Ladies and gentlemen, welcome to the presentation of Dätwyler half-year results 2022 conference call and live webcast. I am Alice, the call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. Webcast viewers may submit their questions or comments in writing by the relevant field. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Mr. Dirk Lambrecht, CEO, and Mr. Walter Scherz, CFO. Please go ahead, gentlemen. Yeah. Thank you very much, and welcome to our conference to present our half year results. My name is Dirk Lambrecht, and as you already heard, with me is Walter Scherz, but as well Guido Unternährer, Head of Investor Relations. The agenda starts as usual with the review and outlook, and that will be followed by explanation by Walter about further financial targets. This slide summarizes the most important points of our half year results on one slide. All figures are for the continuing operation. The online distributor, Reichelt, which was divested in autumn 2021, has been excluded from the previous year's figures. We would like to emphasize the unchanged positive development of the relevant markets in four out of five of our business units. Only our mobility business unit faced a declining market. We achieved an 11.7% increase in turnover to end at CHF 541.6 million. This has been adjusted for the negative currency effects and the sales of the acquired companies, and it corresponds to a 5.9% organic growth. When we look at the operational results, we should point out that the strong price and input costs and the delayed effect of the successfully implemented price increases led to a decline, and we landed at CHF 72.5 million. This amount takes a one-time negative effect of CHF 7.5 million into account. On one hand, these are reversals of inventory that we re-evaluated to market values and to acquisition balance sheets. On the other hand, there were write-offs on assets due to the temporary closure of the Ukrainian subsidiary. Adjusted for these one-time negative effects, the EBIT margin reached 14.8%. The net results amounted to CHF 57.4 million. Apart from the difficult environment due to the war in Ukraine and the rising input costs, the first half-year of the year was marked by two strategically important acquisitions. We are the world-leading supplier of high-quality seals for electrical connectors since the acquisition of QSR, now our business unit Connectors, since the beginning of May. QSR is an American company with three plants based in the U.S., one in Mexico and one in China. QSR generated sales of $164 million and employed 1,250 employees in 2021. Several megatrends such as electrification, connectivity, Internet of Things and Industry 4.0 present attractive growth opportunity for QSR sales in various markets. We expect annual growth of around 9%. An important growth driver is the transformation to e-mobility. We have our own healthcare plant in China since the beginning of March, thanks to our second acquisition of Yantai Xinhui Packing. Xinhui generates sales of CHF 15 million and counted 170 employees last year. China is already the second largest healthcare market in the world. At the same time, it is one of the fastest growing healthcare markets with an annual growth rate of more than 10%. This is driven by growth trends such as the rapidly growing middle class, the increase in chronic diseases such as diabetes, and the use of syringes as the preferred method of drug delivery. In the medium term, QSR and Xinhui will accelerate our profitable growth. In the short term, we are working on the integration of the two companies. Our new organizational structure, introduced at the beginning of 2020, has proven itself during the challenging times. We have integrated QSR as a part of Industrial Solutions business area as a new business unit called Connectors. There are interesting cross-selling opportunity since QSR serves some of the same market as our existing mobility and general industry business units. Xinhui is a part of the Healthcare Solutions business area and adds a plant and sales organization to the overall picture. I will now move on to the business update of our two business areas, starting with Healthcare Solutions. This business area offers high quality system-critical elastomer components for containers, syringes, and delivery systems for injectable drugs. Among other things, our products contribute to the fight against the COVID pandemic. The Healthcare Solutions business area increased its sales to CHF 265.7 million. Adjusted for currency and acquisition effects, this corresponds to 12.6% organic growth. Sales of COVID vaccine components increased slightly once more. In the higher margin pharmaceutical business, the growth amounted to 14.9%. The operating profit only rose slightly to CHF 58 million. This corresponds to a 21.8% EBIT margin, and the customer base for high quality components from our FirstLine standard expanded positively. This is the result of our intensified market development and our new customer contracts obtained during the pandemic. In the first half of the year, we were also able to complete the expansion of our Indian site. The second hall will be commissioned by the end of the third quarter. This doubling of our capacity creates an important basis for the targeted profitable sales growth in