Good morning, ladies and gentlemen, and welcome to HUBER+SUHNER's Half-Year Conference 2022. I will start the presentation with an overview of the first half-year's figure of HUBER+SUHNER. I will be followed here on stage by our CFO, Ivo Wechsler, who will dive together with you into the details of our mid-year result. Towards the end, I'll share an outlook and the most important trends in our key markets with you, followed by a Q&A session. As mentioned, we can report very strong half-year results. We have seen on the volumes, particularly orders, that came in above a very strong last year, with just 0.8% above, close to CHF 500 million. We were able to show significant growth on our net sales by 12.5%. The details on how much is organic and all the details in the different segments will be provided by Ivo Wechsler in the second part of the presentation. We have been able to fight also back the margin pressure, which was significant in the first six months of 2022, which helped also to safeguard the profitability in the range of the double-digit margins. Our operating profit came in just above the excellent last year's figures, and we were able to have an increase of 4.5% on EBIT in absolute terms, which marks 11.3% on return on sales. Also, on net income, we managed to outperform the excellent last year's result by just 4.6% and at the margin of 9.2% on net income. I'm gonna give you a few more insight into our six-month results following the three dimensions of our business, starting with the main dimensions since one and a half years, which are the market segments. That's the dimension which we consolidate the global figures, and then I also share with you some details on the technologies as well as on the regions. Starting with the main contributor to our profitability, the industry segment was able to show continuous growth while maintaining a very high profitability. The test and measurement business and also general industrial, which includes the energy market, performed on a very high level and recorded double-digit growth. The main drivers within those market verticals were fast charging as well as test and measurement application related to the 5G rollouts. Aerospace and Defense, which is our growth initiative in this segment, was not able to reach last year's level and fell short compared to the six months result 2021. In general, we can say that we were able to grow by 6% and maintain profitability in the range of the 20% EBIT margin range, which we consider to be a good level. In this segment, which is applicable to all our business, we were able to fight the limited availability of raw materials, components, and also logistics capacities, and also the associated pressure on our margins, which helped to safeguard and protect the high profitability in this segment. Also in the communication segment, we have seen a strong development, particularly in the net sales with growth of 19%, but also profitability increased again strongly and reached now 12.6% in the communication segment, versus previous year, where we were able to achieve 11.9%. The strong growth was driven by 5G rollouts in the North American market, but also the data center growth initiative contributed significantly to the strong growth in the communication segment. A bit less happy are we with our development in Asia overall, where we have seen shrinking volumes with OEM customers, particularly in China, but also to some extent in Korea. Here, profitability was increased in this case, thanks to the very strong countermeasures fighting our price increases on raw materials and also inflation in general on cost, and also the operational leverage on the volume has helped to increase profitability versus previous year. Coming last to the transportation segment, which managed to grow also double-digit at 11.2%, but which fell short on the profitability and reached a level of 3.4% of EBIT, which we consider overall as insufficient and which represents a decrease of 3% versus previous year. In general, we can say that we see a modest uptick of volumes in transportation, railway in Europe, but this was offset by the decline of our Russian business, which we have abandoned after the invasion of Russian troops in Ukraine end of February completely. Still a disappointment represents the development of the Asian market in railway, as in particular, the Chinese railway market has not found its way back to the original strengths in previous year, and we don't foresee a major change in that pattern also for next year. The strong growth is attributable to a strong development of our automotive business, in particular high voltage applications in commercial vehicles. There was also a significant investment in our growth initiative related to distance radars and the key trend, autonomous driving, which has burdened the result to a certain extent, on the other side, has not yet contributed significantly to net sales in 2022. We will see these volumes increasing going forward and reaching high single million figures in 2023 on ADAS. ADAS stands for Advanced Driver Assistance Systems, which is the term for these driver assistance systems where our radars are going into. Just to close the overview of the three segments here is not new information, but you can see the three segments on one slide and the growth in net sales on the three segments ranging from 6% in the industry segment and going up to a strong 19% in the Communication segment. Even though our largest segment Communication has grown 19%, we have still a very good balance when it comes to the distribution of net sales in our portfolio, with 41% attributable to the communication applications, 31% to Industry, and 21% to Transportation. Look at the technologies which used to be our main reporting dimension shows that the fiber optic followed the growth in Communication segment and reached a +18%, while LF also