Good morning to all. I hope you can hear me well. If it is not the case, please react through the chat or any other way. We want to make sure you have a good listening condition on the call. Good morning to you. I'm Pascal Juéry, the CEO of Agfa. I'm sitting here with Dirk De Man, our CFO, and the rest of the executive team who will be here to answer any detailed question after the presentation and as well with our investor relations team. I'm very pleased to have the opportunity to walk you through the first half results and the Q2 results of Agfa. Let me get started by saying, you know, that in a very volatile environment and an environment marked by inflation, we have quite a contrasted set of results across the group portfolio. I'm gonna try and comment and give you more color about where we stand on the various activities of the group. First, positive, I would say, top-line growth driven by DPC and Offset Solutions, but very different nature of growth. DPC is all about volume growth, 20% growth in Q2. Offset Solutions is exclusively about pricing growth. The growth of DPC is fueled by the price increase, and the volumes are slightly actually below last year. Second comment, although HealthCare IT as a first half that is below last year, we are still expecting a full year in line with what we communicated to do, meaning top line growth for the year and a bottom line roughly in line with last year. As you know, part of our business is really related to project implementation, and we have a good visibility on the implementation of projects during the year. We know that actually Q3 and then especially Q4 will be stronger quarters. What gives us also a lot of confidence going forward is the order intake. During the first six months, the order intake of the business has increased by 20%, which is, I believe, a very good performance in line with our expectations. Therefore, we are pleased with the development in the HealthCare IT business. We still have also a very strong order book. The performance of the quarter for radiology has been impacted by a lot of events. First, as you're aware, the COVID lockdown situation in China has decreased, we believe, the consumption of film in the end market by about 20% during Q2. We were not immune to this. On top of that, we have some seasonal impact of export contracts that did not materialize in Q2, but will materialize in the next months. Very weak quarter of radiology that of course is weighing a bit on the results of the group. Total EBITDA EUR 32 million, better than Q1, but much lower than last year. On top of that, we are going through the normal uptake in working capital. As you know, most of our production is more done in the first half, and we use the second half to I would say, adjust the production according to the level of the business. That is a normal uptick, but that was amplified by three, four different events, and Dirk will walk us through. Supply chain issues is still creating more inventory than needed. The cost inflation is mechanically increasing, of course, the working capital. We have Inca Digital working capital on top, because we have closed the business. On top of that, we have a specific situation also in HealthCare IT, where we have a lot of contract assets due to the nature of our contracts. Some of it are with the government, and I would say the billing process is a bit different for government. Again, this will be corrected during the second half of the year. Good news also is positive impact of net pension liability, and I will let Dirk walk you through this part. Last but not least, we made an acquisition, as you know, during Q2, Inca. We are pleased to say that we have completed the first phase of integration, and that one of the key areas of synergies, meaning being able to plug Agfa inks in the Inca printing engines, is well on track, because we are about to present in the commercial show in the US in a few weeks, actually an Inca machine with an Agfa set of ink. It's a bit ahead of our schedule, I have to say, and we are pleased about it. If we turn to numbers, overall top-line growth, but as you've seen, a lot of contrast between different businesses. At the gross profit level, we are still able to increase in absolute terms. In fact, when it comes to EBITDA, we see that we are not able to, across the board, reflect the increase of SG&A of the company. When I look at SG&A, let me tell you that what has been increasing the most is selling expenses and not G&A expenses. G&A expenses are totally under control, even in an inflation context, due to the transformation programs we are undertaking in the company. That gives an EBITDA of slightly below 7% and an EBIT of EUR 16 million. If I go down the P&L, the main characteristics as explained as you know very well, as a company still in full transformation, we had a very heavy, I would say, restructuring and non-recurring set of expenses that relates to the various transformation projects that are ongoing. The IT transition to an external partner, the finance