the coming years. Let's now address the Industrial Solutions business area. Here, we offer system-critical elastomer components for mobility connectors, general industry, industrial applications, and food and beverage. The Industrial Solutions business area increased its sales by 12.1% to CHF 279.5 million. Adjusted for the positive currency effects on the first time consolidation of QSR sales, this corresponds to a minor organic decline of 0.4%. The reason for the stagnating sales was a decline in vehicle production, especially in our main German market. This led to a temporary sales and profit decline for our mobility business unit of around 9%. However, we managed to increase prices and win a solid number of new projects at the same time. More about this in the outlook. The general industry business unit performed very well and grew by 21%. This was thanks to a strong demand from the oil and gas industry as they acquired new customers. When it comes to the food and beverage unit, our leading position enabled us to continue our profitable sales growth of 4.5%, although the market growth slowed down after two strong years. QSR as a new business unit Connectors contributed CHF 28.7 million in sales in May and June. The reported operating profit decreased to CHF 14.5 million and the EBIT margin to 5.2%. The reason were the significantly higher input costs, the price increases that only have a delayed effect, and the lower capacity utilization rate at the mobility plants, especially in Europe. In addition, the already mentioned one-off negative effects from the QSR acquisition and the Ukrainian site were fully absorbed in the Industrial Solutions business area. Adjusted for this, IS reached CHF 7.5 million and the adjusted EBIT margin was 7.9%. Due to the ongoing war in Ukraine, we have decided to close our plant in Malyn till further notice. For most of our nearly 100 Ukrainian employees, 13th of September will be the last working day for them. This decision has not been taken lightly. However, since our customers do not agree with deliveries from the Ukraine, we consider these measures necessary. With that, I would like to hand over to Walter. Walter, please. Thank you very much. Thank you very much, Dirk. Also, warm welcome from my side. My name is Walter Scherz, and I have the pleasure of giving you an overview of the development of the key financial figures in the first half of 2022. Let us start with the change in turnover in the first half of the year. The 5.9% organic growth came this half year solely from healthcare. This business area organically grew by 12.6%. Industrial Solutions suffered a slight organic decline in sales of -0.4%. Dirk has mentioned that in his last slide, and as you know, this is mainly coming from mobility. The two newly acquired companies, QSR and Xinhui, contributed CHF 34.1 million in sales. This includes QSR for two months and Xinhui for four months. This means a growth of 7%. The negative currency effect and the intercompany eliminations amounted to -1.2%. For the comparison with last year, it is important to exclude the turnover of the recently divested online distributor, Reichelt, in the previous year. This results in the previous year's turnover of the continuing operations of CHF 485 million. Compared with this, we increased the reported turnover by 11.7% to CHF 541.6 million. We also see these comparison pillars on the EBIT bridge on the next slide. This table depicts how the EBIT changed. To be able to compare it with the same period of last year, we excluded Reichelt's profit contribution in the previous year. This results in a previous year's EBIT of the continuing operations of CHF 88.8 million. This is the third pillar you see on this slide. The Healthcare Solutions business area increased its EBIT by 6.3% or CHF 3.6 million. This also includes four months result for Xinhui. On the other side, Industrial Solutions business area noted an EBIT decline in the amount of CHF 18 million. It should be mentioned that CHF 7.5 million or over 40% of the decline relates to the one-off negative effects that Dirk mentioned already. Without those effects, the EBIT decline of Industrial Solutions amounted to approximately 31%. These figures also include two months of results for QSR. The strong Swiss franc, actually mainly against the euro, reduced our profit by almost CHF 2 million or 2.2% in the first half of the year. Overall, EBIT in the first half of 2022 fell by 18.4% to an amount of CHF 72.5 million due to the sharp increase in input costs and the one-off negative effects. Right now we've talked about the absolute operating profits and the absolute sales, but what does that mean for the margins? For that, we go to the next slide. This graph here show, or these graphs show the EBIT margin developments of the two business areas and the Dätwyler Group in its entirety for the first six months of the current year and the last two years. In the previous year, the company in its entirety consisted of the continuing operations. That means Reichelt was excluded, Distrelec, Nedis, Civil Engineering. We managed to significantly improve the margin in both business areas in 2021. That means after the first COVID year in 2020. This year, 2022, we experienced margin pressure due to the delayed impact of the implemented price