recorded very strong growth by 16.5%, and RF just with a very moderate growth of 0.9% fell behind the other two technologies. In RF, we can say that applications in Industry grew nicely while applications related to Communication decreased, so which netted with a plus of about +1%. The last dimension we are sharing with you is our net sales by region. You can see that EMEA had a strong first six months of this year with +11%, outperformed by the Americas with a very strong +26%, while in Asia Pacific, we were just able to grow modestly with +3%. In these first six months, we have seen the Americas passing the volume of HUBER+SUHNER in Asia Pacific, which marks quite a significant moment. Of course, also in Asia Pacific, there were some countries where we have been able to develop the business significantly, while in others, we struggled more. In particular, the largest economy in Asia, China, represented a difficult market territory over the last two years, but I will come to that a bit later in my outlook. With that, I close the first part of our presentation, and I would like to hand over for the details of our half year financial results to our CFO, Ivo Wechsler. Yeah, good morning, ladies and gentlemen. Also a warm welcome from my side. Yeah, let's dive into more financial details right now, and I start with the order intake. We have heard that now three times in a row, we had from a semester point of view a very high level in order intake. With regard to the first half year, 2022, we grew by CHF 4 million, or 0.8%. When it comes to organic growth, there is a small decline of -0.2%. Currency and copper contributed positively with 1%. However, copper contributed +CHF 9 million, whereas currency is -CHF 4 million. From a segment point of view, you can see that two segments had a positive organic growth and one segment, Transportation, had a negative one. On our sales, we recorded 12.5% growth, which is equivalent to CHF 53 million, and all three market segments contributed with an organic growth. In total of 11.4%, with the record in Communication with 19.5% and Transportation and Industrial with single digit organic growth. A similar picture here on the currency and copper side. Copper about CHF 9 million-plus, currency CHF 4 million-. We also mentioned already in March, and we can confirm that our Russian exit concerns about 2.5% of our total net sales, so which is about just over CHF 20 million. With regard to the first half year, we were short with regards to the exit of the Russian business with CHF 6 million, because in the first two months, we have still some sales, and we stopped just after the invasion. On the gross margin level, I think we can be very proud. It's a good level that we could stabilize our gross margin level on the second half of last year is now in the first half year with 36.5%. Furthermore, it can be said that, despite, let's say, quite, demanding, supply chain circumstances, we were able to produce in all sites almost all the time. I think there were really no site were down when it comes to production. With respect to the comparison to the very high first half year 2021 with 39.7%, I already said a year ago that this is not a sustainable gross margin level. The major reason year-over-year first half year is that, first of all, we have a more normalized business mix in the communication 5G rollouts. And secondly, I think in certain areas, we have heard that we can pass on a lot of our material price increases, but in certain areas, there is also a timing effect. And in the cable production in Switzerland, there was also, let's say, some excess capacity. That's the major reason on a year-over-year comparison. On the operating expenses, we increased by CHF 5 million from CHF 117 million to CHF 122 million. However, in relation to the sales, our ratio declined by almost two percentage points from 27.4% to 25.5%. On the sales and marketing costs, we have now a normalized cost base because our sales people, but also the management, started to travel again this year. We have also a high, very high level of R&D expenses with CHF 30 million, which corresponds to 6.3% with regards to our sales. In this CHF 122 million, there is also CHF 2 million exit costs with regards to the Russian business included. Then on the EBIT side, yeah, a new record level with CHF 54 million in absolute terms with a slightly lower margin, but still clearly double digit with 11.3%. Adjusted absolute EBIT on the exact same level with a high margin of almost 20%. Communication could improve actually because of an operational leverage and reached a higher EBIT margin, but also in absolute level. We have heard it already also before transportation fell short of our expectation. Again, I think they were hardest hit by the material price increases and also hardest hit by the Russian exit, because about three-quarters of our Russian business was related to transportation, mainly railway business. On the currency situation, we have a mixed picture with the European currencies down, like the euro, that's the Polish zloty or the English pound. Stronger currencies, the U.S. Dollar, and then followed also by the renminbi. Overall, unfortunately, in the last few weeks, we have seen a further strengthening of the Swiss francs. To give you a certain indication with regards to our euro sensitivity, I can tell you that if in the first six months of this year, the euro would always have been on average CHF 0.97 instead of the CHF 1.03, our EBIT margin would be approximately 50 basis points down compared to what we have reported now. On the financial result, a small improvement due to a better FX result. On the other side, it's just slightly higher financial costs due to more repatriation from our excess cash in China and also the first time now from India. On the group tax rate, we achieved again a very good tax rate with 17.9%. Despite the fact