reorganization, the standalone of the offset division. That reflects this part, and therefore, that leads us to a negative net profit. Well, this I already covered during my introduction, so I will now turn to Dirk to discuss the free cash flow performance of Agfa-Gevaert. Yes, thank you, Pascal. Overall, the free cash flow was negative EUR 59 million. As you can see from the bridge, one of the key impacts is the impact from the increase of trade working capital, and I will come back to that point in a couple of slides. CapEx is at a normal level, while provisions are actually also a seasonal effect. As with many companies in Q2, there is a large payout of employee benefits, and that includes incentives related to the previous year, vacation pay and all those kind of things. That's quite a normal increase, and that has actually reversed during the other quarters of the year where we're basically accruing for those things. Income tax is at a normal level, pensions also at a normal level. We do not have any extraordinary de-risking actions anymore. Finally, restructuring and non-recurring items are at quite a high level, and this is basically the cash execution of the many projects that we have also announced in the past. That includes the CR restructuring that we're doing in Germany and the ongoing transformation programs regarding the standalone of Offset and the other operating model projects that we're executing. If we move to the next slide, that brings us to the overall net cash position. In addition to the normal free cash flow and normal operating activities, we obviously also closed the Inca transaction in Q2, which was around EUR 48 million. We also finalized our share buyback program. That was around EUR 13 million. We also did transfer some pension liabilities of our ICS people that transferred to our outsourcing partner, which obviously also had to compensate it on a cash basis. In total, the net cash position was reduced with about EUR 141 million. If we then move to the next slide, working capital at 31%. That's a very high percentage and not a result we are happy with. Now, one key thing to mention is that this includes the assets of Inca, which we acquired. Obviously, we do not have the past 12-month sales in the base, so therefore, that increases the percentage. In total, that's roughly around EUR 16 million impacting the working capital. Overall, as you can see, even excluding that, inventories are up substantially. This is the normal seasonal growth. Now, last year we did not have that, and that was rather the exception. This year we're back to a normal seasonal growth. As Pascal mentioned, it's amplified by the many things that we've discussed already at length, including obviously all the inflationary pressures are translating into the inventories. Also the supply chain is slowed down in a sense that it takes longer to transport, meaning that there is a lot more inventory in transit. Also we may have, and DPC, for instance, is an example of that, where we are left with unfinished equipment because we're waiting for certain components to come in. That obviously also delays sometimes the execution of the delivery to our customers and installation to our customers. Now, obviously, it will continue to be a key focus area for the rest of the year. As usual, we will work very hard at reducing the working capital through the rest of the year. Maybe a word on HealthCare IT. Yeah, I will cover those indeed. Okay. I think Pascal mentioned it. One other element has been increasing substantially in the working capital is the contract assets in HealthCare IT. Now, this relates to the collection of regarding very large projects, and that's also a bit chunky sometimes. That was increasing quite substantially, but it's temporary. Clearly already in Q3, as we speak, we are collecting on those things. I think in Q3, in total, EUR 17 million of those projects are being collected, mainly in the month of August, which we already received, and the month of September. EUR 17 million of that already will be eliminated in Q3. Now, the other element I wanted to mention that's a bit again, a COVID-related comment. In China, in our joint venture, they also have a bit of delays in collection due to the administrative processes that you need to follow in China. Forms not being available, government employees not being available. There we have had an increase of the overdues, but we also are very confident that this is a temporary situation. As these lockdowns are subsiding, also these collection processes will get back on track. For the rest of Agfa, the overdue management continues to improve in line with the programs that we have launched some time ago. Net, indeed, net working capital is peaking, but over the next two quarters, we do expect this to come down significantly. On the pensions, yeah, indeed, there was a lot of movement. We discussed it previous quarter that the discount rates were increasing. We decided, normally we only do this at year-end, but we decided for Q2 to do a full actuarial update