increases. This results in EBIT margins of 21.8% for Healthcare Solutions, 5.2% for Industrial Solutions, and 13.4% for the Dätwyler Group. If the margins are adjusted for the one-time negative effects of CHF 7.5 million, then the adjusted EBIT margin for Industrial Solutions amounts to 7.9% and for Dätwyler Group to 14.8%. That brings us to the overall picture of the income statement. The income statement as shown here is a functional income statement. That means there are functions just as a G&A or R&D shown here. It consists of three columns due to the divestment of Reichelt last year. In the current year, the continuing operations cover the company in its entirety. As you can see, the manufacturing costs of the COGS or cost of goods sold increased more than the turnover. This is the result of higher input costs, raw materials were mentioned, personnel, logistics, also the delayed effects of the implemented price increases and the higher depreciation. The reduction on gross profit level amounts to 4.9 percentage points. As part of our long-term growth strategy, we increased our investment in research and development, among other things, with the Venture Unit as mentioned earlier. The other expense items are more or less in line with the previous year. This leads to an EBIT of CHF 72.5 million or 13.4%. The tax rate is almost unchanged compared to the previous year, as you can see. We are still in the range of 22%-25% and of course paid less tax due to the lower taxable profit. Net income, last but not least, from continuing operations declined to 14.1%, or CHF 57.4 million. This corresponds to CHF 3.38 per bearer share. This leads us to the balance sheet as you can see on the next slide. You see that very nicely here, the acquisition of QSR has led to significant changes in the balance sheet structure. This is better visible on the liability side, which is the right side here, rather than the asset side. Nevertheless, let me start with the asset side. If we look at the asset side, the cash position has decreased significantly. Dätwyler used these funds to acquire QSR and Xinhui. Fixed assets, inventories, and trade receivables have increased. On one hand, this is due to the acquired units, more business. On the other hand, there were deliberate measures taken to ensure supply chain and business operations. In order to ensure our ability to deliver, we have increased the safety stock for raw materials, but partially also for finished products. The increase in trade accounts receivables is due to the fact that the acquired companies do not yet have the same good aging structure as we are familiar with at Dätwyler. Here, we are using the old positions as we speak, and this will continue. On the liability side, we have seen a significantly lower equity ratio of 28.2%. This is the result of a double effect. The acquisitions increased our debts by some CHF 627 million compared to the end of 2021. At the same time, and that's the second effect, equity decreased by some CHF 578 million due to the direct offsetting of goodwill. As of the balance sheet date, 30th of June 2022, the current liabilities include the bridge financing to pay for the QSR acquisition. As you probably know, we have been able to take out the bridge financing in the meantime. You can also read about the bond issued under events after the balance sheet date in the financial report. That means after the balance sheet date in the last few weeks, long-term liabilities have increased and short-term liabilities have decreased in the same way and put the ratios in the right balance again. I'll talk more about that on the next slide. The consequence of the QSR acquisition and also the Xinhui acquisition was that our net liquidity of CHF 129 million in the previous year turned into a net debt of CHF 628.5 million. A large part of this was shown as short-term on the balance sheet date because the bridge financing is normally limited to one year, so short-term. However, we have been able to significantly reduce the short-term liabilities or the bridge finance after the balance sheet date in the last few weeks and have achieved a long-term debt structure. On one hand, we successfully placed a CHF 240 million fixed rate bond, and that bond was paid on 13th of July at a 2.1% interest rate over a five-year period. On the other hand, we took out a syndicated bank loan in the amount of CHF 167 million. Long-term liabilities also include a listed bond for CHF 150 million, which runs until 2024. A loan from the majority shareholder also contributed to the financing of the QSR acquisition. As we have proven in the past, that we as a team are continuously striving to reduce debt from 2022 onwards and increase the equity ratio again. With that, I would like to give you some explanations about the cash flows in the first half of 2022. As you can see very well in this condensed cash flow statement, the cash flow for the first six months was influenced by the two acquisitions and the required financing. Let me start with the operating cash flow. That operating cash flow has deteriorated there by around CHF 42 million compared to the previous year. On one hand, this is due to the lower net result, but also on the other hand, to the increase in net working capital. Compared to the previous year, around CHF 30 