that the country mix was somehow less favorable, which you can see, the expected tax rate is 21%. We continue to benefit from special tax reliefs with regards to R&D, high-tech status or export business in Switzerland, U.S. or also in China. Also comment on the OECD initiatives with a minimum taxation of 15%. We're all aware that this most likely will be relevant for us in the year 2024, and there will be a higher taxation for us to come in Switzerland. We expect that. However, I can't quantify it yet because the details are not all clear. I will keep you posted on this topic going forward. On the balance sheet, you see all positions which are, let's say, linked to the operational business are increasing. And then on the other side, cash, but also equity decreases due to our significant returns to our shareholders. Even better, you can see that on our cash flow. I mean, the cash flow from operating activities declined somewhat to CHF 31 million. There are two main reasons. First of all, more capital is employed with regards to our customers in our trade receivables, and also we increased our inventory base for two reasons. First of all, there is a material price increase leads to higher inventories, but also we were able to add some buffer stock in order to be able to produce, hopefully also going forward, on a continued basis. We have also seen higher investments, cash outflow, but this was also, let's say, pre-announced last year that they will see a higher level with now CHF 25.6 million. The major investment is this one cable plant in a project in Pfäffikon here in Switzerland, but also more ADAS equipment in Poland for the long-range radar, but also more investments into the digitalization. We see the high cash returns to our shareholders with a high dividend of CHF 38.2 million per share, but also, as part of our share buyback program, we were able to buy back shares in the magnitude of CHF 40.6 million. The details you can see on this slide. We almost bought back in the first half year, almost 500,000 shares with average share price of CHF 81.5, and this corresponds to 2.5% of our registered shares, which is equivalent to half of our program we actually want to do. At the end of June, we had bought back on the program we have launched and announced at the end of October last year, 63%. Right now, we have achieved more than 75% of the program as of today. By that, I'm already at overall conclusion of the first half year. I think, yeah, we achieved double-digit growth of 11.4%, and all three segments positively contributed to it. Due to that, and also our ability to pass on price increases and, let's say, managed cost, we were able to keep double-digit profitability at 11.3%. Also thanks to the low tax rate, we could even further increase the earnings per share by 6.7%. We should also not neglect that, yeah, there is a continuous challenging environment right now. We have supply chain issues. We have also inflationary pressure. On top of it, there is a question of energy shortage, also of energy, let's say, price increases as well, and also the FX, as I mentioned, before. To give you now some more meat on the bone with regards to our outlook, I hand over to Urs again. Thank you, Ivo. Yeah, before we come to the questions, I would like to share with you the outlook for the full year. To start that part of our presentation, I would like to dive together with you a little bit into our markets, the general market environment and into the trends that we see in these different markets. In general, we can say the first six months result was possible because we have seen a fundamentally positive momentum in our important target markets. On the other side, and to a certain extent, offset were these positive trends by a very challenging economic environment, which we see to prevail also in the next few months. There were several factors which actually made this mix quite toxic for companies. Ivo Wechsler mentioned the strong Swiss francs towards the end of the reporting period, but there was also a clear, very strong inflation in most Western economies and in many of our key territories, which has provoked central banks in many economies to raise interest rates for their currencies, and we will have to see what that does to the overall economy globally. I have already mentioned at several occasions the Russian war on Ukraine, which has increased the geopolitical tensions overall and also the uncertainties in the global trade. As a result of the last point, we have also seen energy pricing sharply rising, and we are now drawing scenarios to counteract on energy shortage in the coming winter. This seems to be in our key European sites, one of the key risks going forward. In general, that's not just the problem which has occurred in 2022, but which also lasted throughout the whole of 2021, was a certain scarcity of raw materials and chips in general, which has slowed down certain industries into which we have significant supplies. We see these problems to persist, and the forecasts project that scarcity of chips in particular, but also of certain raw materials will go well into 2023. Last but not least, I mentioned the largest economy in Asia, which has struggled in the first six months due to sporadic COVID outbreaks, China. Of course, also the zero-COVID policy of the Chinese government, which has slowed down economy in China, one of the motors of global economy over the past years, significantly in the first six months. In general, we can say the market trends, they remain very favorable for HUBER+SUHNER. We can see in industry that connectivity solutions are the basis for reliable industrial services and utilities. A 24/7 uninterrupted service of these applications is key, and particularly going forward, if you imagine now the electricity crisis that we may face in the coming winter. Even more important is that reliability of