-to-market. Please go to the next slide. Our team in the U.S. has been complemented with the hiring of Bruce Colter, general manager for Titomic United States, whose experience in the additive manufacturing market is helping us to grow the business there. On top, we enjoy the support of Neil Matthews since the beginning of May, whose experience and expertise in cold spray repairs is a great upgrade to our existing skills and capabilities. At the same time, from the very beginning, actually, I was clear that in certain geographies we want to build and set up our authorized partners of Titomic, carry our products and services to customers. In these areas, we continue to work with Shree Rapid Technologies, for example, in India, and just recently announced that our joint venture partner, Repkon, will also act as a reseller for the Middle East, Saudi Arabia, and Turkey. All these additions and expansion has happened during fiscal year 2022. Already today, we are seeing a fast-growing sales funnel leading to even more revenue opportunities across the globe. At this point in time, I'd like to hand over now to Jon to share more details about our financial results during the fiscal year and give you more perspective on how we grew revenue and what the actual numbers are. Jon? Great. Thanks, Herbert, and hello, everyone. As you've heard, Herbert explain, we have had a very positive year in FY 2022. We're clearly heading in the right direction as we can see in the financial results. Our total reported revenue for the year increased from AUD 2 million last year to AUD 5.3 million in FY 2022, and that's an increase of 168%. The most important element of that is that our revenue generated from customer sales was seven times that of last year, just as Herbert mentioned earlier. Consistent with our journey towards full commercialization, we reported a net loss of AUD 17 million in the year, which was actually AUD 0.2 million better than prior year. During a year that has seen costs for two acquisitions and related other global expansion activities and increased sales and marketing activity following the removal of COVID restrictions, we have slightly reduced the total reported loss. This indicates that our expenses are under control and have redirected expenses and costs strategically towards future business growth and other revenue-generating activities. The underlying result, excluding non-operating activities, improved from a loss of AUD 11.1 million in FY 2021 to a loss of AUD 10.5 million in FY 2022. Again, an improvement there. The margin we generated from customer sales was offset primarily by the increased employment costs relating to our larger global footprint and those increased sales and marketing activities. We're able to get out and visit customers and attend strategic marketing events again. The non-operating costs were primarily related to revised director share-based payments and, of course, business acquisition costs. Turning to the next slide, talking about cash flows and balance sheet here. The company has adequate funding to continue with its current growth activity, with AUD 7.1 million in the bank, cash reserves, and that's after raising AUD 9.9 million net through a successful share placement plan in about October last year, and also a AUD 2.5 million strategic investment from Repkon, one of our major customers and partners. Key items on the cash flow include AUD 3 million of receipts from customers, along with AUD 2.9 million of grant income. The net outflow from operating activities was AUD 10.2 million, and that includes machine build costs related to our sales, and payments related to the Tri-D acquisition in the U.S. In the investing cash flows category, there's another AUD 1.9 million in there related to payments for acquisitions, both in Europe and in the U.S. In the financing cash flows section, the main item there is the increase in lease payments under the Australian Accounting Standard 16 for leasing. The overall, Titomic got a pretty good looking balance sheet with no debt and adequate funding for future activities of which we have got plenty planned coming up. Back to you, Herbert. Thank you very much, Jon. The story I'd like to summarize once again, the takeaway I would like all of you to get from the financial numbers overall is what we saw is the significant increase in customer revenue. That's just a proof point that customers are trusting in the solutions we have, and they see a benefit for them getting our products and services into their premises. That's one thing. At the same time, when you look on the cash flow and on the operating loss, and you go to the details, you see a major transition of the spending from what we had in the past to spending which positions us going forward with the revenue, with an increase in sales and marketing activities, with an increase in and a strong reduction on the administrative side. Everything is focused on creating revenue, and this was possible because of our focus. If we go once again into the strategy and the outlook, Adrian, if we can go to the next slide. You know, this is a story where I would say which has been with us for the entire year. I remember me being in front of you and having said that we had 167 use cases, and we chased these and tried to develop these solutions out there. We did a kind of a mission possible. We applied a very thorough and diligent process together with the engineering team, where we zoomed in and focused basically on first two high-level groups. One of them, everything around additive manufacturing, and another group, everything around coatings and VPS. Within these two groups, we tried to