million more are tied up in net working capital. In order to ensure our ability to deliver, as I said before, we have increased the safety stock for raw materials, but also for finished goods. In accounts receivables, we are in the process of reducing the old positions of the newly acquired companies. When we move on to the cash flow from investing activities, that was amounting to CHF 649.1 million. That is primarily due to the acquisitions. However, investments in fixed assets, as you have seen, have declined and will be reduced further in the second half of the year. The cash flow from financing activities, as the third one, meant an inflow of CHF 485.9 million. These are primarily the inflows from our banking partners and the majority shareholder. All of this led to a decrease in liquidity of CHF 93 million, as you have already seen on the balance sheet. On the next slide, you see the development of the return on capital employed of the continuing business. As of the balance sheet date, June thirtieth, ROCE from continuing operations was 18.2%. Same as with the equity ratio, the ROCE also had a double or saw a double effect. On one hand, the average capital employed increased due to the investments and the acquisitions. On the other hand, the EBIT decreased due to the higher input costs. As a result, the return on average capital employed fell to 18.2%. Although this is lower than in the previous year, it is still higher than two years ago. Our goal is, of course, to return to previous levels. We are approaching the end from the financial review, and this graph depicts the development of our investments over the last five years. The figures in the previous years cover the investments for the entire year. In the reporting year, 2022, we invested a total of CHF 47.9 million in the first six months. CHF 43.9, or the vast majority, was spent on property, plant, and equipment. The investments executed in previous years allow for a lower level of investments in the years to come, as we also communicated after the investment cycles of the past. Investments for 2022 will be in the range between CHF 80-CHF 100 million for the whole Dätwyler Group. Well, we have mentioned quite a few times the higher input costs on several occasions today. We were mainly talking about the higher cost for raw materials and intermediate products. In the meantime, and as Dirk has highlighted, we have successfully passed these costs, these materials, and intermediate product increases on to our customers through price increases. This slide, however, shows on the left the price development for electricity in Switzerland, Germany, and Italy, and on the right for gas in Italy and Germany. When we compare this on a year-on-year basis, then we see that the electricity price will increase tenfold in 2023 in Switzerland. The prices for 2024 will remain several times higher than the long-term average. The price of gas will multiply as well in 2023 and 2024 in Germany and Italy. By the way, these figures are just very lately or newly collected and reflect exchange prices. These massively higher energy prices at our own plants and our suppliers will have an impact on the 2022 and 2023 income statements. Nine out of 28 or 1/3 plants of that mix are located in European countries. Our plants themselves have only a low direct dependence on Russian natural gas. However, in the event of a general gas shortage, indirect effects via our customers as well as suppliers cannot be ruled out. Well, that's the bridge to Dirk's outlook. With that, Dirk, I would like to hand over to you. Yeah. Walter, thank you very much, and it's really unbelievable what we see on the energy market here. However, thank you very much for the transparent view of our financial data. Now I would like to go forward and give me a couple of minutes to come back to our mission and our strategy. Here I would like to start with our outlook. Our mission is unchanged. We materialize ideas for a safer, smarter, and a more sustainable world. The current challenges which we have, like the war in the Ukraine and the rising input costs, have no impact on our business model or our mid and long-term growth opportunities. I would like to make it very clear here. We have leading core competencies in our. We have also a very strong market position. We believe with that that we can continue with our business success to the future. We will continue to focus on our strategic priorities to drive the success of our company. Several unpredictable events over the past three years show that we are on the right track with our strategic priorities. Our focus on agility, digitalization, sustainability, and profitable growth make us an attractive partner for all stakeholders. Now let us have a look to the healthcare business. What I would like to do, I would like to give you a couple of examples, how we are positioned ourself with different products, for example, or the business units for the future. I would like to start here with the healthcare business. We have recently launched a new plunger for pre-filled syringes under the NeoFlex brand. The NeoFlex plungers complement our coated components portfolio, and all these plungers are produced as per our FirstLine standard. Our coated components feature an in-house developed proprietary fluoropolymer spray