infrastructure is given so that the problem is not further accentuated. There is also an increased need for high precision test and measurement leads. I mentioned the major driver, the 5G rollouts in the communication market. Although we report that on the industry, these markets are closely linked and the need for these high precision RF leads has been high and will continue to be on good levels going forward. A market which hasn't performed above previous year was our aerospace and defense applications. Here I'm not fundamentally concerned about the business going forward. We see clearly that the budgets are increased. However, of course, this has not yet an impact on our business as we are relatively far behind in the food chain. These programs, they have usually very long cycles. We can also see a business which has performed on a very high level the first six months, going strong also in the next few months. That's the fast charging business, where we are the market leader with our High Power Charging leads that connect the power station with the cars. These are the liquid-cooled high power cable with voltages up to 1 kV and power range is up to 500 A. We see there a trend towards even higher power and higher voltages, which favors our technology edge and which should give us, with our leading technology, also a very strong position going forward. Last but not least, for industry, I think this reorganization, which took place 18 months ago, is particularly favorable for the industrial market, as we have customers there that have true need for all three technologies, and we are in a much better position to bundle all three technologies into complete offerings and complete solutions to industrial customers. I think we only see the first impact of this reorganization. I'm quite convinced that, going forward, there will be further benefits of our market-oriented approach to our customers in the industry segment in particular, but not exclusively here. Looking quickly at the communication market, we all know how important a reliable communication infrastructure is. We were all extremely happy that we could rely on fast internet connections, working from all places, in particular from home during the pandemic. As we can see now, in the market and in companies, by far, not all people have gone back to the office. We have a hybrid model in many companies, and home office is not the standard, but it's an alternative to working from the office. That's just one part why a reliable communication infrastructure is so important. It's also important because we have more and more devices which are connected, which are intelligent, and all these devices, of course, have to rely on internet connections and web connections, which is at the heart of it. One of the major trends in the communication market. Of course, connectivity on the last mile is quite often mobile. The shift to 5G takes place and is in full swing right now in many countries, but by far not in all countries which have just installed 4G gears in their mobile network. They are hesitant to already invest again huge amounts of money in 5G infrastructure. They wanna get a payback on their 4G equipment first. We project that the 5G roll-outs they will last for quite a while. Of course, we'll move from more developed countries, from Western countries to more emerging countries. Also, in countries where we have now seen a first wave of 5G infrastructure roll-outs, we see further upgrades going forward. We have a particularly strong market in the U.S. That will not last forever, but we are confident that these 5G will keep us busy and will drive the communication business to a large extent going forward. Of course, a mobile infrastructure is worth nothing without the backbone. With every investment in mobile infrastructure, there have to be related investments in the fixed net and access network structure. That drives our fixed net business also to higher levels going forward according to our belief. In transportation, I have already mentioned several factors. In general, we are convinced that railway will play a major role when it comes to public mass transportation going forward. There is no other way how we can reach, as a society, our CO2 emission targets without investing into electric railway systems. Electric railway systems, trains, have by far the best balance when it comes to CO2 emissions per passenger kilometers, and there is no other way how we can not limit ourselves in mobility without not considering heavy investments in mass electric transportation system. That's why we are convinced that the railway is a strong market in the mid to long run, and the market will have to come back. In the meantime, we focus strongly on a high margin application in this business, which is the communication equipment on train. The reason is that, it's not just the new trains, the new builds, which are equipped with modern communication systems for the passengers, but also there is a very strong refurbishment market emerging for 20-year, 30-year-old trains which are refitted with modern communication system to allow the passengers to communicate in the station, but also on the train. No worries for us at the moment, we have in the electric vehicle area. There, it's very clear that the electric drive is the concept of the future. We focus heavily on commercial vehicles. Some people may say, "But for long distance commercial vehicles, the hydrogen fuel trucks will be the option of choice." I say, yes, this is very likely, but also a hydrogen-fueled truck needs a battery and an electric drive, and represents business potential for our products, which are primarily the high voltage circuit in the cars and in the trucks. Last but not least, we are very positive, and we are making progress with our high-resolution radar businesses. We are about to win additional large tier one suppliers