aggregate and check out and figure out where is the sweet spot of the solution, where is the sweet spot of cold spray technology and what we have in terms of our machinery. Okay. What you see here is the summary. That's, at the end of the day, the focus areas, and you could say we can further reduce, and yes, we will. At the same time, we have to keep the right balance between the short-term solutions, which will generate revenue now, and develop the solutions which will generate even more revenue tomorrow. There is a cost aspect to it, and there is a resource aspect to it. Basically, actually, we need to stretch ourselves along the capital which we have available, along the cash we have. We are very cautious and very focused to spend the money where we see the quickest return in the shortest period of time. Let's go to the next slide, please. In our update to our investors in the midst of this year, we also laid out the areas we are going to think about in the following way. The first thing is we need to create a value proposition simply to show where are we better, what are the things that Titomic is different today than from some of the other competitors. There is a long list which I can share with you. Starting with that we have many, many years of experience with cold spray, that we have a global footprint. We are in Australia, we are in Europe, we are in the U.S. We have a very complete product portfolio. We have mobile machines which you can carry and like a trolley behind you, and we have very large, actually the largest machine of cold spray globally. At the same time also, we know how to handle almost all of the metals. Not only the soft ones like copper and aluminum, but also the very hard ones where we are talking about Inconel, Invar or titanium. All this together at the end, there is a very strong value proposition for Titomic, and we are different and better and have a better value proposition already today. Now the next question then is where are we going to? Where are we heading to? Where will our strategy bring us? We have gone through a thorough process where we selected some specific mountains ahead of us, and these are the lists which you find on that chart. Okay? It's around barrels, it's around tooling face plates, it's around armaments like ballistics, it's around titanium structures. For each of these targets, we have identified revenues, target market sizes, but also what is our opportunity in these markets. Now we have laid out basically a plan, a pathway, how do we get from where we are today, how can we reach these mountains one after the other. As soon as we have reached these mountains, obviously there will other mountains showing up, but that's another play at another time. Okay? We have identified these targeted revenues, and this is what we are chasing going forward, and this is the accumulative revenues we think we can achieve and we will achieve in this, in these next five years. Can we go to the next slide? I talked about the product portfolio, and here it is. Okay? As you can see here, from the left side, starting with our TKF 9000 system, which is the largest cold spray system globally, to the very far right where you see the mobile unit. Which actually just yesterday I saw a repair happening on a steel shaft, actually here in the U.K.. This is a portfolio which at this point in time is very unique, and there is no competitor globally who can compete with us on the portfolio we have in place. Can we go to the next one? This is something which I'm extremely proud of, okay? At the same time, it humbles me because there is a responsibility we inherited now to serve these customers well. Just let me highlight two of these customers specifically because they are very close to our success going forward. Repkon and Neos on the upper left side, together with Boeing, where we did a lot of projects already, and there's more to come. Repkon and Neos, where we are starting and have an agreement in place for a joint venture. This is very important. This differentiates us from being just another supplier of machinery which will be placed at the customers and where you leave it to the customer to make a business out of it. We want to identify use cases, and we want to be in manufacturing. Without perhaps the effort to duplicate as competition has done already, we wanna team up with leading players in certain selected industries. Repkon and Neos are two of them. The other one is almost in the center, the logo which you see around IPGR, International Partners in Glass Research. That's an association which is focused on the development in the glass industry of literally dozens of glass manufacturing sites. We have installed the first machine at one of the leading glass manufacturing bottlers in the world, actually in Austria. I have an opportunity to see their CEO next week, and we are discussing the solution itself and also on how we can roll out that solution to all the other sites. Huge opportunity going forward. At the same time, we need to prove first that the solution works, which is happening right now, and in further consequence, this will drive good business back to Titomic in a recurring way for the years ahead. Many of these logos you can see down there. A small one I would like to highlight is Fleet because, as I said before, we have a ton of work with ANSTO in Sydney, where we investigated if our theory that we can produce a radiation shield is really working, and it does. We created the data set. With that data set, we became attractive to a company, a customer like Fleet, and they provided us with the first 10. So very soon we're gonna see a coating and a radiation