coating for the highest quality and performance demands. They are particularly suitable for highly sensitive biotechnology drugs consisting of large molecules. The coating has unsurpassed barrier properties, but is very thin and flexible and has a low friction coefficient. This means that no addition of silicone is required for the filling equipment or for the plunger functionality of the syringes. In addition to the functional benefits with the new NeoFlex plunger, our customers also benefit from the fact that no new validation is required when changing a drug from one container to another one. During its life cycle, medications are often added first to vials, then syringes, and finally cartridges for pen systems. The administration of drugs by syringes is becoming the preferred method in the future. As a result, plunger stoppers for pre-filled syringes are one of the fastest growing product segments. There is a great interest in our NeoFlex components, and we have an exciting medium-term project pipeline. I have to mention again, especially for this type of products, that will take years when we see a significant influence to our sales and margin level in the healthcare sector with such product lines. I would like to come to another example. Here you see some examples of our tailor-made sealing solutions for e-mobility. Due to the electrification trend, there is a strong demand increase for more sophisticated components, specific materials, sensors, and new interfaces with drivers and passengers. As a co-engineering partner, we leverage our core competencies such as material development, simulation, and design support to supply solutions for numerous applications in the electrified vehicle. Some examples are housing, housings with integrated ceilings for electronics and advanced driver-assistance systems, gaskets, thermally conductive materials, we call it ETEMI, and numerous other solutions and components for battery systems and electrified powertrain are also very important. We are working successfully on the transformation to e-mobility despite the current challenges in the automotive market. We won an encouraging number of new projects for future revenue. Again, in the first half of 2022, 50% of these projects are already for e-mobility components, compared to 30% in the full year 2021. This is a very important increase and in line with our strategic ambition to significantly increase our addressable market. e-mobility attracts a new type of players as well. For example, our new customer, Huawei, moves from a mobile phone and electronics producer to a major player in the automotive market. We have globally strengthened our customer interface team by highly technical skilled team members that have application know-how in the relevant areas. This allows us to provide best-in-class technical service and to support these new customers. This means increased expenses now, but it will pay off in the long run. Now let me come to QSR. By acquiring QSR, as we said, the business unit Connectors, we are now open to new profitable growth opportunities. Thanks to Connectors, we gained longstanding and close relationships with the world's leading connector manufacturers. The business unit Connectors itself is the world's largest, number one for seals and components for electrical connectors. For these products, independent market research forecasts an average annual growth of some 9% for the years to come. The growth drivers are mega trends such as connectivity, Internet of Things, Industry 4.0, and electrification. In particular, the transformation to e-mobility will significantly accelerate the demand for electrical connectors. Our main customer, TE Connectivity, expects a sevenfold increase in the number of electric vehicles produced by 2030. Today's electrified cars contain some 250 electrical connectors. Most of these connectors contain a silicone elastomer seal to ensure reliable lifetime functionality. Electrical connectors are already used in many industries. In the coming years, more industries will start to employ electrical connectors, and at the same time, the number of electrical connectors applied will rise. In addition, the harsh environment in which the electrical connectors are used will increase the demand for system-critical seals and components to protect the connectors. Electrical connectors' seals safeguard connectivity in harsh environments and prevent severe consequences from connection failures. At the same time, they only contribute to a small portion of the system cost. This is completely in line with the existing Gebauer product portfolio. Yeah, we expect a continued challenging environment for the remainder of the year. However, demand in Industrial Solutions business area markets should pick up. When we take the Healthcare Solutions business area here, we foresee a slower growth due to the declining sales of COVID vaccine components. This will have a temporary negative impact on our product mix. On top of that, we forecast higher energy and labor costs at our own sites and our suppliers in the second half of this year and in the full year of 2023. As for the higher material costs, we will also pass these cost increases on to our customers in the form of price hikes. However, there will again be a lack in this case. This will