into the automotive industry. We've been able to announce a first reference project with Continental about a year ago, and we are about to close a further contract here. It has to be said that this business is not an immediate contribution to our top and bottom line, as the cycles are relatively long. From a nomination to start of production, there is usually about a year to a year and a half. After that, we have a ramp up and a lifetime of about seven to eight years for this platform. This is a long-term opportunity for HUBER+SUHNER, and it represents, I also have to say that again, significant investments and pre-investments into that business. We are on track with that opportunity for HUBER+SUHNER. that overall, despite the disappointing bottom line of the transportation segment, we have the action initiated, and we are on track in executing those plans to bring transportation midterm back to the average profitability range of HUBER+SUHNER. That brings me to the outlook. I have to say that even though we can report strong results after six months, there would have been even more possible without the difficult economic environment. I think we have mentioned the lockdowns in China. We have mentioned logistics and material bottlenecks and also rising inflation rates. I think without all that we would even report stronger figures at mid-year now. Nevertheless, I think we are happy with what we can present here. The target markets as indicated and as outlined just before, they remain very attractive for us in general. We have 5G as a driver that remains. We have the data growth in the networks, which drives the data centers, the electromobility, the autonomous driving, and also mid- to long-term, again, aerospace and defense, which are unbroken potentials and which should also develop favorably even in times where the global economy may be close to recession or end up in a modest recession. This last point and also the still high order backlog, please bear in mind that we had a very strong order intake in 2021, and again, a positive book-to-bill in the first six months. Fundamentally positive trends as well as the strong order backlog makes us cautiously optimistic for the year-end of 2022. Provided that the mentioned and presented challenges and also the strength of the Swiss francs does not further accentuate from today's perspective, we project net sales growth in the range of 6%-8%, and an EBIT margin in the range of 10%-12%, which represent a slight increase and is a bit more precise on the EBIT margin. With this positive outlook, we have come to the end of our official presentation, and we are now moving over to the Q&A session. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question or make a comment may press star and one on the touchtone 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. Participants are requested to use only handset when asking a question. Anyone with a question may press star and one at this time. The first question comes from Christian Obst from Baader Bank. Please go ahead. Yes, good morning, and thank you for taking the questions. I have three. First, on your share buyback program, how do you expect to use your net cash going forward? Is there any plan maybe to extend the share buyback program, as you have said that you have approximately bought back 75% of that? The second question is concerning the capacity situation. Having in mind that you are investing in your new capacity, how much of spare capacity do you have in these three segments? Can you give us some kind of a rough idea, especially having in mind that you grew by approximately 20% in communication and 10% in transport? Last but not least, to the new radar antenna business, you mentioned the first contract with Continental, and you are close to get another one in this area. Can you give us some kind of an idea about the amount of the orders? Are all these orders reaching for the next six to eight years as you mentioned? Thank you. The first question concerns the share buyback program, and Ivo Wechsler will answer this one. Yes. I mean, as I've said, and as you also repeated already, I think we have completed 75% of our program, and we hope that we can, let's say, close that program within the next few months, and then we have still, let's say, a good cash position. Yes, but you have seen, I think we have first of all, we are bound to further grow. We will employ further capital in for our growth, organic growth. We invest quite heavily in our production equipment, and I think this will continue also into the next year. Thirdly, we are still, let's say, open for inorganic growth for acquisitions. I think that's the priority list what we have with our cash. Thank you. Second question was related to our capacity and whether capacity represents a restriction for further growth. I mean, we can say that we are well loaded in our factories globally, but not to the same extent everywhere. There is still room to grow further. I would say capacity is not a limiting factor to HUBER+SUHNER, despite our growth record over the last two years. First of all, in manual operation, we have proven in the past that we can ramp up quite flexibly and fast. We, as you may remember, those sites are mainly located in low labor cost countries. When it comes to production processes that rely on production equipment, there is still a bit of room to further increase the output by introducing additional shifts, weekend shifts, overtime, and the like. We have also significant CapEx program, where the capacity is not aligned going forward with our plans. Last but not least, there is always a third option for HUBER+SUHNER, that we outsource certain capacity in production and process steps where this is possible, as we have a relatively high value add in-house, and we can always play a bit with make or buy decisions on that end. The last question concerned ADAS