shield of Titomic being up in space. Next one, please. Now, let me summarize before then handing back to Adrian for question and answers. I'm continually extremely confident on what we are doing today, okay? Yes, the economy hasn't become easier. Yes, there's a lot of challenges out there in the world. Supply chains are getting worser. At the same time, as we said before, this can actually technically create a tailwind for us, which we enjoy at this point in time. The market itself is not changing. There's even more push to additive manufacturing than ever before, and the market continues to grow, as you can see out there. Now, from our side, we really are shooting high. We have identified specific markets. We have developed the path to get on these mountains, and we are executing. Okay. It's very important. My team knows that execution is the difference. We don't need to talk about it. We just need to get one proof point for the other. I think when you look at the long, long list of events which we had this year and the many announcements, I think we are on the right trajectory going forward. At the same time, for FY 2023, which by the way, has started very strong, as we also have reported to you, in the aftermath of the FY reporting. We started very strong. We're gonna continue to fill the pipeline on the sales side. We are confident that we can convert the existing backlog which we have at the moment on the machine build for the FY 2023, that we can create and build these machines and ship to customers, which then automatically will turn into revenue going forward as we have had our conversations with our suppliers already. We are confident that we can work the backlog down in the months ahead. At the same time, we're sitting on a solid cash reserve overall. If you think about it, we started off after Q3 at AUD 9 million. We still have 7.1 after the full Q4 results. I look forward to work with my team within the existing cash envelope and driving the business forward. With that one, thank you for your attention, and I look forward to the question and answers. Adrian? Thanks, Herbert. Thanks for that run through. Just a reminder to those that are on the webinar, to ask questions, just in the Q&A section on your screen, send them. Herbert, we've got a bunch of questions. Hopefully you've got time to work through all these. The first question, a very specific question. With the welding solution, will this reduce the number of welders required? I understand that they are forecasting a shortage of 5,000 welders in Australia by 2025 and 70,000 in the U.S. The answer is yes and no. I'm sorry that I'm not that optimistic. I'm giving you a straight answer on that topic. Many times, if you look at the customers like Brownfield, it's basically the welders who are performing the job with our D523 machines. It's very important to understand that they are not hiring different people to perform the job. It's the welders which in the past have come out, for example, to repair fuel tanks, that they had to empty the tank first and did the patching on the tank, then they refilled the tank, and then they moved on. It's now these welders who have another tool in the toolbox, as I always say. You know, this is what we wanna provide to existing companies. We wanna provide another tool in the toolbox. With that machine in the batch, instead of welding, and there are still the majority of the cases, it still needs to be welded. Let's not be confused. This is a process over time, and certain repairs cannot be done with some machines, but many can. More and more can be done by that one as we are improving also on our machinery. Okay? This is serious so, in the short run, there's no reduction or shortage on welders. On the long run, yes, it will ease the situation because to operate, for example, a D523, you don't need to be an educated welder. At the same time, it's very helpful because then you really understand what's happening when you do and operate this machine. Welders are well positioned to be best users of our machines here. Thanks, Herbert. Very comprehensive answer. Next question. When will we see revenue coming from the transactions? The revenue from the joint ventures, there is multiple revenues coming from the joint ventures, okay? Or financial contribution as such. Basically, if you think about it, the whole model is that we are creating a joint venture, creating a company. That company then gets established, you know, it gets listed, it gets registered, it creates a management team, it creates operating personnel. One of the first actions is that together with the joint venture partner on the other side, in that case, Neos or Repkon, we are defining the exact specifications of the machine first. We do have a TKF 9000. We haven't sold a TKF 1000 for DWI. But for example, on Neos, they may need, based on their requirements, for the tools, a TKF 2000 something. I'll say 2000, and the number is, at the end of the day, an indication of the size of the parts which can be produced in that machine. After that configuration is defined, the joint venture orders then from Titomic that machine, we're gonna build it, we're gonna install it, we're gonna invoice it, and we get revenue. That's the first step. At that point in time, the joint venture is operational and starts basically working. From that point onwards, they are producing then these tools which are used in the aerospace and in defense for the building of carbon fiber components, for example. For every tool which leaves the house, the machine in the joint venture, we also get a financial contribution in return. Okay? It takes us approximately 10-12 