of the pension calculations. The result is on the slide, a reduction of EUR 142 million versus the end of last year. This is primarily driven by the discount rate, which more than doubled on average, close to 3% now. The key impact on this is really in the German pension plans. As you know, we have done a lot of de-risking in the other regions, in the UK and US and Belgium. The key impact here is really on primarily on the German pension plan. On the next slide, we're just reiterating a bit the different elements of the PNL and the cash. This is in line with what we communicated before. You can see the cost in EBIT is EUR 10 million for the first half year. Interest costs, total pension costs at EUR 13, and pension cash out at EUR 28. That's the overall view on the pensions. Let me hand over back to Pascal regarding the rest of the. No. Thanks a lot, Dirk. You understand a bit of a perfect storm in working capital on the different elements, but everything can be worked out and will be worked out. Good news on the pension. Let's turn now to the business, and let's start with HealthCare IT. If you look at the headline for HealthCare IT, we are still after six months, in fact, we are helped by currency, but without the impact of currency, actually, we are still in a negative top-line growth for the first six months. The first message is the next six months will show a reverse of trend with a significant top-line growth for the business. Again, this is something we have a view on given the level of the order book and the order intake, and the planning of project implementation. Gross profit, no issue there, margins are actually at a healthy level. As already communicated, we are reinvesting in the business, and you see SG&A and R&D being higher than last year. The way it works is, as you know, the sales cycle is pretty long in this business, so we have to invest a bit ahead of time. It gives an EBITDA that is below last year with the same level of business. Again, I repeat, when we look at the next six months, we are very confident that indeed we are gonna catch back on the second half, and we are already quite a good view on this. It means for me clearly we are on track for HealthCare IT. I said a number of times, let's be a bit wary right now, looking quarter by quarter, we need to have a longer period to make an assessment of where we are going in terms of business. I confirm what we said all along, 2022 will be the return to top-line growth. It's not the case yet in the first half, but will be the case after the year, and we'll have a performance bottom line in line with last year. It's a consolidation year, but what gives us confidence is indeed the dynamism of the order intake, and as well, the good level of the order book. I would qualify it as a good momentum for the business, and nothing is, it's just a quarterly variation that we are seeing here. Radiology, very different story, a very disappointing quarter for Radiology. You can see it, you can see the impact on the top line. Actually, that reflects the lack of volumes and a little bit across the range, by the way, in Radiology, and that translates immediately back into the margin in an inflation environment on top of that. Disappointing performance for us, a number of reasons for this. First, indeed, China is the first market, and China COVID lockdowns did have an impact on the consumption. It will continue a bit in Q3, a lot less, but the situation is not totally back to normal, and it's fair to say that China will not give up the zero-COVID policy. Apart from China, we had a bit of a delay in export market contracts, which can be a bit lumpy in some regions, for instance, in Middle East or North Africa. That should come back to normal during Q3 and Q4. It was really a bad quarter. Even in DR, we had a flat quarter. Normally, DR is growing quite significantly, but not this quarter. A lot of market volatility and also a lot of, I would say, delays in implementing contracts. That's also part of the story. We are increasing prices also in Radiology across the board. We still have action that will kick in in Q3, so we are constantly trying to do that. One thing you should note is, on the raw material side, silver has taken a different turn since a few months, it's decreasing. You are seeing in Q2 and probably still in Q3, it's still the top price of silver in our P&L, actually. Because as you know, in this business, it takes more or less, I would say, six months to change the P&L. This has turned for this business as well. DPC. DPC, I would say the good news is, we are growing the business. Unfortunately for the time being, it does not translate yet into bottom line impact? For a number of reasons I'm gonna try and explain. You see good top line, even when it's currency corrected. Gross profit is increasing in absolute terms, but you see already the impact of inflation in percentage. Same story for SG&A, and it's mainly the freight and logistics expenses that are increasing. We have yet to fully reflect it in our selling price. That's