and the next contracts with the additional customers. I can't give you right now more information on that, but I'm quite hopeful that we can announce in the next few weeks more details about additional business. I can only say that we have another very large tier one supplier, as I already mentioned, that has given us a nomination. We are asking currently for approval to communicate that to the public. The people are on vacation there, and we hope that after the holiday season we will get the permission to publish more details. It's a contract of similar nature, and it concerns also 3D modern RF long-range radar antennas with a lifetime of average nature six to eight years. Okay, thank you very much. Can you remind me how big is the contract with Continental? I don't know what we have announced there. You can go to our homepage, press release, but it's a mid-double-digit million contract over the lifetime. Okay. Thank you very much, and all the best. The next question comes from Charlie Fehrenbach from AWP. Please go ahead. Good morning, gentlemen. Could you give us a bit more light about your ideas, about your different scenarios for possible energy shortages in coming winter? What could happen? What could be the consequences? Thank you. Yeah, we look at this problem on different levels and from different angles. First and foremost, there is the issue of a possible lack of gas supply into Europe. We have several locations in Europe which could be concerned. However, I have to say, we have already managed to make our operations more or less independent of gas supply. We do not rely heavily on gas in our production processes, unlike, for instance, the compound and plastic manufacturer. There, I'm actually more concerned about the suppliers to HUBER+SUHNER in general. I would say the gas problem we can cope with. Much more complex and also more severe could be an electricity shortage in key locations for HUBER+SUHNER, but there we are definitely not alone. We are using electricity for our production processes, in some instances, to a significant extent. Any electricity shortfall would have an impact on HUBER+SUHNER. The problem there is, of course, complex because it's related to the gas situation as there are a lot of gas-fired peak plants in Europe. We have the nuclear reactors in France which are under revision. We have our hydro dams, which are only half-filled because of the dry weather. Overall, we are seriously concerned, and we can only push the government and the official side in Switzerland, but also abroad, to take that problem seriously. On our end, we are working with those scenarios, and we are trying to mitigate the problem with alternative measures. Thank you very much. The next question comes from Richard Frei from ZKB. Please go ahead. Morning, gentlemen. Three questions, if I may. The first one, may you give us some more flavor for the decline in communication business in China? Secondly, I would also like to come back to the ADAS radar business, and I'm wondering regarding the timeline, when roughly is your plan to reach operating break even? You've given us some idea how sales might look like next year. When do we see like a black zero operating wise? The third one is regarding R&D spendings going forward. Will it be in the range of 6% to sales, or should it even be more or less? Thank you. Related to the first question, communication in Asia and China, you remember we had significant business with Samsung for business going into India in the years 2016-2018, partly also 2019. This rollout has come to a stop. We have still considerable business with Samsung, but that's more in the North American market. Another large customer of ours was in the past Huawei. We have always disclosed that, and Huawei clearly suffers from the ban in certain western territories, and we have seen the volumes with these customers going significantly down. That is the main answer to the first question. We have the question about ADAS, and there I don't give you all the details, but maybe I can say this, that we expect sales next year in the range of mid-single-digit million, and we expect on that level to be more or less break even. The last one concerned the R&D spendings. You may have noticed following the R&D figures over the past three, four, five years that we have significantly increased our R&D spendings, and we have also hold on to that strategy during the difficult COVID times in 2020. I think it proves to be a luxury, but also the right long-term strategy to continue to invest in the future and into long-term R&D program. I think we have reached now a level with 6%, which is, if we benchmark ourselves with competition, on a good level, and we do not plan to further expand R&D costs, but also we do not plan to reduce it. We think we are plus-minus on the same level. There could be always deviations from this strategy if we found additional large opportunities which are just so attractive that we consider to increase further the R&D spending. Overall and in general and as a rule of thumb, I think with the 6%, we have reached the bandwidth that we consider to be healthy, given our long-term approach. The next question comes from Barbora Blaha from UBS. Please go ahead. Good morning. I have one remaining question on the Chinese railway business. You said that you don't expect any changes there next year. Do you think it will ever come back, or do you think the Chinese government will collaborate more with local players given the developing political situation? We have to say that, for the local rail project, they already work with local suppliers. That market has never been really open to foreign suppliers like HUBER+SUHNER. We play a major role in the high-speed programs and in the metro programs, which have very high safety requirements. We believe that those two markets remain open to western suppliers and in particular