months between the configuration done, the order received, and built. We're working hard with our suppliers and our colleagues to get the reduction of this time. This is very key, and you will see tremendous progress over the fiscal year 2023 to shorten the timeframe. As for a machine of that size and for an investment of that size, a horizon usually from 8-12 months is very common in the industry out there. Totally different, though, obviously, if you're talking about the small machine, the D523, where there is approximately 6-8 weeks between the time we get the order to the point when we can build. Thanks, Herbert. I have a feeling we've had this question a few times on previous result calls, but it's a bit of a perennial one. What is the status of the deal with Composite Technology? Unchanged. That's, I would describe it in one word. At Titomic, we continue to work with Composite Technology on developing a commercial relationship. Both parties are working to come to a mutually acceptable and beneficial approach to complete this process. That's what we are doing right now, and that's all I can comment on that part. Thanks, Herbert. Next question. Are you still working with BAE Systems to make howitzer barrels? BAE is a very interesting and potential partner for us. I cannot comment on specific projects in the defense world. Thank you. Next question. Why didn't we see the payment for TWI in the fiscal year? On the cash inflow. I guess it relates to that one. Yeah. As you see me here with a little bit of a smile and a challenge. Obviously, we had planned from the very beginning of the fiscal year that we complete, for example, the installation of the TWI machine at the end of May, early June. Basically knowing that TWI has certain terms and conditions on when they have to pay, it was all planned. At the end of the day, it was tight from the very beginning, I have to say. It was planned that it all worked out in June. Now, a couple of things happened in between, which actually caught us by surprise, like almost the rest of the world. You know, we figured out that supply chains have and supply chain lengths have increased. At the end of the day, we couldn't ship in time from our Australian operation into the U.K.. We changed. We went to plan B and to plan C. At the end of the day, we completed the installation of the machine in the mid-end of June, which we also reported. Given the payment terms which were given to TWI, the payment of them moved over to the next month. I can safely say now that this money is already received. Thanks, Herbert. Next question. What progress, if any, is Titomic making in the repairs and coatings to the soil working implements in the Australian and the world agricultural industries? In the agricultural industries, at this point in time, I'm not aware that we are chasing a specific project in the agricultural world. I know my team has a long list of projects they wanna pursue in these areas, and we are investigating and evaluating which ones we wanna go to first. Okay? Reality is, I don't wanna fall back basically into a behavior where we're taking on one project after the other without basically risking the progress on the projects we have set in the past, which are our priority. Okay? Fact is that agriculture, at this point in time, is not on the focus areas. That's not 100% right when I say this, because in agriculture, for example, you have a lot of metal equipment. You have shafts on tractors, you know, you have teeth on caterpillars and other stuff which is needed in agriculture. These are specific projects which are technically the same projects we are chasing, for example, in the mining fields. Okay. There is actually an overlap, but it's not so that I can say that we have a focus on agriculture on one side, but we have a focus on repair of metal shafts, for example, and equip these with a coating which is extremely wear-resistant, which of course is also helping on machinery in agriculture. Thanks, Herbert. Next question. What have the acquisitions of Tri-D and Dycomet contributed? A lot. I really can say so, they have contributed a lot. In both cases, probably with the acquisition, we inherited very skillful people, and we inherited a foothold in the geography which we wanted to go to. That applies to the U.S., with the U.S. team and the Triton folks, but also in Europe with the guys in the Netherlands. Okay. On top of it, what we are also seeing specifically now for the Dycomet acquisition in Holland, that these guys, first of all, have an installed base of customers which have been ordering already in the past and continue to order, not only on machines but also on materials. What you have seen actually in our fifth-year numbers is practically only half of what is from Dycomet, because we only could close the acquisition in December, and from that day onwards, we are reporting our revenues and the profits from there. At the same time also, what Dycomet brought us is low-cost, actually. It is our repair and service machine, our mobile machine, which we're using in the mining fields. This is a product which was complementing the product portfolio we had already, and technology in Australia. With that one now we have a very complete product portfolio. On top of it, I can tell you with the know-how of these people, what we are finding right now is tons of solutions which they have been chasing in the past, but they never had the resources to pursue further. Specifically on Dycomet, once again, the glass solution for the repairing and for protecting the molds in the glass bottling industry is a development which we inherited straight from Dycomet in the Netherlands, and