prolong the temporary margin pressure. Besides that, the integration of QSR and Xinhui will lead to additional costs in the CHF mid-single-digit millions in the second half of this year. Despite the difficult environment, we are still aiming for full-year sales of CHF 1.1 billion-CHF 1.2 billion in 2022. For the EBIT margin, here the target range is still 13%-16%. These figures includes the acquired QSR and Yantai Xinhui Packing. This forecast assumes that the geopolitical, macroeconomic, and pandemic conditions do not deteriorate even more and that energy supply is granted. To conclude my part of the presentation, allow me to summarize the five unchanged elements that will drive our future success. We focus on system-critical elastomer components. We will offer superior customer value based on our recognized core competencies. We have leading positions in our markets, driven by the mega trends, and we are dedicated to talent development and sustainable growth. As in the past, we have a very strong track record of strong performance and financial stability. With that, I would like to close our report of the first half year 2022. Now Walter and myself are happy to answer your questions, if there are any. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch tone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to use only handsets, and eventually turn off the volume from the webcast. Webcast viewers may submit their questions or comments in writing by the relevant field. Anyone who has a question may press star and one at this time. The first question comes from the telephone, and it's from Mr. Michael Nienaber with Reuters. Please go ahead, sir. Thank you very much. Good afternoon, everyone. I have a quick question. Actually two questions on the cost side. You mentioned here on the slides, the energy costs. Uh- I know these are the exchange prices that are actually crazy at the moment, but how does it actually function for you? I mean, for example, in Switzerland, you I would assume you have contracts with the utilities or are you actually, how can I say it? Did you move to a cheap utility that buys them directly over the market and these prices go now up like crazy? Or so how does it really work for you in your factories? Can you give us just kind of a number, you know, what are we talking about here in, let's say, millions in energy costs so that we could calculate what would it mean if it would double, for example? The same direction is also with passing on to clients. I mean, can we expect the same thing to happen like this year? I mean, because if you don't know how high the energy prices are, it will be difficult to pass them on. You can only pass them on when you're already paying higher prices. Is that correct? On the other input costs, you know, I've seen or we have seen that aluminum prices have come down, for example. Oil prices is coming down to around pre-war levels or early war levels. Also elastomer prices in China are at least stabilizing. I know it's only China, but I can only see this data. Can you give us also a bit of details on the other input costs, and what would that mean if they really go down or stay at these lower levels? Thank you. Yeah yeah. Welcome, Michael, and thank you very much for your questions. Let me start first of all with regard for the energy situation. Of course, in most of our factories we have defined that we have contracts with the energy providers, especially for the year 2022. We don't have it for the year 2023. We meanwhile started to secure the energy delivery for the year 2023. We are purchasing such energy from the spot market. The increase what we're seeing is quite, as Walter has explained, quite significantly for the next year. When it comes to the cost of energy, we will not pass this through price increases through to the customers via a price increase. Typically what we are doing is working forward with a surcharge. We will explain the customers what are the actual situation at the market is with the energy prices, and then we will show the effect, business unit by business unit or customer by customer, so that we can charge it in a different way. I think there is no other ways because this amount of our energy costs is today around in the low single digit range percentage-wise to the net sales. Having said that, please remember that this, as Walter said, most of this energy topics we're facing in Europe, that is currently not a huge topic in the U.S. or in Asia. That is currently it's more an a topic for the European sites, and as Walter said, we have nine of them of our total portfolio is linked to Europe. Yeah. With regard to the oil price, it is correct that the oil price is dropping down. However, what we have calculated in our actual outlook for the year 2022, we believe there is a high risk that raw material prices will increase again. The main reason for that is that we assume that our suppliers will have higher input costs as well, like due to the high inflation or due to the, let me say with the, with the personal cost, but on the other hand, with the energy cost. That could lead again to a higher price or a stable price on the raw materials side. That is the reason why we are not so optimistic with regard to the raw material prices for the second half of the year, but that is