to also to HUBER+SUHNER. HUBER+SUHNER is one of the leading suppliers of railway cables and cable systems globally and has a technology that is also in demand in China. We believe that the markets will remain open for us, clearly. As far as the volumes are concerned going forward, this is difficult to predict. Usually, China has a very long-term approach when it comes to infrastructure programs. We all know that they have now a bit of a slowdown in the economy, and that may force them also to reconsider some of their investment projects in infrastructure. On the other side, we also know that they have significant plans to further develop their high-speed train network and going to even higher speeds, going up to 450 km/h, which is a platform that will be launched and which could trigger in the future a bit higher volumes. That's something we watch carefully, and we are designed into this platform of the new 450 km/h high-speed train. One additional comment from my side is also that we are in a good position because we produce the cables also locally. We have a large production site in Changshu, so that also helps when it comes to this political view you mentioned. As a reminder, if you wish to register for a question, please press star and one. The next question comes from Daniel Koenig from Mirabaud. Please go ahead. Yes, good morning. I have also a general question. You mentioned in your speech that the impact of a slowdown in general economic growth, but when I look at the industry segment, I see a lot of niche applications. How big would you quantify the really general industry thing where you would say it's exposed to a slowdown? Military and aerospace is not affected by a slowdown. High precision components are not so much impacted. How much would you say is really exposed to the general economy? Yeah. It's missed. Yeah. Then I may have a second question. You mentioned the energy shortage. I would phrase my question a little bit different than the mister from AWP. It's the question, what would happen to you if electricity prices stay where they are? Simple, because in France, the one-year forward is at EUR 600 per megawatt hour. I'm just wondering. Not the shortage, but staying at that high price level. Okay. Your first question relates actually to the To the exposure to the economic environment. For the industry. I can't give you the exact number, the impact of a global recession will have on our industrial business. You rightly noted that we have a very diverse business in industry. We serve quite a wide range of applications in industry. Our strategy was always that we try to focus heavily on businesses which where there is a major trend behind, and which to a certain extent is also decoupled from the global economy. If you take, for instance, the fast charging business. I mean, even if the global economy falls into a recession, there will be still fast charging stations built because it's simply needed. We have quite a wide range of examples that fall into the same category. I think we are resistant to a certain extent, but of course not 100%. We also have to be aware that in general, the industry business is peaking right now. There might also be supply chain effects that the companies are, I would say maybe not overstocking, but definitely not holding back in placing orders to make sure that they can safeguard their supplies. In general, I think we have seen a very favorable to which we will have to compare our future business. I'm quite positive as far as our strategy is concerned and our focus on really growth applications. Last but not least, for us also quite often, it's sometimes more important to win or lose a contract than if the world economy grows or shrinks by 1% or 2%. I think the energy question I can hand over to Ivo. Yes, Mr. Koenig, you are right. Energy prices will increase. I mean, we can't give you all the details. It also depends on the site per site basis. For example, I can give you a flavor with regards to Switzerland, which is our largest production site, and we obviously don't buy all our energy on spot pricing. However, we expect from today's perspective, CHF 3 million higher costs with regards to energy consumption for next year. Okay, thanks a lot. The next question comes from Mark Diethelm from Vontobel. Please, go ahead. Thank you and good morning. Two questions, please. The first is on the upfront investment into the RADOX activities. Kind of this burden, you said it burdened your operating margin. Can you quantify to what extent these investments impact the transportation margins? Should we expect similar effect in the second half as well? The second question is on the aerospace and defense. You said in defense, you are at the end of the food chain. When you look at the activities in the sector, when do you think it would have an impact on HUBER+SUHNER's industrial business? Thank you. About the first point, I cannot disclose more details on the level of our pre-investments in this business. You can consider them to be significant. It's a highly automated mass process that produces our antennas, and there are investments in several areas. First of all, it's an investment in R&D, which already is in our operational result to a large extent. Then there is also investments in process engineering and of course in CapEx. That piles up to significant pre-investments with significant midterm potential for sales and profit for HUBER+SUHNER. Second question was? A&D. The A&D question. Yeah, here I'm just not concerned about mid, long term. I would say that it takes a year or two for these increased defense budgets to have an impact in the market so that we can also see that. Our A&D business is largely dominated by programs and projects. Here it's really also a question of timing and whether we can win or not large programs and be designed in there. Our pipeline looks healthy and good. I'm