we are rolling this out now. A lot of contributions from both acquisitions. Thanks, Herbert. Next one, quite a simple question: When will you be profitable? At this point in time, we are not disclosing the details of our five-year plan out there. You may have heard me at a certain point in time that we have to be profitable in any kind of a turnaround for a company within a three-year period. I'm in now for one year, but at the end of the day, we will report back when we get to and when we reach profitability. Thanks, Herbert. What other joint ventures can we expect? What other joint ventures? Once again, first of all, a few more. It's important to start it, even though it's a lengthy process, but it's not something which we have started yesterday, but we're already chasing for the full year. At the same time, think about it's the same thing we are trying to implement again and again. We have now an expertise with the joint venture in tooling and with barrels. Probably to minimize the prices and to diversify from that one, probably we're gonna continue to try to go for joint ventures, for example, with tooling. At this point in time, there are a couple of candidates we are actually discussing. One of them is also in the United States of America, one of them is in Asia, that we can create a joint venture on tooling. The same on the barrels, and that we can use the template, like the template we have now for the TKF 1000, also on the joint venture and to roll out and accelerate. At the same time, I wanna caution you because the point is, we also need to look at the stretch and from a cash perspective of what joint venture means. At the very beginning, when you build out the joint venture, it's actually cash flow negative. It costs you money to get to the point where you then can enjoy, the profit and the financial returns at the later stage. We need to be cautious, and we are going into this conversation with open eyes, taking into consideration, the amount of cash we have available. Yes, we are working on a few more at this stage. Thanks, Herbert. The next one, it looks like it's looking for a progress update on the internal bracket for an aircraft wing which is being tested for Boeing for their production after FAA approval. Nothing I can comment on. You know, that's a level of details which I can simply not share because of confidentiality reasons with customers. Totally understand, Herbert. I think that would be your answer. Next one. Why isn't the joint venture with Repkon implemented in Australia as previously announced? That's a good, a very good question. If you think about it, the joint venture with Repkon on the barrels manufacturing is using actually two technologies. Okay? There's a flow forming technology which is owned by Repkon, which also is a kind of a AUD 10 million - AUD 15 million investment just to get started from Repkon, which they have sitting around and which they have built in Turkey for a while. Then there is the investment which would relates to the TKF systems. Okay. It's depending on the configuration we're gonna go to. We are talking here about AUD 3 million - AUD 4 million on the TKF system. Now, if we wanted to have, and that was the original plan, if we wanted to have that one in Australia, that would assume that Repkon would need to make that investment in Australia and would need to build it up. That would take them approximately 1.5-2 years to get it going, and it will cost them AUD 50 million, which we both didn't have. Okay? We said, "What is the choice point? We can go for the Repkon joint venture and start the new technology approach with our cold spray systems and go forward and move now because we have already an existing flow forming machinery in Turkey, and we just get operational within a short period of time. We wait until we have something together and then build up the flow forming system and the DPF system, which would have delayed the implementation of the joint venture significantly. I made the call to say, "Hey, no, we wanna start quickly. Can we go to a setup of the same system, of the same constellation in the future in Australia?" Certainly, we can. Actually, we are discussing this already, but at this point in time, we are implementing the first step in Turkey simply because of lower cost and faster return on investment. Thanks, Herbert. Turning to glass solutions. When will we see the next glass solution installed, and related, why Vetropack in Austria? Yeah, good question. I refuse accountability that it's in Austria because I'm Austrian. By the way, it was pure coincidence that it happened. What you need to understand, these kind of solutions are not built basically from one day to the next. Okay. These solutions specifically have been refined over a period of several years by the Plasmateam in Holland. We had a prototype sitting around at Cedisa, which is a bottler, a glass bottling company in Mexico. We have a test site and a prototype with Gallo in the U.S., in California. These guys have helped us develop that solution. On top of it, you need to understand that Vetropack in Austria is one of the largest and most successful glass bottle manufacturers globally. Interestingly enough, the CEO of Vetropack is at the same time the president of the IPGR association with whom we developed that solution with. Okay? He was confident that the solution is delivering the results, and he made sure that the first installation of the operational machine, of the final design of the machine is at his site in Austria. Thanks, Herbert. There's just two follow-up questions. Not surprised to see this next one. There's been significant changes in the