clearly the story here, but it's not only this. Our digital printing goes quite well. Inks, service, everything is growing very healthily in a very healthy format. However, our equipment business during the first half was actually more into the entry or mid-range level of our equipment. The larger printers actually were not so much recognized in revenue. The main reason being that we had component shortage, which created a backlog for this part of our business. Our large printer backlog has increased throughout the beginning of the year by double digits. We expect to be able to, I would say, deliver the backlog, or part of it at least, during the second half of the year. That's typically, I would say equipment area where we have larger, well, higher margins than in the low-end. That's also where was a bit depressing for us. Inca integration evolving as planned. Indeed, I would say Inca is integrated fully today. As I said, the good news is, our inks are ready to be used in Inca printing range. We're gonna commercially kick it off in the US, I think it's in October, I guess. That's good news because it didn't take us very long actually to develop the right set of inks for the Inca range. I think also I can say that, as you know, we bought Inca not only for the existing business, but also mainly for their development. The next development is SpeedSet. The SpeedSet has entered into a commissioning stage, and that's news, meaning we have finished building up the first machine in our Cambridge site, and we'll start testing. Just to tell you that things are advancing as planned, in a way. ZIRFON really a very good orientation of ZIRFON. Very dynamic demand. We today have a number of active customers over 50. If you go back two years, it was not even half this number. And the business is not yet significant in actual numbers, but it's now, I would say, visible. The name of the game for us is to ramp up our production on-site. Actually, we'll start doing shift production in September for ZIRFON. So that reflects really the ramp up. Also the news I would like to share with you is, we have selected the site to build our next ZIRFON unit. We'll build it actually across the road in Mortsel, which makes sense because this is where we have all the infrastructure and the know-how, and we have started engineering studies for an investment decision that will be finalized during Q1 2023. It's also a way to show our commitment to our customers that we are making the necessary investment to make sure we are gonna be here for the when the demand is ramping up. We have announced, as you know, a significant contract volume to thyssenkrupp nucera. That's gonna kick in in 2023. I would say we are in contract form with thyssenkrupp nucera, which is a very good things. The other good part is film and foil volume has recovered. It was hit during COVID, it has recovered and it's well-oriented right now. What we have yet to do in DPC in order to translate the growth into the bottom line is, well, first we've got to make sure we solve our supply chain issues so that we can effectively deliver the high-margin goods, that's for sure. We need to continue to do price increases. You've got to realize that it's a bit like, you know, we explained to you last year in Offset, it takes time. Because right now, if we take an order for a machine at a new price, you're already in 2023, actually. There is indeed a delay in implementing prices, but we are committed to do it. What's important for me is to see that our commercial drive and our top line growth is really well-oriented. It means really our offer in the market is matching well with customers' demand in Offset. In Offset, a quarter in which indeed we have been successful. This is a reflection of our price increases. This is not the end of it. We still had some actions that were kicking in in Q3. It took us I would say about nine months to a year to get to this result. Very successful price action by the team. Also, very good focus on value segments, whether it's geography or application in the Offset. Strong cost discipline, and therefore producing results for Offset, turning around a bit, I would say the profitability gap that we've seen in this business. Overall very pleased with the development. Offset was the first one confronted, I would say, with the inflation wave. It takes time, I explain, because it takes time because just like in DPC, we have hundreds of customers. It takes time to increase price, but we do it, and we will do it. In Offset, you're now seeing the these results. Now what to expect for H2? Well, I'm not gonna make prediction about the economic scenario and whatnot. What we are seeing, cost inflation is not going away, huh? That's for sure. It is still there. However, in metals, for instance, we are seeing the tide turn. Aluminum is below its peak. Silver is below its peak. You won't see it yet in the P&L. It's gonna come, but with a delay. However, cost inflation is still here for everything else, I would say. So far from energy to packaging, and