implemented in our actual forecast. That is my answer to your questions. That's great. Thank you very much, Dirk. Yeah, you are welcome, Michael. As a reminder, if you wish to register for a question, please press star and one on your telephone. Star followed by one. Yeah. We have some questions here. Yeah. Yes. If there are no more questions via the phone, then we do have some questions that came in via the chat. Someone has a question regarding the EBIT margin for the second half year. He calculates that it comes in between 12.7% and 18.2% of the midpoint of the sales guidance. That's a very broad range with only four months left in the year. The question is, could you provide more granularity, whether you expect it to end up at rather 13% or 18% for the second half year, if I understand right. Yeah. Let me answer that in such a way. I think, as you know, the second half of the year is typically as well as seasonal effects, what we have typically in our markets and where we have our locations. Of course, you could say that it's the bandwidth is quite wide, but the problem is here, currently that it's difficult to estimate how the further input costs will develop in the next couple of months. Currently, we believe that, let me say, for the total year, the margin will become closer to the 13% than to the higher ends. However, we believe as well that we have done some, yeah, more conservative considerations in our forecast, and we have to see how that will develop in the next couple of months, especially, when it comes to raw material price increases or especially as well, are there any, supply chain disruptions at the customer end. That is quite difficult to predict how that will develop, and therefore we have this range. The next question is on the organic growth of close to 6% in first half year. The person would like to know what was the price effect and what is the volume effect and how does the price effect look like on the healthcare industrial segments. This is quite detailed. What are your expectations for the price effect in the second half of 2022? Yeah. What I can say here that we were able to transfer all increased material costs through to the customer, which was the main topic in the first half of the year. Having said that, not all input costs, what we are facing today and what we foresee in the next couple of months are reflected in the prices. There will be some further price rounds in front of us to bring that to the market. I think that is what we have to see. We do not disclose any exact price increases because that is quite difficult or they're different from business unit to business unit, and therefore that is not really a helpful figure here. We expect for the second half year, as I mentioned before, that we will have further price rounds, especially in the mobility sector, and in industry. We assume that will come through at the end of the third quarter or the beginning of the fourth quarter. With regard to energy, I already have described how we would like to proceed here. Okay. The next question is on the COVID sales. The question is how much COVID sales has Dätwyler achieved in the first half of 2022? What is your expectation for Corona sales run rate developing over the next 12 months? Yeah. I think with COVID, we have seen a slight increase of the COVID sales in the first half year. Let me refer to our expectation for the full year. I think we will see a decrease compared to the last year for the full year of 2022, which is around 10%-15%. That means the COVID sales will come at the end of the year with an expected CHF 552 million in this range. We expect that the COVID sales will be, which is around, as I said, 10%-15% below last year. Our next question is, given that there are significant moving parts in the second half year affecting the EBIT margin, like QSR consolidation, adverse mix in healthcare, positive price effects, could you give some more guidance if the EBIT margin in the second half year being more in line with the first, with the adjusted value of the first half at 14.8% or at the high end of the full year 2022 guidance range of 13%-16%? As I said before, I think the guidance, but let me say, our expectation currently is when we are taking all this market situation consideration will be becoming more for the full year in the direction of 13%. However, there's always opportunities and further risks, and therefore we still have, that is the reason why we are having still a bandwidth of 13%-16% currently. The last question we have in the chat is about clarification regarding the capital expenditure, the investments for the full year 2022. Can you confirm a range of CHF 80 million-CHF 100 million? I can make that short. Yes. Are there any more questions over the phone? Not so far. We don't have any more questions on the phone. Yeah. We would like to thank you for your interest, and we are looking forward to see you again with our year-end results conference in February next year. Please stay safe, and let us hope that a lot of uncertainties in the market which we are facing today will disappear. Thank you very much for your attention and your interest in the Dätwyler Group. Looking forward to talk to you again. Thank you and goodbye. Bye. Thank you very much. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.