board and executive leadership team this year. Now, has that created any issues or instability in the business? You know, whenever there are organizational changes, there can be some issues around. Again, it's a kind of, somebody is going out and somebody else is coming in. That by nature is a kind of a change. At the same time, what we have seen specifically when I relate some comments on the board, that Andreas Schwer has gone out as the Chairman of the Board, was related to the fact that he had a couple of other assignments. At the latest date, we knew where he's going to. As you may know, it was announced recently as becoming the CEO of EOS, which is home-based at the end of the day, where he's gonna move to Canberra. It's one thing. Okay. That was a kind of a natural drive. At the same time, also what we see, there is a need, and it gave us some challenges from a communication standpoint, if the Chairman basically of the Board is overseas. But even if you have the best communication and the best processes in place and the best alignment, simply the time difference is a challenge. On top of it was very clear, and I'm very happy that I have now Humphrey Nolan as the Chairman of the Board at Titomic. Because, A, Humphrey is an incredibly successful businessman. Humphrey is in Australia. He's available to me on demand, basically, without any time difference in between. With his pragmatic leadership, we have changed already a lot of the engagement, including having a strategic session, which we have outlined and worked with the board, that we had for the first time in the history of the company, also a face-to-face meeting so the board members all could see the machinery and talk together. These changes have been very positive all over the place. At the same time, also, something when it comes to the organization itself, getting new people in, like Neil Matthews, you know, which was coming from from one of our competitors or Bruce Colter in the US also coming from a competitor. It's just a proof point and a confirmation also that suddenly Titomic, at the end of the day, is becoming attractive for the greatest talent. Actually, it's a compliment that we got these employees now on board, and they are putting all their skills, all their experience behind the solutions at Titomic. Thanks, Herbert. The final one, and it looks like it's kind of a catchall, this one. Given the instability around the world today, what is your plan B work? As usual, you know, if plan A doesn't work, you go to plan B, you go to plan C. At the end of the day, we have. How should I say? We have a clear strategy in place. Okay? It started with focusing on these very few use cases. We have a grasp on what we have to do. We know the mountain we're gonna climb on, and we know we have a plan on the track which brings us up there. Yes, if an avalanche comes down, and I'm lost in, you know, I've done a lot of trekking in wintertime. Sometimes the next morning when you go out there, you find that the tracks which you had planned for suddenly doesn't exist anymore or is simply not able that you can pass on. You work left or right or you climb over it. Okay? I think we don't spend too much time on investigating and analyzing on why this happened, because at the end of the day, that's kind of a useless exercise. We just say, "Hey, this is the mountain we are gonna go up, and here's the choice point we have left, right or over." I think that's how we are doing on a daily basis. The team is extremely responsive on that one. The team really has changed gears, and we are all basically together as a strong team. Not only what I'm seeing week in, week out over the weekend, also on the footy teams here in Australia. You know, everybody knows which position they have to play, and everybody's giving his best. Great, Herbert. We've exhausted the crowd, so, well done. Just back to you for any final remarks for the audience. Yeah. I think a lot of things have been said. Okay? Starting point for me is I'm very happy, and I'm humbled on the achievements we could go through. It only was possible because, as I said before, we really worked as a great team, starting with the board, with each and every employee and the leadership team. At this point in time, we have a game plan, and we're executing. At the same time, you know, the world isn't always providing what we would like to get, but then we have multiple options. Okay? The options is like on the track which we shared before. You go left, right, or we climb over it. At the end of the day, we will deliver on the numbers for Coatsworth and for Titomic as a business. As I can say, I'm still passionate about Coatsworth. Okay? The more I'm getting into it's great to see all of the progress. There's tons of opportunities. Okay? All these opportunities we just need. We are funneling these. We are trying to get the lowest hanging fruits first, and we are moving and marching forward. There is other opportunities which are showing up left and right. We're gonna investigate if we exchange an existing one with a new one, but this is a slower process, and we continue to march ahead along the lines which have given ourselves, along the strategy we have aligned with the board, and we are executing because that's the task for me as a CEO, and that's the task for all the employees at Titomic. Execution, prove what we can do, get in front of customers, do what the customer is asking for, and as you say, you have done, make sure you get paid, and you move on to the next order. Thanks, Herbert. That ends the webinar for the day. Thank you all for joining us. Thank you. Enjoy the rest. Thank you very much. Bye-bye.