also salary inflation. We'll still be facing this impact. We are not expecting supply chain issues to disappear. We are probably expecting some improvement, but not yet back to normal situation in the next quarters. Of course, as I said, I still believe that the China market will be disturbed by potential COVID lockdown actions that will impact the end demand. That for me, overall, I would say it stays. It's probably slight improvement on some fronts, but not a general release. Well, I'm not making prediction on the level of demand, and I know there is, of course, a talk of economic slowdown. I would just note that typically in an economic slowdown, healthcare is quite resilient. In fact, the part that tends to be a little bit less resilient and subject to economic activity is capital goods, of course, investment decisions that tend to be delayed, and also everything that relates to commercial activity in printing. For the time being, we are not seeing anything on this front. We are seeing a stabilization of the demand, but no, absolutely no signs of a specific slowdown in our activity. Still a lot of action to take in order to fight this inflation. As I said, it takes time because we have a lot to address and a lot to do. We are still taking, as I speak, price actions in, I would say, almost across businesses, that does also exist in HealthCare IT, price actions in order to face to make sure we can restore margins in some cases or at least stabilize. We are continuing with our transformation actions in IT, in finance, in order also to make the company more cost competitive, simplify our operations and make us more agile. Here, I think the projects are on track. Bottom line, it means yeah, we are expecting H2 that is going to be better than what we've seen in Q2, indeed. Specifically for IT, we already communicated it. I think Offset will continue to do well. Radiology, I expect to see some improvement, gradual improvement in Q3, but more in Q4, I would say. DPC will also, I guess, slightly improve during the second half. That's a bit what I wanted to share with you today. Let's open now to questions. I would first like to take questions from the room, of course. Does it work? Yeah. Okay. Good morning, Kris Kippers of Degroof Petercam. Two questions to start from my side. Radiology clearly disappointing in Q2. Of course, some hiccups in the markets. You explained indeed already quite some items there. What is on the outlook there? Do you see some improvement? Are you also adapting other things, considering other measures, or is it just a temporary market situation? Is there more that's happening? My second question would be on Offset. We've seen, of course, probably you cannot comment in detail, but we've seen some comments, of course, in the press from well-informed journalists. Could you share with us what the situation would be on the carve-out and on the divestment potential? Any comments on that, of course, would be highly welcome, I guess. No, no, sure. On the first one, on radiology, I think the good news is the film business overall, the volume of the film market is not decreasing, right? It's pretty stable. We have variations, and we have a situation in China that was not favorable, and the lost demand will not come. We will not make it up. I mean, what is lost is lost. The consumption is gonna go back to the previous level, but we're not gonna catch up, so to speak. What is lost is lost. To answer your question, yes, we are expecting a better H2 and Q3, hopefully Q4, the end of the last quarter of the year. Are we taking specific measures? Yes, we will also try to streamline part of our operations in radiology, as we've been doing already for many years. We did it for CR, and there is further opportunity to do that. That's also what we are gonna do in radiology. Difficult, indeed difficult quarter for radiology. Now, as I said, we start seeing a bit of a relief in the raw materials of making film, first with silver and potentially with the chemical components as well. But again, these are impacts that come about six months after the news. Regarding Offset, well, no comment. No comment. I can only comment on the carve-out, which is on track. It's not fully completed. We still have a few things to do, of course, but it's on track. On the rest, I'm not commenting. I don't know if the journalists are well-informed or not. There has been market rumors and speculation and of course, there is no comment from our side. Just a last follow-up, regarding ZIRFON. Could you just share with us an idea on the cash outflow of such an investment that you have to make potentially in 2023 when you make a decision? We already gave an indication of between EUR 30 million-EUR 50 million in terms of CapEx. That actually will be spread over several years, by the way. It's not a given year. We'll be in a position, as we have started today, our engineering studies, we'll have a much better estimate probably in Q1 next year. Okay, thank you. I'm Guy Sips, KBC Securities. One question on the EUR 70 