convinced and quite sure that midterm we can go back to the growth path also in A&D. We also have to say that we have seen significant growth and a very strong development in A&D over the last three, four years at HUBER+SUHNER. We have also a relatively tough comparison with last year. Just coming back on the upfront investment. In the second half, you expect that this will continue, particularly on the R&D side, or is that more like a first half event? Yeah. The R&D team is already working on the next generation distance radars, and that is also needed because of these long cycles. We don't want that to be a short-term business with just one or two projects that we can win. We want to be that really a long-term business, and that this business becomes a strong pillar of HUBER+SUHNER. For that, we will have to work on the next generation, and we are doing that. We have there in this area also our share of R&D that we expense and also which we invest. Okay. Thank you very much. The next question comes from Reto Huber from Research Partners. Please go ahead. Yes. Good morning, gentlemen. Just one question remains, regarding 5G rollout. It's in North America at full swing, and you're saying it remains on high levels. I was wondering what's going on in Europe. Where is Europe in this rollout process, from your point of view? Europe is earlier and later, and that's not a contradiction. I think in Europe, some operators have started earlier. They have already started to make their network 5G ready three, four, five years ago, and they don't have this spike as the North American operators. In North America, we know that there are three large operators. There used to be four, now it's three because T-Mobile and Sprint went together, and they are really battling for a quick upgrade of their network. On the other side, they also have a much larger territory to cover, and that makes those programs extremely expensive. That's why they have held back the investment to a certain degree, but they have now kicked it off. If you take, for instance, a typical European operator, let's call this operator Swiss. Swisscom has started to make their mobile network 5G ready, starting as of as early as 2016, 2017, and they do that over a longer period of time. It's flat term- That gradual process that we see at Swisscom is representative for the rest of Europe as well? Yeah, I would say for most of Europe. For most. Let's call it western, northern, and southern Europe. Okay. Okay, thank you. We have a follow-up question from Mr. Christian Obst from Baader Bank. Please go ahead. Yes, hello. Thank you. It's concerning personnel costs. What are your current plans? How much do you like to add on personnel going into the next year, until the end of the next year? What kind of salary increase you are projecting? Might a shortage of personnel be any kind of threat for your growth ambition? Thank you. I mean, we are still with regards to, I mean, we have not finalized, let's say, our considerations and also the, let's say, the negotiations, but I think we'll see a disproportional increase compared to previous years. It depends obviously on the inflation development, also country by country, but we see from low single-digit to probably high single-digit%. However, still, I mean, we have half of the staff costs are still in Switzerland. So we see, let's say, due to the lower inflation, they have a lower increase than in some of the other countries. Yes. I think it's a war for talent is on. I think so far, let's say, we can still employ, let's say, all the talents and experts we need. However, often it takes currently sometimes longer until we, let's say, get to the right people. So far, I think we were still on a good level. However, going forward, I think that's always a concern and when we need to be attractive as an employer. It's not only a question of salary, it's also a question of ambition and also, let's say, potential and culture. At the end, that's a threat. So far, I think we are still an attractive employer. How much do you like to add going until the end of the next year? People or cost? I mean, we don't know. People. People. Yeah. Well, we don't know yet. I mean, it really depends on the development. I think we go really selectively, and we have always distinguished between operational people. There, it's really driven by the need and by the load. There, let's say, we're also more flexible. When it comes to office staff, I think we will add one or few positions, but we don't have a huge growth going forward. I mean, it really depends on the further development in the next few months. Okay. Thank you very much. Gentlemen, so far there are no more questions. Okay, I would like to thank you on behalf of Ivo Wechsler and myself for all the questions, and I'll come to the end of our presentation of the mid-year result 2022. We have hosted this conference for the first time as a pure webcast, so no people here physically. We truly hope to see you all in person, as we have this year organized a Capital Market Day in Herisau. I hope you have all marked that date in your agendas, and we can all welcome you in Herisau on Friday the 23rd of September this year. We will also give you there no more details on the figures, but definitely a real deep dive into our strategy, into our applications, our markets, and our products. I'm looking forward to share a bit more details and spend really more time on the more strategic and business-related topics together with you. We have, as usual, nine months figures reported in October. We give top line 2022 full year end of January. Then again in this circle we will have the annual report figures and the respective conference here on March seventh, 2023. I would like to thank you for attending this conference, for your interest in HUBER+SUHNER. I'm looking forward to keep in contact with all of you. Thank you very much.