million of working cap absorption that was done through the HealthCare IT big contract. Does that mean that what you indicated, that also in Q3 we will see a big contract landing and that having a positive effect? Yeah, it was purely a working capital thing. In HealthCare IT, there is a complicated system of when you recognize, when you bill and when you collect. There is a discrepancy in timing. I was only commenting on the contract assets in the working capital. They were actually increasing because we were waiting for the payments to qualify, and they qualified in Q3. That's the only comment that I made. In terms of deals, yeah, there are many things in our pipeline that hopefully will come to fruition in Q3, Q4, and the quarters after. In fact, we recognize the revenue is already recognized and the EBITDA is already recognized on it, but the cash part is a bit delayed due to the billing conditions, especially with government contracts in the U.S. That's a lag, if you want. You need to see it as a lag. Right, Nathalie? Yeah, that's right. Any other. Yeah, we can only recognize specific milestones. Commercial customers have 10%, 20%, 30% milestone. The US government non-negotiable give us milestone at 80%. We have to deliver 80% of the work on the implementation before we can actually bill. When we bill, then we get paid within a few days, which is happening in Q3. The more volume of US government we have, we have to go by these terms. In fact, when you have government business, it means your working capital is increasing. A simple story is, this one. We are very successful. With the go- With the government business, which is for the Department of Defense and the Department of Veterans Affairs. This is good business, huh? We like the business. We are one of the main vendors to the U.S. government, but it has this impact, huh? A second question also related to the net cash situation. You indicated there was an effect of the pension portfolio. Can you quantify that? Yeah, that was around EUR 2 million. Oh, no. Yeah. It's not material. I'm just saying there was a lot of things coming together in Q2 on top of, let's say, the normal operational things. It was not that material. No- The cash out was mainly EUR 48 million for the acquisition and EUR 13 million for the share buyback. Yes, share buyback, yeah. The remaining was the delta in the working capital. Yes. Yeah. Primarily, yeah. Now we have a cash situation in which we have this working capital peak, but let's not forget that we have also a significant cash cow due to the restructuring and the transformation of the company as we already announced. Good morning. Maxime Stranart, ING. Two questions actually on my side as well. First of all, on DPC Would it be possible to single out the scope impact of Inca from the rest of the performance? A view on volume and price would be helpful. On offsets, if you could share some view on what would happen if actually the price of metals, as you mentioned, are already coming back down, what would happen if it would continue that way? Thank you. Okay. Very, very good questions. For DPC, I'm not sure it's possible to single out volume and price. Regarding Inca, you want to answer, Vincent? I mean, the impact is not very much today. No, the impact is limited. Dirk already mentioned the impact on working capital. There we have the full impact, of course, of taking that on, and that's about EUR 16 million. The impact on EBITDA and on sales, there it's very partial and difficult to today give a correct image on that, so on. It's not material. I would say that the more material part is indeed on the working capital today. Volume and price, it's difficult to. As DPC has a lot of different activities, it's difficult to single out. I would say a volume and price performance, but I would say volume performance is coming from. In terms of volume performance in all of DPC, I would say that all of the businesses are growing with the exception of PCB film. Those are films for PCB, printed circuit boards production. Our biggest market there is China, and there also we were impacted by the lockdowns in China. That market is really down quite a bit. They may be at 70, between 70% and 80% of where they are usually. We don't see that coming back also, that part. The other market that is down for us, it's small in terms of overall number, but it's a growing business for us, which is the industrial inkjet part, where we are also selling OEM. We have different segments there, but one of the segments is OEM inks. Inks we make for third parties in China again, or we make it for different markets, but one of the markets is China. Also there we've seen this year that China is quite a bit down. All of the other markets volume-wise in DPC have really been growing. Be it our inkjet sign and display both ink service and equipment, be it our ORGACON, our conductive polymers, our SYNAPS, our synthetic paper. ZIRFON is growing quite a bit this year, NDT, non-destructive testing film. All of those markets are really growing versus last year. On the price performance, maybe you want to. Yeah, also on price performance. I would say on all of those segments, including actually the ones that are declining, we are implementing price increases to cope with the inflation that we're also facing. I would say price performance is good, but not good enough, as you've seen in the margin performance of DPC. It's something we continue to work on to actually cover the inflation effects. On offset, the question was, what's gonna happen to us with the aluminum price decrease? Luc, you want to comment on that? Yeah. In fact, it's already happening. You have seen the evolution of aluminum. First of all, we pass through, so that means if LME, the LME portion of aluminum will go down at a certain moment in time, of course, we will give it back to the customer. That's very transparent. But this is not the only element. You have the premium, you have the conversion cost. Currently, we are discussing about energy surcharges on aluminum. It's a whole bunch of elements that we took into account in our pass-through of our prices of the raw material prices. Yes, if LME goes down at a certain moment in time and depends a bit on the contractual situation, we have net of value contracts where there is a balance. We have other ones, where we adjust the prices every three months, roughly. That will drop in, but net bottom line, it should be the same. It should be the same because at the time we are gonna see the benefit in our P&L, we are gonna adjust back to the customer the visible part of aluminum price. Neutral. Hello. Alexander Craeymeersch from Kepler Cheuvreux. Last call you mentioned that your geographical mix in radiology in Q1 had a negative impact on margins and going to correct itself in the next quarter. Is it now safe to assume that the geographical mix has not really changed, and how do you see this going forward? Maybe also elaborate on what's then the margin difference between the regions. Geographic mix was unfavorable also in China because you have different provinces in China in which you have different situation. To make a long story short, you know, as you know, some Chinese provinces have gone through an auction process where prices tend to be lower. It depends on your mix also intra China. It's depending on the various market prices, you know, across the globe, and that varies, I would say, on a regular basis. We are also busy increasing prices. It's difficult for me to do a ranking. Let me say just that China is the largest market, and that's also where the prices are higher. In DPC, I guess also you had a big impact there from PCB films in China. Could you maybe elaborate on like how much this, how much of the total DPC revenue this is and also how much it contributed to the margin decrease? Although it's very small PCB for overall. What is it globally? It's 10%, less than 10%? Yes. That's less than 10% of the total DPC business. Right. Around 10%, let's say. Yeah. What makes you then so confident that the situation there will be completely reversed? On PCB, I've not heard that. No, no. From what Vincent is saying. We are unfortunately not saying that. We don't see it picking up yet because especially China, we really don't see the lockdowns easing up. We expect that actually the rest of the year they will continue to be at somewhere between 70% and 80% of their normal capacity. Okay. The increase will then come from the other regions then? Yeah. The growth- Yeah. Is not coming from PCB. No, no. The growth will not be coming from PCB film, no. Yeah. All right, perfect. Then, on ZIRFON, just a reminder, you talked about the thyssenkrupp nucera contract already. When can we expect this contract to kick in, on the revenue side? Because it's already grown nicely. Yeah. From 25-50 customers. I guess thyssenkrupp nucera is only one, so. Yes. This is probably the largest contract among it. Let's say that the large contracts will start to kick in next year. Yeah. You can expect that for 2023. Okay, thank you. Any other question? If not, let me just conclude. Clearly, a very contrasting quarter. Again, I want to repeat the confidence we have in Healthcare IT, for which again we believe the prospects are really positive. Confidence also on DPC, although right now we are in a situation where we cannot translate yet the growth into bottom line, but this is something we're actively working on. It takes a bit of time in the inflation environment, but I'm confident we will we'll eventually get there. But it takes time. Offset will continue to perform very well, I believe in the next quarters, no doubt. Radiology, I think we'll see a gradual recovery during the rest of the year. As far as working capital is confirmed, indeed, you will see a significant decrease by year-end of working capital. We explained why it was a bit exceptional at the end of H1, but this is an area that we commit to totally correct by the end of the year. Thank you very much for your attention, and we'll see you in November, I guess. No. Thank you. Thank you, operator.